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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 7252.03, 7448.31, 7547.00, 7556.24, 7564.35, 7400.90, 7278.12, 7217.43, 7243.13, 7269.68, 7124.67, 7152.30, 6932.48, 6640.52, 7276.80, 7202.84, 7218.82, 7191.16, 7511.59, 7355.63, 7322.53, 7275.16, 7238.97, 7290.09, 7317.99, 7422.65, 7293.00, 7193.60, 7200.17, 6985.47, 7344.88, 7410.66, 7411.32, 7769.22, 8163.69, 8079.86, 7879.07, 8166.55, 8037.54, 8192.49, 8144.19, 8827.76, 8807.01, 8723.79, 8929.04, 8942.81, 8706.25, 8657.64, 8745.89, 8680.88, 8406.52, 8445.43, 8367.85, 8596.83, 8909.82, 9358.59, 9316.63, 9508.99, 9350.53, 9392.88, 9344.37, 9293.52, 9180.96, 9613.42, 9729.80, 9795.94, 9865.12, 10116.67, 9856.61, 10208.24, 10326.05, 10214.38, 10312.12, 9889.42, 9934.43, 9690.14, 10142.00, 9633.39, 9608.48, 9686.44, 9663.18, 9924.52, 9650.17, 9341.71, 8820.52, 8784.49, 8672.46, 8599.51, 8562.45, 8869.67.
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[Bitcoin Technical Analysis for 2020-03-02]
Volume: 42857674409, RSI (14-day): 41.88, 50-day EMA: 9126.65, 200-day EMA: 8625.01
[Wider Market Context]
Gold Price: 1592.30, Gold RSI: 50.21
Oil Price: 46.75, Oil RSI: 32.91
[Recent News (last 7 days)]
Past Fed rate cuts suggest Bitcoin is not a safe haven asset: Bitcoin's performance during the past three interest rate cuts suggests that it is not a safe haven asset, The Block's research shows.
In 2019, the Federal Reserve Board (Fed) cut the interest rate three times, which currently sits at 175 bps. During the three cuts, bitcoin's price did not show any significant pick-up,the researchfound. On the contrary, its median return across 1-week, 1-month, and 3-month lag were -5.0%, -20.9%, -11.0%, respectively.
A common thesis for Bitcoin as a safe haven asset is that during macro volatility, Fed's action to step in and lower interest rates is a net positive on risk-assets and non-inflationary assets such as gold.
Therefore, as the marketanticipatesanother Fed rate cut, some analyst believes that bitcoin would see a rebound.
However, The Block's analysis suggests that rate cuts are not correlated to the bitcoin price movement. Hence it is not likely to rise during the next rate cut.
Recent macro volatilities precipitated first by the U.S. killing a major Iranian general then the global spread of Coronavirus hastriggereda new round of discussion on whether Bitcoin has been accepted by investors as a safe haven asset.
However, similar to the U.S. stock market, bitcoin price has been on a downward trend in the latter half of February due to Coronavirus, currently sitting at around $8550. || Past Fed rate cuts suggest Bitcoin is not a safe haven asset: Bitcoin's performance during the past three interest rate cuts suggests that it is not a safe haven asset, The Block's research shows.
In 2019, the Federal Reserve Board (Fed) cut the interest rate three times, which currently sits at 175 bps. During the three cuts, bitcoin's price did not show any significant pick-up,the researchfound. On the contrary, its median return across 1-week, 1-month, and 3-month lag were -5.0%, -20.9%, -11.0%, respectively.
A common thesis for Bitcoin as a safe haven asset is that during macro volatility, Fed's action to step in and lower interest rates is a net positive on risk-assets and non-inflationary assets such as gold.
Therefore, as the marketanticipatesanother Fed rate cut, some analyst believes that bitcoin would see a rebound.
However, The Block's analysis suggests that rate cuts are not correlated to the bitcoin price movement. Hence it is not likely to rise during the next rate cut.
Recent macro volatilities precipitated first by the U.S. killing a major Iranian general then the global spread of Coronavirus hastriggereda new round of discussion on whether Bitcoin has been accepted by investors as a safe haven asset.
However, similar to the U.S. stock market, bitcoin price has been on a downward trend in the latter half of February due to Coronavirus, currently sitting at around $8550. || Past Fed rate cuts suggest Bitcoin is not a safe haven asset: Bitcoin's performance during the past three interest rate cuts suggests that it is not a safe haven asset, The Block's research shows. In 2019, the Federal Reserve Board (Fed) cut the interest rate three times, which currently sits at 175 bps. During the three cuts, bitcoin's price did not show any significant pick-up, the research found. On the contrary, its median return across 1-week, 1-month, and 3-month lag were -5.0%, -20.9%, -11.0%, respectively. A common thesis for Bitcoin as a safe haven asset is that during macro volatility, Fed's action to step in and lower interest rates is a net positive on risk-assets and non-inflationary assets such as gold. Therefore, as the market anticipates another Fed rate cut, some analyst believes that bitcoin would see a rebound. However, The Block's analysis suggests that rate cuts are not correlated to the bitcoin price movement. Hence it is not likely to rise during the next rate cut. Recent macro volatilities precipitated first by the U.S. killing a major Iranian general then the global spread of Coronavirus has triggered a new round of discussion on whether Bitcoin has been accepted by investors as a safe haven asset. However, similar to the U.S. stock market, bitcoin price has been on a downward trend in the latter half of February due to Coronavirus, currently sitting at around $8550. || How the Race for Exclusivity Gave Rise to Private Restaurants: Click here to read the full article. It’s six o’clock on a Friday night in Santa Monica, and Blake Johnson is right where you’d expect him to be. The young serial entrepreneur, who has founded companies ranging from fintech to orthodontics, has tucked into his table at Mason with his wife and kids. He was at the dark, wood-ensconced midcentury restaurant the night before too, but that meal was for business. On both occasions Johnson didn’t have to wait to be seated, and the staff all knew him. On this night he skipped the wedge salad, Dover sole and steak frites to order something not on the menu, because anytime he’d done that before the chef made a delicious rendition of exactly what he was craving. “I’ve been looking for a restaurant that has high-quality food and a really good atmosphere,” he says. “Mason is a place I can be proud to take people to, but it also still has the comforts of home.” You know to look for Johnson here because he’s at this same table at the same time every Thursday and Friday. And on any given week he may run into Bitcoin entrepreneurs, the assistant coach of an NBA championship team or the showrunner for an Emmy-winning sitcom. But he’s more than just a regular. He, like most of the people around him that night, has paid to make this his table every week. More from Robb Report This $1 Million Vacation Package at the Post Oak Hotel Gets You Exclusive Wine Dinners--and Your Own Bentley Clifftops, Cocoons and Cupolas: 9 Hotels With Private Dining Experiences That Will Blow Your Mind Meet the Tastemaker Who Expertly Pairs Cannabis With Food and Wine Mason is semi-private, meaning the majority of people who dine there are members (whom the restaurant calls trustees) or their guests. The general public can come in and sit at the bar or snag a table here or there, but for the most part, this restaurant is a cloistered little enclave for the well-heeled in Los Angeles. Mason Private Restaurant On the other side of the country, WS New York , a similar establishment in Manhattan’s Hudson Yards, opened last fall—in partnership with Wine Spectator —for a select group of members. Down in Miami, residents of Oceana Bal Harbour have a restaurant reserved just for them. And chef Jean-Georges Vongerichten is planning a private restaurant inside 220 Central Park South—the same New York City building where hedge funder Ken Griffin spent $238 million for the most expensive apartment ever sold in the US. More private restaurants will be on the way. Because while the restaurant industry is facing headwinds that require creativity to survive, an affluent segment of diners has an appetite for ever more exclusive experiences. The private restaurant could satisfy both demands. Story continues And yet it may seem anathema to chefs and restaurateurs to so greatly limit the number of people who can come into their establishments. How does that make business sense when it’s already hard enough to keep a restaurant financially viable in a big city? “A lot of people are trying to do it because of cost—the rising cost of food and labor and whatever it might be. Having the members’ fees helps offset a lot,” says John Terzian, cofounder of LA-based H.wood Group , which owns Mason. In cities like New York and Los Angeles, running a restaurant is becoming prohibitively expensive. Award-winning chef Tom Colicchio closed Craftbar in 2017 after 15 years because the landlord raised his rent 50 percent. And across the City of Angels, the price per square foot of commercial real estate has soared; in some neighborhoods, like Koreatown, costs have doubled from 2010 to 2019. At the same time, in many major metro areas, the minimum wage has increased. So a steady stream of revenue can be key to survival in an industry with thin profit margins. But a restaurateur can’t just throw open the door on a private place and expect people to show. There has to be a customer base to make it work, as with the residents of a condo community or, in WS New York’s case, billionaire developer Stephen Ross’s Rolodex. “It takes having a really deep network of people and an understanding of them,” Terzian says. “Pulling off this type of concept has taken 12 years of us in the hospitality business.” To dream up Mason, the duo behind H.wood Group, Terzian and Brian Toll, looked to the past, to Rao’s , a red-sauce Italian joint in East Harlem that has long been New York’s toughest table. “It’s the same model as Rao’s, where you own the table,” Terzian says. H.wood wanted that kind of exclusivity for its nexus of VIPs, who also frequent its popular nightclubs around town. The benefits of such a system, where the two could curate a group of interesting people who had standing reservations, really hit Terzian when he was at another restaurant. “I went out with a friend and had a reservation, but it took an hour for them to sit us and no one knew us,” he says. “In my head I was thinking I would pay 5 grand, 10 grand a year to never have to wait like this.” So he and Toll got to work building out a 14-table restaurant nestled between Santa Monica and the Pacific Palisades, where the Pacific Ocean rolls blissfully outside. They offered the trustees a concierge they could contact to make arrangements, like letting a friend take the table on their designated night. The evening’s food and drinks can be charged to the account, so there’s no fumbling with a check at the end of the meal. And members who bought in early have their valet parking covered. Terzian and Toll tried to make the experience nearly frictionless. At Philadelphia’s Fitler Club , which opened last spring (initiation fees started at $2,250), it’s that level of service that has most appealed to members who fill the lifestyle club’s private restaurant, overseen by chef Marc Vetri, a James Beard Award winner. “A member told me—and I hear this comment all the time—‘What I love the most is that I can just come here. I don’t have to make a reservation. I don’t have to wait in line outside some place that anyone in the world can go to. When I come here, they recognize me, they already know my preferences, they know where I like to sit, they know what type of still or sparkling water. It’s anticipated,’ ” says David Gutstadt, the club’s founder. With Mason promising a personal touch, tables started moving quickly, with weekends getting snatched up for a lifetime membership in the six figures. Weeknight slots remain for a few grand per year. Those annual dues make the table yours for the whole night, with no minimum spend on food and drink. Johnson hopped on early, buying two nights because it felt like a natural fit. “People like me want to be able to experience these types of esoteric environments—clubs that are exclusive or there’s a barrier to entry,” Johnson says. “Mason was something I was looking for. I tend to keep smaller circles. It’s a much more exclusive, personalized feel when you go in.” Certainly, affluent diners could get that kind of exclusivity by simply going to Michelin-three-star restaurants, where a $595 tasting menu at Masa can keep a lot of the general public away. The problem is that people don’t want to eat four-hour-long culinary journeys a few times a week. Besides, not everyone needs a transcendent meal for a good night out. People like Johnson look for those dining experiences sometimes, but other times they’re using the restaurant as a place to hang out with the family or entertain business associates. And they’d like a place with familiar faces. Hence, the operators of private restaurants have sought to create not just a clubby atmosphere but an actual club. The civic organizations of previous generations have faded, like Rotary, which has lost a quarter of its North American membership in the last two decades. What hasn’t faded is the desire to be part of a community. Restaurants will play an increasingly important role as a gathering place, according to a report by the National Restaurant Association on trends that will define the industry in 2030 . Some establishments will succeed because they will place “less emphasis on table turnover and more emphasis on facilitating repeat socializing by customers.” It’s something Fitler Club is already seeing. “Our number-one comment from members is they love the idea of community, and they want it. We’re agnostic to what you do or how old you are. We more look at, are you a leader? Are you a connector? Are you an intellectual in the community? Then we want you,” Gutstadt says. “We had a holiday brunch, and 250 people came and ate in our restaurant. It was amazing to see because you’ve got families now. People are starting to get to really know each other, and it’s like, ‘Oh yeah, let’s meet at the club.’ ” That’s the alchemy that will make private restaurants succeed: an air of exclusivity combined with a sense of personal connection and belonging. Best of Robb Report The 10 Best Wines to Pair With Steak, From Cabernet to Malbec 20 Stellar Wines Under $100—and 5 Secrets for How to Find Them The 11 Best Cookbooks of 2019 Sign up for Robb Report's Newsletter . For the latest news, follow us on Facebook , Twitter , and Instagram . View comments || How the Race for Exclusivity Gave Rise to Private Restaurants: Click here to read the full article. It’s six o’clock on a Friday night in Santa Monica, and Blake Johnson is right where you’d expect him to be. The young serial entrepreneur, who has founded companies ranging from fintech to orthodontics, has tucked into his table at Mason with his wife and kids. He was at the dark, wood-ensconced midcentury restaurant the night before too, but that meal was for business. On both occasions Johnson didn’t have to wait to be seated, and the staff all knew him. On this night he skipped the wedge salad, Dover sole and steak frites to order something not on the menu, because anytime he’d done that before the chef made a delicious rendition of exactly what he was craving. “I’ve been looking for a restaurant that has high-quality food and a really good atmosphere,” he says. “Mason is a place I can be proud to take people to, but it also still has the comforts of home.” You know to look for Johnson here because he’s at this same table at the same time every Thursday and Friday. And on any given week he may run into Bitcoin entrepreneurs, the assistant coach of an NBA championship team or the showrunner for an Emmy-winning sitcom. But he’s more than just a regular. He, like most of the people around him that night, has paid to make this his table every week. More from Robb Report This $1 Million Vacation Package at the Post Oak Hotel Gets You Exclusive Wine Dinners--and Your Own Bentley Clifftops, Cocoons and Cupolas: 9 Hotels With Private Dining Experiences That Will Blow Your Mind Meet the Tastemaker Who Expertly Pairs Cannabis With Food and Wine Mason is semi-private, meaning the majority of people who dine there are members (whom the restaurant calls trustees) or their guests. The general public can come in and sit at the bar or snag a table here or there, but for the most part, this restaurant is a cloistered little enclave for the well-heeled in Los Angeles. Mason Private Restaurant On the other side of the country, WS New York , a similar establishment in Manhattan’s Hudson Yards, opened last fall—in partnership with Wine Spectator —for a select group of members. Down in Miami, residents of Oceana Bal Harbour have a restaurant reserved just for them. And chef Jean-Georges Vongerichten is planning a private restaurant inside 220 Central Park South—the same New York City building where hedge funder Ken Griffin spent $238 million for the most expensive apartment ever sold in the US. More private restaurants will be on the way. Because while the restaurant industry is facing headwinds that require creativity to survive, an affluent segment of diners has an appetite for ever more exclusive experiences. The private restaurant could satisfy both demands. Story continues And yet it may seem anathema to chefs and restaurateurs to so greatly limit the number of people who can come into their establishments. How does that make business sense when it’s already hard enough to keep a restaurant financially viable in a big city? “A lot of people are trying to do it because of cost—the rising cost of food and labor and whatever it might be. Having the members’ fees helps offset a lot,” says John Terzian, cofounder of LA-based H.wood Group , which owns Mason. In cities like New York and Los Angeles, running a restaurant is becoming prohibitively expensive. Award-winning chef Tom Colicchio closed Craftbar in 2017 after 15 years because the landlord raised his rent 50 percent. And across the City of Angels, the price per square foot of commercial real estate has soared; in some neighborhoods, like Koreatown, costs have doubled from 2010 to 2019. At the same time, in many major metro areas, the minimum wage has increased. So a steady stream of revenue can be key to survival in an industry with thin profit margins. But a restaurateur can’t just throw open the door on a private place and expect people to show. There has to be a customer base to make it work, as with the residents of a condo community or, in WS New York’s case, billionaire developer Stephen Ross’s Rolodex. “It takes having a really deep network of people and an understanding of them,” Terzian says. “Pulling off this type of concept has taken 12 years of us in the hospitality business.” To dream up Mason, the duo behind H.wood Group, Terzian and Brian Toll, looked to the past, to Rao’s , a red-sauce Italian joint in East Harlem that has long been New York’s toughest table. “It’s the same model as Rao’s, where you own the table,” Terzian says. H.wood wanted that kind of exclusivity for its nexus of VIPs, who also frequent its popular nightclubs around town. The benefits of such a system, where the two could curate a group of interesting people who had standing reservations, really hit Terzian when he was at another restaurant. “I went out with a friend and had a reservation, but it took an hour for them to sit us and no one knew us,” he says. “In my head I was thinking I would pay 5 grand, 10 grand a year to never have to wait like this.” So he and Toll got to work building out a 14-table restaurant nestled between Santa Monica and the Pacific Palisades, where the Pacific Ocean rolls blissfully outside. They offered the trustees a concierge they could contact to make arrangements, like letting a friend take the table on their designated night. The evening’s food and drinks can be charged to the account, so there’s no fumbling with a check at the end of the meal. And members who bought in early have their valet parking covered. Terzian and Toll tried to make the experience nearly frictionless. At Philadelphia’s Fitler Club , which opened last spring (initiation fees started at $2,250), it’s that level of service that has most appealed to members who fill the lifestyle club’s private restaurant, overseen by chef Marc Vetri, a James Beard Award winner. “A member told me—and I hear this comment all the time—‘What I love the most is that I can just come here. I don’t have to make a reservation. I don’t have to wait in line outside some place that anyone in the world can go to. When I come here, they recognize me, they already know my preferences, they know where I like to sit, they know what type of still or sparkling water. It’s anticipated,’ ” says David Gutstadt, the club’s founder. With Mason promising a personal touch, tables started moving quickly, with weekends getting snatched up for a lifetime membership in the six figures. Weeknight slots remain for a few grand per year. Those annual dues make the table yours for the whole night, with no minimum spend on food and drink. Johnson hopped on early, buying two nights because it felt like a natural fit. “People like me want to be able to experience these types of esoteric environments—clubs that are exclusive or there’s a barrier to entry,” Johnson says. “Mason was something I was looking for. I tend to keep smaller circles. It’s a much more exclusive, personalized feel when you go in.” Certainly, affluent diners could get that kind of exclusivity by simply going to Michelin-three-star restaurants, where a $595 tasting menu at Masa can keep a lot of the general public away. The problem is that people don’t want to eat four-hour-long culinary journeys a few times a week. Besides, not everyone needs a transcendent meal for a good night out. People like Johnson look for those dining experiences sometimes, but other times they’re using the restaurant as a place to hang out with the family or entertain business associates. And they’d like a place with familiar faces. Hence, the operators of private restaurants have sought to create not just a clubby atmosphere but an actual club. The civic organizations of previous generations have faded, like Rotary, which has lost a quarter of its North American membership in the last two decades. What hasn’t faded is the desire to be part of a community. Restaurants will play an increasingly important role as a gathering place, according to a report by the National Restaurant Association on trends that will define the industry in 2030 . Some establishments will succeed because they will place “less emphasis on table turnover and more emphasis on facilitating repeat socializing by customers.” It’s something Fitler Club is already seeing. “Our number-one comment from members is they love the idea of community, and they want it. We’re agnostic to what you do or how old you are. We more look at, are you a leader? Are you a connector? Are you an intellectual in the community? Then we want you,” Gutstadt says. “We had a holiday brunch, and 250 people came and ate in our restaurant. It was amazing to see because you’ve got families now. People are starting to get to really know each other, and it’s like, ‘Oh yeah, let’s meet at the club.’ ” That’s the alchemy that will make private restaurants succeed: an air of exclusivity combined with a sense of personal connection and belonging. Best of Robb Report The 10 Best Wines to Pair With Steak, From Cabernet to Malbec 20 Stellar Wines Under $100—and 5 Secrets for How to Find Them The 11 Best Cookbooks of 2019 Sign up for Robb Report's Newsletter . For the latest news, follow us on Facebook , Twitter , and Instagram . View comments || Coronavirus Impacts on Bitcoin (And the IRS’s Dumb Singularity): T he best Sundays are for long reads and deep conversations. Earlier this week the Let’s Talk Bitcoin! Show gathered to discuss coronavirus and its potential impacts or disruptions to the decentralized world of bitcoin. Later, we hear from correspondent George Ettinger about the indications of a “Dumb Currency Singularity” taking place at the Internal Revenue Service right now (also presented in full text below). Listen/subscribe to the CoinDesk Podcast feed for unique perspectives and fresh daily insight with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , IHeartRadio or RSS . Related: Bitcoin Rebounds as Coronavirus-Infected Stocks Get Jolt From Fed, BOJ On today’s podcast we discuss coronavirus and: The bitcoin mining industry and the slowing rate of hash-rate increases in the run-up to the 2020 halving Safe-haven, uncorrelated and risk asset narratives as the price of bitcoin (BTC) bounces defies expectations The potential for shifts in how society thinks about money in the wake of a highly transmissible global disease Plus a brief primer on virus families (skip to 13 minutes for blockchain only content if you’re already up to speed) Credits for LTB#429 – Coronavirus Impacts on Bitcoin (And the IRS’s Dumb Singularity) This episode of Let’s Talk Bitcoin! is sponsored by Purse.io and eToro.com . This episode featured Stephanie Murphy , Andreas M. Antonopoulos , George Ettinger and Adam B. Levine Today’s episode was produced by Adam B. Levine, edited by Adam B. Levine with music provided by Jared Rubens and Adam B. Levine Would you like to Sponsor a future episode of the Let’s Talk Bitcoin! show? Do you have any questions or comments? Email [email protected] The Dumb Singularity: Crypto Currencies and Game Currencies are Overdue for a Collision Related: The View From China: Crypto, Crisis and Digital Currencies Feat. Matthew Graham So. It has come to this. One of the biggest barriers to entry for a disruptive technology is the incompetence of the average consumer. On the other hand, simply preying on the illiteracy of consumers can be a boon for some truly terrible inventions. It is in the clash of these two ideologies that we have reached the Dumb Currency Singularity. Story continues Digital currency has been on course for the Dumb Singularity for well over a decade, and we finally passed the event horizon late last year. At the end of 2019, the IRS quietly published a set of virtual currency guidelines that broadly lumped together mainstream cryptocurrency such as bitcoin and ethereum with honest-to-god Fortnite V-Bucks and Roblox Money. I have just been informed that the legal term for Roblox currency is “Robux.” That seems… fair. My point, however roundabout it may be, is that somebody in a position of some influence at the United States Internal Revenue Service saw their grandkid beg for a Roblox card in the Walgreens checkout line and thought, “MY GOD, THE BITCOINS HAVE COME FOR THE CHILDREN.” And then, when he put his horror to print, enough a phalanx of fellow IRS employees looked it over and thought “yes, that sounds right” that it was greenlit for public consumption. That advisement (to which the IRS claimed players of Fortnite and Roblox must report any purchases of “Bucks”, whether “V”- or “Ro”-) stood monolithically for nearly three months before it was escorted off the stage just as quietly as it had arrived. In a fit of Streisanding , this change caught more attention than the addition had garnered to begin with, and the IRS gave a formal explanation. “The IRS recognizes that the language on our page potentially caused concern for some taxpayers,” they said. “We have changed the language in order to lessen any confusion. Transacting in virtual currencies as part of a game that do not leave the game environment (virtual currencies that are not convertible) would not require a taxpayer to indicate this on their tax return.” This is, surprisingly, rather huge. Huge in that they got this follow-up explanation relatively right, and huge in that they still persist in getting so-called “virtual currency” wrong. You see, the IRS has been caught flat-footed over and over with every passing year that crypto currency has spread. They were slow enough recognizing the growing importance of bitcoin that it wasn’t until 2013 that they designated a team to begin planning for how to handle the currency… and they still haven’t figured out how to handle it. Yet, dating back even earlier than this, the IRS has ALSO been blindsided at every turn by non-crypto “gaming” digital currencies. Their official language conflating the two isn’t just a red flag- it’s a canary in the coal mine. Game Currencies – for simplicity, hereafter referred to as, uh, “Game Currencies”- run a wide gamut but the majority is exactly what the IRS failed to recognize in Fortnite and Roblox: a non-convertible, non-transferrable currency that cannot reasonably leave the confines of its game. Your Fortnite V-Bucks and Apex Legends Coins and… [SIGH].. Ro-Bux… are just an interstitial medium between your real money and the gameplay. You do not trade these with other players, nor do you have the options to take these chips up to the casino counter and cash them back out: once your USD enters the game, it cannot leave it in any reasonable form. After the original point-of-sale a Game Currency is no different from Sonic’s rings. So, for as correct as the IRS eventually got it, they’ve still been handling Game Currencies wrong , and it has informed the ways they still get Crypto wrong . Many game currencies ARE transferrable and ARE dangerously viable mediums for exchange and laundering, and they have been around longer than Bitcoin. It’s absolutely no secret that World of Warcraft gold is player-transferrable: it’s the entire reason “gold farming” remains a legitimate source of income for so many. Though less ubiquitous than Warcraft, the seminal Supply Chain Actuary Simulator EVE Online notoriously monetized its monthly subscription cards into a consumable ingame item . For those unfamiliar, this means that when you buy a month of game time, it isn’t simply added to your account: it becomes an item in your game inventory that can either be USED to extend your subscription, or TRADED with other players as a dollar-pegged commodity. Now, the truly fantastical economic tales of money laundering, actual virtual space piracy, and actual-million-actual-dollar banking deals in Eve Online can and HAS filled several books, so I will not go into detail here. The point is, simply, that player-exchangeable cash-value items have been a massive grey market for years and continued to slip under the IRS’s nose. They didn’t bat an eye at the horrifying headlines of Diablo 3’s aborted real-cash auction house fiasco, yet now in 2020 they’re fumbling to grasp onto its legacy. That fumbling is part-and-parcel with their fumbling of bitcoin, and the timeline tells a story. A recent Government Accountability Office review of IRS virtual currency policies painted a somewhat scathing picture of a bureaucracy that was slow to notice and even slower to adapt. The IRS initiative in 2013 was a knee-jerk response to the first truly landmark year of Bitcoin cash trading, where dollar parity was suddenly blown aside by hundred dollar parity. The impetus is obvious: disruptive changes to currency don’t matter to the IRS until they see it on the “Wacky Stories” segment of their local station news. The financial establishments that stood to gain from digital currencies were quick on the uptake, but the groups tasked with oversight were responding to changing conditions and new developments with the grace of a grandparent still giftwrapping cabbage patch dolls for the kids’ 35th birthdays. The GAO points out that, across three years, the IRS was trying to garner clues from the 900 people that had self-reported Bitcoin capital gains. That’s right – from 2013 to 2015, nearly a thousand god-fearing Americans had the saintly humility to self-report their bitcoin earnings to the feds, and it took three years of analysis for those feds to deduce that there might be more out there going un reported. Kudos, by the way, to those 900 honorable people who attempted to watch out for the watchmen while the watchmen weren’t even watching. In these years since, the spectrum of cryptocurrencies has exploded and the applications of game currencies has become strangely homogenized. Convertible game currencies like Warcraft gold persist, but they are the exception rather than the rule. Publishers have found that stifling a cross-player economy gives them a better control over the experience and far less accountability for what is done with that money. Fortnite follows this modern standard; real currency is an aggressively optimized one-way flow from player to publisher, with no convertible gains to tax. The IRS has long since missed the boat on game currencies. Why, then, did they so recently and so awkwardly collide with cryptocurrencies in the revenue service’s jumbled mind? This, my friend, is the beginning of the Dumb Singularity: Desperation and technological-illiteracy have finally boiled over, and the bureau is trying to play catch-up on the years that have passed it by. They may have smoothed over the initial blunder, but this is indicative of their intent to move forward with a more active hand, and the broad use the phrase “virtual currency” means that more blunders lie ahead. The GAO excoriated them for their slowness, vagueness, and all-around wishy-washiness in these regards, but to some extent it was not the IRS’s fault. The organization has struggled under budget cuts and a dangerous lack of new blood, and yes, you may read that as younger-and-more-savvy blood. It was that same old blood that struggled to make any headway with their internal Virtual Currency Issues Team in 2013 and still wasn’t seriously analyzing self-reported data from major crypto exchanges even into 2016. Some gentle flame finally reached their backsides sometime after, because by 2018 they were beginning to proactively reach out to users with obvious crypto gains and attempting to secure accurate reporting. Now, with the end of tax year 2019 upon us, they are finally facing the ontological conundrum at the center of the Dumb Singularity: What is the Enforceable Definition of “Virtual Currency?” What will distinguish between play money and dangerous money? While they dragged their feet comprehending the question, the answers have gotten only more muddled as technology blazed trails forward with no policy guidance. This year, game currencies are completely surpassing retail purchases as the primary source of publisher revenue and most of them aren’t convertible or taxable; most, but not all. The IRS’s complacency left it with a massive ecosystem to sift through and a lack of reliable, literate talent to do it. If their random grab at the most obvious game currencies they could think of was any indication, there will be more broad and clumsy strokes before there are any real answers. The IRS has the unenviable task of writing a perfect definition in a language it can’t seem to speak, all because they never got around the asking the question that I accidentally stumbled on twenty years ago. When my 13-year-old self spent 10 bucks on eBay for a wealth of obviously hacked Phantasy Star Onlin e loot, I wondered: What laws can actually apply to the man who Game-Genies his paychecks? Related Stories Bitcoin, Uncertainty and the Ultimate Narrative Bitcoin News Roundup for March 2, 2020 || Coronavirus Impacts on Bitcoin (And the IRS’s Dumb Singularity): The best Sundays are for long reads and deep conversations. Earlier this week theLet’s Talk Bitcoin! Showgathered to discuss coronavirus and its potential impacts or disruptions to the decentralized world of bitcoin.
Later, we hear from correspondent George Ettinger about the indications of a “Dumb Currency Singularity” taking place at the Internal Revenue Service right now (also presented in full text below).
Listen/subscribe to the CoinDesk Podcast feed for unique perspectives and fresh daily insight withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,IHeartRadioorRSS.
Related:Bitcoin Rebounds as Coronavirus-Infected Stocks Get Jolt From Fed, BOJ
On today’s podcast we discusscoronavirusand:
• The bitcoin mining industry and the slowing rate of hash-rate increases in the run-up to the 2020 halving
• Safe-haven, uncorrelated and risk asset narratives as the price ofbitcoin(BTC) bounces defies expectations
• The potential for shifts in how society thinks about money in the wake of a highly transmissible global disease
• Plus a brief primer on virus families(skip to 13 minutes for blockchain only content if you’re already up to speed)
Credits for LTB#429– Coronavirus Impacts on Bitcoin (And the IRS’s Dumb Singularity)This episode of Let’s Talk Bitcoin! is sponsored byPurse.ioandeToro.com.This episode featuredStephanie Murphy,Andreas M. Antonopoulos, George Ettinger and Adam B. LevineToday’s episode was produced by Adam B. Levine, edited by Adam B. Levine with music provided byJared Rubensand Adam B. LevineWould you like to Sponsor a future episode of the Let’s Talk Bitcoin! show? Do you have any questions or comments? [email protected]
The Dumb Singularity: Crypto Currencies and Game Currencies are Overdue for a Collision
Related:The View From China: Crypto, Crisis and Digital Currencies Feat. Matthew Graham
So. It has come tothis.
One of the biggest barriers to entry for a disruptive technology is the incompetence of the average consumer. On the other hand, simply preying on the illiteracy of consumers can be a boon for some truly terrible inventions. It is in the clash of these two ideologies that we have reached the Dumb Currency Singularity.
Digital currency has been on course for the Dumb Singularity for well over a decade, and we finally passed the event horizon late last year. At the end of 2019, the IRS quietly published a set of virtual currency guidelines that broadly lumped together mainstream cryptocurrency such as bitcoin and ethereum with honest-to-god Fortnite V-Bucks and Roblox Money.
I have just been informed that the legal term for Roblox currency is “Robux.” That seems… fair.
My point, however roundabout it may be, is that somebody in a position of some influence at the United States Internal Revenue Service saw their grandkid beg for a Roblox card in the Walgreens checkout line and thought, “MY GOD, THE BITCOINS HAVE COME FOR THE CHILDREN.” And then, when he put his horror to print, enough a phalanx of fellow IRS employees looked it over and thought “yes, that sounds right” that it was greenlit for public consumption.
That advisement (to which the IRS claimed players of Fortnite and Roblox must report any purchases of “Bucks”, whether “V”- or “Ro”-) stood monolithically for nearly three months before it was escorted off the stage just as quietly as it had arrived. In a fit ofStreisanding, this change caught more attention than the addition had garnered to begin with, and the IRS gave a formal explanation. “The IRS recognizes that the language on our page potentially caused concern for some taxpayers,” they said. “We have changed the language in order to lessen any confusion. Transacting in virtual currencies as part of a game that do not leave the game environment (virtual currencies that are not convertible) would not require a taxpayer to indicate this on their tax return.”
This is, surprisingly, rather huge. Huge in that they got this follow-up explanation relatively right, and huge in that they still persist in getting so-called “virtual currency” wrong.
You see, the IRS has been caught flat-footed over and over with every passing year that crypto currency has spread. They were slow enough recognizing the growing importance of bitcoin that it wasn’t until 2013 that they designated a team to begin planning for how to handle the currency… and they still haven’t figured out how to handle it. Yet, dating back even earlier than this, the IRS has ALSO been blindsided at every turn by non-crypto “gaming” digital currencies. Their official language conflating the two isn’t just a red flag- it’s a canary in the coal mine.
Game Currencies – for simplicity, hereafter referred to as, uh, “Game Currencies”- run a wide gamut but the majority is exactly what the IRS failed to recognize in Fortnite and Roblox: a non-convertible, non-transferrable currency that cannot reasonably leave the confines of its game. Your Fortnite V-Bucks and Apex Legends Coins and… [SIGH].. Ro-Bux… are just an interstitial medium between your real money and the gameplay. You do not trade these with other players, nor do you have the options to take these chips up to the casino counter and cash them back out: once your USD enters the game, it cannot leave it in any reasonable form. After the original point-of-sale a Game Currency is no different from Sonic’s rings.
So, for as correct as the IRSeventuallygot it, they’ve still been handling Game Currencieswrong, and it has informed the ways they still get Cryptowrong. Many game currencies ARE transferrable and ARE dangerously viable mediums for exchange and laundering, and they have been around longer than Bitcoin. It’s absolutely no secret that World of Warcraft gold is player-transferrable: it’s the entire reason “gold farming” remains a legitimate source of income for so many. Though less ubiquitous than Warcraft, the seminal Supply Chain Actuary Simulator EVE Online notoriously monetized its monthly subscription cards into aconsumable ingame item. For those unfamiliar, this means that when you buy a month of game time, it isn’t simply added to your account: it becomes an item in your game inventory that can either be USED to extend your subscription, or TRADED with other players as a dollar-pegged commodity. Now, the truly fantastical economic tales of money laundering, actual virtual space piracy, and actual-million-actual-dollar banking deals in Eve Online can and HAS filled several books, so I will not go into detail here.
The point is, simply, that player-exchangeable cash-value items have been a massive grey market for years and continued to slip under the IRS’s nose. They didn’t bat an eye at the horrifying headlines of Diablo 3’s aborted real-cash auction house fiasco, yet now in 2020 they’re fumbling to grasp onto its legacy.
That fumbling is part-and-parcel with their fumbling of bitcoin, and the timeline tells a story. A recent Government Accountability Office review of IRS virtual currency policies painted a somewhat scathing picture of a bureaucracy that was slow to notice and even slower to adapt. The IRS initiative in 2013 was a knee-jerk response to the first truly landmark year of Bitcoin cash trading, where dollar parity was suddenly blown aside byhundreddollar parity. The impetus is obvious: disruptive changes to currency don’t matter to the IRS until they see it on the “Wacky Stories” segment of their local station news.
The financial establishments that stood togainfrom digital currencies were quick on the uptake, but the groups tasked with oversight were responding to changing conditions and new developments with the grace of a grandparent still giftwrapping cabbage patch dolls for the kids’ 35th birthdays. The GAO points out that, across three years, the IRS was trying to garner clues from the 900 people that had self-reported Bitcoin capital gains. That’s right – from 2013 to 2015, nearly a thousand god-fearing Americans had thesaintlyhumility to self-report their bitcoin earnings to the feds, and it tookthree years of analysisfor those feds to deduce that there might bemoreout there goingunreported.
Kudos, by the way, to those 900 honorable people who attempted to watch out for the watchmen while the watchmen weren’t even watching.
In these years since, the spectrum of cryptocurrencies has exploded and the applications of game currencies has become strangely homogenized. Convertible game currencies like Warcraft gold persist, but they are the exception rather than the rule. Publishers have found that stifling a cross-player economy gives them a better control over the experience and far less accountability for what is done with that money. Fortnite follows this modern standard; real currency is an aggressively optimized one-way flow from player to publisher, with no convertible gains to tax. The IRS has long since missed the boat on game currencies.
Why, then, did they so recently and so awkwardly collide with cryptocurrencies in the revenue service’s jumbled mind? This, my friend, is the beginning of the Dumb Singularity: Desperation and technological-illiteracy have finally boiled over, and the bureau is trying to play catch-up on the years that have passed it by. They may have smoothed over the initial blunder, but this is indicative of their intent to move forward with a more active hand, and the broad use the phrase “virtual currency” means that more blunders lie ahead.
The GAO excoriated them for their slowness, vagueness, and all-around wishy-washiness in these regards, but to some extent it was not the IRS’s fault. The organization has struggled under budget cuts and a dangerous lack of new blood, and yes, you may read that as younger-and-more-savvy blood. It was that same old blood that struggled to make any headway with their internal Virtual Currency Issues Team in 2013 and still wasn’t seriously analyzing self-reported data from major crypto exchanges even into 2016. Some gentle flame finally reached their backsides sometime after, because by 2018 they were beginning to proactively reach out to users with obvious crypto gains and attempting to secure accurate reporting.
Now, with the end of tax year 2019 upon us, they are finally facing the ontological conundrum at the center of the Dumb Singularity: What is the Enforceable Definition of “Virtual Currency?” What will distinguish between play money and dangerous money? While they dragged their feet comprehending the question, the answers have gotten only more muddled as technology blazed trails forward with no policy guidance. This year, game currencies are completely surpassing retail purchases as the primary source of publisher revenue andmostof them aren’t convertible or taxable; most, but notall.The IRS’s complacency left it with a massive ecosystem to sift through and a lack of reliable, literate talent to do it. If their random grab at themost obvious game currencies they could think ofwas any indication, there will be more broad and clumsy strokes before there are any real answers.
The IRS has the unenviable task of writing a perfect definition in a language it can’t seem to speak, all because they never got around the asking the question that I accidentally stumbled on twenty years ago.
When my 13-year-old self spent 10 bucks on eBay for a wealth of obviously hackedPhantasy Star Online loot, I wondered: What laws can actually apply to the man who Game-Genies his paychecks?
• Bitcoin, Uncertainty and the Ultimate Narrative
• Bitcoin News Roundup for March 2, 2020 || Coronavirus Impacts on Bitcoin (And the IRS’s Dumb Singularity): The best Sundays are for long reads and deep conversations. Earlier this week theLet’s Talk Bitcoin! Showgathered to discuss coronavirus and its potential impacts or disruptions to the decentralized world of bitcoin.
Later, we hear from correspondent George Ettinger about the indications of a “Dumb Currency Singularity” taking place at the Internal Revenue Service right now (also presented in full text below).
Listen/subscribe to the CoinDesk Podcast feed for unique perspectives and fresh daily insight withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,IHeartRadioorRSS.
Related:Bitcoin Rebounds as Coronavirus-Infected Stocks Get Jolt From Fed, BOJ
On today’s podcast we discusscoronavirusand:
• The bitcoin mining industry and the slowing rate of hash-rate increases in the run-up to the 2020 halving
• Safe-haven, uncorrelated and risk asset narratives as the price ofbitcoin(BTC) bounces defies expectations
• The potential for shifts in how society thinks about money in the wake of a highly transmissible global disease
• Plus a brief primer on virus families(skip to 13 minutes for blockchain only content if you’re already up to speed)
Credits for LTB#429– Coronavirus Impacts on Bitcoin (And the IRS’s Dumb Singularity)This episode of Let’s Talk Bitcoin! is sponsored byPurse.ioandeToro.com.This episode featuredStephanie Murphy,Andreas M. Antonopoulos, George Ettinger and Adam B. LevineToday’s episode was produced by Adam B. Levine, edited by Adam B. Levine with music provided byJared Rubensand Adam B. LevineWould you like to Sponsor a future episode of the Let’s Talk Bitcoin! show? Do you have any questions or comments? [email protected]
The Dumb Singularity: Crypto Currencies and Game Currencies are Overdue for a Collision
Related:The View From China: Crypto, Crisis and Digital Currencies Feat. Matthew Graham
So. It has come tothis.
One of the biggest barriers to entry for a disruptive technology is the incompetence of the average consumer. On the other hand, simply preying on the illiteracy of consumers can be a boon for some truly terrible inventions. It is in the clash of these two ideologies that we have reached the Dumb Currency Singularity.
Digital currency has been on course for the Dumb Singularity for well over a decade, and we finally passed the event horizon late last year. At the end of 2019, the IRS quietly published a set of virtual currency guidelines that broadly lumped together mainstream cryptocurrency such as bitcoin and ethereum with honest-to-god Fortnite V-Bucks and Roblox Money.
I have just been informed that the legal term for Roblox currency is “Robux.” That seems… fair.
My point, however roundabout it may be, is that somebody in a position of some influence at the United States Internal Revenue Service saw their grandkid beg for a Roblox card in the Walgreens checkout line and thought, “MY GOD, THE BITCOINS HAVE COME FOR THE CHILDREN.” And then, when he put his horror to print, enough a phalanx of fellow IRS employees looked it over and thought “yes, that sounds right” that it was greenlit for public consumption.
That advisement (to which the IRS claimed players of Fortnite and Roblox must report any purchases of “Bucks”, whether “V”- or “Ro”-) stood monolithically for nearly three months before it was escorted off the stage just as quietly as it had arrived. In a fit ofStreisanding, this change caught more attention than the addition had garnered to begin with, and the IRS gave a formal explanation. “The IRS recognizes that the language on our page potentially caused concern for some taxpayers,” they said. “We have changed the language in order to lessen any confusion. Transacting in virtual currencies as part of a game that do not leave the game environment (virtual currencies that are not convertible) would not require a taxpayer to indicate this on their tax return.”
This is, surprisingly, rather huge. Huge in that they got this follow-up explanation relatively right, and huge in that they still persist in getting so-called “virtual currency” wrong.
You see, the IRS has been caught flat-footed over and over with every passing year that crypto currency has spread. They were slow enough recognizing the growing importance of bitcoin that it wasn’t until 2013 that they designated a team to begin planning for how to handle the currency… and they still haven’t figured out how to handle it. Yet, dating back even earlier than this, the IRS has ALSO been blindsided at every turn by non-crypto “gaming” digital currencies. Their official language conflating the two isn’t just a red flag- it’s a canary in the coal mine.
Game Currencies – for simplicity, hereafter referred to as, uh, “Game Currencies”- run a wide gamut but the majority is exactly what the IRS failed to recognize in Fortnite and Roblox: a non-convertible, non-transferrable currency that cannot reasonably leave the confines of its game. Your Fortnite V-Bucks and Apex Legends Coins and… [SIGH].. Ro-Bux… are just an interstitial medium between your real money and the gameplay. You do not trade these with other players, nor do you have the options to take these chips up to the casino counter and cash them back out: once your USD enters the game, it cannot leave it in any reasonable form. After the original point-of-sale a Game Currency is no different from Sonic’s rings.
So, for as correct as the IRSeventuallygot it, they’ve still been handling Game Currencieswrong, and it has informed the ways they still get Cryptowrong. Many game currencies ARE transferrable and ARE dangerously viable mediums for exchange and laundering, and they have been around longer than Bitcoin. It’s absolutely no secret that World of Warcraft gold is player-transferrable: it’s the entire reason “gold farming” remains a legitimate source of income for so many. Though less ubiquitous than Warcraft, the seminal Supply Chain Actuary Simulator EVE Online notoriously monetized its monthly subscription cards into aconsumable ingame item. For those unfamiliar, this means that when you buy a month of game time, it isn’t simply added to your account: it becomes an item in your game inventory that can either be USED to extend your subscription, or TRADED with other players as a dollar-pegged commodity. Now, the truly fantastical economic tales of money laundering, actual virtual space piracy, and actual-million-actual-dollar banking deals in Eve Online can and HAS filled several books, so I will not go into detail here.
The point is, simply, that player-exchangeable cash-value items have been a massive grey market for years and continued to slip under the IRS’s nose. They didn’t bat an eye at the horrifying headlines of Diablo 3’s aborted real-cash auction house fiasco, yet now in 2020 they’re fumbling to grasp onto its legacy.
That fumbling is part-and-parcel with their fumbling of bitcoin, and the timeline tells a story. A recent Government Accountability Office review of IRS virtual currency policies painted a somewhat scathing picture of a bureaucracy that was slow to notice and even slower to adapt. The IRS initiative in 2013 was a knee-jerk response to the first truly landmark year of Bitcoin cash trading, where dollar parity was suddenly blown aside byhundreddollar parity. The impetus is obvious: disruptive changes to currency don’t matter to the IRS until they see it on the “Wacky Stories” segment of their local station news.
The financial establishments that stood togainfrom digital currencies were quick on the uptake, but the groups tasked with oversight were responding to changing conditions and new developments with the grace of a grandparent still giftwrapping cabbage patch dolls for the kids’ 35th birthdays. The GAO points out that, across three years, the IRS was trying to garner clues from the 900 people that had self-reported Bitcoin capital gains. That’s right – from 2013 to 2015, nearly a thousand god-fearing Americans had thesaintlyhumility to self-report their bitcoin earnings to the feds, and it tookthree years of analysisfor those feds to deduce that there might bemoreout there goingunreported.
Kudos, by the way, to those 900 honorable people who attempted to watch out for the watchmen while the watchmen weren’t even watching.
In these years since, the spectrum of cryptocurrencies has exploded and the applications of game currencies has become strangely homogenized. Convertible game currencies like Warcraft gold persist, but they are the exception rather than the rule. Publishers have found that stifling a cross-player economy gives them a better control over the experience and far less accountability for what is done with that money. Fortnite follows this modern standard; real currency is an aggressively optimized one-way flow from player to publisher, with no convertible gains to tax. The IRS has long since missed the boat on game currencies.
Why, then, did they so recently and so awkwardly collide with cryptocurrencies in the revenue service’s jumbled mind? This, my friend, is the beginning of the Dumb Singularity: Desperation and technological-illiteracy have finally boiled over, and the bureau is trying to play catch-up on the years that have passed it by. They may have smoothed over the initial blunder, but this is indicative of their intent to move forward with a more active hand, and the broad use the phrase “virtual currency” means that more blunders lie ahead.
The GAO excoriated them for their slowness, vagueness, and all-around wishy-washiness in these regards, but to some extent it was not the IRS’s fault. The organization has struggled under budget cuts and a dangerous lack of new blood, and yes, you may read that as younger-and-more-savvy blood. It was that same old blood that struggled to make any headway with their internal Virtual Currency Issues Team in 2013 and still wasn’t seriously analyzing self-reported data from major crypto exchanges even into 2016. Some gentle flame finally reached their backsides sometime after, because by 2018 they were beginning to proactively reach out to users with obvious crypto gains and attempting to secure accurate reporting.
Now, with the end of tax year 2019 upon us, they are finally facing the ontological conundrum at the center of the Dumb Singularity: What is the Enforceable Definition of “Virtual Currency?” What will distinguish between play money and dangerous money? While they dragged their feet comprehending the question, the answers have gotten only more muddled as technology blazed trails forward with no policy guidance. This year, game currencies are completely surpassing retail purchases as the primary source of publisher revenue andmostof them aren’t convertible or taxable; most, but notall.The IRS’s complacency left it with a massive ecosystem to sift through and a lack of reliable, literate talent to do it. If their random grab at themost obvious game currencies they could think ofwas any indication, there will be more broad and clumsy strokes before there are any real answers.
The IRS has the unenviable task of writing a perfect definition in a language it can’t seem to speak, all because they never got around the asking the question that I accidentally stumbled on twenty years ago.
When my 13-year-old self spent 10 bucks on eBay for a wealth of obviously hackedPhantasy Star Online loot, I wondered: What laws can actually apply to the man who Game-Genies his paychecks?
• Bitcoin, Uncertainty and the Ultimate Narrative
• Bitcoin News Roundup for March 2, 2020 || Bitcoin Price Prediction for 2020: This is a very important question and it is always good to have some ideas as to what the price trajectory for Bitcoin will be heading down towards this halving event, and thereafter for the rest of 2020. Bitcoin had a very interesting 2019. That years price moves can best be described as a roller coaster because the present price levels that have been attained by the BTCUSD pair (i.e. from $9500 to $10,500) were resistance areas that were tested at least four times in 2019, but all tests failed to break this price range to the upside. This resulted in price dropping to as low as $6,800, where BTCUSD eventually found support. Bitcoin started off this year on a bullish note. However, the fundamentals responsible for this move did not come from BTCUSD itself, but from other external factors. Let us look at what these factors are and how they will play a role in the price outlook for Bitcoin in 2020. The Fundamentals The unheralded Istanbul hardfork is doing some great things within the Bitcoin blockchain itself. A recent report by Coin Metrics, a company that provides analytics of individual blockchain networks and the crypto market, indicates a strong improvement in some of the Bitcoin network metrics. Ethers realized cap climbed 3.6% last week. Mining difficulty is up by 3.6% The hash rate jumped 3.7% The Ether network is attaining better supply distribution, spreading out Ether hitherto trapped in ICO crowdsales into the hands of new owners. ICO addresses which once held up to 60% of all circulating Ether in 2016, now hold only 40%. As indicated by crypto economist Alex Kruger, there is evidence that an entity has been mopping up a lot of Ether tokens, with the trading volume for ETHUSD rising nearly 4 times in the last week than was witnessed in the entire second half of 2019. So we can say that things are looking up on the fundamental side of the equation. There is some fundamental basis for the recent uptick in prices. But what do the charts say? Story continues Bitcoin Price Outlook for 2020 Many self-professed gurus have come out to project some astounding prices for Bitcoin in 2020. Now that BTCUSD has hit a road block at $10,500, many of them have started to walk back on their comments. A few have stuck to their guns. But what do we advocate here? We follow what the charts say. The year 2020 is still very young: only two months old. However, we shall attempt to provide our Bitcoin price projection for 2020 using quarterly projections and not monthly projections. Any price projections made here are not set in gold and they are definitely not a definitive recommendation to buy or sell Bitcoin or any crypto-asset for that matter. So what do the charts say? Forget any of the rallies in price which have just occurred. The long-term chart shows clearly that Bitcoin still remains in a downtrend. All that has been happening is rallies within a downtrend, and that explains why sellers re-enter after the deceived traders who know nothing about the Dow theory of price action rush in with their buy orders. What happens? Bitcoin price rallies to some extent, and then a relentless selloff begins as the informed traders who were waiting all along for the right moment, go in and initiate a hard selloff that burns fingers all the way down. According to popular TradingBeasts Bitcoin Predictions this downtrend of Bitcoin should further deepen in 2020 and the bitcoin price should on average hover around the 8 000 dollar mark. See, when the so-called gurus come out to say that Bitcoin will hit $100,000 or $250,000 a coin, they are not stupid. Some of them deliberately sell this narrative through recognized media houses, who of course will render the stories and interviews for the ratings. But what uninformed investors may not realize is that some of these gurus actually have shorts hanging around at just the right levels. Once the goon traders buy the predictions that these guys are selling, all they end up doing is driving rallies within the downtrend, making Bitcoin cheap for the professionals to sell once price hits the relevant points. We have seen it happen all over again this week. Take a look at the weekly chart below, and you can see that the recent price levels that got all the gurus touting a 6-figure price spike had actually been tested before in 2019. All three tests of those levels failed. BTC/USD Weekly Chart Showing Previous Failed Attempts to Break Above 10,500 BitMEX exchange reported that over $150 million worth of long positions on its exchange were liquidated in the latest price crash of February 26, 2020; the largest for 2020. Hardly surprising: too many people got sucked in again. Now lets look at the daily chart for Bitcoin below. We can see that the magical $10,500 price level had actually been tested last year and it was not broken. In fact, price fell all the way below $7000 from that rejection at that price. Moreover, the presence of the bearish engulfing pattern right at that point told smart traders what to do: it was time to start selling. BTC/USD Daily Chart Showing Bearish Engulfing Sell Signal at the 10,500 Resistance So what are the realistic Bitcoin price predictions for 2020? Q1 2020 The last time that BTCUSD tested the 10,500 level and failed to break it to the upside, we witnessed a calamitous drop that took the pair to 6,500. This was in Nov/Dec 2019. If we base our Bitcoin price predictions for the rest of the first quarter of 2020, it may be safe to say that history may repeat itself. It is hard to see Bitcoin trading above 9,500, but again, it is hard to see BTCUSD fall all the way to 6500. A careful look at the daily chart for BTCUSD will show that the asset is actually trading within the corrective phase of the Elliot wave pattern. BTC/USD Daily Chart and Elliot Wave Pattern The question is, is the c-wave correction over, especially with price now at a 50% retracement from the swing low that marks the start of impulse wave 1, to the swing high marked by the peak of wave 5/start of corrective wave a? It is likely that BTCUSD may make another push to the upside, but it is hard to see it trading above 9,900 or below 8000 (61.8% Fibo retracement shown above). So the Q1 2020 target should be between 8,000 and 9,900. Q2 and Q3 2020 Q2 2020 brings along the Bitcoin halving event. There is still a lot of division among experts as to how this halving event will affect the price of Bitcoin. 85% of minable Bitcoin has already been mined, and a large chunk of this is either in wallets with missing private keys (and therefore lost forever), in stolen caches which are getting harder to get rid off or in the hands of law enforcement agencies. The Finnish government was revealed to have close to 6,600 BTC it seized in drug busts, and unlike the US authorities who typically auction theirs after some time, the Finnish authorities do not plan to sell theirs anytime soon. What this means is that no one actually knows how much Bitcoin is freely circulating. Now we may be wrong, but we do not really believe that the Bitcoin halving event will have long-term price effects on the BTCUSD. Short term, it may lead to a lot of demand buying just before the event, but we think this will be replaced by coin offloads once people realize that this is not going to be apocalyptic event. So we have the possibility of BTCUSD actually testing the 10,500 or even 11,000 price levels in April/May 2020. But after then, we expect a selloff that would take prices back to the 8,000 to 9,900 mark by June. Q3 and Q4 2020 Election season in the US could trigger some changes in the cryptocurrency markets in terms of policy. This may be the period when institutional trading in BTC starts to get some serious attention. Institutional involvement could see a bull run on BTCUSD that may allow it to start approaching its 2017 highs. Only then can we truly start to think of BTC turning a corner. However, institutional involvement will bring less volatility on BTC, and so any price increase in BTC will be much slower than we are seeing at the moment. We expect to see BTCUSD trading anywhere from 10,000 to 13,000 at this time, but only if the institutional players get involved. If this is not the case, then we may have to deal with range-bound prices that spill on from Q3 to Q4 2020. $8,800 to $11,000 may be a reasonable price range, but a shock drop to $7000 and back up again cannot be ruled out. Anything can happen on the fundamental front and if this is the case, any price predictions can be totally upset by such events, rendering these null and void. This article was originally posted on FX Empire More From FXEMPIRE: China February Manufacturing PMI Drops to Record Low EOS, Ethereum and Ripples XRP Daily Tech Analysis 01/03/20 NZD/USD Forex Technical Analysis Tested Levels Not Seen in Nearly 11 Years on Friday European Equities: A Week in Review 29/02/20 EOS, Ethereum and Ripples XRP Daily Tech Analysis 29/02/20 The Week Ahead Alarming China PMIs to Set the Tone in a Busy Week Ahead || Bitcoin Price Prediction for 2020: This is a very important question and it is always good to have some ideas as to what the price trajectory for Bitcoin will be heading down towards this halving event, and thereafter for the rest of 2020.
Bitcoin had a very interesting 2019. That year’s price moves can best be described as a roller coaster because the present price levels that have been attained by theBTCUSDpair (i.e. from $9500 to $10,500) were resistance areas that were tested at least four times in 2019, but all tests failed to break this price range to the upside. This resulted in price dropping to as low as $6,800, where BTCUSD eventually found support.
Bitcoin started off this year on a bullish note. However, the fundamentals responsible for this move did not come from BTCUSD itself, but from other external factors. Let us look at what these factors are and how they will play a role in the price outlook for Bitcoin in 2020.
The unheralded Istanbul hardfork is doing some great things within the Bitcoin blockchain itself. A recent report by Coin Metrics, a company that provides analytics of individual blockchain networks and the crypto market, indicates a strong improvement in some of the Bitcoin network metrics.
• Ether’s realized cap climbed 3.6% last week.
• Mining difficulty is up by 3.6%
• The hash rate jumped 3.7%
• The Ether network is attaining better supply distribution, spreading out Ether hitherto trapped in ICO crowdsales into the hands of new owners. ICO addresses which once held up to 60% of all circulating Ether in 2016, now hold only 40%.
As indicated by crypto economist Alex Kruger, there is evidence that an entity has been mopping up a lot of Ether tokens, with the trading volume for ETHUSD rising nearly 4 times in the last week than was witnessed in the entire second half of 2019.
So we can say that things are looking up on the fundamental side of the equation. There is some fundamental basis for the recent uptick in prices. But what do the charts say?
Many self-professed gurus have come out to project some astounding prices for Bitcoin in 2020. Now that BTCUSD has hit a road block at $10,500, many of them have started to walk back on their comments. A few have stuck to their guns. But what do we advocate here? We follow what the charts say.
The year 2020 is still very young: only two months old. However, we shall attempt to provide our Bitcoin price projection for 2020 using quarterly projections and not monthly projections. Any price projections made here are not set in gold and they are definitely not a definitive recommendation to buy or sell Bitcoin or any crypto-asset for that matter.
So what do the charts say?
Forget any of the rallies in price which have just occurred. The long-term chart shows clearly that Bitcoin still remains in a downtrend. All that has been happening is rallies within a downtrend, and that explains why sellers re-enter after the deceived traders who know nothing about the Dow theory of price action rush in with their buy orders.
What happens? Bitcoin price rallies to some extent, and then a relentless selloff begins as the informed traders who were waiting all along for the right moment, go in and initiate a hard selloff that burns fingers all the way down. According to popularTradingBeast’s Bitcoin Predictionsthis downtrend of Bitcoin should further deepen in 2020 and the bitcoin price should on average hover around the 8 000 dollar mark.
See, when the so-called “gurus” come out to say that Bitcoin will hit $100,000 or $250,000 a coin, they are not stupid. Some of them deliberately sell this narrative through recognized media houses, who of course will render the stories and interviews for the ratings.
But what uninformed investors may not realize is that some of these “gurus” actually have shorts hanging around at just the right levels. Once the goon traders buy the “predictions” that these guys are selling, all they end up doing is driving rallies within the downtrend, making Bitcoin cheap for the professionals to sell once price hits the relevant points.
We have seen it happen all over again this week. Take a look at the weekly chart below, and you can see that the recent price levels that got all the gurus touting a 6-figure price spike had actually been tested before in 2019. All three tests of those levels failed.
BitMEX exchange reported that over $150 million worth of long positions on its exchange were liquidated in the latest price crash of February 26, 2020; the largest for 2020. Hardly surprising: too many people got sucked in again.
Now let’s look at the daily chart for Bitcoin below. We can see that the magical $10,500 price level had actually been tested last year and it was not broken. In fact, price fell all the way below $7000 from that rejection at that price. Moreover, the presence of the bearish engulfing pattern right at that point told smart traders what to do: it was time to start selling.
So what are the realistic Bitcoin price predictions for 2020?
The last time that BTCUSD tested the 10,500 level and failed to break it to the upside, we witnessed a calamitous drop that took the pair to 6,500. This was in Nov/Dec 2019. If we base our Bitcoin price predictions for the rest of the first quarter of 2020, it may be safe to say that history may repeat itself. It is hard to see Bitcoin trading above 9,500, but again, it is hard to see BTCUSD fall all the way to 6500.
A careful look at the daily chart for BTCUSD will show that the asset is actually trading within the corrective phase of the Elliot wave pattern.
The question is, is the c-wave correction over, especially with price now at a 50% retracement from the swing low that marks the start of impulse wave 1, to the swing high marked by the peak of wave 5/start of corrective wave a?
It is likely that BTCUSD may make another push to the upside, but it is hard to see it trading above 9,900 or below 8000 (61.8% Fibo retracement shown above). So the Q1 2020 target should be between 8,000 and 9,900.
Q2 2020 brings along the Bitcoin halving event. There is still a lot of division among experts as to how this halving event will affect the price of Bitcoin. 85% of minable Bitcoin has already been mined, and a large chunk of this is either in wallets with missing private keys (and therefore lost forever), in stolen caches which are getting harder to get rid off or in the hands of law enforcement agencies.
TheFinnish government was revealed to have close to 6,600 BTCit seized in drug busts, and unlike the US authorities who typically auction theirs after some time, the Finnish authorities do not plan to sell theirs anytime soon.
What this means is that no one actually knows how much Bitcoin is freely circulating. Now we may be wrong, but we do not really believe that the Bitcoin halving event will have long-term price effects on the BTCUSD. Short term, it may lead to a lot of demand buying just before the event, but we think this will be replaced by coin offloads once people realize that this is not going to be apocalyptic event.
So we have the possibility of BTCUSD actually testing the 10,500 or even 11,000 price levels in April/May 2020. But after then, we expect a selloff that would take prices back to the 8,000 to 9,900 mark by June.
Election season in the US could trigger some changes in the cryptocurrency markets in terms of policy. This may be the period when institutional trading in BTC starts to get some serious attention. Institutional involvement could see a bull run on BTCUSD that may allow it to start approaching its 2017 highs.
Only then can we truly start to think of BTC turning a corner. However, institutional involvement will bring less volatility on BTC, and so any price increase in BTC will be much slower than we are seeing at the moment.
We expect to see BTCUSD trading anywhere from 10,000 to 13,000 at this time, but only if the institutional players get involved. If this is not the case, then we may have to deal with range-bound prices that spill on from Q3 to Q4 2020. $8,800 to $11,000 may be a reasonable price range, but a shock drop to $7000 and back up again cannot be ruled out.
Anything can happen on the fundamental front and if this is the case, any price predictions can be totally upset by such events, rendering these null and void.
Thisarticlewas originally posted on FX Empire
• China February Manufacturing PMI Drops to Record Low
• EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 01/03/20
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• European Equities: A Week in Review – 29/02/20
• EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 29/02/20
• The Week Ahead – Alarming China PMIs to Set the Tone in a Busy Week Ahead || Bitcoin Price Prediction for 2020: This is a very important question and it is always good to have some ideas as to what the price trajectory for Bitcoin will be heading down towards this halving event, and thereafter for the rest of 2020.
Bitcoin had a very interesting 2019. That year’s price moves can best be described as a roller coaster because the present price levels that have been attained by theBTCUSDpair (i.e. from $9500 to $10,500) were resistance areas that were tested at least four times in 2019, but all tests failed to break this price range to the upside. This resulted in price dropping to as low as $6,800, where BTCUSD eventually found support.
Bitcoin started off this year on a bullish note. However, the fundamentals responsible for this move did not come from BTCUSD itself, but from other external factors. Let us look at what these factors are and how they will play a role in the price outlook for Bitcoin in 2020.
The unheralded Istanbul hardfork is doing some great things within the Bitcoin blockchain itself. A recent report by Coin Metrics, a company that provides analytics of individual blockchain networks and the crypto market, indicates a strong improvement in some of the Bitcoin network metrics.
• Ether’s realized cap climbed 3.6% last week.
• Mining difficulty is up by 3.6%
• The hash rate jumped 3.7%
• The Ether network is attaining better supply distribution, spreading out Ether hitherto trapped in ICO crowdsales into the hands of new owners. ICO addresses which once held up to 60% of all circulating Ether in 2016, now hold only 40%.
As indicated by crypto economist Alex Kruger, there is evidence that an entity has been mopping up a lot of Ether tokens, with the trading volume for ETHUSD rising nearly 4 times in the last week than was witnessed in the entire second half of 2019.
So we can say that things are looking up on the fundamental side of the equation. There is some fundamental basis for the recent uptick in prices. But what do the charts say?
Many self-professed gurus have come out to project some astounding prices for Bitcoin in 2020. Now that BTCUSD has hit a road block at $10,500, many of them have started to walk back on their comments. A few have stuck to their guns. But what do we advocate here? We follow what the charts say.
The year 2020 is still very young: only two months old. However, we shall attempt to provide our Bitcoin price projection for 2020 using quarterly projections and not monthly projections. Any price projections made here are not set in gold and they are definitely not a definitive recommendation to buy or sell Bitcoin or any crypto-asset for that matter.
So what do the charts say?
Forget any of the rallies in price which have just occurred. The long-term chart shows clearly that Bitcoin still remains in a downtrend. All that has been happening is rallies within a downtrend, and that explains why sellers re-enter after the deceived traders who know nothing about the Dow theory of price action rush in with their buy orders.
What happens? Bitcoin price rallies to some extent, and then a relentless selloff begins as the informed traders who were waiting all along for the right moment, go in and initiate a hard selloff that burns fingers all the way down. According to popularTradingBeast’s Bitcoin Predictionsthis downtrend of Bitcoin should further deepen in 2020 and the bitcoin price should on average hover around the 8 000 dollar mark.
See, when the so-called “gurus” come out to say that Bitcoin will hit $100,000 or $250,000 a coin, they are not stupid. Some of them deliberately sell this narrative through recognized media houses, who of course will render the stories and interviews for the ratings.
But what uninformed investors may not realize is that some of these “gurus” actually have shorts hanging around at just the right levels. Once the goon traders buy the “predictions” that these guys are selling, all they end up doing is driving rallies within the downtrend, making Bitcoin cheap for the professionals to sell once price hits the relevant points.
We have seen it happen all over again this week. Take a look at the weekly chart below, and you can see that the recent price levels that got all the gurus touting a 6-figure price spike had actually been tested before in 2019. All three tests of those levels failed.
BitMEX exchange reported that over $150 million worth of long positions on its exchange were liquidated in the latest price crash of February 26, 2020; the largest for 2020. Hardly surprising: too many people got sucked in again.
Now let’s look at the daily chart for Bitcoin below. We can see that the magical $10,500 price level had actually been tested last year and it was not broken. In fact, price fell all the way below $7000 from that rejection at that price. Moreover, the presence of the bearish engulfing pattern right at that point told smart traders what to do: it was time to start selling.
So what are the realistic Bitcoin price predictions for 2020?
The last time that BTCUSD tested the 10,500 level and failed to break it to the upside, we witnessed a calamitous drop that took the pair to 6,500. This was in Nov/Dec 2019. If we base our Bitcoin price predictions for the rest of the first quarter of 2020, it may be safe to say that history may repeat itself. It is hard to see Bitcoin trading above 9,500, but again, it is hard to see BTCUSD fall all the way to 6500.
A careful look at the daily chart for BTCUSD will show that the asset is actually trading within the corrective phase of the Elliot wave pattern.
The question is, is the c-wave correction over, especially with price now at a 50% retracement from the swing low that marks the start of impulse wave 1, to the swing high marked by the peak of wave 5/start of corrective wave a?
It is likely that BTCUSD may make another push to the upside, but it is hard to see it trading above 9,900 or below 8000 (61.8% Fibo retracement shown above). So the Q1 2020 target should be between 8,000 and 9,900.
Q2 2020 brings along the Bitcoin halving event. There is still a lot of division among experts as to how this halving event will affect the price of Bitcoin. 85% of minable Bitcoin has already been mined, and a large chunk of this is either in wallets with missing private keys (and therefore lost forever), in stolen caches which are getting harder to get rid off or in the hands of law enforcement agencies.
TheFinnish government was revealed to have close to 6,600 BTCit seized in drug busts, and unlike the US authorities who typically auction theirs after some time, the Finnish authorities do not plan to sell theirs anytime soon.
What this means is that no one actually knows how much Bitcoin is freely circulating. Now we may be wrong, but we do not really believe that the Bitcoin halving event will have long-term price effects on the BTCUSD. Short term, it may lead to a lot of demand buying just before the event, but we think this will be replaced by coin offloads once people realize that this is not going to be apocalyptic event.
So we have the possibility of BTCUSD actually testing the 10,500 or even 11,000 price levels in April/May 2020. But after then, we expect a selloff that would take prices back to the 8,000 to 9,900 mark by June.
Election season in the US could trigger some changes in the cryptocurrency markets in terms of policy. This may be the period when institutional trading in BTC starts to get some serious attention. Institutional involvement could see a bull run on BTCUSD that may allow it to start approaching its 2017 highs.
Only then can we truly start to think of BTC turning a corner. However, institutional involvement will bring less volatility on BTC, and so any price increase in BTC will be much slower than we are seeing at the moment.
We expect to see BTCUSD trading anywhere from 10,000 to 13,000 at this time, but only if the institutional players get involved. If this is not the case, then we may have to deal with range-bound prices that spill on from Q3 to Q4 2020. $8,800 to $11,000 may be a reasonable price range, but a shock drop to $7000 and back up again cannot be ruled out.
Anything can happen on the fundamental front and if this is the case, any price predictions can be totally upset by such events, rendering these null and void.
Thisarticlewas originally posted on FX Empire
• China February Manufacturing PMI Drops to Record Low
• EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 01/03/20
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• EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 29/02/20
• The Week Ahead – Alarming China PMIs to Set the Tone in a Busy Week Ahead || Bitcoin Dips Below 8,589.4 Level, Down 0.35%: Bitcoin Dips Below 8,589.4 Level, Down 0.35% Investing.com - Bitcoin fell bellow the $8,589.4 level on Sunday. Bitcoin was trading at 8,589.4 by 10:19 (15:19 GMT) on the Investing.com Index, down 0.35% on the day. It was the largest one-day percentage loss since February 29. The move downwards pushed Bitcoin's market cap down to $156.7B, or 62.48% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B. Bitcoin had traded in a range of $8,523.9 to $8,737.2 in the previous twenty-four hours. Over the past seven days, Bitcoin has seen a drop in value, as it lost 12.93%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $35.6B or 27.99% of the total volume of all cryptocurrencies. It has traded in a range of $8,451.9355 to $9,981.0371 in the past 7 days. At its current price, Bitcoin is still down 56.77% from its all-time high of $19,870.62 set on December 17, 2017. Elsewhere in cryptocurrency trading Ethereum was last at $221.40 on the Investing.com Index, down 0.67% on the day. XRP was trading at $0.23207 on the Investing.com Index, a loss of 0.80%. Ethereum's market cap was last at $24.3B or 9.70% of the total cryptocurrency market cap, while XRP's market cap totaled $10.2B or 4.06% of the total cryptocurrency market value. Related Articles Switzerland files criminal complaint over Crypto spying scandal EOS Dips Below 3.5760 Level, Down 0.01% The BCH Question: How to Recover After $30M Hack and Mining Tax Row? || Bitcoin Dips Below 8,589.4 Level, Down 0.35%: Investing.com - Bitcoin fell bellow the $8,589.4 level on Sunday. Bitcoin was trading at 8,589.4 by 10:19 (15:19 GMT) on the Investing.com Index, down 0.35% on the day. It was the largest one-day percentage loss since February 29.
The move downwards pushed Bitcoin's market cap down to $156.7B, or 62.48% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B.
Bitcoin had traded in a range of $8,523.9 to $8,737.2 in the previous twenty-four hours.
Over the past seven days, Bitcoin has seen a drop in value, as it lost 12.93%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $35.6B or 27.99% of the total volume of all cryptocurrencies. It has traded in a range of $8,451.9355 to $9,981.0371 in the past 7 days.
At its current price, Bitcoin is still down 56.77% from its all-time high of $19,870.62 set on December 17, 2017.
Ethereum was last at $221.40 on the Investing.com Index, down 0.67% on the day.
XRP was trading at $0.23207 on the Investing.com Index, a loss of 0.80%.
Ethereum's market cap was last at $24.3B or 9.70% of the total cryptocurrency market cap, while XRP's market cap totaled $10.2B or 4.06% of the total cryptocurrency market value.
Related Articles
Switzerland files criminal complaint over Crypto spying scandal
EOS Dips Below 3.5760 Level, Down 0.01%
The BCH Question: How to Recover After $30M Hack and Mining Tax Row? || Bitcoin Dips Below 8,589.4 Level, Down 0.35%: Investing.com - Bitcoin fell bellow the $8,589.4 level on Sunday. Bitcoin was trading at 8,589.4 by 10:19 (15:19 GMT) on the Investing.com Index, down 0.35% on the day. It was the largest one-day percentage loss since February 29.
The move downwards pushed Bitcoin's market cap down to $156.7B, or 62.48% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B.
Bitcoin had traded in a range of $8,523.9 to $8,737.2 in the previous twenty-four hours.
Over the past seven days, Bitcoin has seen a drop in value, as it lost 12.93%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $35.6B or 27.99% of the total volume of all cryptocurrencies. It has traded in a range of $8,451.9355 to $9,981.0371 in the past 7 days.
At its current price, Bitcoin is still down 56.77% from its all-time high of $19,870.62 set on December 17, 2017.
Ethereum was last at $221.40 on the Investing.com Index, down 0.67% on the day.
XRP was trading at $0.23207 on the Investing.com Index, a loss of 0.80%.
Ethereum's market cap was last at $24.3B or 9.70% of the total cryptocurrency market cap, while XRP's market cap totaled $10.2B or 4.06% of the total cryptocurrency market value.
Related Articles
Switzerland files criminal complaint over Crypto spying scandal
EOS Dips Below 3.5760 Level, Down 0.01%
The BCH Question: How to Recover After $30M Hack and Mining Tax Row? || The Crypto Daily – Movers and Shakers -01/03/20: Bitcoin fell by 1.91% on Saturday. Following on from a 1.11% fall on Friday, Bitcoin ended the day at $8,561.5.
A relatively bullish start to the day saw Bitcoin strike a mid-morning intraday high $8,829.0 before hitting reverse.
Falling short of the first major resistance level at $8,939.17, Bitcoin slid to a final hour intraday low $8,557.3.
In spite of the reversal, Bitcoin steered clear of the first major support level at $8,495.97.
The bearish end to the month left Bitcoin down by 8.6% for the month of February.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin struggling to break out from $10,000 levels.
For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.
Across the rest of the top 10 cryptos, it was a mixed day for the crypto majors.
Binance Coin bucked the trend on Saturday, gaining 1.10%.
It was a bearish end to the month for the rest of the pack, however.
Cardano’s ADA, Ethereum, and Monero’s XMR led the way down, with losses of 5.80%, 4.32%, and 4.15% on Saturday.
Bitcoin Cash ABC (-3.22%), Bitcoin Cash SV (-3.19%), Litecoin (-3.23%), Ripple’s XRP (-3.13%), Stellar’s Lumen (-3.21%), and Tron’s TRX (-3.54%) also saw heavy losses.
EOS and Tezos saw modest losses of 0.21% and 1.94% on the day.
It was also a mixed month for the crypto majors.
Binance Coin, Ethereum, and Tezos made gains in February, with Tezos surging by 65.6%. Binance Coin and Ethereum saw more modest gains of 5.37% and 20.92% respectively.
The rest of the pack saw red, however.
Bitcoin Cash SV and Bitcoin Cash ABC led the way down, with losses of 22.94% and 17.95% respectively.
Cardano’s ADA (-12.34%), EOS (-15.30%), Litecoin (-14.60%), and Tron’s TRX (-10.94%) also saw double-digit losses.
Monero’s XMR (-8.36%), Ripple’s XRP (-4.22%), and Stellar’s Lumen (-6.59%) saw more modest losses.
Through the current week, the crypto total market cap rose to a Monday high $290.09bn before hitting a low Friday low $241.74bn. At the time of writing, the total market cap stood at $247.29bn.
For February, the market cap managed to hit $307bn levels before easing back.
Bitcoin’s dominance rose to 64% levels in the week before easing back. At the time of writing, Bitcoin’s dominance stood at 63.8%, which was still up from sub-63% levels seen on Monday.
Trading volumes hit a current week high $196.34bn on Thursday before sliding back to sub-$130bn levels. At the time of writing, 24-hr volumes stood at $133.27bn.
At the time of writing, Bitcoin was up by 1.33% to $8,675.3. A choppy start to the day saw Bitcoin fall to an early morning low $8,547.0 before striking a high $8,716.5.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bullish start to the day for the majors.
Bitcoin Cash ABC (+4.06%) and Bitcoin Cash SV (+9.57%) led the way.
Cardano’s ADA and Monero’s XRM trailed the back, with early gains of 1.85% and 1.74% respectively.
Bitcoin would need to move back through to $8,700 levels to bring the first major resistance level at $8,741.23 back into play.
Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $8,716.5.
Barring an extended crypto rally, the first major resistance level would likely pin Bitcoin back on the day.
In the event of a crypto rally, the second major resistance level at $8,920.97 and resistance at $9,000 could come into play.
Failure to move back through $8,700 levels could see Bitcoin hit reverse.
A fall back through to sub-$8,650 levels would bring the first major support level at $8,469.53 into play.
Barring an extended crypto sell-off, however, Bitcoin should well steer clear of the second major support level at $8,365.2 and the 23.6% FIB of $8,200.
Thisarticlewas originally posted on FX Empire
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• U.S Mortgage Rates Hit Reverse with More on the Way
• EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 01/03/20 || The Crypto Daily – Movers and Shakers -01/03/20: Bitcoin fell by 1.91% on Saturday. Following on from a 1.11% fall on Friday, Bitcoin ended the day at $8,561.5. A relatively bullish start to the day saw Bitcoin strike a mid-morning intraday high $8,829.0 before hitting reverse. Falling short of the first major resistance level at $8,939.17, Bitcoin slid to a final hour intraday low $8,557.3. In spite of the reversal, Bitcoin steered clear of the first major support level at $8,495.97. The bearish end to the month left Bitcoin down by 8.6% for the month of February. The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin struggling to break out from $10,000 levels. For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend. The Rest of the Pack Across the rest of the top 10 cryptos, it was a mixed day for the crypto majors. Binance Coin bucked the trend on Saturday, gaining 1.10%. It was a bearish end to the month for the rest of the pack, however. Cardano’s ADA, Ethereum, and Monero’s XMR led the way down, with losses of 5.80%, 4.32%, and 4.15% on Saturday. Bitcoin Cash ABC (-3.22%), Bitcoin Cash SV (-3.19%), Litecoin (-3.23%), Ripple’s XRP (-3.13%), Stellar’s Lumen (-3.21%), and Tron’s TRX (-3.54%) also saw heavy losses. EOS and Tezos saw modest losses of 0.21% and 1.94% on the day. It was also a mixed month for the crypto majors. Binance Coin, Ethereum, and Tezos made gains in February, with Tezos surging by 65.6%. Binance Coin and Ethereum saw more modest gains of 5.37% and 20.92% respectively. The rest of the pack saw red, however. Bitcoin Cash SV and Bitcoin Cash ABC led the way down, with losses of 22.94% and 17.95% respectively. Cardano’s ADA (-12.34%), EOS (-15.30%), Litecoin (-14.60%), and Tron’s TRX (-10.94%) also saw double-digit losses. Monero’s XMR (-8.36%), Ripple’s XRP (-4.22%), and Stellar’s Lumen (-6.59%) saw more modest losses. Story continues Through the current week, the crypto total market cap rose to a Monday high $290.09bn before hitting a low Friday low $241.74bn. At the time of writing, the total market cap stood at $247.29bn. For February, the market cap managed to hit $307bn levels before easing back. Bitcoin’s dominance rose to 64% levels in the week before easing back. At the time of writing, Bitcoin’s dominance stood at 63.8%, which was still up from sub-63% levels seen on Monday. Trading volumes hit a current week high $196.34bn on Thursday before sliding back to sub-$130bn levels. At the time of writing, 24-hr volumes stood at $133.27bn. This Morning At the time of writing, Bitcoin was up by 1.33% to $8,675.3. A choppy start to the day saw Bitcoin fall to an early morning low $8,547.0 before striking a high $8,716.5. Bitcoin left the major support and resistance levels untested early on. Elsewhere, it was a bullish start to the day for the majors. Bitcoin Cash ABC (+4.06%) and Bitcoin Cash SV (+9.57%) led the way. Cardano’s ADA and Monero’s XRM trailed the back, with early gains of 1.85% and 1.74% respectively. For the Bitcoin Day Ahead Bitcoin would need to move back through to $8,700 levels to bring the first major resistance level at $8,741.23 back into play. Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $8,716.5. Barring an extended crypto rally, the first major resistance level would likely pin Bitcoin back on the day. In the event of a crypto rally, the second major resistance level at $8,920.97 and resistance at $9,000 could come into play. Failure to move back through $8,700 levels could see Bitcoin hit reverse. A fall back through to sub-$8,650 levels would bring the first major support level at $8,469.53 into play. Barring an extended crypto sell-off, however, Bitcoin should well steer clear of the second major support level at $8,365.2 and the 23.6% FIB of $8,200. This article was originally posted on FX Empire More From FXEMPIRE: China’s Services Sector Shrank at Record Pace, but Analysts See Rebound in March Crude Oil Weekly Price Forecast – Crude Oil Markets Take a Beating for the Week China February Manufacturing PMI Drops to Record Low EUR/USD Forex Technical Analysis – Failed Rally Could Trigger Pull-back into 1.0916 – 1.0883 U.S Mortgage Rates Hit Reverse with More on the Way EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 01/03/20 || Bitcoin Dips Below 8,607.1 Level, Down 0.67%: Investing.com - Bitcoin fell bellow the $8,607.1 level on Saturday. Bitcoin was trading at 8,607.1 by 10:18 (15:18 GMT) on the Investing.com Index, down 0.67% on the day. It was the largest one-day percentage loss since February 29.
The move downwards pushed Bitcoin's market cap down to $157.3B, or 62.46% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B.
Bitcoin had traded in a range of $8,581.5 to $8,793.7 in the previous twenty-four hours.
Over the past seven days, Bitcoin has seen a drop in value, as it lost 10.62%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $38.9B or 27.80% of the total volume of all cryptocurrencies. It has traded in a range of $8,451.9355 to $9,981.0371 in the past 7 days.
At its current price, Bitcoin is still down 56.68% from its all-time high of $19,870.62 set on December 17, 2017.
Ethereum was last at $222.36 on the Investing.com Index, down 0.92% on the day.
XRP was trading at $0.23354 on the Investing.com Index, a loss of 1.22%.
Ethereum's market cap was last at $24.5B or 9.72% of the total cryptocurrency market cap, while XRP's market cap totaled $10.2B or 4.07% of the total cryptocurrency market value.
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EOS Dips Below 3.5632 Level, Down 4% || Bitcoin Dips Below 8,607.1 Level, Down 0.67%: Bitcoin Dips Below 8,607.1 Level, Down 0.67% Investing.com - Bitcoin fell bellow the $8,607.1 level on Saturday. Bitcoin was trading at 8,607.1 by 10:18 (15:18 GMT) on the Investing.com Index, down 0.67% on the day. It was the largest one-day percentage loss since February 29. The move downwards pushed Bitcoin's market cap down to $157.3B, or 62.46% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B. Bitcoin had traded in a range of $8,581.5 to $8,793.7 in the previous twenty-four hours. Over the past seven days, Bitcoin has seen a drop in value, as it lost 10.62%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $38.9B or 27.80% of the total volume of all cryptocurrencies. It has traded in a range of $8,451.9355 to $9,981.0371 in the past 7 days. At its current price, Bitcoin is still down 56.68% from its all-time high of $19,870.62 set on December 17, 2017. Elsewhere in cryptocurrency trading Ethereum was last at $222.36 on the Investing.com Index, down 0.92% on the day. XRP was trading at $0.23354 on the Investing.com Index, a loss of 1.22%. Ethereum's market cap was last at $24.5B or 9.72% of the total cryptocurrency market cap, while XRP's market cap totaled $10.2B or 4.07% of the total cryptocurrency market value. Related Articles Jack Dorsey Should Be Replaced as Twitter CEO, Investor Proposes Wilshire Phoenix Slams SEC for Bitcoin ETF Rejection EOS Dips Below 3.5632 Level, Down 4% || Bitcoin Dips Below 8,607.1 Level, Down 0.67%: Investing.com - Bitcoin fell bellow the $8,607.1 level on Saturday. Bitcoin was trading at 8,607.1 by 10:18 (15:18 GMT) on the Investing.com Index, down 0.67% on the day. It was the largest one-day percentage loss since February 29.
The move downwards pushed Bitcoin's market cap down to $157.3B, or 62.46% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B.
Bitcoin had traded in a range of $8,581.5 to $8,793.7 in the previous twenty-four hours.
Over the past seven days, Bitcoin has seen a drop in value, as it lost 10.62%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $38.9B or 27.80% of the total volume of all cryptocurrencies. It has traded in a range of $8,451.9355 to $9,981.0371 in the past 7 days.
At its current price, Bitcoin is still down 56.68% from its all-time high of $19,870.62 set on December 17, 2017.
Ethereum was last at $222.36 on the Investing.com Index, down 0.92% on the day.
XRP was trading at $0.23354 on the Investing.com Index, a loss of 1.22%.
Ethereum's market cap was last at $24.5B or 9.72% of the total cryptocurrency market cap, while XRP's market cap totaled $10.2B or 4.07% of the total cryptocurrency market value.
Related Articles
Jack Dorsey Should Be Replaced as Twitter CEO, Investor Proposes
Wilshire Phoenix Slams SEC for Bitcoin ETF Rejection
EOS Dips Below 3.5632 Level, Down 4% || Akoin to launch with Stellar network: Musician and cryptocurrency flag-bearer Akon is to launch the Akoin through Stellar. The rapper, who is currently masterminding a self-contained city with a cryptocurrency infrastructure in his native Senegal, has cited the networks track record of assisting entrepreneurs and businesses in developing countries as the leading reason for the decision. The move means the Akoin utility token will be fully compatible with Stellar wallets and interoperable with all digital assets and fiat currencies supported by Stellar. Its a global platform that were building and Africa is our target market because as we see it now, Africa has the most challenges, said the 46-year-old musician. The objective of Akoin and also Akon City is to provide a trusted currency alternative and empower individuals across the worlds youngest population . It is expected that, by 2045, the African workforce will be the largest in the world. Permission to create the 2,000 acre Akon City on land given to him in 2018 by Senegals president Macky Sall was granted last month . Once complete, the self-contained community will trade using the Akoin which is to be launched later this year. The project is based close to the picturesque coastal town of Mbodiene and an hour away from Blaise Diagne International Airport. By the time Akon City is complete, however, Senegals latest international airport will be officially opened just a ten-minute drive away. Groundwork It is understood groundwork on the ambitious scheme has already begun as the musician aims to have the city fully up and running by the end of the decade. Its a 10-year building block, so were doing it in stages, Akon recently explained to Los Angeles radio station Power FM. We started construction in March 2019 and stage two is going to be 2025. Estimates put the cost of constructing the self-sufficient, eco-friendly city at around $2 billion. The singer-turned-entrepreneur whose real name is Aliaume Thiam recently invested heavily in a solar power venture called Akon Lighting Africa which has taken off in many communities, providing 100,000 households with power as well as 13,000 street lights across 14 African nations. As well as cryptocurrency, Akon City will rely heavily on blockchain the technology which underpins Bitcoin and other digital currencies. Speaking at a recent blockchain conference in Malta, the artist pointed to the technology as a huge asset to Africa. I think that blockchain and crypto could be the saviour for Africa in many ways because it brings the power back to the people, he said. Cryptocurrency and blockchain technology offer a more secure currency that enables people in Africa to advance themselves independent of the government. View comments
[Social Media Buzz]
None available.
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8787.79, 8755.25, 9078.76, 9122.55, 8909.95, 8108.12, 7923.64, 7909.73, 7911.43, 4970.79
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 585.54, 576.60, 581.65, 574.63, 577.47, 606.73, 672.78, 704.38, 685.56, 694.47, 766.31, 748.91, 756.23, 763.78, 737.23, 666.65, 596.12, 623.98, 665.30, 665.12, 629.37, 655.28, 647.00, 639.89, 673.34, 676.30, 703.70, 658.66, 683.66, 670.63, 677.33, 640.56, 666.52, 650.96, 649.36, 647.66, 664.55, 654.47, 658.08, 663.26, 660.77, 679.46, 673.11, 672.86, 665.68, 665.01, 650.62, 655.56, 661.28, 654.10, 651.78, 654.35, 655.03, 656.99, 655.05, 624.68, 606.27, 547.47, 566.35, 578.29, 575.04, 587.78, 592.69, 591.05, 587.80, 592.10, 589.12, 587.56, 585.59, 570.47, 567.24, 577.44, 573.22, 574.32, 575.63, 581.70, 581.31, 586.75, 583.41, 580.18, 577.76, 579.65, 569.95, 573.91, 574.11, 577.50, 575.47, 572.30, 575.54, 598.21.
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[Bitcoin Technical Analysis for 2016-09-03]
Volume: 159014000, RSI (14-day): 57.99, 50-day EMA: 595.01, 200-day EMA: 538.23
[Wider Market Context]
None available.
[Recent News (last 7 days)]
America’s big banks are staffing up—for blockchain: IBM this week announced a massive internal re-organization to cater to blockchain. It is one of many recent signs that the peer-to-peer ledger technology, which first came along with the digital currency bitcoin, has serious future applications in big business . Or it is at least a sign that big companies are convinced they ought to examine it further. (What exactly is blockchain? Watch this primer video .) The computing giant will create a new unit called Watson Financial Services to encompass Watson, cloud, and all blockchain-related offerings and strategy. Bridget van Kralingen, IBM’s senior VP of global banking services, will take on the role of building the unit, and take a new title, VP of industry platforms. To replace van Kralingen in global banking services, IBM has hired Mark Foster, a former Accenture executive. IBM says that it has created new roles specifically devoted to blockchain, and will create more, but it declines to share how many. Search for “blockchain jobs” on job sites like Monster.com and Indeed and you’ll find more than 100 at some, posted by companies like IBM, Fidelity, BNY Mellon, JPMorgan, Bank of America, Capital One, American Express, Citigroup, Cognizant and Infosys. Blockchain job openings on Monster.com There are, of course, many jobs listed at companies like Circle, a payments app that uses the bitcoin blockchain , and at Chain, which creates custom blockchains for clients like Visa, Citi and Nasdaq (see below video from May), but those are the companies you would expect. They are companies that exist squarely in the digital currency or blockchain space. To see blockchain job openings at big banks, payment processors, or financial firms is the surprise. It suggests that blockchain tech is creating new jobs—hundreds of them, for now, not thousands. As Computer World UK wrote in May, “ Demand for distributed ledger expertise is on the rise .” (While many jobs require coding and technical proficiency, some of them are closer to traditional management positions.) And J. Christopher Giancarlo, commissioner of the US Commodity Futures Trading Commission (CFTC), wrote an op-ed in May encouraging companies to “ Do no harm to the blockchain ” because “American jobs depends on it.” Story continues Getting rid of friction—and maybe humans—in banking To be sure, blockchain will likely eliminate jobs in the long run, too, if it fulfills its promise as an efficiency-improver for big financial giants. Giancarlo had to acknowledge such in his own op-ed about the job benefits of blockchain: “Still, the blockchain revolution will not come without adverse consequences, including a likely drop in the human capital that supports the recordkeeping and transaction processing of today’s financial markets.” A report from Citi this year predicted that blockchain and other automation in retail banking could eventually eliminate 30% of jobs at banks in the US and Europe. “That’s absolutely right,” says Jerry Cuomo, IBM’s VP of blockchain, who will report to Van Kralingen in the new unit. “At some level, the efficiency you get from blockchain is to create more of a B2B service without the friction. And many financial services companies are the friction in the system, by design.” But companies exploring blockchain are still in the experimenting stage, where they need to bring new people on, rather than cut people because blockchain tech has made them non-essential. “I think the year started with blockchain tourism running rampant—in a good way,” says Cuomo. “And the tourism business is rapidly turning into hands-on engagement. I think this is where blockchain as a service really aided that desire to enable developers to rapidly experiment with applications, and business folks to witness the transformative power. Users and institutions have gone from, ‘What is this thing? I want to know more about it,’ to, ‘Okay, I’m in.’” IBM has rolled out a bevy of new blockchain services over the last year, including its own IBM Blockchain that runs on Bluemix, IBM’s cloud infrastructure, and this month a new secure blockchain platform for developers to access Hyperledger, a large-scale blockchain project with many different companies on board. And IBM is working on separate blockchains for specific business needs of IBM clients, such as, to name one example, dispute management. In official press releases, the company is already calling itself “the leader in blockchain.” Blockchain as a service (BaaS) But IBM is hardly the only big corporation jumping in. Intel, JPMorgan, and Accenture are all “premier level” members of the Hyperledger project, along with IBM. And Cisco, BNY Mellon, and Wells Fargo are among the general level of members. Microsoft took a different tack, launching its own Project Bletchley over its Azure cloud platform in June. PC Magazine writes that IBM and Microsoft are the two giants “defining” the new blockchain as a service (BaaS) market , and called their efforts “dueling initiatives.” For what it’s worth, based on a check of three job web sites, IBM is hiring many more blockchain-related positions than Microsoft at the moment. Tension between bank chains and bitcoin blockchain Meanwhile, a core tension still exists between the bitcoin community, where blockchain technology first came around, and those in banking and finance that want to create their own private blockchain applications. The difference is one of not just practice but theory: Bitcoin and digital currency believers feel that the very point of blockchain is to be open, “permissionless,” anonymized, accessible to anyone. Those in the banking world are alarmed by such a lack of restriction, and instead are working on safer, “permissioned” blockchains, where participants must be verified and known. It’s also about speed, says Ludwin of Chain. Because of the limited, processing power of the bitcoin blockchain, big companies like Visa, Citi, and Nasdaq “don’t build on bitcoin, and probably won’t if the goal is to keep bitcoin decentralized.” Cuomo of IBM has his own explanation: regulatory concerns. “We’re still very much [focused] on the permissioned blockchain, which could either be public or private, but you need a membership card to get in,” he says. “That seems to be resonating with any client or user group that falls under any kind of regulation. If the data you use falls under regulatory rule, where you need to know your customer who is accessing your data, Ethereum and bitcoin-based blockchains aren’t going to help you with that. That would be a very large group to say no to, and we’re saying yes to them.” But Cuomo gives a caveat: no one quite knows where all of this is heading for sure. “I don’t believe there will be one blockchain to rule them all,” he says. “I believe there will be many. This is all going to take time. And I think we will get there.” — Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology. Follow him on Twitter at @ readDanwrite . Read more: Why Ethereum is the hottest new thing in digital currency The latest Bitcoin price hike is not all about Brexit British bitcoin market sent incredible signals ahead of Brexit Here’s why 21 Inc. is the most exciting bitcoin company right now || America’s big banks are staffing up—for blockchain: IBM this week announced a massive internal re-organization to cater to blockchain.
It is one of many recent signs that the peer-to-peer ledger technology, which first came along with the digital currency bitcoin, hasserious future applications in big business. Or it is at least a sign that big companies are convinced they ought to examine it further.(What exactly is blockchain?Watch this primer video.)
The computing giant will create a new unit called Watson Financial Services to encompass Watson, cloud, and all blockchain-related offerings and strategy. Bridget van Kralingen, IBM’s senior VP of global banking services, will take on the role of building the unit, and take a new title, VP of industry platforms. To replace van Kralingen in global banking services, IBM has hired Mark Foster, a former Accenture executive.
IBM says that it has created new roles specifically devoted to blockchain, and will create more, but it declines to share how many.
Search for “blockchain jobs” on job sites like Monster.com and Indeed and you’ll find more than 100 at some, posted by companies like IBM, Fidelity, BNY Mellon, JPMorgan, Bank of America, Capital One, American Express, Citigroup, Cognizant and Infosys.
There are, of course, many jobs listed at companies likeCircle, a payments app that uses the bitcoin blockchain, and at Chain, which creates custom blockchains for clients like Visa, Citi and Nasdaq (see below video from May), but those are the companies you would expect. They are companies that exist squarely in the digital currency or blockchain space.
To see blockchain job openings at big banks, payment processors, or financial firms is the surprise. It suggests that blockchain tech is creating new jobs—hundreds of them, for now, not thousands.
As Computer World UK wrote in May, “Demand for distributed ledger expertise is on the rise.” (While many jobs require coding and technical proficiency, some of them are closer to traditional management positions.) And J. Christopher Giancarlo, commissioner of the US Commodity Futures Trading Commission (CFTC), wrote an op-ed in May encouraging companies to “Do no harm to the blockchain” because “American jobs depends on it.”
To be sure, blockchain will likely eliminate jobs in the long run, too, if it fulfills its promise as an efficiency-improver for big financial giants. Giancarlo had to acknowledge such in his own op-ed about the job benefits of blockchain: “Still, the blockchain revolution will not come without adverse consequences, including a likely drop in the human capital that supports the recordkeeping and transaction processing of today’s financial markets.” A report from Citi this year predicted thatblockchain and other automation in retail banking could eventually eliminate 30% of jobsat banks in the US and Europe.
“That’s absolutely right,” says Jerry Cuomo, IBM’s VP of blockchain, who will report to Van Kralingen in the new unit. “At some level, the efficiency you get from blockchain is to create more of a B2B service without the friction. And many financial services companies are the friction in the system, by design.”
But companies exploring blockchain are still in the experimenting stage, where they need to bring new people on, rather than cut people because blockchain tech has made them non-essential.
“I think the year started with blockchain tourism running rampant—in a good way,” says Cuomo. “And the tourism business is rapidly turning into hands-on engagement. I think this is where blockchain as a service really aided that desire to enable developers to rapidly experiment with applications, and business folks to witness the transformative power. Users and institutions have gone from, ‘What is this thing? I want to know more about it,’ to, ‘Okay, I’m in.’”
IBM has rolled out a bevy of new blockchain services over the last year, including its ownIBM Blockchainthat runs on Bluemix, IBM’s cloud infrastructure, and this month a newsecure blockchain platform for developersto accessHyperledger, a large-scale blockchain projectwith many different companies on board. And IBM is working on separate blockchains for specific business needs of IBM clients, such as, to name one example, dispute management.
In official press releases, the company is already calling itself “the leader in blockchain.”
But IBM is hardly the only big corporation jumping in. Intel, JPMorgan, and Accenture are all “premier level” members of the Hyperledger project, along with IBM. And Cisco, BNY Mellon, and Wells Fargo are among the general level of members.
Microsoft took a different tack, launching its ownProject Bletchleyover its Azure cloud platform in June. PC Magazine writes thatIBM and Microsoft are the two giants “defining” the new blockchain as a service (BaaS) market, and called their efforts “dueling initiatives.”
For what it’s worth, based on a check of three job web sites, IBM is hiring many more blockchain-related positions than Microsoft at the moment.
Meanwhile, a core tension still exists between the bitcoin community, where blockchain technology first came around, and those in banking and finance that want to create their own private blockchain applications. The difference is one of not just practice but theory: Bitcoin and digital currency believers feel that the very point of blockchain is to be open, “permissionless,” anonymized, accessible to anyone. Those in the banking world are alarmed by such a lack of restriction, and instead are working on safer, “permissioned” blockchains, where participants must be verified and known.
It’s also about speed, says Ludwin of Chain. Because of the limited, processing power of the bitcoin blockchain, big companies like Visa, Citi, and Nasdaq “don’t build on bitcoin, and probably won’t if the goal is to keep bitcoin decentralized.”
Cuomo of IBM has his own explanation: regulatory concerns. “We’re still very much [focused] on the permissioned blockchain, which could either be public or private, but you need a membership card to get in,” he says. “That seems to be resonating with any client or user group that falls under any kind of regulation. If the data you use falls under regulatory rule, where you need to know your customer who is accessing your data, Ethereum and bitcoin-based blockchains aren’t going to help you with that. That would be a very large group to say no to, and we’re saying yes to them.”
But Cuomo gives a caveat: no one quite knows where all of this is heading for sure. “I don’t believe there will be one blockchain to rule them all,” he says. “I believe there will be many. This is all going to take time. And I think we will get there.”
—
Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology. Follow him on Twitter at @readDanwrite.
Read more:
Why Ethereum is the hottest new thing in digital currency
The latest Bitcoin price hike is not all about Brexit
British bitcoin market sent incredible signals ahead of Brexit
Here’s why 21 Inc. is the most exciting bitcoin company right now || Your first trade for Friday, September 2: The " Fast Money " traders shared their first moves for the market open. Dan Nathan was a seller of the SPDR S&P Retail ETF (NYSE Arca: XRT) . Brian Kelly was a buyer of the iShares 20+ Year Treasury Bond ETF (NASDAQ: TLT) . Karen Finerman said Lululemon (NASDAQ: LULU) , which reported quarterly earnings and disappointing guidance after the market close, could be a 'buy' once the volatility settles. Steve Grasso was a seller of the Financial Select Sector SPDR ETF (NYSE Arca: XLF) . Trader disclosure: On September 1,2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Grasso is long BA, CC, EVGN, KBH, MJNA, MU, OLN, PFE, PHM, T, TWTR, GDX Grasso's Kids Own EFA, EFG, EWJ, IJR, SPY No Shorts Stuart Frankel & Co Inc. and some of its Partners have a financial interest in LDP, WDR, AVP, CVX, FCX, ICE, KDUS, KO, MAT, MCD, MJNA, NE, NEM, OLN, OXY, RIG, STAG, TAXI, TEX, TITXF, URI, VALE, WDR, WYNN, ZNGA, CUBA, HSPO, ICE, AMZN, MJNA, TITXF, NXTD, SPY, QQQ, DIA, XLI, BGCP, VIRT, JCP, GE, AIR FP. Karen Finerman is long AAL, BAC, C, DAL, DRII, DRII calls, FB, FL, GOGO, GOOG, GOOGL, JPM, LYV, KORS, KORS calls, KORS puts, M, MA, SEDG, SPY puts, UAL, URI, WIFI long call spreads. Her firm is long ANTM, AAPL, BAC, C, C calls, DRII, DRII calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, PLCE, SPY puts, URI, WIFI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International. Brian Kelly is long Bitcoin, CME, DXJ, GDX, KBE, SLV, TLT, VXX, XLF, XOP, US Dollar UUP; he is short EUR=, JPY=. Dan Nathan is Long TWTR, IWM long Sept put, long PYPL call calendar, XOP Sept put spread, BAC long Sept put, Long FEZ Nov put spread, long EEM Nov put spread, long FB Sept put spread. More From CNBC Top News and Analysis Latest News Video Personal Finance || Your first trade for Friday, September 2: The "Fast Money" traders shared their first moves for the market open.
Dan Nathan was a seller of the SPDR S&P Retail ETF(NYSE Arca: XRT).
Brian Kelly was a buyer of the iShares 20+ Year Treasury Bond ETF(NASDAQ: TLT).
Karen Finerman said Lululemon(NASDAQ: LULU), which reported quarterly earnings and disappointing guidance after the market close, could be a 'buy' once the volatility settles.
Steve Grasso was a seller of the Financial Select Sector SPDR ETF(NYSE Arca: XLF).
Trader disclosure: On September 1,2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:Steve Grasso is long BA, CC, EVGN, KBH, MJNA, MU, OLN, PFE, PHM, T, TWTR, GDX Grasso's Kids Own EFA, EFG, EWJ, IJR, SPY No Shorts Stuart Frankel & Co Inc. and some of its Partners have a financial interest in LDP, WDR, AVP, CVX, FCX, ICE, KDUS, KO, MAT, MCD, MJNA, NE, NEM, OLN, OXY, RIG, STAG, TAXI, TEX, TITXF, URI, VALE, WDR, WYNN, ZNGA, CUBA, HSPO, ICE, AMZN, MJNA, TITXF, NXTD, SPY, QQQ, DIA, XLI, BGCP, VIRT, JCP, GE, AIR FP. Karen Finerman is long AAL, BAC, C, DAL, DRII, DRII calls, FB, FL, GOGO, GOOG, GOOGL, JPM, LYV, KORS, KORS calls, KORS puts, M, MA, SEDG, SPY puts, UAL, URI, WIFI long call spreads. Her firm is long ANTM, AAPL, BAC, C, C calls, DRII, DRII calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, PLCE, SPY puts, URI, WIFI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International. Brian Kelly is long Bitcoin, CME, DXJ, GDX, KBE, SLV, TLT, VXX, XLF, XOP, US Dollar UUP; he is short EUR=, JPY=. Dan Nathan is Long TWTR, IWM long Sept put, long PYPL call calendar, XOP Sept put spread, BAC long Sept put, Long FEZ Nov put spread, long EEM Nov put spread, long FB Sept put spread.
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• Personal Finance || How Bitcoin was brought down by its own potentialand the banks: Wouldn't it be so much easier if they just looked like this? The best that can be said about Bitcoin right now is that it still exists . Split by internal divisions while its most useful aspects are harvested by the very financial behemoths it once hoped to destroy, Bitcoin is fast becoming the tech worlds version of Waiting for Godot , wherein a hermetically sealed community squabbles and bickers over arcane points of code and law as their world slowly crumbles around them. In the last 12 months, attempts made to produce a road map for the cryptocurrencys future have come to naught, all while core developers abandon the project and opaque Chinese mining concerns wield outlandish power . What it feels like to be the last generation to remember life before the internet Welcome to todays Bitcoina phenomenon so internally focused that its advocates have barely noticed the battle has already been lost. Back at its inception, the conversation around the currency was driven by an almost unconscionable optimism. This wasnt simply a mechanism for the easy transfer of capital: This was a tool by which the entire international financial system could be made anew, with corrupt central banks, inflationary currencies, and immoral stockbrokers consigned to the dustbin of history. In a world still reeling from the chaos of the global financial crisis, Bitcoin seemed less like a currency and more like a way of future-proofing the global economy from ever having to deal with something so awful again. The Bitcoin boom of late 2013 brought greater mainstream attention to the cryptocurrency. Bitcoins value surged from $200 to $1,200 over the space of a few weeks, temporarily rendering it more valuable than gold . This was to be a short-lived state of affairs, however, as a string of scandals, hacks, exchange collapses, anddare I say itcommon sense brought the price of Bitcoin plummeting back to Earth. Cue three years of stagnation and false promise , as Bitcoin has struggled to prove its use for, well
anything, really. Even after all this time, Bitcoin is still an economy driven almost entirely by potentialby the dream that, one day soon, Bitcoin will become the lingua franca of the global economic order. Story continues Giving up alcohol opened my eyes to the infuriating truth about why women drink But Bitcoins spike and crash did have one unintended effect: It shone a bright light on a delicate, still-evolving financial ecosystem and shouted to the world, Theres gold in them thar hills! While the currency itself struggled to rediscover the magic of that first almighty explosion in 2013, the circling sharks of international finance spotted opportunity. Soon Bitcoin seemed primarily valuable for its blockchain, the distributed, unalterable public ledger that allows it to operate without trusted intermediaries. If Bitcoin is the power grid, blockchain is the electricity giving it life. But electricity doesnt need to be bound to a particular power gridyou can find ways to create your own. At least in the early days, the shift seemed largely semantic; a question of emphasis. But as time wore on, the discussion surrounding Bitcoin increasingly became focused on how banks, governments, and financial systems could create or use their own blockchains, of which Bitcoin would be, at best, an incidental part. The revolution heralded by Bitcoin now looks more likely to be transactional rather than transformational. Soon, Nasdaq, the worlds second-largest stock exchange, had declared 2015 to be the year of the blockchain . They even created their very own blockchain-enabled trading platform, Nasdaq Linq . The momentum has continued to build: A company called R3CEV is working with a consortium of 45 of the worlds most powerful banks and investment firms to create a modified blockchain that would allow companies to pick and choose what information they actually decentralize and what they keep held tight . Meanwhile, the Linux Foundation has joined forces with a whos-who of the tech and business worlds to create the Hyperledger Project , an open-source attempt to find new use cases for blockchain technology. Goldman Sachs has even patented its very own cryptocurrency, SETLcoin, to permit the instantaneous execution of trades on the stock market . One thing that links all of these projects? None of them use the word Bitcoin. For these financial behemoths, the appeal of the blockchain is obvious. Companies spend an inordinate amount of money on the intermediaries that facilitate the flow of capital between markets. Blockchain technology offers the possibility of those issues being delegated to a few lines of immutable computer code that, by their very nature, guarantee the legitimacy of the transaction. Vast swathes of complex transnational banking and investment apparatus could be rendered obsolete in a few comparatively minor technological adjustments. Bitcoin may be the platform on which this coming blockchain boom operates, or it may not. I imagine this will depend on some purely economic calculations being done by unfathomably vast and powerful financial institutions. In comparison to the almost $5 trillion traded on the international currency markets each and every day, Bitcoins $10 billion market cap is next best thing to a rounding error. It could vanish entirely and only a small cadre of true believers (and high-end drug dealers) would even mark its passing. What does seem certain is that the revolution heralded by Bitcoin now looks more likely to be transactional rather than transformational. Dont get me wrong: I think Bitcoin is a fundamentally useful thing. Its myriad advantages over fiat currency would seem to demand its widespread adoption. But at a basic level, Bitcoin is trying to disrupt money . As it turns out, this may be like trying to refashion water, or the second law of thermodynamics. And like so many technologically disrupted fields before it, the promise of great change has given way to the reality of great consolidation. Whereas we once dreamed of a flat, universal currency with an equal value for all players, irrespective of size, now we face the reality of an international financial system thats almost entirely the samejust with a new coat of paint. Technological innovations of all stripes have long wrestled with a tension between revolution and legitimacy, and Bitcoin has perhaps felt the tension more keenly than most. To put the dilemma another way: Is Bitcoin trying to replace the international economic order, or work within it? Does it want to destroy Goldman Sachs, or be bought by it? To many within the movement, this is still an active question. But as the shadows lengthen on Bitcoins moment in the sun, its increasingly hard to believe in its initial promise of changing money for good. You can follow Luke on Twitter at @lukeayresryan . We welcome your comments at [email protected] . Sign up for the Quartz Daily Brief , our free daily newsletter with the worlds most important and interesting news. More stories from Quartz: I got scammed: A tech workers awful story shows the gap between idealism and reality in Silicon Valley Chinese people want renewable energy more than anyone, but nobodys selling it to them || How Bitcoin was brought down by its own potentialand the banks: Wouldn't it be so much easier if they just looked like this? The best that can be said about Bitcoin right now is that it still exists . Split by internal divisions while its most useful aspects are harvested by the very financial behemoths it once hoped to destroy, Bitcoin is fast becoming the tech worlds version of Waiting for Godot , wherein a hermetically sealed community squabbles and bickers over arcane points of code and law as their world slowly crumbles around them. In the last 12 months, attempts made to produce a road map for the cryptocurrencys future have come to naught, all while core developers abandon the project and opaque Chinese mining concerns wield outlandish power . What it feels like to be the last generation to remember life before the internet Welcome to todays Bitcoina phenomenon so internally focused that its advocates have barely noticed the battle has already been lost. Back at its inception, the conversation around the currency was driven by an almost unconscionable optimism. This wasnt simply a mechanism for the easy transfer of capital: This was a tool by which the entire international financial system could be made anew, with corrupt central banks, inflationary currencies, and immoral stockbrokers consigned to the dustbin of history. In a world still reeling from the chaos of the global financial crisis, Bitcoin seemed less like a currency and more like a way of future-proofing the global economy from ever having to deal with something so awful again. The Bitcoin boom of late 2013 brought greater mainstream attention to the cryptocurrency. Bitcoins value surged from $200 to $1,200 over the space of a few weeks, temporarily rendering it more valuable than gold . This was to be a short-lived state of affairs, however, as a string of scandals, hacks, exchange collapses, anddare I say itcommon sense brought the price of Bitcoin plummeting back to Earth. Cue three years of stagnation and false promise , as Bitcoin has struggled to prove its use for, well
anything, really. Even after all this time, Bitcoin is still an economy driven almost entirely by potentialby the dream that, one day soon, Bitcoin will become the lingua franca of the global economic order. Story continues Giving up alcohol opened my eyes to the infuriating truth about why women drink But Bitcoins spike and crash did have one unintended effect: It shone a bright light on a delicate, still-evolving financial ecosystem and shouted to the world, Theres gold in them thar hills! While the currency itself struggled to rediscover the magic of that first almighty explosion in 2013, the circling sharks of international finance spotted opportunity. Soon Bitcoin seemed primarily valuable for its blockchain, the distributed, unalterable public ledger that allows it to operate without trusted intermediaries. If Bitcoin is the power grid, blockchain is the electricity giving it life. But electricity doesnt need to be bound to a particular power gridyou can find ways to create your own. At least in the early days, the shift seemed largely semantic; a question of emphasis. But as time wore on, the discussion surrounding Bitcoin increasingly became focused on how banks, governments, and financial systems could create or use their own blockchains, of which Bitcoin would be, at best, an incidental part. The revolution heralded by Bitcoin now looks more likely to be transactional rather than transformational. Soon, Nasdaq, the worlds second-largest stock exchange, had declared 2015 to be the year of the blockchain . They even created their very own blockchain-enabled trading platform, Nasdaq Linq . The momentum has continued to build: A company called R3CEV is working with a consortium of 45 of the worlds most powerful banks and investment firms to create a modified blockchain that would allow companies to pick and choose what information they actually decentralize and what they keep held tight . Meanwhile, the Linux Foundation has joined forces with a whos-who of the tech and business worlds to create the Hyperledger Project , an open-source attempt to find new use cases for blockchain technology. Goldman Sachs has even patented its very own cryptocurrency, SETLcoin, to permit the instantaneous execution of trades on the stock market . One thing that links all of these projects? None of them use the word Bitcoin. For these financial behemoths, the appeal of the blockchain is obvious. Companies spend an inordinate amount of money on the intermediaries that facilitate the flow of capital between markets. Blockchain technology offers the possibility of those issues being delegated to a few lines of immutable computer code that, by their very nature, guarantee the legitimacy of the transaction. Vast swathes of complex transnational banking and investment apparatus could be rendered obsolete in a few comparatively minor technological adjustments. Bitcoin may be the platform on which this coming blockchain boom operates, or it may not. I imagine this will depend on some purely economic calculations being done by unfathomably vast and powerful financial institutions. In comparison to the almost $5 trillion traded on the international currency markets each and every day, Bitcoins $10 billion market cap is next best thing to a rounding error. It could vanish entirely and only a small cadre of true believers (and high-end drug dealers) would even mark its passing. What does seem certain is that the revolution heralded by Bitcoin now looks more likely to be transactional rather than transformational. Dont get me wrong: I think Bitcoin is a fundamentally useful thing. Its myriad advantages over fiat currency would seem to demand its widespread adoption. But at a basic level, Bitcoin is trying to disrupt money . As it turns out, this may be like trying to refashion water, or the second law of thermodynamics. And like so many technologically disrupted fields before it, the promise of great change has given way to the reality of great consolidation. Whereas we once dreamed of a flat, universal currency with an equal value for all players, irrespective of size, now we face the reality of an international financial system thats almost entirely the samejust with a new coat of paint. Technological innovations of all stripes have long wrestled with a tension between revolution and legitimacy, and Bitcoin has perhaps felt the tension more keenly than most. To put the dilemma another way: Is Bitcoin trying to replace the international economic order, or work within it? Does it want to destroy Goldman Sachs, or be bought by it? To many within the movement, this is still an active question. But as the shadows lengthen on Bitcoins moment in the sun, its increasingly hard to believe in its initial promise of changing money for good. You can follow Luke on Twitter at @lukeayresryan . We welcome your comments at [email protected] . Sign up for the Quartz Daily Brief , our free daily newsletter with the worlds most important and interesting news. More stories from Quartz: I got scammed: A tech workers awful story shows the gap between idealism and reality in Silicon Valley Chinese people want renewable energy more than anyone, but nobodys selling it to them || How Bitcoin was brought down by its own potentialand the banks: Wouldn't it be so much easier if they just looked like this? The best that can be said about Bitcoin right now is that it still exists . Split by internal divisions while its most useful aspects are harvested by the very financial behemoths it once hoped to destroy, Bitcoin is fast becoming the tech worlds version of Waiting for Godot , wherein a hermetically sealed community squabbles and bickers over arcane points of code and law as their world slowly crumbles around them. In the last 12 months, attempts made to produce a road map for the cryptocurrencys future have come to naught, all while core developers abandon the project and opaque Chinese mining concerns wield outlandish power . What it feels like to be the last generation to remember life before the internet Welcome to todays Bitcoina phenomenon so internally focused that its advocates have barely noticed the battle has already been lost. Back at its inception, the conversation around the currency was driven by an almost unconscionable optimism. This wasnt simply a mechanism for the easy transfer of capital: This was a tool by which the entire international financial system could be made anew, with corrupt central banks, inflationary currencies, and immoral stockbrokers consigned to the dustbin of history. In a world still reeling from the chaos of the global financial crisis, Bitcoin seemed less like a currency and more like a way of future-proofing the global economy from ever having to deal with something so awful again. The Bitcoin boom of late 2013 brought greater mainstream attention to the cryptocurrency. Bitcoins value surged from $200 to $1,200 over the space of a few weeks, temporarily rendering it more valuable than gold . This was to be a short-lived state of affairs, however, as a string of scandals, hacks, exchange collapses, anddare I say itcommon sense brought the price of Bitcoin plummeting back to Earth. Cue three years of stagnation and false promise , as Bitcoin has struggled to prove its use for, well
anything, really. Even after all this time, Bitcoin is still an economy driven almost entirely by potentialby the dream that, one day soon, Bitcoin will become the lingua franca of the global economic order. Story continues Giving up alcohol opened my eyes to the infuriating truth about why women drink But Bitcoins spike and crash did have one unintended effect: It shone a bright light on a delicate, still-evolving financial ecosystem and shouted to the world, Theres gold in them thar hills! While the currency itself struggled to rediscover the magic of that first almighty explosion in 2013, the circling sharks of international finance spotted opportunity. Soon Bitcoin seemed primarily valuable for its blockchain, the distributed, unalterable public ledger that allows it to operate without trusted intermediaries. If Bitcoin is the power grid, blockchain is the electricity giving it life. But electricity doesnt need to be bound to a particular power gridyou can find ways to create your own. At least in the early days, the shift seemed largely semantic; a question of emphasis. But as time wore on, the discussion surrounding Bitcoin increasingly became focused on how banks, governments, and financial systems could create or use their own blockchains, of which Bitcoin would be, at best, an incidental part. The revolution heralded by Bitcoin now looks more likely to be transactional rather than transformational. Soon, Nasdaq, the worlds second-largest stock exchange, had declared 2015 to be the year of the blockchain . They even created their very own blockchain-enabled trading platform, Nasdaq Linq . The momentum has continued to build: A company called R3CEV is working with a consortium of 45 of the worlds most powerful banks and investment firms to create a modified blockchain that would allow companies to pick and choose what information they actually decentralize and what they keep held tight . Meanwhile, the Linux Foundation has joined forces with a whos-who of the tech and business worlds to create the Hyperledger Project , an open-source attempt to find new use cases for blockchain technology. Goldman Sachs has even patented its very own cryptocurrency, SETLcoin, to permit the instantaneous execution of trades on the stock market . One thing that links all of these projects? None of them use the word Bitcoin. For these financial behemoths, the appeal of the blockchain is obvious. Companies spend an inordinate amount of money on the intermediaries that facilitate the flow of capital between markets. Blockchain technology offers the possibility of those issues being delegated to a few lines of immutable computer code that, by their very nature, guarantee the legitimacy of the transaction. Vast swathes of complex transnational banking and investment apparatus could be rendered obsolete in a few comparatively minor technological adjustments. Bitcoin may be the platform on which this coming blockchain boom operates, or it may not. I imagine this will depend on some purely economic calculations being done by unfathomably vast and powerful financial institutions. In comparison to the almost $5 trillion traded on the international currency markets each and every day, Bitcoins $10 billion market cap is next best thing to a rounding error. It could vanish entirely and only a small cadre of true believers (and high-end drug dealers) would even mark its passing. What does seem certain is that the revolution heralded by Bitcoin now looks more likely to be transactional rather than transformational. Dont get me wrong: I think Bitcoin is a fundamentally useful thing. Its myriad advantages over fiat currency would seem to demand its widespread adoption. But at a basic level, Bitcoin is trying to disrupt money . As it turns out, this may be like trying to refashion water, or the second law of thermodynamics. And like so many technologically disrupted fields before it, the promise of great change has given way to the reality of great consolidation. Whereas we once dreamed of a flat, universal currency with an equal value for all players, irrespective of size, now we face the reality of an international financial system thats almost entirely the samejust with a new coat of paint. Technological innovations of all stripes have long wrestled with a tension between revolution and legitimacy, and Bitcoin has perhaps felt the tension more keenly than most. To put the dilemma another way: Is Bitcoin trying to replace the international economic order, or work within it? Does it want to destroy Goldman Sachs, or be bought by it? To many within the movement, this is still an active question. But as the shadows lengthen on Bitcoins moment in the sun, its increasingly hard to believe in its initial promise of changing money for good. You can follow Luke on Twitter at @lukeayresryan . We welcome your comments at [email protected] . Sign up for the Quartz Daily Brief , our free daily newsletter with the worlds most important and interesting news. More stories from Quartz: I got scammed: A tech workers awful story shows the gap between idealism and reality in Silicon Valley Chinese people want renewable energy more than anyone, but nobodys selling it to them || Cable & Wireless partners with Ericsson and Cisco to enhance its Caribbean IP networks: • C&W Communications invests in new network that will serve as backbone for IPTV services, fixed operations and part of business-to-business services
• Ericsson and Cisco will deliver an IP/MPLS network for C&W in three markets: the Bahamas, Jamaica and Barbados
• An IP backbone network in the Bahamas will be upgraded to support traffic growth and improve performance on the fixed network
MIAMI, FL - August 30, 2016Ericsson (ERIC) and Cisco (CSCO) today announced an agreement to supply and install IP networks forC&W Communications, which operates the retail brand Flow, in three Caribbean markets. The plans include an upgrade to the IP backbone network in the Bahamas to improve performance and support an increase of traffic, and a new business-to-business IP/MPLS network in Jamaica and Barbados.
The partnership is part of C&W`s investment plan for the region to continue transforming its customer experience. As part of the partnership, Cisco will provide the necessary hardware while Ericsson will provide project management services.
"We needed a powerful and intelligent solution to bring IP networking to both Jamaica and Barbados, while at the same time improving the IP network in the Bahamas," says Carlo Alloni, Executive Vice-president and CTIO, C&W. "This partnership will allow us to offer even more value-added services including our world class IPTV services as well as introduce more innovative solutions to our customers."
"Our teams complemented each other with the right approach, from network analysis and planning to systems integration and customer support from Ericsson, to selecting the right routers and switches from Cisco, and finally ensuring the right flow along every step with Ericsson services," says Clayton Cruz, Vice President Ericsson Latin America and Caribbean. "The partnership has delivered real value to Cable & Wireless in terms of accelerating their IP transformation by combining end-to-end business transformation competence and experience with deep product and domain expertise."
The deal includes Cisco® routers and switches (ASR9000, ASR900 and WR4500 families), supply and installation of NMS system (EPN-M), overall project management, and customer support.
"Cisco and Ericsson working together have the combined breadth, depth and lifecycle engagement required to help operators like Cable & Wireless succeed in their transformation to an IP-centric network," says Jordi Botifoll, Cisco President Latin America & Senior Vice President in the Americas. "Working together on this project will lead Cable & Wireless to a standardized approach across other markets, so that all their business-to-business and IP fixed networks will be supported by IP/MPLS, helping them do things better and faster."
Ericsson and Cisco - two industry leaders in the development and delivery of networking, mobility, and cloud - formed a global business and technology partnership in November 2015 to create the networks of the future. The partnership offers customers the best of both companies: routing, data center, networking, cloud, mobility, management and control, and global services capabilities. The next-generation strategic partnership will drive growth, accelerate innovation, and speed digital transformation demanded by customers across industries. The first product from the partnership, Ericsson Dynamic Service Manager, was announced in February 2016. To date, over 200 active customer engagements have now started to turn into won deals. Multiple deals, spread around the world, are in IP (routing and transport) and services. The companies announced deals with 3 Italy, Vodafone Portugal and Aster Dominican Republic earlier this year.
The Cisco-Ericsson partnership has been cleared by Brazilian regulatory authorities and will be implemented there under local agreements.
NOTES TO EDITORS
Ericsson and Cisco team up for next generation Network Service Management
For media kits, backgrounders and high-resolution photos, please visitwww.ericsson.com/press
Ericsson is the driving force behind the Networked Society - a world leader in communications technology and services. Our long-term relationships with every major telecom operator in the world allow people, business and society to fulfill their potential and create a more sustainable future.
Our services, software and infrastructure - especially in mobility, broadband and the cloud- are enabling the telecom industry and other sectors to do better business, increase efficiency, improve the user experience and capture new opportunities.
With approximately 115,000 professionals and customers in 180 countries,we combine global scale with technology and services leadership. We support networks that connect more than 2.5 billion subscribers. Forty percent of the world`s mobile traffic is carried over Ericsson networks. And our investments in research and development ensure that our solutions - and our customers - stay in front.
Founded in 1876, Ericsson has its headquarters in Stockholm, Sweden. Net sales in2015 were SEK 246.9 billion (USD 29.4 billion). Ericsson is listed on NASDAQ OMX stock exchange in Stockholm and the NASDAQ in New York.
www.ericsson.comwww.ericsson.com/newswww.twitter.com/ericssonpresswww.facebook.com/ericssonwww.youtube.com/ericsson
About CiscoCisco (CSCO) is the worldwide technology leader that has been making the Internet work since 1984. Our people, products, and partners help society securely connect and seize tomorrow`s digital opportunity today. Discover more at newsroom.cisco.com and follow us on Twitter at @Cisco.
Cisco and the Cisco logo are trademarks or registered trademarks of Cisco and/or its affiliates in the U.S. and other countries. A listing of Cisco`s trademarks can be found atwww.cisco.com/go/trademarks.
FOR FURTHER INFORMATION, PLEASE CONTACT
Ericsson Corporate CommunicationsPhone: +46 10 719 69 92E-mail:[email protected]
Ericsson Investor RelationsPhone: +46 10 719 00 00E-mail:[email protected]
Cisco PR ContactSara CiceroCisco Service Provider Public RelationsE-Mail:[email protected]
CWC is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, CWC provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers.
CWC also operates a state-of-the-art submarine fiber network - the most extensive in the region - in over 30 markets.
Learn more atwww.cwc.com, or follow C&W onLinkedIn,FacebookorTwitter.
About Liberty Global
Liberty Global is the world`s largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enables us to develop market-leading products delivered through next-generation networks that connect our 29 million customers who subscribe to over 59 million television, broadband internet and telephony services. We also serve 11 million mobile subscribers and offer WiFi service across seven million access points.
Liberty Global`s businesses are comprised of two stocks: the Liberty Global Group (NASDAQ: LBTYA, LBTYB and LBTYK) for our European operations, and the LiLAC Group (NASDAQ: LILA and LILAK, OTC Link: LILAB), which consists of our operations in Latin America and the Caribbean.
The Liberty Global Group operates in 12 European countries under the consumer brands Virgin Media, Ziggo, Unitymedia, Telenet and UPC. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Mas Movil and BTC. In addition, the LiLAC Group operates a subsea fiber network throughout the region in over 30 markets.
For more information, please visitwww.libertyglobal.com.
C&W Communications
Investor Relations:Kunal Patel+1 (786) 376 9294
Media Relations:Claudia Restrepo+1 (786) 218 0407
Ericsson-Cisco CW deal_Press Release_final
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.Source: Ericsson via GlobeNewswireHUG#2038210 || Cable & Wireless Partners With Ericsson and Cisco to Enhance Its Caribbean IP Networks: MIAMI, FL--(Marketwired - Aug 30, 2016) - C&W Communications invests in new network that will serve as backbone for IPTV services, fixed operations and part of business-to-business services Ericsson and Cisco will deliver an IP/MPLS network for C&W in three markets: the Bahamas, Jamaica and Barbados An IP backbone network in the Bahamas will be upgraded to support traffic growth and improve performance on the fixed network Ericsson ( NASDAQ : ERIC ) and Cisco ( NASDAQ : CSCO ) today announced an agreement to supply and install IP networks for C&W Communications , which operates the retail brand Flow, in three Caribbean markets. The plans include an upgrade to the IP backbone network in the Bahamas to improve performance and support an increase of traffic, and a new business-to-business IP/MPLS network in Jamaica and Barbados. The partnership is part of C&W's investment plan for the region to continue transforming its customer experience. As part of the partnership, Cisco will provide the necessary hardware while Ericsson will provide project management services. "We needed a powerful and intelligent solution to bring IP networking to both Jamaica and Barbados, while at the same time improving the IP network in the Bahamas," says Carlo Alloni, Executive Vice-president and CTIO, C&W. "This partnership will allow us to offer even more value-added services including our world class IPTV services as well as introduce more innovative solutions to our customers." "Our teams complemented each other with the right approach, from network analysis and planning to systems integration and customer support from Ericsson, to selecting the right routers and switches from Cisco, and finally ensuring the right flow along every step with Ericsson services," says Clayton Cruz, Vice President Ericsson Latin America and Caribbean. "The partnership has delivered real value to Cable & Wireless in terms of accelerating their IP transformation by combining end-to-end business transformation competence and experience with deep product and domain expertise." Story continues The deal includes Cisco® routers and switches (ASR9000, ASR900 and WR4500 families), supply and installation of NMS system (EPN-M), overall project management, and customer support. "Cisco and Ericsson working together have the combined breadth, depth and lifecycle engagement required to help operators like Cable & Wireless succeed in their transformation to an IP-centric network," says Jordi Botifoll, Cisco President Latin America & Senior Vice President in the Americas. "Working together on this project will lead Cable & Wireless to a standardized approach across other markets, so that all their business-to-business and IP fixed networks will be supported by IP/MPLS, helping them do things better and faster." Ericsson and Cisco -- two industry leaders in the development and delivery of networking, mobility, and cloud -- formed a global business and technology partnership in November 2015 to create the networks of the future. The partnership offers customers the best of both companies: routing, data center, networking, cloud, mobility, management and control, and global services capabilities. The next-generation strategic partnership will drive growth, accelerate innovation, and speed digital transformation demanded by customers across industries. The first product from the partnership, Ericsson Dynamic Service Manager, was announced in February 2016. To date, over 200 active customer engagements have now started to turn into won deals. Multiple deals, spread around the world, are in IP (routing and transport) and services. The companies announced deals with 3 Italy, Vodafone Portugal and Aster Dominican Republic earlier this year. The Cisco-Ericsson partnership has been cleared by Brazilian regulatory authorities and will be implemented there under local agreements. NOTES TO EDITORS Ericsson and Cisco team up for next generation Network Service Management For media kits, backgrounders and high-resolution photos, please visit www.ericsson.com/press Ericsson is the driving force behind the Networked Society -- a world leader in communications technology and services. Our long-term relationships with every major telecom operator in the world allow people, business and society to fulfill their potential and create a more sustainable future. Our services, software and infrastructure -- especially in mobility, broadband and the cloud -- are enabling the telecom industry and other sectors to do better business, increase efficiency, improve the user experience and capture new opportunities. With approximately 115,000 professionals and customers in 180 countries, we combine global scale with technology and services leadership. We support networks that connect more than 2.5 billion subscribers. Forty percent of the world's mobile traffic is carried over Ericsson networks. And our investments in research and development ensure that our solutions -- and our customers -- stay in front. Founded in 1876, Ericsson has its headquarters in Stockholm, Sweden. Net sales in 2015 were SEK 246.9 billion (USD 29.4 billion). Ericsson is listed on NASDAQ OMX stock exchange in Stockholm and the NASDAQ in New York. www.ericsson.com www.ericsson.com/news www.twitter.com/ericssonpress www.facebook.com/ericsson www.youtube.com/ericsson About Cisco Cisco ( NASDAQ : CSCO ) is the worldwide technology leader that has been making the Internet work since 1984. Our people, products, and partners help society securely connect and seize tomorrow's digital opportunity today. Discover more at newsroom.cisco.com and follow us on Twitter at @Cisco. Cisco and the Cisco logo are trademarks or registered trademarks of Cisco and/or its affiliates in the U.S. and other countries. A listing of Cisco's trademarks can be found at www.cisco.com/go/trademarks . About C&W Communications CWC is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, CWC provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers. CWC also operates a state-of-the-art submarine fiber network -- the most extensive in the region -- in over 30 markets. Learn more at www.cwc.com , or follow C&W on LinkedIn , Facebook or Twitter . About Liberty Global Liberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enables us to develop market-leading products delivered through next-generation networks that connect our 29 million customers who subscribe to over 59 million television, broadband internet and telephony services. We also serve 11 million mobile subscribers and offer WiFi service across seven million access points. Liberty Global's businesses are comprised of two stocks: the Liberty Global Group ( NASDAQ : LBTYA ) ( NASDAQ : LBTYB ) ( NASDAQ : LBTYK ) for our European operations, and the LiLAC Group ( NASDAQ : LILA ) ( NASDAQ : LILAK ) ( OTC PINK : LILAB ), which consists of our operations in Latin America and the Caribbean. The Liberty Global Group operates in 12 European countries under the consumer brands Virgin Media, Ziggo, Unitymedia, Telenet and UPC. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Mas Movil and BTC. In addition, the LiLAC Group operates a subsea fiber network throughout the region in over 30 markets. For more information, please visit www.libertyglobal.com . || Cable & Wireless Partners With Ericsson and Cisco to Enhance Its Caribbean IP Networks: MIAMI, FL--(Marketwired - Aug 30, 2016) -
• C&W Communications invests in new network that will serve as backbone for IPTV services, fixed operations and part of business-to-business services
• Ericsson and Cisco will deliver an IP/MPLS network for C&W in three markets: the Bahamas, Jamaica and Barbados
• An IP backbone network in the Bahamas will be upgraded to support traffic growth and improve performance on the fixed network
Ericsson (NASDAQ:ERIC) and Cisco (NASDAQ:CSCO) today announced an agreement to supply and install IP networks forC&W Communications, which operates the retail brand Flow, in three Caribbean markets. The plans include an upgrade to the IP backbone network in the Bahamas to improve performance and support an increase of traffic, and a new business-to-business IP/MPLS network in Jamaica and Barbados.
The partnership is part of C&W's investment plan for the region to continue transforming its customer experience. As part of the partnership, Cisco will provide the necessary hardware while Ericsson will provide project management services.
"We needed a powerful and intelligent solution to bring IP networking to both Jamaica and Barbados, while at the same time improving the IP network in the Bahamas," says Carlo Alloni, Executive Vice-president and CTIO, C&W. "This partnership will allow us to offer even more value-added services including our world class IPTV services as well as introduce more innovative solutions to our customers."
"Our teams complemented each other with the right approach, from network analysis and planning to systems integration and customer support from Ericsson, to selecting the right routers and switches from Cisco, and finally ensuring the right flow along every step with Ericsson services," says Clayton Cruz, Vice President Ericsson Latin America and Caribbean. "The partnership has delivered real value to Cable & Wireless in terms of accelerating their IP transformation by combining end-to-end business transformation competence and experience with deep product and domain expertise."
The deal includes Cisco® routers and switches (ASR9000, ASR900 and WR4500 families), supply and installation of NMS system (EPN-M), overall project management, and customer support.
"Cisco and Ericsson working together have the combined breadth, depth and lifecycle engagement required to help operators like Cable & Wireless succeed in their transformation to an IP-centric network," says Jordi Botifoll, Cisco President Latin America & Senior Vice President in the Americas. "Working together on this project will lead Cable & Wireless to a standardized approach across other markets, so that all their business-to-business and IP fixed networks will be supported by IP/MPLS, helping them do things better and faster."
Ericsson and Cisco -- two industry leaders in the development and delivery of networking, mobility, and cloud -- formed a global business and technology partnership in November 2015 to create the networks of the future. The partnership offers customers the best of both companies: routing, data center, networking, cloud, mobility, management and control, and global services capabilities. The next-generation strategic partnership will drive growth, accelerate innovation, and speed digital transformation demanded by customers across industries. The first product from the partnership, Ericsson Dynamic Service Manager, was announced in February 2016. To date, over 200 active customer engagements have now started to turn into won deals. Multiple deals, spread around the world, are in IP (routing and transport) and services. The companies announced deals with 3 Italy, Vodafone Portugal and Aster Dominican Republic earlier this year.
The Cisco-Ericsson partnership has been cleared by Brazilian regulatory authorities and will be implemented there under local agreements.
NOTES TO EDITORSEricsson and Cisco team up for next generation Network Service ManagementFor media kits, backgrounders and high-resolution photos, please visitwww.ericsson.com/press
Ericsson is the driving force behind the Networked Society -- a world leader in communications technology and services. Our long-term relationships with every major telecom operator in the world allow people, business and society to fulfill their potential and create a more sustainable future.
Our services, software and infrastructure -- especially in mobility, broadband and the cloud -- are enabling the telecom industry and other sectors to do better business, increase efficiency, improve the user experience and capture new opportunities.
With approximately 115,000 professionals and customers in 180 countries, we combine global scale with technology and services leadership. We support networks that connect more than 2.5 billion subscribers. Forty percent of the world's mobile traffic is carried over Ericsson networks. And our investments in research and development ensure that our solutions -- and our customers -- stay in front.
Founded in 1876, Ericsson has its headquarters in Stockholm, Sweden. Net sales in2015 were SEK 246.9 billion (USD 29.4 billion). Ericsson is listed on NASDAQ OMX stock exchange in Stockholm and the NASDAQ in New York.
www.ericsson.comwww.ericsson.com/newswww.twitter.com/ericssonpresswww.facebook.com/ericssonwww.youtube.com/ericsson
About CiscoCisco (NASDAQ:CSCO) is the worldwide technology leader that has been making the Internet work since 1984. Our people, products, and partners help society securely connect and seize tomorrow's digital opportunity today. Discover more at newsroom.cisco.com and follow us on Twitter at @Cisco.
Cisco and the Cisco logo are trademarks or registered trademarks of Cisco and/or its affiliates in the U.S. and other countries. A listing of Cisco's trademarks can be found atwww.cisco.com/go/trademarks.
About C&W CommunicationsCWC is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, CWC provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers.
CWC also operates a state-of-the-art submarine fiber network -- the most extensive in the region -- in over 30 markets.
Learn more atwww.cwc.com, or follow C&W onLinkedIn,FacebookorTwitter.
About Liberty Global
Liberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enables us to develop market-leading products delivered through next-generation networks that connect our 29 million customers who subscribe to over 59 million television, broadband internet and telephony services. We also serve 11 million mobile subscribers and offer WiFi service across seven million access points.
Liberty Global's businesses are comprised of two stocks: the Liberty Global Group (NASDAQ:LBTYA) (NASDAQ:LBTYB) (NASDAQ:LBTYK) for our European operations, and the LiLAC Group (NASDAQ:LILA) (NASDAQ:LILAK) (OTC PINK:LILAB), which consists of our operations in Latin America and the Caribbean.
The Liberty Global Group operates in 12 European countries under the consumer brands Virgin Media, Ziggo, Unitymedia, Telenet and UPC. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Mas Movil and BTC. In addition, the LiLAC Group operates a subsea fiber network throughout the region in over 30 markets.
For more information, please visitwww.libertyglobal.com. || 3 of Murray Stahl's Latest Investment Ideas: - By Bram de Haas
FRMO Corp. (FRMO) is out with another annual letter to investors by CEOMurray Stahl(Trades,Portfolio) and CFO Steven Bregman, and as always, it is highly interesting and a must-read for any enterprising value investor who enjoys creative ideas. The full letter can be read here, but I have taken the liberty to summarize the actionable investment ideas for you:
• Warning! GuruFocus has detected 8 Warning Signs with PM. Click here to check it out.
• FRMO 15-Year Financial Data
• The intrinsic value of FRMO
• Peter Lynch Chart of FRMO
1. CASH
If there is one important idea in the letter it is to keep cash. For some time now, Stahl and Bregman have been fairly bearish on the outlook for the investment landscape. Especially liquid investments contained in many ETF's are highly unattractive to them.
Readers of our Shareholder Letter for 2015 will recall that in the first paragraph we made reference to exceedingly low interest rates. We did not imagine the appearance of negative interest rates. As far as we can determine, after consulting Sidney Homer's classic text The History of Interest Rates , we are now in the lowest interest rate environment in the last 5,000 years. This is important, since interest rates establish value for all financial assets. Consequently, valuations for many types of financial assets are high. The investment opportunity set is, therefore, unusually narrow. It is for this reason that we carry about $49 million of cash and cash equivalents on our balance sheet. Indeed, viewed on a tangible assets basis, we are largely uninvested, since much of the balance sheet valuation of our Horizon Kinetics LLC assets is necessarily intangible.
One of the solutions proposed and put in practice by the duo is to hoard cash in large quantities. Not just as a defensive measure, but also in an offensive way. The cash can be used ONCE asset prices go down. What is merely zero yielding cash now, can be highly lucrative firepower later. Their argumentation strongly reminds me of " The Dao Of Capital" by Spitznagel. From the blurb:
We arrive at his central investment methodology ofAustrian Investing, where victory comes not from waging the immediate decisive battle, but rather from theroundaboutapproach of seeking the intermediate positional advantage (what he callsshi), of aiming at the indirect means rather than directly at the ends.
The roundabout is where he bets first on something that will decline in crisis, to reap rewards exactly at a time where liquidity comes at a premium. It is then the Austrian Investor is flush with cash and can harvest.
2. BITCOIN
Stahl and Bregman have, as long as I have tracked their moves, taken optionality very seriously. One outgrowth of that preference is the ownership interests in many exchanges of financial assets carried by FRMO. Bitcoin (BTC) and other altcoins are, in essence, exchanges as well. They represent a method to exchange value or store value. Still in the early innings of what they could be, there is tremendous optionality within Bitcoin, the blockchain and other altcoins. FRMO holds an investment in the Digital Currency Group, which is an investor in many different bitcoin and blockchain related companies. Among other assets, it holds a stake in Coinbase (a very user friendly bitcoin and ethereum wallet) and the GBTC, which is one of the few ways institutional investors can buy Bitcoin. In addition in 2016, as per the annual letter, Horizon Kinetics also established a fund that invests in bitcoin:
The fund established an investment maximum of $50,000 per client. We are not aware of any other firm that so constrains client contributions. However, we believe it is the easiest and most obvious way to control risk. We simply limit the amount of money that can possibly be lost to an amount that is tolerable. Investment firms often complain about the short-term focus of clients. The short-term focus is more understandable if the investment in failure mode could quite negatively impact their lives. In any case, we rapidly sold essentially every available slot in the fund.
I like this for two reasons: 1) the fact that they set up another successful fund and 2) This increases FRMO's exposure to crytocurrency, a currency or asset class (however you want to call it) that I'm bullish on as it solves real-world problems. For a more in-depth discussion, you can reference my writing in 5 reasons to buy bitcoin and 6 reasons why you shouldn't invest in bitcoin .
MICROCAPS
As an extension of Stahl and Bregman's distrust of large liquid assets, they pursue lots of illiquid assets but also have become interested in the micro cap space.
As a consequence of the industrial scale upon which indexes operate, the largest companies frequently have valuations far in excess of smaller companies. For example, large-capitalization shares have outperformed micro-capitalization equities for years. The S&P 500 trades at nearly two times the price-to-book-value ratio of a typical micro-capitalization index. This is very unusual. However, the enormous industrial scale of indexation investing, as well as the market capitalization float adjusted methodology of weighting, requires maximum trading liquidity that simply cannot be provided by genuinely small companies. Another factor, the importance of which is difficult to quantify, is that the large companies frequently pay robust dividends. This is not usually true of small firms. There are many large capitalization equity indexes that are marketed as so-called "bond substitutes." This is nothing other than a consequence of the worldwide central bank effort to lower interest rates, to zero in many instances. The theory behind this effort was to essentially force investors into risk-based assets and, hence, stimulate economic growth.
It is not referenced by name in the current annual letter, but I believe their investment in the Royce Microcap Trust (RMT), through Horizon Kinetics funds, is inspired by this idea. This is a closed-end fund that is trading at a historically very sizeable discount, while micro caps have underperformed for years on end. Lots of potential to get a double whammy here if both micro caps close the valuation gap with large caps and the discount to intrinsic value narrows. As you can see below, the discount is really much wider than it has historically been:
Disclosure: Long FRMO Corp and Bitcoin.
Start afree 7-day trial of Premium Membershipto GuruFocus.
This article first appeared onGuruFocus.
• Warning! GuruFocus has detected 8 Warning Signs with PM. Click here to check it out.
• FRMO 15-Year Financial Data
• The intrinsic value of FRMO
• Peter Lynch Chart of FRMO || 3 of Murray Stahl's Latest Investment Ideas: - By Bram de Haas FRMO Corp. (FRMO) is out with another annual letter to investors by CEO Murray Stahl ( Trades , Portfolio ) and CFO Steven Bregman, and as always, it is highly interesting and a must-read for any enterprising value investor who enjoys creative ideas. The full letter can be read here, but I have taken the liberty to summarize the actionable investment ideas for you: Warning! GuruFocus has detected 8 Warning Signs with PM. Click here to check it out. FRMO 15-Year Financial Data The intrinsic value of FRMO Peter Lynch Chart of FRMO 1. CASH If there is one important idea in the letter it is to keep cash. For some time now, Stahl and Bregman have been fairly bearish on the outlook for the investment landscape. Especially liquid investments contained in many ETF's are highly unattractive to them. Readers of our Shareholder Letter for 2015 will recall that in the first paragraph we made reference to exceedingly low interest rates. We did not imagine the appearance of negative interest rates. As far as we can determine, after consulting Sidney Homer's classic text The History of Interest Rates , we are now in the lowest interest rate environment in the last 5,000 years. This is important, since interest rates establish value for all financial assets. Consequently, valuations for many types of financial assets are high. The investment opportunity set is, therefore, unusually narrow. It is for this reason that we carry about $49 million of cash and cash equivalents on our balance sheet. Indeed, viewed on a tangible assets basis, we are largely uninvested, since much of the balance sheet valuation of our Horizon Kinetics LLC assets is necessarily intangible. One of the solutions proposed and put in practice by the duo is to hoard cash in large quantities. Not just as a defensive measure, but also in an offensive way. The cash can be used ONCE asset prices go down. What is merely zero yielding cash now, can be highly lucrative firepower later. Their argumentation strongly reminds me of " The Dao Of Capital" by Spitznagel. From the blurb: Story continues We arrive at his central investment methodology of Austrian Investing , where victory comes not from waging the immediate decisive battle, but rather from the roundabout approach of seeking the intermediate positional advantage (what he calls shi ), of aiming at the indirect means rather than directly at the ends. The roundabout is where he bets first on something that will decline in crisis, to reap rewards exactly at a time where liquidity comes at a premium. It is then the Austrian Investor is flush with cash and can harvest. 2. BITCOIN Stahl and Bregman have, as long as I have tracked their moves, taken optionality very seriously. One outgrowth of that preference is the ownership interests in many exchanges of financial assets carried by FRMO. Bitcoin (BTC) and other altcoins are, in essence, exchanges as well. They represent a method to exchange value or store value. Still in the early innings of what they could be, there is tremendous optionality within Bitcoin, the blockchain and other altcoins. FRMO holds an investment in the Digital Currency Group, which is an investor in many different bitcoin and blockchain related companies. Among other assets, it holds a stake in Coinbase (a very user friendly bitcoin and ethereum wallet) and the GBTC, which is one of the few ways institutional investors can buy Bitcoin. In addition in 2016, as per the annual letter, Horizon Kinetics also established a fund that invests in bitcoin: The fund established an investment maximum of $50,000 per client. We are not aware of any other firm that so constrains client contributions. However, we believe it is the easiest and most obvious way to control risk. We simply limit the amount of money that can possibly be lost to an amount that is tolerable. Investment firms often complain about the short-term focus of clients. The short-term focus is more understandable if the investment in failure mode could quite negatively impact their lives. In any case, we rapidly sold essentially every available slot in the fund. I like this for two reasons: 1) the fact that they set up another successful fund and 2) This increases FRMO's exposure to crytocurrency, a currency or asset class (however you want to call it) that I'm bullish on as it solves real-world problems. For a more in-depth discussion, you can reference my writing in 5 reasons to buy bitcoin and 6 reasons why you shouldn't invest in bitcoin . MICROCAPS As an extension of Stahl and Bregman's distrust of large liquid assets, they pursue lots of illiquid assets but also have become interested in the micro cap space. As a consequence of the industrial scale upon which indexes operate, the largest companies frequently have valuations far in excess of smaller companies. For example, large-capitalization shares have outperformed micro-capitalization equities for years. The S&P 500 trades at nearly two times the price-to-book-value ratio of a typical micro-capitalization index. This is very unusual. However, the enormous industrial scale of indexation investing, as well as the market capitalization float adjusted methodology of weighting, requires maximum trading liquidity that simply cannot be provided by genuinely small companies. Another factor, the importance of which is difficult to quantify, is that the large companies frequently pay robust dividends. This is not usually true of small firms. There are many large capitalization equity indexes that are marketed as so-called "bond substitutes." This is nothing other than a consequence of the worldwide central bank effort to lower interest rates, to zero in many instances. The theory behind this effort was to essentially force investors into risk-based assets and, hence, stimulate economic growth. It is not referenced by name in the current annual letter, but I believe their investment in the Royce Microcap Trust ( RMT ), through Horizon Kinetics funds, is inspired by this idea. This is a closed-end fund that is trading at a historically very sizeable discount, while micro caps have underperformed for years on end. Lots of potential to get a double whammy here if both micro caps close the valuation gap with large caps and the discount to intrinsic value narrows. As you can see below, the discount is really much wider than it has historically been: discountNAV.jpg Disclosure: Long FRMO Corp and Bitcoin. Start a free 7-day trial of Premium Membership to GuruFocus. This article first appeared on GuruFocus . Warning! GuruFocus has detected 8 Warning Signs with PM. Click here to check it out. FRMO 15-Year Financial Data The intrinsic value of FRMO Peter Lynch Chart of FRMO || Cyber threat grows for bitcoin exchanges: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - When hackers penetrated a secure authentication system at a bitcoin exchange called Bitfinex earlier this month, they stole about $70 million worth of the virtual currency. The cyber theft -- the second largest by an exchange since hackers took roughly $350 million in bitcoins at Tokyo's MtGox exchange in early 2014 -- is hardly a rare occurrence in the emerging world of crypto-currencies. New data disclosed to Reuters shows a third of bitcoin trading platforms have been hacked, and nearly half have closed in the half dozen years since they burst on the scene. This rising risk for bitcoin holders is compounded by the fact there is no depositor's insurance to absorb the loss, even though many exchanges act like virtual banks. Not only does that approach cast the cyber security risk in stark relief, but it also exposes the fact that bitcoin investors have little choice but to do business with under-capitalized exchanges that may not have the capital buffer to absorb these losses the way a traditional and regulated bank or exchange would. "There is a general sense in the bitcoin community that any centralized repository is at risk," said a U.S.-based professional trader who lost about $1,000 in bitcoins when Bitfinex was hacked. He declined to be named for this article. "So when investing, you always have that expectation at the back of your head. I lost a small amount compared to the others, but I know of traders who lost millions of dollars worth of bitcoins," the trader said. The security challenge for the bitcoin world does not appear to be letting up, according to experts in the currency. "I am skeptical there's going to be any technological silver bullet that's going to solve security breach problems. No technology, crypto-currency, or financial mechanism can be made safe from hacks," said Tyler Moore, assistant professor of cyber security at the University of Tulsa's Tandy School of Computer Science who will soon publish the new research on the vulnerability of bitcoin exchanges. Story continues His study, funded by the U.S. Department of Homeland Security and shared with Reuters, shows that since bitcoin's creation in 2009 to March 2015, 33 percent of all bitcoin exchanges operational during that period were hacked. The figure represents one of the first estimates of the extent of security breaches in the bitcoin world. In contrast, data from the Privacy Rights Clearinghouse, a non-profit organization, showed that of the 6,000 operational U.S. banks, only 67 banks experienced a publicly-disclosed data breach between 2009 and 2015. That's roughly 1 percent of U.S. banks. Among the world's stock exchanges, however, security breaches are much higher, with hackers attracted to the large pools of cash moving in and out of these trading venues. The latest survey of 46 securities exchanges released three years ago by the International Organization of Securities Commissions and World Federation of Exchanges found that more than half had experienced a cyber attack. Moore collaborated on the research with Nicolas Christin, associate research professor at Carnegie Mellon University and Janos Szurdi, a Ph.D. student also at Carnegie. In 2013, Moore and Christin wrote a research paper on security risks surrounding bitcoin exchanges when Moore was still a professor at Southern Methodist University. That research entitled Beware of the Middleman: Empirical Analysis of Bitcoin Exchange Risk was peer-reviewed and presented at the 17th International Financial Cryptography and Data Security Conference in Okinawa, Japan in 2013. In the most recent study, the rate of closure for bitcoin exchanges in Moore's research edged up to 48 percent among those operating from 2009 to March 2015. Hacking did not necessarily trigger the closure in each case. "A 48 percent closure is not acceptable, but not surprising given that bitcoin is a new technology," said Richard Johnson, vice president of market structure and technology at Greenwich Associates. Johnson has written reports on risk and security issues in the crypto-currency world. Profitability is a big problem for bitcoin exchanges, with many of them unable to generate enough volume to keep afloat. Bitcoin exchanges overall could be launched for as low as $100,000 up to $1 million, said Erik Voorhees, founder and chief executive officer of digital currency exchange ShapeShift. That is a fraction of what U.S. forex exchanges' are required to put up. Retail FX trading platform FXCM, for instance, is required by the Commodity Futures Trading Commission to have at least $25 million in capital at all times. RECOVERING LOSSES A key factor tied to the risk posed by exchanges is whether customers are reimbursed after closure or after the loss of bitcoins following a hack. Each closure and breach have been handled differently, but Tandy's Moore said the risk of losing funds stored in exchanges are real. In the case of Bitfinex, which is now up and running after the hack August 2, customers lost 36 percent of the assets they had on the platform and were compensated for the losses with tokens of credit that would be converted into equity in the parent company. At Tokyo's MtGox, customers have yet to recover their investments more than two years after closure. Experts say trading venues acting like banks such as Bitfinex will remain vulnerable. These exchanges act as custodial wallets in which they control users' digital currencies like banks control customer deposits. "The big exchanges that hold customer deposits are a big target for hackers," said ShapeShift's Voorhees, "and unfortunately most bitcoin exchanges store user funds." When customers' checking accounts are hacked, there is always a third party at the bank that can step in to deal with the theft. Not so with bitcoin, said Seattle-based Darin Stanchfield, chief executive officer at KeepKey, a hardware wallet provider. He expects more of these attacks to happen despite efforts to improve security at bitcoin exchanges. "Unfortunately because of its irreversible nature, bitcoin requires near perfect security." (Reporting by Gertrude Chavez-Dreyfuss; Editing by Edward Tobin) || Cyber threat grows for bitcoin exchanges: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - When hackers penetrated a secure authentication system at a bitcoin exchange called Bitfinex earlier this month, they stole about $70 million worth of the virtual currency. The cyber theft -- the second largest by an exchange since hackers took roughly $350 million in bitcoins at Tokyo's MtGox exchange in early 2014 -- is hardly a rare occurrence in the emerging world of crypto-currencies. New data disclosed to Reuters shows a third of bitcoin trading platforms have been hacked, and nearly half have closed in the half dozen years since they burst on the scene. This rising risk for bitcoin holders is compounded by the fact there is no depositor's insurance to absorb the loss, even though many exchanges act like virtual banks. Not only does that approach cast the cyber security risk in stark relief, but it also exposes the fact that bitcoin investors have little choice but to do business with under-capitalized exchanges that may not have the capital buffer to absorb these losses the way a traditional and regulated bank or exchange would. "There is a general sense in the bitcoin community that any centralized repository is at risk," said a U.S.-based professional trader who lost about $1,000 in bitcoins when Bitfinex was hacked. He declined to be named for this article. "So when investing, you always have that expectation at the back of your head. I lost a small amount compared to the others, but I know of traders who lost millions of dollars worth of bitcoins," the trader said. The security challenge for the bitcoin world does not appear to be letting up, according to experts in the currency. "I am skeptical there's going to be any technological silver bullet that's going to solve security breach problems. No technology, crypto-currency, or financial mechanism can be made safe from hacks," said Tyler Moore, assistant professor of cyber security at the University of Tulsa's Tandy School of Computer Science who will soon publish the new research on the vulnerability of bitcoin exchanges. Story continues His study, funded by the U.S. Department of Homeland Security and shared with Reuters, shows that since bitcoin's creation in 2009 to March 2015, 33 percent of all bitcoin exchanges operational during that period were hacked. The figure represents one of the first estimates of the extent of security breaches in the bitcoin world. In contrast, data from the Privacy Rights Clearinghouse, a non-profit organization, showed that of the 6,000 operational U.S. banks, only 67 banks experienced a publicly-disclosed data breach between 2009 and 2015. That's roughly 1 percent of U.S. banks. Among the world's stock exchanges, however, security breaches are much higher, with hackers attracted to the large pools of cash moving in and out of these trading venues. The latest survey of 46 securities exchanges released three years ago by the International Organization of Securities Commissions and World Federation of Exchanges found that more than half had experienced a cyber attack. Moore collaborated on the research with Nicolas Christin, associate research professor at Carnegie Mellon University and Janos Szurdi, a Ph.D. student also at Carnegie. In 2013, Moore and Christin wrote a research paper on security risks surrounding bitcoin exchanges when Moore was still a professor at Southern Methodist University. That research entitled Beware of the Middleman: Empirical Analysis of Bitcoin Exchange Risk was peer-reviewed and presented at the 17th International Financial Cryptography and Data Security Conference in Okinawa, Japan in 2013. In the most recent study, the rate of closure for bitcoin exchanges in Moore's research edged up to 48 percent among those operating from 2009 to March 2015. Hacking did not necessarily trigger the closure in each case. "A 48 percent closure is not acceptable, but not surprising given that bitcoin is a new technology," said Richard Johnson, vice president of market structure and technology at Greenwich Associates. Johnson has written reports on risk and security issues in the crypto-currency world. Profitability is a big problem for bitcoin exchanges, with many of them unable to generate enough volume to keep afloat. Bitcoin exchanges overall could be launched for as low as $100,000 up to $1 million, said Erik Voorhees, founder and chief executive officer of digital currency exchange ShapeShift. That is a fraction of what U.S. forex exchanges' are required to put up. Retail FX trading platform FXCM, for instance, is required by the Commodity Futures Trading Commission to have at least $25 million in capital at all times. RECOVERING LOSSES A key factor tied to the risk posed by exchanges is whether customers are reimbursed after closure or after the loss of bitcoins following a hack. Each closure and breach have been handled differently, but Tandy's Moore said the risk of losing funds stored in exchanges are real. In the case of Bitfinex, which is now up and running after the hack August 2, customers lost 36 percent of the assets they had on the platform and were compensated for the losses with tokens of credit that would be converted into equity in the parent company. At Tokyo's MtGox, customers have yet to recover their investments more than two years after closure. Experts say trading venues acting like banks such as Bitfinex will remain vulnerable. These exchanges act as custodial wallets in which they control users' digital currencies like banks control customer deposits. "The big exchanges that hold customer deposits are a big target for hackers," said ShapeShift's Voorhees, "and unfortunately most bitcoin exchanges store user funds." When customers' checking accounts are hacked, there is always a third party at the bank that can step in to deal with the theft. Not so with bitcoin, said Seattle-based Darin Stanchfield, chief executive officer at KeepKey, a hardware wallet provider. He expects more of these attacks to happen despite efforts to improve security at bitcoin exchanges. "Unfortunately because of its irreversible nature, bitcoin requires near perfect security." (Reporting by Gertrude Chavez-Dreyfuss; Editing by Edward Tobin) || Cyber threat grows for bitcoin exchanges: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - When hackers penetrated a secure authentication system at a bitcoin exchange called Bitfinex earlier this month, they stole about $70 million worth of the virtual currency. The cyber theft -- the second largest by an exchange since hackers took roughly $350 million in bitcoins at Tokyo's MtGox exchange in early 2014 -- is hardly a rare occurrence in the emerging world of crypto-currencies. New data disclosed to Reuters shows a third of bitcoin trading platforms have been hacked, and nearly half have closed in the half dozen years since they burst on the scene. This rising risk for bitcoin holders is compounded by the fact there is no depositor's insurance to absorb the loss, even though many exchanges act like virtual banks. Not only does that approach cast the cyber security risk in stark relief, but it also exposes the fact that bitcoin investors have little choice but to do business with under-capitalized exchanges that may not have the capital buffer to absorb these losses the way a traditional and regulated bank or exchange would. "There is a general sense in the bitcoin community that any centralized repository is at risk," said a U.S.-based professional trader who lost about $1,000 in bitcoins when Bitfinex was hacked. He declined to be named for this article. "So when investing, you always have that expectation at the back of your head. I lost a small amount compared to the others, but I know of traders who lost millions of dollars worth of bitcoins," the trader said. The security challenge for the bitcoin world does not appear to be letting up, according to experts in the currency. "I am skeptical there's going to be any technological silver bullet that's going to solve security breach problems. No technology, crypto-currency, or financial mechanism can be made safe from hacks," said Tyler Moore, assistant professor of cyber security at the University of Tulsa's Tandy School of Computer Science who will soon publish the new research on the vulnerability of bitcoin exchanges. His study, funded by the U.S. Department of Homeland Security and shared with Reuters, shows that since bitcoin's creation in 2009 to March 2015, 33 percent of all bitcoin exchanges operational during that period were hacked. The figure represents one of the first estimates of the extent of security breaches in the bitcoin world. In contrast, data from the Privacy Rights Clearinghouse, a non-profit organization, showed that of the 6,000 operational U.S. banks, only 67 banks experienced a publicly-disclosed data breach between 2009 and 2015. That's roughly 1 percent of U.S. banks. Among the world's stock exchanges, however, security breaches are much higher, with hackers attracted to the large pools of cash moving in and out of these trading venues. The latest survey of 46 securities exchanges released three years ago by the International Organization of Securities Commissions and World Federation of Exchanges found that more than half had experienced a cyber attack. Moore collaborated on the research with Nicolas Christin, associate research professor at Carnegie Mellon University and Janos Szurdi, a Ph.D. student also at Carnegie. In 2013, Moore and Christin wrote a research paper on security risks surrounding bitcoin exchanges when Moore was still a professor at Southern Methodist University. That research entitled “Beware of the Middleman: Empirical Analysis of Bitcoin Exchange Risk” was peer-reviewed and presented at the 17th International Financial Cryptography and Data Security Conference in Okinawa, Japan in 2013. In the most recent study, the rate of closure for bitcoin exchanges in Moore's research edged up to 48 percent among those operating from 2009 to March 2015. Hacking did not necessarily trigger the closure in each case. "A 48 percent closure is not acceptable, but not surprising given that bitcoin is a new technology," said Richard Johnson, vice president of market structure and technology at Greenwich Associates. Johnson has written reports on risk and security issues in the crypto-currency world. Profitability is a big problem for bitcoin exchanges, with many of them unable to generate enough volume to keep afloat. Bitcoin exchanges overall could be launched for as low as $100,000 up to $1 million, said Erik Voorhees, founder and chief executive officer of digital currency exchange ShapeShift. That is a fraction of what U.S. forex exchanges' are required to put up. Retail FX trading platform FXCM, for instance, is required by the Commodity Futures Trading Commission to have at least $25 million in capital at all times. RECOVERING LOSSES A key factor tied to the risk posed by exchanges is whether customers are reimbursed after closure or after the loss of bitcoins following a hack. Each closure and breach have been handled differently, but Tandy's Moore said the risk of losing funds stored in exchanges are real. In the case of Bitfinex, which is now up and running after the hack August 2, customers lost 36 percent of the assets they had on the platform and were compensated for the losses with tokens of credit that would be converted into equity in the parent company. At Tokyo's MtGox, customers have yet to recover their investments more than two years after closure. Experts say trading venues acting like banks such as Bitfinex will remain vulnerable. These exchanges act as custodial wallets in which they control users' digital currencies like banks control customer deposits. "The big exchanges that hold customer deposits are a big target for hackers," said ShapeShift's Voorhees, "and unfortunately most bitcoin exchanges store user funds." When customers' checking accounts are hacked, there is always a third party at the bank that can step in to deal with the theft. Not so with bitcoin, said Seattle-based Darin Stanchfield, chief executive officer at KeepKey, a hardware wallet provider. He expects more of these attacks to happen despite efforts to improve security at bitcoin exchanges. "Unfortunately because of its irreversible nature, bitcoin requires near perfect security." (Reporting by Gertrude Chavez-Dreyfuss; Editing by Edward Tobin) || Cyber threat grows for bitcoin exchanges: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - When hackers penetrated a secure authentication system at a bitcoin exchange called Bitfinex earlier this month, they stole about $70 million worth of the virtual currency. The cyber theft -- the second largest by an exchange since hackers took roughly $350 million in bitcoins at Tokyo's MtGox exchange in early 2014 -- is hardly a rare occurrence in the emerging world of crypto-currencies. New data disclosed to Reuters shows a third of bitcoin trading platforms have been hacked, and nearly half have closed in the half dozen years since they burst on the scene. This rising risk for bitcoin holders is compounded by the fact there is no depositor's insurance to absorb the loss, even though many exchanges act like virtual banks. Not only does that approach cast the cyber security risk in stark relief, but it also exposes the fact that bitcoin investors have little choice but to do business with under-capitalized exchanges that may not have the capital buffer to absorb these losses the way a traditional and regulated bank or exchange would. "There is a general sense in the bitcoin community that any centralized repository is at risk," said a U.S.-based professional trader who lost about $1,000 in bitcoins when Bitfinex was hacked. He declined to be named for this article. "So when investing, you always have that expectation at the back of your head. I lost a small amount compared to the others, but I know of traders who lost millions of dollars worth of bitcoins," the trader said. The security challenge for the bitcoin world does not appear to be letting up, according to experts in the currency. "I am skeptical there's going to be any technological silver bullet that's going to solve security breach problems. No technology, crypto-currency, or financial mechanism can be made safe from hacks," said Tyler Moore, assistant professor of cyber security at the University of Tulsa's Tandy School of Computer Science who will soon publish the new research on the vulnerability of bitcoin exchanges. His study, funded by the U.S. Department of Homeland Security and shared with Reuters, shows that since bitcoin's creation in 2009 to March 2015, 33 percent of all bitcoin exchanges operational during that period were hacked. The figure represents one of the first estimates of the extent of security breaches in the bitcoin world. In contrast, data from the Privacy Rights Clearinghouse, a non-profit organization, showed that of the 6,000 operational U.S. banks, only 67 banks experienced a publicly-disclosed data breach between 2009 and 2015. That's roughly 1 percent of U.S. banks. Among the world's stock exchanges, however, security breaches are much higher, with hackers attracted to the large pools of cash moving in and out of these trading venues. The latest survey of 46 securities exchanges released three years ago by the International Organization of Securities Commissions and World Federation of Exchanges found that more than half had experienced a cyber attack. Moore collaborated on the research with Nicolas Christin, associate research professor at Carnegie Mellon University and Janos Szurdi, a Ph.D. student also at Carnegie. In 2013, Moore and Christin wrote a research paper on security risks surrounding bitcoin exchanges when Moore was still a professor at Southern Methodist University. That research entitled Beware of the Middleman: Empirical Analysis of Bitcoin Exchange Risk was peer-reviewed and presented at the 17th International Financial Cryptography and Data Security Conference in Okinawa, Japan in 2013. In the most recent study, the rate of closure for bitcoin exchanges in Moore's research edged up to 48 percent among those operating from 2009 to March 2015. Hacking did not necessarily trigger the closure in each case. "A 48 percent closure is not acceptable, but not surprising given that bitcoin is a new technology," said Richard Johnson, vice president of market structure and technology at Greenwich Associates. Johnson has written reports on risk and security issues in the crypto-currency world. Profitability is a big problem for bitcoin exchanges, with many of them unable to generate enough volume to keep afloat. Bitcoin exchanges overall could be launched for as low as $100,000 up to $1 million, said Erik Voorhees, founder and chief executive officer of digital currency exchange ShapeShift. That is a fraction of what U.S. forex exchanges' are required to put up. Retail FX trading platform FXCM, for instance, is required by the Commodity Futures Trading Commission to have at least $25 million in capital at all times. RECOVERING LOSSES A key factor tied to the risk posed by exchanges is whether customers are reimbursed after closure or after the loss of bitcoins following a hack. Each closure and breach have been handled differently, but Tandy's Moore said the risk of losing funds stored in exchanges are real. In the case of Bitfinex, which is now up and running after the hack August 2, customers lost 36 percent of the assets they had on the platform and were compensated for the losses with tokens of credit that would be converted into equity in the parent company. At Tokyo's MtGox, customers have yet to recover their investments more than two years after closure. Experts say trading venues acting like banks such as Bitfinex will remain vulnerable. These exchanges act as custodial wallets in which they control users' digital currencies like banks control customer deposits. "The big exchanges that hold customer deposits are a big target for hackers," said ShapeShift's Voorhees, "and unfortunately most bitcoin exchanges store user funds." When customers' checking accounts are hacked, there is always a third party at the bank that can step in to deal with the theft. Not so with bitcoin, said Seattle-based Darin Stanchfield, chief executive officer at KeepKey, a hardware wallet provider. He expects more of these attacks to happen despite efforts to improve security at bitcoin exchanges. "Unfortunately because of its irreversible nature, bitcoin requires near perfect security." (Reporting by Gertrude Chavez-Dreyfuss; Editing by Edward Tobin) || Bitcoin: A Significantly Investable Asset: Note: This article is courtesy ofIris.xyz
Written by:Christopher Burniske, ARK Analyst
ARK Invest and Coinbase defineinvestabilityas providing ample liquidity and opportunity to invest. Globally, bitcoin exchange trading volumes are a good measure of the liquidity available to investors. As shown in the graph below, these volumes have been increasing steadily, reaching roughly $1 billion per day through the first quarter of 2016.
However, the graph above suffers a shortcoming as trading activity is self-reported by exchanges and not validated by third parties. If we were to look only at bitcoin traded as a cross with the US dollar, euro and British pound—the assumption being that businesses are monitored more closely when handling these currencies—the picture is starkly different.
Trending on ETF Trends
BATS Encouraging Greater Liquidity in ETF Trades
Pros Bet on an Oil ETF Rally
Uranium ETF: Ready to Break a Long Slumber?
Dollar ETFs may Finally get Their Day
ETF Investors Find More Variety as Fund Sponsors Expand
Daily trades made in these three currencies have been ranging between $10 to $100 million since early 2014, as shown in the graph below. For 2016, this comparison puts these three currencies at between 2-10% of global bitcoin trading volume.
As a percentage of reported bitcoin volume traded, the Chinese yuan took significant share during the explosive November 2013 price rally, and has continued to dominate (see graph below). Although over-the-counter (OTC) trading is still a small percentage of total volume generation, and not included in these graphs, itBit’s Asian OTC volume soared 300% month-over-month in March 2016.
Click hereto read the full story on Iris.xyz. || Bitcoin: A Significantly Investable Asset: Note: This article is courtesy ofIris.xyz
Written by:Christopher Burniske, ARK Analyst
ARK Invest and Coinbase defineinvestabilityas providing ample liquidity and opportunity to invest. Globally, bitcoin exchange trading volumes are a good measure of the liquidity available to investors. As shown in the graph below, these volumes have been increasing steadily, reaching roughly $1 billion per day through the first quarter of 2016.
However, the graph above suffers a shortcoming as trading activity is self-reported by exchanges and not validated by third parties. If we were to look only at bitcoin traded as a cross with the US dollar, euro and British pound—the assumption being that businesses are monitored more closely when handling these currencies—the picture is starkly different.
Trending on ETF Trends
BATS Encouraging Greater Liquidity in ETF Trades
Pros Bet on an Oil ETF Rally
Uranium ETF: Ready to Break a Long Slumber?
Dollar ETFs may Finally get Their Day
ETF Investors Find More Variety as Fund Sponsors Expand
Daily trades made in these three currencies have been ranging between $10 to $100 million since early 2014, as shown in the graph below. For 2016, this comparison puts these three currencies at between 2-10% of global bitcoin trading volume.
As a percentage of reported bitcoin volume traded, the Chinese yuan took significant share during the explosive November 2013 price rally, and has continued to dominate (see graph below). Although over-the-counter (OTC) trading is still a small percentage of total volume generation, and not included in these graphs, itBit’s Asian OTC volume soared 300% month-over-month in March 2016.
Click hereto read the full story on Iris.xyz. || Bitcoin: A Significantly Investable Asset: Note: This article is courtesy of Iris.xyz Written by: Christopher Burniske, ARK Analyst ARK Invest and Coinbase define investability as providing ample liquidity and opportunity to invest. Globally, bitcoin exchange trading volumes are a good measure of the liquidity available to investors. As shown in the graph below, these volumes have been increasing steadily, reaching roughly $1 billion per day through the first quarter of 2016. global-daily However, the graph above suffers a shortcoming as trading activity is self-reported by exchanges and not validated by third parties. If we were to look only at bitcoin traded as a cross with the US dollar, euro and British poundthe assumption being that businesses are monitored more closely when handling these currenciesthe picture is starkly different. Trending on ETF Trends BATS Encouraging Greater Liquidity in ETF Trades Pros Bet on an Oil ETF Rally Uranium ETF: Ready to Break a Long Slumber? Dollar ETFs may Finally get Their Day ETF Investors Find More Variety as Fund Sponsors Expand Daily trades made in these three currencies have been ranging between $10 to $100 million since early 2014, as shown in the graph below. For 2016, this comparison puts these three currencies at between 2-10% of global bitcoin trading volume. daily-bitcoin As a percentage of reported bitcoin volume traded, the Chinese yuan took significant share during the explosive November 2013 price rally, and has continued to dominate (see graph below). Although over-the-counter (OTC) trading is still a small percentage of total volume generation, and not included in these graphs, itBits Asian OTC volume soared 300% month-over-month in March 2016. Click here to read the full story on Iris.xyz. View comments
[Social Media Buzz]
#ChainCoin #CHC $0.000081 (0.09%) 0.00000014 BTC (0.00%) || #UFOCoin #UFO $0.000011 (0.20%) 0.00000002 BTC (-0.00%) || #Triangles #TRI $0.181879 (0.51%) 0.00031500 BTC (-0.00%) || It would be auspicious to buy at https://Bittylicious.com/refer/2465 £443.00 per BTC. (BPI +2.6%) #buy #bitcoin #banktrans || #ByteCoin #BCN $0.000054 (-13.00%) 0.00000009 BTC (-15.84%) || $572.64 #itBit;
$575.50 #btce;
$576.62 #bitfinex;
$576.45 #GDAX;
$570.47 #bitstamp;
$574.00 #OKCoin;
#bitcoin news: http://bit.ly...
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608.63, 606.59, 610.44, 614.54, 626.32, 622.86, 623.51, 606.72, 608.24, 609.24
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 286.39, 290.59, 285.51, 256.30, 260.93, 261.75, 260.02, 267.96, 266.74, 245.60, 246.20, 248.53, 247.03, 252.80, 242.71, 247.53, 244.22, 247.27, 253.01, 254.32, 253.70, 260.60, 255.49, 253.18, 245.02, 243.68, 236.07, 236.55, 236.15, 224.59, 219.16, 223.83, 228.57, 222.88, 223.36, 222.60, 224.63, 235.27, 234.18, 236.46, 231.27, 226.39, 219.43, 229.29, 225.85, 225.81, 236.15, 232.08, 234.93, 240.36, 239.02, 236.12, 229.78, 237.33, 243.86, 241.83, 240.30, 242.16, 241.11, 236.38, 236.93, 237.60, 236.15, 236.80, 233.13, 231.95, 234.02, 235.34, 240.35, 238.87, 240.95, 237.11, 237.12, 237.28, 237.41, 237.10, 233.35, 230.19, 222.93, 225.80, 225.87, 224.32, 224.95, 225.62, 222.88, 228.49, 229.05, 228.80, 229.71, 229.98.
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[Bitcoin Technical Analysis for 2015-06-12]
Volume: 14017700, RSI (14-day): 48.37, 50-day EMA: 233.66, 200-day EMA: 255.07
[Wider Market Context]
Gold Price: 1178.80, Gold RSI: 44.29
Oil Price: 59.96, Oil RSI: 53.19
[Recent News (last 7 days)]
5 trades on Costolo's Twitter departure: The timing of Twitter(NYSE: TWTR)'s leadership shake-up bodes well for investors looking to buy into the stock, CNBC "Fast Money" traders said.
Embattled Twitter CEO Dick Costolo will step down on July 1, the company announced Thursday. Co-founder and former CEO Jack Dorsey will take over on an interim basis until the position is filled.
"It is interesting. I do think there is change here that is needed that opens the door," said trader Karen Finerman, who noted that she would consider taking a stake in Twitter.
Many investors and analysts have called for a change amid a sluggish run for Twitter's stock. The company has struggled to expand its user base and grow revenue through advertising and other streams. But Dorsey said in a conference call Thursday that Costolo's departure did not reflect the company's near-term results.
Read MoreAfter CEO exit, Twitter says no strategy change
Still, traders felt the stock has room to climb higher; it closed Thursday below $36 per share. Investors should stay long in the stock using $35 as a stop, trader Guy Adami said.
Twitter will likely rise during Dorsey's interim tenure, trader Brian Kelly added. Trader Dan Nathan-who owns Twitter stock-said he would stick with the name.
Adami added that regardless of whether Facebook(NASDAQ: FB)will see a flood of advertisers or other business after Twitter's shake-up, it stands to move higher. The stock closed Thursday just below $82 per share.
Read MoreTwitter employees flood Twitter with tweets for @dickc
Disclosures:
Brian Kelly
Brian Kelly is long DXGE, BTC=, BBRY, U.S. dollar and oil. He is short Australian dollar, Canadian dollar, euro, yen and yuan. Today he entered into short euro. Today he closed out his short U.S. 30-year bonds and short DAX.
Dan Nathan
Dan is long SPY June put fly, TWTR, BBRY June calls, SO, DE June put fly, INTC July put, WMT June call fly, LVS July Aug put spread, TWTR Sept call spread, GRRO June put fly and CAT July/August put spread. He is short SO Aug calls. Today, he bought CAT July/August put spreads.
Karen Finerman
Karen is long BABA, BAC, C, FINL, FL, GOOG, GOOGL, JPM, KORS, M and URI. She is short SPY. Her firm is long ANTM, AAPL, BAC, C, DIS, FBT, FINL, FL, GOOG, GOOGL, GPS, IBB, JPM, KORS, M, SUNE, URI, XBI, KORS calls, URI calls and SPY puts. Her firm is short IWM, SPY, MDY and M calls. Karen Finerman is on the board of GrafTech International.
Guy Adami
Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || 5 trades on Costolo's Twitter departure: The timing of Twitter (NYSE: TWTR) 's leadership shake-up bodes well for investors looking to buy into the stock, CNBC "Fast Money" traders said. Embattled Twitter CEO Dick Costolo will step down on July 1, the company announced Thursday. Co-founder and former CEO Jack Dorsey will take over on an interim basis until the position is filled. "It is interesting. I do think there is change here that is needed that opens the door," said trader Karen Finerman, who noted that she would consider taking a stake in Twitter. Many investors and analysts have called for a change amid a sluggish run for Twitter's stock. The company has struggled to expand its user base and grow revenue through advertising and other streams. But Dorsey said in a conference call Thursday that Costolo's departure did not reflect the company's near-term results. Read More After CEO exit, Twitter says no strategy change Still, traders felt the stock has room to climb higher; it closed Thursday below $36 per share. Investors should stay long in the stock using $35 as a stop, trader Guy Adami said. Twitter will likely rise during Dorsey's interim tenure, trader Brian Kelly added. Trader Dan Nathan-who owns Twitter stock-said he would stick with the name. Adami added that regardless of whether Facebook (NASDAQ: FB) will see a flood of advertisers or other business after Twitter's shake-up, it stands to move higher. The stock closed Thursday just below $82 per share. Read More Twitter employees flood Twitter with tweets for @dickc Disclosures: Brian Kelly Brian Kelly is long DXGE, BTC=, BBRY, U.S. dollar and oil. He is short Australian dollar, Canadian dollar, euro, yen and yuan. Today he entered into short euro. Today he closed out his short U.S. 30-year bonds and short DAX. Dan Nathan Dan is long SPY June put fly, TWTR, BBRY June calls, SO, DE June put fly, INTC July put, WMT June call fly, LVS July Aug put spread, TWTR Sept call spread, GRRO June put fly and CAT July/August put spread. He is short SO Aug calls. Today, he bought CAT July/August put spreads. Karen Finerman Karen is long BABA, BAC, C, FINL, FL, GOOG, GOOGL, JPM, KORS, M and URI. She is short SPY. Her firm is long ANTM, AAPL, BAC, C, DIS, FBT, FINL, FL, GOOG, GOOGL, GPS, IBB, JPM, KORS, M, SUNE, URI, XBI, KORS calls, URI calls and SPY puts. Her firm is short IWM, SPY, MDY and M calls. Karen Finerman is on the board of GrafTech International. Guy Adami Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck. More From CNBC Top News and Analysis Latest News Video Personal Finance View comments || GoCoin(TM) and Ziftr(R) Announce Merger Agreement to Offer Merchants a Richer Digital Currency Payment and Loyalty Experience for Their Customers: SANTA MONICA, CA--(Marketwired - Jun 10, 2015) - International blockchain payment platformGoCoinand mobile wallet, eCommerce loyalty and credit card processing companyZiftrtoday announced they have reached an agreement to proceed with strategic merger discussions. Together, the team and technology is equipped to swiftly surpass Coinbase and BitPay in the digital currency space and aggressively take on Stripe as a hybrid traditional and digital currency payments powerhouse with a built-in customer loyalty program.
GoCoin is the world's #3 blockchain payment processor and the only major player processing Litecoin, Dogecoin, Tether and new experimental coins in addition to Bitcoin. With more than 7,500 merchants and a healthy pipeline of over 500 new signups monthly, GoCoin has attracted marquee brands like PayPal, RE/MAX UK, Shopify, CheapAir, eGifter and top Bitcoin mining companies Bitfury, Zoomhash, Hashpros and KnCminer. Based in Los Angeles, GoCoin has gained recent traction with entertainment companies such as Lionsgate Films, and additional entertainment and ticketing industry companies live in test markets before announcing a broader offering.
Ziftr is a veteran eCommerce company that recently launchedziftrPAY™, a cryptocurrency and credit card payment platform and customer loyalty program that tokenizes credit card information to allow for highly secure transactions. In addition to ziftrPAY, Ziftr has createdziftrCOIN™, a digital coupon coin designed for use as part of a customer loyalty program, andziftrWALLET™, a mobile multi cryptocurrency wallet. ziftrCOIN and ziftrWALLET were both designed to provide an incentive for shopping with digital currency. Whether consumers pay with credit cards or digital currency, they receive "cash back" in their mobile wallets.
"When consumers ask 'what's in it for me?', Bitcoin has a serious adoption problem," said Steve Beauregard, founder and CEO of GoCoin. "Loyalty points play a key role in a consumer's choice of payment method, and with the ziftrCOIN loyalty platform integrated into the ziftrWALLET, I believe we can finally give consumers the right experience to choose digital currencies over cards at checkout."
Merchants that offer digital currency as a payment method have long sought better solutions to engage their customers and encourage them to use this low-cost, highly secure alternative to credit card payments. Together, GoCoin and Ziftr will offer one platform to meet these demands.
"Ziftr has many of the necessary assets to accelerate mainstream adoption of digital currency, so merging with GoCoin and gaining access to its rapidly growing network of merchants gives our combined altcoin-friendly company the power to truly disrupt the $20 trillion global payments market. Our platform will allow merchants of all sizes to benefit from the transparency and efficiency of blockchain payments by giving them a better solution than what's currently available," said Bob Wilkins, CEO of Ziftr.
About Ziftr®
Established in 2008 and based in Milford, New Hampshire, Ziftr is revolutionizing the shopping experience by bringing cryptocurrency into the mainstream for both consumers and merchants. To accomplish this goal, Ziftr has developed the following tools and applications: ziftrCOIN, a digital coin that functions like a coupon; ziftrPAY, a next-generation cryptocurrency/credit card payment platform and customer loyalty program; ziftrWALLET, a multicoin digital wallet; and ziftrSHOP, a worldwide online marketplace where consumers will be able to conduct transactions using credit cards and cryptocurrency.
Ziftr is a product of myVBO®, a full-service design, marketing and development company that helps businesses turn their ambitions into realities.
For more information about Ziftr, visitwww.ziftr.com.
About GoCoin™
A global leader in Blockchain payments and innovation, GoCoin was the first international platform for enabling merchants to accept Bitcoin and popular altcoins Litecoin, Dogecoin and Tether at checkout. Founded in July 2013, GoCoin has received over $2 million in funding led by Bitcoin Shop, Inc. (OTCQB:BTCS) and maintains offices in Singapore, London, Douglas and Santa Monica.
For more information about GoCoin, visithttp://www.gocoin.com.
DisclaimerAll statements in this release, other than statements of historical facts that address future ziftrCOIN availability, or developments that the ziftrCOIN expects are forward looking statements. Although the Corporation believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward looking statements. Factors that could cause results to differ materially from those in the forward looking statements include, but are not limited to: market volatility; continued availability of capital, financing and personnel; government regulation and laws; and general economic, market or business conditions. || GoCoin(TM) and Ziftr(R) Announce Merger Agreement to Offer Merchants a Richer Digital Currency Payment and Loyalty Experience for Their Customers: SANTA MONICA, CA--(Marketwired - Jun 10, 2015) - International blockchain payment platform GoCoin and mobile wallet, eCommerce loyalty and credit card processing company Ziftr today announced they have reached an agreement to proceed with strategic merger discussions. Together, the team and technology is equipped to swiftly surpass Coinbase and BitPay in the digital currency space and aggressively take on Stripe as a hybrid traditional and digital currency payments powerhouse with a built-in customer loyalty program. GoCoin is the world's #3 blockchain payment processor and the only major player processing Litecoin, Dogecoin, Tether and new experimental coins in addition to Bitcoin. With more than 7,500 merchants and a healthy pipeline of over 500 new signups monthly, GoCoin has attracted marquee brands like PayPal, RE/MAX UK, Shopify, CheapAir, eGifter and top Bitcoin mining companies Bitfury, Zoomhash, Hashpros and KnCminer. Based in Los Angeles, GoCoin has gained recent traction with entertainment companies such as Lionsgate Films, and additional entertainment and ticketing industry companies live in test markets before announcing a broader offering. Ziftr is a veteran eCommerce company that recently launched ziftrPAY™ , a cryptocurrency and credit card payment platform and customer loyalty program that tokenizes credit card information to allow for highly secure transactions. In addition to ziftrPAY, Ziftr has created ziftrCOIN™ , a digital coupon coin designed for use as part of a customer loyalty program, and ziftrWALLET™ , a mobile multi cryptocurrency wallet. ziftrCOIN and ziftrWALLET were both designed to provide an incentive for shopping with digital currency. Whether consumers pay with credit cards or digital currency, they receive "cash back" in their mobile wallets. "When consumers ask 'what's in it for me?', Bitcoin has a serious adoption problem," said Steve Beauregard, founder and CEO of GoCoin. "Loyalty points play a key role in a consumer's choice of payment method, and with the ziftrCOIN loyalty platform integrated into the ziftrWALLET, I believe we can finally give consumers the right experience to choose digital currencies over cards at checkout." Story continues Merchants that offer digital currency as a payment method have long sought better solutions to engage their customers and encourage them to use this low-cost, highly secure alternative to credit card payments. Together, GoCoin and Ziftr will offer one platform to meet these demands. "Ziftr has many of the necessary assets to accelerate mainstream adoption of digital currency, so merging with GoCoin and gaining access to its rapidly growing network of merchants gives our combined altcoin-friendly company the power to truly disrupt the $20 trillion global payments market. Our platform will allow merchants of all sizes to benefit from the transparency and efficiency of blockchain payments by giving them a better solution than what's currently available," said Bob Wilkins, CEO of Ziftr. About Ziftr® Established in 2008 and based in Milford, New Hampshire, Ziftr is revolutionizing the shopping experience by bringing cryptocurrency into the mainstream for both consumers and merchants. To accomplish this goal, Ziftr has developed the following tools and applications: ziftrCOIN, a digital coin that functions like a coupon; ziftrPAY, a next-generation cryptocurrency/credit card payment platform and customer loyalty program; ziftrWALLET, a multicoin digital wallet; and ziftrSHOP, a worldwide online marketplace where consumers will be able to conduct transactions using credit cards and cryptocurrency. Ziftr is a product of myVBO®, a full-service design, marketing and development company that helps businesses turn their ambitions into realities. For more information about Ziftr, visit www.ziftr.com . About GoCoin™ A global leader in Blockchain payments and innovation, GoCoin was the first international platform for enabling merchants to accept Bitcoin and popular altcoins Litecoin, Dogecoin and Tether at checkout. Founded in July 2013, GoCoin has received over $2 million in funding led by Bitcoin Shop, Inc. ( OTCQB : BTCS ) and maintains offices in Singapore, London, Douglas and Santa Monica. For more information about GoCoin, visit http://www.gocoin.com . Disclaimer All statements in this release, other than statements of historical facts that address future ziftrCOIN availability, or developments that the ziftrCOIN expects are forward looking statements. Although the Corporation believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward looking statements. Factors that could cause results to differ materially from those in the forward looking statements include, but are not limited to: market volatility; continued availability of capital, financing and personnel; government regulation and laws; and general economic, market or business conditions. || MarilynJean Media Interactive (MJMI.qb) Announces Entry into Bitcoin and Crypto-Currency Space: HENDERSON, NV / ACCESSWIRE / June 10, 2015 /MarilynJean Media Interactive (MJMI) announced today it has expanded its operations into the crypto-currency market with a focus on bitcoin. The Company announced plans to pursue several verticals within the space including operation of a Bitcoin Exchange where users will be able to buy and sell bitcoins, as well as other popular crypto-currencies, and exchange their holdings into a range of international currencies. The Company is also developing plans to partner with a manufacturer of bitcoin Automated Teller Machines (ATMs) whose operation it plans to integrate directly with its trading platform allowing for a seamless, end to end solution for trading and currency conversion either online or in person at an ATM. The current market capitalization of bitcoins in circulation exceeds $3 billion.
Simultaneously, the company is also planning to use its developing expertise and network in the bitcoin space to participate in the multi-billion dollar currency remittance market. The company plans to use the combination of a bitcoin exchange and ATMs to facilitate ultra-low-cost international remittance services. The World Bank projects global remittances to exceed $450 billion in 2015.
Peter Janosi, the company's president said: "With major players across virtually every industry making big bets on crypto-currencies, and bitcoin in particular, we believe our timing is optimal to enter this exciting space. We look forward to updating our shareholders with our progress in building the company's expertise and partnerships in the industry over the coming months."
A crypto-currency is a medium of exchange using cryptography to secure transactions and control the creation of new units. Bitcoin became the first decentralized crypto-currency in 2009. Crypto-currency is produced at a rate which is defined when the system is created and publicly known. By contrast, in centralized banking and economic systems, such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units or demanding additions to digital banking ledgers. However, neither companies nor governments can produce units of crypto-currency and as such the value of crypto-currencies are completely based on supply and demand, free from any governmental control. Many people believe crypto-currencies, and in particular bitcoin, hold the promise of being the most significant advancement in global finance in modern history. The advent of bitcoin creates a secure, easily accessible and transferable transnational currency that is completely liberated from political influence.
Richard Branson, head of the Virgin Group, is quoted on his company's website as saying: "I have invested in Bitcoin because I believe in its potential, the capacity it has to transform global payments is very exciting."
Heavyweight investment bank Goldman Sachs (NYSE:GS), announced on April 30th 2015 that it had partnered with Chinese investment firm IDG Capital partners to invest $50 million in a Bitcoin start-up. Numerous high-profile firms have begun accepting Bitcoin as a payment method including: Dell Inc. (NASDAQ:DELL), Dish Network Corp. (NASDAQ:DISH), Expedia Inc. (NASDAQ:EXPE), and Overstock.com (NASDAQ:OSTK).
MarilynJean Media Interactive is among the first publicly traded companies focussed on bitcoin and the crypto-currency space. The company's trading symbol is MJMI.QB.
Website:www.marilynjean.comPress Contact:[email protected]
SOURCE:MarilynJean Media Interactive || MarilynJean Media Interactive (MJMI.qb) Announces Entry into Bitcoin and Crypto-Currency Space: HENDERSON, NV / ACCESSWIRE / June 10, 2015 /MarilynJean Media Interactive (MJMI) announced today it has expanded its operations into the crypto-currency market with a focus on bitcoin. The Company announced plans to pursue several verticals within the space including operation of a Bitcoin Exchange where users will be able to buy and sell bitcoins, as well as other popular crypto-currencies, and exchange their holdings into a range of international currencies. The Company is also developing plans to partner with a manufacturer of bitcoin Automated Teller Machines (ATMs) whose operation it plans to integrate directly with its trading platform allowing for a seamless, end to end solution for trading and currency conversion either online or in person at an ATM. The current market capitalization of bitcoins in circulation exceeds $3 billion.
Simultaneously, the company is also planning to use its developing expertise and network in the bitcoin space to participate in the multi-billion dollar currency remittance market. The company plans to use the combination of a bitcoin exchange and ATMs to facilitate ultra-low-cost international remittance services. The World Bank projects global remittances to exceed $450 billion in 2015.
Peter Janosi, the company's president said: "With major players across virtually every industry making big bets on crypto-currencies, and bitcoin in particular, we believe our timing is optimal to enter this exciting space. We look forward to updating our shareholders with our progress in building the company's expertise and partnerships in the industry over the coming months."
A crypto-currency is a medium of exchange using cryptography to secure transactions and control the creation of new units. Bitcoin became the first decentralized crypto-currency in 2009. Crypto-currency is produced at a rate which is defined when the system is created and publicly known. By contrast, in centralized banking and economic systems, such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units or demanding additions to digital banking ledgers. However, neither companies nor governments can produce units of crypto-currency and as such the value of crypto-currencies are completely based on supply and demand, free from any governmental control. Many people believe crypto-currencies, and in particular bitcoin, hold the promise of being the most significant advancement in global finance in modern history. The advent of bitcoin creates a secure, easily accessible and transferable transnational currency that is completely liberated from political influence.
Richard Branson, head of the Virgin Group, is quoted on his company's website as saying: "I have invested in Bitcoin because I believe in its potential, the capacity it has to transform global payments is very exciting."
Heavyweight investment bank Goldman Sachs (NYSE:GS), announced on April 30th 2015 that it had partnered with Chinese investment firm IDG Capital partners to invest $50 million in a Bitcoin start-up. Numerous high-profile firms have begun accepting Bitcoin as a payment method including: Dell Inc. (NASDAQ:DELL), Dish Network Corp. (NASDAQ:DISH), Expedia Inc. (NASDAQ:EXPE), and Overstock.com (NASDAQ:OSTK).
MarilynJean Media Interactive is among the first publicly traded companies focussed on bitcoin and the crypto-currency space. The company's trading symbol is MJMI.QB.
Website:www.marilynjean.comPress Contact:[email protected]
SOURCE:MarilynJean Media Interactive || MarilynJean Media Interactive (MJMI.qb) Announces Entry into Bitcoin and Crypto-Currency Space: HENDERSON, NV / ACCESSWIRE / June 10, 2015 / MarilynJean Media Interactive ( MJMI ) announced today it has expanded its operations into the crypto-currency market with a focus on bitcoin. The Company announced plans to pursue several verticals within the space including operation of a Bitcoin Exchange where users will be able to buy and sell bitcoins, as well as other popular crypto-currencies, and exchange their holdings into a range of international currencies. The Company is also developing plans to partner with a manufacturer of bitcoin Automated Teller Machines (ATMs) whose operation it plans to integrate directly with its trading platform allowing for a seamless, end to end solution for trading and currency conversion either online or in person at an ATM. The current market capitalization of bitcoins in circulation exceeds $3 billion. Simultaneously, the company is also planning to use its developing expertise and network in the bitcoin space to participate in the multi-billion dollar currency remittance market. The company plans to use the combination of a bitcoin exchange and ATMs to facilitate ultra-low-cost international remittance services. The World Bank projects global remittances to exceed $450 billion in 2015. Peter Janosi, the company's president said: "With major players across virtually every industry making big bets on crypto-currencies, and bitcoin in particular, we believe our timing is optimal to enter this exciting space. We look forward to updating our shareholders with our progress in building the company's expertise and partnerships in the industry over the coming months." A crypto-currency is a medium of exchange using cryptography to secure transactions and control the creation of new units. Bitcoin became the first decentralized crypto-currency in 2009. Crypto-currency is produced at a rate which is defined when the system is created and publicly known. By contrast, in centralized banking and economic systems, such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units or demanding additions to digital banking ledgers. However, neither companies nor governments can produce units of crypto-currency and as such the value of crypto-currencies are completely based on supply and demand, free from any governmental control. Many people believe crypto-currencies, and in particular bitcoin, hold the promise of being the most significant advancement in global finance in modern history. The advent of bitcoin creates a secure, easily accessible and transferable transnational currency that is completely liberated from political influence. Story continues Richard Branson, head of the Virgin Group, is quoted on his company's website as saying: "I have invested in Bitcoin because I believe in its potential, the capacity it has to transform global payments is very exciting." Heavyweight investment bank Goldman Sachs (NYSE:GS), announced on April 30th 2015 that it had partnered with Chinese investment firm IDG Capital partners to invest $50 million in a Bitcoin start-up. Numerous high-profile firms have begun accepting Bitcoin as a payment method including: Dell Inc. (NASDAQ:DELL), Dish Network Corp. (NASDAQ:DISH), Expedia Inc. (NASDAQ:EXPE), and Overstock.com (NASDAQ:OSTK). MarilynJean Media Interactive is among the first publicly traded companies focussed on bitcoin and the crypto-currency space. The company's trading symbol is MJMI.QB. Website: www.marilynjean.com Press Contact: [email protected] SOURCE: MarilynJean Media Interactive View comments || Getting mobile with Bitcoin: This article, Getting mobile with Bitcoin , originally appeared on TechRepublic.com . If you haven't heard of Bitcoin, you might be living on another planet. It's a cryptographic-based currency which isn't actually printed or minted but exists solely in electronic (digital) form. The advantages to Bitcoin are that it is internationally-based (no currency exchange or other fees) and used, it is not subject to laws or regulation from one individual entity, and it can purchase goods or services from businesses and fellow consumers. Bitcoins can be converted into any local currency via exchange rates (at the time of this writing one bitcoin is worth $237.47 in U.S. dollars). You can even generate your own bitcoins through a process called "mining" whereby special high-speed computer systems run software to verify a set of bitcoin transactions (known as a "blockchain"). The more work these systems contribute to this effort, the more bitcoins can be earned (however there is a finite number of bitcoins that the world can generate; approximately 21 million). Bitcoins are generally stored in and utilized by an application or mobile wallet. Two such examples are Bitcoin Wallet for Android and Bither for iOS , either of which can be used to obtain, use, sell and track Bitcoins: figurea.jpg Image: Google Play The concept of Bitcoin Wallet is the same as any other mobile payment system; Bitcoins are accessed via a centralized account (not actually stored on the device per se, meaning your device isn't required nor must be powered up for someone to send you Bitcoins). The app is just a front end to manage the Bitcoins. As it enters its sixth year of existence, the Bitcoin has rolled forward with steady momentum and its popularity continues to grow. As is usually the case with technological advancements, new possibilities are also arising for those savvy enough to stay ahead of the curve. Entire industries are springing up around Bitcoin and one such example involves a merger between two companies called The Bitcoin Shop and Spondoolies-Tech. Story continues The Bitcoin Shop (aka "BTCS") provides Bitcoin (and other digital currency) transaction verification services. It's goal is to build a universal platform for digital currency to provide a single point of access for users to engage in their ecosystem. Consequently, BTCS is investing $1.5m in a transaction verification server manufacturer named Spondoolies-Tech Ltd (aka "Spondoolies"). The motivation behind the merger is to "create the world's first publicly traded company to produce Bitcoin transaction verification equipment and deploy Bitcoin mining resources." I spoke with Charles Allen, CEO of BTCS to find out more about Bitcoin and the details of the BTCS-Spondoolies merger. Scott Matteson: "How do Bitcoin mobile apps work (specifically via Bitcoin Shop's context)?" Charles Allen: "Bitcoin Shop ("BTCS") does not currently have a mobile app. However many digital companies offer iPhone and Android compatible apps most of which are bitcoin wallets or price feeds." SM: "What is the advantage of Bitcoin over traditional currency?" CA: "There are many advantages of Bitcoin compared to fiat currency. Below are some key differentiators: Highly divisible compared to fiat currencies Globally transferable - e.g. in the current system, money can be sent around the world in a matter of days via wires but this is costly for small transactions and slow in today's age. With bitcoin, for example, one can send their bitcoins from anywhere (e.g., from the Japan to the U.S.) instantly for free. Scarce - the supply of bitcoin is predetermined so inflation is factored in. Not government issued - with fiat currencies in a fractional reserve system there is a real risk that a country will make poor decisions over time and devalue their currency." SM: "What security controls are in place to protect customers and vendors/suppliers/businesses (ties into the transaction verification equipment)?" CA: "Apart from sourcing servers and building our data center, customers / suppliers / vendors are not directly involved in the BTCS' operations so I'm not sure the question is relevant to our transaction verification services operations." SM: "Can you elaborate on what to expect from the Bitcoin Shop/Spondoolies merger?" CA: "The digital currency ecosystem is similar to the Internet in 1995, i.e. very few companies are generating revenue. As a combined company, we plan to build a fully integrated transaction verification services business, which will be our revenue and profit engine (similar to Google with advertising) as we explore and develop other blockchain technologies. Spondoolies recently announced 2014 revenue of $28 million, and we believe our fully integrated mining efforts should allow us as combined company to continue to grow revenue and earnings and capture additional margin. Further BTCS has an 83,000 square foot facility to expand mining operations into." SM: "What is the future of Bitcoin?" CA: "Bitcoin - and more importantly blockchain technologies - have the ability to fundamentally change the world in the same way the Internet did. The 'genie is out of the bottle' and it is likely not going away." SM: "Why are hackers/ransomware/cyber-criminals so interested in being paid in Bitcoin?" CA: "Bitcoin is essentially digital cash, and once you have it, you own it. The downside is that every transaction is recorded on the blockchain, so identities can be associated to public addresses, meaning owners of stolen bitcoins can be found. In the long run, bitcoin is a poor means for cybercrime, as there is a public ledger of who owns what." SM: "Can you elaborate a bit more on how BTCS performs transaction verification services?" CA: "Please watch video #1 and video #2 for the best details. BTCS runs ASIC servers (see video #1) in a repurposed 83,000 square foot manufacturing facility in NC - see video #3 (it is now filled with servers, so we are working on an updated video). 93% of our equipment is currently manufactured by Spondoolies." SM: "Can you also elaborate on the Spondoolies server product and how they are specifically tailored towards transaction verifications?" CA: "Currently we do not manufacture ASIC servers. Spondoolies is one of only 4-5 companies that manufacture ASICS servers. There are many companies that run data centers with ASIC servers but very few that manufacture them. The big competitors to Spondoolies are Bitmain, Bitfury, and KNC Miner. However, all of these companies are involved in the design, manufacturing and deployment of ASIC servers. Pre-merger, BTCS is engaged in the deployment of ASIC servers and not the design and manufacturing of them, while Spondoolies is engaged in the design and manufacturing of ASIC servers and not the deployment. As a merged entity, we will be fully integrated similar to Bitmain, Bitfury, and KNC Miner and be able to capture the margin on both sides. To put this in perspective, Spondoolies achieved $28m in revenue in 2014 and many of their customers have had a tremendous return on investment (depending on when they started and their cost structure)." SM: "Can you walk me (briefly) through how a transaction involving Bitcoin via BTCS will work at present? Same question for after the merger (if different)?" CA: "The transaction verification services process is not a business-to-consumer endeavor. We simply maintain the network and are rewarded by the network for doing so. Consumers / users of bitcoin never directly engage with us." SM: "Can you tell me a little more about blockchain technology and how it applies to BTCS? CA: "Bitcoin is based on blockchain technology ( see video #2). Many technologies are being built upon Bitcoin's blockchain and we are a participant in securing the blockchain through our transaction verification services business (or often referred to as mining). In our opinion, this is the core of the technology as well as the cash cow in the business. Many bitcoin companies are "pre-revenue" and will be for years to come. To draw a parallel, Google's cash cow is advertising, hence, they have yet to pollute the elegant and simplistic search interface. Yet they experiment with all sorts of other technologies many of which fail i.e. Glass, Answers, iGoogle, etc. and some that succeed i.e. Maps, Android etc. We believe as a merged company, fully integrated mining / transaction services will be our cash cow which catapults our business to the next level and allows us to venture into other Hopefully you've found this discussion engaging and it has helped advance your understanding of the Bitcoin environment. I'd like to thank Mr. Allen for the time he spent on the topic with me. See also: 5 Bitcoin and finance startups to watch from DEMO 2014 Pay with Bitcoin: 10 of the most interesting places to spend it 10 things you should know about Bitcoin and digital currencies 10 mobile payment systems you need to know || Getting mobile with Bitcoin: This article, Getting mobile with Bitcoin , originally appeared on TechRepublic.com . If you haven't heard of Bitcoin, you might be living on another planet. It's a cryptographic-based currency which isn't actually printed or minted but exists solely in electronic (digital) form. The advantages to Bitcoin are that it is internationally-based (no currency exchange or other fees) and used, it is not subject to laws or regulation from one individual entity, and it can purchase goods or services from businesses and fellow consumers. Bitcoins can be converted into any local currency via exchange rates (at the time of this writing one bitcoin is worth $237.47 in U.S. dollars). You can even generate your own bitcoins through a process called "mining" whereby special high-speed computer systems run software to verify a set of bitcoin transactions (known as a "blockchain"). The more work these systems contribute to this effort, the more bitcoins can be earned (however there is a finite number of bitcoins that the world can generate; approximately 21 million). Bitcoins are generally stored in and utilized by an application or mobile wallet. Two such examples are Bitcoin Wallet for Android and Bither for iOS , either of which can be used to obtain, use, sell and track Bitcoins: figurea.jpg Image: Google Play The concept of Bitcoin Wallet is the same as any other mobile payment system; Bitcoins are accessed via a centralized account (not actually stored on the device per se, meaning your device isn't required nor must be powered up for someone to send you Bitcoins). The app is just a front end to manage the Bitcoins. As it enters its sixth year of existence, the Bitcoin has rolled forward with steady momentum and its popularity continues to grow. As is usually the case with technological advancements, new possibilities are also arising for those savvy enough to stay ahead of the curve. Entire industries are springing up around Bitcoin and one such example involves a merger between two companies called The Bitcoin Shop and Spondoolies-Tech. Story continues The Bitcoin Shop (aka "BTCS") provides Bitcoin (and other digital currency) transaction verification services. It's goal is to build a universal platform for digital currency to provide a single point of access for users to engage in their ecosystem. Consequently, BTCS is investing $1.5m in a transaction verification server manufacturer named Spondoolies-Tech Ltd (aka "Spondoolies"). The motivation behind the merger is to "create the world's first publicly traded company to produce Bitcoin transaction verification equipment and deploy Bitcoin mining resources." I spoke with Charles Allen, CEO of BTCS to find out more about Bitcoin and the details of the BTCS-Spondoolies merger. Scott Matteson: "How do Bitcoin mobile apps work (specifically via Bitcoin Shop's context)?" Charles Allen: "Bitcoin Shop ("BTCS") does not currently have a mobile app. However many digital companies offer iPhone and Android compatible apps most of which are bitcoin wallets or price feeds." SM: "What is the advantage of Bitcoin over traditional currency?" CA: "There are many advantages of Bitcoin compared to fiat currency. Below are some key differentiators: Highly divisible compared to fiat currencies Globally transferable - e.g. in the current system, money can be sent around the world in a matter of days via wires but this is costly for small transactions and slow in today's age. With bitcoin, for example, one can send their bitcoins from anywhere (e.g., from the Japan to the U.S.) instantly for free. Scarce - the supply of bitcoin is predetermined so inflation is factored in. Not government issued - with fiat currencies in a fractional reserve system there is a real risk that a country will make poor decisions over time and devalue their currency." SM: "What security controls are in place to protect customers and vendors/suppliers/businesses (ties into the transaction verification equipment)?" CA: "Apart from sourcing servers and building our data center, customers / suppliers / vendors are not directly involved in the BTCS' operations so I'm not sure the question is relevant to our transaction verification services operations." SM: "Can you elaborate on what to expect from the Bitcoin Shop/Spondoolies merger?" CA: "The digital currency ecosystem is similar to the Internet in 1995, i.e. very few companies are generating revenue. As a combined company, we plan to build a fully integrated transaction verification services business, which will be our revenue and profit engine (similar to Google with advertising) as we explore and develop other blockchain technologies. Spondoolies recently announced 2014 revenue of $28 million, and we believe our fully integrated mining efforts should allow us as combined company to continue to grow revenue and earnings and capture additional margin. Further BTCS has an 83,000 square foot facility to expand mining operations into." SM: "What is the future of Bitcoin?" CA: "Bitcoin - and more importantly blockchain technologies - have the ability to fundamentally change the world in the same way the Internet did. The 'genie is out of the bottle' and it is likely not going away." SM: "Why are hackers/ransomware/cyber-criminals so interested in being paid in Bitcoin?" CA: "Bitcoin is essentially digital cash, and once you have it, you own it. The downside is that every transaction is recorded on the blockchain, so identities can be associated to public addresses, meaning owners of stolen bitcoins can be found. In the long run, bitcoin is a poor means for cybercrime, as there is a public ledger of who owns what." SM: "Can you elaborate a bit more on how BTCS performs transaction verification services?" CA: "Please watch video #1 and video #2 for the best details. BTCS runs ASIC servers (see video #1) in a repurposed 83,000 square foot manufacturing facility in NC - see video #3 (it is now filled with servers, so we are working on an updated video). 93% of our equipment is currently manufactured by Spondoolies." SM: "Can you also elaborate on the Spondoolies server product and how they are specifically tailored towards transaction verifications?" CA: "Currently we do not manufacture ASIC servers. Spondoolies is one of only 4-5 companies that manufacture ASICS servers. There are many companies that run data centers with ASIC servers but very few that manufacture them. The big competitors to Spondoolies are Bitmain, Bitfury, and KNC Miner. However, all of these companies are involved in the design, manufacturing and deployment of ASIC servers. Pre-merger, BTCS is engaged in the deployment of ASIC servers and not the design and manufacturing of them, while Spondoolies is engaged in the design and manufacturing of ASIC servers and not the deployment. As a merged entity, we will be fully integrated similar to Bitmain, Bitfury, and KNC Miner and be able to capture the margin on both sides. To put this in perspective, Spondoolies achieved $28m in revenue in 2014 and many of their customers have had a tremendous return on investment (depending on when they started and their cost structure)." SM: "Can you walk me (briefly) through how a transaction involving Bitcoin via BTCS will work at present? Same question for after the merger (if different)?" CA: "The transaction verification services process is not a business-to-consumer endeavor. We simply maintain the network and are rewarded by the network for doing so. Consumers / users of bitcoin never directly engage with us." SM: "Can you tell me a little more about blockchain technology and how it applies to BTCS? CA: "Bitcoin is based on blockchain technology ( see video #2). Many technologies are being built upon Bitcoin's blockchain and we are a participant in securing the blockchain through our transaction verification services business (or often referred to as mining). In our opinion, this is the core of the technology as well as the cash cow in the business. Many bitcoin companies are "pre-revenue" and will be for years to come. To draw a parallel, Google's cash cow is advertising, hence, they have yet to pollute the elegant and simplistic search interface. Yet they experiment with all sorts of other technologies many of which fail i.e. Glass, Answers, iGoogle, etc. and some that succeed i.e. Maps, Android etc. We believe as a merged company, fully integrated mining / transaction services will be our cash cow which catapults our business to the next level and allows us to venture into other Hopefully you've found this discussion engaging and it has helped advance your understanding of the Bitcoin environment. I'd like to thank Mr. Allen for the time he spent on the topic with me. See also: 5 Bitcoin and finance startups to watch from DEMO 2014 Pay with Bitcoin: 10 of the most interesting places to spend it 10 things you should know about Bitcoin and digital currencies 10 mobile payment systems you need to know || Getting mobile with Bitcoin: This article, Getting mobile with Bitcoin , originally appeared on TechRepublic.com . If you haven't heard of Bitcoin, you might be living on another planet. It's a cryptographic-based currency which isn't actually printed or minted but exists solely in electronic (digital) form. The advantages to Bitcoin are that it is internationally-based (no currency exchange or other fees) and used, it is not subject to laws or regulation from one individual entity, and it can purchase goods or services from businesses and fellow consumers. Bitcoins can be converted into any local currency via exchange rates (at the time of this writing one bitcoin is worth $237.47 in U.S. dollars). You can even generate your own bitcoins through a process called "mining" whereby special high-speed computer systems run software to verify a set of bitcoin transactions (known as a "blockchain"). The more work these systems contribute to this effort, the more bitcoins can be earned (however there is a finite number of bitcoins that the world can generate; approximately 21 million). Bitcoins are generally stored in and utilized by an application or mobile wallet. Two such examples are Bitcoin Wallet for Android and Bither for iOS , either of which can be used to obtain, use, sell and track Bitcoins: figurea.jpg Image: Google Play The concept of Bitcoin Wallet is the same as any other mobile payment system; Bitcoins are accessed via a centralized account (not actually stored on the device per se, meaning your device isn't required nor must be powered up for someone to send you Bitcoins). The app is just a front end to manage the Bitcoins. As it enters its sixth year of existence, the Bitcoin has rolled forward with steady momentum and its popularity continues to grow. As is usually the case with technological advancements, new possibilities are also arising for those savvy enough to stay ahead of the curve. Entire industries are springing up around Bitcoin and one such example involves a merger between two companies called The Bitcoin Shop and Spondoolies-Tech. Story continues The Bitcoin Shop (aka "BTCS") provides Bitcoin (and other digital currency) transaction verification services. It's goal is to build a universal platform for digital currency to provide a single point of access for users to engage in their ecosystem. Consequently, BTCS is investing $1.5m in a transaction verification server manufacturer named Spondoolies-Tech Ltd (aka "Spondoolies"). The motivation behind the merger is to "create the world's first publicly traded company to produce Bitcoin transaction verification equipment and deploy Bitcoin mining resources." I spoke with Charles Allen, CEO of BTCS to find out more about Bitcoin and the details of the BTCS-Spondoolies merger. Scott Matteson: "How do Bitcoin mobile apps work (specifically via Bitcoin Shop's context)?" Charles Allen: "Bitcoin Shop ("BTCS") does not currently have a mobile app. However many digital companies offer iPhone and Android compatible apps most of which are bitcoin wallets or price feeds." SM: "What is the advantage of Bitcoin over traditional currency?" CA: "There are many advantages of Bitcoin compared to fiat currency. Below are some key differentiators: Highly divisible compared to fiat currencies Globally transferable - e.g. in the current system, money can be sent around the world in a matter of days via wires but this is costly for small transactions and slow in today's age. With bitcoin, for example, one can send their bitcoins from anywhere (e.g., from the Japan to the U.S.) instantly for free. Scarce - the supply of bitcoin is predetermined so inflation is factored in. Not government issued - with fiat currencies in a fractional reserve system there is a real risk that a country will make poor decisions over time and devalue their currency." SM: "What security controls are in place to protect customers and vendors/suppliers/businesses (ties into the transaction verification equipment)?" CA: "Apart from sourcing servers and building our data center, customers / suppliers / vendors are not directly involved in the BTCS' operations so I'm not sure the question is relevant to our transaction verification services operations." SM: "Can you elaborate on what to expect from the Bitcoin Shop/Spondoolies merger?" CA: "The digital currency ecosystem is similar to the Internet in 1995, i.e. very few companies are generating revenue. As a combined company, we plan to build a fully integrated transaction verification services business, which will be our revenue and profit engine (similar to Google with advertising) as we explore and develop other blockchain technologies. Spondoolies recently announced 2014 revenue of $28 million, and we believe our fully integrated mining efforts should allow us as combined company to continue to grow revenue and earnings and capture additional margin. Further BTCS has an 83,000 square foot facility to expand mining operations into." SM: "What is the future of Bitcoin?" CA: "Bitcoin - and more importantly blockchain technologies - have the ability to fundamentally change the world in the same way the Internet did. The 'genie is out of the bottle' and it is likely not going away." SM: "Why are hackers/ransomware/cyber-criminals so interested in being paid in Bitcoin?" CA: "Bitcoin is essentially digital cash, and once you have it, you own it. The downside is that every transaction is recorded on the blockchain, so identities can be associated to public addresses, meaning owners of stolen bitcoins can be found. In the long run, bitcoin is a poor means for cybercrime, as there is a public ledger of who owns what." SM: "Can you elaborate a bit more on how BTCS performs transaction verification services?" CA: "Please watch video #1 and video #2 for the best details. BTCS runs ASIC servers (see video #1) in a repurposed 83,000 square foot manufacturing facility in NC - see video #3 (it is now filled with servers, so we are working on an updated video). 93% of our equipment is currently manufactured by Spondoolies." SM: "Can you also elaborate on the Spondoolies server product and how they are specifically tailored towards transaction verifications?" CA: "Currently we do not manufacture ASIC servers. Spondoolies is one of only 4-5 companies that manufacture ASICS servers. There are many companies that run data centers with ASIC servers but very few that manufacture them. The big competitors to Spondoolies are Bitmain, Bitfury, and KNC Miner. However, all of these companies are involved in the design, manufacturing and deployment of ASIC servers. Pre-merger, BTCS is engaged in the deployment of ASIC servers and not the design and manufacturing of them, while Spondoolies is engaged in the design and manufacturing of ASIC servers and not the deployment. As a merged entity, we will be fully integrated similar to Bitmain, Bitfury, and KNC Miner and be able to capture the margin on both sides. To put this in perspective, Spondoolies achieved $28m in revenue in 2014 and many of their customers have had a tremendous return on investment (depending on when they started and their cost structure)." SM: "Can you walk me (briefly) through how a transaction involving Bitcoin via BTCS will work at present? Same question for after the merger (if different)?" CA: "The transaction verification services process is not a business-to-consumer endeavor. We simply maintain the network and are rewarded by the network for doing so. Consumers / users of bitcoin never directly engage with us." SM: "Can you tell me a little more about blockchain technology and how it applies to BTCS? CA: "Bitcoin is based on blockchain technology ( see video #2). Many technologies are being built upon Bitcoin's blockchain and we are a participant in securing the blockchain through our transaction verification services business (or often referred to as mining). In our opinion, this is the core of the technology as well as the cash cow in the business. Many bitcoin companies are "pre-revenue" and will be for years to come. To draw a parallel, Google's cash cow is advertising, hence, they have yet to pollute the elegant and simplistic search interface. Yet they experiment with all sorts of other technologies many of which fail i.e. Glass, Answers, iGoogle, etc. and some that succeed i.e. Maps, Android etc. We believe as a merged company, fully integrated mining / transaction services will be our cash cow which catapults our business to the next level and allows us to venture into other Hopefully you've found this discussion engaging and it has helped advance your understanding of the Bitcoin environment. I'd like to thank Mr. Allen for the time he spent on the topic with me. See also: 5 Bitcoin and finance startups to watch from DEMO 2014 Pay with Bitcoin: 10 of the most interesting places to spend it 10 things you should know about Bitcoin and digital currencies 10 mobile payment systems you need to know || Marijuana Regulations Questioned As Number Of Exposed Children Rises: As marijuana becomes a legal drug in more U.S. states, regulators are struggling to catch up with the growing number of issues that come with a new market.
Political, social and health-related issues have all been in the spotlight when it comes to marijuana, but a newstudyby the Nationwide Children's Hospital proves that there is more to consider when it comes to legal weed.
Exposure On The Rise
The study showed that over the past seven years, marijuana exposure among young children rose by 145.7 percent. During that same time period, states with legal marijuana laws saw that figure rise by more than 600 percent.
Even more concerning was data that showed that the majority of those children were less than three years old.
Related Link:Evolving Regulations Make Marijuana Edibles A Difficult Industry To Navigate
Edibles To Blame?
One major reason for the rise in accidental exposure among children has been the advent of edible marijuana products.
As the typical pot user is often a non-smoker, ingestibles are on the rise. More companies continue to release edible ways to feel the psychoactive effects of THC. Brownies, cookies and even breath mints are sold laced with THC, and young children are unable to detect the difference between an everyday treat and one containing marijuana.
Better Packaging
The study suggests that regulators in states where marijuana is legal haven't been able to keep up with the growing number of risks surrounding the drug.
Though most states require marijuana products to be clearly labeled in child-proof packaging, many feel that more effort needs to be made in educating consumers on the dangers of accidental marijuana exposure among children.
Image Credit: Public Domain
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© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Marijuana Regulations Questioned As Number Of Exposed Children Rises: As marijuana becomes a legal drug in more U.S. states, regulators are struggling to catch up with the growing number of issues that come with a new market. Political, social and health-related issues have all been in the spotlight when it comes to marijuana, but a new study by the Nationwide Children's Hospital proves that there is more to consider when it comes to legal weed. Exposure On The Rise The study showed that over the past seven years, marijuana exposure among young children rose by 145.7 percent. During that same time period, states with legal marijuana laws saw that figure rise by more than 600 percent. Even more concerning was data that showed that the majority of those children were less than three years old. Related Link: Evolving Regulations Make Marijuana Edibles A Difficult Industry To Navigate Edibles To Blame? One major reason for the rise in accidental exposure among children has been the advent of edible marijuana products. As the typical pot user is often a non-smoker, ingestibles are on the rise. More companies continue to release edible ways to feel the psychoactive effects of THC. Brownies, cookies and even breath mints are sold laced with THC, and young children are unable to detect the difference between an everyday treat and one containing marijuana. Better Packaging The study suggests that regulators in states where marijuana is legal haven't been able to keep up with the growing number of risks surrounding the drug. Though most states require marijuana products to be clearly labeled in child-proof packaging, many feel that more effort needs to be made in educating consumers on the dangers of accidental marijuana exposure among children. Image Credit: Public Domain See more from Benzinga Bitcoin Theft Isn't Reserved For Hackers Netflix Dives Deeper Into Europe Despite Murky Waters Beverage Makers Hope To Ride The Craft Beer Wave © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Startups Offer New Ways to Buy and Sell Used Cars: Consumers have long distrusted car dealers . In DMEautomotive's 2014 survey of 2,000 automotive customers, only 1 in 5 perceived car dealer sales representatives as trustworthy. While some consumers choose to cut out the middleman by buying or selling cars on Craigslist or eBay, trust can be even dicier on those sites. However, those wary of these options have a growing number of online alternatives for buying and selling cars. U.S. News looked at three startups that are attempting to improve the car-buying process. Beepi.com Peer-to-peer car-buying website Beepi launched last year in San Francisco and closed $60 million in funding last fall. The company is a licensed car dealer in California and also accepts cars from private sellers in Arizona and Texas. "You list your car on Beepi.com and get a guaranteed price that will never change," says co-founder and CEO Ale Resnik. That means no room for negotiations between buyers and sellers. In fact, buyers and sellers don't even have to interact because Beepi offers free car delivery to buyers in 200 cities. "Once you have your guaranteed price, you schedule a Beepi inspection, and if the car passes inspection, we guarantee it'll sell in 30 days or less," Resnik says. Beepi has a team of full-time inspectors who complete a 185-point inspection and photograph the car for posting on the website. But getting your car listed on Beepi isn't easy; it only accepts one out of every three cars. "The car has to be six years old or newer, never been in an accident and title has to be completely clean," Resnik says. "You're guaranteed that every car on Beepi.com is an absolute perfect car." If your car doesn't sell within 30 days, Beepi will buy it from you. The company then takes a 3 to 9 percent cut of the selling price, depending on the vehicle. On the buyer side, you don't get to test-drive the car before it's shipped to you, but you do get a 10-day money-back guarantee, and you can pay via credit card, check, wire transfer or even Bitcoin. Beepi also works with several banks and credit unions to offer financing. Story continues After reviewing Beepi's 185-point inspection list, Jeff Ostroff, CEO of CarBuyingTips.com, says it's pretty thorough -- except that the inspection doesn't occur with the car on a lift. When a car is in an accident, mechanics often "don't fix the damage underneath," Ostroff explains. "Just because a wreck doesn't show up in Carfax doesn't mean it wasn't in a wreck." However, buyers could in theory hire their own inspector during the 10-day buyback period and return the car if they find signs of damage underneath. Instamotor Instamotor is a free mobile app available on iOS (coming soon to Android) that reports $50 million in peer-to-peer vehicle sales per year. The mobile app is available across the U.S., but many of users are based in California (headquarters are in San Francisco), and inspection locations are available across the Bay Area, with a Los Angeles location opening June 15. Instamotor offers a three-day buyback guarantee. "If it's not what you expected, we'll purchase that vehicle back from you," says Val Gui, Instamotor co-founder and a former car salesman. Buyers also get a free Carfax report, an inspection at an Instamotor inspection station and a three-month, 3,000-mile mechanical guarantee. Using the vehicle identification number, "we look for things like odometer rollback issues, for structural damage, title issues, vehicle registration issues, lemon history," Gui adds. One criticism of some car-buying startups is that they're not licensed as car dealers and are therefore not subject to the same regulations and consumer protections. Gui maintains that Instamotor is not trying to replace or substitute dealers. "The dealer market is pretty well-served, but Craigslist and the private party market is still sort of a Wild West," he says. As a platform for bringing together private parties, Instamotor does not handle the transfer of money or title. Most buyers pay the mutually agreed upon price with a cashier check or certified check, Gui says. Since check fraud is a big concern for sellers, the company is working to offer a check verification feature where the seller could scan a photo of the check and Instamotor's team would reach out to the bank and verify the check's legitimacy within 10 minutes. "The only downside is it needs to happen during business hours," Gui points out. Instamotor doesn't take a cut of the transaction, instead, it earns money through referrals to auto insurers. "For each of the vehicles that are off our app, we'll get insurance quotes and insurance companies give us a small commission on that insurance purchase," Gui explains. However, buyers can still benefit from Instamotor inspections and guarantees even if they purchase insurance elsewhere. Mojo Motors In contrast to peer-to-peer marketplaces such as Instamotor and Beepi, Mojo Motors offers buyers more transparency around dealer pricing of used cars. Using inventory feeds from car dealers, the website (which is easier to view on a smartphone or tablet) lets users follow cars they're interested in and receive alerts if and when dealers drop their price. "Dealers want to sell their cars quickly," says founder and CEO Paul Nadjarian, who previously worked at eBay Motors and Ford Motor Co. "The way they make more money is how fast they can turn the inventory. Every five to 15 days they cut their price. The average car has three price drops and drops on average of $1,000 or a little bit more." Users can see a price history and the number of others following a vehicle, then reach out to the dealer directly through the website to arrange a test drive . Some dealers offer an extra discount to Mojo users as an incentive to seal the deal. "You can not only get a better experience, you can get a better deal," Nadjarian says. Mojo Motors is free for car buyers to use, but car dealers can pay for premium positioning and subscriptions to help boost their referrals. While these car-buying startups and others like them have appealing features, Ostroff isn't sure of their long-term viability. He points to an earlier startup called CarWoo! that promised a better buying experience for new cars , but it lasted five years. "I thought it was a very powerful tool for consumers, but that company didn't have a good monetization plan," he says. Lobbyists for car dealers aren't keen on new ways to buy cars either. "In some states, that dealer lobby is very powerful," Ostroff adds. With any dealer or car-buying tool, your mileage may vary, but for now it's worth considering them in your search. More From US News & World Report 10 Unexpected Costs of Driving The Hidden Costs of Buying a Car The 5 Worst New Car-Buying Mistakes || Startups Offer New Ways to Buy and Sell Used Cars: Consumers have long distrusted car dealers . In DMEautomotive's 2014 survey of 2,000 automotive customers, only 1 in 5 perceived car dealer sales representatives as trustworthy. While some consumers choose to cut out the middleman by buying or selling cars on Craigslist or eBay, trust can be even dicier on those sites. However, those wary of these options have a growing number of online alternatives for buying and selling cars. U.S. News looked at three startups that are attempting to improve the car-buying process. Beepi.com Peer-to-peer car-buying website Beepi launched last year in San Francisco and closed $60 million in funding last fall. The company is a licensed car dealer in California and also accepts cars from private sellers in Arizona and Texas. "You list your car on Beepi.com and get a guaranteed price that will never change," says co-founder and CEO Ale Resnik. That means no room for negotiations between buyers and sellers. In fact, buyers and sellers don't even have to interact because Beepi offers free car delivery to buyers in 200 cities. "Once you have your guaranteed price, you schedule a Beepi inspection, and if the car passes inspection, we guarantee it'll sell in 30 days or less," Resnik says. Beepi has a team of full-time inspectors who complete a 185-point inspection and photograph the car for posting on the website. But getting your car listed on Beepi isn't easy; it only accepts one out of every three cars. "The car has to be six years old or newer, never been in an accident and title has to be completely clean," Resnik says. "You're guaranteed that every car on Beepi.com is an absolute perfect car." If your car doesn't sell within 30 days, Beepi will buy it from you. The company then takes a 3 to 9 percent cut of the selling price, depending on the vehicle. On the buyer side, you don't get to test-drive the car before it's shipped to you, but you do get a 10-day money-back guarantee, and you can pay via credit card, check, wire transfer or even Bitcoin. Beepi also works with several banks and credit unions to offer financing. Story continues After reviewing Beepi's 185-point inspection list, Jeff Ostroff, CEO of CarBuyingTips.com, says it's pretty thorough -- except that the inspection doesn't occur with the car on a lift. When a car is in an accident, mechanics often "don't fix the damage underneath," Ostroff explains. "Just because a wreck doesn't show up in Carfax doesn't mean it wasn't in a wreck." However, buyers could in theory hire their own inspector during the 10-day buyback period and return the car if they find signs of damage underneath. Instamotor Instamotor is a free mobile app available on iOS (coming soon to Android) that reports $50 million in peer-to-peer vehicle sales per year. The mobile app is available across the U.S., but many of users are based in California (headquarters are in San Francisco), and inspection locations are available across the Bay Area, with a Los Angeles location opening June 15. Instamotor offers a three-day buyback guarantee. "If it's not what you expected, we'll purchase that vehicle back from you," says Val Gui, Instamotor co-founder and a former car salesman. Buyers also get a free Carfax report, an inspection at an Instamotor inspection station and a three-month, 3,000-mile mechanical guarantee. Using the vehicle identification number, "we look for things like odometer rollback issues, for structural damage, title issues, vehicle registration issues, lemon history," Gui adds. One criticism of some car-buying startups is that they're not licensed as car dealers and are therefore not subject to the same regulations and consumer protections. Gui maintains that Instamotor is not trying to replace or substitute dealers. "The dealer market is pretty well-served, but Craigslist and the private party market is still sort of a Wild West," he says. As a platform for bringing together private parties, Instamotor does not handle the transfer of money or title. Most buyers pay the mutually agreed upon price with a cashier check or certified check, Gui says. Since check fraud is a big concern for sellers, the company is working to offer a check verification feature where the seller could scan a photo of the check and Instamotor's team would reach out to the bank and verify the check's legitimacy within 10 minutes. "The only downside is it needs to happen during business hours," Gui points out. Instamotor doesn't take a cut of the transaction, instead, it earns money through referrals to auto insurers. "For each of the vehicles that are off our app, we'll get insurance quotes and insurance companies give us a small commission on that insurance purchase," Gui explains. However, buyers can still benefit from Instamotor inspections and guarantees even if they purchase insurance elsewhere. Mojo Motors In contrast to peer-to-peer marketplaces such as Instamotor and Beepi, Mojo Motors offers buyers more transparency around dealer pricing of used cars. Using inventory feeds from car dealers, the website (which is easier to view on a smartphone or tablet) lets users follow cars they're interested in and receive alerts if and when dealers drop their price. "Dealers want to sell their cars quickly," says founder and CEO Paul Nadjarian, who previously worked at eBay Motors and Ford Motor Co. "The way they make more money is how fast they can turn the inventory. Every five to 15 days they cut their price. The average car has three price drops and drops on average of $1,000 or a little bit more." Users can see a price history and the number of others following a vehicle, then reach out to the dealer directly through the website to arrange a test drive . Some dealers offer an extra discount to Mojo users as an incentive to seal the deal. "You can not only get a better experience, you can get a better deal," Nadjarian says. Mojo Motors is free for car buyers to use, but car dealers can pay for premium positioning and subscriptions to help boost their referrals. While these car-buying startups and others like them have appealing features, Ostroff isn't sure of their long-term viability. He points to an earlier startup called CarWoo! that promised a better buying experience for new cars , but it lasted five years. "I thought it was a very powerful tool for consumers, but that company didn't have a good monetization plan," he says. Lobbyists for car dealers aren't keen on new ways to buy cars either. "In some states, that dealer lobby is very powerful," Ostroff adds. With any dealer or car-buying tool, your mileage may vary, but for now it's worth considering them in your search. More From US News & World Report 10 Unexpected Costs of Driving The Hidden Costs of Buying a Car The 5 Worst New Car-Buying Mistakes || The MENA Startup Ecosystem: Problems And (Potential) Solutions: Hala Fadel, Chair of theMIT Enterprise Forum for the Pan Arab Region, opened the 8th MIT Pan Arab Conference in Kuwait by emphasizing the need for Arab entrepreneurs to protect the innovation of the present from the fear of past generations. While a growing number of young entrepreneurs in the Arab world have started to disrupt traditional markets with innovative ideas, they are still being met with great resistance from traditionalists. In a region that prides itself on preserving its cultural authenticity, the Arab entrepreneur is forced to fight two battles.
The first battle is assuaging the fears of Arab communities around innovative entrepreneurship, and second, establishing and monetizingunconventional business models in existing MENA ecosystems. While these challenges may seem daunting, many young Arabs are plunging forward because they recognize that there is a gap in our various market sectors and they want to see it change. Five startups from the 8th MIT Arab Conference, from across the Arab world, discuss the biggest obstacles that young Arab entrepreneurs face in their ecosystems.
Khalid Abujassoum, Tahi Technologies Inc. Image credit: Tahi Technologies Inc.
Khalid Abujassoum, co-founder & CEO,Tahi Technologies Inc.[Qatar]
Do you think that there is a fear of investing in the small startup ecosystems in the Gulf?
“There is, and I think it’s natural due to the history of business in this region and how the economy has evolved. In the Gulf, the major business contributors to the economy were traders and merchants, so the whole technology entrepreneurship realm is new, and as the old saying goes, ‘A person is an enemy to whatever they ignore.’ Such fear is natural and understood. We need to ensure that all stakeholders in the ecosystem including entrepreneurs, investors, policymakers, incubators etc. are playing their roles correctly.An entrepreneur should have the tenacity to listen, learn and grow. A policymaker should engage stakeholders to understand their needs and incorporate them in the policy making process. The same applies to investors and other players in the ecosystem. By working together, all these stakeholders can build a strong and trustworthy ecosystem for everyone. There is no one hero that will make it work, I believe that it is our collective responsibility to build and strengthen Arab startup ecosystems.”
Amine Toumi and Salim El Jaï (on right), Yuzu. Image credit: Yuzu.
Amine Toumi, Project Manager,Yuzu[Morocco]
Do you think that there is a fear of investing in startups in Morocco and North Africa?
“When I started Yuzu with my team, we didn’t find any investors or funds to help support or accelerate the development of our startup. I don’t know what the real problem is- is it a lack of information about startups in the region, the legitimacy of our project or simply the lack of investors? While the Moroccan startup scene is still very young and lagging behind some countries in the Arab region, it’s slowly catching up. At Yuzu, we understand that fear is an investor’s natural state of being, whereas courage is an entrepreneur’s natural way of life. In order to increase investment in the North African startup ecosystem,we have to find the crossroads where these two stakeholders can meet. Firstly, we have to be willing to admit that startup success is hardly predictable. On the other hand, we must fight to nurture and invest in entrepreneurship, because startups will build the future of countries and people across North Africa and the Arab world. If we make it a priority, we can encourage decision-makers to take more risks, thus ensuring that more investments and resources are available for entrepreneurs to go on dreaming of a better world.”
David Al Achkar, Yellow. Image credit: Yellow.
David Al Achkar, Founder,Yellow[UAE]
Do you think that there is a fear of investing in the Arab world, because of their existing financial systems?
“I see the main financial problems in the region as being ones of fragmentation, high cost, and high complexity. Whether you’re a startup or an established business, few options, besides standard wires and credit cards, exist that cover the region as a whole and the latter still has a low penetration. Most available options, however local, are still on average more expensive than abroad. And finally, in many cases,getting set up to accept or send payments is a complicated, lengthy, and costly process, which is a recurring setback for most startups in the region. The approach we’ve decided to follow at Yellow is the transition from traditional payment methods to the cutting-edge of financial technology, i.e., Bitcoin. We believe that in the midterm, the innovation brought forward by Bitcoin, which is faster, cheaper, global payments, has the potential to bring the Arab region to the forefront of payments, thus effectively leapfrogging many intermediaries, and in most cases, only incrementally better payments solutions.”
Samer Tarazi, RedTroops. Image credit: RedTroops.
Samer Tarazi, founder and CEO,RedTroops[Jordan]
Do you think that there is a fear of investing in Arab tech startups in Jordan and the MENA region?
“I wouldn’t say there is fear, I would say there’s an immature attitude towards tech startups in the region. We don’t have highly experienced investors who are truly visionaries. Unfortunately, most investors tend to follow rather than lead, either by following another investor or investing in an Arabic version of a business model that has already been proven abroad. When you’re working on a disruptive technology or trying to build something that hasn’t really been done in the Arab world before, this mentality makes it extremely difficult to raise the funds needed to keep a startup going.Nurturing the maturity of both founders and investorsin the region will help, because we currently lack people who really understand what a startup is and how to scale quickly on both ends. While I’m sure that Arab ecosystems will mature with experience in time, I still believe we suffer in the region because the market itself is still lagging and it’s definitely lacking in terms of early adoption.”
Mohammad Gamal, Kotobna. Image credit: Kotobna.
Mohammad Gamal, founder,Kotobna[Egypt]
Do you think that there is a fear of starting a startup in the Arab world because of the weak intellectual property laws in Egypt and the rest of the MENA region?
“Yes, there is a fear, but there shouldn’t be, because firstly, innovative young, business leaders should find solutions for the problems of intellectual property (IP) protection. Secondly, they should create new localized business models that understand target market’s needs, their social environments and their motives for breaking IP law. By creating relevant and innovative solutions to real problem in the market, young entrepreneurs will find new and efficient ways of providing and capturing value in Arab markets. A very good example of such a ‘market hack’ is Abjjad, a social network for books based in Jordan, which offers Arab readers e-books for free. The Abjjad team make revenue from the Google Ads that are embedded in the pages of each book. As entrepreneurs, especially in the Arab world, we must strive to understand our customers’ needs and their social environment. Regardless of where you are or what the startup ecosystem is like, it isthe responsibility of an entrepreneur to reinvent their business modeluntil they can find one that serves their customers. I also believe that it is our responsibility as entrepreneurs to educate our target audience about the benefits of protecting IP by creating multi-sided platforms here, content providers with content consumers in a secure, beneficial way for both parties- that’s exactly what we’re doing at Kotobna. We are linking young Arab authors with Arab readers who are interested in e-books. On the Kotobna platform, books are encrypted and secured and offered to readers at very competitive rates, with very easy and accessible payment methods.” || The MENA Startup Ecosystem: Problems And (Potential) Solutions: Hala Fadel, Chair of the MIT Enterprise Forum for the Pan Arab Region , opened the 8th MIT Pan Arab Conference in Kuwait by emphasizing the need for Arab entrepreneurs to protect the innovation of the present from the fear of past generations. While a growing number of young entrepreneurs in the Arab world have started to disrupt traditional markets with innovative ideas, they are still being met with great resistance from traditionalists. In a region that prides itself on preserving its cultural authenticity, the Arab entrepreneur is forced to fight two battles. The first battle is assuaging the fears of Arab communities around innovative entrepreneurship, and second, establishing and monetizing unconventional business models in existing MENA ecosystems . While these challenges may seem daunting, many young Arabs are plunging forward because they recognize that there is a gap in our various market sectors and they want to see it change. Five startups from the 8th MIT Arab Conference, from across the Arab world, discuss the biggest obstacles that young Arab entrepreneurs face in their ecosystems. 1. Fear Of Small Ecosystems Khalid Abujassoum, Tahi Technologies Inc. Image credit: Tahi Technologies Inc. Khalid Abujassoum, co-founder & CEO, Tahi Technologies Inc. [Qatar] Do you think that there is a fear of investing in the small startup ecosystems in the Gulf? “There is, and I think it’s natural due to the history of business in this region and how the economy has evolved. In the Gulf, the major business contributors to the economy were traders and merchants, so the whole technology entrepreneurship realm is new, and as the old saying goes, ‘A person is an enemy to whatever they ignore.’ Such fear is natural and understood. We need to ensure that all stakeholders in the ecosystem including entrepreneurs, investors, policymakers, incubators etc. are playing their roles correctly. An entrepreneur should have the tenacity to listen, learn and grow . A policymaker should engage stakeholders to understand their needs and incorporate them in the policy making process. The same applies to investors and other players in the ecosystem. By working together, all these stakeholders can build a strong and trustworthy ecosystem for everyone. There is no one hero that will make it work, I believe that it is our collective responsibility to build and strengthen Arab startup ecosystems.” Story continues 2. Fear Of Investing Amine Toumi and Salim El Jaï (on right), Yuzu. Image credit: Yuzu. Amine Toumi, Project Manager, Yuzu [Morocco] Do you think that there is a fear of investing in startups in Morocco and North Africa? “When I started Yuzu with my team, we didn’t find any investors or funds to help support or accelerate the development of our startup. I don’t know what the real problem is- is it a lack of information about startups in the region, the legitimacy of our project or simply the lack of investors? While the Moroccan startup scene is still very young and lagging behind some countries in the Arab region, it’s slowly catching up. At Yuzu, we understand that fear is an investor’s natural state of being, whereas courage is an entrepreneur’s natural way of life. In order to increase investment in the North African startup ecosystem, we have to find the crossroads where these two stakeholders can meet . Firstly, we have to be willing to admit that startup success is hardly predictable. On the other hand, we must fight to nurture and invest in entrepreneurship, because startups will build the future of countries and people across North Africa and the Arab world. If we make it a priority, we can encourage decision-makers to take more risks, thus ensuring that more investments and resources are available for entrepreneurs to go on dreaming of a better world.” 3. Fear Of Complicated Financial Systems David Al Achkar, Yellow. Image credit: Yellow. David Al Achkar, Founder, Yellow [UAE] Do you think that there is a fear of investing in the Arab world, because of their existing financial systems? “I see the main financial problems in the region as being ones of fragmentation, high cost, and high complexity. Whether you’re a startup or an established business, few options, besides standard wires and credit cards, exist that cover the region as a whole and the latter still has a low penetration. Most available options, however local, are still on average more expensive than abroad. And finally, in many cases, getting set up to accept or send payments is a complicated, lengthy, and costly process , which is a recurring setback for most startups in the region. The approach we’ve decided to follow at Yellow is the transition from traditional payment methods to the cutting-edge of financial technology, i.e., Bitcoin. We believe that in the midterm, the innovation brought forward by Bitcoin, which is faster, cheaper, global payments, has the potential to bring the Arab region to the forefront of payments, thus effectively leapfrogging many intermediaries, and in most cases, only incrementally better payments solutions.” 4. Fear Of Investing In New Ideas Samer Tarazi, RedTroops. Image credit: RedTroops. Samer Tarazi, founder and CEO, RedTroops [Jordan] Do you think that there is a fear of investing in Arab tech startups in Jordan and the MENA region? “I wouldn’t say there is fear, I would say there’s an immature attitude towards tech startups in the region. We don’t have highly experienced investors who are truly visionaries. Unfortunately, most investors tend to follow rather than lead, either by following another investor or investing in an Arabic version of a business model that has already been proven abroad. When you’re working on a disruptive technology or trying to build something that hasn’t really been done in the Arab world before, this mentality makes it extremely difficult to raise the funds needed to keep a startup going. Nurturing the maturity of both founders and investors in the region will help, because we currently lack people who really understand what a startup is and how to scale quickly on both ends. While I’m sure that Arab ecosystems will mature with experience in time, I still believe we suffer in the region because the market itself is still lagging and it’s definitely lacking in terms of early adoption.” 5. Fear Of Lacking Intellectual Property Protection Mohammad Gamal, Kotobna. Image credit: Kotobna. Mohammad Gamal, founder, Kotobna [Egypt] Do you think that there is a fear of starting a startup in the Arab world because of the weak intellectual property laws in Egypt and the rest of the MENA region? “Yes, there is a fear, but there shouldn’t be, because firstly, innovative young, business leaders should find solutions for the problems of intellectual property (IP) protection. Secondly, they should create new localized business models that understand target market’s needs, their social environments and their motives for breaking IP law. By creating relevant and innovative solutions to real problem in the market, young entrepreneurs will find new and efficient ways of providing and capturing value in Arab markets. A very good example of such a ‘market hack’ is Abjjad, a social network for books based in Jordan, which offers Arab readers e-books for free. The Abjjad team make revenue from the Google Ads that are embedded in the pages of each book. As entrepreneurs, especially in the Arab world, we must strive to understand our customers’ needs and their social environment. Regardless of where you are or what the startup ecosystem is like, it is the responsibility of an entrepreneur to reinvent their business model until they can find one that serves their customers. I also believe that it is our responsibility as entrepreneurs to educate our target audience about the benefits of protecting IP by creating multi-sided platforms here, content providers with content consumers in a secure, beneficial way for both parties- that’s exactly what we’re doing at Kotobna. We are linking young Arab authors with Arab readers who are interested in e-books. On the Kotobna platform, books are encrypted and secured and offered to readers at very competitive rates, with very easy and accessible payment methods.” || Could Marijuana Help House Prices?: In states where marijuana has been legalized, many homeowners have complained that the opening of pot dispensaries could bring down property values. However, in Colorado, where both medical and recreational marijuana has been legalized, some claim the opposite is true . New Jobs In Denver, home prices have risen 10 percent since March 2014, according to the S&P/Case-Shiller Home Price Index. Some say a large part of that rise can be attributed to the marijuana industry. The new industry has created thousands of jobs across a variety of sectors. Not only are businesses directly linked to pot – like growers and dispensaries – taking on new employees, but security companies, electricians and hotels have all seen an influx of business due to marijuana. Related Link: Marijuana Industry Blazes The Path For A New Kind Of Lawyer Access To Marijuana The rental market in Colorado has also been booming as people from out of state come in looking for access to marijuana. Some families are interested in obtaining medical marijuana to treat a chronic condition, while others are keen to live in Colorado to enjoy the relaxed lifestyle the new laws permit. Still Some Concern While the real estate market in Colorado appears to be booming, some warn that it will fizzle as the long-term problems with pot settle in. For one, laws allowing people to cultivate up to six plants means prospective buyers will need to look for a new set of issues when it comes to home inspections. Buyers will need to check for tampering with the home's electrical systems and mold issues associated with marijuana growing before committing to a new home. Another concern is increased traffic in neighborhoods where marijuana is being grown. Many people disregard the state's limit of six plants and set up illegal grow houses, which could decrease the value of properties in the area. Image Credit: Public Domain See more from Benzinga Have You Met The Bitcoin Booty Girls? AgriScience Makes Smart Soil To Improve Farming Dutch Bank Issues Europe's First Certified Climate Bond © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Could Marijuana Help House Prices?: In states where marijuana has been legalized, many homeowners have complained that the opening of pot dispensaries could bring down property values. However, in Colorado, where both medical and recreational marijuana has been legalized, some claimthe opposite is true.
New Jobs
In Denver, home prices have risen 10 percent since March 2014, according to the S&P/Case-Shiller Home Price Index.Some saya large part of that rise can be attributed to the marijuana industry.
The new industry has created thousands of jobs across a variety of sectors. Not only are businesses directly linked to pot – like growers and dispensaries – taking on new employees, but security companies, electricians and hotels have all seen an influx of business due to marijuana.
Related Link:Marijuana Industry Blazes The Path For A New Kind Of Lawyer
Access To Marijuana
The rental market in Colorado has also been booming as people from out of state come in looking for access to marijuana. Some families are interested in obtaining medical marijuana to treat a chronic condition, while others are keen to live in Colorado to enjoy the relaxed lifestyle the new laws permit.
Still Some Concern
While the real estate market in Colorado appears to be booming, some warn that it will fizzle as the long-term problems with pot settle in.
For one, laws allowing people to cultivate up to six plants means prospective buyers will need to look for a new set of issues when it comes to home inspections. Buyers will need to check for tampering with the home's electrical systems and mold issues associated with marijuana growing before committing to a new home.
Another concern is increased traffic in neighborhoods where marijuana is being grown. Many people disregard the state's limit of six plants and set up illegal grow houses, which could decrease the value of properties in the area.
Image Credit: Public Domain
See more from Benzinga
• Have You Met The Bitcoin Booty Girls?
• AgriScience Makes Smart Soil To Improve Farming
• Dutch Bank Issues Europe's First Certified Climate Bond
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || New York sets rules for running Bitcoin exchange businesses: New York has finally issued an official set of rules for businesses that deal with Bitcoins. If you recall, New York Superintendent of Financial Services Benjamin M. Lawsky and his team have beenwriting and rewritingthose regulations for the past two years, taking criticisms into account. Lawsky has announced the final list during a recent speech at the BITS Emerging Payments Forum in Washington, weeks before he steps down from his position. These rules require businesses to apply for a "BitLicense" from the Department of Financial Services if they want to operate in the Big Apple. The final version clarifies that only companies that offer financial services, such as money exchanges, are required to take out applications, though. Software developers, individuals and retailers can accept cryptocurrency payments without having to go through the process.
The rules also state that businesses won't have to report every software update (unless it will significantly change their product/service) or to apply for BitLicense, if they already have a traditional money transmitter license. From the start, Lawsky maintained that the state wants to regulate Bitcoin-based businesses in order to avoid money laundering schemes and the like. "We simply want to make sure that we put in place guardrails that protect consumers and root out illicit activity -- without stifling beneficial innovation," he said during his speech.
While some entrepreneurs welcome the regulatory framework, as it will prove to customers that their businesses are legit, not everyone's happy with the the final list. Jerry Brito, executive director of Bitcoin advocacy group Coin Center, toldThe Wall Street Journalthat the BitLicense program creates "an unprecedented new state-level money laundering requirement." He believes it's discriminatory, as New York banks and regular money transmitters don't have to follow a similar set of rules. His unhappiness isshared by a lotof people in the Bitcoin community, who are dismayed that Lawsky failed to address their concerns.
New York is the first state to heavily regulate Bitcoin exchanges, but other states might follow if the BitLicense turns out to be a success. If you want to know just how stringent New York's rules are, check out thisfull set of regulationsreleased by Lawsky's department.
[Image credit: Getty/TimArbaev] || New York sets rules for running Bitcoin exchange businesses: Pixelated Bitcoin symbol made from cubes, mosaic pattern New York has finally issued an official set of rules for businesses that deal with Bitcoins. If you recall, New York Superintendent of Financial Services Benjamin M. Lawsky and his team have been writing and rewriting those regulations for the past two years, taking criticisms into account. Lawsky has announced the final list during a recent speech at the BITS Emerging Payments Forum in Washington, weeks before he steps down from his position. These rules require businesses to apply for a "BitLicense" from the Department of Financial Services if they want to operate in the Big Apple. The final version clarifies that only companies that offer financial services, such as money exchanges, are required to take out applications, though. Software developers, individuals and retailers can accept cryptocurrency payments without having to go through the process. The rules also state that businesses won't have to report every software update (unless it will significantly change their product/service) or to apply for BitLicense, if they already have a traditional money transmitter license. From the start, Lawsky maintained that the state wants to regulate Bitcoin-based businesses in order to avoid money laundering schemes and the like. "We simply want to make sure that we put in place guardrails that protect consumers and root out illicit activity -- without stifling beneficial innovation," he said during his speech. While some entrepreneurs welcome the regulatory framework, as it will prove to customers that their businesses are legit, not everyone's happy with the the final list. Jerry Brito, executive director of Bitcoin advocacy group Coin Center, told The Wall Street Journal that the BitLicense program creates "an unprecedented new state-level money laundering requirement." He believes it's discriminatory, as New York banks and regular money transmitters don't have to follow a similar set of rules. His unhappiness is shared by a lot of people in the Bitcoin community, who are dismayed that Lawsky failed to address their concerns. New York is the first state to heavily regulate Bitcoin exchanges, but other states might follow if the BitLicense turns out to be a success. If you want to know just how stringent New York's rules are, check out this full set of regulations released by Lawsky's department. [Image credit: Getty/TimArbaev]
[Social Media Buzz]
In the last 10 mins, there were arb opps spanning 17 exchange pair(s), yielding profits ranging between $0.00 and $1,500.62 #bitcoin #btc || In the last 10 mins, there were arb opps spanning 18 exchange pair(s), yielding profits ranging between $0.00 and $1,748.92 #bitcoin #btc || Current price: 204.26€ $BTCEUR $btc #bitcoin 2015-06-13 00:00:03 CEST || #RDD / #BTC on the exchanges:
Cryptsy: 0.00000006
Bittrex: 0.00000006
Average $1.4E-5 per #reddcoin
01:00:01 || $228.31 at 01:00 UTC [24h Range: ...
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232.40, 233.54, 236.82, 250.90, 249.28, 249.01, 244.61, 245.21, 243.94, 246.99
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 11474.90, 11607.40, 12899.20, 11600.10, 10931.40, 10868.40, 11359.40, 11259.40, 11171.40, 11440.70, 11786.30, 11296.40, 10106.30, 10221.10, 9170.54, 8830.75, 9174.91, 8277.01, 6955.27, 7754.00, 7621.30, 8265.59, 8736.98, 8621.90, 8129.97, 8926.57, 8598.31, 9494.63, 10166.40, 10233.90, 11112.70, 10551.80, 11225.30, 11403.70, 10690.40, 10005.00, 10301.10, 9813.07, 9664.73, 10366.70, 10725.60, 10397.90, 10951.00, 11086.40, 11489.70, 11512.60, 11573.30, 10779.90, 9965.57, 9395.01, 9337.55, 8866.00, 9578.63, 9205.12, 9194.85, 8269.81, 8300.86, 8338.35, 7916.88, 8223.68, 8630.65, 8913.47, 8929.28, 8728.47, 8879.62, 8668.12, 8495.78, 8209.40, 7833.04, 7954.48, 7165.70, 6890.52, 6973.53, 6844.23, 7083.80, 7456.11, 6853.84, 6811.47, 6636.32, 6911.09, 7023.52, 6770.73, 6834.76, 6968.32, 7889.25, 7895.96, 7986.24, 8329.11, 8058.67, 7902.09.
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[Bitcoin Technical Analysis for 2018-04-17]
Volume: 6900879872, RSI (14-day): 51.81, 50-day EMA: 8329.41, 200-day EMA: 8781.48
[Wider Market Context]
Gold Price: 1347.20, Gold RSI: 55.67
Oil Price: 66.52, Oil RSI: 59.55
[Recent News (last 7 days)]
Bitcoin exchange Coinbase is on a buying spree: The leading US cryptocurrency brokerage Coinbase, which has more funding ($225 million) and a bigger valuation (likely higher than $2 billion) than any other private bitcoin company, has bought Earn.com, which had the second-most funding ($121 million). Terms of the deal are not being publicly disclosed, butCoinDesk reportsthat it is worth around $120 million, which would fit with Earn’s total funding.
Earn.com CEOBalaji Srinivasan, who is also a board partner at Andreessen Horowitz, will join Coinbase as its CTO. (Re/code speculates that the entire acquisition isonly about Coinbase wanting to hire Srinivasan, though that may be a little unfair to what Earn.com has built.)
The acquisition comes just one month after Coinbase hired is first head of M&A,Emilie Choi from LinkedIn. Choi has wasted no time in getting acquisitive: in the past week Coinbase acquired Cipher Browser, a decentralized Ethereum browser and wallet, and now Earn.com, a service that helps people earn money for responding to emails and completing other online tasks.
Coinbase has in fact made a number of flashy new hires recently. In December, ithired former TD Ameritrade COO Asiff Hirjito be its COO. That month,Facebook Messenger chief David Marcus joined Coinbase’s board. In January, ithired Tina Bhatnagar, former VP of operations at Twitter, as its VP of operations. In March ithired Eric Scro, a former New York Stock Exchange exec, to be its VP of finance. In April ithired Rachael Horwitz, formerly in communications at Twitter and Facebook, as its VP of communications.
Earn has had aninteresting and circuitous path in the cryptocurrency industry. The company was originally called 21 Inc., and began as a hardware seller. Its first product was a $400 personal bitcoin computer (built atop a modified Raspberry Pi) meant for mining bitcoin or building applications on the bitcoin blockchain, like a store or game that takes payment in bitcoin. Srinivasan, at the time, told Yahoo Finance his goal was toput a bitcoin mining computer in people’s pockets, and eventually to bring the 21 software to mobile phones: “Every computer is now a bitcoin computer.”
But the company soon stopped selling its mining computer, and in 2017, itpivoted and changed its name to Earn.com. After setting up a freeEarn profile, users can receive bitcoin as a reward for completing certain tasks, like responding to unsolicited emails or filling out Earn.com research surveys. “We’ve built a positive-sum social network,” Srinivasan wrote in a blog post,“where every notification is an opportunity to earn money.”
Now Earn.comsays in its acquisition announcementthat paid email is, “one of the first truly useful applications of the blockchain,” and that now, as part of Coinbase, “We think we can prove that at scale.” Earn.com also shares that users sending unsolicited emails get a response rate of 30% to 70% (admittedly a wide data range) within 24 hours when they offer $1 to $10 incentives—much higher than a 1.7% response rateFastCompany got in 2014when it sent cold emails to executives.
Meanwhile, inCoinbase’s announcement of the acquisition, CEO Brian Armstrong raves that Srinivasan, “has become one of the most respected technologists in the crypto field and is considered one of the technology industry’s few true originalists.” He adds, “We’ll bedoubling down on the Earn business… they have built a paid email product that is arguably one of the earliest practical blockchain applications to achieve meaningful traction.”
After making two key acquisitions in just one week, expect more acquisitions from Coinbase in the very near future, as itpursues its extremely high ambition to be the Google of cryptocurrency.
—
Daniel Roberts covers bitcoin and blockchain at Yahoo Finance. Follow him on Twitter at @readDanwrite.
Read more:
Coinbase adds bitcoin cash
Lightning Labs CEO: We are back to a ‘bitcoin, not blockchain’ world
Chain CEO says private and public blockchains will converge
Blockchain CEO on ‘Just Hold’ mantra: ‘I don’t believe in that’
The 11 biggest names in crypto right now || Bitcoin exchange Coinbase is on a buying spree: The leading US cryptocurrency brokerage Coinbase, which has more funding ($225 million) and a bigger valuation (likely higher than $2 billion) than any other private bitcoin company, has bought Earn.com, which had the second-most funding ($121 million). Terms of the deal are not being publicly disclosed, butCoinDesk reportsthat it is worth around $120 million, which would fit with Earn’s total funding.
Earn.com CEOBalaji Srinivasan, who is also a board partner at Andreessen Horowitz, will join Coinbase as its CTO. (Re/code speculates that the entire acquisition isonly about Coinbase wanting to hire Srinivasan, though that may be a little unfair to what Earn.com has built.)
The acquisition comes just one month after Coinbase hired is first head of M&A,Emilie Choi from LinkedIn. Choi has wasted no time in getting acquisitive: in the past week Coinbase acquired Cipher Browser, a decentralized Ethereum browser and wallet, and now Earn.com, a service that helps people earn money for responding to emails and completing other online tasks.
Coinbase has in fact made a number of flashy new hires recently. In December, ithired former TD Ameritrade COO Asiff Hirjito be its COO. That month,Facebook Messenger chief David Marcus joined Coinbase’s board. In January, ithired Tina Bhatnagar, former VP of operations at Twitter, as its VP of operations. In March ithired Eric Scro, a former New York Stock Exchange exec, to be its VP of finance. In April ithired Rachael Horwitz, formerly in communications at Twitter and Facebook, as its VP of communications.
Earn has had aninteresting and circuitous path in the cryptocurrency industry. The company was originally called 21 Inc., and began as a hardware seller. Its first product was a $400 personal bitcoin computer (built atop a modified Raspberry Pi) meant for mining bitcoin or building applications on the bitcoin blockchain, like a store or game that takes payment in bitcoin. Srinivasan, at the time, told Yahoo Finance his goal was toput a bitcoin mining computer in people’s pockets, and eventually to bring the 21 software to mobile phones: “Every computer is now a bitcoin computer.”
But the company soon stopped selling its mining computer, and in 2017, itpivoted and changed its name to Earn.com. After setting up a freeEarn profile, users can receive bitcoin as a reward for completing certain tasks, like responding to unsolicited emails or filling out Earn.com research surveys. “We’ve built a positive-sum social network,” Srinivasan wrote in a blog post,“where every notification is an opportunity to earn money.”
Now Earn.comsays in its acquisition announcementthat paid email is, “one of the first truly useful applications of the blockchain,” and that now, as part of Coinbase, “We think we can prove that at scale.” Earn.com also shares that users sending unsolicited emails get a response rate of 30% to 70% (admittedly a wide data range) within 24 hours when they offer $1 to $10 incentives—much higher than a 1.7% response rateFastCompany got in 2014when it sent cold emails to executives.
Meanwhile, inCoinbase’s announcement of the acquisition, CEO Brian Armstrong raves that Srinivasan, “has become one of the most respected technologists in the crypto field and is considered one of the technology industry’s few true originalists.” He adds, “We’ll bedoubling down on the Earn business… they have built a paid email product that is arguably one of the earliest practical blockchain applications to achieve meaningful traction.”
After making two key acquisitions in just one week, expect more acquisitions from Coinbase in the very near future, as itpursues its extremely high ambition to be the Google of cryptocurrency.
—
Daniel Roberts covers bitcoin and blockchain at Yahoo Finance. Follow him on Twitter at @readDanwrite.
Read more:
Coinbase adds bitcoin cash
Lightning Labs CEO: We are back to a ‘bitcoin, not blockchain’ world
Chain CEO says private and public blockchains will converge
Blockchain CEO on ‘Just Hold’ mantra: ‘I don’t believe in that’
The 11 biggest names in crypto right now || Venezuela’s Bolivar Sees 454% Inflation in Q1 as Maduro Hawks the Petro: Runaway inflation continues to devalue the Venezuelan Bolivar (VEB), even as the country’s authoritarian government seeks to divert attention from the floundering economy by hawking its “Petro” cryptocurrency.
According toReuters, prices in Venezuela rose by 454 percent during the first quarter of 2018 and have swelled by 8,900 percent over the past 12 months.
Those numbers are from the opposition-controlled National Assembly and are largely in line with estimates from independent economists. Venezuela’s central bank, meanwhile, has not published official inflation data in more than two years.
This hyperinflation has left Venezuela on the brink of economic collapse, and residents are fleeing the country at an estimated rate of5,000 migrantsper day. By the end of the year, more than five percent of the country’s population — or 1.8 million people — will have left Venezuela.
But rather than address these problems, the government of what was once Latin America’s wealthiest country instead continues to sing the praises of the Petro, its new state-backed cryptocurrency.
President Nicolas Maduro has declared the Petro to be legal tender, and he has claimed that its initial coin offering (ICO) has raised more than $5 billion from investors across the globe. It even received the “Satoshi Nakamoto Prize” from the Russian Cryptocurrency and Blockchain Association, an award it received for reasons that are dubious at best.
Notably, though, the legislature has declared the Petro to be illegal, and many analysts continue todoubtthat it actually exists.
But even as Maduro touts the Petro as the solution for all of Venezuela’s ills, the country’s residents are turning to another cryptocurrency to secure their wealth amidst the turbulent economic backdrop: Bitcoin.
Data from peer-to-peer (P2P) cryptocurrency trading platform LocalBitcoins shows that VEB/BTC trading volume has steadily increased throughout 2018. During the second week of April, that trading pair saw 645 BTC in volume, which works out to roughly $5.1 million at the present exchange rate.
Featured image from Shutterstock.
The postVenezuela’s Bolivar Sees 454% Inflation in Q1 as Maduro Hawks the Petroappeared first onCCN. || Venezuelas Bolivar Sees 454% Inflation in Q1 as Maduro Hawks the Petro: Runaway inflation continues to devalue the Venezuelan Bolivar (VEB), even as the countrys authoritarian government seeks to divert attention from the floundering economy by hawking its Petro cryptocurrency. According to Reuters , prices in Venezuela rose by 454 percent during the first quarter of 2018 and have swelled by 8,900 percent over the past 12 months. Those numbers are from the opposition-controlled National Assembly and are largely in line with estimates from independent economists. Venezuelas central bank, meanwhile, has not published official inflation data in more than two years. This hyperinflation has left Venezuela on the brink of economic collapse, and residents are fleeing the country at an estimated rate of 5,000 migrants per day. By the end of the year, more than five percent of the countrys population or 1.8 million people will have left Venezuela. But rather than address these problems, the government of what was once Latin Americas wealthiest country instead continues to sing the praises of the Petro, its new state-backed cryptocurrency. President Nicolas Maduro has declared the Petro to be legal tender, and he has claimed that its initial coin offering (ICO) has raised more than $5 billion from investors across the globe. It even received the Satoshi Nakamoto Prize from the Russian Cryptocurrency and Blockchain Association, an award it received for reasons that are dubious at best. Notably, though, the legislature has declared the Petro to be illegal, and many analysts continue to doubt that it actually exists. But even as Maduro touts the Petro as the solution for all of Venezuelas ills, the countrys residents are turning to another cryptocurrency to secure their wealth amidst the turbulent economic backdrop: Bitcoin. venezuela Data from peer-to-peer (P2P) cryptocurrency trading platform LocalBitcoins shows that VEB/BTC trading volume has steadily increased throughout 2018. During the second week of April, that trading pair saw 645 BTC in volume, which works out to roughly $5.1 million at the present exchange rate. Featured image from Shutterstock. The post Venezuelas Bolivar Sees 454% Inflation in Q1 as Maduro Hawks the Petro appeared first on CCN . || Cloudera Stock Plunges After Earnings: What Investors Need to Know: Cloudera(NYSE: CLDR)investors were treated to a highly unpleasant 40% sell-off on April 4, after the big data specialist reported fourth-quarter 2018 earnings. While the quarter came in rather strong, guidance for the upcoming year completely whiffed, with management guiding for a huge deceleration in subscription revenue growth. That, combined with a forecast for continued operating losses and cash burn made investors run for the hills. Here's why things look rocky.
The fourth quarter actually came in fairly strong for Cloudera. Revenue was up 42% to $103.5 million, beating analyst estimates by almost $5 million, and non-GAAP earnings per share of negative $0.10 beat analyst expectations by $0.13. Even more impressive, core subscription revenue surged 50% in the quarter, and non-GAAP gross subscription margin expanded to 86%, 200 basis points higher than the year-ago quarter.
The net expansion rate, which is sort of like the software equivalent ofsame- store sales, was 136%, which means the average customer spent 36% more with Cloudera than in the year-ago period.
Cloudera's slowing growth has investors scared. Image source: Getty Images.
So what was the problem? All of those growth numbers are projected to slow down rapidly in the current year. For fiscal 2019, which ends Jan. 31, 2019, the company expects only 20% total revenue growth; 24% revenue subscription growth; non-GAAP net loss per share of ($0.62) to ($0.59); and continued cash burn of $35 million to $40 million. For a money-losing company, that kind of rapid decline in the growth rate (42% to 20%) is rather shocking, and resulted in the huge sell-off.
Cloudera management was adamant that the slowdown wasn't due to any erosion of the end market demand for its open-source big data analytics services, and did not mention any particular competitive pressures either. Rather, the company attributed the slowdown to a change in its sales force processes.
According to management, Cloudera's sales force has been more focused on landing new customers, rather than its larger, existing customers. In fact, the company exceeded its own targets for new customer acquisition in the fourth quarter, but these customers tended to be smaller, and without the potential expansion of the larger cohort. The company now claims that it is using its own big data technology to allocate its sales team toward the highest-return clients in the most promising industries, whether these be existing customers or new leads.
On that note, the company is looking for a new head of sales, and will be retraining its sales staff, and management also believes these process changes will contribute to the slowdown in the first half of the current year.
The explanation given by management is fairly concerning for several reasons. One, Cloudera has a "land and expand" business model, where I (and apparently others) had assumed that the bulk of Cloudera's sales force, which is the company's largest operating expense, was deployed toward landing, new customers, and that the expand would come from increased usage without much extra effort. Apparently, the "expand" part of the equation actually requires more sales and marketing than previously thought.
In addition, the slowing net expansion rate incorporates customerchurn, so a slowing expansion rate could mean customers are leaving for competitors. In contrast to Cloudera, competitor Hortonworks guided to30% growthin the coming year, significantly better than Cloudera's 20% projection, suggesting thatHortonworks(NASDAQ: HDP)and its new partner,IBM,maybe winning over Cloudera's customers (though this is not necessarily the case).
About nine months ago, I wrote that Hortonworks was abetter buythan Cloudera, as Hortonworks had just signed that new partnership deal with IBM, and Cloudera was more expensive on aprice-to-salesbasis at that time. Now, it looks as though Hortonworks is better-positioned and Cloudera's valuation has come down to roughly the same level as Hortonworks at 5.5 times sales.
Of course, Hortonworks stock dropped after Cloudera's report as well, but only about 5.8%, as fears about end-market demand seeped in. Still, I'm holding onto my Hortonworks shares for the moment, in case it's winning more share over Cloudera, and in case the market isas big as some believe.
Cloudera shareholders have reason to be concerned, whether the slowdown can be attributed to end-market demand or tougher competition.
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• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Billy Dubersteinowns shares of Hortonworks and IBM. His clients may own shares of some of the stocks mentioned. The Motley Fool is short shares of IBM. The Motley Fool has adisclosure policy. || Cloudera Stock Plunges After Earnings: What Investors Need to Know: Cloudera (NYSE: CLDR) investors were treated to a highly unpleasant 40% sell-off on April 4, after the big data specialist reported fourth-quarter 2018 earnings. While the quarter came in rather strong, guidance for the upcoming year completely whiffed, with management guiding for a huge deceleration in subscription revenue growth. That, combined with a forecast for continued operating losses and cash burn made investors run for the hills. Here's why things look rocky. Disappointing guidance The fourth quarter actually came in fairly strong for Cloudera. Revenue was up 42% to $103.5 million, beating analyst estimates by almost $5 million, and non-GAAP earnings per share of negative $0.10 beat analyst expectations by $0.13. Even more impressive, core subscription revenue surged 50% in the quarter, and non-GAAP gross subscription margin expanded to 86%, 200 basis points higher than the year-ago quarter. The net expansion rate, which is sort of like the software equivalent of same- store sales , was 136%, which means the average customer spent 36% more with Cloudera than in the year-ago period. man with hands on head staring at red stock market chart. Cloudera's slowing growth has investors scared. Image source: Getty Images. So what was the problem? All of those growth numbers are projected to slow down rapidly in the current year. For fiscal 2019, which ends Jan. 31, 2019, the company expects only 20% total revenue growth; 24% revenue subscription growth; non-GAAP net loss per share of ($0.62) to ($0.59); and continued cash burn of $35 million to $40 million. For a money-losing company, that kind of rapid decline in the growth rate (42% to 20%) is rather shocking, and resulted in the huge sell-off. What's going on? Cloudera management was adamant that the slowdown wasn't due to any erosion of the end market demand for its open-source big data analytics services, and did not mention any particular competitive pressures either. Rather, the company attributed the slowdown to a change in its sales force processes. Story continues According to management, Cloudera's sales force has been more focused on landing new customers, rather than its larger, existing customers. In fact, the company exceeded its own targets for new customer acquisition in the fourth quarter, but these customers tended to be smaller, and without the potential expansion of the larger cohort. The company now claims that it is using its own big data technology to allocate its sales team toward the highest-return clients in the most promising industries, whether these be existing customers or new leads. On that note, the company is looking for a new head of sales, and will be retraining its sales staff, and management also believes these process changes will contribute to the slowdown in the first half of the current year. Why this is bad The explanation given by management is fairly concerning for several reasons. One, Cloudera has a "land and expand" business model, where I (and apparently others) had assumed that the bulk of Cloudera's sales force, which is the company's largest operating expense, was deployed toward landing, new customers, and that the expand would come from increased usage without much extra effort. Apparently, the "expand" part of the equation actually requires more sales and marketing than previously thought. In addition, the slowing net expansion rate incorporates customer churn , so a slowing expansion rate could mean customers are leaving for competitors. In contrast to Cloudera, competitor Hortonworks guided to 30% growth in the coming year, significantly better than Cloudera's 20% projection, suggesting that Hortonworks (NASDAQ: HDP) and its new partner, IBM , may be winning over Cloudera's customers (though this is not necessarily the case). About nine months ago, I wrote that Hortonworks was a better buy than Cloudera, as Hortonworks had just signed that new partnership deal with IBM, and Cloudera was more expensive on a price-to-sales basis at that time. Now, it looks as though Hortonworks is better-positioned and Cloudera's valuation has come down to roughly the same level as Hortonworks at 5.5 times sales. Of course, Hortonworks stock dropped after Cloudera's report as well, but only about 5.8%, as fears about end-market demand seeped in. Still, I'm holding onto my Hortonworks shares for the moment, in case it's winning more share over Cloudera, and in case the market is as big as some believe . Cloudera shareholders have reason to be concerned, whether the slowdown can be attributed to end-market demand or tougher competition. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Billy Duberstein owns shares of Hortonworks and IBM. His clients may own shares of some of the stocks mentioned. The Motley Fool is short shares of IBM. The Motley Fool has a disclosure policy . || What Is Ether?: What Is Ether? Ether is the underlying token powering the Ethereum blockchain, but it serves a slightly different purpose than bitcoin does to the Bitcoin blockchain. Although ether is traded on public markets and has displayed price appreciation similar to bitcoin, they are quite different by design. Ether is not intended to be a unit of currency on a peer-to-peer payment network; rather, it acts as the fuel or gas that powers the Ethereum network. At the highest level, Ethereum is an open-source platform that runs smart contracts. When smart contracts are run on a blockchain, they become self-executing when certain conditions are met. The execution of smart contracts requires computational resources that must be paid for in some way: this is where ether comes in. Ether is the crypto-fuel allowing smart contracts to run. It provides the incentive for nodes to validate blocks on the Ethereum blockchain, which contains the smart contract code. Every time a block is validated, 5 ethers are created and awarded to the successful node. A new block is propagated roughly every 1517 seconds. Some nodes may find the correct solution to a block without having it included in the network. The Ethereum network rewards these nodes with 23 ethers. Individuals interacting with decentralized applications on the Ethereum platform will have to pay the network in ether for the use. Developers are incentivized to create these decentralized applications because they will be paid in ether for their work. Developers are also incentivized to write quality applications because wasteful applications will be more expensive and likely will not be used as frequently as better alternatives. Using this information, the narrative around ether becomes more clear. Its final use will most likely be abstracted by basic button clicking, but assuming Ethereum becomes widely used, ether will be rapidly moving between users and miners. Its value is directly tied to the use of the Ethereum blockchain. Story continues Is Ether Inflationary? The total supply of ether is not capped like the total supply of bitcoin. 60 million ether were created during the initial crowdsale, 12 million of which went to early backers and the Ethereum Foundation. Most of the money raised will be used to fund future development initiatives. Ethers issuance model is unique in that it does not emphasize deflation like most other popular cryptographic assets. Initially, issuance of ether was capped at 18 million per year, which is 25 percent of the initial supply raised in the crowdsale. But more recently, Vitalik Buterin said that issuance levels will be contingent on security rather than a predetermined schedule. Although this rate is fixed each year, the monetary inflation rate actually decreases every year, making ether a disinflationary currency. Disinflation occurs when the rate of inflation shrinks over time. Ether is expected to be lost each year because some users may forget their private keys, some may pass away without transmitting their private keys, and some may send ether to an address without a corresponding private key. As the network grows, it is expected that the annual rate of ether lost will equal the annual issuance rate. The hope is that ether will be deflationary in 2140, around the same time that Bitcoin ceases issuing new coins. For an in-depth analysis of Ethereums issuance model, read Joseph Lubins piece . These calculations are not set in stone. Ethereum is expected to switch its consensus algorithm from proof of work to proof of stake, which in theory is supposed to be more efficient and require a smaller mining reward. This change has produced some uncertainty within the ecosystem. The Ethereum Foundation is currently researching potential monetary effects and claims that all changes to the network will be handled by smart contracts, as opposed to individuals who may have ulterior motives. This article originally appeared on Bitcoin Magazine . || What Is Ether?: Ether is the underlying token powering the Ethereum blockchain, but it serves a slightly different purpose than bitcoin does to the Bitcoin blockchain. Although ether is traded on public markets and has displayed price appreciation similar to bitcoin, they are quite different by design. Ether is not intended to be a unit of currency on a peer-to-peer payment network; rather, it acts as the “fuel” or “gas” that powers the Ethereum network.
At the highest level, Ethereum is an open-source platform that runs smart contracts. When smart contracts are run on a blockchain, they become self-executing when certain conditions are met. The execution of smart contracts requires computational resources that must be paid for in some way: this is where ether comes in.
Ether is the crypto-fuel allowing smart contracts to run. It provides the incentive for nodes to validate blocks on the Ethereum blockchain, which contains the smart contract code. Every time a block is validated, 5 ethers are created and awarded to the successful node. A new block is propagated roughly every 15–17 seconds. Some nodes may find the correct solution to a block without having it included in the network. The Ethereum network rewards these nodes with 2–3 ethers.
Individuals interacting with decentralized applications on the Ethereum platform will have to pay the network in ether for the use. Developers are incentivized to create these decentralized applications because they will be paid in ether for their work. Developers are also incentivized to write quality applications because wasteful applications will be more expensive and likely will not be used as frequently as better alternatives.
Using this information, the narrative around ether becomes more clear. Its final use will most likely be abstracted by basic button clicking, but assuming Ethereum becomes widely used, ether will be rapidly moving between users and miners. Its value is directly tied to the use of the Ethereum blockchain.
The total supply of ether is not capped like the total supply of bitcoin. 60 million ether were created during the initial crowdsale, 12 million of which went to early backers and the Ethereum Foundation. Most of the money raised will be used to fund future development initiatives.
Ether’s issuance model is unique in that it does not emphasize deflation like most other popular cryptographic assets. Initially, issuance of ether was capped at 18 million per year, which is 25 percent of the initial supply raised in the crowdsale. But more recently, Vitalik Buterin said that issuance levels will be contingent on security rather than a predetermined schedule. Although this rate is fixed each year, the monetary inflation rate actually decreases every year, making ether a disinflationary currency. Disinflation occurs when the rate of inflation shrinks over time.
Ether is expected to be lost each year because some users may forget their private keys, some may pass away without transmitting their private keys, and some may send ether to an address without a corresponding private key. As the network grows, it is expected that the annual rate of ether lost will equal the annual issuance rate. The hope is that ether will be deflationary in 2140, around the same time that Bitcoin ceases issuing new coins. For an in-depth analysis of Ethereum’s issuance model, read Joseph Lubin’spiece.
These calculations are not set in stone. Ethereum is expected to switch its consensus algorithm from proof of work to proof of stake, which in theory is supposed to be more efficient and require a smaller mining reward. This change has produced some uncertainty within the ecosystem. The Ethereum Foundation is currently researching potential monetary effects and claims that all changes to the network will be handled by smart contracts, as opposed to individuals who may have ulterior motives.
This article originally appeared onBitcoin Magazine. || What Happened in the Stock Market Today: Stocks gained broadly on Monday in advance of earnings reports. TheDow Jones Industrial Average(DJINDICES: ^DJI)and theS&P 500(SNPINDEX: ^GSPC)both added almost a percentage point.
[{"Index": "Dow", "Percentage Change": "0.87%", "Point Change": "212.90"}, {"Index": "S&P 500", "Percentage Change": "0.81%", "Point Change": "21.54"}]
Data source: Yahoo! Finance.
Basic materials and utilities performed well. TheMaterials Select Sector SPDR ETF(NYSEMKT: XLB)climbed 1.3% and theVanguard Utilities ETF(NYSEMKT: VPU)rose 1.4%.
As for individual stocks, two companies that released cancer drug trial results at the American Association for Cancer Research annual meeting could claim success, but the market sent their shares in opposite directions. WhileMerck(NYSE: MRK)made gains,Bristol-Myers Squibb(NYSE: BMY)tumbled.
Image source: Getty Images.
Merck scored a big win for its blockbuster anti-PD-1 cancer drug Keytruda when it announced stellar results in a trial in first-line lung cancer treatment, sending the stock up 2.6%. The company reported that its phase 3 Keynote-189 study showed that Keytruda combined with chemotherapy reduced the risk of death by half in patients with advanced nonsquamous non-small cell lung cancer (NSCLC) compared with chemotherapy alone.
The study of 616 untreated patients showed a 51% reduction in the risk of death at 10.5 months, with 69.2% of patients alive after 12 months, compared with 49.4% in the group with chemotherapy alone. The median for progression-free survival, a measure of tumor growth inhibition, was 8.8 months for the Keytruda combination, compared with 4.9 months for chemotherapy alone.
Possibly the most meaningful result of the study was that benefits were observed regardless of the level of expression of the PD-L1 protein. Keytruda has been approved as a single agent for first-line NSCLC treatment in patients with high PD-L1, and was given fast track approval for the drug in combination with chemotherapy for all patients based on results from a smaller, phase 2 study, contingent on further confirmation, which the latest study appears to provide.
Merck is battlingfor the top share position in the lucrative market for first-line treatment of lung cancer, and today's results should help win over doctors who may have hesitated to prescribe Keytruda based on results from the smaller study.
Bristol-Myers Squibb released initial results of a successful trial of a combination of its cancer drugs Opdivo and Yervoy in first-line treatment of NSCLC, but investors inevitably compared the trial with Merck's and concluded that Bristol-Myers' trial wasn't as compelling, and the stock tumbled 7.8%.
The Checkmate-227 study compared the Opdivo and Yervoy combination with chemotherapy in NSCLC patients with high tumor mutational burden (TMB). The one-year progression-free survival rate for the combination was more than triple that of chemotherapy (43% compared with 13%). The overall response rate for the combination was 45.3%, while it was only 26.9% for the chemo arm. The benefits were also long-lasting, with 68% of the responders having ongoing response at the one-year mark, compared with 25% with chemotherapy. Regarding mortality, Bristol-Myers said, "Additionally, based on an early descriptive analysis, encouraging overall survival was observed with the combination versus chemotherapy in patients with high TMB."
The study was clearly a success, but coming the same day as Merck's presentation on a treatment for the same disease, the market was looking for the winner and clearly Bristol was not it. The Opdivo/Yervoy study was more narrow, looking at patients who tested high for TMB, and the mortality results lacked the impact of the Keytruda study. But with the studies designed for different purposes, the comparison wasn't really fair, and it would be impossible to conclude which drugs are superior from these two studies.
That didn't stop the market from weighing in, though. Investors clearly took today's news as evidence that Merck's Keytruda could continue togain market shareat Bristol-Myers's expense.
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Jim Crumlyhas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || What Happened in the Stock Market Today: Stocks gained broadly on Monday in advance of earnings reports. The Dow Jones Industrial Average (DJINDICES: ^DJI) and the S&P 500 (SNPINDEX: ^GSPC) both added almost a percentage point. Today's stock market Index Percentage Change Point Change Dow 0.87% 212.90 S&P 500 0.81% 21.54 Data source: Yahoo! Finance. Basic materials and utilities performed well. The Materials Select Sector SPDR ETF (NYSEMKT: XLB) climbed 1.3% and the Vanguard Utilities ETF (NYSEMKT: VPU) rose 1.4%. As for individual stocks, two companies that released cancer drug trial results at the American Association for Cancer Research annual meeting could claim success, but the market sent their shares in opposite directions. While Merck (NYSE: MRK) made gains, Bristol-Myers Squibb (NYSE: BMY) tumbled. Cartoon people and upward graph. Image source: Getty Images. Merck's Keytruda cuts lung cancer death risk in half Merck scored a big win for its blockbuster anti-PD-1 cancer drug Keytruda when it announced stellar results in a trial in first-line lung cancer treatment, sending the stock up 2.6%. The company reported that its phase 3 Keynote-189 study showed that Keytruda combined with chemotherapy reduced the risk of death by half in patients with advanced nonsquamous non-small cell lung cancer (NSCLC) compared with chemotherapy alone. The study of 616 untreated patients showed a 51% reduction in the risk of death at 10.5 months, with 69.2% of patients alive after 12 months, compared with 49.4% in the group with chemotherapy alone. The median for progression-free survival, a measure of tumor growth inhibition, was 8.8 months for the Keytruda combination, compared with 4.9 months for chemotherapy alone. Possibly the most meaningful result of the study was that benefits were observed regardless of the level of expression of the PD-L1 protein. Keytruda has been approved as a single agent for first-line NSCLC treatment in patients with high PD-L1, and was given fast track approval for the drug in combination with chemotherapy for all patients based on results from a smaller, phase 2 study, contingent on further confirmation, which the latest study appears to provide. Story continues Merck is battling for the top share position in the lucrative market for first-line treatment of lung cancer, and today's results should help win over doctors who may have hesitated to prescribe Keytruda based on results from the smaller study. Investors not so impressed with Bristol-Myers Squibb's drug trial success Bristol-Myers Squibb released initial results of a successful trial of a combination of its cancer drugs Opdivo and Yervoy in first-line treatment of NSCLC, but investors inevitably compared the trial with Merck's and concluded that Bristol-Myers' trial wasn't as compelling, and the stock tumbled 7.8%. The Checkmate-227 study compared the Opdivo and Yervoy combination with chemotherapy in NSCLC patients with high tumor mutational burden (TMB). The one-year progression-free survival rate for the combination was more than triple that of chemotherapy (43% compared with 13%). The overall response rate for the combination was 45.3%, while it was only 26.9% for the chemo arm. The benefits were also long-lasting, with 68% of the responders having ongoing response at the one-year mark, compared with 25% with chemotherapy. Regarding mortality, Bristol-Myers said, "Additionally, based on an early descriptive analysis, encouraging overall survival was observed with the combination versus chemotherapy in patients with high TMB." The study was clearly a success, but coming the same day as Merck's presentation on a treatment for the same disease, the market was looking for the winner and clearly Bristol was not it. The Opdivo/Yervoy study was more narrow, looking at patients who tested high for TMB, and the mortality results lacked the impact of the Keytruda study. But with the studies designed for different purposes, the comparison wasn't really fair, and it would be impossible to conclude which drugs are superior from these two studies. That didn't stop the market from weighing in, though. Investors clearly took today's news as evidence that Merck's Keytruda could continue to gain market share at Bristol-Myers's expense. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Jim Crumly has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || Tesla Model 3 Production Rate: 3,000 Units Per Week?: Electric-car maker Tesla 's (NASDAQ: TSLA) Model 3 production stumbled out of the gate , with the automaker significantly missing its first targets. Initially, Tesla was aiming to wrap up 2017 producing Model 3 at an average rate of 5,000 units per week. Instead, Tesla produced just 2,425 Model 3 units during its entire fourth quarter. Further, Tesla finished the year with a weekly production run rate of only about 1,000 Model 3s. But Tesla recently proved its Model 3 production was gaining momentum when the automaker said it was producing Model 3 at a rate of 2,000 units per week earlier this month. And now Bloomberg's Model 3 Tracker suggests production has exploded to about 3,000 units per week, putting Tesla well on its way to achieving its revised target of a production rate of 5,000 Model 3 units per week in just a few months. General assembly of Tesla vehicles at Tesla's factory in Fremont, California. Tesla factory. Image source: author. 3,000 units per week and beyond Bloomberg's Model 3 Tracker, which uses Vehicle Identification Numbers (VINs) to forecast Tesla's weekly production rate, currently estimates weekly Model 3 production at 2,998 vehicles per week. This is particularly notable given that the model likely lags Tesla's actual production rate by as much as a few weeks. In addition, it was only two weeks ago when Tesla said it had achieved a production rate of 2,000 units per week, so this would mark a significant jump in a very short period of time. But here's where things really get interesting. Bloomberg's trend feature for its Model 3 Tracker, which provides a three-week projection based on the most recent data, is currently forecasting a weekly production rate of nearly 4,000 Model 3 vehicles. Bloomberg, however, is careful to warn that its trend estimates "are subject to sudden corrections. If Tesla doesn't maintain the surge, we could see those estimated Trend rates suddenly plummet in the coming weeks." To highlight how significant a production rate of 3,000 Model 3 units per week would be, this extrapolates to 39,000 Model 3s per quarter and 156,000 Model 3s per year. In 2017, Tesla produced just over 100,000 Model S, X, and 3 combined . Of course, Tesla will need a much faster production rate to get to its eventual goal of producing about 500,000 Model 3 vehicles per year, but Bloomberg's Model 3 tracker gives investors a promising sign that Tesla's Model 3 ramp-up is gaining significant traction. Tesla was underrating humans Tesla's sudden jump in Model 3 production follows a challenging period when the company faced some production bottlenecks, namely in its battery module assembly. Tesla said in its fourth-quarter shareholder letter that it was addressing bottlenecks with more manual production from human labor -- a method Tesla CEO Elon Musk found surprisingly effective. Story continues And then we have what we call a semiautomatic line, which is a series of small automated stations manned by people. And they've actually been remarkably effective. It has sort of renewed my faith in humanity that the rapid evolution of progress and the ability of people to adapt rapidly has -- is quite remarkable. Our semiautomatic -- our sort of semi-manual, semiautomatic line is exceeding all 3 of the automatic lines right now. Musk was even more blunt about how Tesla erred in trying to over-automate Model 3 production in a tweet last week when he said, "[E]excessive automation at Tesla was a mistake. To be precise, my mistake. Humans are underrated." Tesla vehicle production. Image source: author. Tesla factory. Image source: author. Investors won't likely get an official update on Model 3 production until Tesla releases its quarterly update on deliveries and production, which should go live a few days after the electric-car company's second quarter ends. But Musk's forecast last week for profitability and positive cash flow in both the third and fourth quarter suggests the sharp upward trend shown in Bloomberg's Model 3 Tracker is likely not too far from reality. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Daniel Sparks owns shares of Tesla. The Motley Fool owns shares of and recommends Tesla. The Motley Fool has a disclosure policy . View comments || Tesla Model 3 Production Rate: 3,000 Units Per Week?: Electric-car makerTesla's(NASDAQ: TSLA)Model 3 productionstumbled out of the gate, with the automaker significantly missing its first targets. Initially, Tesla was aiming to wrap up 2017 producing Model 3 at an average rate of 5,000 units per week. Instead, Tesla produced just 2,425 Model 3 units during its entire fourth quarter. Further, Tesla finished the year with a weekly production run rate of only about 1,000 Model 3s.
But Tesla recently proved its Model 3 production was gaining momentum when the automaker said it was producing Model 3 at a rate of2,000 units per weekearlier this month. And now Bloomberg'sModel 3 Trackersuggests production has exploded to about 3,000 units per week, putting Tesla well on its way to achieving its revised target of a production rate of 5,000 Model 3 units per week in just a few months.
Tesla factory. Image source: author.
Bloomberg's Model 3 Tracker, which uses Vehicle Identification Numbers (VINs) to forecast Tesla's weekly production rate, currently estimates weekly Model 3 production at 2,998 vehicles per week. This is particularly notable given that the model likelylags Tesla's actual production rateby as much as a few weeks. In addition, it was only two weeks ago when Tesla said it had achieved a production rate of 2,000 units per week, so this would mark a significant jump in a very short period of time.
But here's where things really get interesting. Bloomberg's trend feature for its Model 3 Tracker, which provides a three-week projection based on the most recent data, is currently forecasting a weekly production rate of nearly 4,000 Model 3 vehicles. Bloomberg, however, is careful to warn that its trend estimates "are subject to sudden corrections. If Tesla doesn't maintain the surge, we could see those estimated Trend rates suddenly plummet in the coming weeks."
To highlight how significant a production rate of 3,000 Model 3 units per week would be, this extrapolates to 39,000 Model 3s per quarter and 156,000 Model 3s per year. In 2017, Tesla produced just over 100,000 Model S, X, and 3combined.
Of course, Tesla will need a much faster production rate to get to its eventual goal of producing about 500,000 Model 3 vehicles per year, but Bloomberg's Model 3 tracker gives investors a promising sign that Tesla's Model 3 ramp-up is gaining significant traction.
Tesla's sudden jump in Model 3 production follows a challenging period when the company faced some production bottlenecks, namely in its battery module assembly. Tesla said in its fourth-quarter shareholder letter that it was addressing bottlenecks with more manual production from human labor -- a method Tesla CEO Elon Musk found surprisingly effective.
And then we have what we call a semiautomatic line, which is a series of small automated stations manned by people. And they've actually been remarkably effective. It has sort of renewed my faith in humanity that the rapid evolution of progress and the ability of people to adapt rapidly has -- is quite remarkable. Our semiautomatic -- our sort of semi-manual, semiautomatic line is exceeding all 3 of the automatic lines right now.
Musk was even more blunt about how Tesla erred in trying to over-automate Model 3 production in a tweet last week when he said, "[E]excessive automation at Tesla was a mistake. To be precise, my mistake. Humans are underrated."
Tesla factory. Image source: author.
Investors won't likely get an official update on Model 3 production until Tesla releases its quarterly update on deliveries and production, which should go live a few days after the electric-car company's second quarter ends. But Musk's forecast last week forprofitability and positive cash flow in both the third and fourth quartersuggests the sharp upward trend shown in Bloomberg's Model 3 Tracker is likely not too far from reality.
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Daniel Sparksowns shares of Tesla. The Motley Fool owns shares of and recommends Tesla. The Motley Fool has adisclosure policy. || Desi Linden Waited for Her Competitor to Use the Bathroom. But She Still Won the 2018 Boston Marathon: Battling rain, wind and cold, two-time Olympian Desiree Linden became the first American woman to win theBoston Marathonsince 1985.
Linden, who goes by “Desi,” crossed the finish line at the 2018 Boston Marathon Monday with a time of 2:39:54, despite the unseasonably harsh weather.
An American, Sarah Sellers, came in second, and U.S. women came in fourth through sixth, nabbing five out of the top six finishes. The big finishes for American athletes come five years after theBoston Marathon bombing, which killed three people and left hundreds injured including runners and spectators of the race.
Last year, Linden came in fourth at the Boston Marathon, and in 2011, she came in second, nearly missing a first-place finish.
During this year’s Boston Marathon -- even before her win -- Linden made headlines for stalling to wait for fellow American Shalane Flanagan, who had to stop and duck into a port-a-potty towards the beginning of the race. Flanagan, who won theNew York Marathon in 2017, placed sixth in Monday’s Boston Marathon.
In 1985, Lisa Larsen Weidenbach won the Boston Marathon. That 1985 race was one year before prize money started being awarded to winners, according toNBC Sports, an incentive for more runners around the world to take part in the marathon.
See original article on Fortune.com
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• How to Watch the Pyeongchang 2018 Winter Olympics on TV and Online || Desi Linden Waited for Her Competitor to Use the Bathroom. But She Still Won the 2018 Boston Marathon: Battling rain, wind and cold, two-time Olympian Desiree Linden became the first American woman to win the Boston Marathon since 1985. Linden, who goes by “Desi,” crossed the finish line at the 2018 Boston Marathon Monday with a time of 2:39:54, despite the unseasonably harsh weather. #Boston2018 Top Women's Times (1/2): 1. @des_linden 2:39:54 2. Sarah Sellers 2:44:04 3. Krista Duchene 2:44:20 4. Rachel Hyland 2:44:29 5. Jessica Chichester 2:45:23 — Boston Marathon (@bostonmarathon) April 16, 2018 Absolutely incredible. Desi Linden first American woman to win the #BostonMarathon in 33 years!!!! pic.twitter.com/fpfsKdCkcX — Abbey Niezgoda NBC10 Boston (@AbbeyNBCBoston) April 16, 2018 An American, Sarah Sellers, came in second, and U.S. women came in fourth through sixth, nabbing five out of the top six finishes. The big finishes for American athletes come five years after the Boston Marathon bombing , which killed three people and left hundreds injured including runners and spectators of the race. Story continues The moment Des Linden made the move and got out front The call with @LisaWBZ @LevanReid @KVSwitzer #WBZ #BostonMarathon pic.twitter.com/7w3wodAUKX — Jessi Miller Bradley (@JessiWBZ) April 16, 2018 Last year, Linden came in fourth at the Boston Marathon, and in 2011, she came in second, nearly missing a first-place finish. During this year’s Boston Marathon -- even before her win -- Linden made headlines for stalling to wait for fellow American Shalane Flanagan, who had to stop and duck into a port-a-potty towards the beginning of the race. Flanagan, who won the New York Marathon in 2017 , placed sixth in Monday’s Boston Marathon. In record cold temps, Desi Linden's #Bostonmarathon : -Waited back for her countrywoman, Shalane Flanagan to take a bathroom break -Caught back up to the pack -Won the race in an unofficial time of 2:39:54, becoming the first American woman to win since 1985. Boom. — Malika Andrews (@malika_andrews) April 16, 2018 Shalane Flangagan, who won NYC Marathon in Nov and is aiming to win her hometown Boston Marathon, stops in a porta potty about midway through the race. Fellow American Desi Linden lags behind to help her rejoin the lead pack. — Sara Germano (@germanotes) April 16, 2018 In 1985, Lisa Larsen Weidenbach won the Boston Marathon. That 1985 race was one year before prize money started being awarded to winners, according to NBC Sports , an incentive for more runners around the world to take part in the marathon. See original article on Fortune.com More from Fortune.com DraftKings' First Investor: 'You'll See DraftKings as a Public Company' Billionaire Tom Benson, Longtime Owner of the New Orleans Saints, Dead at 90 Mark Cuban Denies Sexual Assault Allegation U.S. Olympians Request Bitcoin to Fund Gold Medal Dreams How to Watch the Pyeongchang 2018 Winter Olympics on TV and Online || Better Buy: Enbridge Inc vs. Magellan Midstream Partners, L.P.: This year has been a tough one for pipeline stocks, with even top-tier namesEnbridge(NYSE: ENB)andMagellan Midstream Partners(NYSE: MMP)sharply selling off due to a variety of worries. Shares of Canadian oil pipeline giant Enbridge have tumbled 18% since the start of the year while units of oil and refined productsmaster limited partnershipMagellan have declined more than 12%. Those sell-offs came even though both companies reported solid results to end 2017 and expect cash flow to head higher in 2018.
While the lower prices make both pipeline companies more attractive to income seekers, one clearly stands out as the better buy right now.
Image source: Getty Images.
One of the most important factors to consider when comparing two companies is their financial situation. However, in the case of Enbridge and Magellan Midstream Partners, both boast solid financial profiles.
[{"Company": "Enbridge", "Dividend Yield": "6.7%", "Credit Rating": "BBB+/BBB/Baa2", "Debt-to-AdjustedEBITDA": "More than 5.0 times", "Projected 2018 Dividend Payout Ratio": "About 65%", "% of Cash Flow Fee-Based or Regulated": "96%"}, {"Company": "Magellan Midstream Partners", "Dividend Yield": "5.9%", "Credit Rating": "BBB+/Baa1", "Debt-to-AdjustedEBITDA": "Less than 4.0 times", "Projected 2018 Dividend Payout Ratio": "About 80%", "% of Cash Flow Fee-Based or Regulated": "More than 85%"}]
Data source: Enbridge and Magellan Midstream Partners.
In this case, though, Magellan has a slight edge since it has a lower leverage ratio and one of the best credit ratings among MLPs. Enbridge's leverage ratio, on the other hand, is elevated at the moment because the company is building 22 billion Canadian dollars ($17.5 billion) in expansion projects. It's also working to address that concern by planning to sell CA$3 billion ($2.4 billion) of assets in 2018, which should get leverage down to its target level of 5.0 times debt to EBITDA by year-end. Meanwhile, the incremental earnings from its current slate of expansions should push leverage down to an even more comfortable 4.5 times by 2020.
It's also worth noting that Enbridge gets a much larger percentage of its earnings from predictable sources like fee-based contracts and it pays out a smaller portion of cash flow to support its lucrative dividend. However, in an industry where investors highly value having strong credit, Magellan scores the point in this round.
Enbridge might not have the best credit in the industry, but it's strong enough to help fund one of the largest backlogs of expansion projects in the sector. Those growth projects position the company to increase cash flow per share at a 10% compound annual growth rate through 2020, which should enable the pipeline giant toraise its already high-yielding dividend at a similar pace. While that's not the fastest dividend growth rate in the sector, it's above the 9% average of its peer group.
Magellan Midstream, on the other hand, expects to grow its payout at a below average rate. The company currently forecasts an 8% distribution increase this year, followed by 5% to 8% annual increases in 2019 and 2020.
Enbridge's faster-paced growth through 2020 is a difference maker. That's because investors who buy its stock now stand to earn a much higher yield on that initial investment over the next three years, and that's even if we assume Magellan increases its payout at the high end of its guidance range.
[{"Company": "Enbridge", "Implied Yield in 2018": "6.7%", "Implied Yield in 2019": "7.4%", "Implied Yield in 2020": "8.1%"}, {"Company": "Magellan Midstream", "Implied Yield in 2018": "6.2%", "Implied Yield in 2019": "6.7%", "Implied Yield in 2020": "7.3%"}]
Data source: Magellan Midstream and Enbridge.
It's also worth pointing out that investors will collect that larger income stream even as Enbridge only pays out about 65% of its cash flow each year while Magellan's payout will consume around 80% of its annual cash flow.
Typically, faster-growing companies like Enbridge trade at a premium valuation versus slower growing rivals like Magellan. However, that's not the case here. Enbridge currently sells for about 9.3 times distributable cash flow, which is well below the 11.9 times average of its pipeline peers. Magellan Midstream, meanwhile, trades at a premium value to both Enbridge and its peer group at around 14 times cash flow. While Magellan does have a lower leverage ratio than Enbridge and most other rivals, that's not enough to justify such a large premium.
Enbridge is one of the cheapest pipeline stocks around these days. Add that bargain-basement price to its improving financial profile and stronger growth prospects, and it's a no-brainer buy over Magellan right now. Not only should it supply more income to investors over the next three years, but it could potentially deliver a much higher total return if its valuation reverts closer to the peer group average.
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Matthew DiLalloowns shares of Enbridge. The Motley Fool owns shares of and recommends Enbridge. The Motley Fool recommends Magellan Midstream Partners. The Motley Fool has adisclosure policy. || Better Buy: Enbridge Inc vs. Magellan Midstream Partners, L.P.: This year has been a tough one for pipeline stocks, with even top-tier names Enbridge (NYSE: ENB) and Magellan Midstream Partners (NYSE: MMP) sharply selling off due to a variety of worries. Shares of Canadian oil pipeline giant Enbridge have tumbled 18% since the start of the year while units of oil and refined products master limited partnership Magellan have declined more than 12%. Those sell-offs came even though both companies reported solid results to end 2017 and expect cash flow to head higher in 2018. While the lower prices make both pipeline companies more attractive to income seekers, one clearly stands out as the better buy right now. Bright yellow blocks spelling out the word buy in red letters, while resting on a man's right hand. Image source: Getty Images. Drilling down into their balance sheets One of the most important factors to consider when comparing two companies is their financial situation. However, in the case of Enbridge and Magellan Midstream Partners, both boast solid financial profiles. Company Dividend Yield Credit Rating Debt-to-Adjusted EBITDA Projected 2018 Dividend Payout Ratio % of Cash Flow Fee-Based or Regulated Enbridge 6.7% BBB+/BBB/Baa2 More than 5.0 times About 65% 96% Magellan Midstream Partners 5.9% BBB+/Baa1 Less than 4.0 times About 80% More than 85% Data source: Enbridge and Magellan Midstream Partners. In this case, though, Magellan has a slight edge since it has a lower leverage ratio and one of the best credit ratings among MLPs. Enbridge's leverage ratio, on the other hand, is elevated at the moment because the company is building 22 billion Canadian dollars ($17.5 billion) in expansion projects. It's also working to address that concern by planning to sell CA$3 billion ($2.4 billion) of assets in 2018, which should get leverage down to its target level of 5.0 times debt to EBITDA by year-end. Meanwhile, the incremental earnings from its current slate of expansions should push leverage down to an even more comfortable 4.5 times by 2020. Story continues It's also worth noting that Enbridge gets a much larger percentage of its earnings from predictable sources like fee-based contracts and it pays out a smaller portion of cash flow to support its lucrative dividend. However, in an industry where investors highly value having strong credit, Magellan scores the point in this round. A look at their growth prospects Enbridge might not have the best credit in the industry, but it's strong enough to help fund one of the largest backlogs of expansion projects in the sector. Those growth projects position the company to increase cash flow per share at a 10% compound annual growth rate through 2020, which should enable the pipeline giant to raise its already high-yielding dividend at a similar pace . While that's not the fastest dividend growth rate in the sector, it's above the 9% average of its peer group. Magellan Midstream, on the other hand, expects to grow its payout at a below average rate. The company currently forecasts an 8% distribution increase this year, followed by 5% to 8% annual increases in 2019 and 2020. Enbridge's faster-paced growth through 2020 is a difference maker. That's because investors who buy its stock now stand to earn a much higher yield on that initial investment over the next three years, and that's even if we assume Magellan increases its payout at the high end of its guidance range. Company Implied Yield in 2018 Implied Yield in 2019 Implied Yield in 2020 Enbridge 6.7% 7.4% 8.1% Magellan Midstream 6.2% 6.7% 7.3% Data source: Magellan Midstream and Enbridge. It's also worth pointing out that investors will collect that larger income stream even as Enbridge only pays out about 65% of its cash flow each year while Magellan's payout will consume around 80% of its annual cash flow. There's cheap, and then there's this Typically, faster-growing companies like Enbridge trade at a premium valuation versus slower growing rivals like Magellan. However, that's not the case here. Enbridge currently sells for about 9.3 times distributable cash flow, which is well below the 11.9 times average of its pipeline peers. Magellan Midstream, meanwhile, trades at a premium value to both Enbridge and its peer group at around 14 times cash flow. While Magellan does have a lower leverage ratio than Enbridge and most other rivals, that's not enough to justify such a large premium. It's not even close Enbridge is one of the cheapest pipeline stocks around these days. Add that bargain-basement price to its improving financial profile and stronger growth prospects, and it's a no-brainer buy over Magellan right now. Not only should it supply more income to investors over the next three years, but it could potentially deliver a much higher total return if its valuation reverts closer to the peer group average. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Matthew DiLallo owns shares of Enbridge. The Motley Fool owns shares of and recommends Enbridge. The Motley Fool recommends Magellan Midstream Partners. The Motley Fool has a disclosure policy . || Crypto Investor Ian Balina Hacked for Millions in Ether During Livestream: Notable cryptocurrency investor and Youtube influencer Ian Balina ended a livestreamed ICO review last night when he realized he was being hacked. Balina seemed to realize something was amiss when he was required to sign back into Google to save changes to the spreadsheet he was using, saying “I have to get going” and ending the stream. Balina took to social media to ask for the support of his followers in tracing over $2 million worth of cryptocurrency being moved from his Etherscan wallets . He said he didn’t care about the money, and just wanted to catch the person or people responsible. Crypto Family, I need you now more than ever. I ended today's live stream b/c I am being hacked. I'm not worried about the money. I learned my lesson. I only care about catching the hacker. Please email any information to [email protected]. Thank you all the support. $ETH $BTC — Ian Balina (@DiaryofaMadeMan) April 16, 2018 Security Breaches There were a number of vulnerabilities in Balina’s security which he admits were the cause of the hack. His main email account was backed up by an old college email account, long-since abandoned. In the event of Balina losing the password to his account, the college account could be used to reset the password. Hackers discovered this account and accessed it, using it to reset the password and access the main account where they came across the second major security breach. Balina stored the personal and public keys he needed to access his digital assets on popular cloud storage program Evernote, secured with password protection. Having accessed the main email, it was a simple matter of resetting the Evernote password and gaining access to millions of dollars worth of cryptocurrency. Balina recalls receiving a message about his college account being targeted, saying “I remember getting an email about it being compromised and tried to follow up with my college security to get it resolved, but wasn’t able to get it handled in a fast manner and gave up on it thinking it was just an old email.” Story continues The hack came days after Balina shared his portfolio on Twitter, which may have incited hackers to target him. Portfolio snapshot. – Catch more of stories on Instagram at @diaryofamademan . pic.twitter.com/xGsHK1RWgj — Ian Balina (@DiaryofaMadeMan) April 12, 2018 The timing of the hack coming days before the US tax filing deadline has also lead to suspicions that Balina is actually inventing the hack in an effort to avoid paying taxes, while others doubt that such a move would be effective. Balina is a notable investor who reportedly turned a $90,000 investment into $4 million , and has amassed a considerable online following with well over 100 thousand followers on both Youtube and Twittter. The security lapse has lead to wider discussion around whether other cryptocurrency users are storing their keys securely, and may in turn lead to extra precautions being taken by other investors. Featured image from Shutterstock. The post Crypto Investor Ian Balina Hacked for Millions in Ether During Livestream appeared first on CCN . || Crypto Investor Ian Balina Hacked for Millions in Ether During Livestream: Notable cryptocurrency investor and Youtube influencer Ian Balina ended a livestreamed ICO review last night when he realized he was being hacked. Balina seemed to realize something was amiss when he was required to sign back into Google to save changes to the spreadsheet he was using, saying “I have to get going” and ending the stream. Balina took to social media to ask for the support of his followers in tracing over $2 million worth of cryptocurrency being moved from his Etherscan wallets . He said he didn’t care about the money, and just wanted to catch the person or people responsible. Crypto Family, I need you now more than ever. I ended today's live stream b/c I am being hacked. I'm not worried about the money. I learned my lesson. I only care about catching the hacker. Please email any information to [email protected]. Thank you all the support. $ETH $BTC — Ian Balina (@DiaryofaMadeMan) April 16, 2018 Security Breaches There were a number of vulnerabilities in Balina’s security which he admits were the cause of the hack. His main email account was backed up by an old college email account, long-since abandoned. In the event of Balina losing the password to his account, the college account could be used to reset the password. Hackers discovered this account and accessed it, using it to reset the password and access the main account where they came across the second major security breach. Balina stored the personal and public keys he needed to access his digital assets on popular cloud storage program Evernote, secured with password protection. Having accessed the main email, it was a simple matter of resetting the Evernote password and gaining access to millions of dollars worth of cryptocurrency. Balina recalls receiving a message about his college account being targeted, saying “I remember getting an email about it being compromised and tried to follow up with my college security to get it resolved, but wasn’t able to get it handled in a fast manner and gave up on it thinking it was just an old email.” Story continues The hack came days after Balina shared his portfolio on Twitter, which may have incited hackers to target him. Portfolio snapshot. – Catch more of stories on Instagram at @diaryofamademan . pic.twitter.com/xGsHK1RWgj — Ian Balina (@DiaryofaMadeMan) April 12, 2018 The timing of the hack coming days before the US tax filing deadline has also lead to suspicions that Balina is actually inventing the hack in an effort to avoid paying taxes, while others doubt that such a move would be effective. Balina is a notable investor who reportedly turned a $90,000 investment into $4 million , and has amassed a considerable online following with well over 100 thousand followers on both Youtube and Twittter. The security lapse has lead to wider discussion around whether other cryptocurrency users are storing their keys securely, and may in turn lead to extra precautions being taken by other investors. Featured image from Shutterstock. The post Crypto Investor Ian Balina Hacked for Millions in Ether During Livestream appeared first on CCN . || How Big Could Starbucks Get in China?: Believe it or not, one of the notable market laggards of the past few years has been Starbucks (NASDAQ: SBUX) . The shift away from brick-and-mortar shopping toward e-commerce has affected all U.S. retailers, even the best of the best (Starbucks being one of those). However, hope is not lost. While Starbucks' U.S. region may have its challenges -- Americas same-store sales came in at an underwhelming 2% last quarter -- there is tremendous growth potential for Starbucks in China. Starbucks has actually been in that region for the past 19 years, but it operated the East China region -- which contains Shanghai, the country's biggest city -- as a 50-50 joint venture with local franchiser Uni-President Group. Just recently, however, Starbucks seized the opportunity to take full ownership of these valuable stores, acquiring the remaining 50% stake in East China from UPC for roughly $1.4 billion. Essentially, Starbucks is going all-in on China and for good reason: One day, China will likely be the company's largest, most important market. But how big is the opportunity, really? Starbucks CEO Kevin Johnson drinks coffee with Chinese delegation a roastery store. Starbucks CEO Kevin Johnson with Chinese delegation. Image source: Starbucks. Demographics The potential of China is absolutely massive. Over the next five years, China's middle class should double from 300 million to 600 million (twice the size of the entire U.S. population). By 2030, it will surpass the U.S. as the largest economy in the world. Starbucks has already grown its Chinese store count from 700 to 3,100 in the past five years, with plans to open 500 locations per year going forward. That compares with 13,930 stores in the U.S. (and that number itself is still growing) -- the company can enjoy years and years of growth before narrowing that gap. Already a hit But while the opportunity is large, Starbucks is already building off of a strong base. Shanghai has 600 Starbucks stores, the highest number of Starbucks in any city. That's right: any city, including New York, London, Paris, or anywhere else. Story continues In fact, the Shanghai Roastery -- which serves deluxe coffee and food offerings at premium prices -- opened in Dec. 2017 and instantly became the highest-grossing Starbucks location in the world . Starbucks' rapid expansion of the East China business has resulted in a four-to-one store advantage over its nearest competitor, and the company has locked up prime real estate in Shanghai and the surrounding region. In spite of the rapid store expansion (a 40% expansion in East China in just three years), the company has also achieved positive same-store sales while doing so. That's an impressive feat when new stores are popping up all over the place. In fact, Starbucks has achieved 33 straight quarters of positive same-store sales in China, with all but one quarter being above 5%. My Starbucks Rewards But the best sign of Starbucks' strength in China, at least in my mind, has been the rapid adoption of My Starbucks Rewards. There are around 6.2 million My Starbucks Rewards members in China, and the member base grew 17% in the most recent quarter. Moreover, China's MSR program is different from the U.S. version, as the Chinese have to pay in order to join, like a subscription. This is a testament to how much Chinese consumers love Starbucks, and the rewards program will allow the company to establish even deeper relationships through customized offers and benefits going forward. I'm looking east By fully consolidating East China, Starbucks will also be able to better coordinate its digital experiences throughout the entire country. Management also pointed to synergies in the areas of IT, supply chain, and putting talent where it's most needed. So while the performance of U.S. stores has usually been the focus of Starbucks' earnings calls, as an investor, I'd begin to focus more on the Chinese market. That region will, according to management, "undoubtedly" be bigger than the U.S. one day, so it's imperative that the company executes on its leadership position there. And if Starbucks can execute there as well as it has in the U.S., the future should remain very bright for the company and the stock. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Billy Duberstein owns shares of Starbucks. His clients may own shares of the companies mentioned. The Motley Fool owns shares of and recommends Starbucks. The Motley Fool has a disclosure policy . || How Big Could Starbucks Get in China?: Believe it or not, one of the notable market laggards of the past few years has beenStarbucks(NASDAQ: SBUX). The shift away from brick-and-mortar shopping toward e-commerce has affected all U.S. retailers, even the best of the best (Starbucks being one of those).
However, hope is not lost. While Starbucks' U.S. region may have its challenges -- Americassame-store salescame in at an underwhelming 2% last quarter -- there is tremendous growth potential for Starbucks in China.
Starbucks has actually been in that region for the past 19 years, but it operated the East China region -- which contains Shanghai, the country's biggest city -- as a 50-50 joint venture with local franchiser Uni-President Group. Just recently, however, Starbucks seized the opportunity to take full ownership of these valuable stores, acquiring the remaining 50% stake in East China from UPC for roughly $1.4 billion.
Essentially, Starbucks is going all-in on China and for good reason: One day, China will likely be the company's largest, most important market. But how big is the opportunity, really?
Starbucks CEO Kevin Johnson with Chinese delegation. Image source: Starbucks.
The potential of China is absolutely massive. Over the next five years, China's middle class should double from 300 million to 600 million (twice the size of the entire U.S. population). By 2030, it will surpass the U.S. as the largest economy in the world.
Starbucks has already grown its Chinese store count from 700 to 3,100 in the past five years, with plans to open 500 locations per year going forward. That compares with13,930 storesin the U.S. (and that number itself is still growing) -- the company can enjoy years and years of growth before narrowing that gap.
But while the opportunity is large, Starbucks is already building off of a strong base. Shanghai has 600 Starbucks stores, the highest number of Starbucks in any city. That's right:anycity, including New York, London, Paris, or anywhere else.
In fact, the ShanghaiRoastery-- which serves deluxe coffee and food offerings at premium prices -- opened in Dec. 2017 and instantly became the highest-grossing Starbucks locationin the world.
Starbucks' rapid expansion of the East China business has resulted in a four-to-one store advantage over its nearest competitor, and the company has locked up prime real estate in Shanghai and the surrounding region.
In spite of the rapid store expansion (a 40% expansion in East China in just three years), the company has also achieved positive same-store sales while doing so. That's an impressive feat when new stores are popping up all over the place. In fact, Starbucks has achieved 33 straight quarters of positive same-store sales in China, with all but one quarter being above 5%.
But the best sign of Starbucks' strength in China, at least in my mind, has been the rapid adoption of My Starbucks Rewards. There are around 6.2 million My Starbucks Rewards members in China, and the member base grew 17% in the most recent quarter.
Moreover, China's MSR program is different from the U.S. version, as the Chinese have to pay in order to join, like a subscription. This is a testament to how much Chinese consumers love Starbucks, and the rewards program will allow the company to establish even deeper relationships through customized offers and benefits going forward.
By fully consolidating East China, Starbucks will also be able to better coordinate its digital experiences throughout the entire country. Management also pointed to synergies in the areas of IT, supply chain, and putting talent where it's most needed.
So while the performance of U.S. stores has usually been the focus of Starbucks' earnings calls, as an investor, I'd begin to focus more on the Chinese market. That region will, according to management, "undoubtedly" be bigger than the U.S. one day, so it's imperative that the company executes on its leadership position there.
And if Starbucks can execute there as well as it has in the U.S., the futureshould remain very brightfor the company and the stock.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Billy Dubersteinowns shares of Starbucks. His clients may own shares of the companies mentioned. The Motley Fool owns shares of and recommends Starbucks. The Motley Fool has adisclosure policy.
[Social Media Buzz]
#BTC Average: 7915.11$
#Bitfinex - 7880.46$
#Poloniex - 7890.00$
#Bitstamp - 7880.01$
#Coinbase - 7897.50$
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#Bitcoin #Exchanges #Price || Cotización del Bitcoin Cash: 632 40.€ | +0.3% | Kraken | 17/04/18 17:00 #BitcoinCash #Kraken #BCHEUR || Apr 17, 2018 11:31:00 UTC | 8,095.30$ | 6,543.50€ | 5,648.20£ | #Bitcoin #btc pic.twitter.com/eHvu8MbeLd || 04/17 13:00 Crypto currency...
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8163.42, 8294.31, 8845.83, 8895.58, 8802.46, 8930.88, 9697.50, 8845.74, 9281.51, 8987.05
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 456.08, 463.62, 462.32, 442.68, 438.64, 436.57, 442.40, 454.98, 455.65, 417.27, 422.82, 422.28, 432.98, 426.62, 430.57, 434.33, 433.44, 430.01, 433.09, 431.96, 429.11, 458.05, 453.23, 447.61, 447.99, 448.43, 435.69, 432.37, 430.31, 364.33, 387.54, 382.30, 387.17, 380.15, 420.23, 410.26, 382.49, 387.49, 402.97, 391.73, 392.15, 394.97, 380.29, 379.47, 378.26, 368.77, 373.06, 374.45, 369.95, 389.59, 386.55, 376.52, 376.62, 373.45, 376.03, 381.65, 379.65, 384.26, 391.86, 407.23, 400.18, 407.49, 416.32, 422.37, 420.79, 437.16, 438.80, 437.75, 420.74, 424.95, 424.54, 432.15, 432.52, 433.50, 437.70, 435.12, 423.99, 421.65, 410.94, 400.57, 407.71, 414.32, 413.97, 414.86, 417.13, 421.69, 411.62, 414.07, 416.44, 416.83.
|
[Bitcoin Technical Analysis for 2016-03-15]
Volume: 66781700, RSI (14-day): 51.02, 50-day EMA: 411.89, 200-day EMA: 366.66
[Wider Market Context]
Gold Price: 1230.40, Gold RSI: 52.27
Oil Price: 36.34, Oil RSI: 57.06
[Recent News (last 7 days)]
Exclusive: Chinese hackers behind U.S. ransomware attacks - security firms: By Joseph Menn (Reuters) - Hackers using tactics and tools previously associated with Chinese government-supported computer network intrusions have joined the booming cyber crime industry of ransomware, four security firms that investigated attacks on U.S. companies said. Ransomware, which involves encrypting a target's computer files and then demanding payment to unlock them, has generally been considered the domain of run-of-the-mill cyber criminals. But executives of the security firms have seen a level of sophistication in at least a half dozen cases over the last three months akin to those used in state-sponsored attacks, including techniques to gain entry and move around the networks, as well as the software used to manage intrusions. “It is obviously a group of skilled of operators that have some amount of experience conducting intrusions,” said Phil Burdette, who heads an incident response team at Dell SecureWorks. Burdette said his team was called in on three cases in as many months where hackers spread ransomware after exploiting known vulnerabilities in application servers. From there, the hackers tricked more than 100 computers in each of the companies into installing the malicious programs. The victims included a transportation company and a technology firm that had 30 percent of its machines captured. Security firms Attack Research, InGuardians and G-C Partners, said they had separately investigated three other similar ransomware attacks since December. Although they cannot be positive, the companies concluded that all were the work of a known advanced threat group from China, Attack Research Chief Executive Val Smith told Reuters. The ransomware attacks have not previously been reported. None of the companies that were victims of the hackers agreed to be identified publicly. The security companies investigating the advanced ransomware intrusions have various theories about what is behind them, but they do not have proof and they have not come to any firm conclusions. Story continues Most of the theories flow from the possibility that the Chinese government has reduced its support for economic espionage, which it pledged to oppose in an agreement with the United States late last year. Some U.S. companies have reported a decline in Chinese hacking since the agreement. Smith said some government hackers or contractors could be out of work or with reduced work and looking to supplement their income via ransomware. It is also possible, Burdette said, that companies which had been penetrated for trade secrets or other reasons in the past were now being abandoned as China backs away, and that spies or their associates were taking as much as they could on the way out. In one of Dell’s cases, the means of access by the team spreading ransomware was established in 2013. The cyber security experts could not completely rule out more prosaic explanations, such as the possibility that ordinary criminals had improved their skills and bought tools previously used only by governments. Dell said that some of the malicious software had been associated by other security firms with a group dubbed Codoso, which has a record of years of attacks of interest to the Chinese government, including those on U.S. defense companies and sites that draw Chinese minorities. PAYMENT IN BITCOIN Ransomware has been around for years, spread by some of the same people that previously installed fake antivirus programs on home computers and badgered the victims into paying to remove imaginary threats. In the past two years, better encryption techniques have often made it impossible for victims to regain access to their files without cooperation from the hackers. Many ransomware payments are made in the virtual currency Bitcoin and remain secret, but institutions including a Los Angeles hospital have gone public about ransomware attacks. Ransomware operators generally set modest prices that many victims are willing to pay, and they usually do decrypt the files, which ensures that victims will post positively online about the transaction, making the next victims who research their predicament more willing to pay. Security software companies have warned that because the aggregate payoffs for ransomware gangs are increasing, more criminals will shift to it from credit card theft and other complicated scams. The involvement of more sophisticated hackers also promises to intensify the threat. InGuardians CEO Jimmy Alderson said one of the cases his company investigated appeared to have been launched with online credentials stolen six months earlier in a suspected espionage hack of the sort typically called an Advanced Persistent Threat, or APT. “The tactics of getting access to these networks are APT tactics, but instead of going further in to sit and listen stealthily, they are used for smash-and-grab,” Alderson said. (Reporting by Joseph Menn in San Francisco; editing by Jonathan Weber and Grant McCool) || Exclusive: Chinese hackers behind U.S. ransomware attacks - security firms: By Joseph Menn (Reuters) - Hackers using tactics and tools previously associated with Chinese government-supported computer network intrusions have joined the booming cyber crime industry of ransomware, four security firms that investigated attacks on U.S. companies said. Ransomware, which involves encrypting a target's computer files and then demanding payment to unlock them, has generally been considered the domain of run-of-the-mill cyber criminals. But executives of the security firms have seen a level of sophistication in at least a half dozen cases over the last three months akin to those used in state-sponsored attacks, including techniques to gain entry and move around the networks, as well as the software used to manage intrusions. “It is obviously a group of skilled of operators that have some amount of experience conducting intrusions,” said Phil Burdette, who heads an incident response team at Dell SecureWorks. Burdette said his team was called in on three cases in as many months where hackers spread ransomware after exploiting known vulnerabilities in application servers. From there, the hackers tricked more than 100 computers in each of the companies into installing the malicious programs. The victims included a transportation company and a technology firm that had 30 percent of its machines captured. Security firms Attack Research, InGuardians and G-C Partners, said they had separately investigated three other similar ransomware attacks since December. Although they cannot be positive, the companies concluded that all were the work of a known advanced threat group from China, Attack Research Chief Executive Val Smith told Reuters. The ransomware attacks have not previously been reported. None of the companies that were victims of the hackers agreed to be identified publicly. The security companies investigating the advanced ransomware intrusions have various theories about what is behind them, but they do not have proof and they have not come to any firm conclusions. Story continues Most of the theories flow from the possibility that the Chinese government has reduced its support for economic espionage, which it pledged to oppose in an agreement with the United States late last year. Some U.S. companies have reported a decline in Chinese hacking since the agreement. Smith said some government hackers or contractors could be out of work or with reduced work and looking to supplement their income via ransomware. It is also possible, Burdette said, that companies which had been penetrated for trade secrets or other reasons in the past were now being abandoned as China backs away, and that spies or their associates were taking as much as they could on the way out. In one of Dell’s cases, the means of access by the team spreading ransomware was established in 2013. The cyber security experts could not completely rule out more prosaic explanations, such as the possibility that ordinary criminals had improved their skills and bought tools previously used only by governments. Dell said that some of the malicious software had been associated by other security firms with a group dubbed Codoso, which has a record of years of attacks of interest to the Chinese government, including those on U.S. defense companies and sites that draw Chinese minorities. PAYMENT IN BITCOIN Ransomware has been around for years, spread by some of the same people that previously installed fake antivirus programs on home computers and badgered the victims into paying to remove imaginary threats. In the past two years, better encryption techniques have often made it impossible for victims to regain access to their files without cooperation from the hackers. Many ransomware payments are made in the virtual currency Bitcoin and remain secret, but institutions including a Los Angeles hospital have gone public about ransomware attacks. Ransomware operators generally set modest prices that many victims are willing to pay, and they usually do decrypt the files, which ensures that victims will post positively online about the transaction, making the next victims who research their predicament more willing to pay. Security software companies have warned that because the aggregate payoffs for ransomware gangs are increasing, more criminals will shift to it from credit card theft and other complicated scams. The involvement of more sophisticated hackers also promises to intensify the threat. InGuardians CEO Jimmy Alderson said one of the cases his company investigated appeared to have been launched with online credentials stolen six months earlier in a suspected espionage hack of the sort typically called an Advanced Persistent Threat, or APT. “The tactics of getting access to these networks are APT tactics, but instead of going further in to sit and listen stealthily, they are used for smash-and-grab,” Alderson said. (Reporting by Joseph Menn in San Francisco; editing by Jonathan Weber and Grant McCool) || Exclusive: Chinese hackers behind U.S. ransomware attacks - security firms: By Joseph Menn
(Reuters) - Hackers using tactics and tools previously associated with Chinese government-supported computer network intrusions have joined the booming cyber crime industry of ransomware, four security firms that investigated attacks on U.S. companies said.
Ransomware, which involves encrypting a target's computer files and then demanding payment to unlock them, has generally been considered the domain of run-of-the-mill cyber criminals.
But executives of the security firms have seen a level of sophistication in at least a half dozen cases over the last three months akin to those used in state-sponsored attacks, including techniques to gain entry and move around the networks, as well as the software used to manage intrusions.
“It is obviously a group of skilled of operators that have some amount of experience conducting intrusions,” said Phil Burdette, who heads an incident response team at Dell SecureWorks.
Burdette said his team was called in on three cases in as many months where hackers spread ransomware after exploiting known vulnerabilities in application servers. From there, the hackers tricked more than 100 computers in each of the companies into installing the malicious programs.
The victims included a transportation company and a technology firm that had 30 percent of its machines captured.
Security firms Attack Research, InGuardians and G-C Partners, said they had separately investigated three other similar ransomware attacks since December.
Although they cannot be positive, the companies concluded that all were the work of a known advanced threat group from China, Attack Research Chief Executive Val Smith told Reuters.
The ransomware attacks have not previously been reported. None of the companies that were victims of the hackers agreed to be identified publicly.
The security companies investigating the advanced ransomware intrusions have various theories about what is behind them, but they do not have proof and they have not come to any firm conclusions.
Most of the theories flow from the possibility that the Chinese government has reduced its support for economic espionage, which it pledged to oppose in an agreement with the United States late last year. Some U.S. companies have reported a decline in Chinese hacking since the agreement.
Smith said some government hackers or contractors could be out of work or with reduced work and looking to supplement their income via ransomware.
It is also possible, Burdette said, that companies which had been penetrated for trade secrets or other reasons in the past were now being abandoned as China backs away, and that spies or their associates were taking as much as they could on the way out. In one of Dell’s cases, the means of access by the team spreading ransomware was established in 2013.
The cyber security experts could not completely rule out more prosaic explanations, such as the possibility that ordinary criminals had improved their skills and bought tools previously used only by governments.
Dell said that some of the malicious software had been associated by other security firms with a group dubbed Codoso, which has a record of years of attacks of interest to the Chinese government, including those on U.S. defense companies and sites that draw Chinese minorities.
PAYMENT IN BITCOIN
Ransomware has been around for years, spread by some of the same people that previously installed fake antivirus programs on home computers and badgered the victims into paying to remove imaginary threats.
In the past two years, better encryption techniques have often made it impossible for victims to regain access to their files without cooperation from the hackers. Many ransomware payments are made in the virtual currency Bitcoin and remain secret, but institutions including a Los Angeles hospital have gone public about ransomware attacks.
Ransomware operators generally set modest prices that many victims are willing to pay, and they usually do decrypt the files, which ensures that victims will post positively online about the transaction, making the next victims who research their predicament more willing to pay.
Security software companies have warned that because the aggregate payoffs for ransomware gangs are increasing, more criminals will shift to it from credit card theft and other complicated scams.
The involvement of more sophisticated hackers also promises to intensify the threat.
InGuardians CEO Jimmy Alderson said one of the cases his company investigated appeared to have been launched with online credentials stolen six months earlier in a suspected espionage hack of the sort typically called an Advanced Persistent Threat, or APT.
“The tactics of getting access to these networks are APT tactics, but instead of going further in to sit and listen stealthily, they are used for smash-and-grab,” Alderson said.
(Reporting by Joseph Menn in San Francisco; editing by Jonathan Weber and Grant McCool) || Exclusive: Chinese hackers behind U.S. ransomware attacks - security firms: By Joseph Menn (Reuters) - Hackers using tactics and tools previously associated with Chinese government-supported computer network intrusions have joined the booming cyber crime industry of ransomware, four security firms that investigated attacks on U.S. companies said. Ransomware, which involves encrypting a target's computer files and then demanding payment to unlock them, has generally been considered the domain of run-of-the-mill cyber criminals. But executives of the security firms have seen a level of sophistication in at least a half dozen cases over the last three months akin to those used in state-sponsored attacks, including techniques to gain entry and move around the networks, as well as the software used to manage intrusions. “It is obviously a group of skilled of operators that have some amount of experience conducting intrusions,” said Phil Burdette, who heads an incident response team at Dell SecureWorks. Burdette said his team was called in on three cases in as many months where hackers spread ransomware after exploiting known vulnerabilities in application servers. From there, the hackers tricked more than 100 computers in each of the companies into installing the malicious programs. The victims included a transportation company and a technology firm that had 30 percent of its machines captured. Security firms Attack Research, InGuardians and G-C Partners, said they had separately investigated three other similar ransomware attacks since December. Although they cannot be positive, the companies concluded that all were the work of a known advanced threat group from China, Attack Research Chief Executive Val Smith told Reuters. The ransomware attacks have not previously been reported. None of the companies that were victims of the hackers agreed to be identified publicly. The security companies investigating the advanced ransomware intrusions have various theories about what is behind them, but they do not have proof and they have not come to any firm conclusions. Story continues Most of the theories flow from the possibility that the Chinese government has reduced its support for economic espionage, which it pledged to oppose in an agreement with the United States late last year. Some U.S. companies have reported a decline in Chinese hacking since the agreement. Smith said some government hackers or contractors could be out of work or with reduced work and looking to supplement their income via ransomware. It is also possible, Burdette said, that companies which had been penetrated for trade secrets or other reasons in the past were now being abandoned as China backs away, and that spies or their associates were taking as much as they could on the way out. In one of Dell’s cases, the means of access by the team spreading ransomware was established in 2013. The cyber security experts could not completely rule out more prosaic explanations, such as the possibility that ordinary criminals had improved their skills and bought tools previously used only by governments. Dell said that some of the malicious software had been associated by other security firms with a group dubbed Codoso, which has a record of years of attacks of interest to the Chinese government, including those on U.S. defense companies and sites that draw Chinese minorities. PAYMENT IN BITCOIN Ransomware has been around for years, spread by some of the same people that previously installed fake antivirus programs on home computers and badgered the victims into paying to remove imaginary threats. In the past two years, better encryption techniques have often made it impossible for victims to regain access to their files without cooperation from the hackers. Many ransomware payments are made in the virtual currency Bitcoin and remain secret, but institutions including a Los Angeles hospital have gone public about ransomware attacks. Ransomware operators generally set modest prices that many victims are willing to pay, and they usually do decrypt the files, which ensures that victims will post positively online about the transaction, making the next victims who research their predicament more willing to pay. Security software companies have warned that because the aggregate payoffs for ransomware gangs are increasing, more criminals will shift to it from credit card theft and other complicated scams. The involvement of more sophisticated hackers also promises to intensify the threat. InGuardians CEO Jimmy Alderson said one of the cases his company investigated appeared to have been launched with online credentials stolen six months earlier in a suspected espionage hack of the sort typically called an Advanced Persistent Threat, or APT. “The tactics of getting access to these networks are APT tactics, but instead of going further in to sit and listen stealthily, they are used for smash-and-grab,” Alderson said. (Reporting by Joseph Menn in San Francisco; editing by Jonathan Weber and Grant McCool) || Microsoft: Sorry, your bitcoin is still good here: Technology company Microsoft (NASDAQ: MSFT) was forced to apologize on Monday, after accidentally announcing that it would no longer accept bitcoin. Contrary to an earlier statement, Microsoft users can still use the virtual currency to buy content in the Windows and Xbox stores. Earlier on Monday, the software giant mistakenly suggested it had stopped accepting payment in bitcoin. "We apologize for inaccurate information that was inadvertently posted to a Microsoft site, which is currently being corrected," a spokesman told CNBC. A now-deleted post on Microsoft's website indicated there was no more bitcoin for Windows 10 and Windows 10 mobile users. The post was picked up by tech site Softpedia Sunday and sent the technology blogsphere buzzing. "You can no longer redeem Bitcoin into your Microsoft account," the errant post read. "Existing balances in your account will still be available for purchases from Microsoft Store, but can't be refunded." In December 2014, Microsoft began accepting bitcoins for Windows 10 store purchases from users in the United States. Transactions were made through the bitcoin processor BitPay. BitPay said it saw the volume of bitcoin transactions grow 110 percent in 2015 versus a year earlier, according to a blog post this January. BitPay did immediately responded to CNBC's requests for comment. — CNBC's Anita Balakrishnan contributed to this report. More From CNBC Top News and Analysis Latest News Video Personal Finance || Microsoft: Sorry, your bitcoin is still good here: Technology company Microsoft (NASDAQ: MSFT) was forced to apologize on Monday, after accidentally announcing that it would no longer accept bitcoin. Contrary to an earlier statement, Microsoft users can still use the virtual currency to buy content in the Windows and Xbox stores. Earlier on Monday, the software giant mistakenly suggested it had stopped accepting payment in bitcoin. "We apologize for inaccurate information that was inadvertently posted to a Microsoft site, which is currently being corrected," a spokesman told CNBC. A now-deleted post on Microsoft's website indicated there was no more bitcoin for Windows 10 and Windows 10 mobile users. The post was picked up by tech site Softpedia Sunday and sent the technology blogsphere buzzing. "You can no longer redeem Bitcoin into your Microsoft account," the errant post read. "Existing balances in your account will still be available for purchases from Microsoft Store, but can't be refunded." In December 2014, Microsoft began accepting bitcoins for Windows 10 store purchases from users in the United States. Transactions were made through the bitcoin processor BitPay. BitPay said it saw the volume of bitcoin transactions grow 110 percent in 2015 versus a year earlier, according to a blog post this January. BitPay did immediately responded to CNBC's requests for comment. — CNBC's Anita Balakrishnan contributed to this report. More From CNBC Top News and Analysis Latest News Video Personal Finance || Can you Pick the 2016 Election Winners Without TV Analysts? Heres a Better Bet: Watch the video of Can you Pick the 2016 Election Winners Without TV Analysts? Heres a Better Bet on MoneyTalksNews.com. If you want a quick glimpse at whos likeliest to be our next president, dont listen to pollsters and pundits. Follow the money. We dont mean the big bucks of super PACs or even the millions from small-money donors. Were talking about real money people who wager on election outcomes. It turns out that the collective wisdom of bettors has a better record of predicting winners than the talking heads. One place that bettors congregate online is the Iowa Electronic Markets , or the IEM, at the University of Iowa. If you look at polls run during the election, in about 75 percent of the cases, Iowas market prices predict the outcome of elections better than the polls, says Joyce Berg, a University of Iowa accounting professor who oversees the IEM. Frederick Boehmke, University of Iowa political science professor and faculty adviser to the Hawkeye Poll, recently explained why to the Quad City Times newspaper . A poll asks a persons preference, what they want to happen, Boehmke said. People investing in the IEM, however, are trying to make money, so they pick the candidate or party they think will win. They typically set aside personal preferences to make money. Also, a poll is a snapshot at a moment in time, Boehmke said. The market is about who will win in the end. The IEM and another exchange, PredictIt , which is set up in Washington, D.C., under the auspices of Victoria University of Wellington, New Zealand, say the predictions work because the wisdom of crowds aggregates the expectations of thousands of bettors who have skin in the game. A now-defunct exchange called Intrade in 2012 predicted the electoral outcome in 49 of the 50 states. People who put up real money are more likely to consider all the available information than people who just offer their opinions, says Money Talks News financial expert Stacy Johnson. Story continues That information could include economic and business conditions, stock market performance, inflation and employment rates as well as other factors that could sway voters moods. Once invested in the outcome, bettors follow campaigns closely. As on a stock exchange and similar to fantasy sports leagues, bettors can make or lose money buying and selling their shares in the outcomes in which they invested. You can get in on the action. How it works In exchanges, bettors actually are traders who buy and sell real-money contracts based on their beliefs about yes or no election outcomes. Unlike a casino sports book, the exchange does not set odds. The prices reflect the probabilities of various candidate winning a given political race. PredictIt explains it this way: You make predictions on future events by buying shares in an outcome, Yes or No. Each outcome has a probability between 1 and 99 percent, which is converted into U.S. cents. For example, Trader A thinks an event has at least a 60 percent chance of taking place so she offers 60 cents for a Yes share. PredictIt matches her offer with that of Trader B, who is willing to pay 40 cents for a No share. Each trader now owns a share in the market for this event on opposite sides.
If an event does take place, all Yes shares are redeemed at $1. Shares in No become worthless. If the event does not take place before the market closes, traders holding shares in No will be paid $1, while Yes shares will be worthless. At the IEM, you can open an account for $5 to $200. If you just want to look, check whos leading the popular bets. Popular bets For the moment, according to the exchanges and other betting venues, the odds-on favorite is Hillary Clinton. That doesnt mean bettors favor Hillarys politics over those of Bernie Sanders, her rival for the Democratic nomination, or Republican front-runner Donald Trump. It just means they bet she wins. The likelihood of a Trump presidency, according to bettors, is less than 20 percent. Both the IEM and PredictIt offer markets in who will be the GOP and Democratic presidential nominees. IEM has a market in which party will win the 2016 election as well as one in which you can bet on how the parties will share the popular vote. As of March 11, it was Democrats, about 55 percent, leading Republicans, 45 percent. The IEM also has a market on who will control Congress (Republican House, Democratic Senate is leading). PredictIt also has bets on upcoming party primaries, including Ohio (Kasich beating Trump, Clinton beating Sanders) and Illinois (Trump trouncing Cruz, Clinton trouncing Sanders) as well as topics such as whether the GOP will have a brokered convention (No is beating Yes) and will Marco Rubio drop out by March 18 (Yes is beating No). More sites at which to garner predictions Election Betting Odds : Run by Fox Business reporter John Stossel and his producer, Maxim Lott, Election Betting Odds features odds derived from an exchange, Betfair.com , which does not accept American traders due to regulations. It recently showed Clinton with a 64 percent probability of winning the White House and Trump with a 19 percent chance. FiveThirtyEight : This site is run by Nate Silver, known for calling the results in 49 out of 50 states in 2008 and all 50 states in 2012, FiveThirtyEight is predicting outcomes from primaries and caucuses based on data from polls and endorsements. PredictWise: Run by David Rothschild, an economist at Microsoft Research in New York City, PredictWise aggregates data on politics as well as sports, finance and entertainment. The site says it is does not favor gambling. It does indicate the Democratic nominee has a 69 percent chance of winning the White House compared with the Republican candidates 31 percent chance of winning. It also predicts Clinton will be the Democratic nominee by a better than 9-1 ratio over Sanders, and that Trump has a 76 percent probability of winning the GOP nomination. Pinnacle Sports : At the Curacao-licensed online betting site, Clinton has the best odds. Paddy Power : An online gambling site that mainly features sports, Paddy Power takes bets (not from the United States) on U.S. politics , too. It has Clinton as favored to win; Trump has the second-best odds. Predictious : Established after the demise of Intrade, Ireland-based Predictious exchange allows you to buy and sell contracts using Bitcoins, the virtual currency. Despite all these predictions, they could be dead wrong, Johnson points out. Ahead of the March 1 Super Tuesday elections, PredictIt bettors and PredictWise said Trump would win 10 of 11 states and would lose only to Ted Cruz in Cruzs home state, Texas. Cruz did win in Texas, but he also took Oklahoma and Alaska while Rubio won Minnesota; Trump won in seven states: Alabama, Arkansas, Georgia, Massachusetts, Tennessee, Vermont and Virginia. So, while you might want to get a handle on the odds for your favorite candidate and bettors can help in the voting booth, you need to weigh that with your political convictions. You need to do your own research, pick your own candidate and then back that candidate with your vote, no matter what gamblers, polls or pundits say, he said. If you were betting on the election, where would you put your money? Does that pick line up with your politics? Share with us in comments below or on our Facebook page . This article was originally published on MoneyTalksNews.com as 'Can you Pick the 2016 Election Winners Without TV Analysts? Heres a Better Bet' . More from Money Talks News A Way to Master Income Taxes at Last and Save Money 7 Ways Donald Trump is Destroying His Brand and 4 Ways Hes Improving It Could These 12 Weird Tax Deductions Save You Money? || Can you Pick the 2016 Election Winners Without TV Analysts? Here’s a Better Bet: Watch the video of ‘Can you Pick the 2016 Election Winners Without TV Analysts? Here’s a Better Bet’ on MoneyTalksNews.com.
If you want a quick glimpse at who’s likeliest to be our next president, don’t listen to pollsters and pundits. Follow the money.
We don’t mean the big bucks of super PACs or even the millions from small-money donors.
We’re talking about real money people who wager on election outcomes. It turns out that the collective wisdom of bettors has a better record of predicting winners than the talking heads.
One place that bettors congregate online is theIowa Electronic Markets, or the IEM, at the University of Iowa.
“If you look at polls run during the election, in about 75 percent of the cases, Iowa’s market prices predict the outcome of elections better than the polls,” says Joyce Berg, a University of Iowa accounting professor who oversees the IEM.
Frederick Boehmke, University of Iowa political science professor and faculty adviser to the Hawkeye Poll, recently explained why to theQuad City Times newspaper.
“A poll asks a person’s preference, what they want to happen,” Boehmke said. People investing in the IEM, however, “are trying to make money, so they pick the candidate or party they think will win. They typically set aside personal preferences to make money.”
Also, a poll is a snapshot at a moment in time, Boehmke said. The market “is about who will win in the end.”
The IEM and another exchange,PredictIt, which is set up in Washington, D.C., under the auspices of Victoria University of Wellington, New Zealand, say the predictions work because the “wisdom of crowds” aggregates the expectations of thousands of bettors who have skin in the game.
A now-defunct exchange calledIntradein 2012 “predicted” the electoral outcome in 49 of the 50 states.
People who put up real money are more likely to consider all the available information than people who just offer their opinions, says Money Talks News financial expert Stacy Johnson.
That information could include economic and business conditions, stock market performance, inflation and employment rates as well as other factors that could sway voters’ moods. Once invested in the outcome, bettors follow campaigns closely. As on a stock exchange and similar to fantasy sports leagues, bettors can make or lose money buying and selling their shares in the outcomes in which they invested.
You can get in on the action.
In exchanges, bettors actually are traders who buy and sell real-money contracts based on their beliefs about “yes or no” election outcomes. Unlike a casino sports book, the exchange does not set odds. The prices reflect the probabilities of various candidate winning a given political race.
PredictIt explains it this way:
You make predictions on future events by buying shares in an outcome, Yes or No. Each outcome has a probability between 1 and 99 percent, which is converted into U.S. cents.
“For example, Trader A thinks an event has at least a 60 percent chance of taking place so she offers 60 cents for a Yes share. PredictIt matches her offer with that of Trader B, who is willing to pay 40 cents for a No share. Each trader now owns a share in the market for this event on opposite sides. … If an event does take place, all Yes shares are redeemed at $1. Shares in No become worthless. If the event does not take place before the market closes, traders holding shares in No will be paid $1, while Yes shares will be worthless.
At the IEM, you can open an account for $5 to $200.
If you just want to look, check who’s leading the popular bets.
For the moment, according to the exchanges and other betting venues, the odds-on favorite is Hillary Clinton. That doesn’t mean bettors favor Hillary’s politics over those of Bernie Sanders, her rival for the Democratic nomination, or Republican front-runner Donald Trump. It just means they bet she wins. The likelihood of a Trump presidency, according to bettors, is less than 20 percent.
Both the IEM and PredictIt offer markets in who will be the GOP and Democratic presidential nominees. IEM has a market in which party will win the 2016 election as well as one in which you can bet on how the parties will share the popular vote. As of March 11, it was Democrats, about 55 percent, leading Republicans, 45 percent.
The IEM also has a market on who will control Congress (“Republican House, Democratic Senate” is leading).
PredictIt also has bets on upcoming party primaries, including Ohio (Kasich beating Trump, Clinton beating Sanders) and Illinois (Trump trouncing Cruz, Clinton trouncing Sanders) as well as topics such as whether the GOP will have a brokered convention (No is beating Yes) and will Marco Rubio drop out by March 18 (Yes is beating No).
• Election Betting Odds: Run byFox Business reporterJohn Stossel and his producer, Maxim Lott, Election Betting Odds features odds derived from an exchange,Betfair.com, which does not accept American traders due to regulations. It recently showed Clinton with a 64 percent probability of winning the White House and Trump with a 19 percent chance.
• FiveThirtyEight: This site is run by Nate Silver, known for calling the results in 49 out of 50 states in 2008 and all 50 states in 2012, FiveThirtyEight is predicting outcomes from primaries and caucuses based on data from polls and endorsements.
• PredictWise:Run by David Rothschild, an economist at Microsoft Research in New York City, PredictWise aggregates data on politics as well as sports, finance and entertainment. The site says it is does not favor gambling. It does indicate the Democratic nominee has a 69 percent chance of winning the White House compared with the Republican candidate’s 31 percent chance of winning. It also predicts Clinton will be the Democratic nominee by a better than 9-1 ratio over Sanders, and that Trump has a 76 percent probability of winning the GOP nomination.
• Pinnacle Sports: At the Curacao-licensed online betting site, Clinton has the best odds.
• Paddy Power: An online gambling site that mainly features sports, Paddy Power takes bets (not from the United States) onU.S. politics, too. It has Clinton as favored to win; Trump has the second-best odds.
• Predictious: Established after the demise of Intrade, Ireland-based Predictious exchange allows you to buy and sell contracts using Bitcoins, the virtual currency.
Despite all these predictions, they could be dead wrong, Johnson points out.
Ahead of the March 1 Super Tuesday elections,PredictItbettors andPredictWisesaid Trump would win 10 of 11 states and would lose only to Ted Cruz in Cruz’s home state, Texas. Cruz did win in Texas, but he also took Oklahoma and Alaska while Rubio won Minnesota; Trump won in seven states: Alabama, Arkansas, Georgia, Massachusetts, Tennessee, Vermont and Virginia.
So, while you might want to get a handle on the odds for your favorite candidate — and bettors can help — in the voting booth, you need to weigh that with your political convictions.
“You need to do your own research, pick your own candidate and then back that candidate with your vote, no matter what gamblers, polls or pundits say,” he said.
If you were betting on the election, where would you put your money? Does that pick line up with your politics? Share with us in comments below or on ourFacebook page.
This article was originally published onMoneyTalksNews.comas'Can you Pick the 2016 Election Winners Without TV Analysts? Here’s a Better Bet'.
• A Way to Master Income Taxes — at Last — and Save Money
• 7 Ways Donald Trump is Destroying His Brand and 4 Ways He’s Improving It
• Could These 12 Weird Tax Deductions Save You Money? || For Mac Users, The Security Bubble Has Burst: Apple's Mac operating systems are known for their resistance to malware, viruses, hackers and ransomware, which is one reason many people opt for Mac computers.
Still, they're not invincible, and as a security company recently reported, Mac users should be aware of potential threats. Researchers atPalo Alto Networksreported finding "the first fully functional ransomware seen on the OS X platform," according to a March 6 post on their site.
What Is Ransomware?
Ransomware is what it sounds like: Cyber criminals infiltrate your computer and hold it (or more specifically, its data) hostage. They demand you pay them if you ever want your files back. They often want payment in digital currency like Bitcoin, because these transactions are difficult to trace — and it's a hassle for the victim to acquire and transfer.
Apple did not immediately respond to request for comment on the reported attack. However, Palo Alto said in its blog post that, after it reported the occurrence to Apple, the Mac maker shut down the infiltration and updated its anti-virus system.
How to Protect Yourself
Ransomware attacks can be particularly stressful for consumers if the stolen data includes personal information, work data or irreplaceable files (think photos). Not only is this a case to back up your hard drive, it's also a reminder that you may want to install anti-virus software or malware protection on your computer, no matter how secure you think it is.
Guarding your personal information is no joke. Losing your sensitive information to a criminal puts you at risk foridentity theft. It can take a lot of time and money to recover from identity theft, not to mention the credit damage you might suffer. On top of that, if someone gets access to your Social Security number, the risk of fraud never goes away, because the Social Security Administration rarely changes numbers.
Protecting your devices goes hand-in-hand with habits like reviewing your financial accounts for unauthorized activity andmonitoring your creditforsigns of fraud. (You can see afree summary of your credit report, updated each month,on Credit.com.)
Taking steps to prevent cyberattacks is important, but so is having a plan for how to deal with one if it happens. Ideally, such planning will make the incident less stressful and less costly. You can report cyber crime to the Federal Bureau of Investigation and gohere to learn what to do if you are a victim of identity theft.
More from Credit.com
• How to Use Credit Monitoring to Protect Your Child's Identity
• Does Credit Repair Work? Can Credit Repair Companies Help?
• What Is a FICO Score? || For Mac Users, The Security Bubble Has Burst: Apple's Mac operating systems are known for their resistance to malware, viruses, hackers and ransomware, which is one reason many people opt for Mac computers. Still, they're not invincible, and as a security company recently reported, Mac users should be aware of potential threats. Researchers at Palo Alto Networks reported finding "the first fully functional ransomware seen on the OS X platform," according to a March 6 post on their site. What Is Ransomware? Ransomware is what it sounds like: Cyber criminals infiltrate your computer and hold it (or more specifically, its data) hostage. They demand you pay them if you ever want your files back. They often want payment in digital currency like Bitcoin, because these transactions are difficult to trace — and it's a hassle for the victim to acquire and transfer. Apple did not immediately respond to request for comment on the reported attack. However, Palo Alto said in its blog post that, after it reported the occurrence to Apple, the Mac maker shut down the infiltration and updated its anti-virus system. How to Protect Yourself Ransomware attacks can be particularly stressful for consumers if the stolen data includes personal information, work data or irreplaceable files (think photos). Not only is this a case to back up your hard drive, it's also a reminder that you may want to install anti-virus software or malware protection on your computer, no matter how secure you think it is. Guarding your personal information is no joke. Losing your sensitive information to a criminal puts you at risk for identity theft . It can take a lot of time and money to recover from identity theft, not to mention the credit damage you might suffer. On top of that, if someone gets access to your Social Security number, the risk of fraud never goes away, because the Social Security Administration rarely changes numbers. Protecting your devices goes hand-in-hand with habits like reviewing your financial accounts for unauthorized activity and monitoring your credit for signs of fraud . (You can see a free summary of your credit report, updated each month, on Credit.com.) Story continues Taking steps to prevent cyberattacks is important, but so is having a plan for how to deal with one if it happens. Ideally, such planning will make the incident less stressful and less costly. You can report cyber crime to the Federal Bureau of Investigation and go here to learn what to do if you are a victim of identity theft . More from Credit.com How to Use Credit Monitoring to Protect Your Child's Identity Does Credit Repair Work? Can Credit Repair Companies Help? What Is a FICO Score? || This student-loan startup says it has the killer feature to beat big lenders: As you've followed the 2016 presidential campaign cycle, you've no doubt heard mention of the student debt crisis. Earnest , a lending startup that refinances student loans and originates personal loans, thinks it can help. Loan-refinancing may not seem like the sexiest corner of fintech, but it has very recently become very hot: SoFi (Social Finance), which provides student loans, mortgages and other kinds of loans, scored a $1 billion investment from Softbank in September. The startup advertised during the Super Bowl in February. Smaller startups like Zest Finance use big data to aid underwriting for big lenders, while CommonBond focuses on re-financing. Marketplaces like Lending Club ( LC ) and Lending Tree ( TREE ) still advertise heavily as the best places to shop for loans. And all of these newer players claim they have the technology to compete with massive incumbents like Sallie Mae ( SLM ), Wells Fargo ( WFC ) and JPMorgan ( JPM ). Earnest CEO Louis Beryl says his company has the best strategic advantage of all: its recently launched precision pricing. The tool allows an Earnest customer to select any monthly payment on a loan and change it on the fly; the interest rate will adjust to match. That might sound like the kind of simple function that anyone with a student loan should have been able to do already, but no other lenders yet offer it. A traditional lender provides limited choices for the repayment period—typically five, 10, or 15 years' time. An Earnest customer, using a slider on Earnest's web site, can tweak the monthly payment they want to make to, say, $1,000 a month, and Earnest will react accordingly. "$1,000 a month might mean a 10-and-a-half year loan, not a 10-year loan or a 15-year loan," Beryl says. "We'll give that person the interest rate that corresponds to a 10-and-a-half-year loan." Beryl launched Earnest in 2013. He got the idea for the company after experiencing his own frustrations when he was denied loans in grad school. "I remember thinking, 'Why weren't financial institutions taking the time to understand me more deeply?' And we had a massive technology disruption where all of our accounts were online now." He jumped on the opportunity. Now Earnest is growing so fast that it originated 50 times as many loans in 2015 as it did in 2014. More than 40 million Americans have at least one student loan. Story continues It wasn't so long ago that if you were a student with a loan who wanted to pay more this month than usual, you had to fill out an elaborate form and snail-mail it to the lender just to have the privilege of paying. Behavior has shifted, Beryl says. In an era of mobile banking, young people are attuned to doing their banking without the face-to-face interaction that traditionally would have been involved in something as weighty as refinancing a loan. Earnest, for now, has no app, but will launch one this year. Earnest says that with its precision pricing tool, clients have saved an average $17,936 after refinancing. But eager fintech-savvy student borrowers, beware: Refinancing isn't for everyone. As Yahoo Finance's Mandi Woodruff has warned , refinancing a student loan can be the wrong move in some cases. Remember that if you lower your monthly payment, it will give you more flexibility -- which is especially helpful if you're having trouble repaying the debt -- but you'll also be extending your loan term and end up paying more over the life of the loan . -- Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology. Read more: This app wants to be the social network of the future-- literally Here's how you can invest in the blockchain Facebook, Amazon, and Google all want to stream NFL games Here's a sign that PayPal is embracing Bitcoin || This student-loan startup says it has the killer feature to beat big lenders: As you've followed the 2016 presidential campaign cycle, you've no doubt heard mention of the student debt crisis.Earnest, a lending startup that refinances student loans and originates personal loans, thinks it can help.
Loan-refinancing may not seem like the sexiest corner of fintech, but it has very recently become very hot:SoFi(Social Finance), which provides student loans, mortgages and other kinds of loans, scored a $1 billion investment from Softbank in September. The startup advertised during the Super Bowl in February. Smaller startups like Zest Finance use big data to aid underwriting for big lenders, while CommonBond focuses on re-financing. Marketplaces like Lending Club (LC) and Lending Tree (TREE) still advertise heavily as the best places to shop for loans. And all of these newer players claim they have the technology to compete with massive incumbents like Sallie Mae (SLM), Wells Fargo (WFC) and JPMorgan (JPM).
Earnest CEO Louis Beryl says his company has the best strategic advantage of all: its recently launched precision pricing. The tool allows an Earnest customer to select any monthly payment on a loan and change it on the fly; the interest rate will adjust to match. That might sound like the kind of simple function that anyone with a student loan should have been able to do already, but no other lenders yet offer it. A traditional lender provides limited choices for the repayment period—typically five, 10, or 15 years' time. An Earnest customer, using a slider on Earnest's web site, can tweak the monthly payment they want to make to, say, $1,000 a month, and Earnest will react accordingly. "$1,000 a month might mean a 10-and-a-half year loan, not a 10-year loan or a 15-year loan," Beryl says. "We'll give that person the interest rate that corresponds to a 10-and-a-half-year loan."
Beryl launched Earnest in 2013. He got the idea for the company after experiencing his own frustrations when he was denied loans in grad school. "I remember thinking, 'Why weren't financial institutions taking the time to understand me more deeply?' And we had a massive technology disruption where all of our accounts were online now." He jumped on the opportunity. Now Earnest is growing so fast that it originated 50 times as many loans in 2015 as it did in 2014. More than 40 million Americans have at least one student loan.
It wasn't so long ago that if you were a student with a loan who wanted to pay more this month than usual, you had to fill out an elaborate form and snail-mail it to the lender just to have the privilege of paying. Behavior has shifted, Beryl says. In an era of mobile banking, young people are attuned to doing their banking without the face-to-face interaction that traditionally would have been involved in something as weighty as refinancing a loan. Earnest, for now, has no app, but will launch one this year.
Earnest says that with its precision pricing tool, clients have saved an average $17,936 after refinancing. But eager fintech-savvy student borrowers, beware: Refinancing isn't for everyone. As Yahoo Finance's Mandi Woodruffhas warned, refinancing a student loan can be the wrong move in some cases. Remember that if you lower your monthly payment, it will give you more flexibility -- which is especially helpful if you're having trouble repaying the debt -- but you'll also be extending your loan term and end up paying more over thelife of the loan.
--
Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology.Read more:
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Tim Seymour was a seller of the iShares MSCI Emerging Markets ETF(NYSE Arca: EEM).
Steve Grasso was a seller of Freeport-McMoRan(FCX).
Brian Kelly was a buyer of the iShares Silver Trust(NYSE Arca: SLV).
Guy Adami was a buyer of Coca-Cola(KO)for the second day in a row.
Trader disclosure: On March 10, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. Brian Kelly is long BBRY, Bitcoin, GLD, GLD puts, SH, SLV, TLT, US Dollar, UUP, Yen; he is short Aussie Dollar, BLK, British Pound, CS, DB, Euro, EWH, FRC, Hong Kong Dollar, UBS, SPY, Yuan, 5-Year Note Futures. Steve Grasso is long AAPL, BA, CC, DD, DIS, DECK, EVGN, KBH, MJNA, MU, OLN, PFE, PHM, T, TWTR, GDX sold BAC firm is long OXY, BP, CVX, RIG, FCX kids own EFA, EFG, EWJ, IJR, SPY. Tim Seymour is long AAPL, AVP, BAC, BBRY, DO, F, FCX, GM, GOOGL, INTC, JCP, NKE, SINA, T, TWTR, VZ, XOM. Tim's firm is long BABA, BIDU, CLF, KO, MCD, PEP, PF, SAVE, SBUX, VALE, WMT,YHOO, short HYG, IWM.
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• Personal Finance || Your first trade for Friday: The " Fast Money " traders delivered their final trades of the day. Tim Seymour was a seller of the iShares MSCI Emerging Markets ETF (NYSE Arca: EEM) . Steve Grasso was a seller of Freeport-McMoRan ( FCX ) . Brian Kelly was a buyer of the iShares Silver Trust (NYSE Arca: SLV) . Guy Adami was a buyer of Coca-Cola ( KO ) for the second day in a row. Trader disclosure: On March 10, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. Brian Kelly is long BBRY, Bitcoin, GLD, GLD puts, SH, SLV, TLT, US Dollar, UUP, Yen; he is short Aussie Dollar, BLK, British Pound, CS, DB, Euro, EWH, FRC, Hong Kong Dollar, UBS, SPY, Yuan, 5-Year Note Futures. Steve Grasso is long AAPL, BA, CC, DD, DIS, DECK, EVGN, KBH, MJNA, MU, OLN, PFE, PHM, T, TWTR, GDX sold BAC firm is long OXY, BP, CVX, RIG, FCX kids own EFA, EFG, EWJ, IJR, SPY. Tim Seymour is long AAPL, AVP, BAC, BBRY, DO, F, FCX, GM, GOOGL, INTC, JCP, NKE, SINA, T, TWTR, VZ, XOM. Tim's firm is long BABA, BIDU, CLF, KO, MCD, PEP, PF, SAVE, SBUX, VALE, WMT,YHOO, short HYG, IWM. More From CNBC Top News and Analysis Latest News Video Personal Finance || Ethereum Cloud Mining and Bitcoin Cloud Mining With Lifetime Contracts and Proof of Mining Offered by HashFlare: With over 3 years experience in the industry Hashflare is pleased to announce one year Ethereum cloud mining contracts with no maintenance fees
TALLIN, ESTONIA / ACCESSWIRE / March 8, 2016 /Hashflare is pleased to announce one yearEthereum cloud mining contracts with no maintenance fees which represents the best value on the market, after users sign up for a free account.
Run by established cryptocurrency mining hardware provider HashCoins, which has over 3 years experience in the industry, HashFlare offers the ultimate Bitcoin, Scrypt and Ethereum cloud mining experience for users.
An important feature of the HashFlare platform is that customers can see and monitor their hashrate live, and even choose the mining pool they wish to mine on. This demonstrates that HashFlare is running a real cloud mining operation and is renting real mining hardware to users. Users can also find the most profitable mining pool for their hashing power.
HashFlare also offer instant Bitcoin withdrawals, lifetime contracts with no fixed end date, user mining pool allocation, fixed fees, and a user dashboard with highly detailed statistics. More information is available in aHashFlare review on a popular Bitcoin cloud mining and Etheruem cloud mining review site.
Anyone, anywhere worldwide can easily cloud mine Bitcoin, Litecoin and now Ethereum, with no specialized knowledge or the need to maintain specialized mining hardware. All that needs to be done is sign up for a free account on HashFlare and purchase a contract that will instantly begin mining Bitcoin, Litecoin or Ethereum.
To sign up for a free account, and learn more about lifetime Bitcoin, Scrypt, or one year Etheruem cloud mining contracts with NO maintenance fees, which represents the best value on the market, please go to:https://hashflare.io
After creating your free account make sure to use use discount code HF16ETHER12 for the biggest discount possible on Ethereum cloud mining
HashFlare is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to FDIC and other consumer protections. This press release is for informational purposes only.
For more information about us, please visithttps://hashflare.io/r/CCF0028F-ETH
Contact Info:
Name: HashFlareOrganization: HashFlare
SOURCE:HashFlare || Ethereum Cloud Mining and Bitcoin Cloud Mining With Lifetime Contracts and Proof of Mining Offered by HashFlare: With over 3 years experience in the industry Hashflare is pleased to announce one year Ethereum cloud mining contracts with no maintenance fees
TALLIN, ESTONIA / ACCESSWIRE / March 8, 2016 /Hashflare is pleased to announce one yearEthereum cloud mining contracts with no maintenance fees which represents the best value on the market, after users sign up for a free account.
Run by established cryptocurrency mining hardware provider HashCoins, which has over 3 years experience in the industry, HashFlare offers the ultimate Bitcoin, Scrypt and Ethereum cloud mining experience for users.
An important feature of the HashFlare platform is that customers can see and monitor their hashrate live, and even choose the mining pool they wish to mine on. This demonstrates that HashFlare is running a real cloud mining operation and is renting real mining hardware to users. Users can also find the most profitable mining pool for their hashing power.
HashFlare also offer instant Bitcoin withdrawals, lifetime contracts with no fixed end date, user mining pool allocation, fixed fees, and a user dashboard with highly detailed statistics. More information is available in aHashFlare review on a popular Bitcoin cloud mining and Etheruem cloud mining review site.
Anyone, anywhere worldwide can easily cloud mine Bitcoin, Litecoin and now Ethereum, with no specialized knowledge or the need to maintain specialized mining hardware. All that needs to be done is sign up for a free account on HashFlare and purchase a contract that will instantly begin mining Bitcoin, Litecoin or Ethereum.
To sign up for a free account, and learn more about lifetime Bitcoin, Scrypt, or one year Etheruem cloud mining contracts with NO maintenance fees, which represents the best value on the market, please go to:https://hashflare.io
After creating your free account make sure to use use discount code HF16ETHER12 for the biggest discount possible on Ethereum cloud mining
HashFlare is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to FDIC and other consumer protections. This press release is for informational purposes only.
For more information about us, please visithttps://hashflare.io/r/CCF0028F-ETH
Contact Info:
Name: HashFlareOrganization: HashFlare
SOURCE:HashFlare || Ethereum Cloud Mining and Bitcoin Cloud Mining With Lifetime Contracts and Proof of Mining Offered by HashFlare: With over 3 years experience in the industry Hashflare is pleased to announce one year Ethereum cloud mining contracts with no maintenance fees TALLIN, ESTONIA / ACCESSWIRE / March 8, 2016 / Hashflare is pleased to announce one year Ethereum cloud mining contracts with no maintenance fees which represents the best value on the market, after users sign up for a free account . Run by established cryptocurrency mining hardware provider HashCoins, which has over 3 years experience in the industry, HashFlare offers the ultimate Bitcoin, Scrypt and Ethereum cloud mining experience for users. An important feature of the HashFlare platform is that customers can see and monitor their hashrate live, and even choose the mining pool they wish to mine on. This demonstrates that HashFlare is running a real cloud mining operation and is renting real mining hardware to users. Users can also find the most profitable mining pool for their hashing power. HashFlare also offer instant Bitcoin withdrawals, lifetime contracts with no fixed end date, user mining pool allocation, fixed fees, and a user dashboard with highly detailed statistics. More information is available in a HashFlare review on a popular Bitcoin cloud mining and Etheruem cloud mining review site . Anyone, anywhere worldwide can easily cloud mine Bitcoin, Litecoin and now Ethereum, with no specialized knowledge or the need to maintain specialized mining hardware. All that needs to be done is sign up for a free account on HashFlare and purchase a contract that will instantly begin mining Bitcoin, Litecoin or Ethereum. To sign up for a free account, and learn more about lifetime Bitcoin, Scrypt, or one year Etheruem cloud mining contracts with NO maintenance fees, which represents the best value on the market, please go to: https://hashflare.io After creating your free account make sure to use use discount code HF16ETHER12 for the biggest discount possible on Ethereum cloud mining HashFlare is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to FDIC and other consumer protections. This press release is for informational purposes only. For more information about us, please visit https://hashflare.io/r/CCF0028F-ETH Contact Info: Name: HashFlare Organization: HashFlare SOURCE: HashFlare View comments
[Social Media Buzz]
LIVE: Profit = $141.26 (7.61 %). BUY B4.81 @ $410.00 (#VirCurex). SELL @ $415.81 (#Bitfinex) #bitcoin #btc - http://www.projectcoin.org || Deeper understanding #bitcoin when you attend this workshop. 19:00 at TST, don't miss it! pic.twitter.com/tzAvag3uc0 || 1 KOBO Price: YoBit = 0.00000618 BTC (0.00255018 USD) #KOBO #BTC #KOBOprice #Kobocoin 2016-03-15 02:00 pic.twitter.com/k859oFELsS || strongfellowbtc: Bitcoin Block Mined, 2016-03-15T13:00:44: http://strongfellow.com/blocks/00000000000000000...
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417.01, 420.62, 409.55, 410.44, 413.76, 413.31, 418.09, 418.04, 416.39, 417.18
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 47093.85, 46339.76, 46188.45, 45137.77, 49631.24, 48378.99, 50538.24, 48561.17, 48927.30, 48912.38, 51206.69, 52246.52, 54824.12, 56008.55, 57805.12, 57332.09, 61243.09, 59302.32, 55907.20, 56804.90, 58870.89, 57858.92, 58346.65, 58313.64, 57523.42, 54529.14, 54738.95, 52774.27, 51704.16, 55137.31, 55973.51, 55950.75, 57750.20, 58917.69, 58918.83, 59095.81, 59384.31, 57603.89, 58758.55, 59057.88, 58192.36, 56048.94, 58323.95, 58245.00, 59793.23, 60204.96, 59893.45, 63503.46, 63109.70, 63314.01, 61572.79, 60683.82, 56216.18, 55724.27, 56473.03, 53906.09, 51762.27, 51093.65, 50050.87, 49004.25, 54021.75, 55033.12, 54824.70, 53555.11, 57750.18, 57828.05, 56631.08, 57200.29, 53333.54, 57424.01, 56396.52, 57356.40, 58803.78, 58232.32, 55859.80, 56704.57, 49150.54, 49716.19, 49880.54, 46760.19, 46456.06, 43537.51, 42909.40, 37002.44, 40782.74, 37304.69, 37536.63, 34770.58, 38705.98, 38402.22.
|
[Bitcoin Technical Analysis for 2021-05-25]
Volume: 56211915803, RSI (14-day): 35.59, 50-day EMA: 49659.89, 200-day EMA: 41907.24
[Wider Market Context]
Gold Price: 1898.10, Gold RSI: 76.17
Oil Price: 66.07, Oil RSI: 57.08
[Recent News (last 7 days)]
Of Course China Is Anti-Bitcoin: Look What Happened to Jack Ma: Every bitcoin crash has many parents. In the current bloodletting (total cryptocurrency market cap is down 40% in less than two weeks), China’s recent threat of a crackdown on cryptocurrency certainly seems to be one. But feeding a crypto crash was strictly a side effect of a much broader story: a quest for total control over the financial lives of Chinese subjects. Over the past year to two years, China’s rulers have engaged in a series of moves clearly designed to clamp down, not on cryptocurrency specifically, but on open financial systems more generally. That included a brutal rebuff of Jack Ma , one of the world’s richest men, as well as the development of the digital yuan, which reportedly has strong built-in surveillance and censorship features. David Z. Morris is CoinDesk’s Chief Insights Columnist. Related: Consensus 2021: 8 Questions for Ethereum’s Andrew Keys In the past, China’s crypto hesitancy has often seemed at least partly about protecting its populace from scams and theft. But in the context of this broader maneuvering for financial control, the latest round of clampdowns could be seen as a turning point as the state shifts its focus from defending its people to defending its own power. To start with the current facts: On May 18, China reiterated existing restrictions on crypto for banks and payment providers. On Friday May 22, Chinese vice premier Liu He hosted a meeting of an important financial regulatory committee. In a subsequent statement, Liu and the committee called for a crackdown on “cryptocurrency mining and trading activities” in China. The statement on mining and trading was both novel and notable for Liu’s high rank. It has had an immediate effect: Mining businesses, including HashCow and BTC.Top, had begun to wind down mining operations by Monday, according to Reuters and Al Jazeera . Scattered rumors suggest that Chinese miners are relocating to nearby sites, including Kazakhstan, and that mining equipment is showing up at local auctions in large volume. Story continues (Bitcoin’s network hash rate, a measure of the number and power of machines mining bitcoin, has also dropped by roughly 15% in the past week. However, it seems likely that just a small portion of that is due to China’s policy shift, since dropping bitcoin prices always push less-profitable miners off the network worldwide. Matthew Graham of China-focused blockchain investment fund Sino-Global Capital, for one, says the hash rate drop-off isn’t due to the crackdown .) Related: 3 Things You Need to Know About China’s Crypto Crackdown You might notice something strange in the timeline of Liu’s declaration: No laws have been passed, no formal legislative processes put in motion. Just a statement from a committee meeting, in the form of a mere policy recommendation. In the U.S., such a statement would be seen as an opportunity for a legislator to stake a position, or a way to signal firms to prepare for future change. But in China, the statement often effectively is the policy: the instant declaration of a new status quo. That’s why Chinese miners started going offline within days of the committee declaration, instead of waiting for any more formal process. (I seriously doubt any of the CCP nomenklatura who set the regulatory and legislative agenda in China are doing a lot of working through the weekend.) The risks of failing to read such tea leaves were on stark display last November, when the CCP jerked the leash of one of the most powerful men on the planet, AliBaba founder Jack Ma. Ma had been poised for an IPO of Ant Group, a fintech spinoff of AliBaba, when people suddenly noticed that he hadn’t made a recent public appearance. Then on November 6, at nearly the last possible moment, authorities summarily cancelled the expected $34 billion offering. In addition to investor losses, the intervention personally cost Ma billions. The cited reason for the halt was the need for tighter regulatory scrutiny of financial markets and technology, presumably including Ant Group’s hugely popular Alipay app, a predecessor to Apple Pay and similar services. But it was also seen as a symbolic smackdown of Ma, who just a month before the IPO gave a speech strongly critical of Chinese financial regulators. When even a multibillionaire like Jack Ma can be taken out of the game at any time, a system that nobody controls becomes even more valuable Ma’s mysterious disappearance ultimately lasted three months; he finally resurfaced in a brief video in January 2021. One observer described that short clip as “like a hostage video,” and it may almost literally have been. This is the CCP’s treatment of a man with a net worth of about $46 billion, as soon as he looks like a threat to its control. Something notably similar, though both milder and weirder, happened to Justin Sun, founder of Ethereum imitator Tron, after he paid $4.6 million to have lunch with Warren Buffet. Sun heavily touted the lunch as a victory beforehand, inviting skepticism when Sun later announced that he would have to delay it because of kidney stones. It didn’t make things more reassuring when Sun declared himself recovered the next day. Subsequent reporting found that the real sickness was communism, with heavy CCP pressure reportedly figuring in Sun’s cancellation of the lunch. In a subtitle to its reporting, The New York Times bluntly described China as a place “where executives sometimes vanish.” Sun later issued a statement apologizing for being, in effect, too shameless a promoter of his company. Some read this as a sign that putting Sun on punishment was largely an anti-scam effort by the CCP at a time when a lot of Chinese people were getting ripped off by pyramid schemes and other fraud. The dinner wasn’t finally allowed to happen until February of 2020. China crypto truths All this speaks to two important truths to remember about China and cryptocurrency. First is the regulatory landscape. When observed from a distance, China can resemble a modern nation-state operated according to the rule of law. But it is, ultimately, an authoritarian one-party state, and increasingly over the past decade, a personal dictatorship under Xi Jinping. That means changing stances from either the CCP or Xi don’t necessarily have to pass through any real legislative process to become the new rule on the ground. Instead, what would be considered informal or preliminary signals elsewhere – such as committee minutes – are treated like gospel and acted on immediately by any CEO who doesn’t want to wind up in a literal dungeon. One generous interpretation of this is that Chinese policymaking is “experimental,” allowing for more flexibility than a rule-of-law based approach – because of course, all these proclamations can be reversed any time. But it also means private-sector businesspeople, including most entrepreneurs, lack predictable conditions for planning. Overall, it’s hard not to infer that China’s lack of democratic due process increases the risk and volatility of doing business there. Second and closely related, China is engaged in a much broader attempt to create an innovative economy within an authoritarian society. The case of Ant Group shows how difficult that is: Would-be innovators have to judge exactly how much they can dare to innovate, while relying not on clear-cut laws and policies, but a more numinous sense of the prevailing sentiment among CCP leadership at any given moment. They seem to be moving closer to deciding that cryptocurrency isn’t entirely compatible with that fine balance, but that, above all, means more opportunity for innovators in more free societies. China’s new pullback may justify short-term caution among global cryptocurrency investors – it seems at the least to have reshuffled the playing field. But if anything, the broader pattern shows why bitcoin and crypto are so important and attractive long-term. When even a multibillionaire like Jack Ma can be taken out of the game at any time, a system that nobody controls becomes even more valuable. Related Stories Why Selling a Tesla for Bitcoin Makes Even Less Sense Now Rocky Mountain Institute Proposes Protocol to Track Climate Emissions || Of Course China Is Anti-Bitcoin: Look What Happened to Jack Ma: Everybitcoincrash has many parents. In the current bloodletting (total cryptocurrency market cap is down 40% in less than two weeks), China’s recent threat of a crackdown on cryptocurrency certainly seems to be one. But feeding a crypto crash was strictly a side effect of a much broader story: a quest for total control over the financial lives of Chinese subjects.
Over the past year to two years, China’s rulers have engaged in a series of moves clearly designed to clamp down, not on cryptocurrency specifically, but on open financial systems more generally. That included a brutal rebuff ofJack Ma, one of the world’s richest men, as well as the development of the digital yuan, which reportedly has strong built-insurveillance and censorshipfeatures.
David Z. Morris is CoinDesk’s Chief Insights Columnist.
Related:Consensus 2021: 8 Questions for Ethereum’s Andrew Keys
In the past, China’s crypto hesitancy has often seemed at least partly about protecting its populace from scams and theft. But in the context of this broader maneuvering for financial control, the latest round of clampdowns could be seen as a turning point as the state shifts its focus from defending its people to defending its own power.
To start with the current facts: On May 18, China reiteratedexisting restrictionson crypto for banks and payment providers. On Friday May 22, Chinese vice premier Liu He hosted a meeting of an important financial regulatory committee. In a subsequent statement, Liu and the committee called fora crackdownon “cryptocurrency mining and trading activities” in China. The statement on mining and trading was both novel and notable for Liu’s high rank.
It has had an immediate effect: Mining businesses, including HashCow and BTC.Top, had begun to wind down mining operations by Monday, according toReutersandAl Jazeera. Scattered rumors suggest that Chinese miners are relocating to nearby sites, including Kazakhstan, and that mining equipment is showing up at local auctions in large volume.
(Bitcoin’s network hash rate, a measure of the number and power of machines mining bitcoin, has alsodropped by roughly 15%in the past week. However, it seems likely that just a small portion of that is due to China’s policy shift, since dropping bitcoin prices always push less-profitable miners off the network worldwide. Matthew Graham of China-focused blockchain investment fund Sino-Global Capital, for one, says the hash rate drop-offisn’t due to the crackdown.)
Related:3 Things You Need to Know About China’s Crypto Crackdown
You might notice something strange in the timeline of Liu’s declaration: No laws have been passed, no formal legislative processes put in motion. Just a statement from a committee meeting, in the form of a mere policy recommendation. In the U.S., such a statement would be seen as an opportunity for a legislator to stake a position, or a way to signal firms to prepare for future change.
But in China, the statement often effectivelyisthe policy: the instant declaration of a new status quo. That’s why Chinese miners started going offline within days of the committee declaration, instead of waiting for any more formal process. (I seriously doubt any of the CCPnomenklaturawho set the regulatory and legislative agenda in China are doing a lot of working through the weekend.)
The risks of failing to read such tea leaves were on stark display last November, when the CCP jerked the leash of one of the most powerful men on the planet, AliBaba founder Jack Ma. Ma had been poised for an IPO of Ant Group, a fintech spinoff of AliBaba, when people suddenly noticed that he hadn’t made a recent public appearance. Then on November 6, at nearly the last possible moment, authorities summarily cancelled the expected $34 billion offering. In addition to investor losses, the intervention personally cost Ma billions.
The cited reason for the halt was the need for tighter regulatory scrutiny of financial markets and technology, presumably including Ant Group’s hugely popular Alipay app, a predecessor to Apple Pay and similar services. But it was also seen as a symbolic smackdown of Ma, who just a month before the IPO gave a speech strongly critical of Chinese financial regulators.
When even a multibillionaire like Jack Ma can be taken out of the game at any time, a system that nobody controls becomes even more valuable
Ma’s mysterious disappearance ultimately lasted three months; he finally resurfaced in a brief video in January 2021. One observer described that short clip as “like a hostage video,” and it may almost literally have been. This is the CCP’s treatment of a man with a net worth of about $46 billion, as soon as he looks like a threat to its control.
Something notably similar, though both milder and weirder, happened to Justin Sun, founder of Ethereum imitator Tron, after he paid $4.6 million to have lunch with Warren Buffet. Sun heavily touted the lunch as a victory beforehand, inviting skepticism when Sun later announced that he would have to delay it because of kidney stones.
It didn’t make things more reassuring when Sundeclared himself recoveredthe next day. Subsequent reporting found that the real sickness was communism, withheavy CCP pressurereportedly figuring in Sun’s cancellation of the lunch. In a subtitle to its reporting, The New York Times bluntly described China as a place“where executives sometimes vanish.”
Sun later issued a statement apologizing for being, in effect,too shamelessa promoter of his company. Some read this as a sign that putting Sun on punishment was largely an anti-scam effort by the CCP at a time when a lot of Chinese people were getting ripped off by pyramid schemes and other fraud. The dinner wasn’t finally allowed to happenuntil Februaryof 2020.
All this speaks to two important truths to remember about China and cryptocurrency.
First is the regulatory landscape. When observed from a distance, China can resemble a modern nation-state operated according to the rule of law. But it is, ultimately, an authoritarian one-party state, and increasingly over the past decade, a personal dictatorship under Xi Jinping. That means changing stances from either the CCP or Xi don’t necessarily have to pass through any real legislative process to become the new rule on the ground. Instead, what would be considered informal or preliminary signals elsewhere – such as committee minutes – are treated like gospel and acted on immediately by any CEO who doesn’t want to wind up in a literal dungeon.
One generous interpretation of this is that Chinese policymaking is“experimental,”allowing for more flexibility than a rule-of-law based approach – because of course, all these proclamations can be reversed any time. But it also means private-sector businesspeople, including most entrepreneurs, lack predictable conditions for planning. Overall, it’s hard not to infer that China’s lack of democratic due process increases the risk and volatility of doing business there.
Second and closely related, China is engaged in a much broader attempt to create an innovative economy within an authoritarian society. The case of Ant Group shows how difficult that is: Would-be innovators have to judge exactly how much they can dare to innovate, while relying not on clear-cut laws and policies, but a more numinous sense of the prevailing sentiment among CCP leadership at any given moment. They seem to be moving closer to deciding that cryptocurrency isn’t entirely compatible with that fine balance, but that, above all, means more opportunity for innovators in more free societies.
China’s new pullback may justify short-term caution among global cryptocurrency investors – it seems at the least to have reshuffled the playing field. But if anything, the broader pattern shows why bitcoin and crypto are so important and attractive long-term. When even a multibillionaire like Jack Ma can be taken out of the game at any time, a system that nobody controls becomes even more valuable.
• Why Selling a Tesla for Bitcoin Makes Even Less Sense Now
• Rocky Mountain Institute Proposes Protocol to Track Climate Emissions || Of Course China Is Anti-Bitcoin: Look What Happened to Jack Ma: Everybitcoincrash has many parents. In the current bloodletting (total cryptocurrency market cap is down 40% in less than two weeks), China’s recent threat of a crackdown on cryptocurrency certainly seems to be one. But feeding a crypto crash was strictly a side effect of a much broader story: a quest for total control over the financial lives of Chinese subjects.
Over the past year to two years, China’s rulers have engaged in a series of moves clearly designed to clamp down, not on cryptocurrency specifically, but on open financial systems more generally. That included a brutal rebuff ofJack Ma, one of the world’s richest men, as well as the development of the digital yuan, which reportedly has strong built-insurveillance and censorshipfeatures.
David Z. Morris is CoinDesk’s Chief Insights Columnist.
Related:Consensus 2021: 8 Questions for Ethereum’s Andrew Keys
In the past, China’s crypto hesitancy has often seemed at least partly about protecting its populace from scams and theft. But in the context of this broader maneuvering for financial control, the latest round of clampdowns could be seen as a turning point as the state shifts its focus from defending its people to defending its own power.
To start with the current facts: On May 18, China reiteratedexisting restrictionson crypto for banks and payment providers. On Friday May 22, Chinese vice premier Liu He hosted a meeting of an important financial regulatory committee. In a subsequent statement, Liu and the committee called fora crackdownon “cryptocurrency mining and trading activities” in China. The statement on mining and trading was both novel and notable for Liu’s high rank.
It has had an immediate effect: Mining businesses, including HashCow and BTC.Top, had begun to wind down mining operations by Monday, according toReutersandAl Jazeera. Scattered rumors suggest that Chinese miners are relocating to nearby sites, including Kazakhstan, and that mining equipment is showing up at local auctions in large volume.
(Bitcoin’s network hash rate, a measure of the number and power of machines mining bitcoin, has alsodropped by roughly 15%in the past week. However, it seems likely that just a small portion of that is due to China’s policy shift, since dropping bitcoin prices always push less-profitable miners off the network worldwide. Matthew Graham of China-focused blockchain investment fund Sino-Global Capital, for one, says the hash rate drop-offisn’t due to the crackdown.)
Related:3 Things You Need to Know About China’s Crypto Crackdown
You might notice something strange in the timeline of Liu’s declaration: No laws have been passed, no formal legislative processes put in motion. Just a statement from a committee meeting, in the form of a mere policy recommendation. In the U.S., such a statement would be seen as an opportunity for a legislator to stake a position, or a way to signal firms to prepare for future change.
But in China, the statement often effectivelyisthe policy: the instant declaration of a new status quo. That’s why Chinese miners started going offline within days of the committee declaration, instead of waiting for any more formal process. (I seriously doubt any of the CCPnomenklaturawho set the regulatory and legislative agenda in China are doing a lot of working through the weekend.)
The risks of failing to read such tea leaves were on stark display last November, when the CCP jerked the leash of one of the most powerful men on the planet, AliBaba founder Jack Ma. Ma had been poised for an IPO of Ant Group, a fintech spinoff of AliBaba, when people suddenly noticed that he hadn’t made a recent public appearance. Then on November 6, at nearly the last possible moment, authorities summarily cancelled the expected $34 billion offering. In addition to investor losses, the intervention personally cost Ma billions.
The cited reason for the halt was the need for tighter regulatory scrutiny of financial markets and technology, presumably including Ant Group’s hugely popular Alipay app, a predecessor to Apple Pay and similar services. But it was also seen as a symbolic smackdown of Ma, who just a month before the IPO gave a speech strongly critical of Chinese financial regulators.
When even a multibillionaire like Jack Ma can be taken out of the game at any time, a system that nobody controls becomes even more valuable
Ma’s mysterious disappearance ultimately lasted three months; he finally resurfaced in a brief video in January 2021. One observer described that short clip as “like a hostage video,” and it may almost literally have been. This is the CCP’s treatment of a man with a net worth of about $46 billion, as soon as he looks like a threat to its control.
Something notably similar, though both milder and weirder, happened to Justin Sun, founder of Ethereum imitator Tron, after he paid $4.6 million to have lunch with Warren Buffet. Sun heavily touted the lunch as a victory beforehand, inviting skepticism when Sun later announced that he would have to delay it because of kidney stones.
It didn’t make things more reassuring when Sundeclared himself recoveredthe next day. Subsequent reporting found that the real sickness was communism, withheavy CCP pressurereportedly figuring in Sun’s cancellation of the lunch. In a subtitle to its reporting, The New York Times bluntly described China as a place“where executives sometimes vanish.”
Sun later issued a statement apologizing for being, in effect,too shamelessa promoter of his company. Some read this as a sign that putting Sun on punishment was largely an anti-scam effort by the CCP at a time when a lot of Chinese people were getting ripped off by pyramid schemes and other fraud. The dinner wasn’t finally allowed to happenuntil Februaryof 2020.
All this speaks to two important truths to remember about China and cryptocurrency.
First is the regulatory landscape. When observed from a distance, China can resemble a modern nation-state operated according to the rule of law. But it is, ultimately, an authoritarian one-party state, and increasingly over the past decade, a personal dictatorship under Xi Jinping. That means changing stances from either the CCP or Xi don’t necessarily have to pass through any real legislative process to become the new rule on the ground. Instead, what would be considered informal or preliminary signals elsewhere – such as committee minutes – are treated like gospel and acted on immediately by any CEO who doesn’t want to wind up in a literal dungeon.
One generous interpretation of this is that Chinese policymaking is“experimental,”allowing for more flexibility than a rule-of-law based approach – because of course, all these proclamations can be reversed any time. But it also means private-sector businesspeople, including most entrepreneurs, lack predictable conditions for planning. Overall, it’s hard not to infer that China’s lack of democratic due process increases the risk and volatility of doing business there.
Second and closely related, China is engaged in a much broader attempt to create an innovative economy within an authoritarian society. The case of Ant Group shows how difficult that is: Would-be innovators have to judge exactly how much they can dare to innovate, while relying not on clear-cut laws and policies, but a more numinous sense of the prevailing sentiment among CCP leadership at any given moment. They seem to be moving closer to deciding that cryptocurrency isn’t entirely compatible with that fine balance, but that, above all, means more opportunity for innovators in more free societies.
China’s new pullback may justify short-term caution among global cryptocurrency investors – it seems at the least to have reshuffled the playing field. But if anything, the broader pattern shows why bitcoin and crypto are so important and attractive long-term. When even a multibillionaire like Jack Ma can be taken out of the game at any time, a system that nobody controls becomes even more valuable.
• Why Selling a Tesla for Bitcoin Makes Even Less Sense Now
• Rocky Mountain Institute Proposes Protocol to Track Climate Emissions || Bitcoin miners pledge to address climate concerns after Elon Musk meeting: Major Bitcoin miners have committed to cutting their carbon footprints after a weekend summit with Elon Musk over the cryptocurrency’s emissions.
Mr Musk, who hasfanned a row over Bitcoin’s environmental impactthat has contributed to its recent price fall, said miners in North America had committed to disclosing their use of renewables.
Argo Blockchain, a London-listed Bitcoin miner whose chief executive Peter Wall was in the Zoom meeting, said it would soon publish an audit of its 2020 energy use. Mr Wall said many miners shared Mr Musk’s concerns about Bitcoin’s emissions.
Bitcoin miners use high-powered computers to process transactions on the Bitcoin network and create new coins. The process has been criticised for its energy demands, with the cryptocurrency’s annual energy consumption estimated to be higher than entire countries such as The Netherlands and Chile.
Mr Muskrecently saidthat Bitcoin’s emissions meant Tesla would no longer accept it as a payment method, a U-turn that camejust months afterthe electric carmaker announced it would allow cars to be bought with the cryptocurrency.
The announcement, combined with the threat of crackdowns in China and elsewhere, have sent Bitcoin’s price plummeting in recent days from an April high of $63,000 to around half that on Sunday. Its price recovered on Monday to over $38,000.
On Monday,Mr Musk tweeted:“Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners [worldwide] to do so. Potentially promising.”
Michael Saylor, whose company MicroStrategy is a major Bitcoin investor, said that eight companies had formed a “Bitcoin Mining Council” that would standardise reporting on energy usage and push for more use of renewables.
Mr Wall said: “The fact that this is a group of miners coming together to agree that ESG concerns are important, and need to be dealt with and be at the forefront of our mining strategies, is really significant.”. He said that Mr Musk had asked questions about what power sources their mining operations relied on and if they were moving further towards renewables.
“Elon asked good questions. His engagement level was excellent. He’s obviously a smart guy. He’s an influential individual and has the ability to have a big impact, so the more people from all industries that can engage with him and share what they know, the better it will be,” Mr Wall said.
When asked if the miners had won over Mr Musk, he said: “I think that we’re moving in the right direction. The more that ESG concerns can be addressed… the more people like Tesla will feel comfortable buying and holding Bitcoin.” However, he said that miners in countries where power is cheap and plentiful would also need to change.
China accounts for around 65pc of Bitcoin mining, compared to only 7.2pc in the US,according to researchers at the University of Cambridge. Some cryptocurrency miners in China havesaid they are halting operations in the countrydue to a recently announced crackdown from Beijing. || Bitcoin miners pledge to address climate concerns after Elon Musk meeting: Elon Musk Major Bitcoin miners have committed to cutting their carbon footprints after a weekend summit with Elon Musk over the cryptocurrencys emissions. Mr Musk, who has fanned a row over Bitcoins environmental impact that has contributed to its recent price fall, said miners in North America had committed to disclosing their use of renewables. Argo Blockchain, a London-listed Bitcoin miner whose chief executive Peter Wall was in the Zoom meeting, said it would soon publish an audit of its 2020 energy use. Mr Wall said many miners shared Mr Musks concerns about Bitcoins emissions. Bitcoin miners use high-powered computers to process transactions on the Bitcoin network and create new coins. The process has been criticised for its energy demands, with the cryptocurrencys annual energy consumption estimated to be higher than entire countries such as The Netherlands and Chile. Mr Musk recently said that Bitcoins emissions meant Tesla would no longer accept it as a payment method, a U-turn that came just months after the electric carmaker announced it would allow cars to be bought with the cryptocurrency. Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising. Elon Musk (@elonmusk) May 24, 2021 The announcement, combined with the threat of crackdowns in China and elsewhere, have sent Bitcoins price plummeting in recent days from an April high of $63,000 to around half that on Sunday. Its price recovered on Monday to over $38,000. On Monday, Mr Musk tweeted: Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners [worldwide] to do so. Potentially promising. Michael Saylor, whose company MicroStrategy is a major Bitcoin investor, said that eight companies had formed a Bitcoin Mining Council that would standardise reporting on energy usage and push for more use of renewables. Mr Wall said: The fact that this is a group of miners coming together to agree that ESG concerns are important, and need to be dealt with and be at the forefront of our mining strategies, is really significant.. He said that Mr Musk had asked questions about what power sources their mining operations relied on and if they were moving further towards renewables. Elon asked good questions. His engagement level was excellent. Hes obviously a smart guy. Hes an influential individual and has the ability to have a big impact, so the more people from all industries that can engage with him and share what they know, the better it will be, Mr Wall said. Story continues When asked if the miners had won over Mr Musk, he said: I think that were moving in the right direction. The more that ESG concerns can be addressed
the more people like Tesla will feel comfortable buying and holding Bitcoin. However, he said that miners in countries where power is cheap and plentiful would also need to change. China accounts for around 65pc of Bitcoin mining, compared to only 7.2pc in the US, according to researchers at the University of Cambridge . Some cryptocurrency miners in China have said they are halting operations in the country due to a recently announced crackdown from Beijing. View comments || Bitcoin miners pledge to address climate concerns after Elon Musk meeting: Major Bitcoin miners have committed to cutting their carbon footprints after a weekend summit with Elon Musk over the cryptocurrency’s emissions.
Mr Musk, who hasfanned a row over Bitcoin’s environmental impactthat has contributed to its recent price fall, said miners in North America had committed to disclosing their use of renewables.
Argo Blockchain, a London-listed Bitcoin miner whose chief executive Peter Wall was in the Zoom meeting, said it would soon publish an audit of its 2020 energy use. Mr Wall said many miners shared Mr Musk’s concerns about Bitcoin’s emissions.
Bitcoin miners use high-powered computers to process transactions on the Bitcoin network and create new coins. The process has been criticised for its energy demands, with the cryptocurrency’s annual energy consumption estimated to be higher than entire countries such as The Netherlands and Chile.
Mr Muskrecently saidthat Bitcoin’s emissions meant Tesla would no longer accept it as a payment method, a U-turn that camejust months afterthe electric carmaker announced it would allow cars to be bought with the cryptocurrency.
The announcement, combined with the threat of crackdowns in China and elsewhere, have sent Bitcoin’s price plummeting in recent days from an April high of $63,000 to around half that on Sunday. Its price recovered on Monday to over $38,000.
On Monday,Mr Musk tweeted:“Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners [worldwide] to do so. Potentially promising.”
Michael Saylor, whose company MicroStrategy is a major Bitcoin investor, said that eight companies had formed a “Bitcoin Mining Council” that would standardise reporting on energy usage and push for more use of renewables.
Mr Wall said: “The fact that this is a group of miners coming together to agree that ESG concerns are important, and need to be dealt with and be at the forefront of our mining strategies, is really significant.”. He said that Mr Musk had asked questions about what power sources their mining operations relied on and if they were moving further towards renewables.
“Elon asked good questions. His engagement level was excellent. He’s obviously a smart guy. He’s an influential individual and has the ability to have a big impact, so the more people from all industries that can engage with him and share what they know, the better it will be,” Mr Wall said.
When asked if the miners had won over Mr Musk, he said: “I think that we’re moving in the right direction. The more that ESG concerns can be addressed… the more people like Tesla will feel comfortable buying and holding Bitcoin.” However, he said that miners in countries where power is cheap and plentiful would also need to change.
China accounts for around 65pc of Bitcoin mining, compared to only 7.2pc in the US,according to researchers at the University of Cambridge. Some cryptocurrency miners in China havesaid they are halting operations in the countrydue to a recently announced crackdown from Beijing. || Limited Spots Available... Register NOW! ELEV8-Miami 2021: Sheridan, WY, May 24, 2021 (GLOBE NEWSWIRE) -- (via Blockchain Wire ) Appliqate Inc. (OTC: APQT) announces ELEV8-Miami 2021 taking place June 2nd & 3rd during Bitcoin Week at the Wynwood Garage. ELEV8-Miami addresses the latest trends and investment opportunities for digital assets NFT’s, ALT Coins, blockchain adoption, cryptocurrencies, and the state of the institutional and retail market. The conference boasts 20+ speakers and will include dynamic workshops, panel discussions, presentations, case studies, and networking events. The initial lineup of speakers, features; Michael Terpin, CEO of Transform Group; Jesus Rodriguez, CEO of Into the Block, Crystal Rose, CEO & Founder MakeSense Labs, Gerard Dache, Founder of Government Blockchain Association, Zach Wildes, Celsius’s Head of Community, Roberto Machado, CEO of BetaBlocks, Sheldon Evans, Youtuber, and Crypto Enthusiast, Santana Moss and Matt Shapiro, Former NFL-National Football League Players, Charles Silver, Founder of Permission.io. Steve Masur, Partner, Masur,Masur Griffitts Avidor LLP, Maggie Wu, CEO & Founder, Kryptial Capital. "After hosting massively successful Hybrid Events witnessing growth, popularity, and awareness, we have received overwhelming interest in the Hot topic, real use cases, and understanding that there's so much more to cover than one event could have handled. It's our mission to unveil to the world at large! "Elev8" a definitive source of knowledge and insights from cutting-edge businesses and individuals spreading the boundaries of technology and entertainment. On June 2nd and 3rd, participants worldwide will mix to share expertise and negotiate business, debate hot topics with expert speakers and pitch breakthrough ideas, connect with like-minded folks, and shape the future. " Stated Una Taylor Appliqate Ceo and Chairman Panel discussions, presentations, case studies, and networking events will take place Story continues over two days in Miami. On June 2nd there will be a welcome reception and networking event for Attendees and Speakers. Attendees will leave the conference with an understanding of how decentralized finance continues to impact issues such as liquidity, derivatives, trading, and infrastructure. The conference will tackle a wide variety of discussions pertinent to digital assets, notably, Token Promises, Insights on the NFT Explosion, The impact of Cryptocurrency adoption on government, A Deep Dive into Defi analytics, How CryptoMarkets Work with Financial Institutions, and more. Attendees will include institutions considering deploying capital into crypto markets, including angel/venture investors, ETF managers, financial advisors/wealth managers, hedge funds, insurance firms, mutual funds, pension funds, private equity, research analysts, RIAs, and more. A discount will be offered on registrations paid using bitcoin until June 1st,2021 For more information on Bitcoin ticket prices, visit: https://checkout.opennode.com For more Ticket options: https://www.eventbrite.com/elev8-miami For Full Agenda: Elev8-Miami-2021-Schedule Dinner Sponsor: Xperiential Tech https://xperientialtech.com Wellness Sponsor : Toosh Products https://tooshproducts.com About ELEV8: ELEV8 an Appliqate Company has a vision that emerging new technologies such as digital assets, cryptocurrencies, AI, and blockchain create a more interconnected economic global ecosystem, working to eliminate barriers to growth and creating increased value for stakeholders across all industries. We believe future technologies will serve as the foundation for new economic systems which are more efficient, open, and accessible. Our mission is to enable that progress with industry research, distribution of the most current news, and hosting industry events that convene executives at the forefront of shaping the future of emerging technology. Our platform is home to the world’s leading tech experts; we collaborate with industry stakeholders across vertical markets and openly share insight. ELEV8 is at the forefront of shaping the future. View ELEV8’s research & industry content here: www.elev8con.com About Appliqate Inc: Appliqate Inc is a publicly traded technology development firm that provides businesses, executives and investors access to capital and innovative solutions by utilizing platforms and business models to disrupt industry sectors. With an emphasis on media, blockchain, live entertainment, and intellectual property, the company accelerates the growth of tech solutions in these markets. Appliqate’s management team represents a unique combination of technology development, operating, investing, financial and transactional expertise. Forward-Looking Statements: This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. Except for historical matters contained herein, statements made in this press release are forward-looking statements. Without limiting the generality of the foregoing, words such as “may”, “will”, “to”, “plan”, “expect”, “believe”, “anticipate”, “intend”, “could”, “would”, “estimate,” or “continue”, or the negative other variations thereof or comparable terminology are intended to identify forward-looking statements. Forward-looking statements involve known and unknown risk, uncertainties, and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date hereof. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with the SEC including the Current Reports on Form 8-K and the Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Except as required by law, we assume no obligation to update these forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. For more information contact: Dene Coria: [email protected] https://www.elev8con.com/ Inquires: [email protected] www.appliqate.com || Limited Spots Available... Register NOW! ELEV8-Miami 2021: Sheridan, WY, May 24, 2021 (GLOBE NEWSWIRE) -- (via Blockchain Wire ) Appliqate Inc. (OTC: APQT) announces ELEV8-Miami 2021 taking place June 2nd & 3rd during Bitcoin Week at the Wynwood Garage. ELEV8-Miami addresses the latest trends and investment opportunities for digital assets NFT’s, ALT Coins, blockchain adoption, cryptocurrencies, and the state of the institutional and retail market. The conference boasts 20+ speakers and will include dynamic workshops, panel discussions, presentations, case studies, and networking events. The initial lineup of speakers, features; Michael Terpin, CEO of Transform Group; Jesus Rodriguez, CEO of Into the Block, Crystal Rose, CEO & Founder MakeSense Labs, Gerard Dache, Founder of Government Blockchain Association, Zach Wildes, Celsius’s Head of Community, Roberto Machado, CEO of BetaBlocks, Sheldon Evans, Youtuber, and Crypto Enthusiast, Santana Moss and Matt Shapiro, Former NFL-National Football League Players, Charles Silver, Founder of Permission.io. Steve Masur, Partner, Masur,Masur Griffitts Avidor LLP, Maggie Wu, CEO & Founder, Kryptial Capital. "After hosting massively successful Hybrid Events witnessing growth, popularity, and awareness, we have received overwhelming interest in the Hot topic, real use cases, and understanding that there's so much more to cover than one event could have handled. It's our mission to unveil to the world at large! "Elev8" a definitive source of knowledge and insights from cutting-edge businesses and individuals spreading the boundaries of technology and entertainment. On June 2nd and 3rd, participants worldwide will mix to share expertise and negotiate business, debate hot topics with expert speakers and pitch breakthrough ideas, connect with like-minded folks, and shape the future. " Stated Una Taylor Appliqate Ceo and Chairman Panel discussions, presentations, case studies, and networking events will take place Story continues over two days in Miami. On June 2nd there will be a welcome reception and networking event for Attendees and Speakers. Attendees will leave the conference with an understanding of how decentralized finance continues to impact issues such as liquidity, derivatives, trading, and infrastructure. The conference will tackle a wide variety of discussions pertinent to digital assets, notably, Token Promises, Insights on the NFT Explosion, The impact of Cryptocurrency adoption on government, A Deep Dive into Defi analytics, How CryptoMarkets Work with Financial Institutions, and more. Attendees will include institutions considering deploying capital into crypto markets, including angel/venture investors, ETF managers, financial advisors/wealth managers, hedge funds, insurance firms, mutual funds, pension funds, private equity, research analysts, RIAs, and more. A discount will be offered on registrations paid using bitcoin until June 1st,2021 For more information on Bitcoin ticket prices, visit: https://checkout.opennode.com For more Ticket options: https://www.eventbrite.com/elev8-miami For Full Agenda: Elev8-Miami-2021-Schedule Dinner Sponsor: Xperiential Tech https://xperientialtech.com Wellness Sponsor : Toosh Products https://tooshproducts.com About ELEV8: ELEV8 an Appliqate Company has a vision that emerging new technologies such as digital assets, cryptocurrencies, AI, and blockchain create a more interconnected economic global ecosystem, working to eliminate barriers to growth and creating increased value for stakeholders across all industries. We believe future technologies will serve as the foundation for new economic systems which are more efficient, open, and accessible. Our mission is to enable that progress with industry research, distribution of the most current news, and hosting industry events that convene executives at the forefront of shaping the future of emerging technology. Our platform is home to the world’s leading tech experts; we collaborate with industry stakeholders across vertical markets and openly share insight. ELEV8 is at the forefront of shaping the future. View ELEV8’s research & industry content here: www.elev8con.com About Appliqate Inc: Appliqate Inc is a publicly traded technology development firm that provides businesses, executives and investors access to capital and innovative solutions by utilizing platforms and business models to disrupt industry sectors. With an emphasis on media, blockchain, live entertainment, and intellectual property, the company accelerates the growth of tech solutions in these markets. Appliqate’s management team represents a unique combination of technology development, operating, investing, financial and transactional expertise. Forward-Looking Statements: This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. Except for historical matters contained herein, statements made in this press release are forward-looking statements. Without limiting the generality of the foregoing, words such as “may”, “will”, “to”, “plan”, “expect”, “believe”, “anticipate”, “intend”, “could”, “would”, “estimate,” or “continue”, or the negative other variations thereof or comparable terminology are intended to identify forward-looking statements. Forward-looking statements involve known and unknown risk, uncertainties, and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date hereof. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with the SEC including the Current Reports on Form 8-K and the Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Except as required by law, we assume no obligation to update these forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. For more information contact: Dene Coria: [email protected] https://www.elev8con.com/ Inquires: [email protected] www.appliqate.com || Fintech Focus For May 25, 2021: Quote To Start The Day:“Quality means doing it right when no one is looking.”
Source:Henry Ford
One Big Thing In Fintech:Square Inc., whose technology has already upended the way small businesses take card payments, is quietly preparing to offer checking and savings accounts to those customers, taking direct aim at behemoths such as JPMorgan Chase & Co.
Source:Bloomberg
Other Key Fintech Developments:
• Fintechtargetinghealthcare puzzle.
• MayStreetexpandsAPAC coverage.
• MusktacklesBTC mining problems.
• Square alumnitap$12.8M for Found.
• Theevolutionof the virtual trade floor.
• Chinese BTC minersfaceregulation.
• Stavvytaps$40M for home closings.
• Viva FirstselectedMX for bank tech.
• SoftbankfundsZeta $250M to grow.
• UnpackingAragon’s voting solutions.
• CoinbaseaddedGoldman executive.
• Voyager Digitalexpandedleadership.
• Investorsbeton new fintech trends.
• mx51raises$25M in funding round.
• MoovtapsFiserv executive as CTO.
• CoinSwapofferinghuge token yields.
Watch Out For This:Florida Monday became the first state in the U.S. to broadly regulate social media platforms' moderation of user speech online.
Source:Axios
Interesting Reads:
• US iswarningagainst Japan travel.
• Retail, restaurant automationrises.
• Ray Daliosaidhe has some bitcoin.
• Lyft, Uberbeginfree vaccine rides.
• WHeyeing$1B for weather events.
• WhyFord EVs have radio antennas.
Market Moving Headline:Cathie Wood, chief executive officer and chief investment officer at Ark Investment Management, says the correction in commodities prices is one sign that the U.S. economy is poised for a "massive" period of deflation.
Source:Bloomberg
See more from Benzinga
• Click here for options trades from Benzinga
• Fintech Focus For May 24, 2021
• Fintech Focus Roundup For May 23, 2021
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Fintech Focus For May 25, 2021: Fintech Header Quote To Start The Day: “Quality means doing it right when no one is looking.” Source: Henry Ford One Big Thing In Fintech: Square Inc., whose technology has already upended the way small businesses take card payments, is quietly preparing to offer checking and savings accounts to those customers, taking direct aim at behemoths such as JPMorgan Chase & Co. Source: Bloomberg Other Key Fintech Developments: Fintech targeting healthcare puzzle. MayStreet expands APAC coverage. Musk tackles BTC mining problems. Square alumni tap $12.8M for Found. The evolution of the virtual trade floor. Chinese BTC miners face regulation. Stavvy taps $40M for home closings. Viva First selected MX for bank tech. Softbank funds Zeta $250M to grow. Unpacking Aragon’s voting solutions. Coinbase added Goldman executive. Voyager Digital expanded leadership. Investors bet on new fintech trends. mx51 raises $25M in funding round. Moov taps Fiserv executive as CTO. CoinSwap offering huge token yields. Watch Out For This: Florida Monday became the first state in the U.S. to broadly regulate social media platforms' moderation of user speech online. Source: Axios Interesting Reads: US is warning against Japan travel. Retail, restaurant automation rises . Ray Dalio said he has some bitcoin. Lyft, Uber begin free vaccine rides. WH eyeing $1B for weather events. Why Ford EVs have radio antennas. Market Moving Headline: Cathie Wood, chief executive officer and chief investment officer at Ark Investment Management, says the correction in commodities prices is one sign that the U.S. economy is poised for a "massive" period of deflation. Source: Bloomberg See more from Benzinga Click here for options trades from Benzinga Fintech Focus For May 24, 2021 Fintech Focus Roundup For May 23, 2021 © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || 3 Things You Need to Know About China’s Crypto Crackdown: Crypto exchanges and miners in China are grappling with the aftermath of last Friday’snoticefrom the State Council, which calls for a crackdown on crypto trading and mining in the country. Here are some of the results of the warning.
Chinese miners have been scrambling to look for overseas sites to host their mining machines following the State Council’s warning that it may crack down on crypto mining due toenvironmental concerns.
“I have been having conversations all weekend, starting since last Friday, with Chinese miners looking to co-locate in the U.S.,” said Ethan Vera, chief operating officer at Seattle-based mining firm Luxor. “All the Chinese miners that I know are reaching out, they are getting pricing and quotes.”
Related:‘This Isn’t the Start of OPEC’: New Bitcoin Mining Council Just Wants to Promote Greener Practices, Member Says
While the Chinese authorities have yet to release any concrete plans to enforce the crackdown, some major crypto mining companies are already taking steps in response to the warning.
Cryptocurrency exchange Huobi has shuttered its miner hosting services in mainland China. Crypto mining poolBTC.TOPsuspendedits operations in China and HashCow said it will stop buying new rigs.
“I think the consensus right now is there are too many uncertainties to tell if this is actually going to take place or not,” Vera said. “But there is for sure the risk of it.”
If China enforces the crackdown, the migration to hosting sites abroad could be costly and take a lot of time.
Related:Of Course China Is Anti-Bitcoin: Look What Happened to Jack Ma
There is not much idle capacity in major mining hubs such as North America and Kazakhstan, Vera said. He estimated the idle capacity in the U.S. is less than 30 megawatts in the entire country at the moment. To put the number in perspective, that is less than 1% of the hash power required to support all the mining machines that are currently in China, according to Vera.
Chinese miners cannot move to these overseas sites and start mining right away. It would take between 60 and 90 days for a mining farm to build out another 10 or 20 megawatts, Vera said, noting the base rate for these hosting sites would be very high. So after moving it could take up to half a year before all that hashrate comes back online.
In the long run, crypto mining will continue to exist in China but will shift from industrial-size data centers to home miners or small or medium-sized miners, Zhuoer Jiang, CEO of BTC.TOPsaidon Twitter.
Jiang noted in his tweet that miner makers such as Bitmain would sell most of their machines abroad as the regulations on big-scale mining operations are getting tougher.
Huobi, a major crypto exchange that provides trading services for Chinese investors, hasscaled backits offerings following the State Council’s notice.
While Huobi’s spot trading remains largely unaffected, it has suspended futures contracts, exchange-traded products (ETP) and certain other leveraged investment products.
“The move indicates that the Chinese authorities are trying to prevent more capital from flowing into a more volatile market with high systemic risks,” Jason Wu, CEO of crypto lending platform DeFiner. “If you look at what exact services have been suspended on Huobi, they are among the most risky trading activities.”
Leveraged investment products, including ETPs, on crypto exchanges let investors amplify their profits by giving them up to 100 times the amount of cryptocurrencies they actually have on hand. But when prices in the crypto assets that are collateralized decrease, these investors need to put in more as collateral. Their assets will be liquidated if they can not add enough to the collateral.
Financial stability is one of the top priorities for Chinese regulators, and they might not want to see more people investing in such a volatile market.
Compared to the crackdowns in 2013 and 2017, crypto trading in general has become much more leveraged given the boom in financial derivative products in crypto and decentralized finance (DeFi).
The rise of more sophisticated structured financial products on centralized exchanges and lending protocols in DeFi has made it easier to do leveraged trading, Wu said.
OKEx, which is another major exchange for Chinese investors, had planned to suspend transactions between its platform token OKB and China’s local fiat currency renminbi. The exchange later aborted the plan due to “customer concerns.” The token’s price fell as low as 70% after they announced the suspension.
This is a less-noticeable move given the low volume of transactions for OKB. But such transactions have a significant legal risk for exchanges.
“Platform tokens can be regarded as a form of illegal fundraising,” Wu said. “Imagine a centralized trading platform is a company, the platform token in nature is similar to its stocks.”
Some exchanges would require the users to hold their platform tokens in exchange for discounted transaction fees and other premium services.
The Economic Information Daily, a state newspaper that covers Chinese securities,publishedan article on Monday giving more details on why the Chinese government is intensifying the crackdown on crypto mining and trading businesses.
Crypto’s biggest risks include more interest from average Chinese investors, financial risks associated with high leverage, security concerns with crypto trading platforms and compliance issues related to money laundering and illegal fundraising, the newspaper said.
As for the crackdown on mining, the media outlet said it is mainly due to environmental concerns. However, the newspaper’s characterization of data centers that are used as crypto mining sites indicates the discrepancy in the local and central government’s stance on crypto mining.
“Bitcoin mining activities tend to be in the disguise of data centers so that the miners can trick local governments into supporting such projects and waste a lot of electricity,” the newspaper said. But many local governments are aware of large-scale mining operations, some of which even put forward preferential policies for bitcoin miners.
A few counties in Sichuan province of South China, which is a major mining hub, have set up hydropower consumption parks, where many large bitcoin mining companies run their operations. Bitcoin mining operations have existed in Inner Mongolia and Xinjiang for several years.
Local governments’ more permissive attitude towards crypto mining may be due to its pursuit of higher tax revenues, while the central government prioritizes environmental protection.
Compared to the crackdown notice on Tuesday from three financial industry associations, the warning from the State Council, which is a higher-level government body, will deter more people from operating crypto trading or mining businesses, the newspaper said.
• Bitcoin Rises to Near $40K After Musk Tweets About BTC Mining’s ‘Promising’ Renewable Usage
• Marty Bent: Bitcoiners Must Fight for Energy Narrative || 3 Things You Need to Know About China’s Crypto Crackdown: Crypto exchanges and miners in China are grappling with the aftermath of last Friday’s notice from the State Council, which calls for a crackdown on crypto trading and mining in the country. Here are some of the results of the warning. Mining Chinese miners have been scrambling to look for overseas sites to host their mining machines following the State Council’s warning that it may crack down on crypto mining due to environmental concerns . “I have been having conversations all weekend, starting since last Friday, with Chinese miners looking to co-locate in the U.S.,” said Ethan Vera, chief operating officer at Seattle-based mining firm Luxor. “All the Chinese miners that I know are reaching out, they are getting pricing and quotes.” Related: ‘This Isn’t the Start of OPEC’: New Bitcoin Mining Council Just Wants to Promote Greener Practices, Member Says While the Chinese authorities have yet to release any concrete plans to enforce the crackdown, some major crypto mining companies are already taking steps in response to the warning. Cryptocurrency exchange Huobi has shuttered its miner hosting services in mainland China. Crypto mining pool BTC .TOP suspended its operations in China and HashCow said it will stop buying new rigs. “I think the consensus right now is there are too many uncertainties to tell if this is actually going to take place or not,” Vera said. “But there is for sure the risk of it.” If China enforces the crackdown, the migration to hosting sites abroad could be costly and take a lot of time. Related: Of Course China Is Anti-Bitcoin: Look What Happened to Jack Ma There is not much idle capacity in major mining hubs such as North America and Kazakhstan, Vera said. He estimated the idle capacity in the U.S. is less than 30 megawatts in the entire country at the moment. To put the number in perspective, that is less than 1% of the hash power required to support all the mining machines that are currently in China, according to Vera. Story continues Chinese miners cannot move to these overseas sites and start mining right away. It would take between 60 and 90 days for a mining farm to build out another 10 or 20 megawatts, Vera said, noting the base rate for these hosting sites would be very high. So after moving it could take up to half a year before all that hashrate comes back online. In the long run, crypto mining will continue to exist in China but will shift from industrial-size data centers to home miners or small or medium-sized miners, Zhuoer Jiang, CEO of BTC.TOP said on Twitter. Jiang noted in his tweet that miner makers such as Bitmain would sell most of their machines abroad as the regulations on big-scale mining operations are getting tougher. Exchanges pull back Huobi, a major crypto exchange that provides trading services for Chinese investors, has scaled back its offerings following the State Council’s notice. While Huobi’s spot trading remains largely unaffected, it has suspended futures contracts, exchange-traded products (ETP) and certain other leveraged investment products. “The move indicates that the Chinese authorities are trying to prevent more capital from flowing into a more volatile market with high systemic risks,” Jason Wu, CEO of crypto lending platform DeFiner. “If you look at what exact services have been suspended on Huobi, they are among the most risky trading activities.” Leveraged investment products, including ETPs, on crypto exchanges let investors amplify their profits by giving them up to 100 times the amount of cryptocurrencies they actually have on hand. But when prices in the crypto assets that are collateralized decrease, these investors need to put in more as collateral. Their assets will be liquidated if they can not add enough to the collateral. Financial stability is one of the top priorities for Chinese regulators, and they might not want to see more people investing in such a volatile market. Compared to the crackdowns in 2013 and 2017, crypto trading in general has become much more leveraged given the boom in financial derivative products in crypto and decentralized finance (DeFi). The rise of more sophisticated structured financial products on centralized exchanges and lending protocols in DeFi has made it easier to do leveraged trading, Wu said. OKEx, which is another major exchange for Chinese investors, had planned to suspend transactions between its platform token OKB and China’s local fiat currency renminbi. The exchange later aborted the plan due to “customer concerns.” The token’s price fell as low as 70% after they announced the suspension. This is a less-noticeable move given the low volume of transactions for OKB. But such transactions have a significant legal risk for exchanges. “Platform tokens can be regarded as a form of illegal fundraising,” Wu said. “Imagine a centralized trading platform is a company, the platform token in nature is similar to its stocks.” Some exchanges would require the users to hold their platform tokens in exchange for discounted transaction fees and other premium services. State media’s rant The Economic Information Daily, a state newspaper that covers Chinese securities, published an article on Monday giving more details on why the Chinese government is intensifying the crackdown on crypto mining and trading businesses. Crypto’s biggest risks include more interest from average Chinese investors, financial risks associated with high leverage, security concerns with crypto trading platforms and compliance issues related to money laundering and illegal fundraising, the newspaper said. As for the crackdown on mining, the media outlet said it is mainly due to environmental concerns. However, the newspaper’s characterization of data centers that are used as crypto mining sites indicates the discrepancy in the local and central government’s stance on crypto mining. “Bitcoin mining activities tend to be in the disguise of data centers so that the miners can trick local governments into supporting such projects and waste a lot of electricity,” the newspaper said. But many local governments are aware of large-scale mining operations, some of which even put forward preferential policies for bitcoin miners. A few counties in Sichuan province of South China, which is a major mining hub, have set up hydropower consumption parks, where many large bitcoin mining companies run their operations. Bitcoin mining operations have existed in Inner Mongolia and Xinjiang for several years. Local governments’ more permissive attitude towards crypto mining may be due to its pursuit of higher tax revenues, while the central government prioritizes environmental protection. Compared to the crackdown notice on Tuesday from three financial industry associations, the warning from the State Council, which is a higher-level government body, will deter more people from operating crypto trading or mining businesses, the newspaper said. Related Stories Bitcoin Rises to Near $40K After Musk Tweets About BTC Mining’s ‘Promising’ Renewable Usage Marty Bent: Bitcoiners Must Fight for Energy Narrative || Polkadot Weighs Multichain Tech Challenges Ahead of DOT ‘Parachain’ Auctions: Decentralization is all about trade-offs.
Polkadot, for example, was designed to carry a heavier transaction load than Ethereum. But simply “spreading out,” as Polkadot’s system of interconnected parachains does, comes with its own set of challenges. That’s what Web3 Foundation technical lead Joe Petrowski said Monday at CoinDesk’s Consensus, explaining how the Polkadot builder is going about its business in 2021.
The explosion in areas like decentralized finance (DeFi) has left people crying out for faster, cheaper alternatives to Ethereum. But the next stage of building a system where applications are interoperable across chains and transaction processing happens in parallel is a step into the unknown, admitted Petrowski.
Related:Market Wrap: China Breaks Crypto as Bitcoin Falls to $36K, ETH Drops $300 in Two Hours
Ethereum can be thought of as a single-thread blockchain, which is convenient as far as state changes are concerned, but means users compete for synchronous execution time. The result we are all now seeing is very high transaction fees. Block space is at a premium.
On the other hand, a multichain future invites untold complexity.
“As far as multichain apps, which I definitely see coming with asynchrony, it’s a big problem,” Petrowski said. “It’s a totally different application programming paradigm. So, spreading out is great, but also requires some new thinking on the part of developers who are using it.”
Petrowski gave the simple example of a block explorer: For instance, a transaction done using some Ethereum application like Uniswap results in Etherscan showing everything that changed in that one transaction.
Related:Banking App Current Picks Polkadot for Its DeFi Debut
“If you think about a multichain application, then you could have one transaction actually trigger a bunch of different state changes on different blockchains,” Petrowski said. “So how do you go about having some kind of explorer that says, ‘Well, I made this transaction, can you show me everything in the blockchain universe that was affected because of this?’”
Polkadot, which was founded in 2016 by Ethereum co-founder Gavin Wood, is slated to go fully live later this year.
The next stage in the development process involves the launch of parachain auctions, a fundraising process where projects lock up 1 millionDOTto win one of 100 or so coveted parachain slots.
Before the auctions can commence, Polkadot’s various testnets need to be up to speed when it comes to finalizing blocks, said Petrowski. For now, a shell parachain on canary network Kusama is producing blocks every three or four minutes.
“I think once Kusama is producing blocks at about the 12-second rate for the shell parachain, then we’ll be able to publish the auction timetable and open that up,” Petrowski said.
• Swiss Asset Manager Valour Launches Cardano and Polkadot ETPs
• Market Wrap: It’s ‘Doge Day Afternoon’ as Memecoin Jumps 47%; Ether and Bitcoin Rise || Polkadot Weighs Multichain Tech Challenges Ahead of DOT ‘Parachain’ Auctions: Decentralization is all about trade-offs. Polkadot, for example, was designed to carry a heavier transaction load than Ethereum. But simply “spreading out,” as Polkadot’s system of interconnected parachains does, comes with its own set of challenges. That’s what Web3 Foundation technical lead Joe Petrowski said Monday at CoinDesk’s Consensus, explaining how the Polkadot builder is going about its business in 2021. The explosion in areas like decentralized finance (DeFi) has left people crying out for faster, cheaper alternatives to Ethereum. But the next stage of building a system where applications are interoperable across chains and transaction processing happens in parallel is a step into the unknown, admitted Petrowski. Related: Market Wrap: China Breaks Crypto as Bitcoin Falls to $36K, ETH Drops $300 in Two Hours Ethereum can be thought of as a single-thread blockchain, which is convenient as far as state changes are concerned, but means users compete for synchronous execution time. The result we are all now seeing is very high transaction fees. Block space is at a premium. On the other hand, a multichain future invites untold complexity. “As far as multichain apps, which I definitely see coming with asynchrony, it’s a big problem,” Petrowski said. “It’s a totally different application programming paradigm. So, spreading out is great, but also requires some new thinking on the part of developers who are using it.” Petrowski gave the simple example of a block explorer: For instance, a transaction done using some Ethereum application like Uniswap results in Etherscan showing everything that changed in that one transaction. Related: Banking App Current Picks Polkadot for Its DeFi Debut “If you think about a multichain application, then you could have one transaction actually trigger a bunch of different state changes on different blockchains,” Petrowski said. “So how do you go about having some kind of explorer that says, ‘Well, I made this transaction, can you show me everything in the blockchain universe that was affected because of this?’” Story continues Wen auctions? Polkadot, which was founded in 2016 by Ethereum co-founder Gavin Wood, is slated to go fully live later this year. The next stage in the development process involves the launch of parachain auctions, a fundraising process where projects lock up 1 million DOT to win one of 100 or so coveted parachain slots. Before the auctions can commence, Polkadot’s various testnets need to be up to speed when it comes to finalizing blocks, said Petrowski. For now, a shell parachain on canary network Kusama is producing blocks every three or four minutes. “I think once Kusama is producing blocks at about the 12-second rate for the shell parachain, then we’ll be able to publish the auction timetable and open that up,” Petrowski said. Related Stories Swiss Asset Manager Valour Launches Cardano and Polkadot ETPs Market Wrap: It’s ‘Doge Day Afternoon’ as Memecoin Jumps 47%; Ether and Bitcoin Rise || UK can lead the world on crypto regulation if it acts fast: A mock Bitcoin golden coin on Pound sterling banknotes with faces of Queen Elizabeth II and Winston Churchill. Photo: Getty (Cylonphoto via Getty Images) Britain can set the standard for cryptocurrency regulation if it acts fast, lawmakers have been told. TheCityUK, the lobbying group for Britain's financial services sector, has published a white paper calling on Britain to put in place tailored regulation for the cryptocurrency sector. The paper said Britain could influence global policy by setting the standard for regulating crypto and take advantage of the booming sector by luring businesses with the certainty of rules. "There is a fierce global race underway to see which applications of DLT [distributed ledger technology] and cryptoassets will win out, and who will grab the biggest slice of the value they promise," said Miles Celic, chief executive of TheCityUK. "The ultimate winner is for markets to decide, but government and regulators have an important part to play. "They must set safe and robust rules for this burgeoning sector while ensuring they dont inadvertently squash good ideas before they can mature and flourish." Read more: 'Britcoin': Central bank digital currencies explained TheCityUK want regulators to draw up custom rules for the sector that take into account the different use cases and features of crypto technology. Some features such as blockchain record keeping don't need regulation at all, the group argues. The call for regulation comes amid a renewed global boom for cryptocurrencies. The market has quadrupled in value to $1.5tn since last October as institutional investors like Tesla ( TSLA ) and Square ( SQ ) have ploughed money into bitcoin alongside amateur investors. Goldman Sachs ( GS ) said this week that cryptocurrencies should be treated as a new type of asset class. "The UK has a great track record in supporting innovation with regulation," Celic said. "Its regulatory FinTech sandboxes, for example, have been copied around the world. Now we need to show similar vision and nimbleness in our regulatory approach to cryptoassets. Story continues TheCityUK said the UK should also capitalise on the "valuable opportunities" presented by central bank-backed digital currencies . Earlier this year UK chancellor Rishi Sunak said Britain was exploring a possible digital pound issued by the Bank of England a project dubbed "Britcoin" in the press . Watch: What are the risks of investing in cryptocurrency? || Kevin O’Leary Doubles Down on ‘Green Bitcoin’: Leading corporations are reluctant to add crypto to their balance sheets because of environmental, social and corporate governance (ESG) issues, entrepreneur and “Shark Tank” star Kevin O’Leary said during CoinDesk’sConsensus 2021conference Monday.
Less than 1% of institutions globally actually carry crypto as an asset class, he noted, and for that to change miners need to prove their coins are created sustainably, O’Leary said.
“Most of these institutions have both ethics and sustainability committees that filter offerings before they’re allocated on the investment committee. They’re not just singling out crypto,” he said.
Related:BT, Trance Trailblazer, Unveils 24-Hour Crypto Artwork
“We’re at the nascent beginning of this interest.Bitcoinis an asset that is here to stay, and now it’s got to get in sync with what institutions want before they buy.”
Elon Musk recently announced that Tesla has rescinded the option to purchase electric vehicles with bitcoin due to sustainability concerns, another example of how bitcoin’s environmental impact has been rising up the issue agenda of late.
O’Leary is interested in “tagging,” or wrapping bitcoin that has been mined sustainably, and called upon miners to approach institutions with a plan.
While the idea sounds like a win-win, the use of mining pools and the essential fungibility of BTC has drawn skepticism fromminersandprominent members of the industry. Nic Carter has called so-called “clean bitcoin” a chimera: something more imaginary than real.
Related:China, Mining, Chainlink: Day 2 at Consensus 2021
Still, O’Leary, a serial entrepreneur and venture capitalist, is eyeing opportunities to support firms that can offer resources and structure for green mining. Greener practices, he says, will help stoke demand and drive up asset prices.
“That is what institutions want, and when that dam gets released the amount of capital that will come into bitcoin… it’ll be the reason it goes to a hundred thousand, two hundred thousand.”
“Everybody that owns bitcoin today, regardless of how it was mined, is incentivized to solve this problem for one reason alone, price appreciation.”
• Consensus 2021: 8 Questions for Ethereum’s Andrew Keys
• CEO of Upbit Parent Dunamu Says Exchange Eyeing Further Overseas Expansion || Kevin O’Leary Doubles Down on ‘Green Bitcoin’: Leading corporations are reluctant to add crypto to their balance sheets because of environmental, social and corporate governance (ESG) issues, entrepreneur and “Shark Tank” star Kevin O’Leary said during CoinDesk’sConsensus 2021conference Monday.
Less than 1% of institutions globally actually carry crypto as an asset class, he noted, and for that to change miners need to prove their coins are created sustainably, O’Leary said.
“Most of these institutions have both ethics and sustainability committees that filter offerings before they’re allocated on the investment committee. They’re not just singling out crypto,” he said.
Related:BT, Trance Trailblazer, Unveils 24-Hour Crypto Artwork
“We’re at the nascent beginning of this interest.Bitcoinis an asset that is here to stay, and now it’s got to get in sync with what institutions want before they buy.”
Elon Musk recently announced that Tesla has rescinded the option to purchase electric vehicles with bitcoin due to sustainability concerns, another example of how bitcoin’s environmental impact has been rising up the issue agenda of late.
O’Leary is interested in “tagging,” or wrapping bitcoin that has been mined sustainably, and called upon miners to approach institutions with a plan.
While the idea sounds like a win-win, the use of mining pools and the essential fungibility of BTC has drawn skepticism fromminersandprominent members of the industry. Nic Carter has called so-called “clean bitcoin” a chimera: something more imaginary than real.
Related:China, Mining, Chainlink: Day 2 at Consensus 2021
Still, O’Leary, a serial entrepreneur and venture capitalist, is eyeing opportunities to support firms that can offer resources and structure for green mining. Greener practices, he says, will help stoke demand and drive up asset prices.
“That is what institutions want, and when that dam gets released the amount of capital that will come into bitcoin… it’ll be the reason it goes to a hundred thousand, two hundred thousand.”
“Everybody that owns bitcoin today, regardless of how it was mined, is incentivized to solve this problem for one reason alone, price appreciation.”
• Consensus 2021: 8 Questions for Ethereum’s Andrew Keys
• CEO of Upbit Parent Dunamu Says Exchange Eyeing Further Overseas Expansion || Kevin O’Leary Doubles Down on ‘Green Bitcoin’: Leading corporations are reluctant to add crypto to their balance sheets because of environmental, social and corporate governance (ESG) issues, entrepreneur and “Shark Tank” star Kevin O’Leary said during CoinDesk’s Consensus 2021 conference Monday. Less than 1% of institutions globally actually carry crypto as an asset class, he noted, and for that to change miners need to prove their coins are created sustainably, O’Leary said. “Most of these institutions have both ethics and sustainability committees that filter offerings before they’re allocated on the investment committee. They’re not just singling out crypto,” he said. Related: BT, Trance Trailblazer, Unveils 24-Hour Crypto Artwork “We’re at the nascent beginning of this interest. Bitcoin is an asset that is here to stay, and now it’s got to get in sync with what institutions want before they buy.” Elon Musk recently announced that Tesla has rescinded the option to purchase electric vehicles with bitcoin due to sustainability concerns, another example of how bitcoin’s environmental impact has been rising up the issue agenda of late. O’Leary is interested in “tagging,” or wrapping bitcoin that has been mined sustainably, and called upon miners to approach institutions with a plan. While the idea sounds like a win-win, the use of mining pools and the essential fungibility of BTC has drawn skepticism from miners and prominent members of the industry . Nic Carter has called so-called “clean bitcoin” a chimera: something more imaginary than real. Related: China, Mining, Chainlink: Day 2 at Consensus 2021 Still, O’Leary, a serial entrepreneur and venture capitalist, is eyeing opportunities to support firms that can offer resources and structure for green mining. Greener practices, he says, will help stoke demand and drive up asset prices. “That is what institutions want, and when that dam gets released the amount of capital that will come into bitcoin… it’ll be the reason it goes to a hundred thousand, two hundred thousand.” Story continues “Everybody that owns bitcoin today, regardless of how it was mined, is incentivized to solve this problem for one reason alone, price appreciation.” Related Stories Consensus 2021: 8 Questions for Ethereum’s Andrew Keys CEO of Upbit Parent Dunamu Says Exchange Eyeing Further Overseas Expansion || GLOBAL MARKETS-Equities rally, dollar falls as inflation concerns grow: (Updates with U.S. market closing data) * World FX rates https: //tmsnrt.rs/2RBWI5E * Major U.S. indexes advance; Nasdaq out front * Eyes on U.S. inflation, Fed speakers for tapering clues * Bitcoin jumps more than 10%, ether more than 16% By Chibuike Oguh NEW YORK, May 24 (Reuters) - Global equity markets gained on Monday while the dollar traded near four-month lows against major currencies as investors eye upcoming U.S. inflation readings for guidance on monetary policy. Market participants were gearing up for U.S. personal consumption data - the Federal Reserve's preferred inflation measure - on Thursday, and a potential tapering of asset purchases in the face of strong economic data. The yield on the benchmark 10-year U.S. Treasury note dipped to one-week lows, while safe-haven gold inched higher. "The market is taking a deep breath and is coming to terms with inflation," said Thomas Hayes, managing member at Great Hill Capital in New York. The MSCI world equity index rose 0.66% to 706.20. Europe's broad FTSEurofirst 300 index added 0.10% to close at 1,715.51, with technology stocks helping the index hover near record highs. On Wall Street, the Dow Jones Industrial Average rose 0.54%, to 34,393.98, the S&P 500 gained 0.99%, to 4,197.05 and the Nasdaq Composite or 1.41%, to 13,661.17. Overnight in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.1% in slow trade. Japan's Nikkei added 0.2% and Chinese blue chips edged up 0.4%. Emerging markets stocks fell 0.16% after Belarusian authorities on Sunday forced an airliner to land and arrested an opposition-minded journalist who was on board, drawing condemnation from Europe and the United States. After the strong growth shown by Friday's surveys of the global services sectors, all eyes will be on U.S. personal consumption and inflation figures this week. A high core inflation reading would ring alarm bells and could revive talk of an early tapering by the Federal Reserve. Story continues "The market was afraid that the Fed will get behind the curve with tapering but that doesn't seem to be the case with commodity prices stabilizing," Hayes said. The dollar index moved around the 90 mark, down 0.2% on the day in afternoon trading in New York, slightly above a four-month low of 89.646 on Friday. The U.S. 10-year Treasury yield fell to 1.6046% from 1.632% late on Friday. Oil prices rose more than 3% on Monday as a demand bump fueled by COVID-19 vaccination drives gave traders optimism that the market can absorb any Iranian oil that would come on the market if Western talks with Tehran lead to the lifting of sanctions. Brent crude oil futures settled up $2.02, or 3%, at $68.46 a barrel, while July U.S. West Texas Intermediate ended at $66.05 a barrel, up $2.47, or 3.9%. Spot gold was up 0.11% at $1,882.3100 per ounce at 4:35 p.m ET. Digital currencies bounced back on Monday, regaining ground lost during a weekend sell-off that was sparked by renewed signs of a Chinese crackdown on the emerging sector. Bitcoin, the world's largest cryptocurrency, was last up 12% at approximately $39,400, erasing losses of 7.5% from a day earlier. Second-largest cryptocurrency ether jumped nearly 19% to $2,491 after slumping more than 8% on Sunday to near a two-month low. (Reporting by Chibuike Oguh in New York; Editing by Marguerita Choy and Dan Grebler) || GLOBAL MARKETS-Equities rally, dollar falls as inflation concerns grow: (Updates with U.S. market closing data)
* World FX rates https: //tmsnrt.rs/2RBWI5E
* Major U.S. indexes advance; Nasdaq out front
* Eyes on U.S. inflation, Fed speakers for tapering clues
* Bitcoin jumps more than 10%, ether more than 16%
By Chibuike Oguh
NEW YORK, May 24 (Reuters) - Global equity markets gained on Monday while the dollar traded near four-month lows against major currencies as investors eye upcoming U.S. inflation readings for guidance on monetary policy. Market participants were gearing up for U.S. personal consumption data - the Federal Reserve's preferred inflation measure - on Thursday, and a potential tapering of asset purchases in the face of strong economic data. The yield on the benchmark 10-year U.S. Treasury note dipped to one-week lows, while safe-haven gold inched higher. "The market is taking a deep breath and is coming to terms with inflation," said Thomas Hayes, managing member at Great Hill Capital in New York.
The MSCI world equity index rose 0.66% to 706.20. Europe's broad FTSEurofirst 300 index added 0.10% to close at 1,715.51, with technology stocks helping the index hover near record highs.
On Wall Street, the Dow Jones Industrial Average rose 0.54%, to 34,393.98, the S&P 500 gained 0.99%, to 4,197.05 and the Nasdaq Composite or 1.41%, to 13,661.17.
Overnight in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.1% in slow trade. Japan's Nikkei added 0.2% and Chinese blue chips edged up 0.4%.
Emerging markets stocks fell 0.16% after Belarusian authorities on Sunday forced an airliner to land and arrested an opposition-minded journalist who was on board, drawing condemnation from Europe and the United States.
After the strong growth shown by Friday's surveys of the global services sectors, all eyes will be on U.S. personal consumption and inflation figures this week.
A high core inflation reading would ring alarm bells and could revive talk of an early tapering by the Federal Reserve.
"The market was afraid that the Fed will get behind the curve with tapering but that doesn't seem to be the case with commodity prices stabilizing," Hayes said.
The dollar index moved around the 90 mark, down 0.2% on the day in afternoon trading in New York, slightly above a four-month low of 89.646 on Friday.
The U.S. 10-year Treasury yield fell to 1.6046% from 1.632% late on Friday.
Oil prices rose more than 3% on Monday as a demand bump fueled by COVID-19 vaccination drives gave traders optimism that the market can absorb any Iranian oil that would come on the market if Western talks with Tehran lead to the lifting of sanctions.
Brent crude oil futures settled up $2.02, or 3%, at $68.46 a barrel, while July U.S. West Texas Intermediate ended at $66.05 a barrel, up $2.47, or 3.9%.
Spot gold was up 0.11% at $1,882.3100 per ounce at 4:35 p.m ET.
Digital currencies bounced back on Monday, regaining ground lost during a weekend sell-off that was sparked by renewed signs of a Chinese crackdown on the emerging sector.
Bitcoin, the world's largest cryptocurrency, was last up 12% at approximately $39,400, erasing losses of 7.5% from a day earlier. Second-largest cryptocurrency ether jumped nearly 19% to $2,491 after slumping more than 8% on Sunday to near a two-month low. (Reporting by Chibuike Oguh in New York; Editing by Marguerita Choy and Dan Grebler)
[Social Media Buzz]
None available.
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39294.20, 38436.97, 35697.61, 34616.07, 35678.13, 37332.86, 36684.93, 37575.18, 39208.77, 36894.41
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 3906.72, 3924.37, 3960.91, 4048.73, 4025.23, 4032.51, 4071.19, 4087.48, 4029.33, 4023.97, 4035.83, 4022.17, 3963.07, 3985.08, 4087.07, 4069.11, 4098.37, 4106.66, 4105.40, 4158.18, 4879.88, 4973.02, 4922.80, 5036.68, 5059.82, 5198.90, 5289.77, 5204.96, 5324.55, 5064.49, 5089.54, 5096.59, 5167.72, 5067.11, 5235.56, 5251.94, 5298.39, 5303.81, 5337.89, 5314.53, 5399.37, 5572.36, 5464.87, 5210.52, 5279.35, 5268.29, 5285.14, 5247.35, 5350.73, 5402.70, 5505.28, 5768.29, 5831.17, 5795.71, 5746.81, 5829.50, 5982.46, 6174.53, 6378.85, 7204.77, 6972.37, 7814.92, 7994.42, 8205.17, 7884.91, 7343.90, 7271.21, 8197.69, 7978.31, 7963.33, 7680.07, 7881.85, 7987.37, 8052.54, 8673.22, 8805.78, 8719.96, 8659.49, 8319.47, 8574.50, 8564.02, 8742.96, 8209.00, 7707.77, 7824.23, 7822.02, 8043.95, 7954.13, 7688.08, 8000.33.
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[Bitcoin Technical Analysis for 2019-06-10]
Volume: 18689275117, RSI (14-day): 52.95, 50-day EMA: 7233.30, 200-day EMA: 5734.77
[Wider Market Context]
Gold Price: 1324.70, Gold RSI: 62.51
Oil Price: 53.26, Oil RSI: 32.00
[Recent News (last 7 days)]
Crypto Whale Buying Activity Is Good and Bad News for Bitcoin Bulls: ByCCN: A bitcoin analyst and blogger confirms that the recent rise in thebitcoin pricewas not due to any kind of organic investor flow.
My theory was that crypto whale tradersswooped in late last year not merely because of the 85% decline in BTC but because of a key technical trading factor – and nothing more.
Willy Wooconfirms that the recent price rise was driven more by whales buying and trying to manufacture a short squeeze.
Willy Woo points out bitcoin short squeeze | Source: Twitter
This is both good news and bad news for bulls.
The good news is thatbitcoin will behavelike most low-float illiquid stocks.
With low-float illiquid stocks, the limitation on share count means that the stock will always be subject to high levels of volatility and large spreads on the bid-ask.
Read the full story on CCN.com. || Crypto Whale Buying Activity Is Good and Bad News for Bitcoin Bulls: ByCCN: A bitcoin analyst and blogger confirms that the recent rise in thebitcoin pricewas not due to any kind of organic investor flow.
My theory was that crypto whale tradersswooped in late last year not merely because of the 85% decline in BTC but because of a key technical trading factor – and nothing more.
Willy Wooconfirms that the recent price rise was driven more by whales buying and trying to manufacture a short squeeze.
Willy Woo points out bitcoin short squeeze | Source: Twitter
This is both good news and bad news for bulls.
The good news is thatbitcoin will behavelike most low-float illiquid stocks.
With low-float illiquid stocks, the limitation on share count means that the stock will always be subject to high levels of volatility and large spreads on the bid-ask.
Read the full story on CCN.com. || Crypto Whale Buying Activity Is Good and Bad News for Bitcoin Bulls: Bitcoin investors are not really driving the price higher but rather whales are buying low and forcing a short squeeze, just as suspected. | Source: Shutterstock By CCN : A bitcoin analyst and blogger confirms that the recent rise in the bitcoin price was not due to any kind of organic investor flow. My theory was that crypto whale traders swooped in late last year not merely because of the 85% decline in BTC but because of a key technical trading factor – and nothing more. Willy Woo confirms that the recent price rise was driven more by whales buying and trying to manufacture a short squeeze. willy woo tweet Willy Woo points out bitcoin short squeeze | Source: Twitter This is both good news and bad news for bulls. Good News for BTC Bulls The good news is that bitcoin will behave like most low-float illiquid stocks. With low-float illiquid stocks, the limitation on share count means that the stock will always be subject to high levels of volatility and large spreads on the bid-ask. Read the full story on CCN.com . || The Most Insane $1 Million and Beyond Bitcoin Price Predictions: Some of the most bullish bitcoin price predictions originate from VP's, executives, co-founders, and other well-established financial figures. | Source: Shutterstock By CCN : Bitcoin price predictions are a dime a dozen. They can go anywhere from zero to over a million dollars. Some bettors like John McAfee are so confident that they are ready to go through absurd lengths ( such as consuming their own member ) to show their conviction. Do these crazy predictions hold ground? We scoured the web and discovered that John McAfee is not alone in his prediction that the king of cryptocurrencies will reach a million dollar valuation. Here are the most insane bitcoin predictions bravely shared by reputable financial figures. ccn tweet John McAfee isn’t the only perma-bull on bitcoin. | Source: Twitter Jesse Lund, Former VP of Blockchain and Digital Currencies for IBM The former IBM executive is a bitcoin bull after stating during an interview that the price of BTC will eventually tap $1 million. In the interview, Lund says that at $1 million, a Satoshi would equal one U.S. penny. He also noted that liquidity would skyrocket to over $20 trillion if one bitcoin is valued at $1 million. In his view, the $20 trillion liquidity would be a massive game-changer in the global financial services sector. Bitcoin Chart The bitcoin price is up by a triple-digit percentage year-to-date. | Source: CoinMarketCap Wences Casares, Member, PayPal Board of Directors Casares also hopped on the bitcoin $1 million valuation, but his prediction comes with a somewhat reasonable timeframe. According to the newest addition to PayPal’s board of directors : “One bitcoin may be worth more than $1 million in seven-to-10 years.” In his forecast, Casares emphasized stats that are often overlooked such as: Ten years of uninterrupted progress Over 60 million holders 1 million new holders each month Global transactions of over $1 billion per day Julian Hosp, Author and Crypto Analyst Like Casares, Hosp is also a big believer that bitcoin will hit $1 million in the next decade. To make this prediction, he relied on the metric called the stock-to-flow ratio . The metric computes the current supply of the asset and divides it by the annual amount produced to estimate future valuation. Using this ratio to compute for bitcoin’s future value, the limited supply of 21 million coins will eventually play a huge factor. Read the full story on CCN.com . || The Most Insane $1 Million and Beyond Bitcoin Price Predictions: ByCCN:Bitcoin pricepredictions are a dime a dozen. They can go anywhere from zero to over a million dollars. Some bettors likeJohn McAfeeare so confident that they are ready to go through absurd lengths (such as consuming their own member) to show their conviction. Do these crazy predictions hold ground?
We scoured the web and discovered that John McAfee is not alone in his prediction that the king of cryptocurrencies will reach a million dollar valuation. Here are the most insane bitcoin predictions bravely shared by reputable financial figures.
John McAfee isn’t the only perma-bull on bitcoin. | Source: Twitter
Theformer IBM executiveis a bitcoin bull after stating during an interview that the price of BTC will eventually tap $1 million. In the interview, Lund says that at $1 million, a Satoshi would equal one U.S. penny. He also noted that liquidity would skyrocket to over $20 trillion if one bitcoin is valued at $1 million. In his view, the $20 trillion liquidity would be a massive game-changer in the global financial services sector.
The bitcoin price is up by a triple-digit percentage year-to-date. | Source: CoinMarketCap
Casares also hopped on the bitcoin $1 million valuation, but his prediction comes with a somewhat reasonable timeframe. According to the newest addition toPayPal’s board of directors: “One bitcoin may be worth more than $1 million in seven-to-10 years.” In his forecast, Casares emphasized stats that are often overlooked such as:
• Ten years of uninterrupted progress
• Over 60 million holders
• 1 million new holders each month
• Global transactions of over $1 billion per day
Like Casares,Hospis also a big believer that bitcoin will hit $1 million in the next decade. To make this prediction, he relied on the metric called thestock-to-flow ratio. The metric computes the current supply of the asset and divides it by the annual amount produced to estimate future valuation. Using this ratio to compute for bitcoin’s future value, the limited supply of 21 million coins will eventually play a huge factor.
Read the full story on CCN.com. || The Most Insane $1 Million and Beyond Bitcoin Price Predictions: ByCCN:Bitcoin pricepredictions are a dime a dozen. They can go anywhere from zero to over a million dollars. Some bettors likeJohn McAfeeare so confident that they are ready to go through absurd lengths (such as consuming their own member) to show their conviction. Do these crazy predictions hold ground?
We scoured the web and discovered that John McAfee is not alone in his prediction that the king of cryptocurrencies will reach a million dollar valuation. Here are the most insane bitcoin predictions bravely shared by reputable financial figures.
John McAfee isn’t the only perma-bull on bitcoin. | Source: Twitter
Theformer IBM executiveis a bitcoin bull after stating during an interview that the price of BTC will eventually tap $1 million. In the interview, Lund says that at $1 million, a Satoshi would equal one U.S. penny. He also noted that liquidity would skyrocket to over $20 trillion if one bitcoin is valued at $1 million. In his view, the $20 trillion liquidity would be a massive game-changer in the global financial services sector.
The bitcoin price is up by a triple-digit percentage year-to-date. | Source: CoinMarketCap
Casares also hopped on the bitcoin $1 million valuation, but his prediction comes with a somewhat reasonable timeframe. According to the newest addition toPayPal’s board of directors: “One bitcoin may be worth more than $1 million in seven-to-10 years.” In his forecast, Casares emphasized stats that are often overlooked such as:
• Ten years of uninterrupted progress
• Over 60 million holders
• 1 million new holders each month
• Global transactions of over $1 billion per day
Like Casares,Hospis also a big believer that bitcoin will hit $1 million in the next decade. To make this prediction, he relied on the metric called thestock-to-flow ratio. The metric computes the current supply of the asset and divides it by the annual amount produced to estimate future valuation. Using this ratio to compute for bitcoin’s future value, the limited supply of 21 million coins will eventually play a huge factor.
Read the full story on CCN.com. || Crypto Exchange Bittrex to Block US Users From Trading in 32 Cryptos: Cryptocurrency exchange Bittrex announced that it will block its United States-based users from trading in 32 cryptocurrencies . The exchange revealed the news in a post on its blog on June 7. Per the announcement, after June 21, U.S. traders won’t be able to access a slew of coins listed on the exchange, including QTUM and STORJ . The exchange noted that U.S. users will receive an email with explanations concerning what they are and are not allowed to do with the aforementioned assets. The options cited by the exchange include selling them for assets that will stay available to them, canceling orders and moving them off the exchange. After the change comes into effect, U.S. customers won’t be able to buy or sell the select coins, while all open orders involving said assets will be canceled. Some limited functionality concerning the assets will still be available to U.S. traders and the coins will be transitioned to the Bittrex International platform: “U.S. Customers may withdraw or continue to hold in their Bittrex wallet affected Tokens/Coins for as long as Bittrex International supports a market in those Tokens/Coins.“ Bittrex International is Bittrex’s Europe-based affiliate, which lists certain tokens that are only available on the Bittrex International platform — not to U.S. users. As Cointelegraph reported in mid-March, Bittrex canceled its first Initial Exchange Offering, which it had been planning to host on Bittrex International. As reported last week, the decentralized exchange developed by top cryptocurrency exchange Binance will block website access to users based in 29 countries, including the U.S. As Cointelegraph reported this week, bitcoin ( BTC ) trading volumes on major cryptocurrency exchange Coinbase recently hit a high of 263,000 BTC on May 12, a volume that has not been seen since February 4, 2018. Related Articles: US, Japan Top Sources of Traffic to Crypto Exchanges Globally: Study Coinbase President and COO Departs From the Company TrustToken Partners With Binance to Enable In-Exchange TUSD Minting and Redeeming Binance to Reportedly Introduce Its Own Stablecoins ‘Within Two Months’ || Crypto Exchange Bittrex to Block US Users From Trading in 32 Cryptos: Cryptocurrency exchange Bittrex announced that it will block its United States-based users from trading in 32 cryptocurrencies . The exchange revealed the news in a post on its blog on June 7. Per the announcement, after June 21, U.S. traders won’t be able to access a slew of coins listed on the exchange, including QTUM and STORJ . The exchange noted that U.S. users will receive an email with explanations concerning what they are and are not allowed to do with the aforementioned assets. The options cited by the exchange include selling them for assets that will stay available to them, canceling orders and moving them off the exchange. After the change comes into effect, U.S. customers won’t be able to buy or sell the select coins, while all open orders involving said assets will be canceled. Some limited functionality concerning the assets will still be available to U.S. traders and the coins will be transitioned to the Bittrex International platform: “U.S. Customers may withdraw or continue to hold in their Bittrex wallet affected Tokens/Coins for as long as Bittrex International supports a market in those Tokens/Coins.“ Bittrex International is Bittrex’s Europe-based affiliate, which lists certain tokens that are only available on the Bittrex International platform — not to U.S. users. As Cointelegraph reported in mid-March, Bittrex canceled its first Initial Exchange Offering, which it had been planning to host on Bittrex International. As reported last week, the decentralized exchange developed by top cryptocurrency exchange Binance will block website access to users based in 29 countries, including the U.S. As Cointelegraph reported this week, bitcoin ( BTC ) trading volumes on major cryptocurrency exchange Coinbase recently hit a high of 263,000 BTC on May 12, a volume that has not been seen since February 4, 2018. Related Articles: US, Japan Top Sources of Traffic to Crypto Exchanges Globally: Study Coinbase President and COO Departs From the Company TrustToken Partners With Binance to Enable In-Exchange TUSD Minting and Redeeming Binance to Reportedly Introduce Its Own Stablecoins ‘Within Two Months’ || Top 5 Crypto Performers: ATOM, LTC, BSV, BNB, XRP: The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision. The market data is provided by the HitBTC exchange. For the past few days, cryptocurrencies have managed to hold onto a large part of their gains. This is a positive sign, as it shows that the bulls are not in a hurry to book profits. It is also comforting to see that the gains have come on the back of increasing volumes. Bitcoin’s (BTC) trading volume on Coinbase recently hit its highest level since Feb. 4 of last year, which shows that the price is rising higher backed by strong demand. However, the positive sentiment supported by improving fundamentals has led to a number of analysts projecting a vertical rally in bitcoin, similar to the one seen in 2017. Some of the targets currently talked about are $25,000 and $40,000 , both within a short span of time. While anything is possible in the crypto markets, we believe that these calls are a little more aggressive. The current rally is likely to face a number of bumps en route to new highs and will test the patience of the bulls. Therefore, we suggest traders wait for dips to buy instead of chasing the price higher. ATOM/USD Cosmos ( ATOM ) was the best performer among the top 20 major cryptocurrencies in the past seven days. The platform surged to second position on Github with 4,245 events in the past 30 days, ending June 4, which is a positive sign. What does the chart project? ATOM/USD Due to a short trading history, we shall use the daily chart for analysis. The ATOM/USD pair has been consolidating roughly between $5.660 and $6.603. Attempts to breakout of this range failed on June 3 and 4, which shows a lack of demand at higher levels. However, the dips to $5.660 were purchased on June 5 and 6, which shows buyers willing to get in at support. Story continues Consolidation near the highs is a positive sign: it is usually followed by a breakout and continuation of the upward move. A breakout and close (UTC time frame) above $6.603 will resume the uptrend that can carry the price to $7.905. If this level is crossed, the upwards move can extend to $8.794. Our bullish view will be invalidated if the pair plummets below the 20-week EMA, and the next lower support is at $4.8. LTC/USD Litecoin ( LTC ) is the second-best performer of the past seven days. The upcoming halvening is acting as a bullish factor that has kept the price close to its recent highs. Traders anticipate that reduced supply will result in higher prices. The litecoin hashrate has also been making new highs consistently, which is a positive sign. Can the price continue higher or has it hit a hurdle? LTC/USD The LTC/USD pair is facing selling at the resistance line of the ascending channel. However, the attempts by the bears to sink it have been unsuccessful. Buyers have been stepping in close to $100 and pushing the price right back up, which is a positive sign. If the bulls push the price above the resistance line of the ascending channel, the pair will rally to $158.91. This is the target objective following the breakout from the cup and handle pattern. Above this, we anticipate a move to $184.7940, which is likely to act as a stiff resistance. If, however, the cryptocurrency fails to break out of the channel, the bears will again try to sink it below the breakout level of $91. A breakdown of this and the support line of the channel will indicate a change in trend. BSV/USD This is the third successive week that bitcoin sv ( BSV ) has been among the top five performers. The surge in price following the news about Craig Wright’s filing for copyright claims on the bitcoin white paper has held up quite well. What is in store in the next few weeks? Can the uptrend resume or will it dump? Let us analyze the chart. BSV/USD The BSV/USD pair has formed an inside week candlestick pattern and is finding support close to a 38.2% Fibonacci retracement of the recent rally, while it is facing resistance near the high of $254. This points to a consolidation in the next few weeks, and a range formation after such a sharp move is a positive sign. After the boundaries of the range are defined, traders can buy closer to the support and sell near the resistance. Currently, we do not find any reliable pattern that offers a good risk to reward ratio. The uptrend will weaken if the pair breaks down of $176.083 and drops to $152.015, which is a 50% retracement level of the recent upwards move. If this level also breaks, the trend will turn down. Conversely, a breakout and close (UTC time frame) above $254 will resume the uptrend and launch the cryptocurrency to $307.789 and above it to $340.248. BNB/USD The website for the Binance decentralized exchange (DEX) plans to block users in 29 countries from accessing the DEX. The exchange has also released its official Trust Wallet for the Binance DEX users, and also plans to issue its own stablecoin within the next two months, which will be 100% pegged to the British pound and will be called “Binance GBP.” Subsequently, the exchange plans to release stablecoins backed by other currencies, barring the U.S. dollar. In other Binance news, a former executive at Dell and the NBA will join Binance as theIR new official strategy officer. Backed by fundamental news, can binance coin ( BNB ) extend its upwards move or is the rally tiring out? Let’s analyze. BNB/USD In a strong uptrend, the pullbacks are shallow and the price quickly bounces off strong supports because traders jump in to buy on any dip. Backed by momentum, the price quickly rallies to make a new high. The BNB/USD pair has been making a series of new highs after breaking out of the previous high of $26.4732350 in mid-May, which confirms that the pair is in a new uptrend. The first target to watch is $40, followed by a rally to $46.1645899. If the momentum picks up, the upwards move can even extend to $56.0786952. On the contrary, if the bulls struggle to propel the price above the resistance line, a few weeks of consolidation is possible. The trend will turn negative only after the higher highs and higher lows sequence is violated. Until then, the uptrend remains in force. XRP/USD Ripple, the company behind crypto asset XRP , has said that it will take a more conservative approach in reporting XRP sales this quarter. This is being done to allay the fears among institutions and consumers on fake reporting of trading volume in the crypto markets. Thailand’s largest commercial bank, Siam Commercial Bank, has denied that it plans to use Ripple’s XRP token, just days after a tweet that hinted the bank’s plans to do so. Also this week, hackers stole about $10 million worth of XRP from nearly 100 XRP ledger wallets on wallet service GateHub. XRP/USD The XRP/USD pair has formed a flag following the rise from the lows. A breakout of the flag will point to a resumption of the up move that can carry the price to $0.66413 and above it to $0.76440. Conversely, a breakdown of the flag will be a negative sign, as it shows a lack of demand at higher levels. The pair has support at $0.37835 and below it at $0.355660. The 50-week SMA and 20-week EMA are also close to these horizontal supports. Therefore, we expect buyers to defend this zone, failing which, the trend will turn negative. The next couple of weeks are critical as it will set the direction for the next leg of the move. The market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView . Related Articles: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX: Price Analysis 05/06 Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Binance Coin, Bitcoin SV, Stellar, Cardano: Price Analysis May 31 BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: Price Analysis 10/06 BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, TRX: Price Analysis 07/06 || Top 5 Crypto Performers: ATOM, LTC, BSV, BNB, XRP: The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The market data is provided by theHitBTCexchange.
For the past few days, cryptocurrencies have managed to hold onto a large part of their gains. This is a positive sign, as it shows that the bulls are not in a hurry to book profits. It is also comforting to see that the gains have come on the back of increasing volumes. Bitcoin’s (BTC) tradingvolumeon Coinbase recently hit its highest level since Feb. 4 of last year, which shows that the price is rising higher backed by strong demand.
However, the positive sentiment supported by improving fundamentals has led to a number of analysts projecting a vertical rally in bitcoin, similar to the one seen in 2017. Some of the targets currently talked about are$25,000and$40,000, both within a short span of time. While anything is possible in the crypto markets, we believe that these calls are a little more aggressive. The current rally is likely to face a number of bumps en route to new highs and will test the patience of the bulls. Therefore, we suggest traders wait for dips to buy instead of chasing the price higher.
Cosmos (ATOM) was the best performer among the top 20 major cryptocurrencies in the past seven days. The platform surged tosecondposition on Github with 4,245 events in the past 30 days, ending June 4, which is a positive sign. What does the chart project?
Due to a short trading history, we shall use the daily chart for analysis. TheATOM/USDpair has been consolidating roughly between $5.660 and $6.603. Attempts to breakout of this range failed on June 3 and 4, which shows a lack of demand at higher levels. However, the dips to $5.660 were purchased on June 5 and 6, which shows buyers willing to get in at support.
Consolidation near the highs is a positive sign: it is usually followed by a breakout and continuation of the upward move.
A breakout and close (UTC time frame) above $6.603 will resume the uptrend that can carry the price to $7.905. If this level is crossed, the upwards move can extend to $8.794. Our bullish view will be invalidated if the pair plummets below the 20-week EMA, and the next lower support is at $4.8.
Litecoin (LTC) is the second-best performer of the past seven days. The upcoming halvening is acting as a bullish factor that has kept the price close to its recent highs. Traders anticipate that reduced supply will result in higher prices. The litecoin hashrate has also been making newhighsconsistently, which is a positive sign. Can the price continue higher or has it hit a hurdle?
TheLTC/USDpair is facing selling at the resistance line of the ascending channel. However, the attempts by the bears to sink it have been unsuccessful. Buyers have been stepping in close to $100 and pushing the price right back up, which is a positive sign.
If the bulls push the price above the resistance line of the ascending channel, the pair will rally to $158.91. This is the target objective following the breakout from the cup and handle pattern. Above this, we anticipate a move to $184.7940, which is likely to act as a stiff resistance.
If, however, the cryptocurrency fails to break out of the channel, the bears will again try to sink it below the breakout level of $91. A breakdown of this and the support line of the channel will indicate a change in trend.
This is the third successive week that bitcoin sv (BSV) has been among the top five performers. The surge in price following the news about Craig Wright’sfilingfor copyright claims on the bitcoin white paper has held up quite well. What is in store in the next few weeks? Can the uptrend resume or will it dump? Let us analyze the chart.
TheBSV/USDpair has formed an inside week candlestick pattern and is finding support close to a 38.2% Fibonacci retracement of the recent rally, while it is facing resistance near the high of $254. This points to a consolidation in the next few weeks, and a range formation after such a sharp move is a positive sign. After the boundaries of the range are defined, traders can buy closer to the support and sell near the resistance. Currently, we do not find any reliable pattern that offers a good risk to reward ratio.
The uptrend will weaken if the pair breaks down of $176.083 and drops to $152.015, which is a 50% retracement level of the recent upwards move. If this level also breaks, the trend will turn down. Conversely, a breakout and close (UTC time frame) above $254 will resume the uptrend and launch the cryptocurrency to $307.789 and above it to $340.248.
The website for the Binance decentralized exchange (DEX) plans toblockusers in 29 countries from accessing the DEX. The exchange has alsoreleasedits official Trust Wallet for the Binance DEX users, and also plans to issue its own stablecoin within the next two months, which will be 100% pegged to the British pound and will be called “Binance GBP.” Subsequently, the exchange plans to release stablecoins backed byothercurrencies, barring the U.S. dollar. In other Binance news, a former executive at Dell and the NBA will join Binance as theIR new officialstrategyofficer. Backed by fundamental news, can binance coin (BNB) extend its upwards move or is the rally tiring out? Let’s analyze.
In a strong uptrend, the pullbacks are shallow and the price quickly bounces off strong supports because traders jump in to buy on any dip. Backed by momentum, the price quickly rallies to make a new high. TheBNB/USDpair has been making a series of new highs after breaking out of the previous high of $26.4732350 in mid-May, which confirms that the pair is in a new uptrend. The first target to watch is $40, followed by a rally to $46.1645899. If the momentum picks up, the upwards move can even extend to $56.0786952.
On the contrary, if the bulls struggle to propel the price above the resistance line, a few weeks of consolidation is possible. The trend will turn negative only after the higher highs and higher lows sequence is violated. Until then, the uptrend remains in force.
Ripple, the company behind crypto assetXRP, has said that it will take a more conservative approach in reporting XRP sales this quarter. This is being done to allay the fears among institutions and consumers onfakereporting of trading volume in the crypto markets. Thailand’s largest commercial bank, Siam Commercial Bank, hasdeniedthat it plans to use Ripple’s XRP token, just days after a tweet that hinted the bank’s plans to do so. Also this week, hackers stole about$10 millionworth of XRP from nearly 100 XRP ledger wallets on wallet service GateHub.
TheXRP/USDpair has formed a flag following the rise from the lows. A breakout of the flag will point to a resumption of the up move that can carry the price to $0.66413 and above it to $0.76440.
Conversely, a breakdown of the flag will be a negative sign, as it shows a lack of demand at higher levels. The pair has support at $0.37835 and below it at $0.355660. The 50-week SMA and 20-week EMA are also close to these horizontal supports. Therefore, we expect buyers to defend this zone, failing which, the trend will turn negative. The next couple of weeks are critical as it will set the direction for the next leg of the move.
The market data is provided by theHitBTCexchange. Charts for analysis are provided byTradingView.
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• BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, TRX: Price Analysis 07/06 || Oil Price Fundamental Weekly Forecast – Production Cut Extension Speculation Providing Support: U.S. West Texas Intermediate and international-benchmark Brent crude oil futures finished higher last week, posting a potentially bullish closing price reversal bottom in the process. The chart pattern may not mean that buyers have returned, but it certainly indicates that shorts are covering and selling pressure has diminished. There were no major changes in the fundamentals, but late in the week, talk of the U.S. postponing its tariffs against Mexico that were expected to start on June 10, helped underpin prices. Last week, July WTI crude oil futures settled at $53.99, up $0.49 or +0.92% and August Brent crude oil finished at $63.29, up $1.30 or +2.05%. The divergence between Brent crude oil and WTI was one of the highlights for the week. Brent was supported by tighter supply because of the OPEC-led production cuts and the U.S. sanctions against Iran and Venezuela. WTI was weighed on by concerns over rising U.S. production. Both markets, however, were influenced by concerns that a weakening global economy will lead to lower energy demand. Rising U.S. Supply Weighed on Prices Crude oil prices plunged on Wednesday after the EIA reported a weekly build in crude oil inventories of 6.8 million barrels. Traders were looking for a 1.7 million barrel draw down. The EIA also said that total stockpiles are now at 483.3 million barrels, 5 percent above the seasonal average. The EIA report also showed gasoline stockpiles rose 3.2 million barrels during the week-ending May 31. This compares with a decline of 600,000 barrels a week earlier. Gasoline production averaged 10 million bpd last week, compared with 10.1 million bpd a week before. Distillate fuels also rose. The EIA reported an inventory build of 4.6 million barrels, compared with a small draw of 200,000 barrels a week earlier. Refineries produced 5.4 million bpd of distillates during the week-ending May 31, up from 5.1 million bpd a week earlier. OPEC to the Rescue Prices were being supported late in the week by friendly comments from Saudi Energy Minister Khalid al-Falih. He said at a conference in St. Petersburg, Russia that $60 a barrel was too low to encourage investment in the industry. Story continues Falih said he did not want to boost Saudi production to make up for a lower oil price and that a return to the price-crash environment of 2014-15 was unacceptable. This statement suggests the cartel and its allies could tighten even further once it ratifies the extension of its original January 1 agreement to cut out, trim global supplies and stabilize prices, beyond the June 30 deadline. Other News Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil fell by 11 to 789 this week. That followed a climb of 3 rigs last week. The total active U.S. rig count, meanwhile, declined by 9 to 975. Weekly Forecast The combination of the potentially bullish weekly chart pattern and the news of a deal between the United States and Mexico are likely to underpin prices this week. Furthermore, as we move closer to the OPEC meeting at the end of the month, we’re going to find out more about the proposed extension of the OPEC-led plan to cut production, trim the global supply and stabilize prices. The new deal should also provide support. Prices could move higher if the cartel and its allies talk about a further tightening to bring the market back into balance. We’re likely to continue to see heightened volatility which is very common when speculators are present. From a technical perspective, bullish July WTI crude oil futures traders are going to try to build a support base between $55.32 and $52.70. A sustained move over $55.32 will indicate the buying is getting stronger. The major support base for August Brent crude oil futures is $62.93 to $60.32. If the fundamentals cooperate then the reversal chart pattern could lead to a 2 to 3 week counter-trend rally. This article was originally posted on FX Empire More From FXEMPIRE: Gold Price Futures (GC) Technical Analysis – Key Pivot into Close $1342.70 US Stock Market Overview – Stocks Surge With One of Biggest Weekly Rallies of the Year USD/JPY Forex Technical Analysis – US-Mexico Deal Could Trigger Breakout Over 108.793 Crude Oil Price Update – Could Form Support Base Inside Key Retracement Zone at $52.70 to $55.32 Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 08/06/19 The Crypto Week – The Majors Hit Reverse 09/06/19 || Oil Price Fundamental Weekly Forecast – Production Cut Extension Speculation Providing Support: U.S. West Texas Intermediate and international-benchmark Brent crude oil futures finished higher last week, posting a potentially bullish closing price reversal bottom in the process. The chart pattern may not mean that buyers have returned, but it certainly indicates that shorts are covering and selling pressure has diminished. There were no major changes in the fundamentals, but late in the week, talk of the U.S. postponing its tariffs against Mexico that were expected to start on June 10, helped underpin prices. Last week, July WTI crude oil futures settled at $53.99, up $0.49 or +0.92% and August Brent crude oil finished at $63.29, up $1.30 or +2.05%. The divergence between Brent crude oil and WTI was one of the highlights for the week. Brent was supported by tighter supply because of the OPEC-led production cuts and the U.S. sanctions against Iran and Venezuela. WTI was weighed on by concerns over rising U.S. production. Both markets, however, were influenced by concerns that a weakening global economy will lead to lower energy demand. Rising U.S. Supply Weighed on Prices Crude oil prices plunged on Wednesday after the EIA reported a weekly build in crude oil inventories of 6.8 million barrels. Traders were looking for a 1.7 million barrel draw down. The EIA also said that total stockpiles are now at 483.3 million barrels, 5 percent above the seasonal average. The EIA report also showed gasoline stockpiles rose 3.2 million barrels during the week-ending May 31. This compares with a decline of 600,000 barrels a week earlier. Gasoline production averaged 10 million bpd last week, compared with 10.1 million bpd a week before. Distillate fuels also rose. The EIA reported an inventory build of 4.6 million barrels, compared with a small draw of 200,000 barrels a week earlier. Refineries produced 5.4 million bpd of distillates during the week-ending May 31, up from 5.1 million bpd a week earlier. OPEC to the Rescue Prices were being supported late in the week by friendly comments from Saudi Energy Minister Khalid al-Falih. He said at a conference in St. Petersburg, Russia that $60 a barrel was too low to encourage investment in the industry. Story continues Falih said he did not want to boost Saudi production to make up for a lower oil price and that a return to the price-crash environment of 2014-15 was unacceptable. This statement suggests the cartel and its allies could tighten even further once it ratifies the extension of its original January 1 agreement to cut out, trim global supplies and stabilize prices, beyond the June 30 deadline. Other News Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil fell by 11 to 789 this week. That followed a climb of 3 rigs last week. The total active U.S. rig count, meanwhile, declined by 9 to 975. Weekly Forecast The combination of the potentially bullish weekly chart pattern and the news of a deal between the United States and Mexico are likely to underpin prices this week. Furthermore, as we move closer to the OPEC meeting at the end of the month, we’re going to find out more about the proposed extension of the OPEC-led plan to cut production, trim the global supply and stabilize prices. The new deal should also provide support. Prices could move higher if the cartel and its allies talk about a further tightening to bring the market back into balance. We’re likely to continue to see heightened volatility which is very common when speculators are present. From a technical perspective, bullish July WTI crude oil futures traders are going to try to build a support base between $55.32 and $52.70. A sustained move over $55.32 will indicate the buying is getting stronger. The major support base for August Brent crude oil futures is $62.93 to $60.32. If the fundamentals cooperate then the reversal chart pattern could lead to a 2 to 3 week counter-trend rally. This article was originally posted on FX Empire More From FXEMPIRE: Gold Price Futures (GC) Technical Analysis – Key Pivot into Close $1342.70 US Stock Market Overview – Stocks Surge With One of Biggest Weekly Rallies of the Year USD/JPY Forex Technical Analysis – US-Mexico Deal Could Trigger Breakout Over 108.793 Crude Oil Price Update – Could Form Support Base Inside Key Retracement Zone at $52.70 to $55.32 Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 08/06/19 The Crypto Week – The Majors Hit Reverse 09/06/19 || Satoshi Nakamoto: Could This Sci-Fi Legend Be Bitcoin’s Mastermind?: A new theory holds that science fiction legend Neal Stephenson - of By CCN : A recent article in Reason suggests that there’s a reason to believe that science fiction author Neal Stephenson might be Bitcoin creator Satoshi Nakamoto. The article starts: “Consider the possibility that Neal Stephenson is Satoshi Nakamoto, the pseudonymous inventor of Bitcoin.” Let’s Not Go Around Calling People Satoshi Nakamoto Let’s not do that. That’s like saying let’s consider the possibility that anyone at all is Satoshi Nakamoto . In one respect, it doesn’t matter. In another, it’s exhausting the lengths people will go with this. This reporter recently received an e-mail illustrating a firm belief, from a serious crypto CEO, as to the identity of Satoshi Nakamoto . In any case, if someone doesn’t advance the idea that they are Satoshi Nakamoto themselves, there’s no reason to put that sort of grief upon them. If someone is just brilliant, you can tell them that without insinuating that they invented the blockchain and Bitcoin. The author uses the identity of Satoshi Nakamoto rather casually. He writes: “I am not saying that Neal Stephenson is Satoshi Nakamoto. What I am saying is: Would it really be surprising if he were?” Read the full story on CCN.com . || Satoshi Nakamoto: Could This Sci-Fi Legend Be Bitcoin’s Mastermind?: ByCCN: Arecent article in Reasonsuggests that there’s a reason to believe that science fiction author Neal Stephenson might be Bitcoin creator Satoshi Nakamoto.
The article starts:
“Consider the possibility that Neal Stephenson is Satoshi Nakamoto, the pseudonymous inventor of Bitcoin.”
Let’s not do that. That’s like saying let’s consider the possibility that anyone at all isSatoshi Nakamoto. In one respect, it doesn’t matter. In another, it’s exhausting the lengths people will go with this. This reporter recently received an e-mail illustrating a firm belief, from a serious crypto CEO, as to theidentity of Satoshi Nakamoto.
In any case, if someone doesn’t advance the idea that they areSatoshi Nakamotothemselves, there’s no reason to put that sort of grief upon them. If someone is just brilliant, you can tell them that without insinuating that they invented the blockchain and Bitcoin.
The author uses the identity of Satoshi Nakamoto rather casually. He writes:
“I am not saying that Neal Stephenson is Satoshi Nakamoto. What I am saying is: Would it really be surprising if he were?” || Satoshi Nakamoto: Could This Sci-Fi Legend Be Bitcoin’s Mastermind?: ByCCN: Arecent article in Reasonsuggests that there’s a reason to believe that science fiction author Neal Stephenson might be Bitcoin creator Satoshi Nakamoto.
The article starts:
“Consider the possibility that Neal Stephenson is Satoshi Nakamoto, the pseudonymous inventor of Bitcoin.”
Let’s not do that. That’s like saying let’s consider the possibility that anyone at all isSatoshi Nakamoto. In one respect, it doesn’t matter. In another, it’s exhausting the lengths people will go with this. This reporter recently received an e-mail illustrating a firm belief, from a serious crypto CEO, as to theidentity of Satoshi Nakamoto.
In any case, if someone doesn’t advance the idea that they areSatoshi Nakamotothemselves, there’s no reason to put that sort of grief upon them. If someone is just brilliant, you can tell them that without insinuating that they invented the blockchain and Bitcoin.
The author uses the identity of Satoshi Nakamoto rather casually. He writes:
“I am not saying that Neal Stephenson is Satoshi Nakamoto. What I am saying is: Would it really be surprising if he were?” || 5 Not-So-Crazy Bitcoin Theories Revealed by Alex Satoshi Jones: Radio host Alex Jones of Infowars has frequently put the spotlight on bitcoin on his show. | Source: REUTERS/Jim Bourg By CCN : The man, the meme, the legend Alex Jones has become an ingrained part of the Bitcoin subculture in recent years, thanks to several revelations made on his flagship show Infowars. The following five theories offered up by Jones are controversial, conspiratorial, and, at times, contradictory. Among the supporting cast, we have Jack Dorsey, Charles Ponzi, Peter Schiff, and Joe Rogan. Theres even a cameo appearance by George Soros as Nouriel Roubini .
The World of Bitcoin According to Alex Jones (2019) 1. Bitcoin is Nothing But a Ponzi Scheme During a discussion with stockbroker and financial commentator, Peter Schiff , Jones declared Bitcoin to be little more than a Ponzi scheme. This was in the aftermath of Bitcoins year long decline mere days after it struck a fifteen-month low in December 2018. The sign of a sore, salty investor? Jones told Schiff when he rejected money to advertise cryptocurrency it was because he sensed its impending collapse: Read the full story on CCN.com . || 5 Not-So-Crazy Bitcoin Theories Revealed by Alex ‘Satoshi’ Jones: ByCCN: The man, the meme, the legend – Alex Jones has become an ingrained part of the Bitcoin subculture in recent years, thanks to several revelations made on his flagship show Infowars.
The following five “theories” offered up by Jones are controversial, conspiratorial, and, at times, contradictory. Among the supporting cast, we have Jack Dorsey, Charles Ponzi, Peter Schiff, and Joe Rogan. There’s even a cameo appearance by George Soros asNouriel Roubini.
…The World of Bitcoin According to Alex Jones (2019)
During a discussion with stockbroker and financial commentator,Peter Schiff, Jones declared Bitcoin to be little more than a Ponzi scheme. This was in the aftermath of Bitcoin’s year long decline – mere days after it struck a fifteen-month low in December 2018. The sign of a sore, salty investor?
Jones told Schiff when he rejected money to advertise cryptocurrency it was because he sensed its impending collapse:
Read the full story on CCN.com. || 5 Not-So-Crazy Bitcoin Theories Revealed by Alex ‘Satoshi’ Jones: ByCCN: The man, the meme, the legend – Alex Jones has become an ingrained part of the Bitcoin subculture in recent years, thanks to several revelations made on his flagship show Infowars.
The following five “theories” offered up by Jones are controversial, conspiratorial, and, at times, contradictory. Among the supporting cast, we have Jack Dorsey, Charles Ponzi, Peter Schiff, and Joe Rogan. There’s even a cameo appearance by George Soros asNouriel Roubini.
…The World of Bitcoin According to Alex Jones (2019)
During a discussion with stockbroker and financial commentator,Peter Schiff, Jones declared Bitcoin to be little more than a Ponzi scheme. This was in the aftermath of Bitcoin’s year long decline – mere days after it struck a fifteen-month low in December 2018. The sign of a sore, salty investor?
Jones told Schiff when he rejected money to advertise cryptocurrency it was because he sensed its impending collapse:
Read the full story on CCN.com. || Hodler’s Digest, June 3–9: Top Stories, Price Movements, Quotes and FUD of the Week: Coming every Sunday, theHodler’s Digestwill help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions, and much more — a week on Cointelegraph in one link.
Mark Karpeles, the former CEO of long-defunct Japanese cryptocurrency exchangeMt. Gox, deniedpress claimsthis week that he is returning to blockchain. Karpeles said that his activities with Tristan Technologies will not involve the cryptocurrency sector, as previously reported, and that the firm is not a startup and not related to blockchain. In comments to Cointelegraph, Karpeles said that he wasn’t “sure how this got reported wrong” and that his main goal is to “try to bring back Japan near the top of the IT industry.” A judgeacquittedKarpeles of embezzlement in March and is currently appealing a lesser conviction of data manipulation, all in relation to the hack of Mt. Gox.
CanadianstartupKikhas beensuedby the United States Securities and Exchange Commission (SEC) for an unregistered $100 million token offering. According to the SEC’s complaint, the commission alleged that Kik’s digital token sale was not compliant with U.S. securitieslaws, as it had not registered the offering with the proper authorities. The SEC’s complaint comes right after Kik’srecent announcementthat the company is launching a $5 million crypto initiative to fund a lawsuit against the SEC, with a campaign called DefendCrypto. Steven Peikin, co-director of the SEC’s Division of Enforcement, said in a press release that, by conducting its kin token sale, Kik “deprived investors of information to which they were legally entitled and prevented investors from making informed investment decisions.”
Justin Sun,Tronfounder and CEO, has won aneBaycharity auction to have lunch withWarren Buffett, renowned investor and CEO of Berkshire Hathaway. In order to win the lunch, which Buffett has participated in for 20 years, Sun allegedly bid a record-breaking $4,567,888. The winner will be able to bring along seven friends to a New York steakhouse, and all proceeds from the auction go to San Francisco-based nonprofit Glide Foundation. Sun wrote in a statement that the bid was a key priority for the Tron and BitTorrent team. Buffett has long been known for hisnegative stanceon cryptocurrencies, although he has madepositive commentsin regard to blockchain.
Global peer-to-peer (p2p) crypto exchangeLocalBitcoinsofficially confirmed this week the removal of trading in localfiatcurrencies. The Finland-based exchange had previously removed the cash trading option on June 1 with no announcement, which caused some outrage in the crypto community. In an official statement this week, the exchange noted that its liabilities are determined by the Act on Detecting and Preventing Money Laundering and Terrorist Financing, which requires them to follow certain regulations. The move comes on the heels of thenewsthat LocalBitcoins will soon become monitored by the Financial Supervisory Authority of Finland, as the Finnish government passed new legislation for crypto assets earlier this year.
Social media giantFacebookwill reportedly announce its cryptocurrency project this month, and employees will be allowed to take part of their salary in the coin. According to unnamed sources, the white paper for the coin will bereleasedon June 18. As well, Laura McCracken, Facebook’s head of financial services and payment partnerships for Northern Europe, said in an interview this week that the stablecoin would not only involve a U.S. dollar peg. Other media reports this week havenotedthat there are now 100 people known to be working on the crypto project via profiles on professional networking platform LinkedIn.
This week in the markets, bitcoin is below $8,000, trading at around $7,933, ether is at $245 and XRP at $0.41. Total market cap is about $253 billion.
The top three altcoin gainers of the week are posscoin, bitcoin 2 and hempcoin. The top three altcoin losers of the week are bzedge, pandemia and quantis network.
For more info on crypto prices, make sure to read Cointelegraph’smarket analysis.
“The unwillingness to allow more competitors to offer gearedETFs seems to be another example of denying or curtailing access to a product that would be useful to some investors.”
“What a difference it would have made a decade ago if blockchain technology on a private distributed ledger accessible to regulators had been the informational foundation of Wall Street’s derivatives exposures.”
“I don’t think I’m a Neanderthal, which is what I’ve been called when I’ve said I didn’t want to own bitcoin.”
“I don’t recommend bitcoin in either direction because I don’t really care for it in terms of an asset, but I do care for it as a signalling mechanism that I think was a tip-off to this bounce in gold.”
"My love for Japan has not changed. Japan used to be engineering superpower in terms of its PCs but right now, taking the cloud for example, it's the U.S. that dominates. But I still believe in the potential Japan has and I would like to develop that.”
“The lack of financial inclusion is not a ‘bug’ of the traditional financial system. It's a direct result of the regulatory architecture and the intermediaries policies.”
"I do not know what bitcoin is.”
Coinroom, aPolishcryptocurrency exchange, has reportedly shut down its operations and disappeared with customer funds. While the total amount lost has not been disclosed, some users said that they had up to 60,000 zloty (around $15,790) in their accounts. Before ending its operations, Coinroom reportedly asked customers in an email to withdraw their money in one day, while in reality, customers have said that they were unable to get all of their money in this final withdrawal. A spokesperson for the district prosecutor's office in Warsaw said that proceedings had been initiated against Coinroom for unregistered crypto payment services.
According to Twitter user andmalwareresearcherFumik0_, a new website is spreading cryptocurrency malware. The aforementioned site reportedly imitates the website for Cryptohopper, a site where users can program tools to perform automatic cryptocurrency trading. After a user goes on the site, which displays the logo of Cryptohopper in an attempt to trick the user, it automatically downloads a setup.exe installer that will infect the computer once it runs. The installer infects the computer with an information-stealing Trojan, which then also installs two other Qulab Trojans for mining and clipboard hijacking deployed once every minute to collect data.
Cryptocurrency wallet service GateHub said this week that hackers compromised almost 100XRPLedger wallets, resulting in the loss of around $10 million. In a statement, GateHub said that it was notified by community members of the loss of funds, following which it discovered increased application programming interface (API) calls coming from a small number of IP addresses. While one of those who warned GateHub about the breach reported that almost 13,100,000 XRP ($5.37 million) had already been laundered through exchanges andmixer services, GateHub has stated that the investigation is still ongoing.
After Tezosupdatedwithout forking and Iotaintroducedan ostensibly centralization-killing element, Cointelegraph examines the importance of decentralization by some of the large players in the crypto community.
With some anonymous Satoshi Nakomoto posers coming out of the woodwork, as well as one very not-so-anonymous Craig Wright, Cointelegraph looks at the potential motivations for claiming to be bitcoin’s father.
In this analysis, Cointelegraph explains what exactly a “satoshi” is, why this buzzword has become popular recently, and who came up with the term itself.
• Hodler’s Digest, May 27–June 2: Top Stories, Price Movements, Quotes and FUD of the Week
• New Malware Campaign Spreads Trojans Through Clone Crypto Trading Website
• BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: Price Analysis 10/06
• Bitcoin Recovers to Trade Above $8,000, Gold Market Reports Losses || Hodlers Digest, June 39: Top Stories, Price Movements, Quotes and FUD of the Week: Coming every Sunday, the Hodlers Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions, and much more a week on Cointelegraph in one link. Top Stories This Week Mt. Goxs Karpeles: Press Rumors About My Blockchain Plans Are False Mark Karpeles, the former CEO of long-defunct Japanese cryptocurrency exchange Mt. Gox , denied press claims this week that he is returning to blockchain. Karpeles said that his activities with Tristan Technologies will not involve the cryptocurrency sector, as previously reported, and that the firm is not a startup and not related to blockchain. In comments to Cointelegraph, Karpeles said that he wasnt sure how this got reported wrong and that his main goal is to try to bring back Japan near the top of the IT industry. A judge acquitted Karpeles of embezzlement in March and is currently appealing a lesser conviction of data manipulation, all in relation to the hack of Mt. Gox. Picture 1 SEC Sues Kik for Conducting Allegedly Unregistered $100 Million ICO in 2017 Canadian startup Kik has been sued by the United States Securities and Exchange Commission ( SEC ) for an unregistered $100 million token offering. According to the SECs complaint, the commission alleged that Kiks digital token sale was not compliant with U.S. securities laws , as it had not registered the offering with the proper authorities. The SECs complaint comes right after Kiks recent announcement that the company is launching a $5 million crypto initiative to fund a lawsuit against the SEC, with a campaign called DefendCrypto. Steven Peikin, co-director of the SECs Division of Enforcement, said in a press release that, by conducting its kin token sale, Kik deprived investors of information to which they were legally entitled and prevented investors from making informed investment decisions. Story continues Trons Justin Sun Wins eBay Charity Auction in $4.57M Bid to Lunch With Warren Buffett Justin Sun, Tron founder and CEO, has won an eBay charity auction to have lunch with Warren Buffett , renowned investor and CEO of Berkshire Hathaway. In order to win the lunch, which Buffett has participated in for 20 years, Sun allegedly bid a record-breaking $4,567,888. The winner will be able to bring along seven friends to a New York steakhouse, and all proceeds from the auction go to San Francisco-based nonprofit Glide Foundation. Sun wrote in a statement that the bid was a key priority for the Tron and BitTorrent team. Buffett has long been known for his negative stance on cryptocurrencies, although he has made positive comments in regard to blockchain. Picture 2 LocalBitcoins Confirms Removal of Local Cash Trades Global peer-to-peer ( p2p ) crypto exchange LocalBitcoins officially confirmed this week the removal of trading in local fiat currencies. The Finland-based exchange had previously removed the cash trading option on June 1 with no announcement, which caused some outrage in the crypto community. In an official statement this week, the exchange noted that its liabilities are determined by the Act on Detecting and Preventing Money Laundering and Terrorist Financing, which requires them to follow certain regulations. The move comes on the heels of the news that LocalBitcoins will soon become monitored by the Financial Supervisory Authority of Finland, as the Finnish government passed new legislation for crypto assets earlier this year. Report: Facebook to Announce Cryptocurrency Project This Month Social media giant Facebook will reportedly announce its cryptocurrency project this month, and employees will be allowed to take part of their salary in the coin. According to unnamed sources, the white paper for the coin will be released on June 18. As well, Laura McCracken, Facebooks head of financial services and payment partnerships for Northern Europe, said in an interview this week that the stablecoin would not only involve a U.S. dollar peg. Other media reports this week have noted that there are now 100 people known to be working on the crypto project via profiles on professional networking platform LinkedIn. Winners and Losers This week in the markets, bitcoin is below $8,000, trading at around $7,933, ether is at $245 and XRP at $0.41. Total market cap is about $253 billion. The top three altcoin gainers of the week are posscoin, bitcoin 2 and hempcoin. The top three altcoin losers of the week are bzedge, pandemia and quantis network. Market analysis For more info on crypto prices, make sure to read Cointelegraphs market analysis . Most Memorable Quotations The unwillingness to allow more competitors to offer geared ETF s seems to be another example of denying or curtailing access to a product that would be useful to some investors. Hester Peirce , commissioner at the SEC What a difference it would have made a decade ago if blockchain technology on a private distributed ledger accessible to regulators had been the informational foundation of Wall Streets derivatives exposures. J. Christopher Giancarlo , United States Commodity Futures Trading Commission ( CFTC ) Chairman I dont think Im a Neanderthal, which is what Ive been called when Ive said I didnt want to own bitcoin. Stanley Druckenmiller , American billionaire investor I dont recommend bitcoin in either direction because I dont really care for it in terms of an asset, but I do care for it as a signalling mechanism that I think was a tip-off to this bounce in gold. Peter Boockvar , chief investment officer at financial planning and wealth advisory firm Bleakley Advisory Group "My love for Japan has not changed. Japan used to be engineering superpower in terms of its PCs but right now, taking the cloud for example, it's the U.S. that dominates. But I still believe in the potential Japan has and I would like to develop that. Mark Karpeles , former CEO of the now-defunct bitcoin exchange Mt. Gox The lack of financial inclusion is not a bug of the traditional financial system. It's a direct result of the regulatory architecture and the intermediaries policies. Andreas Antonopoulos , well-known bitcoin educator and crypto commentator "I do not know what bitcoin is. Jair Bolsonaro , president of Brazil Picture 3 FUD of the Week Report: Polish Exchange Shuts Down and Disappears With Customers Funds Coinroom, a Polish cryptocurrency exchange, has reportedly shut down its operations and disappeared with customer funds. While the total amount lost has not been disclosed, some users said that they had up to 60,000 zloty (around $15,790) in their accounts. Before ending its operations, Coinroom reportedly asked customers in an email to withdraw their money in one day, while in reality, customers have said that they were unable to get all of their money in this final withdrawal. A spokesperson for the district prosecutor's office in Warsaw said that proceedings had been initiated against Coinroom for unregistered crypto payment services. New Malware Campaign Spreads Trojans Through Clone Crypto Trading Website According to Twitter user and malware researcher Fumik0_ , a new website is spreading cryptocurrency malware. The aforementioned site reportedly imitates the website for Cryptohopper, a site where users can program tools to perform automatic cryptocurrency trading. After a user goes on the site, which displays the logo of Cryptohopper in an attempt to trick the user, it automatically downloads a setup.exe installer that will infect the computer once it runs. The installer infects the computer with an information-stealing Trojan, which then also installs two other Qulab Trojans for mining and clipboard hijacking deployed once every minute to collect data. Report: Nearly $10 Million in XRP Stolen in GateHub Hack Cryptocurrency wallet service GateHub said this week that hackers compromised almost 100 XRP Ledger wallets, resulting in the loss of around $10 million. In a statement, GateHub said that it was notified by community members of the loss of funds, following which it discovered increased application programming interface ( API ) calls coming from a small number of IP addresses. While one of those who warned GateHub about the breach reported that almost 13,100,000 XRP ($5.37 million) had already been laundered through exchanges and mixer services , GateHub has stated that the investigation is still ongoing. Picture 4 Best Cointelegraph Features The Land of the Free: Why Decentralization Matters in the Crypto Republic After Tezos updated without forking and Iota introduced an ostensibly centralization-killing element, Cointelegraph examines the importance of decentralization by some of the large players in the crypto community. Satoshi Posers Why So Many Takers for the Bitcoin Crown? With some anonymous Satoshi Nakomoto posers coming out of the woodwork, as well as one very not-so-anonymous Craig Wright, Cointelegraph looks at the potential motivations for claiming to be bitcoins father. What Is a Satoshi, the Smallest Unit on the Bitcoin Blockchain? In this analysis, Cointelegraph explains what exactly a satoshi is, why this buzzword has become popular recently, and who came up with the term itself. Related Articles: Hodlers Digest, May 27June 2: Top Stories, Price Movements, Quotes and FUD of the Week New Malware Campaign Spreads Trojans Through Clone Crypto Trading Website BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: Price Analysis 10/06 Bitcoin Recovers to Trade Above $8,000, Gold Market Reports Losses
[Social Media Buzz]
今回のビットコインの下落はBTC建てのチャートで見ると、そのタイミングでXRPの急上昇。BTCの10%以上の下落にも関わらず、BTC建てで見たとき、XRPは、実質的にほとんど動いてない。
ETHはBTCと連れ下げしている。
#仮想通貨 https://t.co/uHiqZZbvLm || The very latest #bitcoin news analysis from over 150 global news sources in real time every hour 24*7*365
#BTCUSD $7726 at 6/10/2019 9:05 AM
#BTC #blockchain #ethereum #trading #ico #Crypto #cryptocurrency #news https://t.co/9z5eRn6iLq || "#Bitcoin Futures Will No Longer Be Traded On CBOE"
https://t.co/FU6Ate8yHQ || Who would win? - Crypto Million...
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7927.71, 8145.86, 8230.92, 8693.83, 8838.38, 8994.49, 9320.35, 9081.76, 9273.52, 9527.16
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 6618.14, 6357.60, 5950.07, 6559.49, 6635.75, 7315.54, 7871.69, 7708.99, 7790.15, 8036.49, 8200.64, 8071.26, 8253.55, 8038.77, 8253.69, 8790.92, 9330.55, 9818.35, 10058.80, 9888.61, 10233.60, 10975.60, 11074.60, 11323.20, 11657.20, 11916.70, 14291.50, 17899.70, 16569.40, 15178.20, 15455.40, 16936.80, 17415.40, 16408.20, 16564.00, 17706.90, 19497.40, 19140.80, 19114.20, 17776.70, 16624.60, 15802.90, 13831.80, 14699.20, 13925.80, 14026.60, 16099.80, 15838.50, 14606.50, 14656.20, 12952.20, 14156.40, 13657.20, 14982.10, 15201.00, 15599.20, 17429.50, 17527.00, 16477.60, 15170.10, 14595.40, 14973.30, 13405.80, 13980.60, 14360.20, 13772.00, 13819.80, 11490.50, 11188.60, 11474.90, 11607.40, 12899.20, 11600.10, 10931.40, 10868.40, 11359.40, 11259.40, 11171.40, 11440.70, 11786.30, 11296.40, 10106.30, 10221.10, 9170.54, 8830.75, 9174.91, 8277.01, 6955.27, 7754.00, 7621.30.
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[Bitcoin Technical Analysis for 2018-02-07]
Volume: 9169280000, RSI (14-day): 31.94, 50-day EMA: 11543.19, 200-day EMA: 8897.54
[Wider Market Context]
Gold Price: 1311.60, Gold RSI: 43.81
Oil Price: 61.79, Oil RSI: 42.31
[Recent News (last 7 days)]
All Markets Summit, Tesla earnings — What you need to know in markets on Wednesday: It’s hard to know what to think now.
After the Dow endured its worst point loss in history on Monday, stocks soared on Tuesday after a choppy day of trading was punctuated by a huge rally into the market close.
When the dust settled, theDow led marketswith a 567 point, or 2.3% gain, while the S&P 500 added 46 points, or 1.7%, and the Nasdaq rose 148 points, or 2.1%. Earlier in the session, the Dow wasdown560 points, and this 1,200-point range made for the second-straight day of truly stunning market action.
We’ll see if equity markets can regain sounder footing on Wednesday.
Outside of tracking the market action, on the economic calendar on Wednesday the only report of note out will be the monthly reading on consumer credit balances. And on the earnings front, notable reports are expected from Tesla (TSLA), 21st Century Fox (FOXA), Hasbro (HAS), O’Reilly (ORLY), Humana (HUM), and Yelp (YELP).
Also on Wednesday, Yahoo Finance will host its latestAll Markets Summit, this time focusing solely on the cryptocurrency markets. This conference will bring together some of the biggest names in crypto and comes at a fascinating time for the space, with the price of major cryptocurrencies like bitcoin (BTC-USD) and Ethereum (ETH-USD) down 50% from their highs while interest in cryptocurrencies remains sky high.
The abrupt sell-off seen in the equity market over the last several days has come at an interesting time for investors.
Not only are we in the thick of a fourth quarter earnings season that has seen 74% of S&P 500 companies top expectations, according to data from Credit Suisse, but aggregate expectations for earnings in the current quarter are rising at the fastest pace on record.
According toFactSet’s John Butters, first quarter earnings per share estimates are up 4.9%, the largest increase on record since FactSet began tracking these numbers in 2002. The previous largest increase came in 2010 when earnings estimates for the current quarter rose 3.5%.
“On average, the bottom-up EPS estimate usually decreases during the first month of a quarter,” Butters wrote. “During the past year, the bottom-up EPS estimate has recorded an average decline of 1.0% during the first month of a quarter. During the past five years, the bottom-up EPS estimate has recorded an average decline of 2.1% during the first month of a quarter. During the past 10 years, the bottom-up EPS estimate has recorded an average decline of 2.5% during the first month of a quarter.”
Catalyzing this increase in expectations, of course, is tax reform. But the strong global economy, the prospect of higher interest rates, and rising oil prices have also bolstered prospects for corporates.
“Other factors also have fueled the increase in earnings estimates as well,” Butters adds. “For example, rising oil prices have contributed to the large increase in earnings estimates for companies in the Energy sector. Expectations for higher interest rates in 2018 have also likely contributed to the significant increase in earnings estimates for companies in the Financials sector.”
After Monday’s sell-off, Wall Street analysts were nearly uniform in their emphasis that the sell-off did not change the positive picture for the economy and corporate earnings. Or in analyst speak, the fundamentals underwriting the rally had not deteriorating overnight. And as FactSet’s works shows, earnings remain not only solid, but historically strong.
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Myles Udland is a writer at Yahoo Finance. Follow him on Twitter@MylesUdland
Read more from Myles here:
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• It’s been 17 years since U.S. consumers felt this good about the economy || What you need to know in markets on Wednesday: It’s hard to know what to think now. After the Dow endured its worst point loss in history on Monday, stocks soared on Tuesday after a choppy day of trading was punctuated by a huge rally into the market close. When the dust settled, the Dow led markets with a 567 point, or 2.3% gain, while the S&P 500 added 46 points, or 1.7%, and the Nasdaq rose 148 points, or 2.1%. Earlier in the session, the Dow was down 560 points, and this 1,200-point range made for the second-straight day of truly stunning market action. We’ll see if equity markets can regain sounder footing on Wednesday. Outside of tracking the market action, on the economic calendar on Wednesday the only report of note out will be the monthly reading on consumer credit balances. And on the earnings front, notable reports are expected from Tesla ( TSLA ), 21st Century Fox ( FOXA ), Hasbro ( HAS ), O’Reilly ( ORLY ), Humana ( HUM ), and Yelp ( YELP ). Tesla earnings are expected out after the market close on Wednesday. Also on Wednesday, Yahoo Finance will host its latest All Markets Summit , this time focusing solely on the cryptocurrency markets. This conference will bring together some of the biggest names in crypto and comes at a fascinating time for the space, with the price of major cryptocurrencies like bitcoin ( BTC-USD ) and Ethereum ( ETH-USD ) down 50% from their highs while interest in cryptocurrencies remains sky high. Earnings expectations have rarely been better The abrupt sell-off seen in the equity market over the last several days has come at an interesting time for investors. Not only are we in the thick of a fourth quarter earnings season that has seen 74% of S&P 500 companies top expectations, according to data from Credit Suisse, but aggregate expectations for earnings in the current quarter are rising at the fastest pace on record. According to FactSet’s John Butters , first quarter earnings per share estimates are up 4.9%, the largest increase on record since FactSet began tracking these numbers in 2002. The previous largest increase came in 2010 when earnings estimates for the current quarter rose 3.5%. Story continues “On average, the bottom-up EPS estimate usually decreases during the first month of a quarter,” Butters wrote. “During the past year, the bottom-up EPS estimate has recorded an average decline of 1.0% during the first month of a quarter. During the past five years, the bottom-up EPS estimate has recorded an average decline of 2.1% during the first month of a quarter. During the past 10 years, the bottom-up EPS estimate has recorded an average decline of 2.5% during the first month of a quarter.” Earnings estimates for the current quarter are rising at the fastest rate since at least 2002, according to data from FactSet. (Source: FactSet) Catalyzing this increase in expectations, of course, is tax reform. But the strong global economy, the prospect of higher interest rates, and rising oil prices have also bolstered prospects for corporates. “Other factors also have fueled the increase in earnings estimates as well,” Butters adds. “For example, rising oil prices have contributed to the large increase in earnings estimates for companies in the Energy sector. Expectations for higher interest rates in 2018 have also likely contributed to the significant increase in earnings estimates for companies in the Financials sector.” After Monday’s sell-off, Wall Street analysts were nearly uniform in their emphasis that the sell-off did not change the positive picture for the economy and corporate earnings. Or in analyst speak, the fundamentals underwriting the rally had not deteriorating overnight. And as FactSet’s works shows, earnings remain not only solid, but historically strong. — Myles Udland is a writer at Yahoo Finance. Follow him on Twitter @MylesUdland Read more from Myles here: One candidate for Amazon’s next headquarters looks like a clear frontrunner Tax cuts are going to keep being a boon for the shareholder class Auto sales declined for the first time since the financial crisis in 2017 The markets story of 2017 — real returns, fake news Evidence shows corporate tax cuts don’t work Foreign investors might be the key to forecasting a U.S. recession It’s been 17 years since U.S. consumers felt this good about the economy || Tax Changes Mean a Loss for General Motors Despite Great Results: General Motors(NYSE: GM)reported a 2017 pre-tax profit that matched its record result in 2016 and set another all-time record for earnings per share, on strong sales of high-profit trucks and SUVs.
But huge one-time charges related to the new U.S. tax law and GM's sale of Opel AG erased nearly all of that profit on aGAAPnet income basis, though most of the charges were non-cash accounting adjustments.
Excluding those one-time items, GM earned $6.62 per share in 2017, a record. For the fourth quarter of 2017, GM earned $1.65 per share on the same basis, trouncing Wall Street'sconsensus $1.38 estimate.
An all-new version of the huge-selling Chevrolet Equinox crossover SUV helped boost GM's profit and margins in 2017. Image source: General Motors.
[{"Metric": "Revenue", "Q4 2017": "$37.7 billion", "Change vs. Q4 2016": "(5.5%)", "Full Year 2017": "$145.6 billion", "Change vs. 2016": "(2.4%)"}, {"Metric": "Vehicles sold", "Q4 2017": "2,593,879", "Change vs. Q4 2016": "(8.9%)", "Full Year 2017": "9,600,340", "Change vs. 2016": "(4.1%)"}, {"Metric": "EBIT-adjusted", "Q4 2017": "$3.1 billion", "Change vs. Q4 2016": "18.7%", "Full Year 2017": "$12.8 billion", "Change vs. 2016": "no change"}, {"Metric": "EBIT-adjusted margin", "Q4 2017": "8.2%", "Change vs. Q4 2016": "1.7 percentage points", "Full Year 2017": "8.8%", "Change vs. 2016": "0.2 percentage points"}, {"Metric": "Net income (loss)", "Q4 2017": "($4.87 billion)", "Change vs. Q4 2016": "($6.9 billion)", "Full Year 2017": "$348 million", "Change vs. 2016": "($9.1 billion)"}, {"Metric": "Adjusted earnings per share", "Q4 2017": "$1.65", "Change vs. Q4 2016": "21.3%", "Full Year 2017": "$6.62", "Change vs. 2016": "8.2%"}, {"Metric": "Automotive operating cash flow", "Q4 2017": "$6.6 billion", "Change vs. Q4 2016": "40.4%", "Full Year 2017": "$13.9 billion", "Change vs. 2016": "(4.1%)"}]
Data source: General Motors. All financial numbers are reported on a "continuing operations" basis, excluding results for GM's former subsidiary Opel AG. "EBIT-adjusted" is GM's non-GAAP expression of EBIT (earnings before interest and taxes) minus one-time items.
GM has for several years carried what it calls "deferred tax assets" on its balance sheet. These are tax deductions that GM is entitled to take because of its huge losses during the last recession. Because the U.S. corporate tax rate has been cut from 35% to 21%, those deferred tax assets have lost $7.3 billion in value, and GM took that $7.3 billion as a one-time charge against its fourth-quarter earnings.
Earlier in the year, GM took a total of $6.2 billion in charges related to the sale of its German subsidiary, Opel AG, to French automakerPeugeot SA.
To sum up: One-time items decreased GM's net income by $7.3 billion in the fourth quarter and by $13.5 billion for the full year. But the key takeaway for investors is that most of that was a paper accounting adjustment. The actual impact on GM's cash was modest, and not a concern in light of GM's strong underlying earnings.
GM's global sales fell 8.9% in the fourth quarter, and its revenue was down 5.5% from a year ago. But GM's fourth-quarter EBIT-adjusted actually rose almost 19%, to $3.1 billion from $2.6 billion in the fourth quarter of 2016. How did the automaker pull that off?
Image source: General Motors.
Simply put, GM offset the profit decline you'd expect with lower sales by improving profitability and cutting costs. That profitability improvement was driven by great sales of GM's trucks and SUVs, particularly its new line of car-based "crossover" SUVs.
GM replaced nearly all of its crossover SUVs with all-new models in 2016 and 2017. The new models are more profitable than the vehicles they replaced, and as a group, they are huge sellers. That accounts for much of the improvement shown under "price" in the chart above. The improvement in "mix" is related: GM sold a larger proportion of (higher-profit) SUVs and trucks relative to (lower-profit) sedans in 2017 than in 2016.
And the cost improvements? Some of that, roughly $500 million, was due to what GM calls "warranty cost" improvements: Less money spent on recalls versus the year-ago period, and some changes that GM made to the reserves maintained for warranty claims as it has evaluated the (improved) reliability of its newer models over time. The remainder was a series of more-traditional cost cuts, offset to some extent by higher prices for commodities like aluminum and steel.
Note: Results here are presented on a pre-tax basis.
GM North America:The unit earned $2.9 billion in the fourth quarter. That was up from $2.7 billion a year ago despite a 13% drop in wholesale shipments, on the profitability improvements outlined above. Its EBIT-adjusted margin, a widely watched figure, was a very strong 10%.
For comparison, rivalFord Motor Company(NYSE: F)posted anoperating margin of 6.8%in North America in the fourth quarter, whileFiat Chrysler Automobiles'(NYSE: FCAU)North America adjusted-EBIT margin was 7.9%. GM's profitability in North America outpaced both of its traditional Detroit rivals' in both the fourth quarter and the full year.
For the full year, GM North America earned $11.9 billion, with a margin of 10.7%, a record.
GM International:The new catch-all business unit for GM's rest-of-world automotive operating results earned $416 million in the fourth quarter, up from $223 million a year ago. Simply put, the story here was continued strong performance in China and roughly $200 million in improvements in South America. Equity income from GM's China joint ventures totaled $504 million, versus $525 million in the fourth quarter of 2016.
For the full year, GM International earned $1.3 billion, up from $767 million a year ago.
GM Financial:The company's captive financing unit earned $301 million in the fourth quarter, up from $163 million a year ago. The unit saw good growth in 2017, largely in the U.S., while its credit-quality metrics remained stable.
For the full year, GM Financial earned $1.2 billion, up from $763 million a year ago.
As of the end of 2017, GM had $19.6 billion in cash, down from $21.6 billion a yer ago. (That was a planned decline: GM reduced its cash-reserve target in the wake of the Opel sale.) It had another $14.1 billion in available credit lines, for total liquidity of $33.6 billion.
Against that, GM had $13.5 billion in well-structured long-term debt, up from $10.6 billion a year ago.
The GAAP net income number might look scary, but here's the real takeaway: All things considered, GM had a great fourth quarter and a great 2017.
While CEO Mary Barra (as always) sees room for improvement, GM's strong margins in a weakening market show that the improvements implemented over the last few years are already bearing fruit, and GM is well-positioned for another strong year in 2018.
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John Rosevearowns shares of Ford and General Motors. The Motley Fool owns shares of and recommends Ford. The Motley Fool has adisclosure policy. || Tax Changes Mean a Loss for General Motors Despite Great Results: General Motors (NYSE: GM) reported a 2017 pre-tax profit that matched its record result in 2016 and set another all-time record for earnings per share, on strong sales of high-profit trucks and SUVs. But huge one-time charges related to the new U.S. tax law and GM's sale of Opel AG erased nearly all of that profit on a GAAP net income basis, though most of the charges were non-cash accounting adjustments. Excluding those one-time items, GM earned $6.62 per share in 2017, a record. For the fourth quarter of 2017, GM earned $1.65 per share on the same basis, trouncing Wall Street's consensus $1.38 estimate . A red 2018 Chevrolet Equinox, a midsize crossover SUV. An all-new version of the huge-selling Chevrolet Equinox crossover SUV helped boost GM's profit and margins in 2017. Image source: General Motors. The raw numbers Metric Q4 2017 Change vs. Q4 2016 Full Year 2017 Change vs. 2016 Revenue $37.7 billion (5.5%) $145.6 billion (2.4%) Vehicles sold 2,593,879 (8.9%) 9,600,340 (4.1%) EBIT-adjusted $3.1 billion 18.7% $12.8 billion no change EBIT-adjusted margin 8.2% 1.7 percentage points 8.8% 0.2 percentage points Net income (loss) ($4.87 billion) ($6.9 billion) $348 million ($9.1 billion) Adjusted earnings per share $1.65 21.3% $6.62 8.2% Automotive operating cash flow $6.6 billion 40.4% $13.9 billion (4.1%) Data source: General Motors. All financial numbers are reported on a "continuing operations" basis, excluding results for GM's former subsidiary Opel AG. "EBIT-adjusted" is GM's non-GAAP expression of EBIT (earnings before interest and taxes) minus one-time items. Should we worry about those huge one-time charges? GM has for several years carried what it calls "deferred tax assets" on its balance sheet. These are tax deductions that GM is entitled to take because of its huge losses during the last recession. Because the U.S. corporate tax rate has been cut from 35% to 21%, those deferred tax assets have lost $7.3 billion in value, and GM took that $7.3 billion as a one-time charge against its fourth-quarter earnings. Story continues Earlier in the year, GM took a total of $6.2 billion in charges related to the sale of its German subsidiary, Opel AG, to French automaker Peugeot SA . To sum up: One-time items decreased GM's net income by $7.3 billion in the fourth quarter and by $13.5 billion for the full year. But the key takeaway for investors is that most of that was a paper accounting adjustment. The actual impact on GM's cash was modest, and not a concern in light of GM's strong underlying earnings. How GM managed huge pre-tax profits in a declining market GM's global sales fell 8.9% in the fourth quarter, and its revenue was down 5.5% from a year ago. But GM's fourth-quarter EBIT-adjusted actually rose almost 19%, to $3.1 billion from $2.6 billion in the fourth quarter of 2016. How did the automaker pull that off? A bar chart comparing GM's Q4 2016 EBIT-adjusted to its 2017 result. It shows that while lower wholesale shipments hurt by $1.1 billion, GM was able to more than offset that with roughly $1.6 billion in cost cuts and profitablity gains. Image source: General Motors. Simply put, GM offset the profit decline you'd expect with lower sales by improving profitability and cutting costs. That profitability improvement was driven by great sales of GM's trucks and SUVs, particularly its new line of car-based "crossover" SUVs. GM replaced nearly all of its crossover SUVs with all-new models in 2016 and 2017. The new models are more profitable than the vehicles they replaced, and as a group, they are huge sellers. That accounts for much of the improvement shown under "price" in the chart above. The improvement in "mix" is related: GM sold a larger proportion of (higher-profit) SUVs and trucks relative to (lower-profit) sedans in 2017 than in 2016. And the cost improvements? Some of that, roughly $500 million, was due to what GM calls "warranty cost" improvements: Less money spent on recalls versus the year-ago period, and some changes that GM made to the reserves maintained for warranty claims as it has evaluated the (improved) reliability of its newer models over time. The remainder was a series of more-traditional cost cuts, offset to some extent by higher prices for commodities like aluminum and steel. How each of GM's business units performed Note: Results here are presented on a pre-tax basis. GM North America: The unit earned $2.9 billion in the fourth quarter. That was up from $2.7 billion a year ago despite a 13% drop in wholesale shipments, on the profitability improvements outlined above. Its EBIT-adjusted margin, a widely watched figure, was a very strong 10%. For comparison, rival Ford Motor Company (NYSE: F) posted an operating margin of 6.8% in North America in the fourth quarter, while Fiat Chrysler Automobiles ' (NYSE: FCAU) North America adjusted-EBIT margin was 7.9%. GM's profitability in North America outpaced both of its traditional Detroit rivals' in both the fourth quarter and the full year. For the full year, GM North America earned $11.9 billion, with a margin of 10.7%, a record. GM International: The new catch-all business unit for GM's rest-of-world automotive operating results earned $416 million in the fourth quarter, up from $223 million a year ago. Simply put, the story here was continued strong performance in China and roughly $200 million in improvements in South America. Equity income from GM's China joint ventures totaled $504 million, versus $525 million in the fourth quarter of 2016. For the full year, GM International earned $1.3 billion, up from $767 million a year ago. GM Financial: The company's captive financing unit earned $301 million in the fourth quarter, up from $163 million a year ago. The unit saw good growth in 2017, largely in the U.S., while its credit-quality metrics remained stable. For the full year, GM Financial earned $1.2 billion, up from $763 million a year ago. Cash and debt As of the end of 2017, GM had $19.6 billion in cash, down from $21.6 billion a yer ago. (That was a planned decline: GM reduced its cash-reserve target in the wake of the Opel sale.) It had another $14.1 billion in available credit lines, for total liquidity of $33.6 billion. Against that, GM had $13.5 billion in well-structured long-term debt, up from $10.6 billion a year ago. The upshot: A strong quarter and a strong year The GAAP net income number might look scary, but here's the real takeaway: All things considered, GM had a great fourth quarter and a great 2017. While CEO Mary Barra (as always) sees room for improvement, GM's strong margins in a weakening market show that the improvements implemented over the last few years are already bearing fruit, and GM is well-positioned for another strong year in 2018. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This John Rosevear owns shares of Ford and General Motors. The Motley Fool owns shares of and recommends Ford. The Motley Fool has a disclosure policy . || Home Depot Stock: Is a Big Dividend Increase Around the Corner?: Earlier this month, home-improvement retailer Home Depot (NYSE: HD) said it will announce financial results for its fourth quarter and the full year of fiscal 2017 on Feb. 20. While the fourth-quarter results will likely be interesting, dividend investors may be paying attention to the quarter for a different reason: Home Depot's fourth-quarter earnings release usually marks the date the company announces its annual dividend increase. Dividend investors have good reason to pay attention to Home Depot when it comes to its dividend. Last year, the world's largest home-improvement retailer announced a fat 29% boost to its dividend -- well above the 17% dividend increase Home Depot announced the year before. This extended a long track-record of dividend payments. A roll of one hundred dollar bills next to a sign reading, dividends Image source: Getty Images. Home Depot is likely to announce another meaningful dividend increase. Is the stock's 1.9% dividend yield about to get even better? A closer look at Home Depot's dividend There's a lot to love about Home Depot as a dividend stock. But its impressive dividend history is definitely a good place to start. Home Depot's dividend goes way back. Including the dividend it paid during its fourth quarter of 2017, the company has paid quarterly dividends for 124 quarters in a row. Even more significant, Home Depot has prioritized dividend growth recently. During the past five years, Home Depot's dividend has increased at an average rate of 22%. Thanks to its exceptionally strong 29% dividend increase last year, Home Depot now sports a 1.9% dividend yield. Sure, it's not mouthwatering -- the average dividend yield of stocks in the S&P 500 is 1.8%. But when it's viewed with its recent history of strong dividend increases and potential for more dividend growth in the years ahead, it's high enough to get the attention of investors looking for income. Expect a strong double-digit dividend increase With strong 17% and 29% dividend increases in 2016 and 2017, respectively, can Home Depot keep up this pattern of meaningful increases? Story continues A man, next to his dog, working on a home improvement project. Image source: Getty Images. There are several reasons why another strong double-digit increase is likely when Home Depot announces its fourth-quarter results later this month. First, Home Depot benefited from a 15% year-over-year increase in its earnings per share for its trailing-nine-month period ending Oct. 29, 2017. In addition, Home Depot said in its third-quarter earnings release that it expected a meaningful 14% year-over-year increase in earnings per share for the entire year of 2017. Finally, Home Depot updated its target dividend payout ratio last year, increasing the target from 50% to 55% of net earnings. Home Depot paid out just 46% of its trailing-12-month net earnings. Sure, Home Depot may not increase its dividend by 29% again. But considering its fast-rising earnings and management's commitment to a more aggressive payout ratio, a dividend increase close to its five-year average growth rate of 22% is probable. Home Depot will likely announce its annual dividend increase in its fourth-quarter earnings release, which is scheduled to publish on Tuesday, Feb. 20. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Daniel Sparks has no position in any of the stocks mentioned. The Motley Fool has the following options: short May 2018 $175 calls on Home Depot and long January 2020 $110 calls on Home Depot. The Motley Fool recommends Home Depot. The Motley Fool has a disclosure policy . || Home Depot Stock: Is a Big Dividend Increase Around the Corner?: Earlier this month, home-improvement retailerHome Depot(NYSE: HD)said it will announce financial results for its fourth quarter and the full year of fiscal 2017 on Feb. 20. While the fourth-quarter results will likely be interesting, dividend investors may be paying attention to the quarter for a different reason: Home Depot's fourth-quarter earnings release usually marks the date the company announces its annual dividend increase.
Dividend investors have good reason to pay attention to Home Depot when it comes to its dividend. Last year, the world's largest home-improvement retailer announceda fat 29% boostto its dividend -- well above the 17% dividend increase Home Depot announced the year before. This extended a long track-record of dividend payments.
Image source: Getty Images.
Home Depot is likely to announce another meaningful dividend increase. Is the stock's 1.9% dividend yield about to get even better?
There's a lot to love about Home Depot as a dividend stock. But its impressive dividend history is definitely a good place to start.
Home Depot's dividend goes way back. Including the dividend it paid during its fourth quarter of 2017, the company has paid quarterly dividends for 124 quarters in a row. Even more significant, Home Depot has prioritized dividend growth recently. During the past five years, Home Depot's dividend has increased at an average rate of 22%.
Thanks to its exceptionally strong 29% dividend increase last year, Home Depot now sports a 1.9% dividend yield. Sure, it's not mouthwatering -- the average dividend yield of stocks in the S&P 500 is 1.8%. But when it's viewed with its recent history of strong dividend increases and potential for more dividend growth in the years ahead, it's high enough to get the attention of investors looking for income.
With strong 17% and 29% dividend increases in 2016 and 2017, respectively, can Home Depot keep up this pattern of meaningful increases?
Image source: Getty Images.
There are several reasons why another strong double-digit increase is likely when Home Depot announces its fourth-quarter results later this month. First, Home Depot benefited from a 15% year-over-year increase in its earnings per share for its trailing-nine-month period ending Oct. 29, 2017. In addition, Home Depot said in itsthird-quarter earningsrelease that it expected a meaningful 14% year-over-year increase in earnings per share for the entire year of 2017.
Finally, Home Depot updated its target dividend payout ratio last year, increasing the target from 50% to 55% of net earnings. Home Depot paid out just 46% of its trailing-12-month net earnings.
Sure, Home Depot may not increase its dividend by 29% again. But considering its fast-rising earnings and management's commitment to a more aggressive payout ratio, a dividend increase close to its five-year average growth rate of 22% is probable.
Home Depot will likely announce its annual dividend increase in its fourth-quarter earnings release, which is scheduled to publish on Tuesday, Feb. 20.
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Daniel Sparkshas no position in any of the stocks mentioned. The Motley Fool has the following options: short May 2018 $175 calls on Home Depot and long January 2020 $110 calls on Home Depot. The Motley Fool recommends Home Depot. The Motley Fool has adisclosure policy. || Will Qualcomm Accept Broadcom's "Best and Final" Offer?: Broadcom (NASDAQ: AVGO) recently raised its hostile bid for Qualcomm (NASDAQ: QCOM) to $121 billion, up from its previous bid of $105 billion. The new bid, which Broadcom calls its "best and final" one, offers Qualcomm shareholders $82 per share in cash and stock, with $60 in cash and the rest in Broadcom shares. The previous cash and stock offer valued Broadcom at $70 per share. However, Qualcomm shares plunged nearly 7% to under $62 on Feb. 5, amid a broad market sell-off and fresh reports that Apple (NASDAQ: AAPL) would stop using Qualcomm's modems in its future iPhones. That decline also indicated that investors didn't think that Qualcomm's investors would accept Broadcom's "final" offer. A lone king piece gets surrounded by enemy pieces on a chess board. Image source: Getty Images. Why Qualcomm doesn't want to get bought out Qualcomm clearly doesn't want to be acquired by Broadcom. It flatly rejected the first $105 billion offer, promised to grow its fiscal 2019 sales by about 60% while more than doubling its EPS if its investors blocked Broadcom's bid, and declared that the proposed merger -- which would be the biggest in tech history -- wouldn't be approved by antitrust regulators. But most importantly, Qualcomm -- which faces an attempt by Broadcom to replace its board members in a March vote -- believes that Broadcom's bids undervalue the company. At $70 per share, Qualcomm would be valued at just 9-10 times its non-GAAP earnings target of $6.75 to $7.50 per share for fiscal 2019. At $82 per share, Qualcomm would be valued at 11-12 times those estimates. A cutaway of a smartphone revealing a Qualcomm SoC inside. Image source: Qualcomm. Those are certainly low multiples for Qualcomm, which is the world's largest mobile chipmaker and its top holder of essential wireless patents. But those forward multiples are also based on Qualcomm's rosy promise of more than doubling its EPS in fiscal 2019 -- a goal which the chipmaker hopes to accomplish by closing its takeover of NXP Semiconductors (NASDAQ: NXPI) , ending its ongoing legal clashes with Apple, and implementing a $1 billion cost reduction plan. Unfortunately, Qualcomm's takeover of NXP remains in limbo, with most investors (including activist investor Elliot Management) holding out for a higher offer. Broadcom has also suggested that it could buy NXP on its own , which could spark a bidding war with Qualcomm. There aren't any indications that the battles with Apple will cool down, and Qualcomm's promise ignores billions of dollars in unpaid fines in Taiwan, South Korea, and Europe by excluding them from its non-GAAP estimates. Story continues With those fines factored in, Qualcomm expects just $4.47-$5.22 in GAAP earnings for fiscal 2019. That would represent a significant improvement from its GAAP earnings of $1.65 in fiscal 2017, but it would also indicate that Broadcom's offers don't undervalue the chipmaker by as much as it claims. If Broadcom walks away, what happens to Qualcomm? Broadcom's emphasis on its new bid being its "best and final" one indicates that it could walk away if Qualcomm rejects the offer. If that happens, Qualcomm's stock could drop back to the low $50s, where it traded prior to Broadcom's first approach. On its own, Qualcomm isn't an appealing investment . It faces probes and fines from regulators, which claim that its licensing fees (up to 5% of the wholesale price of each smartphone sold worldwide) are too high and should be based on the wireless components covered by the patents instead of the price of the entire device. It faces multiple unresolved lawsuits from Apple, which started with unpaid exclusivity "rebates" and expanded into accusations that Qualcomm's licensing business uses an "illegal business model." Apple, which cut off its licensing payments to Qualcomm, also reportedly inspired Huawei to suspend its payments as well. These attacks could cripple Qualcomm's high-margin licensing business and throttle its profit growth for the foreseeable future. That's why analysts expect Qualcomm's revenue and earnings to respectively drop 4% and 22% this year. So what happens now? Qualcomm's previous actions indicate that it will probably reject Broadcom's new bid. This means that its stock could plunge if Broadcom abandons the hostile bid or decides to pursue NXP in a separate takeover. In the unlikely event that Qualcomm accepts Broadcom's bid, its stock will rally, but that potential reward doesn't offset its serious risks. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Leo Sun has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Apple. The Motley Fool owns shares of Qualcomm and has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool recommends Broadcom Ltd and NXP Semiconductors. The Motley Fool has a disclosure policy . View comments || Will Qualcomm Accept Broadcom's "Best and Final" Offer?: Broadcom(NASDAQ: AVGO)recently raised its hostile bid forQualcomm(NASDAQ: QCOM)to $121 billion, up from its previous bid of $105 billion. The new bid, which Broadcom calls its "best and final" one, offers Qualcomm shareholders $82 per share in cash and stock, with $60 in cash and the rest in Broadcom shares. The previous cash and stock offer valued Broadcom at $70 per share.
However, Qualcomm shares plunged nearly 7% to under $62 on Feb. 5, amid a broad market sell-off and fresh reports thatApple(NASDAQ: AAPL)would stop using Qualcomm's modems in its future iPhones. That decline also indicated that investors didn't think that Qualcomm's investors would accept Broadcom's "final" offer.
Image source: Getty Images.
Qualcomm clearly doesn't want to be acquired by Broadcom. It flatly rejected the first $105 billion offer,promised to growits fiscal 2019 sales by about 60% whilemore than doublingits EPS if its investors blocked Broadcom's bid, and declared that the proposed merger -- which would be the biggest in tech history -- wouldn't be approved by antitrust regulators.
But most importantly, Qualcomm -- which faces an attempt by Broadcom to replace its board members in a March vote -- believes that Broadcom's bids undervalue the company.
At $70 per share, Qualcomm would be valued at just 9-10 times its non-GAAP earnings target of $6.75 to $7.50 per share for fiscal 2019. At $82 per share, Qualcomm would be valued at 11-12 times those estimates.
Image source: Qualcomm.
Those are certainly low multiples for Qualcomm, which is the world's largest mobile chipmaker and its top holder of essential wireless patents.
But those forward multiples are also based on Qualcomm's rosy promise of more than doubling its EPS in fiscal 2019 -- a goal which the chipmaker hopes to accomplish by closing its takeover ofNXP Semiconductors(NASDAQ: NXPI), ending its ongoing legal clashes with Apple, and implementing a $1 billion cost reduction plan.
Unfortunately, Qualcomm's takeover of NXP remains in limbo, with most investors (including activist investor Elliot Management) holding out for a higher offer. Broadcom has also suggested that it could buy NXPon its own, which could spark a bidding war with Qualcomm. There aren't any indications that the battles with Apple will cool down, and Qualcomm's promise ignores billions of dollars in unpaid fines in Taiwan, South Korea, and Europe by excluding them from its non-GAAP estimates.
With those fines factored in, Qualcomm expects just $4.47-$5.22 in GAAP earnings for fiscal 2019. That would represent a significant improvement from its GAAP earnings of $1.65 in fiscal 2017, but it would also indicate that Broadcom's offers don't undervalue the chipmaker by as much as it claims.
Broadcom's emphasis on its new bid being its "best and final" one indicates that it could walk away if Qualcomm rejects the offer. If that happens, Qualcomm's stock could drop back to the low $50s, where it traded prior to Broadcom's first approach.
On its own, Qualcomm isn't anappealing investment. It faces probes and fines from regulators, which claim that its licensing fees (up to 5% of the wholesale price of each smartphone sold worldwide) are too high and should be based on the wireless components covered by the patents instead of the price of the entire device.
It faces multiple unresolved lawsuits from Apple, which started with unpaid exclusivity "rebates" and expanded into accusations that Qualcomm's licensing business uses an "illegal business model." Apple, which cut off its licensing payments to Qualcomm, also reportedly inspiredHuaweito suspend its payments as well.
These attacks could cripple Qualcomm's high-margin licensing business and throttle its profit growth for the foreseeable future. That's why analysts expect Qualcomm's revenue and earnings to respectively drop 4% and 22% this year.
Qualcomm's previous actions indicate that it will probably reject Broadcom's new bid. This means that its stock could plunge if Broadcom abandons the hostile bid or decides to pursue NXP in a separate takeover. In the unlikely event that Qualcomm accepts Broadcom's bid, its stock will rally, but that potential reward doesn't offset its serious risks.
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• 3 Growth Stocks at Deep-Value Prices
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Leo Sunhas no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Apple. The Motley Fool owns shares of Qualcomm and has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool recommends Broadcom Ltd and NXP Semiconductors. The Motley Fool has adisclosure policy. || Senate cryptocurrency hearing strikes a cautiously optimistic tone: In a hearing today before the Senate Banking Committee, Securities and Exchange Commission ChairmanJay Claytonand Commodity Futures Trading Commission ChairmanChristopher Giancarloopened up about what the near-term U.S. regulatory fate of cryptocurrency might look like. In a week ofplunging pricesandbad news, the hearing struck a tone that coin watchers could reasonably interpret as surprisingly optimistic.
Over the course of the open hearing, Clayton and Giancarlo traded testimony over whatcanbe regulated, whatshouldbe regulated and how, while offering a broader outlook on the long-term future of virtual currency markets and blockchain tech.
The testimony drew a useful distinction among three pillars of the virtual currency ecosystem (for lack of a better unifying term): cryptocurrencies, "a replacement for dollars;" ICOs, "like a stock offering;" and distributed ledger technologies, or the technical framework generally known as blockchain.
Throughout the hearing, on the SEC side, Clayton struck a relatively solemn tone focused on ICO fraud concerns, while the CFTC's Giancarlo came across as genuinely enthusiastic and curious about the emerging market.
Giancarlo defended Bitcoin's value, explaining the process of mining and how it correlates with price (or sometimes breaks from that correlation, as economists he cited have suggested).
Clayton on the same question:
There are a lot of smart people who think there's something to the value of cryptocurrency and the international exchange and I'm not seeing those benefits manifesting themselves in the market yet. I look at this from the perspective of Main Street investors and they should understand that.
Clayton made further comments casting doubt on the usefulness of cryptocurrencies as currency, citing common concerns around how market volatility makes transactions difficult.
"The CFTC can now obtain trading data and analyze it for fraud and manipulation," Giancarlo said.
"...With Bitcoin futures we're now having visibility into underlying markets and spot markets that we would not otherwise have."
Both chairmen expressed concerns about the unregulated nature of cryptocurrency exchange platforms and their potential to mislead consumers into believing that a regulatory net of some kind exists.
"To be clear, the CFTC does not regulate the dozens of virtual currency trading platforms here and abroad," Giancarlo said, clarifying that the CFTC can't require cyber protections, platform safeguards and other things that consumers might expect from traditional securities.
Clayton called for an interagency coordinated plan among states, federal regulators and the SEC and CFTC to address consumer naiveté over unregulated trading platforms.
I think our Main Street investors look at these virtual currency platforms and assume they are regulated in the same way that a stock is regulated and, as I said, it's far from that and I think we should address that.
"I believe every ICO I've seen is a security... You can call it a coin but if it functions as a security, it is a security...," Clayton said. "Those who engage in semantic gymnastics or elaborate re-structuring exercises in an effort to avoid having a coin be a security are squarely in the crosshairs of our enforcement provision."
When Senator Mark Warner, who expressed more familiarity with the area than most of his peers, criticized the patchwork nature of regulation that allowed Bitcoin futures while still blocking ETFs, calling for a more "coordinated effort" among regulatory bodies, both witnesses were quick to agree. In doing so Warner offered a bullish vision. "The potential writ large amongst crypto assets and the underlying blockchain could be as transformational as wireless was years ago. I think we're going to need a much more coordinated effort," Warner said.
All told, the hearing was far from apocalyptic for regulationphobes. While it's clear that the CFTC and SEC have only scratched the surface of the kind of rule sets they'd like to put in place, their plans appeared to be overwhelmingly focused on protecting consumers from threats like rampant ICO "fraudsters" and unsafe exchanges rather than discouraging growth. For anyone interested in the long-term health and viability of virtual currencies, that should come as good news. || Senate cryptocurrency hearing strikes a cautiously optimistic tone: In a hearing today before the Senate Banking Committee, Securities and Exchange Commission Chairman Jay Clayton and Commodity Futures Trading Commission Chairman Christopher Giancarlo opened up about what the near-term U.S. regulatory fate of cryptocurrency might look like. In a week of plunging prices and bad news , the hearing struck a tone that coin watchers could reasonably interpret as surprisingly optimistic. Over the course of the open hearing, Clayton and Giancarlo traded testimony over what can be regulated, what should be regulated and how, while offering a broader outlook on the long-term future of virtual currency markets and blockchain tech. The testimony drew a useful distinction among three pillars of the virtual currency ecosystem (for lack of a better unifying term): cryptocurrencies, "a replacement for dollars;" ICOs, "like a stock offering;" and distributed ledger technologies, or the technical framework generally known as blockchain. Throughout the hearing, on the SEC side, Clayton struck a relatively solemn tone focused on ICO fraud concerns, while the CFTC's Giancarlo came across as genuinely enthusiastic and curious about the emerging market. On a question of the intrinsic value of cryptocurrency: Giancarlo defended Bitcoin's value, explaining the process of mining and how it correlates with price (or sometimes breaks from that correlation, as economists he cited have suggested). Clayton on the same question: There are a lot of smart people who think there's something to the value of cryptocurrency and the international exchange and I'm not seeing those benefits manifesting themselves in the market yet. I look at this from the perspective of Main Street investors and they should understand that. Clayton made further comments casting doubt on the usefulness of cryptocurrencies as currency, citing common concerns around how market volatility makes transactions difficult. Story continues On advantages of a Bitcoin futures market: "The CFTC can now obtain trading data and analyze it for fraud and manipulation," Giancarlo said. "...With Bitcoin futures we're now having visibility into underlying markets and spot markets that we would not otherwise have." Concerns around consumer misconceptions of cryptocurrency trading platforms: Both chairmen expressed concerns about the unregulated nature of cryptocurrency exchange platforms and their potential to mislead consumers into believing that a regulatory net of some kind exists. "To be clear, the CFTC does not regulate the dozens of virtual currency trading platforms here and abroad," Giancarlo said, clarifying that the CFTC can't require cyber protections, platform safeguards and other things that consumers might expect from traditional securities. Clayton called for an interagency coordinated plan among states, federal regulators and the SEC and CFTC to address consumer naiveté over unregulated trading platforms. I think our Main Street investors look at these virtual currency platforms and assume they are regulated in the same way that a stock is regulated and, as I said, it's far from that and I think we should address that. On ICOs as a security: "I believe every ICO I've seen is a security... You can call it a coin but if it functions as a security, it is a security...," Clayton said. "Those who engage in semantic gymnastics or elaborate re-structuring exercises in an effort to avoid having a coin be a security are squarely in the crosshairs of our enforcement provision." On coordinated regulation: When Senator Mark Warner, who expressed more familiarity with the area than most of his peers, criticized the patchwork nature of regulation that allowed Bitcoin futures while still blocking ETFs, calling for a more "coordinated effort" among regulatory bodies, both witnesses were quick to agree. In doing so Warner offered a bullish vision. "The potential writ large amongst crypto assets and the underlying blockchain could be as transformational as wireless was years ago. I think we're going to need a much more coordinated effort," Warner said. All told, the hearing was far from apocalyptic for regulationphobes. While it's clear that the CFTC and SEC have only scratched the surface of the kind of rule sets they'd like to put in place, their plans appeared to be overwhelmingly focused on protecting consumers from threats like rampant ICO "fraudsters" and unsafe exchanges rather than discouraging growth. For anyone interested in the long-term health and viability of virtual currencies, that should come as good news. || U.S. regulators may ask Congress for virtual currency legislation: By Michelle Price and Pete Schroeder WASHINGTON (Reuters) - U.S. regulators may ask Congress to pass legislation to improve oversight of virtual currencies like bitcoin amid concerns about the risks posed by the emerging asset class, the head of the Securities and Exchange Commission said on Tuesday. The comments by SEC Chairman Jay Clayton before the Senate Banking Committee are the strongest indication yet that federal authorities are mulling new laws to scrutinize virtual currency trading and investing. Clayton, who testified alongside Christopher Giancarlo, chairman of the Commodity Futures Trading Commission (CFTC), said the agencies were coordinating with the Treasury Department and the Federal Reserve on the matter, but added that lawmakers may have to clarify and enhance regulatory powers. "We may be back with our friends from Treasury and the Fed to ask for additional legislation," Clayton said when asked whether Congress needed to act on virtual currencies. The hearing followed a rout in the price of bitcoin, which has lost about half its value since the start of the year on concerns ranging from a global regulatory clampdown to a ban by some banks on using credit cards to buy bitcoin. Senator Mike Crapo, the Republican chairman of the panel, and Democratic Senator Sherrod Brown were among the lawmakers to express worries about volatility, investor protections and the risks posed by cyber criminals in the virtual currency market. "Between the enforcement actions brought by your agencies, the hack of the international Coincheck exchange...there is no shortage of examples that increase investor concerns," Crapo said, referring to hackers' recent theft of $530 million from Japanese bitcoin exchange Coincheck. Both Clayton and Giancarlo used the hearing to showcase the efforts their agencies have made to police the market and to highlight limitations in the current U.S. regulatory structure, whereby virtual currencies fall into a gray area between the SEC, CFTC, Treasury, the Fed and state regulators. Story continues Federal legislation could help rationalize this patchwork and clarify which agency has the authority to police the underlying virtual currency cash market, the regulators said. Giancarlo and Clayton warned, however, that while they had limited authority to write virtual currency rules, they would use their enforcement powers aggressively to protect investors from fraudsters. Clayton repeated his position that public offerings comprising digital tokens, known as initial coin offerings (ICOs), are securities and subject to the same investor protection rules as equity market offerings. The SEC will go after lawyers and firms that try to circumvent those rules, he said, although he did not clarify if the SEC would pursue ICOs that have already happened. The CFTC is also working with the Federal Bureau of Investigation on money laundering and terrorist financing issues, Giancarlo said. "As word is getting out that we will go after misconduct I think you're starting to see that reflected in the price" of bitcoin, he added. FUNDING ISSUES The regulatory chiefs questioned how their respective agencies would fund increased scrutiny of the rapidly growing virtual currency market, with Clayton saying he needed more people to staff the trading and markets division. "Personnel is my biggest challenge at the moment," he added. Committee members, however, did not appear to stake out a clear position on whether to pass virtual currency legislation. Crapo noted that the underlying distributed ledger technology offered "present significant positive potential" to increase investor access to financial markets. Democratic Senator Elizabeth Warren, a consumer advocate, also used the hearing as an opportunity to grill Clayton on other issues. These included reports the SEC is mulling rule changes that would block investors from being able to band together to sue companies, an idea Clayton said he personally is "not anxious" to pursue. On the Luxembourg-based Bitstamp exchange, bitcoin hit $5,920 on Tuesday, its lowest since mid-November, before recovering to above $8,000 (BTC=BTSP). It hit a high of $8,150 and was last at $7,922.79 in late trading in New York, up nearly 15 percent on the day. (Reporting by Michelle Price, Pete Schroeder and Gertrude Chavez-Dreyfuss; Editing by Paul Simao and Bernadette Baum) || U.S. regulators may ask Congress for virtual currency legislation: By Michelle Price and Pete Schroeder WASHINGTON (Reuters) - U.S. regulators may ask Congress to pass legislation to improve oversight of virtual currencies like bitcoin amid concerns about the risks posed by the emerging asset class, the head of the Securities and Exchange Commission said on Tuesday. The comments by SEC Chairman Jay Clayton before the Senate Banking Committee are the strongest indication yet that federal authorities are mulling new laws to scrutinize virtual currency trading and investing. Clayton, who testified alongside Christopher Giancarlo, chairman of the Commodity Futures Trading Commission (CFTC), said the agencies were coordinating with the Treasury Department and the Federal Reserve on the matter, but added that lawmakers may have to clarify and enhance regulatory powers. "We may be back with our friends from Treasury and the Fed to ask for additional legislation," Clayton said when asked whether Congress needed to act on virtual currencies. The hearing followed a rout in the price of bitcoin, which has lost about half its value since the start of the year on concerns ranging from a global regulatory clampdown to a ban by some banks on using credit cards to buy bitcoin. Senator Mike Crapo, the Republican chairman of the panel, and Democratic Senator Sherrod Brown were among the lawmakers to express worries about volatility, investor protections and the risks posed by cyber criminals in the virtual currency market. "Between the enforcement actions brought by your agencies, the hack of the international Coincheck exchange...there is no shortage of examples that increase investor concerns," Crapo said, referring to hackers' recent theft of $530 million from Japanese bitcoin exchange Coincheck. Both Clayton and Giancarlo used the hearing to showcase the efforts their agencies have made to police the market and to highlight limitations in the current U.S. regulatory structure, whereby virtual currencies fall into a gray area between the SEC, CFTC, Treasury, the Fed and state regulators. Story continues Federal legislation could help rationalize this patchwork and clarify which agency has the authority to police the underlying virtual currency cash market, the regulators said. Giancarlo and Clayton warned, however, that while they had limited authority to write virtual currency rules, they would use their enforcement powers aggressively to protect investors from fraudsters. Clayton repeated his position that public offerings comprising digital tokens, known as initial coin offerings (ICOs), are securities and subject to the same investor protection rules as equity market offerings. The SEC will go after lawyers and firms that try to circumvent those rules, he said, although he did not clarify if the SEC would pursue ICOs that have already happened. The CFTC is also working with the Federal Bureau of Investigation on money laundering and terrorist financing issues, Giancarlo said. "As word is getting out that we will go after misconduct I think you're starting to see that reflected in the price" of bitcoin, he added. FUNDING ISSUES The regulatory chiefs questioned how their respective agencies would fund increased scrutiny of the rapidly growing virtual currency market, with Clayton saying he needed more people to staff the trading and markets division. "Personnel is my biggest challenge at the moment," he added. Committee members, however, did not appear to stake out a clear position on whether to pass virtual currency legislation. Crapo noted that the underlying distributed ledger technology offered "present significant positive potential" to increase investor access to financial markets. Democratic Senator Elizabeth Warren, a consumer advocate, also used the hearing as an opportunity to grill Clayton on other issues. These included reports the SEC is mulling rule changes that would block investors from being able to band together to sue companies, an idea Clayton said he personally is "not anxious" to pursue. On the Luxembourg-based Bitstamp exchange, bitcoin hit $5,920 on Tuesday, its lowest since mid-November, before recovering to above $8,000 (BTC=BTSP). It hit a high of $8,150 and was last at $7,922.79 in late trading in New York, up nearly 15 percent on the day. (Reporting by Michelle Price, Pete Schroeder and Gertrude Chavez-Dreyfuss; Editing by Paul Simao and Bernadette Baum) || U.S. regulators may ask Congress for virtual currency legislation: By Michelle Price and Pete Schroeder
WASHINGTON (Reuters) - U.S. regulators may ask Congress to pass legislation to improve oversight of virtual currencies like bitcoin amid concerns about the risks posed by the emerging asset class, the head of the Securities and Exchange Commission said on Tuesday.
The comments by SEC Chairman Jay Clayton before the Senate Banking Committee are the strongest indication yet that federal authorities are mulling new laws to scrutinize virtual currency trading and investing.
Clayton, who testified alongside Christopher Giancarlo, chairman of the Commodity Futures Trading Commission (CFTC), said the agencies were coordinating with the Treasury Department and the Federal Reserve on the matter, but added that lawmakers may have to clarify and enhance regulatory powers.
"We may be back with our friends from Treasury and the Fed to ask for additional legislation," Clayton said when asked whether Congress needed to act on virtual currencies.
The hearing followed a rout in the price of bitcoin, which has lost about half its value since the start of the year on concerns ranging from a global regulatory clampdown to a ban by some banks on using credit cards to buy bitcoin.
Senator Mike Crapo, the Republican chairman of the panel, and Democratic Senator Sherrod Brown were among the lawmakers to express worries about volatility, investor protections and the risks posed by cyber criminals in the virtual currency market.
"Between the enforcement actions brought by your agencies, the hack of the international Coincheck exchange...there is no shortage of examples that increase investor concerns," Crapo said, referring to hackers' recent theft of $530 million from Japanese bitcoin exchange Coincheck.
Both Clayton and Giancarlo used the hearing to showcase the efforts their agencies have made to police the market and to highlight limitations in the current U.S. regulatory structure, whereby virtual currencies fall into a gray area between the SEC, CFTC, Treasury, the Fed and state regulators.
Federal legislation could help rationalize this patchwork and clarify which agency has the authority to police the underlying virtual currency cash market, the regulators said.
Giancarlo and Clayton warned, however, that while they had limited authority to write virtual currency rules, they would use their enforcement powers aggressively to protect investors from fraudsters.
Clayton repeated his position that public offerings comprising digital tokens, known as initial coin offerings (ICOs), are securities and subject to the same investor protection rules as equity market offerings.
The SEC will go after lawyers and firms that try to circumvent those rules, he said, although he did not clarify if the SEC would pursue ICOs that have already happened.
The CFTC is also working with the Federal Bureau of Investigation on money laundering and terrorist financing issues, Giancarlo said.
"As word is getting out that we will go after misconduct I think you're starting to see that reflected in the price" of bitcoin, he added.
FUNDING ISSUES
The regulatory chiefs questioned how their respective agencies would fund increased scrutiny of the rapidly growing virtual currency market, with Clayton saying he needed more people to staff the trading and markets division.
"Personnel is my biggest challenge at the moment," he added.
Committee members, however, did not appear to stake out a clear position on whether to pass virtual currency legislation.
Crapo noted that the underlying distributed ledger technology offered "present significant positive potential" to increase investor access to financial markets.
Democratic Senator Elizabeth Warren, a consumer advocate, also used the hearing as an opportunity to grill Clayton on other issues. These included reports the SEC is mulling rule changes that would block investors from being able to band together to sue companies, an idea Clayton said he personally is "not anxious" to pursue.
On the Luxembourg-based Bitstamp exchange, bitcoin hit $5,920 on Tuesday, its lowest since mid-November, before recovering to above $8,000 (BTC=BTSP). It hit a high of $8,150 and was last at $7,922.79 in late trading in New York, up nearly 15 percent on the day.
(Reporting by Michelle Price, Pete Schroeder and Gertrude Chavez-Dreyfuss; Editing by Paul Simao and Bernadette Baum) || U.S. regulators may ask Congress for virtual currency legislation: By Michelle Price and Pete Schroeder WASHINGTON (Reuters) - U.S. regulators may ask Congress to pass legislation to improve oversight of virtual currencies like bitcoin amid concerns about the risks posed by the emerging asset class, the head of the Securities and Exchange Commission said on Tuesday. The comments by SEC Chairman Jay Clayton before the Senate Banking Committee are the strongest indication yet that federal authorities are mulling new laws to scrutinize virtual currency trading and investing. Clayton, who testified alongside Christopher Giancarlo, chairman of the Commodity Futures Trading Commission (CFTC), said the agencies were coordinating with the Treasury Department and the Federal Reserve on the matter, but added that lawmakers may have to clarify and enhance regulatory powers. "We may be back with our friends from Treasury and the Fed to ask for additional legislation," Clayton said when asked whether Congress needed to act on virtual currencies. The hearing followed a rout in the price of bitcoin, which has lost about half its value since the start of the year on concerns ranging from a global regulatory clampdown to a ban by some banks on using credit cards to buy bitcoin. Senator Mike Crapo, the Republican chairman of the panel, and Democratic Senator Sherrod Brown were among the lawmakers to express worries about volatility, investor protections and the risks posed by cyber criminals in the virtual currency market. "Between the enforcement actions brought by your agencies, the hack of the international Coincheck exchange...there is no shortage of examples that increase investor concerns," Crapo said, referring to hackers' recent theft of $530 million from Japanese bitcoin exchange Coincheck. Both Clayton and Giancarlo used the hearing to showcase the efforts their agencies have made to police the market and to highlight limitations in the current U.S. regulatory structure, whereby virtual currencies fall into a gray area between the SEC, CFTC, Treasury, the Fed and state regulators. Story continues Federal legislation could help rationalize this patchwork and clarify which agency has the authority to police the underlying virtual currency cash market, the regulators said. Giancarlo and Clayton warned, however, that while they had limited authority to write virtual currency rules, they would use their enforcement powers aggressively to protect investors from fraudsters. Clayton repeated his position that public offerings comprising digital tokens, known as initial coin offerings (ICOs), are securities and subject to the same investor protection rules as equity market offerings. The SEC will go after lawyers and firms that try to circumvent those rules, he said, although he did not clarify if the SEC would pursue ICOs that have already happened. The CFTC is also working with the Federal Bureau of Investigation on money laundering and terrorist financing issues, Giancarlo said. "As word is getting out that we will go after misconduct I think you're starting to see that reflected in the price" of bitcoin, he added. FUNDING ISSUES The regulatory chiefs questioned how their respective agencies would fund increased scrutiny of the rapidly growing virtual currency market, with Clayton saying he needed more people to staff the trading and markets division. "Personnel is my biggest challenge at the moment," he added. Committee members, however, did not appear to stake out a clear position on whether to pass virtual currency legislation. Crapo noted that the underlying distributed ledger technology offered "present significant positive potential" to increase investor access to financial markets. Democratic Senator Elizabeth Warren, a consumer advocate, also used the hearing as an opportunity to grill Clayton on other issues. These included reports the SEC is mulling rule changes that would block investors from being able to band together to sue companies, an idea Clayton said he personally is "not anxious" to pursue. On the Luxembourg-based Bitstamp exchange, bitcoin hit $5,920 on Tuesday, its lowest since mid-November, before recovering to above $8,000 (BTC=BTSP). It hit a high of $8,150 and was last at $7,922.79 in late trading in New York, up nearly 15 percent on the day. (Reporting by Michelle Price, Pete Schroeder and Gertrude Chavez-Dreyfuss; Editing by Paul Simao and Bernadette Baum) || U.S. regulators may ask Congress for virtual currency legislation: By Michelle Price and Pete Schroeder WASHINGTON (Reuters) - U.S. regulators may ask Congress to pass legislation to improve oversight of virtual currencies like bitcoin amid concerns about the risks posed by the emerging asset class, the head of the Securities and Exchange Commission said on Tuesday. The comments by SEC Chairman Jay Clayton before the Senate Banking Committee are the strongest indication yet that federal authorities are mulling new laws to scrutinize virtual currency trading and investing. Clayton, who testified alongside Christopher Giancarlo, chairman of the Commodity Futures Trading Commission (CFTC), said the agencies were coordinating with the Treasury Department and the Federal Reserve on the matter, but added that lawmakers may have to clarify and enhance regulatory powers. "We may be back with our friends from Treasury and the Fed to ask for additional legislation," Clayton said when asked whether Congress needed to act on virtual currencies. The hearing followed a rout in the price of bitcoin, which has lost about half its value since the start of the year on concerns ranging from a global regulatory clampdown to a ban by some banks on using credit cards to buy bitcoin. Senator Mike Crapo, the Republican chairman of the panel, and Democratic Senator Sherrod Brown were among the lawmakers to express worries about volatility, investor protections and the risks posed by cyber criminals in the virtual currency market. "Between the enforcement actions brought by your agencies, the hack of the international Coincheck exchange...there is no shortage of examples that increase investor concerns," Crapo said, referring to hackers' recent theft of $530 million from Japanese bitcoin exchange Coincheck. Both Clayton and Giancarlo used the hearing to showcase the efforts their agencies have made to police the market and to highlight limitations in the current U.S. regulatory structure, whereby virtual currencies fall into a gray area between the SEC, CFTC, Treasury, the Fed and state regulators. Story continues Federal legislation could help rationalize this patchwork and clarify which agency has the authority to police the underlying virtual currency cash market, the regulators said. Giancarlo and Clayton warned, however, that while they had limited authority to write virtual currency rules, they would use their enforcement powers aggressively to protect investors from fraudsters. Clayton repeated his position that public offerings comprising digital tokens, known as initial coin offerings (ICOs), are securities and subject to the same investor protection rules as equity market offerings. The SEC will go after lawyers and firms that try to circumvent those rules, he said, although he did not clarify if the SEC would pursue ICOs that have already happened. The CFTC is also working with the Federal Bureau of Investigation on money laundering and terrorist financing issues, Giancarlo said. "As word is getting out that we will go after misconduct I think you're starting to see that reflected in the price" of bitcoin, he added. FUNDING ISSUES The regulatory chiefs questioned how their respective agencies would fund increased scrutiny of the rapidly growing virtual currency market, with Clayton saying he needed more people to staff the trading and markets division. "Personnel is my biggest challenge at the moment," he added. Committee members, however, did not appear to stake out a clear position on whether to pass virtual currency legislation. Crapo noted that the underlying distributed ledger technology offered "present significant positive potential" to increase investor access to financial markets. Democratic Senator Elizabeth Warren, a consumer advocate, also used the hearing as an opportunity to grill Clayton on other issues. These included reports the SEC is mulling rule changes that would block investors from being able to band together to sue companies, an idea Clayton said he personally is "not anxious" to pursue. On the Luxembourg-based Bitstamp exchange, bitcoin hit $5,920 on Tuesday, its lowest since mid-November, before recovering to above $8,000 (BTC=BTSP). It hit a high of $8,150 and was last at $7,922.79 in late trading in New York, up nearly 15 percent on the day. (Reporting by Michelle Price, Pete Schroeder and Gertrude Chavez-Dreyfuss; Editing by Paul Simao and Bernadette Baum) || U.S. regulators may ask Congress for virtual currency legislation: By Michelle Price and Pete Schroeder WASHINGTON (Reuters) - U.S. regulators may ask Congress to pass legislation to improve oversight of virtual currencies like bitcoin amid concerns about the risks posed by the emerging asset class, the head of the Securities and Exchange Commission said on Tuesday. The comments by SEC Chairman Jay Clayton before the Senate Banking Committee are the strongest indication yet that federal authorities are mulling new laws to scrutinize virtual currency trading and investing. Clayton, who testified alongside Christopher Giancarlo, chairman of the Commodity Futures Trading Commission (CFTC), said the agencies were coordinating with the Treasury Department and the Federal Reserve on the matter, but added that lawmakers may have to clarify and enhance regulatory powers. "We may be back with our friends from Treasury and the Fed to ask for additional legislation," Clayton said when asked whether Congress needed to act on virtual currencies. The hearing followed a rout in the price of bitcoin, which has lost about half its value since the start of the year on concerns ranging from a global regulatory clampdown to a ban by some banks on using credit cards to buy bitcoin. Senator Mike Crapo, the Republican chairman of the panel, and Democratic Senator Sherrod Brown were among the lawmakers to express worries about volatility, investor protections and the risks posed by cyber criminals in the virtual currency market. "Between the enforcement actions brought by your agencies, the hack of the international Coincheck exchange...there is no shortage of examples that increase investor concerns," Crapo said, referring to hackers' recent theft of $530 million from Japanese bitcoin exchange Coincheck. Both Clayton and Giancarlo used the hearing to showcase the efforts their agencies have made to police the market and to highlight limitations in the current U.S. regulatory structure, whereby virtual currencies fall into a gray area between the SEC, CFTC, Treasury, the Fed and state regulators. Story continues Federal legislation could help rationalize this patchwork and clarify which agency has the authority to police the underlying virtual currency cash market, the regulators said. Giancarlo and Clayton warned, however, that while they had limited authority to write virtual currency rules, they would use their enforcement powers aggressively to protect investors from fraudsters. Clayton repeated his position that public offerings comprising digital tokens, known as initial coin offerings (ICOs), are securities and subject to the same investor protection rules as equity market offerings. The SEC will go after lawyers and firms that try to circumvent those rules, he said, although he did not clarify if the SEC would pursue ICOs that have already happened. The CFTC is also working with the Federal Bureau of Investigation on money laundering and terrorist financing issues, Giancarlo said. "As word is getting out that we will go after misconduct I think you're starting to see that reflected in the price" of bitcoin, he added. FUNDING ISSUES The regulatory chiefs questioned how their respective agencies would fund increased scrutiny of the rapidly growing virtual currency market, with Clayton saying he needed more people to staff the trading and markets division. "Personnel is my biggest challenge at the moment," he added. Committee members, however, did not appear to stake out a clear position on whether to pass virtual currency legislation. Crapo noted that the underlying distributed ledger technology offered "present significant positive potential" to increase investor access to financial markets. Democratic Senator Elizabeth Warren, a consumer advocate, also used the hearing as an opportunity to grill Clayton on other issues. These included reports the SEC is mulling rule changes that would block investors from being able to band together to sue companies, an idea Clayton said he personally is "not anxious" to pursue. On the Luxembourg-based Bitstamp exchange, bitcoin hit $5,920 on Tuesday, its lowest since mid-November, before recovering to above $8,000 <BTC=BTSP>. It hit a high of $8,150 and was last at $7,922.79 in late trading in New York, up nearly 15 percent on the day. (Reporting by Michelle Price, Pete Schroeder and Gertrude Chavez-Dreyfuss; Editing by Paul Simao and Bernadette Baum) || U.S. regulators may ask Congress for virtual currency legislation: By Michelle Price and Pete Schroeder WASHINGTON (Reuters) - U.S. regulators may ask Congress to pass legislation to improve oversight of virtual currencies like bitcoin amid concerns about the risks posed by the emerging asset class, the head of the Securities and Exchange Commission said on Tuesday. The comments by SEC Chairman Jay Clayton before the Senate Banking Committee are the strongest indication yet that federal authorities are mulling new laws to scrutinize virtual currency trading and investing. Clayton, who testified alongside Christopher Giancarlo, chairman of the Commodity Futures Trading Commission (CFTC), said the agencies were coordinating with the Treasury Department and the Federal Reserve on the matter, but added that lawmakers may have to clarify and enhance regulatory powers. "We may be back with our friends from Treasury and the Fed to ask for additional legislation," Clayton said when asked whether Congress needed to act on virtual currencies. The hearing followed a rout in the price of bitcoin, which has lost about half its value since the start of the year on concerns ranging from a global regulatory clampdown to a ban by some banks on using credit cards to buy bitcoin. Senator Mike Crapo, the Republican chairman of the panel, and Democratic Senator Sherrod Brown were among the lawmakers to express worries about volatility, investor protections and the risks posed by cyber criminals in the virtual currency market. "Between the enforcement actions brought by your agencies, the hack of the international Coincheck exchange...there is no shortage of examples that increase investor concerns," Crapo said, referring to hackers' recent theft of $530 million from Japanese bitcoin exchange Coincheck. Both Clayton and Giancarlo used the hearing to showcase the efforts their agencies have made to police the market and to highlight limitations in the current U.S. regulatory structure, whereby virtual currencies fall into a gray area between the SEC, CFTC, Treasury, the Fed and state regulators. Story continues Federal legislation could help rationalize this patchwork and clarify which agency has the authority to police the underlying virtual currency cash market, the regulators said. Giancarlo and Clayton warned, however, that while they had limited authority to write virtual currency rules, they would use their enforcement powers aggressively to protect investors from fraudsters. Clayton repeated his position that public offerings comprising digital tokens, known as initial coin offerings (ICOs), are securities and subject to the same investor protection rules as equity market offerings. The SEC will go after lawyers and firms that try to circumvent those rules, he said, although he did not clarify if the SEC would pursue ICOs that have already happened. The CFTC is also working with the Federal Bureau of Investigation on money laundering and terrorist financing issues, Giancarlo said. "As word is getting out that we will go after misconduct I think you're starting to see that reflected in the price" of bitcoin, he added. FUNDING ISSUES The regulatory chiefs questioned how their respective agencies would fund increased scrutiny of the rapidly growing virtual currency market, with Clayton saying he needed more people to staff the trading and markets division. "Personnel is my biggest challenge at the moment," he added. Committee members, however, did not appear to stake out a clear position on whether to pass virtual currency legislation. Crapo noted that the underlying distributed ledger technology offered "present significant positive potential" to increase investor access to financial markets. Democratic Senator Elizabeth Warren, a consumer advocate, also used the hearing as an opportunity to grill Clayton on other issues. These included reports the SEC is mulling rule changes that would block investors from being able to band together to sue companies, an idea Clayton said he personally is "not anxious" to pursue. On the Luxembourg-based Bitstamp exchange, bitcoin hit $5,920 on Tuesday, its lowest since mid-November, before recovering to above $8,000 (BTC=BTSP). It hit a high of $8,150 and was last at $7,922.79 in late trading in New York, up nearly 15 percent on the day. (Reporting by Michelle Price, Pete Schroeder and Gertrude Chavez-Dreyfuss; Editing by Paul Simao and Bernadette Baum) || U.S. regulators may ask Congress for virtual currency legislation: By Michelle Price and Pete Schroeder
WASHINGTON (Reuters) - U.S. regulators may ask Congress to pass legislation to improve oversight of virtual currencies like bitcoin amid concerns about the risks posed by the emerging asset class, the head of the Securities and Exchange Commission said on Tuesday.
The comments by SEC Chairman Jay Clayton before the Senate Banking Committee are the strongest indication yet that federal authorities are mulling new laws to scrutinize virtual currency trading and investing.
Clayton, who testified alongside Christopher Giancarlo, chairman of the Commodity Futures Trading Commission (CFTC), said the agencies were coordinating with the Treasury Department and the Federal Reserve on the matter, but added that lawmakers may have to clarify and enhance regulatory powers.
"We may be back with our friends from Treasury and the Fed to ask for additional legislation," Clayton said when asked whether Congress needed to act on virtual currencies.
The hearing followed a rout in the price of bitcoin, which has lost about half its value since the start of the year on concerns ranging from a global regulatory clampdown to a ban by some banks on using credit cards to buy bitcoin.
Senator Mike Crapo, the Republican chairman of the panel, and Democratic Senator Sherrod Brown were among the lawmakers to express worries about volatility, investor protections and the risks posed by cyber criminals in the virtual currency market.
"Between the enforcement actions brought by your agencies, the hack of the international Coincheck exchange...there is no shortage of examples that increase investor concerns," Crapo said, referring to hackers' recent theft of $530 million from Japanese bitcoin exchange Coincheck.
Both Clayton and Giancarlo used the hearing to showcase the efforts their agencies have made to police the market and to highlight limitations in the current U.S. regulatory structure, whereby virtual currencies fall into a gray area between the SEC, CFTC, Treasury, the Fed and state regulators.
Federal legislation could help rationalize this patchwork and clarify which agency has the authority to police the underlying virtual currency cash market, the regulators said.
Giancarlo and Clayton warned, however, that while they had limited authority to write virtual currency rules, they would use their enforcement powers aggressively to protect investors from fraudsters.
Clayton repeated his position that public offerings comprising digital tokens, known as initial coin offerings (ICOs), are securities and subject to the same investor protection rules as equity market offerings.
The SEC will go after lawyers and firms that try to circumvent those rules, he said, although he did not clarify if the SEC would pursue ICOs that have already happened.
The CFTC is also working with the Federal Bureau of Investigation on money laundering and terrorist financing issues, Giancarlo said.
"As word is getting out that we will go after misconduct I think you're starting to see that reflected in the price" of bitcoin, he added.
FUNDING ISSUES
The regulatory chiefs questioned how their respective agencies would fund increased scrutiny of the rapidly growing virtual currency market, with Clayton saying he needed more people to staff the trading and markets division.
"Personnel is my biggest challenge at the moment," he added.
Committee members, however, did not appear to stake out a clear position on whether to pass virtual currency legislation.
Crapo noted that the underlying distributed ledger technology offered "present significant positive potential" to increase investor access to financial markets.
Democratic Senator Elizabeth Warren, a consumer advocate, also used the hearing as an opportunity to grill Clayton on other issues. These included reports the SEC is mulling rule changes that would block investors from being able to band together to sue companies, an idea Clayton said he personally is "not anxious" to pursue.
On the Luxembourg-based Bitstamp exchange, bitcoin hit $5,920 on Tuesday, its lowest since mid-November, before recovering to above $8,000 <BTC=BTSP>. It hit a high of $8,150 and was last at $7,922.79 in late trading in New York, up nearly 15 percent on the day.
(Reporting by Michelle Price, Pete Schroeder and Gertrude Chavez-Dreyfuss; Editing by Paul Simao and Bernadette Baum) || Bitcoin bounces back from three-month low in volatile trade: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin rallied from three-month lows below $6,000 in choppy trading on Tuesday, but worries lingered about a global regulatory clampdown and moves by banks to ban buying bitcoin with credit cards. On the Luxembourg-based Bitstamp exchange, bitcoin hit $5,920, its lowest since mid-November, before recovering to above $8,000. It hit a high of $8,150 and was last at $7,922.79 in late trading in New York, up nearly 15 percent on the day. "Crypto is alive and well," said Matthew Roszak, co-founder and chairman of U.S. blockchain technology company Bloq. "This whole thing is a movie. It's not a static feature. We will see continued investment, continued adoption, inspiring developers. This is the real thing." Bitcoin has slumped in recent sessions as a risk-off mood spread across financial markets. It has fallen about 70 percent from its peak of almost $20,000 in December and was down more than 40 percent so far this year. The original cryptocurrency gained more than 1,300 percent last year. Other digital currencies also rose after posting steep losses the last few weeks. Ethereum, the second-largest by market value, was up 10.7 percent over the past 24 hours at $791.33, while the third-largest, Ripple, edged up nearly 6 percent at 76 U.S. cents, according to cryptocurrency tracker coinmarketcap.com. The gains came amid a U.S. Senate hearing on virtual currencies in which J. Christopher Giancarlo, chairman of the Commodity Futures Trading Commission (CFTC) and Jay Clayton, chairman at the Securities and Exchange Commission (SEC) testified. The Senate is examining the role of the SEC and CFTC in regulating virtual currencies. U.S. regulators may ask Congress to pass legislation to improve oversight of virtual currencies like bitcoin amid concerns about the risks posed by the emerging asset class, Clayton said on Tuesday. After a massive run-up last year, in which investors across the world piled into the market, cryptocurrency prices have skidded lower while regulators have stepped up warnings about the risk of investing in them. Story continues Regulatory clampdowns in South Korea and India and an advertising ban by Facebook Inc have hit sentiment. Several banks said in recent days that they were banning customers from buying cryptocurrencies with credit cards. Still, many cryptocurrency backers said regulation should be welcomed and short-term price volatility is to be expected for a new market. "I think regulators need to learn how to interact with this technology and not stop this," Bloq's Roszak said. "Whenever you see a government banning cryptocurrencies, a bank banning, I think in many ways, that's them pulling the handbrakes up to better understand how to interact this technology," he added. Iqbal Gandham, managing director at trading platform eToro said his company had seen a drop in trading interest from investors in recent weeks amid the selloff, but that interest remained far higher than before the fourth quarter of last year. The plunge has come during a heavy selloff in global stock markets in recent days, undermining views that bitcoin's price moves are generally uncorrelated to those of other asset classes. (Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by Tommy Wilkes in London; Editing by Meredith Mazzilli) || Bitcoin bounces back from three-month low in volatile trade: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin rallied from three-month lows below $6,000 in choppy trading on Tuesday, but worries lingered about a global regulatory clampdown and moves by banks to ban buying bitcoin with credit cards. On the Luxembourg-based Bitstamp exchange, bitcoin hit $5,920, its lowest since mid-November, before recovering to above $8,000. It hit a high of $8,150 and was last at $7,922.79 in late trading in New York, up nearly 15 percent on the day. "Crypto is alive and well," said Matthew Roszak, co-founder and chairman of U.S. blockchain technology company Bloq. "This whole thing is a movie. It's not a static feature. We will see continued investment, continued adoption, inspiring developers. This is the real thing." Bitcoin has slumped in recent sessions as a risk-off mood spread across financial markets. It has fallen about 70 percent from its peak of almost $20,000 in December and was down more than 40 percent so far this year. The original cryptocurrency gained more than 1,300 percent last year. Other digital currencies also rose after posting steep losses the last few weeks. Ethereum, the second-largest by market value, was up 10.7 percent over the past 24 hours at $791.33, while the third-largest, Ripple, edged up nearly 6 percent at 76 U.S. cents, according to cryptocurrency tracker coinmarketcap.com. The gains came amid a U.S. Senate hearing on virtual currencies in which J. Christopher Giancarlo, chairman of the Commodity Futures Trading Commission (CFTC) and Jay Clayton, chairman at the Securities and Exchange Commission (SEC) testified. The Senate is examining the role of the SEC and CFTC in regulating virtual currencies. U.S. regulators may ask Congress to pass legislation to improve oversight of virtual currencies like bitcoin amid concerns about the risks posed by the emerging asset class, Clayton said on Tuesday. After a massive run-up last year, in which investors across the world piled into the market, cryptocurrency prices have skidded lower while regulators have stepped up warnings about the risk of investing in them. Regulatory clampdowns in South Korea and India and an advertising ban by Facebook Inc have hit sentiment. Several banks said in recent days that they were banning customers from buying cryptocurrencies with credit cards. Still, many cryptocurrency backers said regulation should be welcomed and short-term price volatility is to be expected for a new market. "I think regulators need to learn how to interact with this technology and not stop this," Bloq's Roszak said. Story continues "Whenever you see a government banning cryptocurrencies, a bank banning, I think in many ways, that's them pulling the handbrakes up to better understand how to interact this technology," he added. Iqbal Gandham, managing director at trading platform eToro said his company had seen a drop in trading interest from investors in recent weeks amid the selloff, but that interest remained far higher than before the fourth quarter of last year. The plunge has come during a heavy selloff in global stock markets in recent days, undermining views that bitcoin's price moves are generally uncorrelated to those of other asset classes. (Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by Tommy Wilkes in London; Editing by Meredith Mazzilli) View comments
[Social Media Buzz]
Current price of Bitcoin is $8023.00 https://greenground.it/2018/02/07/current-price-of-bitcoin-is-8023-00/ … || Feb 07, 2018 12:00:00 UTC | 8,238.90$ | 6,677.30€ | 5,938.10£ | #Bitcoin #btc pic.twitter.com/WIWsMURPD6 || #BTC Average: 8260.06$
#Bitfinex - 8166.13$
#Poloniex - 8220.00$
#Bitstamp - 8204.25$
#Coinbase - 8225.02$
#Binance - 8129.87$
#CEXio - 8539.70$
#Kraken - 8194.50$
#Cryptopia - 8120.00$
#Bittrex - 8130.10$
#GateCoin - 8671.00$
#Bitcoin #Exchanges #Price || 02/07 17:00 Crypto c...
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8265.59, 8736.98, 8621.90, 8129.97, 8926.57, 8598.31, 9494.63, 10166.40, 10233.90, 11112.70
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 423.41, 422.74, 420.35, 419.41, 421.56, 422.48, 425.19, 423.73, 424.28, 429.71, 430.57, 427.40, 428.59, 435.51, 441.39, 449.42, 445.74, 450.28, 458.55, 461.43, 466.09, 444.69, 449.01, 455.10, 448.32, 451.88, 444.67, 450.30, 446.72, 447.98, 459.60, 458.54, 458.55, 460.48, 450.89, 452.73, 454.77, 455.67, 455.67, 457.57, 454.16, 453.78, 454.62, 438.71, 442.68, 443.19, 439.32, 444.15, 445.98, 449.60, 453.38, 473.46, 530.04, 526.23, 533.86, 531.39, 536.92, 537.97, 569.19, 572.73, 574.98, 585.54, 576.60, 581.65, 574.63, 577.47, 606.73, 672.78, 704.38, 685.56, 694.47, 766.31, 748.91, 756.23, 763.78, 737.23, 666.65, 596.12, 623.98, 665.30, 665.12, 629.37, 655.28, 647.00, 639.89, 673.34, 676.30, 703.70, 658.66, 683.66.
|
[Bitcoin Technical Analysis for 2016-07-04]
Volume: 92008400, RSI (14-day): 55.54, 50-day EMA: 607.02, 200-day EMA: 479.04
[Wider Market Context]
None available.
[Recent News (last 7 days)]
As Q3 Begins, Gold Miner ETFs Keep Shining: Looking back to the first half of 2016, exchange traded funds that track precious metals miners have been the top performers so far this year, and the metal producers group may continue to shine through the second half.
Year-to-date, the S&P 500 rose 2.4%, the Dow Jones Industrial Average gained 2.9% and the Nasdaq Composite dipped 3.9%.
In contrast, among the top ETFs of the year, the PureFunds ISE Junior Silver ETF (SILJ) surged 181.1%, Global X Gold Explorers ETF (GLDX) jumped 137.4%, iShares MSCI Global Silver Miners Fund ETF (SLVP) advanced 129.5%, Global X Silver Miners ETF (SIL) increased 127.8% andVanEckVectors Gold Miners ETF (GDXJ) rose 118.9%.
SILJ tries to reflect the performance of the ISE Junior Silver (Small Cap Miners/Explorers) Index, which is comprised of silver exploration and mining exposure of small-cap companies, such as 16.5% Coeur Mining (CDE), 14.2% Pan American Silver (PAAS) and 14.1% First Majestic Silver (AG). The junior silver miner ETF has a large 67.8% tilt toward Canadian names, followed by 33.9% U.S. exposure.
Related:Playing It Safe With Gold Miners ETFs
GLDX tracks the Solactive Global Gold Explorers Total Return Index, which includes global gold miners, with heavy 81.8% emphasis on Canadian miners, along with 16.6% Australian companies.
SLVP follows the MSCI ACWI Select Silver Miners Investable Market Index, which includes global silver mining stocks, and also has a large 63.7% tilt toward Canadian companies, along with 12.7% U.S., 12.0% U.K. and 5.4% Mexico. The silver miner ETF also holds a large 22.1% position in Silver Wheaton Corp (SLW).
SIL, the largest silver miner-related ETF, tries to mirror the Solactive Global Silver Miners Total Return Index, which is also comprised of global silver miners. However, SIL has a lower 50.5% country tilt toward Canada, but a much larger 22.0% position in the U.S. and 21.0% in Mexico. Additionally, SIL is slightly more diversified, with only a 11.6% weight in SLW.
Related:Another Rally Looms for Gold ETFs
Lastly, GDXJ, the largest junior gold miner ETF, tries to reflect the performance of the MVIS Global Junior Gold Miners Index, which includes micro- and small-cap gold miners. The fund has a large 65.0% country weight toward Canada, along with 12.4% U.S., 8.8% Australia and 5.0% U.K.
Precious metals miners have been the hot spot for most of the year as gold bullion strengthened on safe-haven demand and a more dovish Federal Reserve outlook.
Gold prices have jumped 25% to $1,325.5 per ounce as of the end of June.
Trending on ETF Trends
Supply Concerns Linger for Oil ETFs
11 Surging Silver ETFs as Two-Year High Looms
A Gold Boon for these Glistening ETFs
As Bank of England Mulls Rate Cuts, More Pound Punishment Likely
Winklevoss Bitcoin ETF Will Trade on BATS
During the start of the year when the equities markets saw two-digit percentage point declines, investors shifted into the gold hard asset as a safe store of wealth. In addition, once equities started rebounding, traders maintained their gold positions on the depreciating U.S. dollar and the extended low rate outlook from the Federal Reserve, betting that precious metals will continue to be a good store of wealth and also help hedge against a more volatile outlook, such as the United Kingdom’s recent referendum vote on breaking away from the European Union, or Brexit.
Meanwhile, gold miners, which have been among the worst performing assets over recent years, staged a rally on the sudden improvement in gold prices.
Looking ahead, gold bullion and miners could continue to shine as a safe-haven play in a post-Brexit world.
Related:A New Leg up Could be Coming for Gold ETFs
The Fed has signaled it would slow the pace of interest rate normalization this year – higher interest rates typically weigh on gold prices since the hard asset provide no yield and would become less attractive to higher-yielding conservative debt assets in a rising rate environment. Moreover, futures traders are even pricing in a chance that the Fed is more likely to cut interest rates than raise them.
Robust demand is also supporting the gold market. For instance, ETF flows into gold have expanded at their fastest pace since 2009. Physically backed gold ETF holdings are still one-third below the December 2012 peak, which suggest that prices can hold at about $1,200 per ounce. The SPDR Gold Shares (GLD) , the largest gold-related ETF by assets, has been the most popular ETF play of 2016, attracting $12.2 billion in net inflows as of the end of June.
We might still see more out of the emerging markets as demand has not been as robust in the developing world. For instance, China has shown little demand, with the Shanghai Gold Exchange seeing muted growth in volume. While the higher prices may have deterred Asian buyers, demand could pick up if people expect prices to remain elevated.
For more information on the Gold ETFs, visit ourGold category.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product. || As Q3 Begins, Gold Miner ETFs Keep Shining: Looking back to the first half of 2016, exchange traded funds that track precious metals miners have been the top performers so far this year, and the metal producers group may continue to shine through the second half. Year-to-date, the S&P 500 rose 2.4%, the Dow Jones Industrial Average gained 2.9% and the Nasdaq Composite dipped 3.9%. In contrast, among the top ETFs of the year, the PureFunds ISE Junior Silver ETF ( SILJ ) surged 181.1%, Global X Gold Explorers ETF ( GLDX ) jumped 137.4%, iShares MSCI Global Silver Miners Fund ETF ( SLVP ) advanced 129.5%, Global X Silver Miners ETF ( SIL ) increased 127.8% and VanEck Vectors Gold Miners ETF ( GDXJ ) rose 118.9%. SILJ tries to reflect the performance of the ISE Junior Silver (Small Cap Miners/Explorers) Index, which is comprised of silver exploration and mining exposure of small-cap companies, such as 16.5% Coeur Mining ( CDE ), 14.2% Pan American Silver ( PAAS ) and 14.1% First Majestic Silver ( AG ). The junior silver miner ETF has a large 67.8% tilt toward Canadian names, followed by 33.9% U.S. exposure. Related: Playing It Safe With Gold Miners ETFs GLDX tracks the Solactive Global Gold Explorers Total Return Index, which includes global gold miners, with heavy 81.8% emphasis on Canadian miners, along with 16.6% Australian companies. SLVP follows the MSCI ACWI Select Silver Miners Investable Market Index, which includes global silver mining stocks, and also has a large 63.7% tilt toward Canadian companies, along with 12.7% U.S., 12.0% U.K. and 5.4% Mexico. The silver miner ETF also holds a large 22.1% position in Silver Wheaton Corp ( SLW ). SIL, the largest silver miner-related ETF, tries to mirror the Solactive Global Silver Miners Total Return Index, which is also comprised of global silver miners. However, SIL has a lower 50.5% country tilt toward Canada, but a much larger 22.0% position in the U.S. and 21.0% in Mexico. Additionally, SIL is slightly more diversified, with only a 11.6% weight in SLW. Related: Another Rally Looms for Gold ETFs Lastly, GDXJ, the largest junior gold miner ETF, tries to reflect the performance of the MVIS Global Junior Gold Miners Index, which includes micro- and small-cap gold miners. The fund has a large 65.0% country weight toward Canada, along with 12.4% U.S., 8.8% Australia and 5.0% U.K. Precious metals miners have been the hot spot for most of the year as gold bullion strengthened on safe-haven demand and a more dovish Federal Reserve outlook. Gold prices have jumped 25% to $1,325.5 per ounce as of the end of June. Trending on ETF Trends Supply Concerns Linger for Oil ETFs Story continues 11 Surging Silver ETFs as Two-Year High Looms A Gold Boon for these Glistening ETFs As Bank of England Mulls Rate Cuts, More Pound Punishment Likely Winklevoss Bitcoin ETF Will Trade on BATS During the start of the year when the equities markets saw two-digit percentage point declines, investors shifted into the gold hard asset as a safe store of wealth. In addition, once equities started rebounding, traders maintained their gold positions on the depreciating U.S. dollar and the extended low rate outlook from the Federal Reserve, betting that precious metals will continue to be a good store of wealth and also help hedge against a more volatile outlook, such as the United Kingdom’s recent referendum vote on breaking away from the European Union, or Brexit. Meanwhile, gold miners, which have been among the worst performing assets over recent years, staged a rally on the sudden improvement in gold prices. Looking ahead, gold bullion and miners could continue to shine as a safe-haven play in a post-Brexit world. Related: A New Leg up Could be Coming for Gold ETFs The Fed has signaled it would slow the pace of interest rate normalization this year – higher interest rates typically weigh on gold prices since the hard asset provide no yield and would become less attractive to higher-yielding conservative debt assets in a rising rate environment. Moreover, futures traders are even pricing in a chance that the Fed is more likely to cut interest rates than raise them. Robust demand is also supporting the gold market. For instance, ETF flows into gold have expanded at their fastest pace since 2009. Physically backed gold ETF holdings are still one-third below the December 2012 peak, which suggest that prices can hold at about $1,200 per ounce. The SPDR Gold Shares ( GLD ) , the largest gold-related ETF by assets, has been the most popular ETF play of 2016, attracting $12.2 billion in net inflows as of the end of June. We might still see more out of the emerging markets as demand has not been as robust in the developing world. For instance, China has shown little demand, with the Shanghai Gold Exchange seeing muted growth in volume. While the higher prices may have deterred Asian buyers, demand could pick up if people expect prices to remain elevated. For more information on the Gold ETFs, visit our Gold category . The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product. View comments || Former U.S. Secret Service agent suspected in additional Bitcoin thefts: By Joseph Menn SAN FRANCISCO (Reuters) - A Secret Service agent who stole money seized by the government in the investigation of underground drug bazaar Silk Road is now suspected of stealing money in at least two other cases, according to court filings unsealed on Thursday. In the larger of those cases, he is thought to have been behind the theft of about $700,000 worth of Bitcoin from a Secret Service account three months after the agency was urged to block his access, the documents say. Former agent Shaun Bridges pleaded guilty last year and was sentenced in December to nearly six years in prison for stealing more than $800,000 of the crypto currency Bitcoin during the Silk Road investigation. According to an affidavit unsealed Thursday, the Justice Department learned in April 2015 that Bridges might have kept a private cryptographic key giving him access to a Bitcoin wallet with the $700,000 in currency that the Silk Road task force had seized in 2014. The department urged the agency to move the funds elsewhere. “Unfortunately, the U.S. Secret Service did not do so and the funds were thereafter stolen, something the U.S, Secret Service only discovered once it was ordered by a court to pay a portion of the seizure back to affected claimants,” a team of prosecutors wrote in an accompanying motion. The Bitcoin in question was moved in July 2015 but only discovered missing in December, the affidavit said. The Secret Service and Bridges' attorney Steven Levin declined to comment. In the previous case, Bridges admitted he stole money from Silk Road accounts and framed someone else for it, leading Silk Road chief Ross Ulbricht to plan a murder. Ulbricht is now serving a life sentence. (Reporting by Joseph Menn; Editing by Cynthia Osterman) || Former U.S. Secret Service agent suspected in additional Bitcoin thefts: By Joseph Menn SAN FRANCISCO (Reuters) - A Secret Service agent who stole money seized by the government in the investigation of underground drug bazaar Silk Road is now suspected of stealing money in at least two other cases, according to court filings unsealed on Thursday. In the larger of those cases, he is thought to have been behind the theft of about $700,000 worth of Bitcoin from a Secret Service account three months after the agency was urged to block his access, the documents say. Former agent Shaun Bridges pleaded guilty last year and was sentenced in December to nearly six years in prison for stealing more than $800,000 of the crypto currency Bitcoin during the Silk Road investigation. According to an affidavit unsealed Thursday, the Justice Department learned in April 2015 that Bridges might have kept a private cryptographic key giving him access to a Bitcoin wallet with the $700,000 in currency that the Silk Road task force had seized in 2014. The department urged the agency to move the funds elsewhere. “Unfortunately, the U.S. Secret Service did not do so and the funds were thereafter stolen, something the U.S, Secret Service only discovered once it was ordered by a court to pay a portion of the seizure back to affected claimants,” a team of prosecutors wrote in an accompanying motion. The Bitcoin in question was moved in July 2015 but only discovered missing in December, the affidavit said. The Secret Service and Bridges' attorney Steven Levin declined to comment. In the previous case, Bridges admitted he stole money from Silk Road accounts and framed someone else for it, leading Silk Road chief Ross Ulbricht to plan a murder. Ulbricht is now serving a life sentence. (Reporting by Joseph Menn; Editing by Cynthia Osterman) || Former U.S. Secret Service agent suspected in additional Bitcoin thefts: By Joseph Menn SAN FRANCISCO (Reuters) - A Secret Service agent who stole money seized by the government in the investigation of underground drug bazaar Silk Road is now suspected of stealing money in at least two other cases, according to court filings unsealed on Thursday. In the larger of those cases, he is thought to have been behind the theft of about $700,000 worth of Bitcoin from a Secret Service account three months after the agency was urged to block his access, the documents say. Former agent Shaun Bridges pleaded guilty last year and was sentenced in December to nearly six years in prison for stealing more than $800,000 of the crypto currency Bitcoin during the Silk Road investigation. According to an affidavit unsealed Thursday, the Justice Department learned in April 2015 that Bridges might have kept a private cryptographic key giving him access to a Bitcoin wallet with the $700,000 in currency that the Silk Road task force had seized in 2014. The department urged the agency to move the funds elsewhere. “Unfortunately, the U.S. Secret Service did not do so and the funds were thereafter stolen, something the U.S, Secret Service only discovered once it was ordered by a court to pay a portion of the seizure back to affected claimants,” a team of prosecutors wrote in an accompanying motion. The Bitcoin in question was moved in July 2015 but only discovered missing in December, the affidavit said. The Secret Service and Bridges' attorney Steven Levin declined to comment. In the previous case, Bridges admitted he stole money from Silk Road accounts and framed someone else for it, leading Silk Road chief Ross Ulbricht to plan a murder. Ulbricht is now serving a life sentence. (Reporting by Joseph Menn; Editing by Cynthia Osterman) || Former U.S. Secret Service agent suspected in additional Bitcoin thefts: By Joseph Menn SAN FRANCISCO (Reuters) - A Secret Service agent who stole money seized by the government in the investigation of underground drug bazaar Silk Road is now suspected of stealing money in at least two other cases, according to court filings unsealed on Thursday. In the larger of those cases, he is thought to have been behind the theft of about $700,000 worth of Bitcoin from a Secret Service account three months after the agency was urged to block his access, the documents say. Former agent Shaun Bridges pleaded guilty last year and was sentenced in December to nearly six years in prison for stealing more than $800,000 of the crypto currency Bitcoin during the Silk Road investigation. According to an affidavit unsealed Thursday, the Justice Department learned in April 2015 that Bridges might have kept a private cryptographic key giving him access to a Bitcoin wallet with the $700,000 in currency that the Silk Road task force had seized in 2014. The department urged the agency to move the funds elsewhere. “Unfortunately, the U.S. Secret Service did not do so and the funds were thereafter stolen, something the U.S, Secret Service only discovered once it was ordered by a court to pay a portion of the seizure back to affected claimants,” a team of prosecutors wrote in an accompanying motion. The Bitcoin in question was moved in July 2015 but only discovered missing in December, the affidavit said. The Secret Service and Bridges' attorney Steven Levin declined to comment. In the previous case, Bridges admitted he stole money from Silk Road accounts and framed someone else for it, leading Silk Road chief Ross Ulbricht to plan a murder. Ulbricht is now serving a life sentence. (Reporting by Joseph Menn; Editing by Cynthia Osterman) || Former U.S. Secret Service agent suspected in additional Bitcoin thefts: By Joseph Menn
SAN FRANCISCO (Reuters) - A Secret Service agent who stole money seized by the government in the investigation of underground drug bazaar Silk Road is now suspected of stealing money in at least two other cases, according to court filings unsealed on Thursday.
In the larger of those cases, he is thought to have been behind the theft of about $700,000 worth of Bitcoin from a Secret Service account three months after the agency was urged to block his access, the documents say.
Former agent Shaun Bridges pleaded guilty last year and was sentenced in December to nearly six years in prison for stealing more than $800,000 of the crypto currency Bitcoin during the Silk Road investigation.
According to an affidavit unsealed Thursday, the Justice Department learned in April 2015 that Bridges might have kept a private cryptographic key giving him access to a Bitcoin wallet with the $700,000 in currency that the Silk Road task force had seized in 2014. The department urged the agency to move the funds elsewhere.
“Unfortunately, the U.S. Secret Service did not do so and the funds were thereafter stolen, something the U.S, Secret Service only discovered once it was ordered by a court to pay a portion of the seizure back to affected claimants,” a team of prosecutors wrote in an accompanying motion. The Bitcoin in question was moved in July 2015 but only discovered missing in December, the affidavit said.
The Secret Service and Bridges' attorney Steven Levin declined to comment.
In the previous case, Bridges admitted he stole money from Silk Road accounts and framed someone else for it, leading Silk Road chief Ross Ulbricht to plan a murder. Ulbricht is now serving a life sentence.
(Reporting by Joseph Menn; Editing by Cynthia Osterman) || Former U.S. Secret Service agent suspected in additional Bitcoin thefts: By Joseph Menn SAN FRANCISCO (Reuters) - A Secret Service agent who stole money seized by the government in the investigation of underground drug bazaar Silk Road is now suspected of stealing money in at least two other cases, according to court filings unsealed on Thursday. In the larger of those cases, he is thought to have been behind the theft of about $700,000 worth of Bitcoin from a Secret Service account three months after the agency was urged to block his access, the documents say. Former agent Shaun Bridges pleaded guilty last year and was sentenced in December to nearly six years in prison for stealing more than $800,000 of the crypto currency Bitcoin during the Silk Road investigation. According to an affidavit unsealed Thursday, the Justice Department learned in April 2015 that Bridges might have kept a private cryptographic key giving him access to a Bitcoin wallet with the $700,000 in currency that the Silk Road task force had seized in 2014. The department urged the agency to move the funds elsewhere. “Unfortunately, the U.S. Secret Service did not do so and the funds were thereafter stolen, something the U.S, Secret Service only discovered once it was ordered by a court to pay a portion of the seizure back to affected claimants,” a team of prosecutors wrote in an accompanying motion. The Bitcoin in question was moved in July 2015 but only discovered missing in December, the affidavit said. The Secret Service and Bridges' attorney Steven Levin declined to comment. In the previous case, Bridges admitted he stole money from Silk Road accounts and framed someone else for it, leading Silk Road chief Ross Ulbricht to plan a murder. Ulbricht is now serving a life sentence. (Reporting by Joseph Menn; Editing by Cynthia Osterman) || Former U.S. Secret Service agent suspected in additional Bitcoin thefts: By Joseph Menn SAN FRANCISCO (Reuters) - A Secret Service agent who stole money seized by the government in the investigation of underground drug bazaar Silk Road is now suspected of stealing money in at least two other cases, according to court filings unsealed on Thursday. In the larger of those cases, he is thought to have been behind the theft of about $700,000 worth of Bitcoin from a Secret Service account three months after the agency was urged to block his access, the documents say. Former agent Shaun Bridges pleaded guilty last year and was sentenced in December to nearly six years in prison for stealing more than $800,000 of the crypto currency Bitcoin during the Silk Road investigation. According to an affidavit unsealed Thursday, the Justice Department learned in April 2015 that Bridges might have kept a private cryptographic key giving him access to a Bitcoin wallet with the $700,000 in currency that the Silk Road task force had seized in 2014. The department urged the agency to move the funds elsewhere. “Unfortunately, the U.S. Secret Service did not do so and the funds were thereafter stolen, something the U.S, Secret Service only discovered once it was ordered by a court to pay a portion of the seizure back to affected claimants,” a team of prosecutors wrote in an accompanying motion. The Bitcoin in question was moved in July 2015 but only discovered missing in December, the affidavit said. The Secret Service and Bridges' attorney Steven Levin declined to comment. In the previous case, Bridges admitted he stole money from Silk Road accounts and framed someone else for it, leading Silk Road chief Ross Ulbricht to plan a murder. Ulbricht is now serving a life sentence. (Reporting by Joseph Menn; Editing by Cynthia Osterman) || Former U.S. Secret Service agent suspected in additional Bitcoin thefts: By Joseph Menn
SAN FRANCISCO (Reuters) - A Secret Service agent who stole money seized by the government in the investigation of underground drug bazaar Silk Road is now suspected of stealing money in at least two other cases, according to court filings unsealed on Thursday.
In the larger of those cases, he is thought to have been behind the theft of about $700,000 worth of Bitcoin from a Secret Service account three months after the agency was urged to block his access, the documents say.
Former agent Shaun Bridges pleaded guilty last year and was sentenced in December to nearly six years in prison for stealing more than $800,000 of the crypto currency Bitcoin during the Silk Road investigation.
According to an affidavit unsealed Thursday, the Justice Department learned in April 2015 that Bridges might have kept a private cryptographic key giving him access to a Bitcoin wallet with the $700,000 in currency that the Silk Road task force had seized in 2014. The department urged the agency to move the funds elsewhere.
“Unfortunately, the U.S. Secret Service did not do so and the funds were thereafter stolen, something the U.S, Secret Service only discovered once it was ordered by a court to pay a portion of the seizure back to affected claimants,” a team of prosecutors wrote in an accompanying motion. The Bitcoin in question was moved in July 2015 but only discovered missing in December, the affidavit said.
The Secret Service and Bridges' attorney Steven Levin declined to comment.
In the previous case, Bridges admitted he stole money from Silk Road accounts and framed someone else for it, leading Silk Road chief Ross Ulbricht to plan a murder. Ulbricht is now serving a life sentence.
(Reporting by Joseph Menn; Editing by Cynthia Osterman) || Former U.S. Secret Service agent suspected in additional Bitcoin thefts: By Joseph Menn SAN FRANCISCO (Reuters) - A Secret Service agent who stole money seized by the government in the investigation of underground drug bazaar Silk Road is now suspected of stealing money in at least two other cases, according to court filings unsealed on Thursday. In the larger of those cases, he is thought to have been behind the theft of about $700,000 worth of Bitcoin from a Secret Service account three months after the agency was urged to block his access, the documents say. Former agent Shaun Bridges pleaded guilty last year and was sentenced in December to nearly six years in prison for stealing more than $800,000 of the crypto currency Bitcoin during the Silk Road investigation. According to an affidavit unsealed Thursday, the Justice Department learned in April 2015 that Bridges might have kept a private cryptographic key giving him access to a Bitcoin wallet with the $700,000 in currency that the Silk Road task force had seized in 2014. The department urged the agency to move the funds elsewhere. “Unfortunately, the U.S. Secret Service did not do so and the funds were thereafter stolen, something the U.S, Secret Service only discovered once it was ordered by a court to pay a portion of the seizure back to affected claimants,” a team of prosecutors wrote in an accompanying motion. The Bitcoin in question was moved in July 2015 but only discovered missing in December, the affidavit said. The Secret Service and Bridges' attorney Steven Levin declined to comment. In the previous case, Bridges admitted he stole money from Silk Road accounts and framed someone else for it, leading Silk Road chief Ross Ulbricht to plan a murder. Ulbricht is now serving a life sentence. (Reporting by Joseph Menn; Editing by Cynthia Osterman) || Former U.S. Secret Service agent suspected in additional Bitcoin thefts: By Joseph Menn
SAN FRANCISCO, June 30 (Reuters) - A Secret Service agent who stole money seized by the government in the investigation of underground drug bazaar Silk Road is now suspected of stealing money in at least two other cases, according to court filings unsealed on Thursday.
In the larger of those cases, he is thought to have been behind the theft of about $700,000 worth of Bitcoin from a Secret Service account three months after the agency was urged to block his access, the documents say.
Former agent Shaun Bridges pleaded guilty last year and was sentenced in December to nearly six years in prison for stealing more than $800,000 of the crypto currency Bitcoin during the Silk Road investigation.
According to an affidavit unsealed Thursday, the Justice Department learned in April 2015 that Bridges might have kept a private cryptographic key giving him access to a Bitcoin wallet with the $700,000 in currency that the Silk Road task force had seized in 2014. The department urged the agency to move the funds elsewhere.
"Unfortunately, the U.S. Secret Service did not do so and the funds were thereafter stolen, something the U.S, Secret Service only discovered once it was ordered by a court to pay a portion of the seizure back to affected claimants," a team of prosecutors wrote in an accompanying motion. The Bitcoin in question was moved in July 2015 but only discovered missing in December, the affidavit said.
The Secret Service and Bridges' attorney Steven Levin declined to comment.
In the previous case, Bridges admitted he stole money from Silk Road accounts and framed someone else for it, leading Silk Road chief Ross Ulbricht to plan a murder. Ulbricht is now serving a life sentence.
(Reporting by Joseph Menn; Editing by Cynthia Osterman) || Former U.S. Secret Service agent suspected in additional Bitcoin thefts: By Joseph Menn
SAN FRANCISCO, June 30 (Reuters) - A Secret Service agent who stole money seized by the government in the investigation of underground drug bazaar Silk Road is now suspected of stealing money in at least two other cases, according to court filings unsealed on Thursday.
In the larger of those cases, he is thought to have been behind the theft of about $700,000 worth of Bitcoin from a Secret Service account three months after the agency was urged to block his access, the documents say.
Former agent Shaun Bridges pleaded guilty last year and was sentenced in December to nearly six years in prison for stealing more than $800,000 of the crypto currency Bitcoin during the Silk Road investigation.
According to an affidavit unsealed Thursday, the Justice Department learned in April 2015 that Bridges might have kept a private cryptographic key giving him access to a Bitcoin wallet with the $700,000 in currency that the Silk Road task force had seized in 2014. The department urged the agency to move the funds elsewhere.
"Unfortunately, the U.S. Secret Service did not do so and the funds were thereafter stolen, something the U.S, Secret Service only discovered once it was ordered by a court to pay a portion of the seizure back to affected claimants," a team of prosecutors wrote in an accompanying motion. The Bitcoin in question was moved in July 2015 but only discovered missing in December, the affidavit said.
The Secret Service and Bridges' attorney Steven Levin declined to comment.
In the previous case, Bridges admitted he stole money from Silk Road accounts and framed someone else for it, leading Silk Road chief Ross Ulbricht to plan a murder. Ulbricht is now serving a life sentence.
(Reporting by Joseph Menn; Editing by Cynthia Osterman) || Former U.S. Secret Service agent suspected in additional Bitcoin thefts: By Joseph Menn SAN FRANCISCO, June 30 (Reuters) - A Secret Service agent who stole money seized by the government in the investigation of underground drug bazaar Silk Road is now suspected of stealing money in at least two other cases, according to court filings unsealed on Thursday. In the larger of those cases, he is thought to have been behind the theft of about $700,000 worth of Bitcoin from a Secret Service account three months after the agency was urged to block his access, the documents say. Former agent Shaun Bridges pleaded guilty last year and was sentenced in December to nearly six years in prison for stealing more than $800,000 of the crypto currency Bitcoin during the Silk Road investigation. According to an affidavit unsealed Thursday, the Justice Department learned in April 2015 that Bridges might have kept a private cryptographic key giving him access to a Bitcoin wallet with the $700,000 in currency that the Silk Road task force had seized in 2014. The department urged the agency to move the funds elsewhere. "Unfortunately, the U.S. Secret Service did not do so and the funds were thereafter stolen, something the U.S, Secret Service only discovered once it was ordered by a court to pay a portion of the seizure back to affected claimants," a team of prosecutors wrote in an accompanying motion. The Bitcoin in question was moved in July 2015 but only discovered missing in December, the affidavit said. The Secret Service and Bridges' attorney Steven Levin declined to comment. In the previous case, Bridges admitted he stole money from Silk Road accounts and framed someone else for it, leading Silk Road chief Ross Ulbricht to plan a murder. Ulbricht is now serving a life sentence. (Reporting by Joseph Menn; Editing by Cynthia Osterman) || LinkedIn founder and billionaire investor Reid Hoffman: 'I'm optimistic' about the next 100 years: Reid Hoffman Portrait LinkedIn Illustration (Mike Nudelman/Business Insider) Reid Hoffman was one of the first people to have the idea that the internet could be used to connect large numbers of like-minded people together, founding a short-lived social platform called SocialNet in 1997. After an executive stint at online payments innovator PayPal, Hoffman turned that insight into LinkedIn, which launched in 2002 and has since become the default online venue for job hunting and making professional connections, fetching a price tag of $26.2 billion when it was bought by Microsoft this June. Hoffman is still the chairman of LinkedIn, and has also become one of the most prolific investors in Silicon Valley, with early bets on big winners like Facebook and Airbnb. He runs an early-stage startup fund for Greylock, a top Silicon Valley VC, serves on the boards of a number of nonprofits like Do Something , and he's recently been teaching a course at Stanford, “ Blitzscaling ,” that shows startups how to grow fast. Hoffman is featured in our inaugural edition of the BI 100: The Creators , which celebrates business leaders who create many types of value in society. We interviewed him via email prior to the Microsoft-LinkedIn deal to learn more about his view of entrepreneurship, capitalism, and the future: Matt Rosoff: I've seen you quoted as saying you wanted to make a big impact on the world. Explain what that meant to you when you graduated from Stanford, and how your position evolved to encompass entrepreneurship. Reid Hoffman: As a child, I wondered often: “Why are we? What is the meaning of life?” These questions made me realize that life is what has meaning — not just individual lives, but all of our lives. Coming out of Stanford, I hoped to contribute to these questions as an academic and a public intellectual: to write essays and books about who we are and who we should be, both as individuals and a society. Then, at Oxford, I realized that being an academic conflicted with being a public intellectual: writing books on scholarship for dozens of people vs. writing books for society. Story continues On reflection, I realized that I could focus on software instead of books, business instead of the academy, and products informed by theories instead of just theories. With the change of focus, I could move from writing scholarship that dozens might read, to books that thousands might read, to software that millions to billions might use. Thus, I could help enable better meaning of life for many people at scale. PayPal was disruptive, it was democratizing, and it had universal appeal. Rosoff: PayPal was outsized in its later influence in Silicon Valley — it spawned a lot of great entrepreneurs and operators. Why? What was special about it? Hoffman: Even by Silicon Valley standards, PayPal's vision was massively ambitious. We described PayPal on our company t-shirts as “the global payment operating system.” We wanted to build a 21st century payments system that went beyond the credit cards, merchant terminals, and ATM infrastructure that the finance industry's established players had built. We wanted to create a service that would let people exchange money as easily as the internet was letting them exchange information. PayPal was disruptive, it was democratizing, and it had universal appeal. It gave power to millions and millions of individuals and reduced monopolist control from nations, banks, and other huge corporations. Our experience with PayPal showed us how to think big and how to keep massive ambition for impact. As the PayPal experience was very fast – about four years – we all graduated with experience, resources, ambition, and youth. Thus, a number of us went on to create Yelp, YouTube, Yammer, and LinkedIn. PayPal IPO (Peter Thiel and Elon Musk, two of the other top Silicon Valley entrepreneurs to emerge from PayPal.PAUL SAKUMA/AP) Rosoff: What did you personally learn at PayPal about impact that you've been able to carry forward? Hoffman: At PayPal, we had a window of opportunity – to scale up a new digital payments system on a global level before huge companies with far more resources and experience in the payments industry truly understood what was possible. So we learned to move boldly, decisively, and fast. At PayPal, we helped pioneer the idea that growth is the foundation for an internet company. The faster we got to scale, the stronger we created network effects, the more enduring business that we created. Another thing few people realize is that PayPal centrally depended on the power of networks. By 2001, we had a pretty big fraud problem, where international crime rings were using stolen credit card numbers to make payments to dummy accounts, and leaving us on the hook for these charges after withdrawing the money. But because all these transactions were happening on a single networked platform, we could map how all the different accounts were interacting with each other. So we were able to develop a fraud-monitoring system that identified the various patterns that were associated with fraud, and in time we got very good at preventing fraudulent transactions. And that was a key personal lesson to learn: a network of identities, communications, and transactions can be a platform for a number of applications. In PayPal, we had payment but also identity and anti-fraud. When you build a platform that creates all kinds of relationships and enables a huge number of interactions of one kind or another, the data that it generates ends up creating all kinds of strategic advantages. You see that in many of our post-PayPal businesses: Linkedin, Youtube, Yelp, Affirm, etc. Rosoff: You founded a social network, SocialNet, in the 1990s, well before Facebook, MySpace, and Friendster. Then again with LinkedIn. Why were you drawn to that kind of business? What's interesting about it? Hoffman: SocialNet emerged from those questions I mentioned earlier that have always compelled me. What is a meaningful life, and what kinds of social systems enable it? Broadly, the meaning of life comes from how we interact with each other. The internet can reconfigure space, so that the right people are always next to each other. The internet was this new medium where anyone could be a publisher, so what did that mean? What kinds of information would people want to publish about themselves? Traditionally, publishers had often built communities of interest around specific topics. But that didn't mean all the people who were subscribing to Golf Magazine could easily find each other. But the internet made that possible. Broadly, the meaning of life comes from how we interact with each other. The theory behind SocialNet was that the web wasn't just a place where traditional publishers could distribute content more efficiently, or where readers would just have more opportunities to comment on stories that professional writers had written. The web was a place where millions and millions of people would create their own media identities, share information about themselves, and look for opportunities to connect with each other in ways that could truly enhance their lives. Socialnet also started with a particular set of key relationships in human life: dating, work, social, and living (roommates). LinkedIn then focused on one deep aspect of life: work. Especially in its early days, a lot of people just thought of it as a place to post your resume when you were looking for a job. In reality, it was an identity platform for professionals, a place where you shared information about yourself so you could be found and find others, and thus develop connections and relationships that would enrich your professional life in all sorts of different ways. Your identity and network became the platform to amplify your professional life overall, to connect you with opportunity and success. Rosoff: Does LinkedIn have a larger mission than providing shareholder returns? What is it? And how does a company balance the need to provide profits and shareholder returns with larger missions? Hoffman: This question implies a tension between "a larger mission" and "shareholder returns." I disagree; instead, I see a synergy. First and foremost, our mission is to create economic opportunity for every member of the global workforce, by building the world's best platform for sharing professional identity, finding job opportunities, learning more about specific companies and industries, and developing new skills. And because our larger mission has led to a product that brings hundreds of millions of users serious economic value, we're able to monetize it in ways that generate strong returns for our shareholders as well. Mission reinforces shareholder return; business model reinforces mission. Rosoff: How have you taken the lessons you learned at both PayPal and LinkedIn and applied them to your investment decisions? Hoffman: Because of my experiences with PayPal and LinkedIn, I look for ideas that can solve a need for hundreds of millions of people. While achieving scale fast was also a priority for both these companies, there were also strong long-term visions informing them from the very start. At LinkedIn, for example, you couldn't directly research companies or take online classes in the early years. But the founding vision of Linkedin did include these ideas and others not yet implemented. So I look for that too. Does the founder have both the bias to action that you need to get a product to market quickly, and also a persuasive vision for where the company and the market in general will be five years or even ten years out? Does success transform people’s lives and industries at scale? Jeff Weiner, Satya Nadella, Reid Hoffman (Hoffman (right) with LinkedIn CEO Jeff Weiner (left) and Microsoft CEO Satya Nadella (middle).Microsoft) Rosoff: One hundred years from now, will life be better for most people than it is today? How so? What could go wrong? Hoffman: We're still in the very early years of a massively transformative era, the beginning of what I call the Networked Age. The great news is that networks create compounding feedback loops that amplify the frequency, velocity, and reach of human communication and exchange. And that's the bad news too. The Arab Spring and ISIS are both products of the Networked Age. On the plus side, I believe that networks and the flows of capital, talent, and information they enable are going to make life more prosperous and more meaningful for billions of people. On the potential downside, we should ask what kinds of strain does that put on the planet and on society? As global standards of living rise because of increased interconnectivity, we're going to need more energy, more food, more global cooperation. Can we manage it? I'm optimistic. If you look at long-term trends, we're less violent than we were 100 years ago, more educated, and perhaps surprisingly, more tolerant of diversity. Of course, we're also going to be adding a lot of new elements into the mix, very quickly. Artificial Intelligence. Genome editing. If we think carefully about all the different pathways that are now emerging, I think we can ultimately navigate to a much better place. But the actual contours of that world are all but impossible to predict. If you think about how we went from the early web's "coffee cams" and dancing-baby animations to Facebook, Airbnb, Uber, Bitcoin, and countless other unforeseen services and technologies in less than 20 years, it seems impossible to predict specifics for 2116. Comparing the last 100 years to the next 100, however, it seems nearly certain that we will make a number of inventions and changes that will be magic and radically new. NOW WATCH: How to use Facebook’s awesome new 360-degree photo feature More From Business Insider GREEN BERET: This is how we're different from US Navy SEALs How to see everything Google knows about you MITT ROMNEY: My son emailed me yesterday telling me to run for president || LinkedIn founder and billionaire investor Reid Hoffman: 'I'm optimistic' about the next 100 years: (Mike Nudelman/Business Insider)
Reid Hoffman was one of the first people to have the idea that the internet could be used to connect large numbers of like-minded people together, founding a short-lived social platform called SocialNet in 1997.
After an executive stint at online payments innovator PayPal, Hoffman turned that insight into LinkedIn, which launched in 2002 and has since become the default online venue for job hunting and making professional connections, fetchinga price tag of $26.2 billionwhen it was bought by Microsoft this June.
Hoffman is still the chairman of LinkedIn, and has also become one of the most prolific investors in Silicon Valley, with early bets on big winners like Facebook and Airbnb. He runs an early-stage startup fund for Greylock, a top Silicon Valley VC, serves on the boards of a number of nonprofits likeDo Something, and he's recently been teaching a course at Stanford, “Blitzscaling,” that shows startups how to grow fast.
Hoffman is featured in our inaugural edition of theBI 100: The Creators, which celebrates business leaders who create many types of value in society. We interviewed him via email prior to the Microsoft-LinkedIn deal to learn more about his view of entrepreneurship, capitalism, and the future:
Matt Rosoff:I've seen you quoted as saying you wanted to make a big impact on the world. Explain what that meant to you when you graduated from Stanford, and how your position evolved to encompass entrepreneurship.
Reid Hoffman:As a child, I wondered often: “Why are we? What is the meaning of life?” These questions made me realize that life is what has meaning — not just individual lives, but all of our lives. Coming out of Stanford, I hoped to contribute to these questions as an academic and a public intellectual: to write essays and books about who we are and who we should be, both as individuals and a society. Then, at Oxford, I realized that being an academic conflicted with being a public intellectual: writing books on scholarship for dozens of people vs. writing books for society.
On reflection, I realized that I could focus on software instead of books, business instead of the academy, and products informed by theories instead of just theories. With the change of focus, I could move from writing scholarship that dozens might read, to books that thousands might read, to software that millions to billions might use. Thus, I could help enable better meaning of life for many people at scale.
PayPal was disruptive, it was democratizing, and it had universal appeal.
Rosoff:PayPal was outsized in its later influence in Silicon Valley — it spawned a lot of great entrepreneurs and operators. Why? What was special about it?
Hoffman:Even by Silicon Valley standards, PayPal's vision was massively ambitious. We described PayPal on our company t-shirts as “the global payment operating system.” We wanted to build a 21st century payments system that went beyond the credit cards, merchant terminals, and ATM infrastructure that the finance industry's established players had built. We wanted to create a service that would let people exchange money as easily as the internet was letting them exchange information. PayPal was disruptive, it was democratizing, and it had universal appeal. It gave power to millions and millions of individuals and reduced monopolist control from nations, banks, and other huge corporations. Our experience with PayPal showed us how to think big and how to keep massive ambition for impact. As the PayPal experience was very fast – about four years – we all graduated with experience, resources, ambition, and youth. Thus, a number of us went on to create Yelp, YouTube, Yammer, and LinkedIn.
(Peter Thiel and Elon Musk, two of the other top Silicon Valley entrepreneurs to emerge from PayPal.PAUL SAKUMA/AP)
Rosoff:What did you personally learn at PayPal about impact that you've been able to carry forward?
Hoffman:At PayPal, we had a window of opportunity – to scale up a new digital payments system on a global level before huge companies with far more resources and experience in the payments industry truly understood what was possible. So we learned to move boldly, decisively, and fast. At PayPal, we helped pioneer the idea that growth is the foundation for an internet company. The faster we got to scale, the stronger we created network effects, the more enduring business that we created.
Another thing few people realize is that PayPal centrally depended on the power of networks. By 2001, we had a pretty big fraud problem, where international crime rings were using stolen credit card numbers to make payments to dummy accounts, and leaving us on the hook for these charges after withdrawing the money. But because all these transactions were happening on a single networked platform, we could map how all the different accounts were interacting with each other. So we were able to develop a fraud-monitoring system that identified the various patterns that were associated with fraud, and in time we got very good at preventing fraudulent transactions.
And that was a key personal lesson to learn: a network of identities, communications, and transactions can be a platform for a number of applications. In PayPal, we had payment but also identity and anti-fraud. When you build a platform that creates all kinds of relationships and enables a huge number of interactions of one kind or another, the data that it generates ends up creating all kinds of strategic advantages. You see that in many of our post-PayPal businesses: Linkedin, Youtube, Yelp, Affirm, etc.
Rosoff:You founded a social network, SocialNet, in the 1990s, well before Facebook, MySpace, and Friendster. Then again with LinkedIn. Why were you drawn to that kind of business? What's interesting about it?
Hoffman:SocialNet emerged from those questions I mentioned earlier that have always compelled me. What is a meaningful life, and what kinds of social systems enable it?
Broadly, the meaning of life comes from how we interact with each other. The internet can reconfigure space, so that the right people are always next to each other. The internet was this new medium where anyone could be a publisher, so what did that mean? What kinds of information would people want to publish about themselves? Traditionally, publishers had often built communities of interest around specific topics. But that didn't mean all the people who were subscribing to Golf Magazine could easily find each other. But the internet made that possible.
Broadly, the meaning of life comes from how we interact with each other.
The theory behind SocialNet was that the web wasn't just a place where traditional publishers could distribute content more efficiently, or where readers would just have more opportunities to comment on stories that professional writers had written. The web was a place where millions and millions of people would create their own media identities, share information about themselves, and look for opportunities to connect with each other in ways that could truly enhance their lives. Socialnet also started with a particular set of key relationships in human life: dating, work, social, and living (roommates).
LinkedIn then focused on one deep aspect of life: work. Especially in its early days, a lot of people just thought of it as a place to post your resume when you were looking for a job. In reality, it was an identity platform for professionals, a place where you shared information about yourself so you could be found and find others, and thus develop connections and relationships that would enrich your professional life in all sorts of different ways. Your identity and network became the platform to amplify your professional life overall, to connect you with opportunity and success.
Rosoff:Does LinkedIn have a larger mission than providing shareholder returns? What is it? And how does a company balance the need to provide profits and shareholder returns with larger missions?
Hoffman:This question implies a tension between "a larger mission" and "shareholder returns." I disagree; instead, I see a synergy. First and foremost, our mission is to create economic opportunity for every member of the global workforce, by building the world's best platform for sharing professional identity, finding job opportunities, learning more about specific companies and industries, and developing new skills. And because our larger mission has led to a product that brings hundreds of millions of users serious economic value, we're able to monetize it in ways that generate strong returns for our shareholders as well. Mission reinforces shareholder return; business model reinforces mission.
Rosoff:How have you taken the lessons you learned at both PayPal and LinkedIn and applied them to your investment decisions?
Hoffman:Because of my experiences with PayPal and LinkedIn, I look for ideas that can solve a need for hundreds of millions of people. While achieving scale fast was also a priority for both these companies, there were also strong long-term visions informing them from the very start. At LinkedIn, for example, you couldn't directly research companies or take online classes in the early years. But the founding vision of Linkedin did include these ideas and others not yet implemented. So I look for that too. Does the founder have both the bias to action that you need to get a product to market quickly, and also a persuasive vision for where the company and the market in general will be five years or even ten years out? Does success transform people’s lives and industries at scale?
(Hoffman (right) with LinkedIn CEO Jeff Weiner (left) and Microsoft CEO Satya Nadella (middle).Microsoft)
Rosoff:One hundred years from now, will life be better for most people than it is today? How so? What could go wrong?
Hoffman:We're still in the very early years of a massively transformative era, the beginning of what I call the Networked Age. The great news is that networks create compounding feedback loops that amplify the frequency, velocity, and reach of human communication and exchange. And that's the bad news too. The Arab Spring and ISIS are both products of the Networked Age.
On the plus side, I believe that networks and the flows of capital, talent, and information they enable are going to make life more prosperous and more meaningful for billions of people. On the potential downside, we should ask what kinds of strain does that put on the planet and on society? As global standards of living rise because of increased interconnectivity, we're going to need more energy, more food, more global cooperation. Can we manage it? I'm optimistic. If you look at long-term trends, we're less violent than we were 100 years ago, more educated, and perhaps surprisingly, more tolerant of diversity.
Of course, we're also going to be adding a lot of new elements into the mix, very quickly. Artificial Intelligence. Genome editing. If we think carefully about all the different pathways that are now emerging, I think we can ultimately navigate to a much better place. But the actual contours of that world are all but impossible to predict. If you think about how we went from the early web's "coffee cams" and dancing-baby animations to Facebook, Airbnb, Uber, Bitcoin, and countless other unforeseen services and technologies in less than 20 years, it seems impossible to predict specifics for 2116. Comparing the last 100 years to the next 100, however, it seems nearly certain that we will make a number of inventions and changes that will be magic and radically new.
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• MITT ROMNEY: My son emailed me yesterday telling me to run for president || The Danger of Cryptocurrency Markets: - By Alex Barrow
One of our more profitable trades this year was in the cryptocurrency Bitcoin.
We caught it breaking out of a long-term triangle pattern and rode it to the very top of its trend. We then successfully exited our position right before Bitcoin began breaking down last week.
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For those unfamiliar, Bitcoin is a digital asset and payment system -- a virtual currency. It's considered a cryptocurrency because it doesn't require a central bank to handle its transactions. It's all self-contained through technology that encrypts and records a ledger over a distributed computer system. This technology is called the blockchain.
The benefit of blockchain technology comes from its transparency. Everybody can see every transaction. The whole system is also decentralized. There's no single institution or bank that controls the transferring of assets back and forth. This (advocates claim) removes the possibility of corruption, theft and a whole host of other common problems that come with your standard financial system.
Bitcoin and its fellow cryptocurrencies (several have been launched since) have become popular as alternatives to the standard fiat currencies of governments around the world. In some ways they're treated in a similar way to gold and other precious metals. Don't trust the government? Scared of inflation or other market problems? Then pile into these alternative currencies.
Our Macro Ops team member Tyler actually produced an entire SitRep discussing Bitcoin, blockchain technology and its benefits. If you're interested in learning more, you can check out that presentation here .
Now we like the idea of Bitcoin. Its blockchain technology is impressive and can be used in a variety of different applications.
We're also fans of the engineers who created it and maintained it for this long. The whole "Silicon Valley" mentality of disrupting standard systems and finding new and better ways to do old things is inspiring. This attitude is what created cryptocurrencies in the face of centuries old banking systems. This ability to think outside the box, dismissing all previous assumptions, is one that's also useful to take and apply to our own market analysis as investors.
But here's the problem. A lot of times these engineers take the disruption mentality too far.
I'm sure you've heard some of the ridiculous Silicon Valley techno utopian fantasies that float around from time to time. Our favorite is the "tech island" concept that gets proposed every few years. It usually comes from a group of techies whose heads get too big as they start spouting off the benefits of a sovereign island with no rules and regulations. Just innovation.
They completely disregard the benefits of the institutional structures our society has built thus far. They take the concept of disruption and stretch it, claiming that everything that's been created in the past is wrong and needs to be redone.
But this makes no sense. There's usually a reason certain systems are in place and have been in place for a number years. While having the disruption mentality may give you fresh eyes to find solutions to old problems, taking it too far becomes harmful to the process. You become the obnoxious intern fresh out of college lecturing 30-year veterans on how to do their jobs. Sure you can make suggestions for improvement, but in reality you don't know anything compared to them and you need to learn.
Tesla(TSLA) may have completely turned the auto manufacturing process on its head and revolutionized the industry, but do you think Elon Musk completely disregarded Henry Ford to do so? Hell no. He was a dedicated student of the man. Musk studied past manufacturing process down to the tee, broke out the first principles and built from there. He's far from ignorant and understood the old way was in place for a reason but could be reinvented and improved upon.
The impractical side of the disruption mentality is a problem. It creates unrealistic beliefs that lead to booms and busts. And that's exactly what we're seeing in the cryptocurrency space.
The advocates of these currencies have come to the point of pushing fantasies. Their long-term goal is to create a system completely free of human intervention -- with machines doing everything. In their minds, the humans are the problem and rigid automation is the solution to creating a "perfect" system.
A large percentage of cryptocurrency investors believe in this vision to some extent. This belief is part of the reason you'll see massive runs in the price of these assets. But it's also why you'll see crashes, too.
A potential crash is what our team at Macro Ops saw coming right before we exited our Bitcoin position and prices dropped.
The problem wasn't actually in the Bitcoin market though, but instead in the Ethereum market, another cryptocurrency. This market works in a similar way, with investors exchanging Ether instead of Bitcoin.
The story of the crash starts with the creation of a new "revolutionary" kind of venture capital firm -- the Decentralized Autonomous Organization (DAO). Its goal? To be the first VC with no executives. Computers would run everything. (Because humans are the biggest problem, right?)
The firm used Ethereum technology to run its operations. Investors would join the fund by submitting Ether to it. Once they bought in, they would receive voting rights in proportion to their investment. Companies that wanted to be funded by the VC would submit their proposals which all the DAO investors would vote on. Whichever proposal won the voting round would be accepted and funded. All this was carried out through Ethereum technology.
It was a decentralized, democratic system with full transparency -- a brand-new kind of investment firm. People considered it a beautiful extension of the technology that undermined cryptocurrencies. It excited them. And they piled in. DAO quickly raised $152 million from investors around the world.
But then the unthinkable happened. The fund was robbed. A hacker exposed weaknesses in DAO's Ethereum construct and stole over $50 million.
The hacking successfully put an end to the DAO. And what's more, it cast doubt on the security and durability of the entire Ethereum system. The beliefs of cryptocurrency investors took a beating. And that beating transferred to virtual currency prices.
This was when the price of Bitcoin started to fall, and we exited our position. But Bitcoin's drop was minor compared to the drop in Ether prices. The price of Ether was nearly cut in half from the incident.
A nearly 50% drop in two days? That's rough.
And it's also a great example of what we mean by techno fantasies creating booms and busts. But it's nothing new. It's really the same things that drive all bubbles and busts: hope, greed and fear.
This isn't even the first time cryptocurrencies have run into problems like this. You may have heard of the collapse of Mt. Gox in 2014. It was the world's largest bitcoin exchange that had to shut down after being robbed of over $450 million worth of bitcoins.
But it's funny because even though the same lessons are taught in each one of these fiascos, people never learn. The DAO experience is a good reminder.
The first lesson is in the unavoidability of human intervention in the systems we create. Soon after the DAO robbery, Ethereum developers were actually able to catch the hacker and freeze the funds he stole.
Great. Problem solved, right?
Nope.
This is where a giant debate erupted among the Ethereum community. Returning the stolen money to investors would require a manual change to Ethereum's underlying technology. This is a huge deal because it would require human intervention - which would defeat the whole purpose of a completely autonomous system, right? It would ruin the system's sanctity and fly in the face of the principles on which it was built. This made the decision a polarizing one. It's ironic because the community is now stuck in a political battle, just the kind they hate and created cryptocurrencies to avoid.
It's stupid to think that we can avoid all intervention in a system we created ourselves. There are always inherent human biases that go into the construction of anything. In that sense, nothing we create can be "perfect" and free of human touch. This fact will almost always cause the need for a human to step into a system at some point down the line.
Part two of this unavoidable human intervention concept is the legal side of the DAO robbery. Who's responsible for the stolen funds? Should the developers of the DAO be held accountable? They're the ones that made the code with the holes in it right? But wait a minute; they were just developers! The system was completely run by machines! The goal was no executives, remember?
Ha. Good luck telling that to investors.
When it hits the fan, people want someone to blame. Chalking it up to computer problems is not going to work. Emotions come into play, people get pissed, and a machine does not suffice as a scapegoat.
This leads us to the second lesson behind the DAO failure -- regulation. As we discussed before, the Silicon Valley crowd loves to push the disruption mentality too far and pontificate about things like tech islands without any rules or regulation, where pure innovation can supposedly flourish. This same mentality carried over into cryptocurrencies. The thought was that a completely machine-based system wouldn't need regulation like standard banks. This would lead to fewer costs and a far better efficiency.
This is a nice sentiment. But in reality, regulation is necessary. Now we agree overregulation is bad, which is what much of the financial system is suffering from now, but zero regulation is just as dumb. To think cryptocurrencies could somehow avoid any type of regulation is stupid. And it again goes back to what happens in cases of fraud and stolen assets. There need to be rules in place so that the right people are prosecuted and victims compensated.
And it's funny because the cryptocurrency community is starting to realize this. It's starting to realize why the original banking system is there in the first place with all its rules. Turns out not all parts of the system are worthless and in need of "disruption." Surprise, surprise.
We're now seeing posts like the following in various cryptocurrency circles:
"We are an anonymous collective concerned with the lack of regulation in the cybercurrency sector.
"We have contacted the SEC (Securities Exchange Commission) to raise awareness of the developments in Ethereum and specifically concepts like the DAO. While we generally support the innovations in cryptography and cybercurrency, the current "wild-west" environment presents dangerous pitfalls for potential investors, as the DAO attack has shown. As such, regulation is required to protect investors in the United States and abroad. We are currently in contact with investigators at the SEC, the ESC (European Securities Committee) and the MAS (Monetary Authority of Singapore) to explore this matter.
"We urge the community to reach out to both the above mentioned authorities, as well as their own national regulators to explore possible measures to protect investors and to establish liability for fraudulent investment schemes. Please see below an excerpt of a Tip Complaint Referral Form Submitted to the SEC. Further information will follow shortly."
Ha! Crawling back to some form of regulation, huh?
So why is the silliness in the cryptocurrency space important to us as global macro investors? Well first off because this virtual currency is another market we trade.
But more than that, this is a wonderful exercise in getting into the heads of investors and determining why booms and busts occur. Our metaview of this entire cryptocurrency situation helped us ride Bitcoin to highs and jump out before it faltered. We understood the investor motivations and false beliefs helping to drive the boom. And we knew any crack in that belief, such as another hacking incident, would send prices in a downward spiral.
It pays to be one level above the hope, greed and fear that drives markets. Being objective and rational, while still understanding the emotional pushes and pulls that affect other investors, is the key to success.
Disclosure:The author owns no shares in any stocks mentioned in this article.
Start afree seven-day trialof Premium Membership to GuruFocus.
This article first appeared onGuruFocus.
• Warning! GuruFocus has detected 7 Warning Signs with TSLA. Click here to check it out.
• TSLA 15-Year Financial Data
• The intrinsic value of TSLA
• Peter Lynch Chart of TSLA || The Danger of Cryptocurrency Markets: - By Alex Barrow One of our more profitable trades this year was in the cryptocurrency Bitcoin. Bitcoin Inventory We caught it breaking out of a long-term triangle pattern and rode it to the very top of its trend. We then successfully exited our position right before Bitcoin began breaking down last week. Warning! GuruFocus has detected 7 Warning Signs with TSLA. Click here to check it out. TSLA 15-Year Financial Data The intrinsic value of TSLA Peter Lynch Chart of TSLA For those unfamiliar, Bitcoin is a digital asset and payment system -- a virtual currency. It's considered a cryptocurrency because it doesn't require a central bank to handle its transactions. It's all self-contained through technology that encrypts and records a ledger over a distributed computer system. This technology is called the blockchain . The benefit of blockchain technology comes from its transparency. Everybody can see every transaction. The whole system is also decentralized. There's no single institution or bank that controls the transferring of assets back and forth. This (advocates claim) removes the possibility of corruption, theft and a whole host of other common problems that come with your standard financial system. Bitcoin and its fellow cryptocurrencies (several have been launched since) have become popular as alternatives to the standard fiat currencies of governments around the world. In some ways they're treated in a similar way to gold and other precious metals. Don't trust the government? Scared of inflation or other market problems? Then pile into these alternative currencies. Our Macro Ops team member Tyler actually produced an entire SitRep discussing Bitcoin, blockchain technology and its benefits. If you're interested in learning more, you can check out that presentation here . Now we like the idea of Bitcoin. Its blockchain technology is impressive and can be used in a variety of different applications. We're also fans of the engineers who created it and maintained it for this long. The whole "Silicon Valley" mentality of disrupting standard systems and finding new and better ways to do old things is inspiring. This attitude is what created cryptocurrencies in the face of centuries old banking systems. This ability to think outside the box, dismissing all previous assumptions, is one that's also useful to take and apply to our own market analysis as investors. Story continues But here's the problem. A lot of times these engineers take the disruption mentality too far. I'm sure you've heard some of the ridiculous Silicon Valley techno utopian fantasies that float around from time to time. Our favorite is the "tech island" concept that gets proposed every few years. It usually comes from a group of techies whose heads get too big as they start spouting off the benefits of a sovereign island with no rules and regulations. Just innovation. They completely disregard the benefits of the institutional structures our society has built thus far. They take the concept of disruption and stretch it, claiming that everything that's been created in the past is wrong and needs to be redone. But this makes no sense. There's usually a reason certain systems are in place and have been in place for a number years. While having the disruption mentality may give you fresh eyes to find solutions to old problems, taking it too far becomes harmful to the process. You become the obnoxious intern fresh out of college lecturing 30-year veterans on how to do their jobs. Sure you can make suggestions for improvement, but in reality you don't know anything compared to them and you need to learn. Tesla ( TSLA ) may have completely turned the auto manufacturing process on its head and revolutionized the industry, but do you think Elon Musk completely disregarded Henry Ford to do so? Hell no. He was a dedicated student of the man. Musk studied past manufacturing process down to the tee, broke out the first principles and built from there. He's far from ignorant and understood the old way was in place for a reason but could be reinvented and improved upon. The impractical side of the disruption mentality is a problem. It creates unrealistic beliefs that lead to booms and busts. And that's exactly what we're seeing in the cryptocurrency space. The advocates of these currencies have come to the point of pushing fantasies. Their long-term goal is to create a system completely free of human intervention -- with machines doing everything. In their minds, the humans are the problem and rigid automation is the solution to creating a "perfect" system. A large percentage of cryptocurrency investors believe in this vision to some extent. This belief is part of the reason you'll see massive runs in the price of these assets. But it's also why you'll see crashes, too. A potential crash is what our team at Macro Ops saw coming right before we exited our Bitcoin position and prices dropped. The problem wasn't actually in the Bitcoin market though, but instead in the Ethereum market, another cryptocurrency. This market works in a similar way, with investors exchanging Ether instead of Bitcoin. The story of the crash starts with the creation of a new "revolutionary" kind of venture capital firm -- the Decentralized Autonomous Organization (DAO). Its goal? To be the first VC with no executives. Computers would run everything. (Because humans are the biggest problem, right?) The firm used Ethereum technology to run its operations. Investors would join the fund by submitting Ether to it. Once they bought in, they would receive voting rights in proportion to their investment. Companies that wanted to be funded by the VC would submit their proposals which all the DAO investors would vote on. Whichever proposal won the voting round would be accepted and funded. All this was carried out through Ethereum technology. It was a decentralized, democratic system with full transparency -- a brand-new kind of investment firm. People considered it a beautiful extension of the technology that undermined cryptocurrencies. It excited them. And they piled in. DAO quickly raised $152 million from investors around the world. But then the unthinkable happened. The fund was robbed. A hacker exposed weaknesses in DAO's Ethereum construct and stole over $50 million. The hacking successfully put an end to the DAO. And what's more, it cast doubt on the security and durability of the entire Ethereum system. The beliefs of cryptocurrency investors took a beating. And that beating transferred to virtual currency prices. This was when the price of Bitcoin started to fall, and we exited our position. But Bitcoin's drop was minor compared to the drop in Ether prices. The price of Ether was nearly cut in half from the incident. Kraken Ethusd A nearly 50% drop in two days? That's rough. And it's also a great example of what we mean by techno fantasies creating booms and busts. But it's nothing new. It's really the same things that drive all bubbles and busts: hope, greed and fear. This isn't even the first time cryptocurrencies have run into problems like this. You may have heard of the collapse of Mt. Gox in 2014. It was the world's largest bitcoin exchange that had to shut down after being robbed of over $450 million worth of bitcoins. But it's funny because even though the same lessons are taught in each one of these fiascos, people never learn. The DAO experience is a good reminder. The first lesson is in the unavoidability of human intervention in the systems we create. Soon after the DAO robbery, Ethereum developers were actually able to catch the hacker and freeze the funds he stole. Great. Problem solved, right? Nope. This is where a giant debate erupted among the Ethereum community. Returning the stolen money to investors would require a manual change to Ethereum's underlying technology. This is a huge deal because it would require human intervention - which would defeat the whole purpose of a completely autonomous system, right? It would ruin the system's sanctity and fly in the face of the principles on which it was built. This made the decision a polarizing one. It's ironic because the community is now stuck in a political battle, just the kind they hate and created cryptocurrencies to avoid. It's stupid to think that we can avoid all intervention in a system we created ourselves. There are always inherent human biases that go into the construction of anything. In that sense, nothing we create can be "perfect" and free of human touch. This fact will almost always cause the need for a human to step into a system at some point down the line. Part two of this unavoidable human intervention concept is the legal side of the DAO robbery. Who's responsible for the stolen funds? Should the developers of the DAO be held accountable? They're the ones that made the code with the holes in it right? But wait a minute; they were just developers! The system was completely run by machines! The goal was no executives, remember? Ha. Good luck telling that to investors. When it hits the fan, people want someone to blame. Chalking it up to computer problems is not going to work. Emotions come into play, people get pissed, and a machine does not suffice as a scapegoat. This leads us to the second lesson behind the DAO failure -- regulation. As we discussed before, the Silicon Valley crowd loves to push the disruption mentality too far and pontificate about things like tech islands without any rules or regulation, where pure innovation can supposedly flourish. This same mentality carried over into cryptocurrencies. The thought was that a completely machine-based system wouldn't need regulation like standard banks. This would lead to fewer costs and a far better efficiency. This is a nice sentiment. But in reality, regulation is necessary. Now we agree overregulation is bad, which is what much of the financial system is suffering from now, but zero regulation is just as dumb. To think cryptocurrencies could somehow avoid any type of regulation is stupid. And it again goes back to what happens in cases of fraud and stolen assets. There need to be rules in place so that the right people are prosecuted and victims compensated. And it's funny because the cryptocurrency community is starting to realize this. It's starting to realize why the original banking system is there in the first place with all its rules. Turns out not all parts of the system are worthless and in need of "disruption." Surprise, surprise. We're now seeing posts like the following in various cryptocurrency circles: "We are an anonymous collective concerned with the lack of regulation in the cybercurrency sector. "We have contacted the SEC (Securities Exchange Commission) to raise awareness of the developments in Ethereum and specifically concepts like the DAO. While we generally support the innovations in cryptography and cybercurrency, the current "wild-west" environment presents dangerous pitfalls for potential investors, as the DAO attack has shown. As such, regulation is required to protect investors in the United States and abroad. We are currently in contact with investigators at the SEC, the ESC (European Securities Committee) and the MAS (Monetary Authority of Singapore) to explore this matter. "We urge the community to reach out to both the above mentioned authorities, as well as their own national regulators to explore possible measures to protect investors and to establish liability for fraudulent investment schemes. Please see below an excerpt of a Tip Complaint Referral Form Submitted to the SEC. Further information will follow shortly." Ha! Crawling back to some form of regulation, huh? So why is the silliness in the cryptocurrency space important to us as global macro investors? Well first off because this virtual currency is another market we trade. But more than that, this is a wonderful exercise in getting into the heads of investors and determining why booms and busts occur. Our metaview of this entire cryptocurrency situation helped us ride Bitcoin to highs and jump out before it faltered. We understood the investor motivations and false beliefs helping to drive the boom. And we knew any crack in that belief, such as another hacking incident, would send prices in a downward spiral. It pays to be one level above the hope, greed and fear that drives markets. Being objective and rational, while still understanding the emotional pushes and pulls that affect other investors, is the key to success. Disclosure: The author owns no shares in any stocks mentioned in this article. Start a free seven-day trial of Premium Membership to GuruFocus. This article first appeared on GuruFocus . Warning! GuruFocus has detected 7 Warning Signs with TSLA. Click here to check it out. TSLA 15-Year Financial Data The intrinsic value of TSLA Peter Lynch Chart of TSLA || Germophobes Beware, The FDA Calls Into Question The Effectiveness Of Hand Sanitizer: Hand sanitizers kills 99.9 percent of germs and is effective in promoting health and wellness, right? Perhaps if this claim were true the Food and Drug Administration (FDA) wouldn't find it necessary to initiate a probe and ask for new studies on its effectiveness.
The Associated Pressreported on Wednesday that the federal health officials is requesting from companies that manufacture and sell hand sanitizers studies on how the antiseptic gels and rubs fight germs and get absorbed into the body.
The FDA is undergoing a new initiative to review decades-old chemicals that have never had a comprehensive review by a federal agency. The agency did confirm that has no reason to believe at this time that the products are ineffective or unsafe.
Ninety (90) percent of sanitizers sold to the public, including at schools and other public spaces, contain either ethanol or ethyl alcohol.
Related Link:AbbVie Gets Fourth Breakthrough Therapy Designation From FDA For Ibrutinib
"We're not trying to alarm people," said Dr. Janet Woodcock, director of the FDA's drug center. "Obviously ethanol and humans have co-existed for a long time, so there's a lot that's known about it."
Nevertheless, the agency has concerns over the long-lasting consequences, if any, of frequent use by children and women of child-bearing age.
Companies will have a full year to submit relevant information to the FDA and will take comments on its proposal for six months before finalizing it.
See more from Benzinga
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• Lions Gate To Buy Starz For .4 Billion
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Germophobes Beware, The FDA Calls Into Question The Effectiveness Of Hand Sanitizer: Hand sanitizers kills 99.9 percent of germs and is effective in promoting health and wellness, right? Perhaps if this claim were true the Food and Drug Administration (FDA) wouldn't find it necessary to initiate a probe and ask for new studies on its effectiveness. The Associated Press reported on Wednesday that the federal health officials is requesting from companies that manufacture and sell hand sanitizers studies on how the antiseptic gels and rubs fight germs and get absorbed into the body. The FDA is undergoing a new initiative to review decades-old chemicals that have never had a comprehensive review by a federal agency. The agency did confirm that has no reason to believe at this time that the products are ineffective or unsafe. Ninety (90) percent of sanitizers sold to the public, including at schools and other public spaces, contain either ethanol or ethyl alcohol. Related Link: AbbVie Gets Fourth Breakthrough Therapy Designation From FDA For Ibrutinib "We're not trying to alarm people," said Dr. Janet Woodcock, director of the FDA's drug center. "Obviously ethanol and humans have co-existed for a long time, so there's a lot that's known about it." Nevertheless, the agency has concerns over the long-lasting consequences, if any, of frequent use by children and women of child-bearing age. Companies will have a full year to submit relevant information to the FDA and will take comments on its proposal for six months before finalizing it. See more from Benzinga Elizabeth Warren: Apple, Google And Amazon Threaten Our Democracy Winklevoss Twins Approach BATS Global Markets To List Bitcoin ETF Lions Gate To Buy Starz For .4 Billion © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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670.63, 677.33, 640.56, 666.52, 650.96, 649.36, 647.66, 664.55, 654.47, 658.08
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 417.01, 420.62, 409.55, 410.44, 413.76, 413.31, 418.09, 418.04, 416.39, 417.18, 417.95, 426.77, 424.23, 416.52, 414.82, 416.73, 417.96, 420.87, 420.90, 421.44, 424.03, 423.41, 422.74, 420.35, 419.41, 421.56, 422.48, 425.19, 423.73, 424.28, 429.71, 430.57, 427.40, 428.59, 435.51, 441.39, 449.42, 445.74, 450.28, 458.55, 461.43, 466.09, 444.69, 449.01, 455.10, 448.32, 451.88, 444.67, 450.30, 446.72, 447.98, 459.60, 458.54, 458.55, 460.48, 450.89, 452.73, 454.77, 455.67, 455.67, 457.57, 454.16, 453.78, 454.62, 438.71, 442.68, 443.19, 439.32, 444.15, 445.98, 449.60, 453.38, 473.46, 530.04, 526.23, 533.86, 531.39, 536.92, 537.97, 569.19, 572.73, 574.98, 585.54, 576.60, 581.65, 574.63, 577.47, 606.73, 672.78, 704.38.
|
[Bitcoin Technical Analysis for 2016-06-13]
Volume: 243295008, RSI (14-day): 90.47, 50-day EMA: 513.60, 200-day EMA: 431.74
[Wider Market Context]
Gold Price: 1284.40, Gold RSI: 65.46
Oil Price: 48.88, Oil RSI: 55.76
[Recent News (last 7 days)]
Digital Currencies Could Completely Transform Global Markets: There has been a lot of talk in recent years about Bitcoin and the potential of digital currencies. So far, very few banks and countries have made much actual progress in creating digital currencies, but Bloomberg s Christopher Langner believes that Misubishi UFJ Financial Group Inc (ADR) (NYSE: MTU )s pledge to introduce MUFG Coin could be the first drop in a wave of new digital currencies. Langner predicts that Mitsubishi UFJs move could become a trend in Japan, Brazil, China and Spain. Digital currencies will allow for cheaper, safer global transfers of cash. For capital markets, digital currencies could enable instant settlement of securities trades, which would obviate the purpose of marketplaces such as the New York Stock Exchange, Langner explained. Related Link: With The Rise Of Algorithms, Has The Finance Job Market Hit Peak Human? These new virtual currencies would likely be backed by government fiat currency, making them immune to the extreme volatility seen in the Bitcoin market. Digital currencies could pose major threats to trade intermediaries like Intercontinental Exchange Inc (NYSE: ICE ) and custodians like Bank of New York Mellon Corp (NYSE: BK ) and Euroclear . Nasdaq Inc (NASDAQ: NDAQ ) has already launched a digital-asset registry called Linq. The new registry does not yet allow digital asset trading, but Langner sees the move as a step in the right direction. Its unlikely that blockchain will send the Big Board or Swift the way of the dinosaur, he concluded. However, digital currencies certainly seem poised to upset the status quo. Disclosure: The author holds no position in the stocks mentioned. See more from Benzinga © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Digital Currencies Could Completely Transform Global Markets: There has been a lot of talk in recent years about Bitcoin and the potential of digital currencies. So far, very few banks and countries have made much actual progress in creating digital currencies, butBloomberg’s Christopher Langner believes thatMisubishi UFJ Financial Group Inc (ADR)(NYSE:MTU)’s pledge to introduce MUFG Coin could be the first drop in a wave of new digital currencies.
Langner predicts that Mitsubishi UFJ’s move could become a trend in Japan, Brazil, China and Spain.
Digital currencies will allow for cheaper, safer global transfers of cash.
“For capital markets, digital currencies could enable instant settlement of securities trades, which would obviate the purpose of marketplaces such as the New York Stock Exchange,” Langner explained.
Related Link:With The Rise Of Algorithms, Has The Finance Job Market Hit Peak Human?
These new virtual currencies would likely be backed by government fiat currency, making them immune to the extreme volatility seen in the Bitcoin market.
Digital currencies could pose major threats to trade intermediaries likeIntercontinental Exchange Inc(NYSE:ICE) and custodians likeBank of New York Mellon Corp(NYSE:BK) andEuroclear.
Nasdaq Inc(NASDAQ:NDAQ) has already launched a digital-asset registry called Linq. The new registry does not yet allow digital asset trading, but Langner sees the move as a step in the right direction.
“It’s unlikely that blockchain will send the Big Board or Swift the way of the dinosaur,” he concluded.
However, digital currencies certainly seem poised to upset the status quo.
Disclosure: The author holds no position in the stocks mentioned.
See more from Benzinga
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin's Novelty Is Spent: If drawing a stack of Benjamins on fast-food napkins and praying they spring to life sounds like your idea of a good time, consider the urban myth behind bitcoin -- the enigmatic digital currency that exists online, has no central bank or even a known founder. Here's what we know, at least from the fabulist perspective: Satoshi Nakamoto is said to have invented bitcoins in 2008 after he sold a vintage McDonald's paper napkin online and the buyer defrauded him out of several thousand bucks. Since then, Nakamoto has been pegged as anyone and everyone from an Irish grad student to a reclusive Hungarian American. And as the legend grows, so grows the legal tender. Today you'll find an estimated 15 million bitcoins in circulation, worth about $872 million. But putting your money into bitcoins isn't a slam dunk (even if the Sacramento Kings accept them). That's because bitcoin fever -- much like the infamous "Tulip Mania" of 17th Century Holland -- has died down. Way down. Observers say once-smitten financial reporters and publications now focus elsewhere. "Bitcoin is actually unchanged since many years ago: What is different is the focus of the media," says Peter Leeds, the author of "Penny Stocks for Dummies." In it, Leeds mentions bitcoin as an example of what he calls "an investor stampede." [See: The 9 Best Investors of All Time .] "Much -- almost all -- of bitcoin's rise in value was driven by the standard media cycle," Leeds says. "And as the story became old news, coverage levels diminished and the currency faded into the background." But arguably, bitcoin was bound to make headlines in 2013, when European speculators sent its value through the roof. The Cyprus economic bailout drove anxious investors to bitcoins as they sought alternatives to the euro and other currencies manipulated by central bankers. Bitcoin also made waves because no one in the investment world had seen anything like it. Bitcoins are known as a "cryptocurrency," a term that appeals to the James Bond in all of us. In fact, early adopters included thieves and criminals who embraced its all-digital nature. Bitcoin's nefarious fans included Silk Road, an online black market (since shuttered) that sold drugs. A handful of anarchists embraced it, too. Story continues That said, old-fashioned cash has long been a favorite of malfeasants. For the rest of us, "the legal status of bitcoin varies from country to country," says Nicolette Kost De Sevres, senior policy advisor with DLA Piper, a global business law firm, "It is banned or restricted in some, undefined in many and explicitly allowed in others." Adding to the mystery, bitcoins hinge on tongue-twisting technobabble even most Wall Street pundits can't grasp. This includes "source code repository" and the concept of "computationally impractical to reverse." Nor is a bitcoin a coin in the traditional sense. It exists as an open-source, peer-to-peer internet protocol, which may explain why the digerati have embraced it. One bitcoin evangelist is Nicolas Cary, a serial entrepreneur and co-founder of Blockchain, the world's top bitcoin software company. "The virtual currency has specific properties that make it work really nicely as a form of money," Cary says. Ask him why and he rattles off a long list: "It is counterfeit-proof, fungible, easily divisible by up to 8 decimal points, purely digital, robust against the elements -- it won't burn or get corroded in water -- and with certain digital precautions far more resilient than cash." Yes, but... "If you lose the hard drive you've stored your coins on or lose access to a hosted account, you've effectively lost your money," says Cindy McAdam, partner in Goodwin Procter's Technology and Life Sciences Group, and a former executive at Xapo, a leading bitcoin company. And it's not like those things ever happen, right? If you think you'd be better off spending bitcoins than investing in them, online retailers such as TigerDirect and Overstock.com ( OSTK ) accept the currency. You can even make donations with bitcoins at higher-ed institutions that include the University of Puget Sound. Yet you don't have to be an economics professor to describe bitcoin like this: volatile. One bitcoin is worth about $581. On Nov. 29, 2013, it hit a peak of $1,108, according to Coinbase.com, a website that tracks Bitcoin prices. Less than a month later, it had plummeted to $593 -- more than its current worth. But if you bought in at the start of last September, you'd have doubled your money and then some. It's enough to give even a stalwart market-timing enthusiast a case of virtual currency vertigo. "There is a belief that much of the 'Wild West' spike in late 2013 was driven by fraud and market manipulation," McAdam says. "The price fell dramatically in the year following that, but has basically been on an upward trend for the past 18 months." [See: The 10 Best REIT ETFs on the Market .] That includes a price bump of $130 over two weeks between late May and early June. "With the upward price movement, we should expect to see more bitcoin headlines soon," says Anthem Hayek Blanchard, founder and CEO of Anthem Vault, which has created a gold-backed digital currency, HayekGold. He predicts that "it is very likely that bitcoin prices will go higher and breach $1,000 per bitcoin." Taken one way, the recent price rebound could be interpreted as newfound stability away from the harsh media spotlight. "Some speculate the buying is coming from the Chinese market due to currency controls and a devalued yuan," says Jalak Jobanputra, a venture capitalist and founding partner of FuturePerfect Ventures in New York City. Or, it could represent the latest gyration in Bitcoin's brief, marble-in-a-bathtub history. So is now a good time to buy bitcoins? Or is it ever a good time to invest in them? "Bitcoin remains a risky investment," says William Brindise, chief trading officer at DigitalX, a software solutions company in the global digital payments industry. "If growth in demand remains roughly constant as supply growth falls, economic theory suggests the price of bitcoin should rise," Brindise says. "However that's a big if, since the factors driving demand for bitcoins remain in flux." Meanwhile, some argue that the current lack of sensationalism means that bitcoin , once an investment upstart, is settling down. "Bitcoin never went away," says Christopher Burniske, analyst and blockchain products lead at New York City's ARK Investment Management, the first public fund manager to invest in bitcoin. "Its strength can be seen in the 'up and to the right' graphs of transactional volumes, trading volumes, hashing power, number of wallets, startups, merchants, and more, all involved with bitcoin." Burniske also points to the 99bitcoins website, which tracks bitcoin obituaries in the press. The number to date: 104. He notes that while bitcoin isn't the media darling it once was, it doesn't deserve to be on death row, either. The truth, in all likelihood, sits securely in the mundane middle. [Read: Real Estate's New Land of Plenty .] "There are fewer headlines because the currency has leveled out to a degree," says John Sedunov, assistant professor of finance at the Villanova University School of Business in the Philadelphia area. "If anything, it is becoming more mainstream." More From US News & World Report 11 Stocks That Donald Trump Loves 7 Ways to Tell if a Stock Is a Good Price 8 Easy Ways to Make Money || Bitcoin's Novelty Is Spent: If drawing a stack of Benjamins on fast-food napkins and praying they spring to life sounds like your idea of a good time, consider the urban myth behind bitcoin -- the enigmatic digital currency that exists online, has no central bank or even a known founder. Here's what we know, at least from the fabulist perspective: Satoshi Nakamoto is said to have invented bitcoins in 2008 after he sold a vintage McDonald's paper napkin online and the buyer defrauded him out of several thousand bucks. Since then, Nakamoto has been pegged as anyone and everyone from an Irish grad student to a reclusive Hungarian American. And as the legend grows, so grows the legal tender. Today you'll find an estimated 15 million bitcoins in circulation, worth about $872 million. But putting your money into bitcoins isn't a slam dunk (even if the Sacramento Kings accept them). That's because bitcoin fever -- much like the infamous "Tulip Mania" of 17th Century Holland -- has died down. Way down. Observers say once-smitten financial reporters and publications now focus elsewhere. "Bitcoin is actually unchanged since many years ago: What is different is the focus of the media," says Peter Leeds, the author of "Penny Stocks for Dummies." In it, Leeds mentions bitcoin as an example of what he calls "an investor stampede." [See: The 9 Best Investors of All Time .] "Much -- almost all -- of bitcoin's rise in value was driven by the standard media cycle," Leeds says. "And as the story became old news, coverage levels diminished and the currency faded into the background." But arguably, bitcoin was bound to make headlines in 2013, when European speculators sent its value through the roof. The Cyprus economic bailout drove anxious investors to bitcoins as they sought alternatives to the euro and other currencies manipulated by central bankers. Bitcoin also made waves because no one in the investment world had seen anything like it. Bitcoins are known as a "cryptocurrency," a term that appeals to the James Bond in all of us. In fact, early adopters included thieves and criminals who embraced its all-digital nature. Bitcoin's nefarious fans included Silk Road, an online black market (since shuttered) that sold drugs. A handful of anarchists embraced it, too. Story continues That said, old-fashioned cash has long been a favorite of malfeasants. For the rest of us, "the legal status of bitcoin varies from country to country," says Nicolette Kost De Sevres, senior policy advisor with DLA Piper, a global business law firm, "It is banned or restricted in some, undefined in many and explicitly allowed in others." Adding to the mystery, bitcoins hinge on tongue-twisting technobabble even most Wall Street pundits can't grasp. This includes "source code repository" and the concept of "computationally impractical to reverse." Nor is a bitcoin a coin in the traditional sense. It exists as an open-source, peer-to-peer internet protocol, which may explain why the digerati have embraced it. One bitcoin evangelist is Nicolas Cary, a serial entrepreneur and co-founder of Blockchain, the world's top bitcoin software company. "The virtual currency has specific properties that make it work really nicely as a form of money," Cary says. Ask him why and he rattles off a long list: "It is counterfeit-proof, fungible, easily divisible by up to 8 decimal points, purely digital, robust against the elements -- it won't burn or get corroded in water -- and with certain digital precautions far more resilient than cash." Yes, but... "If you lose the hard drive you've stored your coins on or lose access to a hosted account, you've effectively lost your money," says Cindy McAdam, partner in Goodwin Procter's Technology and Life Sciences Group, and a former executive at Xapo, a leading bitcoin company. And it's not like those things ever happen, right? If you think you'd be better off spending bitcoins than investing in them, online retailers such as TigerDirect and Overstock.com ( OSTK ) accept the currency. You can even make donations with bitcoins at higher-ed institutions that include the University of Puget Sound. Yet you don't have to be an economics professor to describe bitcoin like this: volatile. One bitcoin is worth about $581. On Nov. 29, 2013, it hit a peak of $1,108, according to Coinbase.com, a website that tracks Bitcoin prices. Less than a month later, it had plummeted to $593 -- more than its current worth. But if you bought in at the start of last September, you'd have doubled your money and then some. It's enough to give even a stalwart market-timing enthusiast a case of virtual currency vertigo. "There is a belief that much of the 'Wild West' spike in late 2013 was driven by fraud and market manipulation," McAdam says. "The price fell dramatically in the year following that, but has basically been on an upward trend for the past 18 months." [See: The 10 Best REIT ETFs on the Market .] That includes a price bump of $130 over two weeks between late May and early June. "With the upward price movement, we should expect to see more bitcoin headlines soon," says Anthem Hayek Blanchard, founder and CEO of Anthem Vault, which has created a gold-backed digital currency, HayekGold. He predicts that "it is very likely that bitcoin prices will go higher and breach $1,000 per bitcoin." Taken one way, the recent price rebound could be interpreted as newfound stability away from the harsh media spotlight. "Some speculate the buying is coming from the Chinese market due to currency controls and a devalued yuan," says Jalak Jobanputra, a venture capitalist and founding partner of FuturePerfect Ventures in New York City. Or, it could represent the latest gyration in Bitcoin's brief, marble-in-a-bathtub history. So is now a good time to buy bitcoins? Or is it ever a good time to invest in them? "Bitcoin remains a risky investment," says William Brindise, chief trading officer at DigitalX, a software solutions company in the global digital payments industry. "If growth in demand remains roughly constant as supply growth falls, economic theory suggests the price of bitcoin should rise," Brindise says. "However that's a big if, since the factors driving demand for bitcoins remain in flux." Meanwhile, some argue that the current lack of sensationalism means that bitcoin , once an investment upstart, is settling down. "Bitcoin never went away," says Christopher Burniske, analyst and blockchain products lead at New York City's ARK Investment Management, the first public fund manager to invest in bitcoin. "Its strength can be seen in the 'up and to the right' graphs of transactional volumes, trading volumes, hashing power, number of wallets, startups, merchants, and more, all involved with bitcoin." Burniske also points to the 99bitcoins website, which tracks bitcoin obituaries in the press. The number to date: 104. He notes that while bitcoin isn't the media darling it once was, it doesn't deserve to be on death row, either. The truth, in all likelihood, sits securely in the mundane middle. [Read: Real Estate's New Land of Plenty .] "There are fewer headlines because the currency has leveled out to a degree," says John Sedunov, assistant professor of finance at the Villanova University School of Business in the Philadelphia area. "If anything, it is becoming more mainstream." More From US News & World Report 11 Stocks That Donald Trump Loves 7 Ways to Tell if a Stock Is a Good Price 8 Easy Ways to Make Money || Bitcoin's Novelty Is Spent: If drawing a stack of Benjamins on fast-food napkins and praying they spring to life sounds like your idea of a good time, consider the urban myth behind bitcoin -- the enigmatic digital currency that exists online, has no central bank or even a known founder. Here's what we know, at least from the fabulist perspective: Satoshi Nakamoto is said to have invented bitcoins in 2008 after he sold a vintage McDonald's paper napkin online and the buyer defrauded him out of several thousand bucks. Since then, Nakamoto has been pegged as anyone and everyone from an Irish grad student to a reclusive Hungarian American. And as the legend grows, so grows the legal tender. Today you'll find an estimated 15 million bitcoins in circulation, worth about $872 million. But putting your money into bitcoins isn't a slam dunk (even if the Sacramento Kings accept them). That's because bitcoin fever -- much like the infamous "Tulip Mania" of 17th Century Holland -- has died down. Way down. Observers say once-smitten financial reporters and publications now focus elsewhere. "Bitcoin is actually unchanged since many years ago: What is different is the focus of the media," says Peter Leeds, the author of "Penny Stocks for Dummies." In it, Leeds mentions bitcoin as an example of what he calls "an investor stampede." [See: The 9 Best Investors of All Time .] "Much -- almost all -- of bitcoin's rise in value was driven by the standard media cycle," Leeds says. "And as the story became old news, coverage levels diminished and the currency faded into the background." But arguably, bitcoin was bound to make headlines in 2013, when European speculators sent its value through the roof. The Cyprus economic bailout drove anxious investors to bitcoins as they sought alternatives to the euro and other currencies manipulated by central bankers. Bitcoin also made waves because no one in the investment world had seen anything like it. Bitcoins are known as a "cryptocurrency," a term that appeals to the James Bond in all of us. In fact, early adopters included thieves and criminals who embraced its all-digital nature. Bitcoin's nefarious fans included Silk Road, an online black market (since shuttered) that sold drugs. A handful of anarchists embraced it, too. Story continues That said, old-fashioned cash has long been a favorite of malfeasants. For the rest of us, "the legal status of bitcoin varies from country to country," says Nicolette Kost De Sevres, senior policy advisor with DLA Piper, a global business law firm, "It is banned or restricted in some, undefined in many and explicitly allowed in others." Adding to the mystery, bitcoins hinge on tongue-twisting technobabble even most Wall Street pundits can't grasp. This includes "source code repository" and the concept of "computationally impractical to reverse." Nor is a bitcoin a coin in the traditional sense. It exists as an open-source, peer-to-peer internet protocol, which may explain why the digerati have embraced it. One bitcoin evangelist is Nicolas Cary, a serial entrepreneur and co-founder of Blockchain, the world's top bitcoin software company. "The virtual currency has specific properties that make it work really nicely as a form of money," Cary says. Ask him why and he rattles off a long list: "It is counterfeit-proof, fungible, easily divisible by up to 8 decimal points, purely digital, robust against the elements -- it won't burn or get corroded in water -- and with certain digital precautions far more resilient than cash." Yes, but... "If you lose the hard drive you've stored your coins on or lose access to a hosted account, you've effectively lost your money," says Cindy McAdam, partner in Goodwin Procter's Technology and Life Sciences Group, and a former executive at Xapo, a leading bitcoin company. And it's not like those things ever happen, right? If you think you'd be better off spending bitcoins than investing in them, online retailers such as TigerDirect and Overstock.com ( OSTK ) accept the currency. You can even make donations with bitcoins at higher-ed institutions that include the University of Puget Sound. Yet you don't have to be an economics professor to describe bitcoin like this: volatile. One bitcoin is worth about $581. On Nov. 29, 2013, it hit a peak of $1,108, according to Coinbase.com, a website that tracks Bitcoin prices. Less than a month later, it had plummeted to $593 -- more than its current worth. But if you bought in at the start of last September, you'd have doubled your money and then some. It's enough to give even a stalwart market-timing enthusiast a case of virtual currency vertigo. "There is a belief that much of the 'Wild West' spike in late 2013 was driven by fraud and market manipulation," McAdam says. "The price fell dramatically in the year following that, but has basically been on an upward trend for the past 18 months." [See: The 10 Best REIT ETFs on the Market .] That includes a price bump of $130 over two weeks between late May and early June. "With the upward price movement, we should expect to see more bitcoin headlines soon," says Anthem Hayek Blanchard, founder and CEO of Anthem Vault, which has created a gold-backed digital currency, HayekGold. He predicts that "it is very likely that bitcoin prices will go higher and breach $1,000 per bitcoin." Taken one way, the recent price rebound could be interpreted as newfound stability away from the harsh media spotlight. "Some speculate the buying is coming from the Chinese market due to currency controls and a devalued yuan," says Jalak Jobanputra, a venture capitalist and founding partner of FuturePerfect Ventures in New York City. Or, it could represent the latest gyration in Bitcoin's brief, marble-in-a-bathtub history. So is now a good time to buy bitcoins? Or is it ever a good time to invest in them? "Bitcoin remains a risky investment," says William Brindise, chief trading officer at DigitalX, a software solutions company in the global digital payments industry. "If growth in demand remains roughly constant as supply growth falls, economic theory suggests the price of bitcoin should rise," Brindise says. "However that's a big if, since the factors driving demand for bitcoins remain in flux." Meanwhile, some argue that the current lack of sensationalism means that bitcoin , once an investment upstart, is settling down. "Bitcoin never went away," says Christopher Burniske, analyst and blockchain products lead at New York City's ARK Investment Management, the first public fund manager to invest in bitcoin. "Its strength can be seen in the 'up and to the right' graphs of transactional volumes, trading volumes, hashing power, number of wallets, startups, merchants, and more, all involved with bitcoin." Burniske also points to the 99bitcoins website, which tracks bitcoin obituaries in the press. The number to date: 104. He notes that while bitcoin isn't the media darling it once was, it doesn't deserve to be on death row, either. The truth, in all likelihood, sits securely in the mundane middle. [Read: Real Estate's New Land of Plenty .] "There are fewer headlines because the currency has leveled out to a degree," says John Sedunov, assistant professor of finance at the Villanova University School of Business in the Philadelphia area. "If anything, it is becoming more mainstream." More From US News & World Report 11 Stocks That Donald Trump Loves 7 Ways to Tell if a Stock Is a Good Price 8 Easy Ways to Make Money || Your first trade for Friday, June 10: The " Fast Money " traders gave their final trades of the day. Tim Seymour was a buyer of Atlantic Alliance Partnership Corporation (AAPC (NASDAQ: AAPC) ). Dan Nathan was a seller of the Financial Select Sector SPDR Fund (XLF (Mexico Stock Exchange: XLF-MX) ). Brian Kelly was a buyer of the iShares Silver ETF (SLV (NYSE Arca: SLV) ). Guy Adami was a buyer of Raytheon (RTN (NYSE: RTN) ). Trader disclosure: On Thursday, June 9 the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: GUY ADAMI is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. BRIAN KELLY is long 30 year bond Bitcoin, GLD, SLV, TLT, US Dollar UUP; he is short Copper, JJC, Yuan Short DAN NATHAN is l ong PFE Long TWTR, GE long May 28 puts XHB long June put spread IWM long Sept 100 put XLB long June put spread XLF long May/ Sept Put spread HYG long June put spread XLK long Sept Put spread FXI long aug put spred SMH long aug put spread, KO june / aug put calendar, long UA call calendar, long PYPL call calendar, long TLT Sept risk reversal, XLV july calls, MSFT june/july put spread, long C sept puts. TIM SEYMOUR is long AAPL, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, GLNCY, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. Tim's firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM, WYNN, XRT More From CNBC Top News and Analysis Latest News Video Personal Finance || Your first trade for Friday, June 10: The "Fast Money" traders gave their final trades of the day.
Tim Seymour was a buyer of Atlantic Alliance Partnership Corporation (AAPC(NASDAQ: AAPC)).
Dan Nathan was a seller of the Financial Select Sector SPDR Fund (XLF(Mexico Stock Exchange: XLF-MX)).
Brian Kelly was a buyer of the iShares Silver ETF (SLV(NYSE Arca: SLV)).
Guy Adami was a buyer of Raytheon (RTN(NYSE: RTN)).
Trader disclosure: OnThursday, June 9the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:
GUY ADAMIis long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck.
BRIAN KELLYis long 30 year bond Bitcoin, GLD, SLV, TLT, US Dollar UUP; he is short Copper, JJC, Yuan Short
DAN NATHAN is long PFE Long TWTR, GE long May 28 puts XHB long June put spread IWM long Sept 100 put XLB long June put spread XLF long May/ Sept Put spread HYG long June put spread XLK long Sept Put spread FXI long aug put spred SMH long aug put spread, KO june / aug put calendar, long UA call calendar, long PYPL call calendar, long TLT Sept risk reversal, XLV july calls, MSFT june/july put spread, long C sept puts.
TIM SEYMOURis long AAPL, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, GLNCY, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. Tim's firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM, WYNN, XRT
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• Personal Finance || Traders: Here's how to play the election risk in biotech: The "Fast Money" traders evaluated the election risks for biotechnology stocks after President Barack Obama officially endorsed presumptive democratic nominee Hillary Clinton , who has been critical of drug pricing . New York billionaire and presumptive GOP nominee Donald Trump has also come out against the health care industry's pricing strategy . Trader Guy Adam says there's opportunity to get into the iShares Nasdaq Biotechnology ETF (NASDAQ: IBB) and that, if elected, the sector may not even be Clinton's main target in the early part of her presidency. "I think if Hillary gets elected she said her first 100 days is a bullseye on Wall Street. So, I think biotech will be on the backburner," he said. Trader Brian Kelly said that he thinks it's a good idea to sell biotechnology stocks now, ahead of the general election. "Probably, going into the election, it's probably more speculation and hyperbole. After the election, it's probably where you want to start looking at buying biotech," Kelly said. Trader Tim Seymour said that the "lack of clarity and lack of certainty ... are not helping here." His advice is to look for relative value. For example, Seymour said "Gilead (NASDAQ: GILD) , against a Celgene (NASDAQ: CELG) , is an interesting trade, if nothing else, based upon [the fact that] one has underperformed, one hasn't on valuation." "So make yourself essentially sector neutral, but find yourself a company that has underperformed," he said. Disclosures: GUY ADAMI Guy Adami is long CELG, EXAS, GDX, INTC. Guy Adami's wife, Linda Snow, works at Merck. Brian Kelly Brian Kelly is long 30-year bond, Bitcoin, GLD, SLV, TLT, US Dollar, UUP. He is short Copper, JJC, Yuan. DAN NATHAN Long PFE Long TWTR, GE long May 28 puts XHB long June put spread IWM long Sept 100 put XLB long June put spread XLF long May/ Sept Put spread HYG long June put spread XLK long Sept Put spread FXI long Aug put spread SMH long Aug put spread, KO June/Aug put calendar, long UA call calendar, long PYPL call calendar, long TLT Sept risk reversal, XLV July calls, MSFT June/July put spread, long C Sept puts. Story continues TIM SEYMOUR Tim Seymour is long AAPL, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, GLNCY, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. Tim's firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM, WYNN, XRT. More From CNBC Top News and Analysis Latest News Video Personal Finance || Traders: Here's how to play the election risk in biotech: The"Fast Money"traders evaluated the election risks for biotechnology stocks after PresidentBarack Obamaofficially endorsedpresumptive democratic nomineeHillary Clinton, who has beencritical of drug pricing. New York billionaire and presumptive GOP nomineeDonald Trumphas alsocome out against the health care industry's pricing strategy.
Trader Guy Adam says there's opportunity to get into the iShares Nasdaq Biotechnology ETF(NASDAQ: IBB)and that, if elected, the sector may not even be Clinton's main target in the early part of her presidency.
"I think if Hillary gets elected — she said her first 100 days is a bullseye on Wall Street. So, I think biotech will be on the backburner," he said.
Trader Brian Kelly said that he thinks it's a good idea to sell biotechnology stocks now, ahead of the general election.
"Probably, going into the election, it's probably more speculation and hyperbole. After the election, it's probably where you want to start looking at buying biotech," Kelly said.
Trader Tim Seymour said that the "lack of clarity and lack of certainty ... are not helping here."
His advice is to look for relative value. For example, Seymour said "Gilead(NASDAQ: GILD), against a Celgene(NASDAQ: CELG), is an interesting trade, if nothing else, based upon [the fact that] one has underperformed, one hasn't on valuation."
"So make yourself essentially sector neutral, but find yourself a company that has underperformed," he said.
Disclosures:
GUY ADAMI
Guy Adami is long CELG, EXAS, GDX, INTC. Guy Adami's wife, Linda Snow, works at Merck.
Brian Kelly
Brian Kelly is long 30-year bond, Bitcoin, GLD, SLV, TLT, US Dollar, UUP. He is short Copper, JJC, Yuan.
DAN NATHAN
Long PFE Long TWTR, GE long May 28 puts XHB long June put spread IWM long Sept 100 put XLB long June put spread XLF long May/ Sept Put spread HYG long June put spread XLK long Sept Put spread FXI long Aug put spread SMH long Aug put spread, KO June/Aug put calendar, long UA call calendar, long PYPL call calendar, long TLT Sept risk reversal, XLV July calls, MSFT June/July put spread, long C Sept puts.
TIM SEYMOUR
Tim Seymour is long AAPL, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, GLNCY, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. Tim's firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM, WYNN, XRT.
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• Personal Finance || Your first trade for Thursday, June 9: The " Fast Money " traders tackled which moves they'd make when the market opens Thursday. Brian Kelly was a buyer of the iShares 20+ Treasury Bond ETF (Mexico Stock Exchange: TLT-MX) . Karen Finerman said she'd take some profits on Golar LNG Partners (NASDAQ: GMLP) . Tim Seymour was a buyer of the iShares MSCI Mexico Capped ETF (NYSE Arca: EWW) . Guy Adami was a buyer of Restoration Hardware (: ) . Trader disclosure: On June 8, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. Karen Finerman is long BAC, C, DRII, DRII calls, FB, FL, GOOG, GOOGL, JPM, LYV, KORS, KORS, KORS puts, WIFI long call spreads, M, MA, SEDG, SPY puts, URI. Her firm is long ANTM, AAPL, BAC, C, C calls, DRII, DRII calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, KORS puts, LYV, M, MOH, PLCE, SPY puts, URI, WIFI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International. Brian Kelly is long Bitcoin, GLD, SLD, TLT, US Dollar; he is short Australian Dollar, Euro, Hong Kong Dollar, Yuan Short. Tim Seymour is long AAPL, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, GLNCY, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. Tim's firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM, WYNN, XRT. More From CNBC Top News and Analysis Latest News Video Personal Finance || Your first trade for Thursday, June 9: The "Fast Money" traders tackled which moves they'd make when the market opens Thursday.
Brian Kelly was a buyer of the iShares 20+ Treasury Bond ETF(Mexico Stock Exchange: TLT-MX).
Karen Finerman said she'd take some profits on Golar LNG Partners(NASDAQ: GMLP).
Tim Seymour was a buyer of the iShares MSCI Mexico Capped ETF(NYSE Arca: EWW).
Guy Adami was a buyer of Restoration Hardware(: ).
Trader disclosure: On June 8, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. Karen Finerman is long BAC, C, DRII, DRII calls, FB, FL, GOOG, GOOGL, JPM, LYV, KORS, KORS, KORS puts, WIFI long call spreads, M, MA, SEDG, SPY puts, URI. Her firm is long ANTM, AAPL, BAC, C, C calls, DRII, DRII calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, KORS puts, LYV, M, MOH, PLCE, SPY puts, URI, WIFI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International. Brian Kelly is long Bitcoin, GLD, SLD, TLT, US Dollar; he is short Australian Dollar, Euro, Hong Kong Dollar, Yuan Short. Tim Seymour is long AAPL, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, GLNCY, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. Tim's firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM, WYNN, XRT.
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• Personal Finance || Chamber of Digital Commerce Gathers at Federal Reserve Annual Meeting to Discuss Blockchain Technology: WASHINGTON, DC--(Marketwired - Jun 6, 2016) - The Chamber of Digital Commerce, the world's largest trade association representing the blockchain industry, helped facilitate discussions at an event hosted by the Federal Reserve, World Bank, and IMF in Washington, DC on June 1 through 3, 2016. Central banks from over 90 countries participated at the event titled "Finance in Flux: The Technological Transformation of the Financial Sector." The theme of this year's conference was on blockchain and FinTech.
In her remarks, the Chair of the Board of Governors of the Federal Reserve System, Janet Yellen, addressed heightened concerns about cybersecurity. She also said that it's undeniable that the global financial system has benefited from FinTech and encouraged central banks to do all they can to learn about financial innovations including bitcoin, blockchain and distributed ledger technologies.
Adam Ludwin, CEO of Chain, delivered the keynote address in the Board of Governors of the Federal Reserve System's Board Room."Blockchain technology will provide central bankers, regulators and policy makers with new tools to enhance the safety, soundness and capabilities of the financial markets and payments systems globally. As participants on industry blockchain networks, regulators will gain real-time transparency to measure systemic leverage and monitor compliance. And as potential operators of networks for issuing central bank digital currencies, policy makers have the opportunity to forge a payments system that will enhance security, reduce settlement times and create new possibilities for monetary policy,"said Ludwin.
Jeff Garzik, CEO of Bloq and Bitcoin Core Developer, outlined the innovative elements of blockchain technology, including trust shifting, decentralization, cryptography, immutability and others."Some of the greatest potential benefits of blockchain technology are going to be first seen and actively leveraged in emerging nations,"said Garzik.
Perianne Boring, Founder and President of the Chamber of Digital Commerce, encouraged the Federal Reserve and central banks to focus on and embrace innovation in blockchain and distributed ledger technology."We believe blockchain technologies are capable of providing the Fed and other regulators with next generation tools to fulfill their mission of monitoring the safety and soundness of the financial system more effectively,"said Boring.
The conversations with senior level directors of central banks from around the world were very encouraging and indicated a high level of interest in blockchain technology.
About the Chamber of Digital Commerce:The Chamber of Digital Commerce is the world's leading trade association dedicated to promoting the understanding, acceptance and use of digital assets and blockchain technology. For more information, please visit:DigitalChamber.org.
Image Available:http://www2.marketwire.com/mw/frame_mw?attachid=3018127 || Chamber of Digital Commerce Gathers at Federal Reserve Annual Meeting to Discuss Blockchain Technology: WASHINGTON, DC--(Marketwired - Jun 6, 2016) - The Chamber of Digital Commerce, the world's largest trade association representing the blockchain industry, helped facilitate discussions at an event hosted by the Federal Reserve, World Bank, and IMF in Washington, DC on June 1 through 3, 2016. Central banks from over 90 countries participated at the event titled "Finance in Flux: The Technological Transformation of the Financial Sector." The theme of this year's conference was on blockchain and FinTech. In her remarks, the Chair of the Board of Governors of the Federal Reserve System, Janet Yellen, addressed heightened concerns about cybersecurity. She also said that it's undeniable that the global financial system has benefited from FinTech and encouraged central banks to do all they can to learn about financial innovations including bitcoin, blockchain and distributed ledger technologies. Adam Ludwin, CEO of Chain, delivered the keynote address in the Board of Governors of the Federal Reserve System's Board Room. "Blockchain technology will provide central bankers, regulators and policy makers with new tools to enhance the safety, soundness and capabilities of the financial markets and payments systems globally. As participants on industry blockchain networks, regulators will gain real-time transparency to measure systemic leverage and monitor compliance. And as potential operators of networks for issuing central bank digital currencies, policy makers have the opportunity to forge a payments system that will enhance security, reduce settlement times and create new possibilities for monetary policy," said Ludwin. Jeff Garzik, CEO of Bloq and Bitcoin Core Developer, outlined the innovative elements of blockchain technology, including trust shifting, decentralization, cryptography, immutability and others. "Some of the greatest potential benefits of blockchain technology are going to be first seen and actively leveraged in emerging nations," said Garzik. Story continues Perianne Boring, Founder and President of the Chamber of Digital Commerce, encouraged the Federal Reserve and central banks to focus on and embrace innovation in blockchain and distributed ledger technology. "We believe blockchain technologies are capable of providing the Fed and other regulators with next generation tools to fulfill their mission of monitoring the safety and soundness of the financial system more effectively," said Boring. The conversations with senior level directors of central banks from around the world were very encouraging and indicated a high level of interest in blockchain technology. About the Chamber of Digital Commerce: The Chamber of Digital Commerce is the world's leading trade association dedicated to promoting the understanding, acceptance and use of digital assets and blockchain technology. For more information, please visit: DigitalChamber.org . Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=3018127 || Winklevoss digital currency exchange expands into Canada: By Gertrude Chavez-Dreyfuss
NEW YORK, June 6 (Reuters) - Gemini Trust Co, the U.S.-based bitcoin exchange founded by investors Tyler and Cameron Winklevoss, has opened trading in Canada, marking the start of an international expansion program.
In an interview late on Friday, Gemini Chief Executive Officer Tyler Winklevoss said Canadian citizens would only be able to trade bitcoin and ether on the exchange for now.
Trading bitcoin and ether against fiat currencies such as the dollar will take a few weeks, Winklevoss said, adding that no regulatory approval was needed to operate in Canada.
Winklevoss said Gemini would open another international location over the next two weeks.
Digital currencies have gained popularity among investors as major financial institutions such as Goldman Sachs Group Inc and global technology companies such as International Business Machines Corp try to unlock the potential uses and applications of these assets' underlying technology, the blockchain.
The blockchain is a database that enables a network of computers to validate, clear, settle, track, and record the ownership of assets as they are traded.
Ether, an alternative currency that differs from bitcoin, is a token or digital asset of the Ethereum platform, a public blockchain.
"We decided to open first with the bitcoin and ether order book," said Winklevoss. "We think there's great demand for that; there are a lot of people who own bitcoin, and they don't have a safe place to store them."
He added that most bitcoin and ether investors were trading on unregulated and unlicensed exchanges.
Gemini last month became the first and so far only exchange that New York state allows to trade ether, Winklevoss said.
Volume on Gemini since ether started trading on the exchange has grown steadily, he said.
"Over the last 30 days, we have traded approximately $30 million in notional value of both bitcoin and ether."
Bitcoin on Monday traded at $582.79 on the Bitstamp platform, with a market capitalization of $9.1 billion, according to crypto-currency data website coinmarketcap.com.
Ether, the second-largest digital currency behind bitcoin, last changed hands at $13.92 and had a market capitalization of about $1.1 billion.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Lisa Von Ahn) || Winklevoss digital currency exchange expands into Canada: By Gertrude Chavez-Dreyfuss NEW YORK, June 6 (Reuters) - Gemini Trust Co, the U.S.-based bitcoin exchange founded by investors Tyler and Cameron Winklevoss, has opened trading in Canada, marking the start of an international expansion program. In an interview late on Friday, Gemini Chief Executive Officer Tyler Winklevoss said Canadian citizens would only be able to trade bitcoin and ether on the exchange for now. Trading bitcoin and ether against fiat currencies such as the dollar will take a few weeks, Winklevoss said, adding that no regulatory approval was needed to operate in Canada. Winklevoss said Gemini would open another international location over the next two weeks. Digital currencies have gained popularity among investors as major financial institutions such as Goldman Sachs Group Inc and global technology companies such as International Business Machines Corp try to unlock the potential uses and applications of these assets' underlying technology, the blockchain. The blockchain is a database that enables a network of computers to validate, clear, settle, track, and record the ownership of assets as they are traded. Ether, an alternative currency that differs from bitcoin, is a token or digital asset of the Ethereum platform, a public blockchain. "We decided to open first with the bitcoin and ether order book," said Winklevoss. "We think there's great demand for that; there are a lot of people who own bitcoin, and they don't have a safe place to store them." He added that most bitcoin and ether investors were trading on unregulated and unlicensed exchanges. Gemini last month became the first and so far only exchange that New York state allows to trade ether, Winklevoss said. Volume on Gemini since ether started trading on the exchange has grown steadily, he said. "Over the last 30 days, we have traded approximately $30 million in notional value of both bitcoin and ether." Bitcoin on Monday traded at $582.79 on the Bitstamp platform, with a market capitalization of $9.1 billion, according to crypto-currency data website coinmarketcap.com. Ether, the second-largest digital currency behind bitcoin, last changed hands at $13.92 and had a market capitalization of about $1.1 billion. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Lisa Von Ahn) || We could be set for a 'brave new world' of stock trading: (Wikipedia)
Wall Street is excited about Blockchain.
Nasdaq CEO Bob Greifeld has said his companyneeds to be a "rapid applier" of the technology.Autonomous Research has called the technology a "game changer." Goldman Sachs has saidthe use of blockchain technology instock trading could result in $6 billion in industry cost savings globally.
There's no shortage of hype, but widespread implementation is still a long way away in the highly regulated financial services industry.
While the rest of Wall Street watches, the Australia Securities Exchange (ASX) is pioneering the attempt to implement blockchain technology in a large scale market.
The exchange is looking at replacing its clearing and settlement system with a blockchain solution, and will make a decision on whether to go through with the change by mid-2017.
"The securities industry is experimenting with blockchain across the post-trade market," Morgan Stanley said in a research note titled 'Blockchain - Is ASX set to shape a brave new world?'
"Within equities, the most progressed of these is the ASX-planned replacement of the central depository (CSD) with a blockchain solution. If successful, the implications could be significant across the securities value chain."
Blockchain uses computers with advanced encryption to keep track of transactions, and the use of a blockchain solution in clearing and settlement has the potential to reduce costs, save time, and cut complexity.
Goldman Sachs set out how thiscould work in a recent note.It said:
Essentially, by enforcing agreement at the time of entry, blockchain could eliminate some of the most common post-trade issues and errors, such as incorrect settlement instructions or incorrect account/order details. Today, these details are confirmed/affirmed by multiple parties (DTCC, custodians, broker/dealer, clients) and multiple times throughout the life cycle of the trade. If blockchain could be fully implemented across these parties, many of these attributes could be included in a smart contract, thus becoming a pre-trade requirement to execute an order rather than a downstream, post-trade check that requires multiple parties to agree.
The US bank said this would reduce duplications in affirming and reconciling trades, and help save the industry $6 billion globally.
There are challenges however. The size and fragmented structure of stock markets in the US and European Union could slow the adoption of blockchain technology for example, according to Morgan Stanley. There are regulatory concerns too.
This will only work on a large scale if global exchanges decide to follow suit and adopt the same standards.Without this, the market risks ending up with multiple systems with similar cost challenges as those faced today.
That means the world will be watching what happens in Australia.
"If the ASX "flicks the switch", this would increase the pace of innovation and disruption risk to the post-trade securities market,' Morgan Stanley said.
NOW WATCH:This behavior could kill your chances in a Goldman Sachs interview
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• THE BLOCKCHAIN REPORT: Why the technology behind Bitcoin is seeing widespread investment and early application across the finance industry
• A hot stock-trading startup is venturing into China || We could be set for a 'brave new world' of stock trading: Tron Legacy movie poster (Wikipedia) Wall Street is excited about Blockchain. Nasdaq CEO Bob Greifeld has said his company needs to be a "rapid applier" of the technology . Autonomous Research has called the technology a " game changer. " Goldman Sachs has said the use of blockchain technology in stock trading could result in $6 billion in industry cost savings globally . There's no shortage of hype, but widespread implementation is still a long way away in the highly regulated financial services industry. While the rest of Wall Street watches, the Australia Securities Exchange (ASX) is pioneering the attempt to implement blockchain technology in a large scale market. The exchange is looking at replacing its clearing and settlement system with a blockchain solution, and will make a decision on whether to go through with the change by mid-2017. "The securities industry is experimenting with blockchain across the post-trade market," Morgan Stanley said in a research note titled 'Blockchain - Is ASX set to shape a brave new world?' "Within equities, the most progressed of these is the ASX-planned replacement of the central depository (CSD) with a blockchain solution. If successful, the implications could be significant across the securities value chain." Blockchain uses computers with advanced encryption to keep track of transactions, and t he use of a blockchain solution in clearing and settlement has the potential to reduce costs, save time, and cut complexity. Goldman Sachs set out how this could work in a recent note. It said: Essentially, by enforcing agreement at the time of entry, blockchain could eliminate some of the most common post-trade issues and errors, such as incorrect settlement instructions or incorrect account/order details. Today, these details are confirmed/affirmed by multiple parties (DTCC, custodians, broker/dealer, clients) and multiple times throughout the life cycle of the trade. If blockchain could be fully implemented across these parties, many of these attributes could be included in a smart contract, thus becoming a pre-trade requirement to execute an order rather than a downstream, post-trade check that requires multiple parties to agree. Story continues The US bank said this would reduce duplications in affirming and reconciling trades, and help save the industry $6 billion globally. There are challenges however. The size and fragmented structure of stock markets in the US and European Union could slow the adoption of blockchain technology for example, according to Morgan Stanley. There are regulatory concerns too. This will only work on a large scale if global exchanges decide to follow suit and adopt the same standards. Without this, the market risks ending up with multiple systems with similar cost challenges as those faced today. That means the world will be watching what happens in Australia. "If the ASX "flicks the switch", this would increase the pace of innovation and disruption risk to the post-trade securities market,' Morgan Stanley said. NOW WATCH: This behavior could kill your chances in a Goldman Sachs interview More From Business Insider A 'game changer' technology on Wall Street could shake up stock trading THE BLOCKCHAIN REPORT: Why the technology behind Bitcoin is seeing widespread investment and early application across the finance industry A hot stock-trading startup is venturing into China || Your first trade for Monday, June 6: The "Fast Money" traders shares which trades they'd make on Monday.
Tim Seymour was a buyer of the iShares MSCI Emerging Markets ETF(NYSE Arca: EEM).
Steve Grasso was a buyer of Under Armour(NYSE: UA).
Brian Kelly as a buyer of the VanEck Vectors Gold Miners ETF(NYSE Arca: GDX).
Guy Adami was a buyer of United Technologies(NYSE: UTX).
Trader disclosure: On June 3, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. Steve Grasso is long BA, CC, EVGN, KBH, MJNA, MU, OLN, PFE, PHM, T, TWTR, UA, GDX KIDS OWN: EFA, EFG, EWJ, IJR, SPY Stuart Frankel & Co Inc. and some of its Partners: CAH, PHM, TEVA, AAPL, UAL, TOL, LDP, WDR, AVP, CVX, FCX, IBM, ICE, KDUS, KO, MAT, MCD, MJNA, NE, NEM, OLN, OXY, RIG, STAG, TAXI, TEX, TITXF, URI, VALE, WDR, WYNN, ZNGA, CUBA, HSPO, ICE, AMZN, MJNA, TITXF, NXTD. Brian Kelly is long Bitcoin, US Dollar; he is short Australian Dollar, Euro, Hong Kong Dollar, Yuan Short. Tim Seymour is long AAPL, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, GLNCY, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. Tim's firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM, WYNN, XRT.
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• Personal Finance || Your first trade for Monday, June 6: The " Fast Money " traders shares which trades they'd make on Monday. Tim Seymour was a buyer of the iShares MSCI Emerging Markets ETF (NYSE Arca: EEM) . Steve Grasso was a buyer of Under Armour (NYSE: UA) . Brian Kelly as a buyer of the VanEck Vectors Gold Miners ETF (NYSE Arca: GDX) . Guy Adami was a buyer of United Technologies (NYSE: UTX) . Trader disclosure: On June 3, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. Steve Grasso is long BA, CC, EVGN, KBH, MJNA, MU, OLN, PFE, PHM, T, TWTR, UA, GDX KIDS OWN: EFA, EFG, EWJ, IJR, SPY Stuart Frankel & Co Inc. and some of its Partners: CAH, PHM, TEVA, AAPL, UAL, TOL, LDP, WDR, AVP, CVX, FCX, IBM, ICE, KDUS, KO, MAT, MCD, MJNA, NE, NEM, OLN, OXY, RIG, STAG, TAXI, TEX, TITXF, URI, VALE, WDR, WYNN, ZNGA, CUBA, HSPO, ICE, AMZN, MJNA, TITXF, NXTD. Brian Kelly is long Bitcoin, US Dollar; he is short Australian Dollar, Euro, Hong Kong Dollar, Yuan Short. Tim Seymour is long AAPL, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, GLNCY, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. Tim's firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM, WYNN, XRT. More From CNBC Top News and Analysis Latest News Video Personal Finance
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685.56, 694.47, 766.31, 748.91, 756.23, 763.78, 737.23, 666.65, 596.12, 623.98
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 10231.74, 10345.81, 10916.05, 10763.23, 10138.05, 10131.06, 10407.96, 10159.96, 10138.52, 10370.82, 10185.50, 9754.42, 9510.20, 9598.17, 9630.66, 9757.97, 10346.76, 10623.54, 10594.49, 10575.53, 10353.30, 10517.25, 10441.28, 10334.97, 10115.98, 10178.37, 10410.13, 10360.55, 10358.05, 10347.71, 10276.79, 10241.27, 10198.25, 10266.42, 10181.64, 10019.72, 10070.39, 9729.32, 8620.57, 8486.99, 8118.97, 8251.85, 8245.92, 8104.19, 8293.87, 8343.28, 8393.04, 8259.99, 8205.94, 8151.50, 7988.16, 8245.62, 8228.78, 8595.74, 8586.47, 8321.76, 8336.56, 8321.01, 8374.69, 8205.37, 8047.53, 8103.91, 7973.21, 7988.56, 8222.08, 8243.72, 8078.20, 7514.67, 7493.49, 8660.70, 9244.97, 9551.71, 9256.15, 9427.69, 9205.73, 9199.58, 9261.10, 9324.72, 9235.35, 9412.61, 9342.53, 9360.88, 9267.56, 8804.88, 8813.58, 9055.53, 8757.79, 8815.66, 8808.26, 8708.09.
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[Bitcoin Technical Analysis for 2019-11-14]
Volume: 19084739975, RSI (14-day): 45.68, 50-day EMA: 8945.80, 200-day EMA: 8725.80
[Wider Market Context]
Gold Price: 1471.80, Gold RSI: 45.29
Oil Price: 56.77, Oil RSI: 55.37
[Recent News (last 7 days)]
Canaan prices IPO shares between $9 and $11 to raise $100M: Bitcoin miner manufacturer Canaan Creative on Wednesday released more details about its impending initial public offering (IPO), per a Renaissance Capital blogpost.
According to the article, Canaan plans to offer 10 million equity shares at a price range of $9 to $11. With these terms, the firm is looking to raise $100 million from this IPO, considerably less than the $4o0 million figure it previously posted in its initial IPO filing.
The biggest rival to Bitmainfiledfor a U.S. initial public offering (IPO) on Oct. 28 with Citi Group, Credit Suisse, Galaxy Digital, and four other firms as underwriters. However, Credit Suisse was removed as a lead underwriter, according to the blog post. The post also confirmed the Nov. 20 IPO date, which The Block firstreportedearlier this week.
At $10 per share, Canaan's fully diluted market value would be $1.6 billion. In the IPO filing, the firm said it controlled 23.3% of the global bitcoin mining machine market share in 1H19, while Bitmain, which has reportedly filed a U.S. IPO as well, took up 64.5%. || Canaan prices IPO shares between $9 and $11 to raise $100M: Bitcoin miner manufacturer Canaan Creative on Wednesday released more details about its impending initial public offering (IPO), per a Renaissance Capital blog post . According to the article, Canaan plans to offer 10 million equity shares at a price range of $9 to $11. With these terms, the firm is looking to raise $100 million from this IPO, considerably less than the $4o0 million figure it previously posted in its initial IPO filing. The biggest rival to Bitmain filed for a U.S. initial public offering (IPO) on Oct. 28 with Citi Group, Credit Suisse, Galaxy Digital, and four other firms as underwriters. However, Credit Suisse was removed as a lead underwriter, according to the blog post. The post also confirmed the Nov. 20 IPO date, which The Block first reported earlier this week. At $10 per share, Canaan's fully diluted market value would be $1.6 billion. In the IPO filing, the firm said it controlled 23.3% of the global bitcoin mining machine market share in 1H19, while Bitmain, which has reportedly filed a U.S. IPO as well, took up 64.5%. || Bitfinex to launch options and gold-backed stablecoin: Bitfinex has plans to offer options as soon as Q1 2020, according to Paolo Ardoino, CTO of Bitfinex and Tether. Ardoino toldThe Scoopthat compliant perpetual swaps and basket futures are on the way.
Ardoino revealed this slew of new products in a recent episode of The Scoop podcast. He also said that the company is looking to launch a gold-backed stablecoin, Tether Gold, without disclosing more details on this new cryptocurrency.
After iFinex Financial Technologies Limited, a platform under the sameiFinex umbrellaas Bitfinexlaunched derivativesthis summer, the exchange turned its focus to options. The quest to deliver futures was long, according to Ardoino.
"That was a big project," he said. "It required a few months of full-time development."
Now, Ardoino said he and the team of machine engineers are moving forward to tether-based swaps. As of now, he said he sees the products remaining tether-based to give the cryptocurrency a chance to build trust and a wider reach.
Eyeing a Q1 2020 launch, Ardoino said he's currently working with external market makers to ensure liquidity.
To create a so-called "circular economy," or an economy aimed at eliminating the waste of resources, Bitfinex will also be working with partners to enable users to buy goods with crypto using gift cards. Ardoino said the company has plans to work with a "big and well-known partner" to provide the cards.
"It's important that people can see the farther value of having cryptocurrencies rather than just trading back and forth between Bitcoin and USD or whatever," he said. || Bitfinex to launch options and gold-backed stablecoin: Bitfinex has plans to offer options as soon as Q1 2020, according to Paolo Ardoino, CTO of Bitfinex and Tether. Ardoino told The Scoop that compliant perpetual swaps and basket futures are on the way. Ardoino revealed this slew of new products in a recent episode of The Scoop podcast. He also said that the company is looking to launch a gold-backed stablecoin, Tether Gold, without disclosing more details on this new cryptocurrency. After iFinex Financial Technologies Limited, a platform under the same iFinex umbrella as Bitfinex launched derivatives this summer, the exchange turned its focus to options. The quest to deliver futures was long, according to Ardoino. "That was a big project," he said. "It required a few months of full-time development." Now, Ardoino said he and the team of machine engineers are moving forward to tether-based swaps. As of now, he said he sees the products remaining tether-based to give the cryptocurrency a chance to build trust and a wider reach. Eyeing a Q1 2020 launch, Ardoino said he's currently working with external market makers to ensure liquidity. To create a so-called "circular economy," or an economy aimed at eliminating the waste of resources, Bitfinex will also be working with partners to enable users to buy goods with crypto using gift cards. Ardoino said the company has plans to work with a "big and well-known partner" to provide the cards. "It's important that people can see the farther value of having cryptocurrencies rather than just trading back and forth between Bitcoin and USD or whatever," he said. || Data Provider Messari Closes $4 Million Funding Round: Data provider Messari has closed a $4 million funding round led by Uncork Capital with new participation from Coinbase Ventures and former Coinbase CTO Balaji Srinivasan, according to a statement from the New York-based firm. As part of the deal, Uncork’s founder Jeff Clavier was named to Messari’s board of directors.
Uncork joins existing Messari investors including Blockchain Capital, CoinFund, Danhua Capital, Fabric Ventures, Semantic Ventures and Underscore VC, among others.
In a statement, Messari co-founder and CEO Ryan Selkis described “one of the industry’s toughest problems” as being the “coordination challenges of self-regulating an emerging asset class and providing accurate, timely data to investors with diverse compliance requirements.”
Related:Winklevoss Capital, Coinbase Back $1.8 Million Round for Bitski Crypto Wallet
In a Telegram conversation with CoinDesk, Selkis described Messari’s relationship with Uncork:
“Clavier is a straight shooter that hasn’t bought the crypto hype, but likes picks and shovels businesses building infrastructure in the space.”
The additional funding will help Messari automate on-boarding data and registry participants along with offering new products for subscribers in its self-described effort to sift out “bad actors” from the crypto space. Messari’s funding round began last May, closing six months later. The “broader macro challenges in the industry this year” slowed securing funding quickly, Selkis said.
Founded in 2018, Messari offers investment products such as a Bloomberg Terminal–styled registry and data analytics via its Messari Pro interface, an API service. The firm says it has some 60 projects and several exchanges utilizing its data.
Related:Coinbase Will Now Reward Users for Holding This Cryptocurrency
Disclosure:The author of this post is a former Messari employee.
Ryan Selkis image via CoinDesk archives
• Coinbase Legal Chief Says Private Sector Should Build US Digital Dollar
• Bitcoin Price Slides 2% After Deribit, Coinbase Flash Crash || Data Provider Messari Closes $4 Million Funding Round: Data provider Messari has closed a $4 million funding round led by Uncork Capital with new participation from Coinbase Ventures and former Coinbase CTO Balaji Srinivasan, according to a statement from the New York-based firm. As part of the deal, Uncork’s founder Jeff Clavier was named to Messari’s board of directors. Uncork joins existing Messari investors including Blockchain Capital, CoinFund, Danhua Capital, Fabric Ventures, Semantic Ventures and Underscore VC, among others. In a statement, Messari co-founder and CEO Ryan Selkis described “one of the industry’s toughest problems” as being the “coordination challenges of self-regulating an emerging asset class and providing accurate, timely data to investors with diverse compliance requirements.” Related: Winklevoss Capital, Coinbase Back $1.8 Million Round for Bitski Crypto Wallet In a Telegram conversation with CoinDesk, Selkis described Messari’s relationship with Uncork: “Clavier is a straight shooter that hasn’t bought the crypto hype, but likes picks and shovels businesses building infrastructure in the space.” The additional funding will help Messari automate on-boarding data and registry participants along with offering new products for subscribers in its self-described effort to sift out “bad actors” from the crypto space. Messari’s funding round began last May, closing six months later. The “broader macro challenges in the industry this year” slowed securing funding quickly, Selkis said. Founded in 2018, Messari offers investment products such as a Bloomberg Terminal–styled registry and data analytics via its Messari Pro interface, an API service. The firm says it has some 60 projects and several exchanges utilizing its data. Related: Coinbase Will Now Reward Users for Holding This Cryptocurrency Disclosure: The author of this post is a former Messari employee. Ryan Selkis image via CoinDesk archives Related Stories Coinbase Legal Chief Says Private Sector Should Build US Digital Dollar Bitcoin Price Slides 2% After Deribit, Coinbase Flash Crash || eToroX adds five new fiat stablecoins: Cryptocurrency trading platform eToroX has announced it will be adding support for five new fiat stablecoin pairs as well as Coinbases USDC and Tethers USDT. eToroX already provides stablecoins for many popular global fiat currencies such as the euro (EURX), GBP (GBPX), and the US dollar (USDEX). According to a press release shared with Coin Rivet, the five new stablecoins include the Turkish lira (TRYX), South African rand (ZARX), Signaporean dollar (SGDX), Polish zloty (PLNX), and Hong Kong dollar (HKDX). These currencies bring eToroXs total support to 17 stablecoins and 96 trading pairs. The multitude of fiat pairings available on eToroX allows traders to easily close their positions in the volatile cryptocurrency markets and keep their portfolios relatively stable using a fiat currency peg. eToroX was established in 2018 and offers a similar trading experience to eToros traditional platform, but solely for digital assets. eToro has consistently shown its commitment to digital assets this year, through both strategic acquisitions of blockchain companies and the growth of its eToroX platform . The platform focuses on tokenised assets, providing a dedicated crypto wallet and a forthcoming custodial exchange. At present, users can trade Bitcoin, Ripple, Ethereum, and more against a range of fiat currencies on eToroX. Gold-backed stablecoin The platform also now lets users trade the GOLDX/BTC pairing. GoldX is a gold-backed stablecoin which leverages the perceived safety of gold markets to offer traders a safe haven for portfolio value management. Managing director of eToroX Doron Rosenblum commented: Our Gold/Bitcoin pair provides a means to trade between the old and the new stores of value, making Gold/BTC an extremely special and interesting combination. Coin Rivet reported last week that eToroX had acquired crypto portfolio tracker Delta in a bid to expand its reach in the cryptocurrency markets. Roseblum hinted that the platform would be looking to let users trade digital assets directly from their Delta apps in the coming months. Story continues eToro also acquired blockchain start-up Firmo earlier this year, which tokenises assets and deploys smart contracts across any blockchain. Founder and CEO of eToro Yoni Assia said that the takeover would move eToro closer to tokenising every asset on the platform. The post eToroX adds five new fiat stablecoins appeared first on Coin Rivet . || eToroX adds five new fiat stablecoins: Cryptocurrency trading platform eToroX has announced it will be adding support for five new fiat stablecoin pairs as well as Coinbases USDC and Tethers USDT. eToroX already provides stablecoins for many popular global fiat currencies such as the euro (EURX), GBP (GBPX), and the US dollar (USDEX). According to a press release shared with Coin Rivet, the five new stablecoins include the Turkish lira (TRYX), South African rand (ZARX), Signaporean dollar (SGDX), Polish zloty (PLNX), and Hong Kong dollar (HKDX). These currencies bring eToroXs total support to 17 stablecoins and 96 trading pairs. The multitude of fiat pairings available on eToroX allows traders to easily close their positions in the volatile cryptocurrency markets and keep their portfolios relatively stable using a fiat currency peg. eToroX was established in 2018 and offers a similar trading experience to eToros traditional platform, but solely for digital assets. eToro has consistently shown its commitment to digital assets this year, through both strategic acquisitions of blockchain companies and the growth of its eToroX platform . The platform focuses on tokenised assets, providing a dedicated crypto wallet and a forthcoming custodial exchange. At present, users can trade Bitcoin, Ripple, Ethereum, and more against a range of fiat currencies on eToroX. Gold-backed stablecoin The platform also now lets users trade the GOLDX/BTC pairing. GoldX is a gold-backed stablecoin which leverages the perceived safety of gold markets to offer traders a safe haven for portfolio value management. Managing director of eToroX Doron Rosenblum commented: Our Gold/Bitcoin pair provides a means to trade between the old and the new stores of value, making Gold/BTC an extremely special and interesting combination. Coin Rivet reported last week that eToroX had acquired crypto portfolio tracker Delta in a bid to expand its reach in the cryptocurrency markets. Roseblum hinted that the platform would be looking to let users trade digital assets directly from their Delta apps in the coming months. Story continues eToro also acquired blockchain start-up Firmo earlier this year, which tokenises assets and deploys smart contracts across any blockchain. Founder and CEO of eToro Yoni Assia said that the takeover would move eToro closer to tokenising every asset on the platform. The post eToroX adds five new fiat stablecoins appeared first on Coin Rivet . || Chinese soldiers may be rewarded in cryptocurrency for good performance: It seems as if the Chinese are getting extremely enthusiastic about all things blockchain after President Xi Jinping came out in overwhelming support of the technology last month. The president wants to integrate blockchain into the digital economy of China and become a dominant player on the global stage. However, Xi Jinpings narrative was very much blockchain, not Bitcoin. So, whats all this about rewarding Chinese soldiers with cryptocurrency? Rewarding Chinese soldiers with cryptocurrency According to the South China Morning Post , Chinese military newspaper the PLA (Peoples Liberation Army) is waxing lyrical about the use of cryptocurrencies for more efficient human resource management. In other words, the use of token incentives for good performance. The paper suggests that if the countrys armed forces embrace blockchain technology, it would consider a scheme rewarding Chinese soldiers with cryptocurrency. The PLA stated that the technology could drive innovation and greatly improve performance in its ranks. It said that creating some kind of token reward system for its staff could help with everything from performance assessments to special skills, task completion, and training. Quoted in the SCMP, the publication said: To award or deduct tokens according to ones daily performance and thus generate an objective assessment would effectively energise the human resource management. A massive blockchain push in China The article comes just a few weeks after President Xi Jinping came out endorsing blockchain technology, promising more funding and calling for faster development. More efforts should be made to strengthen basic research and boost innovation capacity to help China gain an edge in theories, innovation, and industries of the emerging field, Xi said. While the narrative was about blockchain and did not mention cryptocurrencies, many people argue that the two technologies are one and the same and that they cannot be separated. Story continues China may be talking about private and permissioned blockchains rather than decentralised public ones like Bitcoin, but Xis words still had a massive effect on the market, causing almost all crypto assets to skyrocket, with BTC price going up by as much as 42% in a few hours. It also caused blockchain company shares to sell out in China the following Monday. The separation between blockchain and cryptocurrencies The news has caused a ripple effect throughout China, with local governments immediately pledging funding to the new technology and starting to explore possible applications. The Chinese government has repeatedly stated the separation between cryptocurrencies and blockchain technology, preferring to use the ledger wherever trustworthiness and recording tracking is required. However, the PLA speaking out about rewarding Chinese soldiers with cryptocurrency may show a sea change around the narrative coming out of China. Just yesterday, Bitcoin was featured on the front page of its state media for the first time. Beyond incentives for soldiers, the article also spoke about other ways blockchain could be used within the military for example, to store and secure classified military secrets with high-level encryption. Another example it suggested was an electronic shooting range that detects the marks on a target and feeds them back into blockchain records, creating a performance review and guaranteeing the authenticity of training results. The logistics industry in China is already seeing great success with the tracking and tracing of food products across the supply chain. The PLA now says that it could do the same with its military logistics. There certainly seems to be no end of use cases for blockchain technology nor ideas designed to impress the CPC. But whether rewarding Chinese soldiers with cryptocurrency will enter into the remit remains to be seen. The post Chinese soldiers may be rewarded in cryptocurrency for good performance appeared first on Coin Rivet . || Chinese soldiers may be rewarded in cryptocurrency for good performance: It seems as if the Chinese are getting extremely enthusiastic about all things blockchain after President Xi Jinping came out in overwhelming support of the technology last month. The president wants to integrate blockchain into the digital economy of China and become a dominant player on the global stage. However, Xi Jinpings narrative was very much blockchain, not Bitcoin. So, whats all this about rewarding Chinese soldiers with cryptocurrency? Rewarding Chinese soldiers with cryptocurrency According to the South China Morning Post , Chinese military newspaper the PLA (Peoples Liberation Army) is waxing lyrical about the use of cryptocurrencies for more efficient human resource management. In other words, the use of token incentives for good performance. The paper suggests that if the countrys armed forces embrace blockchain technology, it would consider a scheme rewarding Chinese soldiers with cryptocurrency. The PLA stated that the technology could drive innovation and greatly improve performance in its ranks. It said that creating some kind of token reward system for its staff could help with everything from performance assessments to special skills, task completion, and training. Quoted in the SCMP, the publication said: To award or deduct tokens according to ones daily performance and thus generate an objective assessment would effectively energise the human resource management. A massive blockchain push in China The article comes just a few weeks after President Xi Jinping came out endorsing blockchain technology, promising more funding and calling for faster development. More efforts should be made to strengthen basic research and boost innovation capacity to help China gain an edge in theories, innovation, and industries of the emerging field, Xi said. While the narrative was about blockchain and did not mention cryptocurrencies, many people argue that the two technologies are one and the same and that they cannot be separated. Story continues China may be talking about private and permissioned blockchains rather than decentralised public ones like Bitcoin, but Xis words still had a massive effect on the market, causing almost all crypto assets to skyrocket, with BTC price going up by as much as 42% in a few hours. It also caused blockchain company shares to sell out in China the following Monday. The separation between blockchain and cryptocurrencies The news has caused a ripple effect throughout China, with local governments immediately pledging funding to the new technology and starting to explore possible applications. The Chinese government has repeatedly stated the separation between cryptocurrencies and blockchain technology, preferring to use the ledger wherever trustworthiness and recording tracking is required. However, the PLA speaking out about rewarding Chinese soldiers with cryptocurrency may show a sea change around the narrative coming out of China. Just yesterday, Bitcoin was featured on the front page of its state media for the first time. Beyond incentives for soldiers, the article also spoke about other ways blockchain could be used within the military for example, to store and secure classified military secrets with high-level encryption. Another example it suggested was an electronic shooting range that detects the marks on a target and feeds them back into blockchain records, creating a performance review and guaranteeing the authenticity of training results. The logistics industry in China is already seeing great success with the tracking and tracing of food products across the supply chain. The PLA now says that it could do the same with its military logistics. There certainly seems to be no end of use cases for blockchain technology nor ideas designed to impress the CPC. But whether rewarding Chinese soldiers with cryptocurrency will enter into the remit remains to be seen. The post Chinese soldiers may be rewarded in cryptocurrency for good performance appeared first on Coin Rivet . || Brave launches version 1.0 of its privacy-focused browser: Brave , the company co-founded by ex-Mozilla CEO Brendan Eich after his ouster from the organization in 2014 , today launched version 1.0 of its browser for Windows, macOS, Linux, Android and iOS . In a browser market where users are spoiled for choice, Brave is positioning itself as a fast option that preserves users' privacy with strong default settings, as well as a crypto currency-centric private ads and payment platform that allows users to reward content creators. As the company announced last month, it now has about 8 million monthly active users. Its Brave Rewards program, which requires opt-in from users and publishers, currently has about 300,000 publishers on board. Most of these are users with small followings on YouTube and Twitter, but large publishers like Wikipedia, The Washington Post, The Guardian, Slate and the LA Times are also part of the ecosystem. Using this system, which not every publisher is going to like, the browser will show a small number of ads as a notification in a separate private ad tab, based on the user's browsing habits. Users then receive 70% of what the advertisers spend on ads, while Brave keeps 30%. As users view these ads, they start earning Basic Attention Tokens (BAT), Brave's cryptocurrency, which they can keep or give to publishers. In its early days, Brave actually started with Bitcoin as the currency for this, but as Eich noted, that quickly became too expensive (and because the price was going up, users wanted to hold on to the Bitcoin instead of donating it). Brave also comes with a built-in ad blocker that is probably among the most effective in the industry, as well as extensive anti-tracking features. "Everybody's bothered by the sense of being tracked and bothered by bad ads," Eich told me. "But I think ad aesthetics are not the problem. It's the tracking and the cost of tracking which is multifarious. There's page load time, running the radio to load the tracking scripts that load the other scripts that load the scripts that load the ads, that drains your battery, too." Eich argues that with Brave, the team found a way to tie this all together with anti-tracking technology and an approach to ad blocking that goes beyond the industry-standard blocklists and also uses machine learning to identify additional rules for blocking. Story continues For those users that really want to be anonymous on the web, Brave also features a private browsing mode, just like every other browser, but with the added twist that you can also open a private session through the Tor network, which will make it very hard for most companies to identify you. At its core, Brave is simply a fast, extensible Chromium-based browser. That's also what the company believes will sell it to users. "The way you get users, [...] I think speed is the first one that works across the largest number of users. But you can't just leave it at speed. You want to have all your benefits tied up in a pretty knot and that's what we have done," he said. For Brave, speed and ad/tracking protection are obviously interconnected, and all the other benefits accrue from that. Looking beyond version 1.0, the Brave team plans to implement better sync, with support for tab and history syncing, for example. Brave also aims to make participating in Brave Rewards an experience with much lower friction for the user. In the early days, before it was on Android, the opt-in rate was around 40%, Eich told me, and the team wants to get it back to that. If you want to give Brave a try, you can download it here . || Brave launches version 1.0 of its privacy-focused browser: Brave, the company co-founded by ex-Mozilla CEO Brendan Eich after hisouster from the organization in 2014, today launched version 1.0 of its browser forWindows, macOS, Linux, Android and iOS. In a browser market where users are spoiled for choice, Brave is positioning itself as a fast option that preserves users' privacy with strong default settings, as well as a crypto currency-centric private ads and payment platform that allows users to reward content creators.
As the company announced last month, it now has about 8 million monthly active users. ItsBraveRewards program, which requires opt-in from users and publishers, currently has about 300,000 publishers on board. Most of these are users with small followings on YouTube and Twitter, but large publishers like Wikipedia, The Washington Post, The Guardian, Slate and the LA Times are also part of the ecosystem. Using this system, which not every publisher is going to like, the browser will show a small number of ads as a notification in a separate private ad tab, based on the user's browsing habits. Users then receive 70% of what the advertisers spend on ads, while Brave keeps 30%.
As users view these ads, they start earningBasic Attention Tokens(BAT), Brave's cryptocurrency, which they can keep or give to publishers. In its early days, Brave actually started with Bitcoin as the currency for this, but as Eich noted, that quickly became too expensive (and because the price was going up, users wanted to hold on to the Bitcoin instead of donating it).
Brave also comes with a built-in ad blocker that is probably among the most effective in the industry, as well as extensive anti-tracking features. "Everybody's bothered by the sense of being tracked and bothered by bad ads," Eich told me. "But I think ad aesthetics are not the problem. It's the tracking and the cost of tracking which is multifarious. There's page load time, running the radio to load the tracking scripts that load the other scripts that load the scripts that load the ads, that drains your battery, too." Eich argues that with Brave, the team found a way to tie this all together with anti-tracking technology and an approach to ad blocking that goes beyond the industry-standard blocklists and also uses machine learning to identify additional rules for blocking.
For those users that really want to be anonymous on the web, Brave also features a private browsing mode, just like every other browser, but with the added twist that you can also open a private session through the Tor network, which will make it very hard for most companies to identify you.
At its core, Brave is simply a fast, extensible Chromium-based browser. That's also what the company believes will sell it to users. "The way you get users, [...] I think speed is the first one that works across the largest number of users. But you can't just leave it at speed. You want to have all your benefits tied up in a pretty knot and that's what we have done," he said. For Brave, speed and ad/tracking protection are obviously interconnected, and all the other benefits accrue from that.
Looking beyond version 1.0, the Brave team plans to implement better sync, with support for tab and history syncing, for example. Brave also aims to make participating in Brave Rewards an experience with much lower friction for the user. In the early days, before it was onAndroid,the opt-in rate was around 40%, Eich told me, and the team wants to get it back to that.
If you want to give Brave a try, you can download ithere. || Bitstamp expands into Asia with new hire: Cryptocurrency exchange Bitstamp has announced its expansion into the Asia-Pacific (APAC) region. To drive its expansion efforts, Bitstamp has hired Andrew Leelarthaepin, who has held roles at JPMorgan Cash and Saxo Bank.
“We already have an excellent reputation and market position in the West but have so far lacked the local presence that would enable us to expand into Asia-Pacific the same way we have in Europe and the US,” said Miha Grčar, global head of business development at Bitstamp. “Andrew’s knowledge of the global financial markets and experience in the region makes him a great fit to oversee Bitstamp’s expansion in this very important market.”
In 2019, Bitstamp averaged ~$113 million in daily trading volume. The exchange currently supports five cryptocurrencies for trading (BTC, ETH, LTC, XRP, BCH). || Ukraine to force citizens to disclose crypto holdings: Ukrainian lawmakers will demand to know how much cryptocurrency citizens own in a bid to crack down on corruption. Under the new law, citizens will also be forced to reveal if any of their close relatives hold crypto. The Ukrainian government is seeking to legalise cryptocurrency in order to receive income tax and make the crypto sector of the economy more transparent. Cryptocurrencies became popular in the country several years ago , and interest in virtual money is showing consistent growth. Due to the unstable economy in the country and the inflating national currency caused by the war with Russian-backed separatists, Ukrainian citizens often keep their savings in Bitcoin. But corruption and tax avoidance are rampant, and the government is desperate to clamp down on such activities – especially as Ukraine hopes to join the EU. The new legislation is an amendment to the Corruption Prevention Law adopted in 2014. The amendment classifies cryptocurrencies as assets and therefore can be used in financial crimes, including money laundering, fraud, and terrorism. It will come into effect in January. Last month, Ukrainian news publication Ligamedia reported that the country is looking to legalise cryptocurrency soon. The news follows the legalisation of gambling in Ukraine, as it seems the state is trying to take control of all the previous grey areas of the economy. Virtual currencies are used by criminals to launder cash, and terrorists are known to use crypto to raise and transfer assets . Fiat, however, is still by far the most common method of laundering illicit money. The post Ukraine to force citizens to disclose crypto holdings appeared first on Coin Rivet . || Ukraine to force citizens to disclose crypto holdings: Ukrainian lawmakers will demand to know how much cryptocurrency citizens own in a bid to crack down on corruption. Under the new law, citizens will also be forced to reveal if any of their close relatives hold crypto. The Ukrainian government is seeking to legalise cryptocurrency in order to receive income tax and make the crypto sector of the economy more transparent. Cryptocurrencies became popular in the country several years ago , and interest in virtual money is showing consistent growth. Due to the unstable economy in the country and the inflating national currency caused by the war with Russian-backed separatists, Ukrainian citizens often keep their savings in Bitcoin. But corruption and tax avoidance are rampant, and the government is desperate to clamp down on such activities – especially as Ukraine hopes to join the EU. The new legislation is an amendment to the Corruption Prevention Law adopted in 2014. The amendment classifies cryptocurrencies as assets and therefore can be used in financial crimes, including money laundering, fraud, and terrorism. It will come into effect in January. Last month, Ukrainian news publication Ligamedia reported that the country is looking to legalise cryptocurrency soon. The news follows the legalisation of gambling in Ukraine, as it seems the state is trying to take control of all the previous grey areas of the economy. Virtual currencies are used by criminals to launder cash, and terrorists are known to use crypto to raise and transfer assets . Fiat, however, is still by far the most common method of laundering illicit money. The post Ukraine to force citizens to disclose crypto holdings appeared first on Coin Rivet . || Bitcoin is a tool for criminals, slams legendary computer scientist: The scientist behind the worlds most popular computer programming language says he regrets that his greatest work was used to build Bitcoin, before labelling the cryptocurrency as a tool for criminals. Danish computing legend Bjarne Stroustrup invented the C++ language 34 years ago. Since 1985, it has remained the most commonly used global code and is integral to almost every digital system in the world. Now, however, Stroustrup has revealed his biggest regret over the last four decades is that his work went on to become the code upon which Bitcoin was based. When you build a tool, you do not know how it is going to be used, he lamented. Im very happy and proud of some of the things C++ is being used for and there are some other things I wish people wouldnt do. Bitcoin mining is my favourite example it uses as much energy as Switzerland and mostly serves criminals. The 68-year-old currently a managing director at Morgan Stanley in New York has spoken before about his disdain for cryptocurrency, but this is the first time he has expressed remorse over his code being associated with BTC. Regrets Speaking on the popular Lex Fridman podcast , the University of Cambridge Churchill College graduate enthused over the great achievements made with computer science, but he turned his guns on Bitcoin while discussing regrets as he highlighted his deep concern for environmental issues and criminality. Half of all Bitcoin transactions have, according to a handful of studies, links to criminal activity in some form or other. It has also been suggested that almost a quarter of BTC users are also involved in illegal activity to the tune of $72 billion a year. Bitcoin also attracts criticism for its negative environmental impact, using up a mind-boggling seven gigawatts of electricity a year and accounting for 0.21% of the worlds supplies. Three things Bitcoin miners should know By Pedro Febrero November 13, 2019 The post Bitcoin is a tool for criminals, slams legendary computer scientist appeared first on Coin Rivet . || Bitcoin is a tool for criminals, slams legendary computer scientist: The scientist behind the worlds most popular computer programming language says he regrets that his greatest work was used to build Bitcoin, before labelling the cryptocurrency as a tool for criminals. Danish computing legend Bjarne Stroustrup invented the C++ language 34 years ago. Since 1985, it has remained the most commonly used global code and is integral to almost every digital system in the world. Now, however, Stroustrup has revealed his biggest regret over the last four decades is that his work went on to become the code upon which Bitcoin was based. When you build a tool, you do not know how it is going to be used, he lamented. Im very happy and proud of some of the things C++ is being used for and there are some other things I wish people wouldnt do. Bitcoin mining is my favourite example it uses as much energy as Switzerland and mostly serves criminals. The 68-year-old currently a managing director at Morgan Stanley in New York has spoken before about his disdain for cryptocurrency, but this is the first time he has expressed remorse over his code being associated with BTC. Regrets Speaking on the popular Lex Fridman podcast , the University of Cambridge Churchill College graduate enthused over the great achievements made with computer science, but he turned his guns on Bitcoin while discussing regrets as he highlighted his deep concern for environmental issues and criminality. Half of all Bitcoin transactions have, according to a handful of studies, links to criminal activity in some form or other. It has also been suggested that almost a quarter of BTC users are also involved in illegal activity to the tune of $72 billion a year. Bitcoin also attracts criticism for its negative environmental impact, using up a mind-boggling seven gigawatts of electricity a year and accounting for 0.21% of the worlds supplies. Three things Bitcoin miners should know By Pedro Febrero November 13, 2019 The post Bitcoin is a tool for criminals, slams legendary computer scientist appeared first on Coin Rivet . || Bitcoin is a tool for criminals, slams legendary computer scientist: The scientist behind the worlds most popular computer programming language says he regrets that his greatest work was used to build Bitcoin, before labelling the cryptocurrency as a tool for criminals. Danish computing legend Bjarne Stroustrup invented the C++ language 34 years ago. Since 1985, it has remained the most commonly used global code and is integral to almost every digital system in the world. Now, however, Stroustrup has revealed his biggest regret over the last four decades is that his work went on to become the code upon which Bitcoin was based. When you build a tool, you do not know how it is going to be used, he lamented. Im very happy and proud of some of the things C++ is being used for and there are some other things I wish people wouldnt do. Bitcoin mining is my favourite example it uses as much energy as Switzerland and mostly serves criminals. The 68-year-old currently a managing director at Morgan Stanley in New York has spoken before about his disdain for cryptocurrency, but this is the first time he has expressed remorse over his code being associated with BTC. Regrets Speaking on the popular Lex Fridman podcast , the University of Cambridge Churchill College graduate enthused over the great achievements made with computer science, but he turned his guns on Bitcoin while discussing regrets as he highlighted his deep concern for environmental issues and criminality. Half of all Bitcoin transactions have, according to a handful of studies, links to criminal activity in some form or other. It has also been suggested that almost a quarter of BTC users are also involved in illegal activity to the tune of $72 billion a year. Bitcoin also attracts criticism for its negative environmental impact, using up a mind-boggling seven gigawatts of electricity a year and accounting for 0.21% of the worlds supplies. Three things Bitcoin miners should know By Pedro Febrero November 13, 2019 The post Bitcoin is a tool for criminals, slams legendary computer scientist appeared first on Coin Rivet . || eToro’s crypto exchange adds 5 more native stablecoins, including South African rand: eToroX, the cryptocurrency exchange of social investing platform eToro, has launched five more native stablecoins.
These are - eToroX Turkish lira (TRYX), Polish zloty (PLNX), South African rand (ZARX), Hong Kong dollar (HKDX), and Singapore dollar (SGDX), according to anannouncementTuesday.
With these additions, eToroX now offers a total of17 native stablecoins, including eToroX United States dollar (USDEX), euro (EURX) and pound Sterling (GBPX).
The exchange has also added support for Circle's USDC and Tether's USDT stablecoins, as well as privacy-oriented cryptocurrency dash. It has also launched a crypto-commodity pair - GOLDX/BTC.
GoldX is the tokenized gold stablecoin, available as a base currency for trading as a pair with bitcoin. “Our Gold/Bitcoin pair provides a means to trade between the old and the new stores of value," said eToroX managing director Doron Rosenblum.
The exchange said it now offers a total of 96 trading pairs since itslaunch in Aprilthis year. eToroX plans to add more trading pairs, cryptocurrencies, and stablecoins “in the coming months.” || eToros crypto exchange adds 5 more native stablecoins, including South African rand: eToroX, the cryptocurrency exchange of social investing platform eToro, has launched five more native stablecoins. These are - eToroX Turkish lira (TRYX), Polish zloty (PLNX), South African rand (ZARX), Hong Kong dollar (HKDX), and Singapore dollar (SGDX), according to an announcement Tuesday. With these additions, eToroX now offers a total of 17 native stablecoins , including eToroX United States dollar (USDEX), euro (EURX) and pound Sterling (GBPX). The exchange has also added support for Circle's USDC and Tether's USDT stablecoins, as well as privacy-oriented cryptocurrency dash. It has also launched a crypto-commodity pair - GOLDX/BTC. GoldX is the tokenized gold stablecoin, available as a base currency for trading as a pair with bitcoin. Our Gold/Bitcoin pair provides a means to trade between the old and the new stores of value," said eToroX managing director Doron Rosenblum. The exchange said it now offers a total of 96 trading pairs since its launch in April this year. eToroX plans to add more trading pairs, cryptocurrencies, and stablecoins in the coming months.
[Social Media Buzz]
@anarchosub7 You can receive or send Bitcoin over social media using micro transactions.
I just sent you 1000 sats (9 cents) tip over Twitter. https://t.co/IieeoEzAMU || $XTZ. Push! Keep on rising! $BTC market on #Binance. Current Price: Ƀ 0.00014790 Sharing = Pushing! || BUYING activity
MARKET IOTA Binance
Duration: 30 min
Maker buy 15.43%
Volume 24h: 83.86 BTC
Bought: 12.94 BTC
$IOTA #cryptotrading #bullish #binance || #LTC #EOS #BTC #ETH To begin with, the crypto market is in quite a frenzy...
|
8491.99, 8550.76, 8577.98, 8309.29, 8206.15, 8027.27, 7642.75, 7296.58, 7397.80, 7047.92
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 8393.04, 8259.99, 8205.94, 8151.50, 7988.16, 8245.62, 8228.78, 8595.74, 8586.47, 8321.76, 8336.56, 8321.01, 8374.69, 8205.37, 8047.53, 8103.91, 7973.21, 7988.56, 8222.08, 8243.72, 8078.20, 7514.67, 7493.49, 8660.70, 9244.97, 9551.71, 9256.15, 9427.69, 9205.73, 9199.58, 9261.10, 9324.72, 9235.35, 9412.61, 9342.53, 9360.88, 9267.56, 8804.88, 8813.58, 9055.53, 8757.79, 8815.66, 8808.26, 8708.09, 8491.99, 8550.76, 8577.98, 8309.29, 8206.15, 8027.27, 7642.75, 7296.58, 7397.80, 7047.92, 7146.13, 7218.37, 7531.66, 7463.11, 7761.24, 7569.63, 7424.29, 7321.99, 7320.15, 7252.03, 7448.31, 7547.00, 7556.24, 7564.35, 7400.90, 7278.12, 7217.43, 7243.13, 7269.68, 7124.67, 7152.30, 6932.48, 6640.52, 7276.80, 7202.84, 7218.82, 7191.16, 7511.59, 7355.63, 7322.53, 7275.16, 7238.97, 7290.09, 7317.99, 7422.65, 7293.00.
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[Bitcoin Technical Analysis for 2019-12-30]
Volume: 22874131672, RSI (14-day): 47.83, 50-day EMA: 7603.44, 200-day EMA: 8245.02
[Wider Market Context]
Gold Price: 1514.50, Gold RSI: 70.34
Oil Price: 61.68, Oil RSI: 66.15
[Recent News (last 7 days)]
Bitcoin’s Purported Creator Says Fortune May Remain Locked: (Bloomberg) -- The man who claims he invented the world’s largest cryptocurrency and was ordered by a judge to surrender about $3 billion of his Bitcoin holdings said he may not be able to do so anytime soon.
In a statement to Bloomberg News, Craig Wright said that he “cannot be certain that information will in fact arrive” to help identify the coins he has to split in a legal dispute. The Australian scientist added that he hasn’t said the “private keys” to those coins would become available or be actually used next month.
Earlier this year, U.S. Magistrate Judge Bruce Reinhart in West Palm Beach, Florida, said Wright submitted false documents and lied in the legal dispute. He ruled that the late Dave Kleiman owned half of all Bitcoins that Wright mined through 2013, and half of all intellectual property he created. At the time, half of the Bitcoins was valued at about $4 billion, but the digital token’s price has declined since. The ultimate test may be whether Wright is actually able to deliver the Bitcoins to his former partner’s estate.
Wright is a controversial figure, with many in the cryptocurrency community believing he didn’t invent Bitcoin and doesn’t have any extensive holdings. Still, some investors have been concerned that a dump of the coins, supposedly locked in a complicated trust holding about $6 billion, could affect the market.
“I do not intend to dump my family’s BTC as some people suspect or want, as this would hurt many people in the industry,” Wright said in the statement, referring to his Bitcoin fortune.
Judge Reinhart found “clear and convincing evidence” that demonstrates the encrypted trust file doesn’t exist and that Wright’s testimony about it was “intentionally false,” Vel Freedman of Roche Freedman LLP, representing the Kleiman estate, said in an email. The plaintiffs’ position has always been that Wright has access to the Bitcoin now and “no bonded courier” needs to arrive for him to get access, he added.
The lawsuit has yet to be resolved. Wright will give his next deposition on Jan. 14-15, according to his representative.
(Adds dates of Wright’s next deposition as Jan 14-15.)
--With assistance from Peter Blumberg.
To contact the reporter on this story: Olga Kharif in Portland at [email protected]
To contact the editors responsible for this story: Nick Turner at [email protected], ;Jeremy Herron at [email protected], Rita Nazareth
For more articles like this, please visit us atbloomberg.com
©2019 Bloomberg L.P. || Bitcoins Purported Creator Says Fortune May Remain Locked: (Bloomberg) -- The man who claims he invented the worlds largest cryptocurrency and was ordered by a judge to surrender about $3 billion of his Bitcoin holdings said he may not be able to do so anytime soon. In a statement to Bloomberg News, Craig Wright said that he cannot be certain that information will in fact arrive to help identify the coins he has to split in a legal dispute. The Australian scientist added that he hasnt said the private keys to those coins would become available or be actually used next month. Earlier this year, U.S. Magistrate Judge Bruce Reinhart in West Palm Beach, Florida, said Wright submitted false documents and lied in the legal dispute. He ruled that the late Dave Kleiman owned half of all Bitcoins that Wright mined through 2013, and half of all intellectual property he created. At the time, half of the Bitcoins was valued at about $4 billion, but the digital tokens price has declined since. The ultimate test may be whether Wright is actually able to deliver the Bitcoins to his former partners estate. Wright is a controversial figure, with many in the cryptocurrency community believing he didnt invent Bitcoin and doesnt have any extensive holdings. Still, some investors have been concerned that a dump of the coins, supposedly locked in a complicated trust holding about $6 billion, could affect the market. I do not intend to dump my familys BTC as some people suspect or want, as this would hurt many people in the industry, Wright said in the statement, referring to his Bitcoin fortune. Judge Reinhart found clear and convincing evidence that demonstrates the encrypted trust file doesnt exist and that Wrights testimony about it was intentionally false, Vel Freedman of Roche Freedman LLP, representing the Kleiman estate, said in an email. The plaintiffs position has always been that Wright has access to the Bitcoin now and no bonded courier needs to arrive for him to get access, he added. Story continues The lawsuit has yet to be resolved. Wright will give his next deposition on Jan. 14-15, according to his representative. (Adds dates of Wrights next deposition as Jan 14-15.) --With assistance from Peter Blumberg. To contact the reporter on this story: Olga Kharif in Portland at [email protected] To contact the editors responsible for this story: Nick Turner at [email protected], ;Jeremy Herron at [email protected], Rita Nazareth For more articles like this, please visit us at bloomberg.com ©2019 Bloomberg L.P. || Bitcoin’s Purported Creator Says Fortune May Remain Locked: (Bloomberg) -- The man who claims he invented the world’s largest cryptocurrency and was ordered by a judge to surrender about $3 billion of his Bitcoin holdings said he may not be able to do so anytime soon.
In a statement to Bloomberg News, Craig Wright said that he “cannot be certain that information will in fact arrive” to help identify the coins he has to split in a legal dispute. The Australian scientist added that he hasn’t said the “private keys” to those coins would become available or be actually used next month.
Earlier this year, U.S. Magistrate Judge Bruce Reinhart in West Palm Beach, Florida, said Wright submitted false documents and lied in the legal dispute. He ruled that the late Dave Kleiman owned half of all Bitcoins that Wright mined through 2013, and half of all intellectual property he created. At the time, half of the Bitcoins was valued at about $4 billion, but the digital token’s price has declined since. The ultimate test may be whether Wright is actually able to deliver the Bitcoins to his former partner’s estate.
Wright is a controversial figure, with many in the cryptocurrency community believing he didn’t invent Bitcoin and doesn’t have any extensive holdings. Still, some investors have been concerned that a dump of the coins, supposedly locked in a complicated trust holding about $6 billion, could affect the market.
“I do not intend to dump my family’s BTC as some people suspect or want, as this would hurt many people in the industry,” Wright said in the statement, referring to his Bitcoin fortune.
Judge Reinhart found “clear and convincing evidence” that demonstrates the encrypted trust file doesn’t exist and that Wright’s testimony about it was “intentionally false,” Vel Freedman of Roche Freedman LLP, representing the Kleiman estate, said in an email. The plaintiffs’ position has always been that Wright has access to the Bitcoin now and “no bonded courier” needs to arrive for him to get access, he added.
The lawsuit has yet to be resolved. Wright will give his next deposition on Jan. 14-15, according to his representative.
(Adds dates of Wright’s next deposition as Jan 14-15.)
--With assistance from Peter Blumberg.
To contact the reporter on this story: Olga Kharif in Portland at [email protected]
To contact the editors responsible for this story: Nick Turner at [email protected], ;Jeremy Herron at [email protected], Rita Nazareth
For more articles like this, please visit us atbloomberg.com
©2019 Bloomberg L.P. || Bold Stock Market Predictions for 2020: As usual in the stock market, 2019 was another unpredictable year. In addition to the seemingly unending succession of new market highs, specific events also caught many market pundits by surprise. Consider the IPO of Uber one of the most anticipated market events of the year turned out to be a major disappointment for investors. On the other end of the spectrum, Beyond Meat priced its IPO at $25 in May, watched its stock price quickly soar above $230 and then watched it sink back down to around $75 toward the end of the year. The one certainty in the stock market is that there will always be surprises. Heres a look at some market predictions for 2020 and tools you can use to prepare for them . Last updated: Dec. 29, 2019 Prediction: The Market Will Be Up Again The stock market roared ever higher in 2019, with the S&P 500 posting a gain of 29.2% through Dec. 26. If you believe in the law of averages, you might expect 2020 to be a down year but that might be a mistake. History shows that when the market rises more than 20% in a single year, the following year is more likely to show positive returns than in other years. Action: Stay the Course If your portfolio has posted strong returns in 2019, then staying the course might lead to further gains in 2020. Although there will always be things to worry about when it comes to the stock market, this wall of worry can sometimes have a positive effect on Wall Street. For example, when everyone has already bought into the market, theres not much cash left to fuel further gains. But when some investors sit on a pile of cash out of fear that a bull market cant sustain itself, that money eventually has to go somewhere especially when fear of missing out kicks in. Investors who avoided the stock market in 2019 might jump back into the market in 2020. Prediction: The Year Will Be Much More Volatile Despite a few ups and downs, the U.S. stock market in 2019 was much less volatile than in years past. That could change in 2020 because of a few potentially market-moving events on the horizon. Art Cashin of UBS, who has had his finger on the pulse of the stock market for more than 50 years, warns of three p eriods when volatility could strike in 2020: in January, when British Prime Minister Boris Johnson is expected to finally push Brexit through; in March, when Super Tuesday will bring a large chunk of the voting populace to the polls; and in July, when the Democratic Party might have a brokered convention. Story continues Find Out: Stocks To Keep In Your Portfolio for the Next 30 Years Action: Stay the Course But Put on Your Seat Belt Investors have notoriously bad timing when it comes to stocks, often selling out right before big rallies or piling in just before big selloffs. As long as you believe the long-term trend of the market is up, then settle in and prepare to ride out the ups and downs that 2020 might have in store. You might even want to invest more money when the market softens as long as you have the courage and conviction that the pullback is only temporary. Prediction: Value Stocks Will Come Back Stocks are broadly categorized into two types: growth and value. Growth stocks are the high flyers that grab the lions share of headlines, promise robust financial returns, and include high-profile names like Netflix, Uber and Facebook. Value stocks which include most energy, utility and basic materials companies are often dividend-paying, slow-growth firms with unspectacular share prices. Growth and value stocks typically run counter to one another on Wall Street, with the former performing better in up markets and the latter doing well in down markets. In terms of stock returns, growth stocks have been walloping their value counterparts since 2007. Some analysts think this trend is due for a major reversal starting in 2020. Action: Diversify Your Portfolio Its hard to sell stocks when they seem to go up every year. Market leaders like Facebook and Amazon have been helping drive this bull market for years, but how long can they continue to keep setting new highs? You dont have to unload all of your high flyers, but if you believe the growth/value cycle might be shifting, you owe it to yourself to pick up a few boring value names. At the very least, youre likely to make your portfolio less volatile. Prediction: The Bear Will Finally Come Out of Its Cave Market bears have spent the last couple of years predicting (incorrectly) that the bull run is due to end, but 2020 might finally be the year theyre proven right. Even though the current bull market has shown remarkable resilience in the face of a trade war, a yield curve inversion, recession fears and a presidential impeachment, it has to end sometime. Some pundits expect the market to turn bearish in 2020. Action: Take Some Profits/Hedge Your Risk An old adage in the stock market says that youll never go broke taking profits. If youve got big gains on the books, it might be time to cash those profits in. Booking large gains and preparing to reinvest during the next downturn might be a solid risk-avoidance strategy at this point in the game particularly if you believe, as many market observers do, that the next major selloff is right around the corner in 2020. Stash These Profits: Stocks That Would Have Made You Rich Today Prediction: GE Will Recover Poor old General Electric. Not only did the original member of the Dow Jones Industrial Average get unceremoniously dumped from that index in 2018, but the former blue chip stock also saw its shares plummet by about two-thirds since August 2018. From its all-time high of $60 in 2000, GEs stock had fallen below $8 in late 2018 and barely traded above $11 as of December 2019. But some analysts believe a turnaround might be afoot for GE in 2020. Action: Consider a Small Investment in GE GE shares probably wont be returning to their all-time high any time soon, but with a current price of about $11 per share, even a gain of $5 would translate into a nearly 50% gain. Its a risky play, but investing in GE might prove profitable in 2020. Prediction: Macys Will Recover Venerable department-store chain Macys is in nearly the same boat as industrial conglomerate GE. After trading above $72 per share as recently as 2015, Macys has taken the elevator straight to the discount floor, trading below $20 per share for the last few months of 2019. While the iconic sponsor of the Macys Thanksgiving Day Parade definitely has its issues not the least of which is competition from online retailers some analysts think the stock is a bargain play that might be worth investing in. Action: Consider a Small Investment in Macys Macys is definitely a risky play. The companys huge dividend has the potential to be cut, and sales trends have been weak for many years now. In fact, the stock was one of the worst performers on Wall Street in 2019. But if you believe, as some analysts do, that the dividend is covered by cash flow and the shares are undervalued, Macys could be a winner. If things dont pan out for Macys, however, it could wind up in bankruptcy like so many of its retailing peers in recent years. Prediction: Brexit Could Get Messy Whats with all the recent news about Brexit? Didnt that happen way back in 2016? Well, yes and no. Yes, the original Brexit vote passed (to much surprise) in 2016 by a 52% to 48% margin. However, after several delays, the official date of the UKs exit from the European Union was pushed back until Jan. 31, 2020. Brexit could have a big (and messy) impact on the global economy and stock markets, but for now no one is exactly sure what will happen. Learn More: Brexit Consequences and What They Mean for You Action: Review Your Risk Tolerance and Asset Allocation Theres not much you can do as an individual investor to stop Brexit. Nor can you predict with any certainty what effect it might have on your investments. In these cases, its usually best to stick with a diversified, risk-appropriate portfolio and just brace yourself for what could be a bumpy ride. Brexit might initially push markets down, but they might just as easily rise which pretty much sounds like any other day in the stock market. Prediction: The Recession Will Finally Hit Recessions are an inevitable part of the business cycle, so its no surprise that some economists have spent the last couple of years warning that the bustling U.S. economy would finally hit the skids. So far, that hasnt happened. In fact, the 2010s were the first decade in nearly 170 years in which there wasnt a recorded recession, which is commonly defined as two straight quarters of contracting GDP. Even so, 38% of economists surveyed by the National Association for Business Economics in August said they expect a recession to begin in 2020. Another 34% said one will strike no later than the end of 2021. Action: Review Your Asset Allocation Since predicting economic cycles is an inexact science at best, its not usually prudent to adjust your portfolio on the expectations of a recession. But considering how long its been since the last recession and the fact that you likely have sizable gains in your investment portfolio if you stayed in the market throughout the bull run it might be a good time to review your current allocation to see if certain parts have gotten out of balance. For example, if your aim is to have 60% of your portfolio in stocks but found that theyve grown to around 90%, it might be a good time to trim your position in stocks so theyre more in line with your original investment objectives and risk tolerance. Prediction: Bitcoin Will Explode Bitcoin has had a wild ride. It rose from near-obscurity at the beginning of the decade to a peak of nearly $20,000 per coin in late 2017, then dropped below $3,200 a year later before rebounding to its current levels of about $7,200. Because Bitcoin is a confusing investment that doesnt trade on any publicly regulated exchange, many investors fear putting their money into it. However, some analysts predict Bitcoins price will soar well into the six figures within the next couple of years. Action: Own Some Bitcoin Before investing in Bitcoin, do your own research on how it works, what its used for and whether it matches your investment objectives and risk tolerance. Only then should you dabble in Bitcoin or any other cryptocurrencies. In the meantime, consider this: Even with all its volatility, Bitcoins price has risen more than 20-fold over the past five years. Prediction: Uber and Lyft Will Beat the Market Uber and Lyft were two of the most highly anticipated IPOs of 2019. The ride sharing services epitomized unicorn stocks, those private companies with $1 billion valuations. For years, investors wondered when the companies would go public so they could buy in. But once the stocks finally listed in 2019, investor enthusiasm waned rapidly. Both stocks fell sharply soon after they went public and currently trade at considerable discounts to their IPO prices. Action: Pick Up Some Shares of Uber and/or Lyft Some analysts reckon Uber and Lyft have taken enough punishment already. While both companies still hemorrhage money, theres a reason they carried $1 billion-plus valuations as private companies. As innovators that are transforming an entire industry, Uber and Lyft still have the backing of analysts who expect a big rebound in both stocks in 2020. Nibbling on the shares at their current prices could prove profitable if these analysts are on the mark. Prediction: Historical Election-Year Trends Will Prove Accurate According to the Stock Traders Almanac, election years in which an incumbent is up for re-election tend to be good ones for the stock market. Since 1949, the average Dow Jones return under such conditions is 10.1%. However, in years in which there is no incumbent running, the Dow typically goes down by about 1.6%. Much of this probably has to do with the fact that the market hates uncertainty, and when an incumbent is running, the market at least knows how one of the major candidates would govern. Action: Stick With the Market With President Donald Trump up for re-election, historical trends support a continued rise in the market. If Trump were to be removed from office or otherwise drop out of the race ahead of the election, the markets could face turmoil. But as things currently stand, historical market trends support another double-digit rise for the Dow. If your portfolio did well in 2019, then historically speaking, its likely in line for another good year in 2020. Prediction: Youll Make (at Least) One Mistake This prediction is a bit tongue-in-cheek, but its also the one most likely to prove accurate. No investor can predict the future of the markets with certainty and this includes financial professionals whove been trading stocks for decades. Making mistakes is simply part of the game when it comes to investing. If you can mentally prepare yourself for this truism, you stand a much better chance of doing well over the long haul. Action: Stay the Course The key to riding out your inevitable mistakes is to keep your portfolio in line with your investment objectives and risk tolerance at all times. Although you should anticipate making mistakes, trying to fix them by making more like trying to time the market is a recipe for disaster. Understand that youre not going to bat 1.000. Just do all you can to ensure that your correct calls outnumber your wrong ones. More From GOBankingRates Best 401(k) Companies of 2019-2020 Citibank Review: One-Stop Banking Best Savings Accounts of 2020 Retirees Confess What They Wish Theyd Done With Their Money This article is produced for informational purposes only and is not a recommendation to buy or sell any securities. Investing comes with risk to loss of principal. Please always conduct your own research and consider your investment decisions carefully. This article originally appeared on GOBankingRates.com : Bold Stock Market Predictions for 2020 || Bold Stock Market Predictions for 2020: As usual in the stock market, 2019 was another unpredictable year. In addition to the seemingly unending succession of new market highs, specific events also caught many market pundits by surprise. Consider the IPO of Uber one of the most anticipated market events of the year turned out to be a major disappointment for investors. On the other end of the spectrum, Beyond Meat priced its IPO at $25 in May, watched its stock price quickly soar above $230 and then watched it sink back down to around $75 toward the end of the year. The one certainty in the stock market is that there will always be surprises. Heres a look at some market predictions for 2020 and tools you can use to prepare for them . Last updated: Dec. 29, 2019 Prediction: The Market Will Be Up Again The stock market roared ever higher in 2019, with the S&P 500 posting a gain of 29.2% through Dec. 26. If you believe in the law of averages, you might expect 2020 to be a down year but that might be a mistake. History shows that when the market rises more than 20% in a single year, the following year is more likely to show positive returns than in other years. Action: Stay the Course If your portfolio has posted strong returns in 2019, then staying the course might lead to further gains in 2020. Although there will always be things to worry about when it comes to the stock market, this wall of worry can sometimes have a positive effect on Wall Street. For example, when everyone has already bought into the market, theres not much cash left to fuel further gains. But when some investors sit on a pile of cash out of fear that a bull market cant sustain itself, that money eventually has to go somewhere especially when fear of missing out kicks in. Investors who avoided the stock market in 2019 might jump back into the market in 2020. Prediction: The Year Will Be Much More Volatile Despite a few ups and downs, the U.S. stock market in 2019 was much less volatile than in years past. That could change in 2020 because of a few potentially market-moving events on the horizon. Art Cashin of UBS, who has had his finger on the pulse of the stock market for more than 50 years, warns of three p eriods when volatility could strike in 2020: in January, when British Prime Minister Boris Johnson is expected to finally push Brexit through; in March, when Super Tuesday will bring a large chunk of the voting populace to the polls; and in July, when the Democratic Party might have a brokered convention. Story continues Find Out: Stocks To Keep In Your Portfolio for the Next 30 Years Action: Stay the Course But Put on Your Seat Belt Investors have notoriously bad timing when it comes to stocks, often selling out right before big rallies or piling in just before big selloffs. As long as you believe the long-term trend of the market is up, then settle in and prepare to ride out the ups and downs that 2020 might have in store. You might even want to invest more money when the market softens as long as you have the courage and conviction that the pullback is only temporary. Prediction: Value Stocks Will Come Back Stocks are broadly categorized into two types: growth and value. Growth stocks are the high flyers that grab the lions share of headlines, promise robust financial returns, and include high-profile names like Netflix, Uber and Facebook. Value stocks which include most energy, utility and basic materials companies are often dividend-paying, slow-growth firms with unspectacular share prices. Growth and value stocks typically run counter to one another on Wall Street, with the former performing better in up markets and the latter doing well in down markets. In terms of stock returns, growth stocks have been walloping their value counterparts since 2007. Some analysts think this trend is due for a major reversal starting in 2020. Action: Diversify Your Portfolio Its hard to sell stocks when they seem to go up every year. Market leaders like Facebook and Amazon have been helping drive this bull market for years, but how long can they continue to keep setting new highs? You dont have to unload all of your high flyers, but if you believe the growth/value cycle might be shifting, you owe it to yourself to pick up a few boring value names. At the very least, youre likely to make your portfolio less volatile. Prediction: The Bear Will Finally Come Out of Its Cave Market bears have spent the last couple of years predicting (incorrectly) that the bull run is due to end, but 2020 might finally be the year theyre proven right. Even though the current bull market has shown remarkable resilience in the face of a trade war, a yield curve inversion, recession fears and a presidential impeachment, it has to end sometime. Some pundits expect the market to turn bearish in 2020. Action: Take Some Profits/Hedge Your Risk An old adage in the stock market says that youll never go broke taking profits. If youve got big gains on the books, it might be time to cash those profits in. Booking large gains and preparing to reinvest during the next downturn might be a solid risk-avoidance strategy at this point in the game particularly if you believe, as many market observers do, that the next major selloff is right around the corner in 2020. Stash These Profits: Stocks That Would Have Made You Rich Today Prediction: GE Will Recover Poor old General Electric. Not only did the original member of the Dow Jones Industrial Average get unceremoniously dumped from that index in 2018, but the former blue chip stock also saw its shares plummet by about two-thirds since August 2018. From its all-time high of $60 in 2000, GEs stock had fallen below $8 in late 2018 and barely traded above $11 as of December 2019. But some analysts believe a turnaround might be afoot for GE in 2020. Action: Consider a Small Investment in GE GE shares probably wont be returning to their all-time high any time soon, but with a current price of about $11 per share, even a gain of $5 would translate into a nearly 50% gain. Its a risky play, but investing in GE might prove profitable in 2020. Prediction: Macys Will Recover Venerable department-store chain Macys is in nearly the same boat as industrial conglomerate GE. After trading above $72 per share as recently as 2015, Macys has taken the elevator straight to the discount floor, trading below $20 per share for the last few months of 2019. While the iconic sponsor of the Macys Thanksgiving Day Parade definitely has its issues not the least of which is competition from online retailers some analysts think the stock is a bargain play that might be worth investing in. Action: Consider a Small Investment in Macys Macys is definitely a risky play. The companys huge dividend has the potential to be cut, and sales trends have been weak for many years now. In fact, the stock was one of the worst performers on Wall Street in 2019. But if you believe, as some analysts do, that the dividend is covered by cash flow and the shares are undervalued, Macys could be a winner. If things dont pan out for Macys, however, it could wind up in bankruptcy like so many of its retailing peers in recent years. Prediction: Brexit Could Get Messy Whats with all the recent news about Brexit? Didnt that happen way back in 2016? Well, yes and no. Yes, the original Brexit vote passed (to much surprise) in 2016 by a 52% to 48% margin. However, after several delays, the official date of the UKs exit from the European Union was pushed back until Jan. 31, 2020. Brexit could have a big (and messy) impact on the global economy and stock markets, but for now no one is exactly sure what will happen. Learn More: Brexit Consequences and What They Mean for You Action: Review Your Risk Tolerance and Asset Allocation Theres not much you can do as an individual investor to stop Brexit. Nor can you predict with any certainty what effect it might have on your investments. In these cases, its usually best to stick with a diversified, risk-appropriate portfolio and just brace yourself for what could be a bumpy ride. Brexit might initially push markets down, but they might just as easily rise which pretty much sounds like any other day in the stock market. Prediction: The Recession Will Finally Hit Recessions are an inevitable part of the business cycle, so its no surprise that some economists have spent the last couple of years warning that the bustling U.S. economy would finally hit the skids. So far, that hasnt happened. In fact, the 2010s were the first decade in nearly 170 years in which there wasnt a recorded recession, which is commonly defined as two straight quarters of contracting GDP. Even so, 38% of economists surveyed by the National Association for Business Economics in August said they expect a recession to begin in 2020. Another 34% said one will strike no later than the end of 2021. Action: Review Your Asset Allocation Since predicting economic cycles is an inexact science at best, its not usually prudent to adjust your portfolio on the expectations of a recession. But considering how long its been since the last recession and the fact that you likely have sizable gains in your investment portfolio if you stayed in the market throughout the bull run it might be a good time to review your current allocation to see if certain parts have gotten out of balance. For example, if your aim is to have 60% of your portfolio in stocks but found that theyve grown to around 90%, it might be a good time to trim your position in stocks so theyre more in line with your original investment objectives and risk tolerance. Prediction: Bitcoin Will Explode Bitcoin has had a wild ride. It rose from near-obscurity at the beginning of the decade to a peak of nearly $20,000 per coin in late 2017, then dropped below $3,200 a year later before rebounding to its current levels of about $7,200. Because Bitcoin is a confusing investment that doesnt trade on any publicly regulated exchange, many investors fear putting their money into it. However, some analysts predict Bitcoins price will soar well into the six figures within the next couple of years. Action: Own Some Bitcoin Before investing in Bitcoin, do your own research on how it works, what its used for and whether it matches your investment objectives and risk tolerance. Only then should you dabble in Bitcoin or any other cryptocurrencies. In the meantime, consider this: Even with all its volatility, Bitcoins price has risen more than 20-fold over the past five years. Prediction: Uber and Lyft Will Beat the Market Uber and Lyft were two of the most highly anticipated IPOs of 2019. The ride sharing services epitomized unicorn stocks, those private companies with $1 billion valuations. For years, investors wondered when the companies would go public so they could buy in. But once the stocks finally listed in 2019, investor enthusiasm waned rapidly. Both stocks fell sharply soon after they went public and currently trade at considerable discounts to their IPO prices. Action: Pick Up Some Shares of Uber and/or Lyft Some analysts reckon Uber and Lyft have taken enough punishment already. While both companies still hemorrhage money, theres a reason they carried $1 billion-plus valuations as private companies. As innovators that are transforming an entire industry, Uber and Lyft still have the backing of analysts who expect a big rebound in both stocks in 2020. Nibbling on the shares at their current prices could prove profitable if these analysts are on the mark. Prediction: Historical Election-Year Trends Will Prove Accurate According to the Stock Traders Almanac, election years in which an incumbent is up for re-election tend to be good ones for the stock market. Since 1949, the average Dow Jones return under such conditions is 10.1%. However, in years in which there is no incumbent running, the Dow typically goes down by about 1.6%. Much of this probably has to do with the fact that the market hates uncertainty, and when an incumbent is running, the market at least knows how one of the major candidates would govern. Action: Stick With the Market With President Donald Trump up for re-election, historical trends support a continued rise in the market. If Trump were to be removed from office or otherwise drop out of the race ahead of the election, the markets could face turmoil. But as things currently stand, historical market trends support another double-digit rise for the Dow. If your portfolio did well in 2019, then historically speaking, its likely in line for another good year in 2020. Prediction: Youll Make (at Least) One Mistake This prediction is a bit tongue-in-cheek, but its also the one most likely to prove accurate. No investor can predict the future of the markets with certainty and this includes financial professionals whove been trading stocks for decades. Making mistakes is simply part of the game when it comes to investing. If you can mentally prepare yourself for this truism, you stand a much better chance of doing well over the long haul. Action: Stay the Course The key to riding out your inevitable mistakes is to keep your portfolio in line with your investment objectives and risk tolerance at all times. Although you should anticipate making mistakes, trying to fix them by making more like trying to time the market is a recipe for disaster. Understand that youre not going to bat 1.000. Just do all you can to ensure that your correct calls outnumber your wrong ones. More From GOBankingRates Best 401(k) Companies of 2019-2020 Citibank Review: One-Stop Banking Best Savings Accounts of 2020 Retirees Confess What They Wish Theyd Done With Their Money This article is produced for informational purposes only and is not a recommendation to buy or sell any securities. Investing comes with risk to loss of principal. Please always conduct your own research and consider your investment decisions carefully. This article originally appeared on GOBankingRates.com : Bold Stock Market Predictions for 2020 || Bitcoin investors still smiling at the end of 2019: It’s been a bumpy year forbitcoinhodlers, but despite the rough ride, over the last 12 months, the price of the cryptocurrency has risen by more than 95% since this time last year.
On New Year’s Eve 2018, the price of bitcoin was sat at around $3,700, at the time of writing in 2019 however, the price has surged to around $7,300. That’s a 97.3% increase. Compared to other types of asset over the same time period, bitcoin has performed exceptionally. The Dow Jones Industrial Averagerose 27.37%, and theUK FTSE 100rose by a modest 14%. Not bad. But it’s been a test of nerves for investors this year.
As we entered 2019, bitcoin’s price continued to trickle downwards, hitting a low of $3,400 on February 8, according to data from CoinMarketCap. But from that point, the price began to climb, with monthly gains leading all the way to July 12, where the price of bitcoin hit its 2019 high of $12,955. Since then the market has been dominated by dramatic price swings.
The first came shortly after its July high. In just five days, the price slumped from nearly $13,000 back down to $9,481 by July 17. But by August 6, the price was way up again, sitting at $12,240.
September, October, and November all saw similar patterns with billions wiped off the price of bitcoin before an almost miraculous recovery. While those recoveries never quite saw the price of bitcoin return to its July peak, if you’d bought bitcoin in January you’d still be sitting pretty.
There has been a myriad of reasons why this year has had so many swings. A report by Chainalysis suggested a Chinese ponzi scam was behind the mid-December crash. Others suggested investors are just tired of all the swings and got out while the going was (moderately) good.
“Many companies and individuals that hold Bitcoin or other crypto still need to liquidate to fund their day to day expenses, and the fear of Bitcoin crashing even further is likely causing people to sell off further,”said Simon Yu, CEO of StormX, an e-commerce platform for micro-tasking, toldDecrypt.
We’ve actually compiled a learn guide on why bitcoin’s price is so volatile. The TL:DR of it is, this is what happens in a small market (when compared to other assets like gold and equities) where there are a few big players or whales that cause significant shifts in price whenever they move their crypto. You canread the whole thing or watch our video.
But despite the turbulent waters of 2019, exchange chiefs seem optimistic about bitcoin’s fortunes in 2020.
Executives at top South Korean crypto exchanges Bithumb, Korbit, and Hanbitco believe that market conditions will be brighter in 2020 thanks to improved regulation and a shift in the appetites of institutional investors.
Japanese exchange executivesseem to agree that 2020 will be a golden year, too. There’s also the long-awaited halvening of Bitcoin mining rewards to come in May as well. In the last two such events, bitcoin’s price trended upwards-albeit not always right away. Many are hoping this could lead to further gains for investors in the crypto asset.
If you’d been lucky enough to get into bitcoin in 2010 however, 2019’s highs and lows mean diddly squat compared to what happens if you held bitcoin for a decade.
Happy New Year hodlers. || Bitcoin investors still smiling at the end of 2019: It’s been a bumpy year forbitcoinhodlers, but despite the rough ride, over the last 12 months, the price of the cryptocurrency has risen by more than 95% since this time last year.
On New Year’s Eve 2018, the price of bitcoin was sat at around $3,700, at the time of writing in 2019 however, the price has surged to around $7,300. That’s a 97.3% increase. Compared to other types of asset over the same time period, bitcoin has performed exceptionally. The Dow Jones Industrial Averagerose 27.37%, and theUK FTSE 100rose by a modest 14%. Not bad. But it’s been a test of nerves for investors this year.
As we entered 2019, bitcoin’s price continued to trickle downwards, hitting a low of $3,400 on February 8, according to data from CoinMarketCap. But from that point, the price began to climb, with monthly gains leading all the way to July 12, where the price of bitcoin hit its 2019 high of $12,955. Since then the market has been dominated by dramatic price swings.
The first came shortly after its July high. In just five days, the price slumped from nearly $13,000 back down to $9,481 by July 17. But by August 6, the price was way up again, sitting at $12,240.
September, October, and November all saw similar patterns with billions wiped off the price of bitcoin before an almost miraculous recovery. While those recoveries never quite saw the price of bitcoin return to its July peak, if you’d bought bitcoin in January you’d still be sitting pretty.
There has been a myriad of reasons why this year has had so many swings. A report by Chainalysis suggested a Chinese ponzi scam was behind the mid-December crash. Others suggested investors are just tired of all the swings and got out while the going was (moderately) good.
“Many companies and individuals that hold Bitcoin or other crypto still need to liquidate to fund their day to day expenses, and the fear of Bitcoin crashing even further is likely causing people to sell off further,”said Simon Yu, CEO of StormX, an e-commerce platform for micro-tasking, toldDecrypt.
We’ve actually compiled a learn guide on why bitcoin’s price is so volatile. The TL:DR of it is, this is what happens in a small market (when compared to other assets like gold and equities) where there are a few big players or whales that cause significant shifts in price whenever they move their crypto. You canread the whole thing or watch our video.
But despite the turbulent waters of 2019, exchange chiefs seem optimistic about bitcoin’s fortunes in 2020.
Executives at top South Korean crypto exchanges Bithumb, Korbit, and Hanbitco believe that market conditions will be brighter in 2020 thanks to improved regulation and a shift in the appetites of institutional investors.
Japanese exchange executivesseem to agree that 2020 will be a golden year, too. There’s also the long-awaited halvening of Bitcoin mining rewards to come in May as well. In the last two such events, bitcoin’s price trended upwards-albeit not always right away. Many are hoping this could lead to further gains for investors in the crypto asset.
If you’d been lucky enough to get into bitcoin in 2010 however, 2019’s highs and lows mean diddly squat compared to what happens if you held bitcoin for a decade.
Happy New Year hodlers. || Bitcoin investors still smiling at the end of 2019: Its been a bumpy year for bitcoin hodlers, but despite the rough ride, over the last 12 months, the price of the cryptocurrency has risen by more than 95% since this time last year. On New Years Eve 2018, the price of bitcoin was sat at around $3,700, at the time of writing in 2019 however, the price has surged to around $7,300. Thats a 97.3% increase. Compared to other types of asset over the same time period, bitcoin has performed exceptionally. The Dow Jones Industrial Average rose 27.37% , and the UK FTSE 100 rose by a modest 14%. Not bad. But its been a test of nerves for investors this year. bitcoin-price-2019-chart As we entered 2019, bitcoins price continued to trickle downwards, hitting a low of $3,400 on February 8, according to data from CoinMarketCap. But from that point, the price began to climb, with monthly gains leading all the way to July 12, where the price of bitcoin hit its 2019 high of $12,955. Since then the market has been dominated by dramatic price swings. The first came shortly after its July high. In just five days, the price slumped from nearly $13,000 back down to $9,481 by July 17. But by August 6, the price was way up again, sitting at $12,240. September, October, and November all saw similar patterns with billions wiped off the price of bitcoin before an almost miraculous recovery. While those recoveries never quite saw the price of bitcoin return to its July peak, if youd bought bitcoin in January youd still be sitting pretty. Making sense of it all There has been a myriad of reasons why this year has had so many swings. A report by Chainalysis suggested a Chinese ponzi scam was behind the mid-December crash. Others suggested investors are just tired of all the swings and got out while the going was (moderately) good. Chinese 'Ponzi scam' may have tanked Bitcoin price, new report suggests Many companies and individuals that hold Bitcoin or other crypto still need to liquidate to fund their day to day expenses, and the fear of Bitcoin crashing even further is likely causing people to sell off further, said Simon Yu , CEO of StormX, an e-commerce platform for micro-tasking, told Decrypt . Story continues Weve actually compiled a learn guide on why bitcoins price is so volatile. The TL:DR of it is, this is what happens in a small market (when compared to other assets like gold and equities) where there are a few big players or whales that cause significant shifts in price whenever they move their crypto. You can read the whole thing or watch our video . But despite the turbulent waters of 2019, exchange chiefs seem optimistic about bitcoins fortunes in 2020. Why major crypto exchange CEOs are bullish on bitcoin for 2020 Executives at top South Korean crypto exchanges Bithumb, Korbit, and Hanbitco believe that market conditions will be brighter in 2020 thanks to improved regulation and a shift in the appetites of institutional investors. Japanese exchange executives seem to agree that 2020 will be a golden year, too. Theres also the long-awaited halvening of Bitcoin mining rewards to come in May as well. In the last two such events, bitcoins price trended upwards-albeit not always right away. Many are hoping this could lead to further gains for investors in the crypto asset. The Bitcoin halvening is coming in 2020; what does it mean? If youd been lucky enough to get into bitcoin in 2010 however, 2019s highs and lows mean diddly squat compared to what happens if you held bitcoin for a decade. Most profitable investments of the decade: Bitcoin: +62,500% Ethereum: +17,900% Netflix: +4,280% Domino's Pizza: +3,000% Abiomed: +2,000% Lululemon: +1,300% Amazon: +1,250% NVIDIA: +1,180% Mastercard: +1,100% Apple: +840% Visa: +760% Google: +350% Decrypt (@decryptmedia) December 26, 2019 Happy New Year hodlers. || It's The Jons 2019!: Happy New Year! It's been another wild and wacky ride of a year in the tech world: breakthroughs and disgraces, triumphs and catastrophes, cryptocurrencies and starships, the ongoing rise of utopian clean energy and dystopian cyberpunk societies and, most of all, the ongoing weirding of the whole wide world. In other words, it was another perfect year for The Jons, the annual award that celebrates dubious tech-related achievements, named, in an awe-inspiring fit of humility, after myself. We've got quite a lineup for you this year, folks. So lets get to it! With very little further ado, I give you: the fifth annual Jon Awards for Dubious Technical Achievement! ( The Jons 2015 ) ( The Jons 2016 ) ( The Jons 2017 ) ( The Jons 2018 ) THE CATLIKE FINANCIAL REFLEXES AWARD FOR LANDING ON YOUR FEET AFTER UNMITIGATED DISASTER To Adam Neumann, who presided over the spectacular rise and even more spectacular fall from grace of WeWork, which proudly launched its proposed IPO this year and promptly saw most of its valuation (and its cash) disintegrate in a sea of eyebrow-raising stories about delusional irresponsibility and the harsh realities of actual business. However, give Neumann credit: stories may have made him sound like a pot-smoking surfer dude who lived in a hallucinatory fantasyland, but -- unlike his employees, whose dreams of IPO wealth were suddenly and completely shattered -- he managed to walk away from the business he drove nearly into the ground with a reported $1.7 billion windfall . THE EVERYBODY'S BEST FRIEND AWARD FOR INSPIRING NOSEBLEED VALUATIONS AND ASPIRATIONAL POSTERS EVERYWHERE To Masayoshi Son, whose widely announced dreams of a $108 billion Vision Fund II turned into the relative nightmare of something " far smaller " -- but still has his surreal, dreamlike slide decks to fall back on. After all, " SoftBank works to comfort people in their sorrow ." THE WE MAY AS WELL JUST GIVE HIM A LIFETIME ACHIEVEMENT AWARD FOR ELON DOING HIS ELON THING To -- obviously -- Elon Musk, who actually had a really good year: Tesla stock got " so high " it brushed the price at which he previously announced he would take it private (he didn't); SpaceX launched Starlink, a " very big deal "; and he was acquitted of defamation for calling a complete stranger a pedophile on Twitter. OK, so he also announced Starship should reach orbit by this coming March , and smashed the Cybertruck's allegedly unbreakable windows onstage at its unveiling , but still, a good year! See you in 2020, Elon. Story continues THE IF AT FIRST YOU DON'T CONVINCE, TELL AN EVEN MORE RIDICULOUS TALE AWARD FOR RISIBLE SATOSHI NAKAMOTO CLAIMS To Craig Wright, who has long claimed in the face of mocking industrywide disbelief to be Satoshi Nakamoto, the creator of Bitcoin, and especially for his claims that, now work with me here, the keys to 1 million of Satoshi's bitcoin were put in a "Tulip Trust" by a long-deceased collaborator and will be delivered to him by a "bonded courier" on January 1, 2020, i.e. a few days from now. The judge he told this to was, unsurprisingly, spectacularly unconvinced , saying Dr. Wrights demeanor did not impress me as someone who was telling the truth," and also reproached him for his "willful and bad faith pattern of obstructive behavior." You don't say. THE DEAD MEN TELL NO TALES, BUT ONLY IF THEY'RE ACTUALLY DEAD AWARD FOR LEAVING A TRAIL OF CRYPTOCURRENCY CHAOS IN ONE'S WAKE To my fellow Canadian Gerald William Cotten, the founder of QuadrigaCX, who apparently stole and/or lost essentially all of his customers' money, spending much of it on "luxury goods and real estate," before his death in Mumbai last year. "But Jon," you say, "how does this quality for a 2019 Jon Award?" Because the many thousands who lost money are now demanding an exhumation to determine that the body in Cotten's grave is, in fact, Cotten. As for the surviving founder, he's "a reported ex-con who served 18 months in a federal U.S. prison for identity theft, bank fraud and credit card fraud." Is this the end of this crazy story ? ...Well, probably yes . But in the world of cryptocurrencies, which reliably gives us the most jawdropping Jons, who can say for sure? THE I'VE SEEN THE FUTURE BABY AND IT'S PRETTY CRAZY AWARD FOR EPITOMIZING OUR CYBERPUNK PRESENT To Lil Nas X, a previously unknown queer black American teenager who made a country-trap song with a beat he purchased for $30 from a Dutch producer, which sampled an obscure Nine Inch Nails deep cut; recorded it in less than an hour for $20 ; crafted a hundred memes to publicize it on a new Chinese-owned video-snippet social network until it went viral courtesy of a Yeehaw Challenge meme; then saw it hit first country and then crossover success, and become the longest-reigning Billboard No. 1 single of all time . Does it even get more postmodern cyberpunk than that? Lil Nas X, this is your world (well, and Billie Eilish's) -- we just live in it. THE POWER TO DRIVE BABY BOOMERS COMPLETELY MAD AWARD FOR BEING SENSIBLY UPSET ABOUT THINGS To Greta Thunberg, another teenager, who is an angry advocate of doing something about climate change and for some reason frequently drives a whole lot of apparently lucid people, as well as the president of the United States, completely insane , prompting them to level ludicrous and deeply weird attacks at a sixteen-year-old autistic girl. It is truly mystifying, and yet revelatory. Maybe they're just upset that she's so good at Twitter ? THE SOMEONE MUST BE TO BLAME, THIS IS SOMEONE, THEY MUST BE TO BLAME AWARD FOR LASHING OUT IN THE WRONG DIRECTIONS To the mass media, for the techlash: the backlash against tech in which they blame the tech industry not only for its actual sins and problems, which are admittedly not hard to find, but also for essentially everything that is wrong with the world's political and financial systems. Politics is somehow the fault of Facebook, rather than venal politicians and their ability to manipulate, er, the mass media like a Stradivarius . Inequality is somehow the fault of the tech industry, rather than City / Wall Street parasitism, regulatory capture and, again, the politicians who actually write the laws which enact inequality. Again, the tech industry has real problems -- but the fact that it has devoured the advertising and classifieds income that long propped up the media seems to have caused otherwise sober and thoughtful journalists to instinctively knee-jerk blame it for every ill, while letting their actual architects off lightly. Sadly I fear this one is going to be a perennial. THE WHO NEEDS HUMAN FACES OR WORDS AWARD FOR SIMULATING THE DEEP INSIGHTS OF INTERNET DISCOURSE To StyleGAN 2 and GPT-2, neural networks from Nvidia and OpenAI respectively, which generate fully convincing fake human faces, and close-enough-for-the-internet convincing fake human comment sections, respectively. I feel certain that somewhere out there on the internet, bots with StyleGAN avatars and GPT-2-sourced texts are already waging war against one another in befuddling comment sections: battles which have no end, no point and no room for any actual humanity. The more things change, eh? THE POP GOES THE IPO AWARD FOR MAKING LOCKUP PERIODS MEANINGFUL AGAIN To Slack , Lyft and Uber , all of whom went public this year and, despite being extremely high-profile tech companies, promptly saw their stock prices crater and stay there, while their most recent employees presumably saw their lockup period come and go while remaining resolutely underwater. All this while big, boring tech companies like Google and Microsoft saw their stock climb to new highs nearly every week. Maybe joining a rocket ship isn't always such a great idea after all... THE WHAT'S A FEW BILLION DOLLARS BETWEEN FRIENDS AWARD FOR JAM YESTERDAY, JAM TOMORROW BUT NEVER JAM TODAY To Ron Abovitz of Magic Leap, whose technology demos over the last decade have been, by all accounts, truly breathtaking and mind-boggling, but whose actual shipped technology, despite 10 years and nearly $3 billion in funding, has been, by all accounts, deeply disappointing. Now Magic Leap is hemorrhaging high-profile board members , signing over patents as collatoral to JP Morgan Chase while desperately trying to raise funding and it next headset is reportedly still years away from launch . But look, those demos were amazing . THE A SINGLE SACRIFICIAL LAMB FRANKLY ISN'T ENOUGH AWARD FOR A DEEP AND SYSTEMIC CATASTROPHE To Boeing and its 737 MAX debacle, in which, among numerous other stunning derelictions of fundamental engineering duties, crucial safety features were sold as profitable optional extras -- and yet it took not one but two crashes, killing hundreds, for them to admit any problems. Their CEO has resigned, but the company's failures are clearly deep and systemic rather than individual; their once famously engineer-driven corporate culture is clearly no more. Their example of the decline of American capitalism in general is almost a little too on-the-nose, but then, that's 2019 for you. Congratulations, of a sort, to all the winners of The Jons! All recipients shall receive a bobblehead of myself made up as a Blue Man, as per the image on this post, which will doubtless become coveted and increasingly valuable collectibles. (And needless to say, sometime next year they will become redeemable for JonCoin.) And, of course, all winners shall be remembered by posterity forevermore. 1 Bobbleheads shall only be distributed if and when available and convenient. The eventual existence of said bobbleheads is not guaranteed or indeed even particularly likely. Not valid on days named after Norse or Roman gods. All rights reserved, especially those rights about which we have reservations. || It's The Jons 2019!: Happy New Year! It's been another wild and wacky ride of a year in the tech world: breakthroughs and disgraces, triumphs and catastrophes, cryptocurrencies and starships, the ongoing rise of utopian clean energy and dystopian cyberpunk societies and, most of all, the ongoing weirding of the whole wide world.
In other words, it was another perfect year for The Jons, the annual award that celebrates dubious tech-related achievements, named, in an awe-inspiring fit of humility, after myself. We've got quite a lineup for you this year, folks. So let’s get to it! With very little further ado, I give you: the fifth annual Jon Awards for Dubious Technical Achievement!
(The Jons 2015) (The Jons 2016) (The Jons 2017) (The Jons 2018)
THE CATLIKE FINANCIAL REFLEXES AWARD FOR LANDING ON YOUR FEET AFTER UNMITIGATED DISASTER
ToAdam Neumann,who presided over the spectacular rise and even more spectacular fall from grace of WeWork, which proudly launched its proposed IPO this year and promptly saw most of its valuation (and its cash) disintegrate in a sea of eyebrow-raising stories about delusional irresponsibility and the harsh realities of actual business. However, give Neumann credit: stories may have made him sound like a pot-smoking surfer dude who lived in a hallucinatory fantasyland, but -- unlike his employees, whose dreams of IPO wealth were suddenly and completely shattered -- he managed to walk away from the business he drove nearly into the ground witha reported $1.7 billion windfall.
THE EVERYBODY'S BEST FRIEND AWARD FOR INSPIRING NOSEBLEED VALUATIONS AND ASPIRATIONAL POSTERS EVERYWHERE
ToMasayoshi Son,whose widely announced dreams of a$108 billionVision Fund II turned into the relative nightmare of something "far smaller" -- but still has his surreal, dreamlike slide decks to fall back on. After all, "SoftBank works to comfort people in their sorrow."
THE WE MAY AS WELL JUST GIVE HIM A LIFETIME ACHIEVEMENT AWARD FOR ELON DOING HIS ELON THING
To -- obviously --Elon Musk,who actually had a really good year:Teslastock got "so high" it brushed the price at which he previously announced he would take it private (he didn't); SpaceX launched Starlink, a "very big deal"; and he wasacquitted of defamationfor calling a complete stranger a pedophile on Twitter. OK, so he also announced Starship should reach orbit bythis coming March, andsmashed the Cybertruck's allegedly unbreakable windows onstage at its unveiling, but still, a good year! See you in 2020, Elon.
THE IF AT FIRST YOU DON'T CONVINCE, TELL AN EVEN MORE RIDICULOUS TALE AWARD FOR RISIBLE SATOSHI NAKAMOTO CLAIMS
ToCraig Wright,who has long claimed in the face of mocking industrywide disbelief to beSatoshi Nakamoto,the creator of Bitcoin, and especially for his claims that, now work with me here, the keys to 1 million of Satoshi's bitcoin were put in a "Tulip Trust" by a long-deceased collaborator and will be delivered to him by a "bonded courier" on January 1, 2020, i.e. a few days from now. The judge he told this to was, unsurprisingly,spectacularly unconvinced, saying “Dr. Wright’s demeanor did not impress me as someone who was telling the truth," and also reproached him for his "willful and bad faith pattern of obstructive behavior." You don't say.
THE DEAD MEN TELL NO TALES, BUT ONLY IF THEY'RE ACTUALLY DEAD AWARD FOR LEAVING A TRAIL OF CRYPTOCURRENCY CHAOS IN ONE'S WAKE
To my fellow Canadian Gerald William Cotten, the founder of QuadrigaCX, who apparentlystole and/or lostessentially all of his customers' money, spending much of it on "luxury goods and real estate," before his death in Mumbai last year. "But Jon," you say, "how does this quality for a2019Jon Award?" Because the many thousands who lost money are nowdemanding an exhumationto determine that the body in Cotten's grave is, in fact, Cotten. As for the surviving founder, he's "a reported ex-con who served 18 months in a federal U.S. prison for identity theft, bank fraud and credit card fraud." Is this the end ofthis crazy story? ...Well,probably yes. But in the world of cryptocurrencies, which reliably gives us the most jawdropping Jons, who can say for sure?
THE I'VE SEEN THE FUTURE BABY AND IT'S PRETTY CRAZY AWARD FOR EPITOMIZING OUR CYBERPUNK PRESENT
To Lil Nas X, a previously unknown queer black American teenager who made a country-trap song with a beat he purchased for $30 from a Dutch producer, which sampled an obscure Nine Inch Nails deep cut; recorded it inless than an hour for $20; crafted a hundred memes to publicize it on a new Chinese-owned video-snippet social network until it went viral courtesy of a Yeehaw Challenge meme; then saw it hit first country and then crossover success, and becomethe longest-reigning Billboard No. 1 single of all time. Does it even get more postmodern cyberpunk than that? Lil Nas X, this is your world (well, and Billie Eilish's) -- we just live in it.
THE POWER TO DRIVE BABY BOOMERS COMPLETELY MAD AWARD FOR BEING SENSIBLY UPSET ABOUT THINGS
To Greta Thunberg, another teenager, who is an angry advocate of doing something about climate change and for some reason frequently drives a whole lot of apparently lucid people, as well as the president of the United States,completely insane, prompting them to level ludicrous and deeply weird attacks at a sixteen-year-old autistic girl. It is truly mystifying, and yet revelatory. Maybe they're just upset that she'sso good at Twitter?
THE SOMEONE MUST BE TO BLAME, THIS IS SOMEONE, THEY MUST BE TO BLAME AWARD FOR LASHING OUT IN THE WRONG DIRECTIONS
To the mass media, for the techlash: the backlash against tech in which they blame the tech industry not only for its actual sins and problems, which are admittedly not hard to find, but also for essentially everything that is wrong with the world's political and financial systems. Politics is somehow the fault of Facebook, rather than venal politicians and their ability to manipulate, er,the mass media like a Stradivarius. Inequality is somehow the fault of the tech industry, rather than City / Wall Street parasitism, regulatory capture and, again, the politicians who actually write the laws which enact inequality. Again, the tech industry has real problems -- but the fact that it has devoured the advertising and classifieds income that long propped up the media seems to have caused otherwise sober and thoughtful journalists to instinctively knee-jerk blame it foreveryill, while letting their actual architects off lightly. Sadly I fear this one is going to be a perennial.
THE WHO NEEDS HUMAN FACES OR WORDS AWARD FOR SIMULATING THE DEEP INSIGHTS OF INTERNET DISCOURSE
To StyleGAN 2 and GPT-2, neural networks from Nvidia and OpenAI respectively, which generate fully convincing fake human faces, and close-enough-for-the-internet convincing fake human comment sections, respectively. I feel certain that somewhere out there on the internet, bots with StyleGAN avatars and GPT-2-sourced texts are already waging war against one another in befuddling comment sections: battles which have no end, no point and no room for any actual humanity. The more things change, eh?
THE POP GOES THE IPO AWARD FOR MAKING LOCKUP PERIODS MEANINGFUL AGAIN
ToSlack,LyftandUber, all of whom went public this year and, despite being extremely high-profile tech companies, promptly saw their stock prices crater and stay there, while their most recent employees presumably saw their lockup period come and go while remaining resolutely underwater. All this while big, boring tech companies like Google and Microsoft saw their stock climb to new highs nearly every week. Maybe joining a rocket ship isn't always such a great idea after all...
THE WHAT'S A FEW BILLION DOLLARS BETWEEN FRIENDS AWARD FOR JAM YESTERDAY, JAM TOMORROW BUT NEVER JAM TODAY
To Ron Abovitz ofMagic Leap,whose technology demos over the last decade have been, by all accounts, truly breathtaking and mind-boggling, but whose actual shipped technology, despite 10 years and nearly $3 billion in funding, has been, by all accounts, deeply disappointing. Now Magic Leap ishemorrhaging high-profile board members,signing over patents as collatoral to JP Morgan Chasewhile desperately trying to raise funding and it next headset is reportedly stillyears away from launch. But look, those demos wereamazing.
THE A SINGLE SACRIFICIAL LAMB FRANKLY ISN'T ENOUGH AWARD FOR A DEEP AND SYSTEMIC CATASTROPHE
To Boeing and its 737 MAX debacle, in which, among numerous other stunning derelictions of fundamental engineering duties,crucial safety features were sold as profitable optional extras-- and yet it took not one buttwocrashes, killing hundreds, for them to admit any problems. Their CEO has resigned, but the company's failures are clearly deep and systemic rather than individual; their once famously engineer-driven corporate culture is clearly no more. Their example of the decline of American capitalism in general is almost a little too on-the-nose, but then, that's 2019 for you.
Congratulations, of a sort, to all the winners of The Jons! All recipients shall receive a bobblehead of myself made up as a Blue Man, as per the image on this post, which will doubtless become coveted and increasingly valuable collectibles. (And needless to say, sometime next year they will become redeemable for JonCoin.) And, of course, all winners shall be remembered by posterity forevermore.
1Bobbleheads shall only be distributed if and when available and convenient. The eventual existence of said bobbleheads is not guaranteed or indeed even particularly likely. Not valid on days named after Norse or Roman gods. All rights reserved, especially those rights about which we have reservations. || The 20 technologies that defined the first 20 years of the 21st Century: The technology of the 21st century has shaped everything from the way we shop, to how we consume media: The Independent The early 2000s were not a good time for technology. After entering the new millennium amid the impotent panic of the Y2K bug, it wasn’t long before the Dotcom Bubble was bursting all the hopes of a new internet-based era. Fortunately the recovery was swift and within a few years brand new technologies were emerging that would transform culture, politics and the economy. They have brought with them new ways of connecting, consuming and getting around, while also raising fresh Doomsday concerns. As we enter a new decade of the 21st Century, we’ve rounded up the best and worst of the technologies that have taken us here, while offering some clue of where we might be going. iPhone There was nothing much really new about the iPhone : there had been phones before, there had been computers before, there had been phones combined into computers before. There was also a lot that wasn’t good about it: it was slow, its internet connection barely functioned, and it would be two years before it could even take a video. But as the foremost smartphone it heralded a revolution in the way people communicate, listen, watch and create. There has been no aspect of life that hasn’t been changed by the technologies bundled up in the iPhone – an ever-present and always-on internet connection, a camera that never leaves your side, a computer with mighty processing power that can be plucked out of your pocket. Steve Jobs unveiled the first iPhone on 9 January, 2007 (Reuters) The 2000s have, so far, been the era of mobile computers and social networking changing the shape of our cultural, political and social climate. All of those huge changes, for better or worse, are bound up in that tiny phone. AG Social media Though few people noticed, online social networks actually began at the end of the last century. The first was Six Degrees in 1997, which was named after the theory that everyone on the planet is separated by only six other people. It included features that became popular with subsequent iterations of the form, including profiles and friend lists, but it never really took off. It wasn’t until Friend’s Reunited and MySpace in the early 2000s that social networks achieved mainstream success, though even these seem insignificant when compared to Facebook . Not only did Mark Zuckerberg’s creation muscle its way to a monopoly in terms of social networks, it also swallowed up any nascent competitors in a space that came to be known as social media. First there was Instagram in 2012, for a modest $1 billion, and then came WhatsApp in 2014 for $19bn. Between all of its apps, Facebook now reaches more than 2 billion people every day. It has come to define the way we communicate and heralded a new era of hyper-connectedness, while also profoundly shaping the internet as we know it. In doing so, Facebook has not only consigned the site Six Degrees to the history books, it has also re-written the theory itself – cutting it down to just three-and-a-half degrees of separation . AC Story continues Bitcoin and cryptocurrency At the start of this century, the complete reinvention of the entire economic system wasn’t something many people were talking about. But then the 2007-08 financial crisis happened. As mortgages defaulted, companies collapsed, and governments bailed out the banks to the tune of trillions of dollars, people began to wonder if there might be a better way. One person – or group – believed they had the answer. Satoshi Nakamoto’s true identity may still be a mystery, but their creation of a new “electronic cash system” called bitcoin in 2009 could have implications far beyond just currency. The underlying blockchain technology – an immutable and unhackable online ledger – could potentially transform everything from healthcare to real estate. “Alright, so here we are, in front of the, er, elephants. And the cool thing about these guys is that they have really, really, really long trunks. And that’s cool.” It may have been an inauspicious start, but these words would go on to fundamentally transform the way people consume media in the 21st century. It was 23 April, 2005, and Jawed Karim had just uploaded the first ever video to YouTube – a video-sharing website he had helped create. Just over a year later, Google bought the site for $1.65 billion and the fortunes of Karim, his co-founders, and countless future content creators were changed forever. There are now hundreds of hours of video published to YouTube every minute – and it all started with that 18-second clip at the zoo. AC 3G, 4G and 5G Arthur C Clarke famously quipped that “any sufficiently advanced technology is indistinguishable from magic”. But there is surely nothing more like magic – and no magic more powerful – than the fact that the 21st century has brought the ability to instantly connect to information and people at the other side of the world. First, at the beginning of the century, came 3G, and then 10 years or so later came 4G. Every decade of this century has been marked by new advances in the speed and reliability of mobile data connections. And those mobile data connections have helped re-write the world that relies on them. Just about every other major breakthrough in technology that came through the 2000s – social media, instant photo sharing, citizen journalism and everything else – relied on having data connections everywhere. 5G – which has ostensibly already rolled out, but is yet to make its full impact – is likely to be similarly transformative through the decade to come, if its evangelists are to be believed. Debates have raged about whether this constant connectivity – and the distractions and dangers it has brought – has really driven us apart. But that too is surely testament to its power. AG Gig economy Many of technology’s biggest developments in the 2000s haven’t really been about technology at all: piracy and then streaming changed how we make and consume culture entirely, social media has turned politics on his head. Nowhere is that more clear than in the gig economy and the apps and websites like Uber, Deliveroo and Airbnb that power it, which claim to be tech businesses but are really new ways of buying and selling labour. The real revolution of the gig economy was not the technology that powers these apps: there is little difference between calling for a cab and summoning an Uber, really. Nor was it what the companies like to suggest, that they have opened up a new and inspiring way of working that allows anyone to clock on whenever they log on. Instead, it was the beginning of a process of changing the way that people work and relate to those who fulfil services for them. It is likely that we have not seen the end of the kinds of profound changes that these companies have made to working conditions – or the ways that those workers have fought back. AG VR and AR Virtual reality has been the future before: ever since the first stereoscopes, people have been excited about the possibility of disappearing into other worlds that appear before their eyes. But it has never quite arrived. But in the more recent years of the 2000s it started to look a bit more meaningful. Virtual reality headsets have been pushed out by many of the world’s biggest companies, and consumer computers are finally powerful enough to generate believable worlds that people are happy to spend their time in. In recent years, much of the focus has turned to augmented reality rather than virtual reality. That technology allows information to be overlaid on top of the real world, rather than putting people into an entirely virtual world. If it comes off – if it is not confined to failed experiments like Google Glass – then it could change the way we interact with the world, potentially giving us information all of the time and could even do away with things like smartphones as our primary way of connecting with technology. AG Quantum computing Quantum computing has not really happened yet. A few months ago, researchers announced that they had achieved “quantum supremacy” by doing an operation that would not be possible on a traditional computer – but it was a largely useless, very specific, operation, which didn’t really change anything in itself. Already, however, the promise – and the threat – of quantum computing is changing the world. It looks set to upend all of our assumptions about computers, allowing them to be unimaginably fast and do work never thought possible. It could unlock new kinds of health research and scientific understanding; it could also literally unlock encryption, which currently relies on impossible calculations that could quickly become very possible with quantum computers. A new era of computing could bring about a 'quantum apocalypse' (iStock) It isn’t clear when it will arrive, of course; like other potentially revolutionary technologies, it could take a very long time or never arrive at all. But it is sitting there in the future, ready to turn everything on its head – and, as researchers rush to understand it, it is already changing the world. AG Smart home and voice assistants No vision of the future would be complete without the ability to speak to and control your home. And now it seems like we are finally living in it. Through the 2000s, just about everything came to be hooked up to the internet: you could buy smart kettles, internet-enabled doorbells, and a video camera for every room in your house. And to control them came microphones and speakers that you put in your house and could talk to. But as the smart home and the voice assistants that power it have soared in popularity, they have been beset by concerns, too. Is giving over control of your home to internet-enabled devices safe, when those devices can break down or be seized by hackers? Should we be allowing internet giants like Amazon and Google to put microphones in our home? As we enter the new decade, it looks like our homes are set to be defined not by the capabilities the technology in our homes give us – but who we want to have power over them. AG Streaming and piracy Before there was Spotify, there was Napster, and before people were watching movies on Netflix, they were downloading them through PirateBay. Piracy has been one step ahead of legal ways to consume media but in doing so it has led the way for new platforms that now dominate our online lives. Streaming has not only changed the way we listen to music and watch films, it has also given rise to new ways to create content. Live streaming video games on Twitch is one of the fastest growing mediums, while live video broadcasts through Facebook, Twitter and YouTube give people instant access to everything from street protests to rocket launches. The Pirate Bay's latest venture into streaming comes despite battling takedown attempts by authorities for more than a decade (Reuters) But as online streaming grows, so does piracy. The ‘ world’s biggest online piracy operation ’ is currently underway in Saudi Arabia, while PirateBay has just launched a streaming platform that offers more content than Amazon Prime, Netflix and Disney+ combined. AC Online gaming It is almost unbelievable to think that playing games against friends once meant crowding around a console in a bedroom. Now, games that even offer the ability to do so are few and far between – and those that are not always connected to the internet and putting you up against strangers are very unusual indeed. The internet has changed games in other ways, too. One of the most popular forms of entertainment in the world is now live streaming, where people watch other people play games. Developers can also give people continual updates and extra content through downloadable content, and ask players to repeatedly pay for upgrades through microtransactions. Those changes have made a game not a stable, definitive thing, but a world that is continually developing (and generating more money). AG Reusable, commercial rockets Space is hard, famously; more importantly, it is very expensive. Reusable, commercially made rockets could change both. Over the 2000s, responsibility for much of the technology used to get astronauts into space was handed more and more to private companies such as SpaceX. In order to keep costs down – and their profits up – those companies are working towards making rockets that can be re-used, just like planes, shuttling people up into the sky before dropping back down for the next mission. The Starship space craft built by SpaceX could land on the moon by 2021, Elon Musk claims (SpaceX) SpaceX in particular has made huge strides in this respect, fulfilling a spectacular mission to have its rockets land back down on a barge floating in the sea. But the breakthroughs have not been without their problems. The involvement of commercial companies has come with its critics, who argue that it could compromise safety and make private companies yet more powerful. AG Driverless and electric cars It took nearly 50 years for the automobile to dislodge the horse and cart as the main form of transport, but the next great transition in road transport may be just years away thanks to the advent of two new vehicular revolutions in the early 21st century: electric-powered cars and self-driving technology. Electric cars are already quicker, safer, and more interesting to look at than traditional gas guzzlers, but they still can’t compete in one key area: charge time. Recent battery breakthroughs mean this could soon change, with engineers figuring out a way to recharge an electric car in just 10 minutes – at least in the lab. Advancements in self-driving cars have been even more drastic. Pioneered by the likes of Tesla’s Autopilot mode, drivers are now able to travel from one place to another almost autonomously. Major automakers like Volvo have even started producing concept vehicles that don’t even include a steering wheel in their design. Such progress makes it inevitable that at some point in the not-so-distant future, self-driving electric cars will simply be called cars. AC Artificial intelligence 2045. This is the year that renowned futurist Ray Kurzweil predicts the technological singularity will take place – the moment when computers surpass human intelligence and continue to improve at an uncontrollable rate, signalling the end of the human era. “The pace of change will be so astonishingly quick that we won’t be able to keep up,” Kurzweil warned in his seminal book on artificial intelligence in 2005, The Singularity is Near , which brought the technology from the realm of science fiction fears, to real-world ramifications. Kurzweil has since taken up a position at Google, the company some leading AI experts believe is winning the race to create human-level artificial intelligence . One of the reasons for this is the technology giant’s acquisition of DeepMind in 2014 – arguably the world’s leading AI company. With the vast resources of Google at its disposal, DeepMind has since surpassed key milestones leading towards the singularity, such as beating human champions at the vastly complex board game Go . Academics fear AI poses an existential threat to humanity. (Stephen Bowler) It is too early to judge the accuracy of Kursweil’s prediction (of his 147 predictions since the 1990s, he claims an 86 per cent accuracy rate), though the advances made over the last two decades mean his concerns may soon no longer be simply hypothesis. He is now joined by some of this century’s brightest minds in warning of the existential threat that AI continues to pose to humanity. AC Amazon Amazon has been referred to as the everything store. And it’s now the everywhere store: not only the internet’s central marketplace, and a disruptive force that has changed what people expect from internet shopping, it is now also the underpinnings of the internet itself. The way Amazon has changed shopping is profoundly important, of course. By offering the ability to buy just about anything you want online and have it arrive quickly, it precipitated a revolution both in online shopping and on the high street. Because the online shop is only the most obvious part of Amazon. It’s internet infrastructure underpins much of the web; Alexa is the leading light of the smart home and voice assistant revolution; it owns real shops including Whole Foods; its decisions over things like locations and taxes are like government policy only bigger. Over the 2000s, Amazon came to own much of the internet, and technology’s future will decide what it does with it. AG Skype Before this century began, making long distance phone calls was a costly and frustrating endeavour. Voice delays were an accepted part of calling between different time zones and conversations between participants had to be significantly adapted in order to not interrupt or talk over each other. All of this changed when Skype appeared in 2003. The internet had already brought the possibility of cheap international calls, but Skype’s technology brought high-quality calls that were completely free. Its growth was astonishing. It took just 10 years to reach 300 million connected users – a feat that took the mobile phone 25 years, and the traditional telephone 104 years. It has also reached that rarefied tech territory shared by the likes of Google and Xerox, whereby its name has outgrown it and is now a commonly recognised verb . Skype inspired important imitators like Apple’s FaceTime and WhatsApp’s video call function, all of which have continued to make the world smaller with a combined user base of billions. AC Wikipedia One of the early promises of the internet was to provide the world with free and easily accessible information. With the possible exception of Google, nothing has fulfilled this quite like Wikipedia. Founded by Jimmy Wales in 2003, Wikipedia was not the first online encyclopedia. It was not even the first online encyclopedia created by Wales. Three years earlier, he had helped found the peer-reviewed encyclopedia Nupedia, which was free to use but had strict controls on who could post. Wikipedia opened this up by adopting the concept of wiki – a collaborative form of website whereby users work together to create it. By allowing anyone with an internet connection to contribute content and make edits, Wikipedia was able to grow at a rate that would have previously been inconceivable. Nupedia’s laborious seven-step approval process had seen just 21 articles published in its first year. In Wikipedia’s first year, more than 18,000 had been published. The English-language version alone of the ever-evolving information resource now has more than 5 million articles – and all of it completely free and easily accessible. AC Robotics In the year 2000, the world was introduced to Asimo: a humanoid robot created by Honda that astounded onlookers by descending some stairs to enter a conference. It was to be the first in an impressive line of increasingly evolved bi-pedal robots that are now capable of tricks most humans can’t even do – from performing backflips , to visiting space . After decades of nebulous developments into robotics in the 20th century, real-world uses are finally being found in everything from recycling, to caring for the elderly. A mesh of other new technologies, like virtual reality and 5G, mean it is now possible to remotely control robots in real time – though it may take another few years for the implications of such technologies to be fully realised. When they are realised, the advances made in the early 21st century could pave the way for robots exploring the outer reaches of space on behalf of humanity. AC Biometrics and surveillance In hindsight, George Orwell’s prophetic warning in 1984 that ‘Big Brother is Watching You’ seems relatively naive. Sure, there are CCTV cameras on nearly every street corner of the UK, but technology’s invasiveness is far more pervasive. We now invite listening devices into our pockets and cameras into our homes, all in the hope that our lives will be slightly more convenient and occasionally less lonely. In 2010, Facebook founder Mark Zuckerberg declared that the age of privacy is over. He said in an interview that privacy was no longer a “social norm”, and the billions of people signing up to his social network seemed to attest to this. But subsequent data scandals with Facebook and the rise of advanced facial recognition software has seen a recent push back against the steady erosion of privacy. Surveillance technology in China already makes use of artificial intelligence to identify citizens (AFP/Getty Images) Just as technology has heralded a new era of surveillance, it has also enabled new forms of privacy, like virtual private networks (VPNs) and encryption software. These will be among the weapons in the fight to prevent an Orwellian dystopia from being realised. AC Always-available maps Perhaps the most underrated technological development of the 2000s is that the idea of getting lost has been made obsolete. Services like Google and Apple’s maps made every part of the world viewable and navigable from above. Others like Waze and Citymapper introduced rich data that make journeys faster and smarter. With the development of those apps, getting around has changed fundamentally. They have come alongside other changes like the availability of small vehicles such as scooters that are distributed around towns, and the promise of smart and self-driving cars. We possess a wealth of information on where we are and where we are going that previous generations could never have imagined, and it is being used in ways that will rewrite both real and virtual landscapes. Location data is some of the most valuable on offer to technology firms, and companies like Google and Facebook have faced questions about what they gather on users and why. But it is so useful precisely because it is so personal; it offers great value to us, too. AG Read more Bitcoin is 10: What does the next decade hold? View comments || The 20 technologies that defined the first 20 years of the 21st Century: The technology of the 21st century has shaped everything from the way we shop, to how we consume media: The Independent The early 2000s were not a good time for technology. After entering the new millennium amid the impotent panic of the Y2K bug, it wasn’t long before the Dotcom Bubble was bursting all the hopes of a new internet-based era. Fortunately the recovery was swift and within a few years brand new technologies were emerging that would transform culture, politics and the economy. They have brought with them new ways of connecting, consuming and getting around, while also raising fresh Doomsday concerns. As we enter a new decade of the 21st Century, we’ve rounded up the best and worst of the technologies that have taken us here, while offering some clue of where we might be going. iPhone There was nothing much really new about the iPhone : there had been phones before, there had been computers before, there had been phones combined into computers before. There was also a lot that wasn’t good about it: it was slow, its internet connection barely functioned, and it would be two years before it could even take a video. But as the foremost smartphone it heralded a revolution in the way people communicate, listen, watch and create. There has been no aspect of life that hasn’t been changed by the technologies bundled up in the iPhone – an ever-present and always-on internet connection, a camera that never leaves your side, a computer with mighty processing power that can be plucked out of your pocket. Steve Jobs unveiled the first iPhone on 9 January, 2007 (Reuters) The 2000s have, so far, been the era of mobile computers and social networking changing the shape of our cultural, political and social climate. All of those huge changes, for better or worse, are bound up in that tiny phone. AG Social media Though few people noticed, online social networks actually began at the end of the last century. The first was Six Degrees in 1997, which was named after the theory that everyone on the planet is separated by only six other people. It included features that became popular with subsequent iterations of the form, including profiles and friend lists, but it never really took off. It wasn’t until Friend’s Reunited and MySpace in the early 2000s that social networks achieved mainstream success, though even these seem insignificant when compared to Facebook . Not only did Mark Zuckerberg’s creation muscle its way to a monopoly in terms of social networks, it also swallowed up any nascent competitors in a space that came to be known as social media. First there was Instagram in 2012, for a modest $1 billion, and then came WhatsApp in 2014 for $19bn. Between all of its apps, Facebook now reaches more than 2 billion people every day. It has come to define the way we communicate and heralded a new era of hyper-connectedness, while also profoundly shaping the internet as we know it. In doing so, Facebook has not only consigned the site Six Degrees to the history books, it has also re-written the theory itself – cutting it down to just three-and-a-half degrees of separation . AC Story continues Bitcoin and cryptocurrency At the start of this century, the complete reinvention of the entire economic system wasn’t something many people were talking about. But then the 2007-08 financial crisis happened. As mortgages defaulted, companies collapsed, and governments bailed out the banks to the tune of trillions of dollars, people began to wonder if there might be a better way. One person – or group – believed they had the answer. Satoshi Nakamoto’s true identity may still be a mystery, but their creation of a new “electronic cash system” called bitcoin in 2009 could have implications far beyond just currency. The underlying blockchain technology – an immutable and unhackable online ledger – could potentially transform everything from healthcare to real estate. “Alright, so here we are, in front of the, er, elephants. And the cool thing about these guys is that they have really, really, really long trunks. And that’s cool.” It may have been an inauspicious start, but these words would go on to fundamentally transform the way people consume media in the 21st century. It was 23 April, 2005, and Jawed Karim had just uploaded the first ever video to YouTube – a video-sharing website he had helped create. Just over a year later, Google bought the site for $1.65 billion and the fortunes of Karim, his co-founders, and countless future content creators were changed forever. There are now hundreds of hours of video published to YouTube every minute – and it all started with that 18-second clip at the zoo. AC 3G, 4G and 5G Arthur C Clarke famously quipped that “any sufficiently advanced technology is indistinguishable from magic”. But there is surely nothing more like magic – and no magic more powerful – than the fact that the 21st century has brought the ability to instantly connect to information and people at the other side of the world. First, at the beginning of the century, came 3G, and then 10 years or so later came 4G. Every decade of this century has been marked by new advances in the speed and reliability of mobile data connections. And those mobile data connections have helped re-write the world that relies on them. Just about every other major breakthrough in technology that came through the 2000s – social media, instant photo sharing, citizen journalism and everything else – relied on having data connections everywhere. 5G – which has ostensibly already rolled out, but is yet to make its full impact – is likely to be similarly transformative through the decade to come, if its evangelists are to be believed. Debates have raged about whether this constant connectivity – and the distractions and dangers it has brought – has really driven us apart. But that too is surely testament to its power. AG Gig economy Many of technology’s biggest developments in the 2000s haven’t really been about technology at all: piracy and then streaming changed how we make and consume culture entirely, social media has turned politics on his head. Nowhere is that more clear than in the gig economy and the apps and websites like Uber, Deliveroo and Airbnb that power it, which claim to be tech businesses but are really new ways of buying and selling labour. The real revolution of the gig economy was not the technology that powers these apps: there is little difference between calling for a cab and summoning an Uber, really. Nor was it what the companies like to suggest, that they have opened up a new and inspiring way of working that allows anyone to clock on whenever they log on. Instead, it was the beginning of a process of changing the way that people work and relate to those who fulfil services for them. It is likely that we have not seen the end of the kinds of profound changes that these companies have made to working conditions – or the ways that those workers have fought back. AG VR and AR Virtual reality has been the future before: ever since the first stereoscopes, people have been excited about the possibility of disappearing into other worlds that appear before their eyes. But it has never quite arrived. But in the more recent years of the 2000s it started to look a bit more meaningful. Virtual reality headsets have been pushed out by many of the world’s biggest companies, and consumer computers are finally powerful enough to generate believable worlds that people are happy to spend their time in. In recent years, much of the focus has turned to augmented reality rather than virtual reality. That technology allows information to be overlaid on top of the real world, rather than putting people into an entirely virtual world. If it comes off – if it is not confined to failed experiments like Google Glass – then it could change the way we interact with the world, potentially giving us information all of the time and could even do away with things like smartphones as our primary way of connecting with technology. AG Quantum computing Quantum computing has not really happened yet. A few months ago, researchers announced that they had achieved “quantum supremacy” by doing an operation that would not be possible on a traditional computer – but it was a largely useless, very specific, operation, which didn’t really change anything in itself. Already, however, the promise – and the threat – of quantum computing is changing the world. It looks set to upend all of our assumptions about computers, allowing them to be unimaginably fast and do work never thought possible. It could unlock new kinds of health research and scientific understanding; it could also literally unlock encryption, which currently relies on impossible calculations that could quickly become very possible with quantum computers. A new era of computing could bring about a 'quantum apocalypse' (iStock) It isn’t clear when it will arrive, of course; like other potentially revolutionary technologies, it could take a very long time or never arrive at all. But it is sitting there in the future, ready to turn everything on its head – and, as researchers rush to understand it, it is already changing the world. AG Smart home and voice assistants No vision of the future would be complete without the ability to speak to and control your home. And now it seems like we are finally living in it. Through the 2000s, just about everything came to be hooked up to the internet: you could buy smart kettles, internet-enabled doorbells, and a video camera for every room in your house. And to control them came microphones and speakers that you put in your house and could talk to. But as the smart home and the voice assistants that power it have soared in popularity, they have been beset by concerns, too. Is giving over control of your home to internet-enabled devices safe, when those devices can break down or be seized by hackers? Should we be allowing internet giants like Amazon and Google to put microphones in our home? As we enter the new decade, it looks like our homes are set to be defined not by the capabilities the technology in our homes give us – but who we want to have power over them. AG Streaming and piracy Before there was Spotify, there was Napster, and before people were watching movies on Netflix, they were downloading them through PirateBay. Piracy has been one step ahead of legal ways to consume media but in doing so it has led the way for new platforms that now dominate our online lives. Streaming has not only changed the way we listen to music and watch films, it has also given rise to new ways to create content. Live streaming video games on Twitch is one of the fastest growing mediums, while live video broadcasts through Facebook, Twitter and YouTube give people instant access to everything from street protests to rocket launches. The Pirate Bay's latest venture into streaming comes despite battling takedown attempts by authorities for more than a decade (Reuters) But as online streaming grows, so does piracy. The ‘ world’s biggest online piracy operation ’ is currently underway in Saudi Arabia, while PirateBay has just launched a streaming platform that offers more content than Amazon Prime, Netflix and Disney+ combined. AC Online gaming It is almost unbelievable to think that playing games against friends once meant crowding around a console in a bedroom. Now, games that even offer the ability to do so are few and far between – and those that are not always connected to the internet and putting you up against strangers are very unusual indeed. The internet has changed games in other ways, too. One of the most popular forms of entertainment in the world is now live streaming, where people watch other people play games. Developers can also give people continual updates and extra content through downloadable content, and ask players to repeatedly pay for upgrades through microtransactions. Those changes have made a game not a stable, definitive thing, but a world that is continually developing (and generating more money). AG Reusable, commercial rockets Space is hard, famously; more importantly, it is very expensive. Reusable, commercially made rockets could change both. Over the 2000s, responsibility for much of the technology used to get astronauts into space was handed more and more to private companies such as SpaceX. In order to keep costs down – and their profits up – those companies are working towards making rockets that can be re-used, just like planes, shuttling people up into the sky before dropping back down for the next mission. The Starship space craft built by SpaceX could land on the moon by 2021, Elon Musk claims (SpaceX) SpaceX in particular has made huge strides in this respect, fulfilling a spectacular mission to have its rockets land back down on a barge floating in the sea. But the breakthroughs have not been without their problems. The involvement of commercial companies has come with its critics, who argue that it could compromise safety and make private companies yet more powerful. AG Driverless and electric cars It took nearly 50 years for the automobile to dislodge the horse and cart as the main form of transport, but the next great transition in road transport may be just years away thanks to the advent of two new vehicular revolutions in the early 21st century: electric-powered cars and self-driving technology. Electric cars are already quicker, safer, and more interesting to look at than traditional gas guzzlers, but they still can’t compete in one key area: charge time. Recent battery breakthroughs mean this could soon change, with engineers figuring out a way to recharge an electric car in just 10 minutes – at least in the lab. Advancements in self-driving cars have been even more drastic. Pioneered by the likes of Tesla’s Autopilot mode, drivers are now able to travel from one place to another almost autonomously. Major automakers like Volvo have even started producing concept vehicles that don’t even include a steering wheel in their design. Such progress makes it inevitable that at some point in the not-so-distant future, self-driving electric cars will simply be called cars. AC Artificial intelligence 2045. This is the year that renowned futurist Ray Kurzweil predicts the technological singularity will take place – the moment when computers surpass human intelligence and continue to improve at an uncontrollable rate, signalling the end of the human era. “The pace of change will be so astonishingly quick that we won’t be able to keep up,” Kurzweil warned in his seminal book on artificial intelligence in 2005, The Singularity is Near , which brought the technology from the realm of science fiction fears, to real-world ramifications. Kurzweil has since taken up a position at Google, the company some leading AI experts believe is winning the race to create human-level artificial intelligence . One of the reasons for this is the technology giant’s acquisition of DeepMind in 2014 – arguably the world’s leading AI company. With the vast resources of Google at its disposal, DeepMind has since surpassed key milestones leading towards the singularity, such as beating human champions at the vastly complex board game Go . Academics fear AI poses an existential threat to humanity. (Stephen Bowler) It is too early to judge the accuracy of Kursweil’s prediction (of his 147 predictions since the 1990s, he claims an 86 per cent accuracy rate), though the advances made over the last two decades mean his concerns may soon no longer be simply hypothesis. He is now joined by some of this century’s brightest minds in warning of the existential threat that AI continues to pose to humanity. AC Amazon Amazon has been referred to as the everything store. And it’s now the everywhere store: not only the internet’s central marketplace, and a disruptive force that has changed what people expect from internet shopping, it is now also the underpinnings of the internet itself. The way Amazon has changed shopping is profoundly important, of course. By offering the ability to buy just about anything you want online and have it arrive quickly, it precipitated a revolution both in online shopping and on the high street. Because the online shop is only the most obvious part of Amazon. It’s internet infrastructure underpins much of the web; Alexa is the leading light of the smart home and voice assistant revolution; it owns real shops including Whole Foods; its decisions over things like locations and taxes are like government policy only bigger. Over the 2000s, Amazon came to own much of the internet, and technology’s future will decide what it does with it. AG Skype Before this century began, making long distance phone calls was a costly and frustrating endeavour. Voice delays were an accepted part of calling between different time zones and conversations between participants had to be significantly adapted in order to not interrupt or talk over each other. All of this changed when Skype appeared in 2003. The internet had already brought the possibility of cheap international calls, but Skype’s technology brought high-quality calls that were completely free. Its growth was astonishing. It took just 10 years to reach 300 million connected users – a feat that took the mobile phone 25 years, and the traditional telephone 104 years. It has also reached that rarefied tech territory shared by the likes of Google and Xerox, whereby its name has outgrown it and is now a commonly recognised verb . Skype inspired important imitators like Apple’s FaceTime and WhatsApp’s video call function, all of which have continued to make the world smaller with a combined user base of billions. AC Wikipedia One of the early promises of the internet was to provide the world with free and easily accessible information. With the possible exception of Google, nothing has fulfilled this quite like Wikipedia. Founded by Jimmy Wales in 2003, Wikipedia was not the first online encyclopedia. It was not even the first online encyclopedia created by Wales. Three years earlier, he had helped found the peer-reviewed encyclopedia Nupedia, which was free to use but had strict controls on who could post. Wikipedia opened this up by adopting the concept of wiki – a collaborative form of website whereby users work together to create it. By allowing anyone with an internet connection to contribute content and make edits, Wikipedia was able to grow at a rate that would have previously been inconceivable. Nupedia’s laborious seven-step approval process had seen just 21 articles published in its first year. In Wikipedia’s first year, more than 18,000 had been published. The English-language version alone of the ever-evolving information resource now has more than 5 million articles – and all of it completely free and easily accessible. AC Robotics In the year 2000, the world was introduced to Asimo: a humanoid robot created by Honda that astounded onlookers by descending some stairs to enter a conference. It was to be the first in an impressive line of increasingly evolved bi-pedal robots that are now capable of tricks most humans can’t even do – from performing backflips , to visiting space . After decades of nebulous developments into robotics in the 20th century, real-world uses are finally being found in everything from recycling, to caring for the elderly. A mesh of other new technologies, like virtual reality and 5G, mean it is now possible to remotely control robots in real time – though it may take another few years for the implications of such technologies to be fully realised. When they are realised, the advances made in the early 21st century could pave the way for robots exploring the outer reaches of space on behalf of humanity. AC Biometrics and surveillance In hindsight, George Orwell’s prophetic warning in 1984 that ‘Big Brother is Watching You’ seems relatively naive. Sure, there are CCTV cameras on nearly every street corner of the UK, but technology’s invasiveness is far more pervasive. We now invite listening devices into our pockets and cameras into our homes, all in the hope that our lives will be slightly more convenient and occasionally less lonely. In 2010, Facebook founder Mark Zuckerberg declared that the age of privacy is over. He said in an interview that privacy was no longer a “social norm”, and the billions of people signing up to his social network seemed to attest to this. But subsequent data scandals with Facebook and the rise of advanced facial recognition software has seen a recent push back against the steady erosion of privacy. Surveillance technology in China already makes use of artificial intelligence to identify citizens (AFP/Getty Images) Just as technology has heralded a new era of surveillance, it has also enabled new forms of privacy, like virtual private networks (VPNs) and encryption software. These will be among the weapons in the fight to prevent an Orwellian dystopia from being realised. AC Always-available maps Perhaps the most underrated technological development of the 2000s is that the idea of getting lost has been made obsolete. Services like Google and Apple’s maps made every part of the world viewable and navigable from above. Others like Waze and Citymapper introduced rich data that make journeys faster and smarter. With the development of those apps, getting around has changed fundamentally. They have come alongside other changes like the availability of small vehicles such as scooters that are distributed around towns, and the promise of smart and self-driving cars. We possess a wealth of information on where we are and where we are going that previous generations could never have imagined, and it is being used in ways that will rewrite both real and virtual landscapes. Location data is some of the most valuable on offer to technology firms, and companies like Google and Facebook have faced questions about what they gather on users and why. But it is so useful precisely because it is so personal; it offers great value to us, too. AG Read more Bitcoin is 10: What does the next decade hold? View comments || What is a Litecoin block explorer?: A Litecoin block explorer is an essential tool for people wishing to check the status of their Litecoin transactions or track recently mined Litecoin blocks. It’s possible to find a whole host of Litecoin block explorers online, all of which provide valuable information about the Litecoin blockchain. What is Litecoin? Before we get into the ins and outs of Litecoin block explorers, here’s a recap of what Litecoin is. Launched in 2011, the Litecoin blockchain is capable of handling higher transaction volumes than Bitcoin and also offers improved storage efficiency. The downside of this speed is so-called “orphaned blocks” – when two miners produce blocks at similar times. Nevertheless, merchants that need transactions confirmed only need to wait 2.5 minutes with Litecoin compared to 10 minutes with Bitcoin. Litecoin is one of the most popular altcoins out there, so it’s no surprise to see so many block explorers devoted to the cryptocurrency. What is a block explorer? A block explorer is essentially a search engine for a blockchain. Users can explore a wide variety of data, such as the state of a transaction, transaction histories, balances of addresses, the blockchain’s hash rate, and the rate of transaction growth. Block explorers exist for Bitcoin as well as specific altcoins such as Litecoin. It’s worth noting that you can’t use a block explorer for a blockchain it wasn’t created for. If you want to track Litecoin transactions, you need to use a specific Litecoin block explorer. Who are block explorers intended for? Traders who regularly buy and sell Litecoin (or any other type of cryptocurrency) use block explorers to check the status of their transactions, including details of the payments and whether they were successful. Miners also use block explorers to confirm whether they have successfully mined a block. Other people simply have a keen interest in the cryptocurrency market and want to find out details on the number of coins that have been mined, the market cap, and other market data. Story continues What information can I discover? A block explorer enables you to search through recently mined blocks and transactions in any block that has attached itself to the blockchain in question – in this case, Litecoin. Litecoin block explorers provide a live feed of all the blocks that are being added to the blockchain. You can check the history of public Litecoin addresses, for example how many transactions they have received and their balance, and view the addresses of senders and recipients (of which there may be many assigned to one transaction). Some block explorers show information on the biggest transactions of the day, including which mining pool found the block. They also show the blockchain’s first block – otherwise known as the genesis block – along with various charts and statistics and the Litecoin blockchain mining difficulty. How to use a block explorer When you visit the website of your chosen block explorer, you’ll see a table showing the latest blocks that have been mined on the Litecoin blockchain. Typically, the information will include the height of the block (the block count), the block age (how much time has passed since the block was mined), the number of transactions contained in a single block, who it was mined by, and its size. The site shows further information on the latest transactions, including the transaction hash and value out. If you click on the transaction hash, you can find additional data on its size, fee rate, the time it was received, and the mined time. To check a specific transaction from your own wallet or any other address, you can search for it on the block explorer by copying and pasting the transaction hash into the search bar. Conclusion For anyone who trades or mines Litecoin, a block explorer is one of the most important tools to get to grips with. Block explorers are also an important way of ensuring cryptocurrencies remain transparent and accessible. To top it all off, they’re free to use and you don’t have to register in order to use the main features. As the market develops, it’s likely we’ll see additional features being added over time. The post What is a Litecoin block explorer? appeared first on Coin Rivet . || What is a Litecoin block explorer?: A Litecoin block explorer is an essential tool for people wishing to check the status of their Litecoin transactions or track recently mined Litecoin blocks. It’s possible to find a whole host of Litecoin block explorers online, all of which provide valuable information about the Litecoin blockchain. What is Litecoin? Before we get into the ins and outs of Litecoin block explorers, here’s a recap of what Litecoin is. Launched in 2011, the Litecoin blockchain is capable of handling higher transaction volumes than Bitcoin and also offers improved storage efficiency. The downside of this speed is so-called “orphaned blocks” – when two miners produce blocks at similar times. Nevertheless, merchants that need transactions confirmed only need to wait 2.5 minutes with Litecoin compared to 10 minutes with Bitcoin. Litecoin is one of the most popular altcoins out there, so it’s no surprise to see so many block explorers devoted to the cryptocurrency. What is a block explorer? A block explorer is essentially a search engine for a blockchain. Users can explore a wide variety of data, such as the state of a transaction, transaction histories, balances of addresses, the blockchain’s hash rate, and the rate of transaction growth. Block explorers exist for Bitcoin as well as specific altcoins such as Litecoin. It’s worth noting that you can’t use a block explorer for a blockchain it wasn’t created for. If you want to track Litecoin transactions, you need to use a specific Litecoin block explorer. Who are block explorers intended for? Traders who regularly buy and sell Litecoin (or any other type of cryptocurrency) use block explorers to check the status of their transactions, including details of the payments and whether they were successful. Miners also use block explorers to confirm whether they have successfully mined a block. Other people simply have a keen interest in the cryptocurrency market and want to find out details on the number of coins that have been mined, the market cap, and other market data. Story continues What information can I discover? A block explorer enables you to search through recently mined blocks and transactions in any block that has attached itself to the blockchain in question – in this case, Litecoin. Litecoin block explorers provide a live feed of all the blocks that are being added to the blockchain. You can check the history of public Litecoin addresses, for example how many transactions they have received and their balance, and view the addresses of senders and recipients (of which there may be many assigned to one transaction). Some block explorers show information on the biggest transactions of the day, including which mining pool found the block. They also show the blockchain’s first block – otherwise known as the genesis block – along with various charts and statistics and the Litecoin blockchain mining difficulty. How to use a block explorer When you visit the website of your chosen block explorer, you’ll see a table showing the latest blocks that have been mined on the Litecoin blockchain. Typically, the information will include the height of the block (the block count), the block age (how much time has passed since the block was mined), the number of transactions contained in a single block, who it was mined by, and its size. The site shows further information on the latest transactions, including the transaction hash and value out. If you click on the transaction hash, you can find additional data on its size, fee rate, the time it was received, and the mined time. To check a specific transaction from your own wallet or any other address, you can search for it on the block explorer by copying and pasting the transaction hash into the search bar. Conclusion For anyone who trades or mines Litecoin, a block explorer is one of the most important tools to get to grips with. Block explorers are also an important way of ensuring cryptocurrencies remain transparent and accessible. To top it all off, they’re free to use and you don’t have to register in order to use the main features. As the market develops, it’s likely we’ll see additional features being added over time. The post What is a Litecoin block explorer? appeared first on Coin Rivet . || The top 10 finance search terms in 2019 on Yahoo Search: The pound has fluctuated significantly over the past year. Photo: Matthew Horwood/Getty Images 2019 has been a turbulent year for the British economy, from Brexit drama and a general election to stagnating growth and iconic firms hitting the wall. Some of that upheaval and uncertainty is reflected in the most-searched for finance terms by Yahoo Search users throughout the year. Here are the 10 most commonly searched terms: 10. Gold price Investors turn to perceived safe havens like gold when times are tough. There may be no yield, but the value of gold ( GC=F ) is less susceptible to market stress and interest rate decisions, providing a hedge against currency decline and inflation. With the trade row between the US and China gripping market attention for much of the year, gold’s fortunes have waxed and waned with the latest twists in the tariff war. 9. Universal credit Brexit may dominate the political agenda, but the UK government is also embarking on one of the biggest shakeups of Britain’s social security system in decades. Universal credit is gradually replacing six other benefits, rolling them into one payment for unemployed and low-income households alike. Some of the changes are complex and controversial and leave certain claimants worse-off, so high search traffic should come as no surprise. 8. Lloyds share price Lloyds is Britian's top retail bank. Photo: Dinendra Haria / SOPA Images/Sipa USA This reflects Lloyds’ ( LLOY.L ) status as one of Britain’s most-traded stocks. The UK’s biggest retail bank and mortgage lender, its UK-focused operations mean it is often seen as a convenient proxy for investors betting on or against the health of the wider UK economy. 7. House prices Property prices have continued to grow across much of Britain in recent years, but a slowdown has hit London and the south-east. Current and aspiring home-owners are often keen to keep track of the latest trends, not least as Brexit turmoil has spooked many would-be sellers and buyers alike. Rightmove is predicting prices will rise 2% in 2020. 6. Minimum wage The UK government increases the national minimum wage every year and rates vary for different age groups, meaning employees and employers both need to keep up to date with current entitlements. Story continues The minimum wage has also attracted significant political attention this year. Chancellor Sajid Javid pledged in October to raise it to two-thirds of median UK pay , while Labour promised an immediate hike from its current £8.21 rate to £10 an hour. 5. Bitcoin Bitcoin rallied after Facebook unveiled Libra. Photo: Chesnot/Getty Images The announcement of Facebook’s Libra project sparked renewed attention on cryptocurrencies like bitcoin this year. Rather than triggering competition fears from rivals, it boosted hopes that Facebook’s plans could lift the sector as a whole and prompted a rally in other cryptocurrencies. But a regulatory backlash and several major companies’ decisions to quit the project, including Visa and PayPal, have sown fresh doubts over its future. 4. Thomas Cook collapse The collapse of the world’s oldest travel firm earlier this year not only marked the end of an era, but also left more than a million people out of pocket. The UK government had to oversee the biggest peacetime repatriation effort in history, flying home 150,000 stranded customers. Staff told Yahoo Finance UK they feared for their homes, and many customers were still waiting for refunds for cancelled bookings from the authorities even after a 90-day deadline earlier this month. 3. London Stock Exchange The latest share price movements and announcements from Britain’s major listed companies naturally drew significant search traffic from readers in the business world. But the London Stock Exchange itself ( LSE.L ) also attracted significant attention after receiving and starkly rejecting a surprise £32bn takeover bid from Hong Kong in September. 2. Forex The pound’s fortunes against the dollar ( GBPUSD=X ) and euro ( GBPEUR=X ) have dovetailed with the latest Brexit developments. Investors have taken flight on the several occasions Britain has looked on course for a radical break with the EU , which would devastate trade ties. First Theresa May and then Boris Johnson took Britain close to the cliff-edge as prime ministers ahead of two Brexit deadlines that were eventually missed in 2019. 1. Brexit Prime Minister Boris Johnson drives a Union Jack-themed JCB in the election campaign. Photo: PA The B-word has dominated political debate in Britain for much of 2019, from the TV studios to family living rooms. While Brexit has bored some and frustrated others, it has clearly gripped the attention of large swathes of the country. With countless political, economic and other consequences that could be felt for decades to come, Brexit was the most searched-for finance term in 2019. || The top 10 finance search terms in 2019 on Yahoo Search: The pound has fluctuated significantly over the past year. Photo: Matthew Horwood/Getty Images 2019 has been a turbulent year for the British economy, from Brexit drama and a general election to stagnating growth and iconic firms hitting the wall. Some of that upheaval and uncertainty is reflected in the most-searched for finance terms by Yahoo Search users throughout the year. Here are the 10 most commonly searched terms: 10. Gold price Investors turn to perceived safe havens like gold when times are tough. There may be no yield, but the value of gold ( GC=F ) is less susceptible to market stress and interest rate decisions, providing a hedge against currency decline and inflation. With the trade row between the US and China gripping market attention for much of the year, gold’s fortunes have waxed and waned with the latest twists in the tariff war. 9. Universal credit Brexit may dominate the political agenda, but the UK government is also embarking on one of the biggest shakeups of Britain’s social security system in decades. Universal credit is gradually replacing six other benefits, rolling them into one payment for unemployed and low-income households alike. Some of the changes are complex and controversial and leave certain claimants worse-off, so high search traffic should come as no surprise. 8. Lloyds share price Lloyds is Britian's top retail bank. Photo: Dinendra Haria / SOPA Images/Sipa USA This reflects Lloyds’ ( LLOY.L ) status as one of Britain’s most-traded stocks. The UK’s biggest retail bank and mortgage lender, its UK-focused operations mean it is often seen as a convenient proxy for investors betting on or against the health of the wider UK economy. 7. House prices Property prices have continued to grow across much of Britain in recent years, but a slowdown has hit London and the south-east. Current and aspiring home-owners are often keen to keep track of the latest trends, not least as Brexit turmoil has spooked many would-be sellers and buyers alike. Rightmove is predicting prices will rise 2% in 2020. 6. Minimum wage The UK government increases the national minimum wage every year and rates vary for different age groups, meaning employees and employers both need to keep up to date with current entitlements. Story continues The minimum wage has also attracted significant political attention this year. Chancellor Sajid Javid pledged in October to raise it to two-thirds of median UK pay , while Labour promised an immediate hike from its current £8.21 rate to £10 an hour. 5. Bitcoin Bitcoin rallied after Facebook unveiled Libra. Photo: Chesnot/Getty Images The announcement of Facebook’s Libra project sparked renewed attention on cryptocurrencies like bitcoin this year. Rather than triggering competition fears from rivals, it boosted hopes that Facebook’s plans could lift the sector as a whole and prompted a rally in other cryptocurrencies. But a regulatory backlash and several major companies’ decisions to quit the project, including Visa and PayPal, have sown fresh doubts over its future. 4. Thomas Cook collapse The collapse of the world’s oldest travel firm earlier this year not only marked the end of an era, but also left more than a million people out of pocket. The UK government had to oversee the biggest peacetime repatriation effort in history, flying home 150,000 stranded customers. Staff told Yahoo Finance UK they feared for their homes, and many customers were still waiting for refunds for cancelled bookings from the authorities even after a 90-day deadline earlier this month. 3. London Stock Exchange The latest share price movements and announcements from Britain’s major listed companies naturally drew significant search traffic from readers in the business world. But the London Stock Exchange itself ( LSE.L ) also attracted significant attention after receiving and starkly rejecting a surprise £32bn takeover bid from Hong Kong in September. 2. Forex The pound’s fortunes against the dollar ( GBPUSD=X ) and euro ( GBPEUR=X ) have dovetailed with the latest Brexit developments. Investors have taken flight on the several occasions Britain has looked on course for a radical break with the EU , which would devastate trade ties. First Theresa May and then Boris Johnson took Britain close to the cliff-edge as prime ministers ahead of two Brexit deadlines that were eventually missed in 2019. 1. Brexit Prime Minister Boris Johnson drives a Union Jack-themed JCB in the election campaign. Photo: PA The B-word has dominated political debate in Britain for much of 2019, from the TV studios to family living rooms. While Brexit has bored some and frustrated others, it has clearly gripped the attention of large swathes of the country. With countless political, economic and other consequences that could be felt for decades to come, Brexit was the most searched-for finance term in 2019. || The Crypto Daily – Movers and Shakers – 29/12/19: Bitcoin rose by 0.62% on Saturday. Following on from a 0.77% gain on Friday, Bitcoin ended the day at $7.334.4.
A bullish start to the day saw Bitcoin rise from an early morning intraday low $7,279.2 to a mid-morning high $7,388.0.
Steering clear of the major support levels, Bitcoin broke through the first major resistance level at $7,353.57 before easing back.
In spite of the late morning pullback, Bitcoin found support at $7,300 to strike a mid-afternoon intraday high $7,390.0.
Bitcoin broke back through the first major resistance level before a slide back to $7,302 levels.
A 3rdbreak through the first major resistance level also ended in a pullback, with Bitcoin unable to break through to $7,400 levels on the day.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of Bitcoin continuing to hold onto $7,000 levels.
For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.
Across the rest of the top 10 cryptos, it was a mixed day for the majors.
Tezos and Stellar’s Lumen bucked the trend, with declines of 4.13% and 2.18% respectively on Saturday.
It was bullish for the rest of the pack, however, with Bitcoin Cash SV and Litecoin rallying by 5.11% and 4.37% respectively to lead the way.
Binance Coin (+2.79%), EOS (+1.33%), Ethereum (+1.33%), Ripple’s XRP (+1.54%), and Tron’s TRX (+1.43%) also saw solid gains.
Bitcoin Cash ABC saw a more modest gain of 0.62% on the day.
Through the week, the crypto total market cap hit a Monday high $200.48bn before sliding to a low $189.60bn on Thursday. At the time of writing, the total market cap stood at $193.30bn.
Bitcoin’s dominance continued to sit at 68% levels on Saturday. Trading volumes continued to fall short of $90bn levels seen on Monday, however. At the time of writing, volumes were at $71bn levels.
At the time of writing, Bitcoin was down by 0.06% to $7,329.9. A relatively bearish start to the day saw Bitcoin fall from an early morning high $7,335.0 to a low $7,311.6.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day, with Binance Coin (+0.21%), EOS (+0.25%), and Tezos (+0.57%) finding early support.
It was bearish for the rest of the pack, however. Bitcoin Cash SV (-0.50%) and Tron’s TRX (-0.46%) led the way down early on.
Bitcoin would need to move back through the morning high $7,335.0 to support a run at the first major resistance level at $7,389.87.
Support from the broader market would be needed, however, for Bitcoin to break through to $7,400 levels.
Barring a broad-based crypto rally on the day, the first major resistance level and Saturday’s high $7,390.00 would likely limit any upside.
Failure to move back through the morning high $7,335.0 could see Bitcoin slide deeper into the red.
A fall through to $7,310 levels would bring the first major support level at $7,279.07 into play before any recovery.
Barring an extended sell-off, however, Bitcoin should steer clear of sub-$7,200 levels. The second major support level at $7,223.73 should limit any downside on the day.
Thisarticlewas originally posted on FX Empire
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• EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 29/12/19
• E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Enough Sellers Show Up to Produce Closing Price Reversal Top
• NZD/USD Forex Technical Analysis – Downtrending Gann Angle at .6722 Last Potential Resistance Before .6791 Main Top || The Crypto Daily – Movers and Shakers – 29/12/19: Bitcoin rose by 0.62% on Saturday. Following on from a 0.77% gain on Friday, Bitcoin ended the day at $7.334.4. A bullish start to the day saw Bitcoin rise from an early morning intraday low $7,279.2 to a mid-morning high $7,388.0. Steering clear of the major support levels, Bitcoin broke through the first major resistance level at $7,353.57 before easing back. In spite of the late morning pullback, Bitcoin found support at $7,300 to strike a mid-afternoon intraday high $7,390.0. Bitcoin broke back through the first major resistance level before a slide back to $7,302 levels. A 3 rd break through the first major resistance level also ended in a pullback, with Bitcoin unable to break through to $7,400 levels on the day. The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of Bitcoin continuing to hold onto $7,000 levels. For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend. The Rest of the Pack Across the rest of the top 10 cryptos, it was a mixed day for the majors. Tezos and Stellar’s Lumen bucked the trend, with declines of 4.13% and 2.18% respectively on Saturday. It was bullish for the rest of the pack, however, with Bitcoin Cash SV and Litecoin rallying by 5.11% and 4.37% respectively to lead the way. Binance Coin (+2.79%), EOS (+1.33%), Ethereum (+1.33%), Ripple’s XRP (+1.54%), and Tron’s TRX (+1.43%) also saw solid gains. Bitcoin Cash ABC saw a more modest gain of 0.62% on the day. Through the week, the crypto total market cap hit a Monday high $200.48bn before sliding to a low $189.60bn on Thursday. At the time of writing, the total market cap stood at $193.30bn. Bitcoin’s dominance continued to sit at 68% levels on Saturday. Trading volumes continued to fall short of $90bn levels seen on Monday, however. At the time of writing, volumes were at $71bn levels. This Morning At the time of writing, Bitcoin was down by 0.06% to $7,329.9. A relatively bearish start to the day saw Bitcoin fall from an early morning high $7,335.0 to a low $7,311.6. Story continues Bitcoin left the major support and resistance levels untested early on. Elsewhere, it was a mixed start to the day, with Binance Coin (+0.21%), EOS (+0.25%), and Tezos (+0.57%) finding early support. It was bearish for the rest of the pack, however. Bitcoin Cash SV (-0.50%) and Tron’s TRX (-0.46%) led the way down early on. For the Bitcoin Day Ahead Bitcoin would need to move back through the morning high $7,335.0 to support a run at the first major resistance level at $7,389.87. Support from the broader market would be needed, however, for Bitcoin to break through to $7,400 levels. Barring a broad-based crypto rally on the day, the first major resistance level and Saturday’s high $7,390.00 would likely limit any upside. Failure to move back through the morning high $7,335.0 could see Bitcoin slide deeper into the red. A fall through to $7,310 levels would bring the first major support level at $7,279.07 into play before any recovery. Barring an extended sell-off, however, Bitcoin should steer clear of sub-$7,200 levels. The second major support level at $7,223.73 should limit any downside on the day. This article was originally posted on FX Empire More From FXEMPIRE: U.S Mortgage Rates Rise as Optimism Drives Yields Crude Oil Price Update – Stays Strong Over $61.13, Begins to Weaken Under $61.00 The Crypto Daily – Movers and Shakers – 29/12/19 EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 29/12/19 E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Enough Sellers Show Up to Produce Closing Price Reversal Top NZD/USD Forex Technical Analysis – Downtrending Gann Angle at .6722 Last Potential Resistance Before .6791 Main Top || Mxc Leverage and ETF Launch Simultaneously - Major Coins Is Booming: NEW YORK, NY / ACCESSWIRE / December 28, 2019 /Recently, MXC Exchange launched a leveraged ETF product - the 3x leverage Exchange Traded Fund (ETF) for BTC, ETH and EOS. Both long and short ones are available, and there is no forced liquidation. Crypto investors say "this is a product that will help users magnify their returns".
According to the statistics, most retail crypto investors have only small positions on major currencies in their investment portfolios. This is due to the fact that major currencies are typically less volatile than altcoins. Instead, some small projects with high potentials are more popular among retail investors because their price are more volatile. Therefore, the bad coins drive out good ones. Compared with mainstream currency, altcoins are more prone to market situations where commodities are overpriced and they can not be purchased.
Small circulating amount and pool underlying technologies are the defects of altcoins. Focusing on the latitude of "speculation", leveraged ETF can boost the development of mainstream currency while meeting the fluctuation demand and the utilization rate of its own funds (multiplied).
If someone is very confident about the market trend of mainstream currencies, they can use long or short ETF to gain profits.
Some users may already know something about leveraged ETF and some even have never heard of it. Next, MXC Exchange will explain in detail the use of ETF:
Now leveraged ETF on MXC Exchange supports the following products:
BTC3L/USDT、BTC3S/USDT、ETH3L/USDT、ETH3S/USDT、EOS3L/USDT、EOS3S/USDT。
BTC3L refers to 3-times buy (long) of BTC. The "L" here stands for "Long". In the same sense, BTC3S refers to 3-times sell (short) of BTC. The "S" here stands for "Short".
For example, if a user has bought BTC3L product, and the price of BTC (the underlying asset of BTC3L) now increases by 10%, then the leverage ETF product - BTC3L will correspondingly rise by 30%. On the contrary, if BTC falls by 10%, the BTC3L will also decreased by 30%.
In addition, BTC3S reversed ETF is also called "short ETF" or "bearish ETF". It provides the opposite performance of an index. Reverse ETF can also do 3-times leverage to amplify the performance caused by index drop. For example, if the price of BTC falls by 5%, then BTC3S will rise by 15%. If the price of BTC increases by 5%, BTC3S will falls by 15%.
Nevertheless, as for the primary investors with poor risk resistance, they should avoid using leverage and reverse ETF. If investors are confident in their judgment of market trends, such as the upgrade of Ethereum, the halving of bitcoin production, and the impact of Voice on EOS launch, leveraged ETF is a relatively practical tool.
In addition, unlike contract of high leverages, there is no forced liquidation for leveraged ETF products. There is a rebalancing system designed by the team of MXC Exchange. This system can adjust the investment portfolios for the leverage ETF products periodically to ensure the generally constant leverage times. Generally, the rebalance will be carried out in every 24 hours. Under special circumstances when price of the underlying asset undergoes great fluctuation which surpass the largest setting value (At the beginning, that is 15% for the losing side. In the future, the value may be different.), the team will carry out the rebalancing mechanism to control the risks of the investment portfolios.
The rebalancing mechanism is available for the losing side to protect the traders' interest. If the BTC rises by 15%, the rebalancing system will work for the trader of BTC3S product.
According to the ETF intraday price rise and fall calculation table provided by the rebalancing mechanism of MXC Exchange, the double opening of long and short positions may have the special effect of avoid risks or even making small profits:
For example, suppose people spend $100 for BTC3L, and $100 for BTC3S. When the BTC increases by 100%, their BTC3L will increases by 300% (that's $300). There is still remain $5.21 of their BTC3S product. After the deduction of the cost, people still earn $105.21. Though it is uncommon to witness the 100% gain of BTC, people cannot get rid of the possibility.
In general, when a bull market starts, people can also configure some leveraged ETF products since it will magnify user's returns and maximize the asset use rate, which are totally different from altcoins.
In 2019, the competition among exchanges are fiercer than before. However, MXC Exchange has established a good reputation in the industry with its high-quality services and smooth trading experience. In addition, the innovative launch of the leveraged ETF products for major currencies like BTC, ETH, and EOS directly meets the demand of large number of users.
Leveraged ETF is a product for both long-term and short-term investment of major currencies.
Organization: MXC PRO FOUNDATION LTDEmail:[email protected]
Lily800-2365-8932Website:www.mxc.com
SOURCE:MXC PRO FOUNDATION LTD
View source version on accesswire.com:https://www.accesswire.com/571542/Mxc-Leverage-and-ETF-Launch-Simultaneously--Major-Coins-Is-Booming || Mxc Leverage and ETF Launch Simultaneously - Major Coins Is Booming: NEW YORK, NY / ACCESSWIRE / December 28, 2019 / Recently, MXC Exchange launched a leveraged ETF product - the 3x leverage Exchange Traded Fund (ETF) for BTC, ETH and EOS. Both long and short ones are available, and there is no forced liquidation. Crypto investors say "this is a product that will help users magnify their returns". According to the statistics, most retail crypto investors have only small positions on major currencies in their investment portfolios. This is due to the fact that major currencies are typically less volatile than altcoins. Instead, some small projects with high potentials are more popular among retail investors because their price are more volatile. Therefore, the bad coins drive out good ones. Compared with mainstream currency, altcoins are more prone to market situations where commodities are overpriced and they can not be purchased. Small circulating amount and pool underlying technologies are the defects of altcoins. Focusing on the latitude of "speculation", leveraged ETF can boost the development of mainstream currency while meeting the fluctuation demand and the utilization rate of its own funds (multiplied). If someone is very confident about the market trend of mainstream currencies, they can use long or short ETF to gain profits. Some users may already know something about leveraged ETF and some even have never heard of it. Next, MXC Exchange will explain in detail the use of ETF: Now leveraged ETF on MXC Exchange supports the following products: BTC3L/USDT 、 BTC3S/USDT 、 ETH3L/USDT 、 ETH3S/USDT 、 EOS3L/USDT 、 EOS3S/USDT 。 BTC3L refers to 3-times buy (long) of BTC. The "L" here stands for "Long". In the same sense, BTC3S refers to 3-times sell (short) of BTC. The "S" here stands for "Short". For example, if a user has bought BTC3L product, and the price of BTC (the underlying asset of BTC3L) now increases by 10%, then the leverage ETF product - BTC3L will correspondingly rise by 30%. On the contrary, if BTC falls by 10%, the BTC3L will also decreased by 30%. Story continues In addition, BTC3S reversed ETF is also called "short ETF" or "bearish ETF". It provides the opposite performance of an index. Reverse ETF can also do 3-times leverage to amplify the performance caused by index drop. For example, if the price of BTC falls by 5%, then BTC3S will rise by 15%. If the price of BTC increases by 5%, BTC3S will falls by 15%. Nevertheless, as for the primary investors with poor risk resistance, they should avoid using leverage and reverse ETF. If investors are confident in their judgment of market trends, such as the upgrade of Ethereum, the halving of bitcoin production, and the impact of Voice on EOS launch, leveraged ETF is a relatively practical tool. In addition, unlike contract of high leverages, there is no forced liquidation for leveraged ETF products. There is a rebalancing system designed by the team of MXC Exchange. This system can adjust the investment portfolios for the leverage ETF products periodically to ensure the generally constant leverage times. Generally, the rebalance will be carried out in every 24 hours. Under special circumstances when price of the underlying asset undergoes great fluctuation which surpass the largest setting value (At the beginning, that is 15% for the losing side. In the future, the value may be different.), the team will carry out the rebalancing mechanism to control the risks of the investment portfolios. The rebalancing mechanism is available for the losing side to protect the traders' interest. If the BTC rises by 15%, the rebalancing system will work for the trader of BTC3S product. According to the ETF intraday price rise and fall calculation table provided by the rebalancing mechanism of MXC Exchange, the double opening of long and short positions may have the special effect of avoid risks or even making small profits: For example, suppose people spend $100 for BTC3L, and $100 for BTC3S. When the BTC increases by 100%, their BTC3L will increases by 300% (that's $300). There is still remain $5.21 of their BTC3S product. After the deduction of the cost, people still earn $105.21. Though it is uncommon to witness the 100% gain of BTC, people cannot get rid of the possibility. In general, when a bull market starts, people can also configure some leveraged ETF products since it will magnify user's returns and maximize the asset use rate, which are totally different from altcoins. In 2019, the competition among exchanges are fiercer than before. However, MXC Exchange has established a good reputation in the industry with its high-quality services and smooth trading experience. In addition, the innovative launch of the leveraged ETF products for major currencies like BTC, ETH, and EOS directly meets the demand of large number of users. Leveraged ETF is a product for both long-term and short-term investment of major currencies. Organization: MXC PRO FOUNDATION LTD Email: [email protected] Lily 800-2365-8932 Website: www.mxc.com SOURCE: MXC PRO FOUNDATION LTD View source version on accesswire.com: https://www.accesswire.com/571542/Mxc-Leverage-and-ETF-Launch-Simultaneously--Major-Coins-Is-Booming
[Social Media Buzz]
None available.
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7193.60, 7200.17, 6985.47, 7344.88, 7410.66, 7411.32, 7769.22, 8163.69, 8079.86, 7879.07
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 12407.33, 11959.37, 10817.16, 10583.13, 10801.68, 11961.27, 11215.44, 10978.46, 11208.55, 11450.85, 12285.96, 12573.81, 12156.51, 11358.66, 11815.99, 11392.38, 10256.06, 10895.09, 9477.64, 9693.80, 10666.48, 10530.73, 10767.14, 10599.11, 10343.11, 9900.77, 9811.93, 9911.84, 9870.30, 9477.68, 9552.86, 9519.15, 9607.42, 10085.63, 10399.67, 10518.17, 10821.73, 10970.18, 11805.65, 11478.17, 11941.97, 11966.41, 11862.94, 11354.02, 11523.58, 11382.62, 10895.83, 10051.70, 10311.55, 10374.34, 10231.74, 10345.81, 10916.05, 10763.23, 10138.05, 10131.06, 10407.96, 10159.96, 10138.52, 10370.82, 10185.50, 9754.42, 9510.20, 9598.17, 9630.66, 9757.97, 10346.76, 10623.54, 10594.49, 10575.53, 10353.30, 10517.25, 10441.28, 10334.97, 10115.98, 10178.37, 10410.13, 10360.55, 10358.05, 10347.71, 10276.79, 10241.27, 10198.25, 10266.42, 10181.64, 10019.72, 10070.39, 9729.32, 8620.57, 8486.99.
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[Bitcoin Technical Analysis for 2019-09-25]
Volume: 21744728353, RSI (14-day): 22.02, 50-day EMA: 10144.07, 200-day EMA: 8792.16
[Wider Market Context]
Gold Price: 1504.60, Gold RSI: 50.13
Oil Price: 56.49, Oil RSI: 48.72
[Recent News (last 7 days)]
Bitcoin’s Price Slides $1,000 in 30 Minutes After Margin Calls at Bitmex: Bitcoin tumbled 9 percent in a half-hour on Tuesday, sending prices to the lowest in three months, in a rapid selloff even by the tumultuous standards of the cryptocurrency markets.
As of 21:50, BTC was trading around $8,600, down from a high of $9,812 over the previous 24 hours.
“Even for bitcoin, this is a pretty rare event,” said Qiao Wang, director of product at Messari, a New York-based cryptocurrency-focused data and research firm.
Related:Bitcoin Dips Below $8K in First Since June
The price started to plunge around 18:30 UTC and stabilized around 19:00.
A trader, who wished to remain anonymous, said the price drop may have been exacerbated by margin calls and contract liquidations on Bitmex, a Seychelles-based exchange that provides customers with 100x leverage, essentially loans to traders that multiply the size of an investment by 100 times.
The margin calls were noted byDataMish, a data platform. We contacted Bitmex for comment but were unable to reach a representative at press time.
Related:Bitcoin Looks South After Price Squeeze Ends With Drop to $9.6K
BitMex Margin Call Data via DataMish.
A long squeeze, the opposite to a short squeeze, is a situation in which investors who hold long positions feel the need to sell into a falling market to cut their losses. This pressure to sell usually leads to a further decline in market prices.
Data from Bitfinex also shows long positions falling below -0.005 percent after BTC’s rapid price decline forced investors to close out their long positions beginning Midday UTC on Sept. 24 after prices dipped below $9,700.
Bitfinex Funding In Use In Margin Positions Data via DataMish.
While there are some investors who refute data from Bitfinex, due to low numbers and unactionable data, open interest with Bitmex’s futures market also took a hit, leading to less than enthusiastic expectations for a quick recovery in BTC’s price.
BitMex Total Open Interest and Volumes.
Prices hit $8,627 at time of publishing.
Bear image via Shutterstock
• Bitcoin Price Indicator is Most Bearish Since December
• Bakkt Exchange’s Bitcoin Futures See Slow Start on First Day of Trading || Bitcoins Price Slides $1,000 in 30 Minutes After Margin Calls at Bitmex: Bitcoin tumbled 9 percent in a half-hour on Tuesday, sending prices to the lowest in three months, in a rapid selloff even by the tumultuous standards of the cryptocurrency markets. As of 21:50, BTC was trading around $8,600, down from a high of $9,812 over the previous 24 hours. Even for bitcoin, this is a pretty rare event, said Qiao Wang, director of product at Messari, a New York-based cryptocurrency-focused data and research firm. Related: Bitcoin Dips Below $8K in First Since June The price started to plunge around 18:30 UTC and stabilized around 19:00. A trader, who wished to remain anonymous, said the price drop may have been exacerbated by margin calls and contract liquidations on Bitmex, a Seychelles-based exchange that provides customers with 100x leverage, essentially loans to traders that multiply the size of an investment by 100 times. The margin calls were noted by DataMish , a data platform. We contacted Bitmex for comment but were unable to reach a representative at press time. Related: Bitcoin Looks South After Price Squeeze Ends With Drop to $9.6K BitMex Margin Call Data via DataMish. The long squeeze A long squeeze, the opposite to a short squeeze, is a situation in which investors who hold long positions feel the need to sell into a falling market to cut their losses. This pressure to sell usually leads to a further decline in market prices. Data from Bitfinex also shows long positions falling below -0.005 percent after BTCs rapid price decline forced investors to close out their long positions beginning Midday UTC on Sept. 24 after prices dipped below $9,700. Bitfinex Funding In Use In Margin Positions Data via DataMish. While there are some investors who refute data from Bitfinex, due to low numbers and unactionable data, open interest with Bitmexs futures market also took a hit, leading to less than enthusiastic expectations for a quick recovery in BTCs price. BitMex Total Open Interest and Volumes. Prices hit $8,627 at time of publishing. Story continues Bear image via Shutterstock Related Stories Bitcoin Price Indicator is Most Bearish Since December Bakkt Exchanges Bitcoin Futures See Slow Start on First Day of Trading || Bitcoin’s Price Slides $1,000 in 30 Minutes After Margin Calls at Bitmex: Bitcoin tumbled 9 percent in a half-hour on Tuesday, sending prices to the lowest in three months, in a rapid selloff even by the tumultuous standards of the cryptocurrency markets.
As of 21:50, BTC was trading around $8,600, down from a high of $9,812 over the previous 24 hours.
“Even for bitcoin, this is a pretty rare event,” said Qiao Wang, director of product at Messari, a New York-based cryptocurrency-focused data and research firm.
Related:Bitcoin Dips Below $8K in First Since June
The price started to plunge around 18:30 UTC and stabilized around 19:00.
A trader, who wished to remain anonymous, said the price drop may have been exacerbated by margin calls and contract liquidations on Bitmex, a Seychelles-based exchange that provides customers with 100x leverage, essentially loans to traders that multiply the size of an investment by 100 times.
The margin calls were noted byDataMish, a data platform. We contacted Bitmex for comment but were unable to reach a representative at press time.
Related:Bitcoin Looks South After Price Squeeze Ends With Drop to $9.6K
BitMex Margin Call Data via DataMish.
A long squeeze, the opposite to a short squeeze, is a situation in which investors who hold long positions feel the need to sell into a falling market to cut their losses. This pressure to sell usually leads to a further decline in market prices.
Data from Bitfinex also shows long positions falling below -0.005 percent after BTC’s rapid price decline forced investors to close out their long positions beginning Midday UTC on Sept. 24 after prices dipped below $9,700.
Bitfinex Funding In Use In Margin Positions Data via DataMish.
While there are some investors who refute data from Bitfinex, due to low numbers and unactionable data, open interest with Bitmex’s futures market also took a hit, leading to less than enthusiastic expectations for a quick recovery in BTC’s price.
BitMex Total Open Interest and Volumes.
Prices hit $8,627 at time of publishing.
Bear image via Shutterstock
• Bitcoin Price Indicator is Most Bearish Since December
• Bakkt Exchange’s Bitcoin Futures See Slow Start on First Day of Trading || ESG ETF Assets More Than Double in 2019: This article was originally published on ETFTrends.com. In looking for ways to diversify a portfolio, investors may look to exchange traded funds that target environmental, social and governance, or ESG, principles. ESG assets have more than doubled in 2019, but most of the assets are still concentrated among the largest strategies, including the iShares ESG MSCI USA Leaders ETF (SUSL) , iShares MSCI KLD 400 Social ETF (DSI) , Xtrackers MSCI USA ESG Leaders Equity ETF (NYSE Arca: USSG) and iShares MSCI USA ESG Select ETF ( SUSA ) , CNBC reports. However, ESG and the broader socially responsible theme have not widely received by U.S. investors. There are 87 ESG-related ETF products with about $16 billion in assets under management, which is only a fraction of the larger $4 trillion ETF industry. On the other hand, Europeans have been more receptive of the ESG-theme, with $124 billion in Europe-listed ESG ETFs. The relative low assets in ESG ETFs, though, makes the segment a good opportunity for the ETF industry to continue to grow. There is a fear that ESG may be gimmicky or just a feel-good investment with little else to show. However, Luke Oliver, head of index investing for the Americas at DWS Group, argued that the key misconceptions about ESG are that investors do not have to give up returns or make some kind of activist play by buying into these stocks. “Our objective is to look like [these benchmarks], but to be aware of the E, S and G,” Oliver told CNBC. For example, the Xtrackers S&P 500 ESG ETF (NYSE Arca: SNPE) includes a position in ExxonMobile ( XOM ), something that many would not hold up against good environmental principles. “You would think, ‘Energy company, that’s got to be bad for the environment.’ But we pick the better ESG-scoring energy companies and [they] are some of the biggest spenders in renewable energy,” Oliver said. Todd Rosenbluth, head of ETFs and mutual fund research at CFRA, argued that cheap costs could also draw in more interest. Story continues “People have historically thought [ESG] was a premium product,” Rosenbluth told CNBC. “But now the costs have come down and they’re more likely to come and take a look.” For more information on ESG strategies, visit our socially responsible ETFs category . POPULAR ARTICLES AND RESOURCES FROM ETFTRENDS.COM SPY ETF Quote VOO ETF Quote QQQ ETF Quote VTI ETF Quote JNUG ETF Quote Top 34 Gold ETFs Top 34 Oil ETFs Top 57 Financials ETFs U.S. Markets Close in Red On Impeachment Inquiry Health Concerns Over Vaping Escalate As Walmart Pulls E-Cigarettes From Shelves Total Return Alternatives: Balancing Portfolio Risks When Even Junk Yields Less than 5% Bitwise Bitcoin ETF Ruling Expected Before Mid-October In the Know: Where Markets Stand in the Late-Cycle READ MORE AT ETFTRENDS.COM > || ESG ETF Assets More Than Double in 2019: This article was originally published onETFTrends.com.
In looking for ways to diversify a portfolio, investors may look to exchange traded funds that target environmental, social and governance, or ESG, principles.
ESG assets have more than doubled in 2019, but most of the assets are still concentrated among the largest strategies, including theiShares ESG MSCI USA Leaders ETF (SUSL),iShares MSCI KLD 400 Social ETF (DSI),Xtrackers MSCI USA ESG Leaders Equity ETF (NYSE Arca: USSG)andiShares MSCI USA ESG Select ETF (SUSA),CNBCreports.
However, ESG and the broader socially responsible theme have not widely received by U.S. investors. There are 87 ESG-related ETF products with about $16 billion in assets under management, which is only a fraction of the larger $4 trillion ETF industry. On the other hand, Europeans have been more receptive of the ESG-theme, with $124 billion in Europe-listed ESG ETFs.
The relative low assets in ESG ETFs, though, makes the segment a good opportunity for the ETF industry to continue to grow.
There is a fear that ESG may be gimmicky or just a feel-good investment with little else to show. However, Luke Oliver, head of index investing for the Americas at DWS Group, argued that the key misconceptions about ESG are that investors do not have to give up returns or make some kind of activist play by buying into these stocks.
“Our objective is to look like [these benchmarks], but to be aware of the E, S and G,” Oliver told CNBC.
For example, theXtrackers S&P 500 ESG ETF (NYSE Arca: SNPE)includes a position in ExxonMobile (XOM), something that many would not hold up against good environmental principles.
“You would think, ‘Energy company, that’s got to be bad for the environment.’ But we pick the better ESG-scoring energy companies and [they] are some of the biggest spenders in renewable energy,” Oliver said.
Todd Rosenbluth, head of ETFs and mutual fund research at CFRA, argued that cheap costs could also draw in more interest.
“People have historically thought [ESG] was a premium product,” Rosenbluth told CNBC. “But now the costs have come down and they’re more likely to come and take a look.”
For more information on ESG strategies, visit oursocially responsible ETFs category.
POPULAR ARTICLES AND RESOURCES FROM ETFTRENDS.COM
• SPY ETF Quote
• VOO ETF Quote
• QQQ ETF Quote
• VTI ETF Quote
• JNUG ETF Quote
• Top 34 Gold ETFs
• Top 34 Oil ETFs
• Top 57 Financials ETFs
• U.S. Markets Close in Red On Impeachment Inquiry
• Health Concerns Over Vaping Escalate As Walmart Pulls E-Cigarettes From Shelves
• Total Return Alternatives: Balancing Portfolio Risks When Even Junk Yields Less than 5%
• Bitwise Bitcoin ETF Ruling Expected Before Mid-October
• In the Know: Where Markets Stand in the Late-Cycle
READ MORE AT ETFTRENDS.COM > || US House Passes Bill for FinCEN to Study Blockchain Use: Congress wants the Financial Crimes Enforcement Network (FinCEN) to up its internal blockchain game with a new bill to study how the technology could be adapted for law enforcement. On Sept. 19, the House of Representatives passed legislation calling for the financial crimes regulator to study its use of “innovative technologies” — including blockchain. The bill now moves to the Senate for consideration. The “Advancing Innovation to Assist Law Enforcement Act” mandates that FinCEN’s director consider how blockchain and other tech advances can improve the bureau’s operations. Related: Netki Retools Digital ID Service for FATF’s New Crypto ‘Travel Rule’ “The Director of the Financial Crimes Enforcement Network (“FinCEN”) shall carry out a study on… whether AI, digital identity technologies, blockchain technologies, and other innovative technologies can be further leveraged to make FinCEN’s data analysis more efficient and effective,” the bill reads. Freshman Representative Anthony Gonzalez (R) Ohio, a member of the House Financial Services Committee, introduced the bill in May as a high-tech means to fight financial crimes. “My bill makes sure that we are using the best technology we have available to find and stop the money laundering that makes all these crimes not only possible, but financially profitable for cartels, traffickers, and terrorists,” Gonzalez said. Gonzalez’ act pushes FinCEN towards a technology whose best-known manifestation — cryptocurrencies — have largely been its to regulate. The Treasury department bureau’s interpretive guides and letters on matters from AML compliance to ICO rules inform industry players. If signed into law, FinCEN may have to jump in. Related: Swiss Regulator Licenses Two New Blockchain Companies as It Shores up Legal Requirements Gerard Daché, executive director at the Government Blockchain Association , which promotes blockchain technology solutions to government, called the advance long overdue. Story continues The government often plays catch-up to “bad guys” and their blockchain tools, Daché said, wasting time, energy and money on antiquated techniques while the enemy races ahead. “It’s almost like an ostrich sticking its head in the sand” said Daché. Government bureaus such as FinCEN need to study how these tools are being used and then integrate them into their own arsenal, he said. “When bad actors engage with it we’ve got to meet them on the battlefield of technology.” Capitol dome image via Shutterstock Related Stories FinCEN Director Reminds Casinos of Crypto Compliance Requirements MIT-IBM AI Lab Analyzed 200,000 Bitcoin Transactions. Only 2% Were Labeled ‘Illicit’ || US House Passes Bill for FinCEN to Study Blockchain Use: Congress wants the Financial Crimes Enforcement Network (FinCEN) to up its internal blockchain game with a new bill to study how the technology could be adapted for law enforcement.
On Sept. 19, the House of Representatives passed legislation calling for the financial crimes regulator to study its use of “innovative technologies” — including blockchain. The bill now moves to the Senate for consideration.
The “Advancing Innovation to Assist Law Enforcement Act” mandates that FinCEN’s director consider how blockchain and other tech advances can improve the bureau’s operations.
Related:Netki Retools Digital ID Service for FATF’s New Crypto ‘Travel Rule’
“The Director of the Financial Crimes Enforcement Network (“FinCEN”) shall carry out a study on… whether AI, digital identity technologies, blockchain technologies, and other innovative technologies can be further leveraged to make FinCEN’s data analysis more efficient and effective,” the bill reads.
Freshman Representative Anthony Gonzalez (R) Ohio, a member of the House Financial Services Committee, introduced the bill in May as a high-tech means to fight financial crimes.
“My bill makes sure that we are using the best technology we have available to find and stop the money laundering that makes all these crimes not only possible, but financially profitable for cartels, traffickers, and terrorists,” Gonzalez said.
Gonzalez’ act pushes FinCEN towards a technology whose best-known manifestation — cryptocurrencies — have largely been its to regulate. The Treasury department bureau’s interpretive guides and letters on matters from AML compliance toICO rulesinform industry players. If signed into law, FinCEN may have to jump in.
Related:Swiss Regulator Licenses Two New Blockchain Companies as It Shores up Legal Requirements
Gerard Daché, executive director at theGovernment Blockchain Association, which promotes blockchain technology solutions to government, called the advance long overdue.
The government often plays catch-up to “bad guys” and their blockchain tools, Daché said, wasting time, energy and money on antiquated techniques while the enemy races ahead.
“It’s almost like an ostrich sticking its head in the sand” said Daché. Government bureaus such as FinCEN need to study how these tools are being used and then integrate them into their own arsenal, he said.
“When bad actors engage with it we’ve got to meet them on the battlefield of technology.”
Capitol dome image via Shutterstock
• FinCEN Director Reminds Casinos of Crypto Compliance Requirements
• MIT-IBM AI Lab Analyzed 200,000 Bitcoin Transactions. Only 2% Were Labeled ‘Illicit’ || Why is Bitcoin’s Price so Volatile?: The price of Bitcoin gets wild. From $1,000 in 2013 to $200 in 2015 to nearly $20,000 in 2017 and back down under $4,000 in 2018, trading the original crypto asset is not for the faint of heart. In this article, we take a look at the major factors that cause Bitcoin’s price to swing so dramatically so frequently. What is Volatility? Volatility basically means how much the value of an asset changes over time. A highly volatile asset like Bitcoin can see its price move dramatically in only a few hours. The opposite of volatility is stability. Stablecoins such as Tether and USDC are tied to the US Dollar so they have very low volatility and a stablecoin’s value changes very little over time. Volatility can be measured using a volatility index, which currently has Bitcoin’s volatility at around 5%. This is very high compared to gold, which is around 1.2% and fiat currencies which average between 0.5% and 1%. Bitcoin has become generally less volatile over time as the price and total market cap has increased. Volatility is not necessarily a bad thing. More than anything else, volatility is a sign of risk, which can be appealing to some, but alarming to others. If you are holding Bitcoin, the ride can be euphoric on the way up yet terrifying on the way down. Below we take a look at some of the contributing factors to what makes bitcoin so volatile. Small Market Size Bitcoin is just a small boat in the big ocean of assets. At the absolute height, the total Bitcoin market cap was under $350 billion and the market cap of the total crypto market was under $850 billion. By comparison, Apple, the largest single U.S. stock reached a total market cap of over $1 trillion at its height and the entire gold market is worth over $7 trillion. Relative to the rest of the asset world, Bitcoin is still tiny. This small market size magnifies the effect of all the other factors that influence volatility. Whales Whales are the owners of large Bitcoin holdings and when they move their Bitcoin around, they can easily rock the little Bitcoin boat. When a whale trades a significant amount of Bitcoin it has an effect on the entire market, which does not happen as easily in bigger markets like gold or stocks. Story continues Liquidity Liquidity is how readily an asset can be exchanged or traded. To have a lot of liquidity there needs to be many ready and willing buyers and sellers in the market. Having a small amount of buyers and sellers means that when there is trade proposed for a large amount of Bitcoin, there won’t be enough people to take that trade and as a result the price may change significantly in order to complete it. With less liquidity, the Bitcoin boat gets rocked even more easily, especially when a whale is involved. News Because Bitcoin is an emerging technology that has never really been seen before, news and rumors can have a big effect on the price. Traders are constantly trying to predict how a piece of news like the hack of a major exchange or rumors of a ban on Bitcoin in a certain country will have on the markets. Potentially positive news like the announcement of Facebook’s Libra project could trigger the market to place bets in anticipation of a potential new wave of mainstream acceptance. Forks At its core, Bitcoin is simply a piece of software that people all over the world decide to voluntarily use and develop. Forks happen when there is an irreconcilable difference among developers and users and as a result, two incompatible versions of the software exist at the same time. Forks and the anticipation of forks cause more uncertainty about the future of Bitcoin, which causes more volatility as traders try to predict what will happen and make new trades accordingly. The most significant Bitcoin split to date has been with Bitcoin Cash , which sought to restore Bitcoin to its originally intended use case as a payment system. Speculation In the original whitepaper by Satoshi Nakamoto , Bitcoin was intended to be “A Peer-to-Peer Electronic Cash System”. However, because of its volatility, many believe it now to be less of an electronic cash system and more like a store of value like gold. Its harshest critics say Bitcoin should be worth nothing because there is nothing backing it up. True Bitcoin believers say that its decentralized and limited supply means that it is potentially more valuable than any other existing asset. Because the value of one Bitcoin has historically gone from being worth nothing, to, if you believe the hype, as much as a $1 million , the market reflects this and as a result, speculation runs rampant. The Future The total Bitcoin and crypto-asset market will grow over time as adoption increases, regulations are clarified, and institutional investors decide to participate. As institutional investment increases so will investment in the technology and businesses that support Bitcoin, which will further increase adoption. Though there will almost certainly be extreme volatility for many years and possibly decades, the volatility will decrease over time as our little Bitcoin boat gets bigger and better at withstanding the waves of the market. || Why is Bitcoin’s Price so Volatile?: The price ofBitcoingets wild. From $1,000 in 2013 to $200 in 2015 to nearly $20,000 in 2017 and back down under $4,000 in 2018, trading the original crypto asset is not for the faint of heart. In this article, we take a look at the major factors that cause Bitcoin’s price to swing so dramatically so frequently.
Volatility basically means how much the value of an asset changes over time. A highly volatile asset like Bitcoin can see its price move dramatically in only a few hours. The opposite of volatility is stability.Stablecoinssuch asTetherandUSDCare tied to the US Dollar so they have very low volatility and a stablecoin’s value changes very little over time.
Volatility can be measured using a volatility index, which currently has Bitcoin’s volatility at around 5%. This is very high compared to gold, which is around 1.2% and fiat currencies which average between 0.5% and 1%.
Volatility is not necessarily a bad thing. More than anything else, volatility is a sign of risk, which can be appealing to some, but alarming to others. If you are holding Bitcoin, the ride can be euphoric on the way up yet terrifying on the way down.
Below we take a look at some of the contributing factors to what makes bitcoin so volatile.
Bitcoin is just a small boat in the big ocean of assets. At the absolute height, the total Bitcoin market cap was under $350 billion and the market cap of the total crypto market was under $850 billion. By comparison, Apple, the largest single U.S. stock reached a total market cap of over $1 trillion at its height and the entire gold market is worth over $7 trillion. Relative to the rest of the asset world, Bitcoin is still tiny.This small market size magnifies the effect of all the other factors that influence volatility.
Whales are the owners of large Bitcoin holdings and when they move their Bitcoin around, they can easily rock the little Bitcoin boat. When a whale trades a significant amount of Bitcoin it has an effect on the entire market, which does not happen as easily in bigger markets like gold or stocks.
Liquidity is how readily an asset can be exchanged or traded. To have a lot of liquidity there needs to be many ready and willing buyers and sellers in the market. Having a small amount of buyers and sellers means that when there is trade proposed for a large amount of Bitcoin, there won’t be enough people to take that trade and as a result the price may change significantly in order to complete it. With less liquidity, the Bitcoin boat gets rocked even more easily, especially when a whale is involved.
Because Bitcoin is an emerging technology that has never really been seen before, news and rumors can have a big effect on the price. Traders are constantly trying to predict how a piece of news like the hack of a major exchange or rumors of a ban on Bitcoin in a certain country will have on the markets.
At its core, Bitcoin is simply a piece of software that people all over the world decide to voluntarily use and develop.Forkshappen when there is an irreconcilable difference among developers and users and as a result, two incompatible versions of the software exist at the same time. Forks and the anticipation of forks cause more uncertainty about the future of Bitcoin, which causes more volatility as traders try to predict what will happen and make new trades accordingly.
In the original whitepaper bySatoshi Nakamoto, Bitcoin was intended to be “A Peer-to-Peer Electronic Cash System”. However, because of its volatility, many believe it now to be less of an electronic cash system and more like a store of value like gold. Its harshest critics say Bitcoin should be worth nothing because there is nothing backing it up. True Bitcoin believers say that its decentralized and limited supply means that it is potentially more valuable than any other existing asset. Because the value of one Bitcoin has historically gone from being worth nothing, to, if you believe the hype, as much as a$1 million, the market reflects this and as a result, speculation runs rampant.
The total Bitcoin and crypto-asset market will grow over time as adoption increases, regulations are clarified, and institutional investors decide to participate. As institutional investment increases so will investment in the technology and businesses that support Bitcoin, which will further increase adoption. Though there will almost certainly be extreme volatility for many years and possibly decades, the volatility will decrease over time as our little Bitcoin boat gets bigger and better at withstanding the waves of the market. || Why is Bitcoin’s Price so Volatile?: The price ofBitcoingets wild. From $1,000 in 2013 to $200 in 2015 to nearly $20,000 in 2017 and back down under $4,000 in 2018, trading the original crypto asset is not for the faint of heart. In this article, we take a look at the major factors that cause Bitcoin’s price to swing so dramatically so frequently.
Volatility basically means how much the value of an asset changes over time. A highly volatile asset like Bitcoin can see its price move dramatically in only a few hours. The opposite of volatility is stability.Stablecoinssuch asTetherandUSDCare tied to the US Dollar so they have very low volatility and a stablecoin’s value changes very little over time.
Volatility can be measured using a volatility index, which currently has Bitcoin’s volatility at around 5%. This is very high compared to gold, which is around 1.2% and fiat currencies which average between 0.5% and 1%.
Volatility is not necessarily a bad thing. More than anything else, volatility is a sign of risk, which can be appealing to some, but alarming to others. If you are holding Bitcoin, the ride can be euphoric on the way up yet terrifying on the way down.
Below we take a look at some of the contributing factors to what makes bitcoin so volatile.
Bitcoin is just a small boat in the big ocean of assets. At the absolute height, the total Bitcoin market cap was under $350 billion and the market cap of the total crypto market was under $850 billion. By comparison, Apple, the largest single U.S. stock reached a total market cap of over $1 trillion at its height and the entire gold market is worth over $7 trillion. Relative to the rest of the asset world, Bitcoin is still tiny.This small market size magnifies the effect of all the other factors that influence volatility.
Whales are the owners of large Bitcoin holdings and when they move their Bitcoin around, they can easily rock the little Bitcoin boat. When a whale trades a significant amount of Bitcoin it has an effect on the entire market, which does not happen as easily in bigger markets like gold or stocks.
Liquidity is how readily an asset can be exchanged or traded. To have a lot of liquidity there needs to be many ready and willing buyers and sellers in the market. Having a small amount of buyers and sellers means that when there is trade proposed for a large amount of Bitcoin, there won’t be enough people to take that trade and as a result the price may change significantly in order to complete it. With less liquidity, the Bitcoin boat gets rocked even more easily, especially when a whale is involved.
Because Bitcoin is an emerging technology that has never really been seen before, news and rumors can have a big effect on the price. Traders are constantly trying to predict how a piece of news like the hack of a major exchange or rumors of a ban on Bitcoin in a certain country will have on the markets.
At its core, Bitcoin is simply a piece of software that people all over the world decide to voluntarily use and develop.Forkshappen when there is an irreconcilable difference among developers and users and as a result, two incompatible versions of the software exist at the same time. Forks and the anticipation of forks cause more uncertainty about the future of Bitcoin, which causes more volatility as traders try to predict what will happen and make new trades accordingly.
In the original whitepaper bySatoshi Nakamoto, Bitcoin was intended to be “A Peer-to-Peer Electronic Cash System”. However, because of its volatility, many believe it now to be less of an electronic cash system and more like a store of value like gold. Its harshest critics say Bitcoin should be worth nothing because there is nothing backing it up. True Bitcoin believers say that its decentralized and limited supply means that it is potentially more valuable than any other existing asset. Because the value of one Bitcoin has historically gone from being worth nothing, to, if you believe the hype, as much as a$1 million, the market reflects this and as a result, speculation runs rampant.
The total Bitcoin and crypto-asset market will grow over time as adoption increases, regulations are clarified, and institutional investors decide to participate. As institutional investment increases so will investment in the technology and businesses that support Bitcoin, which will further increase adoption. Though there will almost certainly be extreme volatility for many years and possibly decades, the volatility will decrease over time as our little Bitcoin boat gets bigger and better at withstanding the waves of the market. || Ethereum shows steady growth, rises 5%: After what can only be described as a worrying Q2 2019 for Ethereum , the cryptocurrency now appears to be back on track, after climbing from $173 to as high as $220 this September. Ethereum has also gained more than 20% against Bitcoin during this time. ETH now stands at a respectable $219.28, having gained close to 5% in the last 24 hours amidst an overall market rally. Other major cryptocurrencies including Bitcoin (BTC) , XRP and Litecoin (LTC) are also in the green, although Ethereum is currently leading the pack in terms of both daily and weekly gains. Unlike most other cryptocurrencies that only experienced a sudden uptick earlier this week, Ethereum has been on a gradual uptrend since the end of August. Between August 31 and today, Ethereum has gained more than 30%confidently pushing past the $200 barrier it has struggled to hold since July. Ethereum's daily trading volume is also on a slow but steady uptick. It's trading volume is currently $9.7 billion, up from $6 billion on September 13. So, more traders are interested in buying and selling the coin. Similarly, the cryptocurrency has seen its hashrate gradually increase since March 2019 and now sits at its highest value in almost a year at 190TH/s. This means more miners are keeping the network secure from attacks. With value, trade volume and hash rate all experiencing what appears to be slow, natural growth, Ethereum's fundamentals are certainly on the up and up. || Ethereum shows steady growth, rises 5%: After what can only be described as a worrying Q2 2019 forEthereum, the cryptocurrency now appears to be back on track, after climbing from $173 to as high as $220 this September. Ethereum has also gained more than 20% againstBitcoinduring this time.
ETH now stands at a respectable $219.28, having gained close to 5% in the last 24 hours amidst an overall market rally. Other major cryptocurrencies includingBitcoin (BTC),XRPandLitecoin (LTC)are also in the green, although Ethereum is currently leading the pack in terms of both daily and weekly gains.
Unlike most othercryptocurrenciesthat only experienced a sudden uptick earlier this week, Ethereum has been on a gradual uptrend since the end of August. Between August 31 and today, Ethereum has gained more than 30%—confidently pushing past the $200 barrier it has struggled to hold since July.
Ethereum's daily trading volume is also on a slow but steady uptick. It's trading volume is currently $9.7 billion, up from $6 billion on September 13. So, more traders are interested in buying and selling the coin.
Similarly, the cryptocurrency has seen itshashrategradually increase since March 2019 and now sits at its highest value in almost a year at 190TH/s. This means more miners are keeping the network secure from attacks.
With value, trade volume and hash rate all experiencing what appears to be slow, natural growth, Ethereum's fundamentals are certainly on the up and up. || Bitcoin drops to more than 3-month low vs dollar, briefly trades below $8,000: NEW YORK, Sept 24 (Reuters) - Bitcoin dropped roughly 15% against the U.S. dollar in late trading on Tuesday, hitting a 3-1/2-month low, with some analysts ascribing the weakness to investors' lukewarm reception to the launch of Bakkt's bitcoin futures on Monday.
Bakkt, a cryptocurrency platform affiliate of the New York Stock Exchange-owned Intercontinental Exchange Inc, listed the new Bakkt Bitcoin futures contracts on Monday. But volume was underwhelming, analysts said.
The largest cryptocurrency by market capitalization was last down 13.5% at $8,377. Earlier, it hit $7,998, the lowest level since mid-June. (Reporting by Gertrude Chavez-Dreyfuss Editing by Leslie Adler) || Bitcoin drops to more than 3-month low vs dollar, briefly trades below $8,000: NEW YORK, Sept 24 (Reuters) - Bitcoin dropped roughly 15% against the U.S. dollar in late trading on Tuesday, hitting a 3-1/2-month low, with some analysts ascribing the weakness to investors' lukewarm reception to the launch of Bakkt's bitcoin futures on Monday.
Bakkt, a cryptocurrency platform affiliate of the New York Stock Exchange-owned Intercontinental Exchange Inc, listed the new Bakkt Bitcoin futures contracts on Monday. But volume was underwhelming, analysts said.
The largest cryptocurrency by market capitalization was last down 13.5% at $8,377. Earlier, it hit $7,998, the lowest level since mid-June. (Reporting by Gertrude Chavez-Dreyfuss Editing by Leslie Adler) || Bitcoin drops to more than 3-month low vs dollar, briefly trades below $8,000: NEW YORK, Sept 24 (Reuters) - Bitcoin dropped roughly 15% against the U.S. dollar in late trading on Tuesday, hitting a 3-1/2-month low, with some analysts ascribing the weakness to investors' lukewarm reception to the launch of Bakkt's bitcoin futures on Monday. Bakkt, a cryptocurrency platform affiliate of the New York Stock Exchange-owned Intercontinental Exchange Inc, listed the new Bakkt Bitcoin futures contracts on Monday. But volume was underwhelming, analysts said. The largest cryptocurrency by market capitalization was last down 13.5% at $8,377. Earlier, it hit $7,998, the lowest level since mid-June. (Reporting by Gertrude Chavez-Dreyfuss Editing by Leslie Adler) || A Balanced Approach for ETF Investors Seeking Income Generation: This article was originally published on ETFTrends.com. As fixed-income investors look for ways to diversify a portfolio and better manage risk, one may consider an actively managed exchange traded fund strategy that seeks a complete approach to total returns, pursuing returns on capital on a foundation of return of capital. In the recent webcast, Total Return Alternatives: Balancing Portfolio Risks When Even Junk Yields Less than 5% , John Lueken, Executive Vice President and Chief Investment Strategist, CapWealth Group, warned that no one can definitively say where the markets are heading since sentiment and conditions can turn on a dime. For example in the fixed-income markets, we were looking at a near 100% probability of rate hikes at the end of November 2018 then a 70% probability of a rate cut at the end of March 2019. Consequently, many money managers have taken a hit from bearish wagers on global interest rates this year. In the current global fixed-income environment, we are looking at an increasingly lower-for-longer yield outlook. There is even $17 trillion in negative yielding bonds globally, or greater than 30% of global tradeable bonds. Lueken warned that the negative yields are now causing a distortion in the pricing of duration and credit risk as depressed rates in very negative territory for prolonged periods is unleashing more unintended consequences than benefits. Adam Eagleston, Portfolio Manager, Driehaus Capital Management, noted that in the U.S. we are experiencing near historic low yields for bonds, and the demand for yielding assets has also depressed yields on stocks as well. As a response to the depressed income opportunities, investors are scrambling for yields, which we have seen in investment flows across funds. For example, through the end of June, bond funds and ETFs have outsold stock funds and ETFs by over $245 billion, or the largest six month difference in flows since 1993. Through September 4, bond funds and ETFs have attracted $337 billion in new money as the disparity between equity outflows and bond inflows hits a record. This sudden influx into bonds has even caused some to call long U.S. Treasuries one of the most crowded trades. Story continues Eagleston also pointed out that bonds have been a great source of returns as well. Bonds have generated greater price appreciation than stocks since 2000. During the recent bull market from 1981 through 2019, long-term government bonds have shown an average annualized return of 9.6%. As a way to better manage risk and pursue returns, JD Gardner, Founder, and Chief Investment Officer, Aptus Capital Advisors, highlighted the actively managed Aptus Defined Risk ETF (Cboe: DRSK) that incorporates a combination of a laddered bond portfolio strategy with options on U.S. equities to help investors achieve income and growth through a hybrid fixed income and equity approach. The Aptus Defined Risk ETF has held up in the recent bout of market volatility. In the period August 8 through August 30, DRSK increased 15.9%, whereas the S&P 500 added 5.4%. Over other periods, DRSK has exhibited much lower drawdowns compared to the S&P 500 as well, providing a source of uncorrelated returns to a diversified investment portfolio. The active ETF tries to generate income and capital appreciation by investing in 90% to 95% of its assets in a 1-7 year laddered investment-grade corporate bonds and the remainder in large-cap U.S. stocks while limiting downside risk. Gardner said advisors are looking to DRSK as a way to gain exposure to fixed income for higher returns without extending duration or taking on additional credit risk, to equity for clients who may be overly reliant on fixed income to embrace equity exposure in a risk-managed way, and to alternatives for a low-correlation stock/bond diversifier in a liquid, transparent ETF vehicle. Financial advisors who are interested in learning more about defined risk strategies can watch the webcast here on demand . POPULAR ARTICLES AND RESOURCES FROM ETFTRENDS.COM SPY ETF Quote VOO ETF Quote QQQ ETF Quote VTI ETF Quote JNUG ETF Quote Top 34 Gold ETFs Top 34 Oil ETFs Top 57 Financials ETFs U.S. Markets Close in Red On Impeachment Inquiry Health Concerns Over Vaping Escalate As Walmart Pulls E-Cigarettes From Shelves Total Return Alternatives: Balancing Portfolio Risks When Even Junk Yields Less than 5% Bitwise Bitcoin ETF Ruling Expected Before Mid-October In the Know: Where Markets Stand in the Late-Cycle READ MORE AT ETFTRENDS.COM > || A Balanced Approach for ETF Investors Seeking Income Generation: This article was originally published on ETFTrends.com. As fixed-income investors look for ways to diversify a portfolio and better manage risk, one may consider an actively managed exchange traded fund strategy that seeks a complete approach to total returns, pursuing returns on capital on a foundation of return of capital. In the recent webcast, Total Return Alternatives: Balancing Portfolio Risks When Even Junk Yields Less than 5% , John Lueken, Executive Vice President and Chief Investment Strategist, CapWealth Group, warned that no one can definitively say where the markets are heading since sentiment and conditions can turn on a dime. For example in the fixed-income markets, we were looking at a near 100% probability of rate hikes at the end of November 2018 then a 70% probability of a rate cut at the end of March 2019. Consequently, many money managers have taken a hit from bearish wagers on global interest rates this year. In the current global fixed-income environment, we are looking at an increasingly lower-for-longer yield outlook. There is even $17 trillion in negative yielding bonds globally, or greater than 30% of global tradeable bonds. Lueken warned that the negative yields are now causing a distortion in the pricing of duration and credit risk as depressed rates in very negative territory for prolonged periods is unleashing more unintended consequences than benefits. Adam Eagleston, Portfolio Manager, Driehaus Capital Management, noted that in the U.S. we are experiencing near historic low yields for bonds, and the demand for yielding assets has also depressed yields on stocks as well. As a response to the depressed income opportunities, investors are scrambling for yields, which we have seen in investment flows across funds. For example, through the end of June, bond funds and ETFs have outsold stock funds and ETFs by over $245 billion, or the largest six month difference in flows since 1993. Through September 4, bond funds and ETFs have attracted $337 billion in new money as the disparity between equity outflows and bond inflows hits a record. This sudden influx into bonds has even caused some to call long U.S. Treasuries one of the most crowded trades. Story continues Eagleston also pointed out that bonds have been a great source of returns as well. Bonds have generated greater price appreciation than stocks since 2000. During the recent bull market from 1981 through 2019, long-term government bonds have shown an average annualized return of 9.6%. As a way to better manage risk and pursue returns, JD Gardner, Founder, and Chief Investment Officer, Aptus Capital Advisors, highlighted the actively managed Aptus Defined Risk ETF (Cboe: DRSK) that incorporates a combination of a laddered bond portfolio strategy with options on U.S. equities to help investors achieve income and growth through a hybrid fixed income and equity approach. The Aptus Defined Risk ETF has held up in the recent bout of market volatility. In the period August 8 through August 30, DRSK increased 15.9%, whereas the S&P 500 added 5.4%. Over other periods, DRSK has exhibited much lower drawdowns compared to the S&P 500 as well, providing a source of uncorrelated returns to a diversified investment portfolio. The active ETF tries to generate income and capital appreciation by investing in 90% to 95% of its assets in a 1-7 year laddered investment-grade corporate bonds and the remainder in large-cap U.S. stocks while limiting downside risk. Gardner said advisors are looking to DRSK as a way to gain exposure to fixed income for higher returns without extending duration or taking on additional credit risk, to equity for clients who may be overly reliant on fixed income to embrace equity exposure in a risk-managed way, and to alternatives for a low-correlation stock/bond diversifier in a liquid, transparent ETF vehicle. Financial advisors who are interested in learning more about defined risk strategies can watch the webcast here on demand . POPULAR ARTICLES AND RESOURCES FROM ETFTRENDS.COM SPY ETF Quote VOO ETF Quote QQQ ETF Quote VTI ETF Quote JNUG ETF Quote Top 34 Gold ETFs Top 34 Oil ETFs Top 57 Financials ETFs U.S. Markets Close in Red On Impeachment Inquiry Health Concerns Over Vaping Escalate As Walmart Pulls E-Cigarettes From Shelves Total Return Alternatives: Balancing Portfolio Risks When Even Junk Yields Less than 5% Bitwise Bitcoin ETF Ruling Expected Before Mid-October In the Know: Where Markets Stand in the Late-Cycle READ MORE AT ETFTRENDS.COM > || Bitcoin drops below $9,000: Over the past several hours, bitcoin prices fell from $9,750 to as low as $8,590— a downswing of over 10%. According to data fromRekto, over the past 24 hours, derivatives exchange BitMEX saw over $380 million worth of XBT Perpetual Swap contracts liquidated. The low represents a new bottom over the past three months. || Bitcoin drops below $9,000: Over the past several hours, bitcoin prices fell from $9,750 to as low as $8,590 a downswing of over 10%. According to data from Rekto , over the past 24 hours, derivatives exchange BitMEX saw over $380 million worth of XBT Perpetual Swap contracts liquidated. The low represents a new bottom over the past three months. || Bitcoin drops below $9,000: Over the past several hours, bitcoin prices fell from $9,750 to as low as $8,590— a downswing of over 10%. According to data fromRekto, over the past 24 hours, derivatives exchange BitMEX saw over $380 million worth of XBT Perpetual Swap contracts liquidated. The low represents a new bottom over the past three months.
[Social Media Buzz]
Panic at 137 Bank Branches as RBI Limits Withdrawals to ₹1000 - Bitcoin News https://t.co/7eOf9H7ILJ || Devs Remove BIP70 Payment Protocol From Bitcoin Core’s Def..
@bitcoinincoins - @InvestCrypForex - BTCTN - Twitter - News - Noticias - Bitcoin - CryptoCurrency - Forex https://t.co/vgKWmkO933 https://t.co/Fdh5sSiPtq || @JT_Crypto101 @TheCryptoDog I was on drugs when I first bought BTC || Crypto Panic: Tom Lee Talks Massive Bitcoin Price Drop, Claims It Confirms Fundstrat's "Unpopular" Theory h...
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8118.97, 8251.85, 8245.92, 8104.19, 8293.87, 8343.28, 8393.04, 8259.99, 8205.94, 8151.50
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 222.88, 228.49, 229.05, 228.80, 229.71, 229.98, 232.40, 233.54, 236.82, 250.90, 249.28, 249.01, 244.61, 245.21, 243.94, 246.99, 244.30, 240.51, 242.80, 243.59, 250.99, 249.01, 257.06, 263.07, 258.62, 255.41, 256.34, 260.89, 271.91, 269.03, 266.21, 270.79, 269.23, 284.89, 293.11, 310.87, 292.05, 287.46, 285.83, 278.09, 279.47, 274.90, 273.61, 278.98, 275.83, 277.22, 276.05, 288.28, 288.70, 292.69, 293.62, 294.43, 289.59, 287.72, 284.65, 281.60, 282.61, 281.23, 285.22, 281.88, 278.58, 279.58, 261.00, 265.08, 264.47, 270.39, 266.38, 264.08, 265.68, 261.55, 258.51, 257.98, 211.08, 226.68, 235.35, 232.57, 230.39, 228.17, 210.49, 221.61, 225.83, 224.77, 231.40, 229.78, 228.76, 230.06, 228.12, 229.28, 227.18, 230.30.
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[Bitcoin Technical Analysis for 2015-09-04]
Volume: 20962400, RSI (14-day): 43.05, 50-day EMA: 247.85, 200-day EMA: 256.40
[Wider Market Context]
Gold Price: 1120.60, Gold RSI: 46.84
Oil Price: 46.05, Oil RSI: 52.88
[Recent News (last 7 days)]
Buying the dip? Consider these 5 stocks: Amid increased market volatility, investors looking for value should keep their eyes on five stocks trading at a discount, CNBC's "Fast Money" pros said.
Microsoft(NASDAQ: MSFT)has traded between $40 and $50 a share over the last year. "I think you probably buy it at $40 and sell it at $50," Dan Nathan said.
"There's been a premium built in to Microsoft over the last year since Nadella took over," he said. Nathan noted that there's a lot to be optimistic about, but urged investors to be mindful that it is tied to the turbulent PC market.
Tim Seymour said he sees upside potential in the aerospace products manufacture United Technologies(NYSE: UTX). "Granted China could get worse... but I think these guys are turning the ship after what was a selloff that was even kind of pre-China," he said.
But if you really want to know when the China-driven selloff is over, keep an eye on Apple(NASDAQ: AAPL).
Once investors start pilling in on Apple, it means they "fundamentally believe that maybe iPhones are going to surprise," to the upside because everyone has factored in that China, where the iPhone gets most of its profit from, is really hitting a wall, Steve Grasso said.
"Maybe they will surprise us. Maybe it's not the watch, maybe it's Apple T.V. as people are suspecting. ... But if the story has fundamentally changed than you just gotta sell Apple and I don't think we're there yet," he added.
Brian Kelly is betting on Goldman Sachs(NYSE: GS)to weather the current market storm because "they are gonna be the ones to benefit from this market volatility. "On this list, Goldman Sachs is the way to do it, at least, for the next couple of months," he said.
Cisco(NASDAQ: CSCO)is a Dow stock that you buy at a discount, while it's near 52-week lows, Brian Kelly said.
"Here is a Dow stock that trades at 10.5 times next year's expected earnings [with a] 3.25 percent dividend yield [and] half that market cap is in cash here," Kelly said, citing the company's recent management changes as additional tailwinds.
Disclosures:
Tim Seymour
Tim Seymour is long AAPL, T, BAC, DIS, F, GE, GM, GOOGL, INTC, JPM, TWTR, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO.
Dan Nathan
Dan is long QQQ Oct put spread, XBI sept put spread, TWTR, PG.
Brian Kelly
Brian Kelly is long BBRY, TWTR calls, Bitcoin, U.S. Dollar; he is short British Pound, Euro, Ruble, Yen, Yuan, US Treasurys.
Steve Grasso
Steve is long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, FIT, KBH, MJNA, MU, PFE, PHM, T, TWTR, GDX, firm is long BP, COP, CVX, FCX, OXY, RIG, AMZN, MAT His kids own EFA, EFG, EWJ, IJR, SPY.
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• Top News and Analysis
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• Personal Finance || Buying the dip? Consider these 5 stocks: Amid increased market volatility, investors looking for value should keep their eyes on five stocks trading at a discount, CNBC's "Fast Money" pros said. Microsoft (NASDAQ: MSFT) has traded between $40 and $50 a share over the last year. "I think you probably buy it at $40 and sell it at $50," Dan Nathan said. "There's been a premium built in to Microsoft over the last year since Nadella took over," he said. Nathan noted that there's a lot to be optimistic about, but urged investors to be mindful that it is tied to the turbulent PC market. Tim Seymour said he sees upside potential in the aerospace products manufacture United Technologies (NYSE: UTX) . "Granted China could get worse... but I think these guys are turning the ship after what was a selloff that was even kind of pre-China," he said. But if you really want to know when the China-driven selloff is over, keep an eye on Apple (NASDAQ: AAPL) . Once investors start pilling in on Apple, it means they "fundamentally believe that maybe iPhones are going to surprise," to the upside because everyone has factored in that China, where the iPhone gets most of its profit from, is really hitting a wall, Steve Grasso said. "Maybe they will surprise us. Maybe it's not the watch, maybe it's Apple T.V. as people are suspecting. ... But if the story has fundamentally changed than you just gotta sell Apple and I don't think we're there yet," he added. Brian Kelly is betting on Goldman Sachs (NYSE: GS) to weather the current market storm because "they are gonna be the ones to benefit from this market volatility. "On this list, Goldman Sachs is the way to do it, at least, for the next couple of months," he said. Cisco (NASDAQ: CSCO) is a Dow stock that you buy at a discount, while it's near 52-week lows, Brian Kelly said. "Here is a Dow stock that trades at 10.5 times next year's expected earnings [with a] 3.25 percent dividend yield [and] half that market cap is in cash here," Kelly said, citing the company's recent management changes as additional tailwinds. Story continues Disclosures: Tim Seymour Tim Seymour is long AAPL, T, BAC, DIS, F, GE, GM, GOOGL, INTC, JPM, TWTR, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO. Dan Nathan Dan is long QQQ Oct put spread, XBI sept put spread, TWTR, PG. Brian Kelly Brian Kelly is long BBRY, TWTR calls, Bitcoin, U.S. Dollar; he is short British Pound, Euro, Ruble, Yen, Yuan, US Treasurys. Steve Grasso Steve is long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, FIT, KBH, MJNA, MU, PFE, PHM, T, TWTR, GDX, firm is long BP, COP, CVX, FCX, OXY, RIG, AMZN, MAT His kids own EFA, EFG, EWJ, IJR, SPY. More From CNBC Top News and Analysis Latest News Video Personal Finance || itBit hires former NY financial regulator's general counsel: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange itBit has hired Daniel Alter as the company's new general counsel and chief compliance officer, the firm announced on Wednesday. Alter, who spent three years as general counsel to the New York State Department of Financial Services (DFS), said there was no impropriety in his employment at itBit. "The New York State Public Officers law requires that I have a two-year recusal before I can appear before the New York Department of Financial Services on behalf of the company," said Alter, who left the DFS in mid-February and joined itBit last week. "And it will certainly apply to itBit. I will not step near or have any communications with the New York Department of Financial Services. Those will be handled by outside counsel or qualified compliance people within the company," added Alter, who is also an adjunct professor of law at New York University School of Law. In June, Benjamin Lawsky, former superintendent of the New York DFS also left the agency to form his own consulting firm that will advise companies on regulation and other matters. Lawsky was widely criticized by the bitcoin community that he may have generated consulting work for himself by issuing controversial regulations for virtual currency firms before he left his post. itBit also announced the appointment of Kim Petry as the company's chief financial officer. Petry joins itBit from her post as CFO of global operations and technology at Broadridge Financial. Prior to Broadridge, Petry served as the CFO and vice president of global commercial/corporate card payment at American Express Co. itBit's new appointments are the latest in a series of high-profile additions to the company's leadership team. Sheila Bair, former chairman of the Federal Deposit Insurance Company, Senator Bill Bradley, and Robert Herz, former chairman of the Financial Accounting Standards Board, joined itBit's Board of Directors in May this year. The New York-based exchange was recently granted a trust charter by the DFS. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Diane Craft) || itBit hires former NY financial regulator's general counsel: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange itBit has hired Daniel Alter as the company's new general counsel and chief compliance officer, the firm announced on Wednesday. Alter, who spent three years as general counsel to the New York State Department of Financial Services (DFS), said there was no impropriety in his employment at itBit. "The New York State Public Officers law requires that I have a two-year recusal before I can appear before the New York Department of Financial Services on behalf of the company," said Alter, who left the DFS in mid-February and joined itBit last week. "And it will certainly apply to itBit. I will not step near or have any communications with the New York Department of Financial Services. Those will be handled by outside counsel or qualified compliance people within the company," added Alter, who is also an adjunct professor of law at New York University School of Law. In June, Benjamin Lawsky, former superintendent of the New York DFS also left the agency to form his own consulting firm that will advise companies on regulation and other matters. Lawsky was widely criticized by the bitcoin community that he may have generated consulting work for himself by issuing controversial regulations for virtual currency firms before he left his post. itBit also announced the appointment of Kim Petry as the company's chief financial officer. Petry joins itBit from her post as CFO of global operations and technology at Broadridge Financial. Prior to Broadridge, Petry served as the CFO and vice president of global commercial/corporate card payment at American Express Co. itBit's new appointments are the latest in a series of high-profile additions to the company's leadership team. Sheila Bair, former chairman of the Federal Deposit Insurance Company, Senator Bill Bradley, and Robert Herz, former chairman of the Financial Accounting Standards Board, joined itBit's Board of Directors in May this year. The New York-based exchange was recently granted a trust charter by the DFS. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Diane Craft) || Bitcoin Driven HashingSpace Launches HashScanner to Maximize Bitcoin Payouts: HashingSpace Corporation (HSHS) Announced Today That It Has Launched a New Service, HashScanner, to Maximize Bitcoin Mining Capabilities. HashingSpace's Mission Is to Build out Key Infrastructure for the Global Adoption of Bitcoin and Blockchain Services with Hosted ASIC Mining
WENATCHEE, WA / ACCESSWIRE /September 1, 2015 /HashingSpace Corporation (OTCQB: HSHS), a Bitcoin ASIC mining and hosting company, announced today that the company has made available HashScanner, a proprietary service to maximize Bitcoin payouts for HashingSpace miners.
The new service allows miners to scan P2Pools to see which has the lowest latency. It also shows pools score, efficiencies, uptime, location, fees, hash rate and version number. This free service shows how HASHPOOL ranks with HashingSpace's 13 nodes located across the world. Our HashPool.com mining pools are GEO-IP load balanced through DNS to allow mining pools one address, which load balances and fails over for all of our the nodes. We also allow for individual node access.
"We are excited to bring to the Bitcoin marketplace this free HashScanner service. We feel it is well designed and user friendly. It is a definitive source for the highest paying p2pool mining pools. This allows our customers to maximize their mining capabilities and increase their profits and shows how HashPool ranks among the P2Pools," stated Timothy Roberts, CEO of HashingSpace Corporation. "This completes another goal of ours to provide intuitive, convenient, robust and secure bitcoin solutions to the Bitcoin community."
HashScanner can be accessed atwww.hashscanner.comand also through the HashingSpace mining portal atwww.hashpool.com.
HashingSpace Corporation's business will provide a wide range of services to include:
FORTRESS ONE HOSTING:Tier 3+ Enterprise Class, Green High Intensity Hosting for Blockchain
CRYPTOHASH HOSTING:Tier 1 Green High Intensity Hosting for Crypto Currency ASIC Mining
CLOUDHASH:Cloud mining servers that can be rented with full hashing power
HASHMINING:Our own Mining Farm
HASHATM:Owner and operator of Bitcoin ATM machines
HASHWALLET:Bitcoin consumer wallet for bitcoin banking and transactions
HASHPOOL:Public Stratum and P2Pool (Web/IOS/Droid)
HASHTICKER:Free Ticker for tracking Bitcoin Value (Screen Saver/Web/IOS/Droid)
HASHVAR:A wholesaler of Bitcoin servers and Bitcoin ATM machines
All company information, including stock trading, filings, and market data related to the company, is reported under the ticker symbol, HSHS.
About HashingSpace Corporation
HashingSpace Corporation is a Bitcoin ASIC mining company, hosting provider, and service provider of blockchain transactional services. HashingSpace's high density datacenters are designed to meet the demanding power and cooling needs of client hosted Bitcoin mining gear with unparalleled pricing, cooling and green energy. The Corporation is continuing to expand its datacenters to satisfy the shortage of low cost hosting facilities catering to the Bitcoin and blockchain mining and transactional verification services industry specifically.
HashingSpace Corporation manages HashWallet, a Bitcoin wallet; HashPool, a Bitcoin mining pool; and HashATM, the owner and operator of Bitcoin ATM machines. The company is a wholesaler of Bitcoin mining servers and Bitcoin ATM machines. Bitcoin businesses interested in reselling HashingSpace products and services are invited to reach out to HashingSpace Corporation for more information.
HashingSpace Corporation is headquartered in Wenatchee, Washington. For more information, visitwww.hashingspace.com.
Any unreleased services or features referenced in this or other press releases or public statements may not be currently available and may not be delivered on time or at all. Customers who purchase HashingSpace services should make their purchase decisions based upon features currently available. For more information please visithttp://www.hashingspace.comor call 1-855-HASHING (427-4464).
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Company Contact:
HashingSpace Corporation5042 Wilshire Blvd. #26900Los Angeles, CA, 90036855-HASHING (427-4464)Investor Relations:[email protected]
SOURCE:HashingSpace Corporation || Bitcoin Driven HashingSpace Launches HashScanner to Maximize Bitcoin Payouts: HashingSpace Corporation (HSHS) Announced Today That It Has Launched a New Service, HashScanner, to Maximize Bitcoin Mining Capabilities. HashingSpace's Mission Is to Build out Key Infrastructure for the Global Adoption of Bitcoin and Blockchain Services with Hosted ASIC Mining
WENATCHEE, WA / ACCESSWIRE /September 1, 2015 /HashingSpace Corporation (OTCQB: HSHS), a Bitcoin ASIC mining and hosting company, announced today that the company has made available HashScanner, a proprietary service to maximize Bitcoin payouts for HashingSpace miners.
The new service allows miners to scan P2Pools to see which has the lowest latency. It also shows pools score, efficiencies, uptime, location, fees, hash rate and version number. This free service shows how HASHPOOL ranks with HashingSpace's 13 nodes located across the world. Our HashPool.com mining pools are GEO-IP load balanced through DNS to allow mining pools one address, which load balances and fails over for all of our the nodes. We also allow for individual node access.
"We are excited to bring to the Bitcoin marketplace this free HashScanner service. We feel it is well designed and user friendly. It is a definitive source for the highest paying p2pool mining pools. This allows our customers to maximize their mining capabilities and increase their profits and shows how HashPool ranks among the P2Pools," stated Timothy Roberts, CEO of HashingSpace Corporation. "This completes another goal of ours to provide intuitive, convenient, robust and secure bitcoin solutions to the Bitcoin community."
HashScanner can be accessed atwww.hashscanner.comand also through the HashingSpace mining portal atwww.hashpool.com.
HashingSpace Corporation's business will provide a wide range of services to include:
FORTRESS ONE HOSTING:Tier 3+ Enterprise Class, Green High Intensity Hosting for Blockchain
CRYPTOHASH HOSTING:Tier 1 Green High Intensity Hosting for Crypto Currency ASIC Mining
CLOUDHASH:Cloud mining servers that can be rented with full hashing power
HASHMINING:Our own Mining Farm
HASHATM:Owner and operator of Bitcoin ATM machines
HASHWALLET:Bitcoin consumer wallet for bitcoin banking and transactions
HASHPOOL:Public Stratum and P2Pool (Web/IOS/Droid)
HASHTICKER:Free Ticker for tracking Bitcoin Value (Screen Saver/Web/IOS/Droid)
HASHVAR:A wholesaler of Bitcoin servers and Bitcoin ATM machines
All company information, including stock trading, filings, and market data related to the company, is reported under the ticker symbol, HSHS.
About HashingSpace Corporation
HashingSpace Corporation is a Bitcoin ASIC mining company, hosting provider, and service provider of blockchain transactional services. HashingSpace's high density datacenters are designed to meet the demanding power and cooling needs of client hosted Bitcoin mining gear with unparalleled pricing, cooling and green energy. The Corporation is continuing to expand its datacenters to satisfy the shortage of low cost hosting facilities catering to the Bitcoin and blockchain mining and transactional verification services industry specifically.
HashingSpace Corporation manages HashWallet, a Bitcoin wallet; HashPool, a Bitcoin mining pool; and HashATM, the owner and operator of Bitcoin ATM machines. The company is a wholesaler of Bitcoin mining servers and Bitcoin ATM machines. Bitcoin businesses interested in reselling HashingSpace products and services are invited to reach out to HashingSpace Corporation for more information.
HashingSpace Corporation is headquartered in Wenatchee, Washington. For more information, visitwww.hashingspace.com.
Any unreleased services or features referenced in this or other press releases or public statements may not be currently available and may not be delivered on time or at all. Customers who purchase HashingSpace services should make their purchase decisions based upon features currently available. For more information please visithttp://www.hashingspace.comor call 1-855-HASHING (427-4464).
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Company Contact:
HashingSpace Corporation5042 Wilshire Blvd. #26900Los Angeles, CA, 90036855-HASHING (427-4464)Investor Relations:[email protected]
SOURCE:HashingSpace Corporation || Bitcoin Driven HashingSpace Launches HashScanner to Maximize Bitcoin Payouts: HashingSpace Corporation ( HSHS ) Announced Today That It Has Launched a New Service, HashScanner, to Maximize Bitcoin Mining Capabilities. HashingSpace's Mission Is to Build out Key Infrastructure for the Global Adoption of Bitcoin and Blockchain Services with Hosted ASIC Mining WENATCHEE, WA / ACCESSWIRE / September 1, 2015 / HashingSpace Corporation ( OTCQB: HSHS ), a Bitcoin ASIC mining and hosting company, announced today that the company has made available HashScanner, a proprietary service to maximize Bitcoin payouts for HashingSpace miners. The new service allows miners to scan P2Pools to see which has the lowest latency. It also shows pools score, efficiencies, uptime, location, fees, hash rate and version number. This free service shows how HASHPOOL ranks with HashingSpace's 13 nodes located across the world. Our HashPool.com mining pools are GEO-IP load balanced through DNS to allow mining pools one address, which load balances and fails over for all of our the nodes. We also allow for individual node access. "We are excited to bring to the Bitcoin marketplace this free HashScanner service. We feel it is well designed and user friendly. It is a definitive source for the highest paying p2pool mining pools. This allows our customers to maximize their mining capabilities and increase their profits and shows how HashPool ranks among the P2Pools," stated Timothy Roberts, CEO of HashingSpace Corporation. "This completes another goal of ours to provide intuitive, convenient, robust and secure bitcoin solutions to the Bitcoin community." HashScanner can be accessed at www.hashscanner.com and also through the HashingSpace mining portal at www.hashpool.com . HashingSpace Corporation's business will provide a wide range of services to include: FORTRESS ONE HOSTING: Tier 3+ Enterprise Class, Green High Intensity Hosting for Blockchain CRYPTOHASH HOSTING: Tier 1 Green High Intensity Hosting for Crypto Currency ASIC Mining CLOUDHASH: Cloud mining servers that can be rented with full hashing power Story continues HASHMINING: Our own Mining Farm HASHATM: Owner and operator of Bitcoin ATM machines HASHWALLET: Bitcoin consumer wallet for bitcoin banking and transactions HASHPOOL: Public Stratum and P2Pool (Web/IOS/Droid) HASHTICKER: Free Ticker for tracking Bitcoin Value (Screen Saver/Web/IOS/Droid) HASHVAR: A wholesaler of Bitcoin servers and Bitcoin ATM machines All company information, including stock trading, filings, and market data related to the company, is reported under the ticker symbol, HSHS. About HashingSpace Corporation HashingSpace Corporation is a Bitcoin ASIC mining company, hosting provider, and service provider of blockchain transactional services. HashingSpace's high density datacenters are designed to meet the demanding power and cooling needs of client hosted Bitcoin mining gear with unparalleled pricing, cooling and green energy. The Corporation is continuing to expand its datacenters to satisfy the shortage of low cost hosting facilities catering to the Bitcoin and blockchain mining and transactional verification services industry specifically. HashingSpace Corporation manages HashWallet, a Bitcoin wallet; HashPool, a Bitcoin mining pool; and HashATM, the owner and operator of Bitcoin ATM machines. The company is a wholesaler of Bitcoin mining servers and Bitcoin ATM machines. Bitcoin businesses interested in reselling HashingSpace products and services are invited to reach out to HashingSpace Corporation for more information. HashingSpace Corporation is headquartered in Wenatchee, Washington. For more information, visit www.hashingspace.com . Any unreleased services or features referenced in this or other press releases or public statements may not be currently available and may not be delivered on time or at all. Customers who purchase HashingSpace services should make their purchase decisions based upon features currently available. For more information please visit http://www.hashingspace.com or call 1-855-HASHING (427-4464). Safe Harbor Statement This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Company Contact: HashingSpace Corporation 5042 Wilshire Blvd. #26900 Los Angeles, CA, 90036 855-HASHING (427-4464) Investor Relations: [email protected] SOURCE: HashingSpace Corporation || Organic Food Goes Mainstream: Consumer preferences have shifted significantly over the past few years as more and more people opt for all-natural, healthy food options. Healthy food used to make up just a small isle of little known brands in the supermarket, but the niche has made its way into popular culture and now even big brands are hopping on the organic food bandwagon. Supermarkets Whole Foods Market (NASDAQ: WFM ) is a heavy-hitter when it comes to the natural foods space. The company has grown into a well known brand where health nuts pay a premium for the best ingredients and most natural foods. However, as interest in health foods grew, so did the number of competitors. Other specialty grocers like Sprouts (NASDAQ: SFM ) and Natural Grocers (NYSE: NGVC ) are expanding quickly and looking to increase their slice of the organic pie. New Entrants While new entrants in the organic foods business used to be mom and pop businesses that were working their way up, today's natural foods isle is filled with products backed by big name companies who are shifting their approach in order to attract health-conscious consumers. Tyson Foods (NYSE: TSN ) promised to stop using chicken that had been treated with antibiotics and Kraft Foods (NASDAQ: KRFT ) has removed artificial dyes from its well-known Mac & Cheese in an effort to appeal to the organic-obsessed public. Bigger Not Always Better However, the big brands aren't always able to appeal to health nuts the way smaller brands are. After Kellogg Company (NYSE: K ) acquired the Kashi brand in 2000, the healthy cereal maker went steadily downhill. Customers discovered that Kellogg was using genetically modified ingredients and a social media campaign against the brand ensued. Now, Kellogg is working to restore Kashi's image with innovative new cereals and a new marketing approach, but it is likely to be a rocky road back into consumers' good graces. See more from Benzinga Is NASDAQ Going Green? Cybersecurity Becomes An Even Bigger Problem For U.S. Firms New Dictionary Entries Suggest Bitcoin Is Going Mainstream © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Organic Food Goes Mainstream: Consumer preferences have shifted significantly over the past few years as more and more people opt for all-natural, healthy food options.
Healthy food used to make up just a small isle of little known brands in the supermarket, but the niche has made its way into popular culture and now even big brands are hopping on the organic food bandwagon.
Supermarkets
Whole Foods Market(NASDAQ:WFM) is a heavy-hitter when it comes to the natural foods space. The company has grown into a well known brand where health nuts pay a premium for the best ingredients and most natural foods. However, as interest in health foods grew, so did the number of competitors.
Other specialty grocers likeSprouts(NASDAQ:SFM) andNatural Grocers(NYSE:NGVC) are expanding quickly and looking to increase their slice of the organic pie.
New Entrants
While new entrants in the organic foods business used to be mom and pop businesses that were working their way up, today's natural foods isle is filled with products backed by big name companies who are shifting their approach in order to attract health-conscious consumers.
Tyson Foods(NYSE:TSN) promised to stop using chicken that had been treated with antibiotics andKraft Foods(NASDAQ:KRFT) has removed artificial dyes from its well-known Mac & Cheese in an effort to appeal to the organic-obsessed public.
Bigger Not Always Better
However, the big brands aren't always able to appeal to health nuts the way smaller brands are. AfterKellogg Company(NYSE:K) acquired the Kashi brand in 2000, the healthy cereal maker went steadily downhill.
Customers discovered that Kellogg was using genetically modified ingredients and a social media campaign against the brand ensued. Now, Kellogg isworking to restoreKashi's image with innovative new cereals and a new marketing approach, but it is likely to be a rocky road back into consumers' good graces.
See more from Benzinga
• Is NASDAQ Going Green?
• Cybersecurity Becomes An Even Bigger Problem For U.S. Firms
• New Dictionary Entries Suggest Bitcoin Is Going Mainstream
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Is NASDAQ Going Green?: On Monday, the marijuana-themed networking company MassRoots Inc (OTC: MSRT ) announced its plans to become the first cannabis-based company to be listed on the Nasdaq Capital Market. The company has been listed OTC since April 2015, but if it is accepted by Nasdaq, it will mark a major milestone for the company's growth. Marijuana Network MassRoots is a social networking app that connects marijuana users to industry participants like dispensaries and pot-themed companies. As the app itself doesn't handle any marijuana or facilitate sales directly, it can be used throughout the U.S., even in states where marijuana use is still illegal. Big Opportunity MassRoots Chief Executive Officer Isaac Dietrich said that the company's move onto a major market like the NASDAQ will likely help attract new investors and mark a huge step forward for both the company and the marijuana industry as a whole. In order to comply with NASDAQ's requirements MassRoots is planning to strengthen its corporate governance and take other steps in order to ensure it meets all of the criteria. However, even if the company is able to fulfill the requirements, there is no guarantee that the its application will be accepted. Investors Interested In Pot? It remains unknown how well MassRoots would be received by investors. On one hand, MassRoots would be the first company whose operations are directly linked to recreational marijuana use. While companies like GW Pharmaceuticals (NASDAQ: GWPH ) are already listed on the exchange, their research explores using elements from cannabis to create new medical treatments. MassRoots, appeals to recreational users and gives investors a chance to invest in technology which may grow alongside the industry. However, some could be wary of marijuana-linked investments as the industry's future is still uncertain as conflicting federal and state laws allow for the marijuana market to be shut down at any time. See more from Benzinga Cybersecurity Becomes An Even Bigger Problem For U.S. Firms New Dictionary Entries Suggest Bitcoin Is Going Mainstream Where Is The Market Headed? © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Is NASDAQ Going Green?: On Monday, the marijuana-themed networking companyMassRoots Inc(OTC:MSRT) announced its plans to become thefirst cannabis-based companyto be listed on the Nasdaq Capital Market.
The company has been listed OTC since April 2015, but if it is accepted by Nasdaq, it will mark a major milestone for the company's growth.
Marijuana Network
MassRoots is a social networking app that connects marijuana users to industry participants like dispensaries and pot-themed companies. As the app itself doesn't handle any marijuana or facilitate sales directly, it can be used throughout the U.S., even in states where marijuana use is still illegal.
Big Opportunity
MassRoots Chief Executive Officer Isaac Dietrich said that the company's move onto a major market like the NASDAQ will likely help attract new investors and mark a huge step forward for both the company and the marijuana industry as a whole.
In order to comply with NASDAQ's requirements MassRoots is planning to strengthen its corporate governance and take other steps in order to ensure it meets all of the criteria.
However, even if the company is able to fulfill the requirements, there is no guarantee that the its application will be accepted.
Investors Interested In Pot?
It remains unknown how well MassRoots would be received by investors. On one hand, MassRoots would be the first company whose operations are directly linked to recreational marijuana use.
While companies likeGW Pharmaceuticals(NASDAQ:GWPH) are already listed on the exchange, their research explores using elements from cannabis to create new medical treatments. MassRoots, appeals to recreational users and gives investors a chance to invest in technology which may grow alongside the industry.
However, some could be wary of marijuana-linked investments as the industry's future is still uncertain as conflicting federal and state laws allow for the marijuana market to be shut down at any time.
See more from Benzinga
• Cybersecurity Becomes An Even Bigger Problem For U.S. Firms
• New Dictionary Entries Suggest Bitcoin Is Going Mainstream
• Where Is The Market Headed?
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || SunGard And HSBC's Massive IT Glitches: Why Customers Freaked Out Last Friday: Last Friday, two major banks were reported to be experienced big IT problems, affecting thousands of customers. HSBC Leaves Thousands Without Salaries According to a recent Finextra article , a big tech issue surfaced on Friday morning when HSBC customers checking their account balances noticed their latest monthly salaries were not accounted for. Apparently, the glitch affected roughly 275,000 Bacs payments Bacs is the system used for fund transfers in the UK. Bacs released a statement assuring that it is "aware of an isolated issue that has affected one of its member organizations. The Bacs system is operating as normal and we [Bacs] are currently working with our partners to help them resolve this as quickly as possible." Related Link: Barclays Becomes First Big UK Bank To Accept Bitcoin The HSBC bank is owned by HSBC Holdings plc (ADR) (NYSE: HSBC ), which fell 0.65 percent on Friday trading and continues to tumble on Monday. BNY Mellon, Mispriced Funds Cause Panic Another third-party service provider that had trouble on Friday is SunGard. It seems like its InvestOne system, used by custody bank Bank of New York Mellon Corp (NYSE: BK ) to price funds, failed on Friday, causing panic among the banks U.S. fund management clients. The main fear was that the system failure had led to a mispricing of hundreds of funds during a week of especially high market volatility, another Finextra article explained. In a public statement, SunGard assured that, while they are confident that no data was lost as a result of the incident, calculation and processing of net asset values (NAVs) of certain mutual funds and ETFs was disrupted." They added that, despite the speculation, no external or unauthorized systems access had caused the glitch, which wasnt a result of "recent turmoil in the equity markets either. Instead, the issued derived from an unforeseen complication resulting from an operating system change carried out by SunGard last Saturday. SunGard pledges this was an isolated incident, and that it is now working with Bank of New York Mellon to resolve the problems caused. Research firm Morningstar calculated that approximately 796 funds were missing NAVs as of Wednesday. Image Credit: Public Domain See more from Benzinga Social Media Pulse: Volatility, The Fed Meeting, Oil -- And A Look At 3 Related ETFs This Analyst Loves Depomed And Its Nucynta Prescription Seabridge Gold's Stock Could Hit , Another Deposit Site Extended © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || SunGard And HSBC's Massive IT Glitches: Why Customers Freaked Out Last Friday: Last Friday, two major banks were reported to be experienced big IT problems, affecting thousands of customers.
HSBC Leaves Thousands Without Salaries
According to a recent Finextraarticle, a big tech issue surfaced on Friday morning when HSBC customers checking their account balances noticed their latest monthly salaries were not accounted for. Apparently, the glitch affected roughly 275,000 Bacs payments – Bacs is the system used for fund transfers in the UK.
Bacs released a statement assuring that it is "aware of an isolated issue that has affected one of its member organizations. The Bacs system is operating as normal and we [Bacs] are currently working with our partners to help them resolve this as quickly as possible."
Related Link:Barclays Becomes First Big UK Bank To Accept Bitcoin
The HSBC bank is owned byHSBC Holdings plc (ADR)(NYSE:HSBC), which fell 0.65 percent on Friday trading and continues to tumble on Monday.
BNY Mellon, Mispriced Funds Cause Panic
Another third-party service provider that had trouble on Friday is SunGard. It seems like its InvestOne system, used by custody bankBank of New York Mellon Corp(NYSE:BK) to price funds, failed on Friday, causing panic among the bank’s U.S. fund management clients.
The main fear was that the system failure had led to a mispricing of hundreds of funds “during a week of especially high market volatility,” another Finextraarticleexplained.
In a public statement, SunGard assured that, while they “are confident that no data was lost as a result of the incident, calculation and processing of net asset values (NAVs) of certain mutual funds and ETFs was disrupted."
They added that, despite the speculation, no “external or unauthorized systems access” had caused the glitch, which wasn’t a result of "recent turmoil in the equity markets” either. Instead, the issued derived from “an unforeseen complication resulting from an operating system change carried out by SunGard last Saturday.” SunGard pledges this was an isolated incident, and that it is now working with Bank of New York Mellon to resolve the problems caused.
Research firm Morningstar calculated that approximately 796 funds were missing NAVs as of Wednesday.
Image Credit: Public Domain
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© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Flow to Establish State-of-the-Art Customer Call Centre of Excellence Bringing More Than 300 New Jobs to Jamaica: KINGSTON, JAMAICA--(Marketwired - Aug 31, 2015) - Flow, the new Cable & Wireless Communications Plc (CWC) consumer retail brand, today announced plans to establish a new, state-of-the-art Customer Call Centre of Excellence in Kingston, Jamaica and create more than 300 full-time jobs over the next two years. The innovative Customer Call Centre of Excellence is part of the Company's bid to become the leader in service excellence and revolutionise customer experience across the Caribbean. The Customer Call Centre of Excellence, to be established in the coming months, follows the recent merger with Columbus International Inc and is part of Flow's new compelling plan to provide an enhanced customer experience. This initiative is also consistent with plans laid out by CEO Phil Bentley last year that will see C&W invest US$1.5bn over 3 years to upgrade infrastructure and overhaul service delivery throughout the Caribbean and Latin American region. "Through investments like these, we are putting the customer at the heart of the business," said Bentley. "We are committed to anticipating their needs at every contact point and to delivering a customer care experience that is unparalleled across the region. Together, with our other existing Call Centre in Trinidad, we will revolutionise customer service in the Caribbean, and be the leader in recruiting the best talent in the region. We want Flow to be a business that everyone in the Caribbean is proud of," said Bentley. Branded as an innovative Customer Call Centre of Excellence, the facility is being designed to provide customers with multiple touch points including warm and friendly service agents, Email, Virtual Chat, Mobile App and other technology-enabled support systems . Combined with increased service agent efficiencies, state-of-the-art technology tools will improve call routing and reduce call waiting time, making for an overall superior customer experience. Managing Director, Flow Jamaica, Garry Sinclair is extremely pleased that the new Centre will be located on the island. "It is a testament to the growing confidence of Jamaica as a central hub for investment, the large pool of skilled labour that exists here, and the rapid growth of the ICT sector led by Flow, that we are making this investment here in Kingston." He added, "In addition to the investment in the new Customer Call Centre of Excellence, Flow is also investing in the best mobile and fibre networks across the island to deliver more technologically advanced quad play products, better value, and superior broadband connectivity to exceed our customers' expectations." Sinclair also stated that, "We are excited to recruit the best team on the island for this Centre and we will implement an extensive training programme to deliver an incomparable customer experience." Story continues Responding to the announcement, Hon. Phillip Paulwell, Minister of Science, Technology, Energy and Mining commended Flow's decision to establish the Customer Call Centre of Excellence in Jamaica. "The establishment of Flow's Customer Call Centre of Excellence in Jamaica attests to the tremendous growth potential of the nation's ICT sector and affirms Flow's commitment to development of the local and regional economies. With the commitment to create new jobs, the investment also supports the country's goals to reduce unemployment, builds new skill sets and advances the country's vision to make Jamaica a place of choice to live, work, raise families and do business." Since 2012, the Jamaican Government has had an ongoing drive to engage the private sector in the 'Jamaica Employ' programme, which seeks to increase prospects for job seekers and to bring critical new jobs to the island. "We love doing business in Jamaica and we are happy to partner with the Government in their various initiatives, including the 'Jamaica Employ' programme," Phil Bentley concluded. About Cable & Wireless Communications: Cable & Wireless Communications Plc (CWC) is a full service communications and entertainment provider, operating in the Caribbean and Latin America. With annual sales of over $2.4bn, it operates both mobile and fixed networks, supported by submarine and terrestrial optical fibre backhaul capacity. Through the acquisition of Columbus International Inc. on 31 March 2015, CWC now delivers superior high-speed mobile data, broadband and video services. It has leading market positions in Mobile, Fixed Line, Broadband and Video consumer offers. Through its business division, CWC provides data centre hosting, domestic and international managed network services, and customised IT service solutions, utilising cloud technology to serve business and government customers. The company also operates a state-of-the-art subsea fibre optic cable network that spans more than 42,000 km -- the most extensive in the region -- as well as 38,000 km of terrestrial fibre providing wholesale and carrier backhaul capacity. CWC has more than 7,000 employees serving over 6 million customers (Mobile 3.8m; Fixed Line 1.1m; TV 460k and Broadband 665k) as well as over 125k corporate clients across 42 countries. The Company's leading brands include; LIME and Flow in the Caribbean; BTC in The Bahamas; Mas Movil in Panama; C&W Business and C&W Networks. CWC is the market leader in most products offered and territories served. It is a major contributor to local communities through its corporate social responsibility programmes. Cable & Wireless Communications' shares are quoted on the London Stock Exchange under the ticker CWC. The company is headquartered in London with its operational hub located in Miami, within close proximity to the Caribbean and Latin America. For more information please visit: www.cwc.com || Flow to Establish State-of-the-Art Customer Call Centre of Excellence Bringing More Than 300 New Jobs to Jamaica: KINGSTON, JAMAICA--(Marketwired - Aug 31, 2015) - Flow, the newCable & Wireless CommunicationsPlc (CWC) consumer retail brand, today announced plans to establish a new, state-of-the-art Customer Call Centre of Excellence in Kingston, Jamaica and create more than 300 full-time jobs over the next two years. The innovative Customer Call Centre of Excellence is part of the Company's bid to become the leader in service excellence and revolutionise customer experience across the Caribbean.
The Customer Call Centre of Excellence, to be established in the coming months, follows the recent merger with Columbus International Inc and is part of Flow's new compelling plan to provide an enhanced customer experience. This initiative is also consistent with plans laid out by CEO Phil Bentley last year that will see C&W invest US$1.5bn over 3 years to upgrade infrastructure and overhaul service delivery throughout the Caribbean and Latin American region.
"Through investments like these, we are putting the customer at the heart of the business," said Bentley. "We are committed to anticipating their needs at every contact point and to delivering a customer care experience that is unparalleled across the region. Together, with our other existing Call Centre in Trinidad, we will revolutionise customer service in the Caribbean, and be the leader in recruiting the best talent in the region. We want Flow to be a business that everyone in the Caribbean is proud of," said Bentley.
Branded as an innovative Customer Call Centre of Excellence, the facility is being designed to provide customers with multiple touch points including warm and friendly service agents, Email, Virtual Chat, Mobile App and other technology-enabled support systems.Combined with increased service agent efficiencies, state-of-the-art technology tools will improve call routing and reduce call waiting time, making for an overall superior customer experience.
Managing Director, Flow Jamaica, Garry Sinclair is extremely pleased that the new Centre will be located on the island. "It is a testament to the growing confidence of Jamaica as a central hub for investment, the large pool of skilled labour that exists here, and the rapid growth of the ICT sector led by Flow, that we are making this investment here in Kingston." He added, "In addition to the investment in the new Customer Call Centre of Excellence, Flow is also investing in the best mobile and fibre networks across the island to deliver more technologically advanced quad play products, better value, and superior broadband connectivity to exceed our customers' expectations." Sinclair also stated that, "We are excited to recruit the best team on the island for this Centre and we will implement an extensive training programme to deliver an incomparable customer experience."
Responding to the announcement, Hon. Phillip Paulwell, Minister of Science, Technology, Energy and Mining commended Flow's decision to establish the Customer Call Centre of Excellence in Jamaica. "The establishment of Flow's Customer Call Centre of Excellence in Jamaica attests to the tremendous growth potential of the nation's ICT sector and affirms Flow's commitment to development of the local and regional economies. With the commitment to create new jobs, the investment also supports the country's goals to reduce unemployment, builds new skill sets and advances the country's vision to make Jamaica a place of choice to live, work, raise families and do business."
Since 2012, the Jamaican Government has had an ongoing drive to engage the private sector in the 'Jamaica Employ' programme, which seeks to increase prospects for job seekers and to bring critical new jobs to the island. "We love doing business in Jamaica and we are happy to partner with the Government in their various initiatives, including the 'Jamaica Employ' programme," Phil Bentley concluded.
About Cable & Wireless Communications:
Cable & Wireless Communications Plc (CWC) is a full service communications and entertainment provider, operating in the Caribbean and Latin America. With annual sales of over $2.4bn, it operates both mobile and fixed networks, supported by submarine and terrestrial optical fibre backhaul capacity. Through the acquisition of Columbus International Inc. on 31 March 2015, CWC now delivers superior high-speed mobile data, broadband and video services. It has leading market positions in Mobile, Fixed Line, Broadband and Video consumer offers.
Through its business division, CWC provides data centre hosting, domestic and international managed network services, and customised IT service solutions, utilising cloud technology to serve business and government customers.
The company also operates a state-of-the-art subsea fibre optic cable network that spans more than 42,000 km -- the most extensive in the region -- as well as 38,000 km of terrestrial fibre providing wholesale and carrier backhaul capacity.
CWC has more than 7,000 employees serving over 6 million customers (Mobile 3.8m; Fixed Line 1.1m; TV 460k and Broadband 665k) as well as over 125k corporate clients across 42 countries. The Company's leading brands include; LIME and Flow in the Caribbean; BTC in The Bahamas; Mas Movil in Panama; C&W Business and C&W Networks. CWC is the market leader in most products offered and territories served. It is a major contributor to local communities through its corporate social responsibility programmes.
Cable & Wireless Communications' shares are quoted on the London Stock Exchange under the ticker CWC. The company is headquartered in London with its operational hub located in Miami, within close proximity to the Caribbean and Latin America.
For more information please visit:www.cwc.com || Barclays Becomes First Big U.K. Bank To Accept Bitcoin: Over the weekend, Barclays PLC (NYSE: BCS ) announced that it was planning to take steps toward embracing the use of bitcoin by allowing charitable donations using the cryptocurrency. The London-based bank said it was entering into a partnership with an unnamed "bitcoin exchange" in order to help charities accept bitcoin donations. Barclays And Bitcoin This is not the first time the bank has expressed interest in bitcoin. Related Link: Bitcoin Goes Ivy League Barclays has been working to understand the benefits and risks of the cryptocurrency this year by working with bitcoin startups and researchers to determine if and how digital currencies can fit within the traditional finance sector. The bank has praised blockchain, the ledger-like technology that powers bitcoin, as an innovative system that may significantly benefit traditional banking. Bitcoin Donations Barclays' decision to help charities accept bitcoin donations marks another step forward for the UK, which has been working to make London a hub for bitcoin development. The region already has a prominent place in the financial world, but lawmakers and banking officials are hoping to create an environment that promotes the expansion of bitcoin. Charities Benefit From Bitcoin Charities have been a good starting point for bitcoin adoption, as there are several benefits to accepting digital currency donations. For one, transaction costs are lower, and often nonexistent for non-profits, meaning that more of the donated money makes its way to the intended charity. By accepting bitcoin, charities also appeal to a larger audience and could draw in funding from people who otherwise may not have donated. See more from Benzinga Emerging Market Shares Battered: Is It Time To Buy? © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Barclays Becomes First Big U.K. Bank To Accept Bitcoin: Over the weekend, Barclays PLC (NYSE: BCS ) announced that it was planning to take steps toward embracing the use of bitcoin by allowing charitable donations using the cryptocurrency. The London-based bank said it was entering into a partnership with an unnamed "bitcoin exchange" in order to help charities accept bitcoin donations. Barclays And Bitcoin This is not the first time the bank has expressed interest in bitcoin. Related Link: Bitcoin Goes Ivy League Barclays has been working to understand the benefits and risks of the cryptocurrency this year by working with bitcoin startups and researchers to determine if and how digital currencies can fit within the traditional finance sector. The bank has praised blockchain, the ledger-like technology that powers bitcoin, as an innovative system that may significantly benefit traditional banking. Bitcoin Donations Barclays' decision to help charities accept bitcoin donations marks another step forward for the UK, which has been working to make London a hub for bitcoin development. The region already has a prominent place in the financial world, but lawmakers and banking officials are hoping to create an environment that promotes the expansion of bitcoin. Charities Benefit From Bitcoin Charities have been a good starting point for bitcoin adoption, as there are several benefits to accepting digital currency donations. For one, transaction costs are lower, and often nonexistent for non-profits, meaning that more of the donated money makes its way to the intended charity. By accepting bitcoin, charities also appeal to a larger audience and could draw in funding from people who otherwise may not have donated. See more from Benzinga Emerging Market Shares Battered: Is It Time To Buy? © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Barclays Becomes First Big U.K. Bank To Accept Bitcoin: Over the weekend, Barclays PLC (NYSE: BCS ) announced that it was planning to take steps toward embracing the use of bitcoin by allowing charitable donations using the cryptocurrency. The London-based bank said it was entering into a partnership with an unnamed "bitcoin exchange" in order to help charities accept bitcoin donations. Barclays And Bitcoin This is not the first time the bank has expressed interest in bitcoin. Related Link: Bitcoin Goes Ivy League Barclays has been working to understand the benefits and risks of the cryptocurrency this year by working with bitcoin startups and researchers to determine if and how digital currencies can fit within the traditional finance sector. The bank has praised blockchain, the ledger-like technology that powers bitcoin, as an innovative system that may significantly benefit traditional banking. Bitcoin Donations Barclays' decision to help charities accept bitcoin donations marks another step forward for the UK, which has been working to make London a hub for bitcoin development. The region already has a prominent place in the financial world, but lawmakers and banking officials are hoping to create an environment that promotes the expansion of bitcoin. Charities Benefit From Bitcoin Charities have been a good starting point for bitcoin adoption, as there are several benefits to accepting digital currency donations. For one, transaction costs are lower, and often nonexistent for non-profits, meaning that more of the donated money makes its way to the intended charity. By accepting bitcoin, charities also appeal to a larger audience and could draw in funding from people who otherwise may not have donated. See more from Benzinga Emerging Market Shares Battered: Is It Time To Buy? © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || 10 things in tech you need to know today: Apple CEO Tim Cook at WWDC 2015 (REUTERS/Robert Galbraith) Good morning! Here's the tech news you need to know to start off your week. 1. Netflix will no longer be able to show high-profile Hollywood movies like Transformers and the Hunger Games to US viewers . Netflix isn't renewing its distribution deal with Epix, and will be focusing on its original-content efforts instead. 2. Apple is reportedly planning a big increase in the price of the new Apple TV. The new version of Apple TV will be available in October and could cost about $200. 3. The US may have to go after the 'Great Firewall' to stop China's cyber-attacks. President Obama is expected talk to his Chinese counterpart Xi Jinping next month about cyber espionage. 4. Minecraft founder Markus Persson went on a tweetstorm this weekend to talk about the empty side of success, and selling his company to Microsoft for $2.5 billion . Microsoft bought Minecraft almost a year ago, and the founder did not join Microsoft after the sale. 5 . Uber has hired the two security researchers famous for hacking into a Jeep and stopping it while driving. Charlie Miller and Chris Valasek will be announced as new hires today, Reuters reports. 6. In the wake of his company's data breach, Ashley Madison CEO Noel Biderman has resigned. He is no longer with the company. 7 . Apple launched two new Apple Music TV ads last night during the MTV Video Music Awards featuring The Weeknd and actor John Travolta. The two-part, episodic series of ads highlights Apple Music's user interface, and its playlist feature in particular. 8. Investors are starting to worry that some big-name startups are overvalued. Investors in late-stage startups worry that the stock market's six-year bull run is coming to an end, and that today's super valuable private tech companies won't live up to their valuations when they go public. 9. Starting tomorrow, Google Chrome will be blocking Flash ads entirely by default. Google, which warned advertisers in advance, says it's blocking Flash ads for its performance-hindering effects. Story continues 10. Wall Street is paying attention to Bitcoin. The New York Times reports that executives from more than 12 large banks gathered earlier this year to confidentially discuss how the technology behind Bitcoin could be used to change foreign currency trading. NOW WATCH: 2 texting tricks you didn't know you could do on your iPhone More From Business Insider Google is showing developers how to turn off iOS 9's security features so it can load ads 'I've never felt more isolated': The man who sold Minecraft to Microsoft for $2.5 billion reveals the empty side of success A leaked part of an iPhone 6S shows a bigger, more powerful front camera || 10 things in tech you need to know today: (REUTERS/Robert Galbraith)
Good morning! Here's the tech news you need to know to start off your week.
1.Netflix will no longer be able to show high-profile Hollywood movies like Transformers and the Hunger Games to US viewers.Netflix isn't renewing its distribution deal with Epix, and will be focusing on its original-content efforts instead.
2.Apple is reportedly planning a big increase in the price of the new Apple TV.The new version of Apple TV will be available in October and could cost about $200.
3.The US may have to go after the 'Great Firewall' to stop China's cyber-attacks.President Obama is expected talk to hisChinese counterpart Xi Jinping next month about cyber espionage.
4.Minecraft founder Markus Perssonwent on a tweetstorm this weekend to talk about the empty side of success, and selling his company to Microsoft for $2.5 billion.Microsoft bought Minecraft almost a year ago, and the founder did not join Microsoft after the sale.
5.Uber has hired the two security researchers famous for hacking into a Jeep and stopping it while driving.Charlie Miller and Chris Valasek will be announced as new hires today, Reuters reports.
6.In the wake of his company's data breach, Ashley Madison CEO Noel Biderman has resigned.He is no longer with the company.
7.Apple launched two new Apple Music TV ads last night during the MTV Video Music Awards featuring The Weeknd and actor John Travolta.The two-part, episodic series of ads highlights Apple Music's user interface, and its playlist feature in particular.
8.Investors are starting to worry that some big-name startups are overvalued.Investors in late-stage startups worry that the stock market's six-year bull run is coming to an end, and that today's super valuable private tech companies won't live up to their valuations when they go public.
9.Starting tomorrow, Google Chrome will be blocking Flash ads entirely by default.Google, which warned advertisers in advance, says it's blocking Flash ads for its performance-hindering effects.
10.Wall Street is paying attention to Bitcoin.The New York Times reports thatexecutives from more than 12 large banks gathered earlier this year to confidentially discuss how the technology behind Bitcoin could be used to changeforeign currency trading.
NOW WATCH:2 texting tricks you didn't know you could do on your iPhone
More From Business Insider
• Google is showing developers how to turn off iOS 9's security features so it can load ads
• 'I've never felt more isolated': The man who sold Minecraft to Microsoft for $2.5 billion reveals the empty side of success
• A leaked part of an iPhone 6S shows a bigger, more powerful front camera
[Social Media Buzz]
@elonmusk Mathew mellon broke up with bitcoin now at 230.00 a coin and got with Ripple Lab that's worth less then .02 a coin?! Huh maybe || Cotización del #bitcoin a las 00:00hs
Venta: 3508 ARS
Compra: 3378 ARS || #RDD / #BTC on the exchanges:
Cryptsy: 0.00000005
Bittrex: 0.00000003
Average $9.0E-6 per #reddcoin
13:00:02 || Current price: 228.05$ $BTCUSD $btc #bitcoin 2015-09-04 00:40:02 EDT || 1 #BTC (#Bitcoin) quotes:
$227.52/$227.93 #Bitstamp
$224.01/$224.91 #BTCe
⇢$-3.92/$-2.61
$228.40/$...
|
235.02, 239.84, 239.85, 243.61, 238.17, 238.48, 240.11, 235.23, 230.51, 230.64
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 8659.49, 8319.47, 8574.50, 8564.02, 8742.96, 8209.00, 7707.77, 7824.23, 7822.02, 8043.95, 7954.13, 7688.08, 8000.33, 7927.71, 8145.86, 8230.92, 8693.83, 8838.38, 8994.49, 9320.35, 9081.76, 9273.52, 9527.16, 10144.56, 10701.69, 10855.37, 11011.10, 11790.92, 13016.23, 11182.81, 12407.33, 11959.37, 10817.16, 10583.13, 10801.68, 11961.27, 11215.44, 10978.46, 11208.55, 11450.85, 12285.96, 12573.81, 12156.51, 11358.66, 11815.99, 11392.38, 10256.06, 10895.09, 9477.64, 9693.80, 10666.48, 10530.73, 10767.14, 10599.11, 10343.11, 9900.77, 9811.93, 9911.84, 9870.30, 9477.68, 9552.86, 9519.15, 9607.42, 10085.63, 10399.67, 10518.17, 10821.73, 10970.18, 11805.65, 11478.17, 11941.97, 11966.41, 11862.94, 11354.02, 11523.58, 11382.62, 10895.83, 10051.70, 10311.55, 10374.34, 10231.74, 10345.81, 10916.05, 10763.23, 10138.05, 10131.06, 10407.96, 10159.96, 10138.52, 10370.82.
|
[Bitcoin Technical Analysis for 2019-08-26]
Volume: 18438654080, RSI (14-day): 47.46, 50-day EMA: 10461.00, 200-day EMA: 8349.44
[Wider Market Context]
Gold Price: 1526.30, Gold RSI: 71.45
Oil Price: 53.64, Oil RSI: 43.26
[Recent News (last 7 days)]
2 Top Blockchain Stocks to Buy Now: People seeking to profit from the game-changing potential of blockchain technology often attempt to trade cryptocurrencies as a means to do so. Yet while fortunes can certainly be made in the crypto markets, trading cryptocurrencies is a high-risk endeavor . A far lower-risk way to profit from the disruptive potential of bitcoin and its underlying technology is to invest in companies that stand to benefit from its adoption. Here are two such businesses. A bitcoin logo displayed on a digital chart Image source: Getty Images. The exchange titan CME Group (NASDAQ: CME) operates the leading bitcoin futures exchange. Bitcoin futures contracts are binding agreements that allow people to make bets on whether the cryptocurrency's price will rise or fall over a set period of time. In this way, they give traders a way to speculate on the cryptocurrency's volatile price swings. Yet futures contracts can also be used by bitcoin holders to limit risk. As an example, if you own bitcoin but would prefer not to sell it -- perhaps to avoid capital gains taxes -- you could sell a futures contract to hedge your position until the contract's expiration date. Used in this way, futures can be viewed as a form of insurance for bitcoin investors. Both of these use cases are helping to fuel demand for bitcoin futures among both institutional and individual investors. Although CME Group's bitcoin operations are currently a small portion of its overall business, cryptocurrency-based products are likely to remain a significant growth driver for the company -- particularly if it chooses to launch new futures markets for additional cryptoassets, such as Ethereum, in the future. Moreover, as a highly profitable and asset-light business, CME Group produces tremendous amounts of free cash flow . The company passes much of this cash on to shareholders via a combination of regular quarterly dividends and a variable annual payout, which usually equate to an annualized yield of about 5% . As such, CME Group can provide you with the means to generate a sizable income stream from the growing popularity of bitcoin and other futures products. Story continues The commerce ecosystem specialist Square (NYSE: SQ) is perhaps best known for its popular commerce tools. Its hardware and software help small businesses process credit card payments, manage inventory, schedule staffing, and conduct a host of other important operational tasks. Square has also branched out into ancillary markets, such as business loans and peer-to-peer payments, with Square Capital and Cash App . The company's ever-expanding ecosystem forms a wide economic moat that helps to protect it from the competition and fuel its growth. Square CEO Jack Dorsey's ardent support of bitcoin also makes the stock a great play on the growth of the popular blockchain-based technology. Dorsey is building a team of elite developers, known as Square Crypto, to help strengthen bitcoin's network. Under Dorsey's direction, the company also rolled out the ability to buy and sell bitcoin to users of its Cash App. The feature has proven popular among cryptocurrency fans, and it produced $125 million in revenue for Square in the second quarter alone. Even after years of torrid growth, Square still has tremendous room for expansion. Global card payment volume will grow to more than $78 trillion by 2027, according to the Nilson Report. Square's gross payment volume of $95 billion over the past year represents just a tiny fraction of this massive market. Moreover, several of its other businesses, such as Square Capital, also have the potential to grow exponentially in the decade ahead. Better still, investors currently have the opportunity to buy Square's stock at a sizable discount. A recent pullback in growth stocks has Square trading at a price 36% below its 52-week high -- a bargain that's unlikely to last long. More From The Motley Fool 10 Best Stocks to Buy Today The $16,728 Social Security Bonus You Cannot Afford to Miss 20 of the Top Stocks to Buy (Including the Two Every Investor Should Own) What Is an ETF? 5 Recession-Proof Stocks How to Beat the Market Joe Tenebruso has no position in any of the stocks or cryptocurrencies mentioned. The Motley Fool owns shares of and recommends CME Group and Square. The Motley Fool has the following options: short September 2019 $70 puts on Square. The Motley Fool has a disclosure policy . This article was originally published on Fool.com || 2 Top Blockchain Stocks to Buy Now: People seeking to profit from the game-changing potential ofblockchain technologyoften attempt to tradecryptocurrenciesas a means to do so. Yet while fortunes can certainly be made in the crypto markets, trading cryptocurrencies is ahigh-risk endeavor.
A far lower-risk way to profit from the disruptive potential ofbitcoinand its underlying technology is to invest in companies that stand to benefit from its adoption. Here are two such businesses.
Image source: Getty Images.
CME Group(NASDAQ: CME)operates the leading bitcoin futures exchange. Bitcoinfutures contractsare binding agreements that allow people to make bets on whether the cryptocurrency's price will rise or fall over a set period of time. In this way, they give traders a way to speculate on the cryptocurrency's volatile price swings.
Yet futures contracts can also be used by bitcoin holders to limit risk. As an example, if you own bitcoin but would prefer not to sell it -- perhaps to avoid capital gains taxes -- you could sell a futures contract to hedge your position until the contract's expiration date. Used in this way, futures can be viewed as a form of insurance for bitcoin investors.
Both of these use cases are helping to fuel demand for bitcoin futures among both institutional and individual investors. Although CME Group's bitcoin operations are currently a small portion of its overall business, cryptocurrency-based products are likely to remain a significant growth driver for the company -- particularly if it chooses to launch new futures markets for additional cryptoassets, such as Ethereum, in the future.
Moreover, as a highly profitable and asset-light business, CME Group produces tremendous amounts offree cash flow. The company passes much of this cash on to shareholders via a combination of regular quarterlydividendsand a variable annual payout, which usually equate to an annualizedyield of about 5%.
As such, CME Group can provide you with the means to generate a sizable income stream from the growing popularity of bitcoin and other futures products.
Square(NYSE: SQ)is perhaps best known for its popular commerce tools. Its hardware and software help small businesses process credit card payments, manage inventory, schedule staffing, and conduct a host of other important operational tasks. Square has also branched out into ancillary markets, such as business loans and peer-to-peer payments, with Square Capital andCash App. The company's ever-expanding ecosystem forms a wideeconomic moatthat helps to protect it from the competition and fuel its growth.
Square CEO Jack Dorsey's ardent support of bitcoin also makes the stock a great play on the growth of the popular blockchain-based technology. Dorsey is building a team of elite developers, known as Square Crypto, to help strengthen bitcoin's network. Under Dorsey's direction, the company also rolled out the ability tobuy and sell bitcointo users of its Cash App. The feature has proven popular among cryptocurrency fans, and it produced $125 million in revenue for Square in the second quarter alone.
Even after years of torrid growth, Square still has tremendous room for expansion. Global card payment volume will grow to more than $78 trillion by 2027, according to the Nilson Report. Square's gross payment volume of $95 billion over the past year represents just a tiny fraction of this massive market. Moreover, several of its other businesses, such as Square Capital, also have the potential to grow exponentially in the decade ahead.
Better still, investors currently have the opportunity to buy Square's stock at a sizable discount. A recentpullback in growth stockshas Square trading at a price 36% below its 52-week high -- a bargain that's unlikely to last long.
More From The Motley Fool
• 10 Best Stocks to Buy Today
• The $16,728 Social Security Bonus You Cannot Afford to Miss
• 20 of the Top Stocks to Buy (Including the Two Every Investor Should Own)
• What Is an ETF?
• 5 Recession-Proof Stocks
• How to Beat the Market
Joe Tenebrusohas no position in any of the stocks or cryptocurrencies mentioned. The Motley Fool owns shares of and recommends CME Group and Square. The Motley Fool has the following options: short September 2019 $70 puts on Square. The Motley Fool has adisclosure policy.
This article was originally published onFool.com || USD/JPY Fundamental Weekly Forecast – Traders Will Be Watching for China’s Response to New U.S. Tariffs: Last week’s rally by the Japanese Yen was fueled by safe-haven buying. The catalysts were a steep plunge in U.S. equity markets and a drop in U.S. Treasury yields. For the first four days of the week, the currency was pressured by limited economic data, a more positive outlook for the U.S. economy and the possibility of hawkish comments from Fed Chair Powell.
TheUSD/JPYfinished the week at 105.420, down 0.903 or -0.85%.
Domestically, Japan’s Trade Balance was -0.13 Trillion versus -0.15 Trillion. Flash Manufacturing PMI remained in contraction territory at 49.5, below the 49.8 forecast. All Industries Activity was -0.8% worse than the -0.7% estimate. The previous month was revised higher to 0.5%.
Remarks from Federal Reserve Chairman Jerome Powell on Friday put some pressure on the dollar due to their dovish nature. Powell did not announce a major stimulus measure to ease concerns over a slowdown in global economic growth, but did prepare investors for further interest rate cuts. Powell acknowledged the U.S. economy was in a “favorable place” and the Fed would “act as appropriate” to keep the current economic expansion on track.
President Trump triggered a steep break in the Dollar/Yen when he tweeted, “Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA.”
The move by the greenback indicates there are increasing concerns that Trump’s latest comments will push the U.S. economy into a recession.
On Friday, after Trump’s initial Twitterstorms, the President announced that Washington will impose an additional 5% duty on Chinese goods. Trump said the United States would raise its existing tariffs on $250 billion worth of Chinese imports to 30% from the current 25% beginning on October 1, the 70thanniversary of the founding of the communist People’s Republic of China.
At the same time, Trump announced an increase in planned tariffs on the remaining $300 billion worth of Chinese goods to 15% from 10%. The United States will begin imposing those tariffs on some products starting September 1, but tariffs on about half of those goods have been delayed until December 15.
Given China’s retaliatory tariffs on Trump’s August 1 tariffs and Japanese Yen’s reaction, we have to expect China to hit the U.S. with a countermeasure that could send the USD/JPY sharply lower this week.
Later this week, Dollar/Yen investors will get the opportunity to react to a number of major U.S. economic reports. These reports include Durable Goods, Conference Board Consumer Confidence, Preliminary GDP and Personal Spending.
Preliminary GDP is expected to come in at 2.0%, down from the first estimate of 2.1%. This is the major report in my opinion because this will let investors know how much closer the economy has moved toward a recession. Remember, the classic definition of a recession calls for 2 consecutive quarters of negative economic activity. A weaker than expected number could trigger a further decline in the USD/JPY.
Thisarticlewas originally posted on FX Empire
• U.S. Dollar Index Futures (DX) Technical Analysis – Strengthens Over 97.545, Weakens Under 97.510
• USD/JPY Forex Technical Analysis – Vulnerable to Steep Drop Under 104.600
• Price of Gold Fundamental Weekly Forecast – Could Spike Higher if China Retaliates Against New U.S. Tariffs
• Bitcoin as the New Safe Haven
• RBA’s Philip Lowe: ‘Political Shocks are Turning into Economic Shocks’
• Bitcoin Sees More Red as the Broader Market Takes another Weekly Hit || USD/JPY Fundamental Weekly Forecast – Traders Will Be Watching for China’s Response to New U.S. Tariffs: Last week’s rally by the Japanese Yen was fueled by safe-haven buying. The catalysts were a steep plunge in U.S. equity markets and a drop in U.S. Treasury yields. For the first four days of the week, the currency was pressured by limited economic data, a more positive outlook for the U.S. economy and the possibility of hawkish comments from Fed Chair Powell. The USD/JPY finished the week at 105.420, down 0.903 or -0.85%. Domestically, Japan’s Trade Balance was -0.13 Trillion versus -0.15 Trillion. Flash Manufacturing PMI remained in contraction territory at 49.5, below the 49.8 forecast. All Industries Activity was -0.8% worse than the -0.7% estimate. The previous month was revised higher to 0.5%. Dovish Comments from Fed’s Powell Caps Dollar’s Gains Remarks from Federal Reserve Chairman Jerome Powell on Friday put some pressure on the dollar due to their dovish nature. Powell did not announce a major stimulus measure to ease concerns over a slowdown in global economic growth, but did prepare investors for further interest rate cuts. Powell acknowledged the U.S. economy was in a “favorable place” and the Fed would “act as appropriate” to keep the current economic expansion on track. Trump Escalates US-China Trade Tensions President Trump triggered a steep break in the Dollar/Yen when he tweeted, “Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA.” The move by the greenback indicates there are increasing concerns that Trump’s latest comments will push the U.S. economy into a recession. Weekly Forecast On Friday, after Trump’s initial Twitterstorms, the President announced that Washington will impose an additional 5% duty on Chinese goods. Trump said the United States would raise its existing tariffs on $250 billion worth of Chinese imports to 30% from the current 25% beginning on October 1, the 70 th anniversary of the founding of the communist People’s Republic of China. Story continues At the same time, Trump announced an increase in planned tariffs on the remaining $300 billion worth of Chinese goods to 15% from 10%. The United States will begin imposing those tariffs on some products starting September 1, but tariffs on about half of those goods have been delayed until December 15. Given China’s retaliatory tariffs on Trump’s August 1 tariffs and Japanese Yen’s reaction, we have to expect China to hit the U.S. with a countermeasure that could send the USD/JPY sharply lower this week. Later this week, Dollar/Yen investors will get the opportunity to react to a number of major U.S. economic reports. These reports include Durable Goods, Conference Board Consumer Confidence, Preliminary GDP and Personal Spending. Preliminary GDP is expected to come in at 2.0%, down from the first estimate of 2.1%. This is the major report in my opinion because this will let investors know how much closer the economy has moved toward a recession. Remember, the classic definition of a recession calls for 2 consecutive quarters of negative economic activity. A weaker than expected number could trigger a further decline in the USD/JPY. This article was originally posted on FX Empire More From FXEMPIRE: U.S. Dollar Index Futures (DX) Technical Analysis – Strengthens Over 97.545, Weakens Under 97.510 USD/JPY Forex Technical Analysis – Vulnerable to Steep Drop Under 104.600 Price of Gold Fundamental Weekly Forecast – Could Spike Higher if China Retaliates Against New U.S. Tariffs Bitcoin as the New Safe Haven RBA’s Philip Lowe: ‘Political Shocks are Turning into Economic Shocks’ Bitcoin Sees More Red as the Broader Market Takes another Weekly Hit || Overstock’s Patrick Byrne: the rise and fall of a blockchain pioneer: Patrick Byrne this week resigned as CEO of US online retailer Overstock. The move closely followed the announcement of disappointing Q2 2019 financial results . In a letter, he said it was impossible to continue due to distraction and fallout related to his involvement in a Federal Bureau of Investigation Russian espionage probe . “While I believe that I did what was necessary for the good of the USA, for the good of the firm, I am in the sad position of having to sever ties with Overstock, both as CEO and board member,” Byrne wrote. “It has been an honour to serve you through thick and thin, threats grand and arcane, for the past 20 years.” He also confirmed media reports that he had a personal relationship with Maria Butina, a convicted Russian agent currently in a US prison. Overstock veteran Jonathan Johnson will assume the role of CEO on an interim basis, while Kamelia Aryafar will take his place as board member and Executive Vice President of Overstock Retail. “Patrick has successfully created and moulded Overstock over the years by pioneering the marriage of tried and proven competitive business principles with cutting edge data analytics and technology; a true visionary,” said Aryafar. “I am excited to join the board and I look forward to continuing the company’s trajectory and contributing to its future success.” Blockchain revolution Under the watch of Byrne, Overstock had in recent years shifted much of its focus from selling stuff to blockchain technology. As Bitcoin soared, the company’s share price hit an all-time high of $84 and then, as the cryptocurrency ran into troubled times, plunged to below $10. Overstock was one of the first traditional retailers to embrace Bitcoin, accepting it for payments in 2014. And it has also developed a cryptocurrency trading platform called tZero and a digital token of the same name. This officially launched in 2018 through its blockchain subsidiary, Medici Ventures, raising over $130 million in an initial coin offering last summer. Despite an ongoing SEC investigation, Overstock is set to make tZero trading available to non-accredited investors this month. Story continues In his resignation letter, Byrne said that he didn’t want Overstock’s business and its blockchain initiatives to be affected by his ties with the Russians and Washington. “I think the blockchain revolution will reshape key social institutions,” he wrote. “We have designed and breathed life into perhaps the most significant blockchain keiretsu in the world, a network of blockchain firms seeking to revolutionise identity, land governance (= rule of law = potential = capital), central banking, capital markets, supply chains, and voting.” “In three of those fields (land governance, central banking, and capital markets)… our blockchain progeny (Medici Land Governance, Bitt, and tZERO, respectively) are arguably the leading blockchain disruptors in existence.” The post Overstock’s Patrick Byrne: the rise and fall of a blockchain pioneer appeared first on Coin Rivet . || Overstock’s Patrick Byrne: the rise and fall of a blockchain pioneer: Patrick Byrne this week resigned as CEO of US online retailer Overstock. The move closely followed the announcement of disappointing Q2 2019 financial results . In a letter, he said it was impossible to continue due to distraction and fallout related to his involvement in a Federal Bureau of Investigation Russian espionage probe . “While I believe that I did what was necessary for the good of the USA, for the good of the firm, I am in the sad position of having to sever ties with Overstock, both as CEO and board member,” Byrne wrote. “It has been an honour to serve you through thick and thin, threats grand and arcane, for the past 20 years.” He also confirmed media reports that he had a personal relationship with Maria Butina, a convicted Russian agent currently in a US prison. Overstock veteran Jonathan Johnson will assume the role of CEO on an interim basis, while Kamelia Aryafar will take his place as board member and Executive Vice President of Overstock Retail. “Patrick has successfully created and moulded Overstock over the years by pioneering the marriage of tried and proven competitive business principles with cutting edge data analytics and technology; a true visionary,” said Aryafar. “I am excited to join the board and I look forward to continuing the company’s trajectory and contributing to its future success.” Blockchain revolution Under the watch of Byrne, Overstock had in recent years shifted much of its focus from selling stuff to blockchain technology. As Bitcoin soared, the company’s share price hit an all-time high of $84 and then, as the cryptocurrency ran into troubled times, plunged to below $10. Overstock was one of the first traditional retailers to embrace Bitcoin, accepting it for payments in 2014. And it has also developed a cryptocurrency trading platform called tZero and a digital token of the same name. This officially launched in 2018 through its blockchain subsidiary, Medici Ventures, raising over $130 million in an initial coin offering last summer. Despite an ongoing SEC investigation, Overstock is set to make tZero trading available to non-accredited investors this month. Story continues In his resignation letter, Byrne said that he didn’t want Overstock’s business and its blockchain initiatives to be affected by his ties with the Russians and Washington. “I think the blockchain revolution will reshape key social institutions,” he wrote. “We have designed and breathed life into perhaps the most significant blockchain keiretsu in the world, a network of blockchain firms seeking to revolutionise identity, land governance (= rule of law = potential = capital), central banking, capital markets, supply chains, and voting.” “In three of those fields (land governance, central banking, and capital markets)… our blockchain progeny (Medici Land Governance, Bitt, and tZERO, respectively) are arguably the leading blockchain disruptors in existence.” The post Overstock’s Patrick Byrne: the rise and fall of a blockchain pioneer appeared first on Coin Rivet . || The blockchain/crypto week in quotes: “I think the blockchain revolution will reshape key social institutions. We have designed and breathed life into perhaps the most significant blockchain keiretsu in the world, a network of blockchain firms seeking to revolutionise identity, land governance (= rule of law = potential = capital), central banking, capital markets, supply chains, and voting. In three of those fields (land governance, central banking, and capital markets) the word “trillions” comes up when calculating the disruptive opportunity of blockchain. In those three fields, our blockchain progeny (Medici Land Governance, Bitt, and tZERO, respectively) are arguably the leading blockchain disruptors in existence.” Former Overstock CEO Patrick Byrne “People always ask how I am coping with living on Bitcoin, but the truth is that my lifestyle hasn’t really changed. Buying things with crypto is easier than people think – there are many online merchants that accept Bitcoin and I use them to buy what I need throughout the month – everything from tech-related items such as Raspberry Pi products or cooking equipment from Amazon.” Zakk Lakin “My sense is that we should use the same framework we use to regulate all other electronic financial transactions today. That’s essentially what these (cryptocurrencies) are. These are monies moving through markets, or in some case disintermediated transactions…The same rules that apply to transactions flowing through SWIFT or flowing though our financial institutions ought to apply to those transactions as well. But I concede it will be difficult to do.” US Secretary of State Michael Pompeo “I think there is a day in the future where we can’t live without crypto, or imagine a world before crypto.” Cameron Winklevoss Today @MarshallHayner & I are launching Metal Pay to the masses. We’re going to finally bring crypto to the People – in ways that Facebook Libra only wishes they could. This. Is. The. Libra. Killer. https://t.co/yNSSNsWEsr — ERIK FINMAN (@erikfinman) August 19, 2019 “It’s ridiculous that in 2020 we are still standing in line for hours to vote in antiquated voting booths. It is 100% technically possible to have fraud-proof voting on our mobile phones today using the blockchain. This would revolutionise true democracy and increase participation to include all Americans — those without smartphones could use the legacy system and lines would be very short.” Andrew Yang, a 2020 United States presidential candidate in the Democratic Party Story continues From the guy who had a $50,000 price target on Bitcoin for year end 2018. My gold forecast came a lot closer than your Bitcoin forecast. Plus at least gold will eventually hit 5k. Bitcoin will never hit 50k. — Peter Schiff (@PeterSchiff) August 21, 2019 “Earlier this week Forbes reported that Bitcoin’s dominance is thought to be more than 90%. Our view is that rather than compare Bitcoin against altcoins as a flat value, it logically makes sense that the Forbes report has taken liquidity into consideration. Imagine trying to sell $100 million worth of Dogecoin in a very short period of time – the price would evaporate very quickly, whereas with Bitcoin, it would be a drop in the ocean. Altcoins are slowly dying out in respect of interest when compared to Bitcoin – and as always in this industry, it eventually comes back to Bitcoin. At CoinCorner, our numbers also correlate with the 90% Bitcoin dominance figure. Last year, we introduced support for a number of altcoins – Ethereum, Litecoin and Ripple – alongside our Bitcoin offering as a result of customer demand. This demand for altcoins followed the Bitcoin “hype” in 2017 that saw the price of Bitcoin hit nearly $20,000. Looking back on the last year, we believe that the demand for altcoins was caused by the sudden increase in initial coin offerings (ICOs) and that the buzz around these pushed many people to experience FOMO, hoping that altcoins/ICOs would be the “next Bitcoin”. We always knew that this would not be the case and our data supports this – 93% of customer transactions on CoinCorner are Bitcoin, leaving the other three altcoins to make up the remaining 7%.” CoinCorner CEO Danny Scott “I do see the potential for a new form of global currency that is protected and secure. When Bitcoin became well known, many questioned its legitimacy, and while the jury is still out on the future of Bitcoin, I do believe currencies with a blockchain base will continue to surface and may become more widely accepted across the globe, especially outside the US, which has a well-accepted credit card payment system.” Booking CEO Glenn Fogel We are better off never knowing who Satoshi Nakamoto is. — Pomp 🌪 (@APompliano) August 20, 2019 “Any assertion that we have misled our customers about Tether (USDt), its backing, or about the negotiated transaction between Bitfinex and Tether is false. We remain committed, as ever, to protecting our customers, our business, and our community against the New York Attorney General’s meritless claims.” Bitfinex I actually don't have a problem with ppl begging for BTC on Twitter. Is it annoying? Yes. Is it usually in bad taste, innapropriate, or a scam? Yes, yes, and yes. But we are talking about Bitcoin, the scarcest asset in the world, the future of money. Will I give you any? No. — ₿rekkie von ₿itcoin☣️🍯🦡 (@CryptoBrekkie) August 21, 2019 “Clearly, a non-sovereign digital asset like bitcoin is attractive to people who are interested in moving capital into a place where they can control it themselves. That underscores a lot of interest that’s been there over time. It’s the digital gold thesis, and I think a lot of both institutional accumulators of Bitcoin, individuals, very specifically individuals in jurisdictions or environments where the intense concern about capital controls are there. That’s an underlying thesis that I think has had an impact on it for the last eight years.” Jeremy Allaire, CEO, Circle As much as I’d like to believe that Satoshi Nakamoto is some dufus working in IT support for the NHS, I’m gonna put my cards on the table and say that it isn’t. pic.twitter.com/FgD4ZLTtTC — Jon Walsh (@walshjonwalsh) August 21, 2019 “The Praxxis consensus protocol simultaneously overcomes the scalability, privacy, and security challenges faced by legacy blockchains, the “trilemma”, to deliver the “purely peer-to-peer version of electronic cash” that Satoshi called for in the first few words of his whitepaper. And Praxxis currency is also designed to leverage the power of its sister Elixxir’s privacy-protecting platform.” E-cash inventor David Chaum 1/ $ETH is enduring its 1st mainstream bear market, just as $BTC did in 2014/15. In retrospect, 2014/15 was the best risk/reward period for investors to get BTC exposure. — Chris Burniske (@cburniske) August 20, 2019 The post The blockchain/crypto week in quotes appeared first on Coin Rivet . View comments || The blockchain/crypto week in quotes: “I think the blockchain revolution will reshape key social institutions. We have designed and breathed life into perhaps the most significant blockchain keiretsu in the world, a network of blockchain firms seeking to revolutionise identity, land governance (= rule of law = potential = capital), central banking, capital markets, supply chains, and voting. In three of those fields (land governance, central banking, and capital markets) the word “trillions” comes up when calculating the disruptive opportunity of blockchain. In those three fields, our blockchain progeny (Medici Land Governance, Bitt, and tZERO, respectively) are arguably the leading blockchain disruptors in existence.” Former Overstock CEO Patrick Byrne “People always ask how I am coping with living on Bitcoin, but the truth is that my lifestyle hasn’t really changed. Buying things with crypto is easier than people think – there are many online merchants that accept Bitcoin and I use them to buy what I need throughout the month – everything from tech-related items such as Raspberry Pi products or cooking equipment from Amazon.” Zakk Lakin “My sense is that we should use the same framework we use to regulate all other electronic financial transactions today. That’s essentially what these (cryptocurrencies) are. These are monies moving through markets, or in some case disintermediated transactions…The same rules that apply to transactions flowing through SWIFT or flowing though our financial institutions ought to apply to those transactions as well. But I concede it will be difficult to do.” US Secretary of State Michael Pompeo “I think there is a day in the future where we can’t live without crypto, or imagine a world before crypto.” Cameron Winklevoss Today @MarshallHayner & I are launching Metal Pay to the masses. We’re going to finally bring crypto to the People – in ways that Facebook Libra only wishes they could. This. Is. The. Libra. Killer. https://t.co/yNSSNsWEsr — ERIK FINMAN (@erikfinman) August 19, 2019 “It’s ridiculous that in 2020 we are still standing in line for hours to vote in antiquated voting booths. It is 100% technically possible to have fraud-proof voting on our mobile phones today using the blockchain. This would revolutionise true democracy and increase participation to include all Americans — those without smartphones could use the legacy system and lines would be very short.” Andrew Yang, a 2020 United States presidential candidate in the Democratic Party Story continues From the guy who had a $50,000 price target on Bitcoin for year end 2018. My gold forecast came a lot closer than your Bitcoin forecast. Plus at least gold will eventually hit 5k. Bitcoin will never hit 50k. — Peter Schiff (@PeterSchiff) August 21, 2019 “Earlier this week Forbes reported that Bitcoin’s dominance is thought to be more than 90%. Our view is that rather than compare Bitcoin against altcoins as a flat value, it logically makes sense that the Forbes report has taken liquidity into consideration. Imagine trying to sell $100 million worth of Dogecoin in a very short period of time – the price would evaporate very quickly, whereas with Bitcoin, it would be a drop in the ocean. Altcoins are slowly dying out in respect of interest when compared to Bitcoin – and as always in this industry, it eventually comes back to Bitcoin. At CoinCorner, our numbers also correlate with the 90% Bitcoin dominance figure. Last year, we introduced support for a number of altcoins – Ethereum, Litecoin and Ripple – alongside our Bitcoin offering as a result of customer demand. This demand for altcoins followed the Bitcoin “hype” in 2017 that saw the price of Bitcoin hit nearly $20,000. Looking back on the last year, we believe that the demand for altcoins was caused by the sudden increase in initial coin offerings (ICOs) and that the buzz around these pushed many people to experience FOMO, hoping that altcoins/ICOs would be the “next Bitcoin”. We always knew that this would not be the case and our data supports this – 93% of customer transactions on CoinCorner are Bitcoin, leaving the other three altcoins to make up the remaining 7%.” CoinCorner CEO Danny Scott “I do see the potential for a new form of global currency that is protected and secure. When Bitcoin became well known, many questioned its legitimacy, and while the jury is still out on the future of Bitcoin, I do believe currencies with a blockchain base will continue to surface and may become more widely accepted across the globe, especially outside the US, which has a well-accepted credit card payment system.” Booking CEO Glenn Fogel We are better off never knowing who Satoshi Nakamoto is. — Pomp 🌪 (@APompliano) August 20, 2019 “Any assertion that we have misled our customers about Tether (USDt), its backing, or about the negotiated transaction between Bitfinex and Tether is false. We remain committed, as ever, to protecting our customers, our business, and our community against the New York Attorney General’s meritless claims.” Bitfinex I actually don't have a problem with ppl begging for BTC on Twitter. Is it annoying? Yes. Is it usually in bad taste, innapropriate, or a scam? Yes, yes, and yes. But we are talking about Bitcoin, the scarcest asset in the world, the future of money. Will I give you any? No. — ₿rekkie von ₿itcoin☣️🍯🦡 (@CryptoBrekkie) August 21, 2019 “Clearly, a non-sovereign digital asset like bitcoin is attractive to people who are interested in moving capital into a place where they can control it themselves. That underscores a lot of interest that’s been there over time. It’s the digital gold thesis, and I think a lot of both institutional accumulators of Bitcoin, individuals, very specifically individuals in jurisdictions or environments where the intense concern about capital controls are there. That’s an underlying thesis that I think has had an impact on it for the last eight years.” Jeremy Allaire, CEO, Circle As much as I’d like to believe that Satoshi Nakamoto is some dufus working in IT support for the NHS, I’m gonna put my cards on the table and say that it isn’t. pic.twitter.com/FgD4ZLTtTC — Jon Walsh (@walshjonwalsh) August 21, 2019 “The Praxxis consensus protocol simultaneously overcomes the scalability, privacy, and security challenges faced by legacy blockchains, the “trilemma”, to deliver the “purely peer-to-peer version of electronic cash” that Satoshi called for in the first few words of his whitepaper. And Praxxis currency is also designed to leverage the power of its sister Elixxir’s privacy-protecting platform.” E-cash inventor David Chaum 1/ $ETH is enduring its 1st mainstream bear market, just as $BTC did in 2014/15. In retrospect, 2014/15 was the best risk/reward period for investors to get BTC exposure. — Chris Burniske (@cburniske) August 20, 2019 The post The blockchain/crypto week in quotes appeared first on Coin Rivet . View comments || Bitcoin as the New Safe Haven: The Landscape The ever increasing debate over whether Bitcoin has or is about to become a preferred safe haven continues to draw attention. With the resurgence of geopolitical risk, since U.S President Trumps inauguration, there are certainly plenty of reasons for investors to seek shelter. We have seen the U.S China trade war not only become an extended one but also escalate. In the past, China may have been willing to concede. With the changing of the guard in the Oval Office, however, there is a different message from Beijing. Contagion risk has ultimately led to an economic contraction in Germany, the worlds 4 th largest economy. Throw in Brexit and the worlds 7 th largest economy also contracted in the 2 nd quarter
The trade war has not only led to a slowdown in global economic growth but has also to a rise in cross-border hostility. Trumps intent to reverse globalization in a single term was not a surprise. U.S foreign policy has not only ruffled Chinas feathers, but also those of Russia, the EU, and Iran to name but a few. The shift in both the political and economic landscape has led to a fresh wave of interest rate cuts. The latest to move was by the FED, which cut rates for the first time since 2008. Theres the talk of more and the talk of negative interest rates. It wasnt long ago that the markets shuddered at the prospect of negative rates in Japan. Why Bitcoin? An unavoidable outcome to all of this is a currency war that the U.S President himself may ultimately be held responsible for. Constants call for a weaker Greenback and abuse of appointed FED Chair Powell are now norms for the markets. The PBoC has also shown their intent with adjustments in the setting of the Yuan. When considering domestic and cross-border issues that are faced by an ever-increasing number of nations, the need for a safe haven less correlated and out of the control of governments and central banks has never been greater. Story continues As economic conditions worsen, restrictions on remittances of fiat money overseas, exchange rate manipulation and more, are material risks. It isnt just the average investor that faces these issues. Institutions with cross-border operations also need to consider these factors. As of now, Bitcoin remains out of the control of governments and central banks. That is assuming of course that the Bitcoin Whales are not the very entities that Satoshi was aiming to be free of
Risk & Reward A material downside for Bitcoin is its volatility that continues to reak havoc across the crypto market. For anyone looking for an alternative safe haven to the likes of gold and even the Greenback, 10% swings in a week is far from safe. While there is significant volatility, there is also an attractive element to an asset class that has absolutely no correlation with other asset classes. Investing in gold may provide a safety net at times of market strife, but also means that there is the possibility of lost opportunity. The emphasis is on the possibility of
Year-to-date, gold spot is up by 16.8%. In stark contrast, Bitcoin is up by a whopping 164%. While timing does prove to be everything with the likes of Bitcoin, the opportunity lost by investing elsewhere is significant. The Bitcoin Whales As is the case with any asset class, concentration risk must be a factor to consider. Until there is any clarity on the identities of the Bitcoin Whales, market manipulation is a threat. The threat is one that the SEC has taken seriously. The very threat ultimately led to the delay of the Bitcoin ETF approvals. A safe haven which suffers from significant concentration risk really cant be considered a safe haven. It isnt too farfetched to think of governments and central banks forming part of Bitcoins top 20 investor list
Even U.S President Trump could be on the list
And, finally
Government Oversight and the SEC Its not just volatility that remains a threat to Bitcoin and even its peers. The threat of a global crypto oversight committee and a cohesive regulatory platform remains significant. Any signs of a material shift in preference and expect governments and regulators to pay greater attention. Theres no law against holding Bitcoin, in most jurisdictions. So for many, the regulatory threat is limited. Its the impact on Bitcoins value that must continue to be a consideration for those looking for exposure. As we saw throughout 2018, Bitcoin and the broader market was at the mercy of governments and regulators. Dmitry Ivanov of Coinspaid says that cryptocurrencies are now on the verge of global acceptance, as illustrated by increased interest from international business companies (Such as Telegram and Gram, Facebook and Libra). Their plans to launch their coins have not only led to increased attention from the general public but also regulators. Cryptocurrency adoption is occurring at an increasingly faster rate than the rate at which the adaptation process of credit cards and electronic money occurred. Dmitry outlines the reasons being the speed and transaction costs, transparency, lack of geographical boundaries, rolling reserves, low risk of fraud and chargebacks. Dmitry is the CBDO of CoinsPaid , which provides the services of processing payments, storage, and implementation of digital currencies for entrepreneurs and private individuals. Coinspaids goal is building a safe, transparent, and at the same time a simple payment infrastructure that allows its clients to freely convert crypto to fiat and vice versa and transfer funds into bank accounts or cards. Strategize It, therefore, comes down to the consideration of risk and reward and threat to net worth. Talks of Bitcoin being a bubble have abated, which is positive. Also, while Bitcoin still sees marginal use relative to fiat money, it is on the rise. The lack of correlation is an enticing one to consider, as is the significant volatility and undeniably sizeable returns. To consider the fact that an investor would have doubled their investment in 8 months is mind staggering. After all, Bitcoin is not a new kid off the block
The volatility can be considered a red flag. It does, however, allow investors to allot a smaller allocation to counterbalance any headwinds from elsewhere. A smaller allotment can also be considered damage control
So, a balanced portfolio including Bitcoin seems sound. And yes, while Bitcoin may collapse to $3,000 levels, there appears to be plenty of support to drive it back up to $10,000
This article was originally posted on FX Empire More From FXEMPIRE: Safe-Haven Buying Boosts Yen; Kiwi Underpinned by Central Bank Comments U.S Mortgage Rates Resume the Decline as Economic Woes Build Trade Tensions Reach Dangerous Heights As Trump Retaliates Against China RBAs Philip Lowe: Political Shocks are Turning into Economic Shocks Natural Gas Price Fundamental Weekly Forecast Not Much Hope for Near-Term Rally Amid Lower Demand Concerns Bitcoin as the New Safe Haven || Bitcoin as the New Safe Haven: The ever increasing debate over whether Bitcoin has or is about to become a preferred safe haven continues to draw attention.
With the resurgence of geopolitical risk, since U.S President Trump’s inauguration, there are certainly plenty of reasons for investors to seek shelter.
We have seen the U.S – China trade war not only become an extended one but also escalate. In the past, China may have been willing to concede. With the changing of the guard in the Oval Office, however, there is a different message from Beijing.
Contagion risk has ultimately led to an economic contraction in Germany, the world’s 4thlargest economy. Throw in Brexit and the world’s 7thlargest economy also contracted in the 2ndquarter…
The trade war has not only led to a slowdown in global economic growth but has also to a rise in cross-border hostility. Trump’s intent to reverse globalization in a single term was not a surprise.
U.S foreign policy has not only ruffled China’s feathers, but also those of Russia, the EU, and Iran to name but a few.
The shift in both the political and economic landscape has led to a fresh wave of interest rate cuts. The latest to move was by the FED, which cut rates for the first time since 2008. There’s the talk of more and the talk of negative interest rates. It wasn’t long ago that the markets shuddered at the prospect of negative rates in Japan.
An unavoidable outcome to all of this is a currency war that the U.S President himself may ultimately be held responsible for.
Constants call for a weaker Greenback and abuse of appointed FED Chair Powell are now norms for the markets. The PBoC has also shown their intent with adjustments in the setting of the Yuan.
When considering domestic and cross-border issues that are faced by an ever-increasing number of nations, the need for a safe haven less correlated and out of the control of governments and central banks has never been greater.
As economic conditions worsen, restrictions on remittances of fiat money overseas, exchange rate manipulation and more, are material risks.
It isn’t just the average investor that faces these issues. Institutions with cross-border operations also need to consider these factors.
As of now, Bitcoin remains out of the control of governments and central banks. That is assuming of course that the Bitcoin Whales are not the very entities that Satoshi was aiming to be free of…
A material downside for Bitcoin is its volatility that continues to reak havoc across the crypto market. For anyone looking for an alternative safe haven to the likes of gold and even the Greenback, 10% swings in a week is far from safe.
While there is significant volatility, there is also an attractive element to an asset class that has absolutely no correlation with other asset classes.
Investing in gold may provide a safety net at times of market strife, but also means that there is the possibility of lost opportunity. The emphasis is on the possibility of…
Year-to-date, gold spot is up by 16.8%. In stark contrast, Bitcoin is up by a whopping 164%. While timing does prove to be everything with the likes of Bitcoin, the opportunity lost by investing elsewhere is significant.
As is the case with any asset class, concentration risk must be a factor to consider. Until there is any clarity on the identities of the Bitcoin Whales, market manipulation is a threat. The threat is one that the SEC has taken seriously. The very threat ultimately led to the delay of the Bitcoin ETF approvals.
A safe haven which suffers from significant concentration risk really can’t be considered a safe haven. It isn’t too farfetched to think of governments and central banks forming part of Bitcoin’s top 20 investor list…
Even U.S President Trump could be on the list…
And, finally…
It’s not just volatility that remains a threat to Bitcoin and even its peers. The threat of a global crypto oversight committee and a cohesive regulatory platform remains significant.
Any signs of a material shift in preference and expect governments and regulators to pay greater attention.
There’s no law against holding Bitcoin, in most jurisdictions. So for many, the regulatory threat is limited. It’s the impact on Bitcoin’s value that must continue to be a consideration for those looking for exposure.
As we saw throughout 2018, Bitcoin and the broader market was at the mercy of governments and regulators.
Dmitry Ivanov of Coinspaid says that cryptocurrencies are now on the verge of global acceptance, as illustrated by increased interest from international business companies (Such as Telegram and Gram, Facebook and Libra). Their plans to launch their coins have not only led to increased attention from the general public but also regulators.
Cryptocurrency adoption is occurring at an increasingly faster rate than the rate at which the adaptation process of credit cards and electronic money occurred. Dmitry outlines the reasons being the speed and transaction costs, transparency, lack of geographical boundaries, rolling reserves, low risk of fraud and chargebacks.
Dmitry is the CBDO ofCoinsPaid, which provides the services of processing payments, storage, and implementation of digital currencies for entrepreneurs and private individuals.
Coinspaid’s goal is building a safe, transparent, and at the same time a simple payment infrastructure that allows its clients to freely convert crypto to fiat and vice versa and transfer funds into bank accounts or cards.
It, therefore, comes down to the consideration of risk and reward and threat to net worth.
Talks of Bitcoin being a bubble have abated, which is positive. Also, while Bitcoin still sees marginal use relative to fiat money, it is on the rise.
The lack of correlation is an enticing one to consider, as is the significant volatility and undeniably sizeable returns.
To consider the fact that an investor would have doubled their investment in 8 months is mind staggering. After all, Bitcoin is not a new kid off the block…
The volatility can be considered a red flag. It does, however, allow investors to allot a smaller allocation to counterbalance any headwinds from elsewhere. A smaller allotment can also be considered damage control…
So, a balanced portfolio including Bitcoin seems sound. And yes, while Bitcoin may collapse to $3,000 levels, there appears to be plenty of support to drive it back up to $10,000…
Thisarticlewas originally posted on FX Empire
• Safe-Haven Buying Boosts Yen; Kiwi Underpinned by Central Bank Comments
• U.S Mortgage Rates Resume the Decline as Economic Woes Build
• Trade Tensions Reach Dangerous Heights As Trump Retaliates Against China
• RBA’s Philip Lowe: ‘Political Shocks are Turning into Economic Shocks’
• Natural Gas Price Fundamental Weekly Forecast – Not Much Hope for Near-Term Rally Amid Lower Demand Concerns
• Bitcoin as the New Safe Haven || Bitcoin as the New Safe Haven: The ever increasing debate over whether Bitcoin has or is about to become a preferred safe haven continues to draw attention.
With the resurgence of geopolitical risk, since U.S President Trump’s inauguration, there are certainly plenty of reasons for investors to seek shelter.
We have seen the U.S – China trade war not only become an extended one but also escalate. In the past, China may have been willing to concede. With the changing of the guard in the Oval Office, however, there is a different message from Beijing.
Contagion risk has ultimately led to an economic contraction in Germany, the world’s 4thlargest economy. Throw in Brexit and the world’s 7thlargest economy also contracted in the 2ndquarter…
The trade war has not only led to a slowdown in global economic growth but has also to a rise in cross-border hostility. Trump’s intent to reverse globalization in a single term was not a surprise.
U.S foreign policy has not only ruffled China’s feathers, but also those of Russia, the EU, and Iran to name but a few.
The shift in both the political and economic landscape has led to a fresh wave of interest rate cuts. The latest to move was by the FED, which cut rates for the first time since 2008. There’s the talk of more and the talk of negative interest rates. It wasn’t long ago that the markets shuddered at the prospect of negative rates in Japan.
An unavoidable outcome to all of this is a currency war that the U.S President himself may ultimately be held responsible for.
Constants call for a weaker Greenback and abuse of appointed FED Chair Powell are now norms for the markets. The PBoC has also shown their intent with adjustments in the setting of the Yuan.
When considering domestic and cross-border issues that are faced by an ever-increasing number of nations, the need for a safe haven less correlated and out of the control of governments and central banks has never been greater.
As economic conditions worsen, restrictions on remittances of fiat money overseas, exchange rate manipulation and more, are material risks.
It isn’t just the average investor that faces these issues. Institutions with cross-border operations also need to consider these factors.
As of now, Bitcoin remains out of the control of governments and central banks. That is assuming of course that the Bitcoin Whales are not the very entities that Satoshi was aiming to be free of…
A material downside for Bitcoin is its volatility that continues to reak havoc across the crypto market. For anyone looking for an alternative safe haven to the likes of gold and even the Greenback, 10% swings in a week is far from safe.
While there is significant volatility, there is also an attractive element to an asset class that has absolutely no correlation with other asset classes.
Investing in gold may provide a safety net at times of market strife, but also means that there is the possibility of lost opportunity. The emphasis is on the possibility of…
Year-to-date, gold spot is up by 16.8%. In stark contrast, Bitcoin is up by a whopping 164%. While timing does prove to be everything with the likes of Bitcoin, the opportunity lost by investing elsewhere is significant.
As is the case with any asset class, concentration risk must be a factor to consider. Until there is any clarity on the identities of the Bitcoin Whales, market manipulation is a threat. The threat is one that the SEC has taken seriously. The very threat ultimately led to the delay of the Bitcoin ETF approvals.
A safe haven which suffers from significant concentration risk really can’t be considered a safe haven. It isn’t too farfetched to think of governments and central banks forming part of Bitcoin’s top 20 investor list…
Even U.S President Trump could be on the list…
And, finally…
It’s not just volatility that remains a threat to Bitcoin and even its peers. The threat of a global crypto oversight committee and a cohesive regulatory platform remains significant.
Any signs of a material shift in preference and expect governments and regulators to pay greater attention.
There’s no law against holding Bitcoin, in most jurisdictions. So for many, the regulatory threat is limited. It’s the impact on Bitcoin’s value that must continue to be a consideration for those looking for exposure.
As we saw throughout 2018, Bitcoin and the broader market was at the mercy of governments and regulators.
Dmitry Ivanov of Coinspaid says that cryptocurrencies are now on the verge of global acceptance, as illustrated by increased interest from international business companies (Such as Telegram and Gram, Facebook and Libra). Their plans to launch their coins have not only led to increased attention from the general public but also regulators.
Cryptocurrency adoption is occurring at an increasingly faster rate than the rate at which the adaptation process of credit cards and electronic money occurred. Dmitry outlines the reasons being the speed and transaction costs, transparency, lack of geographical boundaries, rolling reserves, low risk of fraud and chargebacks.
Dmitry is the CBDO ofCoinsPaid, which provides the services of processing payments, storage, and implementation of digital currencies for entrepreneurs and private individuals.
Coinspaid’s goal is building a safe, transparent, and at the same time a simple payment infrastructure that allows its clients to freely convert crypto to fiat and vice versa and transfer funds into bank accounts or cards.
It, therefore, comes down to the consideration of risk and reward and threat to net worth.
Talks of Bitcoin being a bubble have abated, which is positive. Also, while Bitcoin still sees marginal use relative to fiat money, it is on the rise.
The lack of correlation is an enticing one to consider, as is the significant volatility and undeniably sizeable returns.
To consider the fact that an investor would have doubled their investment in 8 months is mind staggering. After all, Bitcoin is not a new kid off the block…
The volatility can be considered a red flag. It does, however, allow investors to allot a smaller allocation to counterbalance any headwinds from elsewhere. A smaller allotment can also be considered damage control…
So, a balanced portfolio including Bitcoin seems sound. And yes, while Bitcoin may collapse to $3,000 levels, there appears to be plenty of support to drive it back up to $10,000…
Thisarticlewas originally posted on FX Empire
• Safe-Haven Buying Boosts Yen; Kiwi Underpinned by Central Bank Comments
• U.S Mortgage Rates Resume the Decline as Economic Woes Build
• Trade Tensions Reach Dangerous Heights As Trump Retaliates Against China
• RBA’s Philip Lowe: ‘Political Shocks are Turning into Economic Shocks’
• Natural Gas Price Fundamental Weekly Forecast – Not Much Hope for Near-Term Rally Amid Lower Demand Concerns
• Bitcoin as the New Safe Haven || U.S Mortgage Rates Resume the Decline as Economic Woes Build: Mortgage rates resumed their decline in the week ending 22nd August. 30-year fixed rates fell by 5 basis points to 3.55% following a hold at 3.6% in the week prior. The fall left 30-year rates at their lowest level since late 2016 according to figures released by Freddie Mac . Compared to this time last year, 30-year fixed rates were down by 96 basis points. More significantly, 30-year fixed rates are down by 139 basis points since last Novembers most recent peak of 4.94%. Economic Data from the Week Key stats out of the U.S through the 1st half of the week were on the lighter side once more. Economic data was limited to July existing home sales figures on Wednesday. A jump in sales, supported by the downward trend in mortgage rates, had little impact on yields, however. The main event of the week was the release of the FOMC meeting minutes on Wednesday. While the minutes outlined a FED willing to deliver further easing should the need arise, there was a lack of commitment. A brief 2-year 10-year U.S Treasury yield curve inversion resulted that contributed to the fall in mortgage rates on the week. Adding to the demand for U.S Treasuries were market jitters over the prospects of an economic recession. Freddie Mac Rates The weekly average rates for new mortgages as of 22nd August were quoted by Freddie Mac to be : 30-year fixed rates fell by 5 basis points to 3.55% in the week. Rates were down from 4.49% from a year ago. The average fee remained unchanged at 0.5 points. 15-year fixed rates decreased by 4 basis points to 3.03% in the week. Rates were down from 3.98% from a year ago. The average fee also held steady at 0.5 points. 5-year fixed rates fell by 3 basis point to 3.32% in the week. Rates were down by 50 basis points from last years 3.82%. The average fee held steady at 0.3 points. According to Freddie Mac, falling mortgage rates continued to support the real estate market and economy. Home purchase demand was up 5% from a year ago and materially stronger since the early summer. Refinances surged to their highest share in three and a half years. Story continues For the U.S economy, the good news is a pickup in monthly cash flow and upward momentum in home equity. Mortgage Bankers Association Rates For the week ending 16th August, rates were quoted to be : Average interest rates for 30-year fixed, backed by the FHA, increased from 3.81% to 3.87%. Points increased from 0.29 to 0.32 (incl. origination fee) for 80% LTV loans. Average interest rates for 30-year fixed with conforming loan balances fell from 3.93% to 3.90%. Points remained unchanged at 0.35 (incl. origination fee) for 80% LTV loans. Average 30-year rates for jumbo loan balances remained unchanged at 3.88%. Points also held steady at 0.24 (incl. origination fee) for 80% LTV loans. Weekly figures released by the Mortgage Bankers Association showed that the Market Composite Index, which is a measure of mortgage loan application volume, fell by 0.9% in the week ending 16th August. In the week ending 9th August, the Market Composite Index had surged by 21.7%. The Refinance Index increased by 0.4% in the week ending 16th August. The gain followed on from a 37% surge to the highest level since Jul-16 in the week ending 9th August. Year-on-year, the index was by 180%. The share of refinance mortgage activity increased from 61.4% to 62.7%, following on from a rise from 53.9% to 61.4% in the week prior. According to the MBA, market jitters over global economic growth drove demand for U.S Treasuries, leaving yields down by 13 basis points. Purchase applications fell by more than 3% in the week, while up by 5% year-on-year. In the week, the MBA also released its Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations . According to the MBA report, Commercial and multifamily mortgage loan originations were 10% higher in the 2nd quarter, year-on-year. Quarter-on-quarter, originations were up by 29%. Year-on-year, multifamily property originations rose by 15% and by 32% quarter-on-quarter. For the week ahead Its a busier first half of the week ahead. Key stats due out of the U.S include July durable goods orders and August consumer confidence figures due out on Monday and Tuesday. With heightened sensitivity, we can expect both sets of numbers to influence Treasury yields at the start of the week. Outside of the numbers An escalation in the U.S China trade war on Friday and Trumps Twitter Tantrum will test market resilience at the start of the week. Expect updates from the G7 Summit to also be a factor. It remains to be seen whether Trump and Xi can settle their differences ahead of their planned gettogether next month. This article was originally posted on FX Empire More From FXEMPIRE: Gold Price Prediction Gold Breaks Out Following Trump Tweets Chinese State Council Slaps US with More Tariffs Powell Says Fed Prepared to Act to Sustain Expansion; Acknowledges Limited Monetary Policy Tools Bitcoin Sees More Red as the Broader Market Takes another Weekly Hit NZD/USD Forex Technical Analysis â Strengthens Over .6411, Weakens Under .6362 Natural Gas Price Prediction Prices Slip as Demand is Flat || U.S Mortgage Rates Resume the Decline as Economic Woes Build: Mortgage rates resumed their decline in the week ending 22nd August. 30-year fixed rates fell by 5 basis points to 3.55% following a hold at 3.6% in the week prior.
The fall left 30-year rates at their lowest level since late 2016 according to figures released byFreddie Mac.
Compared to this time last year, 30-year fixed rates were down by 96 basis points.
More significantly, 30-year fixed rates are down by 139 basis points since last November’s most recent peak of 4.94%.
Key stats out of the U.S through the 1st half of the week were on the lighter side once more.
Economic data was limited to July existing home sales figures on Wednesday. A jump in sales, supported by the downward trend in mortgage rates, had little impact on yields, however.
The main event of the week was the release of the FOMC meeting minutes on Wednesday. While the minutes outlined a FED willing to deliver further easing should the need arise, there was a lack of commitment.
A brief 2-year – 10-year U.S Treasury yield curve inversion resulted that contributed to the fall in mortgage rates on the week.
Adding to the demand for U.S Treasuries were market jitters over the prospects of an economic recession.
The weekly average rates for new mortgages as of 22nd August were quoted byFreddie Macto be:
• 30-year fixed rates fell by 5 basis points to 3.55% in the week. Rates were down from 4.49% from a year ago. The average fee remained unchanged at 0.5 points.
• 15-year fixed rates decreased by 4 basis points to 3.03% in the week. Rates were down from 3.98% from a year ago. The average fee also held steady at 0.5 points.
• 5-year fixed rates fell by 3 basis point to 3.32% in the week. Rates were down by 50 basis points from last year’s 3.82%. The average fee held steady at 0.3 points.
According to Freddie Mac, falling mortgage rates continued to support the real estate market and economy. Home purchase demand was up 5% from a year ago and materially stronger since the early summer. Refinances surged to their highest share in three and a half years.
For the U.S economy, the good news is a pickup in monthly cash flow and upward momentum in home equity.
For the week ending 16th August,rateswere quoted to be:
• Average interest rates for 30-year fixed, backed by the FHA, increased from 3.81% to 3.87%. Points increased from 0.29 to 0.32 (incl. origination fee) for 80% LTV loans.
• Average interest rates for 30-year fixed with conforming loan balances fell from 3.93% to 3.90%. Points remained unchanged at 0.35 (incl. origination fee) for 80% LTV loans.
• Average 30-year rates for jumbo loan balances remained unchanged at 3.88%. Points also held steady at 0.24 (incl. origination fee) for 80% LTV loans.
Weekly figures released by the Mortgage Bankers Association showed that the Market Composite Index, which is a measure of mortgage loan application volume, fell by 0.9% in the week ending 16th August. In the week ending 9th August, the Market Composite Index had surged by 21.7%.
The Refinance Index increased by 0.4% in the week ending 16th August. The gain followed on from a 37% surge to the highest level since Jul-16 in the week ending 9th August. Year-on-year, the index was by 180%.
The share of refinance mortgage activity increased from 61.4% to 62.7%, following on from a rise from 53.9% to 61.4% in the week prior.
According to the MBA, market jitters over global economic growth drove demand for U.S Treasuries, leaving yields down by 13 basis points. Purchase applications fell by more than 3% in the week, while up by 5% year-on-year.
In the week, the MBA also released itsQuarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. According to the MBA report,
• Commercial and multifamily mortgage loan originations were 10% higher in the 2nd quarter, year-on-year. Quarter-on-quarter, originations were up by 29%.
• Year-on-year, multifamily property originations rose by 15% and by 32% quarter-on-quarter.
It’s a busier first half of the week ahead.
Key stats due out of the U.S include July durable goods orders and August consumer confidence figures due out on Monday and Tuesday.
With heightened sensitivity, we can expect both sets of numbers to influence Treasury yields at the start of the week.
An escalation in the U.S – China trade war on Friday and Trump’s Twitter Tantrum will test market resilience at the start of the week.
Expect updates from the G7 Summit to also be a factor. It remains to be seen whether Trump and Xi can settle their differences ahead of their planned gettogether next month.
Thisarticlewas originally posted on FX Empire
• Gold Price Prediction – Gold Breaks Out Following Trump Tweets
• Chinese State Council Slaps US with More Tariffs
• Powell Says Fed Prepared to Act to Sustain Expansion; Acknowledges Limited Monetary Policy Tools
• Bitcoin Sees More Red as the Broader Market Takes another Weekly Hit
• NZD/USD Forex Technical Analysis – Strengthens Over .6411, Weakens Under .6362
• Natural Gas Price Prediction – Prices Slip as Demand is Flat || NZD/USD Forex Technical Analysis – Strengthens Over .6411, Weakens Under .6362: The New Zealand Dollar finished higher on Friday, helped by a weaker U.S. Dollar and a positive comment from a key central bank official. Gains were likely capped by escalating tensions between the United States and China.
The U.S. Dollar fell on Friday after President Trump ordered U.S. companies out of China in reaction to new tariffs from the world’s second largest economy. Greenback investors read the event as bearish amid concerns it may bring the U.S. economy closer to a recession.
The kiwi rose after Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr painted a rosy picture of the local economy and described the 50-basis point cut in the official cash rate earlier this month as “a pre-emptive double cut” to reduce the need to cut more later. He further added, “So we’re pleased with where we are.”
On Friday, theNZD/USDsettled at .6396, up 0.0029 or +0.46%.
The main trend is down according to the daily swing chart. The main trend was reaffirmed when sellers took out the August 7 main bottom at .6378. The selling stopped at .6362, just slightly ahead of the January 20, 2016 main bottom at .6346.
The main trend will change to up on a trade through .6791. This is highly unlikely, but due to the prolonged move in terms of price and time, we will have to start watching for a closing price reversal bottom. If this pattern is formed and confirmed then we could see a 2 to 3 day counter-trend rally.
The minor trend is down. A trade through .6588 will change the minor trend to up. This will also shift momentum to the upside.
The minor range is .6588 to .6362. Its 50% level or pivot at .6475 is a potential upside target and resistance.
The main range is .6791 to .6362. Its retracement zone at .6577 to .6627 is the primary upside target.
Based on Friday’s price action, the direction of the NZD/USD on Monday is likely to be determined by trader reaction to Thursday’s high at .6411. This is because the Forex pair formed an inside move on Friday, which typically indicates investor indecision and impending volatility. This move will indicate that traders have made the decision to go long at current price levels.
Furthermore, a move through .6411 will make .6362 a new minor bottom. This will be the first minor bottom formed since August 5.
A sustained move over .6411 will indicate the presence of buyer. If this move creates enough upside momentum then look for the rally to possibly extend into the pivot at .6475 over the near-term.
A sustained move under .6411 will signal the presence of sellers. If this generates enough downside momentum then look for the selling to possibly extend into Thursday’s low at .6362. Taking out this level should lead to a test of the January 20, 2016 main bottom at .6346.
The main bottom at .6346 is a potential trigger point for a steep break with the August 24, 2015 main bottom at .6207, the next major downside target.
Thisarticlewas originally posted on FX Empire
• NZD/USD Forex Technical Analysis – Strengthens Over .6411, Weakens Under .6362
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• Psychology and Trading || NZD/USD Forex Technical Analysis – Strengthens Over .6411, Weakens Under .6362: The New Zealand Dollar finished higher on Friday, helped by a weaker U.S. Dollar and a positive comment from a key central bank official. Gains were likely capped by escalating tensions between the United States and China. The U.S. Dollar fell on Friday after President Trump ordered U.S. companies out of China in reaction to new tariffs from the world’s second largest economy. Greenback investors read the event as bearish amid concerns it may bring the U.S. economy closer to a recession. The kiwi rose after Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr painted a rosy picture of the local economy and described the 50-basis point cut in the official cash rate earlier this month as “a pre-emptive double cut” to reduce the need to cut more later. He further added, “So we’re pleased with where we are.” On Friday, the NZD/USD settled at .6396, up 0.0029 or +0.46%. Daily NZD/USD Daily Swing Chart Technical Analysis The main trend is down according to the daily swing chart. The main trend was reaffirmed when sellers took out the August 7 main bottom at .6378. The selling stopped at .6362, just slightly ahead of the January 20, 2016 main bottom at .6346. The main trend will change to up on a trade through .6791. This is highly unlikely, but due to the prolonged move in terms of price and time, we will have to start watching for a closing price reversal bottom. If this pattern is formed and confirmed then we could see a 2 to 3 day counter-trend rally. The minor trend is down. A trade through .6588 will change the minor trend to up. This will also shift momentum to the upside. The minor range is .6588 to .6362. Its 50% level or pivot at .6475 is a potential upside target and resistance. The main range is .6791 to .6362. Its retracement zone at .6577 to .6627 is the primary upside target. Daily Swing Chart Technical Forecast Based on Friday’s price action, the direction of the NZD/USD on Monday is likely to be determined by trader reaction to Thursday’s high at .6411. This is because the Forex pair formed an inside move on Friday, which typically indicates investor indecision and impending volatility. This move will indicate that traders have made the decision to go long at current price levels. Story continues Furthermore, a move through .6411 will make .6362 a new minor bottom. This will be the first minor bottom formed since August 5. Bullish Scenario A sustained move over .6411 will indicate the presence of buyer. If this move creates enough upside momentum then look for the rally to possibly extend into the pivot at .6475 over the near-term. Bullish Scenario A sustained move under .6411 will signal the presence of sellers. If this generates enough downside momentum then look for the selling to possibly extend into Thursday’s low at .6362. Taking out this level should lead to a test of the January 20, 2016 main bottom at .6346. The main bottom at .6346 is a potential trigger point for a steep break with the August 24, 2015 main bottom at .6207, the next major downside target. This article was originally posted on FX Empire More From FXEMPIRE: NZD/USD Forex Technical Analysis – Strengthens Over .6411, Weakens Under .6362 USD/JPY Forex Technical Analysis – Vulnerable to Steep Drop Under 104.600 The Week Ahead: Trade, Stats and the G7 Summit to Drive the Majors Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 25/08/19 Stellar’s Lumen – Recap and Mid-Morning Review – 25/08/19 Psychology and Trading || The Week Ahead: Trade, Stats and the G7 Summit to Drive the Majors: On the Macro For the Dollar It’s a packed week ahead on the economic calendar , following a relatively quiet week last week. July durable goods orders get the week going on Monday, ahead of consumer confidence figures due out on Tuesday. Expect Dollar and market sensitivity to core orders, which is forecast to be on the softer side. On Tuesday consumer confidence will need to hold steady to avert fears of a slump in spending. The markets will then need to wait until Thursday for 2 nd estimate GDP numbers, pending home sales and trade data. Barring a material jump, we would expect the jobless claims figures to have a muted impact on the Dollar. Closing out the week, the FED’s Core PCE Price Index numbers are due out on Friday. Personal spending and Chicago’s August PMI will also influence. We would expect finalized consumer sentiment figures to have a muted effect, however, on Friday. Outside of the stats, geopolitics and any FOMC member chatter will also need to be monitored. The Dollar Spot Index ended the week down up 0.63% to $97.587. For the EUR It’s another busy week ahead on the economic data front. Germany’s IFO business sentiment figures are due out on Monday. Any weak numbers will pin the EUR back ahead of 2 nd estimate GDP numbers out of Germany on Tuesday. Expect EUR sensitivity to any downward revisions. Focus then shifts to German consumer sentiment and employment numbers due out on Wednesday and Thursday. Also of influence is French consumer spending figures on Thursday. The ECB has stated that there is a material reliance consumer spending, supported by a strong labor market. Stats on Friday will also influence, with German retail sales figures and Eurozone unemployment numbers due out. We would expect inflation figures out of Spain, Italy, and the Eurozone to have a relatively muted impact on the EUR. French jobseeker figures from Tuesday and 2 nd estimate French GDP figures on Thursday will also likely be brushed aside by the markets. Story continues The EUR/USD ended the week up by 0.49% to $1.1144. For the Pound It’s a particularly quiet week ahead on the economic calendar . There are no material stats due out of the UK to provide the Pound with direction. The lack of stats leaves the Pound in the hands of Brexit chatter and British politics. Boris Johnson has sought legal advice on shutting Parliament down for 5-weeks… The GBP/USD ended the week up by 0.96% to $1.2266. For the Loonie It’s a relatively busy week ahead on the data front. The markets will have to wait until Friday for the stats, however. 2 nd quarter GDP and July’s RMPI will provide direction at the end of the week. Ahead of the numbers, market sentiment towards the global economic outlook and trade war chatter will continue to influence. The Loonie ended the week down 0.11% to C$1.3283 against the U.S Dollar. Out of Asia For the Aussie Dollar It’s another quiet week ahead on the Economic data . Data is limited to 2 nd quarter new capital expenditure figures due out on Thursday and July private sector credit numbers due out on Friday. Construction work done and building approvals, due out on Wednesday and Friday, will have less influence on the Aussie. On the geopolitical front, expect the U.S – China trade war and sentiment towards monetary policy and the global economy to also provide direction. The Aussie Dollar ended the week down by 0.34% to $0.6756. For the Japanese Yen It’s also relatively busy week ahead on the economic calendar . Core inflation, prelim July industrial production, and July retail sales figures are due out on Friday. Ahead of the numbers, market risk appetite and sentiment towards monetary policy will continue to provide direction. The Japanese Yen ended the week up 0.93% to ¥105.39 against the U.S Dollar. For the Kiwi Dollar It’s a relatively busy week ahead. Key stats include July trade figures due out on Monday and August business confidence figures due out on Thursday. Off less influence on the Kiwi will be building consent numbers due out on Friday. The Kiwi Dollar ended the week down 0.37% to $0.6405. Out of China It’s a quiet week ahead on the economic data front. There are no material stats due out of China until Saturday. Any further chatter on trade and moves by the Chinese government to support the economy will influence in the week. On Saturday, private sector PMIs are due out that will set the tone for the following week. The Yuan ended the week down by 0.75% to CNY7.0956 against the Greenback. Geo-Politics Italy Snap General Election: Italy President Mattarella gave party leaders an additional 4-days to form a stable government. The next meeting on Tuesday will likely result in a decision on whether a snap general election is the only way forward. Political uncertainty and a weakening economy is a bad combo… Trade Wars : The trade war hit new levels on Friday and, while Trump looks to pass the blame to FED Chair Powell, the pressure will build on the U.S President. Will there be more blows or a change in tactics? UK Politics : News of British PM seeking legal advice on shutting down parliament for 5-weeks won’t do the Pound any good. With Johnson at the G7 Summit, Brexit chatter will continue to rile the Pound. There’s also the threat of a vote of no confidence to consider. MPs are due back on 3 rd September… G7 Summit : We can expect plenty of chatter from the G7 Summit in France. Trade and Brexit will likely be high on the list. Boris Johnson has an opportunity to discuss further Brexit, while world leaders will also want to focus on trade. This article was originally posted on FX Empire More From FXEMPIRE: Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 25/08/19 Chinese State Council Slaps US with More Tariffs Bitcoin Sees More Red as the Broader Market Takes another Weekly Hit Psychology and Trading The Week Ahead: Trade, Stats and the G7 Summit to Drive the Majors Trade Tensions Reach Dangerous Heights As Trump Retaliates Against China || The Week Ahead: Trade, Stats and the G7 Summit to Drive the Majors: It’s a packed week ahead on theeconomic calendar, following a relatively quiet week last week.
July durable goods orders get the week going on Monday, ahead of consumer confidence figures due out on Tuesday.
Expect Dollar and market sensitivity to core orders, which is forecast to be on the softer side. On Tuesday consumer confidence will need to hold steady to avert fears of a slump in spending.
The markets will then need to wait until Thursday for 2ndestimate GDP numbers, pending home sales and trade data.
Barring a material jump, we would expect the jobless claims figures to have a muted impact on the Dollar.
Closing out the week, the FED’s Core PCE Price Index numbers are due out on Friday. Personal spending and Chicago’s August PMI will also influence.
We would expect finalized consumer sentiment figures to have a muted effect, however, on Friday.
Outside of the stats, geopolitics and any FOMC member chatter will also need to be monitored.
The Dollar Spot Index ended the week down up 0.63% to $97.587.
It’s another busy week ahead on theeconomic datafront.
Germany’s IFO business sentiment figures are due out on Monday. Any weak numbers will pin the EUR back ahead of 2ndestimate GDP numbers out of Germany on Tuesday.
Expect EUR sensitivity to any downward revisions.
Focus then shifts to German consumer sentiment and employment numbers due out on Wednesday and Thursday. Also of influence is French consumer spending figures on Thursday.
The ECB has stated that there is a material reliance consumer spending, supported by a strong labor market.
Stats on Friday will also influence, with German retail sales figures and Eurozone unemployment numbers due out.
We would expect inflation figures out of Spain, Italy, and the Eurozone to have a relatively muted impact on the EUR. French jobseeker figures from Tuesday and 2ndestimate French GDP figures on Thursday will also likely be brushed aside by the markets.
The EUR/USD ended the week up by 0.49% to $1.1144.
It’s a particularly quiet week ahead on theeconomic calendar.
There are no material stats due out of the UK to provide the Pound with direction.
The lack of stats leaves the Pound in the hands of Brexit chatter and British politics.
Boris Johnson has sought legal advice on shutting Parliament down for 5-weeks…
The GBP/USD ended the week up by 0.96% to $1.2266.
It’s a relatively busy week ahead on thedatafront.
The markets will have to wait until Friday for the stats, however.
2ndquarter GDP and July’s RMPI will provide direction at the end of the week.
Ahead of the numbers, market sentiment towards the global economic outlook and trade war chatter will continue to influence.
The Loonie ended the week down 0.11% to C$1.3283 against the U.S Dollar.
It’s another quiet week ahead on theEconomic data. Data is limited to 2ndquarter new capital expenditure figures due out on Thursday and July private sector credit numbers due out on Friday.
Construction work done and building approvals, due out on Wednesday and Friday, will have less influence on the Aussie.
On the geopolitical front, expect the U.S – China trade war and sentiment towards monetary policy and the global economy to also provide direction.
The Aussie Dollar ended the week down by 0.34% to $0.6756.
It’s also relatively busy week ahead on theeconomic calendar.
Core inflation, prelim July industrial production, and July retail sales figures are due out on Friday.
Ahead of the numbers, market risk appetite and sentiment towards monetary policy will continue to provide direction.
The Japanese Yen ended the week up 0.93% to ¥105.39 against the U.S Dollar.
It’s a relatively busy week ahead.
Key statsinclude July trade figures due out on Monday and August business confidence figures due out on Thursday.
Off less influence on the Kiwi will be building consent numbers due out on Friday.
The Kiwi Dollar ended the week down 0.37% to $0.6405.
It’s a quiet week ahead on theeconomic datafront. There are no material stats due out of China until Saturday.
Any further chatter on trade and moves by the Chinese government to support the economy will influence in the week.
On Saturday, private sector PMIs are due out that will set the tone for the following week.
The Yuan ended the week down by 0.75% to CNY7.0956 against the Greenback.
Italy Snap General Election:Italy President Mattarella gave party leaders an additional 4-days to form a stable government. The next meeting on Tuesday will likely result in a decision on whether a snap general election is the only way forward. Political uncertainty and a weakening economy is a bad combo…
Trade Wars: The trade war hit new levels on Friday and, while Trump looks to pass the blame to FED Chair Powell, the pressure will build on the U.S President. Will there be more blows or a change in tactics?
UK Politics: News of British PM seeking legal advice on shutting down parliament for 5-weeks won’t do the Pound any good. With Johnson at the G7 Summit, Brexit chatter will continue to rile the Pound. There’s also the threat of a vote of no confidence to consider. MPs are due back on 3rdSeptember…
G7 Summit: We can expect plenty of chatter from the G7 Summit in France. Trade and Brexit will likely be high on the list. Boris Johnson has an opportunity to discuss further Brexit, while world leaders will also want to focus on trade.
Thisarticlewas originally posted on FX Empire
• Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 25/08/19
• Chinese State Council Slaps US with More Tariffs
• Bitcoin Sees More Red as the Broader Market Takes another Weekly Hit
• Psychology and Trading
• The Week Ahead: Trade, Stats and the G7 Summit to Drive the Majors
• Trade Tensions Reach Dangerous Heights As Trump Retaliates Against China || Bitcoin Sees More Red as the Broader Market Takes another Weekly Hit: Bitcoin fell by 2.44% on Saturday. Reversing most of a 2.89% gain from Friday, Bitcoin ended the day at $10,154.
A particularly bearish morning saw Bitcoin slide from an early morning intraday high $10,427 to a mid-morning intraday low $9,893.8.
Falling short of the first major resistance level at $10,567, Bitcoin fell through the first major support level at $10,148.
Bitcoin came within range of the second major support level at $9,888 before bouncing back to $10,200 levels.
A bearish end to the day left Bitcoin at $10,100 levels.
Having managed to hold onto positive territory through the week, Saturday’s pullback left Bitcoin down by 1.69% Monday through Saturday.
In spite of the weekly loss, Bitcoin continued to hold onto positive territory for the current month. To the end of Saturday, Bitcoin was up by 0.65% and remains the only major to continue to see green in August.
Across the rest of the top 10 cryptos, it was a mixed bag on Saturday.
Litecoin led the way down, sliding by 2.76%. Binance Coin (-2.34%), Ripple’s XRP (-1.96%), Monero’s XMR (-1.90%), and Ethereum (-1.88%) also saw heavy losses.
While Bitcoin Cash SV saw a more modest 1.65% loss on the day, Stellar’s Lumen bucked the trend on the day. Stellar’s Lumen rose by 0.56%.
For the current week, however, there was nothing mixed about it, with all of top 10 in the red.
Monero’s XRM led the way down, falling by 8.21%, Monday through Saturday. Binance Coin (-5.66%), Ripple’s XRP (-4.24%) Litecoin (-3.79%) and Bitcoin Cash ABC (-3.34%) also saw heavy losses.
Bitcoin Cash SV (-1.86%), Ethereum (-1.98%), EOS (-0.78%), and Stellar’s Lumen (-0.48%), saw more modest losses.
For the current month, Bitcoin stood alone in positive territory, with Monero XMR’s 8.21% slide in the current week reversing gains from the month. For August, Monero’s XMR was down by 0.12% to the end of Saturday.
Leading the way down in August, was Litecoin with a 25.8% slide.
The total crypto market cap tumbled from a Tuesday high $282.72bn to a current week low $256.941bn on Thursday. At the time of writing, the total crypto market cap stood at $264.8bn.
At the time of writing, Bitcoin was down by 0.33% to $10,120.9, Saturday’s late pullback continuing into the early hours. Bitcoin fell from an early morning high $10,188 to an early morning low $10,037.4.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, Stellar’s Lumen bucked the trend early on, up by 0.27% at the time of writing. It was red for the rest of the majors, with Bitcoin Cash SV leading the way down with a 0.7% fall.
Outside of the top 10, Tron’s TRX and Cardano’s ADA found strong support. At the time of writing, the pair was up by 1.31% and by 4.38% respectively. The morning gains point to a week of gains for the pair.
Bitcoin would need to move back through to $10,160 levels to support another run at the first major resistance level at $10,422.7.
Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $10,188 to $10,200 levels.
Barring a broad-based crypto rebound, Saturday’s high $10,427 and the first major resistance level at $10,422.7 would likely limit any upside.
In the event of a broad-based crypto rally, $10,600 levels would likely come into play before any pullback.
Failure to move back through to $10,160 levels could see Bitcoin slide deeper into the red. A fall through the morning low $10,037.4 would bring the first major support level at $9,889.60 into play.
Barring an extended sell-off through the day, Bitcoin would likely steer clear of the 38.2% FIB of $9,734 and sub-$9,700 levels.
Get Into Cryptocurrency Trading Today
Thisarticlewas originally posted on FX Empire
• Powell Says Fed Prepared to Act to Sustain Expansion; Acknowledges Limited Monetary Policy Tools
• RBA’s Philip Lowe: ‘Political Shocks are Turning into Economic Shocks’
• Demand for Risk Plummets as Trump Orders US Manufacturers Out of China
• Chinese State Council Slaps US with More Tariffs
• The Week Ahead: Trade, Stats and the G7 Summit to Drive the Majors
• Psychology and Trading || Bitcoin Sees More Red as the Broader Market Takes another Weekly Hit: Bitcoin fell by 2.44% on Saturday. Reversing most of a 2.89% gain from Friday, Bitcoin ended the day at $10,154.
A particularly bearish morning saw Bitcoin slide from an early morning intraday high $10,427 to a mid-morning intraday low $9,893.8.
Falling short of the first major resistance level at $10,567, Bitcoin fell through the first major support level at $10,148.
Bitcoin came within range of the second major support level at $9,888 before bouncing back to $10,200 levels.
A bearish end to the day left Bitcoin at $10,100 levels.
Having managed to hold onto positive territory through the week, Saturday’s pullback left Bitcoin down by 1.69% Monday through Saturday.
In spite of the weekly loss, Bitcoin continued to hold onto positive territory for the current month. To the end of Saturday, Bitcoin was up by 0.65% and remains the only major to continue to see green in August.
Across the rest of the top 10 cryptos, it was a mixed bag on Saturday.
Litecoin led the way down, sliding by 2.76%. Binance Coin (-2.34%), Ripple’s XRP (-1.96%), Monero’s XMR (-1.90%), and Ethereum (-1.88%) also saw heavy losses.
While Bitcoin Cash SV saw a more modest 1.65% loss on the day, Stellar’s Lumen bucked the trend on the day. Stellar’s Lumen rose by 0.56%.
For the current week, however, there was nothing mixed about it, with all of top 10 in the red.
Monero’s XRM led the way down, falling by 8.21%, Monday through Saturday. Binance Coin (-5.66%), Ripple’s XRP (-4.24%) Litecoin (-3.79%) and Bitcoin Cash ABC (-3.34%) also saw heavy losses.
Bitcoin Cash SV (-1.86%), Ethereum (-1.98%), EOS (-0.78%), and Stellar’s Lumen (-0.48%), saw more modest losses.
For the current month, Bitcoin stood alone in positive territory, with Monero XMR’s 8.21% slide in the current week reversing gains from the month. For August, Monero’s XMR was down by 0.12% to the end of Saturday.
Leading the way down in August, was Litecoin with a 25.8% slide.
The total crypto market cap tumbled from a Tuesday high $282.72bn to a current week low $256.941bn on Thursday. At the time of writing, the total crypto market cap stood at $264.8bn.
At the time of writing, Bitcoin was down by 0.33% to $10,120.9, Saturday’s late pullback continuing into the early hours. Bitcoin fell from an early morning high $10,188 to an early morning low $10,037.4.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, Stellar’s Lumen bucked the trend early on, up by 0.27% at the time of writing. It was red for the rest of the majors, with Bitcoin Cash SV leading the way down with a 0.7% fall.
Outside of the top 10, Tron’s TRX and Cardano’s ADA found strong support. At the time of writing, the pair was up by 1.31% and by 4.38% respectively. The morning gains point to a week of gains for the pair.
Bitcoin would need to move back through to $10,160 levels to support another run at the first major resistance level at $10,422.7.
Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $10,188 to $10,200 levels.
Barring a broad-based crypto rebound, Saturday’s high $10,427 and the first major resistance level at $10,422.7 would likely limit any upside.
In the event of a broad-based crypto rally, $10,600 levels would likely come into play before any pullback.
Failure to move back through to $10,160 levels could see Bitcoin slide deeper into the red. A fall through the morning low $10,037.4 would bring the first major support level at $9,889.60 into play.
Barring an extended sell-off through the day, Bitcoin would likely steer clear of the 38.2% FIB of $9,734 and sub-$9,700 levels.
Get Into Cryptocurrency Trading Today
Thisarticlewas originally posted on FX Empire
• Powell Says Fed Prepared to Act to Sustain Expansion; Acknowledges Limited Monetary Policy Tools
• RBA’s Philip Lowe: ‘Political Shocks are Turning into Economic Shocks’
• Demand for Risk Plummets as Trump Orders US Manufacturers Out of China
• Chinese State Council Slaps US with More Tariffs
• The Week Ahead: Trade, Stats and the G7 Summit to Drive the Majors
• Psychology and Trading || Bitcoin Sees More Red as the Broader Market Takes another Weekly Hit: Bitcoin fell by 2.44% on Saturday. Reversing most of a 2.89% gain from Friday, Bitcoin ended the day at $10,154. A particularly bearish morning saw Bitcoin slide from an early morning intraday high $10,427 to a mid-morning intraday low $9,893.8. Falling short of the first major resistance level at $10,567, Bitcoin fell through the first major support level at $10,148. Bitcoin came within range of the second major support level at $9,888 before bouncing back to $10,200 levels. A bearish end to the day left Bitcoin at $10,100 levels. Having managed to hold onto positive territory through the week, Saturdays pullback left Bitcoin down by 1.69% Monday through Saturday. In spite of the weekly loss, Bitcoin continued to hold onto positive territory for the current month. To the end of Saturday, Bitcoin was up by 0.65% and remains the only major to continue to see green in August. The Rest of the Pack Across the rest of the top 10 cryptos, it was a mixed bag on Saturday. Litecoin led the way down, sliding by 2.76%. Binance Coin (-2.34%), Ripples XRP (-1.96%), Moneros XMR (-1.90%), and Ethereum (-1.88%) also saw heavy losses. While Bitcoin Cash SV saw a more modest 1.65% loss on the day, Stellars Lumen bucked the trend on the day. Stellars Lumen rose by 0.56%. For the current week, however, there was nothing mixed about it, with all of top 10 in the red. Moneros XRM led the way down, falling by 8.21%, Monday through Saturday. Binance Coin (-5.66%), Ripples XRP (-4.24%) Litecoin (-3.79%) and Bitcoin Cash ABC (-3.34%) also saw heavy losses. Bitcoin Cash SV (-1.86%), Ethereum (-1.98%), EOS (-0.78%), and Stellars Lumen (-0.48%), saw more modest losses. For the current month, Bitcoin stood alone in positive territory, with Monero XMRs 8.21% slide in the current week reversing gains from the month. For August, Moneros XMR was down by 0.12% to the end of Saturday. Leading the way down in August, was Litecoin with a 25.8% slide. Story continues The total crypto market cap tumbled from a Tuesday high $282.72bn to a current week low $256.941bn on Thursday. At the time of writing, the total crypto market cap stood at $264.8bn. This Morning At the time of writing, Bitcoin was down by 0.33% to $10,120.9, Saturdays late pullback continuing into the early hours. Bitcoin fell from an early morning high $10,188 to an early morning low $10,037.4. Bitcoin left the major support and resistance levels untested early on. Elsewhere, Stellars Lumen bucked the trend early on, up by 0.27% at the time of writing. It was red for the rest of the majors, with Bitcoin Cash SV leading the way down with a 0.7% fall. Outside of the top 10, Trons TRX and Cardanos ADA found strong support. At the time of writing, the pair was up by 1.31% and by 4.38% respectively. The morning gains point to a week of gains for the pair. For the Bitcoin Day Ahead Bitcoin would need to move back through to $10,160 levels to support another run at the first major resistance level at $10,422.7. Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $10,188 to $10,200 levels. Barring a broad-based crypto rebound, Saturdays high $10,427 and the first major resistance level at $10,422.7 would likely limit any upside. In the event of a broad-based crypto rally, $10,600 levels would likely come into play before any pullback. Failure to move back through to $10,160 levels could see Bitcoin slide deeper into the red. A fall through the morning low $10,037.4 would bring the first major support level at $9,889.60 into play. Barring an extended sell-off through the day, Bitcoin would likely steer clear of the 38.2% FIB of $9,734 and sub-$9,700 levels. Get Into Cryptocurrency Trading Today This article was originally posted on FX Empire More From FXEMPIRE: Powell Says Fed Prepared to Act to Sustain Expansion; Acknowledges Limited Monetary Policy Tools RBAs Philip Lowe: Political Shocks are Turning into Economic Shocks Demand for Risk Plummets as Trump Orders US Manufacturers Out of China Chinese State Council Slaps US with More Tariffs The Week Ahead: Trade, Stats and the G7 Summit to Drive the Majors Psychology and Trading
[Social Media Buzz]
@Oladingdong Still trading BTC, get in tha DM or
dial 08133078533
Payment is Swift🏪
PayPal also available Dm for more info now
#VIRGO #LINKUPIFB #KINGOFEVERYTHING || $btc $eth $vet $icx $xrp $bch $bat $wtc $ltc $bnb $trx $ada $xmr $ont $omg $btt
$zec $link $ftm $ren $matic $one $rvn $xlm $rvn $theta $iota $enj $kmd $xem
$neo $atom $dash $lsk $zrx $doge $omg $npxs $xvg $dcr $wan || 08/26 23:50 現在のビットコインの価格
BTC/JPY ask: 1,093,011 / bid: 1,092,719
・sp: 292 ・ps: +0.044% || *Guia Digital Básica...
|
10185.50, 9754.42, 9510.20, 9598.17, 9630.66, 9757.97, 10346.76, 10623.54, 10594.49, 10575.53
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 8790.37, 8906.93, 8835.05, 9181.02, 9525.75, 9439.12, 9700.41, 9461.06, 10167.27, 9529.80, 9656.72, 9800.64, 9665.53, 9653.68, 9758.85, 9771.49, 9795.70, 9870.09, 9321.78, 9480.84, 9475.28, 9386.79, 9450.70, 9538.02, 9480.25, 9411.84, 9288.02, 9332.34, 9303.63, 9648.72, 9629.66, 9313.61, 9264.81, 9162.92, 9045.39, 9143.58, 9190.85, 9137.99, 9228.33, 9123.41, 9087.30, 9132.49, 9073.94, 9375.47, 9252.28, 9428.33, 9277.97, 9278.81, 9240.35, 9276.50, 9243.61, 9243.21, 9192.84, 9132.23, 9151.39, 9159.04, 9185.82, 9164.23, 9374.89, 9525.36, 9581.07, 9536.89, 9677.11, 9905.17, 10990.87, 10912.82, 11100.47, 11111.21, 11323.47, 11759.59, 11053.61, 11246.35, 11205.89, 11747.02, 11779.77, 11601.47, 11754.05, 11675.74, 11878.11, 11410.53, 11584.93, 11784.14, 11768.87, 11865.70, 11892.80, 12254.40, 11991.23, 11758.28, 11878.37, 11592.49.
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[Bitcoin Technical Analysis for 2020-08-21]
Volume: 23762425999, RSI (14-day): 54.40, 50-day EMA: 10817.74, 200-day EMA: 9400.51
[Wider Market Context]
Gold Price: 1934.60, Gold RSI: 50.76
Oil Price: 42.34, Oil RSI: 56.21
[Recent News (last 7 days)]
Prosecutors: Former Uber exec charged in hacking cover-up: A former Uber executive was charged Thursday in federal court on allegations that he arranged to pay hackers $100,000 to cover upa high-tech heistthat stole the personal information about 57 million of the ride-hailing service’s users and drivers during 2016.
Two hackers pleaded guilty in the scheme last year and are awaiting sentencing. The criminal complaint filed Thursday against Joseph Sullivan, Uber's former chief security officer, alleges that the hackers shared the data with a third person — who may still have it.
Sullivan, 52, previously served as an assistant U.S. attorney in a Computer Hacking and IP Unit. He worked in the same federal prosecutor’s office that brought the charges against him.
Sullivan, who lives in Palo Alto, California, was also previously employed by Facebook, eBay and PayPal. He was a member of the federal Commission on Enhancing National Cybersecurity under President Barack Obama.
Bradford Williams, a spokesman for Sullivan who also previously worked for eBay, said in a statement there is “no merit” to the charges.
“If not for Mr. Sullivan’s and his team’s efforts, it’s likely that the individuals responsible for this incident never would have been identified at all,” the statement said. “From the outset, Mr. Sullivan and his team collaborated closely with legal, communications and other relevant teams at Uber, in accordance with the company’s written policies. Those policies made clear that Uber’s legal department — and not Mr. Sullivan or his group — was responsible for deciding whether, and to whom, the matter should be disclosed.”
Sullivan's charges came on the same day as aCalifornia appeals courtallowed Uber and Lyft to continue treating their drivers as independent contractors in the state in a decision that will give the two companies a few more months to protect their business models in a key market.
The allegations of a cover-up served as yet another reminder of Uber's sordid past under the leadership of its co-founder Travis Kalanick, who stepped down under pressure in 2017. Since then, Uber has been run by Dara Khosrowshahi, who has previously apologized for the San Francisco company's past behavior under his predecessor. Prosecutors said Uber cooperated with its investigation that led to the charges against Sullivan.
The case is being brought by the same U.S. attorney who won a criminal conviction againsta former Google engineersentenced to 18 months in federal prison earlier this month after pleading guilty to stealing trade secrets before joining Uber’s effort to build robotic vehicles. There was never any evidence that he used Google’s trade secrets while overseeing Uber’s self-driving car division. .
Sullivan has not yet been arraigned in federal court in San Francisco. He faces up to eight years in prison, as well as $500,000 in fines, if he is convicted of obstruction of justice and misprision of a felony, a charge that alleges he deliberately concealed the commission of a crime.
“Silicon Valley is not the Wild West,” U.S. Attorney David Anderson said in a news release. “We expect good corporate citizenship. We expect prompt reporting of criminal conduct. We expect cooperation with our investigations. We will not tolerate corporate cover-ups. We will not tolerate illegal hush money payments.”
In the wake of a 2014 hack that was under investigation by federal officials, Uber met — at Sullivan’s alleged instructions — the new hackers’ 2016 demand with the $100,000 Bitcoin payment, prosecutors alleged. Sullivan then, prosecutors say, had the hackers sign non-disclosure agreements — twice — which included a false representation that they had not taken or stored any data.
Sullivan allegedly hid the payment through what's known as a “bug bounty” program, where so-called “white hat” hackers are paid if they point out security problems but do not compromise any data.
Uber's management “ultimately discovered the truth," despite Sullivan's alleged efforts to conceal it, the U.S. attorney's office says, and publicly announced the breach in November 2017. Sullivan was fired.
Prosecutors allege the hackers might not have infiltrated other companies if Sullivan had properly reported Uber's incident.
___
Associated Press Technology Writer Michael Liedtke in Berkeley, California, contributed. || Prosecutors: Former Uber exec charged in hacking cover-up: A former Uber executive was charged Thursday in federal court on allegations that he arranged to pay hackers $100,000 to cover up a high-tech heist that stole the personal information about 57 million of the ride-hailing service’s users and drivers during 2016. Two hackers pleaded guilty in the scheme last year and are awaiting sentencing. The criminal complaint filed Thursday against Joseph Sullivan, Uber's former chief security officer, alleges that the hackers shared the data with a third person — who may still have it. Sullivan, 52, previously served as an assistant U.S. attorney in a Computer Hacking and IP Unit. He worked in the same federal prosecutor’s office that brought the charges against him. Sullivan, who lives in Palo Alto, California, was also previously employed by Facebook, eBay and PayPal. He was a member of the federal Commission on Enhancing National Cybersecurity under President Barack Obama. Bradford Williams, a spokesman for Sullivan who also previously worked for eBay, said in a statement there is “no merit” to the charges. “If not for Mr. Sullivan’s and his team’s efforts, it’s likely that the individuals responsible for this incident never would have been identified at all,” the statement said. “From the outset, Mr. Sullivan and his team collaborated closely with legal, communications and other relevant teams at Uber, in accordance with the company’s written policies. Those policies made clear that Uber’s legal department — and not Mr. Sullivan or his group — was responsible for deciding whether, and to whom, the matter should be disclosed.” Sullivan's charges came on the same day as a California appeals court allowed Uber and Lyft to continue treating their drivers as independent contractors in the state in a decision that will give the two companies a few more months to protect their business models in a key market. The allegations of a cover-up served as yet another reminder of Uber's sordid past under the leadership of its co-founder Travis Kalanick, who stepped down under pressure in 2017. Since then, Uber has been run by Dara Khosrowshahi, who has previously apologized for the San Francisco company's past behavior under his predecessor. Prosecutors said Uber cooperated with its investigation that led to the charges against Sullivan. Story continues The case is being brought by the same U.S. attorney who won a criminal conviction against a former Google engineer sentenced to 18 months in federal prison earlier this month after pleading guilty to stealing trade secrets before joining Uber’s effort to build robotic vehicles. There was never any evidence that he used Google’s trade secrets while overseeing Uber’s self-driving car division. . Sullivan has not yet been arraigned in federal court in San Francisco. He faces up to eight years in prison, as well as $500,000 in fines, if he is convicted of obstruction of justice and misprision of a felony, a charge that alleges he deliberately concealed the commission of a crime. “Silicon Valley is not the Wild West,” U.S. Attorney David Anderson said in a news release. “We expect good corporate citizenship. We expect prompt reporting of criminal conduct. We expect cooperation with our investigations. We will not tolerate corporate cover-ups. We will not tolerate illegal hush money payments.” In the wake of a 2014 hack that was under investigation by federal officials, Uber met — at Sullivan’s alleged instructions — the new hackers’ 2016 demand with the $100,000 Bitcoin payment, prosecutors alleged. Sullivan then, prosecutors say, had the hackers sign non-disclosure agreements — twice — which included a false representation that they had not taken or stored any data. Sullivan allegedly hid the payment through what's known as a “bug bounty” program, where so-called “white hat” hackers are paid if they point out security problems but do not compromise any data. Uber's management “ultimately discovered the truth," despite Sullivan's alleged efforts to conceal it, the U.S. attorney's office says, and publicly announced the breach in November 2017. Sullivan was fired. Prosecutors allege the hackers might not have infiltrated other companies if Sullivan had properly reported Uber's incident. ___ Associated Press Technology Writer Michael Liedtke in Berkeley, California, contributed. || Uber Ex-Security Chief Charged With Covering Up Data Hack: (Bloomberg) -- Uber Technologies Inc.’s former chief security officer Joseph Sullivan was charged with covering up a 2016 data breach that compromised the personal information of 57 million drivers and users.
Rather than report the breach to the Federal Trade Commission, which was investigating an earlier hack at the company, Sullivan paid the hackers $100,000 in Bitcoin, according to a statement Thursday from U.S. Attorney David L. Anderson in San Francisco. Sullivan is charged with obstruction of justice and failing to report his knowledge of a felony.
“Silicon Valley is not the Wild West,” Anderson said in the statement. “We expect good corporate citizenship. We expect prompt reporting of criminal conduct. We expect cooperation with our investigations. We will not tolerate corporate cover-ups. We will not tolerate illegal hush-money payments.”
A spokesperson for Sullivan said there’s no merit to the charges.
“This case centers on a data security investigation at Uber by a large, cross-functional team made up of some of the world’s foremost security experts, Mr. Sullivan included,” Bradford Williams said in an email. “If not for Mr. Sullivan’s and his team’s efforts, it’s likely that the individuals responsible for this incident never would have been identified at all.”
Sullivan, 52, joined Uber in 2015. He started his career as a federal prosecutor in computer hacking and intellectual property law. He’s been a quiet fixture of Silicon Valley for more than a decade, with stints at PayPal and EBay Inc. before becoming the chief security officer at Facebook in 2008.
Read More: Uber Concealed Hack That Exposed 57 Million People’s Data
”We continue to cooperate fully with the Department of Justice’s investigation,” an Uber spokesperson said in a statement. “Our decision in 2017 to disclose the incident was not only the right thing to do, it embodies the principles by which we are running our business today: transparency, integrity, and accountability.”
Although the circumstances of this case are unique, the underlying issue is not. Companies often hide hacks from the public for fear of the reputational damage. And in many cases, companies are not legally required to disclose even very serious hacks involving proprietary information or company secrets.Under Sullivan’s direction, however, prosecutors say Uber attempted to hide a massive breach as a sort of favor the hackers did to the company by identifying a flaw in its computers networks. Following the breach, Uber paid the hackers $100,000 through a program used to reward security researchers for identifying vulnerabilities, known as a ‘bug bounty.’ In return, the hackers agreed not to disclose that they had stolen the data.Prosecutors said that was at best a thinly veiled cover up. The payment to the hackers was unusually large for the bug bounty program, “which had a nominal cap of $10,000,” according to the complaint.
Uber Defends Bug Bounty Hacker Program to U.S. LawmakersSullivan was contacted by one of the hackers in November 2016, about 10 days after he had given testimony in an FTC inquiry about Uber’s cyber security related to an earlier 2014 data breach, according to the U.S. attorney’s statement. He didn’t disclose the new hack to the FTC. And Uber didn’t make it the public until the following year, after a new chief executive was installed at the company, replacing Uber co-founder Travis Kalanick, and Sullivan was fired.
The two hackers behind the 2016 breach pleaded guilty last year to computer fraud conspiracy charges. They both targeted and hacked other technology companies after Sullivan failed to alert law enforcement about the 2016 Uber hack, according to Anderson’s statement.
Williams said in his statement that Sullivan and his team collaborated closely with others at Uber and followed written policies.
“Those policies made clear that Uber’s legal department -- and not Mr. Sullivan or his group -- was responsible for deciding whether, and to whom, the matter should be disclosed,” according to the statement.
An FBI agent who investigated the incident said in a court filing that Kalanick’s response when Sullivan first informed him of the hack in a series of late-night conversations in November 2016 “reflects that the prospect of treating the incident under the bug bounty program was already being discussed.”
Kalanick wasn’t charged or accused of wrongdoing in the criminal complaint.
The case is U.S.A. v. Sullivan, 20-mj-71168, U.S. District Court, Northern District of California (San Francisco).
(Updates with Sullivan’s communication with Travis Kalanick in 15th paragraph)
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©2020 Bloomberg L.P. || Uber Ex-Security Chief Charged With Covering Up Data Hack: (Bloomberg) -- Uber Technologies Inc.’s former chief security officer Joseph Sullivan was charged with covering up a 2016 data breach that compromised the personal information of 57 million drivers and users. Rather than report the breach to the Federal Trade Commission, which was investigating an earlier hack at the company, Sullivan paid the hackers $100,000 in Bitcoin, according to a statement Thursday from U.S. Attorney David L. Anderson in San Francisco. Sullivan is charged with obstruction of justice and failing to report his knowledge of a felony. “Silicon Valley is not the Wild West,” Anderson said in the statement. “We expect good corporate citizenship. We expect prompt reporting of criminal conduct. We expect cooperation with our investigations. We will not tolerate corporate cover-ups. We will not tolerate illegal hush-money payments.” A spokesperson for Sullivan said there’s no merit to the charges. “This case centers on a data security investigation at Uber by a large, cross-functional team made up of some of the world’s foremost security experts, Mr. Sullivan included,” Bradford Williams said in an email. “If not for Mr. Sullivan’s and his team’s efforts, it’s likely that the individuals responsible for this incident never would have been identified at all.” Sullivan, 52, joined Uber in 2015. He started his career as a federal prosecutor in computer hacking and intellectual property law. He’s been a quiet fixture of Silicon Valley for more than a decade, with stints at PayPal and EBay Inc. before becoming the chief security officer at Facebook in 2008. Read More: Uber Concealed Hack That Exposed 57 Million People’s Data ”We continue to cooperate fully with the Department of Justice’s investigation,” an Uber spokesperson said in a statement. “Our decision in 2017 to disclose the incident was not only the right thing to do, it embodies the principles by which we are running our business today: transparency, integrity, and accountability.” Story continues Although the circumstances of this case are unique, the underlying issue is not. Companies often hide hacks from the public for fear of the reputational damage. And in many cases, companies are not legally required to disclose even very serious hacks involving proprietary information or company secrets.Under Sullivan’s direction, however, prosecutors say Uber attempted to hide a massive breach as a sort of favor the hackers did to the company by identifying a flaw in its computers networks. Following the breach, Uber paid the hackers $100,000 through a program used to reward security researchers for identifying vulnerabilities, known as a ‘bug bounty.’ In return, the hackers agreed not to disclose that they had stolen the data.Prosecutors said that was at best a thinly veiled cover up. The payment to the hackers was unusually large for the bug bounty program, “which had a nominal cap of $10,000,” according to the complaint. Uber Defends Bug Bounty Hacker Program to U.S. LawmakersSullivan was contacted by one of the hackers in November 2016, about 10 days after he had given testimony in an FTC inquiry about Uber’s cyber security related to an earlier 2014 data breach, according to the U.S. attorney’s statement. He didn’t disclose the new hack to the FTC. And Uber didn’t make it the public until the following year, after a new chief executive was installed at the company, replacing Uber co-founder Travis Kalanick, and Sullivan was fired. The two hackers behind the 2016 breach pleaded guilty last year to computer fraud conspiracy charges. They both targeted and hacked other technology companies after Sullivan failed to alert law enforcement about the 2016 Uber hack, according to Anderson’s statement. Williams said in his statement that Sullivan and his team collaborated closely with others at Uber and followed written policies. “Those policies made clear that Uber’s legal department -- and not Mr. Sullivan or his group -- was responsible for deciding whether, and to whom, the matter should be disclosed,” according to the statement. An FBI agent who investigated the incident said in a court filing that Kalanick’s response when Sullivan first informed him of the hack in a series of late-night conversations in November 2016 “reflects that the prospect of treating the incident under the bug bounty program was already being discussed.” Kalanick wasn’t charged or accused of wrongdoing in the criminal complaint. The case is U.S.A. v. Sullivan, 20-mj-71168, U.S. District Court, Northern District of California (San Francisco). (Updates with Sullivan’s communication with Travis Kalanick in 15th paragraph) For more articles like this, please visit us at bloomberg.com Subscribe now to stay ahead with the most trusted business news source. ©2020 Bloomberg L.P. || Lightning Labs activates Wumbo channels, increasing bitcoin payment channel capacity: Users can now deposit and send larger bitcoin transactions on LND, a lightning Network implementation developed by startup Lightning Labs, thanks to an update that supports so-called Wumbo channels, the startup announced on Thursday. The Lightning Network aims to provide an accessible way for users to engage in off-chain payments quickly and reliably by adding another layer to the Bitcoin blockchain. Users can create payment channels on this layer between two parties. As a safety precaution, LND had limited the size of its channels to 0.1677 BTC. Wumbo channels — which get their name from an episode of SpongeBob where Patrick Star invents another word for "big" — will now allow for bigger transactions and higher transaction volumes, thereby reducing on-chain fees that come with having to open and manage many small channels. According to Lightning Labs CEO Elizabeth Stark, the development is a sign that the software has progressed to a point where users, companies and node operators can safely open larger channels. The Wumbo feature is opt-in and is available to more advanced users who want to deploy higher amounts of bitcoin. "With larger channels, node operators and companies deploy more capital per channel, which reduces the need to open additional channels or cycle through channels as quickly," Stark said. © 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. View comments || Lightning Labs activates Wumbo channels, increasing bitcoin payment channel capacity: Users can now deposit and send larger bitcoin transactions on LND, a lightning Network implementation developed by startup Lightning Labs, thanks to an update that supports so-called Wumbo channels, the startupannouncedon Thursday.
The Lightning Network aims to provide an accessible way for users to engage in off-chain payments quickly and reliably by adding another layer to the Bitcoin blockchain. Users can create payment channels on this layer between two parties. As a safety precaution, LND had limited the size of its channels to 0.1677 BTC.
Wumbo channels — which get their name from anepisode of SpongeBobwhere Patrick Star invents another word for "big" — will now allow for bigger transactions and higher transaction volumes, thereby reducing on-chain fees that come with having to open and manage many small channels.
According to Lightning Labs CEO Elizabeth Stark, the development is a sign that the software has progressed to a point where users, companies and node operators can safely open larger channels. The Wumbo feature is opt-in and is available to more advanced users who want to deploy higher amounts of bitcoin.
"With larger channels, node operators and companies deploy more capital per channel, which reduces the need to open additional channels or cycle through channels as quickly," Stark said.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || The Most Pro-Bitcoin Politicians in the US: Whether fighting for reduced taxes for staking or regulatory sandboxes for tokens, these politicians break the mold when it comes to digital assets.
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
This episode is sponsored byCrypto.com,BitstampandNexo.io.
• Markets react to FOMC notes
• Taiwan blocks China streaming services
• Initial jobless claims back on the rise
Related:Bitcoin News Roundup for Aug. 21, 2020
See also:Preston Pysh on Why We’ve Entered a Fundamentally New Era of Bitcoin Accumulation
• Rep. Thomas Massie
• Governor Jared Polis
• Andrew Yang
• Rep. Ted Budd
• Rep. Trey Hollingsworth
• Rep. Darren Soto
• Rep. Stacey Plaskett
• Rep.Tom Emmer
• Senate CandidateCynthia Lummis
• Rep. Warren Davidson
• Rep. Patrick McHenry
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
• The Most Pro-Bitcoin Politicians in the US
• The Most Pro-Bitcoin Politicians in the US
• The Most Pro-Bitcoin Politicians in the US || The Most Pro-Bitcoin Politicians in the US: Whether fighting for reduced taxes for staking or regulatory sandboxes for tokens, these politicians break the mold when it comes to digital assets.
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
This episode is sponsored byCrypto.com,BitstampandNexo.io.
• Markets react to FOMC notes
• Taiwan blocks China streaming services
• Initial jobless claims back on the rise
Related:Bitcoin News Roundup for Aug. 21, 2020
See also:Preston Pysh on Why We’ve Entered a Fundamentally New Era of Bitcoin Accumulation
• Rep. Thomas Massie
• Governor Jared Polis
• Andrew Yang
• Rep. Ted Budd
• Rep. Trey Hollingsworth
• Rep. Darren Soto
• Rep. Stacey Plaskett
• Rep.Tom Emmer
• Senate CandidateCynthia Lummis
• Rep. Warren Davidson
• Rep. Patrick McHenry
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
• The Most Pro-Bitcoin Politicians in the US
• The Most Pro-Bitcoin Politicians in the US
• The Most Pro-Bitcoin Politicians in the US || The Most Pro-Bitcoin Politicians in the US: Whether fighting for reduced taxes for staking or regulatory sandboxes for tokens, these politicians break the mold when it comes to digital assets. For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . This episode is sponsored by Crypto.com , Bitstamp and Nexo.io . Today on the Brief: Markets react to FOMC notes Taiwan blocks China streaming services Initial jobless claims back on the rise Related: Bitcoin News Roundup for Aug. 21, 2020 See also: Preston Pysh on Why We’ve Entered a Fundamentally New Era of Bitcoin Accumulation Our main discussion is a look at the politicians on both sides of the aisle who are pro-digital currencies and, especially, pro-bitcoin. Featuring: Rep. Thomas Massie Governor Jared Polis Andrew Yang Rep. Ted Budd Rep. Trey Hollingsworth Rep. Darren Soto Rep. Stacey Plaskett Rep. Tom Emmer Senate Candidate Cynthia Lummis Rep. Warren Davidson Rep. Patrick McHenry For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . Related Stories The Most Pro-Bitcoin Politicians in the US The Most Pro-Bitcoin Politicians in the US The Most Pro-Bitcoin Politicians in the US || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / August 20, 2020 /ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD).
Real-Time Market Data is available atwww.alt5pro.comand Real-Time Market Data feed is also available atwww.alt5sigma.comALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH
About ALT 5 Sigma Inc.
ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance.
ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers.
ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services.
For more information, visitwww.alt5sigma.com.
Contact:
Andre BeauchesneTel. [email protected]
For more information on ALT 5 Pay, visitwww.alt5pay.comFor more information on ALT 5 Pro, visitwww.alt5pro.com
SOURCE:ALT 5 Sigma Inc.
View source version on accesswire.com:https://www.accesswire.com/602666/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / August 20, 2020 / ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD). Real-Time Market Data is available at www.alt5pro.com and Real-Time Market Data feed is also available at www.alt5sigma.com ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH About ALT 5 Sigma Inc. ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance. ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers. ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services. For more information, visit www.alt5sigma.com . Contact: Andre Beauchesne Tel. 1-800-204-6203 [email protected] For more information on ALT 5 Pay, visit www.alt5pay.com For more information on ALT 5 Pro, visit www.alt5pro.com SOURCE: ALT 5 Sigma Inc. View source version on accesswire.com: https://www.accesswire.com/602666/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH View comments || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / August 20, 2020 /ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD).
Real-Time Market Data is available atwww.alt5pro.comand Real-Time Market Data feed is also available atwww.alt5sigma.comALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH
About ALT 5 Sigma Inc.
ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance.
ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers.
ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services.
For more information, visitwww.alt5sigma.com.
Contact:
Andre BeauchesneTel. [email protected]
For more information on ALT 5 Pay, visitwww.alt5pay.comFor more information on ALT 5 Pro, visitwww.alt5pro.com
SOURCE:ALT 5 Sigma Inc.
View source version on accesswire.com:https://www.accesswire.com/602666/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || Market Wrap: Bitcoin Breaks $11.8K; BTC in DeFi Doubles in August: Bitcoin’s price is trending up while August has been a hot month for the cryptocurrency in decentralized finance. Bitcoin (BTC) trading around $11,857 as of 20:00 UTC (4 p.m. ET). Gaining 1.3% over the previous 24 hours. Bitcoin’s 24-hour range: $11,568-$11,891 BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians. Bitcoin is on the uptrend, going as high as $11,891 with buyers outnumbering sellers in the market Thursday. ”This is similar to what we saw on Sunday, Aug. 9 – a quick move from $11,500 to $12,000 and then back to $11,300,” said John Willock, CEO of crypto asset manager Tritum. “Maybe we’ve got $13,500 in the next phase up in the coming days,” he added. Read More: Bitcoin Risks Deeper Drop if Dollar Rebounds Related: Blockchain Bites: Bitcoin's Weary Bulls, ETC's Action Plan, INX's IPO David Lifchitz , chief investment officer for quant trading firm ExoAlpha, expects a bitcoin price bull run to proceed should it overcome a nearby hurdle. “All in all, $12,500 is the key level to watch for a sustainable breakout on strong volume,” he said. ”Anything different will be a fake, as it can be seen many times in a historical chart of BTC/USD.” In the bitcoin options market, open interest (the number of outstanding contracts) is starting to level off after passing the $2 billion mark for the first time since July. Juicy returns in the DeFi market are making traders lose interest in options, according to Viashl Shah, founder of derivatives exchange Alpha5. “Every derivatives trader that was looking for incremental yield and levered returns has been besotted by the magnitude of moves in DeFi,” Shah told CoinDesk. “So, naturally, cost of capital dictates at least some attention that way.” Read More: Stablecoin Demand May Drop if Traders Abandon Bitcoin ‘Cash and Carry’ Bitcoin on DeFi doubles in August Related: 0x Price Hits Two-Year High on Hopes Falling Ethereum Fees Will Spur DEX Trading Story continues Ether (ETH), the second-largest cryptocurrency by market capitalization, was up Thursday, trading around $415 and climbing 4% in 24 hours as of 20:00 UTC (4:00 p.m. ET). Read More: Algorand’s Move Into DeFi Gives ALGO Price a Boost At the start of the year, the number of bitcoin locked in decentralized finance, or DeFi, stood at 1,453 BTC. That amount is now up to 48,922 BTC as of Thursday. In August alone, bitcoin in DeFi has more than doubled from 20,890 BTC at the first of the month. Decentralized finance is giving investors new avenues to generate income, or “yield,” and, as a result, bitcoin owners have over $570 million worth of BTC at current prices locked in the DeFi ecosystem. Michael Gord, co-founder of trading firm Global Digital Assets, says many traders are taking gains and buying more bitcoin given the potential ephemeral nature of DeFi. “I’d assume that DeFi profits are being put back into BTC as the safe asset,” he told CoinDesk. “DeFi long term will revolutionize finance, but this short-term bubble is bound to pop eventually, in my opinion.” Other markets Digital assets on the CoinDesk 20 are mostly in the green Thursday. Notable winners as of 20:00 UTC (4:00 p.m. ET): 0x (ZRX) + 22.3% qtum (QTUM) + 16.5% basic attention token (BAT) + 16.2% Read More: OMG Doubles as DeFi and Record Ethereum Fees Create ‘Perfect Storm’ One notable loser as of 20:00 UTC (4:00 p.m. ET): chainlink (LINK) – 3.1% Read More: High Ethereum Fees Push Tether to Its Eighth Blockchain, OMG Network Equities: In Asia the Nikkei 225 ended the day slipping 1%, dragged down by manufacturer Dainippon losing 5.1% and Yahoo Japan down 4.5% . In Europe, the FTSE 100 closed in the red 1.6% as U.S. unemployment numbers jumped to 1.1 million this week . The United States’ S&P 500 gained 0.30% as tech stocks again made gains and has been the best-performing sector of the index so far this year . Read More: Ren Just Had a Great Week as Demand for Bitcoin on DeFi Rises Commodities: Oil is is flat, up 0.05%. Price per barrel of West Texas Intermediate crude: $42.77. Gold was in the green 1.2% and at $1,927 as of press time. Read More: Collapsing Bitcoin Futures Premium Offers Glimpse of New Digital Money Treasurys: U.S. Treasury bonds all slipped Thursday. Yields, which move in the opposite direction as price, were down most on the 10-year, in the red 5.2%. Read More: BlockFi Raises $50M as Crypto Lending Soars Related Stories Market Wrap: Bitcoin Breaks $11.8K; BTC in DeFi Doubles in August Market Wrap: Bitcoin Breaks $11.8K; BTC in DeFi Doubles in August || Market Wrap: Bitcoin Breaks $11.8K; BTC in DeFi Doubles in August: Bitcoin’s price is trending up while August has been a hot month for the cryptocurrency in decentralized finance. Bitcoin (BTC) trading around $11,857 as of 20:00 UTC (4 p.m. ET). Gaining 1.3% over the previous 24 hours. Bitcoin’s 24-hour range: $11,568-$11,891 BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians. Bitcoin is on the uptrend, going as high as $11,891 with buyers outnumbering sellers in the market Thursday. ”This is similar to what we saw on Sunday, Aug. 9 – a quick move from $11,500 to $12,000 and then back to $11,300,” said John Willock, CEO of crypto asset manager Tritum. “Maybe we’ve got $13,500 in the next phase up in the coming days,” he added. Read More: Bitcoin Risks Deeper Drop if Dollar Rebounds Related: Blockchain Bites: Bitcoin's Weary Bulls, ETC's Action Plan, INX's IPO David Lifchitz , chief investment officer for quant trading firm ExoAlpha, expects a bitcoin price bull run to proceed should it overcome a nearby hurdle. “All in all, $12,500 is the key level to watch for a sustainable breakout on strong volume,” he said. ”Anything different will be a fake, as it can be seen many times in a historical chart of BTC/USD.” In the bitcoin options market, open interest (the number of outstanding contracts) is starting to level off after passing the $2 billion mark for the first time since July. Juicy returns in the DeFi market are making traders lose interest in options, according to Viashl Shah, founder of derivatives exchange Alpha5. “Every derivatives trader that was looking for incremental yield and levered returns has been besotted by the magnitude of moves in DeFi,” Shah told CoinDesk. “So, naturally, cost of capital dictates at least some attention that way.” Read More: Stablecoin Demand May Drop if Traders Abandon Bitcoin ‘Cash and Carry’ Bitcoin on DeFi doubles in August Related: 0x Price Hits Two-Year High on Hopes Falling Ethereum Fees Will Spur DEX Trading Story continues Ether (ETH), the second-largest cryptocurrency by market capitalization, was up Thursday, trading around $415 and climbing 4% in 24 hours as of 20:00 UTC (4:00 p.m. ET). Read More: Algorand’s Move Into DeFi Gives ALGO Price a Boost At the start of the year, the number of bitcoin locked in decentralized finance, or DeFi, stood at 1,453 BTC. That amount is now up to 48,922 BTC as of Thursday. In August alone, bitcoin in DeFi has more than doubled from 20,890 BTC at the first of the month. Decentralized finance is giving investors new avenues to generate income, or “yield,” and, as a result, bitcoin owners have over $570 million worth of BTC at current prices locked in the DeFi ecosystem. Michael Gord, co-founder of trading firm Global Digital Assets, says many traders are taking gains and buying more bitcoin given the potential ephemeral nature of DeFi. “I’d assume that DeFi profits are being put back into BTC as the safe asset,” he told CoinDesk. “DeFi long term will revolutionize finance, but this short-term bubble is bound to pop eventually, in my opinion.” Other markets Digital assets on the CoinDesk 20 are mostly in the green Thursday. Notable winners as of 20:00 UTC (4:00 p.m. ET): 0x (ZRX) + 22.3% qtum (QTUM) + 16.5% basic attention token (BAT) + 16.2% Read More: OMG Doubles as DeFi and Record Ethereum Fees Create ‘Perfect Storm’ One notable loser as of 20:00 UTC (4:00 p.m. ET): chainlink (LINK) – 3.1% Read More: High Ethereum Fees Push Tether to Its Eighth Blockchain, OMG Network Equities: In Asia the Nikkei 225 ended the day slipping 1%, dragged down by manufacturer Dainippon losing 5.1% and Yahoo Japan down 4.5% . In Europe, the FTSE 100 closed in the red 1.6% as U.S. unemployment numbers jumped to 1.1 million this week . The United States’ S&P 500 gained 0.30% as tech stocks again made gains and has been the best-performing sector of the index so far this year . Read More: Ren Just Had a Great Week as Demand for Bitcoin on DeFi Rises Commodities: Oil is is flat, up 0.05%. Price per barrel of West Texas Intermediate crude: $42.77. Gold was in the green 1.2% and at $1,927 as of press time. Read More: Collapsing Bitcoin Futures Premium Offers Glimpse of New Digital Money Treasurys: U.S. Treasury bonds all slipped Thursday. Yields, which move in the opposite direction as price, were down most on the 10-year, in the red 5.2%. Read More: BlockFi Raises $50M as Crypto Lending Soars Related Stories Market Wrap: Bitcoin Breaks $11.8K; BTC in DeFi Doubles in August Market Wrap: Bitcoin Breaks $11.8K; BTC in DeFi Doubles in August || Market Wrap: Bitcoin Breaks $11.8K; BTC in DeFi Doubles in August: Bitcoin’s price is trending up while August has been a hot month for the cryptocurrency in decentralized finance. Bitcoin (BTC) trading around $11,857 as of 20:00 UTC (4 p.m. ET). Gaining 1.3% over the previous 24 hours. Bitcoin’s 24-hour range: $11,568-$11,891 BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians. Bitcoin is on the uptrend, going as high as $11,891 with buyers outnumbering sellers in the market Thursday. ”This is similar to what we saw on Sunday, Aug. 9 – a quick move from $11,500 to $12,000 and then back to $11,300,” said John Willock, CEO of crypto asset manager Tritum. “Maybe we’ve got $13,500 in the next phase up in the coming days,” he added. Read More: Bitcoin Risks Deeper Drop if Dollar Rebounds Related: Blockchain Bites: Bitcoin's Weary Bulls, ETC's Action Plan, INX's IPO David Lifchitz , chief investment officer for quant trading firm ExoAlpha, expects a bitcoin price bull run to proceed should it overcome a nearby hurdle. “All in all, $12,500 is the key level to watch for a sustainable breakout on strong volume,” he said. ”Anything different will be a fake, as it can be seen many times in a historical chart of BTC/USD.” In the bitcoin options market, open interest (the number of outstanding contracts) is starting to level off after passing the $2 billion mark for the first time since July. Juicy returns in the DeFi market are making traders lose interest in options, according to Viashl Shah, founder of derivatives exchange Alpha5. “Every derivatives trader that was looking for incremental yield and levered returns has been besotted by the magnitude of moves in DeFi,” Shah told CoinDesk. “So, naturally, cost of capital dictates at least some attention that way.” Read More: Stablecoin Demand May Drop if Traders Abandon Bitcoin ‘Cash and Carry’ Bitcoin on DeFi doubles in August Related: 0x Price Hits Two-Year High on Hopes Falling Ethereum Fees Will Spur DEX Trading Story continues Ether (ETH), the second-largest cryptocurrency by market capitalization, was up Thursday, trading around $415 and climbing 4% in 24 hours as of 20:00 UTC (4:00 p.m. ET). Read More: Algorand’s Move Into DeFi Gives ALGO Price a Boost At the start of the year, the number of bitcoin locked in decentralized finance, or DeFi, stood at 1,453 BTC. That amount is now up to 48,922 BTC as of Thursday. In August alone, bitcoin in DeFi has more than doubled from 20,890 BTC at the first of the month. Decentralized finance is giving investors new avenues to generate income, or “yield,” and, as a result, bitcoin owners have over $570 million worth of BTC at current prices locked in the DeFi ecosystem. Michael Gord, co-founder of trading firm Global Digital Assets, says many traders are taking gains and buying more bitcoin given the potential ephemeral nature of DeFi. “I’d assume that DeFi profits are being put back into BTC as the safe asset,” he told CoinDesk. “DeFi long term will revolutionize finance, but this short-term bubble is bound to pop eventually, in my opinion.” Other markets Digital assets on the CoinDesk 20 are mostly in the green Thursday. Notable winners as of 20:00 UTC (4:00 p.m. ET): 0x (ZRX) + 22.3% qtum (QTUM) + 16.5% basic attention token (BAT) + 16.2% Read More: OMG Doubles as DeFi and Record Ethereum Fees Create ‘Perfect Storm’ One notable loser as of 20:00 UTC (4:00 p.m. ET): chainlink (LINK) – 3.1% Read More: High Ethereum Fees Push Tether to Its Eighth Blockchain, OMG Network Equities: In Asia the Nikkei 225 ended the day slipping 1%, dragged down by manufacturer Dainippon losing 5.1% and Yahoo Japan down 4.5% . In Europe, the FTSE 100 closed in the red 1.6% as U.S. unemployment numbers jumped to 1.1 million this week . The United States’ S&P 500 gained 0.30% as tech stocks again made gains and has been the best-performing sector of the index so far this year . Read More: Ren Just Had a Great Week as Demand for Bitcoin on DeFi Rises Commodities: Oil is is flat, up 0.05%. Price per barrel of West Texas Intermediate crude: $42.77. Gold was in the green 1.2% and at $1,927 as of press time. Read More: Collapsing Bitcoin Futures Premium Offers Glimpse of New Digital Money Treasurys: U.S. Treasury bonds all slipped Thursday. Yields, which move in the opposite direction as price, were down most on the 10-year, in the red 5.2%. Read More: BlockFi Raises $50M as Crypto Lending Soars Related Stories Market Wrap: Bitcoin Breaks $11.8K; BTC in DeFi Doubles in August Market Wrap: Bitcoin Breaks $11.8K; BTC in DeFi Doubles in August || Bitcoin, Ethereum & Ripple - American Wrap 9/20: Bitcoin Price Prediction: BTC/USD commences consolidation above $10,700 – Confluence Detector
Bitcoin price appears to be settling around $11,700 after a minor recovery from Thursday’s slump to levels around $11,500. The reversal back to $12,000 is proving to be an uphill task probably because most analysts predict doom before dawn for the largest crypto by market capitalization.
Ethereum Technical Analysis: ETH/USD price could set a new 2020-high above $450
Buyers managed to push Ethereum’s price above $400 again and the daily 12-EMA, currently at 410. The last low of the daily uptrend is still at $365, which means that anything above this level is considered a higher low. For now, the risk of Ethereum shifting into a downtrend is minimal.
Ripple Technical Analysis: XRP/USD weaker than the rest as its price continues to trade belowRipple Technical Analysis: XRP/USD weaker than the rest as its price continues to trade below $0.30.30
Ripple price has been relatively flat compared to the rest of the coins in the past two weeks. The digital asset has created a double top which is considered a bearish reversal pattern but sellers don’t seem to have enough strength to continue pushing XRP price down.
See more from Benzinga
• Bitcoin, Ethereum & Chainlink - American Wrap 8/13
• Bitcoin, Ethereum & Ripple - American Wrap 8/6
• Bitcoin, Ethereum & Ripple - American Wrap For July 9
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin, Ethereum & Ripple - American Wrap 9/20: Bitcoin Price Prediction: BTC/USD commences consolidation above $10,700 Confluence Detector Bitcoin price appears to be settling around $11,700 after a minor recovery from Thursdays slump to levels around $11,500. The reversal back to $12,000 is proving to be an uphill task probably because most analysts predict doom before dawn for the largest crypto by market capitalization. Ethereum Technical Analysis: ETH/USD price could set a new 2020-high above $450 Buyers managed to push Ethereums price above $400 again and the daily 12-EMA, currently at 410. The last low of the daily uptrend is still at $365, which means that anything above this level is considered a higher low. For now, the risk of Ethereum shifting into a downtrend is minimal. Ripple Technical Analysis: XRP/USD weaker than the rest as its price continues to trade below Ripple Technical Analysis: XRP/USD weaker than the rest as its price continues to trade below $0.30 .30 Ripple price has been relatively flat compared to the rest of the coins in the past two weeks. The digital asset has created a double top which is considered a bearish reversal pattern but sellers dont seem to have enough strength to continue pushing XRP price down. See more from Benzinga Bitcoin, Ethereum & Chainlink - American Wrap 8/13 Bitcoin, Ethereum & Ripple - American Wrap 8/6 Bitcoin, Ethereum & Ripple - American Wrap For July 9 © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || Bitcoin, Ethereum & Ripple - American Wrap 9/20: Bitcoin Price Prediction: BTC/USD commences consolidation above $10,700 – Confluence Detector
Bitcoin price appears to be settling around $11,700 after a minor recovery from Thursday’s slump to levels around $11,500. The reversal back to $12,000 is proving to be an uphill task probably because most analysts predict doom before dawn for the largest crypto by market capitalization.
Ethereum Technical Analysis: ETH/USD price could set a new 2020-high above $450
Buyers managed to push Ethereum’s price above $400 again and the daily 12-EMA, currently at 410. The last low of the daily uptrend is still at $365, which means that anything above this level is considered a higher low. For now, the risk of Ethereum shifting into a downtrend is minimal.
Ripple Technical Analysis: XRP/USD weaker than the rest as its price continues to trade belowRipple Technical Analysis: XRP/USD weaker than the rest as its price continues to trade below $0.30.30
Ripple price has been relatively flat compared to the rest of the coins in the past two weeks. The digital asset has created a double top which is considered a bearish reversal pattern but sellers don’t seem to have enough strength to continue pushing XRP price down.
See more from Benzinga
• Bitcoin, Ethereum & Chainlink - American Wrap 8/13
• Bitcoin, Ethereum & Ripple - American Wrap 8/6
• Bitcoin, Ethereum & Ripple - American Wrap For July 9
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Ready to Wumbo: LND Enables More, Larger Bitcoin Transactions on Lightning: Bitcoin’s Lightning Network has reached a significant milestone. An important capacity limit meant to protect users of the nascent protocol is being tweaked, toppling a barrier to entry for companies looking to adopt the novel payment system.
LND, a leading Lightning Network implementation from startup Lightning Labs, has announced it has adopted support for wumbo channels. Going forward, users can deposit more money into Lightning Network channels than before, as well as send larger transactions.
Read more:What Is Bitcoin’s Lightning Network?
Related:Dust Attacks Make a Mess in Bitcoin Wallets, but There Could Be a Fix
ACINQ’s eclair and Blockstream’s c-lightning both adopted a form of wumbo earlier this year. According to LND’s freshrelease notes, the node software now allows users to opt into “accepting” and “creating” wumbo channels.
The word “wumbo” comes from, believe it or not,SpongeBob SquarePants, a cartoon series about a talking sponge that works at a burger joint under the sea with an assortment of sea friends. In one scene, SpongeBob’s starfish friend Patrick Star teaches him the word “wumbo.”
“You wumbo, I wumbo,” Star says, pointing to Spongebob, then himself. Lightning’s “wumbo” is similar in that two users have to agree to wumbo before they wumbo.
There are two parts to wumbo. The first part removes the limit to the total amount of bitcoin that can be held in a channel: This limit is currently capped at 0.16777215 BTC, worth about $1,988 at press time. The second strips away the limit to how large an individual payment can be: That limit has been 0.04294967 BTC, worth about $508 at press time.
Related:Bitcoin DeFi May Be Unstoppable: What Does It Look Like?
Read more:This Spongebob-Themed Tech Proves That Bitcoin’s Lightning Is Advancing
Wumbo isn’t technically difficult; in fact, it’s very simple. With wumbo channel support, a user can signal he or she wants to go beyond the aforementioned limits and find other nodes to connect to that also support higher limits.
Developers added the limitation to protect users from pouring too much money into Lightning, as it’s still a new and experimental technology. As such, one reason wumbo is a big deal is it is a sign that the payment technology is maturing.
“We view shipping wumbo in LND as a sign that the software has progressed to a certain point where advanced users, companies, and node operators can open larger channels. These larger wumbo channels enable a better user experience with larger transactions on the network and more efficient capital usage for startups and node operators,” Lightning Labs CEO Elizabeth Stark told CoinDesk.
That’s not to say they don’t think people still need to be careful working with this new technology.
“That said, we do not encourage people to go all ‘DeFi’ on Lightning (looking at you, YAM), as we believe people should balance the risks of deploying capital on a new protocol that could have bugs with the benefits of larger channel sizes,” Stark added.
Average Lightning users might not be impacted much by wumbo. If they’re using the Lightning Network to send small amounts, then this lift on capacity won’t make a difference to them.
Larger entities such as business or exchanges, on the other hand, might want to take advantage of a larger capacity.
“Most users can likely get by without wumbo channels, but larger nodes or exchanges/services may really benefit from the ability to manage a smaller set of larger channels,” LND developers explain in therelease notes.
Read more:To Beat Online Censorship, We Need Anonymous Payments
That’s why some developers think wumbo will take the Lightning Network to the next level. They think it will attract wider adoption of the Lightning Network among larger entities, making it accessible to morebitcoinusers.
“Most of the major node operators and startups run our LND implementation, so unless they’ve forked LND and added Wumbo themselves (which a few have, and this was riskier without official support), they would not have had this feature enabled,” Stark said.
Still, some companies have already added support for wumbo without waiting for an official route to do so. As such, Acinq CEO Pierre-Marie Padiou is skeptical LND adding support for wumbo will make a huge difference.
“It can’t hurt, but larger nodes […] have already switched, so the improvement has probably already taken place,” he told CoinDesk.
Channel and transaction limits were put in place to protect users from potentially losing large amounts of bitcoin by sending it over an experimental network. What makes developers think Lightning is now ready to live without these limits?
“I think we’ve gained experience, and with that comes confidence,” said Blockstream engineer Rusty Russell, though he still expressed caution: “As always, it’s best to think of Lightning as your petty cash, rather than your life savings.”
Read more:Grasping Lightning: Mapping the Key Players in Bitcoin’s Next Phase
People have a choice – they obviously don’thaveto use the ballooned capacity that wumbo channels allow. “With regard to security, with Eclair you can decide whether or not you decide to allow large channels and what the maximum channel size you accept [is]. We also scale the number of confirmations for the funding transaction depending on the amount of funds at stake,” Padiou told CoinDesk.
Russell also pointed out that the payment limit of 0.16777215 BTC was far less valuable, equivalent to about $10 dollars, when it was originally proposed years ago. As bitcoin’s price has increased over the last several years, this value limit has ballooned to almost $2,000. So, to a degree, the limit has naturally lifted over time.
“So we got wumboed already without having to even put our belt on,” Russell said, referencing the belt SpongeBob wears in the wumbo scene.
• Ready to Wumbo: LND Enables More, Larger Bitcoin Transactions on Lightning
• Ready to Wumbo: LND Enables More, Larger Bitcoin Transactions on Lightning || Ready to Wumbo: LND Enables More, Larger Bitcoin Transactions on Lightning: Bitcoin’s Lightning Network has reached a significant milestone. An important capacity limit meant to protect users of the nascent protocol is being tweaked, toppling a barrier to entry for companies looking to adopt the novel payment system. LND, a leading Lightning Network implementation from startup Lightning Labs, has announced it has adopted support for wumbo channels. Going forward, users can deposit more money into Lightning Network channels than before, as well as send larger transactions. Read more: What Is Bitcoin’s Lightning Network? Related: Dust Attacks Make a Mess in Bitcoin Wallets, but There Could Be a Fix ACINQ’s eclair and Blockstream’s c-lightning both adopted a form of wumbo earlier this year. According to LND’s fresh release notes , the node software now allows users to opt into “accepting” and “creating” wumbo channels. What is wumbo? The word “wumbo” comes from, believe it or not, SpongeBob SquarePants , a cartoon series about a talking sponge that works at a burger joint under the sea with an assortment of sea friends. In one scene, SpongeBob’s starfish friend Patrick Star teaches him the word “wumbo.” “You wumbo, I wumbo,” Star says, pointing to Spongebob, then himself. Lightning’s “wumbo” is similar in that two users have to agree to wumbo before they wumbo. There are two parts to wumbo. The first part removes the limit to the total amount of bitcoin that can be held in a channel: This limit is currently capped at 0.16777215 BTC, worth about $1,988 at press time. The second strips away the limit to how large an individual payment can be: That limit has been 0.04294967 BTC, worth about $508 at press time. Related: Bitcoin DeFi May Be Unstoppable: What Does It Look Like? Read more: This Spongebob-Themed Tech Proves That Bitcoin’s Lightning Is Advancing Wumbo isn’t technically difficult; in fact, it’s very simple. With wumbo channel support, a user can signal he or she wants to go beyond the aforementioned limits and find other nodes to connect to that also support higher limits. Developers added the limitation to protect users from pouring too much money into Lightning, as it’s still a new and experimental technology. As such, one reason wumbo is a big deal is it is a sign that the payment technology is maturing. “We view shipping wumbo in LND as a sign that the software has progressed to a certain point where advanced users, companies, and node operators can open larger channels. These larger wumbo channels enable a better user experience with larger transactions on the network and more efficient capital usage for startups and node operators,” Lightning Labs CEO Elizabeth Stark told CoinDesk. Story continues That’s not to say they don’t think people still need to be careful working with this new technology. “That said, we do not encourage people to go all ‘DeFi’ on Lightning ( looking at you, YAM ), as we believe people should balance the risks of deploying capital on a new protocol that could have bugs with the benefits of larger channel sizes,” Stark added. Why wumbo? Average Lightning users might not be impacted much by wumbo. If they’re using the Lightning Network to send small amounts, then this lift on capacity won’t make a difference to them. Larger entities such as business or exchanges, on the other hand, might want to take advantage of a larger capacity. “Most users can likely get by without wumbo channels, but larger nodes or exchanges/services may really benefit from the ability to manage a smaller set of larger channels,” LND developers explain in the release notes . Read more: To Beat Online Censorship, We Need Anonymous Payments That’s why some developers think wumbo will take the Lightning Network to the next level. They think it will attract wider adoption of the Lightning Network among larger entities, making it accessible to more bitcoin users. “Most of the major node operators and startups run our LND implementation, so unless they’ve forked LND and added Wumbo themselves (which a few have, and this was riskier without official support), they would not have had this feature enabled,” Stark said. Still, some companies have already added support for wumbo without waiting for an official route to do so. As such, Acinq CEO Pierre-Marie Padiou is skeptical LND adding support for wumbo will make a huge difference. “It can’t hurt, but larger nodes […] have already switched, so the improvement has probably already taken place,” he told CoinDesk. Are we ready to wumbo? Channel and transaction limits were put in place to protect users from potentially losing large amounts of bitcoin by sending it over an experimental network. What makes developers think Lightning is now ready to live without these limits? “I think we’ve gained experience, and with that comes confidence,” said Blockstream engineer Rusty Russell, though he still expressed caution: “As always, it’s best to think of Lightning as your petty cash, rather than your life savings.” Read more: Grasping Lightning: Mapping the Key Players in Bitcoin’s Next Phase People have a choice – they obviously don’t have to use the ballooned capacity that wumbo channels allow. “With regard to security, with Eclair you can decide whether or not you decide to allow large channels and what the maximum channel size you accept [is]. We also scale the number of confirmations for the funding transaction depending on the amount of funds at stake,” Padiou told CoinDesk. Russell also pointed out that the payment limit of 0.16777215 BTC was far less valuable, equivalent to about $10 dollars, when it was originally proposed years ago. As bitcoin’s price has increased over the last several years, this value limit has ballooned to almost $2,000. So, to a degree, the limit has naturally lifted over time. “So we got wumboed already without having to even put our belt on,” Russell said, referencing the belt SpongeBob wears in the wumbo scene. Related Stories Ready to Wumbo: LND Enables More, Larger Bitcoin Transactions on Lightning Ready to Wumbo: LND Enables More, Larger Bitcoin Transactions on Lightning View comments
[Social Media Buzz]
None available.
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11681.83, 11664.85, 11774.60, 11366.13, 11488.36, 11323.40, 11542.50, 11506.87, 11711.51, 11680.82
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 1222.50, 1251.01, 1274.99, 1255.15, 1267.12, 1272.83, 1223.54, 1150.00, 1188.49, 1116.72, 1175.83, 1221.38, 1231.92, 1240.00, 1249.61, 1187.81, 1100.23, 973.82, 1036.74, 1054.23, 1120.54, 1049.14, 1038.59, 937.52, 972.78, 966.72, 1045.77, 1047.15, 1039.97, 1026.43, 1071.79, 1080.50, 1102.17, 1143.81, 1133.25, 1124.78, 1182.68, 1176.90, 1175.95, 1187.87, 1187.13, 1205.01, 1200.37, 1169.28, 1167.54, 1172.52, 1182.94, 1193.91, 1211.67, 1210.29, 1229.08, 1222.05, 1231.71, 1207.21, 1250.15, 1265.49, 1281.08, 1317.73, 1316.48, 1321.79, 1347.89, 1421.60, 1452.82, 1490.09, 1537.67, 1555.45, 1578.80, 1596.71, 1723.35, 1755.36, 1787.13, 1848.57, 1724.24, 1804.91, 1808.91, 1738.43, 1734.45, 1839.09, 1888.65, 1987.71, 2084.73, 2041.20, 2173.40, 2320.42, 2443.64, 2304.98, 2202.42, 2038.87, 2155.80, 2255.61.
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[Bitcoin Technical Analysis for 2017-05-29]
Volume: 994625024, RSI (14-day): 64.80, 50-day EMA: 1713.93, 200-day EMA: 1210.42
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Japanese family life is falling apart — and the reasons why go back to World War II: (mrhayata/Flickr)
Japan is in the midst of a fertility crisis, and it's 65 years in the making.
Saddled with long work hours and rising expenses, young Japanese couples are opting not to have kids. Even if they have the energy to start a family, many simply don't have the time.
As a result, spending shrinks on the small scale and the Japanese economy contracts on the large scale. Japan has seen trillions in lost GDP over the past years, in combination with a population decline of 1 million people. Harvard sociologist Mary Brinton puts it bluntly:"This is death to the family," she tells Business Insider.
Japan's case isn't just extreme in scale; it's also extreme in how far the ripples of the past have extended into the present. Policies implemented in the early 1950s, in the aftermath of World War II, still shape the lives of many Japanese young people in 2017.
During the early 1950s, Prime Minister Shigeru Yoshida made it his top priority to rebuild Japan's economy. Much of the country had just been decimated in some form — if not by the two atomic bombs, then by the resulting effects on business and daily life.
Yoshida's plan involved a pact made between businesses and their employees. He called on companies to offer lifetime employment to their workers, asking that those workers devote the whole of their beings to those jobs.
The pact worked. Japan's economy emerged from the rubble as one of the strongest in the world. Japan became a manufacturing and technological hub, and almost none of the work came from outside the country's borders, save for trace populations of Chinese immigrants.
Ultimately, Japan's economy ended up becoming the third-strongest in the world. Its present-day GDP stands at $4.3 trillion.
But there was a high cost to that initial pact: Family life began to deteriorate. As more people began staying later at the office, and women began entering the workforce en masse, Japan's fertility rate started to plunge because its corporate structure wasn't built to accommodate both.
What started as a healthy 2.75 children per woman in the 1950sfell to 2.08by 1960. Today, more than 50 years later, Japan's fertility rate sits at 1.41.
Yoshida's plan worked, and yet Japan still clings to its intense work culture. Frances Rosenbluth, a Yale University political scientist, says the early competition between firms to attract top talent for life has cemented Japan's corporate structure.
"You are promoted gradually with your class," she tells Business Insider. "You're sort of on this escalator of very steady, slow promotion. And if you leave your job you have to start over somewhere else. It's not a fluid labor market where you can pick up a job at another place with the assets you've accumulated in human capital."
This has led to many Japanese couples having almost no free time. Men work16-hour days at times, while their wives may work similarly long hours. Some couples achieve a work-life balance by becoming entrepreneurs, allowing them to set their own schedules. But many fall victim to a system that dictates the roles men and women should play.
"Despite that there's an equal opportunity employment law, firms will find ways to avoid hiring and promoting women just for the economic reason," which is that women may leave to have kids, Rosenbluth says. "We call it statistical discrimination."
Rosenbluth says Japanese family life can't repair itself until companies make it easier to balance the demands of a job and home life. And since many firms don't see any incentive to do that, the government has a duty to offer tax breaks to those offer balance, Rosenbluth says.
Brinton takes a similar stance.
"No matter what you say, what you hear out of Prime Minister Abe's mouth, it's not about gender equality," she says. "It's about productivity of the economy and addressing the fact that Japan is one of the most rapidly aging societies in the world and they're going to run out of labor unless women have more babies."
Related Video:
For morenews videosvisitYahoo View, available oniOSandAndroid.
NOW WATCH:This automatic shopping basket could revolutionize the way you buy groceries
More From Business Insider
• The 15 fastest-growing cities in the US
• Bitcoin is going wild — here's what the cryptocurrency is all about
• A historian's TED talk on basic income got a standing ovation — here's what he said || Japanese family life is falling apart — and the reasons why go back to World War II: japanese family (mrhayata/Flickr) Japan is in the midst of a fertility crisis, and it's 65 years in the making. Saddled with long work hours and rising expenses, young Japanese couples are opting not to have kids. Even if they have the energy to start a family, many simply don't have the time. As a result, spending shrinks on the small scale and the Japanese economy contracts on the large scale. Japan has seen trillions in lost GDP over the past years, in combination with a population decline of 1 million people. Harvard sociologist Mary Brinton puts it bluntly: "This is death to the family," she tells Business Insider. Japan's case isn't just extreme in scale; it's also extreme in how far the ripples of the past have extended into the present. Policies implemented in the early 1950s, in the aftermath of World War II, still shape the lives of many Japanese young people in 2017. During the early 1950s, Prime Minister Shigeru Yoshida made it his top priority to rebuild Japan's economy. Much of the country had just been decimated in some form — if not by the two atomic bombs, then by the resulting effects on business and daily life. Yoshida's plan involved a pact made between businesses and their employees. He called on companies to offer lifetime employment to their workers, asking that those workers devote the whole of their beings to those jobs. The pact worked. Japan's economy emerged from the rubble as one of the strongest in the world. Japan became a manufacturing and technological hub, and almost none of the work came from outside the country's borders, save for trace populations of Chinese immigrants. Ultimately, Japan's economy ended up becoming the third-strongest in the world. Its present-day GDP stands at $4.3 trillion. But there was a high cost to that initial pact: Family life began to deteriorate. As more people began staying later at the office, and women began entering the workforce en masse, Japan's fertility rate started to plunge because its corporate structure wasn't built to accommodate both. Story continues What started as a healthy 2.75 children per woman in the 1950s fell to 2.08 by 1960. Today, more than 50 years later, Japan's fertility rate sits at 1.41. Yoshida's plan worked, and yet Japan still clings to its intense work culture. Frances Rosenbluth, a Yale University political scientist, says the early competition between firms to attract top talent for life has cemented Japan's corporate structure. "You are promoted gradually with your class," she tells Business Insider. "You're sort of on this escalator of very steady, slow promotion. And if you leave your job you have to start over somewhere else. It's not a fluid labor market where you can pick up a job at another place with the assets you've accumulated in human capital." This has led to many Japanese couples having almost no free time. Men work 16-hour days at times , while their wives may work similarly long hours. Some couples achieve a work-life balance by becoming entrepreneurs, allowing them to set their own schedules. But many fall victim to a system that dictates the roles men and women should play. "Despite that there's an equal opportunity employment law, firms will find ways to avoid hiring and promoting women just for the economic reason," which is that women may leave to have kids, Rosenbluth says. "We call it statistical discrimination." Rosenbluth says Japanese family life can't repair itself until companies make it easier to balance the demands of a job and home life. And since many firms don't see any incentive to do that, the government has a duty to offer tax breaks to those offer balance, Rosenbluth says. Brinton takes a similar stance. "No matter what you say, what you hear out of Prime Minister Abe's mouth, it's not about gender equality," she says. "It's about productivity of the economy and addressing the fact that Japan is one of the most rapidly aging societies in the world and they're going to run out of labor unless women have more babies." Related Video: For more news videos visit Yahoo View , available on iOS and Android . NOW WATCH: This automatic shopping basket could revolutionize the way you buy groceries More From Business Insider The 15 fastest-growing cities in the US Bitcoin is going wild — here's what the cryptocurrency is all about A historian's TED talk on basic income got a standing ovation — here's what he said || We went inside an Amazon Prime Now hub to learn how Amazon does 2-hour delivery: Amazon (NASDAQ: AMZN) is quietly expanding Prime Now, its free 2-hour delivery service. After originally launching in one zip code in New York City back in 2014, it's now available in more than 45 cities in eight countries. This year alone, it's added 14 more cities. But don't feel bad if you haven't heard about it yet. Amazon may be keeping it under wraps as it ramps up its offerings and perfects its fastest delivery method yet. After all, you won't find the service on the Amazon mobile app — you'll have to give up some screen real estate for its "Prime Now" app. We headed inside one of Amazon's Prime Now hubs in the company's hometown, Seattle, to see for ourselves what free 2-hour delivery looks like. What we found was surprising efficiency, a whole lot of randomness and some hints as to what Seattle consumers are shopping for. And, possibility, Amazon's vision for the future of ecommerce and retail. The Prime Now service offers a smaller selection of mostly household items available on Amazon.com to Prime members with a free 2-hour delivery window. It's no small feat considering there are tens of thousands of products available, as well as selections from local restaurants and stores. There's even ice cream and chilled wine on offer. Unlike Amazon.com's fulfillment centers, which are over a million square feet and house millions of items, Prime Now hubs are closer to city centers and about 30 to 50 square feet on average. Humans — not robots — manually pick out the items in an order from rows of shelving and bins, using internal Amazon systems that have cataloged where every item is stored. Amazon can also tells a "picker" the most efficient route to getting all those items as quickly as possible. When we visited the hub, around noon, there were only a few orders to fill and everything seemed to run smoothly. We didn't get to see how the hub handled a rush of orders or bottlenecks, which typically happen around 6 or 7pm when customers order items or groceries to arrive as they get home. More From CNBC Gianforte win means two of Montana's three congressional reps have Oracle ties Facebook is making a big push this summer to sell ads to drugmakers Bitcoin rival Ripple is sitting on many billions of dollars worth of currency || We went inside an Amazon Prime Now hub to learn how Amazon does 2-hour delivery: Amazon (NASDAQ: AMZN) is quietly expanding Prime Now, its free 2-hour delivery service. After originally launching in one zip code in New York City back in 2014, it's now available in more than 45 cities in eight countries. This year alone, it's added 14 more cities. But don't feel bad if you haven't heard about it yet. Amazon may be keeping it under wraps as it ramps up its offerings and perfects its fastest delivery method yet. After all, you won't find the service on the Amazon mobile app — you'll have to give up some screen real estate for its "Prime Now" app. We headed inside one of Amazon's Prime Now hubs in the company's hometown, Seattle, to see for ourselves what free 2-hour delivery looks like. What we found was surprising efficiency, a whole lot of randomness and some hints as to what Seattle consumers are shopping for. And, possibility, Amazon's vision for the future of ecommerce and retail. The Prime Now service offers a smaller selection of mostly household items available on Amazon.com to Prime members with a free 2-hour delivery window. It's no small feat considering there are tens of thousands of products available, as well as selections from local restaurants and stores. There's even ice cream and chilled wine on offer. Unlike Amazon.com's fulfillment centers, which are over a million square feet and house millions of items, Prime Now hubs are closer to city centers and about 30 to 50 square feet on average. Humans — not robots — manually pick out the items in an order from rows of shelving and bins, using internal Amazon systems that have cataloged where every item is stored. Amazon can also tells a "picker" the most efficient route to getting all those items as quickly as possible. When we visited the hub, around noon, there were only a few orders to fill and everything seemed to run smoothly. We didn't get to see how the hub handled a rush of orders or bottlenecks, which typically happen around 6 or 7pm when customers order items or groceries to arrive as they get home. More From CNBC Gianforte win means two of Montana's three congressional reps have Oracle ties Facebook is making a big push this summer to sell ads to drugmakers Bitcoin rival Ripple is sitting on many billions of dollars worth of currency || Google co-founder Sergey Brin is reportedly building a gigantic $100 million blimp: Google co-founder Sergey Brin is spending $100 million to $150 million to build a blimp that will be the world's biggest aircraft when it's finished, according to The Guardian . The blimp, as first reported by Bloomberg , is under construction at a giant hangar in the NASA Ames airfield near Google headquarters in Mountain View, California. Google signed a 60-year lease for $1.1 billion in 2014, through a subsidiary called Planetary Ventures, and is working with engineer Alan Weston, who is employed by a company known as LTA ("lighter than air") Research and Exploration. The company, controlled by Brin's family, was listed in Google's 2017 proxy as a lessor of part of the Ames hangar. The blimp will be almost 656 feet (200 meters) long, The Guardian reports, and will go on humanitarian missions to remote locations as well as serving as an "air yacht" for Brin and his family. Read the full Guardian report here. More From CNBC Bitcoin is outperforming major assets but hedge funds are still staying away Lyft ditches pink mustache ornament in favor of a useful piece of hardware Bitcoin correction sees nearly $4 billion wiped off value of the cryptocurrency || Google co-founder Sergey Brin is reportedly building a gigantic $100 million blimp: Google co-founder Sergey Brin is spending $100 million to $150 million to build a blimp that will be the world's biggest aircraft when it's finished, according toThe Guardian.
The blimp, as first reported byBloomberg, is under construction at a giant hangar in the NASA Ames airfield near Google headquarters in Mountain View, California. Google signed a 60-year lease for $1.1 billion in 2014, through a subsidiary called Planetary Ventures, and is working with engineer Alan Weston, who is employed by a company known as LTA ("lighter than air") Research and Exploration. The company, controlled by Brin's family, was listed in Google's2017 proxyas a lessor of part of the Ames hangar.
The blimp will be almost 656 feet (200 meters) long, The Guardian reports, and will go on humanitarian missions to remote locations as well as serving as an "air yacht" for Brin and his family.
Read the full Guardian report here.
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• Bitcoin is outperforming major assets but hedge funds are still staying away
• Lyft ditches pink mustache ornament in favor of a useful piece of hardware
• Bitcoin correction sees nearly $4 billion wiped off value of the cryptocurrency || Sergey Brin's secret blimp will be a luxury 'air yacht' and be used to deliver humanitarian aid, report says: (Sergey BrinYudhi Mahatma/Antara Foto/Reuters)
More details are leaking about Google co-founderSergey Brin's secret quest to build a giant airship.
Bloomberg broke the newslast month that Brin was working on a secret blimp project at Moffett Field.Business Insider subsequently reportedthat Brin's company was called LTA Research & Exploration and that it has been leasing space from Google parent company Alphabet.
Now anonymous sources tell The Guardian that the ship is being personally funded by Brin at an estimated cost of over $100 million. The blimp is expected to be massive in both scale and grandeur — something like 200 meters long. That's not as big as the famously unfortunate Hindenburg,which was 245 meters. But some say it would be among the biggest aircraft flying the skies today, and possibly the biggest.
These sources expect that Brin plans to use it to bring humanitarian food and supplies to the far corners of the world. And they also expect him to use it as luxurious "air yacht" for the billionaire and his family and friends to enjoy, according to the report.
Brin declined common on the original Bloomberg story, nor did he comment on the Guardian story and Alphabet declined comment to Business Insider as well.
(Raytheon)Brin is said to be fascinated with air travel. The unit he oversees at Google's parent company Alphabet is working on all kinds of aircraft, including balloon type crafts. Brin is the executive champion of the unit formerly called Google X, now calling itself simply X.
Earlier this week, the unit gave updates on several of its projects includingProject Loon, which delivers internet connectivity to remote regions using balloons.Loon is beingused by tens of thousands of people in flood-affected zones in Peru, X says. That's the first time that balloon-powered internet has been used to connect so many people.
X also has a project called Makani that's trying to generate electricity from an energy kite.Earlier this month, it had a successful prototype test of the kite, which X says is the largest ever of its kind at 600 kilowatts.
And then there's Project Wing, the unit's drone delivery project. Although we've reported on this project's troubles and set-backs, it was also called out as a project to watch by Alphabet CEO Larry Page in his annualletter to shareholders in April.
As we previously reported,Brin is actively involved at X and even has his own desk installed in some of the projects, like Wing. So, when it comes to objects that fly, Brin just can't seem to get enough.
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• This deal brings Sony’s best noise-cancelling headphones down to their lowest price ever || Sergey Brin's secret blimp will be a luxury 'air yacht' and be used to deliver humanitarian aid, report says: Sergey Brin (Sergey BrinYudhi Mahatma/Antara Foto/Reuters) More details are leaking about Google co-founder Sergey Brin's secret quest to build a giant airship. Bloomberg broke the news last month that Brin was working on a secret blimp project at Moffett Field. Business Insider subsequently reported that Brin's company was called LTA Research & Exploration and that it has been leasing space from Google parent company Alphabet. Now anonymous sources tell The Guardian that the ship is being personally funded by Brin at an estimated cost of over $100 million. The blimp is expected to be massive in both scale and grandeur — something like 200 meters long. That's not as big as the famously unfortunate Hindenburg, which was 245 meters . But some say it would be among the biggest aircraft flying the skies today, and possibly the biggest. These sources expect that Brin plans to use it to bring humanitarian food and supplies to the far corners of the world. And they also expect him to use it as luxurious "air yacht" for the billionaire and his family and friends to enjoy, according to the report. Brin declined common on the original Bloomberg story, nor did he comment on the Guardian story and Alphabet declined comment to Business Insider as well. raytheon jlens blimp security (Raytheon) Brin is said to be fascinated with air travel. The unit he oversees at Google's parent company Alphabet is working on all kinds of aircraft, including balloon type crafts. Brin is the executive champion of the unit formerly called Google X, now calling itself simply X. Earlier this week, the unit gave updates on several of its projects including Project Loon, which delivers internet connectivity to remote regions using balloons. Loon is being used by tens of thousands of people in flood-affected zones in Peru, X says. That's the first time that balloon-powered internet has been used to connect so many people. X also has a project called Makani that's trying to generate electricity from an energy kite. Earlier this month , it had a successful prototype test of the kite, which X says is the largest ever of its kind at 600 kilowatts. Story continues And then there's Project Wing, the unit's drone delivery project. Although we've reported on this project's troubles and set-backs, it was also called out as a project to watch by Alphabet CEO Larry Page in his annual letter to shareholders in April. As we previously reported, Brin is actively involved at X and even has his own desk installed in some of the projects, like Wing. So, when it comes to objects that fly, Brin just can't seem to get enough. NOW WATCH: HENRY BLODGET: Bitcoin could go to $1 million (or fall to $0) More From Business Insider Here's who would win if Russia, China, and America all went to war right now These are the 22 victims of the Manchester bombing This deal brings Sony’s best noise-cancelling headphones down to their lowest price ever || Bitcoin Is Twice as Valuable as Gold Right Now: A single bitcoin is now roughly twice as valuable as an ounce of gold. The most recent flurry of buying helped send the price of bitcoin up over $2,600 in trading Friday, while the value of gold has stayed at about $1,267 per ounce. Bitcoins value has since pared its gains, and traded at about $2,433 midday Friday. Just two months ago, bitcoin only just inched above the value of gold . The surge comes as the cryptocurrency gains legitimacy in countries such as Japan, and Chinese regulators look to be growing more tolerant of bitcoin . Despite bitcoins volatility, some investors have also come to see the currency as a good place to store funds in times of geopolitical uncertainty. Gold, too, is known to be a safe haven asset -- investors buy the precious metal when turmoil looks just around the bend. But while gold has risen 10% this year, bitcoin has risen 153%. See original article on Fortune.com More from Fortune.com This Banking Giant Says Take Hold of Gold in 2017 Gold Hits Highest Level of Trump Presidency The 5 Best Gold and Energy Stocks for 2017 The Stock Market Just Voted for Hillary Clinton for President This 18-Karat Gold Toilet Is Now Open For Public Use || Bitcoin Is Twice as Valuable as Gold Right Now: A single bitcoin is now roughly twice as valuable as an ounce of gold.
The most recent flurry of buying helped send the price of bitcoin up over $2,600 in trading Friday, while the value of gold has stayed at about $1,267 per ounce. Bitcoin’s value has since pared its gains, and traded at about $2,433 midday Friday.
Just two months ago, bitcoinonly just inched above the value of gold.
The surge comes as thecryptocurrency gainslegitimacy in countries such as Japan, and Chinese regulators look to be growingmore tolerant of bitcoin. Despite bitcoin’s volatility, some investors have also come to see the currency as a good place to store funds in times of geopolitical uncertainty.
Gold, too, is known to be a “safe haven” asset -- investors buy the precious metal when turmoil looks just around the bend. But while gold has risen 10% this year, bitcoin has risen 153%.
See original article on Fortune.com
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• This Banking Giant Says Take Hold of Gold in 2017
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• This 18-Karat Gold Toilet Is Now Open For Public Use || Bitcoin Is Twice as Valuable as Gold Right Now: A single bitcoin is now roughly twice as valuable as an ounce of gold.
The most recent flurry of buying helped send the price of bitcoin up over $2,600 in trading Friday, while the value of gold has stayed at about $1,267 per ounce. Bitcoin’s value has since pared its gains, and traded at about $2,433 midday Friday.
Just two months ago, bitcoinonly just inched above the value of gold.
The surge comes as thecryptocurrency gainslegitimacy in countries such as Japan, and Chinese regulators look to be growingmore tolerant of bitcoin. Despite bitcoin’s volatility, some investors have also come to see the currency as a good place to store funds in times of geopolitical uncertainty.
Gold, too, is known to be a “safe haven” asset -- investors buy the precious metal when turmoil looks just around the bend. But while gold has risen 10% this year, bitcoin has risen 153%.
See original article on Fortune.com
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• This Banking Giant Says Take Hold of Gold in 2017
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• This 18-Karat Gold Toilet Is Now Open For Public Use || Chinese fighter jets pulled an 'unsafe' close pass near a US Navy plane over the South China Sea: (J-10s fly in formation at an air show.Xinhuanet)
Chinese fighter jets have once again engaged in "unsafe and unprofessional" behavior around a US Navy plane flying over the contested South China Sea,ABC News reports.
The US Navy plane was reportedly a P-3 Orion, which is used for maritime surveillance.
China has built and militarized artificial islands in the South China Sea and frequently asserts its sovereignty over the land features despite an international court ruling against its claims.
Recently, the USS Dewey, a guided-missile destroyer,contested China's claimsin the South China Sea by sailing past the Mischief Reef, one of China's militarized islands.
The US intends to bring this incident up with Chinese authorities at the next opportunity, according to ABC.
This incident is similar toanother occurrenceearlier in May, when a Chinese jet reportedly flipped over and flew upside down about 150 feet above a US Air Force WC-135.
(Reuters)
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• South Korea requires all males to serve in the military — here's what it's like || Chinese fighter jets pulled an 'unsafe' close pass near a US Navy plane over the South China Sea: china air force air show j-10 (J-10s fly in formation at an air show.Xinhuanet) Chinese fighter jets have once again engaged in "unsafe and unprofessional" behavior around a US Navy plane flying over the contested South China Sea, ABC News reports . The US Navy plane was reportedly a P-3 Orion, which is used for maritime surveillance. China has built and militarized artificial islands in the South China Sea and frequently asserts its sovereignty over the land features despite an international court ruling against its claims. Recently, the USS Dewey, a guided-missile destroyer, contested China's claims in the South China Sea by sailing past the Mischief Reef, one of China's militarized islands. The US intends to bring this incident up with Chinese authorities at the next opportunity, according to ABC. This incident is similar to another occurrence earlier in May, when a Chinese jet reportedly flipped over and flew upside down about 150 feet above a US Air Force WC-135. map south china sea (Reuters) NOW WATCH: The US's most advanced missile system is operational in South Korea and it has China and Russia alarmed More From Business Insider Here's who would win if Russia, China, and America all went to war right now Bitcoin blew past its record and soared to $2,800 in just a few hours and now it's plunging South Korea requires all males to serve in the military here's what it's like || Microsoft's new Surface products face long odds against Apple's record for reliability and support: Microsoft's new Surface Pro and Surface Laptop products are about to hit the market next month, but they're going to be up against Apple's latest, too, which have historically gained high praise from consumers for reliability and support. In Consumer Reports' latest survey of 83,000 computer owners, the magazine found that Apple's notebook computers had the lowest "broken or not working as well" percentage (17 percent), according to ZDNet . ASUS came in dead last with 33 percent of laptops purchased between 2012 and 2016 falling into that same category. Samsung trailed Apple in second place (27 percent broken or not working) while Dell came in third (29 percent) followed by HP (NYSE: HPQ) (30 percent) and Lenovo (31 percent.) The survey was published several months ago but Consumer Reports spokesperson Doug Love told CNBC on Friday: "I can tell you that Apple regularly performs at the top of Consumer Reports' reliability surveys." Consumers in the survey said just 15 percent of Apple's desktop computers were broken or not working well, again giving Apple the crown in that category. The survey also covered technical support and awarded Apple a score of 82, which meant readers were "very satisfied" with Apple support on average. Microsoft (NASDAQ: MSFT) was the nearest with a rating of 68, meaning readers were "fairly well-satisfied ." Microsoft will need to step up its game to keep new Surface owners pleased, especially in the tech support department. While Apple may be the winner among computers in that survey, a separate survey from J.D. Power published in April said the Microsoft Surface topped its tablet satisfaction study. Correction: This story was revised to clarify that the Consumer Reports survey on Apple was published several months ago. More From CNBC Bitcoin rival Ripple is sitting on many billions of dollars worth of currency GameStop shares tank despite earnings beat Bitcoin rival ethereum is headed for a 38% correction, analyst says || Microsoft's new Surface products face long odds against Apple's record for reliability and support: Microsoft's new Surface Pro and Surface Laptop products are about to hit the market next month, but they're going to be up against Apple's latest, too, which have historically gained high praise from consumers for reliability and support.
In Consumer Reports' latest survey of 83,000 computer owners, the magazine found that Apple's notebook computers had the lowest "broken or not working as well" percentage (17 percent), according toZDNet.
ASUS came in dead last with 33 percent of laptops purchased between 2012 and 2016 falling into that same category. Samsung trailed Apple in second place (27 percent broken or not working) while Dell came in third (29 percent) followed by HP(NYSE: HPQ)(30 percent) and Lenovo (31 percent.)
The survey was published several months ago but Consumer Reports spokesperson Doug Love told CNBC on Friday: "I can tell you that Apple regularly performs at the top of Consumer Reports' reliability surveys."
Consumers in the survey said just 15 percent of Apple's desktop computers were broken or not working well, again giving Apple the crown in that category.
The survey also covered technical support and awarded Apple a score of 82, which meant readers were "very satisfied" with Apple support on average. Microsoft(NASDAQ: MSFT)was the nearest with a rating of 68, meaning readers were "fairly well-satisfied ." Microsoft will need to step up its game to keep new Surface owners pleased, especially in the tech support department.
While Apple may be the winner among computers in that survey, a separate survey fromJ.D. Power published in Aprilsaid the Microsoft Surface topped its tablet satisfaction study.
Correction: This story was revised to clarify that the Consumer Reports survey on Apple was published several months ago.
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• Bitcoin rival ethereum is headed for a 38% correction, analyst says || Controversial Tanium CEO explains why he and his dad have total control of their $4 billion startup: Orion Tanium (Tanium cofounder CEO Orion HindawiCourtesy of Tanium) Don't ask Tanium CEO Orion Hindawi to apologize for the hard-edged internal company culture or his family's iron grip on the business, all of which have generated a slew of negative headlines recently. "Great things are not cuddly," Hindawi told Business Insider in an interview this week. Tanium's business of providing cyber-security services is a very "demanding, stressful thing," he said. And he refuses to pamper employees with the over-the-top perks that some of his Silicon Valley peers do. But those who don't like the way Orion Hindawi, and his father David Hindawi, who is the Tanium cofounder and Executive Chairman, run the business, will now have a way to get out. Tanium announced on Thursday that it will allow employees to cash out of $50 million worth of their stock to a suite of investors. The deal is part of a $100 million fund raising round. Tanium will use the money to buy employee shares. David Hindawi will also be cashing out $50 million dollars worth of stock in the deal, selling to the same group of investors. Business Insider caught up with Tanium cofounder CEO Orion Hindawi to discuss the deal, as well as the scathing exposé by Bloomberg that characterized the security startup as a stressful place to work, and Hindawi as a brutish leader. Hindawi talked openly with us about the culture of his company, the stock sale, the iron-clad hold over ownership he and his father have on the company, and the controversial accusations over why he was firing people. Tight grip Tanium is the second startup founded by this father-and-son team. The father-and-son team had worked for about 18 years at the previous company David Hindawi founded, BigFix, which sold to IBM in 2010 for a reported $400 million. While the deal is good for employees, investors are buying existing common stock, not preferred, so it does not change the founders' ironclad grip on the company, Hindawi tells us. Story continues "We want to let employees buy the houses, cars or whatever they've been dreaming about and not feel quite as much pressure on the IPO as we otherwise might," he said, adding that he still fully intends to take the company public at some point. Tanium has allowed employees to cash out of their stock in secondary sales before. They were, for instance, able to sell shares in March, 2015, as part of an overall $64 million investment into the firm that did include the company selling equity to investors , the company tells us. This round values the company at $3.75 billion. That's a slight increase from 2015, which was the last time the company offered a new stake to investors. Then, Tanium was valued at $3.71 billion, according to PitchBook, a database that tracks such info. It is one of most highly-valued security startups in the industry. Tanium has raised about $307 million total, not including this $100 million secondary offering. A-list VC Andreessen Horowitz put Tanium on the map in 2014 when it put $90 million into the company and another $52 million as part of a $120 million round in 2015, led by TPG Capital, T. Rowe Price and Institutional Venture Partners. Andreessen Horowitz's big stake was done at the urging of one of its advisers, former Microsoft executive Steven Sinofsky, who called Tanium's technology "magic." But the company didn't sell any equity to raise any operating funds for itself. Hindawi, the son, also said he's not cashing out any of his shares, nor is he buying more shares. "I own 25% of the company and I think that's more than enough for me. Between David and me, we are still above 50% of the company," he said. He refers to his dad by his first name at the office. On top of that, the company uses a "multi-class structure," for shares he said. That refers to dividing shares up into those that have more voting rights than others. It's an increasingly common move for startups, and sometimes even public tech companies (like Alphabet). This allows founders to retain control of the company, even if they don't control a majority of shares. Tanium CEO David Hindawi (Tanium's David HindawiTanium) And he's unabashed that he's locked down control away from investors, very much on purpose, thanks to lessons earned from their earlier startup. "One of the things that drove us to found this company was that at BigFix, our last company, we had a real challenge corralling the investors to do anything actually. They had the majority of the company so a lot of it was really difficult, frankly, Hindawi said. With control of Tanium firmly in the family, he says making decisions is far easier. Yes, I've fired people Hindawi just faced a slew of bad press when he was accused of firing people immediately before their options vested, according to that story by Bloomberg. The implication was that if too much stock wound up in the hands of employees, his controlling stake and authoritative power over the company would be diminished. Hindawi admitted he's fired people, but denied he was motivated by their stock options. He calls that accusation " very obviously, provably not true," he said and says that he had all sorts of reasons why there have been " a lot of people who left Tanium, not of their own volition." He said some people were asked to leave because they were hired when the company was smaller but as it grew to 550 employees, "they were not the right people for their roles." He said in other cases executives had "health issues" and "could not do the job anymore" and characterizes the way they left the company as "respectful." He says others were fired for "ethics issues." At the same time, he can understand why former employees might have lashed out. "When you've got executives or people that leave a company, sometimes they don't like it," he said. "Sometimes they don't think they were fairly treated. "They may be right in some cases," he added. "We could have done some things differently." As for accusations that he has mocked people or insulted them. "Very obviously I don't agree with the description," he told us. On the other hand, he also fully admits that the company's culture is rather hard-edged. "Our business is not easy," Hindawi said. "We're securing the biggest companies in the world, and it's a very big, demanding, stressful thing." He added: "I want to treat my people with respect and decency. But at the same time, I want them to be in an environment where they can achieve great things, and it turns out great things are not cuddly. They're not easy. It's a lot of hard work. He believes that part of the reason Tanium gets a bad rap is because it's not a perk-filled, employee-pampering Valley-style startup, he said. But with this new secondary offering, the implication is, those who want to cash-out and leave can do so. So can those who want to cash out and stay. NOW WATCH: HBO just released a new 'Game of Thrones' trailer — the dragons are back More From Business Insider Here's who would win if Russia, China, and America all went to war right now Bitcoin blew past its record and soared to $2,800 in just a few hours — and now it's plunging Here's why the US would have to be insane to attack North Korea || Controversial Tanium CEO explains why he and his dad have total control of their $4 billion startup: (Tanium cofounder CEO Orion HindawiCourtesy of Tanium)
Don't askTanium CEO Orion Hindawi to apologize for the hard-edged internal company culture or his family's iron grip on the business, all of which have generated a slew of negative headlines recently.
"Great things are not cuddly," Hindawi told Business Insider in an interview this week.
Tanium's business of providing cyber-security services is a very "demanding, stressful thing," he said. And he refuses to pamper employees with the over-the-top perks that some of his Silicon Valley peers do.
But those who don't like the way Orion Hindawi, and his father David Hindawi, who is the Tanium cofounder and Executive Chairman, run the business, will now have a way to get out.
Tanium announced on Thursday that it will allow employees to cash out of $50 million worth of their stock to a suite of investors. The deal is part of a $100 million fund raising round. Tanium will use the money to buy employee shares.David Hindawi will also be cashing out $50 million dollars worth of stock in the deal, selling to the same group of investors.
Business Insider caught up with Tanium cofounder CEO Orion Hindawi to discuss the deal, as well as thescathing exposéby Bloomberg that characterized the security startup as a stressful place to work, and Hindawi as a brutish leader.
Hindawi talked openly with us about the culture of his company, the stock sale, the iron-clad hold over ownership he and his father have on the company, and the controversial accusations over why he was firing people.
Tanium is the second startup founded by this father-and-son team. The father-and-son team had worked for about 18 years at the previous company David Hindawi founded, BigFix, which sold to IBM in 2010for a reported $400 million.
While the deal is good for employees, investors are buying existing common stock, not preferred, so it does not change the founders' ironclad grip on the company, Hindawi tells us.
"We want to let employees buy the houses, cars or whatever they've been dreaming about and not feel quite as much pressure on the IPO as we otherwise might," he said, adding that he still fully intends to take the company public at some point.
Tanium has allowed employees to cash out of their stock in secondary sales before. They were, for instance, able to sell shares in March, 2015, as part of an overall $64 million investment into the firm that did include the company selling equity to investors, the company tells us.
This round values the company at $3.75 billion. That's a slight increase from 2015, which was the last time the company offered a new stake to investors. Then,Tanium was valued at $3.71 billion,according to PitchBook,a database that tracks such info. It is one of most highly-valued security startups in the industry.
Tanium has raised about $307 million total, not including this $100 million secondary offering.A-list VC Andreessen Horowitz put Tanium on the map in 2014 when it put $90 million into the company and another $52 million as part of a $120 million round in 2015, led by TPG Capital, T. Rowe Price and Institutional Venture Partners.Andreessen Horowitz's big stake was doneat the urging of one of its advisers, former Microsoft executive Steven Sinofsky,who called Tanium's technology "magic."
But the company didn't sell any equity to raise any operating funds for itself.Hindawi, the son, also said he's not cashing out any of his shares, nor is he buying more shares.
"I own 25% of the company and I think that's more than enough for me. Between David and me, we are still above 50% of the company," he said. He refers to his dad by his first name at the office.
On top of that, the company uses a "multi-class structure," for shares he said. That refers to dividing shares up into those that have more voting rights than others. It's an increasingly common move for startups, and sometimes even public tech companies (like Alphabet). This allows founders to retain control of the company, even if they don't control a majority of shares.
(Tanium's David HindawiTanium)
And he's unabashed that he's locked down control away from investors, very much on purpose, thanks to lessons earned from their earlier startup.
"One of the things that drove us to found this company was that at BigFix, our last company, we had a real challenge corralling the investors to do anything actually. They had the majority of the company so a lot of it was really difficult, frankly, Hindawi said. With control of Tanium firmly in the family, he says making decisions is far easier.
Hindawi just faced a slew of bad press whenhe was accused of firing people immediately before their options vested,according to that story by Bloomberg.
The implication was that if too much stock wound up in the hands of employees, his controlling stake and authoritative power over the company would be diminished.
Hindawi admitted he's fired people, but denied he was motivated by their stock options. He calls that accusation "very obviously, provably not true," he said and says that he had all sorts of reasons why there have been "a lot of people who left Tanium, not of their own volition." He said some people were asked to leave because they were hired when the company was smaller but as it grew to 550 employees, "they were not the right people for their roles."
He said in other cases executives had "health issues" and "could not do the job anymore" and characterizes the way they left the company as "respectful." He says others were fired for "ethics issues."
At the same time, he can understand why former employees might have lashed out.
"When you've got executives or people that leave a company, sometimes they don't like it," he said. "Sometimes they don't think they were fairly treated.
"They may be right in some cases," he added. "We could have done some things differently."
As for accusations that he has mocked people or insulted them.
"Very obviously I don't agree with the description," he told us.
On the other hand, he also fully admits that the company's culture is rather hard-edged.
"Our business is not easy," Hindawi said. "We're securing the biggest companies in the world, and it's a very big, demanding, stressful thing."
He added: "I want to treat my people with respect and decency. But at the same time, I want them to be in an environment where they can achieve great things, and it turns out great things are not cuddly. They're not easy. It's a lot of hard work.
He believes that part of the reason Tanium gets a bad rap is because it's not a perk-filled, employee-pampering Valley-style startup, he said.
But with this new secondary offering, the implication is, those who want to cash-out and leave can do so. So can those who want to cash out and stay.
NOW WATCH:HBO just released a new 'Game of Thrones' trailer — the dragons are back
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• Here's why the US would have to be insane to attack North Korea || Tesla could be the next Amazon, says Gene Munster: Tesla(NASDAQ: TSLA)could be the next Amazon(NASDAQ: AMZN), Gene Munster, co-founder and managing partner of Loup Ventures, told CNBC on Friday. The former Piper Jaffray tech analyst turned venture capitalist is best known for his accurate predictions on Apple(NASDAQ: AAPL).
DespiteAmazon shares nearing the $1,000 milestone, a record high for the company, the investor says he likes Tesla better. "Tesla is a controversial story," Munster said on "Squawk on the Street." "People don't understand what this company's mission statement is," he said. Much like Amazon in its early days when the company was 'just' selling books, he said.
"Most people think of [Tesla] as an electric car company, but their mission statement is to accelerate the globe's transformation to renewable energy, " he said. "When you start thinking about that you can see them grabbing market cap from energy companies which are some of the largest market-cap companies," said Munster.
Tesla's market capitalization was about $53 billion on Friday morning while Amazon's was nearly $475 billion. In the energy sector Exxon Mobil(NYSE: XOM)'s market cap was more than $345 billion. AMZN shares have risen by nearly 39 percent over the last year while TSLA has climbed by about 43 percent and XOM has dropped more than 9 percent.
Elon Musk's vision for Tesla will require a lot of capital but Munster says he thinks the company will get there. And while Amazon is the tech stock of the moment, there are limitations to its growth, he said. One of those limitations is maintaining market share.
"I think obviously somebody buying the stock at $1,000, they're hoping it goes to $2,000 so I think the opportunity again is the market share in online, that's an increase and it would put Amazon at $1 trillion in revenue if they get to that," said Munster.
In the cloud space Amazon Web Services is faced with increased competition which poses a real risk to the cloud portion of Amazon's business, he said. "The specific reason is Azure from Microsoft(NASDAQ: MSFT)is gaining share, and Google is making a big push within that ... so that's an area that Amazon had an early lead on but is not maintaining the same market share they had in retail," said Munster.
Tesla on the other hand has few challengesand more opportunities, he said. "I'll give you one quick example, this race for batteries. There's a problem about just the elements of the copper and the nickel to build the batteries and they have procured some of that," said Munster. "If someone wants to build the batteries, they need financing to get there. I think the markets will give him that leverage to build this future," he said.
"I would, pun intended here, buckle up. This is going to be a bumpy but positive ride for Tesla in the years to come."
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• Bitcoin rival Ripple is sitting on many billions of dollars worth of currency
• GameStop shares tank despite earnings beat
• Bitcoin rival ethereum is headed for a 38% correction, analyst says || Tesla could be the next Amazon, says Gene Munster: Tesla (NASDAQ: TSLA) could be the next Amazon (NASDAQ: AMZN) , Gene Munster, co-founder and managing partner of Loup Ventures, told CNBC on Friday. The former Piper Jaffray tech analyst turned venture capitalist is best known for his accurate predictions on Apple (NASDAQ: AAPL) . Despite Amazon shares nearing the $1,000 milestone , a record high for the company, the investor says he likes Tesla better. "Tesla is a controversial story," Munster said on " Squawk on the Street ." "People don't understand what this company's mission statement is," he said. Much like Amazon in its early days when the company was 'just' selling books, he said. "Most people think of [Tesla] as an electric car company, but their mission statement is to accelerate the globe's transformation to renewable energy, " he said. "When you start thinking about that you can see them grabbing market cap from energy companies which are some of the largest market-cap companies," said Munster. Tesla's market capitalization was about $53 billion on Friday morning while Amazon's was nearly $475 billion. In the energy sector Exxon Mobil (NYSE: XOM) 's market cap was more than $345 billion. AMZN shares have risen by nearly 39 percent over the last year while TSLA has climbed by about 43 percent and XOM has dropped more than 9 percent. Elon Musk 's vision for Tesla will require a lot of capital but Munster says he thinks the company will get there. And while Amazon is the tech stock of the moment, there are limitations to its growth, he said. One of those limitations is maintaining market share. "I think obviously somebody buying the stock at $1,000, they're hoping it goes to $2,000 so I think the opportunity again is the market share in online, that's an increase and it would put Amazon at $1 trillion in revenue if they get to that," said Munster. In the cloud space Amazon Web Services is faced with increased competition which poses a real risk to the cloud portion of Amazon's business, he said. "The specific reason is Azure from Microsoft (NASDAQ: MSFT) is gaining share, and Google is making a big push within that ... so that's an area that Amazon had an early lead on but is not maintaining the same market share they had in retail," said Munster. Story continues Tesla on the other hand has few challenges and more opportunities, he said. "I'll give you one quick example, this race for batteries. There's a problem about just the elements of the copper and the nickel to build the batteries and they have procured some of that," said Munster. "If someone wants to build the batteries, they need financing to get there. I think the markets will give him that leverage to build this future," he said. "I would, pun intended here, buckle up. This is going to be a bumpy but positive ride for Tesla in the years to come." More From CNBC Bitcoin rival Ripple is sitting on many billions of dollars worth of currency GameStop shares tank despite earnings beat Bitcoin rival ethereum is headed for a 38% correction, analyst says || Bitcoin is making a big comeback: Bitcoinis making a big comeback, trading up by 9.8% at $2,563 a coin on Friday.
Friday's gain follows awild day Thursday, which saw the cryptocurrency ultimately put in its 27th gain in the past 30 sessions. Bitcoin climbed above $2,500 and ultimately put in a record high of $2,799. But then the bottom dropped out, and bitcoin plunged to a low of $2,200 before recouping some of those losses and finishing the day with a small gain.
The cryptocurrency climbed had climbed by much as 26% following Wednesday's announcement that the Digital Currency Group, representing 56 companies in 21 countries, reached ascaling agreementat the Consensus 2017 conference in New York.
It has been on fire in the past two months, gaining nearly 140% since the beginning of April, when Japan announced bitcoin had become alegal payment methodin the country. Trade has also been boosted by news that Russia's largest online retailer,Ulmart, had begun accepting bitcoindespite Russia's saying it wouldn't consider the use of the cryptocurrency until 2018.
But the market is still waiting on a ruling by the US Securities and Exchange Commission on whether it will overturn itsdecision on the Winklevoss twins' bitcoin-exchange-traded fund. The SEC was accepting public comment on that decision until May 15, but it hasn't announced whether it will overturn its rejection of the ETF.
Bitcoin is up 169% this year.
(Investing.com)
NOW WATCH:9 phrases on your résumé that make hiring managers cringe
More From Business Insider
• People are making a fortune buying government-seized bitcoins
• Bitcoin plunges and then recovers
• Bitcoin blows past $2,000, $2,100, and $2,200 for the first time
[Social Media Buzz]
BTC Real Time Price: ThePriceOfBTC: $2263.16 #GDAX;
$2266.56 #bitstamp;
$2179.00 #btce;
$2262.50 #gemini;
$2249.68 #kraken;
$2459.88 #cex;
… || 4:00~5:00のBitcoin市場はしっかりだったみたいだね。
変化率は0.0425%
6:00までは反落になる?
直近の市場の平均Bitcoinの価格は270745.0円
【AIコメントです:テスト中@パターンB】
#bitcoin
#AI || One Bitcoin now worth $2217.32@bitstamp. High $2300.58. Low $2081.00. Market Cap $36.271 Billion #bitcoin pic.twitter.com/nrA7oc3CyP || LIVE: Profit = $5,796.35 (1.50 %). BUY B171.17 @ $2,260.00 (#Bitfinex). SELL @ $2,275.06 (#Bi...
|
2175.47, 2286.41, 2407.88, 2488.55, 2515.35, 2511.81, 2686.81, 2863.20, 2732.16, 2805.62
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 420.79, 437.16, 438.80, 437.75, 420.74, 424.95, 424.54, 432.15, 432.52, 433.50, 437.70, 435.12, 423.99, 421.65, 410.94, 400.57, 407.71, 414.32, 413.97, 414.86, 417.13, 421.69, 411.62, 414.07, 416.44, 416.83, 417.01, 420.62, 409.55, 410.44, 413.76, 413.31, 418.09, 418.04, 416.39, 417.18, 417.95, 426.77, 424.23, 416.52, 414.82, 416.73, 417.96, 420.87, 420.90, 421.44, 424.03, 423.41, 422.74, 420.35, 419.41, 421.56, 422.48, 425.19, 423.73, 424.28, 429.71, 430.57, 427.40, 428.59, 435.51, 441.39, 449.42, 445.74, 450.28, 458.55, 461.43, 466.09, 444.69, 449.01, 455.10, 448.32, 451.88, 444.67, 450.30, 446.72, 447.98, 459.60, 458.54, 458.55, 460.48, 450.89, 452.73, 454.77, 455.67, 455.67, 457.57, 454.16, 453.78, 454.62.
|
[Bitcoin Technical Analysis for 2016-05-18]
Volume: 86850096, RSI (14-day): 54.86, 50-day EMA: 443.10, 200-day EMA: 400.53
[Wider Market Context]
Gold Price: 1273.70, Gold RSI: 54.75
Oil Price: 48.19, Oil RSI: 68.29
[Recent News (last 7 days)]
Coin Citadel to Acquire over $700,000 in Bitcoins: LOS ANGELES, CA / ACCESSWIRE / May 16, 2016 /Coin Citadel (CCTL), a holding company, is closing in on acquiring over $750,000 in Bitcoins. We are diligently working on finalizing a transaction for 1,675 Bitcoins which will bring our Bitcoin assets up to 2,251 Bitcoins and closer to a value of one million dollars USD. This will be a Non-dilutive preferred stock transaction. We are extremely excited to be in the Bitcoin Industry. We feel we are in the right place at the right time. We plan to announce more details of this transaction, as well as two additional asset acquisitions, later this week.
New CEO James Pulver stated, "As I said in our last press release, my job is to add value to the company, and to take advantage of opportunities like this. The more prudent acquisitions we make, and assets we have, the more valuable our company will be. With this Bitcoin asset, we will have over $1 million dollars in Bitcoins to complement our new upcoming acquisitions. With everything falling into place we feel we are moving forward in the right direction."
We would also like to update shareholders, as well as working on getting the company back to a current status on OTCmarkets.com. We want to open other lines of communication with shareholders, through social media such as Twitter, and Facebook.
Please be on the lookout for news, filings, and other updates coming shortly.
Forward-Looking Statement:Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. The company disclaims any obligation to update information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.
Contact:
James Pulver, CEO
SOURCE:Coin Citadel || Coin Citadel to Acquire over $700,000 in Bitcoins: LOS ANGELES, CA / ACCESSWIRE / May 16, 2016 / Coin Citadel ( CCTL ), a holding company, is closing in on acquiring over $750,000 in Bitcoins. We are diligently working on finalizing a transaction for 1,675 Bitcoins which will bring our Bitcoin assets up to 2,251 Bitcoins and closer to a value of one million dollars USD. This will be a Non-dilutive preferred stock transaction. We are extremely excited to be in the Bitcoin Industry. We feel we are in the right place at the right time. We plan to announce more details of this transaction, as well as two additional asset acquisitions, later this week. New CEO James Pulver stated, "As I said in our last press release, my job is to add value to the company, and to take advantage of opportunities like this. The more prudent acquisitions we make, and assets we have, the more valuable our company will be. With this Bitcoin asset, we will have over $1 million dollars in Bitcoins to complement our new upcoming acquisitions. With everything falling into place we feel we are moving forward in the right direction." We would also like to update shareholders, as well as working on getting the company back to a current status on OTCmarkets.com. We want to open other lines of communication with shareholders, through social media such as Twitter, and Facebook. Please be on the lookout for news, filings, and other updates coming shortly. Forward-Looking Statement: Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. The company disclaims any obligation to update information contained in any forward-looking statement. This press release shall not be deemed a general solicitation. Story continues Contact: James Pulver, CEO SOURCE: Coin Citadel || Coin Citadel to Acquire over $700,000 in Bitcoins: LOS ANGELES, CA / ACCESSWIRE / May 16, 2016 /Coin Citadel (CCTL), a holding company, is closing in on acquiring over $750,000 in Bitcoins. We are diligently working on finalizing a transaction for 1,675 Bitcoins which will bring our Bitcoin assets up to 2,251 Bitcoins and closer to a value of one million dollars USD. This will be a Non-dilutive preferred stock transaction. We are extremely excited to be in the Bitcoin Industry. We feel we are in the right place at the right time. We plan to announce more details of this transaction, as well as two additional asset acquisitions, later this week.
New CEO James Pulver stated, "As I said in our last press release, my job is to add value to the company, and to take advantage of opportunities like this. The more prudent acquisitions we make, and assets we have, the more valuable our company will be. With this Bitcoin asset, we will have over $1 million dollars in Bitcoins to complement our new upcoming acquisitions. With everything falling into place we feel we are moving forward in the right direction."
We would also like to update shareholders, as well as working on getting the company back to a current status on OTCmarkets.com. We want to open other lines of communication with shareholders, through social media such as Twitter, and Facebook.
Please be on the lookout for news, filings, and other updates coming shortly.
Forward-Looking Statement:Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. The company disclaims any obligation to update information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.
Contact:
James Pulver, CEO
SOURCE:Coin Citadel || What to do if hackers hold your computer hostage and demand cash: You’re sitting at your computer when you get an email from your local bank saying you were just hit with a charge for a new $1,200 MacBook that you never bought. You click the email and follow the embedded link or download the included receipt to find out what’s up.
Just like that, your computer has been infected with ransomware. You can’t access your files, and all you can see is a timer counting down the time until hackers delete your computer’s drive unless you pay them a fee in iTunes gift cards.
All you can do is scratch your head and wonder what the hell just happened. Well, I’m here to explain that to you — and to help you fight back against ransomware criminals.
The most important thing to remember is this: Never, ever pay the ransom.
Let’s start with the basics. A particularly nefarious form of malware, ransomware is a piece of software criminals use to lock you out of your computer by encrypting its files and holding them for ransom for a specific dollar amount.
If you don’t pay up, you can potentially say goodbye to your photos, tax documents, pay stubs, and any other documents you’ve saved throughout the years.
This isn’t some idle threat, either. If you don’t pay, your documents will disappear or simply stay locked up until you completely reformat your system.
Ransomware programs sometimes require you to pay in Bitcoin, an anonymous currency that can’t be tracked.
However, criminals have increasingly begun demanding payment in the form of iTunes or Amazon gift cards, since the average person doesn’t know how to use Bitcoin, according to Gary Davis, chief consumer security evangelist at Intel Security.
The amount you have to pay to unlock your computer can vary, with some experts saying criminals will ask for up to $500.
To be clear, ransomware doesn’t just target Windows PCs. The malware has been known to impact systems ranging from Android phones and tablets to Linux-based computers and Macs.
According to Davis, ransomware was actually popular among cybercriminals over a decade ago. But it was far easier to catch the perpetrators back then since anonymous currency like Bitcoin didn’t exist yet. Bitcoin helped changed all that by making it nearly impossible to track criminals based on how victims pay them.
There are multiple types of ransomware out there, according to Chester Wisniewski, a senior security advisor with the computer security company Sophos. Each variation is tied to seven or eight criminal organizations.
Those groups build the software and then sell it on the black market, where other criminals purchase it and then begin using it for their own gains.
Ransomware doesn’t just pop up on your computer by magic. You actually have to download it. And while you could swear up and down that you’d never be tricked into downloading malware, cybercriminals get plenty of people to do just that.
Here’s the thing: That email you opened to get ransomware on your computer in the first place was specifically written to get you to believe it was real. That’s because criminals use social engineering to craft their messages.
For example, hackers can determine your location and send emails that look like they’re from companies based in your country.
“Criminals are looking are looking up information about where you live, so you’ll click (emails),” Wisniewski explained to Yahoo Finance. “So if you’re in America, you’ll see something from Citi Bank, rather than Deutsche Bank, which is in Germany.”
Cybercriminals can also target ransomware messages to the time of year. So if it’s the holiday shopping season, criminals might send out messages supposedly from companies like the US Postal Service, FedEx or DHL. If it’s tax time, you could receive a message that says it’s from the IRS.
Other ransomware messages might claim the FBI has targeted you for using illegal software or viewing child pornography on your computer. Then, the message will tell you to click a link to a site to pay a fine — only to lock up your computer after you click.
It’s not just email, though. An attack known as a drive-by can get you if you simply visit certain websites. That’s because criminals have the ability to inject their malware into ads or links on poorly secured sites. When you go to such a site, you’ll download the ransomware. Just like that, you’re locked out of your computer.
Ransomware attacks vulnerabilities in outdated versions of software. So, believe it or not, the best way to protect yourself is to constantly update your operating system’s software and apps like Adobe Reader. That means you should always click that little “update” notification on your desktop, phone, or tablet. Don’t put it off.
Beyond that, you should always remember to back up your files. You can either do that by backing them up to a cloud service like Amazon Cloud, Google Drive or iCloud, or by backing up to an external drive.
That said, you’ll want to be careful with how you back up your content. That’s because, according to Kaspersky Lab’s Ryan Naraine, some ransomware can infect your backups.
Naraine warns against staying logged into your cloud service all the time, as some forms of malware can lock you out of even them. What’s more, if you’re backing up to an external hard drive, you’ll want to disconnect it from your PC when you’re finished, or the ransomware could lock that, as well.
Naraine also says you should disconnect your computer from the internet if you see your system being actively encrypted. Doing so, he explains, could prevent all of your files that have yet to be encrypted from being locked.
Above all, every expert I spoke with recommended installing some form of anti-virus software and some kind of web browser filtering. With both types of software installed, your system up to date, and a backup available, you should be well-protected.
Oh, and for the love of god, avoid downloading any suspicious files or visiting sketchy websites.
Even if you follow all of the above steps, ransomware could still infect your computer or mobile device. If that’s the case, you have only a few options.
The first and easiest choice is to delete your computer or mobile device and reinstall your operating system. You’ll lose everything, but you won’t have to pay some criminal who’s holding your files hostage.
Some security software makers also sell programs that can decrypt your files. That said, by purchasing one, you’re betting that it will work on the ransomware on your computer, which isn’t always the case. On top of that, ransomware makers can update their malware to beat security software makers’ offerings.
All of the experts agree that the average person should never pay the ransom — even if it means losing their files. Doing so, they say, helps perpetuate a criminal act and emboldens ransomware makers.
Even if you do pay up, the ransomware could have left some other form of malware on your computer that you might not see.
In other words: Tell the criminals to take a hike.
Email Daniel [email protected]; follow him on Twitter at@DanielHowley. || What to do if hackers hold your computer hostage and demand cash: Ransomware can ruin your computer and all of your files. You’re sitting at your computer when you get an email from your local bank saying you were just hit with a charge for a new $1,200 MacBook that you never bought. You click the email and follow the embedded link or download the included receipt to find out what’s up. Just like that, your computer has been infected with ransomware. You can’t access your files, and all you can see is a timer counting down the time until hackers delete your computer’s drive unless you pay them a fee in iTunes gift cards. All you can do is scratch your head and wonder what the hell just happened. Well, I’m here to explain that to you — and to help you fight back against ransomware criminals. The most important thing to remember is this: Never, ever pay the ransom. Ransom? Let’s start with the basics. A particularly nefarious form of malware, ransomware is a piece of software criminals use to lock you out of your computer by encrypting its files and holding them for ransom for a specific dollar amount. If you don’t pay up, you can potentially say goodbye to your photos, tax documents, pay stubs, and any other documents you’ve saved throughout the years. This isn’t some idle threat, either. If you don’t pay, your documents will disappear or simply stay locked up until you completely reformat your system. Ransomware programs sometimes require you to pay in Bitcoin, an anonymous currency that can’t be tracked. However, criminals have increasingly begun demanding payment in the form of iTunes or Amazon gift cards, since the average person doesn’t know how to use Bitcoin, according to Gary Davis, chief consumer security evangelist at Intel Security. The amount you have to pay to unlock your computer can vary, with some experts saying criminals will ask for up to $500. To be clear, ransomware doesn’t just target Windows PCs. The malware has been known to impact systems ranging from Android phones and tablets to Linux-based computers and Macs. Where it comes from According to Davis, ransomware was actually popular among cybercriminals over a decade ago. But it was far easier to catch the perpetrators back then since anonymous currency like Bitcoin didn’t exist yet. Bitcoin helped changed all that by making it nearly impossible to track criminals based on how victims pay them. Story continues Ransomware There are multiple types of ransomware out there, according to Chester Wisniewski, a senior security advisor with the computer security company Sophos. Each variation is tied to seven or eight criminal organizations. Those groups build the software and then sell it on the black market, where other criminals purchase it and then begin using it for their own gains. How they get you Ransomware doesn’t just pop up on your computer by magic. You actually have to download it. And while you could swear up and down that you’d never be tricked into downloading malware, cybercriminals get plenty of people to do just that. Here’s the thing: That email you opened to get ransomware on your computer in the first place was specifically written to get you to believe it was real. That’s because criminals use social engineering to craft their messages. For example, hackers can determine your location and send emails that look like they’re from companies based in your country. “Criminals are looking are looking up information about where you live, so you’ll click (emails),” Wisniewski explained to Yahoo Finance. “So if you’re in America, you’ll see something from Citi Bank, rather than Deutsche Bank, which is in Germany.” Cybercriminals can also target ransomware messages to the time of year. So if it’s the holiday shopping season, criminals might send out messages supposedly from companies like the US Postal Service, FedEx or DHL. If it’s tax time, you could receive a message that says it’s from the IRS. Other ransomware messages might claim the FBI has targeted you for using illegal software or viewing child pornography on your computer. Then, the message will tell you to click a link to a site to pay a fine — only to lock up your computer after you click. It’s not just email, though. An attack known as a drive-by can get you if you simply visit certain websites. That’s because criminals have the ability to inject their malware into ads or links on poorly secured sites. When you go to such a site, you’ll download the ransomware. Just like that, you’re locked out of your computer. How to protect yourself Ransomware attacks vulnerabilities in outdated versions of software. So, believe it or not, the best way to protect yourself is to constantly update your operating system’s software and apps like Adobe Reader. That means you should always click that little “update” notification on your desktop, phone, or tablet. Don’t put it off. Beyond that, you should always remember to back up your files. You can either do that by backing them up to a cloud service like Amazon Cloud, Google Drive or iCloud, or by backing up to an external drive. That said, you’ll want to be careful with how you back up your content. That’s because, according to Kaspersky Lab’s Ryan Naraine, some ransomware can infect your backups. A fake warning used by ransomware criminals. Naraine warns against staying logged into your cloud service all the time, as some forms of malware can lock you out of even them. What’s more, if you’re backing up to an external hard drive, you’ll want to disconnect it from your PC when you’re finished, or the ransomware could lock that, as well. Naraine also says you should disconnect your computer from the internet if you see your system being actively encrypted. Doing so, he explains, could prevent all of your files that have yet to be encrypted from being locked. Above all, every expert I spoke with recommended installing some form of anti-virus software and some kind of web browser filtering. With both types of software installed, your system up to date, and a backup available, you should be well-protected. Oh, and for the love of god, avoid downloading any suspicious files or visiting sketchy websites. What to do if you’re infected Even if you follow all of the above steps, ransomware could still infect your computer or mobile device. If that’s the case, you have only a few options. The first and easiest choice is to delete your computer or mobile device and reinstall your operating system. You’ll lose everything, but you won’t have to pay some criminal who’s holding your files hostage. Some security software makers also sell programs that can decrypt your files. That said, by purchasing one, you’re betting that it will work on the ransomware on your computer, which isn’t always the case. On top of that, ransomware makers can update their malware to beat security software makers’ offerings. All of the experts agree that the average person should never pay the ransom — even if it means losing their files. Doing so, they say, helps perpetuate a criminal act and emboldens ransomware makers. Even if you do pay up, the ransomware could have left some other form of malware on your computer that you might not see. In other words: Tell the criminals to take a hike. Email Daniel at [email protected] ; follow him on Twitter at @DanielHowley . || Fintech could be bigger than ATMs, PayPal, and Bitcoin combined: This is a complimentary article from BI Intelligence, Business Insider's premium subscription service for business professionals.For more information about everything BI Intelligence has to offer, click here to learn more >>
We’ve entered the most profound era of change for financial services companies since the 1970s brought us index mutual funds, discount brokers and ATMs.
No firm is immune from the coming disruption and every company must have a strategy to harness the powerful advantages of the new financial technology (“fintech”) revolution.
The battle already underway will create surprising winners and stunned losers among some of the most powerful names in the financial world: The most contentious conflicts (and partnerships) will be between startups that are completely reengineering decades-old practices, traditional power players who are furiously trying to adapt with their own innovations, and total disruption of established technology & processes:
• Traditional Retail Banks vs. Online-Only Banks:Traditional retail banks provide a valuable service, but online-only banks can offer many of the same services with higher rates and lower fees
• Traditional Lenders vs. Peer-to-Peer Marketplaces: P2P lending marketplaces are growing much faster than traditional lenders—only time will tell if the banks strategy of creating their own small loan networks will be successful
• Traditional Asset Managers vs. Robo-Advisors: Robo-advisors likeBettermentoffer lower fees, lower minimums and solid returns to investors, but the much larger traditional asset managers are creating their own robo-products while providing the kind of handholding that high net worth clients are willing to pay handsomely for.
As you can see, this very fluid environment is creating winners and losers before your eyes…and it’s also creating the potential for new cost savings or growth opportunities for both you and your company.
After months of researching and reporting this important trend, Business Insider Intelligence has put together an essential briefing that explains the new landscape, identifies the ripest areas for disruption, and highlights the some of the most exciting new companies. These new players have the potential to become the next Visa, Paypal or Charles Schwab because they have the potential to transform important areas of the financial services industry like:
• Retail banking
• Lending and Financing
• Payments and Transfers
• Wealth and Asset Management
• Markets and Exchanges
• Insurance
• Blockchain Transactions
If you work in any of these sectors, it’s important for you to understand how the fintech revolution will change your business and possibly even your career. And if you’re employed in any part of the digital economy, you’ll want to know how you can exploit these new technologies to make your employer more efficient, flexible and profitable.
Among the big picture insights you’ll get from this new report, titledThe Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry:
• Why financial technology is so disruptive to financial services—it will soon change the nature of almost every financial activity, from banking to payments to wealth management.
• The basic conflict will be between old firms and new—startups are re-imagining financial services processes from top to bottom, while incumbent financial services firms are trying to keep up with new products of their own.
• Both sides face serious obstacles—traditional banks and financial services firms are investing heavily in innovation, but leveraging their investments is difficult with so much invested in legacy systems and profit centers.
• Meanwhile, startups are struggling to navigate a rapidly-changing regulatory landscape and must scale up quickly with limited resources.
• The blockchain is a wild card that could completely overhaul financial services. Both major banks and startups around the world are exploring the technology behind the blockchain, which stores and records Bitcoin transactions. This technology could lower the cost of many financial activities to near-zero and could wipe away many traditional banking activities completely.
This exclusive report also:
• Explains the main growth drivers of the exploding fintech ecosystem.
• Frames the challenges and opportunities faced by incumbents and startups.
• Breaks down global and regionalfintech investments, including which regions are the most significant and which are poised for the highest growth.
• Reveals which two financial services are garnering the most investment, and are therefore likely to be transformed first and fastest by fintech
• Explains why blockchain technology is critically important to banks and startups, and assesses which players stand to gain the most from it.
• Explores the financial sectors facing disruption and breaks them down in terms of investments, vulnerabilities and growth opportunities.
• And much more.
The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industryis how you get the full story on the fintech revolution.
To get your copy of this invaluable guide to the fintech revolution, choose one of these options:
1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >>START A MEMBERSHIP
2. Purchase the report and download it immediately from our research store. >>BUY THE REPORT
The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the fast-moving world of financial technology.
More From Business Insider
• Microsoft brings IoT to the Edge
• Microsoft is launching an Echo competitor
• Domestic smartphone brands continue to outshine Apple in China || Fintech could be bigger than ATMs, PayPal, and Bitcoin combined: This is a complimentary article from BI Intelligence, Business Insider's premium subscription service for business professionals.For more information about everything BI Intelligence has to offer, click here to learn more >>
We’ve entered the most profound era of change for financial services companies since the 1970s brought us index mutual funds, discount brokers and ATMs.
No firm is immune from the coming disruption and every company must have a strategy to harness the powerful advantages of the new financial technology (“fintech”) revolution.
The battle already underway will create surprising winners and stunned losers among some of the most powerful names in the financial world: The most contentious conflicts (and partnerships) will be between startups that are completely reengineering decades-old practices, traditional power players who are furiously trying to adapt with their own innovations, and total disruption of established technology & processes:
• Traditional Retail Banks vs. Online-Only Banks:Traditional retail banks provide a valuable service, but online-only banks can offer many of the same services with higher rates and lower fees
• Traditional Lenders vs. Peer-to-Peer Marketplaces: P2P lending marketplaces are growing much faster than traditional lenders—only time will tell if the banks strategy of creating their own small loan networks will be successful
• Traditional Asset Managers vs. Robo-Advisors: Robo-advisors likeBettermentoffer lower fees, lower minimums and solid returns to investors, but the much larger traditional asset managers are creating their own robo-products while providing the kind of handholding that high net worth clients are willing to pay handsomely for.
As you can see, this very fluid environment is creating winners and losers before your eyes…and it’s also creating the potential for new cost savings or growth opportunities for both you and your company.
After months of researching and reporting this important trend, Business Insider Intelligence has put together an essential briefing that explains the new landscape, identifies the ripest areas for disruption, and highlights the some of the most exciting new companies. These new players have the potential to become the next Visa, Paypal or Charles Schwab because they have the potential to transform important areas of the financial services industry like:
• Retail banking
• Lending and Financing
• Payments and Transfers
• Wealth and Asset Management
• Markets and Exchanges
• Insurance
• Blockchain Transactions
If you work in any of these sectors, it’s important for you to understand how the fintech revolution will change your business and possibly even your career. And if you’re employed in any part of the digital economy, you’ll want to know how you can exploit these new technologies to make your employer more efficient, flexible and profitable.
Among the big picture insights you’ll get from this new report, titledThe Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry:
• Why financial technology is so disruptive to financial services—it will soon change the nature of almost every financial activity, from banking to payments to wealth management.
• The basic conflict will be between old firms and new—startups are re-imagining financial services processes from top to bottom, while incumbent financial services firms are trying to keep up with new products of their own.
• Both sides face serious obstacles—traditional banks and financial services firms are investing heavily in innovation, but leveraging their investments is difficult with so much invested in legacy systems and profit centers.
• Meanwhile, startups are struggling to navigate a rapidly-changing regulatory landscape and must scale up quickly with limited resources.
• The blockchain is a wild card that could completely overhaul financial services. Both major banks and startups around the world are exploring the technology behind the blockchain, which stores and records Bitcoin transactions. This technology could lower the cost of many financial activities to near-zero and could wipe away many traditional banking activities completely.
This exclusive report also:
• Explains the main growth drivers of the exploding fintech ecosystem.
• Frames the challenges and opportunities faced by incumbents and startups.
• Breaks down global and regionalfintech investments, including which regions are the most significant and which are poised for the highest growth.
• Reveals which two financial services are garnering the most investment, and are therefore likely to be transformed first and fastest by fintech
• Explains why blockchain technology is critically important to banks and startups, and assesses which players stand to gain the most from it.
• Explores the financial sectors facing disruption and breaks them down in terms of investments, vulnerabilities and growth opportunities.
• And much more.
The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industryis how you get the full story on the fintech revolution.
To get your copy of this invaluable guide to the fintech revolution, choose one of these options:
1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >>START A MEMBERSHIP
2. Purchase the report and download it immediately from our research store. >>BUY THE REPORT
The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the fast-moving world of financial technology.
More From Business Insider
• Microsoft brings IoT to the Edge
• Microsoft is launching an Echo competitor
• Domestic smartphone brands continue to outshine Apple in China || Fintech could be bigger than ATMs, PayPal, and Bitcoin combined: This is a complimentary article from BI Intelligence, Business Insider's premium subscription service for business professionals. For more information about everything BI Intelligence has to offer, click here to learn more >> We’ve entered the most profound era of change for financial services companies since the 1970s brought us index mutual funds, discount brokers and ATMs. No firm is immune from the coming disruption and every company must have a strategy to harness the powerful advantages of the new financial technology (“fintech”) revolution. The battle already underway will create surprising winners and stunned losers among some of the most powerful names in the financial world: The most contentious conflicts (and partnerships) will be between startups that are completely reengineering decades-old practices, traditional power players who are furiously trying to adapt with their own innovations, and total disruption of established technology & processes: Traditional Retail Banks vs. Online-Only Banks: Traditional retail banks provide a valuable service, but online-only banks can offer many of the same services with higher rates and lower fees Traditional Lenders vs. Peer-to-Peer Marketplaces : P2P lending marketplaces are growing much faster than traditional lenders—only time will tell if the banks strategy of creating their own small loan networks will be successful Traditional Asset Managers vs. Robo-Advisors : Robo-advisors like Betterment offer lower fees, lower minimums and solid returns to investors, but the much larger traditional asset managers are creating their own robo-products while providing the kind of handholding that high net worth clients are willing to pay handsomely for. As you can see, this very fluid environment is creating winners and losers before your eyes…and it’s also creating the potential for new cost savings or growth opportunities for both you and your company. After months of researching and reporting this important trend, Business Insider Intelligence has put together an essential briefing that explains the new landscape, identifies the ripest areas for disruption, and highlights the some of the most exciting new companies. These new players have the potential to become the next Visa, Paypal or Charles Schwab because they have the potential to transform important areas of the financial services industry like: Story continues Retail banking Lending and Financing Payments and Transfers Wealth and Asset Management Markets and Exchanges Insurance Blockchain Transactions If you work in any of these sectors, it’s important for you to understand how the fintech revolution will change your business and possibly even your career. And if you’re employed in any part of the digital economy, you’ll want to know how you can exploit these new technologies to make your employer more efficient, flexible and profitable. Among the big picture insights you’ll get from this new report, titled The Fintech Ecosystem Report : Measuring the effects of technology on the entire financial services industry : Why financial technology is so disruptive to financial services—it will soon change the nature of almost every financial activity, from banking to payments to wealth management. The basic conflict will be between old firms and new—startups are re-imagining financial services processes from top to bottom, while incumbent financial services firms are trying to keep up with new products of their own. Both sides face serious obstacles—traditional banks and financial services firms are investing heavily in innovation, but leveraging their investments is difficult with so much invested in legacy systems and profit centers. Meanwhile, startups are struggling to navigate a rapidly-changing regulatory landscape and must scale up quickly with limited resources. The blockchain is a wild card that could completely overhaul financial services. Both major banks and startups around the world are exploring the technology behind the blockchain, which stores and records Bitcoin transactions. This technology could lower the cost of many financial activities to near-zero and could wipe away many traditional banking activities completely. This exclusive report also: Explains the main growth drivers of the exploding fintech ecosystem. Frames the challenges and opportunities faced by incumbents and startups. Breaks down global and regional fintech investments , including which regions are the most significant and which are poised for the highest growth. Reveals which two financial services are garnering the most investment, and are therefore likely to be transformed first and fastest by fintech Explains why blockchain technology is critically important to banks and startups, and assesses which players stand to gain the most from it. Explores the financial sectors facing disruption and breaks them down in terms of investments, vulnerabilities and growth opportunities. And much more. The Fintech Ecosystem Report : Measuring the effects of technology on the entire financial services industry is how you get the full story on the fintech revolution. To get your copy of this invaluable guide to the fintech revolution, choose one of these options: Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP Purchase the report and download it immediately from our research store. >> BUY THE REPORT The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the fast-moving world of financial technology. More From Business Insider Microsoft brings IoT to the Edge Microsoft is launching an Echo competitor Domestic smartphone brands continue to outshine Apple in China || Here's why 21 is the most exciting bitcoin company right now: Before 21 Inc. had even put out a product,it had raised $121 million in venture funding—the most of any bitcoin company. It was unclear, for months, what 21 would actually do or make. But some of the biggest names in fintech funding, including Andreessen Horowitz, Khosla Ventures, and the Winklevoss brothers, were interested enough to invest.
Then things started to move very quickly. In February, 21 released its first product—and it was hardware, a rarity among bitcoin companies. It was the 21 bitcoin computer, which allows for mining the cryptocurrency as well as building applications on top of the bitcoinblockchain, the open-source, decentralized ledger that underlies bitcoin.
The computer, which runs on Raspberry Pi (a small, single-board programming computer launched in 2012), sells for $400 and is about the length of an iPhone. It attracted a lot of buzz and attention in the bitcoin world.
Last week,at the bitcoin conference Consensus, 21 CEO Balaji Srinivasan, a partner at Andreessen Horowitz, moved the company’s purview forward again. He announced that the 21 software can now be installed on any Mac or Linux-compatible system (Windows is coming soon), and eventually will come to mobile phones. “Every computer is now a bitcoin computer,” he said.
And this is why 21 is arguably the single most exciting bitcoin company right now.
Most people on Wall Street, as well as regular, everyday investors (and Yahoo Finance readers like you) still don’t quite understand what bitcoin is, or why it matters. Many think it’s a scam or some kind of illegal tool for hackers. (The negative publicity around stories like the Silk Road trial didn’t help.) Srinivasan’s argument is: You don’t need to know what it is or how it works for it to be important to your digital life. He explains it this way to a layperson: “I ask people, ‘Do you use Linux?’ They’ll probably say no. But if you’re using Google.com, or Facebook.com, or Yahoo.com, you actually are using Linux, even if you don’t know it. So Linux is there, everywhere, it’s just behind the scenes, and it just sounds very technical because it solves problems for developers. And I think it’s going to be the same thing with bitcoin.”
Srinivasan frames bitcoin as the next major “system resource” in computing, something that will be a key component in every computer, just like a hard drive, RAM, and bandwidth. Bitcoin, he says, can be the resource that computers trade with other computers (without you having to worry about it), creating a “machine economy.” Once a computer can send a small amount of money as part of its operating system, “it can effectively rent or sell resources to other computers,” Srinivasan says. That was the idea behind the bitcoin computer: “If you had 500 of these things, what could they do together?”
So, whatcanthey do together?
For starters, you could earn a small amount of money (yes, in bitcoin, but a wide range of platforms now existfor quickly converting bitcoin to U.S. dollars, if that’s what you’d prefer) every time you visit a certain URL. On stage at Consensus,Srinivasan described it thusly: "Every time you load a webpage is a HTTP request. That’s a lot of HTTP requests. If you are earning bitcoin on every HTTP request, that could be a lot of earned bitcoins."
This could get exciting for media companies, in particular, with paywalls. For years, print newspapers and magazines have struggled with how to charge readers for access to their content online. Paywalls have only been successful for a select few publications, mostly because of the friction created by the moment when you, a reader in a hurry, have to enter your credit card information.
In the future that 21 envisions, your computer could cough up a small fee on its own every time you visit a publication's web site, or even every time you want to read a single article. If this process could become truly seamless, it would have major implications for digital journalism as an alternate revenue stream from selling digital ads, which has severe flaws.
But this doesn’t just apply to journalism. It's much, much bigger than that. On the machine web, where computers can accept and send small amounts of money instantly, there would no longer be a need to ever enter your credit card information online. The concept would improve the experience of shopping at Amazon or any other e-tailer, or sending a donation to a Kickstarter campaign, or any instance when you need to send money online.
This, after all, has been the value proposition of bitcoin’s rails since its inception—cutting down on the usual transfer fees, delays, and general friction you face when sending money through banks. And 21's vision should be exciting to everyone, not just developers who understand bitcoin, or speculators who have bought bitcoin as an investment. It should be exciting to anyone who has ever sat at their computer, aggravated and impatient, filling out a credit card form online.
“One way of thinking about it is, the 21 software makes bitcoin a part of your operating system,” Srinivasan says. “Over time, what we think that will do is increase demand for bitcoin as a resource.”
Of course, the rah-rah-bitcoin train has slowed recently, on the whole, asbanks and big financial institutions have gone gaga over blockchainwithout bitcoin. But along with a handful ofother companies that are doubling down on the cryptocurrency, like Coinbase, Srinivasan and 21 are betting that it’s still the digital coin that will prove to be the major innovation—not closed, permissioned blockchains.
Big business will eventually come around to bitcoin, Srinivasan insists. He compares it to online dating, which once had something of a stigma around it that, today, has all but disappeared. “It was like, it’s for nerds, it’s for nerds, it’s for nerds,” he says, “and then suddenly, oh, here’s Tinder, and now it’s totally flipped and normal and you’d be crazy not to date that way.”
For now, to most of the mainstream economy, it’s still the bitcoin believers who look like the crazy ones. Srinivasan is just fine with that.
Check back with Yahoo Finance later this summer, when we will test out what the 21 bitcoin computer can do in a follow-up story and video.
--
Daniel Roberts is a writer at Yahoo Finance, covering technology and sports business. Follow him on Twitter at@readDanwrite.
Read more:
Coinbase is more bullish on bitcoin than ever
How Circle aims to use blockchain to win the payment-app war
How big banks are paying lip service to the blockchain
Bitcoin's biggest investor just bought its biggest news site || Here's why 21 is the most exciting bitcoin company right now: Before 21 Inc. had even put out a product, it had raised $121 million in venture funding —the most of any bitcoin company. It was unclear, for months, what 21 would actually do or make. But some of the biggest names in fintech funding, including Andreessen Horowitz, Khosla Ventures, and the Winklevoss brothers, were interested enough to invest. Then things started to move very quickly. In February, 21 released its first product—and it was hardware, a rarity among bitcoin companies. It was the 21 bitcoin computer, which allows for mining the cryptocurrency as well as building applications on top of the bitcoin blockchain, the open-source, decentralized ledger that underlies bitcoin . The computer, which runs on Raspberry Pi (a small, single-board programming computer launched in 2012), sells for $400 and is about the length of an iPhone. It attracted a lot of buzz and attention in the bitcoin world. The 21.co bitcoin computer Last week, at the bitcoin conference Consensus , 21 CEO Balaji Srinivasan, a partner at Andreessen Horowitz, moved the company’s purview forward again. He announced that the 21 software can now be installed on any Mac or Linux-compatible system (Windows is coming soon), and eventually will come to mobile phones. “Every computer is now a bitcoin computer,” he said. And this is why 21 is arguably the single most exciting bitcoin company right now. Most people on Wall Street, as well as regular, everyday investors (and Yahoo Finance readers like you) still don’t quite understand what bitcoin is, or why it matters. Many think it’s a scam or some kind of illegal tool for hackers. (The negative publicity around stories like the Silk Road trial didn’t help.) Srinivasan’s argument is: You don’t need to know what it is or how it works for it to be important to your digital life. He explains it this way to a layperson: “I ask people, ‘Do you use Linux?’ They’ll probably say no. But if you’re using Google.com, or Facebook.com, or Yahoo.com, you actually are using Linux, even if you don’t know it. So Linux is there, everywhere, it’s just behind the scenes, and it just sounds very technical because it solves problems for developers. And I think it’s going to be the same thing with bitcoin.” Story continues Srinivasan frames bitcoin as the next major “system resource” in computing, something that will be a key component in every computer, just like a hard drive, RAM, and bandwidth. Bitcoin, he says, can be the resource that computers trade with other computers (without you having to worry about it), creating a “machine economy.” Once a computer can send a small amount of money as part of its operating system, “it can effectively rent or sell resources to other computers,” Srinivasan says. That was the idea behind the bitcoin computer: “If you had 500 of these things, what could they do together?” So, what can they do together? For starters, you could earn a small amount of money (yes, in bitcoin, but a wide range of platforms now exist for quickly converting bitcoin to U.S. dollars , if that’s what you’d prefer) every time you visit a certain URL. On stage at Consensus, Srinivasan described it thusly : "Every time you load a webpage is a HTTP request. That’s a lot of HTTP requests. If you are earning bitcoin on every HTTP request, that could be a lot of earned bitcoins." This could get exciting for media companies, in particular, with paywalls. For years, print newspapers and magazines have struggled with how to charge readers for access to their content online. Paywalls have only been successful for a select few publications, mostly because of the friction created by the moment when you, a reader in a hurry, have to enter your credit card information. In the future that 21 envisions, your computer could cough up a small fee on its own every time you visit a publication's web site, or even every time you want to read a single article. If this process could become truly seamless, it would have major implications for digital journalism as an alternate revenue stream from selling digital ads, which has severe flaws. But this doesn’t just apply to journalism. It's much, much bigger than that. On the machine web, where computers can accept and send small amounts of money instantly, there would no longer be a need to ever enter your credit card information online. The concept would improve the experience of shopping at Amazon or any other e-tailer, or sending a donation to a Kickstarter campaign, or any instance when you need to send money online. This, after all, has been the value proposition of bitcoin’s rails since its inception—cutting down on the usual transfer fees, delays, and general friction you face when sending money through banks. And 21's vision should be exciting to everyone, not just developers who understand bitcoin, or speculators who have bought bitcoin as an investment. It should be exciting to anyone who has ever sat at their computer, aggravated and impatient, filling out a credit card form online. “One way of thinking about it is, the 21 software makes bitcoin a part of your operating system,” Srinivasan says. “Over time, what we think that will do is increase demand for bitcoin as a resource.” Of course, the rah-rah-bitcoin train has slowed recently, on the whole, as banks and big financial institutions have gone gaga over blockchain without bitcoin. But along with a handful of other companies that are doubling down on the cryptocurrency, like Coinbase , Srinivasan and 21 are betting that it’s still the digital coin that will prove to be the major innovation—not closed, permissioned blockchains. Big business will eventually come around to bitcoin, Srinivasan insists. He compares it to online dating, which once had something of a stigma around it that, today, has all but disappeared. “It was like, it’s for nerds, it’s for nerds, it’s for nerds,” he says, “and then suddenly, oh, here’s Tinder, and now it’s totally flipped and normal and you’d be crazy not to date that way.” For now, to most of the mainstream economy, it’s still the bitcoin believers who look like the crazy ones. Srinivasan is just fine with that. Check back with Yahoo Finance later this summer, when we will test out what the 21 bitcoin computer can do in a follow-up story and video. -- Daniel Roberts is a writer at Yahoo Finance, covering technology and sports business. Follow him on Twitter at @readDanwrite . Read more: Coinbase is more bullish on bitcoin than ever How Circle aims to use blockchain to win the payment-app war How big banks are paying lip service to the blockchain Bitcoin's biggest investor just bought its biggest news site || How an early bitcoin leader is staying relevant in a blockchain frenzy: If you are interested in dipping a toe in the waters of the digital currency bitcoin, the easiest way is to buy some bitcoin, and arguably the best-known service for that is Coinbase.
The company launched four years ago today, and was one of the earliest bitcoin wallets—that is, simply, a place to buy and hold bitcoin. By being early to the craze, Coinbase became one of the most recognizable and respected brands in the bitcoin industry, it raised nearly $107 million in venture capital (by far the most raised by any bitcoin startupuntil 21 Inc. came along), and its co-founders, Brian Armstrong and Fred Ehrsam, became influential names in the business.
Lately, the narrative about the bitcoin world has shifted toblockchain, the decentralized, peer-to-peer, open-source technologythat powers bitcoin. (For an explainer, check out this video.) The idea of blockchain came about side-by-side with bitcoin in 2009, but now major banks and financial institutions are gaga over the idea of using blockchains to speed up their transaction processing—closed, private blockchains without bitcoin.
Now some of the hottest startups that started out as “bitcoin companies” have subtly edged away from bitcoin in their marketing.Bitreserve, a cloud bank that allows you to hold funds in many different currencies, changed its name to Uphold;Circle, which started as a bitcoin payment app, added the ability to deposit funds in U.S. dollars, and no longer mention bitcoin on its home page. Many bitcoin companies are focusing on blockchain and working with new partners who, in many cases, have no interest in a volatile cryptocurrency.
But Coinbase and its leaders are more bullish on bitcoin than ever.
“I think the whole narrative of blockchain without bitcoin will amount to very little,” declares Fred Ehrsam. In an interview with Yahoo Finance duringthe big bitcoin conference Consensusthis month, Ehrsam compared the current craze over blockchain to corporations that rushed to create “intranets” in the early days of the Internet—they were closed networks, accessible only to one company’s employees. And while those still exist at some companies today, most people eventually realized that they didn’t need to create private corners of the Internet, because the large, open Internet is good enough.
It is a popular comparison among bitcoin believers at the moment. Many people on the banking side of things, in visits with Yahoo Finance, have been dismissive of that dismissiveness. They see potential in blockchain technology to reduce friction in payments overseas, and maybe even speed the settlement of stock purchases.
Ehrsam’s point is that the bitcoin blockchain can already do that. A former Goldman Sachs (GS) foreign exchange trader, Ehrsam brings financial chops to bitcoin, a world which many of the most fervent supporters got into because they are anti-banking and anti-government. Ehrsam has said he aims for Coinbase to be a Goldman Sachs of cryptocurrency. Some in bitcoin would say it’s already there.
Coinbase has grown far beyond a mere bitcoin wallet: It has more than 2 million users; it is now operable in 32 countries; it recently launched the ability for U.S. customers to buy bitcoin instantly using a debit card (previously you had to link up a bank account and wait a few days, which was a nice illustration of the sluggishness of traditional banking); and most significantly, last year it launched an entirely new business: a bitcoin exchange.
Coinbase has major competition among bitcoin exchanges. Many, many exchanges have sprung up in the past two years, includingone from the Winklevoss brothers, Gemini, which last year scored regulatory approvalfrom the New York Department of Financial Services to operate as a trust, and this month got new approval to add the ability for customers to trade Ether, a much-hyped alternative digital-currency to bitcoin. Coinbase, in contrast with Gemini, did not wait for regulatory approval in New York before launching. But a report just this week from Reuters suggeststhe NYDFS is set to grant Coinbase a BitLicenseanyway, which, if true, will certainly make Coinbase look like it was smart not to wait. After a little over one year in business, Coinbase says it has the most liquid bitcoin exchange in the U.S.
Meanwhile, Ehrsam and Armstrong have become key voices in a wonky internal debate in the bitcoin world over whether to increase the block-size limit of bitcoin’s blockchain. In simplest terms, transactions are recorded on the blockchain in bundles called blocks, but the blockchain has slowed down recently under the weight of larger transactions. Some in bitcoin want to raise the limit to allow for larger blocks, while others don’t want bitcoin mining to get to a point where a personal laptop can’t handle the data. Ehrsam and Armstrong are in the former camp, and Armstronghas written publicly on the block size debate.
To be sure, many titans of Wall Street are still certain that while blockchain technology is heating up, bitcoin, the currency, is on its way to the grave. JPMorgan (JPM) CEOJamie Dimon has called bitcoin "doomed."Nonetheless, Ehrsam is laser-focused on a business plan that depends on people like Dimon being very wrong. The value of bitcoin, by the way, is up 91% in the last year.
--
Daniel Roberts is a writer at Yahoo Finance, covering technology and sports business.Follow him on Twitter at@readDanwrite.
Read more:
How big banks are paying lip service to the blockchain
Here’s how you can invest in the blockchain
Bitcoin's biggest investor just bought its biggest news site
Here's a sign that PayPal is embracing Bitcoin || How an early bitcoin leader is staying relevant in a blockchain frenzy: If you are interested in dipping a toe in the waters of the digital currency bitcoin, the easiest way is to buy some bitcoin, and arguably the best-known service for that is Coinbase. The company launched four years ago today, and was one of the earliest bitcoin walletsthat is, simply, a place to buy and hold bitcoin. By being early to the craze, Coinbase became one of the most recognizable and respected brands in the bitcoin industry, it raised nearly $107 million in venture capital (by far the most raised by any bitcoin startup until 21 Inc. came along ), and its co-founders, Brian Armstrong and Fred Ehrsam, became influential names in the business. Lately, the narrative about the bitcoin world has shifted to blockchain, the decentralized, peer-to-peer, open-source technology that powers bitcoin. ( For an explainer, check out this video .) The idea of blockchain came about side-by-side with bitcoin in 2009, but now major banks and financial institutions are gaga over the idea of using blockchains to speed up their transaction processingclosed, private blockchains without bitcoin. Now some of the hottest startups that started out as bitcoin companies have subtly edged away from bitcoin in their marketing. Bitreserve, a cloud bank that allows you to hold funds in many different currencies , changed its name to Uphold; Circle, which started as a bitcoin payment app, added the ability to deposit funds in U.S. dollars , and no longer mention bitcoin on its home page. Many bitcoin companies are focusing on blockchain and working with new partners who, in many cases, have no interest in a volatile cryptocurrency. But Coinbase and its leaders are more bullish on bitcoin than ever. I think the whole narrative of blockchain without bitcoin will amount to very little, declares Fred Ehrsam. In an interview with Yahoo Finance during the big bitcoin conference Consensus this month, Ehrsam compared the current craze over blockchain to corporations that rushed to create intranets in the early days of the Internetthey were closed networks, accessible only to one companys employees. And while those still exist at some companies today, most people eventually realized that they didnt need to create private corners of the Internet, because the large, open Internet is good enough. Story continues It is a popular comparison among bitcoin believers at the moment. Many people on the banking side of things, in visits with Yahoo Finance, have been dismissive of that dismissiveness. They see potential in blockchain technology to reduce friction in payments overseas, and maybe even speed the settlement of stock purchases. Ehrsams point is that the bitcoin blockchain can already do that. A former Goldman Sachs ( GS ) foreign exchange trader, Ehrsam brings financial chops to bitcoin, a world which many of the most fervent supporters got into because they are anti-banking and anti-government. Ehrsam has said he aims for Coinbase to be a Goldman Sachs of cryptocurrency. Some in bitcoin would say its already there. Coinbase has grown far beyond a mere bitcoin wallet: It has more than 2 million users; it is now operable in 32 countries; it recently launched the ability for U.S. customers to buy bitcoin instantly using a debit card (previously you had to link up a bank account and wait a few days, which was a nice illustration of the sluggishness of traditional banking); and most significantly, last year it launched an entirely new business: a bitcoin exchange. Coinbase has major competition among bitcoin exchanges. Many, many exchanges have sprung up in the past two years, including one from the Winklevoss brothers, Gemini, which last year scored regulatory approval from the New York Department of Financial Services to operate as a trust, and this month got new approval to add the ability for customers to trade Ether, a much-hyped alternative digital-currency to bitcoin. Coinbase, in contrast with Gemini, did not wait for regulatory approval in New York before launching. But a report just this week from Reuters suggests the NYDFS is set to grant Coinbase a BitLicense anyway, which, if true, will certainly make Coinbase look like it was smart not to wait. After a little over one year in business, Coinbase says it has the most liquid bitcoin exchange in the U.S. Meanwhile, Ehrsam and Armstrong have become key voices in a wonky internal debate in the bitcoin world over whether to increase the block-size limit of bitcoins blockchain. In simplest terms, transactions are recorded on the blockchain in bundles called blocks, but the blockchain has slowed down recently under the weight of larger transactions. Some in bitcoin want to raise the limit to allow for larger blocks, while others dont want bitcoin mining to get to a point where a personal laptop cant handle the data. Ehrsam and Armstrong are in the former camp, and Armstrong has written publicly on the block size debate . To be sure, many titans of Wall Street are still certain that while blockchain technology is heating up, bitcoin, the currency, is on its way to the grave. JPMorgan ( JPM ) CEO Jamie Dimon has called bitcoin "doomed." Nonetheless, Ehrsam is laser-focused on a business plan that depends on people like Dimon being very wrong. The value of bitcoin, by the way, is up 91% in the last year. -- Daniel Roberts is a writer at Yahoo Finance, covering technology and sports business. Follow him on Twitter at @readDanwrite . Read more: How big banks are paying lip service to the blockchain Heres how you can invest in the blockchain Bitcoin's biggest investor just bought its biggest news site Here's a sign that PayPal is embracing Bitcoin || Leon Cooperman Thinks The Hedge Fund Industry Is Under Attack: Hedge fund titan and CEO of Omega Advisors, Leon Cooperman, is concerned about the hedge fund industry's current environment. He is quoted as having warned, "The hedge-fund model is under challenge. It's under assault," according to a report on the Wall Street Journal. The report said Cooperman was even considering whether it was worth running hedge funds at all. The report recalled the March announcement from Omega Advisors that "U.S. regulators intend to recommend civil charges against the firm for alleged violations of securities law." Cooperman has denied any misconduct, saying he "would defend himself and the firm." Many investors are withdrawing money from the hedge funds, as the tepid market environment makes it tough for them to deliver desired returns that don't commensurate with the high service fees charged. Related Link: Is The Hedge Fund Industry's "Midas Touch" Dwindling? The WSJ report said hedge funds typically charge higher fees than other money managers, usually 2 percent of assets under management and 20 percent of profits. "[F]ees are too high. I'm surprised they've stayed this high for this long," the report said quoting James Chanos, a prominent manager. Meanwhile, the report added that big investors are pulling money from hedge-fund bets and investing into other non-traditional assets such as private equity, real estate, toll roads and bridges. "Others are migrating to cheaper alternatives that mimic the strategies of hedge funds but at significantly lower cost," the report highlighted. "Total global hedge fund capital declined to $2.86 trillion in the first quarter, including investor outflows of $15.1 billion marking not only the largest quarterly outflow since the second quarter of 2009, but also the first consecutive quarters of outflows since 2009," according to a press release from Hedge Fund Research. See more from Benzinga Richmond Fed Describes Its Role In Designing New Bill Can Bitcoin Resolve Central Bank Woes? Feel The Bern Burn? Analyst Says Sanders Presidency Would Add Trillion To National Deficit © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Leon Cooperman Thinks The Hedge Fund Industry Is Under Attack: Hedge fund titan and CEO of Omega Advisors, Leon Cooperman, is concerned about the hedge fund industry's current environment. He is quoted as having warned, "The hedge-fund model is under challenge. It's under assault," according to a report onthe Wall Street Journal.
The report said Cooperman was even considering whether it was worth running hedge funds at all. The report recalled the March announcement from Omega Advisors that "U.S. regulators intend to recommend civil charges against the firm for alleged violations of securities law."
Cooperman has denied any misconduct, saying he "would defend himself and the firm."
Many investors are withdrawing money from the hedge funds, as the tepid market environment makes it tough for them to deliver desired returns that don't commensurate with the high service fees charged.
Related Link:Is The Hedge Fund Industry's "Midas Touch" Dwindling?
The WSJ report said hedge funds typically charge higher fees than other money managers, usually 2 percent of assets under management and 20 percent of profits.
"[F]ees are too high. I'm surprised they've stayed this high for this long," the report said quoting James Chanos, a prominent manager.
Meanwhile, the report added that big investors are pulling money from hedge-fund bets and investing into other non-traditional assets such as private equity, real estate, toll roads and bridges.
"Others are migrating to cheaper alternatives that mimic the strategies of hedge funds but at significantly lower cost," the report highlighted.
"Total global hedge fund capital declined to $2.86 trillion in the first quarter, including investor outflows of $15.1 billion marking not only the largest quarterly outflow since the second quarter of 2009, but also the first consecutive quarters of outflows since 2009," according to apress releasefrom Hedge Fund Research.
See more from Benzinga
• Richmond Fed Describes Its Role In Designing New Bill
• Can Bitcoin Resolve Central Bank Woes?
• Feel The Bern Burn? Analyst Says Sanders Presidency Would Add Trillion To National Deficit
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Disney, Apple may not stop the bleeding: Traders: Dow(Dow Jones Global Indexes: .DJI)titans Walt Disney(NYSE: DIS)and Apple(NASDAQ: AAPL)have lost momentum recently, and "Fast Money" traders debated whether their stocks had any pop left.
Disney shares slid 4 percent Wednesday after the media giantmissed estimates for quarterly profit and sales. Apple, meanwhile, has shed 12 percent of its value this year, partly afterdisappointing earnings and guidance.
Traders discussed the stocks' merit.
Disney
Trader Guy Adami said he would not sell Disney, yet. Trader Karen Finerman added she does not "like the Disney risk-reward here," citing uncertainty about its ESPN sports network and who will succeed CEO Bob Iger when his contract expires in 2018.
Apple
Apple has struggled lately, and concerns about sales of its flagship iPhone have weighed on shares. The stock has fallen nearly 27 percent in the last year.
"Why not short it here?" Adami asked.
Trader Tim Seymour, though, said he bought Apple shares last week amid weakness. He highlighted the company's services revenue as a "small but bright spot."
Finerman added she preferred both Facebook(NASDAQ: FB)and Alphabet(NASDAQ: GOOGL)to either stock. She owns shares of both technology companies.
Disclosures:
Guy Adami
Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck.
Karen Finerman
Karen is long BAC, C, DRII, DRII calls, FB, FL, GOOG, GOOGL, JPM, LYV, KORS, M, MA, SEDG, SPY puts, URI. Her firm is long ANTM, AAPL, BAC, C, C calls, DRII, DRII calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, PLCE, SPY puts, URI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International.
Brian Kelly
Brian Kelly is long BBRY, Bitcoin, GLD, US Dollar; he is short Australian Dollar, BLK, CS, DB, Euro, EWA, EWH, FRC, Hong Kong Dollar, UBS, Yuan, 5-Year Note Futures
Tim Seymour
Tim Seymour is long AAPL, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, GLNCY, INTC, LQD, MCD, MPEL, NKE, RACE, RAI, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. Tim's firm is long BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM, WYNN
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Disney, Apple may not stop the bleeding: Traders: Dow (Dow Jones Global Indexes: .DJI) titans Walt Disney (NYSE: DIS) and Apple (NASDAQ: AAPL) have lost momentum recently, and "Fast Money" traders debated whether their stocks had any pop left. Disney shares slid 4 percent Wednesday after the media giant missed estimates for quarterly profit and sales . Apple, meanwhile, has shed 12 percent of its value this year, partly after disappointing earnings and guidance . Traders discussed the stocks' merit. Disney Trader Guy Adami said he would not sell Disney, yet. Trader Karen Finerman added she does not "like the Disney risk-reward here," citing uncertainty about its ESPN sports network and who will succeed CEO Bob Iger when his contract expires in 2018. Apple Apple has struggled lately, and concerns about sales of its flagship iPhone have weighed on shares. The stock has fallen nearly 27 percent in the last year. "Why not short it here?" Adami asked. Trader Tim Seymour, though, said he bought Apple shares last week amid weakness. He highlighted the company's services revenue as a "small but bright spot." Finerman added she preferred both Facebook (NASDAQ: FB) and Alphabet (NASDAQ: GOOGL) to either stock. She owns shares of both technology companies. Disclosures: Guy Adami Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. Karen Finerman Karen is long BAC, C, DRII, DRII calls, FB, FL, GOOG, GOOGL, JPM, LYV, KORS, M, MA, SEDG, SPY puts, URI. Her firm is long ANTM, AAPL, BAC, C, C calls, DRII, DRII calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, PLCE, SPY puts, URI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International. Brian Kelly Brian Kelly is long BBRY, Bitcoin, GLD, US Dollar; he is short Australian Dollar, BLK, CS, DB, Euro, EWA, EWH, FRC, Hong Kong Dollar, UBS, Yuan, 5-Year Note Futures Tim Seymour Tim Seymour is long AAPL, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, GLNCY, INTC, LQD, MCD, MPEL, NKE, RACE, RAI, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. Tim's firm is long BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM, WYNN More From CNBC Top News and Analysis Latest News Video Personal Finance || Billionaire VC Tim Draper wants 9 months and $40,000 to turn you into the next Steve Jobs, starting with military survival training: (Business Insider)Tim Draper.
If you are between 18 and 28, famous billionaire venture capitalist Tim Draper has a plan to turn you into the "next Steve Jobs."
That's why he launched aschool for young, would-beentrepreneurscalled Draper University of Heroes, he tells Business Insider, which he turned into a reality TV show last year.
The show, "Startup U," failed to attract an audience, wasdropped from prime time, and there'sno word yetif ABC will renew it or not.
But even if students won't appear on TV, Draper has a new plan for the school. He just added a new nine-month program to the curriculum, starting in the fall, which he views as an alternative to a master's degree.
This is in addition to the school's classic two months of "hero training" offered since it launched three years ago.
There's a reason he calls it hero training. Before you can become the next Steve Jobs, you have to learn to be tough. Navy SEAL tough.
Hero training includes "four days of survival training with military teams. We have Navy SEAL special forces and Army Rangers that take them to real survival training," Draper says.
(Athit Perawongmetha/REUTERS)
Once students have spent those days foraging for food and shelter in the wilderness, the next step is city survival training, challenges that sound like what Donald Trump gave to contestants on his reality show, "The Apprentice."
"There's another couple of days in the two months of hero training that's Urban Survival training," Draper says. Students have to go out and "sell something embarrassing, or go to San Francisco and come back with a job offer, on paper, in 24 hours."
That job offer gives them the confidence that they can always quickly get a position, he says.
As Draper says, "How to create a Steve Jobs? It's a way of thinking." The school admits people "that have that spark and we create an environment that ignites that spark."
Once the students have learned how to survive, they are ready to learn about the tech industry — Draper U-style. The nine-month program will include learning about the newest, buzziest technologies.
(Tim Neely/ABC Family)Tim Draper surrounded by students in the "Startup U" reality TV show.
Although every class has a different curriculum, Draper says, students might explore Bitcoin — which Draper loves — learn design, and use the newest programming languages to build an app, or maybe a robot.
They'll also draft a business plan, turn that plan into a pitch deck, and turn the pitch deck into a two-minute presentation and pitch it to "between 30 and 50 VCs," including himself, he says.
He's dedicated a $1 million fund to invest seed money in startup ideas from the class, too, he says.
But it's not a scholarship program. The two-month hero training costs $12,000. The full nine-month program costs $40,000, Draper tells us.
Draper calls it an alternative to traditional school. That's important: This is not an accredited school. Students who finish the program do not earn an accredited degree.
Just to compare, many accredited universities charge about $40,000 to earn a bona fide master's degree.
Draper U has been controversial in its three years. While some students have posted glowingreviews of it on Yelp, some have given itbad reviews.
Draper says, "We definitely get mixed reviews. Our training is not for everybody."
AndThe Verge's Russell Brandom once called the school a BA in BS.
But Draper points to the alumni success stories as proof of the school's value. Draper U has had over 500 alumni from 53 countries who have created 200 startups and landed a total of $22 million in funding, he says.
He points to businesses like biomedical startup nVision and conference-tech firm Loopd as examples of alumni startups that got funding.
Not that Draper is worried about controversy.
He has come up witha plan to turn California into six states,offered to make a large charitable donation if people watched his reality TV show,and bought a huge stash of Bitcoin auctioned by the government after seizing black-market site Silk Road and is fond ofmaking large public bets.
NOW WATCH:Meet the founder of a hot fintech startup that an old-line insurance company paid $250 million to buy
More From Business Insider
• This VC thinks Apple CEO Tim Cook is like 'human Ambien'
• Go inside a venture capitalist's $26 million townhouse
• The billionaire who wanted to split California into 6 states now has a crazy plan to give everyone $15,000 || Billionaire VC Tim Draper wants 9 months and $40,000 to turn you into the next Steve Jobs, starting with military survival training: Tim Draper (Business Insider) Tim Draper. If you are between 18 and 28, famous billionaire venture capitalist Tim Draper has a plan to turn you into the "next Steve Jobs." That's why he launched a school for young, would-be entrepreneurs called Draper University of Heroes, he tells Business Insider, which he turned into a reality TV show last year. The show, "Startup U," failed to attract an audience, was dropped from prime time , and there's no word yet if ABC will renew it or not. But even if students won't appear on TV, Draper has a new plan for the school. He just added a new nine-month program to the curriculum, starting in the fall, which he views as an alternative to a master's degree. This is in addition to the school's classic two months of "hero training" offered since it launched three years ago. There's a reason he calls it hero training. Before you can become the next Steve Jobs, you have to learn to be tough. Navy SEAL tough. Days of survival training Hero training includes "four days of survival training with military teams. We have Navy SEAL special forces and Army Rangers that take them to real survival training," Draper says. survival training jungle (Athit Perawongmetha/REUTERS) Once students have spent those days foraging for food and shelter in the wilderness, the next step is city survival training, challenges that sound like what Donald Trump gave to contestants on his reality show, "The Apprentice." "There's another couple of days in the two months of hero training that's Urban Survival training," Draper says. Students have to go out and "sell something embarrassing, or go to San Francisco and come back with a job offer, on paper, in 24 hours." That job offer gives them the confidence that they can always quickly get a position, he says. As Draper says, "How to create a Steve Jobs? It's a way of thinking." The school admits people "that have that spark and we create an environment that ignites that spark." $12,000 to $40,000 Once the students have learned how to survive, they are ready to learn about the tech industry Draper U-style. The nine-month program will include learning about the newest, buzziest technologies. Story continues Tim Draper Startup U (Tim Neely/ABC Family) Tim Draper surrounded by students in the "Startup U" reality TV show. Although every class has a different curriculum, Draper says, students might explore Bitcoin which Draper loves learn design, and use the newest programming languages to build an app, or maybe a robot. They'll also draft a business plan, turn that plan into a pitch deck, and turn the pitch deck into a two-minute presentation and pitch it to "between 30 and 50 VCs," including himself, he says. He's dedicated a $1 million fund to invest seed money in startup ideas from the class, too, he says. But it's not a scholarship program. The two-month hero training costs $12,000. The full nine-month program costs $40,000, Draper tells us. Draper calls it an alternative to traditional school. That's important: This is not an accredited school. Students who finish the program do not earn an accredited degree. Just to compare, many accredited universities charge about $40,000 to earn a bona fide master's degree. Draper defends his school Draper U has been controversial in its three years. While some students have posted glowing reviews of it on Yelp , some have given it bad reviews . Draper says, "We definitely get mixed reviews. Our training is not for everybody." And The Verge's Russell Brandom once called the school a BA in BS . But Draper points to the alumni success stories as proof of the school's value. Draper U has had over 500 alumni from 53 countries who have created 200 startups and landed a total of $22 million in funding, he says. He points to businesses like biomedical startup nVision and conference-tech firm Loopd as examples of alumni startups that got funding. Not that Draper is worried about controversy. He has come up with a plan to turn California into six states , offered to make a large charitable donation if people watched his reality TV show, and bought a huge stash of Bitcoin auctioned by the government after seizing black-market site Silk Road and is fond of making large public bets . NOW WATCH: Meet the founder of a hot fintech startup that an old-line insurance company paid $250 million to buy More From Business Insider This VC thinks Apple CEO Tim Cook is like 'human Ambien' Go inside a venture capitalist's $26 million townhouse The billionaire who wanted to split California into 6 states now has a crazy plan to give everyone $15,000 || Richmond Fed Describes Its Role In Designing New $20 Bill: While by now many are aware Harriet Tubman's likeness will replace that of Andrew Jackson on the new $20 bill, however, what is less circulated is the role the Currency Technology Office (CTO) at the Richmond Fed will play in minting the new money. The CTO is working closely with the U.S. Department of the Treasury's Bureau of Engraving and Printing and the Federal Reserve System's Board of Governors to define machine-readable security features for the new notes. The CTO, which is the technical arm of the Fed's Cash Product Office (CPO), assists in testing how new bills run on the Federal Reserve's high-speed currency processing environment, including effectiveness of reading security features that are visible and invisible to the naked eye. Related Link: Insider: Federal Reserve Process Is Broken And Has Been For A While Highly Sophisticated, Anti-Counterfeit Technology According to Kiran Krishnamurthy, Federal Reserve Bank of Richmond writer, "These high-speed machine inspections are one way the Federal Reserve inspects currency to detect counterfeit notes and helps ensure currency is fit for circulation." "We have to determine what the public and private security features in the bills will do when they're on our machines," Richmond Fed Senior Vice President Roland Costa said in a press release. Costa, who leads the CTO, cited an example, saying if a security feature is too shiny, it "could 'blind' the optical scanner on a high-speed currency processor." In order to determine whether an individual note is still fit for circulation or should be destroyed, the machine evaluates "152 fitness characteristics in a mere 0.025 seconds or less and with a 0.35 percent rejection rate across all denominations." Costa noted preparation and testing for new designs is likely to be more complex than in the past, "because the notes will include tactile features for the visually impaired for the first time." What's Next? In April, U.S. Treasury Secretary Jacob Lew said the new $10 note is up next; he has instructed the Bureau of Engraving and Printing to work in tandem with the Federal Reserve to speed up the process for the $20 bill and the $5 bill. "We anticipate that final concept designs for the new $20, $10, and $5 notes will all be unveiled in 2020 in conjunction with the 100th anniversary of the 19th Amendment, which granted women the right to vote," Costa added. See more from Benzinga Can Bitcoin Resolve Central Bank Woes? Feel The Bern Burn? Analyst Says Sanders Presidency Would Add Trillion To National Deficit Beyoncé Invests In Watermelon Water Company © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || Richmond Fed Describes Its Role In Designing New $20 Bill: While by now many are aware Harriet Tubman's likenesswill replacethat of Andrew Jackson on the new $20 bill, however, what is less circulated is the role the Currency Technology Office (CTO) at the Richmond Fed will play in minting the new money.
The CTO is working closely with the U.S. Department of the Treasury's Bureau of Engraving and Printing and the Federal Reserve System's Board of Governors to define machine-readable security features for the new notes.
The CTO, which is the technical arm of the Fed's Cash Product Office (CPO), assists in testing how new bills run on the Federal Reserve's high-speed currency processing environment, including effectiveness of reading security features that are visible and invisible to the naked eye.
Related Link:Insider: Federal Reserve Process Is Broken And Has Been For A While
Highly Sophisticated, Anti-Counterfeit Technology
According to Kiran Krishnamurthy, Federal Reserve Bank of Richmond writer, "These high-speed machine inspections are one way the Federal Reserve inspects currency to detect counterfeit notes and helps ensure currency is fit for circulation."
"We have to determine what the public and private security features in the bills will do when they're on our machines," Richmond Fed Senior Vice President Roland Costa said in a press release.
Costa, who leads the CTO, cited an example, saying if a security feature is too shiny, it "could 'blind' the optical scanner on a high-speed currency processor."
In order to determine whether an individual note is still fit for circulation or should be destroyed, the machine evaluates "152 fitness characteristics in a mere 0.025 seconds or less and with a 0.35 percent rejection rate across all denominations."
Costa noted preparation and testing for new designs is likely to be more complex than in the past, "because the notes will include tactile features for the visually impaired for the first time."
What's Next?
In April, U.S. Treasury Secretary Jacob Lew said the new $10 note is up next; he has instructed the Bureau of Engraving and Printing to work in tandem with the Federal Reserve to speed up the process for the $20 bill and the $5 bill.
"We anticipate that final concept designs for the new $20, $10, and $5 notes will all be unveiled in 2020 in conjunction with the 100th anniversary of the 19th Amendment, which granted women the right to vote," Costa added.
See more from Benzinga
• Can Bitcoin Resolve Central Bank Woes?
• Feel The Bern Burn? Analyst Says Sanders Presidency Would Add Trillion To National Deficit
• Beyoncé Invests In Watermelon Water Company
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
[Social Media Buzz]
SUCI (pick up BTC) – KEBON JERUK 05.00/ 06.00/ 07.00/ 09.30/ 10.30/11.30/14.00/15.00/16.00/18.30/19.30/20.30 || Current price of Bitcoin is $456.00. || One Bitcoin now worth $454.54@bitstamp. High $455.68. Low $452.00. Market Cap $ 7.073 Billion #bitcoin pic.twitter.com/YGwu35dn8e || #Bitcoin last trade
@bitfinex $454.49
@btcecom $453.00
Set #crypto #price #alerts at http://AlertCo.in || Bitstamp: $453.50/BTC - last trade of USD/BTC at https://www.bitstamp.net/ (high: 455.68, low: 452.00) #b...
|
438.71, 442.68, 443.19, 439.32, 444.15, 445.98, 449.60, 453.38, 473.46, 530.04
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 11742.04, 11916.33, 12823.69, 12965.89, 12931.54, 13108.06, 13031.17, 13075.25, 13654.22, 13271.29, 13437.88, 13546.52, 13781.00, 13737.11, 13550.49, 13950.30, 14133.71, 15579.85, 15565.88, 14833.75, 15479.57, 15332.32, 15290.90, 15701.34, 16276.34, 16317.81, 16068.14, 15955.59, 16716.11, 17645.41, 17804.01, 17817.09, 18621.31, 18642.23, 18370.00, 18364.12, 19107.46, 18732.12, 17150.62, 17108.40, 17717.41, 18177.48, 19625.84, 18803.00, 19201.09, 19445.40, 18699.77, 19154.23, 19345.12, 19191.63, 18321.14, 18553.92, 18264.99, 18058.90, 18803.66, 19142.38, 19246.64, 19417.08, 21310.60, 22805.16, 23137.96, 23869.83, 23477.29, 22803.08, 23783.03, 23241.35, 23735.95, 24664.79, 26437.04, 26272.29, 27084.81, 27362.44, 28840.95, 29001.72, 29374.15, 32127.27, 32782.02, 31971.91, 33992.43, 36824.36, 39371.04, 40797.61, 40254.55, 38356.44, 35566.66, 33922.96, 37316.36, 39187.33, 36825.37, 36178.14.
|
[Bitcoin Technical Analysis for 2021-01-16]
Volume: 57706187875, RSI (14-day): 59.69, 50-day EMA: 28170.11, 200-day EMA: 17933.74
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Twitter’s decentralized future: This week, TwitterCEO Jack Dorsey finallyresponded publiclyto the company’s decision to ban President Trump from its platform, writing that Twitter had "faced an extraordinary and untenable circumstance" and that he did not "feel pride" about the decision. In the same thread, he took time to call out a nascent Twitter-sponsored initiative called "bluesky," which is aiming to build up an "open decentralized standard for social media" that Twitter is just one part of.
Researchers involved with bluesky reveal to TechCrunch an initiative still in its earliest stages that could fundamentally shift the power dynamics of the social web.
Bluesky is aiming to build a “durable” web standard that will ultimately ensure that platforms like Twitter have less centralized responsibility in deciding which users and communities have a voice on the internet. While this could protect speech from marginalized groups, it may also upend modern moderation techniques and efforts to prevent online radicalization.
Jack Dorsey, co-founder and chief executive officer of Twitter Inc., arrives after a break during a House Energy and Commerce Committee hearing in Washington, D.C., U.S., on Wednesday, Sept. 5, 2018. Republicans pressed Dorsey for what they said may be the "shadow-banning" of conservatives during the hearing. Photographer: Andrew Harrer/Bloomberg via Getty Images
Just as Bitcoin lacks a central bank to control it, a decentralized social network protocol operates without central governance, meaning Twitter would only control its own app built on bluesky, not other applications on the protocol. The open and independent system would allow applications to see, search and interact with content across the entire standard. Twitter hopes that the project can go far beyond what the existing Twitter API offers, enabling developers to create applications with different interfaces or methods of algorithmic curation, potentially paying entities across the protocol like Twitter for plug-and-play access to different moderation tools or identity networks.
A widely adopted, decentralized protocol is an opportunity for social networks to "pass the buck" on moderation responsibilities to a broader network, one person involved with the early stages of bluesky suggests, allowing individual applications on the protocol to decide which accounts and networks its users are blocked from accessing.
Social platforms like Parler or Gab could theoretically rebuild their networks on bluesky, benefitting from its stability and the network effects of an open protocol. Researchers involved are also clear that such a system would also provide a meaningful measure against government censorship and protect the speech of marginalized groups across the globe.
Bluesky's current scope is firmly in the research phase, people involved tell TechCrunch, with about 40-50 active members from different factions of the decentralized tech community surveying the software landscape and putting together proposals for what the protocol should ultimately look like. Twitter has told early members that it hopes to hire a project manager in the coming weeks to build out an independent team that will start crafting the protocol itself.
A Twitter spokesperson declined to comment on the initiative.
Bluesky's initial members were invited by Twitter CTO Parag Agrawal early last year. It was later determined that the group should open the conversation up to folks representing some of the more recognizable decentralized network projects, includingMastodonandActivityPub, which joined the working group hosted on the secure chat platformElement.
Jay Graber, founder of decentralized social platformHappening, was paid by Twitter to write up a technical review of the decentralized social ecosystem, an effort to "help Twitter evaluate the existing options in the space," she tells TechCrunch.
"If [Twitter] wanted to design this thing, they could have just assigned a group of guys to do it, but there's only one thing that this little tiny group of people could do better than Twitter, and that's not be Twitter," said Golda Velez, another member of the group who works as a senior software engineer at Postmates and co-foundedciv.works,a privacy-centric socialnetwork for civic engagement.
The group has had some back and forth with Twitter executives on the scope of the project, eventually forming a Twitter-approved list of goals for the initiative. They define the challenges that the bluesky protocol should seek to address while also laying out what responsibilities are best left to the application creators building on the standard.
Image: TechCrunch
The pain points enumerated in the document, viewed by TechCrunch, encapsulate some of Twitter's biggest shortcomings. They include "how to keep controversy and outrage from hijacking virality mechanisms," as well as a desire to develop "customizable mechanisms" for moderation, though the document notes that the applications, not the overall protocol, are "ultimately liable for compliance, censorship, takedowns etc."
"I think the solution to the problem of algorithms isn't getting rid of algorithms -- because sorting posts chronologically is an algorithm -- the solution is to make it an open pluggable system by which you can go in and try different algorithms and see which one suits you or use the one that your friends like," says Evan Henshaw-Plath, another member of the working group. He was one of Twitter's earliest employees and has been building out his own decentralized social platform calledPlanetary.
His platform is based on the secure scuttlebutt protocol, which allows users to browse networks offline in an encrypted fashion. Early on, Planetary had been in talks with Twitter for a corporate investment as well as a personal investment from CEO Jack Dorsey, Henshaw-Plath says, but the competitive nature of the platform prompted some concern among Twitter's lawyers and Planetary ended up receiving an investment fromTwitter co-founder Biz Stone's venture fund Future Positive. Stone did not respond to interview requests.
After agreeing on goals, Twitter had initially hoped for the broader team to arrive at some shared consensus, but starkly different viewpoints within the group prompted Twitter to accept individual proposals from members. Some pushed Twitter to outright adopt or evolve an existing standard while others pushed for bluesky to pursue interoperability of standards early on and see what users naturally flock to.
One of the developers in the group hoping to bring bluesky onto their standard was Mastodon creator Eugen Rochko, who tells TechCrunch he sees the need for a major shift in how social media platforms operate globally.
"Banning Trump was the right decision though it came a little bit too late. But at the same time, the nuance of the situation is that maybe it shouldn't be a single American company that decides these things," Rochko tells us.
The deplatforming of President Trump
Like several of the other members in the group, Rochko has been skeptical at times about Twitter's motivation with the bluesky protocol. Shortly after Dorsey's initial announcement in 2019, Mastodon's official Twitter accounttweeted out a biting critique, writing, "This is not an announcement of reinventing the wheel. This is announcing the building of a protocol that Twitter gets to control, like Google controls Android."
Today, Mastodon is arguably one of the most mature decentralized social platforms. Rochko claims that the network of decentralized nodes has more than 2.3 million users spread across thousands of servers. In early 2017, the platform had its viral moment on Twitter, prompting an influx of "hundreds of thousands" of new users alongside some inquisitive potential investors whom Rochko has rebuffed in favor of a donation-based model.
Image Credits:TechCrunch
Not all of the attention Rochko has garnered has been welcome. In 2019, Gab, a social network favored by right-wing extremists, brought its entire platform onto the Mastodon network after integrating the platform's open-source code, bringing Mastodon its single biggest web of users and its most undesirable liability all at once.
Rochko quickly disavowed the network and aimed to sever its ties to other nodes on the Mastodon platform and convince application creators to do the same. But a central fear of decentralization advocates was quickly realized, as the platform type's first "success story" was a home for right-wing extremists.
Parler is officially offline after AWS suspension
This fear has been echoed in decentralized communities this week as app store owners and networks have taken another right-wing social network, Parler, off the web after violent content surfaced on the site in the lead-up to and aftermath of riots at the U.S. Capitol, leaving some developers fearful that the social network may set up home on their decentralized standard.
"Fascists are 100% going to use peer-to-peer technologies, they already are and they're going to start using it more... If they get pushed off of mainstream infrastructure or people are surveilling them really closely, they're going to have added motivation," said Emmi Bevensee, a researcherstudyingextremist presences on decentralized networks. "Maybe the far-right gets stronger footholds on peer-to-peer before the people who think the far-right is bad do because they were effectively pushed off."
A central concern is that commoditizing decentralized platforms through efforts like bluesky will provide a more accessible route for extremists kicked off current platforms to maintain an audience and provide casual internet users a less janky path towards radicalization.
"Peer-to-peer technology is generally not that seamless right now. Some of it is; you can buy Bitcoin in Cash App now, which, if anything, is proof that this technology is going to become much more mainstream and adoption is going to become much more seamless,"Bevensee told TechCrunch."In the current era of this mass exodus from Parler, they're obviously going to lose a huge amount of audience that isn't dedicated enough to get on IPFS. Scuttlebutt is a really cool technology but it's not as seamless as Twitter."
Telegram blocks ‘dozens’ of hardcore hate channels threatening violence
Extremists adopting technologies that promote privacy and strong encryption is far from a new phenomenon, encrypted chat apps like Signal and Telegram have been at the center of such controversies in recent years. Bevensee notes the tendency of right-wing extremist networks to adopt decentralized network tech has been "extremely demoralizing" to those early developer communities -- though she notes that the same technologies can and do benefit "marginalized people all around the world."
Though people connected to bluesky's early moves see a long road ahead for the protocol's development and adoption, they also see an evolving landscape with Parler and President Trump's recent deplatforming that they hope will drive other stakeholders to eventually commit to integrating with the standard.
"Right at this moment I think that there's going to be a lot of incentive to adopt, and I don't just mean by end users, I mean by platforms, because Twitter is not the only one having these really thorny moderation problems," Velez says. "I think people understand that this is a critical moment." || Twitter’s decentralized future: This week, Twitter CEO Jack Dorsey finally responded publicly to the company’s decision to ban President Trump from its platform, writing that Twitter had "faced an extraordinary and untenable circumstance" and that he did not "feel pride" about the decision. In the same thread, he took time to call out a nascent Twitter-sponsored initiative called "bluesky," which is aiming to build up an "open decentralized standard for social media" that Twitter is just one part of. Researchers involved with bluesky reveal to TechCrunch an initiative still in its earliest stages that could fundamentally shift the power dynamics of the social web. Bluesky is aiming to build a “durable” web standard that will ultimately ensure that platforms like Twitter have less centralized responsibility in deciding which users and communities have a voice on the internet. While this could protect speech from marginalized groups, it may also upend modern moderation techniques and efforts to prevent online radicalization. Jack Dorsey, co-founder and chief executive officer of Twitter Inc., arrives after a break during a House Energy and Commerce Committee hearing in Washington, D.C., U.S., on Wednesday, Sept. 5, 2018. Republicans pressed Dorsey for what they said may be the "shadow-banning" of conservatives during the hearing. Photographer: Andrew Harrer/Bloomberg via Getty Images What is bluesky? Just as Bitcoin lacks a central bank to control it, a decentralized social network protocol operates without central governance, meaning Twitter would only control its own app built on bluesky, not other applications on the protocol. The open and independent system would allow applications to see, search and interact with content across the entire standard. Twitter hopes that the project can go far beyond what the existing Twitter API offers, enabling developers to create applications with different interfaces or methods of algorithmic curation, potentially paying entities across the protocol like Twitter for plug-and-play access to different moderation tools or identity networks. Story continues A widely adopted, decentralized protocol is an opportunity for social networks to "pass the buck" on moderation responsibilities to a broader network, one person involved with the early stages of bluesky suggests, allowing individual applications on the protocol to decide which accounts and networks its users are blocked from accessing. Social platforms like Parler or Gab could theoretically rebuild their networks on bluesky, benefitting from its stability and the network effects of an open protocol. Researchers involved are also clear that such a system would also provide a meaningful measure against government censorship and protect the speech of marginalized groups across the globe. Bluesky's current scope is firmly in the research phase, people involved tell TechCrunch, with about 40-50 active members from different factions of the decentralized tech community surveying the software landscape and putting together proposals for what the protocol should ultimately look like. Twitter has told early members that it hopes to hire a project manager in the coming weeks to build out an independent team that will start crafting the protocol itself. A Twitter spokesperson declined to comment on the initiative. Bluesky's initial members were invited by Twitter CTO Parag Agrawal early last year. It was later determined that the group should open the conversation up to folks representing some of the more recognizable decentralized network projects, including Mastodon and ActivityPub , which joined the working group hosted on the secure chat platform Element . Jay Graber, founder of decentralized social platform Happening , was paid by Twitter to write up a technical review of the decentralized social ecosystem, an effort to "help Twitter evaluate the existing options in the space," she tells TechCrunch. "If [Twitter] wanted to design this thing, they could have just assigned a group of guys to do it, but there's only one thing that this little tiny group of people could do better than Twitter, and that's not be Twitter," said Golda Velez, another member of the group who works as a senior software engineer at Postmates and co-founded civ.works , a privacy-centric social network for civic engagement. The group has had some back and forth with Twitter executives on the scope of the project, eventually forming a Twitter-approved list of goals for the initiative. They define the challenges that the bluesky protocol should seek to address while also laying out what responsibilities are best left to the application creators building on the standard. Parrot.VC Twitter account Image: TechCrunch Who is involved The pain points enumerated in the document, viewed by TechCrunch, encapsulate some of Twitter's biggest shortcomings. They include "how to keep controversy and outrage from hijacking virality mechanisms," as well as a desire to develop "customizable mechanisms" for moderation, though the document notes that the applications, not the overall protocol, are "ultimately liable for compliance, censorship, takedowns etc." "I think the solution to the problem of algorithms isn't getting rid of algorithms -- because sorting posts chronologically is an algorithm -- the solution is to make it an open pluggable system by which you can go in and try different algorithms and see which one suits you or use the one that your friends like," says Evan Henshaw-Plath, another member of the working group. He was one of Twitter's earliest employees and has been building out his own decentralized social platform called Planetary . His platform is based on the secure scuttlebutt protocol, which allows users to browse networks offline in an encrypted fashion. Early on, Planetary had been in talks with Twitter for a corporate investment as well as a personal investment from CEO Jack Dorsey, Henshaw-Plath says, but the competitive nature of the platform prompted some concern among Twitter's lawyers and Planetary ended up receiving an investment from Twitter co-founder Biz Stone's venture fund Future Positive. Stone did not respond to interview requests. After agreeing on goals, Twitter had initially hoped for the broader team to arrive at some shared consensus, but starkly different viewpoints within the group prompted Twitter to accept individual proposals from members. Some pushed Twitter to outright adopt or evolve an existing standard while others pushed for bluesky to pursue interoperability of standards early on and see what users naturally flock to. One of the developers in the group hoping to bring bluesky onto their standard was Mastodon creator Eugen Rochko, who tells TechCrunch he sees the need for a major shift in how social media platforms operate globally. "Banning Trump was the right decision though it came a little bit too late. But at the same time, the nuance of the situation is that maybe it shouldn't be a single American company that decides these things," Rochko tells us. The deplatforming of President Trump Like several of the other members in the group, Rochko has been skeptical at times about Twitter's motivation with the bluesky protocol. Shortly after Dorsey's initial announcement in 2019, Mastodon's official Twitter account tweeted out a biting critique , writing, "This is not an announcement of reinventing the wheel. This is announcing the building of a protocol that Twitter gets to control, like Google controls Android." Today, Mastodon is arguably one of the most mature decentralized social platforms. Rochko claims that the network of decentralized nodes has more than 2.3 million users spread across thousands of servers. In early 2017, the platform had its viral moment on Twitter, prompting an influx of "hundreds of thousands" of new users alongside some inquisitive potential investors whom Rochko has rebuffed in favor of a donation-based model. Image Credits: TechCrunch Inherent risks Not all of the attention Rochko has garnered has been welcome. In 2019, Gab, a social network favored by right-wing extremists, brought its entire platform onto the Mastodon network after integrating the platform's open-source code, bringing Mastodon its single biggest web of users and its most undesirable liability all at once. Rochko quickly disavowed the network and aimed to sever its ties to other nodes on the Mastodon platform and convince application creators to do the same. But a central fear of decentralization advocates was quickly realized, as the platform type's first "success story" was a home for right-wing extremists. Parler is officially offline after AWS suspension This fear has been echoed in decentralized communities this week as app store owners and networks have taken another right-wing social network, Parler, off the web after violent content surfaced on the site in the lead-up to and aftermath of riots at the U.S. Capitol, leaving some developers fearful that the social network may set up home on their decentralized standard. "Fascists are 100% going to use peer-to-peer technologies, they already are and they're going to start using it more... If they get pushed off of mainstream infrastructure or people are surveilling them really closely, they're going to have added motivation," said Emmi Bevensee, a researcher studying extremist presences on decentralized networks. "Maybe the far-right gets stronger footholds on peer-to-peer before the people who think the far-right is bad do because they were effectively pushed off." A central concern is that commoditizing decentralized platforms through efforts like bluesky will provide a more accessible route for extremists kicked off current platforms to maintain an audience and provide casual internet users a less janky path towards radicalization. "Peer-to-peer technology is generally not that seamless right now. Some of it is; you can buy Bitcoin in Cash App now, which, if anything, is proof that this technology is going to become much more mainstream and adoption is going to become much more seamless," Bevensee told TechCrunch. "In the current era of this mass exodus from Parler, they're obviously going to lose a huge amount of audience that isn't dedicated enough to get on IPFS. Scuttlebutt is a really cool technology but it's not as seamless as Twitter." Telegram blocks ‘dozens’ of hardcore hate channels threatening violence Extremists adopting technologies that promote privacy and strong encryption is far from a new phenomenon, encrypted chat apps like Signal and Telegram have been at the center of such controversies in recent years. Bevensee notes the tendency of right-wing extremist networks to adopt decentralized network tech has been "extremely demoralizing" to those early developer communities -- though she notes that the same technologies can and do benefit "marginalized people all around the world." Though people connected to bluesky's early moves see a long road ahead for the protocol's development and adoption, they also see an evolving landscape with Parler and President Trump's recent deplatforming that they hope will drive other stakeholders to eventually commit to integrating with the standard. "Right at this moment I think that there's going to be a lot of incentive to adopt, and I don't just mean by end users, I mean by platforms, because Twitter is not the only one having these really thorny moderation problems," Velez says. "I think people understand that this is a critical moment." || Optimism ‘Soft Launches’ Ethereum Throughput Solution With DeFi’s Synthetix: Optimism has “soft launched” its solution to Ethereum’s transaction problem, the Optimistic Virtual Machine (OVM). The startup announced Friday that OVM is now live, at a time when gas fees have reached near all-time highs for decentralized finance (DeFi) traders. Indeed, the cost to send a single Ethereum transaction has hovered in the low single-digit dollars for the last month – a bit steep for the “internet of money.” First on the docket is DeFi exchange Synthetix, which has been working on an integration for some weeks now. The platform allows traders to exchange Ethereum-based synthetic contracts of real-world assets including oil futures . Related: Offline Travel App Maps.Me Raises $50M in Funding Round Led by Alameda Research The transition will roll out in four phases to limit risk to the platform, Synthetix co-founder Kain Warwick wrote in a Jan. 14 blog post . Staking the platform’s native token, SNX, is now possible on OVM, the team said. “We have opted for initiating the transition with the absolute minimum risk to [layer one], and then adding functionality over the course of the next few months as we build confidence in [Optimistic Ethereum],” Warwick wrote. Optimism , formerly known as Plasma Group, has pioneered one implementation of what are known as Optimistic Rollups (ORs). ORs – or other rollup variants such as ZK-Rollups – are layer two solutions that act as throughput boosters for blockchains. (These are not dissimilar in a general sense from Bitcoin’s Lightning Network.) A rollup allows a blockchain to settle more transactions across the whole network by sending transactions off-chain, validating them and then settling the lump value on the main Ethereum blockchain. Most dapps have a rollup solution on the agenda. Related: MahaDAO’s Algorithmic ‘Valuecoin’ Goes Live on Ethereum In conjunction with other technical solutions, the expectation is Ethereum will be able to execute and settle about 100,000 transactions per second (TPS) with rollups. Related Stories Optimism ‘Soft Launches’ Ethereum Throughput Solution With DeFi’s Synthetix Optimism ‘Soft Launches’ Ethereum Throughput Solution With DeFi’s Synthetix View comments || Optimism ‘Soft Launches’ Ethereum Throughput Solution With DeFi’s Synthetix: Optimism has “soft launched” its solution to Ethereum’s transaction problem, the Optimistic Virtual Machine (OVM).
The startup announced Friday that OVM is now live, at a time when gas fees have reached near all-time highs for decentralized finance (DeFi) traders. Indeed, the cost to send a single Ethereum transaction has hovered in thelow single-digit dollarsfor the last month – a bit steep for the “internet of money.”
First on the docket is DeFi exchange Synthetix, which has been working on an integration for some weeks now. The platform allows traders to exchange Ethereum-based synthetic contracts of real-world assets includingoil futures.
Related:Offline Travel App Maps.Me Raises $50M in Funding Round Led by Alameda Research
The transition will roll out in four phases to limit risk to the platform, Synthetix co-founder Kain Warwick wrote in a Jan. 14blog post. Staking the platform’s native token, SNX, is now possible on OVM, the team said.
“We have opted for initiating the transition with the absolute minimum risk to [layer one], and then adding functionality over the course of the next few months as we build confidence in [Optimistic Ethereum],” Warwick wrote.
Optimism, formerly known as Plasma Group, has pioneered one implementation of what are known as Optimistic Rollups (ORs). ORs – or other rollup variants such asZK-Rollups– are layer two solutions that act as throughput boosters for blockchains. (These are not dissimilar in a general sense from Bitcoin’s Lightning Network.)
Arollup allowsa blockchain to settle more transactions across the whole network by sending transactions off-chain, validating them and then settling the lump value on the main Ethereum blockchain. Most dapps have a rollup solution on the agenda.
Related:MahaDAO’s Algorithmic ‘Valuecoin’ Goes Live on Ethereum
In conjunction with other technical solutions, the expectation is Ethereum will be able toexecute and settleabout 100,000 transactions per second (TPS) with rollups.
• Optimism ‘Soft Launches’ Ethereum Throughput Solution With DeFi’s Synthetix
• Optimism ‘Soft Launches’ Ethereum Throughput Solution With DeFi’s Synthetix || How Ripple plans to defend SEC charges over XRP token: Less than one month ago,XRPwas the No. 3 cryptocurrency by market cap, behind only bitcoin (BTC) and ether (ETH). This week, XRP sank toNo. 5 on some crypto exchanges. Its price is down 52% since Dec. 22, when the SECcharged banking software company Ripple Labswith conducting a $1.3 billionunregistered securities offeringin 2013 when it began selling XRP. The chargesalso name two Ripple executives, cofounder and former CEO Christian Larsen and current CEO Brad Garlinghouse, who allegedly sold $600 million worth of personal XRP holdings.
The central issue in the case: Is XRP a security?
The SEC believes it is, and says Ripple promoted XRP to finance its business.
Ripple sells software products to banks and money-transfer companies,some of which use XRPto speed remittances and provide liquidity. In thewake of the SEC charges, Ripple partners likeMoneyGram(MGI) andTetragonhave distanced themselves from the company. U.S. crypto exchanges including Coinbase, Kraken, eToro, and OkCoin are suspending trading support for XRP this month.Coinbase now faces a lawsuitfrom a customer in St. Louisover trading fees Coinbase collected on XRP transactions.
As exchanges rush to remove XRP trading support, the danger of the SEC’s action, asCoinList general counsel Carla Carriveau points out, is that retail investors—the very people the SEC aims to protect—will be unable to get rid of their XRP. This is why a group of XRP holdersfiled a petition on Jan. 1asking SEC interim chairman Elad Roisman to amend the SEC's complaint against Ripple to clarify that their existing XRP holdings not be considered securities.
READ MORE:Ripple CEO: 3 reasons XRP is not a security
The charges against Ripple were announced on outgoing SEC Chairman Jay Clayton’s penultimate day in office, so Ripple finds itself in a limbo period. Roisman is SEC interim chairman; President-Elect Joe Biden’s pick for SEC chairman is former CFTC chair Gary Gensler, who appearsfriendly to crypto.
During the transition, the SEC’s cyber unit is continuing the case against Ripple, and the next event is a pretrial conference in New York scheduled for Feb. 22. Given the glacial pace at which the courts move, plus the ongoing COVID-19 pandemic, an actual trial won’t likely happen until spring or later—if it gets that far.
In all of itsenforcement actions against startups that created tokens, the SEC has relied on the “Howey Test,” which comes from a 1946 case (SEC v. Howey)involving theselling of shares in a citrus grove.
The test determined, as former SEC official Bill Hinmanexplained at a Yahoo Finance crypto summit in 2018, that an offering represents a security if it “requires an investment of money in a common enterprise with an expectation of profit derived from the efforts of others.” In the SEC’s view, most initial coin offerings during theinfamous ICO boomwere securities offerings because the coins were marketed with the expectation that the price would rise, and also, as Hinman said, “sold to a wide audience rather than to persons who are likely to use them on the network.”
When it comes to XRP, Ripple begs to differ.
In itsresponse to the SEC, Ripple wrote, “The SEC’s theory, that XRP is an investment contract, is wrong on the facts” and “amounts to an unprecedented and ill-conceived expansion of the Howey test and the SEC’s enforcement authority against digital assets.”
Multiple SEC officials over the past few years have made it clear that theSEC does not view bitcoin or ether as securities. Ripple CEO Garlinghousemade the case multiple times in the pastfor why XRP is not a security, seeking to prevent this very action from the SEC; it didn’t work. In a memo to Ripple employees, he called the SEC’s action “an attack on crypto in the United States.” (Japan’s securities regulatordoes not view XRP as a security, andGarlinghouse recently threatenedto move the company to Japan or Singapore.)
“XRP is a currency,” Ripple says in its SEC letter, “similar to bitcoin and ether, which the SEC has determined are not securities.”
Ripple calling XRP a currency is interesting, considering that Garlinghouse said at a 2018 Yahoo Finance crypto summit, “I don’t call this cryptocurrency. It’s not currency... These are digital assets. If the asset solves a real problem for a real customer, then there’ll be value in the asset.”
In a trial scenario, one of Ripple’s key arguments will rely on eight years of price data that shows XRP does not move based on news about Ripple, according to sources familiar with the company’s legal strategy.
One specific example: On June 19, 2019, when Moneygram announced it had made Ripple its exclusive partner for cross-border payment settlements,MoneyGram stock popped 170% in a day. Ripple will present data that shows XRP stayed flat. (CoinMarketCap data, on the other hand, shows XRP rose 15% over the two days that followed.)
READ MORE:Former CFTC chair says XRP is not a security—but Ripple is his client
The SEC’s action against Ripple looks a lot like the actions it brought against dozens of companies that conducted ICOs, includingAirfox,Paragon, Telegram, andKik.
Ripple will seek to distance itself from the ICO boom, many of which were conducted by companies that had no product or business model beyond selling a token, by emphasizing that Ripple Labs as a company was around for years before the creation of XRP, and that XRP has a healthy trading market on hundreds of crypto exchanges without any connection to the company.
As for the company’s own sales of XRP, Ripple will argue that those sales have represented a mere fraction of all XRP trading, and that because its own XRP sales were done through exchanges and market makers on a blind basis, purchasers of XRP didn’t know they were buying it from Ripple, and thus it couldn’t be an investment contract.
But what if the SEC reasons that XRP was so closely associated with Ripple publicly that anyone buying XRP thought of it as a bet on the success of the company?
Ripple Labsregistered the trademark for XRP in 2013, and even referred to the token as “ripples” for years (something the SECcites specifically in its complaint), though it eventually stopped calling it that and beganpetitioning media not to call it that.
Ripple’s legal team believes the history of what Ripple called the token is a red herring, according to sources. The company also believes it unfair that the SEC filed its enforcement action at the very end of an outgoing administration.
Ultimately, this section of the SEC’s complaint against Ripple might prove pivotal: “The Supreme Court made clear in its Howey decision of 1946 that the definition of whether an instrument is an investment contract and therefore a security is a ‘flexible rather than a static principle, one that is capable of adaptation to meet the countless and variable schemes devised by those who seek the use of the money of others on the promise of profits.’” The SEC’s complaint mentions that twice: that it can apply the Howey definition of a security flexibly.
The SEC believes XRP fails its “flexible” test. Ripple Labs will need to prove otherwise, for the health of its business andfor the XRP market—even if Ripple says that market bears no connection to its business.
—
Daniel Roberts is an editor-at-large at Yahoo Finance and has covered bitcoin since 2011. Follow him on Twitter at @readDanwrite.
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Square's bitcoin bet is paying off || How Ripple plans to defend SEC charges over XRP token: Less than one month ago, XRP was the No. 3 cryptocurrency by market cap, behind only bitcoin ( BTC ) and ether ( ETH ). This week, XRP sank to No. 5 on some crypto exchanges . Its price is down 52% since Dec. 22, when the SEC charged banking software company Ripple Labs with conducting a $1.3 billion unregistered securities offering in 2013 when it began selling XRP. The charges also name two Ripple executives , cofounder and former CEO Christian Larsen and current CEO Brad Garlinghouse, who allegedly sold $600 million worth of personal XRP holdings. The central issue in the case: Is XRP a security? The SEC believes it is, and says Ripple promoted XRP to finance its business. Ripple sells software products to banks and money-transfer companies, some of which use XRP to speed remittances and provide liquidity. In the wake of the SEC charges , Ripple partners like MoneyGram ( MGI ) and Tetragon have distanced themselves from the company. U.S. crypto exchanges including Coinbase, Kraken, eToro, and OkCoin are suspending trading support for XRP this month. Coinbase now faces a lawsuit from a customer in St. Louis over trading fees Coinbase collected on XRP transactions . As exchanges rush to remove XRP trading support, the danger of the SECs action, as CoinList general counsel Carla Carriveau points out , is that retail investorsthe very people the SEC aims to protectwill be unable to get rid of their XRP. This is why a group of XRP holders filed a petition on Jan. 1 asking SEC interim chairman Elad Roisman to amend the SEC's complaint against Ripple to clarify that their existing XRP holdings not be considered securities. READ MORE: Ripple CEO: 3 reasons XRP is not a security The charges against Ripple were announced on outgoing SEC Chairman Jay Claytons penultimate day in office, so Ripple finds itself in a limbo period. Roisman is SEC interim chairman; President-Elect Joe Bidens pick for SEC chairman is former CFTC chair Gary Gensler, who appears friendly to crypto . Story continues During the transition, the SECs cyber unit is continuing the case against Ripple, and the next event is a pretrial conference in New York scheduled for Feb. 22. Given the glacial pace at which the courts move, plus the ongoing COVID-19 pandemic, an actual trial wont likely happen until spring or laterif it gets that far. Yahoo Finance's Dan Roberts and Andy Serwer interview Ripple CEO Brad Garlinghouse at the Yahoo Finance All Markets Summit: Crypto on February 7, 2018 in New York City. (Eugene Gologursky/Getty Images for Yahoo Finance/Oath ) SEC vs the ICO boom In all of its enforcement actions against startups that created tokens , the SEC has relied on the Howey Test , which comes from a 1946 case ( SEC v. Howey) involving the selling of shares in a citrus grove . The test determined, as former SEC official Bill Hinman explained at a Yahoo Finance crypto summit in 2018 , that an offering represents a security if it requires an investment of money in a common enterprise with an expectation of profit derived from the efforts of others. In the SECs view, most initial coin offerings during the infamous ICO boom were securities offerings because the coins were marketed with the expectation that the price would rise, and also, as Hinman said, sold to a wide audience rather than to persons who are likely to use them on the network. When it comes to XRP, Ripple begs to differ. In its response to the SEC , Ripple wrote, The SECs theory, that XRP is an investment contract, is wrong on the facts and amounts to an unprecedented and ill-conceived expansion of the Howey test and the SECs enforcement authority against digital assets. Multiple SEC officials over the past few years have made it clear that the SEC does not view bitcoin or ether as securities . Ripple CEO Garlinghouse made the case multiple times in the past for why XRP is not a security, seeking to prevent this very action from the SEC; it didnt work. In a memo to Ripple employees, he called the SECs action an attack on crypto in the United States . (Japans securities regulator does not view XRP as a security , and Garlinghouse recently threatened to move the company to Japan or Singapore.) XRP is a currency, Ripple says in its SEC letter, similar to bitcoin and ether, which the SEC has determined are not securities. Ripple calling XRP a currency is interesting, considering that Garlinghouse said at a 2018 Yahoo Finance crypto summit, I dont call this cryptocurrency . Its not currency... These are digital assets. If the asset solves a real problem for a real customer, then therell be value in the asset. Ripples argument In a trial scenario, one of Ripples key arguments will rely on eight years of price data that shows XRP does not move based on news about Ripple, according to sources familiar with the companys legal strategy. One specific example: On June 19, 2019, when Moneygram announced it had made Ripple its exclusive partner for cross-border payment settlements, MoneyGram stock popped 170% in a day . Ripple will present data that shows XRP stayed flat. (CoinMarketCap data, on the other hand, shows XRP rose 15% over the two days that followed.) READ MORE: Former CFTC chair says XRP is not a securitybut Ripple is his client The SECs action against Ripple looks a lot like the actions it brought against dozens of companies that conducted ICOs, including Airfox , Paragon , Telegram, and Kik . Ripple will seek to distance itself from the ICO boom, many of which were conducted by companies that had no product or business model beyond selling a token, by emphasizing that Ripple Labs as a company was around for years before the creation of XRP, and that XRP has a healthy trading market on hundreds of crypto exchanges without any connection to the company. In this photo illustration, a visual representation of digital cryptocurrency Ripple (XRP) is arranged on a circuit board of a hard drive on January 3, 2021 in Katwijk, Netherlands. (Photo by Yuriko Nakao/Getty Images) As for the companys own sales of XRP, Ripple will argue that those sales have represented a mere fraction of all XRP trading, and that because its own XRP sales were done through exchanges and market makers on a blind basis, purchasers of XRP didnt know they were buying it from Ripple, and thus it couldnt be an investment contract. But what if the SEC reasons that XRP was so closely associated with Ripple publicly that anyone buying XRP thought of it as a bet on the success of the company? Ripple Labs registered the trademark for XRP in 2013 , and even referred to the token as ripples for years (something the SEC cites specifically in its complaint ), though it eventually stopped calling it that and began petitioning media not to call it that . Ripples legal team believes the history of what Ripple called the token is a red herring, according to sources. The company also believes it unfair that the SEC filed its enforcement action at the very end of an outgoing administration. Ultimately, this section of the SECs complaint against Ripple might prove pivotal: The Supreme Court made clear in its Howey decision of 1946 that the definition of whether an instrument is an investment contract and therefore a security is a flexible rather than a static principle, one that is capable of adaptation to meet the countless and variable schemes devised by those who seek the use of the money of others on the promise of profits. The SECs complaint mentions that twice: that it can apply the Howey definition of a security flexibly. The SEC believes XRP fails its flexible test. Ripple Labs will need to prove otherwise, for the health of its business and for the XRP market even if Ripple says that market bears no connection to its business. Daniel Roberts is an editor-at-large at Yahoo Finance and has covered bitcoin since 2011. Follow him on Twitter at @ readDanwrite . Read more: Coinbase IPO will be controversial litmus test for crypto offerings Bitcoin breaks $40,000 as 2020 surge continues into new year Bitcoin shatters $20,000, breakthrough price milestone for the largest digital asset Visa has also quietly warmed to crypto, along with PayPal and Square Square's bitcoin bet is paying off || Market Wrap: Bitcoin Dips to $34.4K as Big-Name DeFi Tokens Trounce ETH: Bitcoin was slipping Friday on lower-than-average volumes for 2021 so far. In other news, while BTC and ETH are up this year, some DeFi tokens are doing even better.
• Bitcoin(BTC) trading around $35,610 as of 21:00 UTC (4 p.m. ET). Slipping 9.4% over the previous 24 hours.
• Bitcoin’s 24-hour range: $34,425-$39,673 (CoinDesk 20)
• BTC below the 10-hour and 50-hour moving averages on the hourly chart, a bearish signal for market technicians.
The price of bitcoin fell Friday, a steady decline over the past 24 hours that saw the world’s oldest cryptocurrency bottom out as low as $34,425 before picking up to $35,610 as of press time.
Read More:Biden’s $1.9T Relief Package Proposal Fails to Stir Bitcoin Market
Related:Bitcoin Struggles to Recover After Biggest Weekly Price Loss Since September
“The price rested at $40,000. Now we are waiting for a rollback to $34,000,” said Constantin Kogan, partner at crypto investment firm Wave Financial. “Most likely the next possible low will be at least $26,000.”
That’s a pretty bearish sentiment from an analyst, but the outsized volume numbers to open 2021 are certainly diminishing for the time being. For the first two weeks of the new year, bitcoin’s daily spot volume on the eight major exchanges tracked by CoinDesk (Bitfinex, Bitflyer, Bitstamp, Coinbase, Gemini, itBit, Kraken and Poloniex) averaged $6.1 billion per day. For Friday, spot volumes are at $4.2 billion, as of press time.
“There is a definite tug and pull between North American and Asian traders in crypto assets,” noted Joel Edgerton, chief operating officer of cryptocurrency exchange BitFlyer USA. “Since the U.S. is going into a three-day weekend the U.S. trading volume will be lighter, so Asia will likely set the tone.”
Many investors and traders will be off Monday for Martin Luther King Jr. Day including the U.S. equities markets, which along with other major indexes are ending the week in the red Friday.
• Asia’s Nikkei 225 fell 0.62% in asession that was capped by the tech sector as semiconductor manufacturer TSMC posted its best-ever quarterly profit.
• In Europe the FTSE 100 ended the day slipping 1% asnew lockdown measures and a rise in coronavirus cases in China left investors worried about the global economy.
• In the United States, the S&P 500 closed in the red 0.74% asPresident-elect Biden released a $1.9 trillion stimulus plan to help boost the coronavirus-afflicted global economy.
Related:Bitcoin’s Massive Swings Give Pause to CFOs Mulling Reserve Investment: Bloomberg
“The important thing to keep in mind is that the macro view has not changed,” said Bitflyer’s Edgerton. “There is growing demand for crypto assets, an unwillingness of current holders to sell and limited supply being added. This naturally leads to long-term price appreciation.”
Read More:Advisers Allocating Crypto in Clients’ Portfolios Rose 49% Last Year: Survey
Andrew Tu, an executive of quant trading firm Efficient Frontier, pointed to the inverse relationship between the U.S. Dollar Index and bitcoin as a macro example. Theindex, also known as the DXY, is a measure of the greenback versus a basket of other fiat currencies.
“The rise in DXY was simultaneously accompanied by a drop in BTC,” Tu told CoinDesk. “On a fundamental level, the economy looks weak, thus probably driving a risk-off move into dollars.”
When bitcoin goes up, the DXY seems to go down and vice versa, at least so far in 2021. On Friday, the DXY was up 0.55% during bitcoin’s bearish past 24 hours.
The second-largest cryptocurrency by market capitalization,ether(ETH), was down Friday, trading around $1,139 and slipping 5.7% in 24 hours as of 21:00 UTC (4:00 p.m. ET).
Read More:MahaDAO’s Algorithmic ‘Valuecoin’ Goes Live on Ethereum
Bitcoin’s is up over 20% in 2021. However, ether is easily beating that, in the green over 50% to start the year. Meanwhile, two well-known projects built on the Ethereum platform used for decentralized finance (DeFi) are doing even better than that. The token associated with derivatives liquidity platform Synthetix is up more than 83% so far this year, while lending protocol Aave’s token has climbed more than 69% in 2021 so far.
Jean-Marc Bonnefous, managing partner of investment firm Tellurian Capital, told CoinDesk DeFi tokens such as aave and synthetix have big upside potential in bullish markets. Herecently tweeted about DeFi token performance over the last three months.However, Bonnefous cautioned that there’s also a downside to these lesser-known and less-liquid tokens.
“Ether is the mothership, the main reserve currency layer for DeFi, whereas the DeFi coins are more application-related with a potential additional monetization component and some growth potential if well executed,” Bonnefous said. “So by nature the top DeFi assets will likely outperform in a up market for crypto in general, and conversely in a bear market.”
Digital assets on theCoinDesk 20are mixed, mostly in the red Friday. Notable winners as of 21:00 UTC (4:00 p.m. ET):
• cosmos(ATOM) + 21.7%
• chainlink(LINK) + 15.2%
• omg network(OMG) + 6.8%
Notable losers:
• bitcoin cash(BCH) – 8.9%
• litecoin(LTC) – 8%
• stellar(XLM) – 7%
Commodities:
• Oil was down 2.9%. Price per barrel of West Texas Intermediate crude: $52.12.
• Gold was in the red 1.1% and at $1,825 as of press time.
Treasurys:
• The 10-year U.S. Treasury bond yield fell Friday, dipping to 1.092 and in the red 3.4%.
• Market Wrap: Bitcoin Dips to $34.4K as Big-Name DeFi Tokens Trounce ETH
• Market Wrap: Bitcoin Dips to $34.4K as Big-Name DeFi Tokens Trounce ETH || Market Wrap: Bitcoin Dips to $34.4K as Big-Name DeFi Tokens Trounce ETH: Bitcoin was slipping Friday on lower-than-average volumes for 2021 so far. In other news, while BTC and ETH are up this year, some DeFi tokens are doing even better. Bitcoin (BTC) trading around $35,610 as of 21:00 UTC (4 p.m. ET). Slipping 9.4% over the previous 24 hours. Bitcoin’s 24-hour range: $34,425-$39,673 (CoinDesk 20) BTC below the 10-hour and 50-hour moving averages on the hourly chart, a bearish signal for market technicians. The price of bitcoin fell Friday, a steady decline over the past 24 hours that saw the world’s oldest cryptocurrency bottom out as low as $34,425 before picking up to $35,610 as of press time. Read More: Biden’s $1.9T Relief Package Proposal Fails to Stir Bitcoin Market Related: Bitcoin Struggles to Recover After Biggest Weekly Price Loss Since September “The price rested at $40,000. Now we are waiting for a rollback to $34,000,” said Constantin Kogan, partner at crypto investment firm Wave Financial. “Most likely the next possible low will be at least $26,000.” That’s a pretty bearish sentiment from an analyst, but the outsized volume numbers to open 2021 are certainly diminishing for the time being. For the first two weeks of the new year, bitcoin’s daily spot volume on the eight major exchanges tracked by CoinDesk (Bitfinex, Bitflyer, Bitstamp, Coinbase, Gemini, itBit, Kraken and Poloniex) averaged $6.1 billion per day. For Friday, spot volumes are at $4.2 billion, as of press time. “There is a definite tug and pull between North American and Asian traders in crypto assets,” noted Joel Edgerton, chief operating officer of cryptocurrency exchange BitFlyer USA. “Since the U.S. is going into a three-day weekend the U.S. trading volume will be lighter, so Asia will likely set the tone.” Many investors and traders will be off Monday for Martin Luther King Jr. Day including the U.S. equities markets, which along with other major indexes are ending the week in the red Friday. Story continues Asia’s Nikkei 225 fell 0.62% in a session that was capped by the tech sector as semiconductor manufacturer TSMC posted its best-ever quarterly profit . In Europe the FTSE 100 ended the day slipping 1% as new lockdown measures and a rise in coronavirus cases in China left investors worried about the global economy . In the United States, the S&P 500 closed in the red 0.74% as President-elect Biden released a $1.9 trillion stimulus plan to help boost the coronavirus-afflicted global economy. Related: Bitcoin’s Massive Swings Give Pause to CFOs Mulling Reserve Investment: Bloomberg “The important thing to keep in mind is that the macro view has not changed,” said Bitflyer’s Edgerton. “There is growing demand for crypto assets, an unwillingness of current holders to sell and limited supply being added. This naturally leads to long-term price appreciation.” Read More: Advisers Allocating Crypto in Clients’ Portfolios Rose 49% Last Year: Survey Andrew Tu, an executive of quant trading firm Efficient Frontier, pointed to the inverse relationship between the U.S. Dollar Index and bitcoin as a macro example. The index , also known as the DXY, is a measure of the greenback versus a basket of other fiat currencies. “The rise in DXY was simultaneously accompanied by a drop in BTC,” Tu told CoinDesk. “On a fundamental level, the economy looks weak, thus probably driving a risk-off move into dollars.” When bitcoin goes up, the DXY seems to go down and vice versa, at least so far in 2021. On Friday, the DXY was up 0.55% during bitcoin’s bearish past 24 hours. Big-name DeFi tokens doing better than ether in 2021 The second-largest cryptocurrency by market capitalization, ether (ETH), was down Friday, trading around $1,139 and slipping 5.7% in 24 hours as of 21:00 UTC (4:00 p.m. ET). Read More: MahaDAO’s Algorithmic ‘Valuecoin’ Goes Live on Ethereum Bitcoin’s is up over 20% in 2021. However, ether is easily beating that, in the green over 50% to start the year. Meanwhile, two well-known projects built on the Ethereum platform used for decentralized finance (DeFi) are doing even better than that. The token associated with derivatives liquidity platform Synthetix is up more than 83% so far this year, while lending protocol Aave’s token has climbed more than 69% in 2021 so far. Jean-Marc Bonnefous, managing partner of investment firm Tellurian Capital, told CoinDesk DeFi tokens such as aave and synthetix have big upside potential in bullish markets. He recently tweeted about DeFi token performance over the last three months. However, Bonnefous cautioned that there’s also a downside to these lesser-known and less-liquid tokens. “Ether is the mothership, the main reserve currency layer for DeFi, whereas the DeFi coins are more application-related with a potential additional monetization component and some growth potential if well executed,” Bonnefous said. “So by nature the top DeFi assets will likely outperform in a up market for crypto in general, and conversely in a bear market.” Other markets Digital assets on the CoinDesk 20 are mixed, mostly in the red Friday. Notable winners as of 21:00 UTC (4:00 p.m. ET): cosmos (ATOM) + 21.7% chainlink (LINK) + 15.2% omg network (OMG) + 6.8% Notable losers: bitcoin cash (BCH) – 8.9% litecoin (LTC) – 8% stellar (XLM) – 7% Commodities: Oil was down 2.9%. Price per barrel of West Texas Intermediate crude: $52.12. Gold was in the red 1.1% and at $1,825 as of press time. Treasurys: The 10-year U.S. Treasury bond yield fell Friday, dipping to 1.092 and in the red 3.4%. Related Stories Market Wrap: Bitcoin Dips to $34.4K as Big-Name DeFi Tokens Trounce ETH Market Wrap: Bitcoin Dips to $34.4K as Big-Name DeFi Tokens Trounce ETH || Market Wrap: Bitcoin Dips to $34.4K as Big-Name DeFi Tokens Trounce ETH: Bitcoin was slipping Friday on lower-than-average volumes for 2021 so far. In other news, while BTC and ETH are up this year, some DeFi tokens are doing even better.
• Bitcoin(BTC) trading around $35,610 as of 21:00 UTC (4 p.m. ET). Slipping 9.4% over the previous 24 hours.
• Bitcoin’s 24-hour range: $34,425-$39,673 (CoinDesk 20)
• BTC below the 10-hour and 50-hour moving averages on the hourly chart, a bearish signal for market technicians.
The price of bitcoin fell Friday, a steady decline over the past 24 hours that saw the world’s oldest cryptocurrency bottom out as low as $34,425 before picking up to $35,610 as of press time.
Read More:Biden’s $1.9T Relief Package Proposal Fails to Stir Bitcoin Market
Related:Bitcoin Struggles to Recover After Biggest Weekly Price Loss Since September
“The price rested at $40,000. Now we are waiting for a rollback to $34,000,” said Constantin Kogan, partner at crypto investment firm Wave Financial. “Most likely the next possible low will be at least $26,000.”
That’s a pretty bearish sentiment from an analyst, but the outsized volume numbers to open 2021 are certainly diminishing for the time being. For the first two weeks of the new year, bitcoin’s daily spot volume on the eight major exchanges tracked by CoinDesk (Bitfinex, Bitflyer, Bitstamp, Coinbase, Gemini, itBit, Kraken and Poloniex) averaged $6.1 billion per day. For Friday, spot volumes are at $4.2 billion, as of press time.
“There is a definite tug and pull between North American and Asian traders in crypto assets,” noted Joel Edgerton, chief operating officer of cryptocurrency exchange BitFlyer USA. “Since the U.S. is going into a three-day weekend the U.S. trading volume will be lighter, so Asia will likely set the tone.”
Many investors and traders will be off Monday for Martin Luther King Jr. Day including the U.S. equities markets, which along with other major indexes are ending the week in the red Friday.
• Asia’s Nikkei 225 fell 0.62% in asession that was capped by the tech sector as semiconductor manufacturer TSMC posted its best-ever quarterly profit.
• In Europe the FTSE 100 ended the day slipping 1% asnew lockdown measures and a rise in coronavirus cases in China left investors worried about the global economy.
• In the United States, the S&P 500 closed in the red 0.74% asPresident-elect Biden released a $1.9 trillion stimulus plan to help boost the coronavirus-afflicted global economy.
Related:Bitcoin’s Massive Swings Give Pause to CFOs Mulling Reserve Investment: Bloomberg
“The important thing to keep in mind is that the macro view has not changed,” said Bitflyer’s Edgerton. “There is growing demand for crypto assets, an unwillingness of current holders to sell and limited supply being added. This naturally leads to long-term price appreciation.”
Read More:Advisers Allocating Crypto in Clients’ Portfolios Rose 49% Last Year: Survey
Andrew Tu, an executive of quant trading firm Efficient Frontier, pointed to the inverse relationship between the U.S. Dollar Index and bitcoin as a macro example. Theindex, also known as the DXY, is a measure of the greenback versus a basket of other fiat currencies.
“The rise in DXY was simultaneously accompanied by a drop in BTC,” Tu told CoinDesk. “On a fundamental level, the economy looks weak, thus probably driving a risk-off move into dollars.”
When bitcoin goes up, the DXY seems to go down and vice versa, at least so far in 2021. On Friday, the DXY was up 0.55% during bitcoin’s bearish past 24 hours.
The second-largest cryptocurrency by market capitalization,ether(ETH), was down Friday, trading around $1,139 and slipping 5.7% in 24 hours as of 21:00 UTC (4:00 p.m. ET).
Read More:MahaDAO’s Algorithmic ‘Valuecoin’ Goes Live on Ethereum
Bitcoin’s is up over 20% in 2021. However, ether is easily beating that, in the green over 50% to start the year. Meanwhile, two well-known projects built on the Ethereum platform used for decentralized finance (DeFi) are doing even better than that. The token associated with derivatives liquidity platform Synthetix is up more than 83% so far this year, while lending protocol Aave’s token has climbed more than 69% in 2021 so far.
Jean-Marc Bonnefous, managing partner of investment firm Tellurian Capital, told CoinDesk DeFi tokens such as aave and synthetix have big upside potential in bullish markets. Herecently tweeted about DeFi token performance over the last three months.However, Bonnefous cautioned that there’s also a downside to these lesser-known and less-liquid tokens.
“Ether is the mothership, the main reserve currency layer for DeFi, whereas the DeFi coins are more application-related with a potential additional monetization component and some growth potential if well executed,” Bonnefous said. “So by nature the top DeFi assets will likely outperform in a up market for crypto in general, and conversely in a bear market.”
Digital assets on theCoinDesk 20are mixed, mostly in the red Friday. Notable winners as of 21:00 UTC (4:00 p.m. ET):
• cosmos(ATOM) + 21.7%
• chainlink(LINK) + 15.2%
• omg network(OMG) + 6.8%
Notable losers:
• bitcoin cash(BCH) – 8.9%
• litecoin(LTC) – 8%
• stellar(XLM) – 7%
Commodities:
• Oil was down 2.9%. Price per barrel of West Texas Intermediate crude: $52.12.
• Gold was in the red 1.1% and at $1,825 as of press time.
Treasurys:
• The 10-year U.S. Treasury bond yield fell Friday, dipping to 1.092 and in the red 3.4%.
• Market Wrap: Bitcoin Dips to $34.4K as Big-Name DeFi Tokens Trounce ETH
• Market Wrap: Bitcoin Dips to $34.4K as Big-Name DeFi Tokens Trounce ETH || Goldman Sachs to Enter Crypto Market ‘Soon’ With Custody Play: Source: U.S. banking powerhouse Goldman Sachs has issued a request for information (RFI) to explore digital asset custody, according to a source inside the bank.
When asked about timing, the Goldman source said the bank’s custody plans would be “evident soon.”
Goldman’s digital asset custody RFI was circulated to at least one well-known crypto custody player toward the end of 2020.
Related:Anchorage Becomes First OCC-Approved National Crypto Bank
“Like JPMorgan, we have issued an RFI looking at digital custody. We are broadly exploring digital custody and deciding what the next step is,” said the Goldman source, who asked not to be named. (An RFI on crypto custody was issued by JPMorgan in October 2020, asreportedby The Block.)
The Goldman insider said the bank’s digital assets initiative was “part of a broad digital strategy,” citing stablecoins in relation torecent missivesfrom the U.S. Office of the Comptroller of the Currency (OCC).
A tectonic shift took place in the world of crypto custody this week, as San Francisco-based Anchorageattained conditional approvalfrom the OCC to become a national digital bank and “unequivocally” meet the definition of “qualified custodian” in the process.
Anchorage President Diogo Mónica said in an interview this regulatory approval will invite many large and risk-averse institutional players into crypto.
Related:Goldman Sachs Exec Says More Institutional Investment Would Calm Bitcoin Volatility
When asked about JPMorgan, Goldman and Citi – the three big U.S. banks most are watching in relation to crypto custody – Mónica said: “We are talking to all these guys.”
There has been chatter about Goldman perhaps offering something akin to prime brokerage services involving crypto. However, the Goldman insider said the bank is looking at custody but not prime brokerage.
“Anchorage, BitGo and Coinbase have quite grand plans in crypto prime brokerage and we would not be looking to duplicate those,” said the Goldman source.
• Goldman Sachs to Enter Crypto Market ‘Soon’ With Custody Play: Source
• Goldman Sachs to Enter Crypto Market ‘Soon’ With Custody Play: Source || Goldman Sachs to Enter Crypto Market ‘Soon’ With Custody Play: Source: U.S. banking powerhouse Goldman Sachs has issued a request for information (RFI) to explore digital asset custody, according to a source inside the bank. When asked about timing, the Goldman source said the bank’s custody plans would be “evident soon.” Goldman’s digital asset custody RFI was circulated to at least one well-known crypto custody player toward the end of 2020. Related: Anchorage Becomes First OCC-Approved National Crypto Bank “Like JPMorgan, we have issued an RFI looking at digital custody. We are broadly exploring digital custody and deciding what the next step is,” said the Goldman source, who asked not to be named. (An RFI on crypto custody was issued by JPMorgan in October 2020, as reported by The Block.) The Goldman insider said the bank’s digital assets initiative was “part of a broad digital strategy,” citing stablecoins in relation to recent missives from the U.S. Office of the Comptroller of the Currency (OCC). A tectonic shift took place in the world of crypto custody this week, as San Francisco-based Anchorage attained conditional approval from the OCC to become a national digital bank and “unequivocally” meet the definition of “qualified custodian” in the process. Anchorage President Diogo Mónica said in an interview this regulatory approval will invite many large and risk-averse institutional players into crypto. Related: Goldman Sachs Exec Says More Institutional Investment Would Calm Bitcoin Volatility When asked about JPMorgan, Goldman and Citi – the three big U.S. banks most are watching in relation to crypto custody – Mónica said: “We are talking to all these guys.” There has been chatter about Goldman perhaps offering something akin to prime brokerage services involving crypto. However, the Goldman insider said the bank is looking at custody but not prime brokerage. “Anchorage, BitGo and Coinbase have quite grand plans in crypto prime brokerage and we would not be looking to duplicate those,” said the Goldman source. Related Stories Goldman Sachs to Enter Crypto Market ‘Soon’ With Custody Play: Source Goldman Sachs to Enter Crypto Market ‘Soon’ With Custody Play: Source || Stock Market Today: New Stimulus Plan Fails to Stimulate Stocks: A week of drowsy trading got no lift from the latest prospect of more government spending. President-Elect Joe Biden on Thursday evening unveiled a $1.9 trillion "American Rescue Plan" that includes a number of provisions , including $1,400 stimulus checks, supplemental unemployment benefits and a $15-per-hour federal minimum wage . SEE MORE 11 Small-Cap Stocks the Analysts Love for 2021 And yet, stocks went red on Friday. Perhaps Wall Street had already baked in all of its expectations for the much-anticipated plan. Or perhaps the market remained distracted by COVID itself, which is still taking a hefty toll here in the U.S. as the vaccine rollout seems to crawl forward. Also of some concern was the start of the Q4 earnings season – mixed results from Citigroup ( C , -6.9%) and Wells Fargo ( WFC , -7.8%) weighed on those stocks and the rest of the financial sector. The Dow Jones Industrial Average closed 0.6% lower to 30,814, and the rest of the major indices followed suit. Other action in the stock market today: The S&P 500 took a 0.7% spill to 3,768. The Nasdaq Composite broke back below 13,000, dropping by 0.9% to 12,998. The Russell 2000 dropped hard off its all-time high, losing 1.5% to 2,123. Gold futures weren't exempt, dipping 1.3% to settle at $1,827.80 per ounce. U.S. crude oil futures finally cooled off, losing 2.4% to $52.31 per barrel. Bitcoin prices, at $39,633 on Thursday, plunged more than 10% to $35,579. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.) Tesla ( TSLA , -2.2%) shares declined after receiving a Street-high $950 price target from Wedbush analyst Daniel Ives, but not a Buy recommendation . stock chart for 011521 SEE MORE The 11 Best Growth Stocks to Buy for 2021 Turbulence Ahead? While optimistic about 2021 overall, many analysts predicted some bumpiness, especially in Q1, and we might be at the onset of one such rough patch. "We have fairly high conviction in two things," says Canaccord Genuity equity strategist Tony Dwyer. "Conditions remain ripe for a temporary correction that should give back much of what has been gained since late last year, and when it comes, investors are likely to believe it is something more sinister than an overbought correction." Story continues One thing that stood out clearly Friday was a flight to income-producing equities. Within the Dow itself, three of the five best performers were so-called "Dogs" – the industrial average's highest-yielding stocks as of the start of the year. Business development companies (BDCs) , a high-yielding but low-traffic area of the market, also outperformed. And real estate, much maligned in 2020, earned some attention Friday. Real estate investment trusts (REITs) are well-known among income investors given their mandate to turn over at least 90% of their taxable profits via cash distributions to their shareholders. Many of them currently sport higher-than-normal yields after a difficult 2020, making them a one-two punch of income and rebound potential once the American economy settles back onto its track. Check them out. Kyle Woodley was long Bitcoin as of this writing. SEE MORE The 21 Best Stocks to Buy for 2021 || Stock Market Today: New Stimulus Plan Fails to Stimulate Stocks: A week of drowsy trading got no lift from the latest prospect of more government spending. President-Elect Joe Biden on Thursday evening unveiled a $1.9 trillion "American Rescue Plan" that includes a number of provisions , including $1,400 stimulus checks, supplemental unemployment benefits and a $15-per-hour federal minimum wage . SEE MORE 11 Small-Cap Stocks the Analysts Love for 2021 And yet, stocks went red on Friday. Perhaps Wall Street had already baked in all of its expectations for the much-anticipated plan. Or perhaps the market remained distracted by COVID itself, which is still taking a hefty toll here in the U.S. as the vaccine rollout seems to crawl forward. Also of some concern was the start of the Q4 earnings season – mixed results from Citigroup ( C , -6.9%) and Wells Fargo ( WFC , -7.8%) weighed on those stocks and the rest of the financial sector. The Dow Jones Industrial Average closed 0.6% lower to 30,814, and the rest of the major indices followed suit. Other action in the stock market today: The S&P 500 took a 0.7% spill to 3,768. The Nasdaq Composite broke back below 13,000, dropping by 0.9% to 12,998. The Russell 2000 dropped hard off its all-time high, losing 1.5% to 2,123. Gold futures weren't exempt, dipping 1.3% to settle at $1,827.80 per ounce. U.S. crude oil futures finally cooled off, losing 2.4% to $52.31 per barrel. Bitcoin prices, at $39,633 on Thursday, plunged more than 10% to $35,579. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.) Tesla ( TSLA , -2.2%) shares declined after receiving a Street-high $950 price target from Wedbush analyst Daniel Ives, but not a Buy recommendation . stock chart for 011521 SEE MORE The 11 Best Growth Stocks to Buy for 2021 Turbulence Ahead? While optimistic about 2021 overall, many analysts predicted some bumpiness, especially in Q1, and we might be at the onset of one such rough patch. "We have fairly high conviction in two things," says Canaccord Genuity equity strategist Tony Dwyer. "Conditions remain ripe for a temporary correction that should give back much of what has been gained since late last year, and when it comes, investors are likely to believe it is something more sinister than an overbought correction." Story continues One thing that stood out clearly Friday was a flight to income-producing equities. Within the Dow itself, three of the five best performers were so-called "Dogs" – the industrial average's highest-yielding stocks as of the start of the year. Business development companies (BDCs) , a high-yielding but low-traffic area of the market, also outperformed. And real estate, much maligned in 2020, earned some attention Friday. Real estate investment trusts (REITs) are well-known among income investors given their mandate to turn over at least 90% of their taxable profits via cash distributions to their shareholders. Many of them currently sport higher-than-normal yields after a difficult 2020, making them a one-two punch of income and rebound potential once the American economy settles back onto its track. Check them out. Kyle Woodley was long Bitcoin as of this writing. SEE MORE The 21 Best Stocks to Buy for 2021 || Will Bank Of America Beat Earnings Estimates Next Week?: Bank of America’s(NYSE:BAC) stock has been surging, with more than 18% in gains in just the last month. Yet this does not guarantee that Bank of America or other banking companies will report positive earnings reports.
Bank of America is set to report before the open Tuesday, Jan. 19.
Bear Case:KBW analysts predict that per-share earnings for bank stocks will fall 8%in the fourth quarter compared to the same period last year. Last quarter, the third quarter, saw some of the country’s largest banks, including Bank of America, posting better-than-expected earnings.
This would indicate that even on positive earnings, Bank of America’s stock might struggle to grow at the rate that it has been in recent weeks.
Some banking executives are scared that rising coronavirus cases could result in loan-loss estimates to rise again as they did earlier in the pandemic. The rates are not expected to reach the same level that they did at the beginning of the COVID-19 pandemic.
View more earnings on BAC
Bull Case:One factor that could help Bank of America’s earnings estimates is the factthat mortgage originationshave reached an all-time high. Thousands of people have rushed to buy and build homes in more spacious neighborhoods.
In addition to the new homes being purchased, banks have seen a lift from the stimulus bills that Congress passed.
There is still plenty to like in big American banks.Marketwatch reported that almost half of large U.S. banks are expected to increase quarterly profit.
Benzinga's Take:Even with strong earnings and mortgage numbers, banks will struggle to maintain the growth that they have experienced throughout the market’s recovery from the initial COVID-19 crash.
Photo byCoolcaesar via Wikimedia.
See more from Benzinga
• Click here for options trades from Benzinga
• Apple To Build Developer Academy In Detroit As Part Of 0M Racial Equity Initiative
• Dan Deity, Hugh Henne Return To Benzinga's Power Hour To Talk GigCapital3, Bitcoin Plays
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Will Bank Of America Beat Earnings Estimates Next Week?: Bank of America’s (NYSE: BAC ) stock has been surging, with more than 18% in gains in just the last month. Yet this does not guarantee that Bank of America or other banking companies will report positive earnings reports. Bank of America is set to report before the open Tuesday, Jan. 19. Bear Case: KBW analysts predict that per-share earnings for bank stocks will fall 8% in the fourth quarter compared to the same period last year. Last quarter, the third quarter, saw some of the country’s largest banks, including Bank of America, posting better-than-expected earnings. This would indicate that even on positive earnings, Bank of America’s stock might struggle to grow at the rate that it has been in recent weeks. Some banking executives are scared that rising coronavirus cases could result in loan-loss estimates to rise again as they did earlier in the pandemic. The rates are not expected to reach the same level that they did at the beginning of the COVID-19 pandemic. View more earnings on BAC Bull Case: One factor that could help Bank of America’s earnings estimates is the fact that mortgage originations have reached an all-time high. Thousands of people have rushed to buy and build homes in more spacious neighborhoods. In addition to the new homes being purchased, banks have seen a lift from the stimulus bills that Congress passed. There is still plenty to like in big American banks. Marketwatch reported that almost half of large U.S. banks are expected to increase quarterly profit. Benzinga's Take: Even with strong earnings and mortgage numbers, banks will struggle to maintain the growth that they have experienced throughout the market’s recovery from the initial COVID-19 crash. Photo by Coolcaesar via Wikimedia . See more from Benzinga Click here for options trades from Benzinga Apple To Build Developer Academy In Detroit As Part Of 0M Racial Equity Initiative Dan Deity, Hugh Henne Return To Benzinga's Power Hour To Talk GigCapital3, Bitcoin Plays © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Coinbase commits to a 'better customer experience' following complaints: Coinbase has a problem. As interest in Bitcoin has soared along with its price, the popular cryptocurrency exchange has found itself the target of a growing spate of angry customers who haven't been able to access customer service.
A quick look at Twitter tells the story. As one upset user of the service ranted earlier today: "Multiple issues over the last month which cost me $$$ several open cases and 0% response?? When are you going to help me or is it easier to just forget. This wont be so easy when your publicly traded. Will be following up with [SEC] soon."
There are many (many) similar complaints to be found.
In the interest of full disclosure, this editor asked the company this week for more insight into its customer service operations after emailing its support staff more than a half dozen times and tweeting once over 10 days, and receiving no response. (I bought one unit of Ether in 2018 on the platform and wanted to access my account, which I'd been locked out of nearly two years ago.)
To its credit, Coinbase todayissued a statement, promising to do better. Its VP of customer success, Casper Sorenson, wrote on the company's blog that Coinbase is "committing to a better customer experience during this time of heightened interest in the cryptoeconomy." The company says it is adding more people to its team; adding more self-service options (there are startling few); expanding its "help center"; and launching a new educational site, Coinbase Learn, "as a one-stop-shop for first timers, experienced investors, and everyone in between."
Most meaningful perhaps, Coinbase says that in the coming months, it will begin offering live messaging with Coinbase representatives, which is not currently an option. Indeed, Coinbase does not offer live support of any kind. A help support phone line is only available to users wanting to freeze their accounts, and it is automated. (The flip side of its slow customer response times may tie to the apparent seriousness with which Coinbase, which works closely with regulated banks,takes security issues.)
Coinbase files to go public confidentially and we’re hyped
Either way, the company will have to do far more for its increasingly mainstream users as a publicly traded outfit, both because regulators will undoubtedly take a greater interest in its unhappy customers and because it will otherwise lose existing and potential clients to rivals, of which there are a growing array, from the international payment giant PayPal, which is now seeingrecord daily cryptocurrency trading, to investment brokers like Robinhood. (Another increasingly popular option: digital assetmanagerslike Grayscale, whose trusts are publicly traded over the counter.)
More attention to the issue appears overdue. While Coinbase has presumably been dealing with a surge in complaints that corresponds with the volatility of Bitcoin's ups and downs, customer service has been an ongoing issue for the nearly nine-year-old, San Francisco outfit, which filed itsconfidential formwith the SEC in December to go public and says it has 35 million users in more than 100 countries.
In 2018, Mashable obtained134 pages of complaintsfiled to the SEC and the California Department of Business Oversight following a five-month FOIA process, and the picture that emerged was "not of a responsible actor in the cryptocurrency space opening the market to new investors, but rather a company overwhelmed by and underprepared for its own success," the outlet reported at the time.
Asked today, among other things, how Coinbase's processes have since changed, how many of its more than 1,200 employees are focused on customer support, and whether the outfit could share its latest customer numbers, Coinbase, currently in its SEC-mandated quiet period, declined to comment.
Brian Armstrong’s new problem: 60-plus free agents
Coinbase has raised $547.3 million in venture backing over the years, according to Crunchbase. Tiger Global Management, which is currently raising up to$3.75 billion for its newest fund, led Coinbase's company's most recent private round, a$300 million Series E financingthat closed in 2018 and assigned Coinbase a post-money valuation of $8 billion.
Last September, the company parted ways with more than 5% of its employees, after cofounder and CEO Brian Armstrong publicly discouraged employee activism and political discussions at work, then offered severance to staffers who were uncomfortable with the policy.
Roughly60 peopletook the company up on the offer, Coinbase itself later revealed.
Coinbase's IPO has been eagerly anticipated by many, though changes in Washington could potentially have a dampening effect on the company and other exchanges.
Coinbase's own former chief legal officer, Brian Brooks, was last summer appointed as the acting head of the Office of the Comptroller of the Currency (OCC), and among his other crypto-friendly efforts, he published interpretive letters and announcements declaring that banks can partner with crypto custodians and conduct payments using stablecoins.
It was never entirely clear how much weight those letters and announcements carried. Asked last week about Brooks's most recent interpretive letter, in which he stated that financial institutions can participate as nodes on a blockchain and store or validate payments, the FDIC said in an emailed response that it had no comment.
Asked last week if Brooks's letter signaled changing U.S. monetary policy, the U.S. Treasury Department did not respond to our press request.
Brooks's reign has ended, in any case. With a new incoming administration, he resigned from his position this week, replaced by a career OCC employee, Blake Paulson, who may himself be replaced in coming weeks. The change leaves questions about how and whether the agency's tone toward cryptocurrency will change.
Meanwhile, Gary Gensler, a former financial regulator and Goldman Sachs banker who has most recently been teaching at M.I.T., is expected to be nominated to lead the SEC. He is also expected to welcome greater oversight of the$1 trillioncryptocurrency market than Jay Clayton, the Wall Street attorney who stepped down from the role last month after three years. || Coinbase commits to a 'better customer experience' following complaints: Coinbase has a problem. As interest in Bitcoin has soared along with its price, the popular cryptocurrency exchange has found itself the target of a growing spate of angry customers who haven't been able to access customer service. A quick look at Twitter tells the story. As one upset user of the service ranted earlier today: "Multiple issues over the last month which cost me $$$ several open cases and 0% response?? When are you going to help me or is it easier to just forget. This wont be so easy when your publicly traded. Will be following up with [SEC] soon." There are many (many) similar complaints to be found. In the interest of full disclosure, this editor asked the company this week for more insight into its customer service operations after emailing its support staff more than a half dozen times and tweeting once over 10 days, and receiving no response. (I bought one unit of Ether in 2018 on the platform and wanted to access my account, which I'd been locked out of nearly two years ago.) To its credit, Coinbase today issued a statement , promising to do better. Its VP of customer success, Casper Sorenson, wrote on the company's blog that Coinbase is "committing to a better customer experience during this time of heightened interest in the cryptoeconomy." The company says it is adding more people to its team; adding more self-service options (there are startling few); expanding its "help center"; and launching a new educational site, Coinbase Learn, "as a one-stop-shop for first timers, experienced investors, and everyone in between." Most meaningful perhaps, Coinbase says that in the coming months, it will begin offering live messaging with Coinbase representatives, which is not currently an option. Indeed, Coinbase does not offer live support of any kind. A help support phone line is only available to users wanting to freeze their accounts, and it is automated. (The flip side of its slow customer response times may tie to the apparent seriousness with which Coinbase, which works closely with regulated banks, takes security issues .) Story continues Coinbase files to go public confidentially and we’re hyped Either way, the company will have to do far more for its increasingly mainstream users as a publicly traded outfit, both because regulators will undoubtedly take a greater interest in its unhappy customers and because it will otherwise lose existing and potential clients to rivals, of which there are a growing array, from the international payment giant PayPal, which is now seeing record daily cryptocurrency trading , to investment brokers like Robinhood. (Another increasingly popular option: digital asset managers like Grayscale, whose trusts are publicly traded over the counter.) More attention to the issue appears overdue. While Coinbase has presumably been dealing with a surge in complaints that corresponds with the volatility of Bitcoin's ups and downs, customer service has been an ongoing issue for the nearly nine-year-old, San Francisco outfit, which filed its confidential form with the SEC in December to go public and says it has 35 million users in more than 100 countries. In 2018, Mashable obtained 134 pages of complaints filed to the SEC and the California Department of Business Oversight following a five-month FOIA process, and the picture that emerged was "not of a responsible actor in the cryptocurrency space opening the market to new investors, but rather a company overwhelmed by and underprepared for its own success," the outlet reported at the time. Asked today, among other things, how Coinbase's processes have since changed, how many of its more than 1,200 employees are focused on customer support, and whether the outfit could share its latest customer numbers, Coinbase, currently in its SEC-mandated quiet period, declined to comment. Brian Armstrong’s new problem: 60-plus free agents Coinbase has raised $547.3 million in venture backing over the years, according to Crunchbase. Tiger Global Management, which is currently raising up to $3.75 billion for its newest fund , led Coinbase's company's most recent private round, a $300 million Series E financing that closed in 2018 and assigned Coinbase a post-money valuation of $8 billion. Last September, the company parted ways with more than 5% of its employees, after cofounder and CEO Brian Armstrong publicly discouraged employee activism and political discussions at work, then offered severance to staffers who were uncomfortable with the policy. Roughly 60 people took the company up on the offer, Coinbase itself later revealed. Coinbase's IPO has been eagerly anticipated by many, though changes in Washington could potentially have a dampening effect on the company and other exchanges. Coinbase's own former chief legal officer, Brian Brooks, was last summer appointed as the acting head of the Office of the Comptroller of the Currency (OCC), and among his other crypto-friendly efforts, he published interpretive letters and announcements declaring that banks can partner with crypto custodians and conduct payments using stablecoins. It was never entirely clear how much weight those letters and announcements carried. Asked last week about Brooks's most recent interpretive letter, in which he stated that financial institutions can participate as nodes on a blockchain and store or validate payments, the FDIC said in an emailed response that it had no comment. Asked last week if Brooks's letter signaled changing U.S. monetary policy, the U.S. Treasury Department did not respond to our press request. Brooks's reign has ended, in any case. With a new incoming administration, he resigned from his position this week, replaced by a career OCC employee, Blake Paulson, who may himself be replaced in coming weeks. The change leaves questions about how and whether the agency's tone toward cryptocurrency will change. Meanwhile, Gary Gensler, a former financial regulator and Goldman Sachs banker who has most recently been teaching at M.I.T., is expected to be nominated to lead the SEC. He is also expected to welcome greater oversight of the $1 trillion cryptocurrency market than Jay Clayton, the Wall Street attorney who stepped down from the role last month after three years. || Fixing Crypto’s Silos: It’s an established truth the cryptocurrency sector is more fragmented than shattered glass. Industry devotees have long made the most of working piecemeal, accepting ever-increasing fragmentation as the price of a decentralized financial system. But what advancements might we achieve if we could stop paying it?
At first glance, interoperability seems like a near-impossible goal. According to CoinMarketCap, over8,000 unique cryptocurrenciescurrently exist – a400% increasefrom two years ago. These numbers sound impressive at first, however, the veneer wears off once you consider the sheer inconvenience that variety poses.
Stephen Tse, is founder and CEO ofHarmony.one. He was previously a researcher at Microsoft Research, a senior infrastructure engineer at Google and a principal engineer for search ranking at Apple.
Related:Money Reimagined: Bitcoin's Warning for Central Banks
Decentralized applications (dapps) are limited by the constraints of their home blockchain. If a dapp is built on Ethereum, it can usually only enjoy the benefits provided by Ethereum (ex., smart contract functionality). Thus, for all of the advantages that diverse cryptocurrencies might present individually, users may struggle to take full advantage of the multiplicity because the blockchains are notinteroperable.
Here’s the issue – while career cryptocurrency traders may be willing to manually“hunt and peck” across fragmented cryptocurrency exchangesand blockchain apps for the features and services they want, it seems overly optimistic to think that the rising cohort of investors will be content with the status quo. Consider the push towards cryptocurrency normalization we saw in 2020. Three major fintech firms (Square,MicroStrategyandMode) embracedbitcoin, andPayPal recently launched its own cryptocurrency trading service.
As a result, the people we see entering the crypto market aren’t technology professors or developers, they’re ordinary consumers and investors who are accustomed to more streamlined and cohesive experiences.
“As new users enter the industry, I’ve seen a clear demand for ‘intermediaries’ that mirror the centralized financial entities consumers are used to, improved user experience, and greater liquidity, but I’ve also seen the control and holding of users funds: sacrificing ownership for access,” cryptocurrency expert Alexey Koloskovrecently wrote forForbes.
Related:What Crypto Can Expect From Gary Gensler at the SEC
If the crypto sector’s fragmentation remains unaddressed by those within it, Koloskov suggests, there is a risk that conventionally minded players will offer solutions that undermine the freedoms cryptocurrencies were invented to provide.
Consumers are right to ask for interoperability. They need innovation, they need new interoperability tools.
The intervention of centralized powers is frustrating, both for its tacit erosion of trader freedom and because consumers arerightto ask for interoperability. Theyneedinnovation, theyneednew interoperability tools – and if innovators who appreciate the philosophy that underpins blockchain can provide it, they stand to not only solve a major UX problem, but also redefine the capabilities of fintech as a whole.
Consider the work that has already been done with trustless bridges as an example.
For context, atrustless blockchain bridgeis essentially a public blockchain network that allows two technologically different and economically sovereign chains to freely communicate with each other sans permissions. This connection allows for interoperability between two blockchains that would otherwise have no means to conduct mutual transactions or utilize the other’s chain-specific apps.
Trustless, two-way bridges could provide game-changing fluidity across previously siloed chains, allowing newcomers and blockchain devotees alike unprecedented access and ease-of-use. Assuming future advancement, we can imagine a future version of the cryptocurrency sector, one that upholds interoperabilitywithoutcompromising its commitment to decentralization and individual autonomy.
Beyond enabling smoother transactions and a more cohesive and informed trading experience, such bridges facilitate greaterusability. By linking two disparate cryptocurrencies by cross-chain bridges, users can enjoy the best of both, rather than having to pick one over the other. When using a cross-chain bridge between Ethereum and Cosmos, for example, a user could leverage Ethereum’s smart contract functionality and Cosmos’ scalability.
Imagine that versatility multiplied out over a dozen blockchains. Imagine the functionality we could achieve if end-users and app developers could ultimately cherry-pick the features they wanted in their trading experience.
We may not be to the point where such fluidity is possible yet, but there’s little doubt that such a reality waits on the horizon. Innovations like cross-chain bridges offer a glimpse of what the future of fintech and crypto could look like – what it might mean to introduce a truly decentralized financial system where consumers finally, truly, have the final say not only on trades, but on their tradingexperience.
See also:How One Firm Is Addressing the Interoperability Problem Posed by FATF’s ‘Travel Rule’
The blockchain fragmentation problem is significant and, in the absence of proper consolidation tools, expanding. The cryptocurrency sector needs to provide solutions that facilitate blockchain connections among all people and any economy.
Our fragmented and siloed status quo will not work indefinitely. We have the technological means – and the market impetus – to seek interoperability without compromising on decentralization or consumer experience. By literally bridging the silos, we won’t just improve user experience, we’ll usher in a new era of financial innovation and creativity.
• Fixing Crypto’s Silos
• Fixing Crypto’s Silos || Fixing Crypto’s Silos: It’s an established truth the cryptocurrency sector is more fragmented than shattered glass. Industry devotees have long made the most of working piecemeal, accepting ever-increasing fragmentation as the price of a decentralized financial system. But what advancements might we achieve if we could stop paying it? At first glance, interoperability seems like a near-impossible goal. According to CoinMarketCap, over 8,000 unique cryptocurrencies currently exist – a 400% increase from two years ago. These numbers sound impressive at first, however, the veneer wears off once you consider the sheer inconvenience that variety poses. Stephen Tse, is founder and CEO of Harmony.one . He was previously a researcher at Microsoft Research, a senior infrastructure engineer at Google and a principal engineer for search ranking at Apple. Related: Money Reimagined: Bitcoin's Warning for Central Banks Decentralized applications (dapps) are limited by the constraints of their home blockchain. If a dapp is built on Ethereum, it can usually only enjoy the benefits provided by Ethereum (ex., smart contract functionality). Thus, for all of the advantages that diverse cryptocurrencies might present individually, users may struggle to take full advantage of the multiplicity because the blockchains are not interoperable . Here’s the issue – while career cryptocurrency traders may be willing to manually “hunt and peck” across fragmented cryptocurrency exchanges and blockchain apps for the features and services they want, it seems overly optimistic to think that the rising cohort of investors will be content with the status quo. Consider the push towards cryptocurrency normalization we saw in 2020. Three major fintech firms ( Square , MicroStrategy and Mode ) embraced bitcoin , and PayPal recently launched its own cryptocurrency trading service . As a result, the people we see entering the crypto market aren’t technology professors or developers, they’re ordinary consumers and investors who are accustomed to more streamlined and cohesive experiences. Story continues “As new users enter the industry, I’ve seen a clear demand for ‘intermediaries’ that mirror the centralized financial entities consumers are used to, improved user experience, and greater liquidity, but I’ve also seen the control and holding of users funds: sacrificing ownership for access,” cryptocurrency expert Alexey Koloskov recently wrote for Forbes . Related: What Crypto Can Expect From Gary Gensler at the SEC If the crypto sector’s fragmentation remains unaddressed by those within it, Koloskov suggests, there is a risk that conventionally minded players will offer solutions that undermine the freedoms cryptocurrencies were invented to provide. Consumers are right to ask for interoperability. They need innovation, they need new interoperability tools. The intervention of centralized powers is frustrating, both for its tacit erosion of trader freedom and because consumers are right to ask for interoperability. They need innovation, they need new interoperability tools – and if innovators who appreciate the philosophy that underpins blockchain can provide it, they stand to not only solve a major UX problem, but also redefine the capabilities of fintech as a whole. Consider the work that has already been done with trustless bridges as an example. For context, a trustless blockchain bridge is essentially a public blockchain network that allows two technologically different and economically sovereign chains to freely communicate with each other sans permissions. This connection allows for interoperability between two blockchains that would otherwise have no means to conduct mutual transactions or utilize the other’s chain-specific apps. Trustless, two-way bridges could provide game-changing fluidity across previously siloed chains, allowing newcomers and blockchain devotees alike unprecedented access and ease-of-use. Assuming future advancement, we can imagine a future version of the cryptocurrency sector, one that upholds interoperability without compromising its commitment to decentralization and individual autonomy. Beyond enabling smoother transactions and a more cohesive and informed trading experience, such bridges facilitate greater usability . By linking two disparate cryptocurrencies by cross-chain bridges, users can enjoy the best of both, rather than having to pick one over the other. When using a cross-chain bridge between Ethereum and Cosmos, for example, a user could leverage Ethereum’s smart contract functionality and Cosmos’ scalability. Imagine that versatility multiplied out over a dozen blockchains. Imagine the functionality we could achieve if end-users and app developers could ultimately cherry-pick the features they wanted in their trading experience. We may not be to the point where such fluidity is possible yet, but there’s little doubt that such a reality waits on the horizon. Innovations like cross-chain bridges offer a glimpse of what the future of fintech and crypto could look like – what it might mean to introduce a truly decentralized financial system where consumers finally, truly, have the final say not only on trades, but on their trading experience. See also: How One Firm Is Addressing the Interoperability Problem Posed by FATF’s ‘Travel Rule’ The blockchain fragmentation problem is significant and, in the absence of proper consolidation tools, expanding. The cryptocurrency sector needs to provide solutions that facilitate blockchain connections among all people and any economy. Our fragmented and siloed status quo will not work indefinitely. We have the technological means – and the market impetus – to seek interoperability without compromising on decentralization or consumer experience. By literally bridging the silos, we won’t just improve user experience, we’ll usher in a new era of financial innovation and creativity. Related Stories Fixing Crypto’s Silos Fixing Crypto’s Silos || Bitcoin Crash Is Excellent Opportunity to Buy the Dip: One of the major investing themes coming out of 2020 is the soaring price ofbitcoin(CCC:BTC). However, the cryptocurrency slid as much as 21% over a two-day period to as low as $32,389. Since the start of the novel coronavirus pandemic, it’s the biggest two-day drop, wiping off nearly $140 billion in total market capitalization.
Source: Shutterstock
In a nutshell, investors reacted to the stronger dollar and growing political uncertainty.
The cryptocurrency is still up roughly 89% on a trailing one-month basis. Nevertheless, the drop did send shivers down the spines of investors. Peaks and valleys will always be part and parcel of investing in bitcoin. But I believe this is just a momentary blip, and normal service will resume soon enough.Covid-19 is surging once again in Asia, and the impeachment of President Donald Trump is jolting the markets. The strengthening of the dollar and higher bond yields are also an important contributing factor in the fall in bitcoin prices.
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However, all these factors are temporary in nature. In the long run, bitcoin will continue to climb higher. Financial institutions are increasingly allowing users to buy, store, and sell cryptocurrencies. That’s why in a recent Bloomberg Crypto monthly report, analysts arepredictingthat bitcoin could more than double from its current value in 2021.
The recent surge in bitcoin prices is due to multiple factors. A weaker dollar, economic optimism, big-ticket investment banks backing the scarce digital currency against inflation, and a weakening U.S. dollar are some reasons. However, I believe the biggest contributor is higher institutional interest.
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Square(NYSE:SQ),Paypal(NASDAQ:PYPL),Nvidia(NASDAQ:NVDA), andCME Group(NASDAQ:CME) all provide exposure to the cryptocurrency to their users. All of these companies are large diversified conglomerates. Therefore it’s hard to pinpoint how much money these companies are making through bitcoin. However, considering the surge in its price, it will be a significant contributor to the bottom line looking ahead.
Just as an example,Square’s Cash App generated $1.63 billion of bitcoin revenue and $32 million of bitcoin gross profitduring the third quarter of 2020. This was up approximately 11x and 15x year-over-year, respectively.
Pantera Capitalresearchshows PayPal and Square are securing all the new bitcoin added to the market daily. That’s great news, particularly for PayPal users. The online payments system provider allows its customers to buy, hold and sell cryptocurrencies such as bitcoin and ethereum for as little as $1.
Similarly, a range of mid- or high-end graphics cards fromAdvanced Micro Devices(NASDAQ:AMD) is selling out, leading to a shortage in the markets. It’s mainly due to cryptocurrency miners purchasing them in bulk to build machines to mine bitcoin and similar cryptocurrencies.
CME Group, which is the biggest largest financial derivatives exchange, also offers bitcoin futures contracts. Up until Dec 16, 2020,8,560 CME Bitcoin futures contracts– equal to roughly 42,800 bitcoin – traded on average each day. Simultaneously, the institutional interest keeps increasing. The number of large open interest holders reached a record of 110 in December.
We have been here before. Dizzying highs and lows are not a new phenomenon for bitcoin. However, the cryptocurrency is now finally gaining institutional support, which eluded it for a long time. The pandemic certainly helped. During the widespread lockdowns, online commerce and payments ballooned, increasing interest in digital currencies exponentially.
Bitcoin was always volatile. But the past year has shown that every asset class can become wobbly in an uncertain environment. It was always regarded as an interesting store of value due to the ultimate ceiling of 21 million and the difficulties in mining it. But its wider acceptance is bringing a sense of credibility and stability that was hitherto missing.
For me, that is what makes it an interesting asset to hold, despite the risks that come with it. The prospect of central banks issuing their own digital currencies will always be there. However, now that financial institutions as large asBlackRock(NYSE:BLK) are warming up to it, the future looks very bright for bitcoin.
On the date of publication, Faizan Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Faizan Farooque is a contributing author for InvestorPlace.com and numerous other financial sites. Faizan has several years of experience analyzing the stock market and was a former data journalist at S&P Global Market Intelligence. His passion is to help the average investor make more informed decisions regarding their portfolio.
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The postBitcoin Crash Is Excellent Opportunity to Buy the Dipappeared first onInvestorPlace.
[Social Media Buzz]
None available.
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35791.28, 36630.07, 36069.80, 35547.75, 30825.70, 33005.76, 32067.64, 32289.38, 32366.39, 32569.85
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 8043.95, 7954.13, 7688.08, 8000.33, 7927.71, 8145.86, 8230.92, 8693.83, 8838.38, 8994.49, 9320.35, 9081.76, 9273.52, 9527.16, 10144.56, 10701.69, 10855.37, 11011.10, 11790.92, 13016.23, 11182.81, 12407.33, 11959.37, 10817.16, 10583.13, 10801.68, 11961.27, 11215.44, 10978.46, 11208.55, 11450.85, 12285.96, 12573.81, 12156.51, 11358.66, 11815.99, 11392.38, 10256.06, 10895.09, 9477.64, 9693.80, 10666.48, 10530.73, 10767.14, 10599.11, 10343.11, 9900.77, 9811.93, 9911.84, 9870.30, 9477.68, 9552.86, 9519.15, 9607.42, 10085.63, 10399.67, 10518.17, 10821.73, 10970.18, 11805.65, 11478.17, 11941.97, 11966.41, 11862.94, 11354.02, 11523.58, 11382.62, 10895.83, 10051.70, 10311.55, 10374.34, 10231.74, 10345.81, 10916.05, 10763.23, 10138.05, 10131.06, 10407.96, 10159.96, 10138.52, 10370.82, 10185.50, 9754.42, 9510.20, 9598.17, 9630.66, 9757.97, 10346.76, 10623.54, 10594.49.
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[Bitcoin Technical Analysis for 2019-09-04]
Volume: 16742664769, RSI (14-day): 54.34, 50-day EMA: 10330.21, 200-day EMA: 8492.11
[Wider Market Context]
Gold Price: 1550.30, Gold RSI: 70.38
Oil Price: 56.26, Oil RSI: 52.71
[Recent News (last 7 days)]
Bitcoin Stays Above $10,000; VanEck and SolidX Offer ETF-like Bitcoin product: Investing.com – Bitcoin remained well above the $10,000 mark while other major digital coins made very small gains on Wednesday.
Bitcoin rose 2.00% to $10,535.8 by 10:50 AM ET (02:50 GMT). It gained the strongest momentum in the week to continue upward trajectory since it reached the $10,000 mark the day before.
Meanwhile, Ethereum also gained 0.49%. XRP was up 0.46%, and Litecoin grew 2.12%.
A major news story this morning was the introduction of an ETF-like Bitcoin product by VanEck Securities Corp. and SolidX Management LLC, an attempt to draw institutional money to the crypto sector.
By using Rule 144A of the Securities Act of 1933, VanEck and SolidX will be able to sell shares in the VanEck SolidX Bitcoin Trust to qualified institutional buyers. According to the duo, this will provide institutional investors access to a physically backed Bitcoin product tradable through traditional and prime brokerage accounts.
The move came after the two companies have failed to persuade the U.S. Securities and Exchange Commission to greenlight a Bitcoin ETF for more than a year. But they vowed to continue the effort to provide a Bitcoin ETF that retail investors can buy. The two companies were the first to seek SEC approval for a crypto ETF.
“There continues to be steady demand from institutional investors seeking access to a cleared product that offers the price return of Bitcoin,” said Ed Lopez, head of ETF product, VanEck. “We believe this offering solves issues associated with direct Bitcoin investments.”
Meanwhile, the Dutch Central Bank said it will start regulating firms that offer cryptocurrency-related services from January 10 next year. These firms must register with the central bank in order to continue operation.
“In concrete terms, firms offering services for the exchange between cryptos and regular money, and crypto wallet providers, must register with De Nederlandsche Bank,” it said in a statement.
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OKCoin Pledges up to 1,000 BTC to Developers of BTC, BCH and BSV || Bitcoin Stays Above $10,000; VanEck and SolidX Offer ETF-like Bitcoin product: Investing.com – Bitcoin remained well above the $10,000 mark while other major digital coins made very small gains on Wednesday.
Bitcoin rose 2.00% to $10,535.8 by 10:50 AM ET (02:50 GMT). It gained the strongest momentum in the week to continue upward trajectory since it reached the $10,000 mark the day before.
Meanwhile, Ethereum also gained 0.49%. XRP was up 0.46%, and Litecoin grew 2.12%.
A major news story this morning was the introduction of an ETF-like Bitcoin product by VanEck Securities Corp. and SolidX Management LLC, an attempt to draw institutional money to the crypto sector.
By using Rule 144A of the Securities Act of 1933, VanEck and SolidX will be able to sell shares in the VanEck SolidX Bitcoin Trust to qualified institutional buyers. According to the duo, this will provide institutional investors access to a physically backed Bitcoin product tradable through traditional and prime brokerage accounts.
The move came after the two companies have failed to persuade the U.S. Securities and Exchange Commission to greenlight a Bitcoin ETF for more than a year. But they vowed to continue the effort to provide a Bitcoin ETF that retail investors can buy. The two companies were the first to seek SEC approval for a crypto ETF.
“There continues to be steady demand from institutional investors seeking access to a cleared product that offers the price return of Bitcoin,” said Ed Lopez, head of ETF product, VanEck. “We believe this offering solves issues associated with direct Bitcoin investments.”
Meanwhile, the Dutch Central Bank said it will start regulating firms that offer cryptocurrency-related services from January 10 next year. These firms must register with the central bank in order to continue operation.
“In concrete terms, firms offering services for the exchange between cryptos and regular money, and crypto wallet providers, must register with De Nederlandsche Bank,” it said in a statement.
Related Articles
Ethereum Classic Partners With Blockchain Developer and Media DApp
Steemit is Now Fully Operational Again After Chain Halted Due to Bug
OKCoin Pledges up to 1,000 BTC to Developers of BTC, BCH and BSV || Bitcoin Stays Above $10,000; VanEck and SolidX Offer ETF-like Bitcoin product: Investing.com Bitcoin remained well above the $10,000 mark while other major digital coins made very small gains on Wednesday. Bitcoin rose 2.00% to $10,535.8 by 10:50 AM ET (02:50 GMT). It gained the strongest momentum in the week to continue upward trajectory since it reached the $10,000 mark the day before. Meanwhile, Ethereum also gained 0.49%. XRP was up 0.46%, and Litecoin grew 2.12%. A major news story this morning was the introduction of an ETF-like Bitcoin product by VanEck Securities Corp. and SolidX Management LLC, an attempt to draw institutional money to the crypto sector. By using Rule 144A of the Securities Act of 1933, VanEck and SolidX will be able to sell shares in the VanEck SolidX Bitcoin Trust to qualified institutional buyers. According to the duo, this will provide institutional investors access to a physically backed Bitcoin product tradable through traditional and prime brokerage accounts. The move came after the two companies have failed to persuade the U.S. Securities and Exchange Commission to greenlight a Bitcoin ETF for more than a year. But they vowed to continue the effort to provide a Bitcoin ETF that retail investors can buy. The two companies were the first to seek SEC approval for a crypto ETF. There continues to be steady demand from institutional investors seeking access to a cleared product that offers the price return of Bitcoin, said Ed Lopez, head of ETF product, VanEck. We believe this offering solves issues associated with direct Bitcoin investments. Meanwhile, the Dutch Central Bank said it will start regulating firms that offer cryptocurrency-related services from January 10 next year. These firms must register with the central bank in order to continue operation. In concrete terms, firms offering services for the exchange between cryptos and regular money, and crypto wallet providers, must register with De Nederlandsche Bank, it said in a statement. Related Articles Ethereum Classic Partners With Blockchain Developer and Media DApp Steemit is Now Fully Operational Again After Chain Halted Due to Bug OKCoin Pledges up to 1,000 BTC to Developers of BTC, BCH and BSV || Don’t Let These 4 Stock Market Myths Cost You: I love writing to you about the big trends and investment themes giving us the opportunity to multiply our money many times over. But today, I’ll give you something else to chat about:
Costly market myths you should ignore.
We talked last week about all of the doomsday headlines out there – that“Lehman-like disaster” that never happened is Exhibit A. I get so mad when I see these because a lot of good people are scared by irresponsible “analysts.”
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Don’t let these myths stop you. There are too manygood opportunities out there to grow your wealth.
I am sure you have heard this over and over in the financial media. It has been the number one talking point for bears over the last five years. That’s a long time to be wrong over and over again.
They point to valuation metrics that are either bogus or backward-looking. The forward P/E ratio on the S&P 500 is currently 16.5. The reading is only slightly above the market’s long-term average and nowhere near overbought.
Stocks are fairly valued, and more importantly, they are set to continue growing earnings the rest of this year and even throughout 2020.
The next time you hear a talking head say the market is overbought, turn off the TV and call a loved one. OR… buy your favorite stock!
A recent survey byThe Wall Street Journalshowed a high number of economists expecting a recession in the next 12 months. About one-third of economists predict a recession in the next year.
A quick reminder … a recession is two consecutive quarters of a contracting economy measured by negative GDP growth. The latest GDP reading from the second quarter shows 2.1%growth. There has to be a big and sudden drop for a recession to occur.
Let me see if I can put this nicely. Economists are some of the absolute worst predictors of recessions — or really anything to do with the economy. Think of them like your local meteorologists. When you turn on the television and the forecasters tell you it will rain today — and it is already raining outside! — it’s pretty obvious. Crazy enough, economists CANNOT even do that.
A 2018 study by Prakah Loungani and two others looked at 153 recessions in 63 countries from 1992 to 2014. Only five — just 3% — were predicted by April of the preceding year. Since 1998, the International Monetary Fund (IMF) has never predicted a recession in a developed country with a lead of anything more than a few months.
I love visuals and had to share the chart below with you to calm your recession fears. Or at a minimum, I hope it helps you stop making investment decisions based on anything an economist preaches.
Whether you are for or against the Fed, the overwhelming view of the central bank is negative. Some will argue that the Fed should ignore calls from President Trump to lower rates right now — by a lot. Others will argue that the Fed needs to do more to help the economy and lower interest rates by 50 basis points in the September meeting.
This myth is not necessarily incorrect, it is more of an opinion. My opinion is that the Fed is doing the right thing this year. Yes, I have bashed Fed Chairman Powell in the past, and I believe rightfully so. But by only lowering interest rates by 25 basis points this year, it leaves the door open for several more cuts if the economy needs it.
Either way, the likelihood of the Fed lowering rates at least two more times this year is high, and that will be positive for stocks. That’s just one more catalyst for my bullish expectation that stocks will rally into next year and the November presidential election.
Low rates are also great for housing stocks, which look great right now. I will have at least one new recommendation in thenewInvestment Opportunitiesissueon Thursday.
This could not be any further from the truth! The financial media has been giddy over the yield two-year Treasury bond yielding more than the 10-year Treasury bond. Typically, the longer the maturity of a bond, the higher the interest rate. When this flips, it creates an inverted yield curve. And yes, the media is partially correct in saying that when the yield curve inverts, the odds of a recession increase.
But that is only half the story. Since 1978, a recession historically will not occur after an inversion for another 21.3 months — nearly two years. The more important stat the media overlooks — either due to lack of knowledge or intentionally — is that one year after the reversion occurs, the market is almost always higher. And by a big margin! Over the last four decades, the stock market has been up 20% on average one year after the 2/10 yield curve inverts.
If this trend continues, that would put the S&P 500 near 3,500!
I hope today’s discussion calms any fears that have been caused by myths in the media and helps you enjoy the holiday. It should also give you some good fodder to think about over the long weekend. And as a bonus, maybe you got a few good nuggets to use at your BBQs so you are the smartest one in the neighborhood.
Most importantly, I want to make sure you avoid the trap that so many other investors fall into when they get paralyzed by the misguided fears you hear in the media. Not only do I expect a sizable market rally in the next 12-18 months, but themassive trends we focus onwill continue to explode and change our world in the coming months and years.
Markets will always zig and zag, but that is when we will make life-changing profits over time.
Matthew McCall is the founder and president of Penn Financial Group, an investment advisory firm, as well as the editor of Investment Opportunities and Early Stage Investor. He has dedicated his career to getting investors into the world’s biggest, most revolutionary trends BEFORE anyone else. The power of being “first” gave Matt’s readers the chance to bank +2,438% in Stamps.com (STMP), +1,523% in Ulta Beauty (ULTA), +1,044% in Tesla (TSLA), +611% in Liquefied Natural Gas Limited (LNGLY), +324% in Bitcoin Services (BTSC), just to name a few. If you’re interested in making triple-digit gains from the world’s biggest investment trends BEFORE anyone else,click here to learn more about Matt McCall and his investments strategy today.
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The postDon’t Let These 4 Stock Market Myths Cost Youappeared first onInvestorPlace. || Don’t Let These 4 Stock Market Myths Cost You: I love writing to you about the big trends and investment themes giving us the opportunity to multiply our money many times over. But today, I’ll give you something else to chat about: Matt McCall Costly market myths you should ignore. We talked last week about all of the doomsday headlines out there – that “Lehman-like disaster” that never happened is Exhibit A . I get so mad when I see these because a lot of good people are scared by irresponsible “analysts.” InvestorPlace - Stock Market News, Stock Advice & Trading Tips Don’t let these myths stop you. There are too many good opportunities out there to grow your wealth . Market Myth #1: The stock market is overvalued. I am sure you have heard this over and over in the financial media. It has been the number one talking point for bears over the last five years. That’s a long time to be wrong over and over again. They point to valuation metrics that are either bogus or backward-looking. The forward P/E ratio on the S&P 500 is currently 16.5. The reading is only slightly above the market’s long-term average and nowhere near overbought. Stocks are fairly valued, and more importantly, they are set to continue growing earnings the rest of this year and even throughout 2020. The next time you hear a talking head say the market is overbought, turn off the TV and call a loved one. OR… buy your favorite stock! Market Myth #2: A global recession is imminent. A recent survey by The Wall Street Journal showed a high number of economists expecting a recession in the next 12 months. About one-third of economists predict a recession in the next year. A quick reminder … a recession is two consecutive quarters of a contracting economy measured by negative GDP growth. The latest GDP reading from the second quarter shows 2.1% growth . There has to be a big and sudden drop for a recession to occur. Let me see if I can put this nicely. Economists are some of the absolute worst predictors of recessions — or really anything to do with the economy. Think of them like your local meteorologists. When you turn on the television and the forecasters tell you it will rain today — and it is already raining outside! — it’s pretty obvious. Crazy enough, economists CANNOT even do that. Story continues A 2018 study by Prakah Loungani and two others looked at 153 recessions in 63 countries from 1992 to 2014. Only five — just 3% — were predicted by April of the preceding year. Since 1998, the International Monetary Fund (IMF) has never predicted a recession in a developed country with a lead of anything more than a few months. I love visuals and had to share the chart below with you to calm your recession fears. Or at a minimum, I hope it helps you stop making investment decisions based on anything an economist preaches. Few Hits, Lots of Misses Market Myth #3: The Federal Reserve has to go OR the Federal Reserve has to lower interest rates more. Whether you are for or against the Fed, the overwhelming view of the central bank is negative. Some will argue that the Fed should ignore calls from President Trump to lower rates right now — by a lot. Others will argue that the Fed needs to do more to help the economy and lower interest rates by 50 basis points in the September meeting. This myth is not necessarily incorrect, it is more of an opinion. My opinion is that the Fed is doing the right thing this year. Yes, I have bashed Fed Chairman Powell in the past, and I believe rightfully so. But by only lowering interest rates by 25 basis points this year, it leaves the door open for several more cuts if the economy needs it. Either way, the likelihood of the Fed lowering rates at least two more times this year is high, and that will be positive for stocks. That’s just one more catalyst for my bullish expectation that stocks will rally into next year and the November presidential election. Low rates are also great for housing stocks, which look great right now. I will have at least one new recommendation in the new Investment Opportunities issue on Thursday. Market Myth #4: The inverted yield curve is a sign that a recession and bear market are imminent. This could not be any further from the truth! The financial media has been giddy over the yield two-year Treasury bond yielding more than the 10-year Treasury bond. Typically, the longer the maturity of a bond, the higher the interest rate. When this flips, it creates an inverted yield curve. And yes, the media is partially correct in saying that when the yield curve inverts, the odds of a recession increase. But that is only half the story. Since 1978, a recession historically will not occur after an inversion for another 21.3 months — nearly two years. The more important stat the media overlooks — either due to lack of knowledge or intentionally — is that one year after the reversion occurs, the market is almost always higher. And by a big margin! Over the last four decades, the stock market has been up 20% on average one year after the 2/10 yield curve inverts. If this trend continues, that would put the S&P 500 near 3,500! I hope today’s discussion calms any fears that have been caused by myths in the media and helps you enjoy the holiday. It should also give you some good fodder to think about over the long weekend. And as a bonus, maybe you got a few good nuggets to use at your BBQs so you are the smartest one in the neighborhood. Most importantly, I want to make sure you avoid the trap that so many other investors fall into when they get paralyzed by the misguided fears you hear in the media. Not only do I expect a sizable market rally in the next 12-18 months, but the massive trends we focus on will continue to explode and change our world in the coming months and years. Markets will always zig and zag, but that is when we will make life-changing profits over time. Matthew McCall is the founder and president of Penn Financial Group, an investment advisory firm, as well as the editor of Investment Opportunities and Early Stage Investor. He has dedicated his career to getting investors into the world’s biggest, most revolutionary trends BEFORE anyone else. The power of being “first” gave Matt’s readers the chance to bank +2,438% in Stamps.com (STMP), +1,523% in Ulta Beauty (ULTA), +1,044% in Tesla (TSLA), +611% in Liquefied Natural Gas Limited (LNGLY), +324% in Bitcoin Services (BTSC), just to name a few. If you’re interested in making triple-digit gains from the world’s biggest investment trends BEFORE anyone else, click here to learn more about Matt McCall and his investments strategy today . More From InvestorPlace 2 Toxic Pot Stocks You Should Avoid 9 Retail Stocks Goldman Sachs Says Are Ready to Rip 7 Services Stocks to Buy for the Rest of 2019 6 Stocks to Buy and 1 to Sell Based on Insider Trading The post Don’t Let These 4 Stock Market Myths Cost You appeared first on InvestorPlace . || Natural Gas ETFs Maintain Momentum During Hurricane: This article was originally published onETFTrends.com.
With Hurricane Dorian blowing in another direction, natural gas prices and related ETFs find support from favorable weather conditions that could drive increased cooling demand.
TheUnited States Natural Gas Fund (UNG) increased 2.7% on Tuesday while Nymex natural gas futures were 2.8% higher to $2.35 per million British thermal units.
Weather forecasts revealed warmer conditions ahead over the weekend, pointing to “the strongest heat ridge” for the weeks ahead from the West over to the eastern half of the country, theNatural Gas Intelligencereports.
“While it’s not the time of year when weather is the primary driver, it is still rather supportive thanks to above normal heat blanketing the southern half of the nation for the foreseeable future,” Bespoke Weather Services said. “We also see less demand destruction from Hurricane Dorian, as it stays far enough off the Florida coast to avoid reducing demand as much as previously feared.”
Hedging Bets on Hurricane Dorian
Many traders previously hedged bets that Hurricane Dorian could veer more toward the inland U.S. and affect Gulf Coast production or short-term limit supply, which helped support price gains late last week. Instead, Dorian has deviated upward along the east coast.
“On this track, the core of extremely dangerous Hurricane Dorian will gradually move north of Grand Bahama Island through this evening. The hurricane will then move dangerously close to the Florida east coast late today through Wednesday evening, very near the Georgia and South Carolina coasts Wednesday night and Thursday, and near or over the North Carolina coast late Thursday,” NHC said.
Tudor, Pickering, Holt & Co. argued that while Dorian could deliver a short-term "demand shock" for natural gas, the demand impact would be “relatively insignificant” from a macro perspective.
Related:Natural Gas ETF Warms Up on Weather Demand, Tropical Storm Risks
Elsewhere across the country, hotter weather conditions were expected to continue across the West and Texas through the week, according to NatGasWeather. The weather could also briefly warm across the Midwest, Ohio Valley and Northeast as high upper pressure strengthens.
“It would be more impressive on a national scale” if not for Dorian adding showers and cooling to the Southeast, NatGasWeather said.
For more information on the nat gas market, visit ournatural gas category.
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READ MORE AT ETFTRENDS.COM > || Natural Gas ETFs Maintain Momentum During Hurricane: This article was originally published on ETFTrends.com. With Hurricane Dorian blowing in another direction, natural gas prices and related ETFs find support from favorable weather conditions that could drive increased cooling demand. The United States Natural Gas Fund ( UNG ) increased 2.7% on Tuesday while Nymex natural gas futures were 2.8% higher to $2.35 per million British thermal units. Weather forecasts revealed warmer conditions ahead over the weekend, pointing to “the strongest heat ridge” for the weeks ahead from the West over to the eastern half of the country, the Natural Gas Intelligence reports. “While it’s not the time of year when weather is the primary driver, it is still rather supportive thanks to above normal heat blanketing the southern half of the nation for the foreseeable future,” Bespoke Weather Services said. “We also see less demand destruction from Hurricane Dorian, as it stays far enough off the Florida coast to avoid reducing demand as much as previously feared.” Hedging Bets on Hurricane Dorian Many traders previously hedged bets that Hurricane Dorian could veer more toward the inland U.S. and affect Gulf Coast production or short-term limit supply, which helped support price gains late last week. Instead, Dorian has deviated upward along the east coast. “On this track, the core of extremely dangerous Hurricane Dorian will gradually move north of Grand Bahama Island through this evening. The hurricane will then move dangerously close to the Florida east coast late today through Wednesday evening, very near the Georgia and South Carolina coasts Wednesday night and Thursday, and near or over the North Carolina coast late Thursday,” NHC said. Tudor, Pickering, Holt & Co. argued that while Dorian could deliver a short-term "demand shock" for natural gas, the demand impact would be “relatively insignificant” from a macro perspective. Related: Natural Gas ETF Warms Up on Weather Demand, Tropical Storm Risks Story continues Elsewhere across the country, hotter weather conditions were expected to continue across the West and Texas through the week, according to NatGasWeather. The weather could also briefly warm across the Midwest, Ohio Valley and Northeast as high upper pressure strengthens. “It would be more impressive on a national scale” if not for Dorian adding showers and cooling to the Southeast, NatGasWeather said. For more information on the nat gas market, visit our natural gas category . POPULAR ARTICLES AND RESOURCES FROM ETFTRENDS.COM SPY ETF Quote VOO ETF Quote QQQ ETF Quote VTI ETF Quote JNUG ETF Quote Top 34 Gold ETFs Top 34 Oil ETFs Top 57 Financials ETFs VanEck And SolidX Take First Steps For Bitcoin-Related ETF Approvals Could Inverse ETFs Thrive In September? Social Media Stock SNAP Gets An Upgrade Gold, Precious Metals ETFs Surge on Geopolitical Uncertainty Q&A With Barry Ritholtz on New WealthStack Conference READ MORE AT ETFTRENDS.COM > || Could Inverse ETFs Thrive In September?: This article was originally published on ETFTrends.com. If history is any indication of what the market holds for us, September is likely to be a rough ride for stocks once again, with volatility rising as investor fears are broadening. August was a brutal month for markets, as stocks dropped precipitously from their all-time highs, beginning with six consecutive down days in the market, amid turmoil from a trade war with China, unsatisfying resolutions from the Federal Reserve, and global economic stability. “August has a reputation as a volatile month, and it sure delivered this year,” wrote Ryan Detrick, senior market strategist for LPL Financial, in a Friday note “Over the past month, we’ve not only seen the worst three days of the year but many 1% swings in both directions.” While markets were eventually simply oversold from the precipitous six-day decline, China’s central bank pegged the yuan’s official reference point at more robust level than the key 7 yuan-to-the-dollar point, a move that assuaged the currency markets, which were at first terrified by fears that the U.S.-China trade war was devolving into a currency war. However, downdrafts renewed in the second half of August, as investors continued to fear a swift resolution to the trade war. The Key Is Stabilization “Going forward, stabilization in the U.S./China trade war is now the most important key to broader market stabilization,” said Tom Essaye, founder of The Sevens Report, in a note. “If the escalation continues, that will cause a further pull-back, regardless of what the [Federal Reserve] is going to do. And, I say that because another 25 or 50 basis points of easing by the Fed won’t materially offset a protracted and escalating trade war.” Throughout the last 100 years, the Dow Jones Industrial Average has averaged a substantial slump during September. “Unfortunately, we’re finally at the worst month of the year from a seasonality perspective,” wrote Justin Walters of Bespoke Investment Group in a Friday note. Story continues While a 15% U.S. tariff on roughly $112 billion in Chinese goods took effect this weekend, essentially adding a tax on about two-thirds of consumer goods coming from China, successive tariffs were also instituted on U.S. goods entering China. Analysts see continued weakness in the global economy as well. “The global macroeconomic picture continues to show fragility,” Katie Nixon, CIO at Northern Trust Wealth Management, wrote in a note. “We expect overall growth to trend lower under the weight of growing trade uncertainty.” Related: Experts See The Market Holding Up Well Given News It's not all bad news however, as volatility offers the opportunity for the bold. This resurgence in volatility can certainly spark a continued market downturn that could give the Direxion Daily S&P 500 Bear 3X ETF ( SPXS ) a boost. SPXS seeks daily investment results equal to 300 percent of the inverse of the daily performance of the S&P 500 Index. The fund, under normal circumstances, invests in swap agreements, futures contracts, short positions or other financial instruments that, in combination, provide inverse (opposite) or short leveraged exposure to the index equal to at least 80 percent of the fund’s net assets (plus borrowing for investment purposes). Meanwhile, those investors who see contracting volatility could look at a more traditional bullish stock allocation with ETFs like the UltraPro Long S&P 500 ETF (UPRO) or the Direxion S&P 500 Bull 2x ETF (SPUU) . For more market trends, visit ETF Trends . POPULAR ARTICLES AND RESOURCES FROM ETFTRENDS.COM SPY ETF Quote VOO ETF Quote QQQ ETF Quote VTI ETF Quote JNUG ETF Quote Top 34 Gold ETFs Top 34 Oil ETFs Top 57 Financials ETFs VanEck And SolidX Take First Steps For Bitcoin-Related ETF Approvals Could Inverse ETFs Thrive In September? Social Media Stock SNAP Gets An Upgrade Gold, Precious Metals ETFs Surge on Geopolitical Uncertainty Q&A With Barry Ritholtz on New WealthStack Conference READ MORE AT ETFTRENDS.COM > || Could Inverse ETFs Thrive In September?: This article was originally published onETFTrends.com.
If history is any indication of what the market holds for us, September is likely to be a rough ride for stocks once again, with volatility rising as investor fears are broadening.
August was a brutal month for markets, as stocks dropped precipitously from their all-time highs, beginning with six consecutive down days in the market, amid turmoil from a trade war with China, unsatisfying resolutions from the Federal Reserve, and global economic stability.
“August has a reputation as a volatile month, and it sure delivered this year,” wrote Ryan Detrick, senior market strategist for LPL Financial, in a Friday note “Over the past month, we’ve not only seen the worst three days of the year but many 1% swings in both directions.”
While markets were eventually simply oversold from the precipitous six-day decline, China’s central bank pegged the yuan’s official reference point at more robust level than the key 7 yuan-to-the-dollar point, a move that assuaged the currency markets, which were at first terrified by fears that the U.S.-China trade war was devolving into a currency war. However, downdrafts renewed in the second half of August, as investors continued to fear a swift resolution to the trade war.
The Key Is Stabilization
“Going forward, stabilization in the U.S./China trade war is now the most important key to broader market stabilization,” said Tom Essaye, founder of The Sevens Report, in a note. “If the escalation continues, that will cause a further pull-back, regardless of what the [Federal Reserve] is going to do. And, I say that because another 25 or 50 basis points of easing by the Fed won’t materially offset a protracted and escalating trade war.”
Throughout the last 100 years, the Dow Jones Industrial Average has averaged a substantial slump during September. “Unfortunately, we’re finally at the worst month of the year from a seasonality perspective,” wrote Justin Walters of Bespoke Investment Group in a Friday note.
While a 15% U.S. tariff on roughly $112 billion in Chinese goods took effect this weekend, essentially adding a tax on about two-thirds of consumer goods coming from China, successive tariffs were also instituted on U.S. goods entering China. Analysts see continued weakness in the global economy as well.
“The global macroeconomic picture continues to show fragility,” Katie Nixon, CIO at Northern Trust Wealth Management, wrote in a note. “We expect overall growth to trend lower under the weight of growing trade uncertainty.”
Related:Experts See The Market Holding Up Well Given News
It's not all bad news however, as volatility offers the opportunity for the bold. This resurgence in volatility can certainly spark a continued market downturn that could give theDirexion Daily S&P 500 Bear 3X ETF (SPXS) a boost.
SPXS seeks daily investment results equal to 300 percent of the inverse of the daily performance of the S&P 500 Index. The fund, under normal circumstances, invests in swap agreements, futures contracts, short positions or other financial instruments that, in combination, provide inverse (opposite) or short leveraged exposure to the index equal to at least 80 percent of the fund’s net assets (plus borrowing for investment purposes).
Meanwhile, those investors who see contracting volatility could look at a more traditional bullish stock allocation with ETFs like theUltraPro Long S&P 500 ETF (UPRO)or theDirexion S&P 500 Bull 2x ETF (SPUU).
For more market trends, visitETF Trends.
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• VOO ETF Quote
• QQQ ETF Quote
• VTI ETF Quote
• JNUG ETF Quote
• Top 34 Gold ETFs
• Top 34 Oil ETFs
• Top 57 Financials ETFs
• VanEck And SolidX Take First Steps For Bitcoin-Related ETF Approvals
• Could Inverse ETFs Thrive In September?
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• Gold, Precious Metals ETFs Surge on Geopolitical Uncertainty
• Q&A With Barry Ritholtz on New WealthStack Conference
READ MORE AT ETFTRENDS.COM > || Housing Stocks: Surprising Picks as Leaders of the Coming Rally: When I saw the headline below last Tuesday, it made me angry. Really angry. Check this out. stock market rally Source: Shutterstock A Lehman-like market disaster could happen this week, analyst warns Seriously? InvestorPlace - Stock Market News, Stock Advice & Trading Tips The analyst cited negative sentiment triggered by the inversion of the yield curve and how it correlated to 2008. ( Heres the article if you really want to read it.) I think he needs to be held responsible if hes wrong. I am sick of hacks trying to make names for themselves with insane and irresponsible Doomsday Calls. Do yourself a favor and ignore them. Instead of becoming fearful with these crazy calls, now is the time to set yourself up for big profits. I think were headed for one of the greatest melt-ups (as my colleague Steve Sjuggerud accurately calls it) over the next 12-18 months. The new issue of Investment Opportunities will focus on stocks that I believe will be among the leaders of that rally, and I want to give you a preview of my analysis today. Already Moving Higher Lets dispense quickly with the idea that a recession is around the corner. I shared my full market outlook with you this weekend, but Ive written before about the inverted yield curve and talked about it at length in a recent MoneyLine podcast (which you can listen to here ). Ill share one stat with you now: Over the last 40 years, an inverted yield curve has actually been more of a buy signal than a recession indicator. Since 1978, the market has gained 20%+ on average one year after the inversion event when the 10-year Treasury begins to yield less than the two-year Treasury. Add in the likelihood that the Fed will lower interest rates a couple more times this year, and the odds of a major rally increase. But even if youre skeptical, please dont ignore a tried-and-true buying opportunity that so many other investors are missing amid the panic. Story continues Im talking about housing stocks . I know. They dont sound as exciting as next-generation batteries , artificial intelligence, autonomous vehicles, or personalized medicine. But who cares as long as they can make us money? Take a look at the iShares U.S. Home Construction ETF (BATS: ITB ). It broke above $40 last week for the first time since last June. That is a potentially major breakout going back to levels from 18 months prior. It also broke out of a consolidation phase that lasted about three months. ITB Performance Chart Those are two bullish technical indicators, and I see more upside ahead with very low housing stock valuations and strong fundamentals. You may not hear much about strong fundamentals in the current environment, but theyre there. Home Depot (NYSE: HD ) is at all-time highs, and Lowes (NYSE: LOW ) is within about 6% of its peak. Both reported solid sales growth, as did consumer bellwethers Walmart (NYSE: WMT ) and Target (NYSE: TGT ). This tells us that the consumer is doing pretty well, and so is the housing market. Its simple if you ignore the noise and doomsday headlines. Long-term interest rates are down, which means mortgage rates are, too. Any way you slice it, lower mortgage rates boost housing. They make homes more affordable. We already see potential home buyers on the move. Mortgage applications (the orange line below) have turned sharply higher as rates (the blue line) have fallen. Mortgage Rates Comparison Chart Note how mortgage originations fell to their lowest level since mid-2014 earlier this year but are back on the upswing to their highest levels in about two years, in fact. The last time mortgage rates were this low (late 2016), mortgage originations spiked above $600 billion. What to Buy Now I look for a similar spike to occur in the next few quarters. A move from $344 billion in the first quarter to over $600 billion would be a massive 75% surge
and would light an even bigger fire under housing stocks. The opportunity is more than just low rates. There are multiple catalysts to drive housing stocks higher in the coming months, including high employment, consumers willingness to spend, still-low valuations, and millennials buying homes as they start families. That last one is especially big and could last for years, as we are in the early stages of the greatest wealth transfer in U.S. history, from the baby boomers to the millennials. I focus a lot on cutting-edge trends and breakthroughs, like batteries that will change the way we live and communicate . Thats where a lot of the life-changing gains will come from. But I dont ignore more traditional trends like housing when the time is right, like now. Ill have my full analysis on housing stocks and at least one related stock recommendation in the new Investment Opportunities issue this Thursday. I wanted to let you know today so you can have them on your radar, too. Matthew McCall is the founder and president of Penn Financial Group, an investment advisory firm, as well as the editor of Investment Opportunities and Early Stage Investor. He has dedicated his career to getting investors into the worlds biggest, most revolutionary trends BEFORE anyone else. The power of being first gave Matts readers the chance to bank +2,438% in Stamps.com (STMP), +1,523% in Ulta Beauty (ULTA), +1,044% in Tesla (TSLA), +611% in Liquefied Natural Gas Limited (LNGLY), +324% in Bitcoin Services (BTSC), just to name a few. If youre interested in making triple-digit gains from the worlds biggest investment trends BEFORE anyone else, click here to learn more about Matt McCall and his investments strategy today . More From InvestorPlace 4 Top American Penny Pot Stocks (Buy Before June 21) 5 Safe Stocks to Buy This Summer The 5 Best Telecom Stocks to Buy Now 6 Innovative Stocks With Big Long-Term Growth Potential The post Housing Stocks: Surprising Picks as Leaders of the Coming Rally appeared first on InvestorPlace . || Housing Stocks: Surprising Picks as Leaders of the Coming Rally: When I saw the headline below last Tuesday, it made me angry. Really angry. Check this out.
Source: Shutterstock
A “Lehman-like” market disaster could happen this week, analyst warns
Seriously?
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
The analyst cited negative sentiment triggered by the inversion of the yield curve and how it correlated to 2008. (Here’s the articleif you really want to read it.) I think he needs to be held responsible if he’s wrong.
I am sick of hacks trying to make names for themselves with insane and irresponsible Doomsday Calls. Do yourself a favor and ignore them. Instead of becoming fearful with these crazy calls, now is the time to set yourself up for big profits.
I think we’re headed for one of the greatest “melt-ups” (as my colleague Steve Sjuggerud accurately calls it) over the next 12-18 months. The new issue ofInvestment Opportunitieswill focus on stocks that I believe will be among the leaders of that rally, and I want to give you a preview of my analysis today.
Let’s dispense quickly with the idea that a recession is around the corner. I shared my full market outlook with you this weekend, but I’ve written before about the inverted yield curve and talked about it at length in a recent MoneyLine podcast (whichyou can listen to here).
I’ll share one stat with you now: Over the last 40 years, an inverted yield curve has actually been more of a buy signal than a recession indicator. Since 1978, the market has gained 20%+ on average one year after the inversion event when the 10-year Treasury begins to yieldlessthan the two-year Treasury.
Add in the likelihood that the Fed will lower interest rates a couple more times this year, and the odds of a major rally increase.
But even if you’re skeptical, please don’t ignore a tried-and-true buying opportunity that so many other investors are missing amid the panic.
I’m talking abouthousing stocks. I know. They don’t sound as exciting asnext-generation batteries, artificial intelligence, autonomous vehicles, or personalized medicine. But who cares — as long as they can make us money?
Take a look at theiShares U.S. Home Construction ETF(BATS:ITB). It broke above $40 last week for the first time since last June. That is a potentially major breakout going back to levels from 18 months prior. It also broke out of a consolidation phase that lasted about three months.
Those are two bullish technical indicators, and I see more upside ahead with very low housing stock valuations and strong fundamentals.
You may not hear much about strong fundamentals in the current environment, but they’re there.Home Depot(NYSE:HD) is at all-time highs, andLowe’s(NYSE:LOW) is within about 6% of its peak. Both reported solid sales growth, as did consumer bellwethersWalmart(NYSE:WMT) andTarget(NYSE:TGT). This tells us that the consumer is doing pretty well, and so is the housing market.
It’s simple if you ignore the noise and doomsday headlines. Long-term interest rates are down, which means mortgage rates are, too. Any way you slice it, lower mortgage rates boost housing. They make homes more affordable.
We already see potential home buyers on the move. Mortgage applications (the orange line below) have turned sharply higher as rates (the blue line) have fallen.
Note how mortgage originations fell to their lowest level since mid-2014 earlier this year but are back on the upswing — to their highest levels in about two years, in fact. The last time mortgage rates were this low (late 2016), mortgage originations spiked above $600 billion.
I look for a similar spike to occur in the next few quarters. A move from $344 billion in the first quarter to over $600 billion would be a massive 75% surge … and would light an even bigger fire under housing stocks.
The opportunity is more than just low rates. There are multiple catalysts to drive housing stocks higher in the coming months, including high employment, consumers’ willingness to spend, still-low valuations, and millennials buying homes as they start families. That last one is especially big and could last for years, as we are in the early stages of the greatest wealth transfer in U.S. history, from the baby boomers to the millennials.
I focus a lot on cutting-edge trends and breakthroughs, likebatteries that will change the way we live and communicate. That’s where a lot of the life-changing gains will come from. But I don’t ignore more “traditional” trends like housing when the time is right, like now.
I’ll have my full analysis on housing stocks and at least one related stock recommendation in the newInvestment Opportunitiesissue this Thursday. I wanted to let you know today so you can have them on your radar, too.
Matthew McCall is the founder and president of Penn Financial Group, an investment advisory firm, as well as the editor of Investment Opportunities and Early Stage Investor. He has dedicated his career to getting investors into the world’s biggest, most revolutionary trends BEFORE anyone else. The power of being “first” gave Matt’s readers the chance to bank +2,438% in Stamps.com (STMP), +1,523% in Ulta Beauty (ULTA), +1,044% in Tesla (TSLA), +611% in Liquefied Natural Gas Limited (LNGLY), +324% in Bitcoin Services (BTSC), just to name a few. If you’re interested in making triple-digit gains from the world’s biggest investment trends BEFORE anyone else,click here to learn more about Matt McCall and his investments strategy today.
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The postHousing Stocks: Surprising Picks as Leaders of the Coming Rallyappeared first onInvestorPlace. || US Dollar ETFs Show Strength With Greenback at 2-Year High: This article was originally published on ETFTrends.com. U.S. dollar-related ETFs continued to rally, with the greenback pushing toward its highest level in over two years, as global uncertainty pushed global investors to the more attractive U.S. markets. Year-to-date, the Invesco DB US Dollar Bullish ( UUP ) increased 5.6%, and the WisdomTree Bloomberg U.S. Dollar Bullish Fund ( USDU ) rose 4.1%. Meanwhile, the ICE Dollar Index, which tracks the greenback against a basket of its peers, hit its highest level since mid-2017 on Tuesday. UUP tracks the price movement of the U.S. dollar against a basket of currencies, including the euro, Japanese yen, British pound, Canadian dollar, Swedish krona, and Swiss franc. Additionally, the actively managed USDU tracks the USD against a broader basket of developed and emerging market currencies, including China, India, South Korea, Switzerland, Australia, Mexico, United Kingdom, Canada, Japan, and Europe. The U.S. dollar strengthened Tuesday as the British pound slipped to a new multi-year low, following Prime Minister Boris Johnson's defense of his Brexit plans, while China’s yuan currency slipped to its weakest in 11 years, the Wall Street Journal reports. Wide Demand For Dollars “There is a very widespread demand for dollars outside of the U.S. borders,” Jane Foley, a currency analyst at Rabobank, told the WSJ. “So the dollar behaves like a safe-haven, and it retains this core demand when risk appetite is low.” The uncertainty over an escalating trade war between the world's two largest economies has weighed on global exports for many major exporting countries, like South Korea and Japan to Germany. Meanwhile, the growing amount of negative-yielding assets abroad have pushed foreign investors to the relatively more attractive U.S. Treasuries. Investors have also grown increasingly worried about the prospects of European markets in recent weeks after rising uncertainty over Italy's political climate and Germany's weakening economy that could slip into a recession. Story continues Related: U.S. Dollar ETF Has Some Doubters – Here’s Why… “It is just the least ugly sister at the moment,” Esty Dwek, a strategist at Natixis Investment Managers, told the WSJ. “There is some safe-haven demand still because of the tariffs and the global growth [concerns].” The U.S. dollar has continued to appreciate against global currencies despite President Donald Trump's call to devalue the greenback and the Federal Reserve's looser monetary policy outlook. The U.S. central bank, though, has been slower to address interest rate cuts, as compared to other world central banks. The Fed has been “slow off the mark” in bringing down borrowing costs, Foley added. “Other central banks have been much more proactive.” For more information on the foreign exchange markets, visit our currency ETFs category . POPULAR ARTICLES AND RESOURCES FROM ETFTRENDS.COM SPY ETF Quote VOO ETF Quote QQQ ETF Quote VTI ETF Quote JNUG ETF Quote Top 34 Gold ETFs Top 34 Oil ETFs Top 57 Financials ETFs VanEck And SolidX Take First Steps For Bitcoin-Related ETF Approvals Could Inverse ETFs Thrive In September? Social Media Stock SNAP Gets An Upgrade Gold, Precious Metals ETFs Surge on Geopolitical Uncertainty Q&A With Barry Ritholtz on New WealthStack Conference READ MORE AT ETFTRENDS.COM > || US Dollar ETFs Show Strength With Greenback at 2-Year High: This article was originally published onETFTrends.com.
U.S. dollar-related ETFs continued to rally, with the greenback pushing toward its highest level in over two years, as global uncertainty pushed global investors to the more attractive U.S. markets.
Year-to-date, theInvesco DB US Dollar Bullish (UUP)increased 5.6%, and theWisdomTree Bloomberg U.S. Dollar Bullish Fund (USDU) rose 4.1%. Meanwhile, the ICE Dollar Index, which tracks the greenback against a basket of its peers, hit its highest level since mid-2017 on Tuesday.
UUP tracks the price movement of the U.S. dollar against a basket of currencies, including the euro, Japanese yen, British pound, Canadian dollar, Swedish krona, and Swiss franc. Additionally, the actively managed USDU tracks the USD against a broader basket of developed and emerging market currencies, including China, India, South Korea, Switzerland, Australia, Mexico, United Kingdom, Canada, Japan, and Europe.
The U.S. dollar strengthened Tuesday as the British pound slipped to a new multi-year low, following Prime Minister Boris Johnson's defense of his Brexit plans, while China’s yuan currency slipped to its weakest in 11 years, theWall Street Journalreports.
Wide Demand For Dollars
“There is a very widespread demand for dollars outside of the U.S. borders,” Jane Foley, a currency analyst at Rabobank, told the WSJ. “So the dollar behaves like a safe-haven, and it retains this core demand when risk appetite is low.”
The uncertainty over an escalating trade war between the world's two largest economies has weighed on global exports for many major exporting countries, like South Korea and Japan to Germany.
Meanwhile, the growing amount of negative-yielding assets abroad have pushed foreign investors to the relatively more attractive U.S. Treasuries. Investors have also grown increasingly worried about the prospects of European markets in recent weeks after rising uncertainty over Italy's political climate and Germany's weakening economy that could slip into a recession.
Related:U.S. Dollar ETF Has Some Doubters – Here’s Why…
“It is just the least ugly sister at the moment,” Esty Dwek, a strategist at Natixis Investment Managers, told the WSJ. “There is some safe-haven demand still because of the tariffs and the global growth [concerns].”
The U.S. dollar has continued to appreciate against global currencies despite President Donald Trump's call to devalue the greenback and the Federal Reserve's looser monetary policy outlook. The U.S. central bank, though, has been slower to address interest rate cuts, as compared to other world central banks.
The Fed has been “slow off the mark” in bringing down borrowing costs, Foley added. “Other central banks have been much more proactive.”
For more information on the foreign exchange markets, visit ourcurrency ETFs category.
POPULAR ARTICLES AND RESOURCES FROM ETFTRENDS.COM
• SPY ETF Quote
• VOO ETF Quote
• QQQ ETF Quote
• VTI ETF Quote
• JNUG ETF Quote
• Top 34 Gold ETFs
• Top 34 Oil ETFs
• Top 57 Financials ETFs
• VanEck And SolidX Take First Steps For Bitcoin-Related ETF Approvals
• Could Inverse ETFs Thrive In September?
• Social Media Stock SNAP Gets An Upgrade
• Gold, Precious Metals ETFs Surge on Geopolitical Uncertainty
• Q&A With Barry Ritholtz on New WealthStack Conference
READ MORE AT ETFTRENDS.COM > || Safe-Haven Demand Bolsters Silver ETFs: This article was originally published onETFTrends.com.
Silver ETFs shined on Tuesday as a round of risk-off selling sent investors to the relative safety of precious metals.
Among the best performing non-leveraged ETFs of Tuesday, theETFMG Junior Silver Miners ETF (SILJ)advanced 4.3% and theGlobal X Silvers Miners ETF (SIL)increased 3.0%.
Meanwhile, theiShares Silver Trust (NYSEArca: SLV)was 4.4% higher as Comex silver futures rose 4.9% to $19.25 per ounce.
Silver strengthened on a safe-haven boost Tuesday after fresh economic data revealed U.S. manufacturing slowed to the weakest pace since 2016, fueling concerns of an impending recession as a result of a prolonged U.S.-China trade war that has dragged on the global economy.
“People are finally starting to believe that we are in a bull market in [precious] metals,” James Hatzigiannis, senior strategist at Long Leaf Trading Group, toldMarketWatch. “Silver is always known as a laggard to gold, and now you are seeing people getting into silver, and believing it’s a bull market.”
Poor-Mans Gold
Many now see silver as the cheaper poor-mans gold, and despite the recent strength in the silver markets, silver remains lagging behind the gains in the gold market.
“Silver still has a lot of catch-up as the gold-silver ratio is still very high”, said Drew Rathgeber, futures broker at Daniels Trading, told MarketWatch. “Silver still has a lot of upside potential."
Back in January 2014, the gold-to-silver ratio was at nearly 67 when gold was at $1,283 and silver at $19.60. If the ratio was at the same level today, silver would “be easily $20 plus per ounce,” Rathgeber added.
Related:Why Shining Silver ETFs Can Keep Soaring
Overall, fundamentals may continue to support silver and the broader precious metals market. We are facing an environment of negative interest rates in overseas markets with central banks weakening their paper currencies in a bid to support local economies. Central banks are also amassing gold. Meanwhile, the global economy has slowed and a protracted trade war fuels an ongoing uncertainty.
Silver “was underappreciated for most of 2019 as gold accelerated past $1,400 towards its current level," Jeff Wright, executive vice president of GoldMining Inc., told MarketWatch. As investors have begun “discussing gold getting ahead of economic news and maybe a reduced safe-haven interest in gold, silver has begun to catch up.”
For more information on the precious metals market, visit ourprecious metals category.
POPULAR ARTICLES AND RESOURCES FROM ETFTRENDS.COM
• SPY ETF Quote
• VOO ETF Quote
• QQQ ETF Quote
• VTI ETF Quote
• JNUG ETF Quote
• Top 34 Gold ETFs
• Top 34 Oil ETFs
• Top 57 Financials ETFs
• VanEck And SolidX Take First Steps For Bitcoin-Related ETF Approvals
• Could Inverse ETFs Thrive In September?
• Social Media Stock SNAP Gets An Upgrade
• Gold, Precious Metals ETFs Surge on Geopolitical Uncertainty
• Q&A With Barry Ritholtz on New WealthStack Conference
READ MORE AT ETFTRENDS.COM > || HTC Leads $3 Million Round for Digital Property Rights Startup Bitmark: Big names are investing in Bitmark, the blockchain property rights startup. Consumer electronics giant HTC led the $3 million Series A , which also saw participation from e-commerce powerhouse Alibaba and investment firms WI Harper and Digital Currency Group. The funding, announced Tuesday, will boost the company’s sales and marketing efforts. Since launching in 2016, Bitmark claims to have registered over 1 million digital properties. Related: HTC Has Added In-Wallet Crypto Swaps to Its EXODUS Phone “Bitmark’s system for digital property rights greatly expands the promise of blockchain technology by assigning unique ownership for digital assets of all types,” said Phil Chen, HTC’s “Decentralized Chief Officer.” Properties and data registered on Bitmark’s proof-of-work blockchain are tied to digital assets called “bitmark certificates,” which can be traded, loaned and sold. In 2018 , the firm partnered with KKFARM, an investment firm focused on the music industry, on a royalties service to make rights “transparent, tradable, and economically divisible for musicians.” In 2017 , the firm partnered with UC Berkeley to crowdsource health data, while meeting the regulatory requirements of HIPAA and IRB for patient privacy. That same year, Bitmark raised $1.7 million in seed financing led by venture capital firm Cherubic Ventures. Related: HTC Says Its Next Smartphone Will Run a Full Bitcoin Node Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Bitmark. Bitmark CEO Sean Moss-Pultz (photo via Flickr user RISE , used under a Creative Commons license) Related Stories HTC Plans to Launch Another Blockchain Phone This Year, Exec Says New iPhone-Controlled Crypto Vault Promises ‘Bank-Grade’ Security || HTC Leads $3 Million Round for Digital Property Rights Startup Bitmark: Big names are investing in Bitmark, the blockchain property rights startup.
Consumer electronics giant HTC led the$3 million Series A, which also saw participation from e-commerce powerhouse Alibaba and investment firms WI Harper and Digital Currency Group.
The funding, announced Tuesday, will boost the company’s sales and marketing efforts. Since launching in 2016, Bitmark claims to have registered over 1 million digital properties.
Related:HTC Has Added In-Wallet Crypto Swaps to Its EXODUS Phone
“Bitmark’s system for digital property rights greatly expands the promise of blockchain technology by assigning unique ownership for digital assets of all types,” said Phil Chen, HTC’s “Decentralized Chief Officer.”
Properties and data registered on Bitmark’s proof-of-work blockchain are tied to digital assets called “bitmark certificates,” which can be traded, loaned and sold. In2018, the firm partnered with KKFARM, an investment firm focused on the music industry, on a royalties service to make rights “transparent, tradable, and economically divisible for musicians.”
In2017, the firm partnered with UC Berkeley to crowdsource health data, while meeting the regulatory requirements of HIPAA and IRB for patient privacy.
That same year, Bitmark raised$1.7 millionin seed financing led by venture capital firm Cherubic Ventures.
Related:HTC Says Its Next Smartphone Will Run a Full Bitcoin Node
Disclosure:CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Bitmark.
Bitmark CEO Sean Moss-Pultz (photo via Flickr userRISE, used under a Creative Commons license)
• HTC Plans to Launch Another Blockchain Phone This Year, Exec Says
• New iPhone-Controlled Crypto Vault Promises ‘Bank-Grade’ Security || SynchroBit the Revolutionary Innovative Hybrid Trading Platform at the Cutting-edge of Blockchain Technology: LONDON, UK / ACCESSWIRE / September 3, 2019 / Recently, Forbes featured innovation company, SYNCHRONIUM® has announced the public release of their innovative hybrid digital assets trading platform, the SynchroBit. By introducing new concepts, technologies, and solutions for both rookies and professionals, the platform aims to open new horizons to the digital assets traders for minimizing their risks and maximizing their ROIs. SynchroBit is a multi-purpose hybrid digital assets trading platform that enables trading of digital assets supporting Fiat as well as crypto assets. Founded by a group of international experts in digital asset trading, blockchain, finance, digital marketing and developers who have a holistic approach for developing an entire ecosystem for SYNCHRONIUM®, which will support a host of modules and functionality. SynchroBit is one of the biggest projects under the SYNCHRONIUM® umbrella. It is designed to provide an economic backbone to other modules and projects. It is a business environment that will be the engine of SynchroSphere , the gamut of services bundled as an ecosystem. What makes SynchroBit special when compared to other blockchain projects is its unique consensus protocol, PoSync, which is revolutionary with the capability of serving 1,000,000 transactions per second when other blockchains are struggling to achieve thousands of transactions in a second. Being completely peer-to-peer, SynchroBit prevents market manipulation of any kind. SynchroBit was born out of the need for security, integrity, integrated fund management features, lack of diversity of assets, liquidity and holistic trading platforms that can serve both Fiat and Crypto and still be easy to use for traders. Some of the features that make this platform a whiff of fresh air in the crowded crypto trading market are: Hybrid functionality SynchroBit is a hybrid trading platform, which means it combines the benefits of a centralized trading exchange as well as a decentralized one (DEX). This solves the problems of speed and clunky user interface in the DEX market as well as of high-trust and integrity in the centralized exchange market. Diversified markets SynchroBit markets will have high liquidity and diversity of assets. All the valuable digital assets can be traded on this unique platform. Diversity is built into the tech architecture of the platform providing users with enhanced liquidity, diversity of assets for high profitability, trading in global financial assets along with cryptocurrencies. Simplicity and diversity Platforms that provide diversity tend to be complicated and the ones that are easy-to-use cut down on flexibility and the range of options for trading. SynchroBit is one platform that is simple and easy to use but also provides diverse options for users to trade with. This combo makes it appealing for many expert traders. Story continues Security We have seen billions of dollars being stolen by hackers in exchanges across the world. SynchroBit takes its security seriously. They have built security in all the processes. With the use of high-tech latest tools and best in the world cybersecurity advisors and staff. The platform team also plans to collaborate with the users to help in identifying the areas of improvement. Wallets Technology SynchroBit has an impressive armour of wallets that were previously inaccessible for retail users. Their highly secure wallets are tamper-proof because they are hosted on asymmetric nodes on various blockchain networks. These wallets are decentralized wallets for crypto and Fiat. They also have a cold-wallet option for the users. With multiple crypto addresses, the wallets complete control is with the user since no private keys are stored on SynchroBit servers. Lower Risk, Higher ROI SynchroBit aims to minimize the risk and maximize the ROI of the traders by introducing innovative solutions and treading tools. As an example, they introduced the Trend-Limit which is an innovative trading solution for wiser strategies and setting dynamic triggers for profitable trading on a given market trend. In the next versions of the platform, SynchroBit will provide the users with AI aided trade, Social Trading, PAPM, Group Trading, and a wide range of innovative solutions as well. Ease of use User experience is one of their key focus areas. Keeping in mind every kind of user, they have designed desktop and smartphone versions of the application. It is not only easier to use, it is also smarter and faster. It has features that make the users lives very easy. Their Performance Analysis tool provides users with their key statistics on a simple dashboard. Public and private chatrooms that serve different purposes from sharing news to discussing ideas with friends and closed circle of traders. Integrated Customer Service The biggest complaint that traders have is the lack of support and service. With so much liquidity in the system, traders often require assistance to use the platform. The aspect of providing great service is lacking from most platforms today. SynchroBit aims to solve this problem by integrating customer service and support in the product design. The customer service plans will provide users with market insights, advanced analytics, account management and a host of other features. The team will provide personalized customer service with agents working round the clock, every day of the year. To take it one step further, the support network is decentralized in numerous countries in their local languages. Users will be able to avail support via email, chat or phone making it very convenient for those on the go. The platform is also committed to observing the Anti-Money laundering (AML) and Know Your Customer (KYC) norms of every jurisdiction that they operate in. Using AI, they make the trading experience more secure. Versions of the Platform SynchroBit believes in continuous improvement and keeping this in mind, clearly demarcated versions of their platform have been released and planned. Version 0x was the first version that was ready in November 2018 that was to be tested by the private community. With insights from the usage, the next version, SILEO was developed. This version had major improvements including fiat wallets, integration of hardware cold-wallets, stable coin integration, new pairs for trading, security and UX enhancements. INIZIO is the next version, the first one to be open to the public. It has various UX, security, functionality improvements along with achieving decentralization and processing of 1 million transactions on the exchanges core. Version Delta, slated to be released at the start of 2020, will offer margin trading, integration with SNB Token, a launchpad for IEOs, and desktop / mobile apps among numerous smaller improvements. Version Sigma, the next major leap, will take the trading functionality to the next level with the Energy market and precious metals modules, new fiat currencies and integration with the SynchroBit platform. Sigma will be released mid-2020. Omega version will be a comprehensive version to be released in January 2021 and finally, the Covenant will be SynchroBit version 1.0, the complete version of SynchroBit vision. With e-commerce features, card processing capabilities, and AI aided-trading, this version will mark the integration with SYNCHRONIUM®s public blockchain. Developer Friendly SynchroBit provides the developers with full APIs to use them on various trading apps and programs. There is a comprehensive API guide on their website by which, developers can quickly develop new applications and integrate the platform with their sites. Instant Deposits and Withdrawals Are you tired of long-pending for depositing your crypto funds on the exchanges? SynchroBit is a quite fast platform which can handle more than 1,000,000 orders per second. Also, due to its full integration with most popular blockchain networks, including BTC, BCH, XRP, XLM, ZEC, LTC, and ETH, users can instantly deposit their funds on the tamper-proof wallets. Unverified users have the withdrawal limit up to 5 BTC every 24 hours. Passing KYC successfully, users can reach the withdrawal limit of 100 BTC in every 24 hours as well. SNB Token and ICO SynchroBit Coin (formally known as SNB Token) is the fuel of the SYNCHRONIUM® ecosystem. Based on Ethereums popular blockchain, SNB is an ERC-20 token. This token will be the payment mechanism on all SYNCHRONIUM® platforms and dApps and will be utilized for paying the trading fees. SNB Token will be listed on some of the popular exchanges in the crypto world including, CoinLim, CoinsBit, BTC-Alpha, SistemKoin, Mercatox, Alterdice, Atromars, CREX 24, LiveCoin, and many more. Further information is available on the SynchroBit White-Paper . Benefits Benefits of holding SNB Token include the ability to pay using SNB Token , integration with various partner platforms and the other platforms on SYNCHRONIUM® and thereby, increased demand of SNB, and those who hold SNB Tokens will be allowed to trade without any fee on the SynchroBit platform. Also, on some of the partner exchanges, trading with SNB Token will be with zero fees as well. SYNCHRONIUM® plans to make SNB Token available on major payment cards in the EU which enables holders of SNB Token to use it for their micropayments almost everywhere. The ICO is being conducted in three rounds starting from 1st August 2019. Every investor who contributes to the token must clear the SNB KYC process to be a legitimate investor. SNB Token will also be distributed through Initial Exchange Offering on partner exchanges. SNB Token is priced at $0.20 for the first round, $0.25 for the second round, and $0.35 for the third round in the ICO offering. Conclusion The game-changing platform like SynchroBit is everything that the market needs. The team has innovated at every level, right from the consensus mechanism that is at the heart of all services to the ecosystem, the platform, products and customer service. In an era where every exchange in global finance is able to deliver either very complicated solutions to a handful of users or very simplified rigid solutions to the masses, SynchroBit team has got the balance right. Useful links: SYNCHRONIUM® corporate website: https://synchronium.io SynchroBit Platform: https://synchrobit.io SNB Token ICO: https://snbtoken.io Facebook: https://facebook.com/Synchrobit Twitter: https://twitter.com/SynchroBit Telegram: https://t.me/snbex CONTACT: Name: Dr. Babak Behboudi Email: [email protected] Phone: +44 808 196 0706 SOURCE: synchronium View source version on accesswire.com: https://www.accesswire.com/558275/SynchroBit-the-Revolutionary-Innovative-Hybrid-Trading-Platform-at-the-Cutting-edge-of-Blockchain-Technology View comments || SynchroBit the Revolutionary Innovative Hybrid Trading Platform at the Cutting-edge of Blockchain Technology: LONDON, UK / ACCESSWIRE / September 3, 2019 /Recently,Forbes featuredinnovation company,SYNCHRONIUM®has announced the public release of their innovative hybrid digital assets trading platform, the SynchroBit™. By introducing new concepts, technologies, and solutions for both rookies and professionals, the platform aims to open new horizons to the digital assets traders for minimizing their risks and maximizing their ROIs.
SynchroBit™is a multi-purpose hybrid digital assets trading platform that enables trading of digital assets supporting Fiat as well as crypto assets. Founded by a group of international experts in digital asset trading, blockchain, finance, digital marketing and developers who have a holistic approach for developing an entire ecosystem for SYNCHRONIUM®, which will support a host of modules and functionality.
SynchroBit™ is one of the biggest projects under the SYNCHRONIUM® umbrella. It is designed to provide an economic backbone to other modules and projects. It is a business environment that will be the engine ofSynchroSphere™, the gamut of services bundled as an ecosystem. What makes SynchroBit™ special when compared to other blockchain projects is its unique consensus protocol, PoSync, which is revolutionary with the capability of serving 1,000,000 transactions per second when other blockchains are struggling to achieve thousands of transactions in a second. Being completely peer-to-peer, SynchroBit™ prevents market manipulation of any kind.
SynchroBit™ was born out of the need for security, integrity, integrated fund management features, lack of diversity of assets, liquidity and holistic trading platforms that can serve both Fiat and Crypto and still be easy to use for traders.
Some of the features that make this platform a whiff of fresh air in the crowded crypto trading market are:
Hybrid functionality
SynchroBit™ is a hybrid trading platform, which means it combines the benefits of a centralized trading exchange as well as a decentralized one (DEX). This solves the problems of speed and clunky user interface in the DEX market as well as of high-trust and integrity in the centralized exchange market.
Diversified markets
SynchroBit™ markets will have high liquidity and diversity of assets. All the valuable digital assets can be traded on this unique platform. Diversity is built into the tech architecture of the platform providing users with enhanced liquidity, diversity of assets for high profitability, trading in global financial assets along with cryptocurrencies.
Simplicity and diversity
Platforms that provide diversity tend to be complicated and the ones that are easy-to-use cut down on flexibility and the range of options for trading. SynchroBit™ is one platform that is simple and easy to use but also provides diverse options for users to trade with. This combo makes it appealing for many expert traders.
Security
We have seen billions of dollars being stolen by hackers in exchanges across the world. SynchroBit™ takes its security seriously. They have built security in all the processes. With the use of high-tech latest tools and best in the world cybersecurity advisors and staff. The platform team also plans to collaborate with the users to help in identifying the areas of improvement.
Wallets Technology
SynchroBit™ has an impressive armour of wallets that were previously inaccessible for retail users. Their highly secure wallets are tamper-proof because they are hosted on asymmetric nodes on various blockchain networks. These wallets are decentralized wallets for crypto and Fiat. They also have a cold-wallet option for the users. With multiple crypto addresses, the wallet’s complete control is with the user since no private keys are stored on SynchroBit™ servers.
Lower Risk, Higher ROI
SynchroBit™ aims to minimize the risk and maximize the ROI of the traders by introducing innovative solutions and treading tools. As an example, they introduced the Trend-Limit™ which is an innovative trading solution for wiser strategies and setting dynamic triggers for profitable trading on a given market trend. In the next versions of the platform, SynchroBit™ will provide the users with AI aided trade, Social Trading, PAPM™, Group Trading, and a wide range of innovative solutions as well.
Ease of use
User experience is one of their key focus areas. Keeping in mind every kind of user, they have designed desktop and smartphone versions of the application. It is not only easier to use, it is also smarter and faster. It has features that make the user’s lives very easy. Their Performance Analysis tool provides users with their key statistics on a simple dashboard. Public and private chatrooms that serve different purposes from sharing news to discussing ideas with friends and closed circle of traders.
Integrated Customer Service
The biggest complaint that traders have is the lack of support and service. With so much liquidity in the system, traders often require assistance to use the platform. The aspect of providing great service is lacking from most platforms today. SynchroBit™ aims to solve this problem by integrating customer service and support in the product design. The customer service plans will provide users with market insights, advanced analytics, account management and a host of other features.
The team will provide personalized customer service with agents working round the clock, every day of the year. To take it one step further, the support network is decentralized in numerous countries in their local languages. Users will be able to avail support via email, chat or phone making it very convenient for those on the go.
The platform is also committed to observing the Anti-Money laundering (AML) and Know Your Customer (KYC) norms of every jurisdiction that they operate in. Using AI, they make the trading experience more secure.
Versions of the Platform
SynchroBit™ believes in continuous improvement and keeping this in mind, clearly demarcated versions of their platform have been released and planned. Version 0x was the first version that was ready in November 2018 that was to be tested by the private community. With insights from the usage, the next version, SILEO was developed. This version had major improvements including fiat wallets, integration of hardware cold-wallets, stable coin integration, new pairs for trading, security and UX enhancements. INIZIO is the next version, the first one to be open to the public. It has various UX, security, functionality improvements along with achieving decentralization and processing of 1 million transactions on the exchange’s core. Version Delta, slated to be released at the start of 2020, will offer margin trading, integration with SNB Token, a launchpad for IEOs, and desktop / mobile apps among numerous smaller improvements. Version Sigma, the next major leap, will take the trading functionality to the next level with the Energy market and precious metals modules, new fiat currencies and integration with the SynchroBit™ platform. Sigma will be released mid-2020. Omega version will be a comprehensive version to be released in January 2021 and finally, the Covenant will be SynchroBit™ version 1.0, the complete version of SynchroBit™ vision. With e-commerce features, card processing capabilities, and AI aided-trading, this version will mark the integration with SYNCHRONIUM®’s public blockchain.
Developer Friendly
SynchroBit™ provides the developers with full APIs to use them on various trading apps and programs. There is a comprehensive API guide on their website by which, developers can quickly develop new applications and integrate the platform with their sites.
Instant Deposits and Withdrawals
Are you tired of long-pending for depositing your crypto funds on the exchanges? SynchroBit™ is a quite fast platform which can handle more than 1,000,000 orders per second. Also, due to its full integration with most popular blockchain networks, including BTC, BCH, XRP, XLM, ZEC, LTC, and ETH, users can instantly deposit their funds on the tamper-proof wallets. Unverified users have the withdrawal limit up to 5 BTC every 24 hours. Passing KYC successfully, users can reach the withdrawal limit of 100 BTC in every 24 hours as well.
SNB Token and ICO
SynchroBit Coin(formally known as SNB Token) is the fuel of the SYNCHRONIUM® ecosystem. Based on Ethereum’s popular blockchain, SNB is an ERC-20 token. This token will be the payment mechanism on all SYNCHRONIUM® platforms and dApps and will be utilized for paying the trading fees. SNB Token will be listed on some of the popular exchanges in the crypto world including, CoinLim, CoinsBit, BTC-Alpha, SistemKoin, Mercatox, Alterdice, Atromars, CREX 24, LiveCoin, and many more. Further information is available on theSynchroBit™ White-Paper.
Benefits
Benefits of holding SNB Token include the ability to pay usingSNB Token, integration with various partner platforms and the other platforms on SYNCHRONIUM® and thereby, increased demand of SNB, and those who hold SNB Tokens will be allowed to trade without any fee on the SynchroBit™ platform. Also, on some of the partner exchanges, trading with SNB Token will be with zero fees as well.
SYNCHRONIUM® plans to make SNB Token available on major payment cards in the EU which enables holders of SNB Token to use it for their micropayments almost everywhere.
The ICO is being conducted in three rounds starting from 1st August 2019. Every investor who contributes to the token must clear the SNB KYC process to be a legitimate investor.
SNB Token will also be distributed through Initial Exchange Offering on partner exchanges. SNB Token is priced at $0.20 for the first round, $0.25 for the second round, and $0.35 for the third round in the ICO offering.
Conclusion
The game-changing platform like SynchroBit™ is everything that the market needs. The team has innovated at every level, right from the consensus mechanism that is at the heart of all services to the ecosystem, the platform, products and customer service. In an era where every exchange in global finance is able to deliver either very complicated solutions to a handful of users or very simplified rigid solutions to the masses, SynchroBit™ team has got the balance right.
Useful links:
SYNCHRONIUM® corporate website:https://synchronium.ioSynchroBit™ Platform:https://synchrobit.ioSNB Token ICO:https://snbtoken.ioFacebook:https://facebook.com/SynchrobitTwitter:https://twitter.com/SynchroBitTelegram:https://t.me/snbex
CONTACT:Name: Dr. Babak BehboudiEmail:[email protected]: +44 808 196 0706
SOURCE:synchronium
View source version on accesswire.com:https://www.accesswire.com/558275/SynchroBit-the-Revolutionary-Innovative-Hybrid-Trading-Platform-at-the-Cutting-edge-of-Blockchain-Technology || Why Financial Services ETFs Are Worth a Look For Traders: This article was originally published on ETFTrends.com. The Financial Select Sector SPDR ( XLF ) , the largest financial services ETF, and rival funds are under pressure, but that could also mean the S&P 500's third-largest sector is worth a look for tactical traders. Market observers have previously warned that Wall Street banks could face pressure as tepid market volatility could have contributed to more muted trading desk activity. Furthermore, the Federal Reserve has signaled its intentions to cut interest rates, which would further hurt the banking industry’s ability to generate profits from lending. However, some investors believe some of XLF’s marquee components could actually benefit from lower rates. The Direxion Daily Financial Bull 3X ETF ( FAS ) and the Direxion Daily Financial Bear 3X ETF ( FAZ ) could be worth considering for aggressive, short-term traders. Reasons To Consider FAS Or FAZ With the capital markets possibly expecting a cut in interest rates, could this affect banks’ lending businesses to the point where they suffer? Some analysts question whether the sector strength can continue through the rest of 2019. During second-quarter earnings season, banks frequently guided lower on net interest margins. “However, with August in the rearview, traders might benefit from taking a closer look at exactly where the financial sector stands after the recent sell-off. In fact, in the midst of all the trade war and global recession fears, earnings reports from the big banks revealed an industry still rolling along at a steady pace,” said Direxion in a recent note . “While not a blowout quarter for any of them, major financial institutions, including JPMorgan Chase , Bank of America , Wells Fargo , and Citigroup each posted second-quarter top- and bottom-line results above analyst estimates. Peppered in these reports are clear signs that borrowing and liquidity remain in demand. Overall lending was up on a year-over-year basis by 2-4% for Bank of America, Wells Fargo, and JPMorgan. At the same time, credit card concerns like Visa and Mastercard grew their YoY sales by 11.5% and 12% respectively.” Story continues Related: Fed Gives Banks Green Light for More Payouts to Investors One thing to consider is that U.S. banks generate massive percentages of their revenue and earnings on a domestic basis, indicating the group has been perhaps unfairly battered as the broader market has declined due to trade tensions. That indicates the group has been disappointing recently and is reacting to lower interest rates, potentially making FAZ appealing. “But, with three more meetings planned for 2019 and an undefined course for exactly what the Fed is doing with prevailing rates, big bank investors need to contend with whether the current evidence on the financial sector’s core business strength can weather the equity market’s anxiety around business growth, global trade and whether the next recession is a few months, or years away,” according to Direxion. For more information on the financial sector, visit our financial category . POPULAR ARTICLES AND RESOURCES FROM ETFTRENDS.COM SPY ETF Quote VOO ETF Quote QQQ ETF Quote VTI ETF Quote JNUG ETF Quote Top 34 Gold ETFs Top 34 Oil ETFs Top 57 Financials ETFs VanEck And SolidX Take First Steps For Bitcoin-Related ETF Approvals Could Inverse ETFs Thrive In September? Social Media Stock SNAP Gets An Upgrade Gold, Precious Metals ETFs Surge on Geopolitical Uncertainty Q&A With Barry Ritholtz on New WealthStack Conference READ MORE AT ETFTRENDS.COM > || Why Financial Services ETFs Are Worth a Look For Traders: This article was originally published onETFTrends.com.
TheFinancial Select Sector SPDR (XLF) , the largest financial services ETF, and rival funds are under pressure, but that could also mean the S&P 500's third-largest sector is worth a look for tactical traders.
Market observers have previously warned that Wall Street banks could face pressure as tepid market volatility could have contributed to more muted trading desk activity. Furthermore, the Federal Reserve has signaled its intentions to cut interest rates, which would further hurt the banking industry’s ability to generate profits from lending. However, some investors believe some of XLF’s marquee components could actually benefit from lower rates.
TheDirexion Daily Financial Bull 3X ETF (FAS) and theDirexion Daily Financial Bear 3X ETF (FAZ) could be worth considering for aggressive, short-term traders.
Reasons To Consider FAS Or FAZ
With the capital markets possibly expecting a cut in interest rates, could this affect banks’ lending businesses to the point where they suffer? Some analysts question whether the sector strength can continue through the rest of 2019. During second-quarter earnings season, banks frequently guided lower on net interest margins.
“However, with August in the rearview, traders might benefit from taking a closer look at exactly where the financial sector stands after the recent sell-off. In fact, in the midst of all the trade war and global recession fears, earnings reports from the big banks revealed an industry still rolling along at a steady pace,” said Direxionin a recent note. “While not a blowout quarter for any of them, major financial institutions, includingJPMorgan Chase,Bank of America,Wells Fargo, andCitigroupeach posted second-quarter top- and bottom-line results above analyst estimates. Peppered in these reports are clear signs that borrowing and liquidity remain in demand. Overall lending was up on a year-over-year basis by 2-4% for Bank of America, Wells Fargo, and JPMorgan. At the same time, credit card concerns like Visa and Mastercard grew their YoY sales by 11.5% and 12% respectively.”
Related:Fed Gives Banks Green Light for More Payouts to Investors
One thing to consider is that U.S. banks generate massive percentages of their revenue and earnings on a domestic basis, indicating the group has been perhaps unfairly battered as the broader market has declined due to trade tensions. That indicates the group has been disappointing recently and is reacting to lower interest rates, potentially making FAZ appealing.
“But, with three more meetings planned for 2019 and an undefined course for exactly what the Fed is doing with prevailing rates, big bank investors need to contend with whether the current evidence on the financial sector’s core business strength can weather the equity market’s anxiety around business growth, global trade and whether the next recession is a few months, or years away,” according to Direxion.
For more information on the financial sector, visit ourfinancial category.
POPULAR ARTICLES AND RESOURCES FROM ETFTRENDS.COM
• SPY ETF Quote
• VOO ETF Quote
• QQQ ETF Quote
• VTI ETF Quote
• JNUG ETF Quote
• Top 34 Gold ETFs
• Top 34 Oil ETFs
• Top 57 Financials ETFs
• VanEck And SolidX Take First Steps For Bitcoin-Related ETF Approvals
• Could Inverse ETFs Thrive In September?
• Social Media Stock SNAP Gets An Upgrade
• Gold, Precious Metals ETFs Surge on Geopolitical Uncertainty
• Q&A With Barry Ritholtz on New WealthStack Conference
READ MORE AT ETFTRENDS.COM >
[Social Media Buzz]
@KimDotcom Bitcoin is a scam. Gold is the future. || BTCとアルトのドミナンスの差は小さくなっていくと思います。
確かにアルトは調整相場で大きく下落しましたが、2017年以前からの成長率を比較すると
アルト>>BTC
です。
ETH XRP等の絶対に無くならないアルトを保有しておくことは、長期的な期待値上昇につながると思います。 || @basiliomit @plopsnul1 @ricburton @Panama_TJ @Ripple In that scale it’s just as centralized as bitcoin. Possibly less centralized. China owns a moth out of bitcoin. || 去年末、正式に機関投資家が参入できない状況下でBTC価格は240万円まで上がりました。
先物市場にETFと、マーケットは大幅に拡大しました。
機関の資金規模は、個人のみの相場とは比べ物になりません。
さらに現在は相当売り込まれた相場です。
仮想...
|
10575.53, 10353.30, 10517.25, 10441.28, 10334.97, 10115.98, 10178.37, 10410.13, 10360.55, 10358.05
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 8406.52, 8445.43, 8367.85, 8596.83, 8909.82, 9358.59, 9316.63, 9508.99, 9350.53, 9392.88, 9344.37, 9293.52, 9180.96, 9613.42, 9729.80, 9795.94, 9865.12, 10116.67, 9856.61, 10208.24, 10326.05, 10214.38, 10312.12, 9889.42, 9934.43, 9690.14, 10142.00, 9633.39, 9608.48, 9686.44, 9663.18, 9924.52, 9650.17, 9341.71, 8820.52, 8784.49, 8672.46, 8599.51, 8562.45, 8869.67, 8787.79, 8755.25, 9078.76, 9122.55, 8909.95, 8108.12, 7923.64, 7909.73, 7911.43, 4970.79, 5563.71, 5200.37, 5392.31, 5014.48, 5225.63, 5238.44, 6191.19, 6198.78, 6185.07, 5830.25, 6416.31, 6734.80, 6681.06, 6716.44, 6469.80, 6242.19, 5922.04, 6429.84, 6438.64, 6606.78, 6793.62, 6733.39, 6867.53, 6791.13, 7271.78, 7176.41, 7334.10, 7302.09, 6865.49, 6859.08, 6971.09, 6845.04, 6842.43, 6642.11, 7116.80, 7096.18, 7257.67, 7189.42, 6881.96, 6880.32.
|
[Bitcoin Technical Analysis for 2020-04-21]
Volume: 32589741511, RSI (14-day): 48.84, 50-day EMA: 7136.40, 200-day EMA: 7915.29
[Wider Market Context]
Gold Price: 1678.20, Gold RSI: 53.31
Oil Price: 10.01, Oil RSI: 45.20
[Recent News (last 7 days)]
Crypto exchange Bitnomial approved to offer bitcoin futures and options contracts: Cryptocurrency exchange Bitnomial can now legally offer bitcoin futures and options contracts. Founded in 2015, Bitnomial secured $7.5 million in an equity raise last December. On Monday, the exchange announced that it has received approval from the U.S. Commodity Futures Trading Commission (CFTC) to operate as a designated contract market, effective immediately. As such, Bitnomial will be one of the first to offer bitcoin futures and options products, following the lead of CME, Cboe, Bakkt, ErisX, and LedgerX. In the announcement, the exchange stressed that all its contracts will be list-margined and physically delivered. "We are building the Bitcoin Product Complex, a suite of interrelated financial products, starting with quarterly Bitcoin futures, micro futures, and options," said Bitnomial CEO Luke Hoersten. "Additionally, our products initially trade on 37% margin and are settled on-chain instead of book entry," Hoersten added. © 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || Crypto exchange Bitnomial approved to offer bitcoin futures and options contracts: Cryptocurrency exchange Bitnomial can now legally offer bitcoin futures and options contracts. Founded in 2015, Bitnomial secured $7.5 million in an equity raise last December. On Monday, the exchange announced that it has received approval from the U.S. Commodity Futures Trading Commission (CFTC) to operate as a designated contract market, effective immediately. As such, Bitnomial will be one of the first to offer bitcoin futures and options products, following the lead of CME, Cboe, Bakkt, ErisX, and LedgerX. In the announcement, the exchange stressed that all its contracts will be list-margined and physically delivered. "We are building the Bitcoin Product Complex, a suite of interrelated financial products, starting with quarterly Bitcoin futures, micro futures, and options," said Bitnomial CEO Luke Hoersten. "Additionally, our products initially trade on 37% margin and are settled on-chain instead of book entry," Hoersten added. © 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || Market Wrap: Oil Futures Plunge, Bitcoin Dips and Tether Has a $7B Day: Monday marked a historic moment in traditional markets, with the price of West Texas Intermediate oil futures going into negative territory for the first time ever.
Contracts for May delivery, expiring on Tuesday,collapsed below -$40 per barrel at one point. In other words, sellers were willing to pay as much as $40 to people to take a barrel off their hands. Excess supply in the midst of a massive global downturn has led to a storage problem for crude. Some traders areeven making $2 offers per barrelon the spot market.
The breathtaking crash in oil prices was taken as a warning sign to U.S. stocks and bonds: a recovery, where demand for energy would put those stockpiled barrels to use, appears to be further in the distance than anticipated. The S&P 500 index slipped 1.7 percent while safe-haven U.S. Treasury bonds saw an influx of dollars that pushed two-year yields down to 5 percent. Bond yields fall as prices rise.
Related:First Mover: 10 Takeaways for Bitcoin From Negative Oil Prices
Gold also gained on the day. On Monday, the precious metal climbed 0.86 percent to $1,713.40 per troy ounce.
Oil also took its toll on the FTSE 100 index toward the end of its trading day Monday. Though the British equity index closed up less than a percent, it started off with strong gains but started to tumble in afternoon trading onconcerns about the energy sector.
Several hour earlier in Asia, the Nikkei 225 slipped 1.15 percent. The dip arrives asJapan’s Ministry of Finance reported poor trade numbers,with exports declining by more than 11% while imports dropped by 5% in March.
Bitcoinprices merely shrugged at the turmoil in the oil markets, slipping 4.4 percent over the past 24 hours, according to CoinDesk’s Bitcoin Price Index as of 21:35 UTC (5:35 p.m. EDT) Monday.
Related:Bitcoin Under Pressure After Oil Prices Crash to Record Lows
Read more:Negative Oil Prices Could Hurt Bitcoin Miners Who Use Flared Gas
The price for 1 BTC fell below its 10-day and 50-day moving averages at 11:00 UTC (7 a.m. EDT), with trading dropping below $7,000, eventually dipping to around $6,920 levels on exchanges such as Coinbase.
The world’s oldest cryptocurrency was then able to return to the $7,000 level before large amounts of selling volume at 18:00 UTC (2 p.m.PM EDT) pushed prices down to around the $6,830 range.
Most major digital assets are primarily in the red on CoinDesk’s big board for the day.
Etherslipped 5.8 percent. Large losers includedash(DASH) dropping 8.9 percent,bitcoin gold(BTG) down 7 percent andbitcoin sv(BSV) dipping 6 percent. One notable winner today isstellar(XLM), in the green 1.3 percent.
The market capitalization of tether (USDT), the largest stablecoin in the cryptocurrency markets, surpassed $7 billion this past week, well more than double where it was a year ago. As tether is pegged at roughly 1:1 to the U.S. dollar, its market cap is a reflection of how much is believed to be held in assets against each coin.
With an additional120 million printed on April 18, USDT currently has a circulating supply of 6,992,102,061 USDT. Due to USDT’s slight price premium above the U.S. dollar, the current market cap is around $7 billion,according to data from aggregator Nomics. Tether saysit has $7.1 billion in assetsas of Monday.
Tether’s price is often more than a dollar because of the convenience it provides some of its owners, according to Vishal Shah, a crypto options trader and founder of derivatives exchange Alpha5. “Tether trades at a premium to USD and highlights a capital flight situation in which there is limited access to hard currency,” he told CoinDesk.
Some 74 percent of all bitcoins traded on major exchanges are done against tether,according to data site CryptoCompare.
USDT’s ubiquity on cryptocurrency exchanges offsets concerns traders may have about the stablecoin, Shah noted. “Tether is the most easily accessed USD-proxy stablecoin, and arguably has a more colored background than some of its direct competitors.”
Indeed, that background includes questions about provenance of the assets backing USDT.
Read more:Bearish or Bullish? What Oil, Defi Hacks and Cash Hoarding Tell Us About Markets
Competing stablecoins like USD Coin (USDC)have independently audited financial statementsshowing custody accounts with dollars backing blockchain-based stable assets, the idea being redemption of one USDC equals one dollar from Centre, the group that issues the stablecoin backed by Coinbase and Circle.
“Customers holding USD Coin and who open accounts with a Centre member issuer are always able to redeem 1 USD Coin for $1 USD,” said Josh Hawkins, vice president for communications at Circle.
“USD Coin holders also gain the assurance that the funds are fully reserved, as the Centre Consortium requires that issuers be regulated financial institutions, and also that reserves backing USD Coin are always held at 100%,” he added.
In comparison,Tether’s terms of service explicitly statethat holders of USDT could experience redemption in some other security or asset than dollars should the stablecoin become illiquid.
With the growth of banking-friendly USDC, it’s clear regulatory issues surrounding stablecoins will come to a head, says David Johnston, Managing Director of Yeoman’s Capital. Johnston is concerned that solvency could be a problem in the future with Tether, a problem that plagued early bitcoin exchangeMt. Gox, the aftermath of which is still an ongoing legal affair.
“USDT is going the way of Mt. Gox, if they don’t become either fully decentralized or a regulated extension of the central banks,” Johnston told CoinDesk.
He also mentioned the 2019draft report on stablecoin risks from a G7 working groupas an indication stablecoin regulation could soon be on the way. “USDT has existed in the gray area between centralized and decentralized. With these new recommendations from the Financial Stability Board it’s clear that this gray area will soon no longer exist,” Johnston said.
Requests for comment from Tether or Bitfinex executives were made but not returned as of press time.
• Negative Oil Prices Could Hurt Bitcoin Miners Who Use Flared Gas
• First Mover: Bitcoin Attracting More Buyers, Even With Market Stuck in ‘Extreme Fear’ || Market Wrap: Oil Futures Plunge, Bitcoin Dips and Tether Has a $7B Day: Monday marked a historic moment in traditional markets, with the price of West Texas Intermediate oil futures going into negative territory for the first time ever.
Contracts for May delivery, expiring on Tuesday,collapsed below -$40 per barrel at one point. In other words, sellers were willing to pay as much as $40 to people to take a barrel off their hands. Excess supply in the midst of a massive global downturn has led to a storage problem for crude. Some traders areeven making $2 offers per barrelon the spot market.
The breathtaking crash in oil prices was taken as a warning sign to U.S. stocks and bonds: a recovery, where demand for energy would put those stockpiled barrels to use, appears to be further in the distance than anticipated. The S&P 500 index slipped 1.7 percent while safe-haven U.S. Treasury bonds saw an influx of dollars that pushed two-year yields down to 5 percent. Bond yields fall as prices rise.
Related:First Mover: 10 Takeaways for Bitcoin From Negative Oil Prices
Gold also gained on the day. On Monday, the precious metal climbed 0.86 percent to $1,713.40 per troy ounce.
Oil also took its toll on the FTSE 100 index toward the end of its trading day Monday. Though the British equity index closed up less than a percent, it started off with strong gains but started to tumble in afternoon trading onconcerns about the energy sector.
Several hour earlier in Asia, the Nikkei 225 slipped 1.15 percent. The dip arrives asJapan’s Ministry of Finance reported poor trade numbers,with exports declining by more than 11% while imports dropped by 5% in March.
Bitcoinprices merely shrugged at the turmoil in the oil markets, slipping 4.4 percent over the past 24 hours, according to CoinDesk’s Bitcoin Price Index as of 21:35 UTC (5:35 p.m. EDT) Monday.
Related:Bitcoin Under Pressure After Oil Prices Crash to Record Lows
Read more:Negative Oil Prices Could Hurt Bitcoin Miners Who Use Flared Gas
The price for 1 BTC fell below its 10-day and 50-day moving averages at 11:00 UTC (7 a.m. EDT), with trading dropping below $7,000, eventually dipping to around $6,920 levels on exchanges such as Coinbase.
The world’s oldest cryptocurrency was then able to return to the $7,000 level before large amounts of selling volume at 18:00 UTC (2 p.m.PM EDT) pushed prices down to around the $6,830 range.
Most major digital assets are primarily in the red on CoinDesk’s big board for the day.
Etherslipped 5.8 percent. Large losers includedash(DASH) dropping 8.9 percent,bitcoin gold(BTG) down 7 percent andbitcoin sv(BSV) dipping 6 percent. One notable winner today isstellar(XLM), in the green 1.3 percent.
The market capitalization of tether (USDT), the largest stablecoin in the cryptocurrency markets, surpassed $7 billion this past week, well more than double where it was a year ago. As tether is pegged at roughly 1:1 to the U.S. dollar, its market cap is a reflection of how much is believed to be held in assets against each coin.
With an additional120 million printed on April 18, USDT currently has a circulating supply of 6,992,102,061 USDT. Due to USDT’s slight price premium above the U.S. dollar, the current market cap is around $7 billion,according to data from aggregator Nomics. Tether saysit has $7.1 billion in assetsas of Monday.
Tether’s price is often more than a dollar because of the convenience it provides some of its owners, according to Vishal Shah, a crypto options trader and founder of derivatives exchange Alpha5. “Tether trades at a premium to USD and highlights a capital flight situation in which there is limited access to hard currency,” he told CoinDesk.
Some 74 percent of all bitcoins traded on major exchanges are done against tether,according to data site CryptoCompare.
USDT’s ubiquity on cryptocurrency exchanges offsets concerns traders may have about the stablecoin, Shah noted. “Tether is the most easily accessed USD-proxy stablecoin, and arguably has a more colored background than some of its direct competitors.”
Indeed, that background includes questions about provenance of the assets backing USDT.
Read more:Bearish or Bullish? What Oil, Defi Hacks and Cash Hoarding Tell Us About Markets
Competing stablecoins like USD Coin (USDC)have independently audited financial statementsshowing custody accounts with dollars backing blockchain-based stable assets, the idea being redemption of one USDC equals one dollar from Centre, the group that issues the stablecoin backed by Coinbase and Circle.
“Customers holding USD Coin and who open accounts with a Centre member issuer are always able to redeem 1 USD Coin for $1 USD,” said Josh Hawkins, vice president for communications at Circle.
“USD Coin holders also gain the assurance that the funds are fully reserved, as the Centre Consortium requires that issuers be regulated financial institutions, and also that reserves backing USD Coin are always held at 100%,” he added.
In comparison,Tether’s terms of service explicitly statethat holders of USDT could experience redemption in some other security or asset than dollars should the stablecoin become illiquid.
With the growth of banking-friendly USDC, it’s clear regulatory issues surrounding stablecoins will come to a head, says David Johnston, Managing Director of Yeoman’s Capital. Johnston is concerned that solvency could be a problem in the future with Tether, a problem that plagued early bitcoin exchangeMt. Gox, the aftermath of which is still an ongoing legal affair.
“USDT is going the way of Mt. Gox, if they don’t become either fully decentralized or a regulated extension of the central banks,” Johnston told CoinDesk.
He also mentioned the 2019draft report on stablecoin risks from a G7 working groupas an indication stablecoin regulation could soon be on the way. “USDT has existed in the gray area between centralized and decentralized. With these new recommendations from the Financial Stability Board it’s clear that this gray area will soon no longer exist,” Johnston said.
Requests for comment from Tether or Bitfinex executives were made but not returned as of press time.
• Negative Oil Prices Could Hurt Bitcoin Miners Who Use Flared Gas
• First Mover: Bitcoin Attracting More Buyers, Even With Market Stuck in ‘Extreme Fear’ || Market Wrap: Oil Futures Plunge, Bitcoin Dips and Tether Has a $7B Day: Monday marked a historic moment in traditional markets, with the price of West Texas Intermediate oil futures going into negative territory for the first time ever. Contracts for May delivery, expiring on Tuesday, collapsed below -$40 per barrel at one point . In other words, sellers were willing to pay as much as $40 to people to take a barrel off their hands. Excess supply in the midst of a massive global downturn has led to a storage problem for crude. Some traders are even making $2 offers per barrel on the spot market. The breathtaking crash in oil prices was taken as a warning sign to U.S. stocks and bonds: a recovery, where demand for energy would put those stockpiled barrels to use, appears to be further in the distance than anticipated. The S&P 500 index slipped 1.7 percent while safe-haven U.S. Treasury bonds saw an influx of dollars that pushed two-year yields down to 5 percent. Bond yields fall as prices rise. Related: First Mover: 10 Takeaways for Bitcoin From Negative Oil Prices Gold also gained on the day. On Monday, the precious metal climbed 0.86 percent to $1,713.40 per troy ounce. Oil also took its toll on the FTSE 100 index toward the end of its trading day Monday. Though the British equity index closed up less than a percent, it started off with strong gains but started to tumble in afternoon trading on concerns about the energy sector. Several hour earlier in Asia, the Nikkei 225 slipped 1.15 percent. The dip arrives as Japan’s Ministry of Finance reported poor trade numbers, with exports declining by more than 11% while imports dropped by 5% in March. Crypto markets Bitcoin prices merely shrugged at the turmoil in the oil markets, slipping 4.4 percent over the past 24 hours, according to CoinDesk’s Bitcoin Price Index as of 21:35 UTC (5:35 p.m. EDT) Monday. Related: Bitcoin Under Pressure After Oil Prices Crash to Record Lows Read more: Negative Oil Prices Could Hurt Bitcoin Miners Who Use Flared Gas The price for 1 BTC fell below its 10-day and 50-day moving averages at 11:00 UTC (7 a.m. EDT), with trading dropping below $7,000, eventually dipping to around $6,920 levels on exchanges such as Coinbase. The world’s oldest cryptocurrency was then able to return to the $7,000 level before large amounts of selling volume at 18:00 UTC (2 p.m.PM EDT) pushed prices down to around the $6,830 range. Most major digital assets are primarily in the red on CoinDesk’s big board for the day. Ether slipped 5.8 percent. Large losers include dash (DASH) dropping 8.9 percent, bitcoin gold (BTG) down 7 percent and bitcoin sv (BSV) dipping 6 percent. One notable winner today is stellar (XLM), in the green 1.3 percent. Story continues Tether breaks $7 billion The market capitalization of tether (USDT), the largest stablecoin in the cryptocurrency markets, surpassed $7 billion this past week, well more than double where it was a year ago. As tether is pegged at roughly 1:1 to the U.S. dollar, its market cap is a reflection of how much is believed to be held in assets against each coin. With an additional 120 million printed on April 18 , USDT currently has a circulating supply of 6,992,102,061 USDT. Due to USDT’s slight price premium above the U.S. dollar, the current market cap is around $7 billion, according to data from aggregator Nomics . Tether says it has $7.1 billion in assets as of Monday. Tether’s price is often more than a dollar because of the convenience it provides some of its owners, according to Vishal Shah, a crypto options trader and founder of derivatives exchange Alpha5. “Tether trades at a premium to USD and highlights a capital flight situation in which there is limited access to hard currency,” he told CoinDesk. Some 74 percent of all bitcoins traded on major exchanges are done against tether, according to data site CryptoCompare . USDT’s ubiquity on cryptocurrency exchanges offsets concerns traders may have about the stablecoin, Shah noted. “Tether is the most easily accessed USD-proxy stablecoin, and arguably has a more colored background than some of its direct competitors.” Indeed, that background includes questions about provenance of the assets backing USDT. Read more: Bearish or Bullish? What Oil, Defi Hacks and Cash Hoarding Tell Us About Markets Competing stablecoins like USD Coin (USDC) have independently audited financial statements showing custody accounts with dollars backing blockchain-based stable assets, the idea being redemption of one USDC equals one dollar from Centre, the group that issues the stablecoin backed by Coinbase and Circle. “Customers holding USD Coin and who open accounts with a Centre member issuer are always able to redeem 1 USD Coin for $1 USD,” said Josh Hawkins, vice president for communications at Circle. “USD Coin holders also gain the assurance that the funds are fully reserved, as the Centre Consortium requires that issuers be regulated financial institutions, and also that reserves backing USD Coin are always held at 100%,” he added. In comparison, Tether’s terms of service explicitly state that holders of USDT could experience redemption in some other security or asset than dollars should the stablecoin become illiquid. With the growth of banking-friendly USDC, it’s clear regulatory issues surrounding stablecoins will come to a head, says David Johnston, Managing Director of Yeoman’s Capital. Johnston is concerned that solvency could be a problem in the future with Tether, a problem that plagued early bitcoin exchange Mt. Gox, the aftermath of which is still an ongoing legal affair . “USDT is going the way of Mt. Gox, if they don’t become either fully decentralized or a regulated extension of the central banks,” Johnston told CoinDesk. He also mentioned the 2019 draft report on stablecoin risks from a G7 working group as an indication stablecoin regulation could soon be on the way. “USDT has existed in the gray area between centralized and decentralized. With these new recommendations from the Financial Stability Board it’s clear that this gray area will soon no longer exist,” Johnston said. Requests for comment from Tether or Bitfinex executives were made but not returned as of press time. Related Stories Negative Oil Prices Could Hurt Bitcoin Miners Who Use Flared Gas First Mover: Bitcoin Attracting More Buyers, Even With Market Stuck in ‘Extreme Fear’ View comments || Negative Oil Prices Could Hurt Bitcoin Miners Who Use Flared Gas: The few North American bitcoin miners who’ve built their businesses around fossil-fuel extraction are watching the oil markets with moreexcitementthan fear, they say, as oil prices sink tohistoric lows.
Oil-extraction companies need to reduce gas emissions for environmental reasons. So, instead offlaring off excess gason site, somebitcoinmining firms – likeUpstream Datain Canada,Crusoe Energyin Colorado and DJ Bitwreck in Texas – capture the excess gas to fuel hundreds of bitcoin-mining computers.
The trouble is, if oil market collapse shuts these power sources down then bitcoin miners can’t capture their waste.
Related:Market Wrap: Oil Futures Plunge, Bitcoin Dips and Tether Has a $7B Day
When the price of bitcoin drops dramatically, as it did in March,bitcoin miningcan quickly become unprofitable. Some mining operationsshut downrather than lose money. Only larger, industrial farms can withstand months without profits if thebitcoin priceremains low.
Entrepreneurs need to look for cheap power sources – and that’s where oil-abstraction waste products come in.
In Texas, a bitcoin miner who goes by the alias DJ Bitwreck said he’s building new hardware for capturingflare gas. His team, with four co-founders total, will take another five months to build these devices.
“We’ve utilized roughly 40 kilowatts annually, which has really been our testing and proof-of-concept phase,” said DJ Bitwreck, who’s seeking to add at least 1 megawatt of power from flare gas. “We are looking for sites that would let us come in and put a generator and a shipping-container-size mining hut at the flare site. Most of all, flare gas is a headache and problem for producers, but their problem is our gold mine.”
Related:Bearish or Bullish? What Oil, Defi Hacks and Cash Hoarding Tell Us About Markets
Great American Miningco-founder Marty Bent, already running one such bitcoin mining operation in North Dakota since December 2019, said if the oil companies stop operating “there isn’t any gas byproduct to consume.” On the other hand, though, Bent estimated that on his site alone there are “hundreds” of megawatts of power that could be converted into bitcoin.
Negative oil prices aside, from DJ Bitwreck’s perspective, there’s no point in miners pivoting strategies until after May’sbitcoin halving, which reduces the rewards bitcoin miners can earn.
All of the above-mentioned startups remain moderately profitable and lean, even if the price of bitcoin doesn’t climb in 2020.
Still, it remains to be seen what would happen to all but a few massive bitcoin farms if both oil and bitcoin prices stay low throughout the year.
“We expect the waters to get very choppy but we’re actually excited for it,” DJ Bitwreck said. “That’s why we aren’t buying equipment right now, we’re ideally looking to pick equipment up off other ships that capsize in the choppy waters.”
• Market Wrap: Crypto Mining Stock Hut 8 Jumps on Unusually High Trading Volume
• In Canada They’re ‘Essential,’ In Argentina They’re Shut Down: Bitcoin Miners Reckon With COVID-19 || Negative Oil Prices Could Hurt Bitcoin Miners Who Use Flared Gas: The few North American bitcoin miners who’ve built their businesses around fossil-fuel extraction are watching the oil markets with more excitement than fear, they say, as oil prices sink to historic lows . Oil-extraction companies need to reduce gas emissions for environmental reasons. So, instead of flaring off excess gas on site, some bitcoin mining firms – like Upstream Data in Canada, Crusoe Energy in Colorado and DJ Bitwreck in Texas – capture the excess gas to fuel hundreds of bitcoin-mining computers. The trouble is, if oil market collapse shuts these power sources down then bitcoin miners can’t capture their waste. Related: Market Wrap: Oil Futures Plunge, Bitcoin Dips and Tether Has a $7B Day When the price of bitcoin drops dramatically, as it did in March, bitcoin mining can quickly become unprofitable. Some mining operations shut down rather than lose money. Only larger, industrial farms can withstand months without profits if the bitcoin price remains low. Entrepreneurs need to look for cheap power sources – and that’s where oil-abstraction waste products come in. Texas crude In Texas, a bitcoin miner who goes by the alias DJ Bitwreck said he’s building new hardware for capturing flare gas . His team, with four co-founders total, will take another five months to build these devices. “We’ve utilized roughly 40 kilowatts annually, which has really been our testing and proof-of-concept phase,” said DJ Bitwreck, who’s seeking to add at least 1 megawatt of power from flare gas. “We are looking for sites that would let us come in and put a generator and a shipping-container-size mining hut at the flare site. Most of all, flare gas is a headache and problem for producers, but their problem is our gold mine.” Related: Bearish or Bullish? What Oil, Defi Hacks and Cash Hoarding Tell Us About Markets Great American Mining co-founder Marty Bent, already running one such bitcoin mining operation in North Dakota since December 2019, said if the oil companies stop operating “there isn’t any gas byproduct to consume.” On the other hand, though, Bent estimated that on his site alone there are “hundreds” of megawatts of power that could be converted into bitcoin. Negative oil prices aside, from DJ Bitwreck’s perspective, there’s no point in miners pivoting strategies until after May’s bitcoin halving , which reduces the rewards bitcoin miners can earn. Wait till June All of the above-mentioned startups remain moderately profitable and lean, even if the price of bitcoin doesn’t climb in 2020. Still, it remains to be seen what would happen to all but a few massive bitcoin farms if both oil and bitcoin prices stay low throughout the year. Story continues “We expect the waters to get very choppy but we’re actually excited for it,” DJ Bitwreck said. “That’s why we aren’t buying equipment right now, we’re ideally looking to pick equipment up off other ships that capsize in the choppy waters.” Related Stories Market Wrap: Crypto Mining Stock Hut 8 Jumps on Unusually High Trading Volume In Canada They’re ‘Essential,’ In Argentina They’re Shut Down: Bitcoin Miners Reckon With COVID-19 View comments || Negative Oil Prices Could Hurt Bitcoin Miners Who Use Flared Gas: The few North American bitcoin miners who’ve built their businesses around fossil-fuel extraction are watching the oil markets with moreexcitementthan fear, they say, as oil prices sink tohistoric lows.
Oil-extraction companies need to reduce gas emissions for environmental reasons. So, instead offlaring off excess gason site, somebitcoinmining firms – likeUpstream Datain Canada,Crusoe Energyin Colorado and DJ Bitwreck in Texas – capture the excess gas to fuel hundreds of bitcoin-mining computers.
The trouble is, if oil market collapse shuts these power sources down then bitcoin miners can’t capture their waste.
Related:Market Wrap: Oil Futures Plunge, Bitcoin Dips and Tether Has a $7B Day
When the price of bitcoin drops dramatically, as it did in March,bitcoin miningcan quickly become unprofitable. Some mining operationsshut downrather than lose money. Only larger, industrial farms can withstand months without profits if thebitcoin priceremains low.
Entrepreneurs need to look for cheap power sources – and that’s where oil-abstraction waste products come in.
In Texas, a bitcoin miner who goes by the alias DJ Bitwreck said he’s building new hardware for capturingflare gas. His team, with four co-founders total, will take another five months to build these devices.
“We’ve utilized roughly 40 kilowatts annually, which has really been our testing and proof-of-concept phase,” said DJ Bitwreck, who’s seeking to add at least 1 megawatt of power from flare gas. “We are looking for sites that would let us come in and put a generator and a shipping-container-size mining hut at the flare site. Most of all, flare gas is a headache and problem for producers, but their problem is our gold mine.”
Related:Bearish or Bullish? What Oil, Defi Hacks and Cash Hoarding Tell Us About Markets
Great American Miningco-founder Marty Bent, already running one such bitcoin mining operation in North Dakota since December 2019, said if the oil companies stop operating “there isn’t any gas byproduct to consume.” On the other hand, though, Bent estimated that on his site alone there are “hundreds” of megawatts of power that could be converted into bitcoin.
Negative oil prices aside, from DJ Bitwreck’s perspective, there’s no point in miners pivoting strategies until after May’sbitcoin halving, which reduces the rewards bitcoin miners can earn.
All of the above-mentioned startups remain moderately profitable and lean, even if the price of bitcoin doesn’t climb in 2020.
Still, it remains to be seen what would happen to all but a few massive bitcoin farms if both oil and bitcoin prices stay low throughout the year.
“We expect the waters to get very choppy but we’re actually excited for it,” DJ Bitwreck said. “That’s why we aren’t buying equipment right now, we’re ideally looking to pick equipment up off other ships that capsize in the choppy waters.”
• Market Wrap: Crypto Mining Stock Hut 8 Jumps on Unusually High Trading Volume
• In Canada They’re ‘Essential,’ In Argentina They’re Shut Down: Bitcoin Miners Reckon With COVID-19 || CFTC Approves Bitnomial to Offer Futures Contracts Settled in Real Bitcoin: The U.S. Commodity Futures Trading Commission (CFTC) approved Bitnomial Exchange to operate as a designated contracts market (DCM), meaning the exchange can now offer bitcoin futures and options contracts. The approval, granted Monday , brings a new player to the still-small world of bitcoin futures in the U.S. To date, only CME, Cboe, Bakkt, ErisX and LedgerX offer bitcoin futures and options contracts, though Cboe ended its contract in early 2019 and ErisX sees little volume on its futures. Unlike CME, Bitnomial appears to be focusing strictly on physically-settled contracts, meaning customers receive the actual bitcoin when the contract expires, rather than the fiat equivalent. Related: $166B Asset Manager Renaissance Eyes Bitcoin Futures for Flagship Fund The CFTC conducted an onsite technical evaluation of the exchanges operations before granting the approval, according to an order issued Monday . Bitnomial said it was the first and only startup exchange to receive approval to offer both margined and physically delivered bitcoin futures and options contracts in the U.S. The approval allows Bitnomial to tackle a confluence of generational shifts in financial markets: First, a new generation of customers are emerging as savvy with trading, technology and delivery. Second, innovative new unregulated derivatives are booming with daily volumes topping $45 [billion] but may be illegal for many U.S. traders, it said in a press release . The release also said Bitnomial hopes to find customers for what it termed new growth areas, claiming the existing legacy firms have had difficulty tapping this base. Related: CFTC Charges Florida Resident With Defrauding Crypto Investors Out of $1.6M Bitnomial is now setting up user acceptance testing, expected to begin on April 27, and has opened user signups. In a statement, founder and CEO Luke Hoersten said the company will start with quarterly futures, micro futures and options. Contracts trade on 37 percent margin and will settle on-chain rather than book entry. Story continues Jump Capitals Peter Johnson said physically settled bitcoin futures contracts are still largely inaccessible to much of the U.S. market. Jump Capital backed Bitnomial , alongside Digital Currency Group, CoinDesks parent firm. [Bitnomials] products are also reliably tied to the underlying asset price via the option for physical delivery. Were excited to be partners with a company that is committed to meeting the highest regulatory standards and increasing the accessibility of crypto derivatives to U.S. traders, he said in a statement. Bitnomial raised $7.5 million in an equity raise from 12 investors last December, according to an SEC filing . Related Stories Bitcoin Drops as Traders See Bearish Signals in Futures Markets The CFTC Just Defined What Actual Delivery of Crypto Should Look Like || CFTC Approves Bitnomial to Offer Futures Contracts Settled in Real Bitcoin: The U.S. Commodity Futures Trading Commission (CFTC) approved Bitnomial Exchange to operate as a designated contracts market (DCM), meaning the exchange can now offerbitcoinfutures and options contracts.
The approval,granted Monday, brings a new player to the still-small world of bitcoin futures in the U.S.
To date, only CME, Cboe, Bakkt, ErisX and LedgerX offer bitcoin futures and options contracts, though Cboeended its contract in early 2019and ErisX sees little volume on its futures. Unlike CME, Bitnomial appears to be focusing strictly on physically-settled contracts, meaning customers receive the actual bitcoin when the contract expires, rather than the fiat equivalent.
Related:$166B Asset Manager Renaissance Eyes Bitcoin Futures for Flagship Fund
The CFTC conducted an onsite technical evaluation of the exchange’s operations before granting the approval, according toan order issued Monday.
Bitnomial said it was the “first and only startup exchange” to receive approval to offer both margined and physically delivered bitcoin futures and options contracts in the U.S.
“The approval allows Bitnomial to tackle a confluence of generational shifts in financial markets: First, a new generation of customers are emerging as savvy with trading, technology and delivery. Second, innovative new unregulated derivatives are booming with daily volumes topping $45 [billion] but may be illegal for many U.S. traders,” itsaid in a press release.
The release also said Bitnomial hopes to find customers for what it termed “new growth areas,” claiming the existing legacy firms have had difficulty tapping this base.
Related:CFTC Charges Florida Resident With Defrauding Crypto Investors Out of $1.6M
Bitnomial is now setting up user acceptance testing, expected to begin on April 27, and has opened user signups.
In a statement, founder and CEO Luke Hoersten said the company will start with quarterly futures, micro futures and options. Contracts trade on 37 percent margin and will settle on-chain rather than book entry.
Jump Capital’s Peter Johnson said physically settled bitcoin futures contracts are “still largely inaccessible” to much of the U.S. market.Jump Capital backed Bitnomial, alongside Digital Currency Group, CoinDesk’s parent firm.
“[Bitnomial’s] products are also reliably tied to the underlying asset price via the option for physical delivery. We’re excited to be partners with a company that is committed to meeting the highest regulatory standards and increasing the accessibility of crypto derivatives to U.S. traders,” he said in a statement.
Bitnomial raised $7.5 million in an equity raise from 12 investors last December,according to an SEC filing.
• Bitcoin Drops as Traders See Bearish Signals in Futures Markets
• The CFTC Just Defined What ‘Actual Delivery’ of Crypto Should Look Like || CFTC Approves Bitnomial to Offer Futures Contracts Settled in Real Bitcoin: The U.S. Commodity Futures Trading Commission (CFTC) approved Bitnomial Exchange to operate as a designated contracts market (DCM), meaning the exchange can now offerbitcoinfutures and options contracts.
The approval,granted Monday, brings a new player to the still-small world of bitcoin futures in the U.S.
To date, only CME, Cboe, Bakkt, ErisX and LedgerX offer bitcoin futures and options contracts, though Cboeended its contract in early 2019and ErisX sees little volume on its futures. Unlike CME, Bitnomial appears to be focusing strictly on physically-settled contracts, meaning customers receive the actual bitcoin when the contract expires, rather than the fiat equivalent.
Related:$166B Asset Manager Renaissance Eyes Bitcoin Futures for Flagship Fund
The CFTC conducted an onsite technical evaluation of the exchange’s operations before granting the approval, according toan order issued Monday.
Bitnomial said it was the “first and only startup exchange” to receive approval to offer both margined and physically delivered bitcoin futures and options contracts in the U.S.
“The approval allows Bitnomial to tackle a confluence of generational shifts in financial markets: First, a new generation of customers are emerging as savvy with trading, technology and delivery. Second, innovative new unregulated derivatives are booming with daily volumes topping $45 [billion] but may be illegal for many U.S. traders,” itsaid in a press release.
The release also said Bitnomial hopes to find customers for what it termed “new growth areas,” claiming the existing legacy firms have had difficulty tapping this base.
Related:CFTC Charges Florida Resident With Defrauding Crypto Investors Out of $1.6M
Bitnomial is now setting up user acceptance testing, expected to begin on April 27, and has opened user signups.
In a statement, founder and CEO Luke Hoersten said the company will start with quarterly futures, micro futures and options. Contracts trade on 37 percent margin and will settle on-chain rather than book entry.
Jump Capital’s Peter Johnson said physically settled bitcoin futures contracts are “still largely inaccessible” to much of the U.S. market.Jump Capital backed Bitnomial, alongside Digital Currency Group, CoinDesk’s parent firm.
“[Bitnomial’s] products are also reliably tied to the underlying asset price via the option for physical delivery. We’re excited to be partners with a company that is committed to meeting the highest regulatory standards and increasing the accessibility of crypto derivatives to U.S. traders,” he said in a statement.
Bitnomial raised $7.5 million in an equity raise from 12 investors last December,according to an SEC filing.
• Bitcoin Drops as Traders See Bearish Signals in Futures Markets
• The CFTC Just Defined What ‘Actual Delivery’ of Crypto Should Look Like || CLASS ACTION UPDATE for CAN, EHTH and FITB: Levi & Korsinsky, LLP Reminds Investors of Class Actions on Behalf of Shareholders: NEW YORK, NY / ACCESSWIRE / April 20, 2020 / Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court. Further details about the cases can be found at the links provided. There is no cost or obligation to you. CAN Shareholders Click Here: https://www.zlk.com/pslra-1/canaan-inc-loss-form?prid=6097&wire=1 EHTH Shareholders Click Here: https://www.zlk.com/pslra-1/ehealth-inc-loss-form?prid=6097&wire=1 FITB Shareholders Click Here: https://www.zlk.com/pslra-1/fifth-third-bancorp-loss-form?prid=6097&wire=1 * ADDITIONAL INFORMATION BELOW * Canaan Inc. ( CAN ) CAN Lawsuit on behalf of: investors who purchased publicly traded securities of Canaan, including its American Depository Shares pursuant and/or traceable to the Company's registration statement and related prospectus issued in connection with the Company's November 20, 2019 initial public offering. Lead Plaintiff Deadline : May 4, 2020 TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/canaan-inc-loss-form?prid=6097&wire=1 According to the filed complaint, (1) the purported "strategic cooperation" was actually a transaction with a related party; (2) the company's financial health was worse than what was actually reported; (3) the company had recently removed numerous distributors from its website just prior to the initial public offering, many of which were small or suspicious businesses; and (4) several of the Company's largest Chinese clients in prior years were clients who were not in the Bitcoin mining industry and, thus, would likely not be repeat customers. eHealth, Inc. ( EHTH ) EHTH Lawsuit on behalf of: investors who purchased March 19, 2018 - April 7, 2020 Lead Plaintiff Deadline : June 8, 2020 TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/ehealth-inc-loss-form?prid=6097&wire=1 Story continues The complaint alleges that eHealth, Inc. issued materially false and/or misleading information and/or failed to disclose: (1) its highly aggressive accounting and modeling assumptions; (2) its skyrocketing rate of member churn, resulting from eHealth's pursuit of low quality, lossmaking growth; (3) its reliance on direct response television advertising, which attracts an unprofitable, high churn enrollee; and (4) that as a result of the foregoing, defendants' public statements were materially false and misleading at all relevant times. Fifth Third Bancorp ( FITB ) FITB Lawsuit on behalf of: investors who purchased February 26, 2016 - March 6, 2020 Lead Plaintiff Deadline : June 8, 2020 TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/fifth-third-bancorp-loss-form?prid=6097&wire=1 According to the filed complaint, during the class period, Fifth Third Bancorp made materially false and/or misleading statements and/or failed to disclose that: (i) as a result of Fifth Third Bank's aggressive incentive policies to promote its cross-sell strategy, Fifth Third Bank employees engaged in unauthorized conduct with customer accounts; (ii) since at least 2008, Fifth Third Bank, and by extension, Fifth Third, was aware of such unauthorized conduct and, thus, that it was violating relevant regulations and laws aimed at protecting its consumers; (iii) Fifth Third failed to properly implement and monitor its cross-sell program, detect and stop misconduct, and identify and remediate harmed consumers; (iv) all the foregoing subjected the Company to a foreseeable risk of heightened regulatory scrutiny or investigation; (v) Fifth Third's revenues were in part the product of unlawful conduct and thus unsustainable; and (vi) as a result, the Company's public statements were materially false and misleading at all relevant times. You have until the lead plaintiff deadlines to request that the court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. Levi & Korsinsky is a nationally recognized firm with offices in New York, California, Connecticut, and Washington D.C. The firm's attorneys have extensive expertise and experience representing investors in securities litigation and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes. CONTACT: Levi & Korsinsky, LLP Joseph E. Levi, Esq. 55 Broadway, 10th Floor New York, NY 10006 [email protected] Tel: (212) 363-7500 Fax: (212) 363-7171 www.zlk.com SOURCE: Levi & Korsinsky, LLP View source version on accesswire.com: https://www.accesswire.com/585980/CLASS-ACTION-UPDATE-for-CAN-EHTH-and-FITB-Levi-Korsinsky-LLP-Reminds-Investors-of-Class-Actions-on-Behalf-of-Shareholders || CLASS ACTION UPDATE for CAN, EHTH and FITB: Levi & Korsinsky, LLP Reminds Investors of Class Actions on Behalf of Shareholders: NEW YORK, NY / ACCESSWIRE / April 20, 2020 / Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court. Further details about the cases can be found at the links provided. There is no cost or obligation to you. CAN Shareholders Click Here: https://www.zlk.com/pslra-1/canaan-inc-loss-form?prid=6097&wire=1 EHTH Shareholders Click Here: https://www.zlk.com/pslra-1/ehealth-inc-loss-form?prid=6097&wire=1 FITB Shareholders Click Here: https://www.zlk.com/pslra-1/fifth-third-bancorp-loss-form?prid=6097&wire=1 * ADDITIONAL INFORMATION BELOW * Canaan Inc. ( CAN ) CAN Lawsuit on behalf of: investors who purchased publicly traded securities of Canaan, including its American Depository Shares pursuant and/or traceable to the Company's registration statement and related prospectus issued in connection with the Company's November 20, 2019 initial public offering. Lead Plaintiff Deadline : May 4, 2020 TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/canaan-inc-loss-form?prid=6097&wire=1 According to the filed complaint, (1) the purported "strategic cooperation" was actually a transaction with a related party; (2) the company's financial health was worse than what was actually reported; (3) the company had recently removed numerous distributors from its website just prior to the initial public offering, many of which were small or suspicious businesses; and (4) several of the Company's largest Chinese clients in prior years were clients who were not in the Bitcoin mining industry and, thus, would likely not be repeat customers. eHealth, Inc. ( EHTH ) EHTH Lawsuit on behalf of: investors who purchased March 19, 2018 - April 7, 2020 Lead Plaintiff Deadline : June 8, 2020 TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/ehealth-inc-loss-form?prid=6097&wire=1 Story continues The complaint alleges that eHealth, Inc. issued materially false and/or misleading information and/or failed to disclose: (1) its highly aggressive accounting and modeling assumptions; (2) its skyrocketing rate of member churn, resulting from eHealth's pursuit of low quality, lossmaking growth; (3) its reliance on direct response television advertising, which attracts an unprofitable, high churn enrollee; and (4) that as a result of the foregoing, defendants' public statements were materially false and misleading at all relevant times. Fifth Third Bancorp ( FITB ) FITB Lawsuit on behalf of: investors who purchased February 26, 2016 - March 6, 2020 Lead Plaintiff Deadline : June 8, 2020 TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/fifth-third-bancorp-loss-form?prid=6097&wire=1 According to the filed complaint, during the class period, Fifth Third Bancorp made materially false and/or misleading statements and/or failed to disclose that: (i) as a result of Fifth Third Bank's aggressive incentive policies to promote its cross-sell strategy, Fifth Third Bank employees engaged in unauthorized conduct with customer accounts; (ii) since at least 2008, Fifth Third Bank, and by extension, Fifth Third, was aware of such unauthorized conduct and, thus, that it was violating relevant regulations and laws aimed at protecting its consumers; (iii) Fifth Third failed to properly implement and monitor its cross-sell program, detect and stop misconduct, and identify and remediate harmed consumers; (iv) all the foregoing subjected the Company to a foreseeable risk of heightened regulatory scrutiny or investigation; (v) Fifth Third's revenues were in part the product of unlawful conduct and thus unsustainable; and (vi) as a result, the Company's public statements were materially false and misleading at all relevant times. You have until the lead plaintiff deadlines to request that the court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. Levi & Korsinsky is a nationally recognized firm with offices in New York, California, Connecticut, and Washington D.C. The firm's attorneys have extensive expertise and experience representing investors in securities litigation and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes. CONTACT: Levi & Korsinsky, LLP Joseph E. Levi, Esq. 55 Broadway, 10th Floor New York, NY 10006 [email protected] Tel: (212) 363-7500 Fax: (212) 363-7171 www.zlk.com SOURCE: Levi & Korsinsky, LLP View source version on accesswire.com: https://www.accesswire.com/585980/CLASS-ACTION-UPDATE-for-CAN-EHTH-and-FITB-Levi-Korsinsky-LLP-Reminds-Investors-of-Class-Actions-on-Behalf-of-Shareholders || Dai Lending Rates Rise to One-Month High on DeFi Platform Compound: Interest rates have spiked for deposits of dai, the U.S. dollar-linked stablecoin, on the decentralized finance (DeFi) platform Compound, another ripple effect from the worldwide coronavirus-related market meltdown. The annual percentage rate a user would earn by lending dai on the platform rose above 14 percent as of 19:00 UTC Monday – the highest level since March 16, according to Codefi Data, a unit of Ethereum startup ConsenSys. Earlier in the day, the rate was in the mid-single digits; for most of April, it had been below 1 percent. At one point over the weekend, Compound was offering an interest rate of 12.74 percent on dai deposits, according to another data source, DeFi Rate . Related: Multi-Chain DeFi Protocol Raises $750K in Token Sale With Framework Ventures Dai, a stablecoin issued by the MakerDAO protocol, is designed to maintain 1:1 parity with the dollar. Its value is backed by ether and other cryptocurrencies that are locked up in a smart contract, the Maker collateral vault. However, dai has been trading above $1 for nearly two months. “Over the past few days, many Compound users have begun withdrawing dai, and in some cases selling it above $1 in anticipation of dai returning to its peg,” said Compound CEO Robert Leshner. Read more: Why This Global Crisis Is a Defining Moment for Stablecoins The rate hike is the result of those withdrawals and the resulting shortage of funds to lend. Related: dForce Hacker Returns Almost All of Stolen $25M in Crypto Data from Ethereum blockchain explorer Etherescan shows a total of 6.9 million dai were withdrawn from the Compound protocol on Saturday and Sunday. “The substantial outflows pushed gross borrowing above gross deposits on dai’s lending pool for a moment over the weekend,” DeFi Rate told CoinDesk. At press time, the utilization ratio, or gross borrowing to gross deposits, was at 94 percent, according to Compound data. Out of whack “Dai markets have been under considerable stress the past few weeks, with the price of dai consistently being above $1,” Leshner told CoinDesk. As noted, it is a stablecoin and is supposed to trade around $1. Story continues Dai began trading above $1 at the end of February and rose as high as $1.25 on Bitfinex on March 12. The unprecedented rise was caused by the global dash for cash, mainly U.S. dollars, triggered by the relentless coronavirus-led sell-off in the traditional markets. “One source of funds was the ethereum collateral that debtors had locked up to get loans. To get at this ethereum, debtors had to repurchase dai in order to pay back their obligations. Their desperation to repurchase dai stablecoins was such that the price spiked to $1.50, ” noted CoinDesk’s columnist J.P. Koning. Bitcoin fell by nearly 40 percent on March 12 and hit a low of $3,867 on the following day, according to CoinDesk’s Bitcoin Price Index. Bitcoin and stocks have recovered significantly over the past couple of weeks. However, dai is still trading above $1.00 – a sign the desire to liquidate dai is still strong. Read more: Circle CEO Claims ‘Explosive’ Stablecoin Demand From Everyday Businesses Observers, however, are worried about the lack of exchange rate stability. “It is an existential threat to MakerDAO’s long-term success. An emergency action is required,” ParaFi Capital said in a post on MakerDAO forum. The alternative investment firm focused on blockchain and decentralized finance markets has recommended the addition of link, the token of the Chainlink network, as new collateral in MakerDAO. “Given its market cap, liquidity profile and appetite for speculation, we see value in onboarding LINK into MCD,” noted ParaFi Capital. “Meanwhile, MakerDAO is responding with proposals to increase the number of assets that back dai, which will allow more dai to be minted, lowering its price,” said Compound’s Leshner. As a result, some investors may be withdrawing dai to sell the stablecoin while it is above $1. Related Stories Facebook’s ‘Scaled Back’ Libra Proposal Is More Dangerous Than You Think Bearish or Bullish? What Oil, Defi Hacks and Cash Hoarding Tell Us About Markets || Dai Lending Rates Rise to One-Month High on DeFi Platform Compound: Interest rates have spiked for deposits of dai, the U.S. dollar-linked stablecoin, on the decentralized finance (DeFi) platform Compound, another ripple effect from the worldwide coronavirus-related market meltdown.
The annual percentage rate a user would earn by lending dai on the platform rose above 14 percent as of 19:00 UTC Monday – the highest level since March 16, according to Codefi Data, a unit of Ethereum startup ConsenSys. Earlier in the day, the rate was in the mid-single digits; for most of April, it had been below 1 percent.
At one point over the weekend, Compound was offering an interest rate of 12.74 percent on dai deposits,according toanother data source,DeFi Rate.
Related:Multi-Chain DeFi Protocol Raises $750K in Token Sale With Framework Ventures
Dai, a stablecoin issued by the MakerDAO protocol, is designed to maintain 1:1 parity with the dollar. Its value is backed byetherand other cryptocurrencies that are locked up in a smart contract, the Maker collateral vault. However, dai has been trading above $1 for nearly two months.
“Over the past few days, many Compound users have begun withdrawing dai, and in some cases selling it above $1 in anticipation of dai returning to its peg,” said Compound CEO Robert Leshner.
Read more:Why This Global Crisis Is a Defining Moment for Stablecoins
The rate hike is the result of those withdrawals and the resulting shortage of funds to lend.
Related:dForce Hacker Returns Almost All of Stolen $25M in Crypto
Data from Ethereum blockchain explorer Etherescanshowsa total of 6.9 million dai were withdrawn from the Compound protocol on Saturday and Sunday.
“The substantial outflows pushed gross borrowing above gross deposits on dai’s lending pool for a moment over the weekend,” DeFi Rate told CoinDesk.
At press time, the utilization ratio, or gross borrowing to gross deposits, was at 94 percent, according to Compound data.
“Dai markets have been under considerable stress the past few weeks, with the price of dai consistently being above $1,” Leshner told CoinDesk. As noted, it is a stablecoin and is supposed to trade around $1.
Dai began trading above $1 at the end of February and rose as high as $1.25 on Bitfinex on March 12.
The unprecedented rise was caused by the global dash for cash, mainly U.S. dollars, triggered by the relentless coronavirus-led sell-off in the traditional markets.
“One source of funds was the ethereum collateral that debtors had locked up to get loans. To get at this ethereum, debtors had to repurchase dai in order to pay back their obligations. Their desperation to repurchase dai stablecoins was such that the price spiked to $1.50, ”notedCoinDesk’s columnist J.P. Koning.
Bitcoinfell by nearly 40 percent on March 12 and hit a low of $3,867 on the following day, according to CoinDesk’s Bitcoin Price Index. Bitcoin and stocks have recovered significantly over the past couple of weeks. However, dai is still trading above $1.00 – a sign the desire to liquidate dai is still strong.
Read more:Circle CEO Claims ‘Explosive’ Stablecoin Demand From Everyday Businesses
Observers, however, are worried about the lack of exchange rate stability. “It is an existential threat to MakerDAO’s long-term success. An emergency action is required,” ParaFi Capitalsaidin a post on MakerDAO forum.
The alternative investment firm focused on blockchain and decentralized finance marketshas recommendedthe addition of link, the token of the Chainlink network, as new collateral in
MakerDAO. “Given its market cap, liquidity profile and appetite for speculation, we see value in onboarding LINK into MCD,”notedParaFi Capital.
“Meanwhile, MakerDAO is responding with proposals to increase the number of assets that back dai, which will allow more dai to be minted, lowering its price,” said Compound’s Leshner.
As a result, some investors may be withdrawing dai to sell the stablecoin while it is above $1.
• Facebook’s ‘Scaled Back’ Libra Proposal Is More Dangerous Than You Think
• Bearish or Bullish? What Oil, Defi Hacks and Cash Hoarding Tell Us About Markets || Bearish or Bullish? What Oil, Defi Hacks and Cash Hoarding Tell Us About Markets: As economic confusion accelerates, NLW breaks down what in the recent news is bullish and what is bearish for bitcoin and the crypto community. For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , IHeartRadio or RSS . It’s hard to look at recent news from both crypto and traditional markets and not feel like we’re getting mixed signals. Stocks have been recovering but oil is hitting historic lows. DeFi suffers a major hack over the weekend, but Coinbase sees a major spike in $1,200 transactions right as $1,200 stimulus checks hit. Cash hoarding is giving a pretense for eliminating privacy-preserving money, but one of the world’s most successful hedge funds has authorized investment in bitcoin futures. Related: Bitcoin News Roundup for April 21, 2020 On today’s episode of The Breakdown, NLW separates bullish from bearish signals for the strange in-between times. See also: Bitcoin’s Bull Case Strengthens After Breaching Price Hurdle at $7.1K For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , IHeartRadio or RSS . Related Stories dForce Hacker Returns Almost All of Stolen $25M in Crypto Negative Oil Prices Could Hurt Bitcoin Miners Who Use Flared Gas Dai Lending Rates Rise to One-Month High on DeFi Platform Compound || Bearish or Bullish? What Oil, Defi Hacks and Cash Hoarding Tell Us About Markets: As economic confusion accelerates, NLW breaks down what in the recent news is bullish and what is bearish for bitcoin and the crypto community.
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,IHeartRadioorRSS.
It’s hard to look at recent news from both crypto and traditional markets and not feel like we’re getting mixed signals. Stocks have been recovering but oil is hitting historic lows. DeFi suffers a major hack over the weekend, but Coinbase sees a major spike in $1,200 transactions right as $1,200 stimulus checks hit. Cash hoarding is giving a pretense for eliminating privacy-preserving money, but one of the world’s most successful hedge funds has authorized investment inbitcoinfutures.
Related:Bitcoin News Roundup for April 21, 2020
On today’s episode of The Breakdown, NLW separates bullish from bearish signals for the strange in-between times.
See also:Bitcoin’s Bull Case Strengthens After Breaching Price Hurdle at $7.1K
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,IHeartRadioorRSS.
• dForce Hacker Returns Almost All of Stolen $25M in Crypto
• Negative Oil Prices Could Hurt Bitcoin Miners Who Use Flared Gas
• Dai Lending Rates Rise to One-Month High on DeFi Platform Compound || Blockchain Bites: ConsenSys Cuts, dForce Doomsday and Bitcoin ATMs Boom: A weekend hack drained funds from a popular decentralized finance application, Ethereum incubator ConsenSys is laying off about 90 employees and bitcoin ATMs are seeing growth during the coronavirus contagion event.
In a breaking story, ConsenSys has confirmed to CoinDesk that due to coronavirus-led market turmoil, the firm will cut approximately 14 percent of its headcount. The move follows a round of layoffsannounced in February, and leaves the firm with just over 550 employees. “All key operational aspects of the business are preserved to ensure the development and service of key products and solutions,” the company said in its statement. Here’s the story:
You’re readingBlockchain Bites, the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’snewsletters here.
Related:First Mover: 10 Takeaways for Bitcoin From Negative Oil Prices
DeFi DisasterDecentralized finance protocoldForce is insolventfollowing a late-night weekend exploit. While the perpetrator is unknown, the hack exploited a known vulnerability of the ERC-777 standard. Due to the way dForce lending program Lendf.Me’s smart contract is set up, the hacker was able to continually withdraw funds without the program’s balance updating, eventually scoring 99 percent of the assets – more than $25 million – locked within. The Multicoin Capital-backed dForce had been accused of cribbing code from competing application Compound.
The hackers allegedly returned $126,014 back to Lendf.Me with a note saying, “Better luck next time,” according toChain News.
ConsenSys CutsEthereum incubatorConsenSys is laying off “just over 90” staffers,or about 14 percent of the firm’s headcount. “The global COVID-19 pandemic has deeply impacted the world’s health and livelihood,” a company spokesperson told CoinDesk. “ConsenSys has carefully analyzed its business in relation to what is occurring globally. Like most of its peers, the company is seeing extraordinary uncertainty in the market, with businesses rebalancing priorities and reevaluating timelines.”
Bitcoin FuturesRenaissance Technologies$10 billion Medallion fund is considering jumping into bitcoin futures,recent regulatory filings show. The firm has “permitted” the Medallion fund to enter the Chicago Mercantile Exchange’s (CME) cash-settled bitcoin futures market, a financial instrument widely considered to be a proxy for institutional interest in bitcoin.
Related:First Mover: Bitcoin Attracting More Buyers, Even With Market Stuck in ‘Extreme Fear’
Hong Kong’s securities regulator has approved the jurisdiction’sfirst-ever bitcoin index funddesigned for institutional investors. Arrano Capital, the blockchain investment arm of asset management firm Venture Smart Asia, hopes to surpass $100 million in total assets under management through a fund tracking bitcoin prices.
Movers & ShakersCoinbase has hiredformer Barclays markets veteran,Brett Tejpaul, to head up institutional coverage at the San Francisco-based crypto exchange. Tejpaul spent 17 years at Barclays in various leadership roles including global head of sales, global head of credit and commodities, and Barclays’ first “head of digital” role, which included managing fintech venture investments.Calibra, a Facebook subsidiary helping to develop the blockchain-based Libra currency, is looking to hire 50 people in Ireland. (The Irish Times)
20K, 2 DaysTopaz, the Ethereum 2.0 testnet, has garnered nearly20,000 validators two daysafter its April 18 debut. “One of the key goals for Topaz is to test the Phase 0 proof-of-stake (PoS) protocol implementation on Ethereum 2.0, to which the network will eventually transfer from the current computationally-intensive proof-of-work consensus mechanism,” Decrypt’s Liam Frost reports.
Cash DoingsCrypto exchanges like Coinbase and Binance.US arereporting a spikein the number of buys and deposits of $1,200, the amount gifted to some U.S. citizens as part of a Federal government’s financial stimulus during the coronavirus-led downturn. “People do seem to have deposited exactly $1,200 into Binance.US in the past couple of days,” a Binance.US representative said, adding that the transactions coincided with the date the checks were cut.
Meanwhile,Russians are stocking up on cash.One trillion rubles ($13.6 billion) were issued from ATMs and banks through March – more than for all of 2019, according to a report by BNN Bloomberg.
Airdrop Regulation From Up HighSingapore’stax authority will not take a cutof airdropped cryptocurrency so long as the recipient gets it for free, according to an income tax treatment guide published Friday.
Bitcoin ATMsSome bitcoin ATM operators are reporting an increase in transactions while others are taking advantage ofshelter-in-place rulings to expand their networks.The number of bitcoin ATMs in the United States increased 5.6 percent from March to April, as companies like LibertyX and DigitalMint expanded into new markets. And as interest in Bitcoin soars during COVID-19, other crypto ATMs are experiencing their highest ever amount of transaction volumes.
Asian ExpansionInstitutional custody startupCurv has expanded into Asiawith an office in Hong Kong and a partnership with Japan-based Crypto Garage, the companies announced Friday. The startup will help Asian exchanges self-custody various cryptocurrencies with its multi-party computation (MPC) technology. CEO Itay Malinger said Asia has more exchanges per capita than other parts of the world, and are more likely to self-custody.
Olympic Use CaseThe People’s Bank of China (PBOC) said that its digital currency could be used in the 2022 Winter Olympics event. (The Block)
Opinion: Dai Should Consider Negative Interest RatesOn March 12, U.S. equity prices plunged 10 percent, bitcoin and ethereum prices plummeted almost 50 percent, and dai – a stablecoin pegged to the U.S. dollar – skyrocketed as high as $1.50. “This shouldn’t have happened,”CoinDesk columnist J.P. Koning writes in his latest op-ed,which raises the question if MakerDAO should have negative interest rates for dai. “It’s role is to mimic the performance of an underlying national currency, in this case the U.S. dollar. But at $1.50, dai was suddenly worth one-and-a-half U.S. dollars. It didn’t look very stable at all.”
CoinDesk Live: Lockdown Editioncontinues its popular twice-weekly chats with Consensus speakers via Zoom and Twitter. Here you’ll get a preview of what’s to come inConsensus: Distributed, our first fully virtual – and fully free – big-tent conference May 11-15.
On the show, we’ll chat with developers from the most exciting crypto projects, unpack the basics – and not so basics – of the industry and hear from entrepreneurs disrupting traditional industries. Then we’ll open the floor for you to ask questions directly to our guests.
Register to joinour second sessionTuesday, April 21,with Foundations speakers Priyanka Desai and Aaron Wright from The Lao to discuss for-profit DAOs.
Easing VolatilityBitcoinmarket volatility has hit three-month lows,marking a price squeeze that could soon pave the way for a big move on either side. The spread between bitcoin’s Bollinger bands – volatility indicators that often indicate an impending price swing – narrowed to $895 on Monday, the lowest level since Jan. 6. “When it tightens, it is because we have been consistently trading in a narrower range for a prolonged period and we should see a breakout very soon,” said Chris Thomas, head of digital assets at Swissquote.
Testing, TestingBitcoin appears on track to test thepsychological hurdle of $8,000,having found acceptance above a key hurdle last week. The cryptocurrency closed last week above the horizontal 100-week average resistance, which has consistently capped upside the preceding four weeks, part of an ongoing rally from the March low of $3,856.
Halving WebinarJoin CoinDesk’s Noelle Acheson and Christine Kim for a chat about the upcoming bitcoin halving.They’ll talk about their recent report which explains what it is, why it matters and what its impact on the sector and the bitcoin price could be. We attempt to reconcile the various models and theses around the potential bitcoin price reaction as the adjustment approaches, and look at metrics that will shed light on the technological impact.
Chia’s CohenCoinDesk reporter Leigh Cuen sits down with Bram Cohen, author of the BitTorrent protocol and CEO of Chia. In this wide-ranging interview, they talk about Cohen’s early interest in “hard problems,” his unexpected ascent from sketchy to celebrity andwhy getting rich is a terrible metric of success.
Blockchain Bitesis CoinDesk’s daily news roundup of the most important stories in blockchain tech from this site and around the web. You cansubscribe here.
• Blockchain Bites: Binance vs. Ethereum, MicroBT vs. Bitmain, Libra vs. the World
• First Mover: Stablecoin Surge Might Herald Bitcoin Binge || Blockchain Bites: ConsenSys Cuts, dForce Doomsday and Bitcoin ATMs Boom: A weekend hack drained funds from a popular decentralized finance application, Ethereum incubator ConsenSys is laying off about 90 employees and bitcoin ATMs are seeing growth during the coronavirus contagion event. In a breaking story, ConsenSys has confirmed to CoinDesk that due to coronavirus-led market turmoil, the firm will cut approximately 14 percent of its headcount. The move follows a round of layoffs announced in February , and leaves the firm with just over 550 employees. “All key operational aspects of the business are preserved to ensure the development and service of key products and solutions,” the company said in its statement. Here’s the story: You’re reading Blockchain Bites , the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’s newsletters here . Top Shelf Related: First Mover: 10 Takeaways for Bitcoin From Negative Oil Prices DeFi Disaster Decentralized finance protocol dForce is insolvent following a late-night weekend exploit. While the perpetrator is unknown, the hack exploited a known vulnerability of the ERC-777 standard. Due to the way dForce lending program Lendf.Me’s smart contract is set up, the hacker was able to continually withdraw funds without the program’s balance updating, eventually scoring 99 percent of the assets – more than $25 million – locked within. The Multicoin Capital-backed dForce had been accused of cribbing code from competing application Compound. The hackers allegedly returned $126,014 back to Lendf.Me with a note saying, “Better luck next time,” according to Chain News . ConsenSys Cuts Ethereum incubator ConsenSys is laying off “just over 90” staffers, or about 14 percent of the firm’s headcount. “The global COVID-19 pandemic has deeply impacted the world’s health and livelihood,” a company spokesperson told CoinDesk. “ConsenSys has carefully analyzed its business in relation to what is occurring globally. Like most of its peers, the company is seeing extraordinary uncertainty in the market, with businesses rebalancing priorities and reevaluating timelines.” Story continues Bitcoin Futures Renaissance Technologies $10 billion Medallion fund is considering jumping into bitcoin futures, recent regulatory filings show. The firm has “permitted” the Medallion fund to enter the Chicago Mercantile Exchange’s (CME) cash-settled bitcoin futures market, a financial instrument widely considered to be a proxy for institutional interest in bitcoin. Related: First Mover: Bitcoin Attracting More Buyers, Even With Market Stuck in ‘Extreme Fear’ Hong Kong’s securities regulator has approved the jurisdiction’s first-ever bitcoin index fund designed for institutional investors. Arrano Capital, the blockchain investment arm of asset management firm Venture Smart Asia, hopes to surpass $100 million in total assets under management through a fund tracking bitcoin prices. Movers & Shakers Coinbase has hired former Barclays markets veteran, Brett Tejpaul, to head up institutional coverage at the San Francisco-based crypto exchange. Tejpaul spent 17 years at Barclays in various leadership roles including global head of sales, global head of credit and commodities, and Barclays’ first “head of digital” role, which included managing fintech venture investments. Calibra, a Facebook subsidiary helping to develop the blockchain-based Libra currency, is looking to hire 50 people in Ireland. ( The Irish Times ) 20K, 2 Days Topaz, the Ethereum 2.0 testnet, has garnered nearly 20,000 validators two days after its April 18 debut. “One of the key goals for Topaz is to test the Phase 0 proof-of-stake (PoS) protocol implementation on Ethereum 2.0, to which the network will eventually transfer from the current computationally-intensive proof-of-work consensus mechanism,” Decrypt’s Liam Frost reports. Cash Doings Crypto exchanges like Coinbase and Binance.US are reporting a spike in the number of buys and deposits of $1,200, the amount gifted to some U.S. citizens as part of a Federal government’s financial stimulus during the coronavirus-led downturn. “People do seem to have deposited exactly $1,200 into Binance.US in the past couple of days,” a Binance.US representative said, adding that the transactions coincided with the date the checks were cut. Meanwhile, Russians are stocking up on cash. One trillion rubles ($13.6 billion) were issued from ATMs and banks through March – more than for all of 2019, according to a report by BNN Bloomberg. Airdrop Regulation From Up High Singapore’s tax authority will not take a cut of airdropped cryptocurrency so long as the recipient gets it for free, according to an income tax treatment guide published Friday. Bitcoin ATMs Some bitcoin ATM operators are reporting an increase in transactions while others are taking advantage of shelter-in-place rulings to expand their networks. The number of bitcoin ATMs in the United States increased 5.6 percent from March to April, as companies like LibertyX and DigitalMint expanded into new markets. And as interest in Bitcoin soars during COVID-19, other crypto ATMs are experiencing their highest ever amount of transaction volumes. Asian Expansion Institutional custody startup Curv has expanded into Asia with an office in Hong Kong and a partnership with Japan-based Crypto Garage, the companies announced Friday. The startup will help Asian exchanges self-custody various cryptocurrencies with its multi-party computation (MPC) technology. CEO Itay Malinger said Asia has more exchanges per capita than other parts of the world, and are more likely to self-custody. Olympic Use Case The People’s Bank of China (PBOC) said that its digital currency could be used in the 2022 Winter Olympics event. ( The Block ) Opinion: Dai Should Consider Negative Interest Rates On March 12, U.S. equity prices plunged 10 percent, bitcoin and ethereum prices plummeted almost 50 percent, and dai – a stablecoin pegged to the U.S. dollar – skyrocketed as high as $1.50. “This shouldn’t have happened,” CoinDesk columnist J.P. Koning writes in his latest op-ed, which raises the question if MakerDAO should have negative interest rates for dai. “It’s role is to mimic the performance of an underlying national currency, in this case the U.S. dollar. But at $1.50, dai was suddenly worth one-and-a-half U.S. dollars. It didn’t look very stable at all.” CoinDesk Live CoinDesk Live: Lockdown Edition continues its popular twice-weekly chats with Consensus speakers via Zoom and Twitter. Here you’ll get a preview of what’s to come in Consensus: Distributed , our first fully virtual – and fully free – big-tent conference May 11-15. On the show, we’ll chat with developers from the most exciting crypto projects, unpack the basics – and not so basics – of the industry and hear from entrepreneurs disrupting traditional industries. Then we’ll open the floor for you to ask questions directly to our guests. Register to join our second session Tuesday, April 21, with Foundations speakers Priyanka Desai and Aaron Wright from The Lao to discuss for-profit DAOs. Market Intel Easing Volatility Bitcoin market volatility has hit three-month lows, marking a price squeeze that could soon pave the way for a big move on either side. The spread between bitcoin’s Bollinger bands – volatility indicators that often indicate an impending price swing – narrowed to $895 on Monday, the lowest level since Jan. 6. “When it tightens, it is because we have been consistently trading in a narrower range for a prolonged period and we should see a breakout very soon,” said Chris Thomas, head of digital assets at Swissquote. Testing, Testing Bitcoin appears on track to test the psychological hurdle of $8,000, having found acceptance above a key hurdle last week. The cryptocurrency closed last week above the horizontal 100-week average resistance, which has consistently capped upside the preceding four weeks, part of an ongoing rally from the March low of $3,856. Halving Webinar Join CoinDesk’s Noelle Acheson and Christine Kim for a chat about the upcoming bitcoin halving. They’ll talk about their recent report which explains what it is, why it matters and what its impact on the sector and the bitcoin price could be. We attempt to reconcile the various models and theses around the potential bitcoin price reaction as the adjustment approaches, and look at metrics that will shed light on the technological impact. CoinDesk Podcasts Chia’s Cohen CoinDesk reporter Leigh Cuen sits down with Bram Cohen, author of the BitTorrent protocol and CEO of Chia. In this wide-ranging interview, they talk about Cohen’s early interest in “hard problems,” his unexpected ascent from sketchy to celebrity and why getting rich is a terrible metric of success. Who Won #CryptoTwitter? Blockchain Bites is CoinDesk’s daily news roundup of the most important stories in blockchain tech from this site and around the web. You can subscribe here . Related Stories Blockchain Bites: Binance vs. Ethereum, MicroBT vs. Bitmain, Libra vs. the World First Mover: Stablecoin Surge Might Herald Bitcoin Binge || Blockchain Bites: ConsenSys Cuts, dForce Doomsday and Bitcoin ATMs Boom: A weekend hack drained funds from a popular decentralized finance application, Ethereum incubator ConsenSys is laying off about 90 employees and bitcoin ATMs are seeing growth during the coronavirus contagion event.
In a breaking story, ConsenSys has confirmed to CoinDesk that due to coronavirus-led market turmoil, the firm will cut approximately 14 percent of its headcount. The move follows a round of layoffsannounced in February, and leaves the firm with just over 550 employees. “All key operational aspects of the business are preserved to ensure the development and service of key products and solutions,” the company said in its statement. Here’s the story:
You’re readingBlockchain Bites, the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’snewsletters here.
Related:First Mover: 10 Takeaways for Bitcoin From Negative Oil Prices
DeFi DisasterDecentralized finance protocoldForce is insolventfollowing a late-night weekend exploit. While the perpetrator is unknown, the hack exploited a known vulnerability of the ERC-777 standard. Due to the way dForce lending program Lendf.Me’s smart contract is set up, the hacker was able to continually withdraw funds without the program’s balance updating, eventually scoring 99 percent of the assets – more than $25 million – locked within. The Multicoin Capital-backed dForce had been accused of cribbing code from competing application Compound.
The hackers allegedly returned $126,014 back to Lendf.Me with a note saying, “Better luck next time,” according toChain News.
ConsenSys CutsEthereum incubatorConsenSys is laying off “just over 90” staffers,or about 14 percent of the firm’s headcount. “The global COVID-19 pandemic has deeply impacted the world’s health and livelihood,” a company spokesperson told CoinDesk. “ConsenSys has carefully analyzed its business in relation to what is occurring globally. Like most of its peers, the company is seeing extraordinary uncertainty in the market, with businesses rebalancing priorities and reevaluating timelines.”
Bitcoin FuturesRenaissance Technologies$10 billion Medallion fund is considering jumping into bitcoin futures,recent regulatory filings show. The firm has “permitted” the Medallion fund to enter the Chicago Mercantile Exchange’s (CME) cash-settled bitcoin futures market, a financial instrument widely considered to be a proxy for institutional interest in bitcoin.
Related:First Mover: Bitcoin Attracting More Buyers, Even With Market Stuck in ‘Extreme Fear’
Hong Kong’s securities regulator has approved the jurisdiction’sfirst-ever bitcoin index funddesigned for institutional investors. Arrano Capital, the blockchain investment arm of asset management firm Venture Smart Asia, hopes to surpass $100 million in total assets under management through a fund tracking bitcoin prices.
Movers & ShakersCoinbase has hiredformer Barclays markets veteran,Brett Tejpaul, to head up institutional coverage at the San Francisco-based crypto exchange. Tejpaul spent 17 years at Barclays in various leadership roles including global head of sales, global head of credit and commodities, and Barclays’ first “head of digital” role, which included managing fintech venture investments.Calibra, a Facebook subsidiary helping to develop the blockchain-based Libra currency, is looking to hire 50 people in Ireland. (The Irish Times)
20K, 2 DaysTopaz, the Ethereum 2.0 testnet, has garnered nearly20,000 validators two daysafter its April 18 debut. “One of the key goals for Topaz is to test the Phase 0 proof-of-stake (PoS) protocol implementation on Ethereum 2.0, to which the network will eventually transfer from the current computationally-intensive proof-of-work consensus mechanism,” Decrypt’s Liam Frost reports.
Cash DoingsCrypto exchanges like Coinbase and Binance.US arereporting a spikein the number of buys and deposits of $1,200, the amount gifted to some U.S. citizens as part of a Federal government’s financial stimulus during the coronavirus-led downturn. “People do seem to have deposited exactly $1,200 into Binance.US in the past couple of days,” a Binance.US representative said, adding that the transactions coincided with the date the checks were cut.
Meanwhile,Russians are stocking up on cash.One trillion rubles ($13.6 billion) were issued from ATMs and banks through March – more than for all of 2019, according to a report by BNN Bloomberg.
Airdrop Regulation From Up HighSingapore’stax authority will not take a cutof airdropped cryptocurrency so long as the recipient gets it for free, according to an income tax treatment guide published Friday.
Bitcoin ATMsSome bitcoin ATM operators are reporting an increase in transactions while others are taking advantage ofshelter-in-place rulings to expand their networks.The number of bitcoin ATMs in the United States increased 5.6 percent from March to April, as companies like LibertyX and DigitalMint expanded into new markets. And as interest in Bitcoin soars during COVID-19, other crypto ATMs are experiencing their highest ever amount of transaction volumes.
Asian ExpansionInstitutional custody startupCurv has expanded into Asiawith an office in Hong Kong and a partnership with Japan-based Crypto Garage, the companies announced Friday. The startup will help Asian exchanges self-custody various cryptocurrencies with its multi-party computation (MPC) technology. CEO Itay Malinger said Asia has more exchanges per capita than other parts of the world, and are more likely to self-custody.
Olympic Use CaseThe People’s Bank of China (PBOC) said that its digital currency could be used in the 2022 Winter Olympics event. (The Block)
Opinion: Dai Should Consider Negative Interest RatesOn March 12, U.S. equity prices plunged 10 percent, bitcoin and ethereum prices plummeted almost 50 percent, and dai – a stablecoin pegged to the U.S. dollar – skyrocketed as high as $1.50. “This shouldn’t have happened,”CoinDesk columnist J.P. Koning writes in his latest op-ed,which raises the question if MakerDAO should have negative interest rates for dai. “It’s role is to mimic the performance of an underlying national currency, in this case the U.S. dollar. But at $1.50, dai was suddenly worth one-and-a-half U.S. dollars. It didn’t look very stable at all.”
CoinDesk Live: Lockdown Editioncontinues its popular twice-weekly chats with Consensus speakers via Zoom and Twitter. Here you’ll get a preview of what’s to come inConsensus: Distributed, our first fully virtual – and fully free – big-tent conference May 11-15.
On the show, we’ll chat with developers from the most exciting crypto projects, unpack the basics – and not so basics – of the industry and hear from entrepreneurs disrupting traditional industries. Then we’ll open the floor for you to ask questions directly to our guests.
Register to joinour second sessionTuesday, April 21,with Foundations speakers Priyanka Desai and Aaron Wright from The Lao to discuss for-profit DAOs.
Easing VolatilityBitcoinmarket volatility has hit three-month lows,marking a price squeeze that could soon pave the way for a big move on either side. The spread between bitcoin’s Bollinger bands – volatility indicators that often indicate an impending price swing – narrowed to $895 on Monday, the lowest level since Jan. 6. “When it tightens, it is because we have been consistently trading in a narrower range for a prolonged period and we should see a breakout very soon,” said Chris Thomas, head of digital assets at Swissquote.
Testing, TestingBitcoin appears on track to test thepsychological hurdle of $8,000,having found acceptance above a key hurdle last week. The cryptocurrency closed last week above the horizontal 100-week average resistance, which has consistently capped upside the preceding four weeks, part of an ongoing rally from the March low of $3,856.
Halving WebinarJoin CoinDesk’s Noelle Acheson and Christine Kim for a chat about the upcoming bitcoin halving.They’ll talk about their recent report which explains what it is, why it matters and what its impact on the sector and the bitcoin price could be. We attempt to reconcile the various models and theses around the potential bitcoin price reaction as the adjustment approaches, and look at metrics that will shed light on the technological impact.
Chia’s CohenCoinDesk reporter Leigh Cuen sits down with Bram Cohen, author of the BitTorrent protocol and CEO of Chia. In this wide-ranging interview, they talk about Cohen’s early interest in “hard problems,” his unexpected ascent from sketchy to celebrity andwhy getting rich is a terrible metric of success.
Blockchain Bitesis CoinDesk’s daily news roundup of the most important stories in blockchain tech from this site and around the web. You cansubscribe here.
• Blockchain Bites: Binance vs. Ethereum, MicroBT vs. Bitmain, Libra vs. the World
• First Mover: Stablecoin Surge Might Herald Bitcoin Binge
[Social Media Buzz]
None available.
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7117.21, 7429.72, 7550.90, 7569.94, 7679.87, 7795.60, 7807.06, 8801.04, 8658.55, 8864.77
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 804.83, 823.98, 818.41, 821.80, 831.53, 907.94, 886.62, 899.07, 895.03, 921.79, 924.67, 921.01, 892.69, 901.54, 917.59, 919.75, 921.59, 919.50, 920.38, 970.40, 989.02, 1011.80, 1029.91, 1042.90, 1027.34, 1038.15, 1061.35, 1063.07, 994.38, 988.67, 1004.45, 999.18, 990.64, 1004.55, 1007.48, 1027.44, 1046.21, 1054.42, 1047.87, 1079.98, 1115.30, 1117.44, 1166.72, 1173.68, 1143.84, 1165.20, 1179.97, 1179.97, 1222.50, 1251.01, 1274.99, 1255.15, 1267.12, 1272.83, 1223.54, 1150.00, 1188.49, 1116.72, 1175.83, 1221.38, 1231.92, 1240.00, 1249.61, 1187.81, 1100.23, 973.82, 1036.74, 1054.23, 1120.54, 1049.14, 1038.59, 937.52, 972.78, 966.72, 1045.77, 1047.15, 1039.97, 1026.43, 1071.79, 1080.50, 1102.17, 1143.81, 1133.25, 1124.78, 1182.68, 1176.90, 1175.95, 1187.87, 1187.13, 1205.01.
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[Bitcoin Technical Analysis for 2017-04-11]
Volume: 216182000, RSI (14-day): 61.93, 50-day EMA: 1104.99, 200-day EMA: 926.21
[Wider Market Context]
Gold Price: 1271.20, Gold RSI: 67.66
Oil Price: 53.40, Oil RSI: 68.12
[Recent News (last 7 days)]
Monday Hot Reads: How To Tell If Your Mutual Fund Is Dying: Compiled by ETF.com Staff How To Tell If Your Mutual Fund Is Dying (LA Times) As many investors pull money from actively managed stock mutual funds, shareholders who stay put may face special risks. Would You Buy An ETF Without Knowing What’s In It? (Bloomberg Businessweek) Precidian will be competing with Eaton Vance on the level of nontransparent active exchange-traded vehicles. A Once-Hot ETF Now Looks Pricey (Benzinga) VanEck's SLX steel ETF is looking expensive after a recent surge. Building A Better Bond ETF (Barron’s) Bond indexes are problematic, making ETFs based on them problematic. Here's how to improve performance. The Anti-Bitcoin ETF (Wall Street Journal) Diversified currency funds provide a contrast to proposed—and so far rejected—bitcoin ETFs. ETFs Claiming Larger Share Of Invested Assets (Chicago Tribune) Asset gathering pace is picking up steam, and that’s even more impressive if you consider 401(k)s still largely don’t offer ETFs. 5 High Yield ETFs Of CEFs For Tactical Income Investors (FMD Capital Management) A rundown of the differences between five ETFs that invest in closed-end funds. Investors Check In To This ETF, But Don’t Want To Leave (WSJ) BlackRock’s iShares Core MSCI Emerging Markets ETF IEMG has never had a day of net redemptions. A Foreign Threat To US Treasuries That Dwarfs Fed's Debt Hoard (Bloomberg) There’s an even bigger debt pile that could draw buyers away from Treasuries at just the wrong time. Recommended Stories Monday Hot Reads: How To Tell If Your Mutual Fund Is Dying BlackRock’s Active Gambit Ups Pressure On Rivals The ‘Stock Picker’s Market’ That Wasn’t Friday Hot Reads: Model ETF Portfolios Get A Fixed Income Overhaul Tuesday Hot Reads: ETFs Have Saved Investors How Many Billions? Permalink | © Copyright 2017 ETF.com. All rights reserved || Monday Hot Reads: How To Tell If Your Mutual Fund Is Dying: Compiled by ETF.com Staff
How To Tell If Your Mutual Fund Is Dying(LA Times)As many investors pull money from actively managed stock mutual funds, shareholders who stay put may face special risks.
Would You Buy An ETF Without Knowing What’s In It?(Bloomberg Businessweek)Precidian will be competing with Eaton Vance on the level of nontransparent active exchange-traded vehicles.
A Once-Hot ETF Now Looks Pricey(Benzinga)VanEck'sSLXsteel ETF is looking expensive after a recent surge.
Building A Better Bond ETF(Barron’s)Bond indexes are problematic, making ETFs based on them problematic. Here's how to improve performance.
The Anti-Bitcoin ETF(Wall Street Journal)Diversified currency funds provide a contrast to proposed—and so far rejected—bitcoin ETFs.
ETFs Claiming Larger Share Of Invested Assets(Chicago Tribune)Asset gathering pace is picking up steam, and that’s even more impressive if you consider 401(k)s still largely don’t offer ETFs.
5 High Yield ETFs Of CEFs For Tactical Income Investors(FMD Capital Management)A rundown of the differences between five ETFs that invest in closed-end funds.
Investors Check In To This ETF, But Don’t Want To Leave(WSJ)BlackRock’s iShares Core MSCI Emerging Markets ETFIEMGhas never had a day of net redemptions.
A Foreign Threat To US Treasuries That Dwarfs Fed's Debt Hoard(Bloomberg)There’s an even bigger debt pile that could draw buyers away from Treasuries at just the wrong time.
Recommended Stories
• Monday Hot Reads: How To Tell If Your Mutual Fund Is Dying
• BlackRock’s Active Gambit Ups Pressure On Rivals
• The ‘Stock Picker’s Market’ That Wasn’t
• Friday Hot Reads: Model ETF Portfolios Get A Fixed Income Overhaul
• Tuesday Hot Reads: ETFs Have Saved Investors How Many Billions?
Permalink| © Copyright 2017ETF.com.All rights reserved || The first investor in Snapchat thinks each bitcoin could realistically be worth $500,000 by 2030 — Here's how: (Jeremy Liew.Getty)
Bitcoin has been thetop-performing currencyin the world in six of the past seven years, climbing from zero to a value of about $1,190.
But the cryptocurrency isn't anywhere close to its potential, according toJeremy Liew,the first investor in Snapchat, and Blockchain CEO and cofounder Peter Smith.In a presentation sent to Business Insider, the duo laid out their case for why it's reasonable for bitcoin to explode to $500,000 by 2030.
Their argument is based on increased interest in bitcoin, thanks to:
Bitcoin-based remittances
Remittance transfers, or electronic money transfers to foreign countries, havealmost doubled over the past 15 yearsto 0.76% of GDP, data from The World Bank shows.
"Expats sending money home have found in Bitcoin an inexpensive alternative, and we assume that the percentage of Bitcoin-based remittances will sharply increase with greater Bitcoin awareness," the two say.
Uncertainty
Liew and Smith said increased political uncertainty in the UK, US and in developing nations would help elevate the level of interest in bitcoin.
"We believe Bitcoin awareness, high liquidity, ease of transport and continued market outperformance as geopolitical risks mount, will make Bitcoin a strong contender for investment at a consumer and investor level," the two said.
Mobile penetration
Liew and Smith believe the percentage of non-cash transactions will climb from 15% to 30% in the next 10 years as the world becomes more connected through smartphones. There's only a 63% global smartphone penetration and the total number of smartphone users is expected to soar by 1 billion by 2020. GSMA,a trade body that represents the interests of mobile operators worldwide, believes90% of these userswill come from developing countries.
This will make it possible for nearly everyone to have a bank in their pocket, and that should provide a boost for bitcoin as well. Liew and Smith say bitcoin could account for 50% of all of these transactions.
Here are the basic model drivers that Liew and Smith used:
1. A bitcoin price of $1,000 in 2017.
2. That network users will grow 61x from now until 2030."Put another way, we need a population of bitcoin users around a quarter of the Chinese population (or 5% of the global population) in 2030 to see bitcoin at $500k," Liew and Smith told Business Insider. Bitcoin's user network grew from 120,000 users in 2013 to 6.5 million users in 2017, or about 54x, and this could be just the beginning. Growth of that magnitude would produce 400 million users in 2030.
3. The average value of bitcoin held per user hits $25,000. "As institutional investor cash in Bitcoin, sophisticated investors trading Bitcoin, and Bitcoin-based ETFs proliferate, we think the average Bitcoin value held will increase to around $25k per Bitcoin holder," Liew and Smith said. Currently, with a market cap of $16.4 billion, and 6.5 million user count, the average user holds $2,515 worth of bitcoin.
4. Bitcoin's 2030 market capis decided by number of bitcoin holders multiplied by average bitcoin value held.
5. Bitcoin's 2030 supply will be about 20 million.
6. Bitcoin's 2030 price and user count total $500,000 and 400 million, respectively.The price is found by taking the $10 trillion market cap and dividing it by the fixed supply of 20 million bitcoin.
It's important to note that a lot could go wrong, too. News surrounding bitcoin has been rather negative as of a late.
China, which is responsible for nearly 100% of trading in bitcoin, has beencracking downon trading. The three biggest exchanges recently announced a 0.2% fee on all transactions, in addition toblocking withdrawalsfrom trading accounts.
Additionally, the US Securities and Exchange Commission rejected two bitcoin exchange-traded funds, and will make a ruling on another one in the future. It's not expected to be approved. However, Smith thinks bitcoin is still in its early stages.
"The SEC’s ruling wasn't a surprise to us," he told Business Insider. "We know that getting this sort of approval is going to take (a potentially long) time," Smith said. "In the meantime, bitcoin is already simple to buy and hold and, as the asset continues to mature,we'll continue to see an increase in the development and deployment of surrounding products."
(Markets Insider)
And while bitcoin hasn't been granted regulatory approval here in the US, it is catching on elsewhere. On April 1, the cryptocurrency became alegal payment method in Japan.
Another threat to the future of the cryptocurrency is that developers arethreatening to set up a "hard fork," or alternative marketplace for bitcoin. This would result in the split of bitcoin into bitcoin and bitcoin unlimited. However, Smith says not to worry.
"Bitcoin has strong economic incentives to prevent this," he said. "If the last two years of healthy contention and debate lead to a conclusion, it's that Bitcoin is incredibly resilient and stable. In fact, the bitcoin Blockchain has operated for 7+ years with no downtime, a feat no other back-end system operating at this scale can claim."
Anyone interested in bitcoin should also know that the cryptocurrency sees violent price swings that are uncommon among the more traditional currencies. Bitcoin rallied 20% in the first week of 2017 before crashing 35% on word China was cracking down on trading.
The cryptocurrency has regained those losses, and trades up about 25% so far this year.
NOW WATCH:Warner Bros. might have to pay $900 million if it can't prove ghosts are real
More From Business Insider
• HBO just unveiled a peek at 15 new character looks for 'Game of Thrones' season 7
• If you're new to coding, this is the programming language you should learn first
• Bitcoin spikes after Japan says it's a legal payment method || The first investor in Snapchat thinks each bitcoin could realistically be worth $500,000 by 2030 — Here's how: Jeremy Liew (Jeremy Liew.Getty) Bitcoin has been the top-performing currency in the world in six of the past seven years, climbing from zero to a value of about $1,190. But the cryptocurrency isn't anywhere close to its potential, according to Jeremy Liew, the first investor in Snapchat , and Blockchain CEO and cofounder Peter Smith. In a presentation sent to Business Insider, the duo laid out their case for why it's reasonable for bitcoin to explode to $500,000 by 2030. Their argument is based on increased interest in bitcoin, thanks to: Bitcoin-based remittances Remittance transfers, or electronic money transfers to foreign countries, have almost doubled over the past 15 years to 0.76% of GDP, data from The World Bank shows. "Expats sending money home have found in Bitcoin an inexpensive alternative, and we assume that the percentage of Bitcoin-based remittances will sharply increase with greater Bitcoin awareness," the two say. Uncertainty Liew and Smith said increased political uncertainty in the UK, US and in developing nations would help elevate the level of interest in bitcoin. "We believe Bitcoin awareness, high liquidity, ease of transport and continued market outperformance as geopolitical risks mount, will make Bitcoin a strong contender for investment at a consumer and investor level," the two said. Mobile penetration Liew and Smith believe the percentage of non-cash transactions will climb from 15% to 30% in the next 10 years as the world becomes more connected through smartphones. There's only a 63% global smartphone penetration and the total number of smartphone users is expected to soar by 1 billion by 2020. GSMA, a trade body that represents the interests of mobile operators worldwide, believes 90% of these users will come from developing countries. This will make it possible for nearly everyone to have a bank in their pocket, and that should provide a boost for bitcoin as well. Liew and Smith say bitcoin could account for 50% of all of these transactions. Story continues Here are the basic model drivers that Liew and Smith used: A bitcoin price of $1,000 in 2017. That network users will grow 61x from now until 2030. "Put another way, we need a population of bitcoin users around a quarter of the Chinese population (or 5% of the global population) in 2030 to see bitcoin at $500k," Liew and Smith told Business Insider. Bitcoin's user network grew from 120,000 users in 2013 to 6.5 million users in 2017, or about 54x, and this could be just the beginning. Growth of that magnitude would produce 400 million users in 2030. The average value of bitcoin held per user hits $25,000. " As institutional investor cash in Bitcoin, sophisticated investors trading Bitcoin, and Bitcoin-based ETFs proliferate, we think the average Bitcoin value held will increase to around $25k per Bitcoin holder," Liew and Smith said. Currently, with a market cap of $16.4 billion, and 6.5 million user count, the average user holds $2,515 worth of bitcoin. Bitcoin's 2030 market cap is decided by number of bitcoin holders multiplied by average bitcoin value held. Bitcoin's 2030 supply will be about 20 million. Bitcoin's 2030 price and user count total $500,000 and 400 million, respectively. The price is found by taking the $10 trillion market cap and dividing it by the fixed supply of 20 million bitcoin. It's important to note that a lot could go wrong, too. News surrounding bitcoin has been rather negative as of a late. China, which is responsible for nearly 100% of trading in bitcoin, has been cracking down on trading. The three biggest exchanges recently announced a 0.2% fee on all transactions, in addition to blocking withdrawals from trading accounts. Additionally, the US Securities and Exchange Commission rejected two bitcoin exchange-traded funds, and will make a ruling on another one in the future. It's not expected to be approved. However, Smith thinks bitcoin is still in its early stages. "The SEC’s ruling wasn't a surprise to us," he told Business Insider. "We know that getting this sort of approval is going to take (a potentially long) time," Smith said. "In the meantime, bitcoin is already simple to buy and hold a nd, as the asset continues to mature, we'll continue to see an increase in the development and deployment of surrounding products." Bitcoin (Markets Insider) And while bitcoin hasn't been granted regulatory approval here in the US, it is catching on elsewhere. On April 1, the cryptocurrency became a legal payment method in Japan . Another threat to the future of the cryptocurrency is that developers are threatening to set up a " hard fork ," or alternative marketplace for bitcoin. This would result in the split of bitcoin into b itcoin and bitcoin unlimited. However, Smith says not to worry. " Bitcoin has strong economic incentives to prevent this," he said. "If the last two years of healthy contention and debate lead to a conclusion, it's that Bitcoin is incredibly resilient and stable. In fact, the bitcoin Blockchain has operated for 7+ years with no downtime, a feat no other back-end system operating at this scale can claim." Anyone interested in bitcoin should also know that the cryptocurrency sees violent price swings that are uncommon among the more traditional currencies. Bitcoin rallied 20% in the first week of 2017 before crashing 35% on word China was cracking down on trading. The cryptocurrency has regained those losses, and trades up about 25% so far this year. NOW WATCH: Warner Bros. might have to pay $900 million if it can't prove ghosts are real More From Business Insider HBO just unveiled a peek at 15 new character looks for 'Game of Thrones' season 7 If you're new to coding, this is the programming language you should learn first Bitcoin spikes after Japan says it's a legal payment method || Trades to make after the US airstrike in Syria fails to shake investors: The "Fast Money" traders break down their market moves Friday after a flurry of political headlines during the week, including a Thursday U.S. airstrike on Syria , failed to shake investors. Trader Steve Grasso said he's stepping away from the market because he is "waiting for this [it] to crack." He said he sold Qualcomm (NASDAQ: QCOM) and Micron Technology (NASDAQ: MU) , but he is still invested in housing stocks and positioned for impending mergers and acquisitions across the market. Grasso said he will return to the market if the S&P 500 (INDEX: .SPX) jumps over 2400 points on substantial data that's more than just sentiment. The S&P closed at 2355.54 points on Friday, down 0.08 percent. Trader David Seaburg said he was impressed by the resilience of the market following the U.S. airstrike on Syria. He said he likes the healthcare (NYSE Arca: XLV) and technology (NYSE Arca: XLK) sectors. He said merger and acquisitions should accumulate in the technology space. Trader Brian Kelly said he will continue to ride high with Wal-Mart (NYSE: WMT) . The retailer was upgraded by a Telsey Advisory Group analyst on Friday and saw the company's shares saw a 2 percent gain. He said he got into Wal-Mart because he continues to believe the possible border adjustment tax will not become law. The iShares Nasdaq Biotechnology ETF (NASDAQ: IBB) sector earned favor from Guy Adami with its consistent move higher. The exchange-traded fund is up over 3 percent in the last 3 months. Adami also said he likes Wal-Mart. He said the stock should continue its climb and outperform Target (NYSE: TGT) . Disclosures: Steve Grasso's firm is long AON, BX, CUBA, DIA, F, HES, ICE, KDUS, MAT, MFIN, MJNA, MSFT, NE, RIG, SNAP, SPY, SQBG, TITXF, UA, WDR, WPX, ZNGA. Grasso is long CHK, EEM, EVGN, GDX, KBH, MJNA, MON, OLN, PFE, PHM, T, TWTR, VRX. Grasso's kids own EFA, EFG, EWJ, IJR, SPY. No shorts. "Opinions expressed by David Seaburg are solely his own and do not reflect the views and opinions of Cowen Group, Inc. David Seaburg and Cowen have a financial interest in EDIT. Diamond Offshore: an employee of Cowen and Company, LLC serves on the Board of Directors of Diamond Offshore" Story continues Brian Kelly is long Bitcoin, FXI, HLF, TSLA, WMT, XBI. Guy Adami is long CELG, EXAS, GDX, INTC. Adami's wife, Linda Snow, works at Merck. More From CNBC Newsmax CEO: Might be appropriate for Trump to take military action against Syria Trades to make in an uncertain market How to trade the French election || Trades to make after the US airstrike in Syria fails to shake investors: The"Fast Money"traders break down their market moves Friday after a flurry of political headlines during the week, including a ThursdayU.S. airstrike on Syria, failed to shake investors.
Trader Steve Grasso said he's stepping away from the market because he is "waiting for this [it] to crack." He said he sold Qualcomm(NASDAQ: QCOM)and Micron Technology(NASDAQ: MU), but he is still invested in housing stocks and positioned for impending mergers and acquisitions across the market.
Grasso said he will return to the market if the S&P 500(INDEX: .SPX)jumps over 2400 points on substantial data that's more than just sentiment. The S&P closed at 2355.54 points on Friday, down 0.08 percent.
Trader David Seaburg said he was impressed by the resilience of the market following the U.S. airstrike on Syria. He said he likes the healthcare(NYSE Arca: XLV)and technology(NYSE Arca: XLK)sectors. He said merger and acquisitions should accumulate in the technology space.
Trader Brian Kelly said he will continue to ride high with Wal-Mart(NYSE: WMT). The retailerwas upgraded by a Telsey Advisory Group analyst on Fridayand saw the company's shares saw a 2 percent gain. He said he got into Wal-Mart because he continues to believe the possible border adjustment tax will not become law.
The iShares Nasdaq Biotechnology ETF(NASDAQ: IBB)sector earned favor from Guy Adami with its consistent move higher. The exchange-traded fund is up over 3 percent in the last 3 months.
Adami also said he likes Wal-Mart. He said the stock should continue its climb and outperform Target(NYSE: TGT).
Disclosures:
Steve Grasso's firm is long AON, BX, CUBA, DIA, F, HES, ICE, KDUS, MAT, MFIN, MJNA, MSFT, NE, RIG, SNAP, SPY, SQBG, TITXF, UA, WDR, WPX, ZNGA. Grasso is long CHK, EEM, EVGN, GDX, KBH, MJNA, MON, OLN, PFE, PHM, T, TWTR, VRX. Grasso's kids own EFA, EFG, EWJ, IJR, SPY. No shorts.
"Opinions expressed by David Seaburg are solely his own and do not reflect the views and opinions of Cowen Group, Inc. David Seaburg and Cowen have a financial interest in EDIT. Diamond Offshore: an employee of Cowen and Company, LLC serves on the Board of Directors of Diamond Offshore"
Brian Kelly is long Bitcoin, FXI, HLF, TSLA, WMT, XBI.
Guy Adami is long CELG, EXAS, GDX, INTC. Adami's wife, Linda Snow, works at Merck.
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• Trades to make in an uncertain market
• How to trade the French election || C&W's Garry Sinclair Showcased Innovative Flow Lend App at the CTU's ICT Symposium: ST. JOHN'S ANTIGUA--(Marketwired - Apr 7, 2017) - At the recently held Caribbean Telecommunications Union ICT Week & Symposium held on March 20 - 24 in Antigua, C&W 's Caribbean President, Garry Sinclair delivered an interactive presentation during which he showcased the Company's newest award-winning, customer-focused app - Flow Lend - to more than 100 delegates. He also seized the opportunity to provide an update on his Company, highlighting the fact that C&W is now a part of the world's largest Broadband and Entertainment Company, Liberty Global. Sinclair said that C&W is in transition on its way to becoming the best telecoms company in the region. Sinclair also said, "We are refocusing and will continue to put the customer at the heart of what we do. To do so we will leverage the size and scale of our parent company, develop more innovative apps, products and services that provide anytime, anywhere connectivity to give our customers more flexibility and convenience to suit their lifestyle needs. In addition, we will continue to make investments and improvements in our network." Flow Lend provides credit advance at 'zero interest and no fees' to loyal prepaid mobile customers keeping them connected even when they are out of cash, until their next top up. The app addresses a real need particularly for prepaid customers who don't use credit cards, and usually rely on in-store cash top ups. In his presentation the Caribbean President shared a testimonial of how this latest technology has enhanced and transformed customers' lives. This new convenient option has gotten a resounding endorsement from customers and won the Mondato Innovation Award for Digital Finance and Commerce (DFC) in December 2016. The ICT Symposium was held under the theme "ICT - Driving 21st Century Intelligent Services" and highlighted topics such as ICT-Enabled Financial Solutions; Financing Operations for ICT-enabled Development; Security matters and 21st Century Financial Services for all. Government officials and telecommunications executives from over 20 countries throughout the Caribbean attended the weeklong event, which is the largest gathering of ICT and Telecommunication Executives in the region. Antigua and Barbuda's Minister of Information, Broadcasting, Telecommunications and Information Technology , the Hon. Melford Nicholas expressed his delight that Antigua was host country. The activities during ICT week also included the 34th Executive Council Statutory Meeting and the 15 th Caribbean Ministerial Strategic ICT Seminar. The ICT Week Symposium presented another unique opportunity to showcase the practical and user-friendly customer focused solutions developed by Flow that demonstrates its commitment to connecting communities and transforming lives. Story continues Editor's Note: Flow has been keeping its prepaid mobile customers connected with its cashless mobile top-up app, Flow Lend , which advanced more than US$1Million in less than six months in mobile credit - and, in partnership with JUVO , won the Mondato Innovation Award for Digital Finance and Commerce (DFC) in December 2016. About C&W Communications C&W is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, C&W provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers. C&W also operates a state-of-the-art submarine fiber network - the most extensive in the region. Learn more at www.cwc.com , or follow C&W on LinkedIn , Facebook or Twitter . About Liberty Global Liberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enable us to develop market-leading products delivered through next generation networks that connect our 25 million customers who subscribe to over 50 million television, broadband internet and telephony services. We also serve over 10 million mobile subscribers and offer WiFi service across 5 million access points. Liberty Global's businesses are comprised of two stocks: the Liberty Global Group ( NASDAQ : LBTYA ) ( NASDAQ : LBTYB ) ( NASDAQ : LBTYK ) for our European operations, and the LiLAC Group ( NASDAQ : LILA ) and ( NASDAQ : LILAK ) ( OTC PINK : LILAB ), which consists of our operations in Latin America and the Caribbean. The Liberty Global Group operates in 11 European countries under the consumer brands Virgin Media, Unitymedia, Telenet and UPC. The Liberty Global Group also owns 50% of VodafoneZiggo, a Dutch joint venture, which has 4 million customers, 10 million fixed-line subscribers and 5 million mobile subscribers. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil and BTC. In addition, the LiLAC Group operates a sub-sea fiber network throughout the region in over 30 markets. For more information, please visit www.libertyglobal.com . Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=3127626 Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=3127629 Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=3127639 Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=3127637 View comments || C&W's Garry Sinclair Showcased Innovative Flow Lend App at the CTU's ICT Symposium: ST. JOHN'S ANTIGUA--(Marketwired - Apr 7, 2017) - At the recently heldCaribbean Telecommunications UnionICT Week & Symposium held on March 20 - 24 in Antigua,C&W's Caribbean President, Garry Sinclair delivered an interactive presentation during which he showcased the Company's newest award-winning, customer-focused app -Flow Lend- to more than 100 delegates.
He also seized the opportunity to provide an update on his Company, highlighting the fact that C&W is now a part of the world's largest Broadband and Entertainment Company, Liberty Global. Sinclair said that C&W is in transition on its way to becoming the best telecoms company in the region. Sinclair also said, "We are refocusing and will continue to put the customer at the heart of what we do. To do so we will leverage the size and scale of our parent company, develop more innovative apps, products and services that provide anytime, anywhere connectivity to give our customers more flexibility and convenience to suit their lifestyle needs. In addition, we will continue to make investments and improvements in our network."
Flow Lend provides credit advance at 'zero interest and no fees' to loyal prepaid mobile customers keeping them connected even when they are out of cash, until their next top up. The app addresses a real need particularly for prepaid customers who don't use credit cards, and usually rely on in-store cash top ups. In his presentation the Caribbean President shared a testimonial of how this latest technology has enhanced and transformed customers' lives. This new convenient option has gotten a resounding endorsement from customers and won theMondato Innovation Award for Digital Finance and Commerce (DFC)in December 2016.
The ICT Symposium was held under the theme "ICT - Driving 21st Century Intelligent Services" and highlighted topics such as ICT-Enabled Financial Solutions; Financing Operations for ICT-enabled Development; Security matters and 21st Century Financial Services for all. Government officials and telecommunications executives from over 20 countries throughout the Caribbean attended the weeklong event, which is the largest gathering of ICT and Telecommunication Executives in the region.
Antigua and Barbuda's Minister ofInformation, Broadcasting, Telecommunications and Information Technology, the Hon. Melford Nicholas expressed his delight that Antigua was host country. The activities during ICT week also included the 34th Executive Council Statutory Meeting and the 15thCaribbean Ministerial Strategic ICT Seminar.
The ICT Week Symposium presented another unique opportunity to showcase the practical and user-friendly customer focused solutions developed by Flow that demonstrates its commitment to connecting communities and transforming lives.
Editor's Note:Flowhas been keeping its prepaid mobile customers connected with its cashless mobile top-up app,Flow Lend, which advanced more than US$1Million in less than six months in mobile credit - and, in partnership withJUVO, won theMondato Innovation Award for Digital Finance and Commerce (DFC)in December 2016.
About C&W Communications
C&W is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, C&W provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers.
C&W also operates a state-of-the-art submarine fiber network - the most extensive in the region.
Learn more atwww.cwc.com, or follow C&W onLinkedIn,FacebookorTwitter.
About Liberty Global
Liberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enable us to develop market-leading products delivered through next generation networks that connect our 25 million customers who subscribe to over 50 million television, broadband internet and telephony services. We also serve over 10 million mobile subscribers and offer WiFi service across 5 million access points.
Liberty Global's businesses are comprised of two stocks: the Liberty Global Group (NASDAQ:LBTYA) (NASDAQ:LBTYB) (NASDAQ:LBTYK) for our European operations, and the LiLAC Group (NASDAQ:LILA) and (NASDAQ:LILAK) (OTC PINK:LILAB), which consists of our operations in Latin America and the Caribbean.
The Liberty Global Group operates in 11 European countries under the consumer brands Virgin Media, Unitymedia, Telenet and UPC. The Liberty Global Group also owns 50% of VodafoneZiggo, a Dutch joint venture, which has 4 million customers, 10 million fixed-line subscribers and 5 million mobile subscribers. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil and BTC. In addition, the LiLAC Group operates a sub-sea fiber network throughout the region in over 30 markets.
For more information, please visitwww.libertyglobal.com.
Image Available:http://www2.marketwire.com/mw/frame_mw?attachid=3127626Image Available:http://www2.marketwire.com/mw/frame_mw?attachid=3127629Image Available:http://www2.marketwire.com/mw/frame_mw?attachid=3127639Image Available:http://www2.marketwire.com/mw/frame_mw?attachid=3127637 || How to Invest in Bitcoin and Digital Currency: In the years since the Great Recession, you've probably heard about the electronic payment system and so-called cryptocurrency called bitcoin . But you're perhaps less likely to have heard of the underlying technology that powers it. It's called blockchain. Blockchain technology is a digital ledger distributed across a network of computers that keeps track of transactions. But beyond payments, it can be used for a wide variety of applications such as contracts, documents and basic record keeping. "Wall Street is going to eventually move into this in a big way," says Alan Friedland, founder of Compcoin, a blockchain-based public currency trading platform. "In the meantime, it's a great opportunity to get into early." [See: 9 Under-the-Radar Ways to Buy Financial Stocks .] Just like the internet democratized the dissemination of information, blockchain technology democratizes the securitization of information, says Chris Burniske, head of blockchain products with Ark Investment Management. "It's probably the most impactful general purpose technology that's been invented in the 21st century," he says. While bitcoin decentralizes payments, another major blockchain technology called Ethereum enables decentralized applications. Another, Storj, is involved in decentralized computer storage. Each issues its own value token or coin -- bitcoin issues bitcoins, Ethereum issues ether, and Storj issues Storjcoin X -- that can be bought and traded. There are now many different digital currencies. Blockchain assets have a very low correlation to other assets, and so they can be used to diversify portolios , Burniske says. Some use them as a risk hedge similar to how they use gold, he says. Stan Miroshnik, managing director with the Argon Group, an investment bank focusing on the blockchain sector, adds that bitcoin is uncorrelated to bonds, gold, real estate, commodities and emerging market currencies. It only has a very small correlation to U.S. equities, he says. Story continues Blockchain is "an important enough technology that people should try to invest a little bit," Miroshnik says. There are different schools of thought about the best way to invest in this nascent, but growing, industry. On the one hand, you can stockpile tokens , such as bitcoin or another digital currency, and hope the demand for them will increase, their value will rise and you can sell them later at a profit. Or, you can invest in the companies that are creating different blockchain-based products. Morningstar analyst Jim Sinegal falls into the latter camp, saying investors should focus on companies that stand to make money if they find useful applications for blockchain technology. He suggests investors go after the companies because the coins don't generate any cash flow. So the only way you'll make money off it is if a token's price goes up and you can then sell it, Sinegal says. However, because the industry is so new, it can be tough to invest in companies with exposure to blockchain technology, Sinegal says. He compares it to the early stages of internet stocks in the 1990s. A few were successful, but investors lost money on others. "It's very tough to make a direct investment," he says. [See: 6 ETFs That Let You Buy Micro-Cap Stocks .] Still, Sinegal says companies such as Goldman Sachs Group (ticker: NYSE: GS ) and CME Group ( CME ) eventually stand to significantly benefit from the lower costs blockchain technology makes possible. While more than 70 of the world's largest financial institutions have joined a blockchain-development consortium, and large technology firms like International Business Machines Corp. ( IBM ) and Microsoft Corp. ( MSFT ) have blockchain solutions, Miroshnik says it remains difficult to get true exposure to the technology through public companies. The blockchain penny stock universe includes BTCS, Global Arena Holding, HashingSpace Corp. and First Bitcoin Capital Corp. But penny stock companies are very young and may not be the best investment now as their business models are evolving, Miroshnik says. Miroshnik says investing in coins is the way to go because blockchain assets appreciate for two reasons. First, there is a real cost to producing each transactional ledger of the blockchain. It takes computer equipment and energy. These so-called miners compete to produce the next block in the chain and are rewarded with coins. This cost of production keeps going up over time, creating a fundamental driver of higher value, Miroshnik says. Additionally, there is transactional value created as demand rises for a blockchain coin, Miroshnik says. For investors wanting to buy into this emerging asset class, they can go to places such as Coinbase, Bitstamp or Kraken, Burniske says. It's similar to a foreign exchange trade, where investors exchange the value of one asset with another based on exchange rates, he says. His company runs two exchange-traded funds -- the Web x.0 ETF ( ARKW ) and Ark Innovation ETF ( ARKK ) -- that each have exposure to bitcoin though Bitcoin Investment Trust ( GBTC ), he says. Uninitiated consumers should stick with bitcoin or ether to get comfortable with the language of this emerging capital market, Miroshnik says. For other coins, investing means doing research into what project they are supporting and what value the investor thinks it represents, he says. [See: The 9 Best Municipal Bond Funds for Tax-Free Income .] "That process is very similar to how you would think about investing in small-cap stocks," he says. More From US News & World Report The 10 Best Financial ETFs You Can Buy Avoid These 8 Rookie Investing Mistakes 10 Tips for Couples and Young Families to Build Wealth || How to Invest in Bitcoin and Digital Currency: In the years since the Great Recession, you've probably heard about the electronic payment system and so-called cryptocurrency called bitcoin . But you're perhaps less likely to have heard of the underlying technology that powers it. It's called blockchain. Blockchain technology is a digital ledger distributed across a network of computers that keeps track of transactions. But beyond payments, it can be used for a wide variety of applications such as contracts, documents and basic record keeping. "Wall Street is going to eventually move into this in a big way," says Alan Friedland, founder of Compcoin, a blockchain-based public currency trading platform. "In the meantime, it's a great opportunity to get into early." [See: 9 Under-the-Radar Ways to Buy Financial Stocks .] Just like the internet democratized the dissemination of information, blockchain technology democratizes the securitization of information, says Chris Burniske, head of blockchain products with Ark Investment Management. "It's probably the most impactful general purpose technology that's been invented in the 21st century," he says. While bitcoin decentralizes payments, another major blockchain technology called Ethereum enables decentralized applications. Another, Storj, is involved in decentralized computer storage. Each issues its own value token or coin -- bitcoin issues bitcoins, Ethereum issues ether, and Storj issues Storjcoin X -- that can be bought and traded. There are now many different digital currencies. Blockchain assets have a very low correlation to other assets, and so they can be used to diversify portolios , Burniske says. Some use them as a risk hedge similar to how they use gold, he says. Stan Miroshnik, managing director with the Argon Group, an investment bank focusing on the blockchain sector, adds that bitcoin is uncorrelated to bonds, gold, real estate, commodities and emerging market currencies. It only has a very small correlation to U.S. equities, he says. Story continues Blockchain is "an important enough technology that people should try to invest a little bit," Miroshnik says. There are different schools of thought about the best way to invest in this nascent, but growing, industry. On the one hand, you can stockpile tokens , such as bitcoin or another digital currency, and hope the demand for them will increase, their value will rise and you can sell them later at a profit. Or, you can invest in the companies that are creating different blockchain-based products. Morningstar analyst Jim Sinegal falls into the latter camp, saying investors should focus on companies that stand to make money if they find useful applications for blockchain technology. He suggests investors go after the companies because the coins don't generate any cash flow. So the only way you'll make money off it is if a token's price goes up and you can then sell it, Sinegal says. However, because the industry is so new, it can be tough to invest in companies with exposure to blockchain technology, Sinegal says. He compares it to the early stages of internet stocks in the 1990s. A few were successful, but investors lost money on others. "It's very tough to make a direct investment," he says. [See: 6 ETFs That Let You Buy Micro-Cap Stocks .] Still, Sinegal says companies such as Goldman Sachs Group (ticker: NYSE: GS ) and CME Group ( CME ) eventually stand to significantly benefit from the lower costs blockchain technology makes possible. While more than 70 of the world's largest financial institutions have joined a blockchain-development consortium, and large technology firms like International Business Machines Corp. ( IBM ) and Microsoft Corp. ( MSFT ) have blockchain solutions, Miroshnik says it remains difficult to get true exposure to the technology through public companies. The blockchain penny stock universe includes BTCS, Global Arena Holding, HashingSpace Corp. and First Bitcoin Capital Corp. But penny stock companies are very young and may not be the best investment now as their business models are evolving, Miroshnik says. Miroshnik says investing in coins is the way to go because blockchain assets appreciate for two reasons. First, there is a real cost to producing each transactional ledger of the blockchain. It takes computer equipment and energy. These so-called miners compete to produce the next block in the chain and are rewarded with coins. This cost of production keeps going up over time, creating a fundamental driver of higher value, Miroshnik says. Additionally, there is transactional value created as demand rises for a blockchain coin, Miroshnik says. For investors wanting to buy into this emerging asset class, they can go to places such as Coinbase, Bitstamp or Kraken, Burniske says. It's similar to a foreign exchange trade, where investors exchange the value of one asset with another based on exchange rates, he says. His company runs two exchange-traded funds -- the Web x.0 ETF ( ARKW ) and Ark Innovation ETF ( ARKK ) -- that each have exposure to bitcoin though Bitcoin Investment Trust ( GBTC ), he says. Uninitiated consumers should stick with bitcoin or ether to get comfortable with the language of this emerging capital market, Miroshnik says. For other coins, investing means doing research into what project they are supporting and what value the investor thinks it represents, he says. [See: The 9 Best Municipal Bond Funds for Tax-Free Income .] "That process is very similar to how you would think about investing in small-cap stocks," he says. More From US News & World Report The 10 Best Financial ETFs You Can Buy Avoid These 8 Rookie Investing Mistakes 10 Tips for Couples and Young Families to Build Wealth || How to Invest in Bitcoin and Digital Currency: In the years since the Great Recession, you've probably heard about the electronic payment system and so-called cryptocurrency called bitcoin . But you're perhaps less likely to have heard of the underlying technology that powers it. It's called blockchain. Blockchain technology is a digital ledger distributed across a network of computers that keeps track of transactions. But beyond payments, it can be used for a wide variety of applications such as contracts, documents and basic record keeping. "Wall Street is going to eventually move into this in a big way," says Alan Friedland, founder of Compcoin, a blockchain-based public currency trading platform. "In the meantime, it's a great opportunity to get into early." [See: 9 Under-the-Radar Ways to Buy Financial Stocks .] Just like the internet democratized the dissemination of information, blockchain technology democratizes the securitization of information, says Chris Burniske, head of blockchain products with Ark Investment Management. "It's probably the most impactful general purpose technology that's been invented in the 21st century," he says. While bitcoin decentralizes payments, another major blockchain technology called Ethereum enables decentralized applications. Another, Storj, is involved in decentralized computer storage. Each issues its own value token or coin -- bitcoin issues bitcoins, Ethereum issues ether, and Storj issues Storjcoin X -- that can be bought and traded. There are now many different digital currencies. Blockchain assets have a very low correlation to other assets, and so they can be used to diversify portolios , Burniske says. Some use them as a risk hedge similar to how they use gold, he says. Stan Miroshnik, managing director with the Argon Group, an investment bank focusing on the blockchain sector, adds that bitcoin is uncorrelated to bonds, gold, real estate, commodities and emerging market currencies. It only has a very small correlation to U.S. equities, he says. Story continues Blockchain is "an important enough technology that people should try to invest a little bit," Miroshnik says. There are different schools of thought about the best way to invest in this nascent, but growing, industry. On the one hand, you can stockpile tokens , such as bitcoin or another digital currency, and hope the demand for them will increase, their value will rise and you can sell them later at a profit. Or, you can invest in the companies that are creating different blockchain-based products. Morningstar analyst Jim Sinegal falls into the latter camp, saying investors should focus on companies that stand to make money if they find useful applications for blockchain technology. He suggests investors go after the companies because the coins don't generate any cash flow. So the only way you'll make money off it is if a token's price goes up and you can then sell it, Sinegal says. However, because the industry is so new, it can be tough to invest in companies with exposure to blockchain technology, Sinegal says. He compares it to the early stages of internet stocks in the 1990s. A few were successful, but investors lost money on others. "It's very tough to make a direct investment," he says. [See: 6 ETFs That Let You Buy Micro-Cap Stocks .] Still, Sinegal says companies such as Goldman Sachs Group (ticker: NYSE: GS ) and CME Group ( CME ) eventually stand to significantly benefit from the lower costs blockchain technology makes possible. While more than 70 of the world's largest financial institutions have joined a blockchain-development consortium, and large technology firms like International Business Machines Corp. ( IBM ) and Microsoft Corp. ( MSFT ) have blockchain solutions, Miroshnik says it remains difficult to get true exposure to the technology through public companies. The blockchain penny stock universe includes BTCS, Global Arena Holding, HashingSpace Corp. and First Bitcoin Capital Corp. But penny stock companies are very young and may not be the best investment now as their business models are evolving, Miroshnik says. Miroshnik says investing in coins is the way to go because blockchain assets appreciate for two reasons. First, there is a real cost to producing each transactional ledger of the blockchain. It takes computer equipment and energy. These so-called miners compete to produce the next block in the chain and are rewarded with coins. This cost of production keeps going up over time, creating a fundamental driver of higher value, Miroshnik says. Additionally, there is transactional value created as demand rises for a blockchain coin, Miroshnik says. For investors wanting to buy into this emerging asset class, they can go to places such as Coinbase, Bitstamp or Kraken, Burniske says. It's similar to a foreign exchange trade, where investors exchange the value of one asset with another based on exchange rates, he says. His company runs two exchange-traded funds -- the Web x.0 ETF ( ARKW ) and Ark Innovation ETF ( ARKK ) -- that each have exposure to bitcoin though Bitcoin Investment Trust ( GBTC ), he says. Uninitiated consumers should stick with bitcoin or ether to get comfortable with the language of this emerging capital market, Miroshnik says. For other coins, investing means doing research into what project they are supporting and what value the investor thinks it represents, he says. [See: The 9 Best Municipal Bond Funds for Tax-Free Income .] "That process is very similar to how you would think about investing in small-cap stocks," he says. More From US News & World Report The 10 Best Financial ETFs You Can Buy Avoid These 8 Rookie Investing Mistakes 10 Tips for Couples and Young Families to Build Wealth || Flow airs Library of Caribbean Focused Content: MIAMI, FL--(Marketwired - Apr 6, 2017) - For the first time, Flow TV customers across the Caribbean will be able to see Caribbean themed content at their convenience via Flow's on Demand platform. Through a partnership with CaribbeanTales Worldwide Distribution (CTWD), customers will be able to access a variety of Caribbean films, from an extensive library every month on Flow On Demand in eight (8) Flow TV markets. John Reid, CEO of Cable & Wireless, the operator of the consumer brand Flow , said: "This is certainly a historic moment for Cable & Wireless /Flow and our partners CaribbeanTales, as together we will deliver high quality, relevant Caribbean content that gives audience a refreshing perspective on Caribbean life." CEO and Founder of CaribbeanTales , Frances-Anne Solomon, said, "We are delighted to extend our relationship with Flow to a wide regional audience who will now enjoy the best films from the greatest filmmakers across the Caribbean." In 2013, CTWD launched its own VOD platform, CaribbeanTales-TV, with ongoing global streaming of its Catalogue. Now, with Flow's extensive VOD reach across eight (8) countries, this new partnership makes the Catalogue's content more widely accessible to Caribbean audiences. The VOD partnership was launched in February with four compelling films celebrating Trinidad's iconic Carnival. In March the spotlight was on International Women's Day (March 8 th ), with four award-winning films by and about Caribbean women. There were two feature films: What My Mother Told Me , the ground-breaking, multi-award winning, dramatic narrative by CaribbeanTales CEO Frances-Anne Solomon -- one of the few films directed by a Trinidadian woman that deals with the survival strategies of middle-class Caribbean women. The other feature is Bahamian filmmaker Maria Govan's Rain , a young woman's coming-of-age story. The two documentaries are: The Solitary Alchemist , directed by Mariel Brown, chronicling the life and work of Trinidadian artist Barbara Jardine; and Candice Lela-Rolingson's Positive and Pregnant , a seminal film about a woman who becomes pregnant and is HIV positive. Story continues April's theme centers on the iconic Caribbean instrument developed in the backyard and streets of Port of Spain -- the steel pan. This month's titles are: Atiba Williams - Pan Prodigy , Trinidad and Tobagonian director Christopher Laird's film about the youngest person ever to arrange for a steelband; Panomundo Part 1 - The Evolution of Steel Pan , the first of a two-part documentary by Charysse Tia Harper about the history of the steelpan and its global influence; Let's Play Pan by Canadian director Ian Jones , which explores the evolution from the skin drum to the steel drum and its introduction to Toronto; and also the Frances-Anne Solomon-directed Heartbeat Season 1 Episode 9 - Ian Jones , where Jones talks about "How The Steel Pan Is Changing Lives." Each month, Flow plans to release more CaribbeanTales films via Flow on Demand -- including one film for free! About C&W Communications C&W is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, C&W provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers. C&W also operates a state-of-the-art submarine fiber network - the most extensive in the region. Learn more at www.cwc.com , or follow C&W on LinkedIn , Facebook or Twitter . About Liberty Global Liberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enable us to develop market-leading products delivered through next generation networks that connect our 25 million customers who subscribe to over 50 million television, broadband internet and telephony services. We also serve over 10 million mobile subscribers and offer WiFi service across 5 million access points. Liberty Global's businesses are comprised of two stocks: the Liberty Global Group ( NASDAQ : LBTYA ) ( NASDAQ : LBTYB ) ( NASDAQ : LBTYK ) for our European operations, and the LiLAC Group ( NASDAQ : LILA ) ( NASDAQ : LILAK ) ( OTC PINK : LILAB ), which consists of our operations in Latin America and the Caribbean. The Liberty Global Group operates in 11 European countries under the consumer brands Virgin Media, Unitymedia, Telenet and UPC. The Liberty Global Group also owns 50% of VodafoneZiggo, a Dutch joint venture, which has 4 million customers, 10 million fixed-line subscribers and 5 million mobile subscribers. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil and BTC. In addition, the LiLAC Group operates a sub-sea fiber network throughout the region in over 30 markets. For more information, please visit www.libertyglobal.com . || Flow airs Library of Caribbean Focused Content: MIAMI, FL--(Marketwired - Apr 6, 2017) - For the first time, Flow TV customers across the Caribbean will be able to see Caribbean themed content at their convenience via Flow's on Demand platform. Through a partnership with CaribbeanTales Worldwide Distribution (CTWD), customers will be able to access a variety of Caribbean films, from an extensive library every month onFlow On Demandin eight (8) Flow TV markets.
John Reid, CEO of Cable & Wireless, the operator of the consumer brandFlow, said: "This is certainly a historic moment forCable & Wireless/Flow and our partners CaribbeanTales, as together we will deliver high quality, relevant Caribbean content that gives audience a refreshing perspective on Caribbean life."
CEO and Founder ofCaribbeanTales, Frances-Anne Solomon, said, "We are delighted to extend our relationship with Flow to a wide regional audience who will now enjoy the best films from the greatest filmmakers across the Caribbean."
In 2013, CTWD launched its own VOD platform, CaribbeanTales-TV, with ongoing global streaming of its Catalogue. Now, with Flow's extensive VOD reach across eight (8) countries, this new partnership makes the Catalogue's content more widely accessible to Caribbean audiences.
The VOD partnership was launched in February with four compelling films celebrating Trinidad's iconic Carnival. In March the spotlight was on International Women's Day (March 8th), with four award-winning films by and about Caribbean women. There were two feature films:What My Mother Told Me,the ground-breaking, multi-award winning, dramatic narrative by CaribbeanTales CEO Frances-Anne Solomon -- one of the few films directed by a Trinidadian woman that deals with the survival strategies of middle-class Caribbean women. The other feature is Bahamian filmmaker Maria Govan'sRain,a young woman's coming-of-age story. The two documentaries are:The Solitary Alchemist, directed by Mariel Brown, chronicling the life and work of Trinidadian artist Barbara Jardine; and Candice Lela-Rolingson'sPositive and Pregnant, a seminal film about a woman who becomes pregnant and is HIV positive.
April's theme centers on the iconic Caribbean instrument developed in the backyard and streets of Port of Spain -- the steel pan. This month's titles are:Atiba Williams - Pan Prodigy, Trinidad and Tobagonian director Christopher Laird's film about the youngest person ever to arrange for a steelband;Panomundo Part 1 - The Evolution of Steel Pan, the first of a two-part documentary by Charysse Tia Harper about the history of the steelpan and its global influence;Let's Play Panby Canadian director Ian Jones,which explores the evolution from the skin drum to the steel drum and its introduction to Toronto; and also the Frances-Anne Solomon-directedHeartbeat Season 1 Episode 9 - Ian Jones, where Jones talks about "How The Steel Pan Is Changing Lives."
Each month, Flow plans to release more CaribbeanTales films via Flow on Demand -- including one film for free!
About C&W Communications
C&W is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, C&W provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers.
C&W also operates a state-of-the-art submarine fiber network - the most extensive in the region.
Learn more atwww.cwc.com, or follow C&W onLinkedIn,FacebookorTwitter.
About Liberty Global
Liberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enable us to develop market-leading products delivered through next generation networks that connect our 25 million customers who subscribe to over 50 million television, broadband internet and telephony services. We also serve over 10 million mobile subscribers and offer WiFi service across 5 million access points.
Liberty Global's businesses are comprised of two stocks: the Liberty Global Group (NASDAQ:LBTYA) (NASDAQ:LBTYB) (NASDAQ:LBTYK) for our European operations, and the LiLAC Group (NASDAQ:LILA) (NASDAQ:LILAK) (OTC PINK:LILAB), which consists of our operations in Latin America and the Caribbean.
The Liberty Global Group operates in 11 European countries under the consumer brands Virgin Media, Unitymedia, Telenet and UPC. The Liberty Global Group also owns 50% of VodafoneZiggo, a Dutch joint venture, which has 4 million customers, 10 million fixed-line subscribers and 5 million mobile subscribers. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil and BTC. In addition, the LiLAC Group operates a sub-sea fiber network throughout the region in over 30 markets.
For more information, please visitwww.libertyglobal.com. || How to handle bitcoin gains on your taxes: When you file your taxes this year, your accountant might ask if you own any bitcoin. The popular digital currency recently hit an all-time high of $1,327 per coin, and while there arguably still hasnt been a killer app (a mainstream purpose for a layperson to use bitcoin), its main use right now is as a speculative investmentand it has been a good investment . And if youve bought something using bitcoin, or sold something for bitcoin, or traded bitcoin for fiat currency, you should consider making that clear on your taxes. This is the first year Ive asked about it, says Mark Stafford, a CPA in Maryland. I had one client try to be a miner last year and I realized it was possible that clients were involved and might not think to tell me. Believe it or not, the IRS posted official language on digital currency back in 2014; it considers bitcoin to be property . For federal tax purposes, the IRS says in no uncertain terms, virtual currency is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency. If youve bought bitcoin simply to hold it as a speculative investment, you dont need to disclose anything. But as with stocks, income from the sale of bitcoin would be taxed as capital gains, based on the value of bitcoin at the time you sold it. The same goes for if you receive bitcoin as payment, the IRS says: A taxpayer who receives virtual currency as payment for goods or services must, in computing gross income, include the fair market value of the virtual currency, measured in US dollars. There were a number of ways the IRS could have classified bitcoin. It could have labeled it as currency, or a commodity, or a security or debt instrument, as corporate tax attorney Bob Derber has written at the web site of digital currency research group Coin Center . Bitcoin has qualities resembling all of these property forms, yet it does not neatly fit any of them, Derber wrote. Had the IRS treated bitcoin as a currency, special tax rules would have applied to its use and ownership. Story continues By labeling it property, a bitcoin-for-goods transaction is almost like bartering. If you sell your car for bitcoin, the IRS is saying, its property for property, rather than currency for property, which is treated differently. By not labeling it a currency, bitcoin does not generate a foreign currency gain or loss for tax purposes. Thats surprising, since so much bitcoin is purchased from international exchanges. On the other hand, you cant physically hold bitcoins, so as Derber puts it, W ere still not exactly sure how to define where the bitcoin exists. Labeling it as property may not be a fully adequate description of what bitcoin is and does, but for now, Derber tells Yahoo Finance, Its the best one can do. What it really comes down to is, Who knows what it is yet? Certainly the IRS doesnt. Cameron Arterton, a tax attorney in Washington who worked in the Treasury Departments tax policy office, helped work on the 2014 IRS notice on bitcoin. I dont think there was another way they could have done it at that point, she says, but that was 2014, and we havent seen anything else. I think taxpayers need more. The guidance they put out was a good start, but it left so many questions unanswered. Bitcoin is still a nascent technology, still misunderstood by many, and still something regulators are puzzling over. In fact, last year the IRS demanded user transaction records from Coinbase, the leading US bitcoin wallet provider, from 2013 to 2015. The investigation is ongoing, but so far it has yielded the fact that only 800 people, over those three years, filed a Form 8949 to disclose property related to bitcoin . Form 8949 is for reporting sales of capital assets. It has no language specific to bitcoin, but it follows that if bitcoin is property, thats the form youd use to disclose gains from receiving or selling it. Its a good idea to disclose every possible financial gain on your taxes. The fact that the IRS even has official language on bitcoin is a sign that it recognizes bitcoin has staying power. But the Coinbase summons, Arterton says, is less encouraging, because it shows the IRS is taking an enforcement route toward bitcoin. It suggests that theyre thinking of this like offshore bank accounts, where they dont really know whats going on but they think that theres tax evasion, she says. Of course, just because the IRS has guidelines doesnt mean people will comply. The irony of bitcoin guidelines for tax purposes is that the entire appeal of bitcoin, originally, was that it is anonymous and unregulated. Many of the earliest bitcoin believers were libertarians who want the currency to exist outside of government reach, untouched by regulators . No one really knows exactly how many people own bitcoin. There are 7 million unique addresses (or payment destinations) that own more than $1 in bitcoin , but many people have multiple addresses, so most estimates suggest that its only between 2 million and 4 million unique holders. When the SEC harshly rejected a proposal from the Winklevoss brothers for a bitcoin ETF , it did say that fewer than 1,000 people own more than 50% of all bitcoins. Clearly, the 800 people who disclosed bitcoin gains from 2013 to 2015 represent just a fraction of all bitcoin owners. That might make you think that even if you have had gains from bitcoin, you dont need to bother disclosing it on your taxes. And you might be rightunless the IRS decides to more actively pursue taxation of the cryptocurrency. The best course, says Derber, who is also a (non-active) CPA, is to disclose it. And if your personal tax professional didnt ask this year, they will likely start asking soon enough. Daniel Roberts is a writer at Yahoo Finance, covering fintech and digital currency. Follow him on Twitter at @readDanwrite . Read more: Bitcoin crashes after SEC rejects Winklevoss ETF Bitcoin is becoming the new gold Expect more blockchain hype in 2017 Why 21.co is the most exciting bitcoin company right now || How to handle bitcoin gains on your taxes: When you file your taxes this year, your accountant might ask if you own any bitcoin.
The popular digital currency recently hit an all-time high of $1,327 per coin, and while there arguablystill hasn’t been a “killer app”(a mainstream purpose for a layperson to use bitcoin), its main use right now is as a speculative investment—andit has been a good investment.
And if you’ve bought something using bitcoin, or sold something for bitcoin, or traded bitcoin for fiat currency, you should consider making that clear on your taxes.
“This is the first year I’ve asked about it,” says Mark Stafford, a CPA in Maryland. “I had one client try to be a miner last year and I realized it was possible that clients were involved and might not think to tell me.”
Believe it or not, the IRS posted official language on digital currency back in 2014; itconsiders bitcoin to be property. “For federal tax purposes,” the IRS says in no uncertain terms, “virtual currency is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency.”
If you’ve bought bitcoin simply to hold it as a speculative investment, you don’t need to disclose anything. But as with stocks, income from the sale of bitcoin would be taxed as capital gains, based on the value of bitcoin at the time you sold it. The same goes for if you receive bitcoin as payment, the IRS says: “A taxpayer who receives virtual currency as payment for goods or services must, in computing gross income, include the fair market value of the virtual currency, measured in US dollars.”
There were a number of ways the IRS could have classified bitcoin. It could have labeled it as currency, or a commodity, or a security or debt instrument, as corporate tax attorney Bob Derber has written at the web site ofdigital currency research group Coin Center. “Bitcoin has qualities resembling all of these property forms, yet it does not neatly fit any of them,” Derber wrote. “Had the IRS treated bitcoin as a currency, special tax rules would have applied to its use and ownership.”
By labeling it property, a bitcoin-for-goods transaction is almost like bartering. If you sell your car for bitcoin, the IRS is saying, it’s property for property, rather than currency for property, which is treated differently.
By not labeling it a currency, bitcoin does not generate a foreign currency gain or loss for tax purposes. That’s surprising, since so much bitcoin is purchased from international exchanges. On the other hand, you can’t physically hold bitcoins, so as Derber puts it, “We’re still not exactly sure how to define where the bitcoin exists.”
Labeling it as property may not be a fully adequate description of what bitcoin is and does, but for now, Derber tells Yahoo Finance, “It’s the best one can do. What it really comes down to is, Who knows what it is yet?”
Certainly the IRS doesn’t. Cameron Arterton, a tax attorney in Washington who worked in the Treasury Department’s tax policy office, helped work on the 2014 IRS notice on bitcoin. “I don’t think there was another way they could have done it at that point,” she says, “but that was 2014, and we haven’t seen anything else. I think taxpayers need more. The guidance they put out was a good start, but it left so many questions unanswered.”
Bitcoin is still a nascent technology, still misunderstood by many, and still something regulators are puzzling over. In fact, last year the IRS demanded user transaction records from Coinbase, the leading US bitcoin wallet provider, from 2013 to 2015. The investigation is ongoing, but so far it has yielded the fact that only 800 people, over those three years,filed a Form 8949 to disclose property “related to bitcoin.”
Form 8949is for reporting sales of capital assets. It has no language specific to bitcoin, but it follows that if bitcoin is property, that’s the form you’d use to disclose gains from receiving or selling it.
The fact that the IRS even has official language on bitcoin is a sign that it recognizes bitcoin has staying power. But the Coinbase summons, Arterton says, is less encouraging, because it shows the IRS is taking an enforcement route toward bitcoin. “Itsuggests that they’re thinking of this like offshore bank accounts, where they don’t really know what’s going on but they think that there’s tax evasion,” she says.
Of course, just because the IRS has guidelines doesn’t mean people will comply. The irony of bitcoin guidelines for tax purposes is that the entire appeal of bitcoin, originally, was that it is anonymous and unregulated. Many of the earliest bitcoin believers were libertarians who want the currency to existoutside of government reach, untouched by regulators.
No one really knows exactly how many people own bitcoin. There are7 million unique addresses (or payment destinations) that own more than $1 in bitcoin, but many people have multiple addresses, so most estimates suggest that it’s only between 2 million and 4 million unique holders. When theSEC harshly rejected a proposal from the Winklevoss brothers for a bitcoin ETF, it did say that fewer than 1,000 people own more than 50% of all bitcoins.
Clearly, the 800 people who disclosed bitcoin gains from 2013 to 2015 represent just a fraction of all bitcoin owners. That might make you think that even if you have had gains from bitcoin, you don’t need to bother disclosing it on your taxes. And you might be right—unless the IRS decides to more actively pursue taxation of the cryptocurrency.
The best course, says Derber, who is also a (non-active) CPA, is to disclose it. And if your personal tax professional didn’t ask this year, they will likely start asking soon enough.
—
Daniel Roberts is a writer at Yahoo Finance, covering fintech and digital currency. Follow him on Twitter at@readDanwrite.
Read more:
Bitcoin crashes after SEC rejects Winklevoss ETF
Bitcoin is becoming the new gold
Expect more blockchain hype in 2017
Why 21.co is the most exciting bitcoin company right now || NCR Expands its Silver Point-of-Sale System in Australia: NCR CorporationNCR recently announced that its cloud-based point-of-sale (POS) system, NCR Silver, has been implemented on Australian shores (retail, service and restaurant merchants).
NCR Silver provides merchants with a complete cloud-based POS system compatible with mobile devices. NCR Silver is now available on Apple AAPL iOS and closed Android devices.
Moreover, the system now supports various payment options including Bitcoin and PayPal, to name a few. An increasing number of people are now opting for this mode of payment as it does not require middlemen, transaction fee or the need to disclose identity to complete a transaction.
NCR Silver will be useful for Australia-based merchants as they can turn their tablet into a complete POS system that can run on numerous devices. According to, Adam McArdle, regional director Asia Pacific, NCR, “We’ve developed NCR Silver specifically with the small business market in mind,” He further added, “We understand the challenges small businesses face, and what’s going to make an impact on their bottom line and the value they place on customers. We’re confident that this new offering will help them manage and grow their business.”
Price
Subscription of NCR Silver core app and NCR Silver Pro Restaurant Edition app starts from AU$109 plus GST for a single location running the app on one device. Further, customers will be charged extra for add-on services which will be available soon.
NCR Grows in POS
The demand for NCR’s POS solution is growing among retailers and hospitality industries as it facilitates the automation of bill payment and accounting. As a result, managers get ample time for customer interaction, leading to increased productivity. NCR strengthened its position in the POS market through the acquisition of Radiant Systems in Aug 2011.
According to Global Market Insights, the global market size of POS terminals will reach $103.52 billion by 2023. The report also says that market size of POS terminals, which at the end of 2015 was 32 million units, will reach 126 million units by 2023, reflecting a CAGR of 18.3% through the period.
Another research firm stated that the global POS terminal market, valued at $42.14 billion in 2015, is expected to reach $113.27 billion by 2024. Thus, NCR with its varied offerings of POS terminals and solutions should be able to capitalize on these growth opportunities.
Last Words
In the last one year, the company’s shares surged a whopping 47.8%, crushing the Zacks categorized Computer-Integrated Systems industry’s gain of 16%.
The company has also been the global leader in self-service ATMs for several years in terms of market share. NCR remains the largest supplier of ATM machines in Asia-Pacific and North America while maintaining its leadership in the Asian and European markets. By 2020, RBR Research expects India to install base similar to the size of the U.S., trailing only China. Currently, India is the world’s fourth-largest ATM market, with China, the U.S. and Japan holding the first three spots. This creates huge opportunities for companies like NCR.
Going forward, continuous product launches, growing popularity of its self-service offerings and synergies from acquisitions are the catalysts. Continuous deal wins also drive growth.
However, similar offerings from the likes of Diebold Corp. DBD and International Business Machines Corp. IBM and a high debt burden remain concerns.
Currently, NCR carries a Zacks Rank #3 (Hold).
You can seethe complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks’ Best Private Investment Ideas
In addition to the recommendations that are available to the public on our website, how would you like to follow all Zacks' private buys and sells in real time?
Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors. Starting today, for the next month, you can have unrestricted access.Click here for Zacks' private trades >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportInternational Business Machines Corporation (IBM): Free Stock Analysis ReportNCR Corporation (NCR): Free Stock Analysis ReportDiebold, Incorporated (DBD): Free Stock Analysis ReportApple Inc. (AAPL): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research || NCR Expands its Silver Point-of-Sale System in Australia: NCR Corporation NCR recently announced that its cloud-based point-of-sale (POS) system, NCR Silver, has been implemented on Australian shores (retail, service and restaurant merchants). NCR Silver provides merchants with a complete cloud-based POS system compatible with mobile devices. NCR Silver is now available on Apple AAPL iOS and closed Android devices. Moreover, the system now supports various payment options including Bitcoin and PayPal, to name a few. An increasing number of people are now opting for this mode of payment as it does not require middlemen, transaction fee or the need to disclose identity to complete a transaction. NCR Silver will be useful for Australia-based merchants as they can turn their tablet into a complete POS system that can run on numerous devices. According to, Adam McArdle, regional director Asia Pacific, NCR, “We’ve developed NCR Silver specifically with the small business market in mind,” He further added, “We understand the challenges small businesses face, and what’s going to make an impact on their bottom line and the value they place on customers. We’re confident that this new offering will help them manage and grow their business.” Price Subscription of NCR Silver core app and NCR Silver Pro Restaurant Edition app starts from AU$109 plus GST for a single location running the app on one device. Further, customers will be charged extra for add-on services which will be available soon. NCR Grows in POS The demand for NCR’s POS solution is growing among retailers and hospitality industries as it facilitates the automation of bill payment and accounting. As a result, managers get ample time for customer interaction, leading to increased productivity. NCR strengthened its position in the POS market through the acquisition of Radiant Systems in Aug 2011. According to Global Market Insights, the global market size of POS terminals will reach $103.52 billion by 2023. The report also says that market size of POS terminals, which at the end of 2015 was 32 million units, will reach 126 million units by 2023, reflecting a CAGR of 18.3% through the period. Story continues Another research firm stated that the global POS terminal market, valued at $42.14 billion in 2015, is expected to reach $113.27 billion by 2024. Thus, NCR with its varied offerings of POS terminals and solutions should be able to capitalize on these growth opportunities. Last Words In the last one year, the company’s shares surged a whopping 47.8%, crushing the Zacks categorized Computer-Integrated Systems industry’s gain of 16%. The company has also been the global leader in self-service ATMs for several years in terms of market share. NCR remains the largest supplier of ATM machines in Asia-Pacific and North America while maintaining its leadership in the Asian and European markets. By 2020, RBR Research expects India to install base similar to the size of the U.S., trailing only China. Currently, India is the world’s fourth-largest ATM market, with China, the U.S. and Japan holding the first three spots. This creates huge opportunities for companies like NCR. Going forward, continuous product launches, growing popularity of its self-service offerings and synergies from acquisitions are the catalysts. Continuous deal wins also drive growth. However, similar offerings from the likes of Diebold Corp. DBD and International Business Machines Corp. IBM and a high debt burden remain concerns. Currently, NCR carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here . Zacks’ Best Private Investment Ideas In addition to the recommendations that are available to the public on our website, how would you like to follow all Zacks' private buys and sells in real time? Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors. Starting today, for the next month, you can have unrestricted access. Click here for Zacks' private trades >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report International Business Machines Corporation (IBM): Free Stock Analysis Report NCR Corporation (NCR): Free Stock Analysis Report Diebold, Incorporated (DBD): Free Stock Analysis Report Apple Inc. (AAPL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research || Bitcoin Unlimited Futures Used to Extinguish Debt of Leading Bitcoin Public Company: VANCOUVER, BC / ACCESSWIRE / April 6, 2017 /First Bitcoin Capital Corp (OTC PINK: BITCF), in a related party transaction paid off approximately $200,000 in debt utilizing Bitcoin Unlimited Futures, making the Company 100% debt free.
Bitcoin Unlimited Futures is one of the latest cryptographic creations of the company and rides on the rails of the Bitcoin Blockchain. Released by the Company as a means of allowing speculators to predict the outcome of the forthcoming hard fork of Bitcoin Core into two distinct assets, Bitcoin Unlimited Futures trades under the symbols XBU on the decentralized OMNIDEX and the Company's subsidiary, COINQX.com as well as XB on the CCEX.com exchanges.
XBU or XB is not to be confused with competing efforts to presale actual Bitcoin Unlimited (BTU) prior to the hard fork, whereas in the case of XBU/XB our coin will not become BTU, instead, it will trade independently as a third currency. There is no relation of XBU or XB to the actual Bitcoin other than that it was created on and moves along the rails of the Bitcoin Blockchain using the Omni Layer Protocols.
BTU is trading at about half of the trading value of XBU/XB. Efforts by two competing exchanges to capitalize on the pending hard fork can be found here:http://coinmarketcap.com/currencies/bitcoin-unlimited/
Due to the ephemeral nature of XBU/XB, the Company's creditor agreed to accept XBU at a discount from current illiquid market rates so that the company has paid 2,000 XBU/XT to settle this related party debt from its growing inventory of altcoins.
"Becoming debt free not only strengthens our balance sheet but is an important milestone for a development stage company which positions the company for a more rapid path to profitability."
The company is also conducting its first ICO (Initial Coin Offering) which is actively offered at a bonus to "early bird" participants. In order to participate in the company's recently announced AltCoin ICO, kindly review further details athttp://www.AltCoinMarketCap.com
About the company:
First Bitcoin Capital is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange- www.CoinQX.com. We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges) we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies. At this time the Company is developing several cryptocurrency related businesses and owns and operates the following digital assets.
www.CoinQX.comcryptocurrency exchange, registered with FINCEN.
www.iCoiNEWS.comreal time cryptocurrency and bitcoin news site.
www.BITminer.ccproviding mining pool management services.
www.2016coin.orgonline daily election coverage and home page for $PRES, $HILL, $GARY& $BURN -commemorative presidential election coins.
www.bitcannpay.comOpen Loop merchant services for dispensaries.
List of Omni protocol coins issued on the Bitcoin Blockchain owned by the Company:http://omnichest.info/lookupadd.aspx?address=1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS
Follow us on Twitter @First_Bitcoin $BITCF
About BITCOIN UNLIMITED
The Bitcoin Unlimited (BU) project seeks to provide a voice to all stakeholders in the Bitcoin ecosystem.
Every node operator or miner can currently choose their own block size limit by modifying their client. Bitcoin Unlimited makes the process easier by providing a configurable option for the accepted and generated block size via a GUI menu. Bitcoin Unlimited further provides a user-configurable failsafe setting allowing you to accept a block larger than your maximum accepted block size if it reaches a certain number of blocks deep in the chain.
By moving the block size limit from the protocol layer to the transport layer, Bitcoin Unlimited removes the only point of central control in the Bitcoin economy - the block size limit - and returns it to the nodes and the miners. An emergent consensus will thus arise based on free-market economics as the nodes/miners converge on consensus focal points, creating in the process a living, breathing entity that responds to changing real-world conditions in a free and decentralized manner.
This approach is supported by the evidence accumulated over the past six years. The miners and node operators have until now been free to choose a soft limit which, as demand grew, has always been increased in a responsive and organic manner to meet the needs of the market. We expect miners to continue in this tested and proven free-market way by, for instance, coordinating to set a new generated block size limit of 2MB and reject any blocks larger than 2MB unless they reach 4 blocks deep in the longest chain. As demand increases, the limit can easily be increased to 3MB, 4MB, and so on, thus removing central control over the process of finding the equilibrium block size by allowing the free market to arrive at the correct choice in a decentralized fashion.
As a foundational principle, we assert that Bitcoin is and should be whatever its users define by the code they run, and the rules they vote for with their hash power.
Bitcoin Unlimited seeks to remove existing practical barriers to stakeholders expressing their views in these ways.
For more information, please visitwww.bitcoinunlimited.info
Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release.Such forward-looking statements are risks that are detailed in the Company's filings, which are on file atwww.OTCMarkets.com.
Contact us [email protected] visithttp://www.bitcoincapitalcorp.com
SOURCE:First Bitcoin Capital Corp. || Bitcoin Unlimited Futures Used to Extinguish Debt of Leading Bitcoin Public Company: VANCOUVER, BC / ACCESSWIRE / April 6, 2017 / First Bitcoin Capital Corp (OTC PINK: BITCF), in a related party transaction paid off approximately $200,000 in debt utilizing Bitcoin Unlimited Futures, making the Company 100% debt free. Bitcoin Unlimited Futures is one of the latest cryptographic creations of the company and rides on the rails of the Bitcoin Blockchain. Released by the Company as a means of allowing speculators to predict the outcome of the forthcoming hard fork of Bitcoin Core into two distinct assets, Bitcoin Unlimited Futures trades under the symbols XBU on the decentralized OMNIDEX and the Company's subsidiary, COINQX.com as well as XB on the CCEX.com exchanges. XBU or XB is not to be confused with competing efforts to presale actual Bitcoin Unlimited (BTU) prior to the hard fork, whereas in the case of XBU/XB our coin will not become BTU, instead, it will trade independently as a third currency. There is no relation of XBU or XB to the actual Bitcoin other than that it was created on and moves along the rails of the Bitcoin Blockchain using the Omni Layer Protocols. BTU is trading at about half of the trading value of XBU/XB. Efforts by two competing exchanges to capitalize on the pending hard fork can be found here: http://coinmarketcap.com/currencies/bitcoin-unlimited/ Due to the ephemeral nature of XBU/XB, the Company's creditor agreed to accept XBU at a discount from current illiquid market rates so that the company has paid 2,000 XBU/XT to settle this related party debt from its growing inventory of altcoins. "Becoming debt free not only strengthens our balance sheet but is an important milestone for a development stage company which positions the company for a more rapid path to profitability." The company is also conducting its first ICO (Initial Coin Offering) which is actively offered at a bonus to "early bird" participants. In order to participate in the company's recently announced AltCoin ICO, kindly review further details at http://www.AltCoinMarketCap.com Story continues About the company: First Bitcoin Capital is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange- www.CoinQX.com. We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges) we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies. At this time the Company is developing several cryptocurrency related businesses and owns and operates the following digital assets. www.CoinQX.com cryptocurrency exchange, registered with FINCEN. www.iCoiNEWS.com real time cryptocurrency and bitcoin news site. www.BITminer.cc providing mining pool management services. www.2016coin.org online daily election coverage and home page for $PRES, $HILL, $GARY& $BURN -commemorative presidential election coins. www.bitcannpay.com Open Loop merchant services for dispensaries. List of Omni protocol coins issued on the Bitcoin Blockchain owned by the Company: http://omnichest.info/lookupadd.aspx?address=1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS Follow us on Twitter @First_Bitcoin $BITCF About BITCOIN UNLIMITED The Bitcoin Unlimited (BU) project seeks to provide a voice to all stakeholders in the Bitcoin ecosystem. Every node operator or miner can currently choose their own block size limit by modifying their client. Bitcoin Unlimited makes the process easier by providing a configurable option for the accepted and generated block size via a GUI menu. Bitcoin Unlimited further provides a user-configurable failsafe setting allowing you to accept a block larger than your maximum accepted block size if it reaches a certain number of blocks deep in the chain. By moving the block size limit from the protocol layer to the transport layer, Bitcoin Unlimited removes the only point of central control in the Bitcoin economy - the block size limit - and returns it to the nodes and the miners. An emergent consensus will thus arise based on free-market economics as the nodes/miners converge on consensus focal points, creating in the process a living, breathing entity that responds to changing real-world conditions in a free and decentralized manner. This approach is supported by the evidence accumulated over the past six years. The miners and node operators have until now been free to choose a soft limit which, as demand grew, has always been increased in a responsive and organic manner to meet the needs of the market. We expect miners to continue in this tested and proven free-market way by, for instance, coordinating to set a new generated block size limit of 2MB and reject any blocks larger than 2MB unless they reach 4 blocks deep in the longest chain. As demand increases, the limit can easily be increased to 3MB, 4MB, and so on, thus removing central control over the process of finding the equilibrium block size by allowing the free market to arrive at the correct choice in a decentralized fashion. As a foundational principle, we assert that Bitcoin is and should be whatever its users define by the code they run, and the rules they vote for with their hash power. Bitcoin Unlimited seeks to remove existing practical barriers to stakeholders expressing their views in these ways. For more information, please visit www.bitcoinunlimited.info Forward-Looking Statements Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release.Such forward-looking statements are risks that are detailed in the Company's filings, which are on file at www.OTCMarkets.com . Contact us via [email protected] or visit http://www.bitcoincapitalcorp.com SOURCE: First Bitcoin Capital Corp. || Bitcoin Unlimited Futures Used to Extinguish Debt of Leading Bitcoin Public Company: VANCOUVER, BC / ACCESSWIRE / April 6, 2017 /First Bitcoin Capital Corp (OTC PINK: BITCF), in a related party transaction paid off approximately $200,000 in debt utilizing Bitcoin Unlimited Futures, making the Company 100% debt free.
Bitcoin Unlimited Futures is one of the latest cryptographic creations of the company and rides on the rails of the Bitcoin Blockchain. Released by the Company as a means of allowing speculators to predict the outcome of the forthcoming hard fork of Bitcoin Core into two distinct assets, Bitcoin Unlimited Futures trades under the symbols XBU on the decentralized OMNIDEX and the Company's subsidiary, COINQX.com as well as XB on the CCEX.com exchanges.
XBU or XB is not to be confused with competing efforts to presale actual Bitcoin Unlimited (BTU) prior to the hard fork, whereas in the case of XBU/XB our coin will not become BTU, instead, it will trade independently as a third currency. There is no relation of XBU or XB to the actual Bitcoin other than that it was created on and moves along the rails of the Bitcoin Blockchain using the Omni Layer Protocols.
BTU is trading at about half of the trading value of XBU/XB. Efforts by two competing exchanges to capitalize on the pending hard fork can be found here:http://coinmarketcap.com/currencies/bitcoin-unlimited/
Due to the ephemeral nature of XBU/XB, the Company's creditor agreed to accept XBU at a discount from current illiquid market rates so that the company has paid 2,000 XBU/XT to settle this related party debt from its growing inventory of altcoins.
"Becoming debt free not only strengthens our balance sheet but is an important milestone for a development stage company which positions the company for a more rapid path to profitability."
The company is also conducting its first ICO (Initial Coin Offering) which is actively offered at a bonus to "early bird" participants. In order to participate in the company's recently announced AltCoin ICO, kindly review further details athttp://www.AltCoinMarketCap.com
About the company:
First Bitcoin Capital is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange- www.CoinQX.com. We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges) we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies. At this time the Company is developing several cryptocurrency related businesses and owns and operates the following digital assets.
www.CoinQX.comcryptocurrency exchange, registered with FINCEN.
www.iCoiNEWS.comreal time cryptocurrency and bitcoin news site.
www.BITminer.ccproviding mining pool management services.
www.2016coin.orgonline daily election coverage and home page for $PRES, $HILL, $GARY& $BURN -commemorative presidential election coins.
www.bitcannpay.comOpen Loop merchant services for dispensaries.
List of Omni protocol coins issued on the Bitcoin Blockchain owned by the Company:http://omnichest.info/lookupadd.aspx?address=1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS
Follow us on Twitter @First_Bitcoin $BITCF
About BITCOIN UNLIMITED
The Bitcoin Unlimited (BU) project seeks to provide a voice to all stakeholders in the Bitcoin ecosystem.
Every node operator or miner can currently choose their own block size limit by modifying their client. Bitcoin Unlimited makes the process easier by providing a configurable option for the accepted and generated block size via a GUI menu. Bitcoin Unlimited further provides a user-configurable failsafe setting allowing you to accept a block larger than your maximum accepted block size if it reaches a certain number of blocks deep in the chain.
By moving the block size limit from the protocol layer to the transport layer, Bitcoin Unlimited removes the only point of central control in the Bitcoin economy - the block size limit - and returns it to the nodes and the miners. An emergent consensus will thus arise based on free-market economics as the nodes/miners converge on consensus focal points, creating in the process a living, breathing entity that responds to changing real-world conditions in a free and decentralized manner.
This approach is supported by the evidence accumulated over the past six years. The miners and node operators have until now been free to choose a soft limit which, as demand grew, has always been increased in a responsive and organic manner to meet the needs of the market. We expect miners to continue in this tested and proven free-market way by, for instance, coordinating to set a new generated block size limit of 2MB and reject any blocks larger than 2MB unless they reach 4 blocks deep in the longest chain. As demand increases, the limit can easily be increased to 3MB, 4MB, and so on, thus removing central control over the process of finding the equilibrium block size by allowing the free market to arrive at the correct choice in a decentralized fashion.
As a foundational principle, we assert that Bitcoin is and should be whatever its users define by the code they run, and the rules they vote for with their hash power.
Bitcoin Unlimited seeks to remove existing practical barriers to stakeholders expressing their views in these ways.
For more information, please visitwww.bitcoinunlimited.info
Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release.Such forward-looking statements are risks that are detailed in the Company's filings, which are on file atwww.OTCMarkets.com.
Contact us [email protected] visithttp://www.bitcoincapitalcorp.com
SOURCE:First Bitcoin Capital Corp.
[Social Media Buzz]
#bitcoin #miner Antminer S7 Bitcoin Miner - Used $325.00 http://ift.tt/2p28TxJ pic.twitter.com/tRNgM4i7lQ || Bitcoins NOT Bombs - http://www.ebay.com/itm/152497855034?ssPageName=STRK:MESELX:IT&_trksid=p3984.m1555.l2649 … Quality Vinyl Sticker 3.98 or 2 for 7.00 - @realDonaldTrump #TravelTuesday #bitcoin @bitcoin || One Bitcoin now worth $1201.81@bitstamp. High $1219.71. Low $1195.00. Market Cap $19.547 Billion #bitcoin || In the last 10 mins, there were arb opps spanning 7 exchange pair(s), yiel...
|
1200.37, 1169.28, 1167.54, 1172.52, 1182.94, 1193.91, 1211.67, 1210.29, 1229.08, 1222.05
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 244.53, 235.98, 238.89, 238.74, 237.47, 236.43, 253.83, 254.26, 260.20, 275.67, 281.70, 273.09, 276.18, 272.72, 276.26, 274.35, 289.61, 291.76, 296.38, 294.35, 285.34, 281.89, 286.39, 290.59, 285.51, 256.30, 260.93, 261.75, 260.02, 267.96, 266.74, 245.60, 246.20, 248.53, 247.03, 252.80, 242.71, 247.53, 244.22, 247.27, 253.01, 254.32, 253.70, 260.60, 255.49, 253.18, 245.02, 243.68, 236.07, 236.55, 236.15, 224.59, 219.16, 223.83, 228.57, 222.88, 223.36, 222.60, 224.63, 235.27, 234.18, 236.46, 231.27, 226.39, 219.43, 229.29, 225.85, 225.81, 236.15, 232.08, 234.93, 240.36, 239.02, 236.12, 229.78, 237.33, 243.86, 241.83, 240.30, 242.16, 241.11, 236.38, 236.93, 237.60, 236.15, 236.80, 233.13, 231.95, 234.02, 235.34.
|
[Bitcoin Technical Analysis for 2015-05-21]
Volume: 15108900, RSI (14-day): 49.07, 50-day EMA: 238.48, 200-day EMA: 260.99
[Wider Market Context]
Gold Price: 1204.40, Gold RSI: 51.15
Oil Price: 60.72, Oil RSI: 60.77
[Recent News (last 7 days)]
Euro Reverses Gains As ECB Proves It Means Business: This week, comments from the European Central Bank helped reverse some of the euro's recent gains, something many say is responsible for the region's improved economic performance.
The bank has been injecting cash into the struggling eurozone economy for months now, but rhetoric from the region's central bankers suggested that the bank is planning to up its involvement in the coming weeks.
Front-Loading
On Monday evening, ECB board member Benoit Coeureremarkedthat the bank is planning to front-load its bond purchases in May and June in anticipation of a summer lull in July and August.
In doing this, Coeure said, the bank will be able to maintain its monthly bond purchase average of €60 billion even as most Europeans head out for holiday and markets quiet down.
Related Link:Europe Tries To Avoid Cumbersome Laws With New Initiative
Going Above And Beyond
Coeure's remarks were followed by French Central Banker Christian Noyer'scommentsthat the bank would consider stepping up its involvement to boost inflation if necessary.
Noyer reassured investors that the bank would extend its bond-buying program beyond September 2016 if need be, something that further devalued the euro and gave European equity markets a boost.
Why Now?
Most believe that the timing of the ECB's comments was no accident. The euro's recent recovery could stall the bloc's forward progress, as the currency's decline has helped make eurozone exports more appealing abroad.
Additionally, increasing bond purchases in May and June could help offset some of the panic that would ensue if Greece is unable to meet its loan payment deadlines. While most expect the nation to reach a deal with its creditors soon, some analysts say the ECB could be preparing a safety net for markets in the case of a default.
Image Credit: Public Domain
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• AT&T Bets On Connected Cars
• Bitcoin-Based Security Makes Its Way To Stockholm Exchange
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Euro Reverses Gains As ECB Proves It Means Business: This week, comments from the European Central Bank helped reverse some of the euro's recent gains, something many say is responsible for the region's improved economic performance. The bank has been injecting cash into the struggling eurozone economy for months now, but rhetoric from the region's central bankers suggested that the bank is planning to up its involvement in the coming weeks. Front-Loading On Monday evening, ECB board member Benoit Coeure remarked that the bank is planning to front-load its bond purchases in May and June in anticipation of a summer lull in July and August. In doing this, Coeure said, the bank will be able to maintain its monthly bond purchase average of €60 billion even as most Europeans head out for holiday and markets quiet down. Related Link: Europe Tries To Avoid Cumbersome Laws With New Initiative Going Above And Beyond Coeure's remarks were followed by French Central Banker Christian Noyer's comments that the bank would consider stepping up its involvement to boost inflation if necessary. Noyer reassured investors that the bank would extend its bond-buying program beyond September 2016 if need be, something that further devalued the euro and gave European equity markets a boost. Why Now? Most believe that the timing of the ECB's comments was no accident. The euro's recent recovery could stall the bloc's forward progress, as the currency's decline has helped make eurozone exports more appealing abroad. Additionally, increasing bond purchases in May and June could help offset some of the panic that would ensue if Greece is unable to meet its loan payment deadlines. While most expect the nation to reach a deal with its creditors soon, some analysts say the ECB could be preparing a safety net for markets in the case of a default. Image Credit: Public Domain See more from Benzinga Can Wal-Mart Take On Amazon? AT&T Bets On Connected Cars Bitcoin-Based Security Makes Its Way To Stockholm Exchange © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || Silicon Valley banks on Bitcoin as a way to overtake Wall Street: If you asked most people through history their biggest complaint about money, most would say they just don’t have enough of it.
But there have long been small factions dissatisfied with the dominant forms of money, which sought a more secure, private, efficient means of storing wealth and paying for things.
The digital currency Bitcoin emerged from these desires, enabled by pervasive access to the Internet and alarm over the failures of central banks and private financial institutions in the credit bust of the late 2000s.
Nathaniel Popper, a New York Times reporter who covers the interplay of finance and technology, has now detailed Bitcoin’s rise through the story of the quixotic utopians and mercenary opportunists who helped develop it in his new book, “Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money.”
As Popper notes in the attached video, privacy advocates had led the quest for “a new money for the Internet Age” since the 1990s, uneasy with the permanent traces left by electronic transactions and suspicious of the banks and governments that controlled the creation and flow of money.
Yet not much took hold until late 2008, when a still-unidentified figure who called himself Satoshi Nakamoto circulated a manifesto and software code for an ingenious system for “mining” Bitcoin using an open network of computers and securely but anonymously verifying the ownership and transfer of this currency.
This effort caught on with a broader assortment of libertarian coders, techno-utopians and outlaw profiteers.The financial crisis as catalyst
“What was in the air when Bitcoin was launched,” says Popper, “was the financial crisis.” The crisis inflamed anger and fear over the misbehavior of banks, the aggressive money printing of the Federal Reserve and the evident systemic vulnerability of nation-based “fiat currencies.”
Popper’s title likens Bitcoin to gold because it shares much of what people have valued in gold over the centuries: It is indestructible, globally accepted, finite in supply, portable, infinitely divisible, difficult to mine and unconnected to any government or institution.
The Bitcoin regime encourages individuals to dedicate computing power to creating new Bitcoin and supporting the platform for their ownership and transfer. Computers “mine” Bitcoin by competing to solve complex mathematical problems. New Bitcoin are “released” in predetermined increments, and the supply will be capped at 21 million Bitcoin around the year 2040.
[Get the Latest Market Data and News with the Yahoo Finance App]
Waves of excitement and adversity have washed over Bitcoin since it launched. The black-market ecommerce site Silk Road, which sold drugs and other illegal goods, was a huge drive of its early growth, before law enforcement authorities shut it down. The biggest Bitcoin exchange,Mt. Gox, collapsed after a series of theft attacks and technology failures.
And when Chinese ecommerce giant Baidu began accepting Bitcoin payment it helped set off a speculative surge in the price of Bitcoin, from a few dollars to above $1,200 in 2013. The price has since settled back into the $200s per Bitcoin.
Even after the Fed-hating rhetoric cooled and Bitcoin’s price surge reversed, big-money entrepreneurs and institutions have invested in the Bitcoin ecosystem.
The New York Stock Exchangethis week began quoting a benchmark Bitcoin price index. Former Treasury Secretary Lawrence Summers is involved in a Bitcoinstartup called 21 Inc. Goldman Sachs Group Inc. (GS)has invested in a Bitcoin-related business, as has heavyweight venture capital firm Andreessen Horowitz.
“The fascinating thing about Bitcoin is that it has sort of managed to adapt to the times,” says Popper. “It is sort of a blank slate on which people can write their own interests.”A 'tech utopia'
Some see its main value as serving as a low-cost version of PayPal, enabling efficient global online payments, or a more seamless way for banks to move enormous sums among themselves.
Others believe it is the supreme store of wealth, sure to appreciate given limited supply and growing adoption. Others see the main value residing in the clever open-source computing platform, which some believecan be put to widespread use for other purposes.
Some of the fiercest advocates for Bitcoin embody the present rise of “tech utopianism” in Silicon Valley, where high-riding entrepreneurs and programmers believe they are remaking massive parts of society through smarter software.
Remaking the storage and transfer of money “takes out a lot of middlemen,” Popper points out. “A lot of the excitement in Silicon Valley is, maybe this is Silicon Valley’s chance to take some of the fundamental business lines of Wall Street.”
Of course, the vast majority of people seem rather content with the existing dollar-based system and the payments infrastructure that works rather well for most purposes. Much of the innovation in financial technology – such as Apple Pay and Google Wallet – are built atop the banking and card processing networks, in fact.
This could make Bitcoin-centered systems seem like a solution in search of a problem. But that won’t stop the true believers and opportunists from trying to persuade the world that there is a more perfect form of money, invented seven years ago by someone who’s never been identified. || Silicon Valley banks on Bitcoin as a way to overtake Wall Street: If you asked most people through history their biggest complaint about money, most would say they just don’t have enough of it.
But there have long been small factions dissatisfied with the dominant forms of money, which sought a more secure, private, efficient means of storing wealth and paying for things.
The digital currency Bitcoin emerged from these desires, enabled by pervasive access to the Internet and alarm over the failures of central banks and private financial institutions in the credit bust of the late 2000s.
Nathaniel Popper, a New York Times reporter who covers the interplay of finance and technology, has now detailed Bitcoin’s rise through the story of the quixotic utopians and mercenary opportunists who helped develop it in his new book, “Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money.”
As Popper notes in the attached video, privacy advocates had led the quest for “a new money for the Internet Age” since the 1990s, uneasy with the permanent traces left by electronic transactions and suspicious of the banks and governments that controlled the creation and flow of money.
Yet not much took hold until late 2008, when a still-unidentified figure who called himself Satoshi Nakamoto circulated a manifesto and software code for an ingenious system for “mining” Bitcoin using an open network of computers and securely but anonymously verifying the ownership and transfer of this currency.
This effort caught on with a broader assortment of libertarian coders, techno-utopians and outlaw profiteers.The financial crisis as catalyst
“What was in the air when Bitcoin was launched,” says Popper, “was the financial crisis.” The crisis inflamed anger and fear over the misbehavior of banks, the aggressive money printing of the Federal Reserve and the evident systemic vulnerability of nation-based “fiat currencies.”
Popper’s title likens Bitcoin to gold because it shares much of what people have valued in gold over the centuries: It is indestructible, globally accepted, finite in supply, portable, infinitely divisible, difficult to mine and unconnected to any government or institution.
The Bitcoin regime encourages individuals to dedicate computing power to creating new Bitcoin and supporting the platform for their ownership and transfer. Computers “mine” Bitcoin by competing to solve complex mathematical problems. New Bitcoin are “released” in predetermined increments, and the supply will be capped at 21 million Bitcoin around the year 2040.
[Get the Latest Market Data and News with the Yahoo Finance App]
Waves of excitement and adversity have washed over Bitcoin since it launched. The black-market ecommerce site Silk Road, which sold drugs and other illegal goods, was a huge drive of its early growth, before law enforcement authorities shut it down. The biggest Bitcoin exchange,Mt. Gox, collapsed after a series of theft attacks and technology failures.
And when Chinese ecommerce giant Baidu began accepting Bitcoin payment it helped set off a speculative surge in the price of Bitcoin, from a few dollars to above $1,200 in 2013. The price has since settled back into the $200s per Bitcoin.
Even after the Fed-hating rhetoric cooled and Bitcoin’s price surge reversed, big-money entrepreneurs and institutions have invested in the Bitcoin ecosystem.
The New York Stock Exchangethis week began quoting a benchmark Bitcoin price index. Former Treasury Secretary Lawrence Summers is involved in a Bitcoinstartup called 21 Inc. Goldman Sachs Group Inc. (GS)has invested in a Bitcoin-related business, as has heavyweight venture capital firm Andreessen Horowitz.
“The fascinating thing about Bitcoin is that it has sort of managed to adapt to the times,” says Popper. “It is sort of a blank slate on which people can write their own interests.”A 'tech utopia'
Some see its main value as serving as a low-cost version of PayPal, enabling efficient global online payments, or a more seamless way for banks to move enormous sums among themselves.
Others believe it is the supreme store of wealth, sure to appreciate given limited supply and growing adoption. Others see the main value residing in the clever open-source computing platform, which some believecan be put to widespread use for other purposes.
Some of the fiercest advocates for Bitcoin embody the present rise of “tech utopianism” in Silicon Valley, where high-riding entrepreneurs and programmers believe they are remaking massive parts of society through smarter software.
Remaking the storage and transfer of money “takes out a lot of middlemen,” Popper points out. “A lot of the excitement in Silicon Valley is, maybe this is Silicon Valley’s chance to take some of the fundamental business lines of Wall Street.”
Of course, the vast majority of people seem rather content with the existing dollar-based system and the payments infrastructure that works rather well for most purposes. Much of the innovation in financial technology – such as Apple Pay and Google Wallet – are built atop the banking and card processing networks, in fact.
This could make Bitcoin-centered systems seem like a solution in search of a problem. But that won’t stop the true believers and opportunists from trying to persuade the world that there is a more perfect form of money, invented seven years ago by someone who’s never been identified. || Silicon Valley banks on Bitcoin as a way to overtake Wall Street: If you asked most people through history their biggest complaint about money, most would say they just dont have enough of it. But there have long been small factions dissatisfied with the dominant forms of money, which sought a more secure, private, efficient means of storing wealth and paying for things. The digital currency Bitcoin emerged from these desires, enabled by pervasive access to the Internet and alarm over the failures of central banks and private financial institutions in the credit bust of the late 2000s. Nathaniel Popper, a New York Times reporter who covers the interplay of finance and technology, has now detailed Bitcoins rise through the story of the quixotic utopians and mercenary opportunists who helped develop it in his new book, Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money. As Popper notes in the attached video, privacy advocates had led the quest for a new money for the Internet Age since the 1990s, uneasy with the permanent traces left by electronic transactions and suspicious of the banks and governments that controlled the creation and flow of money. Yet not much took hold until late 2008, when a still-unidentified figure who called himself Satoshi Nakamoto circulated a manifesto and software code for an ingenious system for mining Bitcoin using an open network of computers and securely but anonymously verifying the ownership and transfer of this currency. This effort caught on with a broader assortment of libertarian coders, techno-utopians and outlaw profiteers. The financial crisis as catalyst What was in the air when Bitcoin was launched, says Popper, was the financial crisis. The crisis inflamed anger and fear over the misbehavior of banks, the aggressive money printing of the Federal Reserve and the evident systemic vulnerability of nation-based fiat currencies. Poppers title likens Bitcoin to gold because it shares much of what people have valued in gold over the centuries: It is indestructible, globally accepted, finite in supply, portable, infinitely divisible, difficult to mine and unconnected to any government or institution. Story continues The Bitcoin regime encourages individuals to dedicate computing power to creating new Bitcoin and supporting the platform for their ownership and transfer. Computers mine Bitcoin by competing to solve complex mathematical problems. New Bitcoin are released in predetermined increments, and the supply will be capped at 21 million Bitcoin around the year 2040. [ Get the Latest Market Data and News with the Yahoo Finance App ] Waves of excitement and adversity have washed over Bitcoin since it launched. The black-market ecommerce site Silk Road, which sold drugs and other illegal goods, was a huge drive of its early growth, before law enforcement authorities shut it down. The biggest Bitcoin exchange, Mt. Gox , collapsed after a series of theft attacks and technology failures. And when Chinese ecommerce giant Baidu began accepting Bitcoin payment it helped set off a speculative surge in the price of Bitcoin, from a few dollars to above $1,200 in 2013. The price has since settled back into the $200s per Bitcoin. Even after the Fed-hating rhetoric cooled and Bitcoins price surge reversed, big-money entrepreneurs and institutions have invested in the Bitcoin ecosystem. The New York Stock Exchange this week began quoting a benchmark Bitcoin price index . Former Treasury Secretary Lawrence Summers is involved in a Bitcoin startup called 21 Inc . Goldman Sachs Group Inc. ( GS ) has invested in a Bitcoin-related business , as has heavyweight venture capital firm Andreessen Horowitz. The fascinating thing about Bitcoin is that it has sort of managed to adapt to the times, says Popper. It is sort of a blank slate on which people can write their own interests. A 'tech utopia' Some see its main value as serving as a low-cost version of PayPal, enabling efficient global online payments, or a more seamless way for banks to move enormous sums among themselves. Others believe it is the supreme store of wealth, sure to appreciate given limited supply and growing adoption. Others see the main value residing in the clever open-source computing platform, which some believe can be put to widespread use for other purposes . Some of the fiercest advocates for Bitcoin embody the present rise of tech utopianism in Silicon Valley, where high-riding entrepreneurs and programmers believe they are remaking massive parts of society through smarter software. Remaking the storage and transfer of money takes out a lot of middlemen, Popper points out. A lot of the excitement in Silicon Valley is, maybe this is Silicon Valleys chance to take some of the fundamental business lines of Wall Street. Of course, the vast majority of people seem rather content with the existing dollar-based system and the payments infrastructure that works rather well for most purposes. Much of the innovation in financial technology such as Apple Pay and Google Wallet are built atop the banking and card processing networks, in fact. This could make Bitcoin-centered systems seem like a solution in search of a problem. But that wont stop the true believers and opportunists from trying to persuade the world that there is a more perfect form of money, invented seven years ago by someone whos never been identified. || Conexus Acquires a Majority Interest in Bitcoin Direct LLC: NEW YORK, NY--(Marketwired - May 19, 2015) - Conexus Cattle Corp. (OTC PINK:CNXS) announced today the acquisition of a 51% membership interest in Bitcoin Direct LLC, Nevada limited liability company ("Bitcoin" or the "Company"), which provides bitcoin transaction solutions for consumers in what we believe is a rapidly expanding industry, still in its infancy. Bitcoin's initial focus is aimed at installing and servicing its ABMs (Automated Bitcoin Machines) in multiple locations. The ABMs provide consumers with the ability to instantaneously purchase bitcoins through their mobile devices. Currently, the Company has installations serving the major metropolitan centers of New York City and Montreal. The Company anticipates rapidly expanding its network of Company owned ABMs in the coming months.
In addition to operating its own bitcoin ABMs, the Company also anticipates partnering with local operators to create an integrated bitcoin distribution network in high traffic locations across North America. The Company, through its relationships with leading bitcoin miners, plans to supply bitcoins, as well as provide ABM equipment to these local operators.
Bitcoin plans to offer a full range of bitcoin transaction solutions to a wide variety of industries, including remittance and gaming, among others.
Under the terms of the transaction, Conexus, Bitcoin, and all of the members of Bitcoin, entered into a Securities Exchange Agreement, pursuant to which Conexus acquired memberships interests representing 51% of Bitcoin in exchange for 500 shares of the Conexus's Series H Preferred, with an aggregate stated value equal to $500,000 (the "Exchange Agreement"). In accordance with the terms of the Exchange Agreement, Conexus agreed to provide a working capital facility to Bitcoin in an amount up to $300,000 to be utilized by Bitcoin as needed, and to be repaid by Bitcoin from working capital generated from Bitcoin's operations. In addition, the Exchange Agreement provides an option to the members of Bitcoin for a period of five years to repurchase from the Conexus 10% of the Bitcoin membership interests held by Conexus for $250,000. Additional details of the transaction are included in the Conexus' Current Report on Form 8-K filed today with the U.S. Securities and Exchange Commission.
Conrad Huss, President of Conexus, commented, "We are excited to have acquired the majority interest in Bitcoin Direct LLC, along with its experienced management team. Our strategy is to provide sound, profitable, bitcoin transaction solutions to consumers, and to assist a variety of industries as they grow their markets. The Company is ready to help pioneer and promote the consumer adoption of bitcoin through automated solutions across North America."
About Bitcoin Direct LLCBitcoin Direct LLC provides bitcoin transaction solutions for consumers. Bitcoin's initial focus is aimed at installing and servicing its ABMs (Automated Bitcoin Machines) in multiple locations. The ABMs provide consumers with the ability to instantaneously purchase bitcoins through their mobile devices. Currently, the Company has installations serving the major metropolitan centers of New York City and Montreal.
Safe HarborThis press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The forward-looking statements are based on current expectations, estimates and projections made by management. The Company intends for the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," or variations of such words are intended to identify such forward-looking statements. The forward-looking statements contained in this press release include statements regarding the elimination of debt positioning the Company for growth and the vote of confidence in the growth plans. All forward-looking statements in this press release are made as of the date of this press release, and the Company assumes no obligation to update these forward-looking statements other than as required by law. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements and include the Company's ability to complete its intended growth plans in a timely manner and the other factors discussed in Current Reports on Form 8-K. Copies of these filings are available atwww.sec.gov || Conexus Acquires a Majority Interest in Bitcoin Direct LLC: NEW YORK, NY--(Marketwired - May 19, 2015) - Conexus Cattle Corp. ( OTC PINK : CNXS ) announced today the acquisition of a 51% membership interest in Bitcoin Direct LLC, Nevada limited liability company ("Bitcoin" or the "Company"), which provides bitcoin transaction solutions for consumers in what we believe is a rapidly expanding industry, still in its infancy. Bitcoin's initial focus is aimed at installing and servicing its ABMs (Automated Bitcoin Machines) in multiple locations. The ABMs provide consumers with the ability to instantaneously purchase bitcoins through their mobile devices. Currently, the Company has installations serving the major metropolitan centers of New York City and Montreal. The Company anticipates rapidly expanding its network of Company owned ABMs in the coming months. In addition to operating its own bitcoin ABMs, the Company also anticipates partnering with local operators to create an integrated bitcoin distribution network in high traffic locations across North America. The Company, through its relationships with leading bitcoin miners, plans to supply bitcoins, as well as provide ABM equipment to these local operators. Bitcoin plans to offer a full range of bitcoin transaction solutions to a wide variety of industries, including remittance and gaming, among others. Under the terms of the transaction, Conexus, Bitcoin, and all of the members of Bitcoin, entered into a Securities Exchange Agreement, pursuant to which Conexus acquired memberships interests representing 51% of Bitcoin in exchange for 500 shares of the Conexus's Series H Preferred, with an aggregate stated value equal to $500,000 (the "Exchange Agreement"). In accordance with the terms of the Exchange Agreement, Conexus agreed to provide a working capital facility to Bitcoin in an amount up to $300,000 to be utilized by Bitcoin as needed, and to be repaid by Bitcoin from working capital generated from Bitcoin's operations. In addition, the Exchange Agreement provides an option to the members of Bitcoin for a period of five years to repurchase from the Conexus 10% of the Bitcoin membership interests held by Conexus for $250,000. Additional details of the transaction are included in the Conexus' Current Report on Form 8-K filed today with the U.S. Securities and Exchange Commission. Story continues Conrad Huss, President of Conexus, commented, "We are excited to have acquired the majority interest in Bitcoin Direct LLC, along with its experienced management team. Our strategy is to provide sound, profitable, bitcoin transaction solutions to consumers, and to assist a variety of industries as they grow their markets. The Company is ready to help pioneer and promote the consumer adoption of bitcoin through automated solutions across North America." About Bitcoin Direct LLC Bitcoin Direct LLC provides bitcoin transaction solutions for consumers. Bitcoin's initial focus is aimed at installing and servicing its ABMs (Automated Bitcoin Machines) in multiple locations. The ABMs provide consumers with the ability to instantaneously purchase bitcoins through their mobile devices. Currently, the Company has installations serving the major metropolitan centers of New York City and Montreal. Safe Harbor This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The forward-looking statements are based on current expectations, estimates and projections made by management. The Company intends for the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," or variations of such words are intended to identify such forward-looking statements. The forward-looking statements contained in this press release include statements regarding the elimination of debt positioning the Company for growth and the vote of confidence in the growth plans. All forward-looking statements in this press release are made as of the date of this press release, and the Company assumes no obligation to update these forward-looking statements other than as required by law. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements and include the Company's ability to complete its intended growth plans in a timely manner and the other factors discussed in Current Reports on Form 8-K. Copies of these filings are available at www.sec.gov || Conexus Acquires a Majority Interest in Bitcoin Direct LLC: NEW YORK, NY--(Marketwired - May 19, 2015) - Conexus Cattle Corp. (OTC PINK:CNXS) announced today the acquisition of a 51% membership interest in Bitcoin Direct LLC, Nevada limited liability company ("Bitcoin" or the "Company"), which provides bitcoin transaction solutions for consumers in what we believe is a rapidly expanding industry, still in its infancy. Bitcoin's initial focus is aimed at installing and servicing its ABMs (Automated Bitcoin Machines) in multiple locations. The ABMs provide consumers with the ability to instantaneously purchase bitcoins through their mobile devices. Currently, the Company has installations serving the major metropolitan centers of New York City and Montreal. The Company anticipates rapidly expanding its network of Company owned ABMs in the coming months.
In addition to operating its own bitcoin ABMs, the Company also anticipates partnering with local operators to create an integrated bitcoin distribution network in high traffic locations across North America. The Company, through its relationships with leading bitcoin miners, plans to supply bitcoins, as well as provide ABM equipment to these local operators.
Bitcoin plans to offer a full range of bitcoin transaction solutions to a wide variety of industries, including remittance and gaming, among others.
Under the terms of the transaction, Conexus, Bitcoin, and all of the members of Bitcoin, entered into a Securities Exchange Agreement, pursuant to which Conexus acquired memberships interests representing 51% of Bitcoin in exchange for 500 shares of the Conexus's Series H Preferred, with an aggregate stated value equal to $500,000 (the "Exchange Agreement"). In accordance with the terms of the Exchange Agreement, Conexus agreed to provide a working capital facility to Bitcoin in an amount up to $300,000 to be utilized by Bitcoin as needed, and to be repaid by Bitcoin from working capital generated from Bitcoin's operations. In addition, the Exchange Agreement provides an option to the members of Bitcoin for a period of five years to repurchase from the Conexus 10% of the Bitcoin membership interests held by Conexus for $250,000. Additional details of the transaction are included in the Conexus' Current Report on Form 8-K filed today with the U.S. Securities and Exchange Commission.
Conrad Huss, President of Conexus, commented, "We are excited to have acquired the majority interest in Bitcoin Direct LLC, along with its experienced management team. Our strategy is to provide sound, profitable, bitcoin transaction solutions to consumers, and to assist a variety of industries as they grow their markets. The Company is ready to help pioneer and promote the consumer adoption of bitcoin through automated solutions across North America."
About Bitcoin Direct LLCBitcoin Direct LLC provides bitcoin transaction solutions for consumers. Bitcoin's initial focus is aimed at installing and servicing its ABMs (Automated Bitcoin Machines) in multiple locations. The ABMs provide consumers with the ability to instantaneously purchase bitcoins through their mobile devices. Currently, the Company has installations serving the major metropolitan centers of New York City and Montreal.
Safe HarborThis press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The forward-looking statements are based on current expectations, estimates and projections made by management. The Company intends for the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," or variations of such words are intended to identify such forward-looking statements. The forward-looking statements contained in this press release include statements regarding the elimination of debt positioning the Company for growth and the vote of confidence in the growth plans. All forward-looking statements in this press release are made as of the date of this press release, and the Company assumes no obligation to update these forward-looking statements other than as required by law. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements and include the Company's ability to complete its intended growth plans in a timely manner and the other factors discussed in Current Reports on Form 8-K. Copies of these filings are available atwww.sec.gov || STOCKS GO NOWHERE: Here's what you need to know: Car stuck (REUTERS/Jonathan Alcorn ) Stocks were all over the place on Tuesday. The S&P 500 and the Dow rallied above the record highs set on Monday, and slid in the final 90 minutes of trading. But the Dow rebounded to make a new record high. First, the scoreboard: Dow: 18,312.39, +13.51, (0.07%) S&P 500: 2,127.83, -1.37, (-0.06%) Nasdaq: 5,070.03, -8.40, (-0.17%) And now, the top stories on Tuesday: In economic data, housing starts surged to the highest level since November 2007 . Starts rose 20.2% in April to an annualized pace of 1.135 million, crushing expectations for a 9.6% rise to an annualized rate of 1.01 million. Building permits rose 10.1% to an annualized pace of 1.143 million, versus forecasts for a 2.1% rise to an annualized pace of 1.06 million. "The uptick in mortgage rates over the last month will be a headwind going forward," wrote Nomura analysts in a note. "However, today's data reinforce our basic view that housing will contribute to stronger growth this year and that we should expect stronger growth in the US going forward." US government bonds sold off. As their prices fell, yields rose; the yield on the benchmark 10-year Treasury note climbed to a year-to-date high of 2.303%, a rise of about 5 basis points. The long 30-year bond yield also rose about 5 basis points to as high as 3.09%. West Texas Intermediate crude oil fell more than 3.5% to as low as $57.95 per barre l. The American Petroleum Institute is due to report on US crude stockpiles after the closing bell, and the Energy Information Administration will release its tally on Wednesday. Inventories have declined in the past few weeks. Over the weekend, Goldman Sachs slashed its price forecast for the next five years. The New York Stock Exchange has launched a bitcoin index . NYXBT will reflect data from the Coinbase bitcoin exchange, which the NYSE made a minority investment in earlier this year. The NYSE said in a statement: "NYXBT utilizes a unique methodology that relies on rules-based logic to analyze a dataset of matched transactions and verify the integrity of the data to ultimately produce an objective and fair daily value for one bitcoin in U.S. Dollars as of 16:00 London time." Bitcoin is currently worth $233, down almost $3 from yesterday. Shares of Chinese sports lottery site 500.com surged as much as 30% despite the company announcing a first-quarter loss, the resignation of its CEO and one director, and saying it is currently generating no sales. The company saw an earnings per share loss of 6 cents, much less than the expectation for a profit of 28 cents, and sales of $15.9 million versus $24.7 million expected. It saw a net loss of $8.4 million. Last month, 500.com suspended all online lottery sales in agreement with the Chinese government. And in the earnings report Tuesday, it said it is not generating revenues due to the suspension. TJX Companies beat estimates on earnings and revenues in the first quarter – something that's been unusual for retailers this season. The parent company of TJ Maxx and Marshalls reported adjusted earnings per share of $0.69 (versus $0.66 expected) on sales of $6.9 billion (versus $6.8 billion.) The company saw a 5% year-over-year rise in same-store sales, and raised its full-year guidance based on these results. Its stock rose as much as 3%. Macy's and JCPenney are two of the retailers that reported weaker-than-expected earnings. Urban Outfitters also missed expectations, and its stock tanked by up to 16% . It reported first quarter sales of $0.25 ($0.30 expected,) and record sales of $739 million (still below $757.58 expected.) Analysts at Oppenheimer downgraded the stock to "Perform" from "Outperform," citing several lackluster quarters, and "fashion misses" at Anthropologie in their note. Shake Shack shares rallied by more than 5% , bringing the stock's gains since reporting earnings after the close last Wednesday to around 12%. After the company's initial public offering priced at $21 in January, the stock has more than tripled and was trading at around $76 on Tuesday. There's been no big news since the earnings results that one analyst described as a " historically impressive 'beat and raise quarter.' " Shake Shack's flagship location in Madison Square Park in New York will reopen on Wednesday May 20. Story continues DON'T MISS: This demographic trend will be bullish for stocks for years » NOW WATCH: Here's exactly when you should 'cc' someone on email More From Business Insider STOCKS GO NOWHERE: Here's what you need to know STOCKS HIT ALL-TIME HIGHS: Here's what you need to know STOCKS GO NOWHERE: Here's what you need to know || STOCKS GO NOWHERE: Here's what you need to know: Car stuck (REUTERS/Jonathan Alcorn ) Stocks were all over the place on Tuesday. The S&P 500 and the Dow rallied above the record highs set on Monday, and slid in the final 90 minutes of trading. But the Dow rebounded to make a new record high. First, the scoreboard: Dow: 18,312.39, +13.51, (0.07%) S&P 500: 2,127.83, -1.37, (-0.06%) Nasdaq: 5,070.03, -8.40, (-0.17%) And now, the top stories on Tuesday: In economic data, housing starts surged to the highest level since November 2007 . Starts rose 20.2% in April to an annualized pace of 1.135 million, crushing expectations for a 9.6% rise to an annualized rate of 1.01 million. Building permits rose 10.1% to an annualized pace of 1.143 million, versus forecasts for a 2.1% rise to an annualized pace of 1.06 million. "The uptick in mortgage rates over the last month will be a headwind going forward," wrote Nomura analysts in a note. "However, today's data reinforce our basic view that housing will contribute to stronger growth this year and that we should expect stronger growth in the US going forward." US government bonds sold off. As their prices fell, yields rose; the yield on the benchmark 10-year Treasury note climbed to a year-to-date high of 2.303%, a rise of about 5 basis points. The long 30-year bond yield also rose about 5 basis points to as high as 3.09%. West Texas Intermediate crude oil fell more than 3.5% to as low as $57.95 per barre l. The American Petroleum Institute is due to report on US crude stockpiles after the closing bell, and the Energy Information Administration will release its tally on Wednesday. Inventories have declined in the past few weeks. Over the weekend, Goldman Sachs slashed its price forecast for the next five years. The New York Stock Exchange has launched a bitcoin index . NYXBT will reflect data from the Coinbase bitcoin exchange, which the NYSE made a minority investment in earlier this year. The NYSE said in a statement: "NYXBT utilizes a unique methodology that relies on rules-based logic to analyze a dataset of matched transactions and verify the integrity of the data to ultimately produce an objective and fair daily value for one bitcoin in U.S. Dollars as of 16:00 London time." Bitcoin is currently worth $233, down almost $3 from yesterday. Shares of Chinese sports lottery site 500.com surged as much as 30% despite the company announcing a first-quarter loss, the resignation of its CEO and one director, and saying it is currently generating no sales. The company saw an earnings per share loss of 6 cents, much less than the expectation for a profit of 28 cents, and sales of $15.9 million versus $24.7 million expected. It saw a net loss of $8.4 million. Last month, 500.com suspended all online lottery sales in agreement with the Chinese government. And in the earnings report Tuesday, it said it is not generating revenues due to the suspension. TJX Companies beat estimates on earnings and revenues in the first quarter – something that's been unusual for retailers this season. The parent company of TJ Maxx and Marshalls reported adjusted earnings per share of $0.69 (versus $0.66 expected) on sales of $6.9 billion (versus $6.8 billion.) The company saw a 5% year-over-year rise in same-store sales, and raised its full-year guidance based on these results. Its stock rose as much as 3%. Macy's and JCPenney are two of the retailers that reported weaker-than-expected earnings. Urban Outfitters also missed expectations, and its stock tanked by up to 16% . It reported first quarter sales of $0.25 ($0.30 expected,) and record sales of $739 million (still below $757.58 expected.) Analysts at Oppenheimer downgraded the stock to "Perform" from "Outperform," citing several lackluster quarters, and "fashion misses" at Anthropologie in their note. Shake Shack shares rallied by more than 5% , bringing the stock's gains since reporting earnings after the close last Wednesday to around 12%. After the company's initial public offering priced at $21 in January, the stock has more than tripled and was trading at around $76 on Tuesday. There's been no big news since the earnings results that one analyst described as a " historically impressive 'beat and raise quarter.' " Shake Shack's flagship location in Madison Square Park in New York will reopen on Wednesday May 20. Story continues DON'T MISS: This demographic trend will be bullish for stocks for years » NOW WATCH: Here's exactly when you should 'cc' someone on email More From Business Insider STOCKS GO NOWHERE: Here's what you need to know STOCKS HIT ALL-TIME HIGHS: Here's what you need to know STOCKS GO NOWHERE: Here's what you need to know || Wall Street momentum adds to year of bitcoin legitimacy: A top secret bitcoin startup called 21 Inc. finally disclosed its business plan this week and the strategy points to the many uses of the virtual digital currency beyond the obvious. With $116 million of backing from top tier venture capital firms and former Treasury Secretary Lawrence Summers signed on as a strategic advisor, 21's emergence is also further proof that bitcoin has rapidly moved from fodder for weirdo science fiction to the realm of real business tools. The New York Stock Exchange's announcement on Tuesday of its own bitcoin price index , one that could be used as the basis for all manner of derivative contracts, is yet another signal of bitcoin's usefulness to mainstream businesses. The well-funded startup says it has created a dedicated computer chip that can be added to smartphones, tablets or almost any other type of computing device to allow for the processing of bitcoin transactions and the creation of new bitcoins. The feature could also be incorporated into chips made by other companies to add the same functionality. Currently, that's the realm of high-powered (and high-priced) computer rigs known as bitcoin miners. Every time a bitcoin is traded from one person to another, the transaction is recorded in a digital logbook known as the blockchain. Mining computers crunch the encryption equations needed to verify each transaction and verify the listings in the blockchain. New bitcoins, each really just a unique string of digits, are generated via the same process, providing an economic incentive for the miners to verify all of the transactions. Adding the bitcoin mining capability to any consumer's portable computing device opens an intriguing array of new functionality. Because bitcoin mining generates new bitcoins, 21's chips create a small, new revenue stream for any device. That revenue could go toward subsidizing Internet access or paying for online services. It could also go to a phone manufacturer or mobile carrier. And if the idea catches on, more than a billion smartphone owners could be crunching bitcoin transaction data on the phones in their pockets as they go about their day. [ Get the Latest Market Data and News with the Yahoo Finance App ] But connecting each device to bitcoin's digital logbook of all transactions adds another set of interesting capabilities. Transactions added to the blockchain can include extra information which can't be altered or removed. That can provide a layer of security and verification that's hard to find on the Internet. It could also allow devices to authenticate themselves without resorting to the kinds of more expensive security networks used by corporations today. Many of these type of features can work no matter how much the price of a bitcoin rises or falls. The often-volatile price climbed over $1,000 in November 2013, only to plummet more than 75% over the next year. Bitcoins traded for about $234 each on Tuesday. 21 CEO Balaji Srinivasan emphasized that separation of price and function in a blog post on Monday . "At 21 we are less concerned with bitcoin as a financial instrument and more interested in bitcoin as a protocol — and particularly in the industrial uses of bitcoin enabled by embedded mining," he wrote. Of course, there's no guarantee that 21 will succeed. Its chips may turn out to be too expensive, too slow or otherwise flawed. And the revenue generated by the chips may turn out to be too meager to support any interesting initiatives. Still, the news of Summers and the New York Stock Exchange's involvement adds to the list of serious Wall Street players already backing bitcoin, including Goldman Sachs ( GS ) and the Nasdaq ( NDAQ ). The NYSE was already one of the backers of bitcoin exchange Coinbase. Goldman is backing digital wallet provider Circle while the Nasdaq recently announced plans to use the blockchain as a secure listing for private stock transactions. Again, all of these ventures could certainly fail or fall short. But it seems more likely that 2015 will be remembered as the year bitcoin got serious. || Wall Street momentum adds to year of bitcoin legitimacy: A top secret bitcoin startup called 21 Inc. finally disclosed its business plan this week and the strategy points to the many uses of the virtual digital currency beyond the obvious. With $116 million of backing from top tier venture capital firms and former Treasury Secretary Lawrence Summers signed on as a strategic advisor, 21's emergence is also further proof that bitcoin has rapidly moved from fodder for weirdo science fiction to the realm of real business tools. The New York Stock Exchange's announcement on Tuesday of its own bitcoin price index , one that could be used as the basis for all manner of derivative contracts, is yet another signal of bitcoin's usefulness to mainstream businesses. The well-funded startup says it has created a dedicated computer chip that can be added to smartphones, tablets or almost any other type of computing device to allow for the processing of bitcoin transactions and the creation of new bitcoins. The feature could also be incorporated into chips made by other companies to add the same functionality. Currently, that's the realm of high-powered (and high-priced) computer rigs known as bitcoin miners. Every time a bitcoin is traded from one person to another, the transaction is recorded in a digital logbook known as the blockchain. Mining computers crunch the encryption equations needed to verify each transaction and verify the listings in the blockchain. New bitcoins, each really just a unique string of digits, are generated via the same process, providing an economic incentive for the miners to verify all of the transactions. Adding the bitcoin mining capability to any consumer's portable computing device opens an intriguing array of new functionality. Because bitcoin mining generates new bitcoins, 21's chips create a small, new revenue stream for any device. That revenue could go toward subsidizing Internet access or paying for online services. It could also go to a phone manufacturer or mobile carrier. And if the idea catches on, more than a billion smartphone owners could be crunching bitcoin transaction data on the phones in their pockets as they go about their day. [ Get the Latest Market Data and News with the Yahoo Finance App ] But connecting each device to bitcoin's digital logbook of all transactions adds another set of interesting capabilities. Transactions added to the blockchain can include extra information which can't be altered or removed. That can provide a layer of security and verification that's hard to find on the Internet. It could also allow devices to authenticate themselves without resorting to the kinds of more expensive security networks used by corporations today. Many of these type of features can work no matter how much the price of a bitcoin rises or falls. The often-volatile price climbed over $1,000 in November 2013, only to plummet more than 75% over the next year. Bitcoins traded for about $234 each on Tuesday. 21 CEO Balaji Srinivasan emphasized that separation of price and function in a blog post on Monday . "At 21 we are less concerned with bitcoin as a financial instrument and more interested in bitcoin as a protocol — and particularly in the industrial uses of bitcoin enabled by embedded mining," he wrote. Of course, there's no guarantee that 21 will succeed. Its chips may turn out to be too expensive, too slow or otherwise flawed. And the revenue generated by the chips may turn out to be too meager to support any interesting initiatives. Still, the news of Summers and the New York Stock Exchange's involvement adds to the list of serious Wall Street players already backing bitcoin, including Goldman Sachs ( GS ) and the Nasdaq ( NDAQ ). The NYSE was already one of the backers of bitcoin exchange Coinbase. Goldman is backing digital wallet provider Circle while the Nasdaq recently announced plans to use the blockchain as a secure listing for private stock transactions. Again, all of these ventures could certainly fail or fall short. But it seems more likely that 2015 will be remembered as the year bitcoin got serious. || 21 Inc. Finally Reveals Its Secretive Product: A Bitcoin Mining Chip: Back in March,bitcoinenthusiasts were abuzz with speculation about what21 Inc.might be working on.
The cryptocurrency startup was able to secure upwards of $110 million in fundraising from a spate of big name investors likeQUALCOMM, Inc.(NASDAQ:QCOM) and PayPal co-founder Peter Thiel.
However, the company has been secretive about what it had been working on – until now.
A New Kind Of Chip
On Monday, the companyrevealedthat it will roll out an embeddable chip that allows users to mine bitcoins from their wireless devices.
The chip is designed to verify transactions while running as a background process, thus providing the user with a "continuous stream of digital currency."
Related Link: Solving Bitcoins Scalability Problem
Integrating Bitcoin Into The IoT
21 Inc. says its chip wasn't designed as a way to make people rich, but instead the company says it's more focused on integrating the cryptocurrency into the Internet of Things (IoT) and creating a micropayment scheme.
Micropayment Device
The chip, called BitShare, can consolidate, what 21 Inc. expects to be, a large number of micropayments, as the Internet of Things gains traction. Instead of customers paying for each individual service, they can install a BitShare chip and pay for the fees associated with things like connected lightbulbs or automated fire alarms using their mined bitcoin.
The company says it eventually hopes to use the technology to make having a smartphone more attainable in developing countries by subsidizing some of the costs through bitcoin mining.
Related Link: Bitcoin: Making Progress In Europe
Is The Chip Worth It?
The chip marks a big development for the bitcoin community, but it isn't without criticism.
Many worry about the feasibility of such a product, as it is likely to use a great deal of data and could significantly reduce the battery life of a smartphone. Some say consumers will be unwilling to sacrifice those things for the comparatively small reward, which may be just a few cents worth of bitcoin.
Image Credit: Public Domain
See more from Benzinga
• What A Difference A Second Makes: Are Markets Prepared For Leap Second?
• Delivery Services Deal With Growing Volume
• Here's Why U.S. Automakers Fear The Pacific Trade Pact
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || 21 Inc. Finally Reveals Its Secretive Product: A Bitcoin Mining Chip: Back in March, bitcoin enthusiasts were abuzz with speculation about what 21 Inc. might be working on. The cryptocurrency startup was able to secure upwards of $110 million in fundraising from a spate of big name investors like QUALCOMM, Inc. (NASDAQ: QCOM ) and PayPal co-founder Peter Thiel. However, the company has been secretive about what it had been working on – until now. A New Kind Of Chip On Monday, the company revealed that it will roll out an embeddable chip that allows users to mine bitcoins from their wireless devices. The chip is designed to verify transactions while running as a background process, thus providing the user with a "continuous stream of digital currency." Related Link: Solving Bitcoins Scalability Problem Integrating Bitcoin Into The IoT 21 Inc. says its chip wasn't designed as a way to make people rich, but instead the company says it's more focused on integrating the cryptocurrency into the Internet of Things (IoT) and creating a micropayment scheme. Micropayment Device The chip, called BitShare, can consolidate, what 21 Inc. expects to be, a large number of micropayments, as the Internet of Things gains traction. Instead of customers paying for each individual service, they can install a BitShare chip and pay for the fees associated with things like connected lightbulbs or automated fire alarms using their mined bitcoin. The company says it eventually hopes to use the technology to make having a smartphone more attainable in developing countries by subsidizing some of the costs through bitcoin mining. Related Link: Bitcoin: Making Progress In Europe Is The Chip Worth It? The chip marks a big development for the bitcoin community, but it isn't without criticism. Many worry about the feasibility of such a product, as it is likely to use a great deal of data and could significantly reduce the battery life of a smartphone. Some say consumers will be unwilling to sacrifice those things for the comparatively small reward, which may be just a few cents worth of bitcoin. Image Credit: Public Domain See more from Benzinga What A Difference A Second Makes: Are Markets Prepared For Leap Second? Delivery Services Deal With Growing Volume Here's Why U.S. Automakers Fear The Pacific Trade Pact © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || 21 Inc. Finally Reveals Its Secretive Product: A Bitcoin Mining Chip: Back in March,bitcoinenthusiasts were abuzz with speculation about what21 Inc.might be working on.
The cryptocurrency startup was able to secure upwards of $110 million in fundraising from a spate of big name investors likeQUALCOMM, Inc.(NASDAQ:QCOM) and PayPal co-founder Peter Thiel.
However, the company has been secretive about what it had been working on – until now.
A New Kind Of Chip
On Monday, the companyrevealedthat it will roll out an embeddable chip that allows users to mine bitcoins from their wireless devices.
The chip is designed to verify transactions while running as a background process, thus providing the user with a "continuous stream of digital currency."
Related Link: Solving Bitcoins Scalability Problem
Integrating Bitcoin Into The IoT
21 Inc. says its chip wasn't designed as a way to make people rich, but instead the company says it's more focused on integrating the cryptocurrency into the Internet of Things (IoT) and creating a micropayment scheme.
Micropayment Device
The chip, called BitShare, can consolidate, what 21 Inc. expects to be, a large number of micropayments, as the Internet of Things gains traction. Instead of customers paying for each individual service, they can install a BitShare chip and pay for the fees associated with things like connected lightbulbs or automated fire alarms using their mined bitcoin.
The company says it eventually hopes to use the technology to make having a smartphone more attainable in developing countries by subsidizing some of the costs through bitcoin mining.
Related Link: Bitcoin: Making Progress In Europe
Is The Chip Worth It?
The chip marks a big development for the bitcoin community, but it isn't without criticism.
Many worry about the feasibility of such a product, as it is likely to use a great deal of data and could significantly reduce the battery life of a smartphone. Some say consumers will be unwilling to sacrifice those things for the comparatively small reward, which may be just a few cents worth of bitcoin.
Image Credit: Public Domain
See more from Benzinga
• What A Difference A Second Makes: Are Markets Prepared For Leap Second?
• Delivery Services Deal With Growing Volume
• Here's Why U.S. Automakers Fear The Pacific Trade Pact
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Shop Makes $1.5m Strategic Investment in Spondoolies-Tech: ARLINGTON, VA--(Marketwired - May 18, 2015) -Bitcoin Shop, Inc.(OTCQB:BTCS) ("BTCS" or the "Company"), a blockchain technology company that engages in transaction verification services, announced today that it has invested $1.5m intoSpondoolies-Tech Ltd("Spondoolies"), a transaction verification server manufacturer. BTCS' investment in Spondoolies comes on the heels of the announcement of the intention for BTCS and Spondoolies to merge (April 28, 2015) and is serving as the first integral step of the planned merger. Together, the two companies will create the world's first publicly traded company to produce Bitcoin transaction verification equipment and deploy Bitcoin mining resources.
Under the terms of the definitive investment agreements, BTCS purchased a 6.6 percent equity interest in Spondoolies, and received certain exclusivity rights and pricing for current and future Spondoolies' products as well as a $1m breakup fee, in case the planned merger between BTCS and Spondoolies is not consummated. The investment in Spondoolies was based on a pre-money valuation of approximately $21.2m. Based in Kiryat Gat, Israel, Spondoolies-Tech is the premier developer of Bitcoin transaction verification servers. Launched in August 2013, Spondoolies is Israeli venture backed and has shipped thousands of servers to customers around the world in the past year.
The terms of the planned merger between BTCS and Spondoolies are a merger of equals. Upon closing, the parties will equally share the dilution resulting from BTCS' April 22, 2015 $2.3m financing. Charles Allen will serve as the merged entity's CEO and Chairman and Guy Corem, Spondoolies CEO and cofounder, will serve as a board member and executive officer. Additionally, Yuval Rozen will serve as BTCS' CFO. The merger is subject to a number of conditions, including satisfactory completion of diligence and execution of definitive agreements. There can be no assurance that the conditions to closing will be satisfied or merger will be completed.
BTCS' Chairman and CEO Charles Allen, who will lead the new company, said that the planned combination of the two companies represents a new force in the evolving blockchain industry. "This is a powerful merger as the technologies of the two companies are clearly very complementary and stand to produce immense revenue growth while delivering value to customers, shareholders, and employees."
"We are excited to begin our partnership with BTCS and appreciate their support during a transformative part of our company's growth," said Spondoolies CEO, Guy Corem. "We believe this new relationship will ensure our ability to continue development and production of innovative and high quality products, targeted mainly for internal use of the merged company but also to deliver the highest quality bitcoin mining equipment for our transaction verification services."
About BTCS:BTCS is a blockchain technology company that provides transaction verification services for digital currency. BTCS is building a universal digital currency platform with the goal of enabling users to engage in the digital currency ecosystem through one point of access. BTCS continues to actively partner and integrate with strategic digital currency technology companies who provide products or services that are complementary to its business strategy. BTCS operates its public beta site (www.btcs.com) where consumers can purchase products using digital currency such as bitcoin, litecoin, and dogecoin, by searching through a selection of over 250,000 items. For more information visit:www.btcs.com
About Spondoolies-Tech:Founded in 2013 by a group of Israeli high-tech veterans, Spondoolies is a transaction verification server manufacturer. Spondoolies raised ten million dollars in capital from leading Israeli venture capital firms and assembled a team of leaders in the Israeli Semiconductor industry, with the goal of building the infrastructure on which digital currencies will flourish. Building bitcoin transaction verifying servers from the bottom up, Spondoolies is producing machines that are designed for efficiency and performance. During 2014, Spondoolies successfully launched five different products.
Forward-Looking Statements:Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission, not limited to Risk Factors relating to its digital currency business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law. || Bitcoin Shop Makes $1.5m Strategic Investment in Spondoolies-Tech: ARLINGTON, VA--(Marketwired - May 18, 2015) -Bitcoin Shop, Inc.(OTCQB:BTCS) ("BTCS" or the "Company"), a blockchain technology company that engages in transaction verification services, announced today that it has invested $1.5m intoSpondoolies-Tech Ltd("Spondoolies"), a transaction verification server manufacturer. BTCS' investment in Spondoolies comes on the heels of the announcement of the intention for BTCS and Spondoolies to merge (April 28, 2015) and is serving as the first integral step of the planned merger. Together, the two companies will create the world's first publicly traded company to produce Bitcoin transaction verification equipment and deploy Bitcoin mining resources.
Under the terms of the definitive investment agreements, BTCS purchased a 6.6 percent equity interest in Spondoolies, and received certain exclusivity rights and pricing for current and future Spondoolies' products as well as a $1m breakup fee, in case the planned merger between BTCS and Spondoolies is not consummated. The investment in Spondoolies was based on a pre-money valuation of approximately $21.2m. Based in Kiryat Gat, Israel, Spondoolies-Tech is the premier developer of Bitcoin transaction verification servers. Launched in August 2013, Spondoolies is Israeli venture backed and has shipped thousands of servers to customers around the world in the past year.
The terms of the planned merger between BTCS and Spondoolies are a merger of equals. Upon closing, the parties will equally share the dilution resulting from BTCS' April 22, 2015 $2.3m financing. Charles Allen will serve as the merged entity's CEO and Chairman and Guy Corem, Spondoolies CEO and cofounder, will serve as a board member and executive officer. Additionally, Yuval Rozen will serve as BTCS' CFO. The merger is subject to a number of conditions, including satisfactory completion of diligence and execution of definitive agreements. There can be no assurance that the conditions to closing will be satisfied or merger will be completed.
BTCS' Chairman and CEO Charles Allen, who will lead the new company, said that the planned combination of the two companies represents a new force in the evolving blockchain industry. "This is a powerful merger as the technologies of the two companies are clearly very complementary and stand to produce immense revenue growth while delivering value to customers, shareholders, and employees."
"We are excited to begin our partnership with BTCS and appreciate their support during a transformative part of our company's growth," said Spondoolies CEO, Guy Corem. "We believe this new relationship will ensure our ability to continue development and production of innovative and high quality products, targeted mainly for internal use of the merged company but also to deliver the highest quality bitcoin mining equipment for our transaction verification services."
About BTCS:BTCS is a blockchain technology company that provides transaction verification services for digital currency. BTCS is building a universal digital currency platform with the goal of enabling users to engage in the digital currency ecosystem through one point of access. BTCS continues to actively partner and integrate with strategic digital currency technology companies who provide products or services that are complementary to its business strategy. BTCS operates its public beta site (www.btcs.com) where consumers can purchase products using digital currency such as bitcoin, litecoin, and dogecoin, by searching through a selection of over 250,000 items. For more information visit:www.btcs.com
About Spondoolies-Tech:Founded in 2013 by a group of Israeli high-tech veterans, Spondoolies is a transaction verification server manufacturer. Spondoolies raised ten million dollars in capital from leading Israeli venture capital firms and assembled a team of leaders in the Israeli Semiconductor industry, with the goal of building the infrastructure on which digital currencies will flourish. Building bitcoin transaction verifying servers from the bottom up, Spondoolies is producing machines that are designed for efficiency and performance. During 2014, Spondoolies successfully launched five different products.
Forward-Looking Statements:Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission, not limited to Risk Factors relating to its digital currency business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law. || Bitcoin Shop Makes $1.5m Strategic Investment in Spondoolies-Tech: ARLINGTON, VA--(Marketwired - May 18, 2015) - Bitcoin Shop, Inc. ( OTCQB : BTCS ) ("BTCS" or the "Company"), a blockchain technology company that engages in transaction verification services, announced today that it has invested $1.5m into Spondoolies-Tech Ltd ("Spondoolies"), a transaction verification server manufacturer. BTCS' investment in Spondoolies comes on the heels of the announcement of the intention for BTCS and Spondoolies to merge (April 28, 2015) and is serving as the first integral step of the planned merger. Together, the two companies will create the world's first publicly traded company to produce Bitcoin transaction verification equipment and deploy Bitcoin mining resources. Under the terms of the definitive investment agreements, BTCS purchased a 6.6 percent equity interest in Spondoolies, and received certain exclusivity rights and pricing for current and future Spondoolies' products as well as a $1m breakup fee, in case the planned merger between BTCS and Spondoolies is not consummated. The investment in Spondoolies was based on a pre-money valuation of approximately $21.2m. Based in Kiryat Gat, Israel, Spondoolies-Tech is the premier developer of Bitcoin transaction verification servers. Launched in August 2013, Spondoolies is Israeli venture backed and has shipped thousands of servers to customers around the world in the past year. The terms of the planned merger between BTCS and Spondoolies are a merger of equals. Upon closing, the parties will equally share the dilution resulting from BTCS' April 22, 2015 $2.3m financing. Charles Allen will serve as the merged entity's CEO and Chairman and Guy Corem, Spondoolies CEO and cofounder, will serve as a board member and executive officer. Additionally, Yuval Rozen will serve as BTCS' CFO. The merger is subject to a number of conditions, including satisfactory completion of diligence and execution of definitive agreements. There can be no assurance that the conditions to closing will be satisfied or merger will be completed. Story continues BTCS' Chairman and CEO Charles Allen, who will lead the new company, said that the planned combination of the two companies represents a new force in the evolving blockchain industry. "This is a powerful merger as the technologies of the two companies are clearly very complementary and stand to produce immense revenue growth while delivering value to customers, shareholders, and employees." "We are excited to begin our partnership with BTCS and appreciate their support during a transformative part of our company's growth," said Spondoolies CEO, Guy Corem. "We believe this new relationship will ensure our ability to continue development and production of innovative and high quality products, targeted mainly for internal use of the merged company but also to deliver the highest quality bitcoin mining equipment for our transaction verification services." About BTCS: BTCS is a blockchain technology company that provides transaction verification services for digital currency. BTCS is building a universal digital currency platform with the goal of enabling users to engage in the digital currency ecosystem through one point of access. BTCS continues to actively partner and integrate with strategic digital currency technology companies who provide products or services that are complementary to its business strategy. BTCS operates its public beta site ( www.btcs.com ) where consumers can purchase products using digital currency such as bitcoin, litecoin, and dogecoin, by searching through a selection of over 250,000 items. For more information visit: www.btcs.com About Spondoolies-Tech: Founded in 2013 by a group of Israeli high-tech veterans, Spondoolies is a transaction verification server manufacturer. Spondoolies raised ten million dollars in capital from leading Israeli venture capital firms and assembled a team of leaders in the Israeli Semiconductor industry, with the goal of building the infrastructure on which digital currencies will flourish. Building bitcoin transaction verifying servers from the bottom up, Spondoolies is producing machines that are designed for efficiency and performance. During 2014, Spondoolies successfully launched five different products. Forward-Looking Statements: Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission, not limited to Risk Factors relating to its digital currency business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law. || 10 mobile payment systems you need to know: googlewallet.jpg Image: Marguerite Reardon/CNET Nearly every day I am confronted with the fact that I am a rarity, the last of a dying breed. I am someone who still regularly uses cash to make purchases. In today's society, that makes me a dinosaur. Mobile technology has driven advancements in the payments industry that are making it easier and easier to make purchases without ever opening your wallet. The plethora of options doesn't necessarily mean that everyone is on board. According to data collected by 451 Research , many users are still uneasy when it comes to mobile payments due to security concerns. Still, the technology is moving forward and more vendors are accepting mobile payments everyday. If you want to get started with mobile payments, you have to first understand all your options. Here are 12 of the top mobile payment systems available. Google Wallet One of the first major NFC-based payment systems, Google Wallet was released back in September 2011. You can use Google Wallet to make purchases online or in a store, and send money to friends and family. Some have argued that it will be overtaken by Apple Pay, but that may not be the case . In fact, Google recently acquired intellectual property (IP) from Softcard to better compete. Apple Pay Apple Pay debuted alongside the iPhone 6 in late 2014. Users with an iPhone 6 or later, or an Apple Watch, register existing credit or debit cards with the service and use it to make payments with one of those cards. To use Apple Pay, you place your device near a reader and place your finger on the fingerprint scanner to quickly make a purchase. PayPal Known as the go-to payment system for eBay, PayPal also has a pretty useful mobile app. Users can snap a picture of a credit or debit card to add it to their account and make purchases or send money straight from their phone. PayPal has integrations with Uber, Airbnb, and StubHub for convenient payments. Square Cash Square Cash is a mobile payment option that allows users to create a unique username known as a $Cashtag. According to the Square Cash website, users can tweet out their $Cashtag for donations, or use it to pay their rent. You can also use it to pay someone for their services or simply send them some money. Stripe A web and mobile payment system that is "built for developers," Stripe offers a host of tools and APIs to customize it for you or your business. Users can accept Bitcoin through Stripe. Additionally Stripe is integrated with companies such as Lyft, Instacart, and Postmates. Dwolla Dwolla is a payment network for moving money. It doesn't require a credit or debit card, rather, it connects directly to your checking account. Use an email address to transfer money for $0.25 per transaction. Or, if the transaction is $10 or less, it's free. Only one party pays the fee and you can use it to send money to people even if they don't have a Dwolla account. Story continues M-Pesa Vodafone launched M-Pesa back in 2007. It allows users to deposit or withdraw money, transfer money, and make payments with their mobile phone. The actual account for the money is stored on the user's phone, and they use secure SMS messages to send money or make payments. The transactions carry a small fee as well. Very popular in some African markets, M-Pesa is huge in Kenya where the service first launched. Venmo Connect your bank account or debit card to send payments with Venmo. According to the company's website, it's always free to receive money through Venmo and most of the time it is free to send money, depending on what credit card or debit card you're using. Sign up with Facebook or by using an email address. Lifelock Wallet After purchasing Lemon Wallet, Lifelock created the Lifelock Wallet. It acts as a cloud storage system for all the cards you'd normally see in a wallet. Your ID, insurance card, loyalty cards, and payment cards are all stored and accessed through the app. The app touts Lifelock's security protection and users can access their credit score through the app for $.99. Samsung Pay After acquiring the company LoopPay, Samsung will fold its Samsung Wallet to be replaced by Samsung Pay. A technology known as Magnetic Secure Transmission is embedded in Samsung's Galaxy S6 and S6 edge, and it allows users to pay with their phone at a standard magnetic stripe reader. The service was only recently announced and will likely launch this summer. What do you think? Do you use a mobile payment system? Why or why not? Tell us in the comments. Also see What to learn from Apple's new Apple Pay mobile payment platform The liability shift and its impact on mobile payments Are people scared of mobile payments? Why Apple Pay won't be the death of Google Wallet View comments || 10 mobile payment systems you need to know: googlewallet.jpg Image: Marguerite Reardon/CNET Nearly every day I am confronted with the fact that I am a rarity, the last of a dying breed. I am someone who still regularly uses cash to make purchases. In today's society, that makes me a dinosaur. Mobile technology has driven advancements in the payments industry that are making it easier and easier to make purchases without ever opening your wallet. The plethora of options doesn't necessarily mean that everyone is on board. According to data collected by 451 Research , many users are still uneasy when it comes to mobile payments due to security concerns. Still, the technology is moving forward and more vendors are accepting mobile payments everyday. If you want to get started with mobile payments, you have to first understand all your options. Here are 12 of the top mobile payment systems available. Google Wallet One of the first major NFC-based payment systems, Google Wallet was released back in September 2011. You can use Google Wallet to make purchases online or in a store, and send money to friends and family. Some have argued that it will be overtaken by Apple Pay, but that may not be the case . In fact, Google recently acquired intellectual property (IP) from Softcard to better compete. Apple Pay Apple Pay debuted alongside the iPhone 6 in late 2014. Users with an iPhone 6 or later, or an Apple Watch, register existing credit or debit cards with the service and use it to make payments with one of those cards. To use Apple Pay, you place your device near a reader and place your finger on the fingerprint scanner to quickly make a purchase. PayPal Known as the go-to payment system for eBay, PayPal also has a pretty useful mobile app. Users can snap a picture of a credit or debit card to add it to their account and make purchases or send money straight from their phone. PayPal has integrations with Uber, Airbnb, and StubHub for convenient payments. Square Cash Square Cash is a mobile payment option that allows users to create a unique username known as a $Cashtag. According to the Square Cash website, users can tweet out their $Cashtag for donations, or use it to pay their rent. You can also use it to pay someone for their services or simply send them some money. Stripe A web and mobile payment system that is "built for developers," Stripe offers a host of tools and APIs to customize it for you or your business. Users can accept Bitcoin through Stripe. Additionally Stripe is integrated with companies such as Lyft, Instacart, and Postmates. Dwolla Dwolla is a payment network for moving money. It doesn't require a credit or debit card, rather, it connects directly to your checking account. Use an email address to transfer money for $0.25 per transaction. Or, if the transaction is $10 or less, it's free. Only one party pays the fee and you can use it to send money to people even if they don't have a Dwolla account. Story continues M-Pesa Vodafone launched M-Pesa back in 2007. It allows users to deposit or withdraw money, transfer money, and make payments with their mobile phone. The actual account for the money is stored on the user's phone, and they use secure SMS messages to send money or make payments. The transactions carry a small fee as well. Very popular in some African markets, M-Pesa is huge in Kenya where the service first launched. Venmo Connect your bank account or debit card to send payments with Venmo. According to the company's website, it's always free to receive money through Venmo and most of the time it is free to send money, depending on what credit card or debit card you're using. Sign up with Facebook or by using an email address. Lifelock Wallet After purchasing Lemon Wallet, Lifelock created the Lifelock Wallet. It acts as a cloud storage system for all the cards you'd normally see in a wallet. Your ID, insurance card, loyalty cards, and payment cards are all stored and accessed through the app. The app touts Lifelock's security protection and users can access their credit score through the app for $.99. Samsung Pay After acquiring the company LoopPay, Samsung will fold its Samsung Wallet to be replaced by Samsung Pay. A technology known as Magnetic Secure Transmission is embedded in Samsung's Galaxy S6 and S6 edge, and it allows users to pay with their phone at a standard magnetic stripe reader. The service was only recently announced and will likely launch this summer. What do you think? Do you use a mobile payment system? Why or why not? Tell us in the comments. Also see What to learn from Apple's new Apple Pay mobile payment platform The liability shift and its impact on mobile payments Are people scared of mobile payments? Why Apple Pay won't be the death of Google Wallet View comments
[Social Media Buzz]
LIVE: Profit = $1,294.04 (40.23 %). BUY B13.60 @ $236.27 (#Bitfinex). SELL @ $246.00 (#VirCurex) #bitcoin #btc - http://www.projectcoin.org || Current price: 205.29€ $BTCEUR $btc #bitcoin 2015-05-21 08:00:02 CEST || buysellbitco.in #bitcoin price in INR, Buy : 15185.00 INR Sell : 14718.00 INR. Buy and sell bitcoin in #India using #buysellbitcoin || buysellbitco.in #bitcoin price in INR, Buy : 15128.00 INR Sell : 14664.00 INR. Buy and sell bitcoin in #India using #buysellbitcoin || 1 BTC = $2,98...
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240.35, 238.87, 240.95, 237.11, 237.12, 237.28, 237.41, 237.10, 233.35, 230.19
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 49880.54, 46760.19, 46456.06, 43537.51, 42909.40, 37002.44, 40782.74, 37304.69, 37536.63, 34770.58, 38705.98, 38402.22, 39294.20, 38436.97, 35697.61, 34616.07, 35678.13, 37332.86, 36684.93, 37575.18, 39208.77, 36894.41, 35551.96, 35862.38, 33560.71, 33472.63, 37345.12, 36702.60, 37334.40, 35552.52, 39097.86, 40218.48, 40406.27, 38347.06, 38053.50, 35787.25, 35615.87, 35698.30, 31676.69, 32505.66, 33723.03, 34662.44, 31637.78, 32186.28, 34649.64, 34434.34, 35867.78, 35040.84, 33572.12, 33897.05, 34668.55, 35287.78, 33746.00, 34235.20, 33855.33, 32877.37, 33798.01, 33520.52, 34240.19, 33155.85, 32702.03, 32822.35, 31780.73, 31421.54, 31533.07, 31796.81, 30817.83, 29807.35, 32110.69, 32313.11, 33581.55, 34292.45, 35350.19, 37337.54, 39406.94, 39995.91, 40008.42, 42235.55, 41626.20, 39974.89, 39201.95, 38152.98, 39747.50, 40869.55, 42816.50, 44555.80, 43798.12, 46365.40, 45585.03, 45593.64.
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[Bitcoin Technical Analysis for 2021-08-11]
Volume: 34319709073, RSI (14-day): 69.41, 50-day EMA: 38548.31, 200-day EMA: 39031.33
[Wider Market Context]
Gold Price: 1750.40, Gold RSI: 37.32
Oil Price: 69.25, Oil RSI: 46.17
[Recent News (last 7 days)]
Changing Crypto Trading Patterns Reveal the Market’s Power Shift to the West: A recent blockchain analysis has pinpointed a dramatic shift in trading patterns this year from Asia to North America and Europe.
By analyzing trading activity on centralized exchanges from different days and time zones, blockchain data firm Kaiko found that onCoinbase,GeminiandKraken, the ratio between the volume of weekend and weekly BTC/USD trading doubled from March 2020. This finding showed that the average weekendbitcointrading volume is growing relative to the average weekday volume on the three exchanges that are more popular among users in the West.
Meanwhile, as the chart below shows, the ratio of the BTC/USDT pair on crypto-to-cyrpto exchanges Binance, Huobi and OKEx has remained at around 1 in weekday and weekend volume over the past year. The three exchanges representthe power of retail investorsin East Asia, especially in China.
Related:US July Consumer Price Index Rose Slightly Faster Than Expected
On the derivatives market, Kaiko saw that, on an hourly basis, trading volume for bitcoin perpetual futures contracts on Binance and FTX, the two biggest derivatives exchanges, surged around 16:00 UTC. The peak trading time on the two exchanges overlaps between European and U.S. trading hours, suggesting that European Union and U.S. jurisdictions have become “extremely” significant for global crypto exchanges.
“With China cracking down on crypto trading and businesses, a lot of the volume has shifted to North America in the last 12 months,” said Kevin Kang, founding principal of U.S.-based quant hedge fund BKCoin Capital.
Kaiko’s report also show that while the crypto community has focused on the growing presence of institutional investors, it may have underestimated an increase in retail investors.
“This trend conflicts with bitcoin’s institutional narrative as it supposes that retail participation is increasing,” Dessislava Aubert, research analyst at Kaiko, told CoinDesk.
Related:Bitcoin Avoids Bear Market, Long-Term Uptrend Intact
Kaiko’s findings also highlight how investors from traditional finance may have played a role in changing trading behaviors, according to market observers.
Rising weekend trading volume could be partly attributed to automated trading tools that can move some trading activities to weekends, according to Kaiko. Traders who usually conduct large-volume transactions may choose to split their orders into smaller sizes over a longer period of time to “minimize the execution costs and price impact,” Kaiko said.
“As more traditional market makers and quant shops [are] coming into the [crypto] space, we see higher liquidity on weekends than we saw in the past,” Kang said.
Joel Kruger, cryptocurrency strategist at institutional crypto exchange LMAX Digital, told CoinDesk that the trading volume in the past weekend at LMAX Digital was up by 85% from the weekend before, as institutional investors trackedthe hotly debated $28 billion tax reporting provisionof the $1 trillion U.S. infrastructure bill.
“We’re definitely seeing institutional players taking advantage of the 24-7 access to markets,” Kruger said. “This means being able to react to developments as they’re happening as opposed to being stuck in a position and needing to wait for the market to open up on Monday.”
• Bitcoin Price Rests Above Key Indicator Amid ‘Return of Retail Investors’
• Market Wrap: Bitcoin Slips as Infrastructure Bill With Crypto Tax Provision Heads to House || Changing Crypto Trading Patterns Reveal the Markets Power Shift to the West: A recent blockchain analysis has pinpointed a dramatic shift in trading patterns this year from Asia to North America and Europe. By analyzing trading activity on centralized exchanges from different days and time zones, blockchain data firm Kaiko found that on Coinbase , Gemini and Kraken , the ratio between the volume of weekend and weekly BTC/USD trading doubled from March 2020. This finding showed that the average weekend bitcoin trading volume is growing relative to the average weekday volume on the three exchanges that are more popular among users in the West. Meanwhile, as the chart below shows, the ratio of the BTC/USDT pair on crypto-to-cyrpto exchanges Binance, Huobi and OKEx has remained at around 1 in weekday and weekend volume over the past year. The three exchanges represent the power of retail investors in East Asia, especially in China. Related: US July Consumer Price Index Rose Slightly Faster Than Expected On the derivatives market, Kaiko saw that, on an hourly basis, trading volume for bitcoin perpetual futures contracts on Binance and FTX, the two biggest derivatives exchanges, surged around 16:00 UTC. The peak trading time on the two exchanges overlaps between European and U.S. trading hours, suggesting that European Union and U.S. jurisdictions have become extremely significant for global crypto exchanges. With China cracking down on crypto trading and businesses, a lot of the volume has shifted to North America in the last 12 months, said Kevin Kang, founding principal of U.S.-based quant hedge fund BKCoin Capital. Kaikos report also show that while the crypto community has focused on the growing presence of institutional investors, it may have underestimated an increase in retail investors. This trend conflicts with bitcoins institutional narrative as it supposes that retail participation is increasing, Dessislava Aubert, research analyst at Kaiko, told CoinDesk. Story continues TradFi playing a role Related: Bitcoin Avoids Bear Market, Long-Term Uptrend Intact Kaikos findings also highlight how investors from traditional finance may have played a role in changing trading behaviors, according to market observers. Rising weekend trading volume could be partly attributed to automated trading tools that can move some trading activities to weekends, according to Kaiko. Traders who usually conduct large-volume transactions may choose to split their orders into smaller sizes over a longer period of time to minimize the execution costs and price impact, Kaiko said. As more traditional market makers and quant shops [are] coming into the [crypto] space, we see higher liquidity on weekends than we saw in the past, Kang said. Joel Kruger, cryptocurrency strategist at institutional crypto exchange LMAX Digital, told CoinDesk that the trading volume in the past weekend at LMAX Digital was up by 85% from the weekend before, as institutional investors tracked the hotly debated $28 billion tax reporting provision of the $1 trillion U.S. infrastructure bill. Were definitely seeing institutional players taking advantage of the 24-7 access to markets, Kruger said. This means being able to react to developments as theyre happening as opposed to being stuck in a position and needing to wait for the market to open up on Monday. Related Stories Bitcoin Price Rests Above Key Indicator Amid Return of Retail Investors Market Wrap: Bitcoin Slips as Infrastructure Bill With Crypto Tax Provision Heads to House || Coinbase crushes Q2 expectations, notes Q3 trading volume is trending lower: After the bell today, Coinbase reported another period of impressive results in itssecond quarter earnings report.
During the quarter, Coinbase's total revenue reached $2.23 billion, which helped the company generate net income of $1.61 billion in the three-month period. The company benefited from a one-time line item worth $737.5 million, which stemmed from what Coinbase described as a "tax benefit" from its direct listing earlier in the quarter.
This puts us in the odd position of leaning more heavily on the company's adjusted EBITDA metric, a figure that we usually discount, rather than the stricter net income result. This quarter the adjusted metric is actually a bit clearer regarding the company's regular profitability. Coinbase posted adjusted EBITDA of $1.1 billion in the period.
The company easily bested expectations, with the market expecting revenues of just $1.85 billion, and adjusted EBITDA of $961.5 million,per Yahoo Finance.
Everyone wants to fund the next Coinbase
All that's well and good, but the company provided a fascinating set of data for us to peruse that may help us better understand where the crypto economy stands today. Let's get into the details.
There are two data sets from Coinbase's Q2 that we need. The first deals with monthly transacting users, and overall trading volume:
Seeing Coinbase continue to add MTUs in the second quarter was impressive, as was the company's Q2 trading volume result in light of the falling platform asset figure. Quite simply, Coinbase managed to accrete trading volume despite generally falling crypto prices over the time period in question.
Or as the company put it, "[d]espite price movements, we saw billions of dollars of net asset inflows and new customers added throughout Q2."
The next data set deals with a breakdown of trading volume by source and type:
The incremental growth in retail volume from Q1 2021 to Q2 2021 is impressive for a single quarter, frankly, but the pace at which Coinbase added institutional volume in the quarter is even stronger. It's a huge result.
For the more crypto-focused than financials-focused out there, the second set of numbers is even more notable. Ethereum trading volume beat bitcoin trading volume, while "other" was more than twice what bitcoin itself managed.
A changing of the guard? The company listed three reasons for why this happened, the second of which is the most interesting. Per the earnings report:
[The mix shift was driven by] meaningful growth in Ethereum trading volumes, surpassing Bitcoin trading volumes on Coinbase for the first time driven by growth in the DeFi and NFT ecosystems (where Ethereum is an important underlying blockchain), and increased demand driven by our ETH2 staking product.
Basically, the neat stuff that the Ethereum blockchain enables is driving volume in its underlying coin, ether. Bitcoin may be the oldest crypto, but its crown may be starting to rust. Bitcoin remains the largest asset on Coinbase, at 47%, however.
Now let's talk revenues.
While institutional trading volume was an impressive source of growth for Coinbase, the company's revenue breakdown remained retail-heavy. Here's the data:
The transaction revenue growth from Q1 to Q2 speaks for itself, and was a key driver of the company's strong second-quarter aggregate results. But perhaps more notable was the huge differential in subscription and services revenue at the company, growing nearly 100% from $56.4 million in Q1 2021 to $102.6 million in the most recent period.
Certainly, Coinbase remains a transaction-led company, but in revenue terms, its third line-item is becoming material.
Now, the somewhat bad news.
Let's start with how Coinbase describes the start to its third quarter:
In July, retail MTUs and total Trading Volume were 6.3 million and $57.0 billion, respectively, as crypto asset prices and crypto asset volatility declined significantly relative to Q2 levels. August month-to-date, retail MTUs and Trading Volume levels have slightly improved compared to July levels but remain lower than earlier in the year. As a result, we believe retail MTUs and total Trading Volume will be lower in Q3 as compared to Q2.
In contrast, Q2 MTUs were 8.8 million and total trading volume, pro-rated for each month of the quarter, came to $154 billion. Therefore, Coinbase had a far smaller July than what it managed on a monthly basis in Q2. That August is trending better than July is a small consolation, but it does appear that Coinbase will be a smaller business in Q3 than it was in Q1 or Q2.
If you were curious why Coinbase's stock is not flying in the wake of its strong Q2 results, this is likely why. Of course, any serious investor in a crypto exchange is aware of how variable results can be in the sector. So a decrease after a few periods of strong results is not a huge lump to swallow.
Coinbase is worth $267.55 per share in after-hours trading as of the time of writing, off around three-quarters of a percent. That's not even a haircut.
All told, Coinbase's second quarter was excellent. || Coinbase crushes Q2 expectations, notes Q3 trading volume is trending lower: After the bell today, Coinbase reported another period of impressive results in its second quarter earnings report . During the quarter, Coinbase's total revenue reached $2.23 billion, which helped the company generate net income of $1.61 billion in the three-month period. The company benefited from a one-time line item worth $737.5 million, which stemmed from what Coinbase described as a "tax benefit" from its direct listing earlier in the quarter. This puts us in the odd position of leaning more heavily on the company's adjusted EBITDA metric, a figure that we usually discount, rather than the stricter net income result. This quarter the adjusted metric is actually a bit clearer regarding the company's regular profitability. Coinbase posted adjusted EBITDA of $1.1 billion in the period. The company easily bested expectations, with the market expecting revenues of just $1.85 billion, and adjusted EBITDA of $961.5 million, per Yahoo Finance . Everyone wants to fund the next Coinbase All that's well and good, but the company provided a fascinating set of data for us to peruse that may help us better understand where the crypto economy stands today. Let's get into the details. Trading volume There are two data sets from Coinbase's Q2 that we need. The first deals with monthly transacting users, and overall trading volume: Seeing Coinbase continue to add MTUs in the second quarter was impressive, as was the company's Q2 trading volume result in light of the falling platform asset figure. Quite simply, Coinbase managed to accrete trading volume despite generally falling crypto prices over the time period in question. Or as the company put it, "[d]espite price movements, we saw billions of dollars of net asset inflows and new customers added throughout Q2." The next data set deals with a breakdown of trading volume by source and type: The incremental growth in retail volume from Q1 2021 to Q2 2021 is impressive for a single quarter, frankly, but the pace at which Coinbase added institutional volume in the quarter is even stronger. It's a huge result. Story continues For the more crypto-focused than financials-focused out there, the second set of numbers is even more notable. Ethereum trading volume beat bitcoin trading volume, while "other" was more than twice what bitcoin itself managed. A changing of the guard? The company listed three reasons for why this happened, the second of which is the most interesting. Per the earnings report: [The mix shift was driven by] meaningful growth in Ethereum trading volumes, surpassing Bitcoin trading volumes on Coinbase for the first time driven by growth in the DeFi and NFT ecosystems (where Ethereum is an important underlying blockchain), and increased demand driven by our ETH2 staking product. Basically, the neat stuff that the Ethereum blockchain enables is driving volume in its underlying coin, ether. Bitcoin may be the oldest crypto, but its crown may be starting to rust. Bitcoin remains the largest asset on Coinbase, at 47%, however. Now let's talk revenues. Top line While institutional trading volume was an impressive source of growth for Coinbase, the company's revenue breakdown remained retail-heavy. Here's the data: The transaction revenue growth from Q1 to Q2 speaks for itself, and was a key driver of the company's strong second-quarter aggregate results. But perhaps more notable was the huge differential in subscription and services revenue at the company, growing nearly 100% from $56.4 million in Q1 2021 to $102.6 million in the most recent period. Certainly, Coinbase remains a transaction-led company, but in revenue terms, its third line-item is becoming material. Now, the somewhat bad news. What about Q3 2021? Let's start with how Coinbase describes the start to its third quarter: In July, retail MTUs and total Trading Volume were 6.3 million and $57.0 billion, respectively, as crypto asset prices and crypto asset volatility declined significantly relative to Q2 levels. August month-to-date, retail MTUs and Trading Volume levels have slightly improved compared to July levels but remain lower than earlier in the year. As a result, we believe retail MTUs and total Trading Volume will be lower in Q3 as compared to Q2. In contrast, Q2 MTUs were 8.8 million and total trading volume, pro-rated for each month of the quarter, came to $154 billion. Therefore, Coinbase had a far smaller July than what it managed on a monthly basis in Q2. That August is trending better than July is a small consolation, but it does appear that Coinbase will be a smaller business in Q3 than it was in Q1 or Q2. If you were curious why Coinbase's stock is not flying in the wake of its strong Q2 results, this is likely why. Of course, any serious investor in a crypto exchange is aware of how variable results can be in the sector. So a decrease after a few periods of strong results is not a huge lump to swallow. Coinbase is worth $267.55 per share in after-hours trading as of the time of writing, off around three-quarters of a percent. That's not even a haircut. All told, Coinbase's second quarter was excellent. || Riot Blockchain Announces July Production and Operations Updates: Riot produces 444 Bitcoins in July 2021
Castle Rock, CO, Aug. 10, 2021 (GLOBE NEWSWIRE) --Riot Blockchain, Inc. (NASDAQ: RIOT) ("Riot”, “Riot Blockchain” or the “Company"), one of the leading Nasdaq-listed Bitcoin (“BTC”) mining companies in the United States, announces its July production and operations updates, including its unaudited Bitcoin production for July 2021 and its miner shipping/deployment status.
Production and Operations Updates
• In July 2021, Riot produced 444 BTC, an increase of approximately 771% over its July 2020 production of 51 BTC.
• Year to date through July 2021, the Company produced a total of 1,610 BTC, an increase of approximately 188% over its BTC production during the same 2020 period of 559 BTC.
• As of July 31, 2021, Riot held approximately 2,687 BTC, all of which were produced by its self-mining operations.
Riot plans to continue providing monthly operational updates and unaudited production results through the end of 2021. These updates are intended to keep shareholders informed of Riot’s mining production as it continues to deploy its expanding miner fleet.
Miner Deployment and Shipment Updates
During the month of July, Riot’s Whinstone facility underwent the necessary infrastructure upgrades to support the ongoing deployment of Riot’s latest-generation S19 Antminers scheduled to be received from Bitmain Tech Lte. Ltd. (“Bitmain”). Installation of recently received miners has extended into August with approximately 4,200 S19 Pro Antminers (110 TH) in the process of being deployed at the Whinstone facility. Based on this ongoing installation, Riot’s hash rate capacity is approximately 1.93 exahash per second (EH/s).
As part of a December 2020 purchase order with Bitmain,2,000 S19 Pro Antminers (110 TH) were shipped late July and will be deployed at the Whinstone facility over the coming weeks. By early September, Riot anticipates that it will have a total of 25,946 Antminers in operation, utilizing approximately 83 MW of energy, with an estimated hash rate capacity of 2.6 EH/s.
Riot’s previously disclosed pilot project with Lancium, LLC and Enigma Digital Assets (“Enigma”) in Houston, TX reached full operation in July, utilizing Enigma’s immersion-cooled Bitcoin mining container using Riot’s S19 Pro Antminers.
Infrastructure and Hash Rate Growth
Construction of four additional buildings, totaling approximately 240,000 sq/ft with 400 MW of capacity, has commenced at the Whinstone site. Earthwork, underground cabling, and concrete are currently in progress, as well as electrical substation expansion. Development of a maintenance building and employee training center is also underway to support the expanded operations.
By Q4 2022, Riot anticipates a self-mining total hash rate capacity of 7.7 EH/s, assuming full deployment of its anticipated fleet of approximately 81,146 Antminers acquired from Bitmain, 95% of which will be the latest generation S19 series model of miners. Upon full deployment, the Company’s total self-mining fleet is expected to consume approximately 257 MW of energy, with approximately 206 MW deployed at the Company’s Whinstone facility and approximately 51 MW deployed at Coinmint, LLC’s facility. This would result in an overall hash rate efficiency of 33 joules per terahash (J/TH), demonstrating Riot’s commitment to building one of the largest and most efficient Bitcoin mining fleets in the industry.
Office and Human Resources Update
In connection with the acquisition of Whinstone and the substantial expansion underway, Riot is opening an office in Austin, Texas. To further support the expanded operations, Riot is pleased to announce the hiring of William Jackman as General Counsel, Josh Bowman as Director of Human Resources, and Trystine Payfer as Director of Communications. The Company is continuing to evaluate its human resources needs amid its ongoing expanded operations.
Investor Relations
On August 18thand 19th, Riot will be participating in the B. Riley Securities Summer Summit in Santa Monica, CA.
About Riot Blockchain, Inc.
Riot Blockchain (NASDAQ: RIOT) focuses on mining Bitcoin, and through Whinstone, its subsidiary, hosting Bitcoin mining equipment for institutional clients. The Company is expanding and upgrading its mining operations through industrial-scale infrastructure development and latest-generation miner procurement. Riot is headquartered in Castle Rock, Colorado, and the Whinstone facility operates out of Rockdale, Texas. The Company also has mining equipment operating in upstate New York under a co-location hosting agreement with Coinmint, LLC. For more information, visitwww.RiotBlockchain.com.
Safe Harbor
The information provided in this press release may include forward-looking statements within the meaning of the federal securities laws, including as to the effects of the acquisition by the Company of Whinstone and the future financial performance and operations of the Company and Whinstone. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "anticipates," “believes,” "plans," "expects," "intends," "will," "potential," "hope" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based upon current expectations of the Company and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. These forward-looking statements may include, but are not limited to, statements about the benefits of the acquisition of Whinstone, including financial and operating results, and the Company’s plans, objectives, expectations and intentions. Among the risks and uncertainties that could cause actual results to differ from those expressed in forward-looking statements are: (1) the integration of the businesses of the Company and Whinstone may not be successful, or such integration may take longer or be more difficult, time-consuming or costly to accomplish than anticipated; and (2) failure to otherwise realize anticipated efficiencies and strategic and financial benefits from the acquisition of Whinstone. Detailed information regarding other factors that may cause actual results to differ materially from those expressed or implied by statements in this press release may be found in the Company's filings with the U.S. Securities and Exchange Commission (the “SEC”), including in the sections entitled "Risk Factors" and “Cautionary Note Regarding Forward-Looking Statements” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on March 31, 2021 and subsequently amended in a filing with the SEC on April 30, 2021, and the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2021, which was filed with the SEC on May 17, 2021, and in the additional risk factors set forth in the Company’s Current Report on Form 8-K filed with the SEC on May 26, 2021, copies of which may be obtained from the SEC's website at www.sec.gov. All forward-looking statements included in this press release are made only as of the date of this press release, and the Company does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur, or of which the Company hereafter becomes aware, except as required by law.
Attachment
• DJI_PNG
CONTACT: Investor Contact - Phil McPherson Riot Blockchain, Inc. 303-794-2000 ext. 110 [email protected] PR Contact Riot Blockchain, Inc. [email protected] || Riot Blockchain Announces July Production and Operations Updates: Riot produces 444 Bitcoins in July 2021 Riot's Whinstone facility in expansion Riot's Whinstone facility in expansion Castle Rock, CO, Aug. 10, 2021 (GLOBE NEWSWIRE) -- Riot Blockchain, Inc. (NASDAQ: RIOT) ("Riot”, “Riot Blockchain” or the “Company") , one of the leading Nasdaq-listed Bitcoin (“BTC”) mining companies in the United States, announces its July production and operations updates, including its unaudited Bitcoin production for July 2021 and its miner shipping/deployment status. Production and Operations Updates In July 2021, Riot produced 444 BTC, an increase of approximately 771% over its July 2020 production of 51 BTC. Year to date through July 2021, the Company produced a total of 1,610 BTC, an increase of approximately 188% over its BTC production during the same 2020 period of 559 BTC. As of July 31, 2021, Riot held approximately 2,687 BTC, all of which were produced by its self-mining operations. Riot plans to continue providing monthly operational updates and unaudited production results through the end of 2021. These updates are intended to keep shareholders informed of Riot’s mining production as it continues to deploy its expanding miner fleet. Miner Deployment and Shipment Updates During the month of July, Riot’s Whinstone facility underwent the necessary infrastructure upgrades to support the ongoing deployment of Riot’s latest-generation S19 Antminers scheduled to be received from Bitmain Tech Lte. Ltd. (“Bitmain”). Installation of recently received miners has extended into August with approximately 4,200 S19 Pro Antminers (110 TH) in the process of being deployed at the Whinstone facility. Based on this ongoing installation, Riot’s hash rate capacity is approximately 1.93 exahash per second (EH/s). As part of a December 2020 purchase order with Bitmain , 2,000 S19 Pro Antminers (110 TH) were shipped late July and will be deployed at the Whinstone facility over the coming weeks. By early September, Riot anticipates that it will have a total of 25,946 Antminers in operation, utilizing approximately 83 MW of energy, with an estimated hash rate capacity of 2.6 EH/s. Story continues Riot’s previously disclosed pilot project with Lancium, LLC and Enigma Digital Assets (“Enigma”) in Houston, TX reached full operation in July, utilizing Enigma’s immersion-cooled Bitcoin mining container using Riot’s S19 Pro Antminers. Infrastructure and Hash Rate Growth Construction of four additional buildings, totaling approximately 240,000 sq/ft with 400 MW of capacity, has commenced at the Whinstone site. Earthwork, underground cabling, and concrete are currently in progress, as well as electrical substation expansion. Development of a maintenance building and employee training center is also underway to support the expanded operations. By Q4 2022, Riot anticipates a self-mining total hash rate capacity of 7.7 EH/s, assuming full deployment of its anticipated fleet of approximately 81,146 Antminers acquired from Bitmain, 95% of which will be the latest generation S19 series model of miners. Upon full deployment, the Company’s total self-mining fleet is expected to consume approximately 257 MW of energy, with approximately 206 MW deployed at the Company’s Whinstone facility and approximately 51 MW deployed at Coinmint, LLC’s facility. This would result in an overall hash rate efficiency of 33 joules per terahash (J/TH), demonstrating Riot’s commitment to building one of the largest and most efficient Bitcoin mining fleets in the industry. Office and Human Resources Update In connection with the acquisition of Whinstone and the substantial expansion underway, Riot is opening an office in Austin, Texas. To further support the expanded operations, Riot is pleased to announce the hiring of William Jackman as General Counsel, Josh Bowman as Director of Human Resources, and Trystine Payfer as Director of Communications. The Company is continuing to evaluate its human resources needs amid its ongoing expanded operations. Investor Relations On August 18 th and 19 th , Riot will be participating in the B. Riley Securities Summer Summit in Santa Monica, CA. About Riot Blockchain, Inc. Riot Blockchain (NASDAQ: RIOT) focuses on mining Bitcoin, and through Whinstone, its subsidiary, hosting Bitcoin mining equipment for institutional clients. The Company is expanding and upgrading its mining operations through industrial-scale infrastructure development and latest-generation miner procurement. Riot is headquartered in Castle Rock, Colorado, and the Whinstone facility operates out of Rockdale, Texas. The Company also has mining equipment operating in upstate New York under a co-location hosting agreement with Coinmint, LLC. For more information, visit www.RiotBlockchain.com . Safe Harbor The information provided in this press release may include forward-looking statements within the meaning of the federal securities laws, including as to the effects of the acquisition by the Company of Whinstone and the future financial performance and operations of the Company and Whinstone. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "anticipates," “believes,” "plans," "expects," "intends," "will," "potential," "hope" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based upon current expectations of the Company and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. These forward-looking statements may include, but are not limited to, statements about the benefits of the acquisition of Whinstone, including financial and operating results, and the Company’s plans, objectives, expectations and intentions. Among the risks and uncertainties that could cause actual results to differ from those expressed in forward-looking statements are: (1) the integration of the businesses of the Company and Whinstone may not be successful, or such integration may take longer or be more difficult, time-consuming or costly to accomplish than anticipated; and (2) failure to otherwise realize anticipated efficiencies and strategic and financial benefits from the acquisition of Whinstone. Detailed information regarding other factors that may cause actual results to differ materially from those expressed or implied by statements in this press release may be found in the Company's filings with the U.S. Securities and Exchange Commission (the “SEC”), including in the sections entitled "Risk Factors" and “Cautionary Note Regarding Forward-Looking Statements” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on March 31, 2021 and subsequently amended in a filing with the SEC on April 30, 2021, and the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2021, which was filed with the SEC on May 17, 2021, and in the additional risk factors set forth in the Company’s Current Report on Form 8-K filed with the SEC on May 26, 2021, copies of which may be obtained from the SEC's website at www.sec.gov. All forward-looking statements included in this press release are made only as of the date of this press release, and the Company does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur, or of which the Company hereafter becomes aware, except as required by law. Attachment DJI_PNG CONTACT: Investor Contact - Phil McPherson Riot Blockchain, Inc. 303-794-2000 ext. 110 [email protected] PR Contact Riot Blockchain, Inc. [email protected] || Market Wrap: Bitcoin Slips as Infrastructure Bill With Crypto Tax Provision Heads to House: Bitcoin pulled back on Tuesday after a nearly 20% rise over the past week. The cryptocurrency was trading at around $45,000 at press time and is down 2% over the past 24 hours, compared with a nearly 1% loss in ether over the same period.
Analysts remain optimistic about bitcoin despiteregulatory uncertaintyin the U.S. regarding crypto tax rules.
“The crypto sector itself is new, and leaning on a nascent technology industry for taxes could impair its growth,” Lucia della Ventura, a researcher at Trinity College Dublin and legal compliance manager at financial software companyLedgermatic, wrote in an email to CoinDesk.
Related:US July Consumer Price Index Rose Slightly Faster Than Expected
“It is necessary to wait for the final vote, taking into account that several amendments have been tabled as they can potentially change the impact of the bill for companies,” Ventura wrote.
Cryptocurrencies:
• Bitcoin(BTC) $45593, -1.37%
• Ether(ETH) $3135.1, -0.33%
Traditional markets:
• S&P 500: 4436.8, +0.1%
• Gold: $1728.6, -0.05%
• 10-year Treasury yield closed at 1.347%, compared with 1.319% on Monday
“Cryptocurrency traders are not so much focused on the expected passing of President Biden’s infrastructure bill, which, as it stands, will include new tax-reporting rules that are very negative for the space,”Edward Moya, an analyst at online brokerage Oanda, wrote in an email to CoinDesk.
Related:Bitcoin Avoids Bear Market; Long-Term Uptrend Intact
In the meantime, “Wall Street is also closely watching bitcoin outperform the dollar and gold,” Moya wrote.
Also, on Tuesday,decentralized finance(DeFi) platform Poly Network wasattacked, with the alleged hacker draining roughly $600 million in crypto. The cyberattack contributed to a sour mood across the crypto market.
Bullish sentiment is rising in the options market for bitcoin and ether. “There’s been a spike in demand for near-term options as BTC and ETH obliterated their multi-month price ranges,” Delphi Digitaltweeted. “Both assets seem to be in a strong uptrend, and speculators have been buying short-term options.”
The chart below shows the declining25 delta skewfor one-week BTC and ETH option contracts, which means there is more demand for calls than for puts.
Some traders see an opportunity to short BTC and ETH volatility given the recent activity in the options market. The chart below shows the recent rise in BTC three-month and six-month at-the-money volatility.
“We maintain our short volatility view. In fact, vega (longer dated puts and calls) looks like a good sell at these elevated levels,”QCP Capitalwrote in a Telegram chat.
QCP said that the frenzied buying of calls in both BTC and ETH across the volatility curve led to the short-squeeze rally. “We think this flow comes from funds and large speculators making large topside bets, buying BTC strikes up to $80K to $100k and ETH strikes up to $8K to $10K from as early as September 2021 out to June 2022,” QCP wrote.
Bitcoin’s blockchain transaction volume with values of at least $1 million has risen 10% since the beginning of August and accounts for nearly 70% of the total value transferred.
These larger investors, as represented by large-value dollar transactions, fueled bitcoin’s nearly 20% price gains since last week, Glassnode said.
A number of analysts say the trend shows that these institutions are focusing more on the cryptocurrency’s upside than on potential obstacles, CoinDesk’s Muyao Shenwrote.
The “spent output profit ratio,” or SOPR, which is calculated by dividing the realized value of a spent output by the value at creation of the original unspent transaction output,has broken above 1.0,reached a local high, and then reset back to 1.0, after months trading below 1.0, according to Glassnode. The movement indicates “a textbook bullish reversal,” Glassnode said.
An SOPR value above 1 “implies that the coins moved that day are, on average, selling at a profit (price sold is greater than the price paid)” and vice versa.
“Most important to watch is whether SOPR holds above 1.0,” Glassnode wrote. “Should SOPR continue to trade higher, this reflects a bullish scenario where the market is adequately absorbing profits realized on spent coins. If, on the other hand, SOPR falls and trades back below 1.0 on a sustained basis, it would suggest a general weakness in the market and potentially a fake-out rally.”
• Poly network hacked with potential loss of $600M:As mentioned above, Poly Networkwas attackedon Tuesday, with the alleged hacker draining roughly $600 million in crypto, CoinDesk’s Eliza Gkritsi and Muyao Shen reported. Poly Network, a protocol launched by the founder of Chinese blockchain project Neo, operates on the Binance Smart Chain, Ethereum and Polygon blockchains. Tuesday’s attack struck each chain consecutively, with the Poly team identifying three addresses where stolen assets were transferred. At the time that Polytweetednews of the attack, the three addresses collectively held more than $600 million in different cryptocurrencies, including USDC, wrapped bitcoin (WBTC, -1.88%), wrapped ether (ETH, -1.35%) and shiba inu (SHIB), blockchain scanning platforms show. After the hack, opportunistic cryptocurrency usersfloodedEthereum’s blockchain explorer with pleas for even a tiny portion of the plunder.
• Ether held on centralized exchanges hits three-year low:The proportion of ether held on centralized exchanges (CEXs)dropped to 9.4%of the total supply today, the lowest in three years, according to data from crypto intelligence platform OKLink. Out of the 117 million ether in circulation, only 11 million were held on addresses related to CEXs, OKLink data show. Ether is the second-largest cryptocurrency by market capitalization. The main factor for the outflow is DeFi, Eddie Wang, a senior researcher at OKLink, told CoinDesk. Wang pointed to wrapped ether (WETH) being the top address in the Ether Rich List, as well as deposits and liquidity pools of popular DeFi protocols to explain the outflow of ether from CEXs.
• A16z Leads $111M Token Sale for Helium’s HNT:Helium’s ascent isbeing rewardedwith a $111 million token sale led by venture capital firm Andreessen Horowitz (a16z). Ribbit Capital, 10T Holdings, Alameda Research and Multicoin Capital also invested, the company said Tuesday. The decentralized telecommunications network now has more than 100,000 hotspots, a16z said in a blog post announcing the investment. The network uses “LoRaWAN” technology to connect devices (think scooters, e-bikes or environmental sensors) to the internet. Helium is one of the few “real-world” Web 3.0 projects tapping token-powered incentives to fuel growth.
• US Senate Sends Infrastructure Bill to House
• Venmo Credit Card Holders Can Now Trade Cash Back for Crypto
• Tron Foundation Launches $300M Fund to Invest in GameFi Projects
• DeFi Has Accounted for Over 75% of Crypto Hacks in 2021
Most digital assets on CoinDesk 20 ended up higher on Tuesday.
Notable winners of 21:00 UTC (4:00 p.m. ET):
cardano(ADA) +7.01%
the graph(GRT) +5.84%
uniswap(UNI) +3.4%
Notable losers
dogecoin(DOGE) -1.93%
litecoin(LTC) -1.75%
filecoin(FIL) -0.71%
• Bitcoin Price Rests Above Key Indicator Amid ‘Return of Retail Investors’
• Poly Network Prepares for Hacker to Return Millions in Stolen Crypto || Market Wrap: Bitcoin Slips as Infrastructure Bill With Crypto Tax Provision Heads to House: Bitcoin pulled back on Tuesday after a nearly 20% rise over the past week. The cryptocurrency was trading at around $45,000 at press time and is down 2% over the past 24 hours, compared with a nearly 1% loss in ether over the same period. Analysts remain optimistic about bitcoin despite regulatory uncertainty in the U.S. regarding crypto tax rules. “The crypto sector itself is new, and leaning on a nascent technology industry for taxes could impair its growth,” Lucia della Ventura, a researcher at Trinity College Dublin and legal compliance manager at financial software company Ledgermatic , wrote in an email to CoinDesk. Related: US July Consumer Price Index Rose Slightly Faster Than Expected “It is necessary to wait for the final vote, taking into account that several amendments have been tabled as they can potentially change the impact of the bill for companies,” Ventura wrote. Latest prices Cryptocurrencies: Bitcoin (BTC) $45593, -1.37% Ether (ETH) $3135.1, -0.33% Traditional markets: S&P 500: 4436.8, +0.1% Gold: $1728.6, -0.05% 10-year Treasury yield closed at 1.347%, compared with 1.319% on Monday “Cryptocurrency traders are not so much focused on the expected passing of President Biden’s infrastructure bill, which, as it stands, will include new tax-reporting rules that are very negative for the space,” Edward Moya , an analyst at online brokerage Oanda, wrote in an email to CoinDesk. Related: Bitcoin Avoids Bear Market; Long-Term Uptrend Intact In the meantime, “Wall Street is also closely watching bitcoin outperform the dollar and gold,” Moya wrote. Also, on Tuesday, decentralized finance (DeFi) platform Poly Network was attacked , with the alleged hacker draining roughly $600 million in crypto. The cyberattack contributed to a sour mood across the crypto market. BTC and ETH options strategy Bullish sentiment is rising in the options market for bitcoin and ether. “There’s been a spike in demand for near-term options as BTC and ETH obliterated their multi-month price ranges,” Delphi Digital tweeted . “Both assets seem to be in a strong uptrend, and speculators have been buying short-term options.” The chart below shows the declining 25 delta skew for one-week BTC and ETH option contracts, which means there is more demand for calls than for puts. Some traders see an opportunity to short BTC and ETH volatility given the recent activity in the options market. The chart below shows the recent rise in BTC three-month and six-month at-the-money volatility. Story continues “We maintain our short volatility view. In fact, vega (longer dated puts and calls) looks like a good sell at these elevated levels,” QCP Capital wrote in a Telegram chat. QCP said that the frenzied buying of calls in both BTC and ETH across the volatility curve led to the short-squeeze rally. “We think this flow comes from funds and large speculators making large topside bets, buying BTC strikes up to $80K to $100k and ETH strikes up to $8K to $10K from as early as September 2021 out to June 2022,” QCP wrote. Large bitcoin transactions Bitcoin’s blockchain transaction volume with values of at least $1 million has risen 10% since the beginning of August and accounts for nearly 70% of the total value transferred. These larger investors, as represented by large-value dollar transactions, fueled bitcoin’s nearly 20% price gains since last week, Glassnode said. A number of analysts say the trend shows that these institutions are focusing more on the cryptocurrency’s upside than on potential obstacles, CoinDesk’s Muyao Shen wrote . Blockchain spending behavior The “spent output profit ratio,” or SOPR, which is calculated by dividing the realized value of a spent output by the value at creation of the original unspent transaction output, has broken above 1.0, reached a local high, and then reset back to 1.0, after months trading below 1.0, according to Glassnode. The movement indicates “a textbook bullish reversal,” Glassnode said. An SOPR value above 1 “implies that the coins moved that day are, on average, selling at a profit (price sold is greater than the price paid)” and vice versa. “Most important to watch is whether SOPR holds above 1.0,” Glassnode wrote. “Should SOPR continue to trade higher, this reflects a bullish scenario where the market is adequately absorbing profits realized on spent coins. If, on the other hand, SOPR falls and trades back below 1.0 on a sustained basis, it would suggest a general weakness in the market and potentially a fake-out rally.” Altcoin roundup Poly network hacked with potential loss of $600M: As mentioned above, Poly Network was attacked on Tuesday, with the alleged hacker draining roughly $600 million in crypto, CoinDesk’s Eliza Gkritsi and Muyao Shen reported. Poly Network, a protocol launched by the founder of Chinese blockchain project Neo, operates on the Binance Smart Chain, Ethereum and Polygon blockchains. Tuesday’s attack struck each chain consecutively, with the Poly team identifying three addresses where stolen assets were transferred. At the time that Poly tweeted news of the attack, the three addresses collectively held more than $600 million in different cryptocurrencies, including USDC, wrapped bitcoin (WBTC, -1.88%), wrapped ether (ETH, -1.35%) and shiba inu (SHIB), blockchain scanning platforms show. After the hack, opportunistic cryptocurrency users flooded Ethereum’s blockchain explorer with pleas for even a tiny portion of the plunder. Ether held on centralized exchanges hits three-year low: The proportion of ether held on centralized exchanges (CEXs) dropped to 9.4% of the total supply today, the lowest in three years, according to data from crypto intelligence platform OKLink. Out of the 117 million ether in circulation, only 11 million were held on addresses related to CEXs, OKLink data show. Ether is the second-largest cryptocurrency by market capitalization. The main factor for the outflow is DeFi, Eddie Wang, a senior researcher at OKLink, told CoinDesk. Wang pointed to wrapped ether (WETH) being the top address in the Ether Rich List, as well as deposits and liquidity pools of popular DeFi protocols to explain the outflow of ether from CEXs. A16z Leads $111M Token Sale for Helium’s HNT: Helium’s ascent is being rewarded with a $111 million token sale led by venture capital firm Andreessen Horowitz (a16z). Ribbit Capital, 10T Holdings, Alameda Research and Multicoin Capital also invested, the company said Tuesday. The decentralized telecommunications network now has more than 100,000 hotspots, a16z said in a blog post announcing the investment. The network uses “LoRaWAN” technology to connect devices (think scooters, e-bikes or environmental sensors) to the internet. Helium is one of the few “real-world” Web 3.0 projects tapping token-powered incentives to fuel growth. Relevant news: US Senate Sends Infrastructure Bill to House Venmo Credit Card Holders Can Now Trade Cash Back for Crypto Tron Foundation Launches $300M Fund to Invest in GameFi Projects DeFi Has Accounted for Over 75% of Crypto Hacks in 2021 Other markets Most digital assets on CoinDesk 20 ended up higher on Tuesday. Notable winners of 21:00 UTC (4:00 p.m. ET): cardano (ADA) +7.01% the graph (GRT) +5.84% uniswap (UNI) +3.4% Notable losers dogecoin (DOGE) -1.93% litecoin (LTC) -1.75% filecoin (FIL) -0.71% Related Stories Bitcoin Price Rests Above Key Indicator Amid ‘Return of Retail Investors’ Poly Network Prepares for Hacker to Return Millions in Stolen Crypto View comments || Market Wrap: Bitcoin Slips as Infrastructure Bill With Crypto Tax Provision Heads to House: Bitcoin pulled back on Tuesday after a nearly 20% rise over the past week. The cryptocurrency was trading at around $45,000 at press time and is down 2% over the past 24 hours, compared with a nearly 1% loss in ether over the same period.
Analysts remain optimistic about bitcoin despiteregulatory uncertaintyin the U.S. regarding crypto tax rules.
“The crypto sector itself is new, and leaning on a nascent technology industry for taxes could impair its growth,” Lucia della Ventura, a researcher at Trinity College Dublin and legal compliance manager at financial software companyLedgermatic, wrote in an email to CoinDesk.
Related:US July Consumer Price Index Rose Slightly Faster Than Expected
“It is necessary to wait for the final vote, taking into account that several amendments have been tabled as they can potentially change the impact of the bill for companies,” Ventura wrote.
Cryptocurrencies:
• Bitcoin(BTC) $45593, -1.37%
• Ether(ETH) $3135.1, -0.33%
Traditional markets:
• S&P 500: 4436.8, +0.1%
• Gold: $1728.6, -0.05%
• 10-year Treasury yield closed at 1.347%, compared with 1.319% on Monday
“Cryptocurrency traders are not so much focused on the expected passing of President Biden’s infrastructure bill, which, as it stands, will include new tax-reporting rules that are very negative for the space,”Edward Moya, an analyst at online brokerage Oanda, wrote in an email to CoinDesk.
Related:Bitcoin Avoids Bear Market; Long-Term Uptrend Intact
In the meantime, “Wall Street is also closely watching bitcoin outperform the dollar and gold,” Moya wrote.
Also, on Tuesday,decentralized finance(DeFi) platform Poly Network wasattacked, with the alleged hacker draining roughly $600 million in crypto. The cyberattack contributed to a sour mood across the crypto market.
Bullish sentiment is rising in the options market for bitcoin and ether. “There’s been a spike in demand for near-term options as BTC and ETH obliterated their multi-month price ranges,” Delphi Digitaltweeted. “Both assets seem to be in a strong uptrend, and speculators have been buying short-term options.”
The chart below shows the declining25 delta skewfor one-week BTC and ETH option contracts, which means there is more demand for calls than for puts.
Some traders see an opportunity to short BTC and ETH volatility given the recent activity in the options market. The chart below shows the recent rise in BTC three-month and six-month at-the-money volatility.
“We maintain our short volatility view. In fact, vega (longer dated puts and calls) looks like a good sell at these elevated levels,”QCP Capitalwrote in a Telegram chat.
QCP said that the frenzied buying of calls in both BTC and ETH across the volatility curve led to the short-squeeze rally. “We think this flow comes from funds and large speculators making large topside bets, buying BTC strikes up to $80K to $100k and ETH strikes up to $8K to $10K from as early as September 2021 out to June 2022,” QCP wrote.
Bitcoin’s blockchain transaction volume with values of at least $1 million has risen 10% since the beginning of August and accounts for nearly 70% of the total value transferred.
These larger investors, as represented by large-value dollar transactions, fueled bitcoin’s nearly 20% price gains since last week, Glassnode said.
A number of analysts say the trend shows that these institutions are focusing more on the cryptocurrency’s upside than on potential obstacles, CoinDesk’s Muyao Shenwrote.
The “spent output profit ratio,” or SOPR, which is calculated by dividing the realized value of a spent output by the value at creation of the original unspent transaction output,has broken above 1.0,reached a local high, and then reset back to 1.0, after months trading below 1.0, according to Glassnode. The movement indicates “a textbook bullish reversal,” Glassnode said.
An SOPR value above 1 “implies that the coins moved that day are, on average, selling at a profit (price sold is greater than the price paid)” and vice versa.
“Most important to watch is whether SOPR holds above 1.0,” Glassnode wrote. “Should SOPR continue to trade higher, this reflects a bullish scenario where the market is adequately absorbing profits realized on spent coins. If, on the other hand, SOPR falls and trades back below 1.0 on a sustained basis, it would suggest a general weakness in the market and potentially a fake-out rally.”
• Poly network hacked with potential loss of $600M:As mentioned above, Poly Networkwas attackedon Tuesday, with the alleged hacker draining roughly $600 million in crypto, CoinDesk’s Eliza Gkritsi and Muyao Shen reported. Poly Network, a protocol launched by the founder of Chinese blockchain project Neo, operates on the Binance Smart Chain, Ethereum and Polygon blockchains. Tuesday’s attack struck each chain consecutively, with the Poly team identifying three addresses where stolen assets were transferred. At the time that Polytweetednews of the attack, the three addresses collectively held more than $600 million in different cryptocurrencies, including USDC, wrapped bitcoin (WBTC, -1.88%), wrapped ether (ETH, -1.35%) and shiba inu (SHIB), blockchain scanning platforms show. After the hack, opportunistic cryptocurrency usersfloodedEthereum’s blockchain explorer with pleas for even a tiny portion of the plunder.
• Ether held on centralized exchanges hits three-year low:The proportion of ether held on centralized exchanges (CEXs)dropped to 9.4%of the total supply today, the lowest in three years, according to data from crypto intelligence platform OKLink. Out of the 117 million ether in circulation, only 11 million were held on addresses related to CEXs, OKLink data show. Ether is the second-largest cryptocurrency by market capitalization. The main factor for the outflow is DeFi, Eddie Wang, a senior researcher at OKLink, told CoinDesk. Wang pointed to wrapped ether (WETH) being the top address in the Ether Rich List, as well as deposits and liquidity pools of popular DeFi protocols to explain the outflow of ether from CEXs.
• A16z Leads $111M Token Sale for Helium’s HNT:Helium’s ascent isbeing rewardedwith a $111 million token sale led by venture capital firm Andreessen Horowitz (a16z). Ribbit Capital, 10T Holdings, Alameda Research and Multicoin Capital also invested, the company said Tuesday. The decentralized telecommunications network now has more than 100,000 hotspots, a16z said in a blog post announcing the investment. The network uses “LoRaWAN” technology to connect devices (think scooters, e-bikes or environmental sensors) to the internet. Helium is one of the few “real-world” Web 3.0 projects tapping token-powered incentives to fuel growth.
• US Senate Sends Infrastructure Bill to House
• Venmo Credit Card Holders Can Now Trade Cash Back for Crypto
• Tron Foundation Launches $300M Fund to Invest in GameFi Projects
• DeFi Has Accounted for Over 75% of Crypto Hacks in 2021
Most digital assets on CoinDesk 20 ended up higher on Tuesday.
Notable winners of 21:00 UTC (4:00 p.m. ET):
cardano(ADA) +7.01%
the graph(GRT) +5.84%
uniswap(UNI) +3.4%
Notable losers
dogecoin(DOGE) -1.93%
litecoin(LTC) -1.75%
filecoin(FIL) -0.71%
• Bitcoin Price Rests Above Key Indicator Amid ‘Return of Retail Investors’
• Poly Network Prepares for Hacker to Return Millions in Stolen Crypto || UPDATE 3-Coinbase says attentive to regulatory concerns after profit beat: (Adds comments from conference call)
By Sohini Podder
Aug 10 (Reuters) - U.S. cryptocurrency exchange Coinbase Global Inc on Tuesday beat market estimates for second-quarter profit boosted by a near 38% jump in trading volumes on a sequential basis, but forecast a drop in current-quarter volumes.
Coinbase, which has benefited from the growing adoption of digital assets, said the reported quarter illustrated the volatility of the still nascent sector that faces calls for more regulation.
Chief Financial Officer Alesia Haas said Coinbase is paying close attention to the U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler's comments, who called on Congress last week seeking more authority to better police cryptocurrency trading, lending and platforms.
"We're eager to understand the legal framework for the concerns that he has raised and how any of those may impact our product roadmap," Haas said in a post-earnings conference call with analysts.
The exchange also plans to grow the number of assets listed on its platform, with Chief Executive Officer Brian Armstrong stating that he wants Coinbase to be the "Amazon of assets" and list every legal crypto asset on its platform.
For the quarter ended June 30, the company's trading volumes rose to $462 billion, from $335 billion in the quarter ended March. Bitcoin trades comprised 24% of Coinbase's trading volumes for the quarter, down from 39% in the first quarter.
However, for the third quarter, it expects trading volumes to be lower than the second quarter, as August month-to-date volumes have improved compared to July, but remain lower than what was seen earlier in the year.
On an adjusted basis, the crypto exchange earned $3.45 per share. Analysts were expecting a profit of $2.33 per share, according to IBES data from Refinitiv.
Coinbase, one of the largest cryptocurrency exchanges in the world, went public through a direct listing in April. . (Reporting by Sohini Podder in Bengaluru; Editing by Shailesh Kuber) || UPDATE 3-Coinbase says attentive to regulatory concerns after profit beat: (Adds comments from conference call) By Sohini Podder Aug 10 (Reuters) - U.S. cryptocurrency exchange Coinbase Global Inc on Tuesday beat market estimates for second-quarter profit boosted by a near 38% jump in trading volumes on a sequential basis, but forecast a drop in current-quarter volumes. Coinbase, which has benefited from the growing adoption of digital assets, said the reported quarter illustrated the volatility of the still nascent sector that faces calls for more regulation. Chief Financial Officer Alesia Haas said Coinbase is paying close attention to the U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler's comments, who called on Congress last week seeking more authority to better police cryptocurrency trading, lending and platforms. "We're eager to understand the legal framework for the concerns that he has raised and how any of those may impact our product roadmap," Haas said in a post-earnings conference call with analysts. The exchange also plans to grow the number of assets listed on its platform, with Chief Executive Officer Brian Armstrong stating that he wants Coinbase to be the "Amazon of assets" and list every legal crypto asset on its platform. For the quarter ended June 30, the company's trading volumes rose to $462 billion, from $335 billion in the quarter ended March. Bitcoin trades comprised 24% of Coinbase's trading volumes for the quarter, down from 39% in the first quarter. However, for the third quarter, it expects trading volumes to be lower than the second quarter, as August month-to-date volumes have improved compared to July, but remain lower than what was seen earlier in the year. On an adjusted basis, the crypto exchange earned $3.45 per share. Analysts were expecting a profit of $2.33 per share, according to IBES data from Refinitiv. Coinbase, one of the largest cryptocurrency exchanges in the world, went public through a direct listing in April. . (Reporting by Sohini Podder in Bengaluru; Editing by Shailesh Kuber) View comments || Coinbase says attentive to regulatory concerns after profit beat: By Sohini Podder
(Reuters) -U.S. cryptocurrency exchange Coinbase Global Inc on Tuesday beat market estimates for second-quarter profit boosted by a near 38% jump in trading volumes on a sequential basis, but forecast a drop in current-quarter volumes.
Coinbase, which has benefited from the growing adoption of digital assets, said the reported quarter illustrated the volatility of the still nascent sector that faces calls for more regulation.
Chief Financial Officer Alesia Haas said Coinbase is paying close attention to the U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler's comments, who called on Congress last week seeking more authority to better police cryptocurrency trading, lending and platforms.
"We're eager to understand the legal framework for the concerns that he has raised and how any of those may impact our product roadmap," Haas said in a post-earnings conference call with analysts.
The exchange also plans to grow the number of assets listed on its platform, with Chief Executive Officer Brian Armstrong stating that he wants Coinbase to be the "Amazon of assets" and list every legal crypto asset on its platform.
For the quarter ended June 30, the company's trading volumes rose to $462 billion, from $335 billion in the quarter ended March. Bitcoin trades comprised 24% of Coinbase's trading volumes for the quarter, down from 39% in the first quarter.
However, for the third quarter, it expects trading volumes to be lower than the second quarter, as August month-to-date volumes have improved compared to July, but remain lower than what was seen earlier in the year.
On an adjusted basis, the crypto exchange earned $3.45 per share. Analysts were expecting a profit of $2.33 per share, according to IBES data from Refinitiv.
Coinbase, one of the largest cryptocurrency exchanges in the world, went public through a direct listing in April..
(Reporting by Sohini Podder in Bengaluru; Editing by Shailesh Kuber) || Coinbase says attentive to regulatory concerns after profit beat: By Sohini Podder (Reuters) -U.S. cryptocurrency exchange Coinbase Global Inc on Tuesday beat market estimates for second-quarter profit boosted by a near 38% jump in trading volumes on a sequential basis, but forecast a drop in current-quarter volumes. Coinbase, which has benefited from the growing adoption of digital assets, said the reported quarter illustrated the volatility of the still nascent sector that faces calls for more regulation. Chief Financial Officer Alesia Haas said Coinbase is paying close attention to the U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler's comments, who called on Congress last week seeking more authority to better police cryptocurrency trading, lending and platforms. "We're eager to understand the legal framework for the concerns that he has raised and how any of those may impact our product roadmap," Haas said in a post-earnings conference call with analysts. The exchange also plans to grow the number of assets listed on its platform, with Chief Executive Officer Brian Armstrong stating that he wants Coinbase to be the "Amazon of assets" and list every legal crypto asset on its platform. For the quarter ended June 30, the company's trading volumes rose to $462 billion, from $335 billion in the quarter ended March. Bitcoin trades comprised 24% of Coinbase's trading volumes for the quarter, down from 39% in the first quarter. However, for the third quarter, it expects trading volumes to be lower than the second quarter, as August month-to-date volumes have improved compared to July, but remain lower than what was seen earlier in the year. On an adjusted basis, the crypto exchange earned $3.45 per share. Analysts were expecting a profit of $2.33 per share, according to IBES data from Refinitiv. Coinbase, one of the largest cryptocurrency exchanges in the world, went public through a direct listing in April.. (Reporting by Sohini Podder in Bengaluru; Editing by Shailesh Kuber) || Coinbase Q2 results handily exceed estimates as trading volume, users surge: Coinbase Global ( COIN ) reported second-quarter results after market close on Tuesday that handily exceeded estimates, with a surge in user growth and trading volume helping boost results despite a volatile stretch of trading for digital currencies. Shares gained more than 3.5% in late trading immediately following the results. Here were the main results from Coinbase's report, compared to consensus data compiled by Bloomberg: Revenue: $2.23 billion vs. $1.85 billion expected Adjusted EBITDA: $1.15 billion vs. $961.5 million expected A jump in user growth and activity on the platform helped fuel Coinbase's results for the June quarter. Trading volume rose to $462 billion, up from the $335 billion posted for the fiscal first quarter, and coming in better than the $381.6 billion expected. Retail monthly transacting users increased by 44% compared to the first quarter to 8.8 million, and total verified users grew to 68 million from 56 million. Heading into earnings results on Tuesday, Coinbase shares have traded choppily since the stock's direct listing in April, and have largely languished below their opening price of $381 apiece amid a broader drop in cryptocurrency prices. Bitcoin prices ( BTC-USD ) hit an all-time high of more than $64,000 around the time of Coinbase's public debut, but have since slid to a year-to-date low of less than $30,000 as of mid-July. Bitcoin, the largest cryptocurrency by market capitalization, was trading around $45,000 as of Tuesday afternoon. "Q2 illustrated the volatility we have anticipated in these still-early days in the cryptoeconomy," Coinbase said in its letter to investors. "As volatility and crypto asset prices are highly correlated with trading revenue, the crypto market environment heavily influenced our Q2 financial results." The drop in the prices of bitcoin and other major tokens like ethereum ( ETH-USD ) coincided with a regulatory crackdown against cryptocurrencies and mining in China, as well as increasing concern over digital currencies' mainstream adoption. Tesla CEO Elon Musk said in May the electric carmaker would no longer accept bitcoin as payment for vehicles. However, Tesla ( TSLA ), along with a number of other companies including Square ( SQ ) and PayPal ( PYPL ), still hold bitcoin on their balance sheets. Story continues Weakening cryptocurrency-related results in these other companies' businesses during the second quarter presaged a potential slowdown for Coinbase. Bitcoin comprised $2.7 billion of overall revenues for Square in the second quarter, down from $3.5 billion in the first quarter of 2021. And Tesla, for its part, booked an impairment of $23 million related to bitcoin in its second quarter, after posting a positive impact of $101 million from selling some of its bitcoin holdings in the first quarter of the year. For Coinbase, volatility in the prices of major cryptocurrencies did manifest in a diversification of trading volumes away from bitcoin. About 24% of second-quarter trading volume was related to bitcoin, down from 39% in the first quarter. Meanwhile, ethereum trading volumes surpassed bitcoin trading volumes on Coinbase for the first time ever, "driven by growth in the DeFi and NFT ecosystems (where Ethereum is an important underlying blockchain)," Coinbase said in its letter to investors. Going forward, regulatory risks also remain a concern for Coinbase and other crypto platforms that rely heavily on trading-related fees. Last week, Securities and Exchange Commission Chair Gary Gensler likened the crypto trading environment to "the Wild West," and suggested a number of trading platforms were offering illicit, unregistered securities. And on Monday, the Wall Street Journal reported that former SEC director Brett Redfearn had resigned from serving as head of Coinbase's capital markets group after just four months, reportedly due to a strategic shift at the crypto platform. Photo by: STRF/STAR MAX/IPx 2021 2/26/21 Coinbase filed its S-1 on February 25th to go public, listing on the Nasdaq. Coinbase's IPO valuation could be the largest by a U.S. tech company since Facebook went public. STAR MAX Photo: Coinbase logo photographed off an iphone SE 2020. (STRF/STAR MAX/IPx) And elsewhere in the U.S. regulatory landscape, legislative risks also remain. On Monday, a proposal by a bipartisan group of senators that would limit the scope of oversight in the cryptocurrency industry ultimately failed. The new proposal, which would have been an update to a provision in the Biden administration's $550 billion infrastructure bill, would clarify the rules over who was considered a broker of cryptocurrencies and who would need to report transactions to the Internal Revenue Service, making sure not to include other players in the crypto space like software developers or those that validate transactions into the new reporting requirements. The language for this provision in the bill now excludes these clarifications, drawing the ire of those in the cryptocurrency and adjacent industries, including from Square CEO Jack Dorsey. This post is breaking. Check back for updates. — Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck Read more from Emily: Inflation: Is it transitory or not? May jobs report: Economy adds back 559,000 jobs, unemployment rate fell to 5.8% Charlie Munger on Robinhood and GameStop frenzy: 'It's a dirty way to make money' Charlie Munger says Costco 'has one thing that Amazon does not have' Read the latest financial and business news from Yahoo Finance Follow Yahoo Finance on Twitter , Facebook , Instagram , Flipboard , LinkedIn , YouTube , and reddit || Coinbase Q2 results handily exceed estimates as trading volume, users surge: Coinbase Global (COIN) reported second-quarter results after market close on Tuesday that handily exceeded estimates, with a surge in user growth and trading volume helping boost results despite a volatile stretch of trading for digital currencies. Shares gained more than 3.5% in late trading immediately following the results.
Here were the main results from Coinbase's report, compared to consensus data compiled by Bloomberg:
• Revenue:$2.23 billion vs. $1.85 billion expected
• Adjusted EBITDA:$1.15 billion vs. $961.5 million expected
A jump in user growth and activity on the platform helped fuel Coinbase's results for the June quarter. Trading volume rose to $462 billion, up from the $335 billion posted for the fiscal first quarter, and coming in better than the $381.6 billion expected. Retail monthly transacting users increased by 44% compared to the first quarter to 8.8 million, and total verified users grew to 68 million from 56 million.
Heading into earnings results on Tuesday, Coinbase shares have traded choppily since the stock's direct listing in April, and have largely languishedbelow their opening price of $381 apiece amid a broader drop in cryptocurrency prices.
Bitcoin prices (BTC-USD) hit an all-time high of more than $64,000 around the time of Coinbase's public debut, but have since slid to a year-to-date low of less than $30,000 as of mid-July. Bitcoin, the largest cryptocurrency by market capitalization, was trading around $45,000 as of Tuesday afternoon.
"Q2 illustrated the volatility we have anticipated in these still-early days in the cryptoeconomy," Coinbase said in its letter to investors. "As volatility and crypto asset prices are highly correlated with trading revenue, the crypto market environment heavily influenced our Q2 financial results."
The drop in the prices of bitcoin and other major tokens like ethereum (ETH-USD) coincided with a regulatory crackdown against cryptocurrencies and mining in China, as well as increasing concern over digital currencies' mainstream adoption. Tesla CEO Elon Musk said in May the electric carmaker would no longer accept bitcoin as payment for vehicles. However, Tesla (TSLA), along with a number of other companies including Square (SQ) and PayPal (PYPL), still hold bitcoin on their balance sheets.
Weakening cryptocurrency-related results in these other companies' businesses during the second quarter presaged a potential slowdown for Coinbase. Bitcoin comprised $2.7 billion of overall revenues for Square in the second quarter, down from $3.5 billion in the first quarter of 2021. And Tesla, for its part, booked an impairment of $23 million related to bitcoin in its second quarter, after posting a positive impact of $101 million from selling some of its bitcoin holdings in the first quarter of the year.
For Coinbase, volatility in the prices of major cryptocurrencies did manifest in a diversification of trading volumes away from bitcoin. About 24% of second-quarter trading volume was related to bitcoin, down from 39% in the first quarter. Meanwhile, ethereum trading volumes surpassed bitcoin trading volumes on Coinbase for the first time ever, "driven by growth in the DeFi and NFT ecosystems (where Ethereum is an important underlying blockchain)," Coinbase said in its letter to investors.
Going forward, regulatory risks also remain a concern for Coinbase and other crypto platforms that rely heavily on trading-related fees. Last week, Securities and Exchange Commission Chair Gary Genslerlikened the crypto trading environment to "the Wild West,"and suggested a number of trading platforms were offering illicit, unregistered securities. And on Monday,the Wall Street Journal reported that former SEC director Brett Redfearnhad resigned from serving as head of Coinbase's capital markets group after just four months, reportedly due to a strategic shift at the crypto platform.
And elsewhere in the U.S. regulatory landscape, legislative risks also remain. On Monday, a proposal by a bipartisan group of senators that would limit the scope of oversight in the cryptocurrency industry ultimately failed.
The new proposal, which would have been an update to a provision in the Biden administration's $550 billion infrastructure bill, would clarify the rules over who was considered a broker of cryptocurrencies and who would need to report transactions to the Internal Revenue Service, making sure not to include other players in the crypto space like software developers or those that validate transactions into the new reporting requirements. The language for this provision in the bill now excludes these clarifications, drawing the ire of those in the cryptocurrency and adjacent industries,including from Square CEO Jack Dorsey.
This post is breaking. Check back for updates.
—
Emily McCormick is a reporter for Yahoo Finance.Follow her on Twitter: @emily_mcck
Read more from Emily:
• Inflation: Is it transitory or not?
• May jobs report: Economy adds back 559,000 jobs, unemployment rate fell to 5.8%
• Charlie Munger on Robinhood and GameStop frenzy: 'It's a dirty way to make money'
• Charlie Munger says Costco 'has one thing that Amazon does not have'
Read the latest financial and business news from Yahoo Finance
Follow Yahoo Finance onTwitter,Facebook,Instagram,Flipboard,LinkedIn,YouTube, andreddit || Getting bigger: Bitcoin 2022 conference to be held at Miami Beach Convention Center: The Miami Beach Convention Center will host next year’s annual Bitcoin Conference in order to accommodate the thousands of guests expected to celebrate cryptocurrencies. This year’s conference, held at the Mana Wynwood convention space in April, drew at least 12,000. Organizers expect 2022 to see some 35,000 attendees. The Beach space’s main hall is about five times the size of Mana Wynwood’s. “The Miami Beach Convention Center is the perfect place to host next year’s Bitcoin Conference,” David Bailey, CEO of BTC Inc., said in a statement. “It will be bigger and better than ever, and we expect Bitcoin 2022 to be our most successful event yet.” No information was immediately available about next year’s speaker lineup. A statement from organizer BTC Inc. said the four-day Bitcoin 2022 Conference will feature an industry day for speaker panels and conferences, as well as a “Sound Money” music festival on the last day with live performances, entertainment, and other giveaways for attendees. “We felt important to come back for another year and grow with the city,” said Brandon Green, content director for Bitcoin 2022, in an interview. The Convention Center went dark for much of 2020 as the pandemic raged. It is set to welcome Art Basel back on Dec. 2. “We’re hopeful it’s Basel-like in that in can breed other events around the city ... and serve as a catalyst for Miami tech,” said Rolando Aedo, chief operation officer of the Greater Miami Convention and Visitors Bureau. “The Bitcoin 2022 Conference adds to a great portfolio of signature events taking place in Miami Beach,” William D. Talbert, III, CDME, president and CEO of the Greater Miami Convention and Visitors Bureau, said in a statement. “Their commitment to moving the event to the Miami Beach Convention Center is proof positive that the significant investments made to the convention center have been worthwhile and the economic impact of these events to our community cannot be overstated.” || Getting bigger: Bitcoin 2022 conference to be held at Miami Beach Convention Center: The Miami Beach Convention Center will host next year’s annual Bitcoin Conference in order to accommodate the thousands of guests expected to celebrate cryptocurrencies. This year’s conference, held at the Mana Wynwood convention space in April, drew at least 12,000. Organizers expect 2022 to see some 35,000 attendees. The Beach space’s main hall is about five times the size of Mana Wynwood’s. “The Miami Beach Convention Center is the perfect place to host next year’s Bitcoin Conference,” David Bailey, CEO of BTC Inc., said in a statement. “It will be bigger and better than ever, and we expect Bitcoin 2022 to be our most successful event yet.” No information was immediately available about next year’s speaker lineup. A statement from organizer BTC Inc. said the four-day Bitcoin 2022 Conference will feature an industry day for speaker panels and conferences, as well as a “Sound Money” music festival on the last day with live performances, entertainment, and other giveaways for attendees. “We felt important to come back for another year and grow with the city,” said Brandon Green, content director for Bitcoin 2022, in an interview. The Convention Center went dark for much of 2020 as the pandemic raged. It is set to welcome Art Basel back on Dec. 2. “We’re hopeful it’s Basel-like in that in can breed other events around the city ... and serve as a catalyst for Miami tech,” said Rolando Aedo, chief operation officer of the Greater Miami Convention and Visitors Bureau. “The Bitcoin 2022 Conference adds to a great portfolio of signature events taking place in Miami Beach,” William D. Talbert, III, CDME, president and CEO of the Greater Miami Convention and Visitors Bureau, said in a statement. “Their commitment to moving the event to the Miami Beach Convention Center is proof positive that the significant investments made to the convention center have been worthwhile and the economic impact of these events to our community cannot be overstated.” || Getting bigger: Bitcoin 2022 conference to be held at Miami Beach Convention Center: The Miami Beach Convention Center will host next year’s annual Bitcoin Conference in order to accommodate the thousands of guests expected to celebrate cryptocurrencies. This year’s conference, held at the Mana Wynwood convention space in April, drew at least 12,000. Organizers expect 2022 to see some 35,000 attendees. The Beach space’s main hall is about five times the size of Mana Wynwood’s. “The Miami Beach Convention Center is the perfect place to host next year’s Bitcoin Conference,” David Bailey, CEO of BTC Inc., said in a statement. “It will be bigger and better than ever, and we expect Bitcoin 2022 to be our most successful event yet.” No information was immediately available about next year’s speaker lineup. A statement from organizer BTC Inc. said the four-day Bitcoin 2022 Conference will feature an industry day for speaker panels and conferences, as well as a “Sound Money” music festival on the last day with live performances, entertainment, and other giveaways for attendees. “We felt important to come back for another year and grow with the city,” said Brandon Green, content director for Bitcoin 2022, in an interview. The Convention Center went dark for much of 2020 as the pandemic raged. It is set to welcome Art Basel back on Dec. 2. “We’re hopeful it’s Basel-like in that in can breed other events around the city ... and serve as a catalyst for Miami tech,” said Rolando Aedo, chief operation officer of the Greater Miami Convention and Visitors Bureau. “The Bitcoin 2022 Conference adds to a great portfolio of signature events taking place in Miami Beach,” William D. Talbert, III, CDME, president and CEO of the Greater Miami Convention and Visitors Bureau, said in a statement. “Their commitment to moving the event to the Miami Beach Convention Center is proof positive that the significant investments made to the convention center have been worthwhile and the economic impact of these events to our community cannot be overstated.” || South Korean Banks Report 100% Increase in Crypto Transaction Fees in Q2: BeInCrypto –
Despite the fluctuation in the global cryptocurrency market, South Korean banks are reporting a staggering increase in transaction fees.
The second quarter of 2021 was big for banks in South Korea in terms of cryptocurrency transaction fees. According to a local report fromThe Korean Herald, three banks who have existing partnerships with cryptocurrency exchanges made around $14.71 million from cryptocurrency transaction fees alone in Q2. The figure crushes the previous quarter’s total of $6 million. The three banks, K Bank, NH Nonghyup Bank, and Shinhan Bank provide real-name accounts for crypto exchanges Upbit,Bithumb, Coinone, and Korbit.
The figures quoted were collected by Rep. Yun Chang-hyun of the People Power Party and represent a massive uptick after reporting around $6 million in Q1. This, despite Bitcoin falling in price from April until late June, the report adds.
This storywas seen first onBeInCryptoJoin our Telegram Groupand get trading signals, a free trading course and more stories likethisonBeInCrypto || South Korean Banks Report 100% Increase in Crypto Transaction Fees in Q2: BeInCrypto Despite the fluctuation in the global cryptocurrency market, South Korean banks are reporting a staggering increase in transaction fees. The second quarter of 2021 was big for banks in South Korea in terms of cryptocurrency transaction fees. According to a local report from The Korean Herald , three banks who have existing partnerships with cryptocurrency exchanges made around $14.71 million from cryptocurrency transaction fees alone in Q2. The figure crushes the previous quarters total of $6 million. The three banks, K Bank, NH Nonghyup Bank, and Shinhan Bank provide real-name accounts for crypto exchanges Upbit, Bithumb , Coinone, and Korbit. The figures quoted were collected by Rep. Yun Chang-hyun of the People Power Party and represent a massive uptick after reporting around $6 million in Q1. This, despite Bitcoin falling in price from April until late June, the report adds. This story was seen first on BeInCrypto Join our Telegram Group and get trading signals, a free trading course and more stories like this on BeInCrypto
[Social Media Buzz]
None available.
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44428.29, 47793.32, 47096.95, 47047.00, 46004.48, 44695.36, 44801.19, 46717.58, 49339.18, 48905.49
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 8906.93, 8835.05, 9181.02, 9525.75, 9439.12, 9700.41, 9461.06, 10167.27, 9529.80, 9656.72, 9800.64, 9665.53, 9653.68, 9758.85, 9771.49, 9795.70, 9870.09, 9321.78, 9480.84, 9475.28, 9386.79, 9450.70, 9538.02, 9480.25, 9411.84, 9288.02, 9332.34, 9303.63, 9648.72, 9629.66, 9313.61, 9264.81, 9162.92, 9045.39, 9143.58, 9190.85, 9137.99, 9228.33, 9123.41, 9087.30, 9132.49, 9073.94, 9375.47, 9252.28, 9428.33, 9277.97, 9278.81, 9240.35, 9276.50, 9243.61, 9243.21, 9192.84, 9132.23, 9151.39, 9159.04, 9185.82, 9164.23, 9374.89, 9525.36, 9581.07, 9536.89, 9677.11, 9905.17, 10990.87, 10912.82, 11100.47, 11111.21, 11323.47, 11759.59, 11053.61, 11246.35, 11205.89, 11747.02, 11779.77, 11601.47, 11754.05, 11675.74, 11878.11, 11410.53, 11584.93, 11784.14, 11768.87, 11865.70, 11892.80, 12254.40, 11991.23, 11758.28, 11878.37, 11592.49, 11681.83.
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[Bitcoin Technical Analysis for 2020-08-22]
Volume: 20224191306, RSI (14-day): 55.92, 50-day EMA: 10851.63, 200-day EMA: 9423.21
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Market Wrap: Bitcoin Dips to $11.6K, ETH Options Predict Price Below $400 by End of Year: Bitcoin traders are hitting the sell button Friday while the ether options market loads up on lower prices. Bitcoin (BTC) trading around $11,674 as of 20:00 UTC (4 p.m. ET). Slipping 1.4% over the previous 24 hours. Bitcoin’s 24-hour range: $11,605-$11,892. BTC below its 10-day and 50-day moving averages, a bearish signal for market technicians. Read More: Bitcoin Options Open Interest Nears All Time High After holding around $11,800 Thursday into Friday, bitcoin started to slide downward around 08:00 UTC (4 a.m. ET), dropping to a 24-hour low of $11,605. Spot volumes were lower to cap off the workweek. It was $138 million on major spot USD/BTC exchange Coinbase, lower than its $179 million average over the past month. Related: Canadian Software Startup Puts 40% of Cash Reserves Into Bitcoin Over-the-counter crypto trader Henrik Kugelberg expects a bullish, if not record, fourth quarter ahead for bitcoin, even if the number of sluggish market days pile up. “I expect a slower curve but would not be surprised if we reach a $15,000 BTC in October and somewhere around $18,000-$20,000 at year end.” Kugelberg points to the uncertain economy as giving people reason to swap fiat for crypto investments. “There’s the falling value of the dollar to be priced in; we have not seen the end of the dollar’s fall that is for sure,” he added. Indeed, while the U.S. Dollar Index, a measure of the greenback’s strength versus a basket of other fiat currencies, is up 0.52% Friday, it’s still at lows not seen since June 2018. In the bitcoin options market, Neil Van Huis, director of sales and institutional trading at liquidity provider Blockfills, noted volatility decreased this week. Bitcoin’s at-the-money implied volatility, which is a metric to forecast movement in prices, has dropped from 71% Monday to 59% Friday. “Looks like some normalization of volatile trading as of late,” Van Huis said. Opportunities in Ethereum-powered DeFi are taking some traders’ focus away from the bitcoin market, Kugelbrg told CoinDesk. “The crypto community is in a total FOMO to DeFi-related altcoins,” said Kugelberg. “I believe the run-up for bitcoin may be slower than expected and fueled by retail sales to newcomers wanting a somewhat steadier haven.” Related: Ether Volatility Now Highest in Six Months Compared With Bitcoin’s Read More: Barstool’s Dave Portnoy Is Bad at Trading Cryptocurrency Ether options market bearish Ether (ETH) was down Friday, trading around $399 and slipping 3.8% in 24 hours as of 20:00 UTC (4:00 p.m. ET). Story continues Read More: Tron Loses 23% of Its $4.3B USDT Reserves to DeFi Hotbed Ethereum The ether options market is predicting prices by the end of 2020 won’t be much higher than they are now for the world’s second-largest cryptocurrency. December 20 maturities only give ether a 25% chance of being over $520, a 38% probability of being over $420 and a 41% chance of being over $400, according to data aggregator Skew. Despite the probabilities, Jean-Marc Bonnefous, managing partner for Tellurian Capital, which has been investing in crypto projects since 2014, is still bullish on ether. He doesn’t see Ethereum’s fundamental issues, such as fees constraining the network , as anything but a speed bump on the fast-moving DeFi highway. “Structurally, no,” said Bonnefous. “But short term, ether needs a new trigger to go higher.” Read More: INX Crypto Exchange to Launch $117M IPO Next Week Other markets Digital assets on the CoinDesk 20 are mixed Friday. Notable winners as of 20:00 UTC (4:00 p.m. ET): 0x (ZRX) + 26.2% lisk (LSK) + 13.5% qtum (QTUM) + 6.2% Read More: 0x Price Hits Two-Year High on Hopes Falling Ethereum Fees Spur Trading Notable losers as of 20:00 UTC (4:00 p.m. ET): chainlink (LINK) – 9.3% tezos (XTZ) – 8.2% tron (TRX) – 6.5% Read More: ETC Labs Rolls Out Fixes to Thwart Further 51% Attacks Equities: In Asia the Nikkei 225 closed in the green 0.17% as manufacturing- and tech-sector stock gains boosted the index . In Europe, the FTSE 100 ended the day slipping 0.27% as the U.K.’s debt amid the current economic crisis reached a record £2 trillion . The United States’ S&P 500 gained 0.30% as better-than-expected quarterly results from Deere and Foot Locker led optimism . Read More: These Illicit SIM Cards Are Making Hacks Like Twitter’s Easier Commodities: Oil is down 1.1%. Price per barrel of West Texas Intermediate crude: $42.24. Gold was in the red 0.40% and at $1,938 as of press time. Read More: US Congressman Tom Emmer Will Accept Crypto Donations for Reelection Treasurys: U.S. Treasury bonds were mixed Friday. Yields, which move in the opposite direction as price, were up most on the two-year, in the green 2.8%. Read More: Firms Say First Automated, AML-Compliant Bitcoin Transfer Completed Related Stories Market Wrap: Bitcoin Dips to $11.6K, ETH Options Predict Price Below $400 by End of Year Market Wrap: Bitcoin Dips to $11.6K, ETH Options Predict Price Below $400 by End of Year View comments || Market Wrap: Bitcoin Dips to $11.6K, ETH Options Predict Price Below $400 by End of Year: Bitcoin traders are hitting the sell button Friday while the ether options market loads up on lower prices.
• Bitcoin(BTC) trading around $11,674 as of 20:00 UTC (4 p.m. ET). Slipping 1.4% over the previous 24 hours.
• Bitcoin’s 24-hour range: $11,605-$11,892.
• BTC below its 10-day and 50-day moving averages, a bearish signal for market technicians.
Read More:Bitcoin Options Open Interest Nears All Time High
After holding around $11,800 Thursday into Friday, bitcoin started to slide downward around 08:00 UTC (4 a.m. ET), dropping to a 24-hour low of $11,605. Spot volumes were lower to cap off the workweek. It was $138 million on major spot USD/BTC exchange Coinbase, lower than its $179 million average over the past month.
Related:Canadian Software Startup Puts 40% of Cash Reserves Into Bitcoin
Over-the-counter crypto trader Henrik Kugelberg expects a bullish, if not record, fourth quarter ahead for bitcoin, even if the number of sluggish market days pile up. “I expect a slower curve but would not be surprised if we reach a $15,000 BTC in October and somewhere around $18,000-$20,000 at year end.”
Kugelberg points to the uncertain economy as giving people reason to swap fiat for crypto investments. “There’s the falling value of the dollar to be priced in; we have not seen the end of the dollar’s fall that is for sure,” he added. Indeed, while the U.S. Dollar Index, a measure of the greenback’s strength versus a basket of other fiat currencies, is up 0.52% Friday, it’s still at lows not seen since June 2018.
In the bitcoin options market, Neil Van Huis, director of sales and institutional trading at liquidity provider Blockfills, noted volatility decreased this week. Bitcoin’s at-the-money implied volatility, which is a metric to forecast movement in prices, has dropped from 71% Monday to 59% Friday. “Looks like some normalization of volatile trading as of late,” Van Huis said.
Opportunities in Ethereum-powered DeFi are taking some traders’ focus away from the bitcoin market, Kugelbrg told CoinDesk. “The crypto community is in a total FOMO to DeFi-related altcoins,” said Kugelberg. “I believe the run-up for bitcoin may be slower than expected and fueled by retail sales to newcomers wanting a somewhat steadier haven.”
Related:Ether Volatility Now Highest in Six Months Compared With Bitcoin’s
Read More:Barstool’s Dave Portnoy Is Bad at Trading Cryptocurrency
Ether(ETH) was down Friday, trading around $399 and slipping 3.8% in 24 hours as of 20:00 UTC (4:00 p.m. ET).
Read More:Tron Loses 23% of Its $4.3B USDT Reserves to DeFi Hotbed Ethereum
The ether options market is predicting prices by the end of 2020 won’t be much higher than they are now for the world’s second-largest cryptocurrency. December 20 maturities only give ether a 25% chance of being over $520, a 38% probability of being over $420 and a 41% chance of being over $400, according to data aggregator Skew.
Despite the probabilities, Jean-Marc Bonnefous, managing partner for Tellurian Capital, which has been investing in crypto projects since 2014, is still bullish on ether. He doesn’t see Ethereum’s fundamental issues, such asfees constraining the network, as anything but a speed bump on the fast-moving DeFi highway. “Structurally, no,” said Bonnefous. “But short term, ether needs a new trigger to go higher.”
Read More:INX Crypto Exchange to Launch $117M IPO Next Week
Digital assets on theCoinDesk 20are mixed Friday. Notable winners as of 20:00 UTC (4:00 p.m. ET):
• 0x(ZRX) + 26.2%
• lisk(LSK) + 13.5%
• qtum(QTUM) + 6.2%
Read More:0x Price Hits Two-Year High on Hopes Falling Ethereum Fees Spur Trading
Notable losers as of 20:00 UTC (4:00 p.m. ET):
• chainlink(LINK) – 9.3%
• tezos(XTZ) – 8.2%
• tron(TRX) – 6.5%
Read More:ETC Labs Rolls Out Fixes to Thwart Further 51% Attacks
Equities:
• In Asia the Nikkei 225 closed in the green 0.17% asmanufacturing- and tech-sector stock gains boosted the index.
• In Europe, the FTSE 100 ended the day slipping 0.27% asthe U.K.’s debt amid the current economic crisis reached a record £2 trillion.
• The United States’ S&P 500 gained 0.30% asbetter-than-expected quarterly results from Deere and Foot Locker led optimism.
Read More:These Illicit SIM Cards Are Making Hacks Like Twitter’s Easier
Commodities:
• Oil is down 1.1%. Price per barrel of West Texas Intermediate crude: $42.24.
• Gold was in the red 0.40% and at $1,938 as of press time.
Read More:US Congressman Tom Emmer Will Accept Crypto Donations for Reelection
Treasurys:
• U.S. Treasury bonds were mixed Friday. Yields, which move in the opposite direction as price, were up most on the two-year, in the green 2.8%.
Read More:Firms Say First Automated, AML-Compliant Bitcoin Transfer Completed
• Market Wrap: Bitcoin Dips to $11.6K, ETH Options Predict Price Below $400 by End of Year
• Market Wrap: Bitcoin Dips to $11.6K, ETH Options Predict Price Below $400 by End of Year || Market Wrap: Bitcoin Dips to $11.6K, ETH Options Predict Price Below $400 by End of Year: Bitcoin traders are hitting the sell button Friday while the ether options market loads up on lower prices.
• Bitcoin(BTC) trading around $11,674 as of 20:00 UTC (4 p.m. ET). Slipping 1.4% over the previous 24 hours.
• Bitcoin’s 24-hour range: $11,605-$11,892.
• BTC below its 10-day and 50-day moving averages, a bearish signal for market technicians.
Read More:Bitcoin Options Open Interest Nears All Time High
After holding around $11,800 Thursday into Friday, bitcoin started to slide downward around 08:00 UTC (4 a.m. ET), dropping to a 24-hour low of $11,605. Spot volumes were lower to cap off the workweek. It was $138 million on major spot USD/BTC exchange Coinbase, lower than its $179 million average over the past month.
Related:Canadian Software Startup Puts 40% of Cash Reserves Into Bitcoin
Over-the-counter crypto trader Henrik Kugelberg expects a bullish, if not record, fourth quarter ahead for bitcoin, even if the number of sluggish market days pile up. “I expect a slower curve but would not be surprised if we reach a $15,000 BTC in October and somewhere around $18,000-$20,000 at year end.”
Kugelberg points to the uncertain economy as giving people reason to swap fiat for crypto investments. “There’s the falling value of the dollar to be priced in; we have not seen the end of the dollar’s fall that is for sure,” he added. Indeed, while the U.S. Dollar Index, a measure of the greenback’s strength versus a basket of other fiat currencies, is up 0.52% Friday, it’s still at lows not seen since June 2018.
In the bitcoin options market, Neil Van Huis, director of sales and institutional trading at liquidity provider Blockfills, noted volatility decreased this week. Bitcoin’s at-the-money implied volatility, which is a metric to forecast movement in prices, has dropped from 71% Monday to 59% Friday. “Looks like some normalization of volatile trading as of late,” Van Huis said.
Opportunities in Ethereum-powered DeFi are taking some traders’ focus away from the bitcoin market, Kugelbrg told CoinDesk. “The crypto community is in a total FOMO to DeFi-related altcoins,” said Kugelberg. “I believe the run-up for bitcoin may be slower than expected and fueled by retail sales to newcomers wanting a somewhat steadier haven.”
Related:Ether Volatility Now Highest in Six Months Compared With Bitcoin’s
Read More:Barstool’s Dave Portnoy Is Bad at Trading Cryptocurrency
Ether(ETH) was down Friday, trading around $399 and slipping 3.8% in 24 hours as of 20:00 UTC (4:00 p.m. ET).
Read More:Tron Loses 23% of Its $4.3B USDT Reserves to DeFi Hotbed Ethereum
The ether options market is predicting prices by the end of 2020 won’t be much higher than they are now for the world’s second-largest cryptocurrency. December 20 maturities only give ether a 25% chance of being over $520, a 38% probability of being over $420 and a 41% chance of being over $400, according to data aggregator Skew.
Despite the probabilities, Jean-Marc Bonnefous, managing partner for Tellurian Capital, which has been investing in crypto projects since 2014, is still bullish on ether. He doesn’t see Ethereum’s fundamental issues, such asfees constraining the network, as anything but a speed bump on the fast-moving DeFi highway. “Structurally, no,” said Bonnefous. “But short term, ether needs a new trigger to go higher.”
Read More:INX Crypto Exchange to Launch $117M IPO Next Week
Digital assets on theCoinDesk 20are mixed Friday. Notable winners as of 20:00 UTC (4:00 p.m. ET):
• 0x(ZRX) + 26.2%
• lisk(LSK) + 13.5%
• qtum(QTUM) + 6.2%
Read More:0x Price Hits Two-Year High on Hopes Falling Ethereum Fees Spur Trading
Notable losers as of 20:00 UTC (4:00 p.m. ET):
• chainlink(LINK) – 9.3%
• tezos(XTZ) – 8.2%
• tron(TRX) – 6.5%
Read More:ETC Labs Rolls Out Fixes to Thwart Further 51% Attacks
Equities:
• In Asia the Nikkei 225 closed in the green 0.17% asmanufacturing- and tech-sector stock gains boosted the index.
• In Europe, the FTSE 100 ended the day slipping 0.27% asthe U.K.’s debt amid the current economic crisis reached a record £2 trillion.
• The United States’ S&P 500 gained 0.30% asbetter-than-expected quarterly results from Deere and Foot Locker led optimism.
Read More:These Illicit SIM Cards Are Making Hacks Like Twitter’s Easier
Commodities:
• Oil is down 1.1%. Price per barrel of West Texas Intermediate crude: $42.24.
• Gold was in the red 0.40% and at $1,938 as of press time.
Read More:US Congressman Tom Emmer Will Accept Crypto Donations for Reelection
Treasurys:
• U.S. Treasury bonds were mixed Friday. Yields, which move in the opposite direction as price, were up most on the two-year, in the green 2.8%.
Read More:Firms Say First Automated, AML-Compliant Bitcoin Transfer Completed
• Market Wrap: Bitcoin Dips to $11.6K, ETH Options Predict Price Below $400 by End of Year
• Market Wrap: Bitcoin Dips to $11.6K, ETH Options Predict Price Below $400 by End of Year || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / August 21, 2020 /ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD).
Real-Time Market Data is available atwww.alt5pro.comand Real-Time Market Data feed is also available atwww.alt5sigma.com.ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH
About ALT 5 Sigma Inc.
ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance.
ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers.
ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services.
For more information, visitwww.alt5sigma.com.
Contact:
Andre BeauchesneTel. [email protected]
For more information on ALT 5 Pay, visitwww.alt5pay.comFor more information on ALT 5 Pro, visitwww.alt5pro.com
SOURCE:ALT 5 Sigma Inc.
View source version on accesswire.com:https://www.accesswire.com/602809/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / August 21, 2020 /ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD).
Real-Time Market Data is available atwww.alt5pro.comand Real-Time Market Data feed is also available atwww.alt5sigma.com.ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH
About ALT 5 Sigma Inc.
ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance.
ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers.
ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services.
For more information, visitwww.alt5sigma.com.
Contact:
Andre BeauchesneTel. [email protected]
For more information on ALT 5 Pay, visitwww.alt5pay.comFor more information on ALT 5 Pro, visitwww.alt5pro.com
SOURCE:ALT 5 Sigma Inc.
View source version on accesswire.com:https://www.accesswire.com/602809/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / August 21, 2020 / ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD). Real-Time Market Data is available at www.alt5pro.com and Real-Time Market Data feed is also available at www.alt5sigma.com . ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH About ALT 5 Sigma Inc. ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance. ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers. ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services. For more information, visit www.alt5sigma.com . Contact: Andre Beauchesne Tel. 1-800-204-6203 [email protected] For more information on ALT 5 Pay, visit www.alt5pay.com For more information on ALT 5 Pro, visit www.alt5pro.com SOURCE: ALT 5 Sigma Inc. View source version on accesswire.com: https://www.accesswire.com/602809/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || Winter Is Coming: Examining the Economy’s Eight-Body Problem: From the devastation of the service industry to never-ending central bank intervention, these factors make predicting the future of the economy nearly impossible.
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
This episode is sponsored byCrypto.com,BitstampandNexo.io.
Related:Bitcoin News Roundup for Aug. 24, 2020
The “three-body problem” is a physics issue that deals with unpredictable futures.
In arecent essay, John Mauldin argues the economy is actually experiencing an “eight-body problem.”
See also:Here Comes the Most Bizarre Bull Market Yet
On today’s episode, NLW explores each of those dimensions shaping the challenge we face, including:
• Central bank intervention
• The destruction of the service industry
• The implosion of global trade
Related:Why Are Traditional Investors So Hungry for Yield Curve Control?
In the end, he argues that in a world ruled by chaos, fighting to control the narrative might be the only rational move.
Read Ben Hunt’s essay “The Three-Body Problem.”
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
• Winter Is Coming: Examining the Economy’s Eight-Body Problem
• Winter Is Coming: Examining the Economy’s Eight-Body Problem || Winter Is Coming: Examining the Economys Eight-Body Problem: From the devastation of the service industry to never-ending central bank intervention, these factors make predicting the future of the economy nearly impossible. For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . This episode is sponsored by Crypto.com , Bitstamp and Nexo.io . Related: Bitcoin News Roundup for Aug. 24, 2020 The three-body problem is a physics issue that deals with unpredictable futures. In a recent essay , John Mauldin argues the economy is actually experiencing an eight-body problem. See also: Here Comes the Most Bizarre Bull Market Yet On todays episode, NLW explores each of those dimensions shaping the challenge we face, including: Central bank intervention The destruction of the service industry The implosion of global trade Related: Why Are Traditional Investors So Hungry for Yield Curve Control? In the end, he argues that in a world ruled by chaos, fighting to control the narrative might be the only rational move. Read Ben Hunts essay The Three-Body Problem . For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . Related Stories Winter Is Coming: Examining the Economys Eight-Body Problem Winter Is Coming: Examining the Economys Eight-Body Problem || Barstool’s Dave Portnoy Is Bad at Trading Cryptocurrency: Dave Portnoy, the online sports celebrity founder of Barstool Sports, might be quitting cryptocurrency trading after buying bitcoin (BTC) and other cryptocurrencies little more than a week ago, according to a tweet published Friday afternoon. Portnoy led his army of day traders into the cryptocurrency world after Cameron and Tyler Winklevoss, founders of the Gemini cryptocurrency exchange, explained bitcoin to him on Aug. 13. Besides leading to a sizable bitcoin purchase, Portnoy’s meeting with the Winklevoss brothers also resulted in a $50,000 purchase of chainlink (LINK). As of Friday, and after losing $25,000, however, Portnoy told his Twitter followers, “I currently own zero bitcoins.” The bellwether cryptocurrency actually gained more than 7% in the days following Portnoy’s broadcasted purchase. At last check, BTC is still up 1% from the daily open on the day of Portnoy’s meeting. LINK, however, dumped 30% since Portnoy signaled his bullishness for the coin, tweeting, “LINK to the moon.” Another alternative cryptocurrency, orchid (OXT), also dropped 28% since Portnoy tweeted about his position. Trading cryptocurrency just isn’t easy, explained Anil Lulla, former analyst at Bloomberg and co-founder of cryptocurrency research firm Delphi Digital. “The market is a bit more sophisticated than it was in 2017. You’ve seen a shift where capital has been flowing to projects with some fundamentals instead of just good marketing and buzzwords.” Dismissing his losses, Portnoy responded to a fake Tyler Winklevoss account that expressed disappointment in the celebrity trader’s decision to sell LINK by saying, “I make six figures a day like clockwork in the real stock market. No need to sit around losing money waiting for Elon [Musk] to mine gold from outer space.” The possibility of mining gold on asteroids was a value proposition for investing in BTC pitched to Portnoy by the Winklevoss twins. “Having a long-term fundamental view helps deal with the short-term volatility,” said Ryan Watkins, bitcoin analyst at Messari and former investment banking analyst at Moelis & Co., referring to trading cryptocurrencies in a private message with CoinDesk. Because everyone looks like a genius in a bull market, though, Lulla said he wouldn’t be surprised to see Portnoy eventually “have some fun and post some headline-grabbing gains.” Related Stories Barstool’s Dave Portnoy Is Bad at Trading Cryptocurrency Barstool’s Dave Portnoy Is Bad at Trading Cryptocurrency Barstool’s Dave Portnoy Is Bad at Trading Cryptocurrency Barstool’s Dave Portnoy Is Bad at Trading Cryptocurrency || Barstool’s Dave Portnoy Is Bad at Trading Cryptocurrency: Dave Portnoy, the online sports celebrity founder of Barstool Sports, might be quitting cryptocurrency trading after buying bitcoin (BTC) and other cryptocurrencies little more than a week ago, according to a tweet published Friday afternoon. Portnoy led his army of day traders into the cryptocurrency world after Cameron and Tyler Winklevoss, founders of the Gemini cryptocurrency exchange, explained bitcoin to him on Aug. 13. Besides leading to a sizable bitcoin purchase, Portnoy’s meeting with the Winklevoss brothers also resulted in a $50,000 purchase of chainlink (LINK). As of Friday, and after losing $25,000, however, Portnoy told his Twitter followers, “I currently own zero bitcoins.” The bellwether cryptocurrency actually gained more than 7% in the days following Portnoy’s broadcasted purchase. At last check, BTC is still up 1% from the daily open on the day of Portnoy’s meeting. LINK, however, dumped 30% since Portnoy signaled his bullishness for the coin, tweeting, “LINK to the moon.” Another alternative cryptocurrency, orchid (OXT), also dropped 28% since Portnoy tweeted about his position. Trading cryptocurrency just isn’t easy, explained Anil Lulla, former analyst at Bloomberg and co-founder of cryptocurrency research firm Delphi Digital. “The market is a bit more sophisticated than it was in 2017. You’ve seen a shift where capital has been flowing to projects with some fundamentals instead of just good marketing and buzzwords.” Dismissing his losses, Portnoy responded to a fake Tyler Winklevoss account that expressed disappointment in the celebrity trader’s decision to sell LINK by saying, “I make six figures a day like clockwork in the real stock market. No need to sit around losing money waiting for Elon [Musk] to mine gold from outer space.” The possibility of mining gold on asteroids was a value proposition for investing in BTC pitched to Portnoy by the Winklevoss twins. “Having a long-term fundamental view helps deal with the short-term volatility,” said Ryan Watkins, bitcoin analyst at Messari and former investment banking analyst at Moelis & Co., referring to trading cryptocurrencies in a private message with CoinDesk. Because everyone looks like a genius in a bull market, though, Lulla said he wouldn’t be surprised to see Portnoy eventually “have some fun and post some headline-grabbing gains.” Related Stories Barstool’s Dave Portnoy Is Bad at Trading Cryptocurrency Barstool’s Dave Portnoy Is Bad at Trading Cryptocurrency Barstool’s Dave Portnoy Is Bad at Trading Cryptocurrency Barstool’s Dave Portnoy Is Bad at Trading Cryptocurrency || 11 Million Bitcoin Holders Can Earn Interest Following Cred Partnership with Bitcoin.com: One of the world’s most popular bitcoin wallets has been boosted by an integration with lending platform Cred. The partnership with Bitcoin.com Wallet, which boasts 11 million downloads, means that BTC and BCH holders can earn a passive income through lending out their assets. Moreover, they can claim the interest payments they receive in a range of digital currencies, including stablecoins. The integration between the crypto finance platform and Bitcoin.com arrives at a time when interest in cryptocurrency lending is at an all-time high.
A Cred spokesperson told Insider Monkey: “Cred’s partnership with Bitcoin.com proves that Bitcoin innovation doesn’t have to occur at the protocol level. By building lending capabilities directly into the Bitcoin.com Wallet, we’ve provided a way for BTC and BCH holders to earn an attractive ROI, while operating within a familiar and secure environment.”
Copyright: pogorelovaolga / 123RF Stock Photo
In the traditional financial world, credit is controlled by agencies such as Equifax (NYSE:EFX) and Experian (LON:EXPN), whose scoring system determines who’s eligible for a loan and who isn’t. In the world of cryptocurrency, things work a little differently. Due to the design of crypto assets and blockchain, tokens can be pledged as collateral and used to obtain fiat currency loans. They can also be loaned to borrowers via platforms such asCred, earning the lender a fixed fee for the duration of the loan.
The integration of lending directly into Bitcoin.com Wallet enables bitcoiners to start earning yield on their holdings directly within the iOS and Android app. “At Bitcoin.com, we strive to offer our customers with the top-tier blockchain services,” explained the company’s Head of Product, Corbin Fraser. “Through Cred, our customers will continue benefiting from earning interest on their crypto via a secure and licensed financial services platform.”
Bitcoin.com is a news site, wallet service, mining pool, and cryptocurrency hub for supporters of Bitcoin (BTC) and Bitcoin Cash (BCH). Its Executive Chairman and former CEO, Roger Ver, remains one of the most controversial figures in the industry, although he has taken a step back from the limelight, and is now content to advocate his favored strain of bitcoin – Bitcoin Cash – from afar. TheBitcoin.com Wallethas proven to be one of the company’s most successful products to date, adding new features such as the ability to buy bitcoin with credit card, and now a lending portal administered with the support of Cred.
Decentralized exchanges (DEXs) and centralized exchanges (CEXs) have been engaged in a fierce battle for market share this year, with the growth in decentralized finance generating huge volume on Uniswap and Mooniswap. A similar battle is being fought between centralized lending platforms – including exchanges – and defi platforms to offer the highest APR. Cryptocurrency holders have found themselves jumping from platform to platform, chasing down the greatest yield.
Cred has built its crypto lending business through integrating with leading wallets including Bitcoin.com Wallet, Huobi Wallet, and Edge. Cryptocurrency holders – or hodlers – have no desire to sell their assets in the near future. Lending provides them with a means to grow their holdings without participating in the high risk game of trading.
Disclosure: None. || 11 Million Bitcoin Holders Can Earn Interest Following Cred Partnership with Bitcoin.com: One of the world’s most popular bitcoin wallets has been boosted by an integration with lending platform Cred. The partnership with Bitcoin.com Wallet, which boasts 11 million downloads, means that BTC and BCH holders can earn a passive income through lending out their assets. Moreover, they can claim the interest payments they receive in a range of digital currencies, including stablecoins. The integration between the crypto finance platform and Bitcoin.com arrives at a time when interest in cryptocurrency lending is at an all-time high.
A Cred spokesperson told Insider Monkey: “Cred’s partnership with Bitcoin.com proves that Bitcoin innovation doesn’t have to occur at the protocol level. By building lending capabilities directly into the Bitcoin.com Wallet, we’ve provided a way for BTC and BCH holders to earn an attractive ROI, while operating within a familiar and secure environment.”
Copyright: pogorelovaolga / 123RF Stock Photo
In the traditional financial world, credit is controlled by agencies such as Equifax (NYSE:EFX) and Experian (LON:EXPN), whose scoring system determines who’s eligible for a loan and who isn’t. In the world of cryptocurrency, things work a little differently. Due to the design of crypto assets and blockchain, tokens can be pledged as collateral and used to obtain fiat currency loans. They can also be loaned to borrowers via platforms such asCred, earning the lender a fixed fee for the duration of the loan.
The integration of lending directly into Bitcoin.com Wallet enables bitcoiners to start earning yield on their holdings directly within the iOS and Android app. “At Bitcoin.com, we strive to offer our customers with the top-tier blockchain services,” explained the company’s Head of Product, Corbin Fraser. “Through Cred, our customers will continue benefiting from earning interest on their crypto via a secure and licensed financial services platform.”
Bitcoin.com is a news site, wallet service, mining pool, and cryptocurrency hub for supporters of Bitcoin (BTC) and Bitcoin Cash (BCH). Its Executive Chairman and former CEO, Roger Ver, remains one of the most controversial figures in the industry, although he has taken a step back from the limelight, and is now content to advocate his favored strain of bitcoin – Bitcoin Cash – from afar. TheBitcoin.com Wallethas proven to be one of the company’s most successful products to date, adding new features such as the ability to buy bitcoin with credit card, and now a lending portal administered with the support of Cred.
Decentralized exchanges (DEXs) and centralized exchanges (CEXs) have been engaged in a fierce battle for market share this year, with the growth in decentralized finance generating huge volume on Uniswap and Mooniswap. A similar battle is being fought between centralized lending platforms – including exchanges – and defi platforms to offer the highest APR. Cryptocurrency holders have found themselves jumping from platform to platform, chasing down the greatest yield.
Cred has built its crypto lending business through integrating with leading wallets including Bitcoin.com Wallet, Huobi Wallet, and Edge. Cryptocurrency holders – or hodlers – have no desire to sell their assets in the near future. Lending provides them with a means to grow their holdings without participating in the high risk game of trading.
Disclosure: None. || 11 Million Bitcoin Holders Can Earn Interest Following Cred Partnership with Bitcoin.com: One of the world’s most popular bitcoin wallets has been boosted by an integration with lending platform Cred. The partnership with Bitcoin.com Wallet, which boasts 11 million downloads, means that BTC and BCH holders can earn a passive income through lending out their assets. Moreover, they can claim the interest payments they receive in a range of digital currencies, including stablecoins. The integration between the crypto finance platform and Bitcoin.com arrives at a time when interest in cryptocurrency lending is at an all-time high. A Cred spokesperson told Insider Monkey: “Cred’s partnership with Bitcoin.com proves that Bitcoin innovation doesn’t have to occur at the protocol level. By building lending capabilities directly into the Bitcoin.com Wallet, we’ve provided a way for BTC and BCH holders to earn an attractive ROI, while operating within a familiar and secure environment.” Best, Easiest Mining Software for Beginners Copyright: pogorelovaolga / 123RF Stock Photo Crypto Lenders Bypass Gatekeepers In the traditional financial world, credit is controlled by agencies such as Equifax (NYSE: EFX ) and Experian (LON: EXPN ), whose scoring system determines who’s eligible for a loan and who isn’t. In the world of cryptocurrency, things work a little differently. Due to the design of crypto assets and blockchain, tokens can be pledged as collateral and used to obtain fiat currency loans. They can also be loaned to borrowers via platforms such as Cred , earning the lender a fixed fee for the duration of the loan. The integration of lending directly into Bitcoin.com Wallet enables bitcoiners to start earning yield on their holdings directly within the iOS and Android app. “At Bitcoin.com, we strive to offer our customers with the top-tier blockchain services,” explained the company’s Head of Product, Corbin Fraser. “Through Cred, our customers will continue benefiting from earning interest on their crypto via a secure and licensed financial services platform.” Bitcoin.com is a news site, wallet service, mining pool, and cryptocurrency hub for supporters of Bitcoin (BTC) and Bitcoin Cash (BCH). Its Executive Chairman and former CEO, Roger Ver, remains one of the most controversial figures in the industry, although he has taken a step back from the limelight, and is now content to advocate his favored strain of bitcoin – Bitcoin Cash – from afar. The Bitcoin.com Wallet has proven to be one of the company’s most successful products to date, adding new features such as the ability to buy bitcoin with credit card, and now a lending portal administered with the support of Cred. Story continues Lending Platforms Compete for Market Share Decentralized exchanges (DEXs) and centralized exchanges (CEXs) have been engaged in a fierce battle for market share this year, with the growth in decentralized finance generating huge volume on Uniswap and Mooniswap. A similar battle is being fought between centralized lending platforms – including exchanges – and defi platforms to offer the highest APR. Cryptocurrency holders have found themselves jumping from platform to platform, chasing down the greatest yield. Cred has built its crypto lending business through integrating with leading wallets including Bitcoin.com Wallet, Huobi Wallet, and Edge. Cryptocurrency holders – or hodlers – have no desire to sell their assets in the near future. Lending provides them with a means to grow their holdings without participating in the high risk game of trading. Disclosure: None. View comments || Bitcoin Mining Facility With Room for 50,000 Rigs Set to Launch in Kazakhstan: One of the largest mining facilities in the world – with output to rival a small power station – is set to open for business in the mining-friendly country of Kazakhstan in September.
• Mining facility operator Enegix told CoinDesk Friday it will be ready to open its 180 megawatt (MW) data center to mining pools at the start of September.
• Based in Ekibastuz, near the Russian border, the facility can host up to 50,000 mining rigs, according to sales director Dmitriy Ivanov.
• Assuming full capacity with Bitmain’s AntMiner S19 series or MicroBT’s WhatsMiner M30, that would represent mining power of about 5-6 EH/s – approximately 4% ofbitcoin'scurrent hashrate.
• Enegix already operates two mining facilities but the Ekibastuz site is its largest – it will employ upwards of 160 people, including engineers, electricians and security personnel.
• The facility would handle as much electricity as needed to power 180,000 U.S. homes.
• Construction on the facility began in August 2019 and has reportedly cost $23 million, according to a series of slides shared with CoinDesk.
• The center will get its electricity straight from the Kazakhstani grid, which itself will source the power from a local coal-fired station. Ivanov said it was the cheapest source of power available.
• Electricity in Kazakstan is cheap and plentiful, with much of the country’s surplus currently exported to neighboring countries.
• This makes the country well-placed to become a global center for mining facilities, said Ivanov. National power stations rarely operate at full capacity so there’s room for facilities to expand, and more to come online to use the power.
• Unlike China, where electricity prices change depending on the season, costs at the Ekibastuz facility will stay much the same year-round.
• Keen to attract business and foreign investment, the government has created a taxation framework to help further legitimize cryptocurrency mining in the country.
• Indeed, Cambridge University’sBitcoin Mining Mapshows Kazakhstan now ranks fourth in the world for hashrate distribution – up from sixth in Q3 2019.
• Although clients will be free to mine any cryptocurrencies they wish, Enegix anticipates – as with their existing data centers – that most will mine bitcoin.
• Representatives from mining companies ViaBTC, BTC.com, Canaan, and Innosilicon have already visited the site, Ivanov said.
See also:Top Bitcoin Mining Pools See 15% Hashrate Drop Amid Continuous Rainstorms in China
UPDATE (Aug.22, 10:35 UTC):A previous version of this article stated that the power came from Russia, that Dmitriy Ivanov was a director and that F2Pool had visited the site. This has been corrected.
• Bitcoin Mining Facility With Room for 50,000 Rigs Set to Launch in Kazakhstan
• Bitcoin Mining Facility With Room for 50,000 Rigs Set to Launch in Kazakhstan
• Bitcoin Mining Facility With Room for 50,000 Rigs Set to Launch in Kazakhstan
• Bitcoin Mining Facility With Room for 50,000 Rigs Set to Launch in Kazakhstan || Bitcoin Mining Facility With Room for 50,000 Rigs Set to Launch in Kazakhstan: One of the largest mining facilities in the world with output to rival a small power station is set to open for business in the mining-friendly country of Kazakhstan in September. Mining facility operator Enegix told CoinDesk Friday it will be ready to open its 180 megawatt (MW) data center to mining pools at the start of September. Based in Ekibastuz, near the Russian border, the facility can host up to 50,000 mining rigs, according to sales director Dmitriy Ivanov. Assuming full capacity with Bitmains AntMiner S19 series or MicroBTs WhatsMiner M30, that would represent mining power of about 5-6 EH/s approximately 4% of bitcoin's current hashrate. Enegix already operates two mining facilities but the Ekibastuz site is its largest it will employ upwards of 160 people, including engineers, electricians and security personnel. The facility would handle as much electricity as needed to power 180,000 U.S. homes. Construction on the facility began in August 2019 and has reportedly cost $23 million, according to a series of slides shared with CoinDesk. The center will get its electricity straight from the Kazakhstani grid, which itself will source the power from a local coal-fired station. Ivanov said it was the cheapest source of power available. Electricity in Kazakstan is cheap and plentiful, with much of the countrys surplus currently exported to neighboring countries. This makes the country well-placed to become a global center for mining facilities, said Ivanov. National power stations rarely operate at full capacity so theres room for facilities to expand, and more to come online to use the power. Unlike China, where electricity prices change depending on the season, costs at the Ekibastuz facility will stay much the same year-round. Keen to attract business and foreign investment, the government has created a taxation framework to help further legitimize cryptocurrency mining in the country. Indeed, Cambridge Universitys Bitcoin Mining Map shows Kazakhstan now ranks fourth in the world for hashrate distribution up from sixth in Q3 2019. Although clients will be free to mine any cryptocurrencies they wish, Enegix anticipates as with their existing data centers that most will mine bitcoin. Representatives from mining companies ViaBTC, BTC.com, Canaan, and Innosilicon have already visited the site, Ivanov said. See also: Top Bitcoin Mining Pools See 15% Hashrate Drop Amid Continuous Rainstorms in China UPDATE (Aug.22, 10:35 UTC): A previous version of this article stated that the power came from Russia, that Dmitriy Ivanov was a director and that F2Pool had visited the site. This has been corrected. Story continues Related Stories Bitcoin Mining Facility With Room for 50,000 Rigs Set to Launch in Kazakhstan Bitcoin Mining Facility With Room for 50,000 Rigs Set to Launch in Kazakhstan Bitcoin Mining Facility With Room for 50,000 Rigs Set to Launch in Kazakhstan Bitcoin Mining Facility With Room for 50,000 Rigs Set to Launch in Kazakhstan View comments || Bitcoin Mining Facility With Room for 50,000 Rigs Set to Launch in Kazakhstan: One of the largest mining facilities in the world – with output to rival a small power station – is set to open for business in the mining-friendly country of Kazakhstan in September.
• Mining facility operator Enegix told CoinDesk Friday it will be ready to open its 180 megawatt (MW) data center to mining pools at the start of September.
• Based in Ekibastuz, near the Russian border, the facility can host up to 50,000 mining rigs, according to sales director Dmitriy Ivanov.
• Assuming full capacity with Bitmain’s AntMiner S19 series or MicroBT’s WhatsMiner M30, that would represent mining power of about 5-6 EH/s – approximately 4% ofbitcoin'scurrent hashrate.
• Enegix already operates two mining facilities but the Ekibastuz site is its largest – it will employ upwards of 160 people, including engineers, electricians and security personnel.
• The facility would handle as much electricity as needed to power 180,000 U.S. homes.
• Construction on the facility began in August 2019 and has reportedly cost $23 million, according to a series of slides shared with CoinDesk.
• The center will get its electricity straight from the Kazakhstani grid, which itself will source the power from a local coal-fired station. Ivanov said it was the cheapest source of power available.
• Electricity in Kazakstan is cheap and plentiful, with much of the country’s surplus currently exported to neighboring countries.
• This makes the country well-placed to become a global center for mining facilities, said Ivanov. National power stations rarely operate at full capacity so there’s room for facilities to expand, and more to come online to use the power.
• Unlike China, where electricity prices change depending on the season, costs at the Ekibastuz facility will stay much the same year-round.
• Keen to attract business and foreign investment, the government has created a taxation framework to help further legitimize cryptocurrency mining in the country.
• Indeed, Cambridge University’sBitcoin Mining Mapshows Kazakhstan now ranks fourth in the world for hashrate distribution – up from sixth in Q3 2019.
• Although clients will be free to mine any cryptocurrencies they wish, Enegix anticipates – as with their existing data centers – that most will mine bitcoin.
• Representatives from mining companies ViaBTC, BTC.com, Canaan, and Innosilicon have already visited the site, Ivanov said.
See also:Top Bitcoin Mining Pools See 15% Hashrate Drop Amid Continuous Rainstorms in China
UPDATE (Aug.22, 10:35 UTC):A previous version of this article stated that the power came from Russia, that Dmitriy Ivanov was a director and that F2Pool had visited the site. This has been corrected.
• Bitcoin Mining Facility With Room for 50,000 Rigs Set to Launch in Kazakhstan
• Bitcoin Mining Facility With Room for 50,000 Rigs Set to Launch in Kazakhstan
• Bitcoin Mining Facility With Room for 50,000 Rigs Set to Launch in Kazakhstan
• Bitcoin Mining Facility With Room for 50,000 Rigs Set to Launch in Kazakhstan || A Viral Market Update XIII: The Strong (FANGAM) Get Stronger!: When I started these updates on February 26, 2020, about two weeks after the markets went into free fall, my first six posts were titled "Viral Market Meltdowns", reflecting the sell off across the globe. About half way through this series, I changed the title, replacing the word "meltdown" with "update", as markets turned around. In fact, by August 14, the date of this update, US equities had recouped all of their crisis losses, and were trading higher than they were on February 14, the start of the crisis. In that six-month period, though, there has been a reallocation of value, from old to young, value to growth and manufacturing to technology companies, and I have tried to both chronicle and explain these shifts in earlier posts.
In this one, I plan to focus on a subset of these companies, the FANG (Facebook, Inc.(NASDAQ:FB),Apple Inc. (NASDAQ:AAPL),Netflix Inc (NASDAQ:NFLX)and GoogleAlphabet Inc (NASDAQ:GOOGL)stocks, younger companies that have soared in value over the last decade, and two other tech companies of longer standing, Apple andMicrosoft Corporation(NASDAQ:MSFT). These FANGAM stocks, which have dominated the market for the last decade, have become even more dominant during the crisis, and explaining (or trying to explain) that phenomenon is key to understanding both the market comeback and to assessing whether it is sustainable.
Copyright:designer491 / 123RF Stock Photo
Market Outlook
My crisis clock started on February 14, 2020, and it is now six months since its start, and as with my previous updates, I will begin with a quick overview of financial market action over this period. I start by looking at selected equity indices, spread geographically, and how they have performed over the period:
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On August 14, the S&P 500 was almost back to where it was on February 14, which was an all-time high, and the NASDAQ was 13.46% higher than its February-levels, hitting new highs. In local currency terms, the Latin American indices were still showing double-digit declines, as of August 14, but the Asian indices have recouped much of their early losses. As equities have gone on a roller-coaster ride, US treasuries have settled into a holding pattern, with rates across maturities at much lower levels than prior to it:
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Almost all of the drop in rates occurred in the first few weeks of the crisis, but rates are now close to zero at the short end of the maturity spectrum, less than 1% for the 10-year treasuries and approaching 1.5% for the 30-year treasuries. The Fed's two big action announcements, the one of March 15 on expanding quantitative easing and the other on March 23, on operating as a backstop in lending markets, have had only a muted effect on treasury rates, but they do seem to have caused a shift in corporate bond markets, as can be seen in the graph below, showing corporate default spreads for bonds in different ratings classes:
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Corporate bond spreads, which surged in the first five weeks of the crisis, have dropped back almost to pre-crisis levels for the highest rated bonds. For the lowest rated bonds, spreads have followed the same pattern, but they remain at elevated levels, relative to pre-crisis values. The ebbs and flows in equity and bond markets have also played out in commodities, where I track oil and copper on a daily basis in the graph below:
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Copper, after dropping 15.36% between February 14 and March 20, has more than recovered its losses and was trading 10.57% higher on August 14, than on February 14. Oil had a much steeper fall in the early weeks, down more than 50% in the first five weeks of the crisis, and while it too has recovered, it was trading about 20% below where it was on February 14. Finally, I look at gold and bitcoin during the crisis period:
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Comparing Bitcoin to gold, the cumulative return over the six-month period is not dissimilar, with gold up about 23% from its February 14 level, while Bitcoin is up 14%, but the performance over the six month period is telling. Gold has held its value through the crisis, reinforcing its crisis investment status, but bitcoin has been on a wild ride, falling about 40% in the first five weeks, when stocks were down, and rallying almost 89% in the weeks since, as stocks have risen, behaving more like very risky equity than a crisis investment.
Equities Breakdown
While looking at equity indices can provide a big-picture perspective on how stocks are doing, looking at individual companies can yield much richer insights. As in prior weeks, I updated my company-level data on market capitalizations to include the four weeks since my last update, and I report the changes in market capitalization, by region, in the table below:
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All of these returns are computed in US dollar terms, for comparability, and they are based upon the aggregate market capitalization of all companies traded in each of these markets. As you can see, a subset of emerging markets (Africa, Eastern Europe, Latin America), are showing the most damage, with weakening local currencies exacerbating market damage. Collectively, global equities on August 14 are back to where they were on February 14, reflecting the comeback story that the indices were telling. Breaking down global stocks by sector, here is what I see:
[[""], ["Download data"]]
Of the eleven sectors that S&P uses to classify stocks, six now have positive returns over the crisis period, and technology has now overtaken health care as the best performing sector. The worst performing sectors are energy, real estate and utilities, all businesses that are capital intensive and debt laden, and default worries about that debt burden may explain why financials remain the worst performing sector. Breaking sectors down into finer detail in industry groups, I list the ten worst performing and best performing industries, over the six-month period:
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The message in this table reinforces what you saw in the sector returns, with infrastructure, commodity and financial service industries making up the bulk of the loser list, and technology, health care and retail dominating the winner list.
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The FANMAG PhenomenonIn my earlier posts, I argued that the market effects of this crisis have been disparate, with capital-intensive, debt-laden and rigid firms being worse affected than firms that are capital-light and flexible. You see this play out in the returns you see across sectors, industries and regions. In fact, with returns updated through August 14, 2020, technology companies are now showing healthy gains from where they were at the start of this crisis, up 11.82% since February 14, 2020. There is an inside story to this success, and it revolves around six companies - the original FANG stocks and Apple and Microsoft. They have been responsible not just for the bulk of the returns among technology companies, but have also provided the thrust for the overall market's recovery.FANGAM - Tale of the TapeTo understand the FANGAM story, let's retrace our steps to when there were only four young companies in this group, Facebook, Inc. (NASDAQ: FB), Amazon, Netflix and Google Alphabet Inc (NASDAQ: GOOGL) (FANG) and look at how two of their senior counterparts, Apple Inc. (NASDAQ: AAPL) and Microsoft Corporation (NASDAQ: MSFT), entered this group. In the table below, I list out the founding date for each of these companies, together with the date of their public offerings, the market capitalization at the time of the offering and the years in which each company hit market cap milestones ($100 billion, $500 billion and $1 trillion):
Looking at the six companies, they vary in age, with Microsoft being the oldest and Facebook the youngest, but they have also had extraordinary revenue growth in the last two decades, albeit from different bases. Coming into 2020, Apple, Amazon and Microsoft had already hit trillion-dollar market caps, and they were joined by Alphabet in 2020, and Apple crossed the $2 trillion threshold just two days prior to this post. I find the construct of a corporate life cycle useful in explaining the evolution of companies over time, in both corporate finance and valuations.
For most companies, aging is accompanied by three phenomena. The first is thatrevenue growth decreases as companies scale up, with the speed of deceleration in growth a function of competition in the business. The second is thatprofit margins, which are negative or very low when companies are young, improve as companies grow, with the magnitude of improvement depending upon the economies of scale in the business, butplateau as new competitors emerge. The third is thateven the very best companies reach mature growth, where they remain profitable, butstruggle to growand create value at the same time. The FANGAM stocks stand out from the rest of the market, since they have, at least so far, found the antidote to aging, continuing to grow even as they get larger, while sustaining or even improving profit margins. Breaking down how each of these companies deviate from the norm, here is what I conclude: -Amazon, the Original: In an era, where every company claims to be the "next Amazon", it is worth remembering that the original company's rise to global dominance came with hiccups and interruptions. After its stint as the poster child for the dot com boom, Amazon's online retail business flirted with failure in 2001, but survived and prospered in the next decade. By the end of the decade, though, it seemed like Amazon's story had run its course, but just as investors were readying for the company becoming a mature retailer, the company reinvented itself as a disruption platform, ready to go after any business it chose to, with an army (Amazon Prime) backing it up. -Apple and Microsoft Corporation (NASDAQ: MSFT), the Reincarnation Duo: By tech company standards, Apple and Microsoft are old companies that should be struggling to hold on to their customers and fighting off competition. Both companies though seem to have found a way to move the clock back, and retain their status as growth companies. Apple, given up for dead in the late 1990s, found its answer in streamed music, smartphones and tablets in the following decade. Office and Windows were the cash cows that kept Microsoft going for much of its corporate life, but after seeing growth flatline in the software business, the company found new growth in a subscription model (Office 365) and the cloud business. -Alphabet and Facebook, Inc. (NASDAQ: FB), the Advertising Juggernauts: Google and Facebook have had almost uninterrupted growth, since their founding, as they have not only taken advantage of the shift to online advertising, but also dominated that shift, while also delivering profit margins in the stratosphere. Along the way, they have accumulated huge user bases, giving them the power to influence not only where people shop, but also what they think, and perhaps even how they vote. -Netflix Inc (NASDAQ: NFLX), the Shape Shifter: Of the six stocks, the one that has had to make the most mid-course corrections, changing its business model to reflect a changing world, is Netflix. It started life as a video rental service, mailing DVDs to its customers, and undercutting Blockbuster, the dominant player in the business then. It pivoted quickly to become the leading streaming player, renting its content from movie and TV producers, and offering them to subscribers. As content producers squeezed the company, it shifted its business model again to make its own shows and movies, becoming the largest spender on content in the business. Along the way, it has gone global, and its business machine not only has a huge base of subscribers, but finds ways to keep adding to that base.
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Every investing generation has its share of legendary companies, but I do not believe that there has been another grouping of companies that has dominated the market as completely as these six have done over the recent past.A Decade of DominationTo understand how the FANGAM stocks made the last decade their own, you need to go back to the start of 2010, and see how the market viewed each one then: -The Lagging Giant: At the start of 2010, Microsoft had a market capitalization in excess of $270 billion, and was second only to Exxon Mobil, with a market cap of $320 billion, among US companies, but that represented a come down from its status as the largest market cap company at the start of 2000, with a market cap exceeding $500 billion. -The Rising Star: At the start of 2010, Apple's market cap was approaching $200 billion, making it the fifth largest US company in terms of market cap, but that was a quantum leap from its market cap of $16 billion, ten years earlier. -The Field of Dreams Company: By early 2010, Amazon had cemented its status as online retailer, capable of growing its revenues at the expense of its brick and mortar competitors, but without a clear pathway to profitability. The market seemed to be willing to overlook this limitation, giving the company a market cap of more than $50 billion, a significant comeback from the dot-com bust days of 2001, when it was valued at less than $4 billion. -The New Tech Prototype: In January 2010, Google Alphabet Inc (NASDAQ: GOOGL) was already the prototype for the new tech company model, having reached a hundred-billion dollar market cap threshold faster (a little more than a year after going public) than any other company in history, and with its market capitalization of more than $160 billion in early 2010, the company was already on the top ten list among US companies. -On the cusp: In early 2010, it is unlikely that anyone would have put Netflix on the list of big-time winners, since its market capitalization was less than $4 billion and its business model of renting content and signing up subscribers was seen as successful, but not scalable. -The glimmer in the market's eye: At the start of 2010, Facebook was still a private business, though venture capitalists were clearly excited about its prospects, pricing it at roughly $14 billion in January 2010, based primarily on its user numbers.
Looking at the FANG or FANGAM grouping, there is an element of revisionist history at play, since the stocks that are part of this group are there primarily because they have done so well in the last decade. In short, no one was talking about FANG stocks in early 2010, and Microsoft would never have made this list even as late as 2012, when it was viewed as a stodgy and fading company. Notwithstanding this hindsight bias, the FANGAM stocks collectively saw their market capitalizations increase from $719 billion (albeit without Facebook) to a staggering $5 trillion between January 1, 2010 and January 1, 2020. In the graph below, I show that collective market cap figure as well as the market capitalizations of all other US equities, each year from the start of 2010 to the start of 2020.
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It is true that US equities did well over the decade, but the FANGAM stocks rose much more, rising from 6.5% of the overall market capitalization of all US equities, in January 2010, to close to 15% in January 2020. To provide perspective on how much the FANGAM stocks contributed to the overall equity market's rise, I compute the change in market capitalization each year at the FANGAM stocks and all other US equities, each year from 2010 to 2019:
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The $4.35 trillion in market cap added by the FANGAM stocks accounted for 19% of the overall increase in equity value across all US equities (>7000 stocks).
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The COVID RallyAt the start of 2020, there was no denying the dominance of the FANGAM stocks in US equity markets, but there was a debate about whether they were over priced, at least collectively. For many old-time value investors, the FANGAM stocks had became a symbol of growth and momentum run amok, though a legendary member of this group (Warren Buffet) had invested in one of the companies (Apple Inc. (NASDAQ: AAPL)). Between January 1, 2020 and February 14, 2020, the FANGAM stocks continued to rise more than the rest of the market and they collectively accounted for 16.08% of the market cap of all US equities on February 14, up from the 14.94% at the start of the year. When the crisis hit, there were some value investors who felt that the market correction would be felt disproportionately by this group, given their run-up in the years before. In the graph below, I look at the market capitalization of the FANGAM stocks and the rest of US equities, on a week-to-week basis from February 14, 2020 to August 14, 2020:
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During the first five weeks of the crisis (2/14- 3/20), the FANGAM stocks lost about $1.44 trillion in value, providing partial vindication to value investors, but in spite of that loss, saw their share of the market rise to 17.94% of US equities. Between March 20 and August 14, the FANGAM stocks more than recouped the early losses, and were up $1.39 trillion from their February 14 levels, on August 14, while the rest of US equities have collectively lost $1.29 trillion in market capitalization. On August 14, 2020, the FANGAM stocks accounted for 19.94% of the market capitalization of all US equities. While much has been made about how technology has led the comeback on stocks, it is worth noting that US technology companies collectively are up only $973 billion in the last six months, implying that without the FANGAM stocks, there would be no tech comeback.
From Strength to StrengthWe may lump the FANGAM stocks as a group, but these are different companies in different businesses. In fact, lumping them together as technology companies misses the fact that Netflix is closer to Disney in its business than it is to Microsoft's software offerings, and Google and Facebook are advertising companies built on very different technology platforms. There are three elements that they do share in common: 1.Cash Machines: Each of these companies has a business or segment that is a cash machine, generating large profits and huge amounts of cash for the company. With Apple, it is the iPhone business that allows it to generate tens of billions in cash flows each year, and with Microsoft Corporation (NASDAQ: MSFT), it is a combination of its legacy products (Office & Windows) and cloud services that plays this role. With Facebook, Inc. (NASDAQ: FB) and Google, their core online advertising businesses not only generate sky high margins, but require very little capital investment to grow. Amazon, until a few years ago, had no segment of equivalent profitability, but AWS (Amazon’s cloud business) is now delivering those cash flows. Netflix remains the weakest of the six companies on this dimension, but even it can count on the subscription revenues from its "sticky" subscriber base for its cash needs. 2.Platform of users/subscribers: The FANGAM stocks also share user bases that are immense, with Facebook leading that numbers game with close to 2.7 billion users, many of whom spend large portions of each day in its ecosystem. Microsoft, Google and Apple all also have more than a billion users apiece, with multiple ways to entangle them. Amazon and Netflix may not be able to match the other four companies on sheer numbers, but each has hundreds of millions of users. 3.Proprietary and Actionable Data: I know that big data is the buzzword of business today, and in the hands of most companies, that big data is of little use, since it is neither exclusive to them, nor the basis for action. What sets the FANMAG companies apart is that they use big data to create value, partly because the data that they collect is proprietary (Facebook from your posts, Amazon/Alexa from your shopping/interactions, Netflix Inc (NASDAQ: NFLX) from your watching habits, Google Alphabet Inc (NASDAQ: GOOGL) from your search history and Apple Inc. (NASDAQ: AAPL) from your device usage). Even Microsoft, a late entrant into big data, has stepped up its game. On top of the data is actionable, since these companies clearly use the data to advance their business models,
Each of these strengths has contributed to helping these companies not just ride out the COVID storm, but to also emerge stronger from it. The cash machines embedded in each company, combined with light debt loads (relative to their earnings and valuations), have left them unscathed, while their debt-laden competitors are hamstrung by default and distress concerns. The economic shut down has left people home-bound and more dependent than ever before on the FANGAM companies to get through the day, increasing the power of the user platforms and the data collected on them by these companies.
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In fact, it is the fact that these companies are doing so well that is giving rise to the biggest threat to their continued success, which is regulatory and legal pushback. With Facebook and Google, this is already a reality, especially in the aftermath of the privacy debates and worries about their platforms being used for political influence, with the EU being the forefront of writing restrictions on their data collection and usage. Amazon's disruption of retail, and the devastation it has wrought on its brick and mortar competitors has long been a source of concern for critics, but voices pushing for the use of legal restraints and anti-trust laws on the company are growing louder. Apple has been able to operate under the radar of political and legal scrutiny for a long time, but recentattempts to forceapp sellers to sell only through its App Store, leaving it with a hefty slice of revenues, has drawn calls for government action. While Microsoft Corporation (NASDAQ: MSFT) is now viewed as the most virtuous of the six, and is in factthe most widely heldstock in ESG portfolios, I am old enough to remember when Microsoft was viewed as the Darth Vader of technology andtargeted by the Justicedepartment for breakup, because of its monopoly power.
Value and PricingI know that this has been a long lead in, but interesting though it might be to explain why the FANMAG stocks are where they are, the question of the moment in investing is whether you should buy, sell or just watch these stocks. Having valued all these stocks in the past, and acted on those valuations, with mixed results, I will draw on my past history with each company, to craft my stories and valuations of the companies.
[[""], ["Download valuations:Facebook,Amazon,Netflix,Google,AppleandMicrosoftSimulation results:Facebook,Amazon,Netflix,Google,AppleandMicrosoft"]]
With each company, I report an estimated median (or most likely) value, as well as the range (1st decile, 1st Quartile, 3rd Quartile and ninth decile) of values that I estimated from running simulations. Given how much these stocks have gone up over the last six months, it should come as no surprise that I find only one (Facebook) to be under valued. Among the remaining, Apple looks the most overvalued (>30%), to me, followed by Amazon and Microsoft (10%-20%) and Netflix and Alphabet (<10%). I have also computed the internal rates of return for these stock, based upon the current market capitalization, and my estimates of expected cash flows. I would expect to earn an IRR of 7.16% on Facebook, Inc. (NASDAQ: FB), for instance, if I bought at its current market capitalization, and it generates the cash flows I expect it to. That may not sound like much to you, but in a world of low interest rates and equity risk premiums, it is high enough for the stock to be undervalued. Even Apple, the most overvalued stock in this group can be expected to generate a 5.30% IRR, at its current market capitalization, lower than what I would need it to make, given its risk, but not bad given the alternatives. That said, I expect you to disagree with me, perhaps even strongly, on my stories and assumptions, which is one reason the spreadsheets are yours to download and change to reflect your views.In ClosingIn the interests of full disclosure, at the time that I started on this post, I owned three of these six stocks, Apple Inc. (NASDAQ: AAPL), Facebook and Microsoft, with each having spent significant time in my portfolio; my posts detailing their acquisitions arehere,hereandhere. As you look back at the valuations that I used to justify those investments, they seem laughably low, and I will not claim any semblance of clairvoyance. In fact, I bought Microsoft in 2013, even though I perceived it to be an aging company with little left in the tank in 2013, Apple in 2016, notwithstanding my expectations of low growth in the future, and Facebook in 2018, in the aftermath of the Cambridge Analytica scandal, because I found the companies cheap, even with my stilted narratives.
I did sell my Apple Inc. (NASDAQ: AAPL) holdings today (August 19, 2020) as the company crested the $2 trillion mark, will continue to hold Microsoft Corporation (NASDAQ: MSFT), even though I believe that it is moderately overvalued, and Facebook, Inc. (NASDAQ: FB), hoping for more upside. In case you are tempted to follow my lead, let me hasten to add that I also sold my Tesla holdings in January 2020 at $640, and the stock is now trading at close to $2000. Google Alphabet Inc (NASDAQ: GOOGL) and Netflix Inc (NASDAQ: NFLX) will remain on my watch list, and I plan to add either stock, on weakness. I will not tempt fate, and sell short on Amazon, partly because I have seen what the market does to Amazon short sellers and partly because I struggle to think of a catalyst that will cause the price to adjust. If history is any guide, these companies, unstoppable though they seem now, will hand the baton, for carrying the market forward in this decade, to other companies.YouTube Video[embed]https://www.youtube.com/watch?v=Hr2XfCA3aKk[/embed]Data
1. Market data (August 14, 2020)
2. Regional breakdown - Market Changes and Pricing (August 14, 2020)
3. Sector breakdown - Market Changes and Pricing (August 14 2020)
4. Industry breakdown - Market Changes and Pricing (August 14, 2020)
FANMAG: Valuations and Simulation Results
1. Facebook:ValuationandSimulation Results
2. Amazon:ValuationandSimulation Results
3. Netflix:ValuationandSimulation Results
4. Google/Alphabet:ValuationandSimulation Results
5. Apple:ValuationandSimulation Results
6. Microsoft:ValuationandSimulation Results
Viral Market Update Posts
1. A Viral Market Meltdown: Fear or Fundamentals?
2. A Viral Market Meltdown II: Pricing or Valuing? Investing or Trading?
3. A Viral Market Meltdown III: Clues in the Market Debris
4. A Viral Market Meltdown IV: Investing for a post-virus Economy
5. A Viral Market Meltdown V: Back to Basics
6. A Viral Market Meltdown VI: The Price of Risk
7. A Viral Market Update VII: Market Multiples
8. A Viral Market Update VIII: Value vs Growth, Active vs Passive, Small Cap vs Large!
9. A Viral Market Update IX: A Do-it-Yourself S&P 500 Valuation
10. A Viral Market Update X: A Corporate Life Cycle Perspective
11. A Viral Market Update XI: The Flexibility Premium
12. A Viral Market Update XII: The Resilience of Private Risk Capital
13. A Viral Market Update XIII: The Strong (FANGAM) get Stronger!
Disclosure: None || Blockchain Bites: Bitcoin’s Weary Bulls, ETC’s Action Plan, INX’s IPO: INX is gearing up for a landmark IPO, 1 billion tether jumped from Tron to Ethereum and a shift in bitcoin’s options market suggests bullish speculation is beginning to ease.
You’re readingBlockchain Bites, the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’snewsletters here.
INX IPOINX plans to launch itslandmark initial public offering (IPO) as soon as Monday. The cryptocurrency and security token exchange signaled plans to go public in January 2018, aiming to become the first Securities and Exchange Commission-compliant security token offering, open to mom-and-pop investors. INX will price 130 million tokens at $0.90 each, totaling $117 million in gross proceeds. These tokens will have utility on the company’s exchange and entitle investors to a share in profits.
Related:First Mover: Anything-Goes Token Market Repudiates Rich-Only Venture Capital Club
Auto complete?Three Swiss crypto companies have completed the firstautomated bitcoin transaction that meets anti-money laundering (AML) standards. Zug-based Crypto Finance AG and 21 Analytics, and Geneva’s Mt Pelerin announced Friday 21 CHF worth ofbitcoin(~$23) had been sent in a live demonstration of a new transaction using the Travel Rule Protocol, an automated way to comply with standards set by the Financial Action Task Force’s “Travel Rule.” Since being adopted, intermediaries have had to do Travel Rule compliance manually.
Patching ETCFollowing a spate of 51% attacks,ETC Labs has shored up an action plan to protect the Ethereum Classic blockchain. In the short term, ETC Labs will attempt to stabilize the chain’s plummeting hashrate, increase network monitoring, coordinate closely with exchanges and deploy a finality arbitration system. Longer term could see a change in ETC’s proof-of-work mining algorithm, the introduction of a treasury system and adding 51% attack-resistant features.
Tether swapStablecoin issuerTether shifted 1 billion in USDT from the Tron blockchain to the Ethereumblockchain in an early morning chain swap Thursday. Swapped in conjunction “with a 3rd party,” according to a Tether tweet, the token transfer drains 23% of TRON’sUSDTreserves, which previously stocked $4.3 billion in the stablecoin. It also pumps up Ethereum’s reserves, where well over half of the nearly $13 billion circulating USDT already reside. Ethereum is a hotbed for decentralized finance projects and as such a popular spot for USDT.
Judicial useThailand’slargest court system is developing a blockchain storage networkthat will move judicial information entirely online when it debuts in Thai Courts of Justice in 2021. Already in the midst of a national digitization campaign, the Office of the Court of Justice, which oversees 91% of Thai courts, said Thursday it is “actively developing” the blockchain network. Details are scant on the newly revealed blockchain project, and it was unclear at press time if Thailand is building the network with private-sector help, CoinDesk’s Danny Nelson reports.
• Bitcoin in Cuba: A Local YouTube Influencer Explains How It Works (Leigh Cuen/CoinDesk)
• Ethereum-Based MadNetwork Is Looking toDisrupt Adtech(Ian Allison/CoinDesk)
• John McAfeeghosts his ownprivacy-first cryptocurrency project (Robert Stevens/Decrypt)
• Rep. Soto: DeFi isn’t really on Congress’s radar, but proposed bills set thestage for action(Michael McSweeney/The Block)
• Wacky Bitcoin-to-DeFi Crypto Markets Might Be the NewHome of Capitalism(First Mover/CoinDesk)
Related:Leveraged Funds Take Record Bearish Positions in Bitcoin Futures
Rachel-Rose O’Leary, a trainee C++ developer at PolyTech and prolific cryptocurrency writer, tells her personal account of getting into Bitcoin and Ethereum and her opinion of where things have gone wrong. Excerpted below, you can read thefull story here.
Bitcoin has lost its wayLike the ancient Irish poets, the filí, programmers have the ability to alter reality with an utterance. Code is an incantation, an act of summoning ideas and inclinations into material reality. It is a conduit between the sphere of ideation and that of politics and sociality.
But technology isn’t merely the product of ideas – it actively shapes belief systems, reconfiguring the world in which it is applied.
Programmers know this: When a user’s behavior is influenced by code, it’s called opinionated software. When a user is manipulated for corporate interests, it is known as a dark pattern.
Software also has unintended consequences. Released into the wild, code propagates ideology in unpredictable and chaotic ways. Inevitably, it backfires, and innovation flows through human society, irrespective of, and indifferent to, political difference.
To what extent technology is informed by and produces belief systems has haunted me throughout my adult life.
It has caused me nightmares: dark conclusions on the nature of technology, prophecies of machine takeover and terrifying visions of the future of war.
It has also given me dreams. I believe it is within humanity’s power to reshape the narrative by which technology is formed. In doing so, it becomes possible to take back the reins of runaway technological innovation and re-orientate human destiny.
Crypto is at the front line of this struggle.
Open and shut?Open positions in bitcoin (BTC) options are at near-record levels,increasing to $2.1 billion Thursday. The number of bearish puts relative to bullish calls has recovered from -10.3% to -3% in the past four days, indicating traders are offloading much of their call options onto the market. This suggests bullish speculation is beginning to ease – a sign of investors anticipating consolidation or price drop, CoinDesk’s Omkar Godbole said.
Going wumboLND, a Lightning Network implementation from startup Lightning Labs, hasadopted support for wumbo channels. This SpongeBob Squarepants-themed standard removes a limit to the amount of bitcoin that can be held in a Lightning channel (currently 0.16777215 BTC) as well as limits on how large an individual payment (previously 0.04294967 BTC) can be, CoinDesk contributor Alyssa Hertig reports. Caps were placed to prevent catastrophic losses on this experimental protocol. ACINQ’s eclair and Blockstream’s c-lightning both adopted a form of wumbo earlier this year.
Not a spoofA little-discussed type of SIM card iscausing havoc for unsuspecting victims. “White SIMs make it extremely easy to conduct outgoing spoofed calls,” said Hartej Sawhney, Principal at cybersecurity agency Zokyo. “They are illegal basically everywhere.” These cards offer the ability to spoof any number, can be encrypted and in some cases allows the user’s voice to be altered and cloaked. Such SIM cards are favored by criminals, and they can make social engineering attacks like those that struck Twitter last month easier to execute, CoinDesk privacy reporter Ben Powers said.
BTC for officeWho are the mostpro-bitcoin politiciansrunning for office? The Breakdown dives deep on both sides of the aisle.
• Blockchain Bites: Bitcoin’s Weary Bulls, ETC’s Action Plan, INX’s IPO
• Blockchain Bites: Bitcoin’s Weary Bulls, ETC’s Action Plan, INX’s IPO || Blockchain Bites: Bitcoin’s Weary Bulls, ETC’s Action Plan, INX’s IPO: INX is gearing up for a landmark IPO, 1 billion tether jumped from Tron to Ethereum and a shift in bitcoin’s options market suggests bullish speculation is beginning to ease. You’re reading Blockchain Bites , the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’s newsletters here . Top shelf INX IPO INX plans to launch its landmark initial public offering (IPO) as soon as Monday . The cryptocurrency and security token exchange signaled plans to go public in January 2018, aiming to become the first Securities and Exchange Commission-compliant security token offering, open to mom-and-pop investors. INX will price 130 million tokens at $0.90 each, totaling $117 million in gross proceeds. These tokens will have utility on the company’s exchange and entitle investors to a share in profits. Related: First Mover: Anything-Goes Token Market Repudiates Rich-Only Venture Capital Club Auto complete? Three Swiss crypto companies have completed the first automated bitcoin transaction that meets anti-money laundering (AML) standards . Zug-based Crypto Finance AG and 21 Analytics, and Geneva’s Mt Pelerin announced Friday 21 CHF worth of bitcoin (~$23) had been sent in a live demonstration of a new transaction using the Travel Rule Protocol, an automated way to comply with standards set by the Financial Action Task Force’s “Travel Rule.” Since being adopted, intermediaries have had to do Travel Rule compliance manually. Patching ETC Following a spate of 51% attacks, ETC Labs has shored up an action plan to protect the Ethereum Classic blockchain . In the short term, ETC Labs will attempt to stabilize the chain’s plummeting hashrate, increase network monitoring, coordinate closely with exchanges and deploy a finality arbitration system. Longer term could see a change in ETC’s proof-of-work mining algorithm, the introduction of a treasury system and adding 51% attack-resistant features. Story continues Tether swap Stablecoin issuer Tether shifted 1 billion in USDT from the Tron blockchain to the Ethereum blockchain in an early morning chain swap Thursday. Swapped in conjunction “with a 3rd party,” according to a Tether tweet, the token transfer drains 23% of TRON’s USDT reserves, which previously stocked $4.3 billion in the stablecoin. It also pumps up Ethereum’s reserves, where well over half of the nearly $13 billion circulating USDT already reside. Ethereum is a hotbed for decentralized finance projects and as such a popular spot for USDT. Judicial use Thailand’s largest court system is developing a blockchain storage network that will move judicial information entirely online when it debuts in Thai Courts of Justice in 2021. Already in the midst of a national digitization campaign, the Office of the Court of Justice, which oversees 91% of Thai courts, said Thursday it is “actively developing” the blockchain network. Details are scant on the newly revealed blockchain project, and it was unclear at press time if Thailand is building the network with private-sector help, CoinDesk’s Danny Nelson reports. Quick bites Bitcoin in Cuba : A Local YouTube Influencer Explains How It Works (Leigh Cuen/CoinDesk) Ethereum-Based MadNetwork Is Looking to Disrupt Adtech (Ian Allison/CoinDesk) John McAfee ghosts his own privacy-first cryptocurrency project (Robert Stevens/Decrypt) Rep. Soto: DeFi isn’t really on Congress’s radar, but proposed bills set the stage for action (Michael McSweeney/The Block) Wacky Bitcoin-to-DeFi Crypto Markets Might Be the New Home of Capitalism (First Mover/CoinDesk) At stake Related: Leveraged Funds Take Record Bearish Positions in Bitcoin Futures Rachel-Rose O’Leary, a trainee C++ developer at PolyTech and prolific cryptocurrency writer, tells her personal account of getting into Bitcoin and Ethereum and her opinion of where things have gone wrong. Excerpted below, you can read the full story here . Bitcoin has lost its way Like the ancient Irish poets, the filí, programmers have the ability to alter reality with an utterance. Code is an incantation, an act of summoning ideas and inclinations into material reality. It is a conduit between the sphere of ideation and that of politics and sociality. But technology isn’t merely the product of ideas – it actively shapes belief systems, reconfiguring the world in which it is applied. Programmers know this: When a user’s behavior is influenced by code, it’s called opinionated software. When a user is manipulated for corporate interests, it is known as a dark pattern. Software also has unintended consequences. Released into the wild, code propagates ideology in unpredictable and chaotic ways. Inevitably, it backfires, and innovation flows through human society, irrespective of, and indifferent to, political difference. To what extent technology is informed by and produces belief systems has haunted me throughout my adult life. It has caused me nightmares: dark conclusions on the nature of technology, prophecies of machine takeover and terrifying visions of the future of war. It has also given me dreams. I believe it is within humanity’s power to reshape the narrative by which technology is formed. In doing so, it becomes possible to take back the reins of runaway technological innovation and re-orientate human destiny. Crypto is at the front line of this struggle. Market intel Open and shut? Open positions in bitcoin (BTC) options are at near-record levels, increasing to $2.1 billion Thursday . The number of bearish puts relative to bullish calls has recovered from -10.3% to -3% in the past four days, indicating traders are offloading much of their call options onto the market. This suggests bullish speculation is beginning to ease – a sign of investors anticipating consolidation or price drop, CoinDesk’s Omkar Godbole said. Tech pod Going wumbo LND, a Lightning Network implementation from startup Lightning Labs, has adopted support for wumbo channels . This SpongeBob Squarepants-themed standard removes a limit to the amount of bitcoin that can be held in a Lightning channel (currently 0.16777215 BTC) as well as limits on how large an individual payment (previously 0.04294967 BTC) can be, CoinDesk contributor Alyssa Hertig reports. Caps were placed to prevent catastrophic losses on this experimental protocol. ACINQ’s eclair and Blockstream’s c-lightning both adopted a form of wumbo earlier this year. Not a spoof A little-discussed type of SIM card is causing havoc for unsuspecting victims . “White SIMs make it extremely easy to conduct outgoing spoofed calls,” said Hartej Sawhney, Principal at cybersecurity agency Zokyo. “They are illegal basically everywhere.” These cards offer the ability to spoof any number, can be encrypted and in some cases allows the user’s voice to be altered and cloaked. Such SIM cards are favored by criminals, and they can make social engineering attacks like those that struck Twitter last month easier to execute, CoinDesk privacy reporter Ben Powers said. Podcast corner BTC for office Who are the most pro-bitcoin politicians running for office? The Breakdown dives deep on both sides of the aisle. Who won #CryptoTwitter? Related Stories Blockchain Bites: Bitcoin’s Weary Bulls, ETC’s Action Plan, INX’s IPO Blockchain Bites: Bitcoin’s Weary Bulls, ETC’s Action Plan, INX’s IPO || Blockchain Bites: Bitcoin’s Weary Bulls, ETC’s Action Plan, INX’s IPO: INX is gearing up for a landmark IPO, 1 billion tether jumped from Tron to Ethereum and a shift in bitcoin’s options market suggests bullish speculation is beginning to ease.
You’re readingBlockchain Bites, the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’snewsletters here.
INX IPOINX plans to launch itslandmark initial public offering (IPO) as soon as Monday. The cryptocurrency and security token exchange signaled plans to go public in January 2018, aiming to become the first Securities and Exchange Commission-compliant security token offering, open to mom-and-pop investors. INX will price 130 million tokens at $0.90 each, totaling $117 million in gross proceeds. These tokens will have utility on the company’s exchange and entitle investors to a share in profits.
Related:First Mover: Anything-Goes Token Market Repudiates Rich-Only Venture Capital Club
Auto complete?Three Swiss crypto companies have completed the firstautomated bitcoin transaction that meets anti-money laundering (AML) standards. Zug-based Crypto Finance AG and 21 Analytics, and Geneva’s Mt Pelerin announced Friday 21 CHF worth ofbitcoin(~$23) had been sent in a live demonstration of a new transaction using the Travel Rule Protocol, an automated way to comply with standards set by the Financial Action Task Force’s “Travel Rule.” Since being adopted, intermediaries have had to do Travel Rule compliance manually.
Patching ETCFollowing a spate of 51% attacks,ETC Labs has shored up an action plan to protect the Ethereum Classic blockchain. In the short term, ETC Labs will attempt to stabilize the chain’s plummeting hashrate, increase network monitoring, coordinate closely with exchanges and deploy a finality arbitration system. Longer term could see a change in ETC’s proof-of-work mining algorithm, the introduction of a treasury system and adding 51% attack-resistant features.
Tether swapStablecoin issuerTether shifted 1 billion in USDT from the Tron blockchain to the Ethereumblockchain in an early morning chain swap Thursday. Swapped in conjunction “with a 3rd party,” according to a Tether tweet, the token transfer drains 23% of TRON’sUSDTreserves, which previously stocked $4.3 billion in the stablecoin. It also pumps up Ethereum’s reserves, where well over half of the nearly $13 billion circulating USDT already reside. Ethereum is a hotbed for decentralized finance projects and as such a popular spot for USDT.
Judicial useThailand’slargest court system is developing a blockchain storage networkthat will move judicial information entirely online when it debuts in Thai Courts of Justice in 2021. Already in the midst of a national digitization campaign, the Office of the Court of Justice, which oversees 91% of Thai courts, said Thursday it is “actively developing” the blockchain network. Details are scant on the newly revealed blockchain project, and it was unclear at press time if Thailand is building the network with private-sector help, CoinDesk’s Danny Nelson reports.
• Bitcoin in Cuba: A Local YouTube Influencer Explains How It Works (Leigh Cuen/CoinDesk)
• Ethereum-Based MadNetwork Is Looking toDisrupt Adtech(Ian Allison/CoinDesk)
• John McAfeeghosts his ownprivacy-first cryptocurrency project (Robert Stevens/Decrypt)
• Rep. Soto: DeFi isn’t really on Congress’s radar, but proposed bills set thestage for action(Michael McSweeney/The Block)
• Wacky Bitcoin-to-DeFi Crypto Markets Might Be the NewHome of Capitalism(First Mover/CoinDesk)
Related:Leveraged Funds Take Record Bearish Positions in Bitcoin Futures
Rachel-Rose O’Leary, a trainee C++ developer at PolyTech and prolific cryptocurrency writer, tells her personal account of getting into Bitcoin and Ethereum and her opinion of where things have gone wrong. Excerpted below, you can read thefull story here.
Bitcoin has lost its wayLike the ancient Irish poets, the filí, programmers have the ability to alter reality with an utterance. Code is an incantation, an act of summoning ideas and inclinations into material reality. It is a conduit between the sphere of ideation and that of politics and sociality.
But technology isn’t merely the product of ideas – it actively shapes belief systems, reconfiguring the world in which it is applied.
Programmers know this: When a user’s behavior is influenced by code, it’s called opinionated software. When a user is manipulated for corporate interests, it is known as a dark pattern.
Software also has unintended consequences. Released into the wild, code propagates ideology in unpredictable and chaotic ways. Inevitably, it backfires, and innovation flows through human society, irrespective of, and indifferent to, political difference.
To what extent technology is informed by and produces belief systems has haunted me throughout my adult life.
It has caused me nightmares: dark conclusions on the nature of technology, prophecies of machine takeover and terrifying visions of the future of war.
It has also given me dreams. I believe it is within humanity’s power to reshape the narrative by which technology is formed. In doing so, it becomes possible to take back the reins of runaway technological innovation and re-orientate human destiny.
Crypto is at the front line of this struggle.
Open and shut?Open positions in bitcoin (BTC) options are at near-record levels,increasing to $2.1 billion Thursday. The number of bearish puts relative to bullish calls has recovered from -10.3% to -3% in the past four days, indicating traders are offloading much of their call options onto the market. This suggests bullish speculation is beginning to ease – a sign of investors anticipating consolidation or price drop, CoinDesk’s Omkar Godbole said.
Going wumboLND, a Lightning Network implementation from startup Lightning Labs, hasadopted support for wumbo channels. This SpongeBob Squarepants-themed standard removes a limit to the amount of bitcoin that can be held in a Lightning channel (currently 0.16777215 BTC) as well as limits on how large an individual payment (previously 0.04294967 BTC) can be, CoinDesk contributor Alyssa Hertig reports. Caps were placed to prevent catastrophic losses on this experimental protocol. ACINQ’s eclair and Blockstream’s c-lightning both adopted a form of wumbo earlier this year.
Not a spoofA little-discussed type of SIM card iscausing havoc for unsuspecting victims. “White SIMs make it extremely easy to conduct outgoing spoofed calls,” said Hartej Sawhney, Principal at cybersecurity agency Zokyo. “They are illegal basically everywhere.” These cards offer the ability to spoof any number, can be encrypted and in some cases allows the user’s voice to be altered and cloaked. Such SIM cards are favored by criminals, and they can make social engineering attacks like those that struck Twitter last month easier to execute, CoinDesk privacy reporter Ben Powers said.
BTC for officeWho are the mostpro-bitcoin politiciansrunning for office? The Breakdown dives deep on both sides of the aisle.
• Blockchain Bites: Bitcoin’s Weary Bulls, ETC’s Action Plan, INX’s IPO
• Blockchain Bites: Bitcoin’s Weary Bulls, ETC’s Action Plan, INX’s IPO
[Social Media Buzz]
None available.
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11664.85, 11774.60, 11366.13, 11488.36, 11323.40, 11542.50, 11506.87, 11711.51, 11680.82, 11970.48
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 9119.01, 9235.92, 9743.86, 9700.76, 9858.15, 9654.80, 9373.01, 9234.82, 9325.18, 9043.94, 8441.49, 8504.89, 8723.94, 8716.79, 8510.38, 8368.83, 8094.32, 8250.97, 8247.18, 8513.25, 8418.99, 8041.78, 7557.82, 7587.34, 7480.14, 7355.88, 7368.22, 7135.99, 7472.59, 7406.52, 7494.17, 7541.45, 7643.45, 7720.25, 7514.47, 7633.76, 7653.98, 7678.24, 7624.92, 7531.98, 6786.02, 6906.92, 6582.36, 6349.90, 6675.35, 6456.58, 6550.16, 6499.27, 6734.82, 6769.94, 6776.55, 6729.74, 6083.69, 6162.48, 6173.23, 6249.18, 6093.67, 6157.13, 5903.44, 6218.30, 6404.00, 6385.82, 6614.18, 6529.59, 6597.55, 6639.14, 6673.50, 6856.93, 6773.88, 6741.75, 6329.95, 6394.71, 6228.81, 6238.05, 6276.12, 6359.64, 6741.75, 7321.04, 7370.78, 7466.86, 7354.13, 7419.29, 7418.49, 7711.11, 8424.27, 8181.39, 7951.58, 8165.01, 8192.15, 8218.46.
|
[Bitcoin Technical Analysis for 2018-07-29]
Volume: 4107190016, RSI (14-day): 68.62, 50-day EMA: 7241.76, 200-day EMA: 7925.21
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Opinions: What Experts Think about a Possible Bitcoin ETF: Since 2017, SEC has turned down at least three bitcoin ETF applications (including the Winklevoss twins ontwo occasions) from different groups citing specific reasons for such denials. This has not stopped the surfacing of new applications. Just last month three groups that have been turned down before (CBOE, VanEcK and SolidX) returned with revised applications.
This latest development has reignited the influx ofopinions and predictionsto how necessary the ETF is to bitcoin and the possible effects of any form of approval of such. While some experts do not see the necessity of an ETF for bitcoin, others believe that is will be a major catalyst for the next big move and possible establishment of the cryptocurrency in the mainstream.
Here are the opinions of a few experts who told CCN how much they believe an ETF will affect the development of bitcoin.
Founder of Netcoins, Michael Vogel sees the possibility of abitcoin ETFas “an interesting idea” even though he does not think that such is crucial to bitcoin’s long term success.
According to Vogel, many see an ETF approval as another step forward to legitimizing bitcoin in the eyes of Wall Street and the world of traditional finance because it would ultimately put bitcoin (as a trading instrument) in the hands of conventional traders. However, he believes that it would also denote a significant step forward in terms of the comfort level that regulators display around cryptocurrency, given the extreme hesitancy around past ETF applications.
“A large ETF would likely have a significant impact on bitcoin prices as well, not just due to trading volume but simply because of the volume of bitcoin that it would remove from the liquid trading market (because the BTC would need to be permanently held by the ETF corporation)”.
Another expert who aired her view on the developing event is the founder of Trezor and business strategy advisor for crypto companies, Alena Vranova.
In Vranova’s opinion, an ETF is absolutely not necessary for the development of bitcoin. However, she notes that it will open doors to a substantial mass of new investors who believe that some kind of regulatory approval makes bitcoin legitimate. Vranova indicates that in the short-term, bitcoin will benefit from a positive publicity and theprice will probably skyrocket, even as she advised hodlers to ensure the security of their coins.
She said:
“Everyone who wants to hodl on, please make sure your bitcoin is safe against hackers, because their interest will skyrocket too. I’d recommend to abandon any custodian service, set up some of the proven hardware wallets (TREZOR or Ledger), set up a non-custodian multisig wallet (such as CASA) and read Pamela Morgan’s book on crypto asset inheritance.”
For Dana Coe, Partner at CryptoCrest, an ETF is simply any fund (mutual, hedge, whatever)traded on a listed exchange.
He explains that ETFs are mostly trading SEC- or CFTC-regulated assets and, right now, many or most cryptos are neither. Consequently, a fund trading them would have to register its shareholders’ interests in the fund as securities but the traded assets are unregulated. This may add to the reticence of the SEC to allow such a thing.
Coe continued by noting that as far as the importance of an ETF to bitcoin, what would really be a good way around is for funds that use large broker-dealers to sell membership interests in whatever fund type they have. So it wouldn’t be an ETF, but the funds themselves could have their membership interests be bought through Vanguard or similar.
“In the end that’s how it works anyway – difference being they aren’t listed on an exchange,” concluded Coe.
While the ecosystem awaits the newSeptember appointment by SECin making a decision on the ETF applications, investors and other bitcoin users will continue to ponder on both the long- and short-term effects that may arise. No matter the outcome, the increase in awareness and interest in bitcoin is becoming more certain. Also, with the various development across the entire blockchain ecosystem, improved robustness and industrial stability is becoming more obvious.
Images from Shutterstock
The postOpinions: What Experts Think about a Possible Bitcoin ETFappeared first onCCN. || Opinions: What Experts Think about a Possible Bitcoin ETF: Since 2017, SEC has turned down at least three bitcoin ETF applications (including the Winklevoss twins ontwo occasions) from different groups citing specific reasons for such denials. This has not stopped the surfacing of new applications. Just last month three groups that have been turned down before (CBOE, VanEcK and SolidX) returned with revised applications.
This latest development has reignited the influx ofopinions and predictionsto how necessary the ETF is to bitcoin and the possible effects of any form of approval of such. While some experts do not see the necessity of an ETF for bitcoin, others believe that is will be a major catalyst for the next big move and possible establishment of the cryptocurrency in the mainstream.
Here are the opinions of a few experts who told CCN how much they believe an ETF will affect the development of bitcoin.
Founder of Netcoins, Michael Vogel sees the possibility of abitcoin ETFas “an interesting idea” even though he does not think that such is crucial to bitcoin’s long term success.
According to Vogel, many see an ETF approval as another step forward to legitimizing bitcoin in the eyes of Wall Street and the world of traditional finance because it would ultimately put bitcoin (as a trading instrument) in the hands of conventional traders. However, he believes that it would also denote a significant step forward in terms of the comfort level that regulators display around cryptocurrency, given the extreme hesitancy around past ETF applications.
“A large ETF would likely have a significant impact on bitcoin prices as well, not just due to trading volume but simply because of the volume of bitcoin that it would remove from the liquid trading market (because the BTC would need to be permanently held by the ETF corporation)”.
Another expert who aired her view on the developing event is the founder of Trezor and business strategy advisor for crypto companies, Alena Vranova.
In Vranova’s opinion, an ETF is absolutely not necessary for the development of bitcoin. However, she notes that it will open doors to a substantial mass of new investors who believe that some kind of regulatory approval makes bitcoin legitimate. Vranova indicates that in the short-term, bitcoin will benefit from a positive publicity and theprice will probably skyrocket, even as she advised hodlers to ensure the security of their coins.
She said:
“Everyone who wants to hodl on, please make sure your bitcoin is safe against hackers, because their interest will skyrocket too. I’d recommend to abandon any custodian service, set up some of the proven hardware wallets (TREZOR or Ledger), set up a non-custodian multisig wallet (such as CASA) and read Pamela Morgan’s book on crypto asset inheritance.”
For Dana Coe, Partner at CryptoCrest, an ETF is simply any fund (mutual, hedge, whatever)traded on a listed exchange.
He explains that ETFs are mostly trading SEC- or CFTC-regulated assets and, right now, many or most cryptos are neither. Consequently, a fund trading them would have to register its shareholders’ interests in the fund as securities but the traded assets are unregulated. This may add to the reticence of the SEC to allow such a thing.
Coe continued by noting that as far as the importance of an ETF to bitcoin, what would really be a good way around is for funds that use large broker-dealers to sell membership interests in whatever fund type they have. So it wouldn’t be an ETF, but the funds themselves could have their membership interests be bought through Vanguard or similar.
“In the end that’s how it works anyway – difference being they aren’t listed on an exchange,” concluded Coe.
While the ecosystem awaits the newSeptember appointment by SECin making a decision on the ETF applications, investors and other bitcoin users will continue to ponder on both the long- and short-term effects that may arise. No matter the outcome, the increase in awareness and interest in bitcoin is becoming more certain. Also, with the various development across the entire blockchain ecosystem, improved robustness and industrial stability is becoming more obvious.
Images from Shutterstock
The postOpinions: What Experts Think about a Possible Bitcoin ETFappeared first onCCN. || Opinions: What Experts Think about a Possible Bitcoin ETF: bitcoin etf Since 2017, SEC has turned down at least three bitcoin ETF applications (including the Winklevoss twins on two occasions ) from different groups citing specific reasons for such denials. This has not stopped the surfacing of new applications. Just last month three groups that have been turned down before (CBOE, VanEcK and SolidX) returned with revised applications. This latest development has reignited the influx of opinions and predictions to how necessary the ETF is to bitcoin and the possible effects of any form of approval of such. While some experts do not see the necessity of an ETF for bitcoin, others believe that is will be a major catalyst for the next big move and possible establishment of the cryptocurrency in the mainstream. Here are the opinions of a few experts who told CCN how much they believe an ETF will affect the development of bitcoin. An Interesting Idea Founder of Netcoins, Michael Vogel sees the possibility of a bitcoin ETF as “an interesting idea” even though he does not think that such is crucial to bitcoin’s long term success. According to Vogel, many see an ETF approval as another step forward to legitimizing bitcoin in the eyes of Wall Street and the world of traditional finance because it would ultimately put bitcoin (as a trading instrument) in the hands of conventional traders. However, he believes that it would also denote a significant step forward in terms of the comfort level that regulators display around cryptocurrency, given the extreme hesitancy around past ETF applications. “A large ETF would likely have a significant impact on bitcoin prices as well, not just due to trading volume but simply because of the volume of bitcoin that it would remove from the liquid trading market (because the BTC would need to be permanently held by the ETF corporation)”. Absolutely Not Necessary bitcoin price predictions Another expert who aired her view on the developing event is the founder of Trezor and business strategy advisor for crypto companies, Alena Vranova. Story continues In Vranova’s opinion, an ETF is absolutely not necessary for the development of bitcoin. However, she notes that it will open doors to a substantial mass of new investors who believe that some kind of regulatory approval makes bitcoin legitimate. Vranova indicates that in the short-term, bitcoin will benefit from a positive publicity and the price will probably skyrocket , even as she advised hodlers to ensure the security of their coins. She said: “Everyone who wants to hodl on, please make sure your bitcoin is safe against hackers, because their interest will skyrocket too. I’d recommend to abandon any custodian service, set up some of the proven hardware wallets (TREZOR or Ledger), set up a non-custodian multisig wallet (such as CASA) and read Pamela Morgan’s book on crypto asset inheritance.” Nothing Spectacular For Dana Coe, Partner at CryptoCrest, an ETF is simply any fund (mutual, hedge, whatever)traded on a listed exchange. He explains that ETFs are mostly trading SEC- or CFTC-regulated assets and, right now, many or most cryptos are neither. Consequently, a fund trading them would have to register its shareholders’ interests in the fund as securities but the traded assets are unregulated. This may add to the reticence of the SEC to allow such a thing. Coe continued by noting that as far as the importance of an ETF to bitcoin, what would really be a good way around is for funds that use large broker-dealers to sell membership interests in whatever fund type they have. So it wouldn’t be an ETF, but the funds themselves could have their membership interests be bought through Vanguard or similar. “In the end that’s how it works anyway – difference being they aren’t listed on an exchange,” concluded Coe. While the ecosystem awaits the new September appointment by SEC in making a decision on the ETF applications, investors and other bitcoin users will continue to ponder on both the long- and short-term effects that may arise. No matter the outcome, the increase in awareness and interest in bitcoin is becoming more certain. Also, with the various development across the entire blockchain ecosystem, improved robustness and industrial stability is becoming more obvious. Images from Shutterstock The post Opinions: What Experts Think about a Possible Bitcoin ETF appeared first on CCN . || Secret Plots, Google Bans, and Augur Assassination Markets: This Week in Crypto: Make sure you check out our previous editionhere, now let’s go over what happened in crypto this week. Also, make sure you subscribe for this week’s edition ofTheCCNPodcastoniTunesor whereveryou get your podcasts.
• Bitcoin increased nearly 9% this weekafter a non-trivial gain of 18% last week. The price was all over the place this week, increasing by nearly5% overnightto the $7,700 level. Other coins, including therecently launched Augur,suffered as bitcoin’s price continued to rise. The prices further rose on Tuesday tonearly $8,300 as altcoins continued to get pounded. The price surge didn’t last long falling back to the$8,100 level. It looked like the price wouldn’t recover as volume flattened, but recovered onWednesdayto hit thecritical support level of $8,500. The price took a hit on Fridaydropping down to $7,900after theWinklevii’s ETF was rejected by the SECbut ultimately recovered above the $8,000 mark heading into the weekend.
• Ethereum is down 0.58%after a modest 5% gain last week. Ethereum is representative oflots of altcoinsthat have made modest gains orbig losses. Towards the end of the week, ethereum and other altcoins rebounded asvolume exploded.
• Coin Market Capitalization is up 5% this week:The coin market cap soared pass the critical$300 billion markthis week, hitting a 2-month high. The price increases come as a discussion around a bitcoin ETF has picked up. There has also been additional optimism due to somebig stepsthat were taken by institutional investors over the past several weeks. The price finished just below the $300 billion mark at $294 billion.
• GE Invests in Blockchain Cybersecurity Startup-Xage, which raised$12 millionin a round led byMarch Capital PartnerswithGE Ventures,City Light Capital, andNexStar Partners, creates a distributed network of devices which are capable of authenticating each machine’s digital fingerprint.
• Binance to Launch Operations in South Korea– Binance, the world’s largest cryptocurrency exchange by trading volume, is reportedly planning to enter South Korea. According to aBusiness Koreareport, Binance is already in the process of hiring executives in South Korea for these expansion plans. The move will not come without challenges, though, and Binance will befacing tough domestic competition.
• Hong Kong Startup to Sell Majority Stake to Invest in Cryptocurrency–Ketch’up Bike, a top-five bike sharing company in Hong Kong that oversees more than 1,000 bicycles, has sold a majority stake in itself for $1 million to purchase two cryptocurrency tokens called JPAY and CyClean. The decision was met with criticism by many both in and outside of crypto.
• Uber Co-Founder Launches Commission Free Trading Platform– An Uber co-founder and an E*Trade veteran have teamed up to launch commission-free cryptocurrency trading service that, if successful, could see the firm challenge Coinbase, Robinhood, and a growing number of other competitors to become the venue of choice for retail investors.
• Nasdaq Plots to Legitimize Cryptocurrency in Secret Meeting– As first reported byBloomberg, the closed-door meeting in Chicago was attended by representatives from about half a dozen companies, including cryptocurrency exchangeGemini— whose co-founders, Cameron and Tyler Winklevoss, were behind thelatest failed bidto create a bitcoin ETF. An unnamed source with knowledge of the meeting said that the participants discussed the implications of future cryptocurrency regulations and what industry firms can do to bolster the reputation of bitcoin and other crypto assets.
• Google Temporarily Removes MetaMask from Chrome Extension Store– Google abruptly removed Dapp browser extension MetaMask from the Chrome Extension store without any explanation.
• Google Bans Cryptocurrency Mining Apps from Play Store– After banning cryptocurrency mining extensions from its Chrome Storeearlier this the year, Google has now barred apps on its Play Store that engage in similar activity. The updatedguidelinesread: “We don’t allow apps that mine cryptocurrency on devices. We permit apps that remotely manage the mining of cryptocurrency”.
• Korean Telecom Giant Launches Commercial Blockchain–KT Corp, the second largest telecom provider in South Korea, has launched a commercial blockchain. The blockchain touts the ability to handle 2,500 transactions per second and will reportedly reach 100,000 transactions per second by the end of next year. The blockchain network is aimed at addressing ” security and transaction issues by making the current networks more secure and trusted”.
• Google Cloud Launches Blockchain Toolkit for App Developers-Google will now provide a software development kit (SDK) to developers working on Google Cloud, enabling them to test and build blockchain applications without having to code the entire platform themselves.
• SEC Delays Ruling on Five Bitcoin ETF Applications-The Securities and Exchange Commission (SEC) has announced in a statement that it will delay its ruling on whether or not to give approval to a rule change relating to five bitcoin ETF applications filed by fund provider Direxion. The ruling has been pushed to September.
• Winklevoss ETF Rejected (Again)– Bitcoin’s price declined significantly following the release ofpublic SEC documentsstating that the agency had denied an application filed by Cameron and Tyler Winklevoss, prolific bitcoin investors and founders of cryptocurrency exchange Gemini, to launch an exchange-traded fund (ETF) product that tracks the price of bitcoin .The denial marks the second time that theSEChad thwarted a Winklevoss-led attempt to create abitcoin ETF. SEC Commissioner Peirce haspublicly statedshe thinks the rejection was the wrong decision.
• ‘CFTC Does Not Regulate Retail Crypto Markets’– The United States Commodity Futures Trading Commission (CFTC)Chairmanhas stated that the agency’s primary remit is not to exercise regulatory jurisdiction over cryptocurrency trading markets and other cash markets but to deal with fraud and compliance in large futures markets. He also cited a “four-year knowledge gap” due to budgeting issues.
• Chinese ‘Dream City’ Partners with ConsenSys– TheXiongan governmenthas signed a memorandum of understanding (MoU) with the U.S.-basedConsenSysto “establish Xiongan as a next-generation smart city and a leading blockchain innovation hub.” This is not the first time cities have shown an interest in blockchain with Dubai alsolookingto integrate the technology.
• China to Shutdown Bitcoin Mining in Autonomous Region– Xinjiang Uyghur, an autonomous region in northwest China, haswarnedlocal Bitcoin mining enterprises to close their operations before Aug. 30, 2018. Despite China’sefforts to neuter mining operationsin the country, farms have continued to survive. For instance,Sichuan, a province in China which was once known as the country’sbitcoin mining capital, was recently hit by floods. Upon close inspection, it was discovered that some of theBTC mining farms were destroyedtaking outa portion of bitcoin’s hash rate. Thereportstated that, as a result of the flood, many miners were planning to move to Xianjiang to continue their mining operations. With this new report, their future is somewhat up in the air.
• Etherscan Thwarts Hacking Attempt-Ethereum block explorer Etherscan has thwarted an apparent hacking attempt in which the would-be attacker attempted to use the comment section to serve up malicious code. The commenter appears to have been able to circumvent Disqus’XSSprotection.
• KICKICO Loses $8 Million After Smart Contract Breach– KICKICO, an initial coin offering (ICO) project launched on top of the Ethereum blockchain protocol, was hacked on July 27, losing more than 70 million KICK worth $7.7 million. Unlike most ICO attacks, the hackers were able to gain direct access to the smart contract of the KICKICO blockchain network by obtaining the private key of the KickCoin smart contract.
• Murder-For-Hire Charges Against Ulbricht Dropped–AU.S. Attorneyhas filed amotionto dismiss pending murder-for-hire charges against Ross Ulbricht, known as “Dread Pirate Roberts,” who is serving a life sentence following his conviction for his role in the Silk Road marketplace which facilitated the sale of illegal drugs.
• Assassination Markets Appear on Prediction Platform Augur–Augur, the decentralized platform that launched just weeks ago, already has bets on whetherDonald Trumpwill be killed by the end of 2018. The markets are concerning because a user can bet on a 100% chance, carry out the assassination and take 100% of the pool. More concerning is police officers and secret service members can technically bet on the site. Markets also exist for whetherBetty White,Jeff Bezos, Warren Buffet, andJohn Mcainwould survive the year. This type of betting is colloquially referred to as an “assassination market” (even if being “killed” isn’t explicitly stated) because of how they align incentives.
• BitFunder Founder Pleads Guilty to Securities Fraud– The founder and operator of BitFunder and WeExchange hasplead guiltyto charges of fraud. The SEC is alleging that Montrollfailed to disclosea 2013 hack that led to the theft of 6,000 bitcoins from customer’s funds from WeExchange. Montroll attempted to conceal the hack altogether by transferring some of his own bitcoin to hide the losses while soliciting more customers by pretending to run a successful operation, according to SEC charges filed at the time.
Featured Image from Shutterstock
The postSecret Plots, Google Bans, and Augur Assassination Markets: This Week in Cryptoappeared first onCCN. || Secret Plots, Google Bans, and Augur Assassination Markets: This Week in Crypto: bitcoin cryptocurrency news Make sure you check out our previous edition here , now let’s go over what happened in crypto this week. Also, make sure you subscribe for this week’s edition of The CCN Podcast on iTunes or wherever you get your podcasts . Price Watch: Bitcoin increased nearly 9% this week after a non-trivial gain of 18% last week. The price was all over the place this week, increasing by nearly 5% overnight to the $7,700 level. Other coins, including the recently launched Augur , suffered as bitcoin’s price continued to rise . The prices further rose on Tuesday to nearly $8,300 as altcoins continued to get pounded . The price surge didn’t last long falling back to the $8,100 level . It looked like the price wouldn’t recover as volume flattened, but recovered on Wednesday to hit the critical support level of $8,500 . The price took a hit on Friday dropping down to $7,900 after the Winklevii’s ETF was rejected by the SEC but ultimately recovered above the $8,000 mark heading into the weekend. Ethereum is down 0.58% after a modest 5% gain last week. Ethereum is representative of lots of altcoins that have made modest gains or big losses . Towards the end of the week, ethereum and other altcoins rebounded as volume exploded . Coin Market Capitalization is up 5% this week: The coin market cap soared pass the critical $300 billion mark this week, hitting a 2-month high. The price increases come as a discussion around a bitcoin ETF has picked up. There has also been additional optimism due to some big steps that were taken by institutional investors over the past several weeks. The price finished just below the $300 billion mark at $294 billion. Startups: GE Invests in Blockchain Cybersecurity Startup -Xage, which raised $12 million in a round led by March Capital Partners with GE Ventures , City Light Capital , and NexStar Partners , creates a distributed network of devices which are capable of authenticating each machine’s digital fingerprint. Binance to Launch Operations in South Korea – Binance, the world’s largest cryptocurrency exchange by trading volume, is reportedly planning to enter South Korea. According to a Business Korea report, Binance is already in the process of hiring executives in South Korea for these expansion plans. The move will not come without challenges, though, and Binance will be facing tough domestic competition . Hong Kong Startup to Sell Majority Stake to Invest in Cryptocurrency – Ketch’up Bike , a top-five bike sharing company in Hong Kong that oversees more than 1,000 bicycles, has sold a majority stake in itself for $1 million to purchase two cryptocurrency tokens called JPAY and CyClean. The decision was met with criticism by many both in and outside of crypto. Uber Co-Founder Launches Commission Free Trading Platform – An Uber co-founder and an E*Trade veteran have teamed up to launch commission-free cryptocurrency trading service that, if successful, could see the firm challenge Coinbase, Robinhood, and a growing number of other competitors to become the venue of choice for retail investors. Story continues Enterprise: Nasdaq Plots to Legitimize Cryptocurrency in Secret Meeting – As first reported by Bloomberg , the closed-door meeting in Chicago was attended by representatives from about half a dozen companies, including cryptocurrency exchange Gemini — whose co-founders, Cameron and Tyler Winklevoss, were behind the latest failed bid to create a bitcoin ETF. An unnamed source with knowledge of the meeting said that the participants discussed the implications of future cryptocurrency regulations and what industry firms can do to bolster the reputation of bitcoin and other crypto assets. Google Temporarily Removes MetaMask from Chrome Extension Store – Google abruptly removed Dapp browser extension MetaMask from the Chrome Extension store without any explanation. Google Bans Cryptocurrency Mining Apps from Play Store – After banning cryptocurrency mining extensions from its Chrome Store earlier this the year , Google has now barred apps on its Play Store that engage in similar activity. The updated guidelines read: “We don’t allow apps that mine cryptocurrency on devices. We permit apps that remotely manage the mining of cryptocurrency”. Korean Telecom Giant Launches Commercial Blockchain – KT Corp , the second largest telecom provider in South Korea, has launched a commercial blockchain. The blockchain touts the ability to handle 2,500 transactions per second and will reportedly reach 100,000 transactions per second by the end of next year. The blockchain network is aimed at addressing ” security and transaction issues by making the current networks more secure and trusted”. Google Cloud Launches Blockchain Toolkit for App Developers -Google will now provide a software development kit (SDK) to developers working on Google Cloud, enabling them to test and build blockchain applications without having to code the entire platform themselves. Government: SEC Delays Ruling on Five Bitcoin ETF Applications -The Securities and Exchange Commission (SEC) has announced in a statement that it will delay its ruling on whether or not to give approval to a rule change relating to five bitcoin ETF applications filed by fund provider Direxion. The ruling has been pushed to September. Winklevoss ETF Rejected (Again) – Bitcoin’s price declined significantly following the release of public SEC documents stating that the agency had denied an application filed by Cameron and Tyler Winklevoss, prolific bitcoin investors and founders of cryptocurrency exchange Gemini, to launch an exchange-traded fund (ETF) product that tracks the price of bitcoin .The denial marks the second time that the SEC had thwarted a Winklevoss-led attempt to create a bitcoin ETF . SEC Commissioner Peirce has publicly stated she thinks the rejection was the wrong decision. ‘CFTC Does Not Regulate Retail Crypto Markets’ – The United States Commodity Futures Trading Commission (CFTC) Chairman has stated that the agency’s primary remit is not to exercise regulatory jurisdiction over cryptocurrency trading markets and other cash markets but to deal with fraud and compliance in large futures markets. He also cited a “four-year knowledge gap” due to budgeting issues. Chinese ‘Dream City’ Partners with ConsenSys – The Xiongan government has signed a memorandum of understanding (MoU) with the U.S.-based ConsenSys to “establish Xiongan as a next-generation smart city and a leading blockchain innovation hub.” This is not the first time cities have shown an interest in blockchain with Dubai also looking to integrate the technology. China to Shutdown Bitcoin Mining in Autonomous Region – Xinjiang Uyghur, an autonomous region in northwest China, has warned local Bitcoin mining enterprises to close their operations before Aug. 30, 2018. Despite China’s efforts to neuter mining operations in the country, farms have continued to survive. For instance, Sichuan , a province in China which was once known as the country’s bitcoin mining capital , was recently hit by floods. Upon close inspection, it was discovered that some of the BTC mining farms were destroyed taking out a portion of bitcoin’s hash rate . The report stated that, as a result of the flood, many miners were planning to move to Xianjiang to continue their mining operations. With this new report, their future is somewhat up in the air. Crime: Etherscan Thwarts Hacking Attempt -Ethereum block explorer Etherscan has thwarted an apparent hacking attempt in which the would-be attacker attempted to use the comment section to serve up malicious code. The commenter appears to have been able to circumvent Disqus’ XSS protection. KICKICO Loses $8 Million After Smart Contract Breach – KICKICO, an initial coin offering (ICO) project launched on top of the Ethereum blockchain protocol, was hacked on July 27, losing more than 70 million KICK worth $7.7 million. Unlike most ICO attacks, the hackers were able to gain direct access to the smart contract of the KICKICO blockchain network by obtaining the private key of the KickCoin smart contract. Murder-For-Hire Charges Against Ulbricht Dropped – A U.S. Attorney has filed a motion to dismiss pending murder-for-hire charges against Ross Ulbricht, known as “Dread Pirate Roberts,” who is serving a life sentence following his conviction for his role in the Silk Road marketplace which facilitated the sale of illegal drugs. Assassination Markets Appear on Prediction Platform Augur – Augur, the decentralized platform that launched just weeks ago, already has bets on whether Donald Trump will be killed by the end of 2018. The markets are concerning because a user can bet on a 100% chance, carry out the assassination and take 100% of the pool. More concerning is police officers and secret service members can technically bet on the site. Markets also exist for whether Betty White , Jeff Bezos, Warren Buffet , and John Mcain would survive the year. This type of betting is colloquially referred to as an “ assassination market ” (even if being “killed” isn’t explicitly stated) because of how they align incentives. BitFunder Founder Pleads Guilty to Securities Fraud – The founder and operator of BitFunder and WeExchange has plead guilty to charges of fraud. The SEC is alleging that Montroll failed to disclose a 2013 hack that led to the theft of 6,000 bitcoins from customer’s funds from WeExchange. Montroll attempted to conceal the hack altogether by transferring some of his own bitcoin to hide the losses while soliciting more customers by pretending to run a successful operation, according to SEC charges filed at the time. Featured Image from Shutterstock The post Secret Plots, Google Bans, and Augur Assassination Markets: This Week in Crypto appeared first on CCN . View comments || Only 2% of U.S. Investors Own Bitcoin, Most View it as ‘Very Risky’: Wells Fargo Poll: AWells Fargo/Gallup poll has revealed that only 2% of investors in the United States currently holdbitcoin, a finding that optimists will argue shows massive unlocked potential while cynics will paint it as the glass being half empty.
Interest in bitcoin remains high, though, with 26% of U.S. investors saying they were intrigued by the flagship cryptocurrency. However, less than 0.5% of those polled indicated that they will be buying it in the near future.
According to the survey, one of the factors potentially hindering investment in the cryptocurrency is the perceived risk of trading inbitcoin. Per the poll, 75% of U.S. investors deemed bitcoin to be very risky while 23% said it was somewhat risky.
Only 2% said it was not too risky while an insignificant number held the view that it was not risky at all. The entry of younger investors could, however, change the picture in the future.
“But as Wells Fargo/Gallup surveys have found in the past, most U.S. investors prefer to play it safe with their investments, opting for security over growth,” Lydia Saad, a senior editor at Gallup, wrote in an analysisreport. “Looking to the future, however, many younger investors who currently say they are intrigued may be converted to investors once the currency goes more mainstream.”
The poll also found bitcoin to be more popular among men and those between the ages of 18-49. While 3% of men revealed that they owned the digital asset, only 1% of women said the same. About 1% of U.S. investors aged 50 and over indicated that they owned bitcoin, compared to 3% among those aged between 18 and 49.
Ownership of bitcoin was also higher among those earning at least $90,000, with 3% in this category reporting having bought the cryptocurrency compared to under 1% among the lower-income investors.
From the poll, which was conducted in the second quarter of this year between May 7 and May 14 among U.S. adults who have invested approximately $10,000 or more in mutual funds, bonds or stocks, low levels of cryptocurrency knowledge also hindered investment in bitcoin.
While only around 29% said they possessed some level of knowledge on cryptocurrencies, 67% of the respondents revealed that they had heard about these digital assets but didn’t know much concerning them. About 5% of the investors polled indicated that they had not heard about cryptocurrencies. More men than women claimed to know something concerning bitcoin — 38% versus 20%.
Age also played a predominant role in determining the level of bitcoin knowledge held. Among those aged between 18 and 49 years, 48% indicated that they knew something about flagship cryptocurrency while only 22% of those aged between 50 and 64 years possessed some level of bitcoin knowledge. Among those aged above 65 years, only 16% of them knew something about the cryptocurrency.
Images from Shutterstock
The postOnly 2% of U.S. Investors Own Bitcoin, Most View it as ‘Very Risky’: Wells Fargo Pollappeared first onCCN. || Only 2% of U.S. Investors Own Bitcoin, Most View it as ‘Very Risky’: Wells Fargo Poll: AWells Fargo/Gallup poll has revealed that only 2% of investors in the United States currently holdbitcoin, a finding that optimists will argue shows massive unlocked potential while cynics will paint it as the glass being half empty.
Interest in bitcoin remains high, though, with 26% of U.S. investors saying they were intrigued by the flagship cryptocurrency. However, less than 0.5% of those polled indicated that they will be buying it in the near future.
According to the survey, one of the factors potentially hindering investment in the cryptocurrency is the perceived risk of trading inbitcoin. Per the poll, 75% of U.S. investors deemed bitcoin to be very risky while 23% said it was somewhat risky.
Only 2% said it was not too risky while an insignificant number held the view that it was not risky at all. The entry of younger investors could, however, change the picture in the future.
“But as Wells Fargo/Gallup surveys have found in the past, most U.S. investors prefer to play it safe with their investments, opting for security over growth,” Lydia Saad, a senior editor at Gallup, wrote in an analysisreport. “Looking to the future, however, many younger investors who currently say they are intrigued may be converted to investors once the currency goes more mainstream.”
The poll also found bitcoin to be more popular among men and those between the ages of 18-49. While 3% of men revealed that they owned the digital asset, only 1% of women said the same. About 1% of U.S. investors aged 50 and over indicated that they owned bitcoin, compared to 3% among those aged between 18 and 49.
Ownership of bitcoin was also higher among those earning at least $90,000, with 3% in this category reporting having bought the cryptocurrency compared to under 1% among the lower-income investors.
From the poll, which was conducted in the second quarter of this year between May 7 and May 14 among U.S. adults who have invested approximately $10,000 or more in mutual funds, bonds or stocks, low levels of cryptocurrency knowledge also hindered investment in bitcoin.
While only around 29% said they possessed some level of knowledge on cryptocurrencies, 67% of the respondents revealed that they had heard about these digital assets but didn’t know much concerning them. About 5% of the investors polled indicated that they had not heard about cryptocurrencies. More men than women claimed to know something concerning bitcoin — 38% versus 20%.
Age also played a predominant role in determining the level of bitcoin knowledge held. Among those aged between 18 and 49 years, 48% indicated that they knew something about flagship cryptocurrency while only 22% of those aged between 50 and 64 years possessed some level of bitcoin knowledge. Among those aged above 65 years, only 16% of them knew something about the cryptocurrency.
Images from Shutterstock
The postOnly 2% of U.S. Investors Own Bitcoin, Most View it as ‘Very Risky’: Wells Fargo Pollappeared first onCCN. || Only 2% of U.S. Investors Own Bitcoin, Most View it as ‘Very Risky’: Wells Fargo Poll: invest in bitcoin A Wells Fargo /Gallup poll has revealed that only 2% of investors in the United States currently hold bitcoin , a finding that optimists will argue shows massive unlocked potential while cynics will paint it as the glass being half empty. Interest in bitcoin remains high, though, with 26% of U.S. investors saying they were intrigued by the flagship cryptocurrency. However, less than 0.5% of those polled indicated that they will be buying it in the near future. U.S. Investors Not Biting on Bitcoin, but Many Intrigued… https://t.co/K6RSVzq8ck pic.twitter.com/J3Cfn9vZ7O — GallupNews (@GallupNews) July 27, 2018 According to the survey, one of the factors potentially hindering investment in the cryptocurrency is the perceived risk of trading in bitcoin . Per the poll, 75% of U.S. investors deemed bitcoin to be very risky while 23% said it was somewhat risky. Perception of Risk Keeping Investors Away Only 2% said it was not too risky while an insignificant number held the view that it was not risky at all. The entry of younger investors could, however, change the picture in the future. “But as Wells Fargo/Gallup surveys have found in the past, most U.S. investors prefer to play it safe with their investments, opting for security over growth,” Lydia Saad, a senior editor at Gallup, wrote in an analysis report . “Looking to the future, however, many younger investors who currently say they are intrigued may be converted to investors once the currency goes more mainstream.” Youth and Testosterone bitcoin investing The poll also found bitcoin to be more popular among men and those between the ages of 18-49. While 3% of men revealed that they owned the digital asset, only 1% of women said the same. About 1% of U.S. investors aged 50 and over indicated that they owned bitcoin, compared to 3% among those aged between 18 and 49. Ownership of bitcoin was also higher among those earning at least $90,000, with 3% in this category reporting having bought the cryptocurrency compared to under 1% among the lower-income investors. From the poll, which was conducted in the second quarter of this year between May 7 and May 14 among U.S. adults who have invested approximately $10,000 or more in mutual funds, bonds or stocks, low levels of cryptocurrency knowledge also hindered investment in bitcoin. Knowledge Gaps While only around 29% said they possessed some level of knowledge on cryptocurrencies, 67% of the respondents revealed that they had heard about these digital assets but didn’t know much concerning them. About 5% of the investors polled indicated that they had not heard about cryptocurrencies. More men than women claimed to know something concerning bitcoin — 38% versus 20%. Story continues Age also played a predominant role in determining the level of bitcoin knowledge held. Among those aged between 18 and 49 years, 48% indicated that they knew something about flagship cryptocurrency while only 22% of those aged between 50 and 64 years possessed some level of bitcoin knowledge. Among those aged above 65 years, only 16% of them knew something about the cryptocurrency. Images from Shutterstock The post Only 2% of U.S. Investors Own Bitcoin, Most View it as ‘Very Risky’: Wells Fargo Poll appeared first on CCN . View comments || SEC Rule On Direxion Bitcoin ETFs Expected This Fall: Do you remember the 21st night of September?
Cryptocurrency traders will, as it could be the date when the Securities and Exchange Commission renders a decision on the fate of several bitcoin-related exchange traded funds proposed by Direxion, one of the largest issuers of inverse and leveraged ETFs.
What Happened
The issuer is seeking approval for the the Direxion Daily Bitcoin Bear 1X Shares, Direxion Daily Bitcoin 1.25X Bull Shares, Direxion Daily Bitcoin 1.5X Bull Shares, Direxion Daily Bitcoin 2X Bull Shares and Direxion Daily Bitcoin 2X Bear Shares under NYSE Arca rule 8.200-E.
The SECextended the review periodto Sept. 21 for its up or down decision on the ETFs.
Why It's Important
To this point, the SEC has not approved any issuers' plans for bitcoin or cryptocurrency ETFs. Earlier this year, the commission asked Direxion and several other issuers to withdraw plans for bitcoin ETFs.
In January, the New York Stock Exchange Arca sought a “a proposed rule change to list and trade shares of the following exchange-traded products under NYSE Arca Rule 8.200-E,” according to the SEC.
At the end of the first quarter, the SEC “designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change,” according to the commission.
In April, the SEC commenced proceedings to determine the fate of the proposed rule change and said it has received just two comments on the proposal.
What's Next
The fate of all bitcoin ETF efforts in the U.S. lies in the hands of the SEC, but the approval of more plain vanilla bullish products could pave the way for leveraged funds down the road.
It is possible the SEC could opt to approve some but not all of Direxion's bitcoin funds, perhaps giving the nod to the inverse and lightly leveraged products before moving up to the double-leveraged funds.
Related Links:
A Super Software ETF
Brazil Bounce Back With This ETF
See more from Benzinga
• Once Again, SEC Rejects Winklevoss Bitcoin ETF
• Bitwise Asset Management Enters Bitcoin ETF Fray
© 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || SEC Rule On Direxion Bitcoin ETFs Expected This Fall: Do you remember the 21st night of September?
Cryptocurrency traders will, as it could be the date when the Securities and Exchange Commission renders a decision on the fate of several bitcoin-related exchange traded funds proposed by Direxion, one of the largest issuers of inverse and leveraged ETFs.
What Happened
The issuer is seeking approval for the the Direxion Daily Bitcoin Bear 1X Shares, Direxion Daily Bitcoin 1.25X Bull Shares, Direxion Daily Bitcoin 1.5X Bull Shares, Direxion Daily Bitcoin 2X Bull Shares and Direxion Daily Bitcoin 2X Bear Shares under NYSE Arca rule 8.200-E.
The SECextended the review periodto Sept. 21 for its up or down decision on the ETFs.
Why It's Important
To this point, the SEC has not approved any issuers' plans for bitcoin or cryptocurrency ETFs. Earlier this year, the commission asked Direxion and several other issuers to withdraw plans for bitcoin ETFs.
In January, the New York Stock Exchange Arca sought a “a proposed rule change to list and trade shares of the following exchange-traded products under NYSE Arca Rule 8.200-E,” according to the SEC.
At the end of the first quarter, the SEC “designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change,” according to the commission.
In April, the SEC commenced proceedings to determine the fate of the proposed rule change and said it has received just two comments on the proposal.
What's Next
The fate of all bitcoin ETF efforts in the U.S. lies in the hands of the SEC, but the approval of more plain vanilla bullish products could pave the way for leveraged funds down the road.
It is possible the SEC could opt to approve some but not all of Direxion's bitcoin funds, perhaps giving the nod to the inverse and lightly leveraged products before moving up to the double-leveraged funds.
Related Links:
A Super Software ETF
Brazil Bounce Back With This ETF
See more from Benzinga
• Once Again, SEC Rejects Winklevoss Bitcoin ETF
• Bitwise Asset Management Enters Bitcoin ETF Fray
© 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || SEC Rule On Direxion Bitcoin ETFs Expected This Fall: Do you remember the 21st night of September? Cryptocurrency traders will, as it could be the date when the Securities and Exchange Commission renders a decision on the fate of several bitcoin-related exchange traded funds proposed by Direxion, one of the largest issuers of inverse and leveraged ETFs. What Happened The issuer is seeking approval for the the Direxion Daily Bitcoin Bear 1X Shares, Direxion Daily Bitcoin 1.25X Bull Shares, Direxion Daily Bitcoin 1.5X Bull Shares, Direxion Daily Bitcoin 2X Bull Shares and Direxion Daily Bitcoin 2X Bear Shares under NYSE Arca rule 8.200-E. The SEC extended the review period to Sept. 21 for its up or down decision on the ETFs. Why It's Important To this point, the SEC has not approved any issuers' plans for bitcoin or cryptocurrency ETFs. Earlier this year, the commission asked Direxion and several other issuers to withdraw plans for bitcoin ETFs. In January, the New York Stock Exchange Arca sought a “a proposed rule change to list and trade shares of the following exchange-traded products under NYSE Arca Rule 8.200-E,” according to the SEC. At the end of the first quarter, the SEC “designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change,” according to the commission. In April, the SEC commenced proceedings to determine the fate of the proposed rule change and said it has received just two comments on the proposal. What's Next The fate of all bitcoin ETF efforts in the U.S. lies in the hands of the SEC, but the approval of more plain vanilla bullish products could pave the way for leveraged funds down the road. It is possible the SEC could opt to approve some but not all of Direxion's bitcoin funds, perhaps giving the nod to the inverse and lightly leveraged products before moving up to the double-leveraged funds. Related Links: A Super Software ETF Story continues Brazil Bounce Back With This ETF See more from Benzinga Once Again, SEC Rejects Winklevoss Bitcoin ETF Bitwise Asset Management Enters Bitcoin ETF Fray © 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Surprise! Cord-Cutting Is Still Growing in Popularity: It should be no surprise by now that fewer people will watch traditional pay-TV in the United States this year compared to last year. Viewership is expected to decline 3.8% this year, according to eMarketer , an acceleration from the 3.4% decline last year. The number of cord-cutters is expected to reach 33 million by the end of the year, as people adopt multiple on-demand streaming video subscriptions as a substitute for the big cable bundle. Companies like Netflix (NASDAQ: NFLX) , Amazon , Hulu, and HBO -- now a subsidiary of AT&T (NYSE: T) -- offer enough entertainment for most. And as streaming options continue to expand, the prospects don't look great for traditional distributors like Comcast (NASDAQ: CMCSA) and Charter Communications (NASDAQ: CHTR) . A scissors about to cut a cable cord. Image source: Getty Images. Where are all the cord-cutters going? Streaming video is the primary force driving subscribers away from traditional pay-TV. More and more customers are signing up for subscription video on-demand services such as Netflix, Amazon Prime Video, Hulu, and HBO Now. They're also able to stream video entertainment on demand from ad-supported services like YouTube, The Roku Channel, Crackle, and more. Content aggregators like Roku devices and Apple TVs make it easy for consumers to discover and watch content that doesn't require a cable subscription. A more recent development has been the rise of streaming video services that act as a more direct replacement for traditional cable or satellite service. AT&T has quickly jumped into the lead with its DirecTV Now service. These services often cost less per month than traditional pay-TV, don't require additional fees for installation and equipment rentals, and generally have more transparent pricing. Comcast has worked with Netflix and YouTube to integrate both streaming services into its X1 set-top-box platform. Comcast began enabling customers to sign up for Netflix through the platform a couple of years ago, and it recently started offering customers a bundle of networks that includes Netflix. Story continues Charter has similar mechanisms to integrate with Netflix and other streaming services, but eMarketer analyst Christopher Bendtsen says he doesn't see these partnerships as having a meaningful impact on subscriber churn away from pay-TV. That's despite the fact that about one in five pay-TV households pays for a streaming video service through its cable provider . It's only going to get worse for traditional pay-TV By 2022 there are expected to be 55 million cord-cutters in the U.S., comprising over 20% of all adults, according to eMarketer's forecast. Analysts anticipate satellite and telecom companies such as AT&T will lose more subscribers than cable companies like Comcast and Charter. Comcast and Charter are better positioned to offer high-speed internet through their existing architecture, which has proven a key factor in retaining video customers. AT&T, on the other hand, has positioned itself as well as it can given the trend toward streaming video. DirecTV Now has over 1.8 million subscribers, and HBO Now has over 5 million subscribers and approximately 17.1 million viewers. Still, DirecTV Now won't completely offset the profits generated by its legacy satellite and U-verse products. Netflix has been a prime beneficiary of the trend over the past few years, but as more big companies with big budgets enter the market, it's not clear it will be able to add new customers at the same rate that it has in the past. People generally cut the cord to save money, but bundling four or five different streaming services could end up costing more than a traditional pay-TV bundle. Netflix is still well positioned to win the business of most cord-cutters, but it might not be a no-brainer for everyone as a number of excellent options enter the market over the next few years. As cord-cutting accelerates, it doesn't necessarily mean well-established streaming services like Netflix will be the biggest beneficiaries. Most pay-TV subscribers already subscribe to Netflix. I believe there are other ways for investors to capitalize on the trend of cord-cutting to a much greater degree. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Adam Levy owns shares of Apple, Alphabet (C shares), and Amazon. The Motley Fool owns shares of and recommends Alphabet (A shares), Alphabet (C shares), Amazon, Netflix, and Apple. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool has a disclosure policy . || Surprise! Cord-Cutting Is Still Growing in Popularity: It should be no surprise by now that fewer people will watch traditional pay-TV in the United States this year compared to last year. Viewership is expected to decline 3.8% this year, according toeMarketer, an acceleration from the 3.4% decline last year.
The number of cord-cutters is expected to reach 33 million by the end of the year, as people adopt multiple on-demand streaming video subscriptions as a substitute for the big cable bundle. Companies likeNetflix(NASDAQ: NFLX),Amazon, Hulu, and HBO -- now a subsidiary ofAT&T(NYSE: T)-- offer enough entertainment for most. And as streaming options continue to expand, the prospects don't look great for traditional distributors likeComcast(NASDAQ: CMCSA)andCharter Communications(NASDAQ: CHTR).
Image source: Getty Images.
Streaming video is the primary force driving subscribers away from traditional pay-TV.
More and more customers are signing up for subscription video on-demand services such as Netflix, Amazon Prime Video, Hulu, and HBO Now. They're also able to stream video entertainment on demand from ad-supported services like YouTube, TheRokuChannel, Crackle, and more. Content aggregators like Roku devices andAppleTVs make it easy for consumers to discover and watch content that doesn't require a cable subscription.
A more recent development has been the rise of streaming video services that act as a more direct replacement for traditional cable or satellite service. AT&T has quickly jumped into the lead with its DirecTV Now service. These services often cost less per month than traditional pay-TV, don't require additional fees for installation and equipment rentals, and generally have more transparent pricing.
Comcast has worked with Netflix and YouTube to integrate both streaming services into its X1 set-top-box platform. Comcast began enabling customers to sign up for Netflix through the platform a couple of years ago, and it recently started offering customers a bundle of networks that includes Netflix.
Charter has similar mechanisms to integrate with Netflix and other streaming services, but eMarketer analyst Christopher Bendtsen says he doesn't see these partnerships as having a meaningful impact on subscriber churn away from pay-TV. That's despite the fact that about one in five pay-TV householdspays for a streaming video service through its cable provider.
By 2022 there are expected to be 55 million cord-cutters in the U.S., comprising over 20% of all adults, according to eMarketer's forecast. Analysts anticipate satellite and telecom companies such as AT&T will lose more subscribers than cable companies like Comcast and Charter. Comcast and Charter are better positioned to offer high-speed internet through their existing architecture, which has proven a key factor in retaining video customers.
AT&T, on the other hand, has positioned itself as well as it can given the trend toward streaming video. DirecTV Now has over 1.8 million subscribers, and HBO Now has over5 million subscribersand approximately 17.1 million viewers. Still, DirecTV Now won't completely offset the profits generated by its legacy satellite and U-verse products.
Netflix has been a prime beneficiary of the trend over the past few years, but as more big companies with big budgets enter the market,it's not clearit will be able to add new customers at the same rate that it has in the past.
People generally cut the cord to save money, but bundling four or five different streaming services could end up costing more than a traditional pay-TV bundle. Netflix is still well positioned to win the business of most cord-cutters, but it might not be a no-brainer for everyone as a number of excellent options enter the market over the next few years.
As cord-cutting accelerates, it doesn't necessarily mean well-established streaming services like Netflix will be the biggest beneficiaries. Most pay-TV subscribers already subscribe to Netflix. I believe there areother waysfor investors tocapitalize on the trend of cord-cuttingto a much greater degree.
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John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors.Adam Levyowns shares of Apple, Alphabet (C shares), and Amazon. The Motley Fool owns shares of and recommends Alphabet (A shares), Alphabet (C shares), Amazon, Netflix, and Apple. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool has adisclosure policy. || What to Expect When IPG Photonics Reports Earnings: IPG Photonics (NASDAQ: IPGP) may be one of the most successful companies most investors have never heard of. IPG is the world's leading producer of high-power fiber lasers which are used in a wide variety of applications, including industrial, semiconductor, instrumentation, medical, scientific, defense, and entertainment. The stock has gained more than 1,200% over the past decade, and it's appreciated more than 50% since this time last year. Investors are hoping the company can keep its hot streak alive. IPG Photonics is scheduled to release second-quarter 2018 results before the market open on July 31. Let's see how the company performed in its most recent quarter, and review a few things investors should look out for. Laser on robotic arm cutting metal. Image source: Getty Images. A strong start to the year In the first quarter , IPG reported revenue of $359.9 billion, up 26% year over year. That handily beat analysts' consensus estimates of $346.35 million, and exceeded the high end of the company's own forecast of $330 million to $355 million. Net income jumped 42% year over year, producing earnings per share (EPS) that grew to $1.93, which sailed past expectations for $1.79 per share, and represented a 40% improvement over the prior-year quarter. It's also important to note that both the revenue and EPS results were first-quarter records for the company. For the second quarter, IPG has forecasted revenue in a range of $400 million to $430 million, which would represent year-over-year growth of between 8% and 15%. The company is also expecting robust profitability, with diluted EPS expected to fall in a range of $2.05 to $2.35, an increase of between 7% and 23% over the prior-year quarter. Analysts are similarly enthusiastic regarding the upcoming results. Consensus estimates call for revenue of $418.61 million, and EPS of $2.25, representing year-over-year growth of 13.3% and 17.8%, respectively. Note that both consensus numbers would fall near the midpoint of management's forecast. Story continues Even in light of a blowout first quarter and a stronger than expected second-quarter forecast, IPG didn't update its full-year guidance, instead waiting to see how a number of macro trends play out. Manufacturing is subject to cyclical growth, and since the company's lasers are used in a variety of manufacturing applications, adoption can ebb and flow with economic cycles. Look to see if management's confidence is solid enough for IPG to expand its full-year forecast when it reports second quarter earnings. Other things to watch The company has a history of delivering a strong book-to-bill ratio, an indicator of future demand that is used to forecast the strength or weakness of industry trends. If the ratio falls below 1.0, it's indicative of weak demand, while 1.0 or higher is a gauge of strong demand. In the first quarter, IPG reported the highest level of quarterly bookings in the company's history, resulting in a book-to-bill ratio above 1, positioning the company for a strong second quarter. Investors should watch closely to see if this ratio stays above 1. A cut above Manufacturers in competitive environments are increasingly turning to lasers to improve productivity and energy efficiency. IPG Photonics has a wide range of products that work across a growing array of applications and industries. The organization started the year on the right foot, and the evidence suggests that its cutting-edge performance will likely continue into the second quarter. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Danny Vena owns shares of IPG Photonics. The Motley Fool owns shares of and recommends IPG Photonics. The Motley Fool has a disclosure policy . || What to Expect When IPG Photonics Reports Earnings: IPG Photonics(NASDAQ: IPGP)may be one of themost successful companiesmost investors have never heard of. IPG is the world's leading producer of high-power fiber lasers which are used in a wide variety of applications, including industrial, semiconductor, instrumentation, medical, scientific, defense, and entertainment. The stock has gained more than 1,200% over the past decade, and it's appreciated more than 50% since this time last year. Investors are hoping the company can keep its hot streak alive.
IPG Photonics is scheduled to release second-quarter 2018 results before the market open on July 31. Let's see how the company performed in its most recent quarter, and review a few things investors should look out for.
Image source: Getty Images.
In thefirst quarter, IPG reported revenue of $359.9 billion, up 26% year over year. That handily beat analysts' consensus estimates of $346.35 million, and exceeded the high end of the company's own forecast of $330 million to $355 million. Net income jumped 42% year over year, producing earnings per share (EPS) that grew to $1.93, which sailed past expectations for $1.79 per share, and represented a 40% improvement over the prior-year quarter. It's also important to note that both the revenue and EPS results were first-quarter records for the company.
For the second quarter, IPG has forecasted revenue in a range of $400 million to $430 million, which would represent year-over-year growth of between 8% and 15%. The company is also expecting robust profitability, with diluted EPS expected to fall in a range of $2.05 to $2.35, an increase of between 7% and 23% over the prior-year quarter.
Analysts are similarly enthusiastic regarding the upcoming results. Consensus estimates call for revenue of $418.61 million, and EPS of $2.25, representing year-over-year growth of 13.3% and 17.8%, respectively. Note that both consensus numbers would fall near the midpoint of management's forecast.
Even in light of a blowout first quarter and a stronger than expected second-quarter forecast, IPG didn't update its full-year guidance, instead waiting to see how a number of macro trends play out. Manufacturing is subject to cyclical growth, and since the company's lasers are used in a variety of manufacturing applications, adoption can ebb and flow with economic cycles. Look to see if management's confidence is solid enough for IPG to expand its full-year forecast when it reports second quarter earnings.
The company has a history of delivering a strong book-to-bill ratio, an indicator of future demand that is used to forecast the strength or weakness of industry trends. If the ratio falls below 1.0, it's indicative of weak demand, while 1.0 or higher is a gauge of strong demand.
In the first quarter, IPG reported the highest level of quarterly bookings in the company's history, resulting in a book-to-bill ratio above 1, positioning the company for a strong second quarter. Investors should watch closely to see if this ratio stays above 1.
Manufacturers in competitive environments are increasingly turning to lasers to improve productivity and energy efficiency. IPG Photonics has a wide range of products that work across a growing array of applications and industries.
The organization started the year on the right foot, and the evidence suggests that its cutting-edge performance will likely continue into the second quarter.
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Danny Venaowns shares of IPG Photonics. The Motley Fool owns shares of and recommends IPG Photonics. The Motley Fool has adisclosure policy. || Why Splunk Went on a Shopping Spree in the Last Year: Big data software provider Splunk (NASDAQ: SPLK) has made five acquisitions since the beginning of 2017. Mega-mergers and acquisitions get a lot of attention these days, but many of them are made by a struggling company trying to shore up its operations or buy its way to growth (for example, AT&T 's pickup of Time Warner ). Splunk's strategy is different: It's all about acquiring other fast-growing companies like itself that complement its strategy. An artist's rendition of data. Pictures of graphs and charts are displayed being shared all over the world. Image source: Getty Images. New partners, complementary markets As the number of electronic devices continues to increase by the billions every year, the amount of data floating around out there increases even more. For many enterprises, the data its machines, systems, and websites generate is unorganized and unusable. Splunk's cloud-based software changes that, organizing it into a format that's usable and providing insight into what's happening. That capability is a much-needed one in the business world, and it has helped Splunk double its sales many times over the last few years. SPLK Chart Data by YCharts . Splunk isn't alone in its mission to help demystify big data -- other software companies offer a similar service. The Splunk platform, though, is becoming a multi-purpose one, leveraging its capabilities to decipher mass quantities of information into specific functions. One of the ways the company is trying to extend its reach is through strategic acquisitions. It's been a busy year-and-a-half stretch for the San Francisco-based company as it has scooped up five of its smaller peers. Company Purchase Amount Date Acquired Description Drastin Not disclosed May 2017 The software improves search-based analytics and intuity on the Splunk platform. SignalSense Not disclosed Sept. 2017 A machine-learning service for data collection and breach detection. Rocana Not disclosed Oct. 2017 Splunk purchased technology and intellectual property from the start-up and retained key members of Rocana's team. Phantom $350 million April 2018 Phantom provides cyber security orchestration, automation, and response (SOAR) services. VictorOps $120 million June 2018 An analytics-driven incident alert and management system for software development and operations. Chart by author. Data source: Splunk. Story continues What it all adds up to The first three acquisitions were small and helped expand and improve on Splunk's existing big data analytics platform. The last two purchases are more significant, though, as they both mark expansion into more specific aspects of big data: cybersecurity and DevOps. With the digital world growing and becoming increasingly integrated with the real world, the cybersecurity industry is also experiencing rapid growth. It's also a complex and fast-changing industry, constantly needing to adapt to new and increasingly complex threats. Many enterprises have found Splunk's data sifting and automation capabilities useful in detecting and responding to cyber attacks, so the company's purchase of Phantom makes sense. Splunk and Phantom want to be the heart of security team's operations, helping them respond to threats faster and addressing the talent shortage in the industry by freeing up time. The purchase of VictorOps addresses problems software developers and operators are facing as they build and manage new systems. The service uses artificial intelligence to detect and respond to problems, helping DevOps teams resolve issues faster, and to aid organizations in deploying new software faster. It's too early to tell how these bigger acquisitions will contribute to Splunk's overall growth. The upcoming second-quarter report will be the first with Phantom as part of the Splunk team, and comments on the VictorOps integration will likely wait until the fall as the purchase wasn't made until June. Both look like promising additions, though, as the technologies they utilize to get the job done are rooted in the same ones Splunk used to grow into a $15 billion company. With all parties involved complementary and growing in their own rights, Splunk's shopping spree has a good chance of helping sales momentum continue. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Nicholas Rossolillo and his clients own shares of Splunk. The Motley Fool owns shares of and recommends Splunk. The Motley Fool has a disclosure policy . || Why Splunk Went on a Shopping Spree in the Last Year: Big data software providerSplunk(NASDAQ: SPLK)has made five acquisitions since the beginning of 2017. Mega-mergers and acquisitions get a lot of attention these days, but many of them are made by a struggling company trying to shore up its operations or buy its way to growth (for example,AT&T'spickup of Time Warner).
Splunk's strategy is different: It's all about acquiring other fast-growing companies like itself that complement its strategy.
Image source: Getty Images.
As the number of electronic devices continues to increase by the billions every year, the amount of data floating around out there increases even more. For many enterprises, the data its machines, systems, and websites generate is unorganized and unusable.Splunk's cloud-based softwarechanges that, organizing it into a format that's usable and providing insight into what's happening. That capability is a much-needed one in the business world, and it has helped Splunk double its sales many times over the last few years.
Data byYCharts.
Splunk isn't alone in its mission to help demystify big data -- other software companies offer a similar service. The Splunk platform, though, is becoming a multi-purpose one, leveraging its capabilities to decipher mass quantities of information into specific functions. One of the ways the company is trying to extend its reach is through strategic acquisitions. It's been a busy year-and-a-half stretch for the San Francisco-based company as it has scooped up five of its smaller peers.
[{"Company": "Drastin", "Purchase Amount": "Not disclosed", "Date Acquired": "May 2017", "Description": "The software improves search-based analytics and intuity on the Splunk platform."}, {"Company": "SignalSense", "Purchase Amount": "Not disclosed", "Date Acquired": "Sept. 2017", "Description": "A machine-learning service for data collection and breach detection."}, {"Company": "Rocana", "Purchase Amount": "Not disclosed", "Date Acquired": "Oct. 2017", "Description": "Splunk purchased technology and intellectual property from the start-up and retained key members of Rocana's team."}, {"Company": "Phantom", "Purchase Amount": "$350 million", "Date Acquired": "April 2018", "Description": "Phantom provides cyber security orchestration, automation, and response (SOAR) services."}, {"Company": "VictorOps", "Purchase Amount": "$120 million", "Date Acquired": "June 2018", "Description": "An analytics-driven incident alert and management system for software development and operations."}]
Chart by author. Data source: Splunk.
The first three acquisitions were small and helped expand and improve on Splunk's existing big data analytics platform. The last two purchases are more significant, though, as they both mark expansion into more specific aspects of big data: cybersecurity and DevOps.
With the digital world growing and becoming increasingly integrated with the real world, thecybersecurity industryis also experiencing rapid growth. It's also a complex and fast-changing industry, constantly needing to adapt to new and increasingly complex threats. Many enterprises have found Splunk's data sifting and automation capabilities useful in detecting and responding to cyber attacks, so the company's purchase of Phantom makes sense. Splunk and Phantom want to be the heart of security team's operations, helping them respond to threats faster and addressing the talent shortage in the industry by freeing up time.
The purchase of VictorOps addresses problems software developers and operators are facing as they build and manage new systems. The service uses artificial intelligence to detect and respond to problems, helping DevOps teams resolve issues faster, and to aid organizations in deploying new software faster.
It's too early to tell how these bigger acquisitions will contribute to Splunk's overall growth. The upcoming second-quarter report will be the first with Phantom as part of the Splunk team, and comments on the VictorOps integration will likely wait until the fall as the purchase wasn't made until June. Both look like promising additions, though, as the technologies they utilize to get the job done are rooted in the same ones Splunk used to grow into a $15 billion company. With all parties involved complementary and growing in their own rights, Splunk's shopping spree has a good chance of helpingsales momentumcontinue.
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Nicholas Rossolilloand his clients own shares of Splunk. The Motley Fool owns shares of and recommends Splunk. The Motley Fool has adisclosure policy. || Will Fantastic Worlds Breathe New Life Into Disney World's Biggest Rival?: It's really just a matter of time before Comcast (NASDAQ: CMCSA) tries to retake the momentum it's been squandering in the theme park hotbed of Central Florida. The media giant might have disclosed during Thursday's earnings call the name of the next theme park it will open in Florida, and this comes just as its theme park revenue growth is starting to decelerate. Comcast's theme parks took in $1.361 billion in revenue during the second quarter, a modest 3.6% increase over the prior year but an uptick that's well below its pace of recent years. There are several good reasons for the deceleration at Comcast's Universal Orlando resort, as well as its other owned and operated properties in California and Japan. The timing of the Easter-break holiday inflated results of the first quarter for all of the major theme park operators, presumably at the expense of the second quarter. Universal Orlando's springtime debut of Fast & Furious: Supercharged hasn't been drumming up the kind of positive buzz that the company has generated in the past with the Harry Potter-themed expansions at its parks. Universal's aggressive move to follow larger rival Disney (NYSE: DIS) into substantial annual price hikes and demand-based pricing could finally be weighing on consumers. It's not a surprise to see Comcast credit an increase in per-capita spending instead of an uptick in attendance for the top-line gain. Don't bury Comcast just yet, though. It has at least one potentially bar-raising family coaster opening in Florida next year, and then we'll get to what the future may hold for a new gated attraction that may or may not be called Fantastic Worlds. Nintendo exec in front of the Universal Orlando globe. Image source: Comcast. Park place "We're looking at it," Comcast said during Thursday's earnings call while addressing the development of the more than 575 acres that it now owns just south of its existing resort. He would go on to add that the opening of new parks would turn Universal Orlando into a weeklong vacation destination -- like its Disney World neighbor -- instead of just the two to three days that visitors currently devote to its offerings. Story continues Comcast also would go on to confirm that it has filed a trademark registration for Fantastic Worlds, a name that seems like a no-brainer for one of the potentially many new parks that Universal Orlando can build on its undeveloped land. The name Fantastic Worlds would incorporate the name of two of the likely new areas in the still-unannounced attraction. A land themed to J.K. Rowling's Fantastic Beasts franchise makes sense given the success that Universal Orlando has had with Rowling''s works at the two original parks. Comcast has already confirmed that Super Nintendo World is coming to Orlando in some form. Universal Orlando can't stand still. Disney is in the second -- and likely quietest -- year of its five-year run to beef up its Florida parks with e-ticket attractions. Disney is no longer phoning it in, but that also means that Comcast is going to have to work harder if it wants to win over Disney-bound families. We now may have a name from Universal Orlando, but even if we don't we have the company announcing that it's good business to give Florida visitors more to do. The next few years will be very interesting in Central Florida for the theme park operators, fans, and investors. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Rick Munarriz owns shares of Walt Disney. The Motley Fool owns shares of and recommends Walt Disney. The Motley Fool has a disclosure policy . || Will Fantastic Worlds Breathe New Life Into Disney World's Biggest Rival?: It's really just a matter of time beforeComcast(NASDAQ: CMCSA)tries to retake the momentum it's been squandering in the theme park hotbed of Central Florida. The media giant might have disclosed during Thursday's earnings call the name of the next theme park it will open in Florida, and this comes just as its theme park revenue growth is starting to decelerate.
Comcast's theme parks took in $1.361 billion in revenue during the second quarter, a modest 3.6% increase over the prior year but an uptick that's well below its pace of recent years. There are several good reasons for the deceleration at Comcast's Universal Orlando resort, as well as its other owned and operated properties in California and Japan.
• The timing of the Easter-break holidayinflated results of the first quarterfor all of the major theme park operators, presumably at the expense of the second quarter.
• Universal Orlando's springtime debut ofFast & Furious: Superchargedhasn't beendrumming up the kind of positive buzzthat the company has generated in the past with the Harry Potter-themed expansions at its parks.
• Universal's aggressive move to follow larger rivalDisney(NYSE: DIS)into substantial annual price hikes and demand-based pricing could finally be weighing on consumers. It's not a surprise to see Comcast credit an increase in per-capita spending instead of an uptick in attendance for the top-line gain.
Don't bury Comcast just yet, though. It has at least one potentially bar-raising family coaster opening in Florida next year, and then we'll get to what the future may hold for a new gated attraction that may or may not be called Fantastic Worlds.
Image source: Comcast.
"We're looking at it," Comcast said during Thursday's earnings call while addressing the development of themore than 575 acresthat it now owns just south of its existing resort. He would go on to add that the opening of new parks would turn Universal Orlando into a weeklong vacation destination -- like its Disney World neighbor -- instead of just the two to three days that visitors currently devote to its offerings.
Comcast also would go on to confirm that it has filed a trademark registration for Fantastic Worlds, a name that seems like a no-brainer for one of the potentially many new parks that Universal Orlando can build on its undeveloped land. The name Fantastic Worlds would incorporate the name of two of the likely new areas in the still-unannounced attraction.
A land themed to J.K. Rowling'sFantastic Beastsfranchise makes sense given the success that Universal Orlando has had with Rowling''s works at the two original parks. Comcast has already confirmed thatSuper Nintendo World is coming to Orlandoin some form.
Universal Orlando can't stand still. Disney is in the second -- and likely quietest -- year of its five-year run to beef up its Florida parks with e-ticket attractions. Disney is no longer phoning it in, but that also means that Comcast is going to have to work harder if it wants to win over Disney-bound families.
We now may have a name from Universal Orlando, but even if we don't we have the company announcing that it's good business to give Florida visitors more to do. The next few years will be very interesting in Central Florida for the theme park operators, fans, and investors.
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Rick Munarrizowns shares of Walt Disney. The Motley Fool owns shares of and recommends Walt Disney. The Motley Fool has adisclosure policy. || Why 2 possible deals suggest the US, China need 'something big to change' to resolve their trade war: President Trump appears to be making progress in trade talks with Europe and Mexico and Canada, but trade dealings with China appear to be at a low. In a CNBC interview, Treasury Secretary Steven Mnuchin says he expects deals with Europe and on NAFTA soon, but he expressed disappointment that China failed to approve a deal that would allow Qualcomm to buy NXP. Trump's moves to reach agreements with Europe and North American neighbors come as the president needs to show a positive win from his trade tactics before he pivots to deal with China. The U.S. and China just can't seem to bridge their differences on trade, even as the world's largest economy's discussions with Europe and its North American neighbors appear to be making progress. This week, President Donald Trump stood side by side with European Commission President Jean-Claude Juncker to announce talks and a truce on tariffs . The administration also met with Mexican negotiators, and officials are planning more talks aimed at wrapping up a deal for a revised North American Free Trade Agreement (NAFTA) by September. But when it comes to China, there are no talks underway. Within the next few days, the U.S. is expected to release a final list of another $16 billion of Chinese goods that will subject to a 25 percent tariff, and China is expected to retaliate in kind. These tariffs are part of a bigger, $50 billion package that had been put in place earlier this month. Washington has sent several signals this past week that the stalemate with Beijing won't be resolved quickly. Top White House economic advisor Larry Kudlow told reporters to look for discussions to bear fruit in the next "six to 12 months." Treasury Secretary Steven Mnuchin suggested China still had yet to make the type of qualitative offer that would satisfy the president. "There continue to be some quiet conversations, but we're prepared if they're going to make serious moves to negotiate," he said. Story continues China's message, meanwhile, has not been subtle. Just after Trump stood in the Rose Garden with Jean-Claude Juncker Wednesday, U.S. chipmaker Qualcomm QCOM revealed that a plan to buy NXP Semiconductors NXPI for $43 billion had become a casualty of the trade war. The deal died as the deadline expired without China approving it, and analysts see no immediate end in sight to the impasse. "The U.S. has no incentive to do this until after midterms. China has no incentive to do this until after the midterms," noted Daniel Clifton, head of policy research at Strategas Research. "That's why months and months is probably a better case. Could there be an event that pushes this forward? Both parties would need something big to change," he added. 'Very disappointed' While there are promising signs with Europe and NAFTA, the failure of the Qualcomm deal is symbolic of core issues with China. The U.S believes the relationship is on a one-way street to benefit from American technology while China limits access to its own market. Mnuchin said he had personally spoken to Chinese officials about Qualcomm, but they still did not grant approval for the deal. "I'm very disappointed they didn't get regulatory approval. I specifically had conversations. Unfortunately, I think this is another example of where it was approved in every single other territory. We're just looking for U.S. companies to be treated fairly," Mnuchin told CNBC's " Squawk Box ." China's inaction on Qualcomm was seen as a chilling signal for other deals. But it also may have impacted the fate of ZTE, the Chinese communications that was banned by the Commerce Department from buying American products this year because it violated U.S. sanctions. The administration was trying to lift penalties on the company to smooth relations with Beijing. Congress is expected to pass a defense bill that would allow ZTE to acquire some U.S. components. However, Clifton said some senators suggested they may seek to put new limits on the company later on. "What it's done is it's changed the appetite toward ZTE so some senators who were reluctant to put ZTE out of business are now starting to take an interest in maybe including that provision in another piece of must-pass legislation later on," said Clifton. The progress in talks with Europe also comes as Congress has become more adamant about the collateral damage from Trump's trade tactics — including the hit to farmers that the administration tried to soothe this week with a $12 billion USDA bailout package. Companies like General Motors GM and other automakers, are making it clear that costs are rising as a result of tariffs. Meanwhile, business lobbies have sought to stop further tariffs, particularly on automobiles, which could have a wider, more significant impact on the economy and jobs. Trump is clearly concerned about the economic pain from tariffs, and analysts say it is clear he needs a win on the trade front. As a result, they expect the U.S. may show more flexibility on NAFTA and with Europe. The president, while standing with Juncker, also made a point of discussing how Europe has agreed to buy U.S. liquefied natural gas and soybeans, a crop that could be hit hard by tariffs already imposed by China. Trump also agreed to hold off on all tariffs on European goods for now: Those include autos, which was seen as one the most economically damaging proposals he has made for industry and consumers. "I'm sure they're also feeling a lot of pressure from the news that we had recently about the beef producers and the ag producers," said Juan Carlos Hartasanchez, senior director at Albright Stonebridge, referring to reports of U.S. beef piling up in cold storage. "When you have to put together a bailout package for your producers because of the impact of your trade negations had, I think that's the moment when the administration steps back and thinks ... 'These things are having an effect on U.S. jobs and on the U.S. economy,'" he said. " For them it's also a way to say we're making progress. We're not only losing, we're also winning," Hartasanchez added. But if the U.S. economy starts to suffer from the trade dispute with China, Strategas ' Clifton said that would motivate Trump to restart talks. In the case of China, it too might come to the table sooner, if it suddenly appears as though Republicans would make a strong showing in the November mid-terms, retaining both houses of Congress, he said. The U.S. has so far slapped tariffs on $50 billion worth of Chinese products, and aluminum and steel. China has taken similar actions on U.S. goods. Tariffs on the first $34 billion of the $50 billion went into effect earlier this month by both countries, with the rest yet to be implemented. However, there are bigger threats in the balance, with Trump proposing $200 billion more in an effort to get China to ease its position on U.S. intellectual property and tariffs.Clifton said that revamping the World Trade Organization (WTO) would be an important step that could resolve some U.S. concerns. "The WTO reform is the essence of what Trump is trying to fix with China," said Clifton. China is the world's second-largest economy, but is considered a developing nation, a status that gives them more leeway to impose trade restrictions, the analyst explained. "They're allowed to have tariffs on average of 9 percent," Clifton added, while a developed country would only be able to have tariffs in low single digits. Separately, Trump has "gotten buy in from Europe that maybe the World Trade Organization needs to be reformed. ... If we're reforming the WTO, we're doing it to make China play by a better system of rules," he said. Meanwhile, Canada on Friday said it plans to host a meeting of trade ministers to discuss how to reform the WTO, but it left the U.S. and China out of the meetings for now. A spokesman for Canadian trade minister Jim Carr said the meeting would take place in Ottawa in October, and invitees include Japan, the European Union, Mexico, South Korea, Australia, Brazil, Chile, Norway, New Zealand, Switzerland, Kenya and Singapore. Deals, deals, deals Albright Stonebridge's Hartasanchez said the Trump administration could be compelled to move, given that many of the U.S.'s trading partners are negotiating with one another without America in the mix. For example, Canada and Mexico are also part of the Trans-Pacific Trade Partnership, which Trump exited. "They're starting to see the world moving without the U.S., and I think that's alarming when they look at the aggregate of these markets without the U.S.," he said. "You could see the change in tone, but I think it could be a tone that could change in less than a week. But at least one has to be optimistic about the change of tone with the European visit and NAFTA." Hartasanchez, who follows NAFTA, said there was still disagreement over the sunset provision, which the U.S. has been pushing, and a provision on how conflicts would be resolved. Canada has pushed to retain the resolution of trade conflicts by NAFTA members. If dropped, it could instead drive disputes into courts, something opposed by many U.S. companies. The U.S. and Mexico had been having bilateral discussions, and the U.S. said it could do separate deals with Mexico and Canada. But on Wednesday, Mexican and Canadian officials said they wanted to work toward a trilateral deal, and were not interested in bilateral agreements with the U.S. On Thursday, Mnuchin said the administration was "indifferent" to bilateral or trilateral agreements. More From CNBC Apple reports earnings in a hectic week for markets, plus Fed meeting, jobs report Bitcoin rises, shaking off SEC's denial of Winklevoss ETF GDP shows economy in 'good shape,' but markets wanted more
[Social Media Buzz]
#Cryptocurrency #Bigdata Tweets 4h till 00:00: #bitcoin 6883 #btc 3567 #eth 2477 #ethereum 2411 #trx 2155 #tron 2107 #xrp 1512 #ripple 803 #ltc 514 #litecoin 495 #eos 470 #neo 366 #bitcoincash 341 #bch 278 #xlm 228 #dash 225 #digibyte 225 #xvg 224 - http://scoinanalytics.iunera.com pic.twitter.com/vZPjehASSX || #cryptocurrency Price Analysis for #Bitsend #BSD :
Last Hour Change : -0.18 % || 29-07-2018 10:00
Price in #USD : 0.254159 || Price in #EUR : 0.2177417006
New Price in #Bitcoin #BTC : 0...
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8180.48, 7780.44, 7624.91, 7567.15, 7434.39, 7032.85, 7068.48, 6951.80, 6753.12, 6305.80
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 6398.54, 6519.67, 6734.95, 6721.98, 6710.63, 6595.41, 6446.47, 6495.00, 6676.75, 6644.13, 6601.96, 6625.56, 6589.62, 6556.10, 6502.59, 6576.69, 6622.48, 6588.31, 6602.95, 6652.23, 6642.64, 6585.53, 6256.24, 6274.58, 6285.99, 6290.93, 6596.54, 6596.11, 6544.43, 6476.71, 6465.41, 6489.19, 6482.35, 6487.16, 6475.74, 6495.84, 6476.29, 6474.75, 6480.38, 6486.39, 6332.63, 6334.27, 6317.61, 6377.78, 6388.44, 6361.26, 6376.13, 6419.66, 6461.01, 6530.14, 6453.72, 6385.62, 6409.22, 6411.27, 6371.27, 6359.49, 5738.35, 5648.03, 5575.55, 5554.33, 5623.54, 4871.49, 4451.87, 4602.17, 4365.94, 4347.11, 3880.76, 4009.97, 3779.13, 3820.72, 4257.42, 4278.85, 4017.27, 4214.67, 4139.88, 3894.13, 3956.89, 3753.99, 3521.10, 3419.94, 3476.11, 3614.23, 3502.66, 3424.59, 3486.95, 3313.68, 3242.48, 3236.76, 3252.84, 3545.86.
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[Bitcoin Technical Analysis for 2018-12-17]
Volume: 5409247918, RSI (14-day): 39.06, 50-day EMA: 4539.65, 200-day EMA: 6166.99
[Wider Market Context]
Gold Price: 1247.40, Gold RSI: 61.27
Oil Price: 49.88, Oil RSI: 34.28
[Recent News (last 7 days)]
AUD/USD and NZD/USD Fundamental Weekly Forecast Fed Chair Powell Will Set Tone This Week: The Australian and New Zealand Dollars finished lower last week on renewed concerns about Chinas economy. For much of the week, investors were in consolidation mode as positive news emanated from the on-going trade talks between the United States and China. However, this came to an abrupt end when softer-than-expected economic data from China triggered a steep sell-off in the Aussie and Kiwi. Last week, the AUD/USD settled at .7175, down 0.0024 or -0.34% and the NZD/USD finished at .6799, down 0.0061 or -0.88%. Global equity markets traded higher early in the week on optimism that U.S. and China negotiations would soon resolve the trade dispute issues between the worlds two largest economies. Driving this train of thought was a pair of olive branches from China and upbeat comments from President Trump. Firstly, China resumed buying U.S. soybeans as Chinas President Xi made good on his recent pledge. Secondly, China said it would temporarily reduce tariffs on imports of American-made cars. This optimism came crashing down on Friday following the release of disappointing data from China. The selling began in Asia early Friday after China reported industrial production and retail sales growth numbers for November which failed to meet expectations. The data served as the latest signs of a weakening economy in China. Furthermore, it exposed the risks that China is facing as it continues to battle the United States in their ongoing trade war. China reported that industrial output grew by a modest 5.4 percent in November on a year-over-year basis, the slowest pace in almost three years. Additionally, retail sales in the worlds second largest economy, grew at their slowest rate in 15 years. Forecast This week, most eyes will be on the interest rate and monetary policy decisions by the U.S. Federal Reserve. The Fed is widely expected to raise its benchmark interest rate 25 basis points. However, investors will be more interested in how the Fed views future rate hikes. Fed Chair Powell will also hold a press conference. He is expected to soften his tone about the economy, which will be interpreted as him being dovish. His job is to calm the markets enough to potentially jump start another leg up in the stock market. If successful, Treasury yields may fall as well as the U.S. Dollar, giving the Aussie and Kiwi a lift. However, if Powell comes across as too dovish then he runs the risks of driving stocks sharply lower. This will send investors into the safe-haven U.S. Dollar, putting additional pressure on the Australian and New Zealand Dollars. Story continues Domestically, New Zealand Dollar traders will get the opportunity to react to fresh quarterly GDP data. The report is expected to show the economy grew 0.6%, down from 1.0%. Australian Dollar traders will be watching labor market data. The Employment Change report is expected to show the economy added 20K jobs in November. This will be down from 32.8K. The Unemployment Rate is expected to remain unchanged at 5.0%. In the U.S., Core Durable Goods Orders are expected to have risen 0.3%, up slightly from 0.2%. Final GDP is estimated to have risen 3.5%, unchanged. Look for the Fed and especially Fed Chair Powells remarks to set the tone this week. This article was originally posted on FX Empire More From FXEMPIRE: Weak Data from China, Euro Zone Proves to Be Too Much for U.S. Investors to Handle Natural Gas Price Fundamental Weekly Forecast Bears Waking Up from Hibernation Early Bitcoin Respite from the Crypto Storm or Finally the Floor? Oil Price Fundamental Weekly Forecast Needs Major Shake-up in U.S. Supply to Force Short Hedge Funds to Cover The Week Ahead A Brexit Showdown, the BoE, the FED and the CEWC in Focus Global Economic Weakness Drives Investors into Safe-Haven U.S. Dollar View comments || AUD/USD and NZD/USD Fundamental Weekly Forecast – Fed Chair Powell Will Set Tone This Week: The Australian and New Zealand Dollars finished lower last week on renewed concerns about China’s economy. For much of the week, investors were in consolidation mode as positive news emanated from the on-going trade talks between the United States and China. However, this came to an abrupt end when softer-than-expected economic data from China triggered a steep sell-off in the Aussie and Kiwi.
Last week, theAUD/USDsettled at .7175, down 0.0024 or -0.34% and theNZD/USDfinished at .6799, down 0.0061 or -0.88%.
Global equity markets traded higher early in the week on optimism that U.S. and China negotiations would soon resolve the trade dispute issues between the world’s two largest economies. Driving this train of thought was a pair of olive branches from China and upbeat comments from President Trump.
Firstly, China resumed buying U.S. soybeans as China’s President Xi made good on his recent pledge. Secondly, China said it would temporarily reduce tariffs on imports of American-made cars.
This optimism came crashing down on Friday following the release of disappointing data from China. The selling began in Asia early Friday after China reported industrial production and retail sales growth numbers for November which failed to meet expectations. The data served as the latest signs of a weakening economy in China. Furthermore, it exposed the risks that China is facing as it continues to battle the United States in their ongoing trade war.
China reported that industrial output grew by a modest 5.4 percent in November on a year-over-year basis, the slowest pace in almost three years. Additionally, retail sales in the world’s second largest economy, grew at their slowest rate in 15 years.
This week, most eyes will be on the interest rate and monetary policy decisions by the U.S. Federal Reserve. The Fed is widely expected to raise its benchmark interest rate 25 basis points. However, investors will be more interested in how the Fed views future rate hikes.
Fed Chair Powell will also hold a press conference. He is expected to soften his tone about the economy, which will be interpreted as him being dovish. His job is to calm the markets enough to potentially jump start another leg up in the stock market.
If successful, Treasury yields may fall as well as the U.S. Dollar, giving the Aussie and Kiwi a lift. However, if Powell comes across as too dovish then he runs the risks of driving stocks sharply lower. This will send investors into the safe-haven U.S. Dollar, putting additional pressure on the Australian and New Zealand Dollars.
Domestically, New Zealand Dollar traders will get the opportunity to react to fresh quarterly GDP data. The report is expected to show the economy grew 0.6%, down from 1.0%.
Australian Dollar traders will be watching labor market data. The Employment Change report is expected to show the economy added 20K jobs in November. This will be down from 32.8K. The Unemployment Rate is expected to remain unchanged at 5.0%.
In the U.S., Core Durable Goods Orders are expected to have risen 0.3%, up slightly from 0.2%. Final GDP is estimated to have risen 3.5%, unchanged.
Look for the Fed and especially Fed Chair Powell’s remarks to set the tone this week.
Thisarticlewas originally posted on FX Empire
• Weak Data from China, Euro Zone Proves to Be Too Much for U.S. Investors to Handle
• Natural Gas Price Fundamental Weekly Forecast – Bears Waking Up from Hibernation Early
• Bitcoin – Respite from the Crypto Storm or Finally the Floor?
• Oil Price Fundamental Weekly Forecast – Needs Major Shake-up in U.S. Supply to Force Short Hedge Funds to Cover
• The Week Ahead – A Brexit Showdown, the BoE, the FED and the CEWC in Focus
• Global Economic Weakness Drives Investors into Safe-Haven U.S. Dollar || Coinbase Exec. Unpacks the Industry Giant’s About-Face on Crypto Listings: Coinbase Vice President Dan Romero has given reasons behind the platform’s recentannouncementthat it is exploring support for dozens of new cryptocurrency assets, arguably in contrast to its long-cautious approach to supporting individual crypto tokens.
Speaking recently to Linda Shin on an episode of theUnchainedpodcast, he delved into the factors that predicated the unusual move, coming against a background of the platform’s historically conservative nature when it comes to adding new assets.
In response to a suggestion that Coinbase may be loosening its approach to add coins that are more experimental or less proven than the big names likeBitcoin,Litecoin,Bitcoin Cash,Ether, and so on, Romero stated that Coinbase is, in fact, revising its approach based on customer feedback and current developments in the regulatory space. According to him, the recent shift in strategy is particularly driven by customers who have overwhelmingly requested the addition of new cryptocurrencies to the platform.
Explaining the reasoning behind Coinbase’s new strategic direction, Romero said:
“I think our plan now is to list as many cryptocurrencies possible within a compliant, legal constraints and also having information and quality signals easily available for customers so that they can kind of determine if a cryptocurrency makes sense for them.”
In reference to cryptocurrency’s ongoing pivot into a utility phase, Romero explained that in the event that customers decide to change their crypto holdings onCoinbaseand it cannot offer them that service due to non-support for their cryptocurrency, they will only end up exchanging the assets on less secure platforms, which serves neither them nor Coinbase.
This he said, raises the need for Coinbase to recognise that that “the ability to switch cryptocurrencies is the core piece of functionality in the ecosystem.” Thus, he revealed, Coinbase now intends to list as many assets as they can legally do in as many jurisdictions as well.
Despite the SEC’s position onregisteringsecurities which creates a risk of listing a token that later turns out to be an unregistered security, Romero expressed confidence in the company’s legal and security procedures working in tandem with in-house checks and balances to ensure that this does not take place.
According to him, thecompany’s Digital Asset Frameworkhas enabled Coinbase to develop an efficient process to ensure the quality bar and re-affirm the brand’s identity of “trusted and easy to use.” Among the fail-safes deployed in registering a new asset is the use of vetos by every team before an asset is added to the platform.
Featured Image from Shutterstock
The postCoinbase Exec. Unpacks the Industry Giant’s About-Face on Crypto Listingsappeared first onCCN. || Coinbase Exec. Unpacks the Industry Giant’s About-Face on Crypto Listings: Coinbase crypto exchange Coinbase Vice President Dan Romero has given reasons behind the platform’s recent announcement that it is exploring support for dozens of new cryptocurrency assets, arguably in contrast to its long-cautious approach to supporting individual crypto tokens. Speaking recently to Linda Shin on an episode of the Unchained podcast, he delved into the factors that predicated the unusual move, coming against a background of the platform’s historically conservative nature when it comes to adding new assets. In response to a suggestion that Coinbase may be loosening its approach to add coins that are more experimental or less proven than the big names like Bitcoin , Litecoin , Bitcoin Cash , Ether , and so on, Romero stated that Coinbase is, in fact, revising its approach based on customer feedback and current developments in the regulatory space. According to him, the recent shift in strategy is particularly driven by customers who have overwhelmingly requested the addition of new cryptocurrencies to the platform. Coinbase Adopts Customer-Driven Crypto Strategy Ripple price coinbase crypto Explaining the reasoning behind Coinbase’s new strategic direction, Romero said: “I think our plan now is to list as many cryptocurrencies possible within a compliant, legal constraints and also having information and quality signals easily available for customers so that they can kind of determine if a cryptocurrency makes sense for them.” In reference to cryptocurrency’s ongoing pivot into a utility phase, Romero explained that in the event that customers decide to change their crypto holdings on Coinbase and it cannot offer them that service due to non-support for their cryptocurrency, they will only end up exchanging the assets on less secure platforms, which serves neither them nor Coinbase. This he said, raises the need for Coinbase to recognise that that “the ability to switch cryptocurrencies is the core piece of functionality in the ecosystem.” Thus, he revealed, Coinbase now intends to list as many assets as they can legally do in as many jurisdictions as well. Story continues Despite the SEC’s position on registering securities which creates a risk of listing a token that later turns out to be an unregistered security, Romero expressed confidence in the company’s legal and security procedures working in tandem with in-house checks and balances to ensure that this does not take place. According to him, the company’s Digital Asset Framework has enabled Coinbase to develop an efficient process to ensure the quality bar and re-affirm the brand’s identity of “trusted and easy to use.” Among the fail-safes deployed in registering a new asset is the use of vetos by every team before an asset is added to the platform. Featured Image from Shutterstock The post Coinbase Exec. Unpacks the Industry Giant’s About-Face on Crypto Listings appeared first on CCN . || Digix Stablecoin Seeks to Put Gold on the [Ethereum] Blockchain: gold digix crypto stablecoin The stablecoin is still an evolving concept, and there have been multiple approaches to it. Dai has algorithmic methods to keep it tied to the US Dollar, while the multitude of stablecoins USDT, PAX, GUSD, TUSD, and USDC all simply offer a 1:1 exchange ratio. The recently-rebranded Ampleforth offers an elastic supply so that the holder always gets the same value out of their investment, while they may have a different number of tokens depending on the market value of the token. Digix takes a different approach, tying the value of its DGX token to 1 gram of gold . A small outfit run out of Singapore, Digix Global says that it will redeem tokens for physical bars of gold that they store in their vault. Redemption must take place in person, primarily for security but also due to the high cost of internationally shipping gold safely. We spoke to Kai C. Chng, the co-founder of Digix, about how it works. First things first, even if the exchange itself were to flounder and never take off, Digix has developed an interesting method for tracking its gold bars on the exchange. Chng told us that every bar is scrupulously scanned into the system, its receipt information stored, and it is then associated with the token issued for sale. That is, essentially when you trade or hold DGX tokens, you are actually holding certificates of ownership to gold. There is a minimum redemption requirement, but such tokens can play a key part in trader strategy nevertheless. We have what we call a demurrage fee, its almost equivalent to storage, insurance, coded in the smart contract of each bar. Thus, this is how the exchange makes money by storing tokens and their associated bars with Digix, a small amount of the token is eroded to pay for the golds storage. gold price stock chart At a given time, the exchange transparently lists its wares. Users are free to inquire if they have further questions about storage and tracking. The DGX token is currently listed on a number of reputable exchanges including Ethfinex . The majority of its trades seem to happen on the decentralized markets. Story continues At the time of the interview they only had about 1400 grams on hand, but the CEO said they would be acquiring another 5,000 units from their supplier, London Bullion Market Association . By time of writing they had acquired these and sold a number of them, their supply being just over 4,600. For those interested in trying out Digix, there is a sale going on with the exchange. They are selling under the cost that it costs them to acquire the gold until the end of the year, in an effort to stimulate user activity. Chng explained that in a normal situation, the exchange and transaction fees eat up around .05% of the value of the gold, putting a premium on the token versus actual gold bars at spot price. But until the end of 2018, Digix will be eating these fees. Were sort of just absorbing the fees right now, said Chng. The operation may seem small when compared to exchanges that transact in digital gold like Bitcoin , but it was founded and funded with private equity and has what amounts to a sound business model, if nothing else. Chng said that three people have come to Singapore and made redemptions, one of them in the thousands of units, and he felt that at least one of these people were just testing to see if the process really worked as advertised. They were not disappointed. Featured Image from Shutterstock. Charts from TradingView . The post Digix Stablecoin Seeks to Put Gold on the [Ethereum] Blockchain appeared first on CCN . || Digix Stablecoin Seeks to Put Gold on the [Ethereum] Blockchain: Thestablecoinis still an evolving concept, and there have been multiple approaches to it. Dai has algorithmic methods to keep it tied to the US Dollar, while the multitude of stablecoins – USDT, PAX, GUSD, TUSD, and USDC — all simply offer a 1:1 exchange ratio. The recently-rebrandedAmpleforthoffers an elastic supply so that the holder always gets the same value out of their investment, while they may have a different number of tokens depending on the market value of the token.
Digix takes a different approach, tying the value of its DGX token to 1 gram ofgold. A small outfit run out of Singapore, Digix Global says that it will redeem tokens for physical bars of gold that they store in their vault. Redemption must take place in person, primarily for security but also due to the high cost of internationally shipping gold safely. We spoke to Kai C. Chng, the co-founder of Digix, about how it works.
First things first, even if theexchangeitself were to flounder and never take off, Digix has developed an interesting method for tracking its gold bars on the exchange. Chng told us that every bar is scrupulously scanned into the system, its receipt information stored, and it is then associated with the token issued for sale. That is, essentially when you trade or hold DGX tokens, you are actually holding certificates of ownership to gold. There is a minimum redemption requirement, but such tokens can play a key part in trader strategy nevertheless.
“We have what we call a demurrage fee, it’s almost equivalent to storage, insurance, coded in the smart contract of each bar.”
Thus, this is how the exchange makes money – by storing tokens and their associated bars with Digix, a small amount of the token is eroded to pay for the gold’s storage.
At a given time, the exchange transparently lists its wares. Users are free to inquire if they have further questions about storage and tracking. The DGX token is currently listed on a number of reputable exchanges includingEthfinex. The majority of its trades seem to happen on the decentralized markets.
At the time of the interview they only had about 1400 grams on hand, but the CEO said they would be acquiring another 5,000 units from their supplier,London Bullion Market Association. By time of writing they had acquired these and sold a number of them, their supply being just over 4,600.
For those interested in trying out Digix, there is a sale going on with the exchange. They are selling under the cost that it costs them to acquire the gold until the end of the year, in an effort to stimulate user activity. Chng explained that in a normal situation, the exchange and transaction fees eat up around .05% of the value of the gold, putting a premium on the token versus actual gold bars at spot price. But until the end of 2018, Digix will be eating these fees. “We’re sort of just absorbing the fees right now,” said Chng.
The operation may seem small when compared to exchanges that transact in digital gold likeBitcoin, but it was founded and funded with private equity and has what amounts to a sound business model, if nothing else. Chng said that three people have come toSingaporeand made redemptions, one of them in the thousands of units, and he felt that at least one of these people were just testing to see if the process really worked as advertised. They were not disappointed.
Featured Image from Shutterstock. Charts fromTradingView.
The postDigix Stablecoin Seeks to Put Gold on the [Ethereum] Blockchainappeared first onCCN. || Bitcoin Bomb Threats, Romanian Fraud Arrests, Bitcoin Cash Continues to Plummet, Coinbase Integrates Paypal and More: This Week in Crypto: Anextortion schemewhich sought to terrorize people into paying over BTC made global headlines over the course of the week. The threats happened worldwide, at a minimum being reported in the US, New Zealand, and Australia. The bomb threats demanded $20,000 in BTC in exchange for the terrorists to “give the command to my person to get away.”At least one addressused in such schemes has to date received absolutely nothing, and there are no reports of anyone actually being injured as a result of failure to pay the ransom.
Inrelated news, a “sextortion” scheme has been ongoing, seducing people into forcefully installing ransomware on their devices, ultimately forcing them to pay BTC or lose access to their data.
CCN brokethe story of Vlad Nistorin the English speaking world. Nistor is the CEO and founder of a Romanian Bitcoin exchange called CoinFlux and is accused of having helped Romanian phishing scam artists – who actually traveled to the US as part of their scams in 2014 and 2015 –wash the proceedsof their scams in cryptocurrency when the exchange was just getting started up.
On the subject of scammers, Jared Rice, Sr., the CEO of the ICO-backed AriseBank scam hassettled all charges with the SEC, amounting to well over $2 million fines and restitution. His criminal case is still pending.
For the first time ever this week,Bitcoin Cash saw a lower valuation than Ethereum. Ethereum itself is struggling on several fronts, the market being perhaps the least important to long-term bulls in the token platform. Actual dApp usage on the platform is incredibly low overall. We also reported this week how Tron, an alternative smart contract platform with a base token valued well under $1,saw more than a million transactions per dayin its own dApps, indicating a growing demand for the token and its applications.
Bitcoin Cash ABC, the fork that retained the BCH ticker across exchanges, continues to plummet in value with no end in sight. Erstwhile, the other side of the fork, Bitcoin SV, seems to stay just behind BCH in price, the two being valued at $82 and $77 respectively on Saturday night. The continuing lack of confidence in Bitcoin Cash as a whole might be related to such things as lawsuits alleging overt centralization in addition to thegeneral frigid atmospheresurrounding cryptos amid regulatory moves and prosecutions.
Coinbase users no longer need a traditional bank account to withdraw proceeds from Coinbase trades. They can withdraw to a Paypal account as of Friday.According to CCN writer Samantha Cheng:
Before, you needed an ACH (automated clearing house) or federal wire account to withdraw funds from your Coinbase account. And it could take up to two business days for the transaction to clear.
The only thing missing now is PayPal deposits, which are still not available, meaning that customers must use at a minimum a Debit or Credit Card to fund their account. The unbanked stay unbanked if they use Coinbase, at least for now.
Porsche wanted a loan to conduct a targeted acquisition, andaccording to CCN’s Melanie Kramer, they recently usedBBVA’s blockchain productsto do so:
Acquisition term loans are provided for a specific purpose and period. In this case, Porsche Holding Salzburg, a subsidiary of Volkswagen AG, is seeking to expand its retail distribution network in Europe and Asia.
BBVA has conductedother loansusing its blockchain infrastructure in the recent past.
A group of Camaroon separatists who are working to establish what they called “Ambazonia,” have created AmbaCoin, an ERC-20 token that they tout as their official currency.
CCN’s David Hundeyinreportedthat there were still some unanswered questions aboutAmbaCoin:
As is the case with the Petro, it is currently unclear how the natural resources and projected earnings that give it value will be quantified and calculated, and it is also unclear how the said resources will be harnessed given that the Cameroonian military still maintains control of Southern Cameroon.
At time of writing, they were still selling the tokens for 25 cents US each to raise funds.
Featured image from Shutterstock.
The postBitcoin Bomb Threats, Romanian Fraud Arrests, Bitcoin Cash Continues to Plummet, Coinbase Integrates Paypal and More: This Week in Cryptoappeared first onCCN. || Bitcoin Bomb Threats, Romanian Fraud Arrests, Bitcoin Cash Continues to Plummet, Coinbase Integrates Paypal and More: This Week in Crypto: Anextortion schemewhich sought to terrorize people into paying over BTC made global headlines over the course of the week. The threats happened worldwide, at a minimum being reported in the US, New Zealand, and Australia. The bomb threats demanded $20,000 in BTC in exchange for the terrorists to “give the command to my person to get away.”At least one addressused in such schemes has to date received absolutely nothing, and there are no reports of anyone actually being injured as a result of failure to pay the ransom.
Inrelated news, a “sextortion” scheme has been ongoing, seducing people into forcefully installing ransomware on their devices, ultimately forcing them to pay BTC or lose access to their data.
CCN brokethe story of Vlad Nistorin the English speaking world. Nistor is the CEO and founder of a Romanian Bitcoin exchange called CoinFlux and is accused of having helped Romanian phishing scam artists – who actually traveled to the US as part of their scams in 2014 and 2015 –wash the proceedsof their scams in cryptocurrency when the exchange was just getting started up.
On the subject of scammers, Jared Rice, Sr., the CEO of the ICO-backed AriseBank scam hassettled all charges with the SEC, amounting to well over $2 million fines and restitution. His criminal case is still pending.
For the first time ever this week,Bitcoin Cash saw a lower valuation than Ethereum. Ethereum itself is struggling on several fronts, the market being perhaps the least important to long-term bulls in the token platform. Actual dApp usage on the platform is incredibly low overall. We also reported this week how Tron, an alternative smart contract platform with a base token valued well under $1,saw more than a million transactions per dayin its own dApps, indicating a growing demand for the token and its applications.
Bitcoin Cash ABC, the fork that retained the BCH ticker across exchanges, continues to plummet in value with no end in sight. Erstwhile, the other side of the fork, Bitcoin SV, seems to stay just behind BCH in price, the two being valued at $82 and $77 respectively on Saturday night. The continuing lack of confidence in Bitcoin Cash as a whole might be related to such things as lawsuits alleging overt centralization in addition to thegeneral frigid atmospheresurrounding cryptos amid regulatory moves and prosecutions.
Coinbase users no longer need a traditional bank account to withdraw proceeds from Coinbase trades. They can withdraw to a Paypal account as of Friday.According to CCN writer Samantha Cheng:
Before, you needed an ACH (automated clearing house) or federal wire account to withdraw funds from your Coinbase account. And it could take up to two business days for the transaction to clear.
The only thing missing now is PayPal deposits, which are still not available, meaning that customers must use at a minimum a Debit or Credit Card to fund their account. The unbanked stay unbanked if they use Coinbase, at least for now.
Porsche wanted a loan to conduct a targeted acquisition, andaccording to CCN’s Melanie Kramer, they recently usedBBVA’s blockchain productsto do so:
Acquisition term loans are provided for a specific purpose and period. In this case, Porsche Holding Salzburg, a subsidiary of Volkswagen AG, is seeking to expand its retail distribution network in Europe and Asia.
BBVA has conductedother loansusing its blockchain infrastructure in the recent past.
A group of Camaroon separatists who are working to establish what they called “Ambazonia,” have created AmbaCoin, an ERC-20 token that they tout as their official currency.
CCN’s David Hundeyinreportedthat there were still some unanswered questions aboutAmbaCoin:
As is the case with the Petro, it is currently unclear how the natural resources and projected earnings that give it value will be quantified and calculated, and it is also unclear how the said resources will be harnessed given that the Cameroonian military still maintains control of Southern Cameroon.
At time of writing, they were still selling the tokens for 25 cents US each to raise funds.
Featured image from Shutterstock.
The postBitcoin Bomb Threats, Romanian Fraud Arrests, Bitcoin Cash Continues to Plummet, Coinbase Integrates Paypal and More: This Week in Cryptoappeared first onCCN. || Bitcoin Bomb Threats, Romanian Fraud Arrests, Bitcoin Cash Continues to Plummet, Coinbase Integrates Paypal and More: This Week in Crypto: Several Notches Above Ransomware An extortion scheme which sought to terrorize people into paying over BTC made global headlines over the course of the week. The threats happened worldwide, at a minimum being reported in the US, New Zealand, and Australia. The bomb threats demanded $20,000 in BTC in exchange for the terrorists to “give the command to my person to get away.” At least one address used in such schemes has to date received absolutely nothing, and there are no reports of anyone actually being injured as a result of failure to pay the ransom. So I actually just got a bomb threat in my work email today ordering me to send the person $20,000 via bitcoin or they will blow up my place of work…. 2018 is wild pic.twitter.com/sn0vVLwe6v — Ryan William Grant (@TheeRyanGrant) December 13, 2018 In related news , a “sextortion” scheme has been ongoing, seducing people into forcefully installing ransomware on their devices, ultimately forcing them to pay BTC or lose access to their data. Romanian Bitcoin Exchange CoinFlux Sees Its CEO Arrested, Wanted for Extradition to the US CCN broke the story of Vlad Nistor in the English speaking world. Nistor is the CEO and founder of a Romanian Bitcoin exchange called CoinFlux and is accused of having helped Romanian phishing scam artists – who actually traveled to the US as part of their scams in 2014 and 2015 – wash the proceeds of their scams in cryptocurrency when the exchange was just getting started up. AriseBank CEO Settles SEC Charges On the subject of scammers, Jared Rice, Sr., the CEO of the ICO-backed AriseBank scam has settled all charges with the SEC , amounting to well over $2 million fines and restitution. His criminal case is still pending. Bitcoin Cash Bears In A Frenzy For the first time ever this week, Bitcoin Cash saw a lower valuation than Ethereum . Ethereum itself is struggling on several fronts, the market being perhaps the least important to long-term bulls in the token platform. Actual dApp usage on the platform is incredibly low overall. We also reported this week how Tron, an alternative smart contract platform with a base token valued well under $1, saw more than a million transactions per day in its own dApps, indicating a growing demand for the token and its applications. Bitcoin Cash ABC, the fork that retained the BCH ticker across exchanges, continues to plummet in value with no end in sight. Erstwhile, the other side of the fork, Bitcoin SV, seems to stay just behind BCH in price, the two being valued at $82 and $77 respectively on Saturday night. The continuing lack of confidence in Bitcoin Cash as a whole might be related to such things as lawsuits alleging overt centralization in addition to the general frigid atmosphere surrounding cryptos amid regulatory moves and prosecutions. Story continues Coinbase Integrates Paypal Coinbase users no longer need a traditional bank account to withdraw proceeds from Coinbase trades. They can withdraw to a Paypal account as of Friday. According to CCN writer Samantha Cheng : Before, you needed an ACH (automated clearing house) or federal wire account to withdraw funds from your Coinbase account. And it could take up to two business days for the transaction to clear. The only thing missing now is PayPal deposits, which are still not available, meaning that customers must use at a minimum a Debit or Credit Card to fund their account. The unbanked stay unbanked if they use Coinbase, at least for now. Porsche Uses Blockchain to Arrange $170 Million Loan Porsche wanted a loan to conduct a targeted acquisition, and according to CCN’s Melanie Kramer , they recently used BBVA’s blockchain products to do so: Acquisition term loans are provided for a specific purpose and period. In this case, Porsche Holding Salzburg, a subsidiary of Volkswagen AG, is seeking to expand its retail distribution network in Europe and Asia. The pilot also makes Porsche, still the largest automotive distributor in Europe, the first non-Spanish borrower to use BBVA DLT to negotiate and close a corporate loan. BBVA has conducted other loans using its blockchain infrastructure in the recent past. African Militants Use ERC-20 Token As Official Currency A group of Camaroon separatists who are working to establish what they called “Ambazonia,” have created AmbaCoin, an ERC-20 token that they tout as their official currency. CCN’s David Hundeyin reported that there were still some unanswered questions about AmbaCoin : As is the case with the Petro, it is currently unclear how the natural resources and projected earnings that give it value will be quantified and calculated, and it is also unclear how the said resources will be harnessed given that the Cameroonian military still maintains control of Southern Cameroon. At time of writing, they were still selling the tokens for 25 cents US each to raise funds. Featured image from Shutterstock. The post Bitcoin Bomb Threats, Romanian Fraud Arrests, Bitcoin Cash Continues to Plummet, Coinbase Integrates Paypal and More: This Week in Crypto appeared first on CCN . View comments || Donald Trump Hires Prominent Bitcoin Supporter Mick Mulvaney to White House Staff: U.S. President Donald Trump has hired the prominent Bitcoin supporter Mick Mulvaney to be his new White House Chief of Staff. Donald Trump is one of the most polarizing people on Planet Earth and whether you love him or hate him, it is beneficial for the crypto industry to have a major Bitcoin advocate whispering sweet nothings into the ear of the American President. Donald Trump Makes Positive Appointment for Crypto Industry Although Donald Trump might not top a list of the humblest people on the planet, he most definitely loves making money. Trump’s appointment of Mulvaney to the White House is a massive boon for crypto-fanatics. Mick Mulvaney is a crypto supporter and fan. When he was working at the House of Representatives, Mulvaney, who is a South Carolina Republican, was one of the people who worked towards creating the Blockchain Caucus, which is a group of lawmakers that write and create new laws for emerging technologies such as cryptocurrency. Donald Trump was upbeat when taking to his Twitter account to welcome Mulvaney and congratulate him on being named as Acting White House Chief of Staff: I am pleased to announce that Mick Mulvaney, Director of the Office of Management & Budget, will be named Acting White House Chief of Staff, replacing General John Kelly, who has served our Country with distinction. Mick has done an outstanding job while in the Administration…. — Donald J. Trump (@realDonaldTrump) December 14, 2018 Employing a Bitcoin Supporter Mick Mulvaney has knowledge of the inner-workings of blockchain and crypto in general. He helped the Blockchain Caucus to draft two new legislative acts that support the growth and evolution of the blockchain industry. The proposals were drafted to help increase the growth and support of blockchain innovation. The House Resolution 1108 was proposed to increase research in blockchain technology to show Congress how to take a sensible regulatory approach to the industry’s newest technological innovations. Story continues House Resolution 7002 was a proposal to amend the E-SIGN Act that was to “confirm the applicability of blockchain to electronic records, electronic signatures and smart contracts.” To give you an idea of Mulvaney’s feelings towards Bitcoin, here is a statement he made at the time of helping to create the Blockchain Caucus: “Blockchain technology has the potential to revolutionize the financial services industry, the U.S. economy and the delivery of government services, and I am proud to be involved with this initiative.” Although U.S. President Donald Trump rightfully gets criticism from all quarters for some of his decisions, especially in terms of immigration and foreign policy, when it comes to emerging blockchain technology, he seems quite open to its potential. The appointment of Mick Mulvaney to the White House by Donald Trump is a positive move for crypto-fans and aficionados alike. Featured image from Flickr . The post Donald Trump Hires Prominent Bitcoin Supporter Mick Mulvaney to White House Staff appeared first on CCN . || Donald Trump Hires Prominent Bitcoin Supporter Mick Mulvaney to White House Staff: U.S. President Donald Trump has hired the prominent Bitcoin supporter Mick Mulvaney to be his new White House Chief of Staff.
Donald Trump is one of the most polarizing people on Planet Earth and whether you love him or hate him, it is beneficial for the crypto industry to have a major Bitcoin advocate whispering sweet nothings into the ear of the American President.
Although Donald Trump might not top a list of the humblest people on the planet, he most definitely loves making money. Trump’s appointment of Mulvaney to the White House is a massive boon for crypto-fanatics.
Mick Mulvaneyis a crypto supporter and fan. When he was working at the House of Representatives, Mulvaney, who is a South Carolina Republican, was one of the people who worked towards creating the Blockchain Caucus, which is a group of lawmakers that write and create new laws for emerging technologies such as cryptocurrency.
Donald Trump was upbeat when taking tohis Twitter accountto welcome Mulvaney and congratulate him on being named as Acting White House Chief of Staff:
Mick Mulvaney has knowledge of the inner-workings of blockchain and crypto in general. He helped theBlockchain Caucusto draft two new legislative acts that support the growth and evolution of the blockchain industry. The proposals were drafted to help increase the growth and support of blockchain innovation.
The House Resolution 1108 was proposed to increase research in blockchain technology to show Congress how to take a sensible regulatory approach to the industry’s newest technological innovations.
House Resolution 7002 was a proposal to amend the E-SIGN Act that was to “confirm the applicability of blockchain to electronic records, electronic signatures and smart contracts.”
To give you an idea of Mulvaney’s feelings towards Bitcoin, here is a statement he made at the time of helping to create the Blockchain Caucus:
“Blockchain technology has the potential to revolutionize the financial services industry, the U.S. economy and the delivery of government services, and I am proud to be involved with this initiative.”
Although U.S. President Donald Trump rightfully gets criticism from all quarters for some of his decisions, especially in terms of immigration and foreign policy, when it comes to emerging blockchain technology, he seems quite open to its potential.
The appointment of Mick Mulvaney to the White House by Donald Trump is a positive move for crypto-fans and aficionados alike.
Featured image fromFlickr.
The postDonald Trump Hires Prominent Bitcoin Supporter Mick Mulvaney to White House Staffappeared first onCCN. || Donald Trump Hires Prominent Bitcoin Supporter Mick Mulvaney to White House Staff: U.S. President Donald Trump has hired the prominent Bitcoin supporter Mick Mulvaney to be his new White House Chief of Staff.
Donald Trump is one of the most polarizing people on Planet Earth and whether you love him or hate him, it is beneficial for the crypto industry to have a major Bitcoin advocate whispering sweet nothings into the ear of the American President.
Although Donald Trump might not top a list of the humblest people on the planet, he most definitely loves making money. Trump’s appointment of Mulvaney to the White House is a massive boon for crypto-fanatics.
Mick Mulvaneyis a crypto supporter and fan. When he was working at the House of Representatives, Mulvaney, who is a South Carolina Republican, was one of the people who worked towards creating the Blockchain Caucus, which is a group of lawmakers that write and create new laws for emerging technologies such as cryptocurrency.
Donald Trump was upbeat when taking tohis Twitter accountto welcome Mulvaney and congratulate him on being named as Acting White House Chief of Staff:
Mick Mulvaney has knowledge of the inner-workings of blockchain and crypto in general. He helped theBlockchain Caucusto draft two new legislative acts that support the growth and evolution of the blockchain industry. The proposals were drafted to help increase the growth and support of blockchain innovation.
The House Resolution 1108 was proposed to increase research in blockchain technology to show Congress how to take a sensible regulatory approach to the industry’s newest technological innovations.
House Resolution 7002 was a proposal to amend the E-SIGN Act that was to “confirm the applicability of blockchain to electronic records, electronic signatures and smart contracts.”
To give you an idea of Mulvaney’s feelings towards Bitcoin, here is a statement he made at the time of helping to create the Blockchain Caucus:
“Blockchain technology has the potential to revolutionize the financial services industry, the U.S. economy and the delivery of government services, and I am proud to be involved with this initiative.”
Although U.S. President Donald Trump rightfully gets criticism from all quarters for some of his decisions, especially in terms of immigration and foreign policy, when it comes to emerging blockchain technology, he seems quite open to its potential.
The appointment of Mick Mulvaney to the White House by Donald Trump is a positive move for crypto-fans and aficionados alike.
Featured image fromFlickr.
The postDonald Trump Hires Prominent Bitcoin Supporter Mick Mulvaney to White House Staffappeared first onCCN. || Open UBI Ecosystem Launched by GoodDollar and Partners in Berlin: At Web Summit 2018, in early November, Yoni Assia, Chief Executive of eToro , announced the launch of GoodDollar : an ecosystem-led project that explores how cryptocurrency and blockchain technology may reduce inequality through models based on universal basic income (UBI). Less than two weeks later, on November 19, GoodDollar’s first community event took place, in Berlin, and was designed to establish an OpenUBI ecosystem. The day-long conference, titled OpenUBI in the Crypto Age , gathered like-minded people seeking to reduce wealth inequality from around the globe. The event, held at the office of amatus. in the north of the German capital, attracted numerous leading lights in this space from all over the world. It was part of Revision Summit 2018 , a social-impact technology conference, and sponsored by eToro, the leading global social trading and investing platform that is funding $1 million towards GoodDollar. The OpenUBI community has been formed to encourage collaboration and discussion around UBI and its technological implementation. “Anyone can join because we are building a decentralized community,” says Gilad Barner, GoodDollar’s community and operations manager. {alt} He traveled from Tel-Aviv and organized the launch event in Berlin, along with Anna Blume and Christian Hildebrand, founders of Value Instrument , an organization designed to stimulate economic activity in communities. During the event, an interactive demonstration of the Value Instrument alpha product was held, which illustrated an unusual approach of digital UBI via a chat application. “Berlin has a very vibrant, pioneering, UBI-aware community,” continues Mr. Barner. “There are a lot of projects happening in this space in the city.” For example, one project is Circles , an electronic cryptocurrency that aims to create and distribute a globally accessible UBI. Julio Linares and Karenina Schröder, from the Berlin-based organization that utilizes a network of enthusiasts and volunteers, provided lectures on their work. Karenina’s enlightening talk focused on the rise of women in blockchain and specifically the OpenUBI space. Story continues Two-afternoon panel sessions – discussing governance and identity challenges of both crypto and UBI – particularly sparked debate and ideas. Panelists talked about how individuals and groups should work together in this area. Moreover, project leaders left the conference with a much better idea of how to collaborate, and who with. {alt} One delegate, Kingsley Advani , founder and partner at Chainfund Capital , said: “We have never had such an opportunity or a platform to be able to provide UBI at scale. In this day and age we have the technology, and with the blockchain, companies like GoodDollar can provide UBI to those with the greatest need. We also have the potential to audit UBI. We can track if a family in Africa has received UBI and in the future, we can follow what they use the proceeds for.” Cem Dagdelen , Founder at Horatii Partners , agreed and said: “UBI is a design space where you can actually create future economic systems. [Karl] Marx only had his pen and paper while designing [UBI], and now we have this beautiful design space where we can create autonomous entities, economic systems. UBI fits here perfectly.” Another attendee, meditation facilitator Thorsten Wiesmann , was similarly enthusiastic about OpenUBI. “Evolution of humanity goes to a direction where we need to be conscious of our choices on an ethical level, much more than ever before, with artificial intelligence and other developments. Cryptocurrencies and UBIs, these are tools, or playgrounds, you might call them, to find out solutions that work for everyday life and for the society as a whole,” he said. “The first get-together event was very well received and very successful,” continues Mr. Barner. “People were hugely excited to meet one another, and itching to start collaborating on projects. It was great to see attendees realizing there truly is an ecosystem. It was proof that this is possible.” “Many individuals, all around the world, are coming to the conclusion that UBI solutions need to be explored. There is no reason why they should not work together, and if they do it will be much more efficient. A lot of meetings were generated from the conference.” {alt} Mr. Assia was also greatly encouraged by the OpenUBI event in Berlin. He hopes this move will encourage communication and collaboration within this space, and be the catalyst for GoodDollar and other UBI projects to be developed, which is the ultimate goal. “I was excited to see the ecosystem collaborating, and feel confident that OpenUBI will lead to significant breakthroughs and the creation of amazing products in this space,” he says. The Berlin conference marked the first cornerstone of the OpenUBI community, according to Mr. Barner. He will be in London later on this week, on December 13, moderating a GoodDollar panel at The Next Web’s Hard Fork summit . “I hope everyone can come along to this event, which will indicate how active the ecosystem is in London, and what projects are happening” he adds. “The OpenUBI movement is just starting, and I want to see this sort of activity happening in every city in the world.” CALL TO ACTION: Join GoodDollar. The project needs builders, scientists, and experts in identity, privacy, and financial governance, as well as philanthropists and ambassadors. Email GoodDollar at [email protected] , contact us via our social media channels ( Twitter and Telegram ) or join the OpenUBI movement. This article was originally posted on FX Empire More From FXEMPIRE: NZD/USD Forex Technical Analysis – Downside Momentum Targets Main Bottom at .6753 U.S Mortgages – Rates Down Again, With More to Come IF the FED Turns OECD Warns of Hard Landing in Australian Housing Market, Others See RBA Rate Cut in Late 2019 This Week’s Fed Meeting: Pressure on Powell to Sound Dovish, but Not Too Dovish Bitcoin – Respite from the Crypto Storm or Finally the Floor? Price of Gold Fundamental Weekly Price Forecast – A Dovish Powell Will Drive Gold Higher, A Super-Dovish Powell Will Be Bad for Gold || Open UBI Ecosystem Launched by GoodDollar and Partners in Berlin: AtWeb Summit2018, in early November, Yoni Assia, Chief Executive ofeToro, announced the launch ofGoodDollar: an ecosystem-led project that explores how cryptocurrency and blockchain technology may reduce inequality through models based on universal basic income (UBI).
Less than two weeks later, on November 19, GoodDollar’s first community event took place, in Berlin, and was designed to establish an OpenUBI ecosystem. The day-long conference, titledOpenUBI in the Crypto Age, gathered like-minded people seeking to reduce wealth inequality from around the globe.
The event, held at the office of amatus. in the north of the German capital, attracted numerous leading lights in this space from all over the world. It was part ofRevision Summit 2018, a social-impact technology conference, and sponsored by eToro, the leading global social trading and investing platform that is funding $1 million towards GoodDollar.
The OpenUBI community has been formed to encourage collaboration and discussion around UBI and its technological implementation.“Anyone can join because we are building a decentralized community,”says Gilad Barner, GoodDollar’s community and operations manager.
He traveled from Tel-Aviv and organized the launch event in Berlin, along with Anna Blume and Christian Hildebrand, founders ofValue Instrument, an organization designed to stimulate economic activity in communities. During the event, an interactive demonstration of the Value Instrument alpha product was held, which illustrated an unusual approach of digital UBI via a chat application.
“Berlin has a very vibrant, pioneering, UBI-aware community,”continues Mr. Barner.“There are a lot of projects happening in this space in the city.”
For example, one project isCircles, an electronic cryptocurrency that aims to create and distribute a globally accessible UBI. Julio Linares and Karenina Schröder, from the Berlin-based organization that utilizes a network of enthusiasts and volunteers, provided lectures on their work. Karenina’s enlightening talk focused on the rise of women in blockchain and specifically the OpenUBI space.
Two-afternoon panel sessions – discussing governance and identity challenges of both crypto and UBI – particularly sparked debate and ideas. Panelists talked about how individuals and groups should work together in this area. Moreover, project leaders left the conference with a much better idea of how to collaborate, and who with.
One delegate,Kingsley Advani, founder and partner atChainfund Capital, said:“We have never had such an opportunity or a platform to be able to provide UBI at scale. In this day and age we have the technology, and with the blockchain, companies like GoodDollar can provide UBI to those with the greatest need. We also have the potential to audit UBI. We can track if a family in Africa has received UBI and in the future, we can follow what they use the proceeds for.”
Cem Dagdelen, Founder atHoratii Partners, agreed and said:“UBI is a design space where you can actually create future economic systems. [Karl] Marx only had his pen and paper while designing [UBI], and now we have this beautiful design space where we can create autonomous entities, economic systems. UBI fits here perfectly.”
Another attendee, meditation facilitatorThorsten Wiesmann, was similarly enthusiastic about OpenUBI.“Evolution of humanity goes to a direction where we need to be conscious of our choices on an ethical level, much more than ever before, with artificial intelligence and other developments. Cryptocurrencies and UBIs, these are tools, or playgrounds, you might call them, to find out solutions that work for everyday life and for the society as a whole,”he said.
“The first get-together event was very well received and very successful,”continues Mr. Barner.“People were hugely excited to meet one another, and itching to start collaborating on projects. It was great to see attendees realizing there truly is an ecosystem. It was proof that this is possible.”
“Many individuals, all around the world, are coming to the conclusion that UBI solutions need to be explored. There is no reason why they should not work together, and if they do it will be much more efficient. A lot of meetings were generated from the conference.”
Mr. Assia was also greatly encouraged by the OpenUBI event in Berlin. He hopes this move will encourage communication and collaboration within this space, and be the catalyst for GoodDollar and other UBI projects to be developed, which is the ultimate goal. “I was excited to see the ecosystem collaborating, and feel confident that OpenUBI will lead to significant breakthroughs and the creation of amazing products in this space,” he says.
The Berlin conference marked the first cornerstone of the OpenUBI community, according to Mr. Barner. He will be in London later on this week, on December 13, moderating a GoodDollar panel atThe Next Web’s Hard Fork summit. “I hope everyone can come along to this event, which will indicate how active the ecosystem is in London, and what projects are happening” he adds. “The OpenUBI movement is just starting, and I want to see this sort of activity happening in every city in the world.”
CALL TO ACTION: Join GoodDollar. The project needs builders, scientists, and experts in identity, privacy, and financial governance, as well as philanthropists and ambassadors. Email GoodDollar [email protected], contact us via our social media channels (TwitterandTelegram)or join theOpenUBImovement.
Thisarticlewas originally posted on FX Empire
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But given the sky-high housing market, cities like Nashville, Tennessee, and Portland, Oregon are appearing a lot more glamorous as a relocation destination. (And, for the time being at least, a little less crowded.)
Niagara Falls, New York (Image Source: Pixabay.com)
Trying tobuyor evenrenthousing can be challenging in today's economy, no matter where you hang your hat. But some American cities offer attractive financial incentives to those willing to relocate within their limits. From New England to the Great Plains, these cities lure potential citizens with down payment grants, coworking space memberships, and even cold, hard cash.
If you're in the market for a new place to call home, consider these five cities. Each comes with relocation bonuses.
TheLive Baltimoreproject's host of attractive incentives help Charm City live up to its nickname. TheBuying Into Baltimoreprogram offers prospective homeowners $5,000 toward the purchase of a home anywhere in the city limits. If you're interested in a fixer-upper, theVacants to Value Boosterhands out $10,000 to put toward your down payment on one of Baltimore's abandoned homes. And theLive Near Your Work Programoffers grants of between $2,000 and $5,000 for those who purchase homes in the vicinity of participating employers.
Opportunity Detroitinvites potential residents to come "live it up in the D" and take advantage of one of the most affordable housing markets in the country. What's more, there areseveralhomeowner incentives available for both new and established residents, including 0% loans, grants, and down payment assistance.
Have a small business idea? Detroit is ahotbed of venture investorslooking to get a leg up on Motown's renaissance. And theDowntown Detroit Partnershipis committed to keeping the city safe, clean, and beautiful as its growth spurt continues.
IfNew Havenisn't on your relocation radar, it might be after reading this. Depending on your circumstances, you could earn over $100,000 in incentives for moving there. And no, that's not a typo.
The city is offering $10,000 in down payment assistance for first-time homebuyers, which is a pretty nice perk on its own. Plus, the loan is forgivable as long as you live in your home for five years, and you could get an additional $2,500 if you're a city employee or teacher.
On top of that, you can receive up to $30,000 for energy-saving home upgrades -- which, again, is forgivable (though this time you'll have to stay put for a whole decade). And if youreallyset down roots, you might even save your kids some debt: The city guarantees free in-state college tuition to any student graduating from a New Haven public school, a value of approximately $22,000 per year.
Become neighbors with a natural wonder of the world by moving to Niagara Falls. Participating in the town'sDowntown Housing Incentive Program, you can be eligible for student loan reimbursement of up to $6,984. In return, you'll reside in one of the city's "targeted neighborhoods" for a period of at least two years. But according to the website, eligible areas are within walking distance of Niagara Falls State Park and the Niagara Gorge. How bad could it be?
If you work remotely, you might seriously consider relocating to the Sooner State -- because this city's incentives make the Great Plains look even greater. Through theTulsa Remoteprogram, eligible workers will receive a $10,000 cash bonus to help with relocation expenses, as well as a $300 monthly stipend. You'll also get a free membership to 36 Degrees North, one of the hippest coworking spaces in the city.
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• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This || These 5 U.S. Cities Will Pay You to Move There: Everyone wants to move to New York City or San Francisco -- or at least everyone wishes they could afford to. But given the sky-high housing market, cities like Nashville, Tennessee, and Portland, Oregon are appearing a lot more glamorous as a relocation destination. (And, for the time being at least, a little less crowded.) Niagara Falls, New York Niagara Falls, New York (Image Source: Pixabay.com) Trying to buy or even rent housing can be challenging in today's economy, no matter where you hang your hat. But some American cities offer attractive financial incentives to those willing to relocate within their limits. From New England to the Great Plains, these cities lure potential citizens with down payment grants, coworking space memberships, and even cold, hard cash. If you're in the market for a new place to call home, consider these five cities. Each comes with relocation bonuses. 1. Baltimore, Maryland The Live Baltimore project's host of attractive incentives help Charm City live up to its nickname. The Buying Into Baltimore program offers prospective homeowners $5,000 toward the purchase of a home anywhere in the city limits. If you're interested in a fixer-upper, the Vacants to Value Booster hands out $10,000 to put toward your down payment on one of Baltimore's abandoned homes. And the Live Near Your Work Program offers grants of between $2,000 and $5,000 for those who purchase homes in the vicinity of participating employers. 2. Detroit, Michigan Opportunity Detroit invites potential residents to come "live it up in the D" and take advantage of one of the most affordable housing markets in the country. What's more, there are several homeowner incentives available for both new and established residents, including 0% loans, grants, and down payment assistance. Have a small business idea? Detroit is a hotbed of venture investors looking to get a leg up on Motown's renaissance. And the Downtown Detroit Partnership is committed to keeping the city safe, clean, and beautiful as its growth spurt continues. Story continues 3. New Haven, Connecticut If New Haven isn't on your relocation radar, it might be after reading this. Depending on your circumstances, you could earn over $100,000 in incentives for moving there. And no, that's not a typo. The city is offering $10,000 in down payment assistance for first-time homebuyers, which is a pretty nice perk on its own. Plus, the loan is forgivable as long as you live in your home for five years, and you could get an additional $2,500 if you're a city employee or teacher. On top of that, you can receive up to $30,000 for energy-saving home upgrades -- which, again, is forgivable (though this time you'll have to stay put for a whole decade). And if you really set down roots, you might even save your kids some debt: The city guarantees free in-state college tuition to any student graduating from a New Haven public school, a value of approximately $22,000 per year. 4. Niagara Falls, New York Become neighbors with a natural wonder of the world by moving to Niagara Falls. Participating in the town's Downtown Housing Incentive Program , you can be eligible for student loan reimbursement of up to $6,984. In return, you'll reside in one of the city's "targeted neighborhoods" for a period of at least two years. But according to the website, eligible areas are within walking distance of Niagara Falls State Park and the Niagara Gorge. How bad could it be? 5. Tulsa, Oklahoma If you work remotely, you might seriously consider relocating to the Sooner State -- because this city's incentives make the Great Plains look even greater. Through the Tulsa Remote program, eligible workers will receive a $10,000 cash bonus to help with relocation expenses, as well as a $300 monthly stipend. You'll also get a free membership to 36 Degrees North, one of the hippest coworking spaces in the city. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This || Stock Market Power Rankings: Down Is the New Up: Each week, I'm ranking the biggest companies that trade on U.S. exchanges based on their size ( market capitalization ), momentum (total return over the past year), and recent news. Before we get to the rankings, a quick word on a major player. The general market malaise has now bled into some of the world's most valuable companies. Just 3 of the 10 most valuable companies on U.S.-listed exchanges are now showing positive returns over the past year. It's a sharp contrast to when we started these weekly rankings in early November, with 7 of the 10 most valuable stocks by market cap in positive territory. Microsoft (NASDAQ: MSFT) , Amazon.com (NASDAQ: AMZN) , and Berkshire Hathaway (NYSE: BRK-A) are the three giants that find their stocks trading higher than they were a year ago. Berkshire Hathaway is clinging to marginal gains, and that 1.5% gain can turn negative after another rough week of trading. Microsoft and Amazon are clinging to double-digit percentage gains. They remain the beneficiaries of the "flight to quality" mind-set in what is now a thinning pool of life preservers. With that in mind, let's review this week's updated list of 50 top large-cap stocks, kicking things off with the top 10. A bull and bear in marble square off in battle. Image source: Getty Images. This week's top 10 stocks 10. Facebook (NASDAQ: FB) (new): $414 billion market cap, down 19.2% over the past year. The leading social networking website has been on the outside looking in over the past few weeks, but with only two other stocks in last week's top 10 moving higher, Facebook bucking the market malaise by inching up in value finds itself back on the list. Facebook still has its challenges ahead, but investors seem to think that the stock may be bottoming out at this point. 9. Pfizer (NYSE: PFE) (new): $253.2 billion, up 20.1%. The pharmaceuticals giant isn't afraid to share the wealth. Pfizer announced on Friday that it will spend $10 billion in the coming years on share buybacks, on top of the $4.9 billion that it still has to go on its earlier repurchase plan. Pfizer is also boosting its quarterly dividend from $0.34 to $0.36 a share. It's the eighth year in a row that Pfizer has increased its payout. It also stretches its streak of quarterly distributions to 321 declarations. That's more than 80 years for those scoring at home. Story continues 8. JPMorgan Chase (NYSE: JPM) (down from 7): $333.5 billion, down 4.2%. Chase keeps growing its brick-and-mortar presence. JPMorgan Chase opened the first retail branch in Greater Boston on Thursday. It will be the first of 60 retail branches JPMorgan Chase expects to open in New England over the next five years. The company is hoping to raise the bar in retail banking, starting employees at a minimum of $18 an hour, with full-time hires receiving a full benefits package worth an average of $12,000 annually. JPMorgan Chase is also earmarking $3 billion for home and small-business lending in the region. Boston area pro sports teams have been doing a lot of winning in recent years, and now Chase is looking for its chance to score. 7. Johnson & Johnson (NYSE: JNJ) (up from 9): $356.7 billion, down 6.1%. There's a lot of bad press that Johnson & Johnson is battling these days. A Reuters report claims that the company knew for decades that there was asbestos in its baby powder without disclosing the situation with regulators or the public. The report is pulled from the documents of the roughly 11,700 plaintiffs arguing that Johnson & Johnson's talc caused their cancers. Johnson & Johnson is, naturally, defending its position, pointing to several independent studies showing that its baby powder has never contained asbestos or caused cancer. Even if the pharmaceuticals giant emerges victorious, it will still need to restore consumer credibility, something that isn't easy when talking about a product for infants. 6. Visa (NYSE: V) : $297.8 billion, up 19.6%. Visa joins Pfizer as one of the two companies on this list that doesn't command one of the market's 10 largest market caps. Pfizer and Visa are getting the job done by cranking out double-digit percentage gains over the past year. Visa's popularity continues to grow as a payment platform. 5. Berkshire Hathaway (NYSE: BRK-A) : $492.7 billion, up 1.5%. Warren Buffett watches over the third-largest company in terms of market cap that's still sporting a positive return over the year, but we're now talking about a meager 1.5% advance over the past 52 weeks. It doesn't help that a lot of Berkshire Hathaway's portfolio is in companies that are coming under selling pressure, though Buffett's skills in both picking stocks as well as actual acquisitions are worthy of market premiums. 4. Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) : $728.1 billion, down 0.5%. Facebook is testing out search ads, according to tech blog reports, and it's obviously something for Alphabet's Google to keep watching. Google is differentiated enough from Facebook as a business that it may not seem to be such a big deal, but Wall Street pros see Facebook commanding lower bids for its search result ads -- and that's something that could leave a mark. Bank of America Merrill Lynch analyst Justin Post feels that search ads could generate as much as $5 billion in incremental ad revenue for Facebook. Whether or not it comes at Google's expense is what investors will need to figure out. 3. Apple (NASDAQ: AAPL) : $785.3 billion, down 3.9%. Maybe Charlie Brown will get to kick the football this time. Deadline Hollywood is reporting that Apple is landing a deal with DHX Media to produce new Peanuts content. The deal will include shows, specials, and educational shorts. Apple is building up its arsenal of potential content ahead of a bigger push into streaming video programming. The actual value of the deal isn't public, but it's probably a lot more than Lucy from Peanuts fame charges for advice. 2. Amazon.com (down from 1): $778.4 billion, up 35.6%. We may be waist-deep into the holiday shopping season, but Amazon's busy on so many other things. It recently conducted a sting operation to bust sellers of used books on its platform that were selling counterfeit textbooks. Amazon is also working with video gaming icon Sega to roll out some of its classic Sega Genesis games for the Amazon Fire TV platform. It's not just Santa keeping his elves busy at Amazon's distribution centers. 1. Microsoft (up from 2): $814 billion, up 25.2%. Microsoft is back on top as one of the few megacaps to move higher this past week. A report earlier in the week claimed that it was in talks to acquire freelancing marketplace Upwork . Microsoft isn't afraid to cut big checks for the right tech pieces, but it would seem odd that it would make a play for a company just weeks after Upwork went public -- especially since Upwork is trading at a premium to its early October IPO price of $15. The rank and file We'll get to No. 11 through No. 50 in a moment, but first, let's look at some other Top 50 stocks that are making waves -- for better or worse. The New York Attorney General is suing Walmart (NYSE: WMT) and importer LaRose Industries for stocking a product line that contains lead levels that are up to 10 times higher than the federal limit. The Cra-Z-Jewelz kits are no longer being stocked in store, but Walmart and other retailers could be liable for stiff penalties if they lose this legal battle. McDonald's (NYSE: MCD) may never share the "junk food" tag, but it's trying to make the Golden Arches less of a target for detractors. The world's largest burger chain announced on Wednesday that it plans to dramatically reduce the use of antibiotics in its global beef supply chain. McDonald's says it's making this move to help preserve the effectiveness of antibiotics in humans as well as for the sake of animal health in the future. Stocks 11 through 50 11. UnitedHealth Group (NYSE: UNH) : $255 billion, up 19.8%. 12. Alibaba (NYSE: BABA) : $383.2 billion market cap, down 13.2%. 13. Verizon (NYSE: VZ) : $235.9 billion market cap, up 9.1%. 14. Cisco (NASDAQ: CSCO) : $206 billion, up 20.9%. 15. Mastercard (NYSE: MA) : $201.7 billion, up 28.6%. 16. Merck & Co. (NYSE: MRK) : $198.9 billion, up 36.5%. 17. ExxonMobil (NYSE: XOM) : $319.9 billion, down 8.8%. 18. Walmart : $266.8 billion, down 5.4%. 19. Bank of America (NYSE: BAC) : $240.3 billion, down 14.8%. 20. Procter & Gamble (NYSE: PG) : $240.8 billion, up 6.2%. 21. Intel (NASDAQ: INTC) : $218.4 billion, up 10.6%. 22. Coca-Cola (NYSE: KO) : $210 billion, up 7.2% 23. Boeing (NYSE: BA) : $181 billion, up 8.5%. 24. Netflix (NASDAQ: NFLX) : $116.4 billion, up 40.8%. 25. Royal Dutch Shell (NYSE: RDS-A) : $242.2 billion, down 4.9%. 26. Novartis (NYSE: NOV) : $201.7 billion, up 3.8%. 27. Walt Disney Co. (NYSE: DIS) : $167 billion, up 1.5%. 28. PetroChina (NYSE: PTR) : $194.8 billion, down 0.7%. 20. Chevron (NYSE: CVX) : $217.5 billion, down 4.8%. 30. Home Depot (NYSE: HD) : $194.6 billion, down 5.4%. 31. Comcast (NASDAQ: CMCSA) : $165.3 billion, down 7.1%. 32. Wells Fargo (NYSE: WFC) : $219.1 billion, down 21.4%. 33. McDonald's : $141.3 billion, up 5.9%. 34. Oracle (NYSE: ORCL) : $176.6 billion, down 7.2%. 35. PepsiCo (NASDAQ: PEP) : $160.8 billion, down 3.5%. 36. Adobe (NASDAQ: ADBE) : $112.3 billion, up 31.4%. 37. Abbott Laboratories (NYSE: ABT) : $124.3 billion, up 29.3%. 38. Eli Lilly (NYSE: LLY) : $110 billion, up 29.4%. 39. Nike (NYSE: NKE) : $115.2 billion, up 12.4%. 40. Salesforce.com (NYSE: CRM) : $104.8 billion, up 31.5%. 41. China Mobile (NYSE: CHL) : $194.5 billion, down 2.6%. 42. Medtronic (NYSE: MDT) : $125.9 billion, up 14.5%. 43. BHP Billiton (NYSE: BHP) : $123.7 billion, up 17%. 44. Amgen (NASDAQ: AMGN) : $122.4 billion, up 9.8%. 45. PayPal (NASDAQ: PYPL) : $101.2 billion, up 15.7%. 46. Union Pacific (NYSE: UNP) : $105 billion, up 10.4%. 47. AstraZeneca (NYSE: AZN) : $97.6 billion, up 25.5% 48. Costco (NASDAQ: COST) : $91.2 billion, up 11%. 49. AT&T (NYSE: T) : $219.9 billion, down 19.9%. 50. Petrobras (NYSE: PBR) : $83.5 billion, up 53.6%. Who's in and who's out It's not just pumpkin spice lattes that go in and out of seasonal menus. Starbucks (NASDAQ: SBUX) bows out of the top 50 this week. It was the smallest of the 50 companies on our list, and with its trailing return buckling into the single digits -- up a still respectable 9.5% over the past year -- it clears the path for PayPal's return. The online transaction enabler commands a larger market cap and a superior 15.7% return. We also have a shift in the pharmaceuticals space, as the U.K.'s AstraZeneca bumps fellow Brit GlaxoSmithKline (NYSE: GSK) from the list. AstraZeneca now commands a larger market cap and stronger stock return over the past year than GlaxoSmithKline. Try saying the name of either of these two companies five times fast. One to watch American Tower (NYSE: AMT) is one of the scrappy companies thriving just below the 50 names on our current list. The leading operator of cell towers commands a market cap of $73.4 billion, below all of the companies that made the cut this week. However, its 16% gain over the past year would make it one of the few companies with double-digit percentage increases. American has a fleet of 170,000 cell towers deployed worldwide, and it rents that space to wireless carriers, broadcasters, and anyone that needs to boost a signal. Despite its moniker, American Tower is more than just an American enterprise. Nearly 130,000 of those towers are rising internationally. American Tower is also structured as a REIT, providing its investors with a piece of the action as earnings are returned to stakeholders through quarterly distributions. Folks aren't putting away their smartphones anytime soon, so American Tower's dominant market position should continue to grow over time. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Teresa Kersten, an employee of LinkedIn, a Microsoft subsidiary, is a member of The Motley Fool's board of directors. Rick Munarriz owns shares of Apple, AT&T, China Mobile, Netflix, and Walt Disney. The Motley Fool owns shares of and recommends Adobe Systems, Alphabet (A shares), Alphabet (C shares), Amazon, American Tower, Apple, Facebook, Mastercard, National Oilwell Varco, Netflix, PayPal Holdings, Salesforce.com, Starbucks, and Walt Disney. The Motley Fool owns shares of Johnson & Johnson, Medtronic, Microsoft, Oracle, and Visa and has the following options: long January 2020 $150 calls on Apple, short January 2020 $155 calls on Apple, long January 2019 $80 calls on American Tower, short January 2019 $135 calls on American Tower, short February 2019 $185 calls on Home Depot, long January 2020 $110 calls on Home Depot, short January 2019 $140 calls on Johnson & Johnson, short December 2018 $52 calls on Oracle, long January 2020 $30 calls on Oracle, and short January 2019 $82 calls on PayPal Holdings. The Motley Fool recommends Amgen, Comcast, Costco Wholesale, DHX Media, Home Depot, Nike, Union Pacific, UnitedHealth Group, Upwork, and Verizon Communications. The Motley Fool has a disclosure policy . || Stock Market Power Rankings: Down Is the New Up: Each week, I'mranking the biggest companiesthat trade on U.S. exchanges based on their size (market capitalization), momentum (total return over the past year), and recent news. Before we get to the rankings, a quick word on a major player.
The general market malaise has now bled into some of the world's most valuable companies. Just 3 of the 10 most valuable companies on U.S.-listed exchanges are now showing positive returns over the past year. It's a sharp contrast to when we started these weekly rankings in early November, with 7 of the 10 most valuable stocks by market cap in positive territory.
Microsoft(NASDAQ: MSFT),Amazon.com(NASDAQ: AMZN), andBerkshire Hathaway(NYSE: BRK-A)are the three giants that find their stocks trading higher than they were a year ago. Berkshire Hathaway is clinging to marginal gains, and that 1.5% gain can turn negative after another rough week of trading. Microsoft and Amazon are clinging to double-digit percentage gains. They remain the beneficiaries of the "flight to quality" mind-set in what is now a thinning pool of life preservers.
With that in mind, let's review this week's updated list of 50 top large-cap stocks, kicking things off with the top 10.
Image source: Getty Images.
10. Facebook(NASDAQ: FB)(new): $414 billion market cap, down 19.2% over the past year.
The leading social networking website has been on the outside looking in over the past few weeks, but with only two other stocks in last week's top 10 moving higher, Facebook bucking the market malaise by inching up in value finds itself back on the list. Facebook still has its challenges ahead, but investors seem to think that the stock may be bottoming out at this point.
9. Pfizer(NYSE: PFE)(new): $253.2 billion, up 20.1%.
The pharmaceuticals giant isn't afraid to share the wealth. Pfizer announced on Friday that it will spend $10 billion in the coming years on share buybacks, on top of the $4.9 billion that it still has to go on its earlier repurchase plan. Pfizer is also boosting its quarterly dividend from $0.34 to $0.36 a share. It's the eighth year in a row that Pfizer has increased its payout. It also stretches its streak of quarterly distributions to 321 declarations. That's more than 80 years for those scoring at home.
8. JPMorgan Chase(NYSE: JPM)(down from 7): $333.5 billion, down 4.2%.
Chase keeps growing its brick-and-mortar presence. JPMorgan Chase opened the first retail branch in Greater Boston on Thursday. It will be the first of 60 retail branches JPMorgan Chase expects to open in New England over the next five years. The company is hoping to raise the bar in retail banking, starting employees at a minimum of $18 an hour, with full-time hires receiving a full benefits package worth an average of $12,000 annually. JPMorgan Chase is also earmarking $3 billion for home and small-business lending in the region. Boston area pro sports teams have been doing a lot of winning in recent years, and now Chase is looking for its chance to score.
7. Johnson & Johnson(NYSE: JNJ)(up from 9): $356.7 billion, down 6.1%.
There's a lot of bad press that Johnson & Johnson is battling these days. A Reuters report claims that the companyknew for decadesthat there was asbestos in its baby powder without disclosing the situation with regulators or the public. The report is pulled from the documents of the roughly 11,700 plaintiffs arguing that Johnson & Johnson's talc caused their cancers. Johnson & Johnson is, naturally, defending its position, pointing to several independent studies showing that its baby powder has never contained asbestos or caused cancer. Even if the pharmaceuticals giant emerges victorious, it will still need to restore consumer credibility, something that isn't easy when talking about a product for infants.
6. Visa(NYSE: V): $297.8 billion, up 19.6%.
Visa joins Pfizer as one of the two companies on this list that doesn't command one of the market's 10 largest market caps. Pfizer and Visa are getting the job done by cranking out double-digit percentage gains over the past year. Visa's popularity continues to grow as a payment platform.
5. Berkshire Hathaway(NYSE: BRK-A): $492.7 billion, up 1.5%.
Warren Buffett watches over the third-largest company in terms of market cap that's still sporting a positive return over the year, but we're now talking about a meager 1.5% advance over the past 52 weeks. It doesn't help that a lot of Berkshire Hathaway's portfolio is in companies that are coming under selling pressure, though Buffett's skills in both picking stocks as well as actual acquisitions are worthy of market premiums.
4. Alphabet(NASDAQ: GOOG)(NASDAQ: GOOGL): $728.1 billion, down 0.5%.
Facebook is testing out search ads, according to tech blog reports, and it's obviously something for Alphabet's Google to keep watching. Google is differentiated enough from Facebook as a business that it may not seem to be such a big deal, but Wall Street pros see Facebook commanding lower bids for its search result ads -- and that's something that could leave a mark. Bank of America Merrill Lynch analyst Justin Post feels that search ads could generate as much as $5 billion in incremental ad revenue for Facebook. Whether or not it comes at Google's expense is what investors will need to figure out.
3.Apple(NASDAQ: AAPL): $785.3 billion, down 3.9%.
Maybe Charlie Brown will get to kick the football this time. Deadline Hollywood is reporting that Apple is landing a deal withDHX Mediato produce newPeanutscontent. The deal will include shows, specials, and educational shorts. Apple is building up its arsenal of potential content ahead of a bigger push into streaming video programming. The actual value of the deal isn't public, but it's probably a lot more than Lucy fromPeanutsfame charges for advice.
2. Amazon.com(down from 1): $778.4 billion, up 35.6%.
We may be waist-deep into the holiday shopping season, but Amazon's busy on so many other things. It recently conducted a sting operation to bust sellers of used books on its platform that were selling counterfeit textbooks. Amazon is also working with video gaming icon Sega to roll out some of its classic Sega Genesis games for the Amazon Fire TV platform. It's not just Santa keeping his elves busy at Amazon's distribution centers.
1. Microsoft(up from 2): $814 billion, up 25.2%.
Microsoft is back on top as one of the few megacaps to move higher this past week. A report earlier in the week claimed that it was in talks to acquire freelancing marketplaceUpwork. Microsoft isn't afraid to cut big checks for the right tech pieces, but it would seem odd that it would make a play for a company just weeks after Upwork went public -- especially since Upwork is trading at a premium to its early October IPO price of $15.
We'll get to No. 11 through No. 50 in a moment, but first, let's look at some other Top 50 stocks that are making waves -- for better or worse.
The New York Attorney General is suingWalmart(NYSE: WMT)and importer LaRose Industries for stocking a product line that contains lead levels that are up to 10 times higher than the federal limit. The Cra-Z-Jewelz kits are no longer being stocked in store, but Walmart and other retailers could be liable for stiff penalties if they lose this legal battle.
McDonald's(NYSE: MCD)may never share the "junk food" tag, but it's trying to make the Golden Arches less of a target for detractors. The world's largest burger chain announced on Wednesday that it plans to dramatically reduce the use of antibiotics in its global beef supply chain. McDonald's says it's making this move to help preserve the effectiveness of antibiotics in humans as well as for the sake of animal health in the future.
11. UnitedHealth Group(NYSE: UNH): $255 billion, up 19.8%.
12. Alibaba(NYSE: BABA): $383.2 billion market cap, down 13.2%.
13. Verizon(NYSE: VZ): $235.9 billion market cap, up 9.1%.
14. Cisco(NASDAQ: CSCO): $206 billion, up 20.9%.
15. Mastercard(NYSE: MA): $201.7 billion, up 28.6%.
16. Merck & Co.(NYSE: MRK): $198.9 billion, up 36.5%.
17. ExxonMobil(NYSE: XOM): $319.9 billion, down 8.8%.
18. Walmart: $266.8 billion, down 5.4%.
19. Bank of America(NYSE: BAC): $240.3 billion, down 14.8%.
20. Procter & Gamble(NYSE: PG): $240.8 billion, up 6.2%.
21. Intel(NASDAQ: INTC): $218.4 billion, up 10.6%.
22. Coca-Cola(NYSE: KO): $210 billion, up 7.2%
23. Boeing(NYSE: BA): $181 billion, up 8.5%.
24. Netflix(NASDAQ: NFLX): $116.4 billion, up 40.8%.
25. Royal Dutch Shell(NYSE: RDS-A): $242.2 billion, down 4.9%.
26. Novartis(NYSE: NOV): $201.7 billion, up 3.8%.
27. Walt Disney Co.(NYSE: DIS): $167 billion, up 1.5%.
28. PetroChina(NYSE: PTR): $194.8 billion, down 0.7%.
20. Chevron(NYSE: CVX): $217.5 billion, down 4.8%.
30. Home Depot(NYSE: HD): $194.6 billion, down 5.4%.
31. Comcast(NASDAQ: CMCSA): $165.3 billion, down 7.1%.
32. Wells Fargo(NYSE: WFC): $219.1 billion, down 21.4%.
33. McDonald's: $141.3 billion, up 5.9%.
34. Oracle(NYSE: ORCL): $176.6 billion, down 7.2%.
35. PepsiCo(NASDAQ: PEP): $160.8 billion, down 3.5%.
36. Adobe(NASDAQ: ADBE): $112.3 billion, up 31.4%.
37. Abbott Laboratories(NYSE: ABT): $124.3 billion, up 29.3%.
38. Eli Lilly(NYSE: LLY): $110 billion, up 29.4%.
39. Nike(NYSE: NKE): $115.2 billion, up 12.4%.
40. Salesforce.com(NYSE: CRM): $104.8 billion, up 31.5%.
41. China Mobile(NYSE: CHL): $194.5 billion, down 2.6%.
42. Medtronic(NYSE: MDT): $125.9 billion, up 14.5%.
43. BHP Billiton(NYSE: BHP): $123.7 billion, up 17%.
44. Amgen(NASDAQ: AMGN): $122.4 billion, up 9.8%.
45. PayPal(NASDAQ: PYPL): $101.2 billion, up 15.7%.
46. Union Pacific(NYSE: UNP): $105 billion, up 10.4%.
47.AstraZeneca(NYSE: AZN): $97.6 billion, up 25.5%
48. Costco(NASDAQ: COST): $91.2 billion, up 11%.
49. AT&T(NYSE: T): $219.9 billion, down 19.9%.
50. Petrobras(NYSE: PBR): $83.5 billion, up 53.6%.
It's not just pumpkin spice lattes that go in and out of seasonal menus.Starbucks(NASDAQ: SBUX)bows out of the top 50 this week. It was the smallest of the 50 companies on our list, and with its trailing return buckling into the single digits -- up a still respectable 9.5% over the past year -- it clears the path for PayPal's return. The online transaction enabler commands a larger market cap and a superior 15.7% return.
We also have a shift in the pharmaceuticals space, as the U.K.'s AstraZeneca bumps fellow BritGlaxoSmithKline(NYSE: GSK)from the list. AstraZeneca now commands a larger market cap and stronger stock return over the past year than GlaxoSmithKline. Try saying the name of either of these two companies five times fast.
American Tower(NYSE: AMT)is one of the scrappy companies thriving just below the 50 names on our current list. The leading operator of cell towers commands a market cap of $73.4 billion, below all of the companies that made the cut this week. However, its 16% gain over the past year would make it one of the few companies with double-digit percentage increases.
American has a fleet of 170,000 cell towers deployed worldwide, and it rents that space to wireless carriers, broadcasters, and anyone that needs to boost a signal. Despite its moniker, American Tower is more than just an American enterprise. Nearly 130,000 of those towers are rising internationally. American Tower is also structured as a REIT, providing its investors with a piece of the action as earnings are returned to stakeholders through quarterly distributions. Folks aren't putting away their smartphones anytime soon, so American Tower's dominant market position shouldcontinue to growover time.
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John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Teresa Kersten, an employee of LinkedIn, a Microsoft subsidiary, is a member of The Motley Fool's board of directors.Rick Munarrizowns shares of Apple, AT&T, China Mobile, Netflix, and Walt Disney. The Motley Fool owns shares of and recommends Adobe Systems, Alphabet (A shares), Alphabet (C shares), Amazon, American Tower, Apple, Facebook, Mastercard, National Oilwell Varco, Netflix, PayPal Holdings, Salesforce.com, Starbucks, and Walt Disney. The Motley Fool owns shares of Johnson & Johnson, Medtronic, Microsoft, Oracle, and Visa and has the following options: long January 2020 $150 calls on Apple, short January 2020 $155 calls on Apple, long January 2019 $80 calls on American Tower, short January 2019 $135 calls on American Tower, short February 2019 $185 calls on Home Depot, long January 2020 $110 calls on Home Depot, short January 2019 $140 calls on Johnson & Johnson, short December 2018 $52 calls on Oracle, long January 2020 $30 calls on Oracle, and short January 2019 $82 calls on PayPal Holdings. The Motley Fool recommends Amgen, Comcast, Costco Wholesale, DHX Media, Home Depot, Nike, Union Pacific, UnitedHealth Group, Upwork, and Verizon Communications. The Motley Fool has adisclosure policy. || The 5 Best Selling Handguns of 2018: It's been said that America loves its guns. To be sure, millions of handguns, rifles, and shotguns are sold domestically every year. Exactly what guns Americans are buying, however, is much harder to know.
While federal law requires firearm dealers to record gun transactions, it bars that data from being compiled and stored in a central repository. In place of sales data, financial analysts can use the total number of background checks to gauge interest in firearms -- but that data offers no way of determining what guns are being purchased, and offers only limited insight into repeat buyers.
Individual companies also offer few details on unit sales.
SIG Sauer's hot-selling P365 Nitron Micro-Compact. Image source: SIG Sauer.
Here's what we do know: Handguns are the most widely-produced type of firearm, representing about 40% of total firearms manufactured in 2016, the most recent year for which the Bureau of Alcohol, Tobacco, Firearms and Explosives has data. Handguns also represent more than 70% of total firearms imported into the United States.
And although there have beenconcerns about gun demand based on background check data, firearms are unquestionably popular. Total firearm manufacturing is up more than 214% over the past 10 years, with 11.5 million units made in 2016. (The numbers exclude firearms manufactured for the U.S. military.)
Absent any official tallies, I turned to GunBroker.com, the world's largest online auction site for firearms, which tracks and publishes monthly best sellers on itsGun Geniussite. Gun Genius lists the leaders in every major category, but followingthe lead of my colleague Rich Duprey, I focused on new, semi-automatic handguns. I compiled the top five for the first 11 months of the year, and tallied them based on a rough scoring system.
Thirteen different models made the list this year. Here are the top five finishers.
The LCP, which stands for "lightweight compact pistol," has been a top seller since its introduction in 2008, thanks to its compact design and affordable price. This handgun finished in the top spot in both 2016 and 2017, and continues to sell well despite newer competition.
This is the only entry fromSturm, Ruger & Co.(NYSE: RGR)to make the top five. Company execs on a November call with investors said it is a buyer's market, with CEO Chris Killoy stating: "If you go to the counter at any of the big box stores, you will see plenty of rebate counter cards out there with the tear-off coupons from a lot of our competitors." Ruger, he said, does not discount as aggressively at the consumer level.
Sturm, Ruger shares are down 12% since the company reported third quarter results on Oct. 31 that missed on both earnings and revenue. However, the shares have actually outperformed both theS&P 500and rivalAmerican Outdoor Brands(NASDAQ: AOBC)over the past year.
RGR and AOBC vs. S&P 500, data byYCharts.
The P320, called the M17 in Army parlance, was chosen in 2017 to be the new standard issue U.S. Army pistol. The civilian version is quite popular as well, with its polymer build and a striker-based firing system that leaves fewer parts exposed.
The P320 returns to this list for the second straight year despite a choppy history. Last fall, numerous videos surfaced warning that the firearm could accidentally discharge when dropped at a certain angle. The company issued a free upgraded part to correct the problem, and consumers seemingly have not shied away from buying the weapon in the months since.
The original SIG Sauer was a Swiss-German partnership, but the company that produces these firearms today is privately-held SIG Sauer Inc. of New Hampshire.
The Shield builds off of Smith & Wesson's well-regarded line of full-powered M&P pistols to create a more compact, lightweight version designed for personal protection.
Smith & Wesson is owned by American Outdoor Brands, the other major publicly-traded U.S. firearms manufacturer. American Outdoor Brands shares have had a rocky year, but have been gaining strength since the company reported fiscal second quarter GAAP earnings and revenue that exceeded expectations on Dec. 6.
On a call with analysts following the earnings report, CEO James Debney said American Outdoor Brands is gaining market share, noting that while handgun background checks in the quarter declined 8.8% year over year, the company's units shipped to distributors and retailers fell by just 1.9%.
American Outdoor Brands is also in the process of moving to a new distribution facility in Missouri that should eventually reduce operating costs.
The PMR-30 is another holdover from last year's list, moving up from a fifth-place tie. The 30-round, .22 magnum semi-automatic continues to be popular thanks to its light weight, low recoil, and reputation for durability.
Privately-held Kel-Tec CNC Industries of Florida introduced the pistol to considerable fanfare in 2010, and added a rifle derivative, the CMR-30, in 2016. Kel-Tec used a combination of polymer and aluminum fittings around steel components to reduce the PMR-30's overall weight and make it easier for smaller hands to grip. The company also uses a European-style magazine release at the heel of the pistol rather than up by the trigger guard, which has proven popular with reviewers and consumers.
This compact pistol, billed as "the ultimate concealed carry pistol," was the runaway winner, entering the Gun Genius rankings in March in the top spot and remaining in that position for the entire year.
As the name implies, this weapon has a compact design ideal for everyday handling, but it carries a powerful punch. The P365 fits 10 rounds in its miniature magazine, more than most compact handguns. SIG Sauer engineered this firearm from the ground up with the specific goal of coming in shorter, lighter, and thinner than almost anything in its class, which might explain the weapon's widespread popularity.
If there is a conclusion to be drawn from this list, it is that compact and lightweight guns designed for the personal-protection buyer are the most popular. The industry knows this, and each company in the field is constantly looking to one-up the others with new design innovations. Expect another shootout in 2019.
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Lou Whitemanhas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || The 5 Best Selling Handguns of 2018: It's been said that America loves its guns. To be sure, millions of handguns, rifles, and shotguns are sold domestically every year. Exactly what guns Americans are buying, however, is much harder to know. While federal law requires firearm dealers to record gun transactions, it bars that data from being compiled and stored in a central repository. In place of sales data, financial analysts can use the total number of background checks to gauge interest in firearms -- but that data offers no way of determining what guns are being purchased, and offers only limited insight into repeat buyers. Individual companies also offer few details on unit sales. SIG Sauer P365 Nitron Micro-Compact SIG Sauer's hot-selling P365 Nitron Micro-Compact. Image source: SIG Sauer. Here's what we do know: Handguns are the most widely-produced type of firearm, representing about 40% of total firearms manufactured in 2016, the most recent year for which the Bureau of Alcohol, Tobacco, Firearms and Explosives has data. Handguns also represent more than 70% of total firearms imported into the United States. And although there have been concerns about gun demand based on background check data , firearms are unquestionably popular. Total firearm manufacturing is up more than 214% over the past 10 years, with 11.5 million units made in 2016. (The numbers exclude firearms manufactured for the U.S. military.) Absent any official tallies, I turned to GunBroker.com, the world's largest online auction site for firearms, which tracks and publishes monthly best sellers on its Gun Genius site. Gun Genius lists the leaders in every major category, but following the lead of my colleague Rich Duprey , I focused on new, semi-automatic handguns. I compiled the top five for the first 11 months of the year, and tallied them based on a rough scoring system. Thirteen different models made the list this year. Here are the top five finishers. 5. Ruger LCP The LCP, which stands for "lightweight compact pistol," has been a top seller since its introduction in 2008, thanks to its compact design and affordable price. This handgun finished in the top spot in both 2016 and 2017, and continues to sell well despite newer competition. Story continues This is the only entry from Sturm, Ruger & Co. (NYSE: RGR) to make the top five. Company execs on a November call with investors said it is a buyer's market, with CEO Chris Killoy stating: "If you go to the counter at any of the big box stores, you will see plenty of rebate counter cards out there with the tear-off coupons from a lot of our competitors." Ruger, he said, does not discount as aggressively at the consumer level. Sturm, Ruger shares are down 12% since the company reported third quarter results on Oct. 31 that missed on both earnings and revenue. However, the shares have actually outperformed both the S&P 500 and rival American Outdoor Brands (NASDAQ: AOBC) over the past year. RGR and AOBC vs. S&P 500 , data by YCharts . 4. Sig Sauer P320 The P320, called the M17 in Army parlance, was chosen in 2017 to be the new standard issue U.S. Army pistol. The civilian version is quite popular as well, with its polymer build and a striker-based firing system that leaves fewer parts exposed. The P320 returns to this list for the second straight year despite a choppy history. Last fall, numerous videos surfaced warning that the firearm could accidentally discharge when dropped at a certain angle. The company issued a free upgraded part to correct the problem, and consumers seemingly have not shied away from buying the weapon in the months since. The original SIG Sauer was a Swiss-German partnership, but the company that produces these firearms today is privately-held SIG Sauer Inc. of New Hampshire. 3. Smith & Wesson M&P9 Shield The Shield builds off of Smith & Wesson's well-regarded line of full-powered M&P pistols to create a more compact, lightweight version designed for personal protection. Smith & Wesson is owned by American Outdoor Brands, the other major publicly-traded U.S. firearms manufacturer. American Outdoor Brands shares have had a rocky year, but have been gaining strength since the company reported fiscal second quarter GAAP earnings and revenue that exceeded expectations on Dec. 6. On a call with analysts following the earnings report, CEO James Debney said American Outdoor Brands is gaining market share, noting that while handgun background checks in the quarter declined 8.8% year over year, the company's units shipped to distributors and retailers fell by just 1.9%. American Outdoor Brands is also in the process of moving to a new distribution facility in Missouri that should eventually reduce operating costs. 2. Kel-Tec PMR-30 The PMR-30 is another holdover from last year's list, moving up from a fifth-place tie. The 30-round, .22 magnum semi-automatic continues to be popular thanks to its light weight, low recoil, and reputation for durability. Privately-held Kel-Tec CNC Industries of Florida introduced the pistol to considerable fanfare in 2010, and added a rifle derivative, the CMR-30, in 2016. Kel-Tec used a combination of polymer and aluminum fittings around steel components to reduce the PMR-30's overall weight and make it easier for smaller hands to grip. The company also uses a European-style magazine release at the heel of the pistol rather than up by the trigger guard, which has proven popular with reviewers and consumers. 1. SIG Sauer P365 Nitron Micro-Compact This compact pistol, billed as "the ultimate concealed carry pistol," was the runaway winner, entering the Gun Genius rankings in March in the top spot and remaining in that position for the entire year. As the name implies, this weapon has a compact design ideal for everyday handling, but it carries a powerful punch. The P365 fits 10 rounds in its miniature magazine, more than most compact handguns. SIG Sauer engineered this firearm from the ground up with the specific goal of coming in shorter, lighter, and thinner than almost anything in its class, which might explain the weapon's widespread popularity. If there is a conclusion to be drawn from this list, it is that compact and lightweight guns designed for the personal-protection buyer are the most popular. The industry knows this, and each company in the field is constantly looking to one-up the others with new design innovations. Expect another shootout in 2019. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Lou Whiteman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy .
[Social Media Buzz]
https://t.co/WAnyyu1zjg Amazon Audible - If you haven't tried Audible yet then you're missing out. Get your FREE TRIAL TODAY! #amazon #itunes #googleplay #spotify #appjoy #bitcoin #paypal #kindle #steam #ebay #amazonia #amazonprime #giftcard #clashofclans #audible #free #trial https://t.co/NKi9KsZEmo || #cryptocurrency Price Analysis for #Bitsend #BSD :
Last Hour Change : -2.11 % || 17-12-2018 12:00
Price in #USD : 0.0629964474 || Price in #EUR : 0.0556010424
New Price in #Bitcoin #BTC : 0.0000...
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3696.06, 3745.95, 4134.44, 3896.54, 4014.18, 3998.98, 4078.60, 3815.49, 3857.30, 3654.83
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 3924.37, 3960.91, 4048.73, 4025.23, 4032.51, 4071.19, 4087.48, 4029.33, 4023.97, 4035.83, 4022.17, 3963.07, 3985.08, 4087.07, 4069.11, 4098.37, 4106.66, 4105.40, 4158.18, 4879.88, 4973.02, 4922.80, 5036.68, 5059.82, 5198.90, 5289.77, 5204.96, 5324.55, 5064.49, 5089.54, 5096.59, 5167.72, 5067.11, 5235.56, 5251.94, 5298.39, 5303.81, 5337.89, 5314.53, 5399.37, 5572.36, 5464.87, 5210.52, 5279.35, 5268.29, 5285.14, 5247.35, 5350.73, 5402.70, 5505.28, 5768.29, 5831.17, 5795.71, 5746.81, 5829.50, 5982.46, 6174.53, 6378.85, 7204.77, 6972.37, 7814.92, 7994.42, 8205.17, 7884.91, 7343.90, 7271.21, 8197.69, 7978.31, 7963.33, 7680.07, 7881.85, 7987.37, 8052.54, 8673.22, 8805.78, 8719.96, 8659.49, 8319.47, 8574.50, 8564.02, 8742.96, 8209.00, 7707.77, 7824.23, 7822.02, 8043.95, 7954.13, 7688.08, 8000.33, 7927.71.
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[Bitcoin Technical Analysis for 2019-06-11]
Volume: 17107279932, RSI (14-day): 51.69, 50-day EMA: 7260.53, 200-day EMA: 5756.59
[Wider Market Context]
Gold Price: 1326.40, Gold RSI: 63.17
Oil Price: 53.27, Oil RSI: 32.05
[Recent News (last 7 days)]
Cashless-Bound: Japan's Transport and E-Commerce Partnership on the Fast Track: The Japanese transportation industry is leading the country’s long-standing efforts to go cashless. Earlier this month, two major players from the archipelago’s e-commerce and transport industriespartnered upto simplify and promote payments that do not require hard cash.
Homegrown e-commerce giantRakutenplans to incorporate its services into Japan’s premier railway firm, the East Japan Railway Company or JR East to provide electronic support for its “Suica” cards.
The cards are used to access trains as well as to pay for goods and services at certain kiosks in train stations and select stores around the country. If all goes as planned, users will be able to charge their transit cards using the Rakuten Pay mobile app by 2020.
There are some 5,000 train stations and approximately 50,000 buses in Japan, according to the government data. Currently, Rakuten Pay is used in more than 600,000 stores in Japan.
In a country with strong cultural affinity toward bills and coins, the latest move could bring about a huge change to the daily routine of Japanese commuters and possibly contribute to the country’s push towards the use of cashless payment systems.
The latestdatafrom Japan’s Ministry of Economy, Trade and Industry (METI) shows only 20% of the country’s population make a payment through cashless methods — a behavior Tokyo has actively been trying to change.
Back in March 2017, METIlaunchedthe “Cashless Vision” campaign to encourage its citizens to go try digital payments.
Two years after that, the Japanese government also published an updated copy of itsAbenomicspolicy, named after Prime Minister Shinzo Abe, which reiterates the country’s goal of achieving a cashless payment rate of 40% by 2027. Prime Minister Shinzo Abe
The main reason for this campaign comes down to the reluctance of the Japanese people to move away from using cash in their day-to-day transactions. Takeshi Tashiro, a visiting fellow at the Peterson Institute for International Economics, told Cointelegraph a number of socioeconomic factors have perpetuated the Japanese affinity of using cash.
“Japan's cashless payment ratio is approximately 20%. Some of the reasons are high reliability of cash, low theft and high security; as well as easy access to cash. Deflation might contribute to this trend as that increases the value of cash.”
Another contributing factor is Japan’s aging population. Over the past 40 years, the number of Japanese people over the age of 65 has nearly quadrupled.
"For more than two decades, Japan has had a 'graying population' due to both long-life spans and low birth-rates,” a former United Nations official in Japan who asked to remain anonymous remarked in an interview with Cointelegraph. “Consequently, the elderly population tends to stick to the old habit of using cash; a habit learned from a time before cash cards, ATMs and credit credits were issued in the late 1980s."
The convergence of these factors, namely low crime, deflation, and an older population that are content to continue using cash have left the country lagging behind others that are quickly adopting a variety of digital payment options.
The partnership between Rakuten and JR East could be an important catalyst in the adoption of an intangible payment system and break down the cultural apathy toward it.
In March, a number of publications speculated Rakuten Pay would considerincorporatingcryptocurrency support on its mobile app.
Given the newly announced partnership with JR East, this could mean that Japanese commuters might be able to use cryptocurrency to top up their Suica cards from next year.
Rakuten Payment CEO Koichi Nakamura told Cointelegraph Japan last week that it could not elaborate on the incorporation of cryptocurrencies as a payment option but conceded the company had reached a point where a final decision needed to be made.
“At this very moment, there is nothing we can share with you as to crypto payments,” Nakamura replied to an inquiry from Cointelegraph Japan, right after the press conference in which its collaboration with JR East wasannounced.
“But now we are in a phase where we consider whether or not we can use cryptocurrency as a source of payments,” he continued.
The CEO highlighted two important considerations that would ultimately decide whether the company would include cryptocurrency support for the Rakuten Pay app:
“First and most importantly, the crypto related service has to be safe. It has to comply with proper regulatory frameworks. Second, it shouldn’t be difficult for users to use. We aim for familiarity, convenience and comfort. I don’t want that to be too difficult to handle from the beginning. You know there are still some people who think that smartphone payments are too difficult to use.”
Rakuten is widely considered as the Japanese equivalent ofAmazon, and its partnership with JR East would likely affect almost all Japanese commuters and online shoppers. Based on data fromStatista, Japan’s railways serviced more than 70% of the country’s total passenger transport volume in 2016.
The e-commerce giant’s position as a leader in its field gives it hefty clout in promoting the use of cryptocurrency as well. It is one of the latest companies to receive a license to operate a cryptocurrency exchange by Japan’s Financial Services Authority.
Late March, the companyannouncedit would launch its exchange, dubbed Rakuten Wallet, this month with account applications havingopenedin April. Rakuten hadacquiredthe service formerly known as Everybody’s Bitcoin in August last year for just over $2 million.
The strong cash dependency in Japan is in stark contrast to other countries in the region, especially its closest neighbors.
In recent years,South Koreahas become a major hub for cryptocurrency trading, despite its government taking atough stancetoward the sector. The country has becomefamousfor the “Kimchi Premium,” referring to the fact that traders pay a much higher price for bitcoin compared to the price of the cryptocurrency on exchanges in other countries.
Even in the midst of a bleak cryptocurrency market over the past 18 months, areportsuggested South Koreans were buying more digital currency in April 2019 than in previous years. The country’s central banksurveyrevealed cash payments only accounted for 20% of payments made in the peninsula last year.
In his correspondence with Cointelegraph, Tashiro argued South Korea’s advantage in this regard is mainly down to government policies that have promoted the use of alternative payment methods, in addition to the more widespread opinion of South Koreans’ appetite for the fast adoption of new technology.
“Korea has one of the world's most widely used cashless payment systems, with its cashless payment ratio exceeding 90%. This is because, as a national policy, credit card settlement was promoted under the guidance of the national government, including deductions of 20% of the amount of income used by credit cards and obliging stores to use credit cards.”
China is also on track to becoming a cashless society. This is largely due to the presence of two of the world’s biggest companies,TencentandAlibaba. The two tech giants enjoy a near monopoly on the country’s messaging and payment applications, respectively dubbedWeChat PayandAlipay.
By 2017, there were mediareportsthat nearly three quarters of Chinese people were using digital payment methods over cash. Just to indicate how popular WeChat Pay had become, data from an Ipsos survey in the same year showed it had become the leading smartphone application for Chinese consumers to make payments with over1 billionactive monthly users.
China’s mobile transactions were far higher than that of the United States in2017, thanks to its 1.4 billion citizens. Last year, the U.S. population was recorded at 327.2 million.
By virtue of the sheer number of users in China, WeChat Pay and Alipay have expedited the country’s transition from cash to digital payments, bypassing checks and credit cards.
Tokyo is making concerted efforts to encourage the development of new cashless payment services and their adoption by general consumers.
Ahead of the newsales taxincrease this October, the Japanese government is taking steps to stimulate consumer spending. One of these steps is the provision of reward points of up to five percent on purchases made with cashless payments at small and medium-sized businesses. The incentive will be in effect for nine months to encourage Japanese consumers to try out the various cashless payment options available.
The partnership between two household names in Japan could give a major boost to the government’s continued efforts to encourage its aging population to try new payment methods. Combined with the Japanese regulatory body’s active involvement in cryptocurrency trade, 2019 might be the year when old habits finally give way to the change of times.
Hisashi Oki, Managing Editor at Cointelegraph Japan contributed to this article
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• Rakuten Partners With Japan’s Biggest Railway Firm to Promote Cashless Payments || Cashless-Bound: Japan's Transport and E-Commerce Partnership on the Fast Track: The Japanese transportation industry is leading the country’s long-standing efforts to go cashless. Earlier this month, two major players from the archipelago’s e-commerce and transport industries partnered up to simplify and promote payments that do not require hard cash. Homegrown e-commerce giant Rakuten plans to incorporate its services into Japan’s premier railway firm, the East Japan Railway Company or JR East to provide electronic support for its “Suica” cards. The cards are used to access trains as well as to pay for goods and services at certain kiosks in train stations and select stores around the country. If all goes as planned, users will be able to charge their transit cards using the Rakuten Pay mobile app by 2020. There are some 5,000 train stations and approximately 50,000 buses in Japan, according to the government data. Currently, Rakuten Pay is used in more than 600,000 stores in Japan. In a country with strong cultural affinity toward bills and coins, the latest move could bring about a huge change to the daily routine of Japanese commuters and possibly contribute to the country’s push towards the use of cashless payment systems. Cash is king The latest data from Japan’s Ministry of Economy, Trade and Industry (METI) shows only 20% of the country’s population make a payment through cashless methods — a behavior Tokyo has actively been trying to change. Back in March 2017, METI launched the “Cashless Vision” campaign to encourage its citizens to go try digital payments. Two years after that, the Japanese government also published an updated copy of its Abenomics policy, named after Prime Minister Shinzo Abe, which reiterates the country’s goal of achieving a cashless payment rate of 40% by 2027. Prime Minister Shinzo Abe The main reason for this campaign comes down to the reluctance of the Japanese people to move away from using cash in their day-to-day transactions. Takeshi Tashiro, a visiting fellow at the Peterson Institute for International Economics, told Cointelegraph a number of socioeconomic factors have perpetuated the Japanese affinity of using cash. Story continues “Japan's cashless payment ratio is approximately 20%. Some of the reasons are high reliability of cash, low theft and high security; as well as easy access to cash. Deflation might contribute to this trend as that increases the value of cash.” Another contributing factor is Japan’s aging population. Over the past 40 years, the number of Japanese people over the age of 65 has nearly quadrupled. "For more than two decades, Japan has had a 'graying population' due to both long-life spans and low birth-rates,” a former United Nations official in Japan who asked to remain anonymous remarked in an interview with Cointelegraph. “Consequently, the elderly population tends to stick to the old habit of using cash; a habit learned from a time before cash cards, ATMs and credit credits were issued in the late 1980s." Population Makeup in Japan The convergence of these factors, namely low crime, deflation, and an older population that are content to continue using cash have left the country lagging behind others that are quickly adopting a variety of digital payment options. The partnership between Rakuten and JR East could be an important catalyst in the adoption of an intangible payment system and break down the cultural apathy toward it. Topping up Suica cards with crypto? In March, a number of publications speculated Rakuten Pay would consider incorporating cryptocurrency support on its mobile app. Given the newly announced partnership with JR East, this could mean that Japanese commuters might be able to use cryptocurrency to top up their Suica cards from next year. Rakuten Payment CEO Koichi Nakamura told Cointelegraph Japan last week that it could not elaborate on the incorporation of cryptocurrencies as a payment option but conceded the company had reached a point where a final decision needed to be made. “At this very moment, there is nothing we can share with you as to crypto payments,” Nakamura replied to an inquiry from Cointelegraph Japan, right after the press conference in which its collaboration with JR East was announced . “But now we are in a phase where we consider whether or not we can use cryptocurrency as a source of payments,” he continued. The CEO highlighted two important considerations that would ultimately decide whether the company would include cryptocurrency support for the Rakuten Pay app: “First and most importantly, the crypto related service has to be safe. It has to comply with proper regulatory frameworks. Second, it shouldn’t be difficult for users to use. We aim for familiarity, convenience and comfort. I don’t want that to be too difficult to handle from the beginning. You know there are still some people who think that smartphone payments are too difficult to use.” Rakuten is widely considered as the Japanese equivalent of Amazon , and its partnership with JR East would likely affect almost all Japanese commuters and online shoppers. Based on data from Statista , Japan’s railways serviced more than 70% of the country’s total passenger transport volume in 2016. The e-commerce giant’s position as a leader in its field gives it hefty clout in promoting the use of cryptocurrency as well. It is one of the latest companies to receive a license to operate a cryptocurrency exchange by Japan’s Financial Services Authority. Late March, the company announced it would launch its exchange, dubbed Rakuten Wallet, this month with account applications having opened in April. Rakuten had acquired the service formerly known as Everybody’s Bitcoin in August last year for just over $2 million. How does Japan stack up to its cashless promoting neighbors? The strong cash dependency in Japan is in stark contrast to other countries in the region, especially its closest neighbors. Cashless Payment Usage in Northeast Asia In recent years, South Korea has become a major hub for cryptocurrency trading, despite its government taking a tough stance toward the sector. The country has become famous for the “Kimchi Premium,” referring to the fact that traders pay a much higher price for bitcoin compared to the price of the cryptocurrency on exchanges in other countries. Even in the midst of a bleak cryptocurrency market over the past 18 months, a report suggested South Koreans were buying more digital currency in April 2019 than in previous years. The country’s central bank survey revealed cash payments only accounted for 20% of payments made in the peninsula last year. In his correspondence with Cointelegraph, Tashiro argued South Korea’s advantage in this regard is mainly down to government policies that have promoted the use of alternative payment methods, in addition to the more widespread opinion of South Koreans’ appetite for the fast adoption of new technology. “Korea has one of the world's most widely used cashless payment systems, with its cashless payment ratio exceeding 90%. This is because, as a national policy, credit card settlement was promoted under the guidance of the national government, including deductions of 20% of the amount of income used by credit cards and obliging stores to use credit cards.” China is also on track to becoming a cashless society. This is largely due to the presence of two of the world’s biggest companies, Tencent and Alibaba . The two tech giants enjoy a near monopoly on the country’s messaging and payment applications, respectively dubbed WeChat Pay and Alipay . By 2017, there were media reports that nearly three quarters of Chinese people were using digital payment methods over cash. Just to indicate how popular WeChat Pay had become, data from an Ipsos survey in the same year showed it had become the leading smartphone application for Chinese consumers to make payments with over 1 billion active monthly users. China’s mobile transactions were far higher than that of the United States in 2017 , thanks to its 1.4 billion citizens. Last year, the U.S. population was recorded at 327.2 million. By virtue of the sheer number of users in China, WeChat Pay and Alipay have expedited the country’s transition from cash to digital payments, bypassing checks and credit cards. Private sector as the key to Japan’s move away from cash Tokyo is making concerted efforts to encourage the development of new cashless payment services and their adoption by general consumers. Ahead of the new sales tax increase this October, the Japanese government is taking steps to stimulate consumer spending. One of these steps is the provision of reward points of up to five percent on purchases made with cashless payments at small and medium-sized businesses. The incentive will be in effect for nine months to encourage Japanese consumers to try out the various cashless payment options available. The partnership between two household names in Japan could give a major boost to the government’s continued efforts to encourage its aging population to try new payment methods. Combined with the Japanese regulatory body’s active involvement in cryptocurrency trade, 2019 might be the year when old habits finally give way to the change of times. Hisashi Oki, Managing Editor at Cointelegraph Japan contributed to this article Related Articles: Cypherpunk Adam Back Speaks of Blockchain Benefits at G20 Meeting of Finance Ministers Mt. Gox’s Karpeles: Press Rumors About My Blockchain Plans Are False Japan’s LINE Pay and Visa Partner on New Blockchain, Digital Payments Solutions Rakuten Partners With Japan’s Biggest Railway Firm to Promote Cashless Payments || Michael Ford Named Newest Bitcoin Core Code Maintainer: Long-time Bitcoin Core contributor Michael Ford, who often goes by the handle “fanquake,” has been named the newest maintainer of the open-source software project. Ford will join the four other current Bitcoin Core maintainers — Wladimir van Der Laan, Jonas Schnelli, Marco Falke, and Samuel Dobson — in doing the “janitorial” work that keeps the most popular version of the bitcoin node software organized and moving forward. The decision was made at the last CoreDev meeting , an invite-only event which gathers many of the most active Bitcoin Core contributors a couple of times a year. As the developers are spread across the world and mostly chat online, this gives them some time to chat face-to-face. 100 Bitcoin Users Perform What Might Be Largest ‘CoinJoin’ Transaction Ever Ford was nominated, as described in a transcript under the Chatham House rule (which doesn’t put names to specific comments in the hopes of promoting freer discussion) written by contributor Bryan Bishop. Ford subsequently added his key to the “trusted keys list” file on GitHub , giving him the ability to merge in changes that have been finalized into the codebase. Ford said on GitHub: “I’ll gain merge access and will continue with all triage/repo management work. I’ll be focusing primarily on build system development with some guidance from [Cory Fields].” Bitcoin Risks Short-Term Bear Reversal Below $7.4K Price Support The title of a maintainer is sometimes conflated with being a leader of a project, which really isn’t what the role entails. Nevertheless, maintainers do play an important role (across all open source projects, no less). Once a code change has been reviewed sufficiently, maintainers help to guide the process and merge in code snippets that have been reviewed sufficiently. Code image via Shutterstock Related Stories Why Academics Love Bitcoin – and Crypto I Started the Silk Road Wikipedia Page (Because Bitcoin) || Michael Ford Named Newest Bitcoin Core Code Maintainer: Long-time Bitcoin Core contributor Michael Ford, who often goes by the handle “fanquake,” has been named the newest maintainer of the open-source software project.
Ford will join the four other current Bitcoin Core maintainers — Wladimir van Der Laan, Jonas Schnelli, Marco Falke, and Samuel Dobson — in doing the “janitorial” work that keeps the most popular version of the bitcoin node software organized and moving forward.
The decision was made at the lastCoreDev meeting, an invite-only event which gathers many of the most active Bitcoin Core contributors a couple of times a year. As the developers are spread across the world and mostly chat online, this gives them some time to chat face-to-face.
100 Bitcoin Users Perform What Might Be Largest ‘CoinJoin’ Transaction Ever
Ford was nominated, as described ina transcriptunder the Chatham House rule (which doesn’t put names to specific comments in the hopes of promoting freer discussion) written by contributor Bryan Bishop.
Ford subsequently added his key to the “trusted keys list” fileon GitHub, giving him the ability to merge in changes that have been finalized into the codebase.
Ford said on GitHub:
“I’ll gain merge access and will continue with all triage/repo management work. I’ll be focusing primarily on build system development with some guidance from [Cory Fields].”
Bitcoin Risks Short-Term Bear Reversal Below $7.4K Price Support
The title of a maintainer is sometimes conflated with being a leader of a project, which really isn’t what the role entails.
Nevertheless, maintainers do play an important role (across all open source projects, no less). Once a code change has been reviewed sufficiently, maintainers help to guide the process and merge in code snippets that have been reviewed sufficiently.
Code image via Shutterstock
• Why Academics Love Bitcoin – and Crypto
• I Started the Silk Road Wikipedia Page (Because Bitcoin) || Michael Ford Named Newest Bitcoin Core Code Maintainer: Long-time Bitcoin Core contributor Michael Ford, who often goes by the handle “fanquake,” has been named the newest maintainer of the open-source software project.
Ford will join the four other current Bitcoin Core maintainers — Wladimir van Der Laan, Jonas Schnelli, Marco Falke, and Samuel Dobson — in doing the “janitorial” work that keeps the most popular version of the bitcoin node software organized and moving forward.
The decision was made at the lastCoreDev meeting, an invite-only event which gathers many of the most active Bitcoin Core contributors a couple of times a year. As the developers are spread across the world and mostly chat online, this gives them some time to chat face-to-face.
100 Bitcoin Users Perform What Might Be Largest ‘CoinJoin’ Transaction Ever
Ford was nominated, as described ina transcriptunder the Chatham House rule (which doesn’t put names to specific comments in the hopes of promoting freer discussion) written by contributor Bryan Bishop.
Ford subsequently added his key to the “trusted keys list” fileon GitHub, giving him the ability to merge in changes that have been finalized into the codebase.
Ford said on GitHub:
“I’ll gain merge access and will continue with all triage/repo management work. I’ll be focusing primarily on build system development with some guidance from [Cory Fields].”
Bitcoin Risks Short-Term Bear Reversal Below $7.4K Price Support
The title of a maintainer is sometimes conflated with being a leader of a project, which really isn’t what the role entails.
Nevertheless, maintainers do play an important role (across all open source projects, no less). Once a code change has been reviewed sufficiently, maintainers help to guide the process and merge in code snippets that have been reviewed sufficiently.
Code image via Shutterstock
• Why Academics Love Bitcoin – and Crypto
• I Started the Silk Road Wikipedia Page (Because Bitcoin) || UAE-Based Crypto Exchange Seals Preliminary Approval From Regulators: United Arab Emirates ( UAE )-based crypto asset exchange and custodian Arabian Bourse (ABX) — a joint venture from GMEX Group and Arshad Khan — has received initial regulatory approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM). The news was reported by financial news website Markets Media on June 6. GMEX Group is a set of firms offering multi-asset exchange trading, post trade infrastructure and business and technology solutions. The Arabian Bourse project — established together with regional exchanges founder Arshad Khan — aims to serve as a compliant, fully-regulated crypto asset exchange and custodian with a focus on international institutional and retail traders. According to Markets Mediz, ABX implements technology from GMEX Group’s blockchain business, specifically its suite of “hybrid centralized and blockchain distributed ledger technology solutions,” dubbed GMEX Fusion. GMEX Group and Arshad Khan are reportedly developing ABX as an “integrated ecosystem for crypto assets listing, trading and settlement with associated digital custody, depository and data services.” The forthcoming ecosystem will aim to bridge crypto activity in the Middle East and Northern Africa with other international crypto centers. ABX is to be based in the Abu Dhabi Global Market Authorities Building — reportedly in order to benefit from the city’s proactive crypto asset regulatory framework, high concentration of international financial institutions, and the ostensibly rapidly developing crypto asset industry in the wider region. As Cointelegraph has previously reported , UAE-based cryptocurrency exchange BitOasis secured preliminary approval with financial regulators in mid-May of this year. Data released by CoinSchedule this April indicated that the UAE had been the world’s biggest contributor to crypto token sales since the start of 2019 (raising over 25% of funds, or $210.5 million. Story continues In September 2018, Richard Teng — head of the Financial Services Regulatory Authority of the ADGM, had called for more robust international regulation of cryptocurrencies, noting that “every time a coin gets stolen or lost, it affects the confidence in this asset class.” Related Articles: Traditional Exchanges Pull Back From Reg A+ IPOs Due to Fraud Concerns Binance DEX: Navigating Country-Specific Cryptocurrency Trading Restrictions LocalBitcoins Confirms Removal of Local Cash Trades Binance DEX Website Will Geoblock Users From 29 Countries, Including the US || UAE-Based Crypto Exchange Seals Preliminary Approval From Regulators: United Arab Emirates ( UAE )-based crypto asset exchange and custodian Arabian Bourse (ABX) — a joint venture from GMEX Group and Arshad Khan — has received initial regulatory approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM). The news was reported by financial news website Markets Media on June 6. GMEX Group is a set of firms offering multi-asset exchange trading, post trade infrastructure and business and technology solutions. The Arabian Bourse project — established together with regional exchanges founder Arshad Khan — aims to serve as a compliant, fully-regulated crypto asset exchange and custodian with a focus on international institutional and retail traders. According to Markets Mediz, ABX implements technology from GMEX Group’s blockchain business, specifically its suite of “hybrid centralized and blockchain distributed ledger technology solutions,” dubbed GMEX Fusion. GMEX Group and Arshad Khan are reportedly developing ABX as an “integrated ecosystem for crypto assets listing, trading and settlement with associated digital custody, depository and data services.” The forthcoming ecosystem will aim to bridge crypto activity in the Middle East and Northern Africa with other international crypto centers. ABX is to be based in the Abu Dhabi Global Market Authorities Building — reportedly in order to benefit from the city’s proactive crypto asset regulatory framework, high concentration of international financial institutions, and the ostensibly rapidly developing crypto asset industry in the wider region. As Cointelegraph has previously reported , UAE-based cryptocurrency exchange BitOasis secured preliminary approval with financial regulators in mid-May of this year. Data released by CoinSchedule this April indicated that the UAE had been the world’s biggest contributor to crypto token sales since the start of 2019 (raising over 25% of funds, or $210.5 million. Story continues In September 2018, Richard Teng — head of the Financial Services Regulatory Authority of the ADGM, had called for more robust international regulation of cryptocurrencies, noting that “every time a coin gets stolen or lost, it affects the confidence in this asset class.” Related Articles: Traditional Exchanges Pull Back From Reg A+ IPOs Due to Fraud Concerns Binance DEX: Navigating Country-Specific Cryptocurrency Trading Restrictions LocalBitcoins Confirms Removal of Local Cash Trades Binance DEX Website Will Geoblock Users From 29 Countries, Including the US || Coinbase Earn Now Supports Ethereum-Based Dai Stablecoin: Major crypto platform Coinbase has added a course on MakerDao’s stablecoin dai in its educational portal Coinbase Earn, according to an official blog post by Coinbase on June 10. According to the post, dai is the first stablecoin covered by Coinbase Earn, which will offer videos and quizzes to help users learn about the token, and receive some Dai for their efforts. As summarized in the announcement, the Ethereum -based stablecoin Dai is backed by its sister token maker (MKR) and is balanced around retaining a stable value of $1 over time. Coinbase first announced that they were adding dai to their exchange on May 23. At the time, Coinbase commented that it would be available in most jurisdictions with the exception of New York . As previously reported by Cointelegraph, dai has been worth less than a dollar — lower than its stated goal — for much of 2019, which has sparked at least five voting sessions centered on rebalancing the coin’s value via increasing its stability fee. Coinbase also comments that it anticipates earning in general to grow into a relevant crypto-based activity, ranking alongside the known areas of buying, staking, voting, and mining. Coinbase Earn launched on May 18, following its announcement near the end of 2018. It purports to be a solution for potential investors who are interested in crypto, particularly ones less prominent than bitcoin ( BTC ), but are reluctant to invest without more information: “...one of the biggest barriers preventing people from exploring a new digital asset was a lack of knowledge about that asset. Many of the people we surveyed expressed a strong desire to begin learning about new and different crypto assets beyond Bitcoin, but didn’t know where to begin.” Related Articles: Coinbase Now Supports Cryptocurrency Token EOS Bitcoin Fails to Hold $8K as Cryptos Trade Sideways, Stocks Tumble After Recent Surge Bitcoin Recovers to Trade Above $8,000, Gold Market Reports Losses Bitcoin Price Dips Back Under $8K as Top Cryptos See Moderate Losses || Coinbase Earn Now Supports Ethereum-Based Dai Stablecoin: MajorcryptoplatformCoinbasehas added a course on MakerDao’sstablecoindai in itseducationalportal Coinbase Earn, according to an official blogpostby Coinbase on June 10.
According to the post, dai is the first stablecoin covered by Coinbase Earn, which will offer videos and quizzes to help users learn about the token, and receive some Dai for their efforts.
As summarized in the announcement, theEthereum-based stablecoin Dai is backed by its sister token maker (MKR) and is balanced around retaining a stable value of $1 over time.
Coinbase firstannouncedthat they were adding dai to their exchange on May 23. At the time, Coinbase commented that it would be available in most jurisdictions with the exception ofNew York.
As previously reported by Cointelegraph, dai has been worth less than a dollar — lower than its stated goal — for much of 2019, which has sparked at least five voting sessions centered on rebalancing the coin’s value via increasing its stability fee.
Coinbase also comments that it anticipates earning in general to grow into a relevant crypto-based activity, ranking alongside the known areas of buying, staking, voting, and mining.
Coinbase Earnlaunchedon May 18, following its announcement near the end of 2018. It purports to be a solution for potentialinvestorswho are interested in crypto, particularly ones less prominent than bitcoin (BTC), but are reluctant to invest without more information:
“...one of the biggest barriers preventing people from exploring a new digital asset was a lack of knowledge about that asset. Many of the people we surveyed expressed a strong desire to begin learning about new and different crypto assets beyond Bitcoin, but didn’t know where to begin.”
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• Bitcoin Price Dips Back Under $8K as Top Cryptos See Moderate Losses || 100 Bitcoin Users Perform What Might Be Largest ‘CoinJoin’ Transaction Ever: The community behind the privacy-centric bitcoin app Wasabi Wallet recently brought together 100 people to collectively execute a “CoinJoin” transaction on bitcoin in what might be the biggest event of its kind. Some context: bitcoin itself is far from private, as users can, via the blockchain, see where coins are being transferred to and from. One effort to afford greater privacy to transactions is CoinJoin, a long-standing technology first proposed in 2013 by long-time bitcoin idea man and cryptographer Greg Maxwell. The idea is that transactions can be made more private by jumbling a number of different transactions together and then redistributing them. At 100 transactions, Wasabi Wallet’s effort might be the biggest, but it’s certainly an advancement for the privacy tech as a whole. Bitcoin Risks Short-Term Bear Reversal Below $7.4K Price Support “There wasn’t any service created to do such large CoinJoins,” zkSNACKS CTO Adam Fiscor told CoinDesk, which launched Wasabi Wallet last year to make CoinJoin transactions easier to use. Fiscor did add one small caveat that it’s “possible” that Blockchain’s SharedCoin has done one as large, “but I’m not sure if it’s relevant.” As Fiscor explained to CoinDesk, the event represented “the largest practical CoinJoin that can be done on the bitcoin network.” That’s because of some of the built-in restrictions on the bitcoin network, such as the limit on the amount of data that can be included in a single transaction block), as well as the human practicalities of getting so many people to transact together at once. “The third caveat is that it’s pretty damn hard to coordinate 100 people over the Tor network,” Fiscor remarked. And indeed, the transaction took a while to execute. Partially on the Wasabi Wallet reddit , the community tried unsuccessfully for a while to organize a 100 person CoinJoin, getting 94, 97, 92, and even 99 participants before reaching their round goal of 100. The future of privacy? Samourai, Nodl to Launch Bitcoin Lightning Node With Mixing Features Story continues Going further, Fiscor hopes this large CoinJoin transaction offers a showcase of the norm for bitcoin’s use into the future. In short, the more transactions in a CoinJoin, the more privacy you get, because with more users it becomes harder to untangle all the transactions that initially went in. “However, ‘anonymity loves company’ the more participants there are, the better your privacy is, and the faster the CoinJoin rounds are,” the Wasabi Wallet website explains . Getting 100 people to join together for a transaction might seem like overkill, but Fiscor sees it as the future because the more transactions in one, the more efficient it is, too. “In the long term bitcoin mixing will be either priced out from the blockchain or improve to be as cost efficient as possible. The more participants there are, the more cost efficiency can be gained,” Fiscor said. And that’s especially the case with upcoming technologies that could be added to bitcoin — if everyone agrees they should be implemented, that is. There’s “ Schnorr ,” for instance, a technology that could build in functionality into bitcoin to meld transaction signatures together. “For example Schnorr input signature aggregation is way more efficient with 100 people than with [two],” Fiscor said, adding: “Same goes for Bulletproofs. Or just simply tinkering on the optimal mix outputs given a set of inputs.” Fiber optic cable image via Shutterstock Related Stories Why Academics Love Bitcoin – and Crypto I Started the Silk Road Wikipedia Page (Because Bitcoin) || 100 Bitcoin Users Perform What Might Be Largest ‘CoinJoin’ Transaction Ever: The community behind the privacy-centric bitcoin app Wasabi Wallet recently brought together 100 people to collectively execute a “CoinJoin” transaction on bitcoin in what might be the biggest event of its kind.
Some context: bitcoin itself is far from private, as users can, via the blockchain, see where coins are being transferred to and from. One effort to afford greater privacy to transactions is CoinJoin, a long-standing technology first proposedin 2013by long-time bitcoin idea man and cryptographer Greg Maxwell. The idea is that transactions can be made more private by jumbling a number of different transactions together and then redistributing them.
At 100 transactions, Wasabi Wallet’s effortmightbe the biggest, but it’s certainly an advancement for the privacy tech as a whole.
Bitcoin Risks Short-Term Bear Reversal Below $7.4K Price Support
“There wasn’t any service created to do such large CoinJoins,” zkSNACKS CTO Adam Fiscor told CoinDesk, whichlaunched Wasabi Wallet last yearto make CoinJoin transactions easier to use. Fiscor did add one small caveat that it’s “possible” that Blockchain’sSharedCoinhas done one as large, “but I’m not sure if it’s relevant.”
As Fiscor explained to CoinDesk, the event represented “the largest practical CoinJoin that can be done on the bitcoin network.” That’s because of some of the built-in restrictions on the bitcoin network, such as the limit on the amount of data that can be included in a single transaction block), as well as the human practicalities of getting so many people to transact together at once.
“The third caveat is that it’s pretty damn hard to coordinate 100 people over the Tor network,” Fiscor remarked.
And indeed, the transaction took a while to execute. Partially on theWasabi Wallet reddit, the community tried unsuccessfully for a while to organize a 100 person CoinJoin, getting 94, 97, 92, and even 99 participants before reaching their round goal of 100.
Samourai, Nodl to Launch Bitcoin Lightning Node With Mixing Features
Going further, Fiscor hopes this large CoinJoin transaction offers a showcase of the norm for bitcoin’s use into the future.
In short, the more transactions in a CoinJoin, the more privacy you get, because with more users it becomes harder to untangle all the transactions that initially went in.
“However, ‘anonymity loves company’ the more participants there are, the better your privacy is, and the faster the CoinJoin rounds are,” the Wasabi Wallet websiteexplains.
Getting 100 people to join together for a transaction might seem like overkill, but Fiscor sees it as the future because the more transactions in one, the more efficient it is, too.
“In the long term bitcoin mixing will be either priced out from the blockchain or improve to be as cost efficient as possible. The more participants there are, the more cost efficiency can be gained,” Fiscor said.
And that’s especially the case with upcoming technologies that could be added to bitcoin — if everyone agrees they should be implemented, that is.
There’s “Schnorr,” for instance, a technology that could build in functionality into bitcoin to meld transaction signatures together.
“For example Schnorr input signature aggregation is way more efficient with 100 people than with [two],” Fiscor said, adding: “Same goes for Bulletproofs. Or just simply tinkering on the optimal mix outputs given a set of inputs.”
Fiber optic cable imagevia Shutterstock
• Why Academics Love Bitcoin – and Crypto
• I Started the Silk Road Wikipedia Page (Because Bitcoin) || 100 Bitcoin Users Perform What Might Be Largest ‘CoinJoin’ Transaction Ever: The community behind the privacy-centric bitcoin app Wasabi Wallet recently brought together 100 people to collectively execute a “CoinJoin” transaction on bitcoin in what might be the biggest event of its kind.
Some context: bitcoin itself is far from private, as users can, via the blockchain, see where coins are being transferred to and from. One effort to afford greater privacy to transactions is CoinJoin, a long-standing technology first proposedin 2013by long-time bitcoin idea man and cryptographer Greg Maxwell. The idea is that transactions can be made more private by jumbling a number of different transactions together and then redistributing them.
At 100 transactions, Wasabi Wallet’s effortmightbe the biggest, but it’s certainly an advancement for the privacy tech as a whole.
Bitcoin Risks Short-Term Bear Reversal Below $7.4K Price Support
“There wasn’t any service created to do such large CoinJoins,” zkSNACKS CTO Adam Fiscor told CoinDesk, whichlaunched Wasabi Wallet last yearto make CoinJoin transactions easier to use. Fiscor did add one small caveat that it’s “possible” that Blockchain’sSharedCoinhas done one as large, “but I’m not sure if it’s relevant.”
As Fiscor explained to CoinDesk, the event represented “the largest practical CoinJoin that can be done on the bitcoin network.” That’s because of some of the built-in restrictions on the bitcoin network, such as the limit on the amount of data that can be included in a single transaction block), as well as the human practicalities of getting so many people to transact together at once.
“The third caveat is that it’s pretty damn hard to coordinate 100 people over the Tor network,” Fiscor remarked.
And indeed, the transaction took a while to execute. Partially on theWasabi Wallet reddit, the community tried unsuccessfully for a while to organize a 100 person CoinJoin, getting 94, 97, 92, and even 99 participants before reaching their round goal of 100.
Samourai, Nodl to Launch Bitcoin Lightning Node With Mixing Features
Going further, Fiscor hopes this large CoinJoin transaction offers a showcase of the norm for bitcoin’s use into the future.
In short, the more transactions in a CoinJoin, the more privacy you get, because with more users it becomes harder to untangle all the transactions that initially went in.
“However, ‘anonymity loves company’ the more participants there are, the better your privacy is, and the faster the CoinJoin rounds are,” the Wasabi Wallet websiteexplains.
Getting 100 people to join together for a transaction might seem like overkill, but Fiscor sees it as the future because the more transactions in one, the more efficient it is, too.
“In the long term bitcoin mixing will be either priced out from the blockchain or improve to be as cost efficient as possible. The more participants there are, the more cost efficiency can be gained,” Fiscor said.
And that’s especially the case with upcoming technologies that could be added to bitcoin — if everyone agrees they should be implemented, that is.
There’s “Schnorr,” for instance, a technology that could build in functionality into bitcoin to meld transaction signatures together.
“For example Schnorr input signature aggregation is way more efficient with 100 people than with [two],” Fiscor said, adding: “Same goes for Bulletproofs. Or just simply tinkering on the optimal mix outputs given a set of inputs.”
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• Why Academics Love Bitcoin – and Crypto
• I Started the Silk Road Wikipedia Page (Because Bitcoin) || BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: Price Analysis 10/06: The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Market data is provided by theHitBTCexchange.
In a joint communiqué, G20 finance ministers and central bank governors have said that “technological innovations, including those underlying crypto-assets, can deliver significantbenefitsto the financial system and the broader economy.” This statement suggests thatcentral banksare warming up to the new technology. However, they have also warned regulatory authorities to monitor risks in crypto assets “related to consumer and investor protection, anti-money laundering and countering the financing of terrorism.”
WithFacebooklikely to announce the details of its crypto project in a few days, we believe that the downside is limited in the short term. However, if the project disappoints, we might see a decent sized correction in cryptocurrencies that can be used as a buying opportunity. If the details positively surprise markets, we might see a spike in most major cryptocurrencies that can be used to lighten up positions, because we do not expect a repeat of 2017. If the project only meets expectations, even then we might see a correction play out.
Which cryptocurrencies look good for a short-term trade? Let us find out.
The bulls failed to push Bitcoin (BTC) above the 20-day EMA on June 7 and 8. Currently, the price has again bounced off the neckline of the head and shoulders (H&S) pattern and is trying to scale the 20-day EMA. This is a positive sign.
The 20-day EMA is flat and the RSI is just above the center. This points to a consolidation in the short term. The range might be between $7,413.46 and $9,000. If the bulls push the price above the 20-day EMA, a rally to $9,000 is probable.
However, if theBTC/USDpair reverses direction from the overhead resistance and plummets below the neckline, it will complete a head and shoulders pattern that has a target objective of $5,371.12. It is unlikely that the pair will dive to such a low level. There are strong supports at the 50-day SMA and below it at $5,900. We expect buying to emerge at these support levels. Currently, we do not find any reliable buy setups.
Ethereum (ETH) is range bound. It has currently dropped to the bottom of the $225.39–$280 range. The bulls are attempting to bounce off $225.39. If successful, the price will try to move up to the top of the range at $280 and the consolidation might extend for a few more days.
The 20-day EMA is flat and the RSI is close to the center. This suggests a balance between the bears and the bulls. If theETH/USDpair breaks down of the range and the 50-day SMA, a fall to $167.20 is possible.
Short-term traders can wait for the pair to break out and sustain above the 20-day EMA for about 4 hours before buying with a stop loss of $220. The target is to book profits near the top of the range. Trading inside the range can be volatile, therefore, keep the position size only about 30% of usual.
Ripple (XRP) broke down of the symmetrical triangle on June 9. A breakdown of this pattern has a target objective of $0.26741. However, the bulls are currently attempting to push the price back into the triangle. If successful, the breakdown will be considered a bear trap.
If the price fails to scale back into the triangle, it might turn around and drop to the next critical support of $0.35660. We anticipate strong buying at this level but if this support also cracks, a decline to $0.27795 will be in the cards.
Our bearish view will be invalidated if theXRP/USDpair rises and sustains above the trendline of the symmetrical triangle. This will prolong the stay inside the triangle. The flattish 20-day EMA and the RSI close to the midpoint suggests a consolidation.
The trend will turn positive on a breakout and close (UTC time) above the triangle. For now, the traders can maintain the stop loss on thelongposition at $0.35. We will raise the stop loss at the first available opportunity.
Litecoin (LTC) is in an uptrend. The price is attempting to break out of the resistance line of the ascending channel. A breakout can carry the price towards the pattern target of $158.91. If this level is crossed, the next level to watch is $184.7940.
If the bulls fail to push the price above the channel, theLTC/USDpair might continue to move up inside the channel. The momentum will weaken on a breakdown of the 20-day EMA and the trend will turn bearish if the price plunges below the critical support of $91.
Traders can watch the price action near the resistance line of the channel closely. If the pair struggles to break out of it, the stops can be tightened further. For now, we suggest trailing the stops on remaininglongpositions to $98.
Bitcoin Cash (BCH) is in a weak uptrend. The 20-day EMA is gradually sloping down and the RSI is close to the center. This suggests that bears are trying to gain an upper hand. A breakdown of the 50-day SMA and the support line of the channel will indicate a trend change.
On the other hand, if theBCH/USDpair rises above the 20-day EMA, the bulls will again try to push it back towards the resistance line of the channel. A breakout of the channel will propel the pair to $480. Though positive, we do not find a reliable buy setup, hence, we are not proposing a trade in it.
EOShas been trading inside the ascending channel, which suggests that the trend is up. However, the short-term trend has weakened as the price has stayed below the 20-day EMA for the past 6 days and the RSI has also fallen below 50. The medium-term trend, nevertheless, remains bullish as the 50-day SMA is still sloping up.
If theEOS/USDpair bounces off the 50-day SMA and ascends the overhead resistance of $6.8299, it will indicate strength. The next stop is the resistance line of the channel and above it $8.6503. Therefore, we retain the buy recommendation given in thepreviousanalysis.
Our bullish view will be negated if the pair fails to hold the 50-day SMA and the support line of the ascending channel. That can result in a drop to $4.4930.
Binance Coin (BNB) has been in a strong uptrend. The current pullback has found support just below the 20-day EMA. This shows that the bulls are buying on dips. A breakout of the downtrend line is likely to resume the uptrend and propel the price to lifetime highs.
Short-term traders can buy if the price sustains above $33 for four hours. The stop loss can be kept at $28. Please keep the position size about 50% of usual. If the momentum picks up, the cryptocurrency can even extend the rally to $46.1645899. However, as this is a short-term trade, traders should keep trailing the stops higher to reduce the risk.
On the other hand, if theBNB/USDpair fails to sustain above the downtrend line, it can form a range. The support of the range might be closer to $28, but we still do not know the resistance. The trend will turn negative if the pair plunges and sustains below the 50-day SMA.
Bitcoin SV (BSV) is presently in a pullback in an uptrend. The bulls are trying to defend 38.2% Fibonacci retracement level of the recent rally. If successful, the cryptocurrency might remain range bound between $175 and $240 for the next few days. A consolidation near the highs is a positive sign. This shows that the bulls are in no hurry to book profits even after a vertical rally.
The uptrend will resume on a breakout to new highs. Such a move can carry theBSV/USDpair $307.789 and above it to $340.248.
However, if the bears sink the pair below $175, it can decline to $152.015, which is the 50% retracement level of the recent rally. A breakdown of this support will signal a change in trend. We do not find a reliable buy setup so we do not suggest a trade in it.
Stellar (XLM) is struggling to sustain the bounce from the strong support of $0.11507853. This shows a lack of demand at higher levels. If the bulls push the price above the 20-day EMA, the cryptocurrency might trade inside the $0.11507853–$0.14861760 range for a few days.
TheXLM/USDpair will complete an inverse head and shoulders pattern on a breakout and close (UTC time frame) above $0.14861760 that has a minimum target objective of $0.22466773. Therefore, we might suggest long positions if the pair sustains the breakout. But if the bears sink the cryptocurrency below $0.11507853, it can correct to $0.08558676.
Cardano (ADA) is currently range bound between the 50-day SMA and $0.10. Both the moving averages are flat and the RSI is at the midpoint. This suggests a balance between buyers and sellers.
The bulls have been attempting to keep the price above the 50-day SMA for the past few days. Though the support has held, the cryptocurrency has failed to sustain the bounce. This shows a lack of demand at higher levels.
If the bulls push the price above the 20-day EMA, theADA/USDpair might move up to $0.10. A breakout and close (UTC time frame) above $0.10 will complete a rounding bottom formation that has a target objective of $0.22466773. We might suggest long positions after the price sustains above $0.10. On the contrary, if the support at the 50-day SMA gives way, the digital currency can dip to $0.057898.
Market data is provided by theHitBTCexchange. Charts for analysis are provided byTradingView.
• Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Binance Coin, Bitcoin SV, Stellar, Cardano: Price Analysis May 31
• BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, TRX: Price Analysis 07/06
• BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX: Price Analysis 05/06
• Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, Binance Coin, Bitcoin SV, Stellar, Tron: Price Analysis June 3 || BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: Price Analysis 10/06: The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Market data is provided by theHitBTCexchange.
In a joint communiqué, G20 finance ministers and central bank governors have said that “technological innovations, including those underlying crypto-assets, can deliver significantbenefitsto the financial system and the broader economy.” This statement suggests thatcentral banksare warming up to the new technology. However, they have also warned regulatory authorities to monitor risks in crypto assets “related to consumer and investor protection, anti-money laundering and countering the financing of terrorism.”
WithFacebooklikely to announce the details of its crypto project in a few days, we believe that the downside is limited in the short term. However, if the project disappoints, we might see a decent sized correction in cryptocurrencies that can be used as a buying opportunity. If the details positively surprise markets, we might see a spike in most major cryptocurrencies that can be used to lighten up positions, because we do not expect a repeat of 2017. If the project only meets expectations, even then we might see a correction play out.
Which cryptocurrencies look good for a short-term trade? Let us find out.
The bulls failed to push Bitcoin (BTC) above the 20-day EMA on June 7 and 8. Currently, the price has again bounced off the neckline of the head and shoulders (H&S) pattern and is trying to scale the 20-day EMA. This is a positive sign.
The 20-day EMA is flat and the RSI is just above the center. This points to a consolidation in the short term. The range might be between $7,413.46 and $9,000. If the bulls push the price above the 20-day EMA, a rally to $9,000 is probable.
However, if theBTC/USDpair reverses direction from the overhead resistance and plummets below the neckline, it will complete a head and shoulders pattern that has a target objective of $5,371.12. It is unlikely that the pair will dive to such a low level. There are strong supports at the 50-day SMA and below it at $5,900. We expect buying to emerge at these support levels. Currently, we do not find any reliable buy setups.
Ethereum (ETH) is range bound. It has currently dropped to the bottom of the $225.39–$280 range. The bulls are attempting to bounce off $225.39. If successful, the price will try to move up to the top of the range at $280 and the consolidation might extend for a few more days.
The 20-day EMA is flat and the RSI is close to the center. This suggests a balance between the bears and the bulls. If theETH/USDpair breaks down of the range and the 50-day SMA, a fall to $167.20 is possible.
Short-term traders can wait for the pair to break out and sustain above the 20-day EMA for about 4 hours before buying with a stop loss of $220. The target is to book profits near the top of the range. Trading inside the range can be volatile, therefore, keep the position size only about 30% of usual.
Ripple (XRP) broke down of the symmetrical triangle on June 9. A breakdown of this pattern has a target objective of $0.26741. However, the bulls are currently attempting to push the price back into the triangle. If successful, the breakdown will be considered a bear trap.
If the price fails to scale back into the triangle, it might turn around and drop to the next critical support of $0.35660. We anticipate strong buying at this level but if this support also cracks, a decline to $0.27795 will be in the cards.
Our bearish view will be invalidated if theXRP/USDpair rises and sustains above the trendline of the symmetrical triangle. This will prolong the stay inside the triangle. The flattish 20-day EMA and the RSI close to the midpoint suggests a consolidation.
The trend will turn positive on a breakout and close (UTC time) above the triangle. For now, the traders can maintain the stop loss on thelongposition at $0.35. We will raise the stop loss at the first available opportunity.
Litecoin (LTC) is in an uptrend. The price is attempting to break out of the resistance line of the ascending channel. A breakout can carry the price towards the pattern target of $158.91. If this level is crossed, the next level to watch is $184.7940.
If the bulls fail to push the price above the channel, theLTC/USDpair might continue to move up inside the channel. The momentum will weaken on a breakdown of the 20-day EMA and the trend will turn bearish if the price plunges below the critical support of $91.
Traders can watch the price action near the resistance line of the channel closely. If the pair struggles to break out of it, the stops can be tightened further. For now, we suggest trailing the stops on remaininglongpositions to $98.
Bitcoin Cash (BCH) is in a weak uptrend. The 20-day EMA is gradually sloping down and the RSI is close to the center. This suggests that bears are trying to gain an upper hand. A breakdown of the 50-day SMA and the support line of the channel will indicate a trend change.
On the other hand, if theBCH/USDpair rises above the 20-day EMA, the bulls will again try to push it back towards the resistance line of the channel. A breakout of the channel will propel the pair to $480. Though positive, we do not find a reliable buy setup, hence, we are not proposing a trade in it.
EOShas been trading inside the ascending channel, which suggests that the trend is up. However, the short-term trend has weakened as the price has stayed below the 20-day EMA for the past 6 days and the RSI has also fallen below 50. The medium-term trend, nevertheless, remains bullish as the 50-day SMA is still sloping up.
If theEOS/USDpair bounces off the 50-day SMA and ascends the overhead resistance of $6.8299, it will indicate strength. The next stop is the resistance line of the channel and above it $8.6503. Therefore, we retain the buy recommendation given in thepreviousanalysis.
Our bullish view will be negated if the pair fails to hold the 50-day SMA and the support line of the ascending channel. That can result in a drop to $4.4930.
Binance Coin (BNB) has been in a strong uptrend. The current pullback has found support just below the 20-day EMA. This shows that the bulls are buying on dips. A breakout of the downtrend line is likely to resume the uptrend and propel the price to lifetime highs.
Short-term traders can buy if the price sustains above $33 for four hours. The stop loss can be kept at $28. Please keep the position size about 50% of usual. If the momentum picks up, the cryptocurrency can even extend the rally to $46.1645899. However, as this is a short-term trade, traders should keep trailing the stops higher to reduce the risk.
On the other hand, if theBNB/USDpair fails to sustain above the downtrend line, it can form a range. The support of the range might be closer to $28, but we still do not know the resistance. The trend will turn negative if the pair plunges and sustains below the 50-day SMA.
Bitcoin SV (BSV) is presently in a pullback in an uptrend. The bulls are trying to defend 38.2% Fibonacci retracement level of the recent rally. If successful, the cryptocurrency might remain range bound between $175 and $240 for the next few days. A consolidation near the highs is a positive sign. This shows that the bulls are in no hurry to book profits even after a vertical rally.
The uptrend will resume on a breakout to new highs. Such a move can carry theBSV/USDpair $307.789 and above it to $340.248.
However, if the bears sink the pair below $175, it can decline to $152.015, which is the 50% retracement level of the recent rally. A breakdown of this support will signal a change in trend. We do not find a reliable buy setup so we do not suggest a trade in it.
Stellar (XLM) is struggling to sustain the bounce from the strong support of $0.11507853. This shows a lack of demand at higher levels. If the bulls push the price above the 20-day EMA, the cryptocurrency might trade inside the $0.11507853–$0.14861760 range for a few days.
TheXLM/USDpair will complete an inverse head and shoulders pattern on a breakout and close (UTC time frame) above $0.14861760 that has a minimum target objective of $0.22466773. Therefore, we might suggest long positions if the pair sustains the breakout. But if the bears sink the cryptocurrency below $0.11507853, it can correct to $0.08558676.
Cardano (ADA) is currently range bound between the 50-day SMA and $0.10. Both the moving averages are flat and the RSI is at the midpoint. This suggests a balance between buyers and sellers.
The bulls have been attempting to keep the price above the 50-day SMA for the past few days. Though the support has held, the cryptocurrency has failed to sustain the bounce. This shows a lack of demand at higher levels.
If the bulls push the price above the 20-day EMA, theADA/USDpair might move up to $0.10. A breakout and close (UTC time frame) above $0.10 will complete a rounding bottom formation that has a target objective of $0.22466773. We might suggest long positions after the price sustains above $0.10. On the contrary, if the support at the 50-day SMA gives way, the digital currency can dip to $0.057898.
Market data is provided by theHitBTCexchange. Charts for analysis are provided byTradingView.
• Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Binance Coin, Bitcoin SV, Stellar, Cardano: Price Analysis May 31
• BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, TRX: Price Analysis 07/06
• BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX: Price Analysis 05/06
• Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, Binance Coin, Bitcoin SV, Stellar, Tron: Price Analysis June 3 || BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: Price Analysis 10/06: The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision. Market data is provided by the HitBTC exchange. In a joint communiqué, G20 finance ministers and central bank governors have said that “technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy.” This statement suggests that central banks are warming up to the new technology. However, they have also warned regulatory authorities to monitor risks in crypto assets “related to consumer and investor protection, anti-money laundering and countering the financing of terrorism.” With Facebook likely to announce the details of its crypto project in a few days, we believe that the downside is limited in the short term. However, if the project disappoints, we might see a decent sized correction in cryptocurrencies that can be used as a buying opportunity. If the details positively surprise markets, we might see a spike in most major cryptocurrencies that can be used to lighten up positions, because we do not expect a repeat of 2017. If the project only meets expectations, even then we might see a correction play out. Which cryptocurrencies look good for a short-term trade? Let us find out. BTC/USD The bulls failed to push Bitcoin ( BTC ) above the 20-day EMA on June 7 and 8. Currently, the price has again bounced off the neckline of the head and shoulders (H&S) pattern and is trying to scale the 20-day EMA. This is a positive sign. The 20-day EMA is flat and the RSI is just above the center. This points to a consolidation in the short term. The range might be between $7,413.46 and $9,000. If the bulls push the price above the 20-day EMA, a rally to $9,000 is probable. BTC/USD However, if the BTC/USD pair reverses direction from the overhead resistance and plummets below the neckline, it will complete a head and shoulders pattern that has a target objective of $5,371.12. It is unlikely that the pair will dive to such a low level. There are strong supports at the 50-day SMA and below it at $5,900. We expect buying to emerge at these support levels. Currently, we do not find any reliable buy setups. Story continues ETH/USD Ethereum ( ETH ) is range bound. It has currently dropped to the bottom of the $225.39–$280 range. The bulls are attempting to bounce off $225.39. If successful, the price will try to move up to the top of the range at $280 and the consolidation might extend for a few more days. ETH/USD The 20-day EMA is flat and the RSI is close to the center. This suggests a balance between the bears and the bulls. If the ETH/USD pair breaks down of the range and the 50-day SMA, a fall to $167.20 is possible. Short-term traders can wait for the pair to break out and sustain above the 20-day EMA for about 4 hours before buying with a stop loss of $220. The target is to book profits near the top of the range. Trading inside the range can be volatile, therefore, keep the position size only about 30% of usual. XRP/USD Ripple ( XRP ) broke down of the symmetrical triangle on June 9. A breakdown of this pattern has a target objective of $0.26741. However, the bulls are currently attempting to push the price back into the triangle. If successful, the breakdown will be considered a bear trap. If the price fails to scale back into the triangle, it might turn around and drop to the next critical support of $0.35660. We anticipate strong buying at this level but if this support also cracks, a decline to $0.27795 will be in the cards. XRP/USD Our bearish view will be invalidated if the XRP/USD pair rises and sustains above the trendline of the symmetrical triangle. This will prolong the stay inside the triangle. The flattish 20-day EMA and the RSI close to the midpoint suggests a consolidation. The trend will turn positive on a breakout and close (UTC time) above the triangle. For now, the traders can maintain the stop loss on the long position at $0.35. We will raise the stop loss at the first available opportunity. LTC/USD Litecoin ( LTC ) is in an uptrend. The price is attempting to break out of the resistance line of the ascending channel. A breakout can carry the price towards the pattern target of $158.91. If this level is crossed, the next level to watch is $184.7940. LTC/USD If the bulls fail to push the price above the channel, the LTC/USD pair might continue to move up inside the channel. The momentum will weaken on a breakdown of the 20-day EMA and the trend will turn bearish if the price plunges below the critical support of $91. Traders can watch the price action near the resistance line of the channel closely. If the pair struggles to break out of it, the stops can be tightened further. For now, we suggest trailing the stops on remaining long positions to $98. BCH/USD Bitcoin Cash ( BCH ) is in a weak uptrend. The 20-day EMA is gradually sloping down and the RSI is close to the center. This suggests that bears are trying to gain an upper hand. A breakdown of the 50-day SMA and the support line of the channel will indicate a trend change. BCH/USD On the other hand, if the BCH/USD pair rises above the 20-day EMA, the bulls will again try to push it back towards the resistance line of the channel. A breakout of the channel will propel the pair to $480. Though positive, we do not find a reliable buy setup, hence, we are not proposing a trade in it. EOS/USD EOS has been trading inside the ascending channel, which suggests that the trend is up. However, the short-term trend has weakened as the price has stayed below the 20-day EMA for the past 6 days and the RSI has also fallen below 50. The medium-term trend, nevertheless, remains bullish as the 50-day SMA is still sloping up. EOS/USD If the EOS/USD pair bounces off the 50-day SMA and ascends the overhead resistance of $6.8299, it will indicate strength. The next stop is the resistance line of the channel and above it $8.6503. Therefore, we retain the buy recommendation given in the previous analysis. Our bullish view will be negated if the pair fails to hold the 50-day SMA and the support line of the ascending channel. That can result in a drop to $4.4930. BNB/USD Binance Coin ( BNB ) has been in a strong uptrend. The current pullback has found support just below the 20-day EMA. This shows that the bulls are buying on dips. A breakout of the downtrend line is likely to resume the uptrend and propel the price to lifetime highs. Short-term traders can buy if the price sustains above $33 for four hours. The stop loss can be kept at $28. Please keep the position size about 50% of usual. If the momentum picks up, the cryptocurrency can even extend the rally to $46.1645899. However, as this is a short-term trade, traders should keep trailing the stops higher to reduce the risk. BNB/USD On the other hand, if the BNB/USD pair fails to sustain above the downtrend line, it can form a range. The support of the range might be closer to $28, but we still do not know the resistance. The trend will turn negative if the pair plunges and sustains below the 50-day SMA. BSV/USD Bitcoin SV ( BSV ) is presently in a pullback in an uptrend. The bulls are trying to defend 38.2% Fibonacci retracement level of the recent rally. If successful, the cryptocurrency might remain range bound between $175 and $240 for the next few days. A consolidation near the highs is a positive sign. This shows that the bulls are in no hurry to book profits even after a vertical rally. BSV/USD The uptrend will resume on a breakout to new highs. Such a move can carry the BSV/USD pair $307.789 and above it to $340.248. However, if the bears sink the pair below $175, it can decline to $152.015, which is the 50% retracement level of the recent rally. A breakdown of this support will signal a change in trend. We do not find a reliable buy setup so we do not suggest a trade in it. XLM/USD Stellar ( XLM ) is struggling to sustain the bounce from the strong support of $0.11507853. This shows a lack of demand at higher levels. If the bulls push the price above the 20-day EMA, the cryptocurrency might trade inside the $0.11507853–$0.14861760 range for a few days. XLM/USD The XLM/USD pair will complete an inverse head and shoulders pattern on a breakout and close (UTC time frame) above $0.14861760 that has a minimum target objective of $0.22466773. Therefore, we might suggest long positions if the pair sustains the breakout. But if the bears sink the cryptocurrency below $0.11507853, it can correct to $0.08558676. ADA/USD Cardano ( ADA ) is currently range bound between the 50-day SMA and $0.10. Both the moving averages are flat and the RSI is at the midpoint. This suggests a balance between buyers and sellers. The bulls have been attempting to keep the price above the 50-day SMA for the past few days. Though the support has held, the cryptocurrency has failed to sustain the bounce. This shows a lack of demand at higher levels. ADA/USD If the bulls push the price above the 20-day EMA, the ADA/USD pair might move up to $0.10. A breakout and close (UTC time frame) above $0.10 will complete a rounding bottom formation that has a target objective of $0.22466773. We might suggest long positions after the price sustains above $0.10. On the contrary, if the support at the 50-day SMA gives way, the digital currency can dip to $0.057898. Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView . Related Articles: Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Binance Coin, Bitcoin SV, Stellar, Cardano: Price Analysis May 31 BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, TRX: Price Analysis 07/06 BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX: Price Analysis 05/06 Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, Binance Coin, Bitcoin SV, Stellar, Tron: Price Analysis June 3 || Above $125: Litecoin Jumps to Highest Price in Over a Year: Litecoin’s price hit its highest level in over a year on Monday. The world’s fourth largest cryptocurrency as per market capitalization rose to $128.07 at 12:00 UTC on Coinbase – the highest level since May 23, 2018 – and was last seen trading at $126, representing a 10 percent gain on a 24-hour basis. Notably, the recent price action suggests LTC is leading the broader market higher. The cryptocurrency is currently up more than 30 percent from the low of $97 seen on June 4. Bitcoin Risks Short-Term Bear Reversal Below $7.4K Price Support Meanwhile, bitcoin, the world’s leading cryptocurrency by market value has gained just 7 percent during the same time frame. LTC’s outperformance could be associated with the mining reward halving due in less than 60 days. On Aug. 8, the reward for mining on litecoin’s blockchain will be halved from 25 coins to 12.5 coins per block. The cryptocurrency rallied more than 500 percent in three months before the previous reward halving, which took place on Aug. 25, 2015. The price increased from around $1.5 in May 2015 to hit a high of $7.00 in July 2015 before falling back to $3.00 post-halving, according to historical data . May Was Best Month for CME Bitcoin Futures Volume Since 2017 If history is a guide, LTC continues to rise over the next four weeks before witnessing a bout of profit taking ahead of the Aug. 6 event. It is worth noting that litecoin’s non-price metrics are also witnessing solid growth. For instance, the hash rate has hit a new lifetime high of over 400 trillion hashes per second today, according to bitinfocharts.com . Daily chart LTC continues to chart bullish higher lows and higher highs with the major moving averages aligned in favor of the bulls – the 50-day MA is located above the 100-day MA, which is holding above the 200-day MA. All three averages are trending north, indicating a bullish setup. Further, the relative strength index (RSI) is breaking higher from the consolidation, signaling a continuation of the rally from the price low of $66 seen at the end of April. Story continues More importantly, the indicator is well short of the high of 86.00 seen in the first week of May, meaning there is plenty of room for price rally in the weeks leading up to the reward halving. All-in-all, LTC looks set to test the psychological resistance of $150 in the short-term. The rally to $150, however, may not happen if BTC tanks, dragging the broader market lower. However, even in that case, LTC’s BTC-denominated exchange rate may do well. LTC/BTC is currently trading at 15,910 sats, the highest level since April 15, according to Binance data. Disclosure : The author holds no cryptocurrency assets at the time of writing. Litecoin image via Shutterstock; charts by Trading View Related Stories Bitcoin Price Eyes Stronger Recovery Rally After Bounce to $8K Bitcoin and Gold Prices Diverge Again, Extending 5-Month Correlation || Above $125: Litecoin Jumps to Highest Price in Over a Year: Litecoin’s price hit its highest level in over a year on Monday.
The world’s fourth largest cryptocurrency as per market capitalization rose to $128.07 at 12:00 UTC on Coinbase – the highest level since May 23, 2018 – and was last seen trading at $126, representing a 10 percent gain on a 24-hour basis.
Notably, the recent price action suggests LTC is leading the broader market higher. The cryptocurrency is currently up more than 30 percent from the low of $97 seen on June 4.
Bitcoin Risks Short-Term Bear Reversal Below $7.4K Price Support
Meanwhile, bitcoin, the world’s leading cryptocurrency by market value has gained just 7 percent during the same time frame.
LTC’s outperformance could be associated with the mining reward halving due in less than 60 days. On Aug. 8, the reward for mining on litecoin’s blockchain will be halved from 25 coins to 12.5 coins per block.
The cryptocurrency rallied more than 500 percent in three months before the previous reward halving, which took place on Aug. 25, 2015.
The price increased from around $1.5 in May 2015 to hit a high of $7.00 in July 2015 before falling back to $3.00 post-halving, according tohistorical data.
May Was Best Month for CME Bitcoin Futures Volume Since 2017
If history is a guide, LTC continues to rise over the next four weeks before witnessing a bout of profit taking ahead of the Aug. 6 event.
It is worth noting that litecoin’s non-price metrics are also witnessing solid growth. For instance, the hash rate has hit a new lifetime high of over 400 trillion hashes per second today, according tobitinfocharts.com.
LTC continues to chart bullish higher lows and higher highs with the major moving averages aligned in favor of the bulls – the 50-day MA is located above the 100-day MA, which is holding above the 200-day MA. All three averages are trending north, indicating a bullish setup.
Further, the relative strength index (RSI) is breaking higher from the consolidation, signaling a continuation of the rally from the price low of $66 seen at the end of April.
More importantly, the indicator is well short of the high of 86.00 seen in the first week of May, meaning there is plenty of room for price rally in the weeks leading up to the reward halving.
All-in-all, LTC looks set to test the psychological resistance of $150 in the short-term. The rally to $150, however, may not happen if BTC tanks, dragging the broader market lower.
However, even in that case, LTC’s BTC-denominated exchange rate may do well. LTC/BTC is currently trading at 15,910 sats, the highest level since April 15, according to Binance data.
Disclosure: The author holds no cryptocurrency assets at the time of writing.
Litecoinimage via Shutterstock; charts byTrading View
• Bitcoin Price Eyes Stronger Recovery Rally After Bounce to $8K
• Bitcoin and Gold Prices Diverge Again, Extending 5-Month Correlation || Tilson Says Wait For The Bust In Cannabis Stocks, Calls Bitcoin A 'Pure Speculative Investment': Former hedge fund manager Whitney Tilson joined Benzinga’s PreMarket Prep morning show on Monday and discussed the difference between speculating in cryptocurrencies and speculating in cannabis stocks. Wait For The Bust Tilson said cannabis legalization is a real long-term trend that’s happening around the world, and hot cannabis stocks will make for potentially smart long-term investments. Unfortunately, he said their current valuations make them uninvestable at the moment. “Do the work in the cannabis sector, but wait for the bust because a bust will be coming,” he said. Learn from Whitney Tilson and other traders in person at the Benzinga Global Trading & Investing Summit June 20 in New York City ! Tilson told Yahoo last year on the day Tilray Inc (NASDAQ: TLRY ) hit $300 that the stock would eventually drop 90 percent from its highs. Within about six months, Tilray had traded back below $40. Tilson believes Colombian cannabis producers will ultimately have a stranglehold in the global market due to their low production costs relative to Canadian producers like like Canopy Growth Corp (NYSE: CGC ), Aurora Cannabis Inc (NYSE: ACB ). He is particularly bullish on Northern Swan , which he anticipates will go public in the near future. “I was very impressed with what I saw from Northern Swan and its CEO Kyle Detwiler,” Tilson said. Bitcoin Vs. Cannabis Tilson also emailed his subscribers back in December 2017 on the day bitcoin peaked at around $20,000 calling the top in the market. After a major crash in 2018, the Grayscale Bitcoin Trust (OTC: GBTC ) is up 152 percent year to date in 2019. “Bitcoin is a pure speculative investment. There is no intrinsic value or fundamental value. My personal opinion echoes Warren Buffett that it is ‘rat poison squared,’” he said Monday. Tilson said traders looking to speculate on high-risk plays should look in the cannabis space instead of looking at cryptocurrencies because at least is potential for real long-term revenue and earnings growth. Story continues Listen to Tilson's full interview in the video below: Related Links: Whitney Tilson: 'I Think We Are In An IPO Bubble' Tilson Talks Tesla Deliveries And Guidance, Staying Adaptable As A Trader See more from Benzinga Analyst Says Tilray Growth Expectations Are Way Too High Analyst Likes Tilray In The Long Run, But Says Stock Is Overvalued Right Now Yusko: Bitcoin Is 'Actually Quite Easy To Value' © 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Tilson Says Wait For The Bust In Cannabis Stocks, Calls Bitcoin A 'Pure Speculative Investment': Former hedge fund manager Whitney Tilson joined Benzinga’sPreMarket Prepmorning show on Monday and discussed the difference between speculating in cryptocurrencies and speculating in cannabis stocks.
Wait For The Bust
Tilson said cannabis legalization is a real long-term trend that’s happening around the world, and hot cannabis stocks will make for potentially smart long-term investments. Unfortunately, he said their current valuations make them uninvestable at the moment.
“Do the work in the cannabis sector, but wait for the bust because a bust will be coming,” he said.
Learn from Whitney Tilson and other traders in person at theBenzinga Global Trading & Investing Summit June 20 in New York City!
Tilson told Yahoo last year on the dayTilray Inc(NASDAQ:TLRY) hit $300 that the stock would eventually drop 90 percent from its highs. Within about six months, Tilray had traded back below $40.
Tilson believes Colombian cannabis producers will ultimately have a stranglehold in the global market due to their low production costs relative to Canadian producers like likeCanopy Growth Corp(NYSE:CGC),Aurora Cannabis Inc(NYSE:ACB). He is particularly bullish onNorthern Swan, which he anticipates will go public in the near future.
“I was very impressed with what I saw from Northern Swan and its CEO Kyle Detwiler,” Tilson said.
Bitcoin Vs. Cannabis
Tilson also emailed his subscribers back in December 2017 on the day bitcoin peaked at around $20,000 calling the top in the market. After a major crash in 2018, theGrayscale Bitcoin Trust(OTC:GBTC) is up 152 percent year to date in 2019.
“Bitcoin is a pure speculative investment. There is no intrinsic value or fundamental value. My personal opinion echoes Warren Buffett that it is ‘rat poison squared,’” he said Monday.
Tilson said traders looking to speculate on high-risk plays should look in the cannabis space instead of looking at cryptocurrencies because at least is potential for real long-term revenue and earnings growth.
Listen to Tilson's full interview in the video below:
Related Links:
Whitney Tilson: 'I Think We Are In An IPO Bubble'
Tilson Talks Tesla Deliveries And Guidance, Staying Adaptable As A Trader
See more from Benzinga
• Analyst Says Tilray Growth Expectations Are Way Too High
• Analyst Likes Tilray In The Long Run, But Says Stock Is Overvalued Right Now
• Yusko: Bitcoin Is 'Actually Quite Easy To Value'
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Tilson Says Wait For The Bust In Cannabis Stocks, Calls Bitcoin A 'Pure Speculative Investment': Former hedge fund manager Whitney Tilson joined Benzinga’sPreMarket Prepmorning show on Monday and discussed the difference between speculating in cryptocurrencies and speculating in cannabis stocks.
Wait For The Bust
Tilson said cannabis legalization is a real long-term trend that’s happening around the world, and hot cannabis stocks will make for potentially smart long-term investments. Unfortunately, he said their current valuations make them uninvestable at the moment.
“Do the work in the cannabis sector, but wait for the bust because a bust will be coming,” he said.
Learn from Whitney Tilson and other traders in person at theBenzinga Global Trading & Investing Summit June 20 in New York City!
Tilson told Yahoo last year on the dayTilray Inc(NASDAQ:TLRY) hit $300 that the stock would eventually drop 90 percent from its highs. Within about six months, Tilray had traded back below $40.
Tilson believes Colombian cannabis producers will ultimately have a stranglehold in the global market due to their low production costs relative to Canadian producers like likeCanopy Growth Corp(NYSE:CGC),Aurora Cannabis Inc(NYSE:ACB). He is particularly bullish onNorthern Swan, which he anticipates will go public in the near future.
“I was very impressed with what I saw from Northern Swan and its CEO Kyle Detwiler,” Tilson said.
Bitcoin Vs. Cannabis
Tilson also emailed his subscribers back in December 2017 on the day bitcoin peaked at around $20,000 calling the top in the market. After a major crash in 2018, theGrayscale Bitcoin Trust(OTC:GBTC) is up 152 percent year to date in 2019.
“Bitcoin is a pure speculative investment. There is no intrinsic value or fundamental value. My personal opinion echoes Warren Buffett that it is ‘rat poison squared,’” he said Monday.
Tilson said traders looking to speculate on high-risk plays should look in the cannabis space instead of looking at cryptocurrencies because at least is potential for real long-term revenue and earnings growth.
Listen to Tilson's full interview in the video below:
Related Links:
Whitney Tilson: 'I Think We Are In An IPO Bubble'
Tilson Talks Tesla Deliveries And Guidance, Staying Adaptable As A Trader
See more from Benzinga
• Analyst Says Tilray Growth Expectations Are Way Too High
• Analyst Likes Tilray In The Long Run, But Says Stock Is Overvalued Right Now
• Yusko: Bitcoin Is 'Actually Quite Easy To Value'
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
[Social Media Buzz]
I’m trying to be nice and listen to everyone and be there for them but All I get is scammers, gift card purchases and bitcoin bullshit. I’m real and we can talk first to get to trust each other. Dm now, bank only. I’m here to make someone happy :(( #sugardaddies
#SugarDaddys || Aktuelle Nachrichten: Facebook’s GlobalCoin – Was er für Bitcoin & Crypto bedeutet https://t.co/5jZ1vdatyD @CryptoMonday #crypto #cryptonews #cryptotwitter || BTC/JPY = 867634円
ETH/JPY = 26759円
XRP/JPY = 43.278円 ...
|
8145.86, 8230.92, 8693.83, 8838.38, 8994.49, 9320.35, 9081.76, 9273.52, 9527.16, 10144.56
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 18803.00, 19201.09, 19445.40, 18699.77, 19154.23, 19345.12, 19191.63, 18321.14, 18553.92, 18264.99, 18058.90, 18803.66, 19142.38, 19246.64, 19417.08, 21310.60, 22805.16, 23137.96, 23869.83, 23477.29, 22803.08, 23783.03, 23241.35, 23735.95, 24664.79, 26437.04, 26272.29, 27084.81, 27362.44, 28840.95, 29001.72, 29374.15, 32127.27, 32782.02, 31971.91, 33992.43, 36824.36, 39371.04, 40797.61, 40254.55, 38356.44, 35566.66, 33922.96, 37316.36, 39187.33, 36825.37, 36178.14, 35791.28, 36630.07, 36069.80, 35547.75, 30825.70, 33005.76, 32067.64, 32289.38, 32366.39, 32569.85, 30432.55, 33466.10, 34316.39, 34269.52, 33114.36, 33537.18, 35510.29, 37472.09, 36926.07, 38144.31, 39266.01, 38903.44, 46196.46, 46481.11, 44918.18, 47909.33, 47504.85, 47105.52, 48717.29, 47945.06, 49199.87, 52149.01, 51679.80, 55888.13, 56099.52, 57539.95, 54207.32, 48824.43, 49705.33, 47093.85, 46339.76, 46188.45, 45137.77.
|
[Bitcoin Technical Analysis for 2021-02-28]
Volume: 53443887451, RSI (14-day): 47.25, 50-day EMA: 41993.89, 200-day EMA: 26585.19
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Grayscale’s Ethereum Trust Premium Follows Bitcoin Sibling Into Flipping Negative: Grayscale’s Ethereum Trust (ETHE) is trading at a discount, one day after itsbitcointrust did the same.
The trust closed 5.21% below the price ofETHon Thursday after trading at a premium to the spot price of Ethereum since 2017, according to historical data from Skew. As of Friday’s stock market close it traded 1.18% below the spot price.
Earlier in the month, it traded at a premium that was nearly 20% above the spot price.
Related:USV Leads Round in Matter Labs as Ethereum Scaling Wars Intensify
Grayscale is owned by Digital Currency Group, CoinDesk’s parent company.
• Grayscale’s Ethereum Trust Premium Follows Bitcoin Sibling Into Flipping Negative
• Grayscale’s Ethereum Trust Premium Follows Bitcoin Sibling Into Flipping Negative
• Grayscale’s Ethereum Trust Premium Follows Bitcoin Sibling Into Flipping Negative || Grayscale’s Ethereum Trust Premium Follows Bitcoin Sibling Into Flipping Negative: Grayscale’s Ethereum Trust (ETHE) is trading at a discount, one day after itsbitcointrust did the same.
The trust closed 5.21% below the price ofETHon Thursday after trading at a premium to the spot price of Ethereum since 2017, according to historical data from Skew. As of Friday’s stock market close it traded 1.18% below the spot price.
Earlier in the month, it traded at a premium that was nearly 20% above the spot price.
Related:USV Leads Round in Matter Labs as Ethereum Scaling Wars Intensify
Grayscale is owned by Digital Currency Group, CoinDesk’s parent company.
• Grayscale’s Ethereum Trust Premium Follows Bitcoin Sibling Into Flipping Negative
• Grayscale’s Ethereum Trust Premium Follows Bitcoin Sibling Into Flipping Negative
• Grayscale’s Ethereum Trust Premium Follows Bitcoin Sibling Into Flipping Negative || Grayscales Ethereum Trust Premium Follows Bitcoin Sibling Into Flipping Negative: Grayscales Ethereum Trust (ETHE) is trading at a discount, one day after its bitcoin trust did the same. The trust closed 5.21% below the price of ETH on Thursday after trading at a premium to the spot price of Ethereum since 2017, according to historical data from Skew. As of Fridays stock market close it traded 1.18% below the spot price. Earlier in the month, it traded at a premium that was nearly 20% above the spot price. Related: USV Leads Round in Matter Labs as Ethereum Scaling Wars Intensify Grayscale is owned by Digital Currency Group, CoinDesks parent company. Related Stories Grayscales Ethereum Trust Premium Follows Bitcoin Sibling Into Flipping Negative Grayscales Ethereum Trust Premium Follows Bitcoin Sibling Into Flipping Negative Grayscales Ethereum Trust Premium Follows Bitcoin Sibling Into Flipping Negative || 5 Reasons Bitcoin Is Superior to Gold: I expect to ruffle some feathers with todays MoneyWire , but I feel very strongly that you need to know this information. Gold vs. Bitcoin: Old-school and New-school Alternatives to Fiat Money Source: Shutterstock It really hit me during a recent online get together with my subscribers. I asked them whether they owned gold or not. Holy smokes
I couldnt keep up with the responses. InvestorPlace - Stock Market News, Stock Advice & Trading Tips Im not going to tell you to run out and sell your gold, but I do think it is not the holding it once was. Its time to question whether to own it. For my money, theres a newer and better alternative investment. It has the same characteristics but a lot more upside potential
Stocks slipped about 2% this past week most of which came on Thursday. The Dow fell 559 points that day and the headlines screamed. The issue was increasing bond yields, which can signal higher interest rates and inflationary pressures. For as long as anyone can remember, the go-to investment in times of rising rates and inflation has been gold. Well, the SPDR Gold Shares (NYSEARCA: GLD ) ETF was down Thursday and Friday, so that didnt help. And over the past five years, its gained just 37%. Thats about a third of the S&P 500s 96% gain in that same time. Ive been telling anyone who will listen about the enormous gains that are possible by owning cryptocurrencies. Bitcoin, yes, but especially smaller coins known as altcoins, which have even bigger potential . Some gold is probably fine for your portfolio, but it is no longer the best hedge against inflation. That title now belongs to cryptocurrencies. Like gold, silver, and commodities, bitcoin and some altcoins serve as a store of value during turbulent conditions. In fact, they can be an even better store of value. In bitcoins case, total supply is capped at 21 million bitcoins (and 88% of those have already been mined). Cryptos are basically next-generation software, so bitcoin is not a corporation or a government that bends to doing whats easy or convenient in a given moment. Bitcoin has no president or CEO
no board of directors that can intervene and rain down cash bailouts on the over-spenders. Story continues But thats just a quick glance at why I believe bitcoin is superior to gold right now. Heres a look at my five strongest reasons
Supply: Both gold and bitcoin have limited supply, but the argument is more bullish for bitcoin over the long term. Authenticity: Bitcoin and altcoins can be verified on the blockchain in a matter of seconds. Verifying gold takes much longer and is more expensive. Transferability: Bitcoin is a digital asset, so it can be sent via the internet to anyone around the world with a connected device. Gold can also be transferred, but delivering a physical bar of gold is not easy (did I mention theyre heavy?) and definitely not safe. Liquidity: Bitcoin is sold on any number of large, billion-dollar exchanges in a matter of seconds. Gold is not so easily converted into cash, making it a lot less liquid than bitcoin. Legal Tender: Bitcoin is only 12 years old, but it is already a payment option at many places
with more joining the list each day. Tesla (NASDAQ: TSLA ) recently announced its hope to accept bitcoin as payment for vehicles. Gold, on the other hand, is rarely used to buy goods and services. Can you imagine walking into the mall with a bar of gold in your pocket? Bottom line: Bitcoin is the new digital gold. In addition to many of the same hedge benefits as gold, cryptos also give you massive upside potential
especially altcoins . Quite simply, people are waking up to the fact that cryptocurrencies are one of the most valuable, most revolutionary technologies ever created. Cryptos and the blockchain technology they are built on are going to change everything. The way you buy everyday goods and services
purchase a home
pay your taxes
even how you order a pizza. This transformation is already underway, but the truly seismic shift when the massive profits are made is coming as businesses, consumers, and those big-money investors realize whats going on. As they do, there will be an enormous rush into this asset class. In fact, were already seeing it. In just the last month, bitcoin topped a market value of $1 trillion . Only four U.S. stocks are valued higher, and they are the big boys Alphabet (NASDAQ: GOOGL ), Amazon (NASDAQ: AMZN ), Apple (NASDAQ: AAPL ), and Microsoft (NASDAQ: MSFT ). Investment banks are also stampeding into bitcoin, including the biggest of all. Blackrock is the worlds largest asset management firm with nearly $8.7 trillion under management. The firms chief investment officer of global fixed income recently said it has started to dabble in bitcoin. That may not sound like much, but dont underestimate its significance and the credibility it lends to cryptos. In addition, one of the best-known crypto exchanges is preparing to go public and generating all kinds of buzz. Coinbase could start trading on the Nasdaq as early March. Based on recent shares in Nasdaq Private Markets, it was valued around $100 billion. If thats the value when shares start trading, it would be the most valuable company to go public since Facebook in 2012. And then theres North Americas first bitcoin exchange-traded fund in Canada, which got off to a blazing start. Purpose Investments bitcoin ETF now has nearly $700 million in assets under management after launching a little over one week ago. This big money realizes that if they dont adopt a plan today , they will be left behind. The same is true for investors. But this great crypto awakening is still in its early stages. That means theres still time to get in for the big money
if you act soon . On the date of publication, Matthew McCall did not have (either directly or indirectly) any positions in the securities mentioned in this article. Matthew McCall left Wall Street to actually help investors by getting them into the worlds biggest, most revolutionary trends BEFORE anyone else. Click here to see what Matt has up his sleeve now . More From InvestorPlace Why Everyone Is Investing in 5G All WRONG Americas #1 Stock Picker Reveals His Next 1,000% Winner Revolutionary Tech Behind 5G Rollout Is Being Pioneered By This 1 Company Radical New Battery Could Dismantle Oil Markets The post 5 Reasons Bitcoin Is Superior to Gold appeared first on InvestorPlace . || 5 Reasons Bitcoin Is Superior to Gold: I expect to ruffle some feathers with today’sMoneyWire, but I feel very strongly that you need to know this information.
Source: Shutterstock
It really hit me during a recent online get together with my subscribers. I asked them whether they owned gold or not.
Holy smokes … I couldn’t keep up with the responses.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
I’m not going to tell you to run out and sell your gold, but I do think it is not the holding it once was. It’s time to question whether to own it.
For my money, there’s a newer and better alternative investment. It has the same characteristics but a lot more upside potential …
Stocks slipped about 2% this past week — most of which came on Thursday. The Dow fell 559 points that day and the headlines screamed. The issue was increasing bond yields, which can signal higher interest rates and inflationary pressures.
For as long as anyone can remember, the go-to investment in times of rising rates and inflation has been gold.
Well, theSPDR Gold Shares(NYSEARCA:GLD) ETF was down Thursday and Friday, so that didn’t help. And over the past five years, it’s gained just 37%. That’s about a third of the S&P 500’s 96% gain in that same time.
I’ve been telling anyone who will listen about the enormous gains that are possible by owning cryptocurrencies. Bitcoin, yes, but especially smaller coins known as altcoins,which have even bigger potential.
Some gold is probably fine for your portfolio, but it is no longer the best hedge against inflation.
That title now belongs to cryptocurrencies.
Like gold, silver, and commodities, bitcoin and some altcoins serve as a store of value during turbulent conditions. In fact, they can be an evenbetterstore of value.
In bitcoin’s case, total supply is capped at 21 million bitcoins (and 88% of those have already been “mined”). Cryptos are basically next-generation software, so bitcoin is not a corporation or a government that bends to doing what’s easy or convenient in a given moment. Bitcoin has no president or CEO … no board of directors that can intervene and rain down cash bailouts on the over-spenders.
But that’s just a quick glance at why I believe bitcoin is superior to gold right now. Here’s a look at my five strongest reasons …
Supply:Both gold and bitcoin have limited supply, but the argument is more bullish for bitcoin over the long term.
Authenticity:Bitcoin and altcoins can be verified on the blockchain in a matter of seconds. Verifying gold takes much longer and is more expensive.
Transferability:Bitcoin is a digital asset, so it can be sent via the internet to anyone around the world with a connected device. Gold can also be transferred, but delivering a physical bar of gold is not easy (did I mention they’re heavy?) and definitely not safe.
Liquidity:Bitcoin is sold on any number of large, billion-dollar exchanges in a matter of seconds. Gold is not so easily converted into cash, making it a lot less liquid than bitcoin.
Legal Tender:Bitcoin is only 12 years old, but it is already a payment option at many places … with more joining the list each day.Tesla(NASDAQ:TSLA) recently announced its hope to accept bitcoin as payment for vehicles. Gold, on the other hand, is rarely used to buy goods and services. Can you imagine walking into the mall with a bar of gold in your pocket?
Bottom line: Bitcoin is the new digital gold.
In addition to many of the same hedge benefits as gold, cryptos also give you massive upside potential …especially altcoins.
Quite simply, people are waking up to the fact that cryptocurrencies are one of the most valuable, most revolutionary technologies ever created.
Cryptos and the blockchain technology they are built on are going to change everything. The way you buy everyday goods and services… purchase a home… pay your taxes … even how you order a pizza.
This transformation is already underway, but the truly seismic shift —when the massive profits are made— is coming as businesses, consumers, and those big-money investors realize what’s going on.
As they do, there will be an enormous rush into this asset class. In fact, we’re already seeing it.
In just the last month, bitcoin topped a market value of $1trillion. Only four U.S. stocks are valued higher, and they are the big boys —Alphabet(NASDAQ:GOOGL),Amazon(NASDAQ:AMZN),Apple(NASDAQ:AAPL), andMicrosoft(NASDAQ:MSFT).
Investment banks are also stampeding into bitcoin, including the biggest of all. Blackrock is the world’s largest asset management firm with nearly $8.7 trillion under management. The firm’s chief investment officer of global fixed income recently said it has “started to dabble in bitcoin.” That may not sound like much, but don’t underestimate its significance and the credibility it lends to cryptos.
In addition, one of the best-known crypto exchanges is preparing to go public and generating all kinds of buzz. Coinbase could start trading on the Nasdaq as early March. Based on recent shares in Nasdaq Private Markets, it was valued around $100 billion. If that’s the value when shares start trading, it would be the most valuable company to go public since Facebook in 2012.
And then there’s North America’s first bitcoin exchange-traded fund in Canada, which got off to a blazing start. Purpose Investments’ bitcoin ETF now has nearly $700 million in assets under management after launching a little over one week ago.
This big money realizes that if they don’t adopt a plantoday, they will be left behind. The same is true for investors.
But this great crypto awakening is still in its early stages. That means there’s still time to get in for the big money …if you act soon.
On the date of publication, Matthew McCall did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Matthew McCall left Wall Street to actually help investors — by getting them into the world’s biggest, most revolutionary trends BEFORE anyone else.Click here to see what Matt has up his sleeve now.
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The post5 Reasons Bitcoin Is Superior to Goldappeared first onInvestorPlace. || 5 Reasons Bitcoin Is Superior to Gold: I expect to ruffle some feathers with today’sMoneyWire, but I feel very strongly that you need to know this information.
Source: Shutterstock
It really hit me during a recent online get together with my subscribers. I asked them whether they owned gold or not.
Holy smokes … I couldn’t keep up with the responses.
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I’m not going to tell you to run out and sell your gold, but I do think it is not the holding it once was. It’s time to question whether to own it.
For my money, there’s a newer and better alternative investment. It has the same characteristics but a lot more upside potential …
Stocks slipped about 2% this past week — most of which came on Thursday. The Dow fell 559 points that day and the headlines screamed. The issue was increasing bond yields, which can signal higher interest rates and inflationary pressures.
For as long as anyone can remember, the go-to investment in times of rising rates and inflation has been gold.
Well, theSPDR Gold Shares(NYSEARCA:GLD) ETF was down Thursday and Friday, so that didn’t help. And over the past five years, it’s gained just 37%. That’s about a third of the S&P 500’s 96% gain in that same time.
I’ve been telling anyone who will listen about the enormous gains that are possible by owning cryptocurrencies. Bitcoin, yes, but especially smaller coins known as altcoins,which have even bigger potential.
Some gold is probably fine for your portfolio, but it is no longer the best hedge against inflation.
That title now belongs to cryptocurrencies.
Like gold, silver, and commodities, bitcoin and some altcoins serve as a store of value during turbulent conditions. In fact, they can be an evenbetterstore of value.
In bitcoin’s case, total supply is capped at 21 million bitcoins (and 88% of those have already been “mined”). Cryptos are basically next-generation software, so bitcoin is not a corporation or a government that bends to doing what’s easy or convenient in a given moment. Bitcoin has no president or CEO … no board of directors that can intervene and rain down cash bailouts on the over-spenders.
But that’s just a quick glance at why I believe bitcoin is superior to gold right now. Here’s a look at my five strongest reasons …
Supply:Both gold and bitcoin have limited supply, but the argument is more bullish for bitcoin over the long term.
Authenticity:Bitcoin and altcoins can be verified on the blockchain in a matter of seconds. Verifying gold takes much longer and is more expensive.
Transferability:Bitcoin is a digital asset, so it can be sent via the internet to anyone around the world with a connected device. Gold can also be transferred, but delivering a physical bar of gold is not easy (did I mention they’re heavy?) and definitely not safe.
Liquidity:Bitcoin is sold on any number of large, billion-dollar exchanges in a matter of seconds. Gold is not so easily converted into cash, making it a lot less liquid than bitcoin.
Legal Tender:Bitcoin is only 12 years old, but it is already a payment option at many places … with more joining the list each day.Tesla(NASDAQ:TSLA) recently announced its hope to accept bitcoin as payment for vehicles. Gold, on the other hand, is rarely used to buy goods and services. Can you imagine walking into the mall with a bar of gold in your pocket?
Bottom line: Bitcoin is the new digital gold.
In addition to many of the same hedge benefits as gold, cryptos also give you massive upside potential …especially altcoins.
Quite simply, people are waking up to the fact that cryptocurrencies are one of the most valuable, most revolutionary technologies ever created.
Cryptos and the blockchain technology they are built on are going to change everything. The way you buy everyday goods and services… purchase a home… pay your taxes … even how you order a pizza.
This transformation is already underway, but the truly seismic shift —when the massive profits are made— is coming as businesses, consumers, and those big-money investors realize what’s going on.
As they do, there will be an enormous rush into this asset class. In fact, we’re already seeing it.
In just the last month, bitcoin topped a market value of $1trillion. Only four U.S. stocks are valued higher, and they are the big boys —Alphabet(NASDAQ:GOOGL),Amazon(NASDAQ:AMZN),Apple(NASDAQ:AAPL), andMicrosoft(NASDAQ:MSFT).
Investment banks are also stampeding into bitcoin, including the biggest of all. Blackrock is the world’s largest asset management firm with nearly $8.7 trillion under management. The firm’s chief investment officer of global fixed income recently said it has “started to dabble in bitcoin.” That may not sound like much, but don’t underestimate its significance and the credibility it lends to cryptos.
In addition, one of the best-known crypto exchanges is preparing to go public and generating all kinds of buzz. Coinbase could start trading on the Nasdaq as early March. Based on recent shares in Nasdaq Private Markets, it was valued around $100 billion. If that’s the value when shares start trading, it would be the most valuable company to go public since Facebook in 2012.
And then there’s North America’s first bitcoin exchange-traded fund in Canada, which got off to a blazing start. Purpose Investments’ bitcoin ETF now has nearly $700 million in assets under management after launching a little over one week ago.
This big money realizes that if they don’t adopt a plantoday, they will be left behind. The same is true for investors.
But this great crypto awakening is still in its early stages. That means there’s still time to get in for the big money …if you act soon.
On the date of publication, Matthew McCall did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Matthew McCall left Wall Street to actually help investors — by getting them into the world’s biggest, most revolutionary trends BEFORE anyone else.Click here to see what Matt has up his sleeve now.
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• Revolutionary Tech Behind 5G Rollout Is Being Pioneered By This 1 Company
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The post5 Reasons Bitcoin Is Superior to Goldappeared first onInvestorPlace. || Where Value Is Going in Blockchain Networks: When predicting how the cryptocurrency economy will evolve, many people have looked to the start of the internet itself. They imagine certain standards or protocols becoming dominant, with value accruing in the application layers. But cryptocurrencies are different. Amos Meiri is an angel investor in the crypto space, the Co-Founder of the Colored Coins protocol (2012), Colu.com, a board member at Horizen and a strategic adviser to the Algorand foundation. Related: Bitcoin Risks 'Spiraling Price' on Environment, Regulatory Concerns: BCA Research Value is captured within a coin’s economy rather than just its code and the way an application is monetized. In addition, value (measured by price and market cap) keeps moving from Layer one (L1), like Bitcoin and Ethereum, to Layer two (L2) and application protocols that are being built on top of L1, like Cosmos, Hiro and Uniswap. With full interoperability, and with blockchain agnostic protocols such as The Graph, L1 blockchains may become just rails with fees attached. Most value will move into agnostic protocols and use-specific blockchains. To understand where value is being captured and on what layer it is being created, it’s useful to review the evolution of L1 and L2 over the last decade. One coin to rule them all (2011–2015) That was the approach of Bitcoiners in the early days, myself among them. There was one blockchain and one platform to power all digital asset use cases and applications. Related: Inner Mongolia to Shut Down Crypto Mining Industry: Report When people started to think about the technology beyond Bitcoin as a currency , the first technologies to market were protocols developed on top of Bitcoin, such as Colored Coins, Counterparty and Mastercoin (Omni), then referred to as “Bitcoin 2.0.” In 2012, when I started working on Colored Coins with a group of early Bitcoiners (Vitalik Buterin among them), not many were thinking beyond building on top of Bitcoin. To me at least, it was 100% clear that Bitcoin would be the only significant platform, and that by using L2, it would create digital asset use cases leading to the decentralization of finance. Story continues Others, such as the founders of Ethereum, Ripple and more, were confident that a second wave of innovation could evolve without building it on top of Bitcoin, given its limitations and governance principles. They were convinced that a better platform could be built to suit all kinds of use cases. Developers spent years trying to ‘solve’ Bitcoin problems. But maybe people finally realized there is no problem to solve. Bitcoin is what it is. Developers spent years trying to “solve” Bitcoin problems. But maybe people finally realized there is no problem to solve. Bitcoin is what it is. This phase of evolution envisioned a blockchain as a protocol standard, like the “TCP IP standard,” as a layer on top of Bitcoin. The “sandbox period” and ERC20s (2015–2019) With the Bitcoin blockchain not able to satisfy the innovation needs of the use cases that had been built on Colored Coins and other Bitcoin 2.0 layers, and with the acceleration of Ethereum-based innovation, all the cool kids started to build on top of Ethereum . It was a much better platform for testing, scaling and creating far more complex use cases in one of the biggest financial sandboxes in the world. The ICO period of 2017–2018 saw funding for many different use cases, along with a growing community of developers and a critical mass using Metamask. It became clear that Ethereum was taking the lead, becoming the go-to place to build your blockchain dream use cases. The ERC-20 standard won. The Ethereum community invented DeFi and made it the killer real-life use case. With Bancor being one of the first, a full industry started to form, including alternatives for loans, flash loans, yield farming and more. It quickly became the go-to for building applications, while Bitcoin was left behind as a platform, becoming maybe what it was “only” supposed to be — new and better gold. At the same time, new generic sandbox platforms started to emerge, including Polkadot and Cardano created by ex-Ethereum founders. Use-specific blockchain interoperability (2019–2025) It is close to impossible to develop a blockchain that perfectly fits all use cases. For example, using blockchain for micropayments is different from using it for NFTs. You can still develop NFT applications and use them on top of Ethereum. But wouldn’t you prefer a blockchain and an ecosystem of tools tailored for your specific use case? On the back of the painful gas fees attached to using Ethereum (that also proves an incredible market fit for DeFi) there are talented teams, like Cardano and Polkadot, trying to build other sandbox blockchain approaches like ETH, adding better scale, interoperability and other features. See also: Cardano’s ADA Is Now the Third-Largest Cryptocurrency by Market Cap As we are still in an emerging technology phase, and anything and everything can happen. But the question that is most interesting to investors is where most of the value will be captured in terms of layers? The answer, I believe, depends on the use case. I believe that in some use cases, value will be captured on L1 and with some use cases, value will be captured on L2. L1 and L2 value capture More blockchains are choosing a niche market, understanding they cannot win in the race of a “blockchain for everything,” and deciding to be the go-to blockchain for a specific market. This is where we will see value being captured on L1 being the “go to“ blockchain for a specific use case. I envision this trend will keep accelerating. Take the USDC stablecoin. Will you send your dollars on an expensive and slow blockchain, such as Bitcoin or Ethereum? Or will you use a fast and low fees- based network, such as Algorand, that is focusing its resources on building the financial rails? See also: NBA Top Shot Overwhelmed by Demand in Record $1M Pack Drop FLOW was built for the NFT market and developed by the leading team that had experienced the disadvantages of using Ethereum with CryptoKitties. In my opinion, FLOW is one of the most exciting consumer-based blockchains, working with the NBA and other big players. We used to think that L1 should always be more valuable than L2 as all L2 protocols are being built on the foundation of an L1. It’s kind of similar to thinking of an app (L2) being built only on top of IOS (L1) and being worth more than the Apple stock. While rarely possible in the centralized world with Apple owning the app store, this is easily possible in the crypto decentralized world. For example, The Graph is one of the projects that makes you question that assumption. Its agnostic approach creates value on top of different L1 chains as well as for users looking to index the different chains. In the long term, I foresee each blockchain L1 will be “tagged” with a specific market, becoming the “blockchain for….” Those with no specific identity, that are trying to be a bit “better,” might “lose” their value to L2 while being measured only by their fees, just like banks today. Related Stories Where Value Is Going in Blockchain Networks Where Value Is Going in Blockchain Networks || Where Value Is Going in Blockchain Networks: When predicting how the cryptocurrency economy will evolve, many people have looked to the start of the internet itself. They imagine certain standards or protocols becoming dominant, with value accruing in the application layers.
But cryptocurrencies are different.
Amos Meiri is an angel investor in the crypto space, the Co-Founder of the Colored Coins protocol (2012), Colu.com, a board member at Horizen and a strategic adviser to the Algorand foundation.
Related:Bitcoin Risks 'Spiraling Price' on Environment, Regulatory Concerns: BCA Research
Value is captured within a coin’s economy rather than just its code and the way an application is monetized. In addition, value (measured by price and market cap) keeps moving from Layer one (L1), like Bitcoin and Ethereum, to Layer two (L2) and application protocols that are being built on top of L1, like Cosmos, Hiro and Uniswap.
With full interoperability, and with blockchain agnostic protocols such as The Graph, L1 blockchains may become just rails with fees attached. Most value will move into agnostic protocols and use-specific blockchains.
To understand where value is being captured and on what layer it is being created, it’s useful to review the evolution of L1 and L2 over the last decade.
That was the approach of Bitcoiners in the early days, myself among them. There was one blockchain and one platform to power all digital asset use cases and applications.
Related:Inner Mongolia to Shut Down Crypto Mining Industry: Report
When people started to think about the technologybeyond Bitcoin as a currency, the first technologies to market were protocols developed on top of Bitcoin, such as Colored Coins, Counterparty and Mastercoin (Omni), then referred to as“Bitcoin 2.0.”
In 2012, when I started working on Colored Coins with a group of early Bitcoiners (Vitalik Buterin among them), not many were thinking beyond building on top of Bitcoin. To me at least, it was 100% clear that Bitcoin would be the only significant platform, and that by using L2, it would create digital asset use cases leading to the decentralization of finance.
Others, such as the founders of Ethereum, Ripple and more, were confident that a second wave of innovation could evolve without building it on top of Bitcoin, given its limitations and governance principles. They were convinced that a better platform could be built to suit all kinds of use cases.
Developers spent years trying to ‘solve’ Bitcoin problems. But maybe people finally realized there is no problem to solve. Bitcoin is what it is.
Developers spent years trying to “solve” Bitcoin problems. But maybe people finally realized there is no problem to solve. Bitcoin is what it is.
This phase of evolution envisioned a blockchain as a protocol standard, like the “TCP IP standard,” as a layer on top of Bitcoin.
With the Bitcoin blockchain not able to satisfy the innovation needs of the use cases that had been built on Colored Coins and other Bitcoin 2.0 layers, and with the acceleration of Ethereum-based innovation, all thecool kids started to build on top of Ethereum. It was a much better platform for testing, scaling and creating far more complex use cases in one of the biggest financial sandboxes in the world.
The ICO period of 2017–2018 saw funding for many different use cases, along with a growing community of developers and a critical mass using Metamask. It became clear that Ethereum was taking the lead, becoming the go-to place to build your blockchain dream use cases. The ERC-20 standard won.
The Ethereum community invented DeFi and made it the killer real-life use case. WithBancorbeing one of the first, a full industry started to form, including alternatives for loans, flash loans, yield farming and more. It quickly became the go-to for building applications, while Bitcoin was left behind as a platform, becoming maybe what it was “only” supposed to be — new and better gold. At the same time, new generic sandbox platforms started to emerge, including Polkadot and Cardano created by ex-Ethereum founders.
It is close to impossible to develop a blockchain that perfectly fits all use cases. For example, using blockchain for micropayments is different from using it for NFTs. You can still develop NFT applications and use them on top of Ethereum. But wouldn’t you prefer a blockchain and an ecosystem of tools tailored for your specific use case?
On the back of the painful gas fees attached to using Ethereum (that also proves an incredible market fit for DeFi) there are talented teams, like Cardano and Polkadot, trying to build other sandbox blockchain approaches like ETH, adding better scale, interoperability and other features.
See also:Cardano’s ADA Is Now the Third-Largest Cryptocurrency by Market Cap
As we are still in an emerging technology phase, and anything and everything can happen. But the question that is most interesting to investors is where most of the value will be captured in terms of layers?
The answer, I believe, depends on the use case.
I believe that in some use cases, value will be captured on L1 and with some use cases, value will be captured on L2.
More blockchains are choosing a niche market, understanding they cannot win in the race of a “blockchain for everything,” and deciding to be the go-to blockchain for a specific market. This is where we will see value being captured on L1 being the “go to“ blockchain for a specific use case. I envision this trend will keep accelerating.
Take the USDC stablecoin. Will you send your dollars on an expensive and slow blockchain, such as Bitcoin or Ethereum? Or will you use a fast and low fees- based network, such as Algorand, that is focusing its resources on building the financial rails?
See also:NBA Top Shot Overwhelmed by Demand in Record $1M Pack Drop
FLOW was built for the NFT market and developed by the leading team that had experienced the disadvantages of using Ethereum with CryptoKitties. In my opinion, FLOW is one of the most exciting consumer-based blockchains, working with theNBAand other big players.
We used to think that L1 should always be more valuable than L2 as all L2 protocols are being built on the foundation of an L1. It’s kind of similar to thinking of an app (L2) being built only on top of IOS (L1) and being worth more than the Apple stock. While rarely possible in the centralized world with Apple owning the app store, this is easily possible in the crypto decentralized world.
For example, The Graph is one of the projects that makes you question that assumption. Its agnostic approach creates value on top of different L1 chains as well as for users looking to index the different chains.
In the long term, I foresee each blockchain L1 will be “tagged” with a specific market, becoming the “blockchain for….” Those with no specific identity, that are trying to be a bit “better,” might “lose” their value to L2 while being measured only by their fees, just like banks today.
• Where Value Is Going in Blockchain Networks
• Where Value Is Going in Blockchain Networks || Robinhood Planning Confidential IPO As Early As March: Report (UPDATE): Robinhood Markets Inc is moving forward with its IPO plans.
What Happened:The fintech startup is planning to file confidentially for an initial public offering, possibly as early as March, Bloomberghas reported, citing sources close to the brokerage.
The decision is not yet final, the sources said.
Reutersreported earlier in December on Robinhood's IPO plans, saying it would come with a valuation of $20 billion and assistance fromGoldman Sachs Group Inc(NYSE:GS).
Why It Matters:Robinhood would enter a hot market that it has helped fuel.
Robinhood's decision tosuspend the purchaseof Reddit-fueled stocks such asGameStop Corp.(NYSE:GME) andAMC Entertainment Holdings Inc(NYSE:AMC) during the so-called meme-stock frenzytriggered lawsuitsover the last month. The trading platform drew a lot of heat, fueling conspiracy theories of being in cahoots with hedge funds that had shorted the stocks. The company since has had to repeatedly defend itself — including in front of acongressional hearing— saying a spike in clearinghouse collateral requirements was behind the curbs.
According toReuters, the company has said that it's in settlement talks with the Financial Industry Regulatory Authority over temporary curbs to the trading of certain stocks, as well as its policies on options trading.
Earlier this month, Robinhood said it isplanning to allowits customers to withdraw and deposit cryptocurrencies such asBitcoin(CRYPTO: BTC) and the meme-themedDogecoin(CRYPTO: DOGE). Currently, users can buy, sell and hold cryptocurrencies, but are not permitted to move the cryptocurrencies to other wallets.
(Story updated to reflect correct status of Robinhood's plans to allow cryptocurrency withdrawals on the platform.)
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• Texas Still Reeling As Country, Companies And Traders Assess Damage From Winter Storm's Strike On Energy Grid
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Robinhood Planning Confidential IPO As Early As March: Report (UPDATE): Robinhood Markets Inc is moving forward with its IPO plans. What Happened: The fintech startup is planning to file confidentially for an initial public offering, possibly as early as March, Bloomberg has reported , citing sources close to the brokerage. The decision is not yet final, the sources said. Reuters reported earlier in December on Robinhood's IPO plans, saying it would come with a valuation of $20 billion and assistance from Goldman Sachs Group Inc (NYSE: GS ). Why It Matters: Robinhood would enter a hot market that it has helped fuel. Robinhood's decision to suspend the purchase of Reddit-fueled stocks such as GameStop Corp. (NYSE: GME ) and AMC Entertainment Holdings Inc (NYSE: AMC ) during the so-called meme-stock frenzy triggered lawsuits over the last month. The trading platform drew a lot of heat, fueling conspiracy theories of being in cahoots with hedge funds that had shorted the stocks. The company since has had to repeatedly defend itself — including in front of a congressional hearing — saying a spike in clearinghouse collateral requirements was behind the curbs. According to Reuters , the company has said that it's in settlement talks with the Financial Industry Regulatory Authority over temporary curbs to the trading of certain stocks, as well as its policies on options trading. Earlier this month, Robinhood said it is planning to allow its customers to withdraw and deposit cryptocurrencies such as Bitcoin (CRYPTO: BTC) and the meme-themed Dogecoin (CRYPTO: DOGE). Currently, users can buy, sell and hold cryptocurrencies, but are not permitted to move the cryptocurrencies to other wallets. (Story updated to reflect correct status of Robinhood's plans to allow cryptocurrency withdrawals on the platform.) See more from Benzinga Click here for options trades from Benzinga Tesla Stops Taking Orders For Base Versions Of Model Y: Report Texas Still Reeling As Country, Companies And Traders Assess Damage From Winter Storm's Strike On Energy Grid © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Warren Buffett: Bond investors world-wide 'face a bleak future': While Warren Buffett isn’t known to prognosticate on where interest rates are heading, he warns that fixed-income investors “face a bleak future."
“[B]onds arenotthe place to be these days,” Buffett wrote in hisannual letterto Berkshire Hathaway (BRK-A,BRK-B) shareholders.
His warning comes amid a sharp rally in long-term interest rates that saw the 10-year Treasury yield (^TNX) recently touch itshighest level in a year. Though it's worth noting interest rates have been trending lower for nearly 40 years.
“Can you believe that the income recently available from a 10-year U.S. Treasury bond – the yield was 0.93% at yearend – had fallen 94% from the 15.8% yield available in September 1981?" he wrote. "In certain large and important countries, such as Germany and Japan, investors earn a negative return on trillions of dollars of sovereign debt. Fixed-income investors worldwide – whether pension funds, insurance companies or retirees – face a bleak future."
Insurance represents the largest of Berkshire Hathaway's four "family jewel" businesses. Though unlike other insurance companies, Berkshire takes a more equity-heavy approach when investing its insurance float.
According to Buffett, Berkshire’s insurance fleet has more capital deployed than any of its competitors thanks to the financial strength of the operation and the “huge cash flow” generated by the non-insurance businesses.
This combination allows Berkshire’s insurance operation to “safely follow an equity-heavy investment strategy,” something that’s “not feasible for the overwhelming majority of insurers,” Buffett wrote. For regulatory and credit-rating reasons, a lot of insurers have to focus on bonds.
He noted that some insurers and bond investors “may try to juice the pathetic returns now available by shifting their purchases to obligations backed by shaky borrowers.” In other words, they may allocate more of the portfolios to financial instruments like leveraged loans and high-yield bonds, aka junk bonds.
“Risky loans, however, are not the answer to inadequate interest rates," he added. "Three decades ago, the once-mighty savings and loan industry destroyed itself, partly by ignoring that maxim."
According to the letter, Berkshire has $138 billion of insurance float. While noting that the funds don’t belong to Berkshire, they’re available to deploy in bonds, stocks or cash equivalents such as U.S. Treasury bills.
Always teaching others, he analogized the float to bank deposits with “cash flows in and out daily to insurers, with the total they hold changing very little.”
“The massive sum held by Berkshire is likely to remain near its present level for many years and, on a cumulative basis, has been costless to us," he wrote. "That happy result, of course, could change – but, over time, I like our odds."
Read more from the Daily Journal Meeting:
• Charlie Munger on Robinhood and GameStop frenzy: 'It's a dirty way to make money'
• Munger diverges from Buffett on Wells Fargo: 'Warren got disenchanted'
• Munger: 'The world would be better off without' SPACs
• ‘I have a bust of him’: Charlie Munger on why he admires Singapore's first prime minister
• Munger compares Bitcoin to what Oscar Wilde said about fox hunting
• Charlie Munger says Costco 'has one thing that Amazon does not'
• Munger: It's 'absolute insanity' to think owning 100 stocks makes you a better investor than owning five
• Munger: A little inequality is good for the economy || Warren Buffett: Bond investors world-wide 'face a bleak future': While Warren Buffett isn’t known to prognosticate on where interest rates are heading, he warns that fixed-income investors “face a bleak future." “[B]onds are not the place to be these days,” Buffett wrote in his annual letter to Berkshire Hathaway ( BRK-A , BRK-B ) shareholders. His warning comes amid a sharp rally in long-term interest rates that saw the 10-year Treasury yield ( ^TNX ) recently touch its highest level in a year . Though it's worth noting interest rates have been trending lower for nearly 40 years. “Can you believe that the income recently available from a 10-year U.S. Treasury bond – the yield was 0.93% at yearend – had fallen 94% from the 15.8% yield available in September 1981?" he wrote. "In certain large and important countries, such as Germany and Japan, investors earn a negative return on trillions of dollars of sovereign debt. Fixed-income investors worldwide – whether pension funds, insurance companies or retirees – face a bleak future." The 10-year Treasury yield has been trending lower for four decades. (FRED) (Yahoo Finance) Insurance represents the largest of Berkshire Hathaway's four "family jewel" businesses. Though unlike other insurance companies, Berkshire takes a more equity-heavy approach when investing its insurance float. According to Buffett, Berkshire’s insurance fleet has more capital deployed than any of its competitors thanks to the financial strength of the operation and the “huge cash flow” generated by the non-insurance businesses. This combination allows Berkshire’s insurance operation to “safely follow an equity-heavy investment strategy,” something that’s “not feasible for the overwhelming majority of insurers,” Buffett wrote. For regulatory and credit-rating reasons, a lot of insurers have to focus on bonds. He noted that some insurers and bond investors “may try to juice the pathetic returns now available by shifting their purchases to obligations backed by shaky borrowers.” In other words, they may allocate more of the portfolios to financial instruments like leveraged loans and high-yield bonds, aka junk bonds. Story continues “Risky loans, however, are not the answer to inadequate interest rates," he added. "Three decades ago, the once-mighty savings and loan industry destroyed itself, partly by ignoring that maxim." According to the letter, Berkshire has $138 billion of insurance float. While noting that the funds don’t belong to Berkshire, they’re available to deploy in bonds, stocks or cash equivalents such as U.S. Treasury bills. Always teaching others, he analogized the float to bank deposits with “cash flows in and out daily to insurers, with the total they hold changing very little.” “The massive sum held by Berkshire is likely to remain near its present level for many years and, on a cumulative basis, has been costless to us," he wrote. "That happy result, of course, could change – but, over time, I like our odds." Read more from the Daily Journal Meeting: Charlie Munger on Robinhood and GameStop frenzy: 'It's a dirty way to make money' Munger diverges from Buffett on Wells Fargo: 'Warren got disenchanted' Munger: 'The world would be better off without' SPACs ‘I have a bust of him’: Charlie Munger on why he admires Singapore's first prime minister Munger compares Bitcoin to what Oscar Wilde said about fox hunting Charlie Munger says Costco 'has one thing that Amazon does not' Munger: It's 'absolute insanity' to think owning 100 stocks makes you a better investor than owning five Munger: A little inequality is good for the economy || Coinbase IPO: 7 Key Takeaways Investors Should Know: Cryptocurrency exchange Coinbase has filed for a direct listing to bring shares to the public market.
The company’s direct listing could value the company at $100 billion, according toAxios. Coinbaselast raised fundsin 2018 at an $8 billion valuation. In 2017, Coinbase was valued at $1.6 billion.
Shares of Coinbase will trade as ticker COIN on the Nasdaq.
The company aims to bring cryptocurrency-based financial services to anyone with a smartphone, representing a market size of 3.5 billion people.
Impressive User Base:Coinbase’sfilingrevealed how many users the company has: 43 million verified users. As of December 31, Coinbase had 2.8 million monthly transaction users.
In 2012, Coinbase had 13,000 users. The company has seen its user count grow over the years as cryptocurrency has gained interest from retail traders and institutions. The surge inBitcoin's(CRYPTO: BTC) price over the last year has led to strong interest in multiple cryptocurrencies.
Key Player in Crypto Investing and Storage:Coinbase has a lifetime trading volume of $456 million. The company has over $90 billion in assets on the platform.
Coinbase supports 90 cryptocurrency assets for trading or custody ownership. Customers can invest in more than 45 cryptocurrency assets.
Trading volume on the Coinbase platform was $17 billion, $21 billion and $38 billion for fiscal 2018, fiscal 2019 and fiscal 2020 respectively.
Strong Growth Of Institutional Customers:While Coinbase may be seen as more of a play on the retail traders wanting to invest in cryptocurrency, Coinbase has seen strong growth of institutional customers as well.
The company ended 2020 with over 7,000 institutional customers. In 2017, Coinbase had 1,000 institutional customers.
“We provide hedge funds, money managers and corporations a one-stop shop for accessing crypto markets through advanced trading and custody technology,” the company said in the filing.
It wasreportedrecently that Coinbase helped facilitate the $1.5 billion Bitcoin purchase thatTesla Inc(NASDAQ:TSLA) made.
Assets from institutional customers were up 590% from fiscal 2019 to fiscal 2020.
Revenue Growth:Coinbase had revenue of $1.3 billion in fiscal 2020, which was up from the $533.7 million reported in fiscal 2019.
Related Link:15 Bitcoin Stocks To Watch On Tesla News
Subscription Revenue:Coinbase gets the majority of its revenue from cryptocurrency transactions. In 2020, 96% of revenue came from transactions. Subscription revenue was $45 million in fiscal 2020, up 126% year-over-year. Other revenue was $136.3 million in fiscal 2020, up 168% year-over-year.
“We are committed to growing more stable revenue from subscription products and services, and expect they will contribute a larger portion of our total revenue over time,” the company said.
Subscription products and service revenue grew 126% year-over-year.
Strong Focus on Cybersecurity:Coinbase mentions several times in the filing that it has a strong focus on cybersecurity.
“We have a trusted platform owing to our heritage of security and culture of regulatory compliance,” Coinbase said. The company said its investments in regulatory compliance and cybersecurity help earn the trust of customers.
The company has proprietary crypto compliance infrastructure in place.
Executives Will Control Vote:Coinbase Co-Founder and CEO Brian Armstrong owns 10.9% of Class A shares and 21.8% of Class B shares. Armstrong controls 21.7% of the voting power for Coinbase.
Silicon Valley heavyweight investor Marc Andreessen owns 24.6% of Class A shares and 14.2% of Class B shares. Andreessen has 14.3% of the voting power for Coinbase.
Coinbase executives and directors control 54% of the voting power for the company.
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• Tesla May Have Already Made More In Profits From Bitcoin Than Electric Vehicles
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Coinbase IPO: 7 Key Takeaways Investors Should Know: Cryptocurrency exchange Coinbase has filed for a direct listing to bring shares to the public market. The company’s direct listing could value the company at $100 billion, according to Axios . Coinbase last raised funds in 2018 at an $8 billion valuation. In 2017, Coinbase was valued at $1.6 billion. Shares of Coinbase will trade as ticker COIN on the Nasdaq. The company aims to bring cryptocurrency-based financial services to anyone with a smartphone, representing a market size of 3.5 billion people. Impressive User Base: Coinbase’s filing revealed how many users the company has: 43 million verified users. As of December 31, Coinbase had 2.8 million monthly transaction users. In 2012, Coinbase had 13,000 users. The company has seen its user count grow over the years as cryptocurrency has gained interest from retail traders and institutions. The surge in Bitcoin's (CRYPTO: BTC) price over the last year has led to strong interest in multiple cryptocurrencies. Key Player in Crypto Investing and Storage: Coinbase has a lifetime trading volume of $456 million. The company has over $90 billion in assets on the platform. Coinbase supports 90 cryptocurrency assets for trading or custody ownership. Customers can invest in more than 45 cryptocurrency assets. Trading volume on the Coinbase platform was $17 billion, $21 billion and $38 billion for fiscal 2018, fiscal 2019 and fiscal 2020 respectively. Strong Growth Of Institutional Customers: While Coinbase may be seen as more of a play on the retail traders wanting to invest in cryptocurrency, Coinbase has seen strong growth of institutional customers as well. The company ended 2020 with over 7,000 institutional customers. In 2017, Coinbase had 1,000 institutional customers. “We provide hedge funds, money managers and corporations a one-stop shop for accessing crypto markets through advanced trading and custody technology,” the company said in the filing. It was reported recently that Coinbase helped facilitate the $1.5 billion Bitcoin purchase that Tesla Inc (NASDAQ: TSLA ) made. Story continues Assets from institutional customers were up 590% from fiscal 2019 to fiscal 2020. Revenue Growth: Coinbase had revenue of $1.3 billion in fiscal 2020, which was up from the $533.7 million reported in fiscal 2019. Related Link: 15 Bitcoin Stocks To Watch On Tesla News Subscription Revenue: Coinbase gets the majority of its revenue from cryptocurrency transactions. In 2020, 96% of revenue came from transactions. Subscription revenue was $45 million in fiscal 2020, up 126% year-over-year. Other revenue was $136.3 million in fiscal 2020, up 168% year-over-year. “We are committed to growing more stable revenue from subscription products and services, and expect they will contribute a larger portion of our total revenue over time,” the company said. Subscription products and service revenue grew 126% year-over-year. Strong Focus on Cybersecurity: Coinbase mentions several times in the filing that it has a strong focus on cybersecurity. “We have a trusted platform owing to our heritage of security and culture of regulatory compliance,” Coinbase said. The company said its investments in regulatory compliance and cybersecurity help earn the trust of customers. The company has proprietary crypto compliance infrastructure in place. Executives Will Control Vote: Coinbase Co-Founder and CEO Brian Armstrong owns 10.9% of Class A shares and 21.8% of Class B shares. Armstrong controls 21.7% of the voting power for Coinbase. Silicon Valley heavyweight investor Marc Andreessen owns 24.6% of Class A shares and 14.2% of Class B shares. Andreessen has 14.3% of the voting power for Coinbase. Coinbase executives and directors control 54% of the voting power for the company. See more from Benzinga Click here for options trades from Benzinga Tesla May Have Already Made More In Profits From Bitcoin Than Electric Vehicles © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Warren Buffett: 'It’s easy to overlook the many miracles occurring in middle America': Billionaire investing icon Warren Buffett, the CEO of Berkshire Hathaway ( BRK-B , BRK-A ), reiterated his “never bet against America” maxim on Saturday in his annual letter to shareholders . “Today, with much of finance, media, government and tech located in coastal areas, it’s easy to overlook the many miracles occurring in middle America,” Buffett wrote in the widely-read letter. The 90-year-old Omaha, Nebraska native, who has an estimated net worth of $92.7 billion , is widely considered the greatest investor of all time. Buffett, who has long been bullish on America, wrote that “success stories abound throughout America.” “Since our country’s birth, individuals with an idea, ambition and often just a pittance of capital have succeeded beyond their dreams by creating something new or by improving the customer’s experience with something old,” he said. In his letter, he highlighted two communities that “provide stunning illustrations of the talent and ambition existing throughout our country.” Omaha To no surprise, he began with Omaha, sharing a story about a 1940 Omaha Central High School graduate named Jack Ringwalt. According to Buffett, Ringwalt started a property/casualty insurance company with $125,000 called National Indemnity. This “pipsqueak operation” competed with the “big boys” by focusing on “odd-ball risks.” “Jack was honest, shrewd, likeable and a bit quirky," Buffett wrote. "In particular, he disliked regulators. When he periodically became annoyed with their supervision, he would feel an urge to sell his company." In 1967, after a 15-minute conversation, Ringwalt sold National Indemnity to Berkshire Hathaway on a handshake deal. “I never asked for an audit," he said. "Today National Indemnity is the only company in the world prepared to insure certain giant risks. And, yes, it remains based in Omaha, a few miles from Berkshire’s home office." Buffett pointed out that Berkshire has purchased four additional Omaha-based businesses, most famously the Nebraska Furniture Mart, founded by the legendary Rose “Mrs. B” Blumkin, a Russian immigrant who arrived unable to speak or read in English. Story continues Berkshire Hathaway CEO Warren Buffett (L) walks with Kevin T. Clayton, CEO of Berkshire Hathaway subsidiary Clayton Homes, out of one of the company's houses prior to the Berkshire annual meeting in Omaha, Nebraska May 2, 2015. Billionaire investor Buffett on Saturday defended his Clayton Homes unit against accusations that the manufactured home seller had preyed on lower-income purchasers with its lending practices. REUTERS/Rick Wilking (Rick Wilking / reuters) Knoxville The next city he pointed to was Knoxville, Tennessee, where Berkshire now owns 100% of Clayton Homes and 38% of Pilot Trade Centers, with plans to own 80% by 2023. The respective founders — Jim Clayton of Clayton Homes and “Big Jim” Haslam of Pilot Travel Centers, graduated from the University of Tennessee and chose to build their businesses in Knoxville. “Neither had a meaningful amount of capital nor wealthy parents. But, so what? Today, Clayton and Pilot each have annual pre-tax earnings of more than $1 billion. Together they employ about 47,000 men and women,” Buffett wrote. Buffett emphasized that there’s an “army of successful entrepreneurs who populate every part of our country.” What’s more, entrepreneurs need America’s “framework for prosperity” and America needs people willing to build businesses. “In its brief 232 years of existence, however, there has been no incubator for unleashing human potential like America," he wrote. "Despite some severe interruptions, our country’s economic progress has been breathtaking. Beyond that, we retain our constitutional aspiration of becoming ‘a more perfect union.’ Progress on that front has been slow, uneven and often discouraging. We have, however, moved forward and will continue to do so. Our unwavering conclusion: Never bet against America." Read more from the Daily Journal Meeting: Charlie Munger on Robinhood and GameStop frenzy: 'It's a dirty way to make money' Munger diverges from Buffett on Wells Fargo: 'Warren got disenchanted' Munger: 'The world would be better off without' SPACs ‘I have a bust of him’: Charlie Munger on why he admires Singapore's first prime minister Munger compares Bitcoin to what Oscar Wilde said about fox hunting Charlie Munger says Costco 'has one thing that Amazon does not' Munger: It's 'absolute insanity' to think owning 100 stocks makes you a better investor than owning five Munger: A little inequality is good for the economy || Warren Buffett: 'It’s easy to overlook the many miracles occurring in middle America': Billionaire investing icon Warren Buffett, the CEO of Berkshire Hathaway (BRK-B,BRK-A), reiterated his “never bet against America” maxim on Saturday in hisannual letter to shareholders.
“Today, with much of finance, media, government and tech located in coastal areas, it’s easy to overlook the many miracles occurring in middle America,” Buffett wrote in the widely-read letter.
The 90-year-old Omaha, Nebraska native, who has anestimated net worth of $92.7 billion, is widely considered the greatest investor of all time.
Buffett, who has long been bullish on America, wrote that “success stories abound throughout America.”
“Since our country’s birth, individuals with an idea, ambition and often just a pittance of capital have succeeded beyond their dreams by creating something new or by improving the customer’s experience with something old,” he said.
In his letter, he highlighted two communities that “provide stunning illustrations of the talent and ambition existing throughout our country.”
To no surprise, he began with Omaha, sharing a story about a 1940 Omaha Central High School graduate named Jack Ringwalt. According to Buffett, Ringwalt started a property/casualty insurance company with $125,000 called National Indemnity. This “pipsqueak operation” competed with the “big boys” by focusing on “odd-ball risks.”
“Jack was honest, shrewd, likeable and a bit quirky," Buffett wrote. "In particular, he disliked regulators. When he periodically became annoyed with their supervision, he would feel an urge to sell his company."
In 1967, after a 15-minute conversation, Ringwalt sold National Indemnity to Berkshire Hathaway on a handshake deal.
“I never asked for an audit," he said. "Today National Indemnity is the only company in the world prepared to insure certain giant risks. And, yes, it remains based in Omaha, a few miles from Berkshire’s home office."
Buffett pointed out that Berkshire has purchased four additional Omaha-based businesses, most famously the Nebraska Furniture Mart, founded by the legendary Rose “Mrs. B” Blumkin, a Russian immigrant who arrived unable to speak or read in English.
The next city he pointed to was Knoxville, Tennessee, where Berkshire now owns 100% of Clayton Homes and 38% of Pilot Trade Centers, with plans to own 80% by 2023.
The respective founders — Jim Clayton of Clayton Homes and “Big Jim” Haslam of Pilot Travel Centers, graduated from the University of Tennessee and chose to build their businesses in Knoxville.
“Neither had a meaningful amount of capital nor wealthy parents. But, so what? Today, Clayton and Pilot each have annual pre-tax earnings of more than $1 billion. Together they employ about 47,000 men and women,” Buffett wrote.
Buffett emphasized that there’s an “army of successful entrepreneurs who populate every part of our country.” What’s more, entrepreneurs need America’s “framework for prosperity” and America needs people willing to build businesses.
“In its brief 232 years of existence, however, there has been no incubator for unleashing human potential like America," he wrote. "Despite some severe interruptions, our country’s economic progress has been breathtaking. Beyond that, we retain our constitutional aspiration of becoming ‘a more perfect union.’ Progress on that front has been slow, uneven and often discouraging. We have, however, moved forward and will continue to do so. Our unwavering conclusion: Never bet against America."
Read more from the Daily Journal Meeting:
• Charlie Munger on Robinhood and GameStop frenzy: 'It's a dirty way to make money'
• Munger diverges from Buffett on Wells Fargo: 'Warren got disenchanted'
• Munger: 'The world would be better off without' SPACs
• ‘I have a bust of him’: Charlie Munger on why he admires Singapore's first prime minister
• Munger compares Bitcoin to what Oscar Wilde said about fox hunting
• Charlie Munger says Costco 'has one thing that Amazon does not'
• Munger: It's 'absolute insanity' to think owning 100 stocks makes you a better investor than owning five
• Munger: A little inequality is good for the economy || Warren Buffett In Annual Letter Signals More Stock Buybacks Coming This Year, Says Don't 'Bet Against America': Warren Buffett in his annual letter to shareholders offered words of encouragement to a battered country while also signaling that more stock buybacks are to come. Buffett's Annual Letter : The letter from the 90-year-old chief executive officer of Berkshire Hathaway Inc. (NYSE: BRK-A ) (NYSE: BRK-B ) was even more anticipated than usual this year, because his influential voice has largely been silent since his last letter, which came in the very early days of the pandemic. A lot has happened since, from the contentious election and ensuing fallout, to the arrival of retailer investors pushing "stonks," not to mention the meteoric rise of Bitcoin (CRYPTO: BTC). Buffett's lieutenant, Berkshire Hathaway Vice Chairman Charlie Munger, spoke on Wednesday about some of these issues. He said the trading in stocks such as GameStop Corp. (NYSE: GME ) was tantamount to "betting on racehorses" and cast doubt on the idea that Bitcoin will ever replace regular money as the world's primary medium of exchange. Buffett in his letter did not talk about cryptocurrency or GameStop, but he did touch on the turmoil of the past year, without directly referencing any particular event. He used the stories of companies throughout the country that he has invested in, such as GEICO and Pilot Travel Centers, to deliver a simple, clear message: " Never bet against America." (Italics in original.) "There has been no incubator for unleashing human potential like America. Despite some severe interruptions, our country’s economic progress has been breathtaking," he wrote. "Beyond that, we retain our constitutional aspiration of becoming 'a more perfect union.' Progress on that front has been slow, uneven and often discouraging. We have, however, moved forward and will continue to do so." Earnings, Stock Repurchases : As for the latest numbers on the company's performance, the letter showed Berkshire earned $42.5 billion last year, down 48% from 2019's $81.4 billion. This included an $11 billion loss from a write-down in subsidiary and affiliate businesses, particularly the 2016 purchase of Portland, Oregon-based metal fabricator Precision Castparts. Story continues The company does business in the aerospace industry — not the best one to be in last year. In his letter, Buffett said he overpaid for the company and that last year's "adverse developments" in the industry made that clear. "I was simply too optimistic about PCC’s normalized profit potential," Buffett wrote. The company spent $24.7 billion to repurchase the equivalent of 80,998 "A" shares last year, including $9 billion in the fourth quarter. That is likely to continue: "Berkshire has repurchased more shares since year-end and is likely to further reduce its share count in the future," Buffett wrote. Berkshire also as usual listed its top holdings by market value. They included Apple Inc (NASDAQ: AAPL ), Coca-Cola Co (NYSE: KO ), American Express Company (NYSE: AXP ) and Bank of America Corp (NYSE: BAC ). Filings from Berkshire earlier this month showed the company trimmed its positions in Apple while piling into drug, telecom and oil companies in the latest quarter. Recent Price Action : Berkshire's class B shares ended Friday at $240.51, down for the week at 0.54%. Class A shares were down 0.88% to $364,580. Photo Courtesy Wikimedia Commons. See more from Benzinga Click here for options trades from Benzinga Bitcoin Hits Another All-Time High 30,000 Macs Infected With Newly Detected Form Of Malware, Dubbed 'Silver Sparrow' © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Warren Buffett In Annual Letter Signals More Stock Buybacks Coming This Year, Says Don't 'Bet Against America': Warren Buffett in his annual letter to shareholders offered words of encouragement to a battered country while also signaling that more stock buybacks are to come.
Buffett's Annual Letter: The letter from the 90-year-old chief executive officer ofBerkshire Hathaway Inc.(NYSE:BRK-A) (NYSE:BRK-B) was even more anticipated than usual this year, because his influential voice has largely been silent since his last letter, which came in the very early days of the pandemic.
A lot has happened since, from the contentious election and ensuing fallout, to the arrival of retailer investors pushing "stonks," not to mention the meteoric rise of Bitcoin (CRYPTO: BTC).
Buffett's lieutenant, Berkshire Hathaway Vice Chairman Charlie Munger,spoke on Wednesdayabout some of these issues. He said the trading in stocks such asGameStop Corp.(NYSE:GME) was tantamount to "betting on racehorses" and cast doubt on the idea that Bitcoin will ever replace regular money as the world's primary medium of exchange.
Buffett inhis letterdid not talk about cryptocurrency or GameStop, but he did touch on the turmoil of the past year, without directly referencing any particular event. He used the stories of companies throughout the country that he has invested in, such as GEICO and Pilot Travel Centers, to deliver a simple, clear message: "Neverbet against America." (Italics in original.)
"There has been no incubator for unleashing human potential like America. Despite some severe interruptions, our country’s economic progress has been breathtaking," he wrote. "Beyond that, we retain our constitutional aspiration of becoming 'a more perfect union.' Progress on that front has been slow, uneven and often discouraging. We have, however, moved forward and will continue to do so."
Earnings, Stock Repurchases: As for the latest numbers on the company's performance, the letter showed Berkshire earned $42.5 billion last year, down 48% from 2019's $81.4 billion. This included an $11 billion loss from a write-down in subsidiary and affiliate businesses, particularly the 2016 purchase of Portland, Oregon-based metal fabricator Precision Castparts.
The company does business in the aerospace industry — not the best one to be in last year. In his letter, Buffett said he overpaid for the company and that last year's "adverse developments" in the industry made that clear. "I was simply too optimistic about PCC’s normalized profit potential," Buffett wrote.
The company spent $24.7 billion to repurchase the equivalent of 80,998 "A" shares last year, including $9 billion in the fourth quarter. That is likely to continue: "Berkshire has repurchased more shares since year-end and is likely to further reduce its share count in the future," Buffett wrote.
Berkshire also as usual listed its top holdings by market value. They includedApple Inc(NASDAQ:AAPL),Coca-Cola Co(NYSE:KO),American Express Company(NYSE:AXP) andBank of America Corp(NYSE:BAC).
Filings from Berkshireearlier this monthshowed the company trimmed its positions in Apple while piling into drug, telecom and oil companies in the latest quarter.
Recent Price Action: Berkshire's class B shares ended Friday at $240.51, down for the week at 0.54%. Class A shares were down 0.88% to $364,580.
Photo Courtesy Wikimedia Commons.
See more from Benzinga
• Click here for options trades from Benzinga
• Bitcoin Hits Another All-Time High
• 30,000 Macs Infected With Newly Detected Form Of Malware, Dubbed 'Silver Sparrow'
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Billionaire Stan Druckenmillers Top 10 Stock Picks: In this article we take a look at billionaire Stan Druckenmiller's top 10 stock picks. The billionaire is making waves as he recently revealed that he is long Bitcoin and considers the cryptocurrency a valuable asset class. You can skip our detailed discussion of Druckenmiller's history, his hedge fund's performance and go to Billionaire Stan Druckenmiller's Top 5 Stock Picks . Stanley Freeman Druckenmiller is an American billionaire and hedge fund manager who founded Duquesne Capital in 1981. For 30 years the hedge fund posted excellent returns, but in 2010 the billionaire announced to shutter the fund citing emotional toll of not being able to come up to the high expectations of investors. At the time of closing, the hedge fund had $12 billion in managed securities. Druckenmillers hedge fund had posted average gains of 30% over two decades of its operations before it closed, an excellent record when compared to peers. In 2008, when most hedge funds suffered heavy losses and declined 19% on average, Duquesne returned 11%. Duquesne Capital is now a family office. The 67-year-old billionaire whose net worth stands at $4.4 billion today worked for legendary investor George Soros until 2000. The duo made a fortune when their bets against the British pound paid off on the famous Black Wednesday of 1992. Soros gave control of his hedge fund to Druckenmiller in 1989 to focus on philanthropy. From Hot Dog Stand to Billions Born in Pennsylvania, Druckenmiller graduated from Collegiate School, Virginia. In 1975, while doing his bachelors in English and Economics from Bowdoin College, Druckenmiller started a hot dog stand with Lawrence B. Lindsey, who later became economic policy adviser to President George W. Bush. Druckenmiller's investment philosophy gives importance to macroeconomic factors that control the current market environment. Druckenmiller invests in both short and long positions and uses leverage to trade currency and futures. Story continues A "Raging Mania" During an interview with CNBC a few months back, the investor talked about the current market situation. "The stock market is in a mania fueled by the Federal Reserve and investor speculation that will end badly in the coming years." Here is what Stanley Druckenmiller stated: "I think the merging of the Fed and the Treasury which is what's happening during Covid -- is obviously creating a massive ranging mania in financial assets. Everybody loves a party. I love a party. I assume you guys love a party, but inevitably after a big party, there's a hangover. Right now, we're on an absolute-ranging mania. We've got commentators on different networks encouraging companies to do stock splits. Companies then go up 50%, 30%, 40%, big market companies on stock splits. That creates no value, but the stocks still go up. I have no clue where the market's gonna go in the near term. I don't know when it's going to go up 10%, I don't know when it's going to go down 10%. I just want to remind people that there is no valuation support just because we dropped 10%. That does not matter because we are so far outside the valuation realm with the Fed doing what they're doing, that does not matter. But I would say that the next 3-5 years is going to be very very challenging." Druckenmiller Is Long Bitcoin Druckenmiller recently revealed that he owns Bitcoin. The billionaire said that Bitcoin has a lot of inherent value and its gaining traction and stability with each passing day. Frankly, if the gold bet works, the Bitcoin bet will probably work better because its thinner, more illiquid and has a lot more beta to it. Druckermiller's Latest Moves During the fourth quarter Stan Druckenmiller sold all of his position in Netflix, Inc. (NASDAQ: NFLX ), while increasing hold in Palo Alto Networks, Inc. (NYSE: PANW ) by 457%. The fund currently holds $335 million worth of PANW shares, making it Duquesne's 6th biggest holding. Druckenmiller also trimmed around a fifth of his Sea Limited ( NYSE: SE ) and Penn National Gaming, Inc. (NASDAQ: PENN ) positions, while dumping his entire stake in Facebook, Inc. (NASDAQ: FB ). Duquesne Capital also sold its stakes in Alibaba Group Holding Limited (NYSE: BABA ) and Booking Holdings Inc. (NASDAQ: BKNG ) in the fourth quarter of 2020. Billionaire Stan Druckenmiller's Top 10 Stock Picks Druckenmiller isn't the only one who struggled with his returns. The hedge fund industrys reputation has been tarnished in the last decade during which its hedged returns couldnt keep up with the unhedged returns of the market indices. On the other hand, Insider Monkeys research was able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 111 percentage points since March 2017. Between March 2017 and February 5th 2021 our monthly newsletters stock picks returned 187.5%, vs. 75.8% for the SPY ( see the details here ). We were also able to identify in advance a select group of hedge fund holdings that significantly underperformed the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 13% through November 16. Thats why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to. You can subscribe to our free newsletter on our homepage to receive our stories in your inbox. Before we start taking a look at Druckenmillers family office's top stock picks, heres a an ironic remark the billionaire once made about the soaring tech stock prices during a meeting at Soros Fund Management, as reported by the WSJ in 2000. "I don't like this market. I think we should probably lighten up. I don't want to go out like Steinhardt." He was referring to Michael Steinhardt, who closed his hedge fund 1995 after suffering heavy losses. Let's start our list of Stan Druckenmiller's top 10 stock picks. 10. The Walt Disney Company ( NYSE: DIS ) Value: $123,988,000 Change in Position Size: 378% Percent of Stan Druckenmiller's 13F Portfolio: 3.3% Walt Disney ranks 10th on our list of Billionaire Stan Druckenmiller's top 10 stock picks. The California-based mass media company aims to be one of the world's leading producers and providers of entertainment and information. Recently, The Walt Disney was able to clinch the 4th spot on Fortune's 2021 list of the "World's Most Admired Companies," despite losing billions of dollars amid the coronavirus crisis. With a current market capitalization worth $358.5 billion, Walt Disney delivered a 60% return in the past 12 months. According to our database, the number of Walt Disneys long hedge funds positions increased at the end of the fourth quarter of 2020. There were 144 hedge funds that hold a position in Disney by the end of December, compared to the 112 funds in the third quarter. The biggest stakeholder of the company is Philippe Laffont's Coatue Management, with 11 million shares, worth $2 billion. Ruane, Cunniff & Goldfarb, in their Q4 2020 investor letter, said that they acquired a position in The Walt Disney Company (NYSE: DIS ), and believes that theres still a wide room for growth in the company. Here is what Ruane, Cunniff & Goldfarb has to say about The Walt Disney Company in their investor letter : "Disney is on the global trend toward subscription-based streaming video consumption, which we think is still in its early innings. As people increasingly watch their TV and movies via apps instead of cable bundles, we expect a relatively egalitarian media ecosystem that historically supported many winners to become much more elitist. The streaming model heavily favors scaled early movers, who benefit from a virtuous cycle in which massive content investment attracts incremental subscribers and revenues, which enable further content investment, which yields still more subscriber growth. Disney is investing heavily to drive this virtuous cycle, which is depressing their current profits, but people can only watch so much TV and wrap their arms around so much selection, which means that the growth of programming spend will eventually have to slow. If the worlds two most compelling collections of streamed video content continue to attract incremental subscribers amidst a moderating pace of investment, then content cost per subscriber will begin to fall, widening competitive gaps that are already very substantial by layering a cost advantage on top of a product quality advantage. As a result of this dynamic which we think competitors will struggle to replicate we believe that the leaders of the video entertainment industrys streaming era will be far larger and more profitable than those of the cable era. While this possibility is by no means lost on the stock market, we invested in Disney because we believed their prices still failed to discount the degree to which we expect a small handful of victors to take most of the streaming eras significantly greater spoils. 9. Nuance Communications, Inc. ( NASDAQ: NUAN ) Value: $128,369,000 Change in Position Size: 0% Percent of Stan Druckenmiller's 13F Portfolio: 3.5% Burlington, Massachusetts-based Nuance Communications offers computer software technologies such as conversational and cognitive Artificial Intelligence (AI) innovations. Earlier in February, Nuance Communications announced that it outperformed Zacks Consensus' quarterly earnings estimate of $0.18 per share by achieving a return of $0.20 per share in the fiscal first quarter. Nuance Communications Inc. delivered a 14.3% return, above the S&P 500 index that gained 3.5%. Overall, 60 hedge funds tracked by Insider Monkey held long positions in the company at the end of the fourth quarter of 2020. Coatue Management has a very large position in CHRW, which amounts to $732.5 million. Nuance Communications Inc. (NASDAQ:NUAN) 8. Penn National Gaming, Inc. ( NASDAQ: PENN ) Value: $131,067,000 Change in Position Size: -20% Percent of Stan Druckenmiller's 13F Portfolio: 3.5% Pennsylvania-based Penn National Gaming is an operator of casinos and racetracks. It currently operates 43 facilities in Canada and America. Recently, PENN disclosed that it signed a 20-year strategic partnership with Capital Region Gaming, LLC doing business as Rivers Casino & Resort that will give Penn Interactive, a Penn National's subsidiary, access to New York's digital sports betting and iCasino market. With a $473 million stake in PENN, Alex Sacerdote's Whale Rock Capital Management owns 5.4 million shares of the company as of the end of the fourth quarter of 2020. Our database shows that 41 hedge funds held stakes in Penn National Gaming Inc. as of the end of the fourth quarter, versus 45 funds in the third quarter. In their Q3 2020 investor letter, Alger Mid Cap Focus Fund highlighted a few stocks and Penn National Gaming Inc (NASDAQ: PENN ) is one of them. Here is what Alger Mid Cap Focus Fund said : "Penn National operates 40 properties (casinos and racetracks) across 20 states. In February. Penn National purchased a 36% interest in Barstool Sports, an online sports media company with 66 million monthly active users. Penn National is using Barstool Sports as the brand of its digital strategy and retains 100% of the sports betting and online casino (iGaming) proceeds in the relationship. Traditional brick¬and-mortar casino gambling in the U.S. is not a growth industry: however, two unique growth areas exist for casino operators: online sports betting (OSB) and iGaming. More states are considering legalization of OSB and iGaming due to Covid¬19-related budget shortfalls, as gambling can raise substantial tax revenue. Importantly, data shows that sports betting and online casinos do not cannibalize brick-and-mortar casino revenues. Additionally, gaming companies must have a physical presence within the states where they seek to have online gambling and sports betting legalized, so Penn Nationals brick-and-mortar facilities give the company an advantage in this area. Shares of Penn National performed strongly during the third quarter in response to the companys brick-and-mortar properties recently generating higher margins compared to pre-Covid-19 levels. a result of the company cutting costs and increased customer spending. Investors also responded favorably to Barstools September launch of its Sportsbook app in Pennsylvania. Additionally. sports betting and online gaming levels have reached record highs in numerous states. Penn National Gaming, Inc (PENN) 7. Sea Limited ( NYSE: SE ) Value: $152,216,000 Change in Position Size: -22% Percent of Stan Druckenmiller's 13F Portfolio: 4.1% Sea Limited is a Singapore-based consumer internet company that successfully developed an integrated platform composed of electronic commerce, digital financial services, and digital entertainment for hassle-free business transactions. SE's core businesses include Shopee, the largest actively used e-commerce platform in Southeast Asia. Sea Limited currently has a $122.4 billion market capitalization. It delivered a massive 433.29% return in the past 12 months and settled at $248.04 per share at the closing of February 24, 2021. Our database shows that 115 hedge funds held stakes in Sea Limited at the end of December, versus 95 funds in the third quarter. SE ranks 15th in our list of the 30 Most Popular Stocks Among Hedge Funds: 2020 Q4 Rankings . In their Q3 2020 investor letter, Tao Value highlighted a few stocks and Sea Ltd (NYSE: SE ) is one of them. Here is what Tao Value said : "Sea Ltd (ticker: SE) Based on reported Q2 numbers, Sea did well across the board, beating already high expectation in all 3 business segments. It is evolving into a super app for ASEAN region leveraging its leading positions in all 3 mega trends: gaming, e-commerce & fintech, basically a combined Alibaba & Tencent of ASEAN. Given the strong price reaction, I decided to trim slightly to control position size. 11 Highest Paying Countries for Information Technology Professionals Copyright: gmast3r / 123RF Stock Photo 6. Palo Alto Networks, Inc. ( NYSE: PANW ) Value: $163,145,000 Change in Position Size: 458% Percent of Stan Druckenmiller's 13F Portfolio: 4.4% California-based Palo Alto Networks offers an automated cybersecurity approach to prevent cyberattacks and sells cloud security, network security, endpoint protection, and other related security services. The company recently unveiled NextWave 3.0, a platform to provide new security enhancements for their customers' needs in a dynamic security market. With a market cap of $35.9 billion, PANW delivered an impressive 97.06% return in the past 12 months. A total of 61 hedge funds tracked by Insider Monkey were long PANW at the end of December 2020, compared to 59 funds a quarter earlier. Diamond Hill Capital highlighted a few stocks in their Q1 2020 Investor Letter, and Palo Alto Networks Inc (NYSE: PANW ) is one of them. Here is what Diamond Hill Capital has to say about the company: "Shares of information technology security company Palo Alto Networks, Inc. declined with the broad market during the quarter, and we initiated a position at a very compelling valuation. The firm sells critical products and services, has a significant net cash balance, generates a substantial amount of recurring revenue, and we expect cash generation to be fairly resilient going forward. Palo Alto Networks Inc (NYSE:PANW) Pixabay/Public Domain Click to continue reading and see Billionaire Stan Druckenmiller's Top 5 Stock Picks . Suggested articles: 15 Most Valuable Cloud Computing Companies 10 Best Bank Stocks for 2021 10 Best Long-Term Dividend Stocks to Buy and Hold Disclosure: None. Billionaire Stan Druckenmiller's Top 10 Stock Picks is originally published on Insider Monkey. || Billionaire Stan Druckenmiller’s Top 10 Stock Picks: In this article we take a look at billionaire Stan Druckenmiller's top 10 stock picks. The billionaire is making waves as he recently revealed that he is long Bitcoin and considers the cryptocurrency a valuable asset class. You can skip our detailed discussion of Druckenmiller's history, his hedge fund's performance and go toBillionaire Stan Druckenmiller's Top 5 Stock Picks.
Stanley Freeman Druckenmilleris an American billionaire and hedge fund manager who founded Duquesne Capital in 1981. For 30 years the hedge fund posted excellent returns, but in 2010 the billionaire announced to shutter the fund citing “emotional toll” of not being able to come up to the high expectations of investors. At the time of closing, the hedge fund had $12 billion in managed securities. Druckenmiller’s hedge fund had posted average gains of 30% over two decades of its operations before it closed, an excellent record when compared to peers. In 2008, when most hedge funds suffered heavy losses and declined 19% on average, Duquesne returned 11%.
Duquesne Capital is now a family office.
The 67-year-old billionaire whose net worth stands at $4.4 billion today worked for legendary investor George Soros until 2000. The duo made a fortune when their bets against the British pound paid off on the famous “Black Wednesday” of 1992. Soros gave control of his hedge fund to Druckenmiller in 1989 to focus on philanthropy.
From Hot Dog Stand to Billions
Born in Pennsylvania, Druckenmiller graduated from Collegiate School, Virginia. In 1975, while doing his bachelor’s in English and Economics from Bowdoin College, Druckenmiller started a hot dog stand with Lawrence B. Lindsey, who later became economic policy adviser to President George W. Bush.
Druckenmiller's investment philosophy gives importance to macroeconomic factors that control the current market environment. Druckenmiller invests in both short and long positions and uses leverage to trade currency and futures.
A "Raging Mania"
During aninterviewwith CNBC a few months back, the investor talked about the current market situation.
"The stock market is in a mania fueled by the Federal Reserve and investor speculation that will end badly in the coming years."
Here is what Stanley Druckenmiller stated:
"I think the merging of the Fed and the Treasury which is what's happening during Covid -- is obviously creating a massive ranging mania in financial assets. Everybody loves a party. I love a party. I assume you guys love a party, but inevitably after a big party, there's a hangover. Right now, we're on an absolute-ranging mania. We've got commentators on different networks encouraging companies to do stock splits. Companies then go up 50%, 30%, 40%, big market companies on stock splits. That creates no value, but the stocks still go up. I have no clue where the market's gonna go in the near term. I don't know when it's going to go up 10%, I don't know when it's going to go down 10%. I just want to remind people that there is no valuation support just because we dropped 10%. That does not matter because we are so far outside the valuation realm with the Fed doing what they're doing, that does not matter. But I would say that the next 3-5 years is going to be very very challenging."
Druckenmiller recently revealed that he owns Bitcoin. The billionaire said that Bitcoin has a lot of inherent value and it’s gaining traction and stability with each passing day.
Frankly, if the gold bet works, the Bitcoin bet will probably work better because it’s thinner, more illiquid and has a lot more beta to it.
During the fourth quarter Stan Druckenmiller sold all of his position in Netflix, Inc. (NASDAQ:NFLX), while increasing hold in Palo Alto Networks, Inc. (NYSE:PANW) by 457%. The fund currently holds $335 million worth of PANW shares, making it Duquesne's 6th biggest holding.
Druckenmiller also trimmed around a fifth of his Sea Limited (NYSE: SE) and Penn National Gaming, Inc. (NASDAQ:PENN) positions, while dumping his entire stake in Facebook, Inc. (NASDAQ:FB). Duquesne Capital also sold its stakes in Alibaba Group Holding Limited (NYSE:BABA) and Booking Holdings Inc. (NASDAQ:BKNG) in the fourth quarter of 2020.
Druckenmiller isn't the only one who struggled with his returns. The hedge fund industry’s reputation has been tarnished in the last decade during which its hedged returns couldn’t keep up with the unhedged returns of the market indices. On the other hand, Insider Monkey’s research was able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 111 percentage points since March 2017. Between March 2017 and February 5th 2021 our monthly newsletter’s stock picks returned 187.5%, vs. 75.8% for the SPY (see the details here). We were also able to identify in advance a select group of hedge fund holdings that significantly underperformed the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 13% through November 16. That’s why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to. You can subscribe to our free newsletter on our homepage to receive our stories in your inbox.
Before we start taking a look at Druckenmiller’s family office's top stock picks, here’s a an ironic remark the billionaire once made about the soaring tech stock prices during a meeting at Soros Fund Management, as reported by the WSJ in 2000.
"I don't like this market. I think we should probably lighten up. I don't want to go out like Steinhardt."
He was referring to Michael Steinhardt, who closed his hedge fund 1995 after suffering heavy losses.
Let's start our list of Stan Druckenmiller's top 10 stock picks.
Value: $123,988,000Change in Position Size: 378%Percent of Stan Druckenmiller's 13F Portfolio: 3.3%
Walt Disney ranks 10th on our list of Billionaire Stan Druckenmiller's top 10 stock picks. The California-based mass media company aims to be one of the world's leading producers and providers of entertainment and information. Recently, The Walt Disney was able to clinch the 4th spot on Fortune's 2021 list of the "World's Most Admired Companies," despite losing billions of dollars amid the coronavirus crisis. With a current market capitalization worth $358.5 billion, Walt Disney delivered a 60% return in the past 12 months.
According to our database, the number of Walt Disney’s long hedge funds positions increased at the end of the fourth quarter of 2020. There were 144 hedge funds that hold a position in Disney by the end of December, compared to the 112 funds in the third quarter. The biggest stakeholder of the company is Philippe Laffont's Coatue Management, with 11 million shares, worth $2 billion.
Ruane, Cunniff & Goldfarb, in their Q4 2020 investor letter, said that they acquired a position in The Walt Disney Company (NYSE:DIS), and believes that there’s still a wide room for growth in the company. Here is what Ruane, Cunniff & Goldfarb has to say about The Walt Disney Company in theirinvestor letter:
"Disney is on the global trend toward subscription-based streaming video consumption, which we think is still in its early innings. As people increasingly watch their TV and movies via apps instead of cable bundles, we expect a relatively egalitarian media ecosystem that historically supported many winners to become much more elitist. The streaming model heavily favors scaled early movers, who benefit from a virtuous cycle in which massive content investment attracts incremental subscribers and revenues, which enable further content investment, which yields still more subscriber growth.
Value: $128,369,000Change in Position Size: 0%Percent of Stan Druckenmiller's 13F Portfolio: 3.5%
Burlington, Massachusetts-based Nuance Communications offers computer software technologies such as conversational and cognitive Artificial Intelligence (AI) innovations. Earlier in February, Nuance Communicationsannouncedthat it outperformed Zacks Consensus' quarterly earnings estimate of $0.18 per share by achieving a return of $0.20 per share in the fiscal first quarter. Nuance Communications Inc. delivered a 14.3% return, above the S&P 500 index that gained 3.5%.
Overall, 60 hedge funds tracked by Insider Monkey held long positions in the company at the end of the fourth quarter of 2020.Coatue Managementhas a very large position in CHRW, which amounts to $732.5 million.
Value: $131,067,000Change in Position Size: -20%Percent of Stan Druckenmiller's 13F Portfolio: 3.5%
Pennsylvania-based Penn National Gaming is an operator of casinos and racetracks. It currently operates 43 facilities in Canada and America. Recently, PENN disclosed that it signed a 20-year strategic partnership with Capital Region Gaming, LLC doing business as Rivers Casino & Resort that will give Penn Interactive, a Penn National's subsidiary, access to New York's digital sports betting and iCasino market.
With a $473 million stake in PENN, Alex Sacerdote'sWhale Rock Capital Managementowns 5.4 million shares of the company as of the end of the fourth quarter of 2020. Our database shows that 41 hedge funds held stakes in Penn National Gaming Inc. as of the end of the fourth quarter, versus 45 funds in the third quarter.
In their Q3 2020 investor letter, Alger Mid Cap Focus Fund highlighted a few stocks and Penn National Gaming Inc (NASDAQ:PENN) is one of them. Here is what Alger Mid Cap Focus Fundsaid:
"Penn National operates 40 properties (casinos and racetracks) across 20 states. In February. Penn National purchased a 36% interest in Barstool Sports, an online sports media company with 66 million monthly active users. Penn National is using Barstool Sports as the brand of its digital strategy and retains 100% of the sports betting and online casino (iGaming) proceeds in the relationship. Traditional brick¬and-mortar casino gambling in the U.S. is not a growth industry: however, two unique growth areas exist for casino operators: online sports betting (OSB) and iGaming. More states are considering legalization of OSB and iGaming due to Covid¬19-related budget shortfalls, as gambling can raise substantial tax revenue. Importantly, data shows that sports betting and online casinos do not cannibalize brick-and-mortar casino revenues. Additionally, gaming companies must have a physical presence within the states where they seek to have online gambling and sports betting legalized, so Penn National’s brick-and-mortar facilities give the company an advantage in this area. Shares of Penn National performed strongly during the third quarter in response to the company’s brick-and-mortar properties recently generating higher margins compared to pre-Covid-19 levels. a result of the company cutting costs and increased customer spending. Investors also responded favorably to Barstool’s September launch of its Sportsbook app in Pennsylvania. Additionally. sports betting and online gaming levels have reached record highs in numerous states.”
Value: $152,216,000Change in Position Size: -22%Percent of Stan Druckenmiller's 13F Portfolio: 4.1%
Sea Limited is a Singapore-based consumer internet company that successfully developed an integrated platform composed of electronic commerce, digital financial services, and digital entertainment for hassle-free business transactions. SE's core businesses include Shopee, the largest actively used e-commerce platform in Southeast Asia. Sea Limited currently has a $122.4 billion market capitalization. It delivered a massive 433.29% return in the past 12 months and settled at $248.04 per share at the closing of February 24, 2021.
Our database shows that 115 hedge funds held stakes in Sea Limited at the end of December, versus 95 funds in the third quarter. SE ranks 15th in our list of the30 Most Popular Stocks Among Hedge Funds: 2020 Q4 Rankings.
In their Q3 2020 investor letter, Tao Value highlighted a few stocks and Sea Ltd (NYSE:SE) is one of them. Here is what Tao Valuesaid:
"Sea Ltd (ticker: SE) Based on reported Q2 numbers, Sea did well across the board, beating already high expectation in all 3 business segments. It is evolving into a super app for ASEAN region leveraging its leading positions in all 3 mega trends: gaming, e-commerce & fintech, basically a combined Alibaba & Tencent of ASEAN. Given the strong price reaction, I decided to trim slightly to control position size.”
Copyright:gmast3r / 123RF Stock Photo
Value: $163,145,000Change in Position Size: 458%Percent of Stan Druckenmiller's 13F Portfolio: 4.4%
California-based Palo Alto Networks offers an automated cybersecurity approach to prevent cyberattacks and sells cloud security, network security, endpoint protection, and other related security services. The company recentlyunveiledNextWave 3.0, a platform to provide new security enhancements for their customers' needs in a dynamic security market. With a market cap of $35.9 billion, PANW delivered an impressive 97.06% return in the past 12 months.
A total of 61 hedge funds tracked by Insider Monkey were long PANW at the end of December 2020, compared to 59 funds a quarter earlier.
Diamond Hill Capitalhighlighted a few stocks in their Q1 2020 Investor Letter, and Palo Alto Networks Inc (NYSE:PANW) is one of them. Here is what Diamond Hill Capital has tosayabout the company:
"Shares of information technology security company Palo Alto Networks, Inc. declined with the broad market during the quarter, and we initiated a position at a very compelling valuation. The firm sells critical products and services, has a significant net cash balance, generates a substantial amount of recurring revenue, and we expect cash generation to be fairly resilient going forward.”
Pixabay/Public Domain
Click to continue reading and seeBillionaire Stan Druckenmiller's Top 5 Stock Picks.
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• 15 Most Valuable Cloud Computing Companies
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Disclosure: None.Billionaire Stan Druckenmiller's Top 10 Stock Picksis originally published on Insider Monkey.
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None available.
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49631.24, 48378.99, 50538.24, 48561.17, 48927.30, 48912.38, 51206.69, 52246.52, 54824.12, 56008.55
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 39208.77, 36894.41, 35551.96, 35862.38, 33560.71, 33472.63, 37345.12, 36702.60, 37334.40, 35552.52, 39097.86, 40218.48, 40406.27, 38347.06, 38053.50, 35787.25, 35615.87, 35698.30, 31676.69, 32505.66, 33723.03, 34662.44, 31637.78, 32186.28, 34649.64, 34434.34, 35867.78, 35040.84, 33572.12, 33897.05, 34668.55, 35287.78, 33746.00, 34235.20, 33855.33, 32877.37, 33798.01, 33520.52, 34240.19, 33155.85, 32702.03, 32822.35, 31780.73, 31421.54, 31533.07, 31796.81, 30817.83, 29807.35, 32110.69, 32313.11, 33581.55, 34292.45, 35350.19, 37337.54, 39406.94, 39995.91, 40008.42, 42235.55, 41626.20, 39974.89, 39201.95, 38152.98, 39747.50, 40869.55, 42816.50, 44555.80, 43798.12, 46365.40, 45585.03, 45593.64, 44428.29, 47793.32, 47096.95, 47047.00, 46004.48, 44695.36, 44801.19, 46717.58, 49339.18, 48905.49, 49321.65, 49546.15, 47706.12, 48960.79, 46942.22, 49058.67, 48902.40, 48829.83, 47054.98, 47166.69.
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[Bitcoin Technical Analysis for 2021-08-31]
Volume: 34730363427, RSI (14-day): 54.19, 50-day EMA: 43577.09, 200-day EMA: 40577.28
[Wider Market Context]
Gold Price: 1815.00, Gold RSI: 57.61
Oil Price: 68.50, Oil RSI: 50.43
[Recent News (last 7 days)]
There's Hope For Dogecoin To Rebound Above $0.30, Analysis Shows: Dogecoin(CRYPTO: DOGE) saw a major price downturn recently, but recent charts give hope for a bullish reversal.
What Happened:According to a CoinGapeanalysis, since Dogecoin hit its monthly high of $0.35, its price fell by about 20% but its price action over the last two weeks has drawn a bullish falling wedge on the daily candle chart.
The report explains that "falling wedges are usually 80% of the time bullish as a breakout to the upside is needed to activate the pattern."
In order for Dogecoin's price to charge towards $0.30, bulls have to break the top trendline of the falling wedge, where they'll be met by resistance at $0.306.
Read also:Elon Musk Says 'Important' That Dogecoin Update Finds More Nodes In Preparation For Fee Reduction
If this resistance were to be broken, DOGE could reach the mid $0.30s. Another bullish sign for Dogecoin is that the Stochastic RSI indicates that the coin's price has been oversold for the last few days.
According to the analysis, Bitcoin's performance over the last two weeks gives hope that a larger price move is coming soon. If Bitcoin breaks to the downside, then Dogecoin will likely do the same — since Bitcoin usually acts as the trendsetter in this market.
Price Action:According to CoinMarketCapdata, Dogecoin is currently trading at $0.2704 after losing exactly 4.13% of its value over the 24 hours to press time.
Photo: Glory Cycles via Flickr
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© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || There's Hope For Dogecoin To Rebound Above $0.30, Analysis Shows: Dogecoin (CRYPTO: DOGE) saw a major price downturn recently, but recent charts give hope for a bullish reversal. What Happened: According to a CoinGape analysis , since Dogecoin hit its monthly high of $0.35, its price fell by about 20% but its price action over the last two weeks has drawn a bullish falling wedge on the daily candle chart. The report explains that "falling wedges are usually 80% of the time bullish as a breakout to the upside is needed to activate the pattern." In order for Dogecoin's price to charge towards $0.30, bulls have to break the top trendline of the falling wedge, where they'll be met by resistance at $0.306. Read also: Elon Musk Says 'Important' That Dogecoin Update Finds More Nodes In Preparation For Fee Reduction If this resistance were to be broken, DOGE could reach the mid $0.30s. Another bullish sign for Dogecoin is that the Stochastic RSI indicates that the coin's price has been oversold for the last few days. According to the analysis, Bitcoin's performance over the last two weeks gives hope that a larger price move is coming soon. If Bitcoin breaks to the downside, then Dogecoin will likely do the same since Bitcoin usually acts as the trendsetter in this market. Price Action: According to CoinMarketCap data , Dogecoin is currently trading at $0.2704 after losing exactly 4.13% of its value over the 24 hours to press time. Photo: Glory Cycles via Flickr See more from Benzinga Click here for options trades from Benzinga 'Rich Dad Poor Dad' Author Robert Kiyosaki Buys Crypto At Gold's Expense Dogecoin-Inspired DogeCola Beverage Starts Shipping This Month © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || SEC To Monitor DeFi With Artificial Intelligence: The United States Securities and Exchange Commission (SEC) signed a deal with blockchain analytics firm AnChain.AI to help its efforts in monitoring the decentralized finance (DeFi) space.
What Happened:According to a Forbesreport, AnChain.AI CEO and Co-Founder Victor Fang explained that the collaboration started because "the SEC is very keen on understanding what is happening in the world of smart contract-based digital assets," and the firm can help with that.
The company's service focuses on tracking illicit activity across crypto exchanges, DeFi protocols, and traditional financial institutions.
The contract between the blockchain analysis firm and the SEC started in May and probably played a role in AnChain.AI securing a $10 million Series A round led by Susquehanna Group affiliate SIG Asia Investments LLP.
Why It Matters:The regulator is seemingly leveraging the contractor to monitor the DeFi ecosystem more closely, as expected after recent remarks by SEC Chairman Gary Gensler.
Earlier this month, hesaidthat some DeFi projects have features that make them look like the kind of entities the SEC is tasked with overseeing.
What Else:DeFi protocols are nothing more than a complicated system of smart contracts, often a great number of them linked together.
For instance, Fang explained that it is actually an amalgam of 30,000 separate smart contracts that manages over $1.8 billion worth of transactions in the 24 hours prior to the Forbes article being published.
Read next:El Salvador Adopting Bitcoin Is "An Inadvisable Shortcut": International Monetary Fund
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• El Salvador Adopting Bitcoin Is "An Inadvisable Shortcut": International Monetary Fund
• Crypto Is A Worthless Bubble, Billionaire Subprime Shorter John Paulson Thinks
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || SEC To Monitor DeFi With Artificial Intelligence: The United States Securities and Exchange Commission (SEC) signed a deal with blockchain analytics firm AnChain.AI to help its efforts in monitoring the decentralized finance (DeFi) space. What Happened: According to a Forbes report , AnChain.AI CEO and Co-Founder Victor Fang explained that the collaboration started because "the SEC is very keen on understanding what is happening in the world of smart contract-based digital assets," and the firm can help with that. The company's service focuses on tracking illicit activity across crypto exchanges, DeFi protocols, and traditional financial institutions. The contract between the blockchain analysis firm and the SEC started in May and probably played a role in AnChain.AI securing a $10 million Series A round led by Susquehanna Group affiliate SIG Asia Investments LLP. Why It Matters: The regulator is seemingly leveraging the contractor to monitor the DeFi ecosystem more closely, as expected after recent remarks by SEC Chairman Gary Gensler. Earlier this month, he said that some DeFi projects have features that make them look like the kind of entities the SEC is tasked with overseeing. What Else: DeFi protocols are nothing more than a complicated system of smart contracts, often a great number of them linked together. For instance, Fang explained that it is actually an amalgam of 30,000 separate smart contracts that manages over $1.8 billion worth of transactions in the 24 hours prior to the Forbes article being published. Read next: El Salvador Adopting Bitcoin Is "An Inadvisable Shortcut": International Monetary Fund See more from Benzinga Click here for options trades from Benzinga El Salvador Adopting Bitcoin Is "An Inadvisable Shortcut": International Monetary Fund Crypto Is A Worthless Bubble, Billionaire Subprime Shorter John Paulson Thinks © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || El Salvador Adopting Bitcoin Is "An Inadvisable Shortcut": International Monetary Fund: The International Monetary Fund (IMF) heavily criticized El Salvador's decision to adoptBitcoin(CRYPTO: BTC) as a legal tender.
What Happened:Alongside a blog post published onSunday, the IMF tweeted that the risk of "privately issued crypto assets like Bitcoin" makes it so that "making them equivalent to a national currency is an inadvisable shortcut."
In its blog post, the IMF admits that digital assets "have the potential to provide cheaper and faster payments, enhance financial inclusion, improve resilience and competition among payment providers, and facilitate cross-border transfers."
Still, the institution points out that creating the "requires significant investment as well as difficult policy choices."
Why It Matters:For this reason, the IMF considers adopting Bitcoin to be a shortcut on El Salvador's part: it adopted a preexistent system instead of creating a custom-made one.
The institution admits that many cryptos are secure, easy to access, and cheap to transact but claims that "in most cases risks and costs outweigh potential benefits."
For instance, the post claims that crypto's "value is just too volatile and unrelated to the real economy."
The IMF also warned that the widespread adoption of a crypto asset such as Bitcoin could hurt macroeconomic stability.
The regulator claims that "if goods and services were priced in both a real currency and a crypto asset, households and businesses would spend significant time and resources choosing which money to hold as opposed to engaging in productive activities."
What Else:Furthermore, adopting crypto exposes exchange rate risk if taxes were quoted in advance in it, while expenditures remained mostly priced in fiat currency or the reverse.
Lastly, the IMF raises concern that Bitcoin mining consumes "an enormous amount of electricity" and consequently, "the ecological implications of adopting these crypto assets as a national currency could be dire."
Price Action:The leading cryptocurrency was trading at $47,599, down 3.37% over the last 24 hours and down 4.09% over the past week.
See more from Benzinga
• Click here for options trades from Benzinga
• Crypto Is A Worthless Bubble, Billionaire Subprime Shorter John Paulson Thinks
• Institutional Investors Now Hold B Of Bitcoin: Report
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || El Salvador Adopting Bitcoin Is "An Inadvisable Shortcut": International Monetary Fund: The International Monetary Fund (IMF) heavily criticized El Salvador's decision to adoptBitcoin(CRYPTO: BTC) as a legal tender.
What Happened:Alongside a blog post published onSunday, the IMF tweeted that the risk of "privately issued crypto assets like Bitcoin" makes it so that "making them equivalent to a national currency is an inadvisable shortcut."
In its blog post, the IMF admits that digital assets "have the potential to provide cheaper and faster payments, enhance financial inclusion, improve resilience and competition among payment providers, and facilitate cross-border transfers."
Still, the institution points out that creating the "requires significant investment as well as difficult policy choices."
Why It Matters:For this reason, the IMF considers adopting Bitcoin to be a shortcut on El Salvador's part: it adopted a preexistent system instead of creating a custom-made one.
The institution admits that many cryptos are secure, easy to access, and cheap to transact but claims that "in most cases risks and costs outweigh potential benefits."
For instance, the post claims that crypto's "value is just too volatile and unrelated to the real economy."
The IMF also warned that the widespread adoption of a crypto asset such as Bitcoin could hurt macroeconomic stability.
The regulator claims that "if goods and services were priced in both a real currency and a crypto asset, households and businesses would spend significant time and resources choosing which money to hold as opposed to engaging in productive activities."
What Else:Furthermore, adopting crypto exposes exchange rate risk if taxes were quoted in advance in it, while expenditures remained mostly priced in fiat currency or the reverse.
Lastly, the IMF raises concern that Bitcoin mining consumes "an enormous amount of electricity" and consequently, "the ecological implications of adopting these crypto assets as a national currency could be dire."
Price Action:The leading cryptocurrency was trading at $47,599, down 3.37% over the last 24 hours and down 4.09% over the past week.
See more from Benzinga
• Click here for options trades from Benzinga
• Crypto Is A Worthless Bubble, Billionaire Subprime Shorter John Paulson Thinks
• Institutional Investors Now Hold B Of Bitcoin: Report
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || El Salvador Adopting Bitcoin Is "An Inadvisable Shortcut": International Monetary Fund: The International Monetary Fund (IMF) heavily criticized El Salvador's decision to adopt Bitcoin (CRYPTO: BTC) as a legal tender. What Happened: Alongside a blog post published on Sunday , the IMF tweeted that the risk of "privately issued crypto assets like Bitcoin" makes it so that "making them equivalent to a national currency is an inadvisable shortcut." In its blog post, the IMF admits that digital assets "have the potential to provide cheaper and faster payments, enhance financial inclusion, improve resilience and competition among payment providers, and facilitate cross-border transfers." Still, the institution points out that creating the "requires significant investment as well as difficult policy choices." Why It Matters: For this reason, the IMF considers adopting Bitcoin to be a shortcut on El Salvador's part: it adopted a preexistent system instead of creating a custom-made one. The institution admits that many cryptos are secure, easy to access, and cheap to transact but claims that "in most cases risks and costs outweigh potential benefits." For instance, the post claims that crypto's "value is just too volatile and unrelated to the real economy." The IMF also warned that the widespread adoption of a crypto asset such as Bitcoin could hurt macroeconomic stability. The regulator claims that "if goods and services were priced in both a real currency and a crypto asset, households and businesses would spend significant time and resources choosing which money to hold as opposed to engaging in productive activities." What Else: Furthermore, adopting crypto exposes exchange rate risk if taxes were quoted in advance in it, while expenditures remained mostly priced in fiat currency or the reverse. Lastly, the IMF raises concern that Bitcoin mining consumes "an enormous amount of electricity" and consequently, "the ecological implications of adopting these crypto assets as a national currency could be dire." Story continues Price Action: The leading cryptocurrency was trading at $47,599, down 3.37% over the last 24 hours and down 4.09% over the past week. See more from Benzinga Click here for options trades from Benzinga Crypto Is A Worthless Bubble, Billionaire Subprime Shorter John Paulson Thinks Institutional Investors Now Hold B Of Bitcoin: Report © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Market America Worldwide SHOP.COM's 2021 International Convention Kicks Off the Next Chapter Of Business Innovation by Introducing Global Cryptocurrency Purchasing on All SHOP.COM Sites, and So Much More: GREENSBORO, NC / ACCESSWIRE / August 30, 2021 /From Aug. 26-28, thousands of entrepreneurs from around the world experiencedMarket America Worldwide|SHOP.COM'sannual International Convention (#MAIC2021) from the comfort of their own homes or, once again, in person at the Greensboro Coliseum in Greensboro, North Carolina.
Following current Centers for Disease Control and Prevention (CDC) guidelines as well as state and local guidelines, this year's International Convention was held as a hybrid event, allowing entrepreneurs from around the world to experience and begin the next chapter of business innovation. Among several groundbreaking new products launched at #MAIC2021 and a host of powerful presentations from the company's executive leadership, a new SHOP LIVE sales tool was unveiled that gives the company's distributors, known as UnFranchise®Owners (UFOs), the ability to sell products during their live streaming shows through clickable icons. In another key enhancement, the company introduced its partnership with Sezzle, a new payment method that allows online shoppers in the U.S. the ability to "buy now, pay later" over six weeks with no interest. And astounding all attendees was news that all SHOP.COM sites from around the world will now accept cryptocurrency as a form of payment via BitPay.
On Thursday, Aug. 26, President & COO of Market America Worldwide Marc Ashley took the main stage to launch a number of new and relevant exclusive Market America products, includingNeuro Focus™,which is formulated with clinically supported ingredients to optimize brain vitality. Neuro Focusoffers the functional ingredients often referred to as nootropics, which are ingredients that may help or support cognitive function in healthy adults; in particular, executive functions, memory, creativity and motivation. Neuro Focus was formulated to support mental agility and help consumers get things done without mental exhaustion.* Ashley also launchedHeart Health™ Blood Pressure and Vascular Support, a cutting-edge formula ideal for individuals looking to support healthy blood pressureor maintain blood pressure within a normal range for their age group.* Among other new products launched at #MAIC2021,Shopping Annuity®Brand Premium Wellbeing Teawas unveiled as an invigorating and refreshing herbal tea with a balance of botanicals like ashwagandha and licorice for helping push through day-to-day routines. It's ideal for those who want a supportive tea to enhance their health practice and keep up with the demands of the day.
On Friday, Aug. 27, Ashley brought even bigger news to all attending #MAIC2021 by giving new details about SHOP LIVE, a virtual, interactive, live-streaming shopping experience that Ashley has called "the biggest and best tool" the company has ever released. With SHOP LIVE, UFOs can launch their own live online meeting, talk about the products they love and share clickable "buy-it-now" links in the meeting itself. SHOP LIVE is powered byVerb Technology Company, Inc.(Nasdaq: VERB),the leader in interactive video-based sales enablement applications, including interactive live-stream e-commerce, webinar, CRM and marketing applications for entrepreneurs and enterprises.
At an #MAIC2021 booth in Greensboro that was also available virtually to online attendees, UnFranchise Owners were able to see firsthand how to set up the clickable in-video icons for their SHOP LIVE live streams. These clickable icons let live-stream guests purchase products with "buy-it-now" buttons, receive additional product information, schedule follow-up appointments, and access other customizable, interactive features, for a fun, social, and friction-free experience. Even more exciting to UFOs is that those from different organizations can attend the same SHOP LIVE event and still have each customer's purchase applied back to the appropriate UFO.
"As an example, when a UFO, say Dennis, invites customers to a SHOP LIVE event and they click on a product icon, we know that Dennis invited them. He's getting the retail profit for that purchase," said Ashley at #MAIC2021. "But if I'm a UFO and I follow Dennis's team, but I'm not in his organization and I invite customers and prospects and other UFOs from my organization to watch Dennis's SHOP LIVE, and some of these people click on the products from Dennis's live stream, guess what? I get the credit for it. SHOP LIVE comes with a tracking system that knows that the purchases came from my organization. And the retail profit doesn't go to Dennis's site. It goes to mine!"
Also new for #MAIC2021, attendees were able to connect with experts at the Sezzle booth. Sezzle(SZL)is a financial technology company and highest-rated "buy now, pay later" online payment provider that allows online shoppers the convenience of paying in four easy installments over six weeks with zero interest. Now, Market America Worldwide | SHOP.COM's partnership with Sezzle offers this unique and valuable way for UFOs, their customers and consumers to shop online.
"It's easy to use," said Amy DeBerry, Enterprise Senior Account Manager. "You can download the app or go online and sign up, get what you want and put it in your cart and select Sezzle at checkout. You pay 25% of your purchase today and then the remaining payments are spaced out in equal payments over the next six weeks. There's no interest and there are no fees. There's no impact to your credit score and we give instant approval decisions. Market America Worldwide | SHOP.COM, I can honestly say you're great partners. It is such a collaborative partnership."
The continued success of the UnFranchise Business and of the Shopping Annuity - the company's signature program that enables smart shoppers to convert money they already spend on everyday purchases into supplemental income - was the primary focus at International Convention. Founder, Chairman & CEO of Market America Worldwide | SHOP.COMJR Ridinger, who created the Shopping Annuity as the backbone of the UnFranchise Business, shared what UFOs can expect the next chapter of their UnFranchise Businesses to look like. Additionally, #MAIC2021 attendees got an exclusive first look at some of the hottest new and exclusive Market America products launching throughout the remainder of 2021 that will also prove valuable to help build UFOs' businesses in the first quarter of 2022.
Continuing on Friday, Aug. 27,Loren Ridinger, Co-Founder & Senior Executive Vice President of Market America Worldwide | SHOP.COM, also took the stage and got personal about the difference between having dreams and reaching them.
Photo of Senior Executive Vice President of Market America Worldwide |SHOP.COMand the Founder of Motives® cosmetics, Loren Ridinger
"When other people are living their dreams, it's because they are doing the things that get them the results," said Loren Ridinger. "They're not coming up with excuses or reasons why they can't. Judge a tree by the fruit it bears. In my yard, we have four big apple trees. Some are green. Some are red. One of them wasn't doing so well this year. My granddaughter Ayva, who is six, said to me, ‘Mimi, that tree over there needs to stop coming up with excuses and start producing results.' And I said, ‘You got that right.'"
Loren, who is also the founder of theMotives®line of cosmetics, had some extraordinary beauty products that were unveiled at #MAIC2021, including the Motives Sublime Eye Shadow Palette that's just in time for the return of more in-person social activities. Even if you need to keep the celebrations to a tight-knit group, you still need to bring on the glam. Motives Sublime Luminizing Jelly is the perfect addition to the Sublime Eye Shadow Palette. This jelly-like gloss is a multitasking highlighter, designed to be worn over makeup to add a glossy look to eyes, cheekbones, lips, collarbones, everywhere! Among several other #MAIC2021 beauty must-haves, the new Motives Hand-Held Mixing Palette is the product beauty lovers will use again and again to mix and create endless new colors and shades. Whether you use the palette to mix serum/SPF into your foundation, mix one of the new Sublime Luminizing Jellies with your favorite eye shadow or just to apply product to keep the back of your hand free of unwanted stains, you will find more ways than one to take advantage of this innovative tool. It cleans off easily with a makeup wipe or your favorite cleaner.
Not to be missed on Saturday, Aug. 28 was Steve Ashley, President & COO of SHOP.COM, who officially announced the use of cryptocurrency as the next chapter in purchasing products on all SHOP.COM sites.
"Today I'm announcing that SHOP.COM is going to be offering Bitcoin, Ethereum and several other cryptocurrencies through BitPay," said Ashley. "We're going to be offering this at SHOP.COM sites worldwide in all of our Market Countries. We went with BitPay because they are the industry leader. They are the world's largest in Bitcoin and crypto payment services."
"SHOP.COM and Market America are such great brands," said Sonny Singh, BitPay Chief Commercial Officer. "What I really like about them as such a great fit is because of your international presence. The fact that you're only doing 40% of your volume in America means it's a really global brand. In countries like Taiwan, Thailand, Argentina, Brazil and Indonesia, it's very hard to make payments. Credit cards are not everywhere and in those countries BitPay and crypto is the cheapest, quickest payment option to accept Bitcoin and to receive crypto payment options as well."
"When you take the people power that comes from the thousands of UnFranchise Owners in eight Market Countries and combine it with the different enhancements we shared with you this weekend, it's easy to see why the UnFranchise Business resonates with people all over the globe. We are leading the parade as we always have done, ahead of the curve yet again. This time with cryptocurrency! As different online retailers scramble to create a plan of action to implement things like accepting cryptocurrency as a method of online payment, thanks to Steve Ashley - we've already done that," said JR Ridinger, Founder, Chairman & CEO of Market America Worldwide | SHOP.COM. "The key is to take what you've learned here and apply it to your business going forward. Holding yourself accountable and helping others to achieve milestones can help your own success fall naturally into place. From the bottom of my heart - I hope it happens for you, but I also hope you realize it's going to take action on your part to accomplish your goals. We've given you the roadmap but only YOU can walk the path. Your journey to success awaits. This is the next chapter."
*These statements have not been evaluated by the Food and Drug Administration. These products are not intended to diagnose, treat, cure or prevent any disease.
Earnings discussed are atypical and the success of any UnFranchise Owner will depend upon the amount of hard work, talent and dedication which he or she devotes to building his or her Market America business. For typical earnings, seewww.market-america.info/mais
About Market America Worldwide | SHOP.COM
Market America Worldwide | SHOP.COM is a global e-commerce and digital marketing company that specializes in one-to-one marketing and is the creator of theShopping Annuity. Its mission is to provide a robust business system for entrepreneurs, while providing consumers a better way to shop. Headquartered in Greensboro, North Carolina, and with eight sites around the globe, including the U.S., Market America Worldwide was founded in 1992 by Founder, Chairman & CEO JR Ridinger. Through the company's primary, award-winning shopping website, SHOP.COM, consumers have access to millions of products, including Market America Worldwide exclusive brands and thousands of top retail brands. Further, SHOP.COM ranks 19thinNewsweekmagazine's 2021 Best Online Shops, No. 52 in Digital Commerce 360's (formerly Internet Retailer) 2021 Top 1,000 Online Marketplaces, No. 79 in Digital Commerce 360's 2021 Top 1,000 Online Retailers and No. 11 in the 2021 Digital Commerce 360 Primary Merchandise Category Top 500. The company is also a two-time winner of theBetter Business Bureau'sTorch Award for Marketplace Ethics and was ranked No. 15 in The Business North Carolina Top 125 Private Companies for 2020. By combining Market America Worldwide's entrepreneurial business model with SHOP.COM's powerful comparative shopping engine,Cashback program, Hot Deals,ShopBuddy®, Express Pay checkout, social shopping integration and countless other features, the company has become the ultimate online shopping destination.
For more information about Market America Worldwide:MarketAmerica.com
For more information on SHOP.COM, please visit:SHOP.COM
About VERB
Verb Technology Company, Inc. (Nasdaq: VERB) transforms how businesses attract and engage customers. The Company's Software-as-a-Service, or SaaS, platform is based on its proprietary interactive video technology, and comprises a suite of sales-enablement business software products offered on a subscription basis. Its software applications are available in over 60 countries and in more than 48 languages to large enterprise and small business sales teams that need affordable, easy-to-use, and quick-to-get-results sales tools. Available in both mobile and desktop versions, the applications are offered as a fully integrated suite, as well as on a standalone basis, and include verbCRM (Customer Relationship Management application), verbLIVE (Interactive Livestream eCommerce and Video Webinar application), verbTEAMS (a Self On-boarding version of verbCRM with built-in verbLIVE and Salesforce synchronization for small businesses and solo entrepreneurs), verbLEARN (Learning Management System application), and verbMAIL (an interactive video mail solution integrated seamlessly into Microsoft Outlook). The Company has offices in California and Utah. For more information, please visit:www.verb.tech.
Follow VERB here:VERB on Facebook:https://www.facebook.com/VerbTechCo/VERB on Twitter:https://twitter.com/VerbTech_CoVERB on LinkedIn:https://www.linkedin.com/company/verb-tech/VERB on YouTube:https://www.youtube.com/channel/UC0eCb_fwQlwEG3ywHDJ4_KQDownload verbMAIL here:verbMAIL on Microsoft AppSource Store
About BitPay
Founded in 2011, BitPay celebrates its 10th birthday this year as one of the oldest cryptocurrency companies. As a pioneer in blockchain payment processing, the company's mission is to transform how businesses and people send, receive, and store money. Its business solutions eliminate fraud chargebacks, reduce the cost of payment processing, and enable borderless payments in cryptocurrency, among other services. BitPay offers consumers a complete digital asset management solution that includes the BitPay Wallet and BitPay Prepaid Card, enabling them to turn digital assets into dollars for spending at tens of thousands of businesses. The company has offices in North America, Europe, and South America and has raised more than $70 million in funding from leading investment firms including Founders Fund, Index Ventures, Virgin Group, and Aquiline Technology Growth. For more information visitbitpay.com.
BY USING THIS CARD YOU AGREE WITH THE TERMS AND CONDITIONS OF THE CARDHOLDER AGREEMENT AND FEE SCHEDULE, IF ANY. This card is issued by Metropolitan Commercial Bank (Member FDIC) pursuant to a license from Mastercard International. "Metropolitan Commercial Bank" and "Metropolitan" are registered trademarks of Metropolitan Commercial Bank ©2014.
Mastercard is a registered trademark and the circles design is a trademark of Mastercard International Incorporated.
About Sezzle Inc.Sezzle is a rapidly growing fintech company on a mission to financially empower the next generation. Sezzle's payment platform increases the purchasing power for millions of consumers by offering interest-free installment plans at online stores and select in-store locations. Sezzle's transparent, inclusive, and seamless payment option allows consumers to take control over the spending, be more responsible, and gain access to financial freedom. When consumers apply, approval is instant, and their credit scores are not impacted, unless the consumer elects to opt-in to a credit building feature, called Sezzle Up.This increase in purchasing power for consumers leads to increased sales and basket sizes for the more than 40,000 Active Merchants that offer Sezzle. For more information visitSezzle.com.For additional assets and news on Sezzle please visithttps://my.sezzle.com/news/Follow Sezzle on social media:LinkedIn|Instagram|Facebook|TwitterSezzle Media
CONTACT:Erin ForanTel:(651) 403-2184Email:[email protected]
Related Linkshttps://www.sezzle.com
SOURCE:Market America Worldwide
View source version on accesswire.com:https://www.accesswire.com/662093/Market-America-Worldwide-SHOPCOMs-2021-International-Convention-Kicks-Off-the-Next-Chapter-Of-Business-Innovation-by-Introducing-Global-Cryptocurrency-Purchasing-on-All-SHOPCOM-Sites-and-So-Much-More || Market America Worldwide SHOP.COM's 2021 International Convention Kicks Off the Next Chapter Of Business Innovation by Introducing Global Cryptocurrency Purchasing on All SHOP.COM Sites, and So Much More: GREENSBORO, NC / ACCESSWIRE / August 30, 2021 / From Aug. 26-28, thousands of entrepreneurs from around the world experienced Market America Worldwide | SHOP.COM's annual International Convention (#MAIC2021) from the comfort of their own homes or, once again, in person at the Greensboro Coliseum in Greensboro, North Carolina. Following current Centers for Disease Control and Prevention (CDC) guidelines as well as state and local guidelines, this year's International Convention was held as a hybrid event, allowing entrepreneurs from around the world to experience and begin the next chapter of business innovation. Among several groundbreaking new products launched at #MAIC2021 and a host of powerful presentations from the company's executive leadership, a new SHOP LIVE sales tool was unveiled that gives the company's distributors, known as UnFranchise ® Owners (UFOs), the ability to sell products during their live streaming shows through clickable icons. In another key enhancement, the company introduced its partnership with Sezzle, a new payment method that allows online shoppers in the U.S. the ability to "buy now, pay later" over six weeks with no interest. And astounding all attendees was news that all SHOP.COM sites from around the world will now accept cryptocurrency as a form of payment via BitPay. On Thursday, Aug. 26, President & COO of Market America Worldwide Marc Ashley took the main stage to launch a number of new and relevant exclusive Market America products, including Neuro Focus ™ , which is formulated with clinically supported ingredients to optimize brain vitality. Neuro Focusoffers the functional ingredients often referred to as nootropics, which are ingredients that may help or support cognitive function in healthy adults; in particular, executive functions, memory, creativity and motivation. Neuro Focus was formulated to support mental agility and help consumers get things done without mental exhaustion.* Ashley also launched Heart Health™ Blood Pressure and Vascular Support , a cutting-edge formula ideal for individuals looking to support healthy blood pressureor maintain blood pressure within a normal range for their age group.* Among other new products launched at #MAIC2021, Shopping Annuity ® Brand Premium Wellbeing Tea was unveiled as an invigorating and refreshing herbal tea with a balance of botanicals like ashwagandha and licorice for helping push through day-to-day routines. It's ideal for those who want a supportive tea to enhance their health practice and keep up with the demands of the day. Story continues On Friday, Aug. 27, Ashley brought even bigger news to all attending #MAIC2021 by giving new details about SHOP LIVE, a virtual, interactive, live-streaming shopping experience that Ashley has called "the biggest and best tool" the company has ever released. With SHOP LIVE, UFOs can launch their own live online meeting, talk about the products they love and share clickable "buy-it-now" links in the meeting itself. SHOP LIVE is powered by Verb Technology Company, Inc. (Nasdaq: VERB), the leader in interactive video-based sales enablement applications, including interactive live-stream e-commerce, webinar, CRM and marketing applications for entrepreneurs and enterprises. At an #MAIC2021 booth in Greensboro that was also available virtually to online attendees, UnFranchise Owners were able to see firsthand how to set up the clickable in-video icons for their SHOP LIVE live streams. These clickable icons let live-stream guests purchase products with "buy-it-now" buttons, receive additional product information, schedule follow-up appointments, and access other customizable, interactive features, for a fun, social, and friction-free experience. Even more exciting to UFOs is that those from different organizations can attend the same SHOP LIVE event and still have each customer's purchase applied back to the appropriate UFO. "As an example, when a UFO, say Dennis, invites customers to a SHOP LIVE event and they click on a product icon, we know that Dennis invited them. He's getting the retail profit for that purchase," said Ashley at #MAIC2021. "But if I'm a UFO and I follow Dennis's team, but I'm not in his organization and I invite customers and prospects and other UFOs from my organization to watch Dennis's SHOP LIVE, and some of these people click on the products from Dennis's live stream, guess what? I get the credit for it. SHOP LIVE comes with a tracking system that knows that the purchases came from my organization. And the retail profit doesn't go to Dennis's site. It goes to mine!" Also new for #MAIC2021, attendees were able to connect with experts at the Sezzle booth. Sezzle (SZL) is a financial technology company and highest-rated "buy now, pay later" online payment provider that allows online shoppers the convenience of paying in four easy installments over six weeks with zero interest. Now, Market America Worldwide | SHOP.COM's partnership with Sezzle offers this unique and valuable way for UFOs, their customers and consumers to shop online. "It's easy to use," said Amy DeBerry, Enterprise Senior Account Manager. "You can download the app or go online and sign up, get what you want and put it in your cart and select Sezzle at checkout. You pay 25% of your purchase today and then the remaining payments are spaced out in equal payments over the next six weeks. There's no interest and there are no fees. There's no impact to your credit score and we give instant approval decisions. Market America Worldwide | SHOP.COM, I can honestly say you're great partners. It is such a collaborative partnership." The continued success of the UnFranchise Business and of the Shopping Annuity - the company's signature program that enables smart shoppers to convert money they already spend on everyday purchases into supplemental income - was the primary focus at International Convention. Founder, Chairman & CEO of Market America Worldwide | SHOP.COM JR Ridinger , who created the Shopping Annuity as the backbone of the UnFranchise Business, shared what UFOs can expect the next chapter of their UnFranchise Businesses to look like. Additionally, #MAIC2021 attendees got an exclusive first look at some of the hottest new and exclusive Market America products launching throughout the remainder of 2021 that will also prove valuable to help build UFOs' businesses in the first quarter of 2022. Continuing on Friday, Aug. 27, Loren Ridinger , Co-Founder & Senior Executive Vice President of Market America Worldwide | SHOP.COM, also took the stage and got personal about the difference between having dreams and reaching them. Photo of Senior Executive Vice President of Market America Worldwide | SHOP.COM and the Founder of Motives® cosmetics, Loren Ridinger "When other people are living their dreams, it's because they are doing the things that get them the results," said Loren Ridinger. "They're not coming up with excuses or reasons why they can't. Judge a tree by the fruit it bears. In my yard, we have four big apple trees. Some are green. Some are red. One of them wasn't doing so well this year. My granddaughter Ayva, who is six, said to me, ‘Mimi, that tree over there needs to stop coming up with excuses and start producing results.' And I said, ‘You got that right.'" Loren, who is also the founder of the Motives ® line of cosmetics, had some extraordinary beauty products that were unveiled at #MAIC2021, including the Motives Sublime Eye Shadow Palette that's just in time for the return of more in-person social activities. Even if you need to keep the celebrations to a tight-knit group, you still need to bring on the glam. Motives Sublime Luminizing Jelly is the perfect addition to the Sublime Eye Shadow Palette. This jelly-like gloss is a multitasking highlighter, designed to be worn over makeup to add a glossy look to eyes, cheekbones, lips, collarbones, everywhere! Among several other #MAIC2021 beauty must-haves, the new Motives Hand-Held Mixing Palette is the product beauty lovers will use again and again to mix and create endless new colors and shades. Whether you use the palette to mix serum/SPF into your foundation, mix one of the new Sublime Luminizing Jellies with your favorite eye shadow or just to apply product to keep the back of your hand free of unwanted stains, you will find more ways than one to take advantage of this innovative tool. It cleans off easily with a makeup wipe or your favorite cleaner. Not to be missed on Saturday, Aug. 28 was Steve Ashley, President & COO of SHOP.COM, who officially announced the use of cryptocurrency as the next chapter in purchasing products on all SHOP.COM sites. "Today I'm announcing that SHOP.COM is going to be offering Bitcoin, Ethereum and several other cryptocurrencies through BitPay," said Ashley. "We're going to be offering this at SHOP.COM sites worldwide in all of our Market Countries. We went with BitPay because they are the industry leader. They are the world's largest in Bitcoin and crypto payment services." "SHOP.COM and Market America are such great brands," said Sonny Singh, BitPay Chief Commercial Officer. "What I really like about them as such a great fit is because of your international presence. The fact that you're only doing 40% of your volume in America means it's a really global brand. In countries like Taiwan, Thailand, Argentina, Brazil and Indonesia, it's very hard to make payments. Credit cards are not everywhere and in those countries BitPay and crypto is the cheapest, quickest payment option to accept Bitcoin and to receive crypto payment options as well." "When you take the people power that comes from the thousands of UnFranchise Owners in eight Market Countries and combine it with the different enhancements we shared with you this weekend, it's easy to see why the UnFranchise Business resonates with people all over the globe. We are leading the parade as we always have done, ahead of the curve yet again. This time with cryptocurrency! As different online retailers scramble to create a plan of action to implement things like accepting cryptocurrency as a method of online payment, thanks to Steve Ashley - we've already done that," said JR Ridinger, Founder, Chairman & CEO of Market America Worldwide | SHOP.COM. "The key is to take what you've learned here and apply it to your business going forward. Holding yourself accountable and helping others to achieve milestones can help your own success fall naturally into place. From the bottom of my heart - I hope it happens for you, but I also hope you realize it's going to take action on your part to accomplish your goals. We've given you the roadmap but only YOU can walk the path. Your journey to success awaits. This is the next chapter." *These statements have not been evaluated by the Food and Drug Administration. These products are not intended to diagnose, treat, cure or prevent any disease. Earnings discussed are atypical and the success of any UnFranchise Owner will depend upon the amount of hard work, talent and dedication which he or she devotes to building his or her Market America business. For typical earnings, see www.market-america.info/mais About Market America Worldwide | SHOP.COM Market America Worldwide | SHOP.COM is a global e-commerce and digital marketing company that specializes in one-to-one marketing and is the creator of the Shopping Annuity . Its mission is to provide a robust business system for entrepreneurs, while providing consumers a better way to shop. Headquartered in Greensboro, North Carolina, and with eight sites around the globe, including the U.S., Market America Worldwide was founded in 1992 by Founder, Chairman & CEO JR Ridinger. Through the company's primary, award-winning shopping website, SHOP.COM, consumers have access to millions of products, including Market America Worldwide exclusive brands and thousands of top retail brands. Further, SHOP.COM ranks 19 th in Newsweek magazine's 2021 Best Online Shops, No. 52 in Digital Commerce 360's (formerly Internet Retailer) 2021 Top 1,000 Online Marketplaces, No. 79 in Digital Commerce 360's 2021 Top 1,000 Online Retailers and No. 11 in the 2021 Digital Commerce 360 Primary Merchandise Category Top 500. The company is also a two-time winner of the Better Business Bureau's Torch Award for Marketplace Ethics and was ranked No. 15 in The Business North Carolina Top 125 Private Companies for 2020. By combining Market America Worldwide's entrepreneurial business model with SHOP.COM's powerful comparative shopping engine, Cashback program , Hot Deals, ShopBuddy ® , Express Pay checkout, social shopping integration and countless other features, the company has become the ultimate online shopping destination. For more information about Market America Worldwide: MarketAmerica.com For more information on SHOP.COM, please visit: SHOP.COM About VERB Verb Technology Company, Inc. (Nasdaq: VERB) transforms how businesses attract and engage customers. The Company's Software-as-a-Service, or SaaS, platform is based on its proprietary interactive video technology, and comprises a suite of sales-enablement business software products offered on a subscription basis. Its software applications are available in over 60 countries and in more than 48 languages to large enterprise and small business sales teams that need affordable, easy-to-use, and quick-to-get-results sales tools. Available in both mobile and desktop versions, the applications are offered as a fully integrated suite, as well as on a standalone basis, and include verbCRM (Customer Relationship Management application), verbLIVE (Interactive Livestream eCommerce and Video Webinar application), verbTEAMS (a Self On-boarding version of verbCRM with built-in verbLIVE and Salesforce synchronization for small businesses and solo entrepreneurs), verbLEARN (Learning Management System application), and verbMAIL (an interactive video mail solution integrated seamlessly into Microsoft Outlook). The Company has offices in California and Utah. For more information, please visit: www.verb.tech . Follow VERB here: VERB on Facebook: https://www.facebook.com/VerbTechCo/ VERB on Twitter: https://twitter.com/VerbTech_Co VERB on LinkedIn: https://www.linkedin.com/company/verb-tech/ VERB on YouTube: https://www.youtube.com/channel/UC0eCb_fwQlwEG3ywHDJ4_KQ Download verbMAIL here : verbMAIL on Microsoft AppSource Store About BitPay Founded in 2011, BitPay celebrates its 10th birthday this year as one of the oldest cryptocurrency companies. As a pioneer in blockchain payment processing, the company's mission is to transform how businesses and people send, receive, and store money. Its business solutions eliminate fraud chargebacks, reduce the cost of payment processing, and enable borderless payments in cryptocurrency, among other services. BitPay offers consumers a complete digital asset management solution that includes the BitPay Wallet and BitPay Prepaid Card, enabling them to turn digital assets into dollars for spending at tens of thousands of businesses. The company has offices in North America, Europe, and South America and has raised more than $70 million in funding from leading investment firms including Founders Fund, Index Ventures, Virgin Group, and Aquiline Technology Growth. For more information visit bitpay.com . BY USING THIS CARD YOU AGREE WITH THE TERMS AND CONDITIONS OF THE CARDHOLDER AGREEMENT AND FEE SCHEDULE, IF ANY. This card is issued by Metropolitan Commercial Bank (Member FDIC) pursuant to a license from Mastercard International. "Metropolitan Commercial Bank" and "Metropolitan" are registered trademarks of Metropolitan Commercial Bank ©2014. Mastercard is a registered trademark and the circles design is a trademark of Mastercard International Incorporated. About Sezzle Inc. Sezzle is a rapidly growing fintech company on a mission to financially empower the next generation. Sezzle's payment platform increases the purchasing power for millions of consumers by offering interest-free installment plans at online stores and select in-store locations. Sezzle's transparent, inclusive, and seamless payment option allows consumers to take control over the spending, be more responsible, and gain access to financial freedom. When consumers apply, approval is instant, and their credit scores are not impacted, unless the consumer elects to opt-in to a credit building feature, called Sezzle Up.This increase in purchasing power for consumers leads to increased sales and basket sizes for the more than 40,000 Active Merchants that offer Sezzle. For more information visit Sezzle.com .For additional assets and news on Sezzle please visit https://my.sezzle.com/news/ Follow Sezzle on social media: LinkedIn | Instagram | Facebook | Twitter Sezzle Media CONTACT: Erin Foran Tel: (651) 403-2184 Email: [email protected] Related Links https://www.sezzle.com SOURCE: Market America Worldwide View source version on accesswire.com: https://www.accesswire.com/662093/Market-America-Worldwide-SHOPCOMs-2021-International-Convention-Kicks-Off-the-Next-Chapter-Of-Business-Innovation-by-Introducing-Global-Cryptocurrency-Purchasing-on-All-SHOPCOM-Sites-and-So-Much-More || OpenSea Looks To Expand Team Of 37 As Weekly NFT Sales Exceed $1B On The Platform: What Happened:Popular decentralized NFT marketplace OpenSea hit a record $1 billion in weekly sales.
According to data fromDappRadar, the total value to smart contracts on OpenSea’s marketplace stood at 450,000Ethereum(CRYPTO: ETH) or $1.44 billion over the past week, up 177% from the one that passed.
In fact, for the entire month of August, the platform generated $2.93 billion in trading volume driven by over 2 million transactions from close to 190,000 users.
Meanwhile, only 37 people employed at OpenSea have been handling 98% of all NFT trading volume.
Read also:What are nonfungible tokens?
The “pressing need for manpower” at the NFT marketplace prompted OpenSea’s Head of Product Nate Chastain to announce the platform was urgently looking to hire engineers and designers.
“Interview process involves some practical coding exercises related to hypothetical OpenSea functionality, but we don't want to over-index on interview skills/algorithm work. We evaluate candidates holistically,” hesaid.
What Else:OpenSea’s popularity has surged in recent months following another explosive boom in NFTs that dwarves the weekly volumes seen earlier this year.
While popular collections from CryptoPunks and Axie Infinity drove most of the month's sales, some newer spinoffs recently received wide amounts of traction.
A prime example of this was witnessed on Saturday when Board Apes Yacht Club holders sold $96 million Mutant Apes NFTs in under one hour.
Read also:Top 10 NFT Projects By Volume: CrytoPunks Lead Way, Bored Ape Lands 3 Spots
Bored Ape owners included NBA star Stephen Curry, who used his ape as his Twitter profile picture to signal he was part of the club. Curry reportedlybought his apefor 55 ETH or $180,000 – more than 80 times its original price.
Photo: Courtesy of OpenSea
See more from Benzinga
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• Morgan Stanley Bought 0M Shares Of Grayscale Bitcoin Trust
• Ethereum Is Less Of A Risk Than Other Altcoins During This Market Wide Dip: Santiment
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || OpenSea Looks To Expand Team Of 37 As Weekly NFT Sales Exceed $1B On The Platform: What Happened: Popular decentralized NFT marketplace OpenSea hit a record $1 billion in weekly sales. According to data from DappRadar , the total value to smart contracts on OpenSea’s marketplace stood at 450,000 Ethereum (CRYPTO: ETH) or $1.44 billion over the past week, up 177% from the one that passed. In fact, for the entire month of August, the platform generated $2.93 billion in trading volume driven by over 2 million transactions from close to 190,000 users. Meanwhile, only 37 people employed at OpenSea have been handling 98% of all NFT trading volume. Read also: What are nonfungible tokens? The “pressing need for manpower” at the NFT marketplace prompted OpenSea’s Head of Product Nate Chastain to announce the platform was urgently looking to hire engineers and designers. “Interview process involves some practical coding exercises related to hypothetical OpenSea functionality, but we don't want to over-index on interview skills/algorithm work. We evaluate candidates holistically,” he said . What Else: OpenSea’s popularity has surged in recent months following another explosive boom in NFTs that dwarves the weekly volumes seen earlier this year. While popular collections from CryptoPunks and Axie Infinity drove most of the month's sales, some newer spinoffs recently received wide amounts of traction. A prime example of this was witnessed on Saturday when Board Apes Yacht Club holders sold $96 million Mutant Apes NFTs in under one hour. Read also: Top 10 NFT Projects By Volume: CrytoPunks Lead Way, Bored Ape Lands 3 Spots Bored Ape owners included NBA star Stephen Curry, who used his ape as his Twitter profile picture to signal he was part of the club. Curry reportedly bought his ape for 55 ETH or $180,000 – more than 80 times its original price. Photo: Courtesy of OpenSea See more from Benzinga Click here for options trades from Benzinga Morgan Stanley Bought 0M Shares Of Grayscale Bitcoin Trust Ethereum Is Less Of A Risk Than Other Altcoins During This Market Wide Dip: Santiment © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Graph Blockchain Reports 2021 Year End: Toronto, Ontario--(Newsfile Corp. - August 30, 2021) - Graph Blockchain Inc.(CSE: GBLC) (OTC Pink: REGRF) (FSE: RT5A)("the Company or Graph ")is pleased to report its financial statements ("FS") and management discussion and analysis ("MD&A") for the year ending April 30, 2021 ("YE 2021"). All currency is in Canadian dollars unless otherwise stated.
The Company's Consolidated FS and MD&A thereon for year ended April 30, 2021, will be accessible on SEDAR atwww.sedar.comunder Graph's profile
YE 2021 Financial Summary
• The Company reported revenue of $$433,215 in YE 2021 compared to NIL in YE 2020.
• The Company also significantly improved its cash balance, $8,802,843, compared to $105,252 in cash in YE 2020.
• The Company also significantly improved its total assets, $11,751,841, compared to $137,834 in assets in YE 2020.
Path to Profitability:The Company made strong progress throughout the year transforming the Company by identifying revenue opportunities with various sectors of Decentralized Finance ("DeFi"). According to Alex Tapscott of the Financial Post, in the last year the DeFi industry's market capitalization has ballooned 30 times to US$73 billion, while the total value of user deposits (total value locked or TVL) has surged 100 times to nearly US 100 billion.
Paul Haber, CEO of Graph Blockchain, stated, "Despite the challenges of the global pandemic, fiscal 2021 was a year of transition and marked numerous milestones for Graph in building the team, raising funds, and adding global companies to enable us to execute our strategic plan. We see evidence of crypto and blockchain technologies moving significantly closer to mass acceptance. Our product lineup especially, POS mining, non-fungible tokens business, have positioned us to enable a company transformation across global markets."
Fiscal highlights of YE and subsequent events:
• The Company started its transformation in September 2020 with announcement of new management.
• In January 2021, the Company undertook to review M&A opportunities in the crypto currency and blockchain sector.
• In January 2021, the Company announced it entered into a definitive share exchange agreement with Babbage Mining Corp.
• In February 2021, the Company announced that it has closed the previously announced non-brokered private placement financing raising aggregate gross proceeds of $2,316,000.
• In February 2021, the Company announced the completion of the Babbage Mining acquisition, and Graph will be the first publicly tradable altcoin Proof of Stake ("POS") miner, which will generate revenue while providing exposure to several top digital assets by market capitalization.
• In March 2021, the Company announced the first two altcoins purchasing and staking acquiring Cardano ("ADA Token") and Polkadot ("DOT Token") and became the first publicly tradable altcoin Proof of Stake ("POS") miner, generating revenue while providing exposure to several top digital assets by market capitalization.
• In March 2021, the Company announced the closing of CAD$10 million brokered private placement.
• In April 2021, the Company announced a $1,500,000 of its staking capital with $1,000,000 into the Polkadot ("DOT Token") and $500,000 into the Cardano ("ADA Token").
• In May 2021, the Company announced acquisition of Beyond the Moon Inc. a Crypto Launchpads service provider.
• In June 2021, the Company announced listing on the Frankfurt Stock Exchange, the world's thirteenth largest organized exchange trading market by market capitalization, revenue, profitability, and the largest stock exchange in Germany.
• In July 2021, the Company announced acquisition of New World Inc., an augmented reality art-focused non-fungible tokens (NFT) company that allows creators, musicians, and celebrities to create and sell digital art.
• In July 2021, the Company announced that New World Inc., signed several celebrities to its platform including musician Karl Wolf, designer Gianpiero D'Alessandro, and international recording artist Mia Martina to create exclusive non-fungible tokens ("NFTs") on New World Inc. platform.
• In August, the Company announced that New World Inc., has successfully tested 1 million simultaneous users within the app platform.
• On August 25, the Company completed the acquisition of Optimum Coin Analyser.
To recap, in the last couple of quarters Graph's business model accelerated with the successful onboarding of Babbage Mining Corp., a Proof of Stake ("POS") miner, Beyond the Moon Inc. an IDO focused company and New World Inc. with its NFT Platform and hitting many milestones for the company and setting up Graph for the future in Decentralized Finance.
Outlook
The Company remains focused on the expansion of its POS Mining and NFTs businesses in 2021, with the Company expecting to see growth in second half of 2021 with the POS of new altcoins and the signing onto the New World Inc. with its NFT Platform of new creators, musicians, and celebrities.
NFTs have exploded in popularity in 2021, soaring to an impressive $2.5 billion in sales volume in the first half of 2021. While NFTs are undoubtedly experiencing exponential growth, NFTs are still very early on in acceptance and is yet to break into the mainstream with collectors.
The future of Altcoins is bright with the sky-high price of Bitcoin, Altcoins have become a viable investment option. With the scalability in Altcoins or cryptocurrencies is one of the most important features because the more scalability in these cryptocurrencies, the higher the growth rate of that cryptocurrency.
About Graph Blockchain Inc.
Graph Blockchain provides shareholders with exposure to various areas of Decentralized Finance. Focusing on altcoins through its wholly owned subsidiaries Babbage Mining Corp., a Proof of Stake ("POS") miner, and Beyond the Moon Inc., Graph gives investors exposure to the vast emerging market of cryptocurrencies with the significant technological disruption and potential gains altcoins represent. Additional information on the Company is available atwww.graphblockchain.comandwww.babbagemining.com.
For further information, please contact:
Investor RelationsJamie HylandPhone: 604.442.2425Email:[email protected]
Media RelationsJoshua Greenwald/Rich DiGregorioPhone: 646.379.7971/856.889.7351Email:[email protected]
Neither the Canadian Securities Exchange (the "CSE") nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements.
Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward- looking statements contained herein include, but are not limited to, statements regarding: the continued growth of the blockchain market. Forward-looking information in this news release are based on certain assumptions and expected future events. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern; the potential inability of New World to continue as a going concern; the risks associated with the blockchain industry in general; increased competition in the blockchain market; the potential future unviability of the blockchain in general. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions, or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events, or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
Financial Outlook
This news release contains a financial outlook within the meaning of applicable Canadian securities laws. The financial outlook has been prepared by management of the Company to provide an outlook for the second half of 2021 and may not be appropriate for any other purpose. The financial outlook has been prepared based on a number of assumptions including the assumptions discussed in this press release and assumptions with respect to market conditions, pricing, and demand. The actual results of the Company's operations for any period will likely vary from the amounts set forth in these projections and such variations may be material. The Company and its management believe that the financial outlook has been prepared on a reasonable basis. However, because this information is highly subjective and subject to numerous risks, including the risks discussed under the heading "Forward-Looking Statements", it should not be relied on as necessarily indicative of future results.
###
To view the source version of this press release, please visithttps://www.newsfilecorp.com/release/94906 || Graph Blockchain Reports 2021 Year End: Toronto, Ontario--(Newsfile Corp. - August 30, 2021) - Graph Blockchain Inc. (CSE: GBLC) (OTC Pink: REGRF) (FSE: RT5A) ("the Company or Graph ") is pleased to report its financial statements ( "FS" ) and management discussion and analysis ( "MD&A" ) for the year ending April 30, 2021 ( "YE 2021" ). All currency is in Canadian dollars unless otherwise stated. The Company's Consolidated FS and MD&A thereon for year ended April 30, 2021, will be accessible on SEDAR at www.sedar.com under Graph's profile YE 2021 Financial Summary The Company reported revenue of $$433,215 in YE 2021 compared to NIL in YE 2020. The Company also significantly improved its cash balance, $8,802,843, compared to $105,252 in cash in YE 2020. The Company also significantly improved its total assets, $11,751,841, compared to $137,834 in assets in YE 2020. Path to Profitability: The Company made strong progress throughout the year transforming the Company by identifying revenue opportunities with various sectors of Decentralized Finance ( "DeFi" ). According to Alex Tapscott of the Financial Post, in the last year the DeFi industry's market capitalization has ballooned 30 times to US$73 billion, while the total value of user deposits (total value locked or TVL) has surged 100 times to nearly US 100 billion. Paul Haber, CEO of Graph Blockchain, stated, "Despite the challenges of the global pandemic, fiscal 2021 was a year of transition and marked numerous milestones for Graph in building the team, raising funds, and adding global companies to enable us to execute our strategic plan. We see evidence of crypto and blockchain technologies moving significantly closer to mass acceptance. Our product lineup especially, POS mining, non-fungible tokens business, have positioned us to enable a company transformation across global markets." Fiscal highlights of YE and subsequent events: The Company started its transformation in September 2020 with announcement of new management. In January 2021, the Company undertook to review M&A opportunities in the crypto currency and blockchain sector. In January 2021, the Company announced it entered into a definitive share exchange agreement with Babbage Mining Corp. In February 2021, the Company announced that it has closed the previously announced non-brokered private placement financing raising aggregate gross proceeds of $2,316,000. In February 2021, the Company announced the completion of the Babbage Mining acquisition, and Graph will be the first publicly tradable altcoin Proof of Stake ("POS") miner, which will generate revenue while providing exposure to several top digital assets by market capitalization. In March 2021, the Company announced the first two altcoins purchasing and staking acquiring Cardano ("ADA Token") and Polkadot ("DOT Token") and became the first publicly tradable altcoin Proof of Stake ("POS") miner, generating revenue while providing exposure to several top digital assets by market capitalization. In March 2021, the Company announced the closing of CAD$10 million brokered private placement. In April 2021, the Company announced a $1,500,000 of its staking capital with $1,000,000 into the Polkadot ("DOT Token") and $500,000 into the Cardano ("ADA Token"). In May 2021, the Company announced acquisition of Beyond the Moon Inc. a Crypto Launchpads service provider. In June 2021, the Company announced listing on the Frankfurt Stock Exchange, the world's thirteenth largest organized exchange trading market by market capitalization, revenue, profitability, and the largest stock exchange in Germany. In July 2021, the Company announced acquisition of New World Inc., an augmented reality art-focused non-fungible tokens (NFT) company that allows creators, musicians, and celebrities to create and sell digital art. In July 2021, the Company announced that New World Inc., signed several celebrities to its platform including musician Karl Wolf, designer Gianpiero D'Alessandro, and international recording artist Mia Martina to create exclusive non-fungible tokens ("NFTs") on New World Inc. platform. In August, the Company announced that New World Inc., has successfully tested 1 million simultaneous users within the app platform. On August 25, the Company completed the acquisition of Optimum Coin Analyser. Story continues To recap, in the last couple of quarters Graph's business model accelerated with the successful onboarding of Babbage Mining Corp., a Proof of Stake ("POS") miner, Beyond the Moon Inc. an IDO focused company and New World Inc. with its NFT Platform and hitting many milestones for the company and setting up Graph for the future in Decentralized Finance. Outlook The Company remains focused on the expansion of its POS Mining and NFTs businesses in 2021, with the Company expecting to see growth in second half of 2021 with the POS of new altcoins and the signing onto the New World Inc. with its NFT Platform of new creators, musicians, and celebrities. NFTs have exploded in popularity in 2021, soaring to an impressive $2.5 billion in sales volume in the first half of 2021. While NFTs are undoubtedly experiencing exponential growth, NFTs are still very early on in acceptance and is yet to break into the mainstream with collectors. The future of Altcoins is bright with the sky-high price of Bitcoin, Altcoins have become a viable investment option. With the scalability in Altcoins or cryptocurrencies is one of the most important features because the more scalability in these cryptocurrencies, the higher the growth rate of that cryptocurrency. About Graph Blockchain Inc. Graph Blockchain provides shareholders with exposure to various areas of Decentralized Finance. Focusing on altcoins through its wholly owned subsidiaries Babbage Mining Corp., a Proof of Stake ("POS") miner, and Beyond the Moon Inc., Graph gives investors exposure to the vast emerging market of cryptocurrencies with the significant technological disruption and potential gains altcoins represent. Additional information on the Company is available at www.graphblockchain.com and www.babbagemining.com . For further information, please contact: Investor Relations Jamie Hyland Phone: 604.442.2425 Email: [email protected] Media Relations Joshua Greenwald/Rich DiGregorio Phone: 646.379.7971/856.889.7351 Email: [email protected] Neither the Canadian Securities Exchange (the "CSE") nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward- looking statements contained herein include, but are not limited to, statements regarding: the continued growth of the blockchain market. Forward-looking information in this news release are based on certain assumptions and expected future events. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern; the potential inability of New World to continue as a going concern; the risks associated with the blockchain industry in general; increased competition in the blockchain market; the potential future unviability of the blockchain in general. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions, or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events, or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law. Financial Outlook This news release contains a financial outlook within the meaning of applicable Canadian securities laws. The financial outlook has been prepared by management of the Company to provide an outlook for the second half of 2021 and may not be appropriate for any other purpose. The financial outlook has been prepared based on a number of assumptions including the assumptions discussed in this press release and assumptions with respect to market conditions, pricing, and demand. The actual results of the Company's operations for any period will likely vary from the amounts set forth in these projections and such variations may be material. The Company and its management believe that the financial outlook has been prepared on a reasonable basis. However, because this information is highly subjective and subject to numerous risks, including the risks discussed under the heading "Forward-Looking Statements", it should not be relied on as necessarily indicative of future results. ### To view the source version of this press release, please visit https://www.newsfilecorp.com/release/94906 || Stock Market Today: S 500, Nasdaq Nab New Highs as Apple Gains: apple logo on skyscraper Getty Images Stocks churned mostly higher today as investors continued to cheer Friday's dovish speech from Fed Chair Jerome Powell, where he indicated that tapering of the central bank's bond-buying program was likely imminent, but a rate hike was not. The idea of low interest rates for the foreseeable future as well as a 3.4-basis point (a basis point is one-one hundredth of a percentage point) decline in the 10-year Treasury yield to 1.278% boosted the technology sector (+1.1%). SEE MORE 15 Best Vanguard Mutual Funds for Investors of All Stripes Among individual names, iPhone maker Apple ( AAPL ) was one of the biggest gainers, jumping 3.0% to top $2.5 trillion in market capitalization, while fintech PayPal ( PYPL , +3.6%) rose on unconfirmed reports that it may be considering its own stock-trading platform. Sign up for Kiplinger's FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice. This helped lift the Nasdaq Composite 0.9% to 15,265 – a new record high. The S&P 500 Index scored a fresh all-time peak of its own, rising 0.4% to 4,528. The Dow Jones Industrial Average , however, ended the day down 0.2% at 35,399 amid weakness in financial stock American Express ( AXP , -2.6%). Other news in the stock market today: The small-cap Russell 2000 gave back 0.5% to 2,265. Affirm ( AFRM ) surged 46.7% after the buy-now-pay-later provider inked a deal with e-commerce giant Amazon.com ( AMZN , +2.2%). Under the terms of the deal, AMZN customers making purchases of $50 or more will have the option to choose monthly payments through AFRM's service. The program is currently being tested by a select group of Amazon.com users, with plans to expand it to a wider group over the coming months. A downgrade to Hold from Buy at Stifel weighed on Dave & Buster's Entertainment ( PLAY , -4.7%) today. "We are taking a more cautious stance toward full-service restaurant stocks based on concerns that rising COVID cases are impacting customer visits and exacerbating challenges with employee staffing," they say. "We believe the incremental buyer of the stock at this point will need to underwrite the company's long-term unit growth potential, which we struggle to argue is a compelling thesis." Raymond James analysts, on the other hand, reiterated their Strong Buy rating on PLAY, calling the stock "materially undervalued." U.S. crude futures rose 0.7% to settle at $69.21 per barrel. Gold futures slipped 0.4% to finish at $1,812.20 an ounce. The CBOE Volatility Index (VIX) retreated 1.2% to 16.19. Bitcoin edged up 0.7% to $48,672.10. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.) Story continues stock price chart 083021 YCharts Stay the Course With Stocks The S&P 500 is set to close out the historically weak month of August with impressive gains, up 3% since its July 30 close. So far this year, the index "has made 52 new all-time highs," Ryan Detrick, chief market strategist for LPL Financial, notes. "To put in context how rare this is, only 1964 and 1995 saw more than 50 new highs before August was over." SEE MORE Best Online Brokers, 2021 While this is all well and good, what should investors do going forward? Continue to favor stocks over bonds, Detrick says. While a stock market correction could certainly be in the cards, especially since the S&P has not seen a typically healthy 5% pullback yet this year, "when looking at the recent pace of earnings, the policy environment and market history, we fail to see a compelling bear case against equities," he adds. For those looking to add some tactical positions to their portfolio, consider this list of high-quality stocks the analysts love or these 21 picks with big potential through year's end. You could also take a look at what the "smart money" is up to . Here, we've compiled a list of 25 stocks that are the most widely held among institutional investors with deep pockets and vast resources. Karee Venema was long AAPL as of this writing. SEE MORE 11 Stocks Warren Buffett Is Selling (And 3 He's Buying) You may also like Your Guide to Roth Conversions Warren Buffett Stocks Ranked: The Berkshire Hathaway Portfolio Strategies to Deal with Potential Capital Gains Tax Increases || Stock Market Today: S 500, Nasdaq Nab New Highs as Apple Gains: apple logo on skyscraper Getty Images Stocks churned mostly higher today as investors continued to cheer Friday's dovish speech from Fed Chair Jerome Powell, where he indicated that tapering of the central bank's bond-buying program was likely imminent, but a rate hike was not. The idea of low interest rates for the foreseeable future as well as a 3.4-basis point (a basis point is one-one hundredth of a percentage point) decline in the 10-year Treasury yield to 1.278% boosted the technology sector (+1.1%). SEE MORE 15 Best Vanguard Mutual Funds for Investors of All Stripes Among individual names, iPhone maker Apple ( AAPL ) was one of the biggest gainers, jumping 3.0% to top $2.5 trillion in market capitalization, while fintech PayPal ( PYPL , +3.6%) rose on unconfirmed reports that it may be considering its own stock-trading platform. Sign up for Kiplinger's FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice. This helped lift the Nasdaq Composite 0.9% to 15,265 – a new record high. The S&P 500 Index scored a fresh all-time peak of its own, rising 0.4% to 4,528. The Dow Jones Industrial Average , however, ended the day down 0.2% at 35,399 amid weakness in financial stock American Express ( AXP , -2.6%). Other news in the stock market today: The small-cap Russell 2000 gave back 0.5% to 2,265. Affirm ( AFRM ) surged 46.7% after the buy-now-pay-later provider inked a deal with e-commerce giant Amazon.com ( AMZN , +2.2%). Under the terms of the deal, AMZN customers making purchases of $50 or more will have the option to choose monthly payments through AFRM's service. The program is currently being tested by a select group of Amazon.com users, with plans to expand it to a wider group over the coming months. A downgrade to Hold from Buy at Stifel weighed on Dave & Buster's Entertainment ( PLAY , -4.7%) today. "We are taking a more cautious stance toward full-service restaurant stocks based on concerns that rising COVID cases are impacting customer visits and exacerbating challenges with employee staffing," they say. "We believe the incremental buyer of the stock at this point will need to underwrite the company's long-term unit growth potential, which we struggle to argue is a compelling thesis." Raymond James analysts, on the other hand, reiterated their Strong Buy rating on PLAY, calling the stock "materially undervalued." U.S. crude futures rose 0.7% to settle at $69.21 per barrel. Gold futures slipped 0.4% to finish at $1,812.20 an ounce. The CBOE Volatility Index (VIX) retreated 1.2% to 16.19. Bitcoin edged up 0.7% to $48,672.10. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.) Story continues stock price chart 083021 YCharts Stay the Course With Stocks The S&P 500 is set to close out the historically weak month of August with impressive gains, up 3% since its July 30 close. So far this year, the index "has made 52 new all-time highs," Ryan Detrick, chief market strategist for LPL Financial, notes. "To put in context how rare this is, only 1964 and 1995 saw more than 50 new highs before August was over." SEE MORE Best Online Brokers, 2021 While this is all well and good, what should investors do going forward? Continue to favor stocks over bonds, Detrick says. While a stock market correction could certainly be in the cards, especially since the S&P has not seen a typically healthy 5% pullback yet this year, "when looking at the recent pace of earnings, the policy environment and market history, we fail to see a compelling bear case against equities," he adds. For those looking to add some tactical positions to their portfolio, consider this list of high-quality stocks the analysts love or these 21 picks with big potential through year's end. You could also take a look at what the "smart money" is up to . Here, we've compiled a list of 25 stocks that are the most widely held among institutional investors with deep pockets and vast resources. Karee Venema was long AAPL as of this writing. SEE MORE 11 Stocks Warren Buffett Is Selling (And 3 He's Buying) You may also like Your Guide to Roth Conversions Warren Buffett Stocks Ranked: The Berkshire Hathaway Portfolio Strategies to Deal with Potential Capital Gains Tax Increases || LAWSUIT FILED: Coinbase Global Sued for Securities Fraud; Investors Should Contact Block & Leviton for More Information: BOSTON, Aug. 30, 2021 (GLOBE NEWSWIRE) -- Block & Leviton announces that a class action lawsuit has been filed against Coinbase Global Inc. (NASDAQ: COIN) and certain of its officers for securities fraud. Investors who purchased shares on or after April 14, 2021 and lost money are encouraged tocontact the firmto learn more about how they might recover those losses. For more details, visithttps://www.blockleviton.com/cases/coin.
What is this all about?
Coinbase “powers the cryptoeconomy” through its “trusted platform” used to send and receive Bitcoin and other digital assets built using blockchain technology. The platform is used throughout the world, with approximately 43 million retail users, 7,000 institutional users, and 115,000 ecosystem partners in over 100 countries.
On April 14, 2021, Coinbase filed its Registration Statement and related prospectus with the SEC in connection with its direct offering of over 114 million shares of class A common stock. In its Registration Statement, the Company represented that its operations would continue to be financed with operating cash flow and the sale of convertible preferred stock – i.e. it did not need to raise capital through the direct offering to fund operations.
Little more than a month later, Coinbase conceded the need to raise capital and revealed performance issues that prevented users’ ability to trade cryptocurrencies. On May 17, 2021, the Company announced plans to raise about $1.25 billion via a convertible bond sale. And on May 19, 2021, the Company revealed technical problems, including delays “due to network congestion” affecting those who want to get their money out.
On this news, Coinbase’s share price fell $23.44 per share, or nearly 10%, closing at $224.80 per share on May 19, 2021. Shares today trade as low as $208.00 per share, far below the April 14, 2021 opening price of $381.00.
Who is eligible?
Anyone who purchased Coinbase class A common shares on or after April 14, 2021 is eligible, whether or not they have sold their investment. Investors should contact Block & Leviton to learn more.
What should you do next?
The deadline to seek appointment as lead plaintiff is September 20, 2021. A class has not yet been certified, and until a certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
If you've lost money on your investment, you should contact Block & Leviton to learn more via ourcase website, by email [email protected], or by phone at (617) 398-5600.
Why should you contact Block & Leviton?
Many law firms have issued releases about this matter; most of those firms do not actually litigate securities class actions. Block & Leviton is a law firm that actually litigates cases. We are dedicated to obtaining significant recoveries on behalf of defrauded investors through active litigation in the federal courts across the country. Many of the nation's top institutional investors hire us to represent their interests. You can learn more about us at our website,www.blockleviton.com, or call (617) 398-5600 or [email protected] any questions.
This notice may constitute attorney advertising.
CONTACT:BLOCK & LEVITON LLP260 Franklin St., Suite 1860Boston, MA 02110Phone: (617) 398-5600Email:[email protected]: Block & Leviton LLPwww.blockleviton.com || LAWSUIT FILED: Coinbase Global Sued for Securities Fraud; Investors Should Contact Block & Leviton for More Information: BOSTON, Aug. 30, 2021 (GLOBE NEWSWIRE) -- Block & Leviton announces that a class action lawsuit has been filed against Coinbase Global Inc. (NASDAQ: COIN) and certain of its officers for securities fraud. Investors who purchased shares on or after April 14, 2021 and lost money are encouraged to contact the firm to learn more about how they might recover those losses. For more details, visit https://www.blockleviton.com/cases/coin . What is this all about? Coinbase “powers the cryptoeconomy” through its “trusted platform” used to send and receive Bitcoin and other digital assets built using blockchain technology. The platform is used throughout the world, with approximately 43 million retail users, 7,000 institutional users, and 115,000 ecosystem partners in over 100 countries. On April 14, 2021, Coinbase filed its Registration Statement and related prospectus with the SEC in connection with its direct offering of over 114 million shares of class A common stock. In its Registration Statement, the Company represented that its operations would continue to be financed with operating cash flow and the sale of convertible preferred stock – i.e. it did not need to raise capital through the direct offering to fund operations. Little more than a month later, Coinbase conceded the need to raise capital and revealed performance issues that prevented users’ ability to trade cryptocurrencies. On May 17, 2021, the Company announced plans to raise about $1.25 billion via a convertible bond sale. And on May 19, 2021, the Company revealed technical problems, including delays “due to network congestion” affecting those who want to get their money out. On this news, Coinbase’s share price fell $23.44 per share, or nearly 10%, closing at $224.80 per share on May 19, 2021. Shares today trade as low as $208.00 per share, far below the April 14, 2021 opening price of $381.00. Who is eligible? Anyone who purchased Coinbase class A common shares on or after April 14, 2021 is eligible, whether or not they have sold their investment. Investors should contact Block & Leviton to learn more. Story continues What should you do next? The deadline to seek appointment as lead plaintiff is September 20, 2021. A class has not yet been certified, and until a certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member. If you've lost money on your investment, you should contact Block & Leviton to learn more via our case website , by email at [email protected] , or by phone at (617) 398-5600. Why should you contact Block & Leviton? Many law firms have issued releases about this matter; most of those firms do not actually litigate securities class actions. Block & Leviton is a law firm that actually litigates cases. We are dedicated to obtaining significant recoveries on behalf of defrauded investors through active litigation in the federal courts across the country. Many of the nation's top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com , or call (617) 398-5600 or email [email protected] with any questions. This notice may constitute attorney advertising. CONTACT: BLOCK & LEVITON LLP 260 Franklin St., Suite 1860 Boston, MA 02110 Phone: (617) 398-5600 Email: [email protected] SOURCE: Block & Leviton LLP www.blockleviton.com || September Outlook: The "Uncertainty Principle" Takes Effect Amid Questions Over Covid, Fed: Uncertainty is far from unusual on Wall Street and is arguably one big reason we trade stocks in the first place. But the level going into September stretches uncertainty levels to a place we haven’t seen in a while. For many people, it’s just very confusing as to where to go and what to do right now because there’s so many mixed messages coming through. Some of the lighter volume in late August probably reflects seasonal trends. Having said that, people might be a bit less inclined to trade because it’s hard to have true conviction right now one way or the other. The issues that potentially help make September so edgy won’t sound unfamiliar if you’ve been following things. The Delta variant remains front and center with no really good insight from doctors and scientists of when it might peak. The Fed’s policy remains a work in progress following the recent Fed’s virtual Jackson Hole symposium. Fed Chairman Jerome Powell made clear the Fed is soon going to be ready to start cutting back its $120 billion a month bond-buying program, but it’s unclear when this might start. Then there’s the debate over infrastructure and budget issues in Washington, with the debt ceiling hanging over everything. Geopolitics aren’t exactly stable, either, following the U.S. withdrawal from Afghanistan and a tragic attack in late August that killed 13 U.S. service members there. Signs of possible economic slowdowns in China and Europe also linger into the new month. With all this overhang and the S&P 500 Index (SPX) and other major indices coming through August on a long stretch of all-time highs, the stage could potentially be set for some seasonal weakness if we don’t start to get solid answers to at least some of the questions out there. However, one thing we can probably count on is at least some investors running to buy any dips in the market. At least that’s what you might expect after watching the SPX bounce off its 50-day moving average on moves to the downside in mid-June, mid-July and again in mid-August back to new all-time highs. The old adage on Wall Street is that the trend is your friend, and a lot of investors seem to be going by that. Story continues “CFRA thinks equity investors will continue to ‘buy on the dips’ until that strategy no longer works,” research firm CFRA said self-referentially in a recent note to investors. “Until then, equities should remain volatile as investors adjust the trajectory of economic growth expectations and await the announcement of (Fed) tapering.” Fed Could Help Determine Direction Coming Out Of Jackson Hole Another popular adage on Wall Street is to not fight the Fed. That’s been holding true pretty much since the pandemic began. Back then, the Fed immediately started a huge bond-buying program to keep borrowing costs low while reducing short-term rates to zero. The stock market has doubled from its March 2020 Covid lows with the Fed providing a smooth path for companies to find easy money in hard times, and the recession ended almost as soon as it began. Fiscal support from Washington and other major economies didn’t hurt, either. When you add it all up, we’ve just come off a first half that saw 6.6% gross domestic product (GDP) growth in the U.S., according to the latest government estimate, and a Q2 earnings season where average S&P 500 companies enjoyed almost unprecedented earnings gains of around 90%, according to FactSet. One source of uncertainty is whether these big gains can last in the months ahead, especially with signs that China may be starting to run out of steam amid virus lockdowns there and a government crackdown on many big companies. A lot of the strength in economic and earnings growth was helped by easy comparisons against historic weakness the previous year, though it’s worth noting that many companies, most recently Best Buy (BBY) and Dick’s Sporting Goods (DKS), said they enjoyed growth vs. the same period two years ago, as well. Also, several data reports in mid-to-late-August in both the U.S. and China pointed to a possible slowdown in growth, with the Delta variant and high U.S. inflation taking a bite out of consumer sentiment. Back in 2015-16, a so-called “earnings recession,” declining U.S. consumer sentiment, and weakness in China combined to help put global markets into a winter tailspin that lasted several months. September is also historically a weaker time for the markets, though obviously history is under no obligation to repeat. Historically, markets tend to do better in the October through April period, though anyone who followed that tired saying, “Sell in May and go away” is probably kicking themselves now. Powell Indicates Possible Tapering Ahead In his speech, Powell said the inflation we’ve seen so far still looks, to use his favorite word, “transitory.” Most of it has been in durable goods as demand for those items soared during the pandemic while demand for services lagged. Some of the price pressure on durables, like used cars, he said, is already starting to go away and may actually fall. This could ease inflation in the months ahead, perhaps putting less pressure on the Fed to change policy too much. The Fed meets Sept. 21-22, and anticipation could rise ahead of that meeting as investors debate whether the taper calendar might be revealed then. A lot could depend on jobs and other data before that. If the Fed sees more progress on employment in early September, analysts might see a late September taper timing announcement as more likely. That’s especially because some Fed presidents around the country are calling pretty loudly for a tapering relatively soon to ease pricing pressure. Don’t be too surprised if volatility starts ticking higher ahead of the Fed meeting. The Cboe Volatility Index (VIX) spent most of August between 15-20, relatively near historic norms. Any rise above 20 is something to consider keeping an eye on because it could indicate market turbulence in the near term. Also, economic data could take on even more significance in September because of uncertainty over Fed policy. Everything is likely to be scrutinized as to what it might mean from the Fed’s perspective. FIGURE 1: CHOPPY PATH HIGHER . Though they both saw choppiness along the way, the S&P 500 Index (SPX—candlestick) and the 10-year Treasury yield (TNX—purple line) both trended higher in August, with a bunch of new all-time highs for the SPX and the yield bouncing back from six-month lows. Data Sources: S&P Dow Jones Indices, Cboe Global Markets. Chart source: The thinkorswim® platform . For illustrative purposes only. Past performance does not guarantee future results. Checking The Calendar That’s a mouthful. What about specific September events to watch beyond the Fed meeting? It’s not earnings season anymore, which takes away the hum of regular corporate news that sometimes can shield Wall Street at least a bit from the worst geopolitical turbulence. As always, it doesn’t mean there’s no earnings news to watch during the “off-month.” For instance, Kroger (NYSE: KR ), Chewy (NYSE: CHWY ), Broadcom (NASDAQ: AVGO ), and lululemon (NASDAQ: LULU ) are some of the well-known companies expected to report in early September. Still, data will arguably outweigh earnings as the focus when the month starts. That’s because of two key reports that always come at the start of the month and might carry more than their usual weight in this uncertain environment. Both the August jobs report from the Commerce Department and August Institute for Supply Management (ISM) manufacturing index bow as the month begins, and both could be watched closely for any signs of possible flagging in the U.S. economy. We’re coming off of two very strong jobs reports in a row. June and July both saw the U.S. economy create more than 900,000 jobs, and May wasn’t too shabby either at above 600,000. Also, we’ve recently seen weekly initial jobless claims fall to their lowest level since Covid began. Another stellar jobs report, if it comes, could help solidify the Fed’s ideas about tapering, though you could argue there’s always more data and no one knows what the Delta variant might bring. ISM manufacturing is also worth watching for clues about how the industrial sector is performing. It’s been near all-time highs for a while, causing some analysts to say the strength might flag. An Autumn Trip To The Capitol Speaking of industrial, focus could turn toward Washington in September as Congress gets back into session and wrestles with a bunch of spending bills, one of which is that $1 trillion infrastructure deal passed by the Senate not long ago. The question is whether it can get through the House. Passage of this bill might help the Industrial, Materials, and Energy sectors. Failure could bring more stumbles for stocks of companies that make steel, gasoline, building materials, and other components used for major construction projects. Other stuff to watch in September include the turbulent crude oil market, which bounced between $62 a barrel and $76 a barrel this summer, quite a big range. Like the stock market, there seems to be a regular “dip-buying” mentality here that might speak to investor confidence in the underlying economy. Cryptocurrencies are also getting more attention as August ends. Bitcoin (BTC) recently hit $50,000 again after falling below $30,000 earlier this summer. At times, the direction of BTC has been helpful if you’re trying to assess the amount of “risk-on” psychology in the overall markets. “Risk-on” seemed to come back a bit in late August after the U.S. Food and Drug Administration approved the Covid vaccine made by Pfizer (NYSE: PFE ) and BioNTech (NASDAQ: BNTX ). That drove ideas that more people might get vaccinated, potentially bringing down cases and helping the so-called “reopening” stocks like airlines, restaurants, and hotels. The Delta variant, however, could be taking a toll, as the government reported slowing growth in personal spending for July. With that in mind, perhaps, the Treasury market still shows plenty of people trying to lessen their risk by putting money into fixed-income investments. A 10-year Treasury yield of around 1.3% doesn’t really tell a story of an investment community that’s necessarily embracing the riskier propositions. Yields have been all over the place this year, from as low as 90 basis points (0.9%) up to 1.75%. Now they appear to be finding a middle ground between roughly 1.20% and 1.4%. Any departure from this range either up or down might raise some eyebrows. TD Ameritrade® commentary for educational purposes only. Member SIPC. Image by igormattio from Pixabay See more from Benzinga Click here for options trades from Benzinga Incoming: Will The Slew Of Jobs Data This Week Sweat Or Soothe The Market's Tapering Anxieties? The Main Event: Powell Speech Front And Center After Mixed Messages From Fed © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || September Outlook: The "Uncertainty Principle" Takes Effect Amid Questions Over Covid, Fed: Uncertainty is far from unusual on Wall Street and is arguably one big reason we trade stocks in the first place. But the level going into September stretches uncertainty levels to a place we haven’t seen in a while.
For many people, it’s just very confusing as to where to go and what to do right now because there’s so many mixed messages coming through. Some of the lighter volume in late August probably reflects seasonal trends. Having said that, people might be a bit less inclined to trade because it’s hard to have true conviction right now one way or the other.
The issues that potentially help make September so edgy won’t sound unfamiliar if you’ve been following things. The Delta variant remains front and center with no really good insight from doctors and scientists of when it might peak. The Fed’s policy remains a work in progress following the recent Fed’s virtual Jackson Hole symposium. Fed Chairman Jerome Powell made clear the Fed is soon going to be ready to start cutting back its $120 billion a month bond-buying program, but it’s unclear when this might start.
Then there’s the debate over infrastructure and budget issues in Washington, with the debt ceiling hanging over everything. Geopolitics aren’t exactly stable, either, following the U.S. withdrawal from Afghanistan and a tragic attack in late August that killed 13 U.S. service members there. Signs of possible economic slowdowns in China and Europe also linger into the new month.
With all this overhang and theS&P 500 Index(SPX) and other major indices coming through August on a long stretch of all-time highs, the stage could potentially be set for some seasonal weakness if we don’t start to get solid answers to at least some of the questions out there. However, one thing we can probably count on is at least some investors running to buy any dips in the market.
At least that’s what you might expect after watching the SPX bounce off its 50-day moving average on moves to the downside in mid-June, mid-July and again in mid-August back to new all-time highs. The old adage on Wall Street is that the trend is your friend, and a lot of investors seem to be going by that.
“CFRA thinks equity investors will continue to ‘buy on the dips’ until that strategy no longer works,” research firm CFRA said self-referentially in a recent note to investors. “Until then, equities should remain volatile as investors adjust the trajectory of economic growth expectations and await the announcement of (Fed) tapering.”
Fed Could Help Determine Direction Coming Out Of Jackson Hole
Another popular adage on Wall Street is to not fight the Fed. That’s been holding true pretty much since the pandemic began. Back then, the Fed immediately started a huge bond-buying program to keep borrowing costs low while reducing short-term rates to zero.
The stock market has doubled from its March 2020 Covid lows with the Fed providing a smooth path for companies to find easy money in hard times, and the recession ended almost as soon as it began. Fiscal support from Washington and other major economies didn’t hurt, either.
When you add it all up, we’ve just come off a first half that saw 6.6% gross domestic product (GDP) growth in the U.S., according to the latest government estimate, and a Q2 earnings season where average S&P 500 companies enjoyed almost unprecedented earnings gains of around 90%, according to FactSet.
One source of uncertainty is whether these big gains can last in the months ahead, especially with signs that China may be starting to run out of steam amid virus lockdowns there and a government crackdown on many big companies. A lot of the strength in economic and earnings growth was helped by easy comparisons against historic weakness the previous year, though it’s worth noting that many companies, most recently Best Buy (BBY) and Dick’s Sporting Goods (DKS), said they enjoyed growth vs. the same period two years ago, as well.
Also, several data reports in mid-to-late-August in both the U.S. and China pointed to a possible slowdown in growth, with the Delta variant and high U.S. inflation taking a bite out of consumer sentiment.
Back in 2015-16, a so-called “earnings recession,” declining U.S. consumer sentiment, and weakness in China combined to help put global markets into a winter tailspin that lasted several months. September is also historically a weaker time for the markets, though obviously history is under no obligation to repeat. Historically, markets tend to do better in the October through April period, though anyone who followed that tired saying, “Sell in May and go away” is probably kicking themselves now.
Powell Indicates Possible Tapering Ahead
In his speech, Powell said the inflation we’ve seen so far still looks, to use his favorite word, “transitory.” Most of it has been in durable goods as demand for those items soared during the pandemic while demand for services lagged. Some of the price pressure on durables, like used cars, he said, is already starting to go away and may actually fall. This could ease inflation in the months ahead, perhaps putting less pressure on the Fed to change policy too much.
The Fed meets Sept. 21-22, and anticipation could rise ahead of that meeting as investors debate whether the taper calendar might be revealed then. A lot could depend on jobs and other data before that. If the Fed sees more progress on employment in early September, analysts might see a late September taper timing announcement as more likely. That’s especially because some Fed presidents around the country are calling pretty loudly for a tapering relatively soon to ease pricing pressure.
Don’t be too surprised if volatility starts ticking higher ahead of the Fed meeting. The Cboe Volatility Index (VIX) spent most of August between 15-20, relatively near historic norms. Any rise above 20 is something to consider keeping an eye on because it could indicate market turbulence in the near term.
Also, economic data could take on even more significance in September because of uncertainty over Fed policy. Everything is likely to be scrutinized as to what it might mean from the Fed’s perspective.
FIGURE 1:CHOPPY PATH HIGHER. Though they both saw choppiness along the way, the S&P 500 Index (SPX—candlestick) and the 10-year Treasury yield (TNX—purple line) both trended higher in August, with a bunch of new all-time highs for the SPX and the yield bouncing back from six-month lows. Data Sources: S&P Dow Jones Indices, Cboe Global Markets. Chart source: Thethinkorswim® platform.For illustrative purposes only. Past performance does not guarantee future results.
Checking The Calendar
That’s a mouthful. What about specific September events to watch beyond the Fed meeting?
It’s not earnings season anymore, which takes away the hum of regular corporate news that sometimes can shield Wall Street at least a bit from the worst geopolitical turbulence. As always, it doesn’t mean there’s no earnings news to watch during the “off-month.” For instance,Kroger(NYSE:KR),Chewy(NYSE:CHWY),Broadcom(NASDAQ:AVGO), andlululemon(NASDAQ:LULU) are some of the well-known companies expected to report in early September.
Still, data will arguably outweigh earnings as the focus when the month starts. That’s because of two key reports that always come at the start of the month and might carry more than their usual weight in this uncertain environment. Both the August jobs report from the Commerce Department and August Institute for Supply Management (ISM) manufacturing index bow as the month begins, and both could be watched closely for any signs of possible flagging in the U.S. economy.
We’re coming off of two very strong jobs reports in a row. June and July both saw the U.S. economy create more than 900,000 jobs, and May wasn’t too shabby either at above 600,000. Also, we’ve recently seen weekly initial jobless claims fall to their lowest level since Covid began. Another stellar jobs report, if it comes, could help solidify the Fed’s ideas about tapering, though you could argue there’s always more data and no one knows what the Delta variant might bring.
ISM manufacturing is also worth watching for clues about how the industrial sector is performing. It’s been near all-time highs for a while, causing some analysts to say the strength might flag.
An Autumn Trip To The Capitol
Speaking of industrial, focus could turn toward Washington in September as Congress gets back into session and wrestles with a bunch of spending bills, one of which is that $1 trillion infrastructure deal passed by the Senate not long ago. The question is whether it can get through the House.
Passage of this bill might help the Industrial, Materials, and Energy sectors. Failure could bring more stumbles for stocks of companies that make steel, gasoline, building materials, and other components used for major construction projects.
Other stuff to watch in September include the turbulent crude oil market, which bounced between $62 a barrel and $76 a barrel this summer, quite a big range. Like the stock market, there seems to be a regular “dip-buying” mentality here that might speak to investor confidence in the underlying economy.
Cryptocurrencies are also getting more attention as August ends.Bitcoin(BTC) recently hit $50,000 again after falling below $30,000 earlier this summer. At times, the direction of BTC has been helpful if you’re trying to assess the amount of “risk-on” psychology in the overall markets.
“Risk-on” seemed to come back a bit in late August after the U.S. Food and Drug Administration approved the Covid vaccine made byPfizer(NYSE:PFE) andBioNTech(NASDAQ:BNTX). That drove ideas that more people might get vaccinated, potentially bringing down cases and helping the so-called “reopening” stocks like airlines, restaurants, and hotels. The Delta variant, however, could be taking a toll, as the government reported slowing growth in personal spending for July.
With that in mind, perhaps, the Treasury market still shows plenty of people trying to lessen their risk by putting money into fixed-income investments. A 10-year Treasury yield of around 1.3% doesn’t really tell a story of an investment community that’s necessarily embracing the riskier propositions. Yields have been all over the place this year, from as low as 90 basis points (0.9%) up to 1.75%. Now they appear to be finding a middle ground between roughly 1.20% and 1.4%. Any departure from this range either up or down might raise some eyebrows.
TD Ameritrade® commentary for educational purposes only. Member SIPC.
Image byigormattiofromPixabay
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• Incoming: Will The Slew Of Jobs Data This Week Sweat Or Soothe The Market's Tapering Anxieties?
• The Main Event: Powell Speech Front And Center After Mixed Messages From Fed
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || PayPal may offer a stock-trading platform in the US: PayPal is “exploring” the idea of allowing its users to trade individual stocks. Per CNBC , the company recently hired TradeKing co-founder Richard Hagen to head up a new unit at the company called Invest at PayPal. “Leading PayPal’s efforts to explore opportunities in the consumer investment business,” Hagan says of his new job on his LinkedIn profile . The outlet reports PayPal has also had discussions with potential brokerage partners. Moving into retail trading wouldn’t be out of character for PayPal. The company has spent much of the last year expanding into the cryptocurrency market. It all started last October when PayPal announced it would let US users buy, sell and hold Bitcoin, Ethereum, Bitcoin Cash and Litecoin. PayPal CEO Dan Schulman also recently told investors the company could partner with different financial institutions to expand the number of services it offers. He even mentioned “investment capabilities” as one possibility. Either way, it’s a move that would make sense in the context of all the recent interest in retail trading that came out of the GameStop saga . A PayPal spokesperson declined to comment on the report. Should PayPal decide to offer stock trading, it may take some time before it’s available to US users. CNBC reports PayPal is unlikely to roll out the service this year. And if the company decides it wants to operate as its own brokerage firm, it would need approval from the Financial Industry Regulatory Authority (FINRA). That’s a process that can take more than eight months. This article contains affilate links; if you click such a link and make a purchase, we may earn a commission.
[Social Media Buzz]
None available.
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48847.03, 49327.72, 50025.38, 49944.62, 51753.41, 52633.54, 46811.13, 46091.39, 46391.42, 44883.91
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 7276.80, 7202.84, 7218.82, 7191.16, 7511.59, 7355.63, 7322.53, 7275.16, 7238.97, 7290.09, 7317.99, 7422.65, 7293.00, 7193.60, 7200.17, 6985.47, 7344.88, 7410.66, 7411.32, 7769.22, 8163.69, 8079.86, 7879.07, 8166.55, 8037.54, 8192.49, 8144.19, 8827.76, 8807.01, 8723.79, 8929.04, 8942.81, 8706.25, 8657.64, 8745.89, 8680.88, 8406.52, 8445.43, 8367.85, 8596.83, 8909.82, 9358.59, 9316.63, 9508.99, 9350.53, 9392.88, 9344.37, 9293.52, 9180.96, 9613.42, 9729.80, 9795.94, 9865.12, 10116.67, 9856.61, 10208.24, 10326.05, 10214.38, 10312.12, 9889.42, 9934.43, 9690.14, 10142.00, 9633.39, 9608.48, 9686.44, 9663.18, 9924.52, 9650.17, 9341.71, 8820.52, 8784.49, 8672.46, 8599.51, 8562.45, 8869.67, 8787.79, 8755.25, 9078.76, 9122.55, 8909.95, 8108.12, 7923.64, 7909.73, 7911.43, 4970.79, 5563.71, 5200.37, 5392.31, 5014.48.
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[Bitcoin Technical Analysis for 2020-03-16]
Volume: 45368026430, RSI (14-day): 22.71, 50-day EMA: 8254.39, 200-day EMA: 8448.32
[Wider Market Context]
Gold Price: 1485.90, Gold RSI: 31.02
Oil Price: 28.70, Oil RSI: 19.85
[Recent News (last 7 days)]
Bitcoin Dips Below 5,321.9 Level, Down 1%: Bitcoin Dips Below 5,321.9 Level, Down 1% Investing.com - Bitcoin fell bellow the $5,321.9 level on Sunday. Bitcoin was trading at 5,321.9 by 13:09 (17:09 GMT) on the Investing.com Index, down 1.30% on the day. It was the largest one-day percentage loss since March 14. The move downwards pushed Bitcoin's market cap down to $97.6B, or 0.00% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B. Bitcoin had traded in a range of $5,120.6 to $5,573.2 in the previous twenty-four hours. Over the past seven days, Bitcoin has seen a drop in value, as it lost 36.95%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $30.8B or 0.00% of the total volume of all cryptocurrencies. It has traded in a range of $3,869.4661 to $8,158.8013 in the past 7 days. At its current price, Bitcoin is still down 73.22% from its all-time high of $19,870.62 set on December 17, 2017. Elsewhere in cryptocurrency trading Ethereum was last at $124.66 on the Investing.com Index, down 2.80% on the day. XRP was trading at $0.15319 on the Investing.com Index, a gain of 0.36%. Ethereum's market cap was last at $13.8B or 0.00% of the total cryptocurrency market cap, while XRP's market cap totaled $6.7B or 0.00% of the total cryptocurrency market value. Related Articles Top 5 Cryptos This Week (Mar 15): LEO, XLM, ETC, XRP, HT CovidLock Exploits Coronavirus Fears With Bitcoin Ransomware Cardano Dips Below 0.026702 Level, Down 2% || Bitcoin Dips Below 5,321.9 Level, Down 1%: Investing.com - Bitcoin fell bellow the $5,321.9 level on Sunday. Bitcoin was trading at 5,321.9 by 13:09 (17:09 GMT) on the Investing.com Index, down 1.30% on the day. It was the largest one-day percentage loss since March 14.
The move downwards pushed Bitcoin's market cap down to $97.6B, or 0.00% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B.
Bitcoin had traded in a range of $5,120.6 to $5,573.2 in the previous twenty-four hours.
Over the past seven days, Bitcoin has seen a drop in value, as it lost 36.95%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $30.8B or 0.00% of the total volume of all cryptocurrencies. It has traded in a range of $3,869.4661 to $8,158.8013 in the past 7 days.
At its current price, Bitcoin is still down 73.22% from its all-time high of $19,870.62 set on December 17, 2017.
Ethereum was last at $124.66 on the Investing.com Index, down 2.80% on the day.
XRP was trading at $0.15319 on the Investing.com Index, a gain of 0.36%.
Ethereum's market cap was last at $13.8B or 0.00% of the total cryptocurrency market cap, while XRP's market cap totaled $6.7B or 0.00% of the total cryptocurrency market value.
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Cardano Dips Below 0.026702 Level, Down 2% || Bitcoin Dips Below 5,321.9 Level, Down 1%: Investing.com - Bitcoin fell bellow the $5,321.9 level on Sunday. Bitcoin was trading at 5,321.9 by 13:09 (17:09 GMT) on the Investing.com Index, down 1.30% on the day. It was the largest one-day percentage loss since March 14.
The move downwards pushed Bitcoin's market cap down to $97.6B, or 0.00% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B.
Bitcoin had traded in a range of $5,120.6 to $5,573.2 in the previous twenty-four hours.
Over the past seven days, Bitcoin has seen a drop in value, as it lost 36.95%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $30.8B or 0.00% of the total volume of all cryptocurrencies. It has traded in a range of $3,869.4661 to $8,158.8013 in the past 7 days.
At its current price, Bitcoin is still down 73.22% from its all-time high of $19,870.62 set on December 17, 2017.
Ethereum was last at $124.66 on the Investing.com Index, down 2.80% on the day.
XRP was trading at $0.15319 on the Investing.com Index, a gain of 0.36%.
Ethereum's market cap was last at $13.8B or 0.00% of the total cryptocurrency market cap, while XRP's market cap totaled $6.7B or 0.00% of the total cryptocurrency market value.
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Top 5 Cryptos This Week (Mar 15): LEO, XLM, ETC, XRP, HT
‘CovidLock’ Exploits Coronavirus Fears With Bitcoin Ransomware
Cardano Dips Below 0.026702 Level, Down 2% || Ethereum Dips Below 123.01 Level, Down 6%: Ethereum Dips Below 123.01 Level, Down 6% Investing.com - Ethereum fell bellow the $123.01 level on Sunday. Ethereum was trading at 123.01 by 03:08 (07:08 GMT) on the Investing.com Index, down 6.23% on the day. It was the largest one-day percentage loss since March 14. The move downwards pushed Ethereum's market cap down to $13.70B, or 0.00% of the total cryptocurrency market cap. At its highest, Ethereum's market cap was $135.58B. Ethereum had traded in a range of $120.93 to $124.10 in the previous twenty-four hours. Over the past seven days, Ethereum has seen a drop in value, as it lost 46.22%. The volume of Ethereum traded in the twenty-four hours to time of writing was $12.20B or 0.00% of the total volume of all cryptocurrencies. It has traded in a range of $88.5038 to $208.2272 in the past 7 days. At its current price, Ethereum is still down 91.36% from its all-time high of $1,423.20 set on January 13, 2018. Elsewhere in cryptocurrency trading Bitcoin was last at $5,272.1 on the Investing.com Index, down 3.00% on the day. XRP was trading at $0.15036 on the Investing.com Index, a loss of 3.58%. Bitcoin's market cap was last at $97.11B or 0.00% of the total cryptocurrency market cap, while XRP's market cap totaled $6.67B or 0.00% of the total cryptocurrency market value. Related Articles Jeffrey Wernick on Cointelegraph China Focus Canaan Sued Over Alleged Fake Deal, Stock Sees Historic Low Binance to Launch Fiat Support in South Africa, Donate $1M to Blockchain Education || Ethereum Dips Below 123.01 Level, Down 6%: Investing.com - Ethereum fell bellow the $123.01 level on Sunday. Ethereum was trading at 123.01 by 03:08 (07:08 GMT) on the Investing.com Index, down 6.23% on the day. It was the largest one-day percentage loss since March 14.
The move downwards pushed Ethereum's market cap down to $13.70B, or 0.00% of the total cryptocurrency market cap. At its highest, Ethereum's market cap was $135.58B.
Ethereum had traded in a range of $120.93 to $124.10 in the previous twenty-four hours.
Over the past seven days, Ethereum has seen a drop in value, as it lost 46.22%. The volume of Ethereum traded in the twenty-four hours to time of writing was $12.20B or 0.00% of the total volume of all cryptocurrencies. It has traded in a range of $88.5038 to $208.2272 in the past 7 days.
At its current price, Ethereum is still down 91.36% from its all-time high of $1,423.20 set on January 13, 2018.
Bitcoin was last at $5,272.1 on the Investing.com Index, down 3.00% on the day.
XRP was trading at $0.15036 on the Investing.com Index, a loss of 3.58%.
Bitcoin's market cap was last at $97.11B or 0.00% of the total cryptocurrency market cap, while XRP's market cap totaled $6.67B or 0.00% of the total cryptocurrency market value.
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Binance to Launch Fiat Support in South Africa, Donate $1M to Blockchain Education || Bitcoin Falls 10% In Bearish Trade: Bitcoin Falls 10% In Bearish Trade Investing.com - Bitcoin was trading at $5,094.3 by 19:20 (23:20 GMT) on the Investing.com Index on Saturday, down 10.21% on the day. It was the largest one-day percentage loss since March 12. The move downwards pushed Bitcoin's market cap down to $94.6B, or 0.00% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B. Bitcoin had traded in a range of $5,094.1 to $5,634.9 in the previous twenty-four hours. Over the past seven days, Bitcoin has seen a drop in value, as it lost 41.62%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $36.1B or 0.00% of the total volume of all cryptocurrencies. It has traded in a range of $3,869.4661 to $8,888.0479 in the past 7 days. At its current price, Bitcoin is still down 74.36% from its all-time high of $19,870.62 set on December 17, 2017. Elsewhere in cryptocurrency trading Ethereum was last at $121.96 on the Investing.com Index, down 8.95% on the day. XRP was trading at $0.14447 on the Investing.com Index, a loss of 9.73%. Ethereum's market cap was last at $13.6B or 0.00% of the total cryptocurrency market cap, while XRP's market cap totaled $6.4B or 0.00% of the total cryptocurrency market value. Related Articles Bill Gates Departs Microsoft Board After Pledging $1.4M to African Blockchain XRP Falls 10% In Rout Wilshire Phoenix CEO Explains $168B US Fed Injection and Crypto Correlation View comments || Bitcoin Falls 10% In Bearish Trade: Investing.com - Bitcoin was trading at $5,094.3 by 19:20 (23:20 GMT) on the Investing.com Index on Saturday, down 10.21% on the day. It was the largest one-day percentage loss since March 12.
The move downwards pushed Bitcoin's market cap down to $94.6B, or 0.00% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B.
Bitcoin had traded in a range of $5,094.1 to $5,634.9 in the previous twenty-four hours.
Over the past seven days, Bitcoin has seen a drop in value, as it lost 41.62%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $36.1B or 0.00% of the total volume of all cryptocurrencies. It has traded in a range of $3,869.4661 to $8,888.0479 in the past 7 days.
At its current price, Bitcoin is still down 74.36% from its all-time high of $19,870.62 set on December 17, 2017.
Ethereum was last at $121.96 on the Investing.com Index, down 8.95% on the day.
XRP was trading at $0.14447 on the Investing.com Index, a loss of 9.73%.
Ethereum's market cap was last at $13.6B or 0.00% of the total cryptocurrency market cap, while XRP's market cap totaled $6.4B or 0.00% of the total cryptocurrency market value.
Related Articles
Bill Gates Departs Microsoft Board After Pledging $1.4M to African Blockchain
XRP Falls 10% In Rout
Wilshire Phoenix CEO Explains $168B US Fed Injection and Crypto Correlation || Bitcoin Falls 10% In Bearish Trade: Investing.com - Bitcoin was trading at $5,094.3 by 19:20 (23:20 GMT) on the Investing.com Index on Saturday, down 10.21% on the day. It was the largest one-day percentage loss since March 12.
The move downwards pushed Bitcoin's market cap down to $94.6B, or 0.00% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B.
Bitcoin had traded in a range of $5,094.1 to $5,634.9 in the previous twenty-four hours.
Over the past seven days, Bitcoin has seen a drop in value, as it lost 41.62%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $36.1B or 0.00% of the total volume of all cryptocurrencies. It has traded in a range of $3,869.4661 to $8,888.0479 in the past 7 days.
At its current price, Bitcoin is still down 74.36% from its all-time high of $19,870.62 set on December 17, 2017.
Ethereum was last at $121.96 on the Investing.com Index, down 8.95% on the day.
XRP was trading at $0.14447 on the Investing.com Index, a loss of 9.73%.
Ethereum's market cap was last at $13.6B or 0.00% of the total cryptocurrency market cap, while XRP's market cap totaled $6.4B or 0.00% of the total cryptocurrency market value.
Related Articles
Bill Gates Departs Microsoft Board After Pledging $1.4M to African Blockchain
XRP Falls 10% In Rout
Wilshire Phoenix CEO Explains $168B US Fed Injection and Crypto Correlation || Coinbase volumes hit yearly highs after Thursday’s market sell-off: Coinbase registered yearly record-breaking volumes on Thursday and Friday amid a market sell-off in crypto. On Thursday, the volume on the San Francisco-based exchange surpassed $1.1B, a 280% increase from the prior day. Yesterday’s volume surpassed $1.5B, a record high for the year of 2020 for the exchange.
Source: CryptoCompare
Coinbase recentlyrolledout bitcoin batching on its platform. The feature allows batching multiple transactions into one, and therefore, helps reduce the load on the Bitcoin network. || Coinbase volumes hit yearly highs after Thursday’s market sell-off: Coinbase registered yearly record-breaking volumes on Thursday and Friday amid a market sell-off in crypto. On Thursday, the volume on the San Francisco-based exchange surpassed $1.1B, a 280% increase from the prior day. Yesterday’s volume surpassed $1.5B, a record high for the year of 2020 for the exchange. Source: CryptoCompare Coinbase recently rolled out bitcoin batching on its platform. The feature allows batching multiple transactions into one, and therefore, helps reduce the load on the Bitcoin network. || Udi Wertheimer on Cypherpunk Myths and Bitcoin in Real Life: CoinDesk reporter Leigh Cuen is joined byVR meetup organizerUdi Wertheimer to talk about howbitcoin(BTC) fits into the broader cypherpunk movement.
For daily insights and unique perspectives listen or subscribe to the CoinDesk Podcast Network withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,IHeartRadioorRSS.
The cypherpunk movement has expanded far beyond the 2,000 people who subscribed tomailing listsin the 1990s. In 2018,Entrepreneurreported there are more than 8,000 posts on Bitcointalk every day, whileCoinbasegarnered millions of user accounts. Such experimental technology is no longer the realm of just a few thousand geeks.
Related:‘Anything That Can Be Decentralized Will Be Decentralized’ 6 Years Later
However, across the board, even in 2020 cypherpunk projects rarely exceed a few dozen regular contributors. For example, Exiledsurfer, an event organizer and hacker space co-founder from theParallele Poliscollective, said his space in Vienna was inspired by a collective in Prague that collects roughly $5,000 a month in cryptocurrency from members to share a venue. Likewise, the Vienna chapter accepts dues in DAI, monero and bitcoin, just to name a few.
“We’re a crypto pure organization,” Exiledsurfer said. “This will be an alternative asset class or, in a hundred years, there will by three guys in a garage in Topeka, Kansas, tweaking on a 2020 computer to keep the chain alive, just like people tweak on old cars.”
The cypherpunk movement appears to be growing, albeit slowly.
“I still get people every week, young people and programmers who say they want to give their lives to this thing,” cypherpunk icon Amir Taaki said, underscoring why he believes the movement will only succeed through groups with “structured” training methods.
Related:What Happens When Currencies Fail? Feat. Preston Pysh
“There’s a yearning need for this…we can build our own financial networks outside of the control of the state,” Taaki said of the academy he plans to launch in Barcelona.
“How do all of these pieces that we’re working on fit together to serve a higher goal? What’s our narrative?” Taaki said.
Yet, even as a cypherpunk technology aficionado, Wertheimer disagrees with such collectivist views of “our” narrative or “pure” projects.
“I don’t think we need bitcoin evangelists,” Wertheimer said. We’ll talk about why he views the ideological movement as divorced from user groups that may now utilize cypherpunk technology.
Want more? Read myarticleabout how bitcoin compares to the early days of the internet.
For daily insights and unique perspectives listen or subscribe to the CoinDesk Podcast Network withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,IHeartRadioorRSS.
• 6 Good Reasons for Bitcoin HODLers to Stay Calm
• Ben Hunt on Markets and Narratives in the Age of Coronavirus || Udi Wertheimer on Cypherpunk Myths and Bitcoin in Real Life: CoinDesk reporter Leigh Cuen is joined byVR meetup organizerUdi Wertheimer to talk about howbitcoin(BTC) fits into the broader cypherpunk movement.
For daily insights and unique perspectives listen or subscribe to the CoinDesk Podcast Network withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,IHeartRadioorRSS.
The cypherpunk movement has expanded far beyond the 2,000 people who subscribed tomailing listsin the 1990s. In 2018,Entrepreneurreported there are more than 8,000 posts on Bitcointalk every day, whileCoinbasegarnered millions of user accounts. Such experimental technology is no longer the realm of just a few thousand geeks.
Related:‘Anything That Can Be Decentralized Will Be Decentralized’ 6 Years Later
However, across the board, even in 2020 cypherpunk projects rarely exceed a few dozen regular contributors. For example, Exiledsurfer, an event organizer and hacker space co-founder from theParallele Poliscollective, said his space in Vienna was inspired by a collective in Prague that collects roughly $5,000 a month in cryptocurrency from members to share a venue. Likewise, the Vienna chapter accepts dues in DAI, monero and bitcoin, just to name a few.
“We’re a crypto pure organization,” Exiledsurfer said. “This will be an alternative asset class or, in a hundred years, there will by three guys in a garage in Topeka, Kansas, tweaking on a 2020 computer to keep the chain alive, just like people tweak on old cars.”
The cypherpunk movement appears to be growing, albeit slowly.
“I still get people every week, young people and programmers who say they want to give their lives to this thing,” cypherpunk icon Amir Taaki said, underscoring why he believes the movement will only succeed through groups with “structured” training methods.
Related:What Happens When Currencies Fail? Feat. Preston Pysh
“There’s a yearning need for this…we can build our own financial networks outside of the control of the state,” Taaki said of the academy he plans to launch in Barcelona.
“How do all of these pieces that we’re working on fit together to serve a higher goal? What’s our narrative?” Taaki said.
Yet, even as a cypherpunk technology aficionado, Wertheimer disagrees with such collectivist views of “our” narrative or “pure” projects.
“I don’t think we need bitcoin evangelists,” Wertheimer said. We’ll talk about why he views the ideological movement as divorced from user groups that may now utilize cypherpunk technology.
Want more? Read myarticleabout how bitcoin compares to the early days of the internet.
For daily insights and unique perspectives listen or subscribe to the CoinDesk Podcast Network withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,IHeartRadioorRSS.
• 6 Good Reasons for Bitcoin HODLers to Stay Calm
• Ben Hunt on Markets and Narratives in the Age of Coronavirus || Udi Wertheimer on Cypherpunk Myths and Bitcoin in Real Life: CoinDesk reporter Leigh Cuen is joined by VR meetup organizer Udi Wertheimer to talk about how bitcoin (BTC) fits into the broader cypherpunk movement. For daily insights and unique perspectives listen or subscribe to the CoinDesk Podcast Network with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , IHeartRadio or RSS . The cypherpunk movement has expanded far beyond the 2,000 people who subscribed to mailing lists in the 1990s. In 2018, Entrepreneur reported there are more than 8,000 posts on Bitcointalk every day, while Coinbase garnered millions of user accounts. Such experimental technology is no longer the realm of just a few thousand geeks. Related: Anything That Can Be Decentralized Will Be Decentralized 6 Years Later However, across the board, even in 2020 cypherpunk projects rarely exceed a few dozen regular contributors. For example, Exiledsurfer, an event organizer and hacker space co-founder from the Parallele Polis collective, said his space in Vienna was inspired by a collective in Prague that collects roughly $5,000 a month in cryptocurrency from members to share a venue. Likewise, the Vienna chapter accepts dues in DAI, monero and bitcoin, just to name a few. Were a crypto pure organization, Exiledsurfer said. This will be an alternative asset class or, in a hundred years, there will by three guys in a garage in Topeka, Kansas, tweaking on a 2020 computer to keep the chain alive, just like people tweak on old cars. The cypherpunk movement appears to be growing, albeit slowly. I still get people every week, young people and programmers who say they want to give their lives to this thing, cypherpunk icon Amir Taaki said, underscoring why he believes the movement will only succeed through groups with structured training methods. Related: What Happens When Currencies Fail? Feat. Preston Pysh Theres a yearning need for this
we can build our own financial networks outside of the control of the state, Taaki said of the academy he plans to launch in Barcelona. Story continues How do all of these pieces that were working on fit together to serve a higher goal? Whats our narrative? Taaki said. Yet, even as a cypherpunk technology aficionado, Wertheimer disagrees with such collectivist views of our narrative or pure projects. I dont think we need bitcoin evangelists, Wertheimer said. Well talk about why he views the ideological movement as divorced from user groups that may now utilize cypherpunk technology. Want more? Read my article about how bitcoin compares to the early days of the internet. For daily insights and unique perspectives listen or subscribe to the CoinDesk Podcast Network with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , IHeartRadio or RSS . Related Stories 6 Good Reasons for Bitcoin HODLers to Stay Calm Ben Hunt on Markets and Narratives in the Age of Coronavirus || $100M+ in Margin Calls: Crypto Lenders Demand Collateral as Market Buckles: The budding market for cryptocurrency-backed loans met its first big stress test this week as bitcoin (BTC) dropped 40 percent and lenders demanded additional collateral from borrowers. In the last day, Genesis Capital called an additional $100 million of collateral from its selective pool of about 40 clients, CEO Michael Moro said Friday afternoon. Rival Celsius Network–which lends to 225 institutions, making up up a loan book of $400 million to $600 million at any given time–has seen margin calls in the hundreds of millions, according to CEO Alex Mashinsky. Meanwhile, Nexo’s co-founder Antoni Trenchev said some customers have repaid loans while it has liquidated other clients’ collateral, the equivalent of foreclosing on a home mortgage. And BlockFi reported in a blog post that it made margin calls on its dollar-denominated loan book, with some liquidations, but declined to comment further. Related: Previously Crypto-Only BlockFi Adds Cash On-Ramp Through Silvergate Partnership “As of five minutes ago, everyone who needed to post collateral has,” Moro said. “We’ve had zero liquidation events … What we have done to augment our lending is we have not made any additional loans in the last few days.” In the past year, crypto lending activity has mushroomed , as some holders sought to earn a yield on their assets , others sought to raise cash without selling their coins and market makers borrowed to fill orders quickly. The phenomenon could potentially improve liquidity and price discovery for crypto assets but it also has introduced systemic risks. Read More: Crypto Lending 101 Wait and see Now, Genesis doesn’t plan to make any loans that are collateralized less than 100 percent until the market calms down, Moro said. Related: You Call That Volatility? Bitcoin Traders Scoff at Wall Street’s Gyrations While Genesis is still trying to figure out what interest rates should look like in the volatile environment, the unit of Digital Currency Group is raising collateral requirements on loans from around 105 percent to between 110 and 120 percent for loans backed by bitcoin, which make up the majority of its loan book. If volatility doesn’t subside, collateral levels could rise further, to anywhere between 130 and 150 percent, as underwriting standards continue to tighten. Story continues As the market dropped, Moro said demand shifted from fiat loans to bitcoin loans as traders looked to arbitrage the difference between bitcoin’s spot and futures prices. At sister company Genesis Trading, Moro said, only about 60 percent of clients were selling while 40 percent were still buying. Given the turmoil, “I would have expected it to be 80/20 or 90/10,” he said. ‘Best day ever’ Celsius also raised collateral standards after Thursday’s rout, but Mashinsky claimed it was the “best day ever” for the company as it “loaned more than ever and charged the most interest” than it ever has. For example, loans on ether now carry an eye-popping interest rate of around 260 percent compared to 15 to 20 percent under normal circumstances and 4 or 5 percent in the calmest of times, Mashinsky said. As Celsius grows, however, it plans to tighten the limits on credit lines it offers, Mashinsky said. Product delay Nexo is holding the launch of a product that would allow users to earn interest on their crypto, Trenchev said. (The company only offers crypto-collateralized fiat loans and interest on fiat and stablecoins). “We were going to launch two weeks from now,” Trenchev said. “But we have to wait for this to play out, before we feel confident to launch.” Trenchev said he’s confident that demand for fiat loans will hold steady as bitcoin seems to have bottomed around $3,867 and he does not plan to change interest rates. Nexo’s loans are typically collateralized between 200 and 500 percent, he added. “The beauty of collateralized loans is you don’t have to worry about the underwriting process that much,” Trenchev said. “I would argue that digital assets are the best collateral–better than a penthouse on Fifth Avenue. You might have a steady price situation, but with digital assets you have instant liquidity.” Related Stories BitGo Reveals Bitcoin Lending Push; $150M Booked So Far Crypto Lender Babel Hits $380M in Outstanding Loans || $100M+ in Margin Calls: Crypto Lenders Demand Collateral as Market Buckles: The budding market for cryptocurrency-backed loans met its first big stress test this week asbitcoin(BTC)dropped 40 percentand lenders demanded additional collateral from borrowers.
In the last day, Genesis Capital called an additional $100 million of collateral from its selective pool of about 40 clients, CEO Michael Moro said Friday afternoon. Rival Celsius Network–which lends to 225 institutions, making up up a loan book of $400 million to $600 million at any given time–has seen margin calls in the hundreds of millions, according to CEO Alex Mashinsky.
Meanwhile, Nexo’s co-founder Antoni Trenchev said some customers have repaid loans while it has liquidated other clients’ collateral, the equivalent of foreclosing on a home mortgage. And BlockFi reported in ablog postthat it made margin calls on its dollar-denominated loan book, with some liquidations, but declined to comment further.
Related:Previously Crypto-Only BlockFi Adds Cash On-Ramp Through Silvergate Partnership
“As of five minutes ago, everyone who needed to post collateral has,” Moro said. “We’ve had zero liquidation events … What we have done to augment our lending is we have not made any additional loans in the last few days.”
In the past year, crypto lending activity hasmushroomed, as some holders sought toearn a yield on their assets, others sought to raise cash without selling their coins and market makers borrowed to fill orders quickly. The phenomenon could potentially improve liquidity andprice discoveryfor crypto assets but it also has introduced systemic risks.
Read More: Crypto Lending 101
Now, Genesis doesn’t plan to make any loans that are collateralized less than 100 percent until the market calms down, Moro said.
Related:You Call That Volatility? Bitcoin Traders Scoff at Wall Street’s Gyrations
While Genesis is still trying to figure out what interest rates should look like in the volatile environment, the unit of Digital Currency Group is raising collateral requirements on loans from around 105 percent to between 110 and 120 percent for loans backed by bitcoin, which make up the majority of its loan book. If volatility doesn’t subside, collateral levels could rise further, to anywhere between 130 and 150 percent, as underwriting standards continue to tighten.
As the market dropped, Moro said demand shifted from fiat loans to bitcoin loans as traders looked to arbitrage the difference between bitcoin’s spot and futures prices. At sister company Genesis Trading, Moro said, only about 60 percent of clients were selling while 40 percent were still buying.
Given the turmoil, “I would have expected it to be 80/20 or 90/10,” he said.
Celsius also raised collateral standards after Thursday’s rout, but Mashinsky claimed it was the “best day ever” for the company as it “loaned more than ever and charged the most interest” than it ever has.
For example, loans on ether now carry an eye-popping interest rate of around 260 percent compared to 15 to 20 percent under normal circumstances and 4 or 5 percent in the calmest of times, Mashinsky said.
As Celsius grows, however, it plans to tighten the limits on credit lines it offers, Mashinsky said.
Nexo is holding the launch of a product that would allow users to earn interest on their crypto, Trenchev said. (The company only offers crypto-collateralized fiat loans and interest on fiat and stablecoins).
“We were going to launch two weeks from now,” Trenchev said. “But we have to wait for this to play out, before we feel confident to launch.”
Trenchev said he’s confident that demand for fiat loans will hold steady as bitcoin seems to have bottomed around $3,867 and he does not plan to change interest rates. Nexo’s loans are typically collateralized between 200 and 500 percent, he added.
“The beauty of collateralized loans is you don’t have to worry about the underwriting process that much,” Trenchev said. “I would argue that digital assets are the best collateral–better than a penthouse on Fifth Avenue. You might have a steady price situation, but with digital assets you have instant liquidity.”
• BitGo Reveals Bitcoin Lending Push; $150M Booked So Far
• Crypto Lender Babel Hits $380M in Outstanding Loans || Thursdays Market Madness Strained Ethereums Killer App: DeFi: So many people were trying to use the Ethereum blockchain during Thursdays market meltdown that many applications simply stopped working as intended. The decentralized finance (DeFi) sector was hit particularly hard. The decentralized services that feed price information into these headless lending platforms known as oracles in the industry simply couldnt keep up. Related: Bitcoin Ekes Out Gains but Remains in Red Amid Broader Market Rebound Oracles could not send accurate price data and traders could not execute trades without paying horrendous fees to record transactions onto the blockchain. In a throwback to 2017, the Ethereum network became too crowded to execute transactions for many projects. In 2017, it was NFT gaming app CryptoKitties that overloaded Ethereum by issuing too many transactions during a bull market. At one point, 30,000 transactions were stuck in the queue waiting to be processed by the network. Thursdays mass transaction action was caused by the precarious plummet of ethers price, which shed 30 percent in 24 hours in a network first . Pricing oracles typically Chainlink or Makers V2 oracle were the main victims Thursday. Related: MakerDAO Debts Grow as DeFi Leader Moves to Stabilize Protocol Several of Chainlinks 21 oracles were down during prime trading hours, according to bZx co-founder and CEO Tom Bean. Stani Kulechov, founder and CEO of DeFi platform Aave, said he saw a Maker oracle throw a 20 percent price deviation between the actual market price and Makers generated feed. Oracles query data from on- or off-chain sources. Contracts pulling from on-chain sources had their requests crowded out by other transactions on the ethereum network, leading to oracle failures for both V2 and Chainlink. Orders were also backlogged on the Ethereum mainnet and traders were forced to pay outlandish gas fees to settle. For example, users were not able to perform trades on exchange dYdX or lending platform Nuo Network . Both DeFi platforms changed their fee structures (including dYdX multiple times) to execute a slew of backlogged trades Thursday and early Friday. Story continues The network condition is affecting everyone, Aaves Kulechov said. People need to just pay the 160 gwei [gas fee] to keep prices up to date. MakerDAO was undoubtedly the biggest loser on Thursday. An infrastructure error led to over $4 million being swooped up by a lurking bot-maker, leaving investors high and dry as their collateral was taken away. In response, the Maker community voted Friday to restructure certain risk measures. DeFi exchange bZx also halted opening new trades and loans and will leave these features offline until an audit is conducted, said Bean. bZx recently switched to Chainlink following a flash loan attack that relied on manipulated pricing data. All Chainlink oracles are reporting as of press time. The issue is that data providers cant provide timely updates. I can query the current rate, but its way off from [the] actual market rate, Bean said. In an email, Chainlink co-founder Sergey Nazarov told CoinDesk that unique market conditions created temporary congestion on the ethereum mainnet. He said the congestion has been reduced, and all Chainlink oracles, which pull from multiple pricing feeds themselves, are now reporting accurately. Still, other DeFi applications handled the surge of transactions without heavy-handed measures. Decentralized exchange Uniswap saw its all-time trade volume double to over $53 million, according to a tweet from Uniswap founder Hayden Adams . Kyber Network also set an all time high with some $30 million in 24-hour trade volume, according to CoinGecko . What does this all mean? DeFi didnt die, but it didnt thrive either. If we want crypto to become a global asset class, we need better DeFi [infrastructure], Multicoin Capital managing partner Kyle Samani tweeted Friday. The status quo is not sufficient by orders of magnitude. Related Stories DeFi Leader MakerDAO Weighs Emergency Shutdown Following ETH Price Drop In Defense of Blockchain Voting || Thursday’s Market Madness Strained Ethereum’s Killer App: DeFi: So many people were trying to use the Ethereum blockchain during Thursday’s market meltdown that many applications simply stopped working as intended.
The decentralized finance (DeFi) sector was hit particularly hard.
The decentralized services that feed price information into these headless lending platforms – known as “oracles” in the industry – simply couldn’t keep up.
Related:Bitcoin Ekes Out Gains but Remains in Red Amid Broader Market Rebound
Oracles could not send accurate price data and traders could not execute trades without paying horrendous fees to record transactions onto the blockchain.
In a throwback to 2017, the Ethereum network became too crowded to execute transactions for many projects. In 2017, it was NFT gaming app CryptoKitties that overloaded Ethereum by issuing too many transactions during a bull market. At one point,30,000 transactions were stuckin the queue waiting to be processed by the network.
Thursday’s mass transaction action was caused by the precarious plummet of ether’s price, which shed 30 percent in 24 hours in anetwork first.
Pricing oracles – typically Chainlink or Maker’sV2oracle – were the main victims Thursday.
Related:MakerDAO Debts Grow as DeFi Leader Moves to Stabilize Protocol
Several of Chainlink’s 21 oracles were down during prime trading hours, according to bZx co-founder and CEO Tom Bean.
Stani Kulechov, founder and CEO of DeFi platform Aave, said he saw a Maker oracle throw a “20 percent price deviation” between the actual market price and Maker’s generated feed.
Oracles query data from on- or off-chain sources. Contracts pulling from on-chain sources had their requests crowded out by other transactions on the ethereum network, leading to oracle failures for both V2 and Chainlink.
Orders were also backlogged on the Ethereum mainnet and traders were forced to pay outlandish gas fees to settle.
For example, users were not able to perform trades on exchange dYdX or lending platformNuo Network. Both DeFi platforms changed their fee structures (including dYdX multiple times) to execute a slew of backlogged trades Thursday and early Friday.
“The network condition is affecting everyone,” Aave’s Kulechov said. “People need to just pay the 160 gwei [gas fee] to keep prices up to date.”
MakerDAO was undoubtedly the biggest loser on Thursday. An infrastructure error led to over$4 millionbeing swooped up by a lurking bot-maker, leaving investors high and dry as their collateral was taken away. In response, theMaker community votedFriday to restructure certain risk measures.
DeFi exchange bZx also halted opening new trades and loans and will leave these features offline until an audit is conducted, said Bean. bZx recently switched to Chainlink followinga flash loan attackthat relied on manipulated pricing data. All Chainlink oracles are reporting as of press time.
“The issue is that data providers can’t provide timely updates. I can query the current rate, but it’s way off from [the] actual market rate,” Bean said.
In an email, Chainlink co-founder Sergey Nazarov told CoinDesk that “unique market conditions created temporary congestion” on the ethereum mainnet. He said the congestion has been reduced, and all Chainlink oracles, which pull from multiple pricing feeds themselves, are now reporting accurately.
Still, other DeFi applications handled the surge of transactions without heavy-handed measures.
Decentralized exchange Uniswap saw its all-time trade volume double to over $53 million,according to a tweet from Uniswap founder Hayden Adams.
Kyber Network also set an all time high with some $30 million in 24-hour trade volume, according toCoinGecko.
What does this all mean? DeFi didn’t die, but it didn’t thrive either.
“If we want crypto to become a global asset class, we need better DeFi [infrastructure],” Multicoin Capital managing partner Kyle SamanitweetedFriday. “The status quo is not sufficient by orders of magnitude.”
• DeFi Leader MakerDAO Weighs Emergency Shutdown Following ETH Price Drop
• In Defense of Blockchain Voting || Hut 8 Responds to Coronavirus (COVID-19) Pandemic Concerns and Drop in Bitcoin Price: Toronto, Ontario--(Newsfile Corp. - March 13, 2020) -Hut 8 Mining Corp.(TSX: HUT) (OTCQX: HUTMF) ("Hut 8" or "theCompany"), one of the world's largest publicly listed bitcoin mining companies by operating capacity and market capitalization, provides an update to shareholders regarding risks due to the impact of the coronavirus (COVID-19) pandemic and the significant drop in the price of bitcoin.
To combat the significant drop in the price of bitcoin over the last 48 hours, Hut 8 is optimizing its mining operations by running its mining equipment in cost-efficient modes. This has the ability to reduce its electricity consumption and costs by approximitely 50% while only reducing the hashrate output by approximitely 35%. While this optimization reduces total output, the overall overall margin is maximized and our costs are reduced. This is being performed in real-time on a 24/7 basis. Management is monitoring the movement in the price of bitcoin relative to operating costs to either further curtail production or increase production. This is a unique advantage of Hut 8 that its electricity supply agreements and equipment allow for this reduction in consumption.
Several new policies have been put in place for employees working at the sites with respect to keeping work environments clean to prevent an outbreak of the coronavirus (COVID-19). Employees are prohibited from non-essential work travel and urged to stay home if feeling ill. Employees that have traveled outside of Canada have been asked to report this and monitor their health. Management has been carefully monitoring the work environment to prevent any potential disruption to operations as a result of the virus.
The coronavirus (COVID-19) pandemic has had a significant negative impact on most asset and commodity values around the world, including bitcoin which has dropped as much as 46% in the last 48 hours. As a result of lower selling prices for bitcoin, Hut 8 will have to sell bitcoin at lower bitcoin prices to cover ongoing fiat currency based costs.
Hut 8's relationship with its lender, Genesis Global Capital LLC ("Genesis"), remains positive. However, the volatility in the price of bitcoin may have an adverse effect on the value of the bitcoin collateral held with Genesis that may cause a margin call that Hut 8 is unable to meet. Management continues to monitor the situation and the bitcoin price to mitigate and adverse consequences to what the Company believes is temporary extreme volatility.
The Company also notes the bitcoin SHA-256 algorithm halving, which occurs approximately every four years, is set to occur across the entire bitcoin network in mid-May 2020. The impact will be that the compensation paid to miners for mining a block will be cut in half. The desired impact is to limit the number of bitcoin in circulation and create scarcity. However, the impact on all bitcoin miners could be negative if there isn't a corresponding increase in the price of bitcoin or a decrease in the network hashrate. This could have the effect of making much of Hut 8's operations uneconomical if the bitcoin price doesn't appreciate or the network hashrate doesn't fall.
ABOUT HUT 8 MINING CORP.
Hut 8 is a bitcoin mining company with industrial scale operations in Canada. In total, Hut 8 owns and operates two sites in Alberta, Canada utilizing 94 BlockBox AC data centers with current maximum operating capacity of 107 MW and 952 PH/s.
Hut 8 creates value for investors through low production costs and appreciation of its bitcoin inventory. The company provides investors with direct exposure to bitcoin, without the technical complexity or constraints of purchasing the underlying cryptocurrency. Investors avoid the need to create online wallets, wire money offshore, and safely store their bitcoin.
The Company's common shares are listed under the symbol "HUT" on the TSX and as "HUTMF" on the OTCQX Exchange.
Key investment highlights and FAQ's:https://www.hut8mining.com/investors.
Keep up-to-date on Hut 8 events and developments and join our online communities atFacebook,Twitter,InstagramandLinkedIn.
Hut 8 Corporate Contact:
Andrew KiguelChief Executive OfficerTel: (647) 256-1992Email:[email protected]
Jimmy VaiopoulosChief Financial OfficerTel: (647) 256-1992Email:[email protected]
FORWARD-LOOKING STATEMENTS
Certain information in this press release constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology, such as "plans", "targets", "expects" or "does not expect", "is expected", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates and projections regarding future events.
Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Hut 8 as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the "Risk Factors" section of the Filing Statement dated March 1, 2018 relating to the Qualifying Transaction of Oriana Resources Corporation and Hut 8, which is available atwww.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release, and Hut 8 expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visithttps://www.newsfilecorp.com/release/53427 || Hut 8 Responds to Coronavirus (COVID-19) Pandemic Concerns and Drop in Bitcoin Price: Toronto, Ontario--(Newsfile Corp. - March 13, 2020) -Hut 8 Mining Corp.(TSX: HUT) (OTCQX: HUTMF) ("Hut 8" or "theCompany"), one of the world's largest publicly listed bitcoin mining companies by operating capacity and market capitalization, provides an update to shareholders regarding risks due to the impact of the coronavirus (COVID-19) pandemic and the significant drop in the price of bitcoin.
To combat the significant drop in the price of bitcoin over the last 48 hours, Hut 8 is optimizing its mining operations by running its mining equipment in cost-efficient modes. This has the ability to reduce its electricity consumption and costs by approximitely 50% while only reducing the hashrate output by approximitely 35%. While this optimization reduces total output, the overall overall margin is maximized and our costs are reduced. This is being performed in real-time on a 24/7 basis. Management is monitoring the movement in the price of bitcoin relative to operating costs to either further curtail production or increase production. This is a unique advantage of Hut 8 that its electricity supply agreements and equipment allow for this reduction in consumption.
Several new policies have been put in place for employees working at the sites with respect to keeping work environments clean to prevent an outbreak of the coronavirus (COVID-19). Employees are prohibited from non-essential work travel and urged to stay home if feeling ill. Employees that have traveled outside of Canada have been asked to report this and monitor their health. Management has been carefully monitoring the work environment to prevent any potential disruption to operations as a result of the virus.
The coronavirus (COVID-19) pandemic has had a significant negative impact on most asset and commodity values around the world, including bitcoin which has dropped as much as 46% in the last 48 hours. As a result of lower selling prices for bitcoin, Hut 8 will have to sell bitcoin at lower bitcoin prices to cover ongoing fiat currency based costs.
Hut 8's relationship with its lender, Genesis Global Capital LLC ("Genesis"), remains positive. However, the volatility in the price of bitcoin may have an adverse effect on the value of the bitcoin collateral held with Genesis that may cause a margin call that Hut 8 is unable to meet. Management continues to monitor the situation and the bitcoin price to mitigate and adverse consequences to what the Company believes is temporary extreme volatility.
The Company also notes the bitcoin SHA-256 algorithm halving, which occurs approximately every four years, is set to occur across the entire bitcoin network in mid-May 2020. The impact will be that the compensation paid to miners for mining a block will be cut in half. The desired impact is to limit the number of bitcoin in circulation and create scarcity. However, the impact on all bitcoin miners could be negative if there isn't a corresponding increase in the price of bitcoin or a decrease in the network hashrate. This could have the effect of making much of Hut 8's operations uneconomical if the bitcoin price doesn't appreciate or the network hashrate doesn't fall.
ABOUT HUT 8 MINING CORP.
Hut 8 is a bitcoin mining company with industrial scale operations in Canada. In total, Hut 8 owns and operates two sites in Alberta, Canada utilizing 94 BlockBox AC data centers with current maximum operating capacity of 107 MW and 952 PH/s.
Hut 8 creates value for investors through low production costs and appreciation of its bitcoin inventory. The company provides investors with direct exposure to bitcoin, without the technical complexity or constraints of purchasing the underlying cryptocurrency. Investors avoid the need to create online wallets, wire money offshore, and safely store their bitcoin.
The Company's common shares are listed under the symbol "HUT" on the TSX and as "HUTMF" on the OTCQX Exchange.
Key investment highlights and FAQ's:https://www.hut8mining.com/investors.
Keep up-to-date on Hut 8 events and developments and join our online communities atFacebook,Twitter,InstagramandLinkedIn.
Hut 8 Corporate Contact:
Andrew KiguelChief Executive OfficerTel: (647) 256-1992Email:[email protected]
Jimmy VaiopoulosChief Financial OfficerTel: (647) 256-1992Email:[email protected]
FORWARD-LOOKING STATEMENTS
Certain information in this press release constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology, such as "plans", "targets", "expects" or "does not expect", "is expected", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates and projections regarding future events.
Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Hut 8 as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the "Risk Factors" section of the Filing Statement dated March 1, 2018 relating to the Qualifying Transaction of Oriana Resources Corporation and Hut 8, which is available atwww.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release, and Hut 8 expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visithttps://www.newsfilecorp.com/release/53427 || Derivatives market liquidations push BitMEX’s insurance fund to all-time high, cut Deribit’s by almost half: Two major crypto derivatives markets have seen significant liquidations this week – but while one saw its insurance fund hit an all-time high, the other experienced a dramatic decline.
Such market occurrences have led BitMEX's Insurance fund to hit an all-time high of 36,493 BTC. At the same time, the insurance fund maintained by Deribit has been slashed almost by half.
The two crypto derivatives exchanges both have insurance funds to pay out the winning party of a trade when its gains cannot be fully covered by the liquidated side.
Due to the decline, Deribitannounced that it had injected 500 BTCof the company's own funds into the insurance fund, which dropped from 392 BTC on Wednesday to 198 BTC as of Friday.
According to the announcement, this move is to prevent liquidation losses from draining the insurance fund and eventually being socialized among users.
"Due to extreme volatility, we have seen a significant impact on our BTC insurance fund. In order to prevent socialized losses we have decided to support the insurance fund and strengthen it by injecting 500 BTC of company funds. This has paid off and has protected clients from further losses as the current balance is below that amount," stated the announcement.
While Deribit grows its insurance fund by charging fees on executing liquidation orders, BitMEX's fund increases when liquidations are "executed at a price better than the bankruptcy price." This means that when traders are liquidated before hitting the theoretical maximum of their positions, the fund pockets the difference between the two positions.
As of the time of writing, a staggering $1.6 billion had been liquidated on BitMEX, boosting the exchange's insurance fund in the last 24 hours. As The Blockreported earlier today, the fund lost only 1,627 bitcoins from March 11 to March 12 and saw its balancesurged7.7% since then.
[Social Media Buzz]
None available.
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5225.63, 5238.44, 6191.19, 6198.78, 6185.07, 5830.25, 6416.31, 6734.80, 6681.06, 6716.44
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 8596.83, 8909.82, 9358.59, 9316.63, 9508.99, 9350.53, 9392.88, 9344.37, 9293.52, 9180.96, 9613.42, 9729.80, 9795.94, 9865.12, 10116.67, 9856.61, 10208.24, 10326.05, 10214.38, 10312.12, 9889.42, 9934.43, 9690.14, 10142.00, 9633.39, 9608.48, 9686.44, 9663.18, 9924.52, 9650.17, 9341.71, 8820.52, 8784.49, 8672.46, 8599.51, 8562.45, 8869.67, 8787.79, 8755.25, 9078.76, 9122.55, 8909.95, 8108.12, 7923.64, 7909.73, 7911.43, 4970.79, 5563.71, 5200.37, 5392.31, 5014.48, 5225.63, 5238.44, 6191.19, 6198.78, 6185.07, 5830.25, 6416.31, 6734.80, 6681.06, 6716.44, 6469.80, 6242.19, 5922.04, 6429.84, 6438.64, 6606.78, 6793.62, 6733.39, 6867.53, 6791.13, 7271.78, 7176.41, 7334.10, 7302.09, 6865.49, 6859.08, 6971.09, 6845.04, 6842.43, 6642.11, 7116.80, 7096.18, 7257.67, 7189.42, 6881.96, 6880.32, 7117.21, 7429.72, 7550.90.
|
[Bitcoin Technical Analysis for 2020-04-24]
Volume: 34636526286, RSI (14-day): 60.63, 50-day EMA: 7163.01, 200-day EMA: 7899.10
[Wider Market Context]
Gold Price: 1723.50, Gold RSI: 58.48
Oil Price: 16.94, Oil RSI: 48.53
[Recent News (last 7 days)]
The Gross Law Firm Announces Class Actions on Behalf of Shareholders of WWE, CAN and HAFC: NEW YORK, NY / ACCESSWIRE / April 23, 2020 /The securities litigation law firm of The Gross Law Firm issues the following notice on behalf of shareholders in the following publicly-traded companies. Shareholders who purchased shares in the following companies during the dates listed are encouraged to contact the firm regarding possible Lead Plaintiff appointment. Appointment as Lead Plaintiff is not required to partake in any recovery.
World Wrestling Entertainment, Inc. (WWE)
Investors Affected: February 7, 2019 - February 5, 2020
A class action has commenced on behalf of certain shareholders in World Wrestling Entertainment, Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: Defendants perpetrated a fraudulent scheme which: (i) deceived the investing public regarding WWE's business and prospects; (ii) artificially inflated the price of WWE Class A common stock; (iii) permitted certain senior executives of WWE to sell more than $282 million worth of their personally held shares at fraud inflated prices; and (iv) caused the public to purchase WWE Class A common stock at artificially inflated prices.
Shareholders may find more information athttps://securitiesclasslaw.com/securities/world-wrestling-entertainment-inc-loss-submission-form/?id=6161&from=1
Canaan Inc. (CAN)
Investors Affected: publicly traded securities of Canaan, including its American Depository Shares pursuant and/or traceable to the Company's registration statement and related prospectus issued in connection with the Company's November 20, 2019 initial public offering.
A class action has commenced on behalf of certain shareholders in Canaan Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) the purported "strategic cooperation" was actually a transaction with a related party; (2) the company's financial health was worse than what was actually reported; (3) the company had recently removed numerous distributors from its website just prior to the initial public offering, many of which were small or suspicious businesses; and (4) several of the Company's largest Chinese clients in prior years were clients who were not in the Bitcoin mining industry and, thus, would likely not be repeat customers.
Shareholders may find more information athttps://securitiesclasslaw.com/securities/canaan-inc-loss-submission-form/?id=6161&from=1
Hanmi Financial Corporation (HAFC)
Investors Affected: August 12, 2019 - January 28, 2020
A class action has commenced on behalf of certain shareholders in Hanmi Financial Corporation. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) the $40.7 million troubled loan that the Company disclosed on conference calls would necessitate further and future specific provisions for the Company - in the millions; (2) the same $40.7 million troubled loan would necessitate the Company to appraise and take personal property securing a portion of the amount of the loan; and (3) as a result, Defendants' public statements were materially false and misleading at all relevant times.
Shareholders may find more information athttps://securitiesclasslaw.com/securities/hanmi-financial-corporation-loss-submission-form/?id=6161&from=1
The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a Company lead to artificial inflation of the Company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
The Gross Law Firm15 West 38th Street, 12th floorNew York, NY, 10018Email:[email protected]: (212) 537-9430Fax: (833) 862-7770
SOURCE:The Gross Law Firm
View source version on accesswire.com:https://www.accesswire.com/586714/The-Gross-Law-Firm-Announces-Class-Actions-on-Behalf-of-Shareholders-of-WWE-CAN-and-HAFC || The Gross Law Firm Announces Class Actions on Behalf of Shareholders of WWE, CAN and HAFC: NEW YORK, NY / ACCESSWIRE / April 23, 2020 / The securities litigation law firm of The Gross Law Firm issues the following notice on behalf of shareholders in the following publicly-traded companies. Shareholders who purchased shares in the following companies during the dates listed are encouraged to contact the firm regarding possible Lead Plaintiff appointment. Appointment as Lead Plaintiff is not required to partake in any recovery. World Wrestling Entertainment, Inc. ( WWE ) Investors Affected: February 7, 2019 - February 5, 2020 A class action has commenced on behalf of certain shareholders in World Wrestling Entertainment, Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: Defendants perpetrated a fraudulent scheme which: (i) deceived the investing public regarding WWE's business and prospects; (ii) artificially inflated the price of WWE Class A common stock; (iii) permitted certain senior executives of WWE to sell more than $282 million worth of their personally held shares at fraud inflated prices; and (iv) caused the public to purchase WWE Class A common stock at artificially inflated prices. Shareholders may find more information at https://securitiesclasslaw.com/securities/world-wrestling-entertainment-inc-loss-submission-form/?id=6161&from=1 Canaan Inc. ( CAN ) Investors Affected: publicly traded securities of Canaan, including its American Depository Shares pursuant and/or traceable to the Company's registration statement and related prospectus issued in connection with the Company's November 20, 2019 initial public offering. A class action has commenced on behalf of certain shareholders in Canaan Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) the purported "strategic cooperation" was actually a transaction with a related party; (2) the company's financial health was worse than what was actually reported; (3) the company had recently removed numerous distributors from its website just prior to the initial public offering, many of which were small or suspicious businesses; and (4) several of the Company's largest Chinese clients in prior years were clients who were not in the Bitcoin mining industry and, thus, would likely not be repeat customers. Shareholders may find more information at https://securitiesclasslaw.com/securities/canaan-inc-loss-submission-form/?id=6161&from=1 Hanmi Financial Corporation ( HAFC ) Investors Affected: August 12, 2019 - January 28, 2020 A class action has commenced on behalf of certain shareholders in Hanmi Financial Corporation. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) the $40.7 million troubled loan that the Company disclosed on conference calls would necessitate further and future specific provisions for the Company - in the millions; (2) the same $40.7 million troubled loan would necessitate the Company to appraise and take personal property securing a portion of the amount of the loan; and (3) as a result, Defendants' public statements were materially false and misleading at all relevant times. Story continues Shareholders may find more information at https://securitiesclasslaw.com/securities/hanmi-financial-corporation-loss-submission-form/?id=6161&from=1 The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a Company lead to artificial inflation of the Company's stock. Attorney advertising. Prior results do not guarantee similar outcomes. CONTACT: The Gross Law Firm 15 West 38th Street, 12th floor New York, NY, 10018 Email: [email protected] Phone: (212) 537-9430 Fax: (833) 862-7770 SOURCE: The Gross Law Firm View source version on accesswire.com: https://www.accesswire.com/586714/The-Gross-Law-Firm-Announces-Class-Actions-on-Behalf-of-Shareholders-of-WWE-CAN-and-HAFC View comments || Bitcoin Messenger Explores Censorship Resistance During Coronavirus Crisis: A new bitcoin privacy technology was born this week, inspired by the politics of the Great Lockdown . On Monday, software engineer John Cantrell released a messenger application called Juggernaut . Its built entirely on top of bitcoins scaling layer, the Lightning Network , and offers end-to-end encrypted, onion-routed, peer-to-peer messages. In some ways, Juggernaut offers a more secure and primitive version of the Ethereum-based Status messaging app or the bitcoin-friendly mobile app Sphinx Chat . But everything comes with tradeoffs and Juggernaut prioritizes privacy. Related: Public Opinion Shifts on Big Tech and Privacy During Pandemic While its now in early beta stages , Cantrell said the idea was inspired by censorship concerns, such as those weve already seen during the coronavirus crisis, from WeChat and Facebook deleting posts about the pandemic to Google suspending an Idaho church app for allegedly violating Google Plays new events policies. For just one more example, bitcoin advocate Knut Svanholm said Amazon forced him to remove a brief mention of the coronavirus from his self-published book in order to distribute it through Kindle. Read more: Europe Debates COVID-19 Contact Tracing That Respects Privacy It seems like maybe were heading toward a type of world where the government may shut down communication channels, you cant say these things on Twitter, etc., Cantrell said. If I want to use some service with an API to, say, send emails or text messages or pretty much any API, I have to create an account with that website and use my credit card or bank account. This messaging app doesnt rely on a commercial server. Instead, the app runs on a Lightning node, from homemade Raspberry Pi devices to Casa models, so that bitcoiners can send messages directly between nodes by using their node public keys like usernames. Related: Why Global Deflation May Not Be Bad News for Bitcoin This primitive beta allows users to open channels with a small amount of bitcoin, that can be sent back and forth without actually requiring payment, or pay small routing and transaction fees to the network if the user doesnt use a direct channel. Either way, it would cost less than a dollar to send millions of private messages without relying on an external service. In these LSAT or micro-payment-enabled APIs, Cantrell said, referring to how Juggernaut plans to use Lightning Labs LSAT standard , it allows for global access to almost any service. Thats the grand vision here. How do we allow someone to use any service without needing to go through the traditional route. Story continues Read more: Bitcoins Lightning Becomes Latest Protocol to Court Publishers With Micropayments EARN IT Act Censorship isnt strictly a pandemic issue, pending legislation could jeopardize legal protections for technologists and service providers long after coronavirus fades into memory. The Eliminating Abusive and Rampant Neglect of Interactive Technologies (EARN IT) Act, a bill sponsored by South Carolina Republican Senator Lindsey Graham and Connecticut Democratic Senator Richard Blumenthal may soon force tech companies to abide by new online child protection laws or risk lawsuits for unmoderated content. Riana Pfefferkorn, the associate director of surveillance and cybersecurity at the Stanford Center for Internet and Society, called the EARN IT Act a stalking horse for banning end-to-end encryption, supported by President Donald Trump . Eugen Rochko, founder of the decentralized social network Mastodon , which runs on federated servers, believes bills like the EARN IT Act could further entrench tech monopolies. On the other hand, he said decentralized platforms can still address moderation concerns without government censorship. Read more: 0% Success: Why Blockchain Apps Just Arent Taking Off One benefit is that theres just, like, more moderation, Rochko said of grassroots networks. The other benefit is that the moderation is more flexible to global needs because there is not a predefined set of rules that come from a specific place. From the perspective of Juggernauts Cantrell, creating a privacy tool for more decentralized social messaging felt like a revolutionary moment, discovering a radically different way to use bitcoin software. The Lightning Network could be used for anything from an unstoppable poker room to complex software services, he said. The messages are being routed over the Lightning Network. Theyre not just simple messages, theyre server requests, Cantrell said, adding the server requests could be configured to automate a wide range of computer functions. I can access a paid API and pay for exactly what I use. It would allow for easier onboarding and global access. Benjamin Powers contributed reporting. Related Stories COVID-19 Tracing Apps Have to Go Viral to Work. Thats a Big Ask Oils Been More Volatile Than Bitcoin for Nearly 2 Months, Data Shows View comments || Bitcoin Messenger Explores Censorship Resistance During Coronavirus Crisis: A new bitcoin privacy technology was born this week, inspired by the politics of the “Great Lockdown.”
On Monday, software engineerJohn Cantrellreleased a messenger application calledJuggernaut. It’s built entirely on top ofbitcoin’sscaling layer, theLightning Network, and offers end-to-end encrypted, onion-routed, peer-to-peer messages.
In some ways, Juggernaut offers a more secure and primitive version of the Ethereum-basedStatusmessaging app or the bitcoin-friendly mobile appSphinx Chat. But everything comes with tradeoffs and Juggernaut prioritizes privacy.
Related:Public Opinion Shifts on Big Tech and Privacy During Pandemic
While it’s now in earlybeta stages, Cantrell said the idea was inspired bycensorshipconcerns, such as those we’ve already seen during the coronavirus crisis, fromWeChatandFacebookdeletingpostsabout the pandemic to Google suspending anIdaho churchapp for allegedly violating Google Play’s new events policies. For just one more example, bitcoin advocate Knut Svanholm saidAmazonforced him to remove a brief mention of the coronavirus from his self-published book in order to distribute it through Kindle.
Read more:Europe Debates COVID-19 Contact Tracing That Respects Privacy
“It seems like maybe we’re heading toward a type of world where the government may shut down communication channels, you can’t say these things on Twitter, etc.,” Cantrell said. “If I want to use some service with an API to, say, send emails or text messages or pretty much any API, I have to create an account with that website and use my credit card or bank account.”
This messaging app doesn’t rely on a commercial server. Instead, the app runs on a Lightning node, from homemadeRaspberry Pidevices toCasamodels, so that bitcoiners can send messages directly between nodes by using their node public keys like usernames.
Related:Why Global Deflation May Not Be Bad News for Bitcoin
This primitive beta allows users to open channels with a small amount of bitcoin, that can be sent back and forth without actually requiring payment, or pay small routing and transaction fees to the network if the user doesn’t use a direct channel. Either way, it would cost less than a dollar to send millions of private messages without relying on an external service.
“In these LSAT or micro-payment-enabled APIs,” Cantrell said, referring to how Juggernaut plans to use Lightning Lab’sLSAT standard, “it allows for global access to almost any service. That’s the grand vision here. How do we allow someone to use any service without needing to go through the traditional route.”
Read more:Bitcoin’s Lightning Becomes Latest Protocol to Court Publishers With Micropayments
Censorship isn’t strictly a pandemic issue, pending legislation could jeopardize legal protections for technologists and service providers long after coronavirus fades into memory.
TheEliminating Abusive and Rampant Neglect of Interactive Technologies (EARN IT)Act, a bill sponsored by South Carolina Republican Senator Lindsey Graham and Connecticut Democratic Senator Richard Blumenthal may soon force tech companies to abide by new online child protection laws or risk lawsuits for unmoderated content.
Riana Pfefferkorn, the associate director of surveillance and cybersecurity at the Stanford Center for Internet and Society, called the EARN IT Act a “stalking horse for banning end-to-end encryption,” supported byPresident Donald Trump.
Eugen Rochko, founder of the decentralized social networkMastodon, which runs on federated servers, believes bills like the EARN IT Act could further entrench tech monopolies. On the other hand, he said decentralized platforms can still address moderation concerns without government censorship.
Read more:‘0% Success’: Why Blockchain Apps Just Aren’t Taking Off
“One benefit is that there’s just, like, more moderation,” Rochko said of grassroots networks. “The other benefit is that the moderation is more flexible to global needs because there is not a predefined set of rules that come from a specific place.”
From the perspective of Juggernaut’s Cantrell, creating a privacy tool for more decentralized social messaging felt like a “revolutionary” moment, discovering a radically different way to use bitcoin software. The Lightning Network could be used for anything from an “unstoppable poker room” to complex software services, he said.
“The messages are being routed over the Lightning Network. They’re not just simple messages, they’re server requests,” Cantrell said, adding the server requests could be configured to automate a wide range of computer functions. “I can access a paid API and pay for exactly what I use. It would allow for easier onboarding and global access.”
Benjamin Powers contributed reporting.
• COVID-19 Tracing Apps Have to Go Viral to Work. That’s a Big Ask
• Oil’s Been More Volatile Than Bitcoin for Nearly 2 Months, Data Shows || Bitcoin Messenger Explores Censorship Resistance During Coronavirus Crisis: A new bitcoin privacy technology was born this week, inspired by the politics of the “Great Lockdown.”
On Monday, software engineerJohn Cantrellreleased a messenger application calledJuggernaut. It’s built entirely on top ofbitcoin’sscaling layer, theLightning Network, and offers end-to-end encrypted, onion-routed, peer-to-peer messages.
In some ways, Juggernaut offers a more secure and primitive version of the Ethereum-basedStatusmessaging app or the bitcoin-friendly mobile appSphinx Chat. But everything comes with tradeoffs and Juggernaut prioritizes privacy.
Related:Public Opinion Shifts on Big Tech and Privacy During Pandemic
While it’s now in earlybeta stages, Cantrell said the idea was inspired bycensorshipconcerns, such as those we’ve already seen during the coronavirus crisis, fromWeChatandFacebookdeletingpostsabout the pandemic to Google suspending anIdaho churchapp for allegedly violating Google Play’s new events policies. For just one more example, bitcoin advocate Knut Svanholm saidAmazonforced him to remove a brief mention of the coronavirus from his self-published book in order to distribute it through Kindle.
Read more:Europe Debates COVID-19 Contact Tracing That Respects Privacy
“It seems like maybe we’re heading toward a type of world where the government may shut down communication channels, you can’t say these things on Twitter, etc.,” Cantrell said. “If I want to use some service with an API to, say, send emails or text messages or pretty much any API, I have to create an account with that website and use my credit card or bank account.”
This messaging app doesn’t rely on a commercial server. Instead, the app runs on a Lightning node, from homemadeRaspberry Pidevices toCasamodels, so that bitcoiners can send messages directly between nodes by using their node public keys like usernames.
Related:Why Global Deflation May Not Be Bad News for Bitcoin
This primitive beta allows users to open channels with a small amount of bitcoin, that can be sent back and forth without actually requiring payment, or pay small routing and transaction fees to the network if the user doesn’t use a direct channel. Either way, it would cost less than a dollar to send millions of private messages without relying on an external service.
“In these LSAT or micro-payment-enabled APIs,” Cantrell said, referring to how Juggernaut plans to use Lightning Lab’sLSAT standard, “it allows for global access to almost any service. That’s the grand vision here. How do we allow someone to use any service without needing to go through the traditional route.”
Read more:Bitcoin’s Lightning Becomes Latest Protocol to Court Publishers With Micropayments
Censorship isn’t strictly a pandemic issue, pending legislation could jeopardize legal protections for technologists and service providers long after coronavirus fades into memory.
TheEliminating Abusive and Rampant Neglect of Interactive Technologies (EARN IT)Act, a bill sponsored by South Carolina Republican Senator Lindsey Graham and Connecticut Democratic Senator Richard Blumenthal may soon force tech companies to abide by new online child protection laws or risk lawsuits for unmoderated content.
Riana Pfefferkorn, the associate director of surveillance and cybersecurity at the Stanford Center for Internet and Society, called the EARN IT Act a “stalking horse for banning end-to-end encryption,” supported byPresident Donald Trump.
Eugen Rochko, founder of the decentralized social networkMastodon, which runs on federated servers, believes bills like the EARN IT Act could further entrench tech monopolies. On the other hand, he said decentralized platforms can still address moderation concerns without government censorship.
Read more:‘0% Success’: Why Blockchain Apps Just Aren’t Taking Off
“One benefit is that there’s just, like, more moderation,” Rochko said of grassroots networks. “The other benefit is that the moderation is more flexible to global needs because there is not a predefined set of rules that come from a specific place.”
From the perspective of Juggernaut’s Cantrell, creating a privacy tool for more decentralized social messaging felt like a “revolutionary” moment, discovering a radically different way to use bitcoin software. The Lightning Network could be used for anything from an “unstoppable poker room” to complex software services, he said.
“The messages are being routed over the Lightning Network. They’re not just simple messages, they’re server requests,” Cantrell said, adding the server requests could be configured to automate a wide range of computer functions. “I can access a paid API and pay for exactly what I use. It would allow for easier onboarding and global access.”
Benjamin Powers contributed reporting.
• COVID-19 Tracing Apps Have to Go Viral to Work. That’s a Big Ask
• Oil’s Been More Volatile Than Bitcoin for Nearly 2 Months, Data Shows || SHAREHOLDER ACTION NOTICE: The Schall Law Firm Announces the Filing of a Class Action Lawsuit Against Canaan Inc. and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm: LOS ANGELES, CA / ACCESSWIRE / April 23, 2020 /The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Canaan Inc. ("Canaan" or "the Company") (NASDAQ:CAN) for violations of the federal securities laws.
Investors who purchased the Company's securities pursuant and/or traceable to the Company's initial public offering ("IPO") on or about November 20, 2019, are encouraged to contact the firm before May 4, 2020.
If you are a shareholder who suffered a loss,click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website atwww.schallfirm.com, or by email [email protected].
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Canaan claimed to engage in "strategic cooperation" which was really just a related-party transaction. The Company was in a weaker financial position than it reported. The Company removed many distributors immediately before the IPO, many of which were of dubious quality. Many of the Company's Chinese customers were not in the Bitcoin industry and were therefore not likely to buy its products again. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Canaan, investors suffered damages.
Join the caseto recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
CONTACT:
The Schall Law FirmBrian Schall, Esq.,www.schallfirm.comOffice: 310-301-3335Cell: [email protected]
SOURCE:The Schall Law Firm
View source version on accesswire.com:https://www.accesswire.com/586680/SHAREHOLDER-ACTION-NOTICE-The-Schall-Law-Firm-Announces-the-Filing-of-a-Class-Action-Lawsuit-Against-Canaan-Inc-and-Encourages-Investors-with-Losses-in-Excess-of-100000-to-Contact-the-Firm || SHAREHOLDER ACTION NOTICE: The Schall Law Firm Announces the Filing of a Class Action Lawsuit Against Canaan Inc. and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm: LOS ANGELES, CA / ACCESSWIRE / April 23, 2020 / The Schall Law Firm , a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Canaan Inc. ("Canaan" or "the Company") (NASDAQ: CAN ) for violations of the federal securities laws. Investors who purchased the Company's securities pursuant and/or traceable to the Company's initial public offering ("IPO") on or about November 20, 2019, are encouraged to contact the firm before May 4, 2020. If you are a shareholder who suffered a loss, click here to participate . We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com , or by email at [email protected] . The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member. According to the Complaint, the Company made false and misleading statements to the market. Canaan claimed to engage in "strategic cooperation" which was really just a related-party transaction. The Company was in a weaker financial position than it reported. The Company removed many distributors immediately before the IPO, many of which were of dubious quality. Many of the Company's Chinese customers were not in the Bitcoin industry and were therefore not likely to buy its products again. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Canaan, investors suffered damages. Join the case to recover your losses. The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics. Story continues CONTACT: The Schall Law Firm Brian Schall, Esq., www.schallfirm.com Office: 310-301-3335 Cell: 424-303-1964 [email protected] SOURCE: The Schall Law Firm View source version on accesswire.com: https://www.accesswire.com/586680/SHAREHOLDER-ACTION-NOTICE-The-Schall-Law-Firm-Announces-the-Filing-of-a-Class-Action-Lawsuit-Against-Canaan-Inc-and-Encourages-Investors-with-Losses-in-Excess-of-100000-to-Contact-the-Firm || Blockchain Bites: China’s Miners, Africa’s Venmo and Cuba’s New Exchange: China’s rainy season reduces the costs of bitcoin mining but investors aren’t biting, Starbucks and McDonald’s will pilot the “digital yuan” and Openfinance is threatening to delist tokens on its platform. Top Shelf Miner Hardships Spring usually draws in a crowd of miners and investors into the Bitcoin network, as China’s rainy season drives down the costs of hydropower making mining more profitable. However, bitcoin’s recent price drop, the cost of buying the latest mining rigs and the upcoming halving have collided and now, this season, miners aren’t investing. Leaseback Rig Private investment firm Arctos Capital has acquired $1 million in assets from Blockware Mining LLC, but will lease them back to the company so it can continue operating as usual. In what’s known as a leaseback transaction, Arctos will lease Bitmain Antminer hardware to the firm allowing the company to continue its mining and hosting operations. Related: Blockchain Bites: Coinbase Oracle, Gun Sirer’s Grants and Lightning-Powered Private Messages China’s Pilot Chains Starbucks and McDonald’s are reportedly among 19 restaurants and retail shops that will be involved in testing China’s central bank digital currency in the country’s Xiong’An district. The move signals China’s wider efforts to test out the digital currency project, with state-owned commercial banks already developing wallet applications for the digital yuan, also known as DC/EP. Token Threat Openfinance, a security token trading platform, is threatening to delist all tokens and suspend trading next month unless issuers cough up more funds to cover its costs. The company has not seen transaction activity on its platform grow quickly enough to cover operating costs, and is now raising fees to close its budget shortfall. Roadmap to Recovery E. Glen Weyl, founder of the RadicalxChange Foundation and a researcher for Microsoft, collaborated with Harvard professor Danielle Allen and other experts to write a roadmap for reopening the economy. The “Roadmap to Pandemic Resilience” charts a course for scaling up testing, tracing and supported isolation in a way that protects health while preventing permanent injury to regular people’s livelihoods. Loan Origination Driven by coronavirus-led market speculation dYdX, a decentralized margin trading exchange, has lent $700 million worth of ether, dai, and USDC in February and March, bringing its 12 month originations past the $1 billion mark. “People like to trade (and especially trade with leverage) when there is volatility,” founder Antonio Juliano said. Story continues Related: First Mover: Bitcoin Catches Almighty Dollar Even During 2020’s Dash for Cash Newspaper Provenance Italy’s largest news wire service is using an Ethereum-based registration system called “ANSAcheck” to combat fake news and copycats. The Agenzia Nazionale Stampa Associata (ANSA) newswire distributes 3,000 articles a day to 24 shareholder publishers and 87 news partners every day. Reversing Circulation Digital dollars can reduce unemployment, Marcelo M. Prates, a lawyer at the Central Bank of Brazil, argues in a CoinDesk op-ed. He proposes a new form of monetary circulation, enabled by a central bank digital currency, that is issued by employers when paying wages and would reach the central bank only after circulating among persons and businesses. “The [MoneytothePeople] model directly tackles unemployment by granting the power to issue the new currency to public and private institutions responsible for paying wages,” he said. Refuting Research Researchers with the University of California Berkeley’s Haas Blockchain Initiative have found stablecoin issuances do not pump crypto markets, but instead serve as tools for investors to hedge their positions during periods of risk or price depreciation.This refutes claims of research published in 2018 that concluded stablecoin issuances, specifically lead by Tether and sister company Bitfinex, “are timed following market downturns and result in sizable increases in bitcoin prices.” Crypto Culture Crypto art, and its supporting blockchain-based infrastructure, is presenting a way for artists and collectors to manage the closure of museums and galleries amid shelter-in-place mandates. Nifty Gateway, a Winklevoss-backed non-fungible token platform, has held three exhibitions featuring the works of renowned artists with a functioning secondary market. “ Crypto Rush ,” a documentary about the culture, tech and iconoclasts of crypto, is now live on Vimeo. Directed by former Russian broadcaster Liliana Pertenava, the film explores the crypto boom of 2017, its subsequent crash and the ever evolving story of decentralization. ( TechCrunch ) Prediction Provider Data provider Nomics has launched a free price prediction service for cryptocurrencies. The 7-Day Asset Price Prediction feed will give an outlook on future crypto prices based on purpose-built algorithms, machine learning and data scraping from major exchanges. Venmo of Africa Binance’s newly unveiled social payments app Bundle targeted towards the African market allows users to transfer cash, and buy, sell and store cryptocurrencies. ( Forbes ) Crypto for Cuba The Qbita Exchange, a decentralized Bitcoin exchange, has launched in Cuba, reports Decrypt. The app is mobile-friendly, features a built-in wallet and requires little bandwidth, meaning it might succeed where other exchanges have failed on the island nation beset by sanctions and poor internet service. ( Decrypt ) Libra’s Timeline The Libra Association’s recent decision to scale back its hopes of a fully decentralized global currency to meet the demands of hostile regulators and governments is just the latest turn in a two-year saga. CoinDesk has been tracking the project every step of the way and now provides the comprehensive timeline. “Bookmark this article, because we’ll keep updating it as the story continues to unfold,” writes CoinDesk’s dogged reporter and editor Nikhilesh De. Paywall Provider, Popper You can now get paid to use Zoom , thanks to a new Ethereum-based protocol called SmartSessions. Developed by 2key New Economics, the system generates a personalized Zoom link, sets up a paywall and allows people to enter the chat after an ETH payment. New Feature Securitize will now allow retail investors to buy and sell security tokens by clicking a web link. The “ Instant Access ” peer-to-peer trading feature runs on the Ethereum mainnet. Market Intel After swinging wildly for most of this year, the price of bitcoin is now back to roughly where it started 2020 – around $7,100. The flat year-to-date indicates the cryptocurrency is keeping pace with the U.S. currency, and even outperforming national currencies like the euro, British pound and Canadian dollar. This insight is from First Mover, CoinDesk’s daily markets newsletter. You can sign up here. Podcasts History of Money Luke Gromen, founder of Forest From The Trees, joins NLW on the latest episode of The Breakdown to discuss the history of money – from Bretton Woods to the rise of quantitative easing – and how it came to pass that the Federal Reserve is the only sugar daddy left. Bitcoin in Africa In the final episode Bitcoin in Africa series, we join Anita Posch as she travels to Botswana and speaks with Alakanani Itireleng on bitcoin’s present and potential future in the “original home of the honey badger.” Who Won #CryptoTwitter? Related Stories Blockchain Bites: Ripple Sues YouTube, Monero Hits the Box Office and Draper Wants Crypto Everywhere First Mover: What the Oil Price Collapse Means for Bitcoin’s Halving Valuation View comments || Blockchain Bites: China’s Miners, Africa’s Venmo and Cuba’s New Exchange: China’s rainy season reduces the costs of bitcoin mining but investors aren’t biting, Starbucks and McDonald’s will pilot the “digital yuan” and Openfinance is threatening to delist tokens on its platform.
Miner HardshipsSpring usually draws in a crowd of miners and investors into the Bitcoin network, as China’s rainy season drives down the costs of hydropower making mining more profitable. However,bitcoin’srecent price drop, the cost of buying the latest mining rigs and the upcoming halving have collided and now,this season, miners aren’t investing.
Leaseback RigPrivate investment firmArctos Capital has acquired $1 million in assets from Blockware MiningLLC, but will lease them back to the company so it can continue operating as usual. In what’s known as a leaseback transaction, Arctos will lease Bitmain Antminer hardware to the firm allowing the company to continue its mining and hosting operations.
Related:Blockchain Bites: Coinbase Oracle, Gun Sirer’s Grants and Lightning-Powered Private Messages
China’s Pilot ChainsStarbucks and McDonald’s are reportedly among 19 restaurants and retail shops that will be involved intesting China’s central bank digital currencyin the country’s Xiong’An district. The move signals China’s wider efforts to test out the digital currency project, with state-owned commercial banks already developing wallet applications for the digital yuan, also known as DC/EP.
Token ThreatOpenfinance, a security token trading platform, isthreatening to delist all tokens and suspend trading next monthunless issuers cough up more funds to cover its costs. The company has not seen transaction activity on its platform grow quickly enough to cover operating costs, and is now raising fees to close its budget shortfall.
Roadmap to RecoveryE. Glen Weyl, founder of the RadicalxChange Foundation and a researcher for Microsoft, collaborated with Harvard professor Danielle Allen and other experts to write aroadmap for reopening the economy.The “Roadmap to Pandemic Resilience” charts a course for scaling up testing, tracing and supported isolation in a way that protects health while preventing permanent injury to regular people’s livelihoods.
Loan OriginationDriven by coronavirus-led market speculation dYdX, a decentralized margin trading exchange, haslent $700 million worth of ether, dai, and USDC in Februaryand March, bringing its 12 month originations past the $1 billion mark. “People like to trade (and especially trade with leverage) when there is volatility,” founder Antonio Juliano said.
Related:First Mover: Bitcoin Catches Almighty Dollar Even During 2020’s Dash for Cash
Newspaper ProvenanceItaly’s largest news wire service is using an Ethereum-based registration system called “ANSAcheck”to combat fake news and copycats.The Agenzia Nazionale Stampa Associata (ANSA) newswire distributes 3,000 articles a day to 24 shareholder publishers and 87 news partners every day.
Reversing CirculationDigital dollars can reduce unemployment,Marcelo M. Prates, a lawyer at the Central Bank of Brazil, argues in a CoinDesk op-ed. He proposes a new form of monetary circulation, enabled by a central bank digital currency, that is issued by employers when paying wages and would reach the central bank only after circulating among persons and businesses. “The [MoneytothePeople] model directly tackles unemployment by granting the power to issue the new currency to public and private institutions responsible for paying wages,” he said.
Refuting ResearchResearchers with the University of California Berkeley’s Haas Blockchain Initiative have foundstablecoin issuances do not pump crypto markets,but instead serve as tools for investors to hedge their positions during periods of risk or price depreciation.This refutes claims of research published in 2018 that concluded stablecoin issuances, specifically lead by Tether and sister company Bitfinex, “are timed following market downturns and result in sizable increases in bitcoin prices.”
Crypto Culture
• Crypto art, and its supporting blockchain-based infrastructure,is presenting a way for artists and collectors to manage the closure of museums and galleries amid shelter-in-place mandates. Nifty Gateway, a Winklevoss-backed non-fungible token platform, has held three exhibitions featuring the works of renowned artists with a functioning secondary market.
• “Crypto Rush,” a documentary about the culture, tech and iconoclasts of crypto, is now live on Vimeo. Directed by former Russian broadcaster Liliana Pertenava, the film explores the crypto boom of 2017, its subsequent crash and the ever evolving story of decentralization. (TechCrunch)
Prediction ProviderData provider Nomics has launched afree price prediction servicefor cryptocurrencies. The 7-Day Asset Price Prediction feed will give an outlook on future crypto prices based on purpose-built algorithms, machine learning and data scraping from major exchanges.
Venmo of AfricaBinance’s newly unveiled social payments app Bundle targeted towards the African market allows users to transfer cash, and buy, sell and store cryptocurrencies. (Forbes)
Crypto for CubaThe Qbita Exchange, a decentralized Bitcoin exchange, has launched in Cuba, reports Decrypt. The app is mobile-friendly, features a built-in wallet and requires little bandwidth, meaning it might succeed where other exchanges have failed on the island nation beset by sanctions and poor internet service. (Decrypt)
Libra’s TimelineThe Libra Association’s recent decision to scale back its hopes of a fully decentralized global currency to meet the demands of hostile regulators and governments is just the latest turn in a two-year saga. CoinDesk has been tracking the project every step of the way and now provides the comprehensive timeline.“Bookmark this article, because we’ll keep updating it as the story continues to unfold,”writes CoinDesk’s dogged reporter and editor Nikhilesh De.
Paywall Provider, PopperYou can nowget paid to use Zoom, thanks to a new Ethereum-based protocol called SmartSessions. Developed by 2key New Economics, the system generates a personalized Zoom link, sets up a paywall and allows people to enter the chat after anETHpayment.
New FeatureSecuritize will now allow retail investors to buy and sell security tokens by clicking a web link. The “Instant Access” peer-to-peer trading feature runs on the Ethereum mainnet.
After swinging wildly for most of this year, the price ofbitcoin is now back to roughly where it started 2020– around $7,100. The flat year-to-date indicates the cryptocurrency is keeping pace with the U.S. currency, and even outperforming national currencies like the euro, British pound and Canadian dollar. This insight is from First Mover, CoinDesk’s daily markets newsletter. You cansign up here.
History of MoneyLuke Gromen, founder of Forest From The Trees, joins NLW on the latest episode of The Breakdown to discuss the history of money – from Bretton Woods to the rise of quantitative easing – and how it came to pass thatthe Federal Reserve is the only sugar daddy left.
Bitcoin in AfricaIn the final episode Bitcoin in Africa series, we join Anita Posch as she travels to Botswana and speaks with Alakanani Itireleng on bitcoin’s present and potential future in the“original home of the honey badger.”
• Blockchain Bites: Ripple Sues YouTube, Monero Hits the Box Office and Draper Wants Crypto Everywhere
• First Mover: What the Oil Price Collapse Means for Bitcoin’s Halving Valuation || Blockstack Opens Testnet for New Bitcoin-Linked Consensus Mechanism: Blockstack is ready to let people try out its new consensus mechanism.
Announced Thursday,the Blockstack testnetis open. Developers can now simulate the Stacks blockchain’snew, hybrid consensus mechanism, which Blockstack calls Proof-of-Transfer (PoX).
A functioning blockchain is key to Blockstack’s ability to power a new kind of decentralized internet, one that gives users more control over their data and makes it much harder for content to be censored.
Related:Blockstack Wins Patent for Its Dapp Single Sign-On Product
The key innovation to this new consensus mechanism: it usesbitcoin. Besides regularly storing a hash of the Stacks blockchain on Bitcoin’s, many of the node participants in the blockchain will receive rewards in BTC, a more reliable source of value than rewards in a Stacks’ native token, STX.
Read more:Blockstack’s New Consensus Mechanism Creates New Use Case for Bitcoin
“A successful trial of Proof of Transfer would signal a viable third option that relies instead on Bitcoin as a foundation for Web3 going forward,” Blockstack PBC CEO Muneeb Ali said in a statement. “It would literally create a new use case for BTC.”
To recap, PoX uses miners and stackers. Miners log transactions, much as miners on the Bitcoin or Ethereum blockchains do, and stackers keep a copy of the blockchain while signaling which fork to mine on. Miners earn new STX from inflation, and they pay to participate in BTC. That BTC gets distributed to stackers, who have to stake STX.
Related:Muneeb Ali Explains Blockstack’s Big Bet on Bitcoin
Bitcoin was originally incorporated as a way to tie the security to the most secure crypto network of them all and to give more users a better incentive to actively participate. As the design has evolved, the team has started to see more possibilities.
In an email to CoinDesk, Ali said:
“Users can do thousands of transactions on the Stacks chain and the Bitcoin chain only sees a hash of the Stacks block. It starts to become more interesting when you start exploring potential movement of assets or cryptocurrencies between these chains e.g., Bitcoin getting locked on the Bitcoin chain and being used … on Stacks. This area is currently in R&D phase but we’re really excited about the possibilities.”
We covered a similar project with a bridgebetween Bitcoin and Ethereumbeing built by Keep.
All the BTC and STX on the testnet will be simulated, but there is a tangible reason for developers to take part. Blockstack has a series of bug bounties planned for everything from security to smart-contract functionality.
By participating in the testnet, developers can help Blockstack identify problems and earn rewards.
A few notes on the design for consensus on Stacks that will be tested here:
• The usual threat of losing staked crypto for negligent behavior is not part of the design for “stacker” nodes on the Stacks blockchain.
• Tezos-style delegation has been implemented, so users won’t need to run a node in order to participate.
• The threshold for STX needed to run a node has been lowered and will be dynamic, based on the level of participation. Blockstack did not give a specific number but when we last covered Blockstack 2.0 it was 100,000 STX.
The testnet will provide an opportunity for smart-contract developers to try out Blockstack’s newprogramming language, Clarity, which will also be previewed there.
Testnets can be an important opportunity for new networks to drive developer adoption. A report by Electric Capital last year showed that a well-designed testnet has consistently been one ofthe best toolsfor getting more developers interested in a new public blockchain.
The Stacks blockchain first launchedin late 2018. Blockstack expects a mainnet launch of its new consensus mechanism, Blockstack 2.0, this summer.
• Blockstack’s New Consensus Mechanism Creates New Use Case for Bitcoin
• ‘One Network, Many Chains’ – The Case for Blockchain Interoperability || Blockstack Opens Testnet for New Bitcoin-Linked Consensus Mechanism: Blockstack is ready to let people try out its new consensus mechanism.
Announced Thursday,the Blockstack testnetis open. Developers can now simulate the Stacks blockchain’snew, hybrid consensus mechanism, which Blockstack calls Proof-of-Transfer (PoX).
A functioning blockchain is key to Blockstack’s ability to power a new kind of decentralized internet, one that gives users more control over their data and makes it much harder for content to be censored.
Related:Blockstack Wins Patent for Its Dapp Single Sign-On Product
The key innovation to this new consensus mechanism: it usesbitcoin. Besides regularly storing a hash of the Stacks blockchain on Bitcoin’s, many of the node participants in the blockchain will receive rewards in BTC, a more reliable source of value than rewards in a Stacks’ native token, STX.
Read more:Blockstack’s New Consensus Mechanism Creates New Use Case for Bitcoin
“A successful trial of Proof of Transfer would signal a viable third option that relies instead on Bitcoin as a foundation for Web3 going forward,” Blockstack PBC CEO Muneeb Ali said in a statement. “It would literally create a new use case for BTC.”
To recap, PoX uses miners and stackers. Miners log transactions, much as miners on the Bitcoin or Ethereum blockchains do, and stackers keep a copy of the blockchain while signaling which fork to mine on. Miners earn new STX from inflation, and they pay to participate in BTC. That BTC gets distributed to stackers, who have to stake STX.
Related:Muneeb Ali Explains Blockstack’s Big Bet on Bitcoin
Bitcoin was originally incorporated as a way to tie the security to the most secure crypto network of them all and to give more users a better incentive to actively participate. As the design has evolved, the team has started to see more possibilities.
In an email to CoinDesk, Ali said:
“Users can do thousands of transactions on the Stacks chain and the Bitcoin chain only sees a hash of the Stacks block. It starts to become more interesting when you start exploring potential movement of assets or cryptocurrencies between these chains e.g., Bitcoin getting locked on the Bitcoin chain and being used … on Stacks. This area is currently in R&D phase but we’re really excited about the possibilities.”
We covered a similar project with a bridgebetween Bitcoin and Ethereumbeing built by Keep.
All the BTC and STX on the testnet will be simulated, but there is a tangible reason for developers to take part. Blockstack has a series of bug bounties planned for everything from security to smart-contract functionality.
By participating in the testnet, developers can help Blockstack identify problems and earn rewards.
A few notes on the design for consensus on Stacks that will be tested here:
• The usual threat of losing staked crypto for negligent behavior is not part of the design for “stacker” nodes on the Stacks blockchain.
• Tezos-style delegation has been implemented, so users won’t need to run a node in order to participate.
• The threshold for STX needed to run a node has been lowered and will be dynamic, based on the level of participation. Blockstack did not give a specific number but when we last covered Blockstack 2.0 it was 100,000 STX.
The testnet will provide an opportunity for smart-contract developers to try out Blockstack’s newprogramming language, Clarity, which will also be previewed there.
Testnets can be an important opportunity for new networks to drive developer adoption. A report by Electric Capital last year showed that a well-designed testnet has consistently been one ofthe best toolsfor getting more developers interested in a new public blockchain.
The Stacks blockchain first launchedin late 2018. Blockstack expects a mainnet launch of its new consensus mechanism, Blockstack 2.0, this summer.
• Blockstack’s New Consensus Mechanism Creates New Use Case for Bitcoin
• ‘One Network, Many Chains’ – The Case for Blockchain Interoperability || Blockstack Opens Testnet for New Bitcoin-Linked Consensus Mechanism: Blockstack is ready to let people try out its new consensus mechanism. Announced Thursday, the Blockstack testnet is open. Developers can now simulate the Stacks blockchain’s new, hybrid consensus mechanism , which Blockstack calls Proof-of-Transfer (PoX). A functioning blockchain is key to Blockstack’s ability to power a new kind of decentralized internet, one that gives users more control over their data and makes it much harder for content to be censored. Related: Blockstack Wins Patent for Its Dapp Single Sign-On Product The key innovation to this new consensus mechanism: it uses bitcoin . Besides regularly storing a hash of the Stacks blockchain on Bitcoin’s, many of the node participants in the blockchain will receive rewards in BTC, a more reliable source of value than rewards in a Stacks’ native token, STX. Read more: Blockstack’s New Consensus Mechanism Creates New Use Case for Bitcoin “A successful trial of Proof of Transfer would signal a viable third option that relies instead on Bitcoin as a foundation for Web3 going forward,” Blockstack PBC CEO Muneeb Ali said in a statement. “It would literally create a new use case for BTC.” To recap, PoX uses miners and stackers. Miners log transactions, much as miners on the Bitcoin or Ethereum blockchains do, and stackers keep a copy of the blockchain while signaling which fork to mine on. Miners earn new STX from inflation, and they pay to participate in BTC. That BTC gets distributed to stackers, who have to stake STX. Related: Muneeb Ali Explains Blockstack’s Big Bet on Bitcoin Bitcoin was originally incorporated as a way to tie the security to the most secure crypto network of them all and to give more users a better incentive to actively participate. As the design has evolved, the team has started to see more possibilities. In an email to CoinDesk, Ali said: “Users can do thousands of transactions on the Stacks chain and the Bitcoin chain only sees a hash of the Stacks block. It starts to become more interesting when you start exploring potential movement of assets or cryptocurrencies between these chains e.g., Bitcoin getting locked on the Bitcoin chain and being used … on Stacks. This area is currently in R&D phase but we’re really excited about the possibilities.” Story continues We covered a similar project with a bridge between Bitcoin and Ethereum being built by Keep. The testnet All the BTC and STX on the testnet will be simulated, but there is a tangible reason for developers to take part. Blockstack has a series of bug bounties planned for everything from security to smart-contract functionality. By participating in the testnet, developers can help Blockstack identify problems and earn rewards. A few notes on the design for consensus on Stacks that will be tested here: The usual threat of losing staked crypto for negligent behavior is not part of the design for “stacker” nodes on the Stacks blockchain. Tezos-style delegation has been implemented, so users won’t need to run a node in order to participate. The threshold for STX needed to run a node has been lowered and will be dynamic, based on the level of participation. Blockstack did not give a specific number but when we last covered Blockstack 2.0 it was 100,000 STX. The testnet will provide an opportunity for smart-contract developers to try out Blockstack’s new programming language, Clarity , which will also be previewed there. Testnets can be an important opportunity for new networks to drive developer adoption. A report by Electric Capital last year showed that a well-designed testnet has consistently been one of the best tools for getting more developers interested in a new public blockchain. The Stacks blockchain first launched in late 2018 . Blockstack expects a mainnet launch of its new consensus mechanism, Blockstack 2.0, this summer. Related Stories Blockstack’s New Consensus Mechanism Creates New Use Case for Bitcoin ‘One Network, Many Chains’ – The Case for Blockchain Interoperability || Is the bitcoin halving priced in? The pandemic complicates things, says GSR’s Rich Rosenblum: It's the question on every Bitcoin investor’s mind: when the mining reward is cut in half next month, will the cryptocurrency's price rally as it has afterprevious halvings? Or is this one already priced in?
If Bitcoin were an "efficient market," it would probably be priced in, according to GSR Trading co-founder Rich Rosenblum, who appeared on thelatest episodeof The Scoop.
"I think we still have a bit of a disjointed market in crypto, and in the middle of a unique event, the pandemic,” he said. Due largely to the drop in price thanks to the coronavirus pandemic, Rosenblum says: "I think it's not totally priced in."
Today bitcoin's price is hovering around $7,500. That’s down from over $10,000 in mid-February.
Source: TradingView
"Given the fact that we were so much higher a couple of months ago, and the amount of selling each day from the mining rewards is going to drop in half, I think there's more upside probability in the next few months than downside," Rosenblum said.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || Is the bitcoin halving priced in? The pandemic complicates things, says GSRs Rich Rosenblum: It's the question on every Bitcoin investors mind: when the mining reward is cut in half next month, will the cryptocurrency's price rally as it has after previous halvings ? Or is this one already priced in? If Bitcoin were an "efficient market," it would probably be priced in, according to GSR Trading co-founder Rich Rosenblum, who appeared on the latest episode of The Scoop. "I think we still have a bit of a disjointed market in crypto, and in the middle of a unique event, the pandemic, he said. Due largely to the drop in price thanks to the coronavirus pandemic, Rosenblum says: "I think it's not totally priced in." Today bitcoin's price is hovering around $7,500. Thats down from over $10,000 in mid-February. Source: TradingView "Given the fact that we were so much higher a couple of months ago, and the amount of selling each day from the mining rewards is going to drop in half, I think there's more upside probability in the next few months than downside," Rosenblum said. © 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || Binance-Backed Crypto Payments App Launches as Race for Africa Heats Up: A crypto payments app backed by global exchange Binance has launched in Nigeria, kicking the contest to become Africa’s chief digital asset provider into high gear.
Binance said in apress releaseThursday its social payments app Bundle would provide users across Africa with a fee-free means to store and transact in both cash and cryptocurrencies, through a new digital wallet that can be downloaded on their phones.
The payments app went live initially in Nigeria, the continent’s largest economy, with support for its national currency, the naira. Other supported assets will includebitcoin, binance coin and BUSD, the exchange’s dollar stablecoin.
Related:Researchers Surface Privacy Vulnerabilities in Bitcoin Lightning Network Payments
Bundle was the brainchild of Binance Labs’ former director, Yele Bademosi, who grew up in a town just north of Lagos, the Nigerian capital. The app received $450,000 in seed funding from Binance in late 2019 and, while part of the exchange’s ecosystem, will run as an independent entity.
Although Binance’s press release mentions that Bundle is backed by “other African investors,” it doesn’t give specifics.
Binance already has a presence in Nigeria. The exchange’s local director told CoinDesk earlier this year it hadreceived “thousands” of new signupssoon afterlaunching a fiat on-rampin the country in October 2019.
Using Nigeria as a launchpad, Binance said Bundle will be fully operational in as many as 30 other African countries by the end of 2020.
Related:Spanish Researchers Working to Curb Coronavirus Spread With Blockchain App
See also:In Zimbabwe, Crypto Is a ‘Liberation Tool’: Bitcoin in Africa, Part 1 of a New Documentary Podcast Series
The race for Africa is heating up: As well as local competitors such as Luno and BitPesa, rival exchange Huobi also has a presence through its Middle East and Africa subsidiary.
The Binance announcement also comes days after rapper-turned-entrepreneur Akon said his own Stellar-basedcryptocurrency project, Akoin, was in good position for becoming the region’s primary payments solution.
Akon said a deal for Akoin to be used as the chief payments processor for Kenya’s Mwale Medical and Technology City (MMTC), a city of 35,000 residents, gives “Akoin a dominant position to control the market of 400 million people in eastern and central Africa, many of who rely on mobile digital transactions for their financial services.”
Akon added the company be able to scale-up throughput for Akoin – which is set to launch at some point this year – so it can handle upwards of 100 million transactions, in Kenya’s MMTC alone, within five years’ time.
Binance haslong had a presencein neighboring Uganda, and entered Kenya at the same time it launched its fiat onramp for the naira. The exchange has also dipped its toes into South Africa, which is Africa’s second-largest economy.
See also:South Africa Proposes Strict Crypto Regulatory Framework
A Binance spokesperson told CoinDesk the exchange’s sole objective in Africa is to promote cryptocurrency adoption: “We are happy to see more players providing crypto payment services in Africa,” the person said. “In the long run, this helps to grow the industry and drive crypto adoption.”
Earlier this year, Jack Dorsey, Twitter founder and CEO of crypto-friendly payments provider Square, said Africa would play a major role in determining bitcoin’s future.
• Binance Unveils Smart Contract Blockchain but Claims It’s No Ethereum Rival
• Solana Blockchain Adds Korean Stablecoin Terra for Better Payments || Binance-Backed Crypto Payments App Launches as Race for Africa Heats Up: A crypto payments app backed by global exchange Binance has launched in Nigeria, kicking the contest to become Africas chief digital asset provider into high gear. Binance said in a press release Thursday its social payments app Bundle would provide users across Africa with a fee-free means to store and transact in both cash and cryptocurrencies, through a new digital wallet that can be downloaded on their phones. The payments app went live initially in Nigeria, the continents largest economy, with support for its national currency, the naira. Other supported assets will include bitcoin , binance coin and BUSD, the exchanges dollar stablecoin. Related: Researchers Surface Privacy Vulnerabilities in Bitcoin Lightning Network Payments Bundle was the brainchild of Binance Labs former director, Yele Bademosi, who grew up in a town just north of Lagos, the Nigerian capital. The app received $450,000 in seed funding from Binance in late 2019 and, while part of the exchanges ecosystem, will run as an independent entity. Although Binances press release mentions that Bundle is backed by other African investors, it doesnt give specifics. Binance already has a presence in Nigeria. The exchanges local director told CoinDesk earlier this year it had received thousands of new signups soon after launching a fiat on-ramp in the country in October 2019. Using Nigeria as a launchpad, Binance said Bundle will be fully operational in as many as 30 other African countries by the end of 2020. Related: Spanish Researchers Working to Curb Coronavirus Spread With Blockchain App See also: In Zimbabwe, Crypto Is a Liberation Tool: Bitcoin in Africa, Part 1 of a New Documentary Podcast Series The race for Africa is heating up: As well as local competitors such as Luno and BitPesa, rival exchange Huobi also has a presence through its Middle East and Africa subsidiary. The Binance announcement also comes days after rapper-turned-entrepreneur Akon said his own Stellar-based cryptocurrency project, Akoin , was in good position for becoming the regions primary payments solution. Story continues Akon said a deal for Akoin to be used as the chief payments processor for Kenyas Mwale Medical and Technology City (MMTC), a city of 35,000 residents, gives Akoin a dominant position to control the market of 400 million people in eastern and central Africa, many of who rely on mobile digital transactions for their financial services. Akon added the company be able to scale-up throughput for Akoin which is set to launch at some point this year so it can handle upwards of 100 million transactions, in Kenyas MMTC alone, within five years time. Binance has long had a presence in neighboring Uganda, and entered Kenya at the same time it launched its fiat onramp for the naira. The exchange has also dipped its toes into South Africa, which is Africas second-largest economy. See also: South Africa Proposes Strict Crypto Regulatory Framework A Binance spokesperson told CoinDesk the exchanges sole objective in Africa is to promote cryptocurrency adoption: We are happy to see more players providing crypto payment services in Africa, the person said. In the long run, this helps to grow the industry and drive crypto adoption. Earlier this year, Jack Dorsey, Twitter founder and CEO of crypto-friendly payments provider Square, said Africa would play a major role in determining bitcoins future. Related Stories Binance Unveils Smart Contract Blockchain but Claims Its No Ethereum Rival Solana Blockchain Adds Korean Stablecoin Terra for Better Payments || Nomics Machine-Learning Tool Offers 7-Day Price Forecast on Top 100 Cryptos: Data provider Nomics is using machine learning to predict the future prices of cryptocurrencies likebitcoin.
Launched Thursday, the 7-Day Asset Price Prediction feed will give an outlook on future crypto prices based on purpose-built algorithms and the firm’s API, Nomics CEO Clay Collins told CoinDesk in an interview.
“There are a lot of poor signals out there that are getting a lot of clicks and we thought we could do a net positive for the space by just leveling up the quality of predictions,” Collins said.
Related:Coinbase Launches Price Oracle Aimed to Reduce Systemic Risk in the DeFi Space
The Nomics forecaster isn’t a standalone, investment-grade product, Collins added, but can help inform crypto investors based on curated exchange data.
The free tool currently lists 100 of the top cryptocurrencies by market cap. Collins said assets with longer histories and better data sources tend to lead to better predictions overall.
A subset of artificial intelligence, machine learning uses computer algorithms combined with data inputs to predict future events. Interestingly, machine learning services should get better given how these systems learn from past data and predictions.
Under the hood, the tool inputs “aggregate pricing data” from major exchanges that Nomics scrapes and cleans. That data is then fed into a purpose-built algorithm to spit out seven-day predictions in both a spot price and percentage change from the current price.
Related:Tim Draper Firm Launches ‘Crypto Exchange’ Anyone Can Plug Into WordPress
The feed, which has been in the works for the past six months, Collins said, relies on therecurrent neural network (RNN)architecture known aslong short-term memory (LSTM).
“LSTMs are relatively new in the machine-learning space, and financial data is notoriously difficult to predict, but we were able to get fairly reasonable predictions, and we are fully transparent about their historical accuracy,” Nomics CTO Nick Gauthier said in a statement.
Read more:Securitize Users Can Now Directly Trade Security Tokens With Just a Web Link
Of course, price predictions in any market, particularly crypto, can be exceedingly difficult to pin down.
Collins said the team wanted to add a touch of professionalism with its data-guided predictions. In the spirit of transparency, Nomics will also include a 30-day mean error rate with the new feature.
“We don’t know when weird things are going to happen,” Collins said. “If the Yale endowment said they were going to allocate 30 percent in bitcoin – well, our models are not going to know that.”
• Bitcoin Approaches $7K as US Passes New $480B Stimulus Package
• Some US Citizens Look to Be Splashing Their Stimulus Cash on Cryptocurrency || Nomics Machine-Learning Tool Offers 7-Day Price Forecast on Top 100 Cryptos: Data provider Nomics is using machine learning to predict the future prices of cryptocurrencies like bitcoin . Launched Thursday, the 7-Day Asset Price Prediction feed will give an outlook on future crypto prices based on purpose-built algorithms and the firms API, Nomics CEO Clay Collins told CoinDesk in an interview. There are a lot of poor signals out there that are getting a lot of clicks and we thought we could do a net positive for the space by just leveling up the quality of predictions, Collins said. Related: Coinbase Launches Price Oracle Aimed to Reduce Systemic Risk in the DeFi Space The Nomics forecaster isnt a standalone, investment-grade product, Collins added, but can help inform crypto investors based on curated exchange data. The free tool currently lists 100 of the top cryptocurrencies by market cap. Collins said assets with longer histories and better data sources tend to lead to better predictions overall. A subset of artificial intelligence, machine learning uses computer algorithms combined with data inputs to predict future events. Interestingly, machine learning services should get better given how these systems learn from past data and predictions. How it works Under the hood, the tool inputs aggregate pricing data from major exchanges that Nomics scrapes and cleans. That data is then fed into a purpose-built algorithm to spit out seven-day predictions in both a spot price and percentage change from the current price. Related: Tim Draper Firm Launches Crypto Exchange Anyone Can Plug Into WordPress The feed, which has been in the works for the past six months, Collins said, relies on the recurrent neural network (RNN) architecture known as long short-term memory (LSTM) . LSTMs are relatively new in the machine-learning space, and financial data is notoriously difficult to predict, but we were able to get fairly reasonable predictions, and we are fully transparent about their historical accuracy, Nomics CTO Nick Gauthier said in a statement. Story continues Read more: Securitize Users Can Now Directly Trade Security Tokens With Just a Web Link Of course, price predictions in any market, particularly crypto, can be exceedingly difficult to pin down. Collins said the team wanted to add a touch of professionalism with its data-guided predictions. In the spirit of transparency, Nomics will also include a 30-day mean error rate with the new feature. We dont know when weird things are going to happen, Collins said. If the Yale endowment said they were going to allocate 30 percent in bitcoin well, our models are not going to know that. Related Stories Bitcoin Approaches $7K as US Passes New $480B Stimulus Package Some US Citizens Look to Be Splashing Their Stimulus Cash on Cryptocurrency || First Mover: Bitcoin Catches Almighty Dollar Even During 2020’s Dash for Cash: After swinging wildly for most of this year, the price of bitcoin is now back to roughly where it started 2020 – around $7,100. And since bitcoin is priced in dollars, the flat year-to-date performance really just means it’s keeping pace with the U.S. currency, which has become one of the world’s most in-demand assets as the coronavirus prompts a flight by investors everywhere into cash. You’re reading First Mover , CoinDesk’s daily markets newsletter. Assembled by the CoinDesk Markets Team, First Mover starts your day with the most up-to-date sentiment around crypto markets, which of course never close, putting in context every wild swing in bitcoin and more. We follow the money so you don’t have to. You can subscribe here . Related: Bitcoin Rallies 10% Ahead of CME April Futures Expiration If bitcoin were a government-issued currency, it would be one of the world’s top performers – beating not only popular emerging-market tenders like the Mexican peso and South Africa’s rand, but also advanced-nation stalwarts like the euro, British pound and Canadian dollar. “Bitcoin is behaving as a store of value much the same as king dollar is behaving as a store of value,” Paul Brodsky, partner at cryptocurrency and blockchain investment firm Pantera Capital, said in a phone interview. Many cryptocurrency investors see bitcoin as a hedge against inflation, similar to gold. And many of those investors believe bitcoin will eventually benefit from the Fed’s trillions of dollars of emergency money injections, which could spur inflation over the long term. But guess what bitcoiners can already cheer about? Beating the euro during a year that the International Monetary Fund predicts will see the world’s worst recession at least since the 1930s. Related: Blockchain Bites: China’s Miners, Africa’s Venmo and Cuba’s New Exchange “What you would expect to see going forward are hard assets, like gold and bitcoin, outperform as fiat currencies get depreciated,” said Greg Cipolaro, co-founder of cryptocurrency analysis firm Digital Asset Research. Story continues Think about it this way: Dollars have been in such high demand from investors, businesses, governments and central banks around the world that the Federal Reserve has had to inject more than $2 trillion of new money into financial markets just to preserve stability. There’s no real comparison, of course, between the bitcoin market and the global market for dollars: The total outstanding value of all bitcoin ever created is currently around $130 billion, less than 1/100th of the $16 trillion U.S. money supply. But as an investment, bitcoin is beating most world currencies and breaking even with the dollar. One of the Fed’s motivations for the massive money injections is, ultimately, just monetary policy: The U.S. central bank is trying to counteract the powerful deflationary forces of an economic contraction. Oil, which is priced in dollars, is now trading at about $14 a barrel, down from $61 at the start of the year, based on the benchmark U.S. futures contract. That’s deflation – a classic economic reaction to falling demand. Bitcoin, by contrast, has held its value: One unit of the cryptocurrency now buys 507 barrels of oil, about five times what it could at the start of the year. Any currency’s ultimate value is its purchasing power. And bitcoin is holding its own against the almighty dollar. Tweet of the day Bitcoin watch BTC : Price: $7,081 ( BPI ) | 24-Hr High: $7,186 | 24-Hr Low: $6,943 Trend : Bitcoin is in the green again Thursday, after a small rally on light trading volumes. The top cryptocurrency is currently trading near $7,100, representing a 2 percent gain on the day. The cryptocurrency continues to show no real sign of breaking from the recent narrow range between $6,500 and $7,300. The MACD, an indicator used to judge momentum and change in trend, shows the potential for a move to the downside, courtesy of falling histogram bars hovering near the neutral 0 line. Should a loss at the 50-day moving average occur (yellow line on chart) – currently around $6,771 – a deeper drawdown shouldn’t be ruled out. A likely area of support in such a case would be toward the bottom of the range at $6,520 – a level that has held steady since April 2. The relative strength index (RSI) is trending bullishly, however. Should the bulls defend the 50-day average and the RSI doesn’t dip too far toward oversold, a bounce toward $7,300 is also plausible. For now, traders will have to wait and see which direction is offered, as the all-important daily average should provide greater clarity moving forward. It’s worth remembering the miner reward halving is due in just 18 days, which has the potential to shake the market into action. Related Stories Market Wrap: Oil Rebounds As Crypto Makes Gains, Especially Ether Blockchain Bites: Ripple Sues YouTube, Monero Hits the Box Office and Draper Wants Crypto Everywhere || First Mover: Bitcoin Catches Almighty Dollar Even During 2020’s Dash for Cash: After swinging wildly for most of this year, the price of bitcoin is now back to roughly where it started 2020 – around $7,100.
And sincebitcoinis priced in dollars, the flat year-to-date performance really just means it’s keeping pace with the U.S. currency, which has become one of the world’s most in-demand assets as the coronavirus prompts a flight by investors everywhere into cash.
You’re readingFirst Mover, CoinDesk’s daily markets newsletter. Assembled by the CoinDesk Markets Team, First Mover starts your day with the most up-to-date sentiment around crypto markets, which of course never close, putting in context every wild swing in bitcoin and more. We follow the money so you don’t have to. You cansubscribe here.
Related:Bitcoin Rallies 10% Ahead of CME April Futures Expiration
If bitcoin were a government-issued currency, it would be one of the world’s top performers – beating not only popular emerging-market tenders like the Mexican peso and South Africa’s rand, but also advanced-nation stalwarts like the euro, British pound and Canadian dollar.
“Bitcoin is behaving as a store of value much the same as king dollar is behaving as a store of value,” Paul Brodsky, partner at cryptocurrency and blockchain investment firm Pantera Capital, said in a phone interview.
Many cryptocurrency investors see bitcoin as a hedge against inflation, similar to gold. And many of those investors believe bitcoin will eventually benefit from the Fed’s trillions of dollars of emergency money injections, which could spur inflation over the long term.
But guess what bitcoiners can already cheer about? Beating the euro during a year that the International Monetary Fund predicts will see the world’s worst recession at least since the 1930s.
Related:Blockchain Bites: China’s Miners, Africa’s Venmo and Cuba’s New Exchange
“What you would expect to see going forward are hard assets, like gold and bitcoin, outperform as fiat currencies get depreciated,” said Greg Cipolaro, co-founder of cryptocurrency analysis firm Digital Asset Research.
Think about it this way: Dollars have been in such high demand from investors, businesses, governments and central banks around the world that the Federal Reserve has had to inject more than $2 trillion of new money into financial markets just to preserve stability.
There’s no real comparison, of course, between the bitcoin market and the global market for dollars: The total outstanding value of all bitcoin ever created is currently around $130 billion, less than 1/100th of the $16 trillion U.S. money supply.
But as an investment, bitcoin is beating most world currencies and breaking even with the dollar.
One of the Fed’s motivations for the massive money injections is, ultimately, just monetary policy: The U.S. central bank is trying to counteract the powerful deflationary forces of an economic contraction.
Oil, which is priced in dollars, is now trading at about $14 a barrel, down from $61 at the start of the year, based on the benchmark U.S. futures contract. That’s deflation – a classic economic reaction to falling demand.
Bitcoin, by contrast, has held its value: One unit of the cryptocurrency now buys 507 barrels of oil, about five times what it could at the start of the year.
Any currency’s ultimate value is its purchasing power. And bitcoin is holding its own against the almighty dollar.
BTC: Price: $7,081 (BPI) | 24-Hr High: $7,186 | 24-Hr Low: $6,943
Trend: Bitcoin is in the green again Thursday, after a small rally on light trading volumes.
The top cryptocurrency is currently trading near $7,100, representing a 2 percent gain on the day. The cryptocurrency continues to show no real sign of breaking from the recent narrow range between $6,500 and $7,300.
The MACD, an indicator used to judge momentum and change in trend, shows the potential for a move to the downside, courtesy of falling histogram bars hovering near the neutral 0 line.
Should a loss at the 50-day moving average occur (yellow line on chart) – currently around $6,771 – a deeper drawdown shouldn’t be ruled out. A likely area of support in such a case would be toward the bottom of the range at $6,520 – a level that has held steady since April 2.
The relative strength index (RSI) is trending bullishly, however. Should the bulls defend the 50-day average and the RSI doesn’t dip too far toward oversold, a bounce toward $7,300 is also plausible.
For now, traders will have to wait and see which direction is offered, as the all-important daily average should provide greater clarity moving forward.
It’s worth remembering theminer reward halvingis due in just 18 days, which has the potential to shake the market into action.
• Market Wrap: Oil Rebounds As Crypto Makes Gains, Especially Ether
• Blockchain Bites: Ripple Sues YouTube, Monero Hits the Box Office and Draper Wants Crypto Everywhere
[Social Media Buzz]
None available.
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7569.94, 7679.87, 7795.60, 7807.06, 8801.04, 8658.55, 8864.77, 8988.60, 8897.47, 8912.65
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 263.44, 269.46, 266.27, 274.02, 276.50, 281.65, 283.68, 285.30, 293.79, 304.62, 313.86, 328.02, 314.17, 325.43, 361.19, 403.42, 411.56, 386.35, 374.47, 386.48, 373.37, 380.26, 336.82, 311.08, 338.15, 336.75, 332.91, 320.17, 330.75, 335.09, 334.59, 326.15, 322.02, 326.93, 324.54, 323.05, 320.05, 328.21, 352.68, 358.04, 357.38, 371.29, 377.32, 362.49, 359.19, 361.05, 363.18, 388.95, 388.78, 395.54, 415.56, 417.56, 415.48, 451.94, 435.00, 433.76, 444.18, 465.32, 454.93, 456.08, 463.62, 462.32, 442.68, 438.64, 436.57, 442.40, 454.98, 455.65, 417.27, 422.82, 422.28, 432.98, 426.62, 430.57, 434.33, 433.44, 430.01, 433.09, 431.96, 429.11, 458.05, 453.23, 447.61, 447.99, 448.43, 435.69, 432.37, 430.31, 364.33, 387.54.
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[Bitcoin Technical Analysis for 2016-01-16]
Volume: 120352000, RSI (14-day): 37.49, 50-day EMA: 413.05, 200-day EMA: 335.16
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Lead developer quits bitcoin saying it 'has failed': By Jemima Kelly LONDON (Reuters) - Bitcoin slid by 10 percent on Friday after one of its lead developers, Mike Hearn, said in a blogpost that he was ending his involvement with the cryptocurrency and selling all of his remaining holdings because it had "failed". Hearn, one of five senior developers who has spent more than five years working on the web-based currency, said he would no longer be taking part in development. "Despite knowing that bitcoin could fail all along, the now inescapable conclusion that it has failed still saddens me greatly," Hearn said in his post on blog-publishing platform Medium. Along with Gavin Andresen, who was chosen by bitcoin's elusive creator Satoshi Nakamoto as his successor when he stepped aside in 2011, Hearn has been locked for months in a battle with the other lead developers over whether the "blocks" in which bitcoin transactions are processed should be enlarged. Each block currently has a capacity of one megabyte, which Hearn says is "an entirely artificial capacity cap", and allows a maximum of just three payments to be processed per second. In August, Hearn and Andresen released a rival version of the current software, called Bitcoin XT, which would increase the block size to 8 megabytes, allowing up to 24 transactions to be processed every second. While that is still a fraction of the 20,000 or so that Visa can process, it would increase every year, so that bitcoin could continue to grow. But the new software has not been adopted by the "mining" computers that secure the network, the majority of which are in China, according to Hearn. Hearn says the bitcoin network is about to run out of capacity as the volume of transactions increases. And when that happens, the network will become unreliable, with payments unable to be processed and vulnerable to fraud. "If an IT system runs out of capacity like that then all kinds of things go wrong – all hell breaks loose," he said in an interview with Reuters in late December. Story continues Hearn reckons the bitcoin community has "failed" in its governance of the crytocurrency's code. "What was meant to be a new, decentralised form of money that lacked 'systemically important institutions' and 'too big to fail' has become something even worse: a system completely controlled by just a handful of people," he wrote. SUDDEN DEPARTURE Just months ago, in August, Hearn told Reuters that whether or not Bitcoin XT was adopted, the crypocurrency would live on. "If we thought it might be the end of bitcoin, we wouldn't do it," he said then. Bitcoin was trading at around $390 on the itBit exchange (BTC=ITBT) by 2000 GMT, down from $430 before Hearn's blog post was published. In his December interview, Hearn said that when people realised that the bitcoin network was at breaking point, the price would fall. "The current price of bitcoin is supported almost entirely by people speculating on its future, in the assumption that this could be the money of tomorrow," he said. "So if the network starts to collapse, then a lot of people are going to look at it and say: well maybe we've miscalculated (its) future value." Hearn is now working for the R3CEV consortium of banks working on using the blockchain technology that underpins bitcoin in financial markets. Stephan Tual, the former chief operating officer of blockchain firm Ethereum, who now works at blockchain-based app developer Slock.it, also reckons bitcoin's future looks shaky. "Bitcoin is outdated technology - almost prehistoric by crypto standards," he said. "It's because of petty quarrels such as these that it hasn't been able to evolve in five years." Others were more upbeat. "I'm not ready to declare that Bitcoin has failed," wrote U.S. venture capitalist Fred Wilson. "Sometimes it takes a crisis to get everyone in a room... So if we are going to have a crisis, let's get on with it. No better time than the present." (Reporting by Jemima Kelly; Editing by Ruth Pitchford) || Lead developer quits bitcoin saying it 'has failed': By Jemima Kelly LONDON (Reuters) - Bitcoin slid by 10 percent on Friday after one of its lead developers, Mike Hearn, said in a blogpost that he was ending his involvement with the cryptocurrency and selling all of his remaining holdings because it had "failed". Hearn, one of five senior developers who has spent more than five years working on the web-based currency, said he would no longer be taking part in development. "Despite knowing that bitcoin could fail all along, the now inescapable conclusion that it has failed still saddens me greatly," Hearn said in his post on blog-publishing platform Medium. Along with Gavin Andresen, who was chosen by bitcoin's elusive creator Satoshi Nakamoto as his successor when he stepped aside in 2011, Hearn has been locked for months in a battle with the other lead developers over whether the "blocks" in which bitcoin transactions are processed should be enlarged. Each block currently has a capacity of one megabyte, which Hearn says is "an entirely artificial capacity cap", and allows a maximum of just three payments to be processed per second. In August, Hearn and Andresen released a rival version of the current software, called Bitcoin XT, which would increase the block size to 8 megabytes, allowing up to 24 transactions to be processed every second. While that is still a fraction of the 20,000 or so that Visa can process, it would increase every year, so that bitcoin could continue to grow. But the new software has not been adopted by the "mining" computers that secure the network, the majority of which are in China, according to Hearn. Hearn says the bitcoin network is about to run out of capacity as the volume of transactions increases. And when that happens, the network will become unreliable, with payments unable to be processed and vulnerable to fraud. "If an IT system runs out of capacity like that then all kinds of things go wrong – all hell breaks loose," he said in an interview with Reuters in late December. Story continues Hearn reckons the bitcoin community has "failed" in its governance of the crytocurrency's code. "What was meant to be a new, decentralised form of money that lacked 'systemically important institutions' and 'too big to fail' has become something even worse: a system completely controlled by just a handful of people," he wrote. SUDDEN DEPARTURE Just months ago, in August, Hearn told Reuters that whether or not Bitcoin XT was adopted, the crypocurrency would live on. "If we thought it might be the end of bitcoin, we wouldn't do it," he said then. Bitcoin was trading at around $390 on the itBit exchange (BTC=ITBT) by 2000 GMT, down from $430 before Hearn's blog post was published. In his December interview, Hearn said that when people realised that the bitcoin network was at breaking point, the price would fall. "The current price of bitcoin is supported almost entirely by people speculating on its future, in the assumption that this could be the money of tomorrow," he said. "So if the network starts to collapse, then a lot of people are going to look at it and say: well maybe we've miscalculated (its) future value." Hearn is now working for the R3CEV consortium of banks working on using the blockchain technology that underpins bitcoin in financial markets. Stephan Tual, the former chief operating officer of blockchain firm Ethereum, who now works at blockchain-based app developer Slock.it, also reckons bitcoin's future looks shaky. "Bitcoin is outdated technology - almost prehistoric by crypto standards," he said. "It's because of petty quarrels such as these that it hasn't been able to evolve in five years." Others were more upbeat. "I'm not ready to declare that Bitcoin has failed," wrote U.S. venture capitalist Fred Wilson. "Sometimes it takes a crisis to get everyone in a room... So if we are going to have a crisis, let's get on with it. No better time than the present." (Reporting by Jemima Kelly; Editing by Ruth Pitchford) || Lead developer quits bitcoin saying it "has failed": By Jemima Kelly
LONDON, Jan 15 (Reuters) - Bitcoin slid by 10 percent on Friday after one of its lead developers, Mike Hearn, said in a blogpost that he was ending his involvement with the cryptocurrency and selling all of his remaining holdings because it had "failed".
Hearn, one of five senior developers who has spent more than five years working on the web-based currency, said he would no longer be taking part in development.
"Despite knowing that bitcoin could fail all along, the now inescapable conclusion that it has failed still saddens me greatly," Hearn said in his post on blog-publishing platform Medium.
Along with Gavin Andresen, who was chosen by bitcoin's elusive creator Satoshi Nakamoto as his successor when he stepped aside in 2011, Hearn has been locked for months in a battle with the other lead developers over whether the "blocks" in which bitcoin transactions are processed should be enlarged.
Each block currently has a capacity of one megabyte, which Hearn says is "an entirely artificial capacity cap", and allows a maximum of just three payments to be processed per second.
In August, Hearn and Andresen released a rival version of the current software, called Bitcoin XT, which would increase the block size to 8 megabytes, allowing up to 24 transactions to be processed every second. While that is still a fraction of the 20,000 or so that Visa can process, it would increase every year, so that bitcoin could continue to grow.
But the new software has not been adopted by the "mining" computers that secure the network, the majority of which are in China, according to Hearn.
Hearn says the bitcoin network is about to run out of capacity as the volume of transactions increases. And when that happens, the network will become unreliable, with payments unable to be processed and vulnerable to fraud.
"If an IT system runs out of capacity like that then all kinds of things go wrong - all hell breaks loose," he said in an interview with Reuters in late December.
Hearn reckons the bitcoin community has "failed" in its governance of the crytocurrency's code.
"What was meant to be a new, decentralised form of money that lacked 'systemically important institutions' and 'too big to fail' has become something even worse: a system completely controlled by just a handful of people," he wrote.
SUDDEN DEPARTURE
Just months ago, in August, Hearn told Reuters that whether or not Bitcoin XT was adopted, the crypocurrency would live on. "If we thought it might be the end of bitcoin, we wouldn't do it," he said then.
Bitcoin was trading at around $390 on the itBit exchange by 2000 GMT, down from $430 before Hearn's blog post was published.
In his December interview, Hearn said that when people realised that the bitcoin network was at breaking point, the price would fall.
"The current price of bitcoin is supported almost entirely by people speculating on its future, in the assumption that this could be the money of tomorrow," he said. "So if the network starts to collapse, then a lot of people are going to look at it and say: well maybe we've miscalculated (its) future value."
Hearn is now working for the R3CEV consortium of banks working on using the blockchain technology that underpins bitcoin in financial markets.
Stephan Tual, the former chief operating officer of blockchain firm Ethereum, who now works at blockchain-based app developer Slock.it, also reckons bitcoin's future looks shaky.
"Bitcoin is outdated technology - almost prehistoric by crypto standards," he said. "It's because of petty quarrels such as these that it hasn't been able to evolve in five years."
Others were more upbeat.
"I'm not ready to declare that Bitcoin has failed," wrote U.S. venture capitalist Fred Wilson.
"Sometimes it takes a crisis to get everyone in a room... So if we are going to have a crisis, let's get on with it. No better time than the present." (Reporting by Jemima Kelly; Editing by Ruth Pitchford) || Lead developer quits bitcoin saying it "has failed": By Jemima Kelly LONDON, Jan 15 (Reuters) - Bitcoin slid by 10 percent on Friday after one of its lead developers, Mike Hearn, said in a blogpost that he was ending his involvement with the cryptocurrency and selling all of his remaining holdings because it had "failed". Hearn, one of five senior developers who has spent more than five years working on the web-based currency, said he would no longer be taking part in development. "Despite knowing that bitcoin could fail all along, the now inescapable conclusion that it has failed still saddens me greatly," Hearn said in his post on blog-publishing platform Medium. Along with Gavin Andresen, who was chosen by bitcoin's elusive creator Satoshi Nakamoto as his successor when he stepped aside in 2011, Hearn has been locked for months in a battle with the other lead developers over whether the "blocks" in which bitcoin transactions are processed should be enlarged. Each block currently has a capacity of one megabyte, which Hearn says is "an entirely artificial capacity cap", and allows a maximum of just three payments to be processed per second. In August, Hearn and Andresen released a rival version of the current software, called Bitcoin XT, which would increase the block size to 8 megabytes, allowing up to 24 transactions to be processed every second. While that is still a fraction of the 20,000 or so that Visa can process, it would increase every year, so that bitcoin could continue to grow. But the new software has not been adopted by the "mining" computers that secure the network, the majority of which are in China, according to Hearn. Hearn says the bitcoin network is about to run out of capacity as the volume of transactions increases. And when that happens, the network will become unreliable, with payments unable to be processed and vulnerable to fraud. "If an IT system runs out of capacity like that then all kinds of things go wrong - all hell breaks loose," he said in an interview with Reuters in late December. Story continues Hearn reckons the bitcoin community has "failed" in its governance of the crytocurrency's code. "What was meant to be a new, decentralised form of money that lacked 'systemically important institutions' and 'too big to fail' has become something even worse: a system completely controlled by just a handful of people," he wrote. SUDDEN DEPARTURE Just months ago, in August, Hearn told Reuters that whether or not Bitcoin XT was adopted, the crypocurrency would live on. "If we thought it might be the end of bitcoin, we wouldn't do it," he said then. Bitcoin was trading at around $390 on the itBit exchange by 2000 GMT, down from $430 before Hearn's blog post was published. In his December interview, Hearn said that when people realised that the bitcoin network was at breaking point, the price would fall. "The current price of bitcoin is supported almost entirely by people speculating on its future, in the assumption that this could be the money of tomorrow," he said. "So if the network starts to collapse, then a lot of people are going to look at it and say: well maybe we've miscalculated (its) future value." Hearn is now working for the R3CEV consortium of banks working on using the blockchain technology that underpins bitcoin in financial markets. Stephan Tual, the former chief operating officer of blockchain firm Ethereum, who now works at blockchain-based app developer Slock.it, also reckons bitcoin's future looks shaky. "Bitcoin is outdated technology - almost prehistoric by crypto standards," he said. "It's because of petty quarrels such as these that it hasn't been able to evolve in five years." Others were more upbeat. "I'm not ready to declare that Bitcoin has failed," wrote U.S. venture capitalist Fred Wilson. "Sometimes it takes a crisis to get everyone in a room... So if we are going to have a crisis, let's get on with it. No better time than the present." (Reporting by Jemima Kelly; Editing by Ruth Pitchford) || Here's a sign that PayPal is embracing Bitcoin: PayPal was the hot new thing in payments when it launched in 1998, but in the era of digital currency, crowdfunding, micro-crowdfunding, and peer-to-peer lending, most people no longer see the company that way. So its newest board appointment is an effort to embrace the new landscape in digital payments. To that end, PayPal ( PYPL ) has named Wences Casares to its board of directors, the company announced on Wednesday. Casares is founder and CEO of Xapo, a wallet provider for the digital currency bitcoin, and before Xapo he founded Lemon, another digital wallet company. He is an unusual addition to a board that includes executives from AT&T ( T ), the American Red Cross, Enzon Pharmaceuticals ( ENZN ), and eBay ( EBAY ) cofounder Pierre Omidyar. It's likely a sign that PayPal is ready to embrace bitcoin and its technology. That's especially interesting considering that it is a company some bitcoin entrepreneurs often point to as "Web 1.0" and too slow because of its transfer delays and fees. One of the biggest selling points of bitcoin is the ability to send money to another country with little or no delay, and a fractional fee. "We’ve entered a period of unprecedented disruption in payments and financial services driven by the mass adoption of mobile technology and the digitization of cash," said PayPal CEO Dan Schulman in a statement . "Wences’ long and successful track record as international fintech entrepreneur with a focus on next-generation payment and crypto-currency is a perfect fit for PayPal at this time." PayPal declined to comment beyond the press release. Casares does not come without controversy. He is a serial entrepreneur who founded an Argentinian brokerage in 1997 and sold it to Banco Santander in 2000 for $750 million. Then he founded a Chilean videogame developer in 2002 and sold it to Activision ( ATVI ) in 2006. But he is currently being sued by LifeLock ( LOCK ), a $1.3 billion public company that offers online-identity protection. Story continues In December 2013 LifeLock acquired Casares's company Lemon for $42.6 million. In a lawsuit filed in August 2014, LifeLock says Casares built and launched Xapo, his current company, while working at Lemon, "developed by Lemon employees, in Lemon’s facilities, on Lemon’s computers, and on Lemon’s dime.” Casares and four Xapo employees (each of whom previously worked at Lemon) are named as defendants in LifeLock's suit. The company wants him to pay back “the value of the Xapo product attributable to Defendants’ misrepresentations, omissions, breaches of duty, and other wrongful conduct.” It does not specify an amount it is seeking, but assessing damages would involve placing a value on Xapo. Meanwhile, Casares has fought back, filing a cross-complaint of his own this past July, alleging poor management by LifeLock. (And LifeLock itself was forced to pay a $12 million fine to the FTC this past summer for false advertising of its product.) Some in the bitcoin community believe that LifeLock is upset that it overpaid for Lemon, while Casares has moved on to Xapo, which has raised $40 million in venture capital and might have more promise than Lemon ever did. What does all of this legal drama have to do with PayPal? Perhaps nothing—but if Casares is found guilty of the civil fraud that LifeLock alleges, it would be bad for not just Xapo, but now PayPal as well. Moreover, Fortune reported last year that some of Xapo's investors are angry that they were never made aware of the ongoing litigation against Casares. So PayPal has taken a risk in appointing Casares to its board, not only because of his current legal situation, but on a broader scale it has more strongly associated itself with bitcoin, an industry that is not without its negative headlines. (Just this week, Ross Ulbricht, the mastermind of Silk Road, the online drug marketplace that used bitcoin as its form of payment, appealed his recent life sentence.) Just over one year ago, PayPal made partnerships with some prominent bitcoin startups, like BitPay and Coinbase, but the noise of that move has since died down. PayPal now might want to explore a larger form of implementation around bitcoin, or it is intrigued by its underlying technology, the bitcoin blockchain, a public, decentralized ledger that records every single bitcoin transaction. Financial heavyweights like JPMorgan and Nasdaq have both expressed interest in harnessing the blockchain. Or maybe PayPal wants to buy Xapo. || Here's a sign that PayPal is embracing Bitcoin: PayPal was the hot new thing in payments when it launched in 1998, but in the era of digital currency, crowdfunding, micro-crowdfunding, and peer-to-peer lending, most people no longer see the company that way. So its newest board appointment is an effort to embrace the new landscape in digital payments.
To that end, PayPal (PYPL) has named Wences Casares to its board of directors, the company announced on Wednesday. Casares is founder and CEO of Xapo, a wallet provider for the digital currency bitcoin, and before Xapo he founded Lemon, another digital wallet company. He is an unusual addition to a board that includes executives from AT&T (T), the American Red Cross, Enzon Pharmaceuticals (ENZN), and eBay (EBAY) cofounder Pierre Omidyar.
It's likely a sign that PayPal is ready to embrace bitcoin and its technology. That's especially interesting considering that it is a company some bitcoin entrepreneurs often point to as "Web 1.0" and too slow because of its transfer delays and fees. One of the biggest selling points of bitcoin is the ability to send money to another country with little or no delay, and a fractional fee.
"We’ve entered a period of unprecedented disruption in payments and financial services driven by the mass adoption of mobile technology and the digitization of cash," said PayPal CEO Dan Schulmanin a statement. "Wences’ long and successful track record as international fintech entrepreneur with a focus on next-generation payment and crypto-currency is a perfect fit for PayPal at this time." PayPal declined to comment beyond the press release.
Casares does not come without controversy. He is a serial entrepreneur who founded an Argentinian brokerage in 1997 and sold it to Banco Santander in 2000 for $750 million. Then he founded a Chilean videogame developer in 2002 and sold it to Activision (ATVI) in 2006. But he is currently being sued by LifeLock (LOCK), a $1.3 billion public company that offers online-identity protection.
In December 2013 LifeLock acquired Casares's company Lemon for $42.6 million. In a lawsuit filed in August 2014, LifeLock says Casares built and launched Xapo, his current company, while working at Lemon, "developed by Lemon employees, in Lemon’s facilities, on Lemon’s computers, and on Lemon’s dime.” Casares and four Xapo employees (each of whom previously worked at Lemon) are named as defendants in LifeLock's suit. The company wants him to pay back “the value of the Xapo product attributable to Defendants’ misrepresentations, omissions, breaches of duty, and other wrongful conduct.” It does not specify an amount it is seeking, but assessing damages would involve placing a value on Xapo.
Meanwhile, Casares has fought back, filing a cross-complaint of his own this past July, alleging poor management by LifeLock. (And LifeLock itself was forced to pay a $12 million fine to the FTC this past summer for false advertising of its product.) Some in the bitcoin community believe that LifeLock is upset that it overpaid for Lemon, while Casares has moved on to Xapo, which has raised $40 million in venture capital and might have more promise than Lemon ever did.
What does all of this legal drama have to do with PayPal? Perhaps nothing—but if Casares is found guilty of the civil fraud that LifeLock alleges, it would be bad for not just Xapo, but now PayPal as well. Moreover, Fortunereported last yearthat some of Xapo's investors are angry that they were never made aware of the ongoing litigation against Casares.
So PayPal has taken a risk in appointing Casares to its board, not only because of his current legal situation, but on a broader scale it has more strongly associated itself with bitcoin, an industry that is not without its negative headlines. (Just this week, Ross Ulbricht, the mastermind of Silk Road, the online drug marketplace that used bitcoin as its form of payment, appealed his recent life sentence.) Just over one year ago, PayPal made partnerships with some prominent bitcoin startups, like BitPay and Coinbase, but the noise of that move has since died down.
PayPal now might want to explore a larger form of implementation around bitcoin, or it is intrigued by its underlying technology, the bitcoin blockchain, a public, decentralized ledger that records every single bitcoin transaction. Financial heavyweights like JPMorgan and Nasdaq have both expressed interest in harnessing the blockchain.
Or maybe PayPal wants to buy Xapo. || Here's a sign that PayPal is embracing Bitcoin: PayPal was the hot new thing in payments when it launched in 1998, but in the era of digital currency, crowdfunding, micro-crowdfunding, and peer-to-peer lending, most people no longer see the company that way. So its newest board appointment is an effort to embrace the new landscape in digital payments.
To that end, PayPal (PYPL) has named Wences Casares to its board of directors, the company announced on Wednesday. Casares is founder and CEO of Xapo, a wallet provider for the digital currency bitcoin, and before Xapo he founded Lemon, another digital wallet company. He is an unusual addition to a board that includes executives from AT&T (T), the American Red Cross, Enzon Pharmaceuticals (ENZN), and eBay (EBAY) cofounder Pierre Omidyar.
It's likely a sign that PayPal is ready to embrace bitcoin and its technology. That's especially interesting considering that it is a company some bitcoin entrepreneurs often point to as "Web 1.0" and too slow because of its transfer delays and fees. One of the biggest selling points of bitcoin is the ability to send money to another country with little or no delay, and a fractional fee.
"We’ve entered a period of unprecedented disruption in payments and financial services driven by the mass adoption of mobile technology and the digitization of cash," said PayPal CEO Dan Schulmanin a statement. "Wences’ long and successful track record as international fintech entrepreneur with a focus on next-generation payment and crypto-currency is a perfect fit for PayPal at this time." PayPal declined to comment beyond the press release.
Casares does not come without controversy. He is a serial entrepreneur who founded an Argentinian brokerage in 1997 and sold it to Banco Santander in 2000 for $750 million. Then he founded a Chilean videogame developer in 2002 and sold it to Activision (ATVI) in 2006. But he is currently being sued by LifeLock (LOCK), a $1.3 billion public company that offers online-identity protection.
In December 2013 LifeLock acquired Casares's company Lemon for $42.6 million. In a lawsuit filed in August 2014, LifeLock says Casares built and launched Xapo, his current company, while working at Lemon, "developed by Lemon employees, in Lemon’s facilities, on Lemon’s computers, and on Lemon’s dime.” Casares and four Xapo employees (each of whom previously worked at Lemon) are named as defendants in LifeLock's suit. The company wants him to pay back “the value of the Xapo product attributable to Defendants’ misrepresentations, omissions, breaches of duty, and other wrongful conduct.” It does not specify an amount it is seeking, but assessing damages would involve placing a value on Xapo.
Meanwhile, Casares has fought back, filing a cross-complaint of his own this past July, alleging poor management by LifeLock. (And LifeLock itself was forced to pay a $12 million fine to the FTC this past summer for false advertising of its product.) Some in the bitcoin community believe that LifeLock is upset that it overpaid for Lemon, while Casares has moved on to Xapo, which has raised $40 million in venture capital and might have more promise than Lemon ever did.
What does all of this legal drama have to do with PayPal? Perhaps nothing—but if Casares is found guilty of the civil fraud that LifeLock alleges, it would be bad for not just Xapo, but now PayPal as well. Moreover, Fortunereported last yearthat some of Xapo's investors are angry that they were never made aware of the ongoing litigation against Casares.
So PayPal has taken a risk in appointing Casares to its board, not only because of his current legal situation, but on a broader scale it has more strongly associated itself with bitcoin, an industry that is not without its negative headlines. (Just this week, Ross Ulbricht, the mastermind of Silk Road, the online drug marketplace that used bitcoin as its form of payment, appealed his recent life sentence.) Just over one year ago, PayPal made partnerships with some prominent bitcoin startups, like BitPay and Coinbase, but the noise of that move has since died down.
PayPal now might want to explore a larger form of implementation around bitcoin, or it is intrigued by its underlying technology, the bitcoin blockchain, a public, decentralized ledger that records every single bitcoin transaction. Financial heavyweights like JPMorgan and Nasdaq have both expressed interest in harnessing the blockchain.
Or maybe PayPal wants to buy Xapo. || Now You Can Play The Lottery With Bitcoin: While bitcoin has faced several obstacles in its journey toward mainstream adoption, the cryptocurrency appears to be starting the New Year off on the right foot. Not only has bitcoin seen its value increase steadily over the past three months, but the coin has gained some fame, as merchants continue to adopt the cryptocurrency as a valid form of payment. The latest place consumers can find use for their bitcoins is the lottery, which has gotten a lot of attention recently due to its $1.6 billion Powerball Jackpot prize.
Bitcoin Payment
Mobile lottery ticket app Jackpocket has integrated bitcoin as a payment option within the app, meaning that people can purchase their Powerball tickets using the cryptocurrency. On Wednesday, the app announced its bitcoin addition, which garnered a lot of attention for the coin, as the Powerball Jackpot also reached a record high on the same day.
Related Link:UPDATE: Winning Powerball Tickets Sold In California, Florida, Tennessee --ABC News
Bullish On Bitcoin
For Jackpocket, the move was a great way to reach another demographic of lottery players and represents the company's faith in bitcoin's success. Jackpocket CEO Peter Sullivanannouncedthe decision to incorporate bitcoin into the app saying that he and his team are "very bullish on cryptocurrencies and the blockchain in general."
Speedy Transactions
Not only will bitcoin add to Jackpocket's pool of potential users, but Sullivan says he hopes it will help speed up transaction times and reduce glitches. Heavy volumes of users trying to buy tickets have been hindered by regulations, according to Sullivan, and those issues have strained the app's relationship with credit card processors and banks.
Related Link:No Luck On Winning Powerball? Learn The Skill Of Trading
More Customers
It remains to be seen whether many Jackpocket users will use the bitcoin payment option, but Sullivan is hoping it will attract more affluent customers who have experience with technology, a group he says is likely to buy more tickets.
Image Credit: Public Domain
See more from Benzinga
• Google Is Seeking Autonomous Car Partnerships
• U.S. Automakers Struggle With Skeptical Investors
• Netflix Continues To Deliver On Promises That 2016 Will Be A Big Year
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Now You Can Play The Lottery With Bitcoin: While bitcoin has faced several obstacles in its journey toward mainstream adoption, the cryptocurrency appears to be starting the New Year off on the right foot. Not only has bitcoin seen its value increase steadily over the past three months, but the coin has gained some fame, as merchants continue to adopt the cryptocurrency as a valid form of payment. The latest place consumers can find use for their bitcoins is the lottery, which has gotten a lot of attention recently due to its $1.6 billion Powerball Jackpot prize. Bitcoin Payment Mobile lottery ticket app Jackpocket has integrated bitcoin as a payment option within the app, meaning that people can purchase their Powerball tickets using the cryptocurrency. On Wednesday, the app announced its bitcoin addition, which garnered a lot of attention for the coin, as the Powerball Jackpot also reached a record high on the same day. Related Link: UPDATE: Winning Powerball Tickets Sold In California, Florida, Tennessee --ABC News Bullish On Bitcoin For Jackpocket, the move was a great way to reach another demographic of lottery players and represents the company's faith in bitcoin's success. Jackpocket CEO Peter Sullivan announced the decision to incorporate bitcoin into the app saying that he and his team are "very bullish on cryptocurrencies and the blockchain in general." Speedy Transactions Not only will bitcoin add to Jackpocket's pool of potential users, but Sullivan says he hopes it will help speed up transaction times and reduce glitches. Heavy volumes of users trying to buy tickets have been hindered by regulations, according to Sullivan, and those issues have strained the app's relationship with credit card processors and banks. Related Link: No Luck On Winning Powerball? Learn The Skill Of Trading More Customers It remains to be seen whether many Jackpocket users will use the bitcoin payment option, but Sullivan is hoping it will attract more affluent customers who have experience with technology, a group he says is likely to buy more tickets. Story continues Image Credit: Public Domain See more from Benzinga Google Is Seeking Autonomous Car Partnerships U.S. Automakers Struggle With Skeptical Investors Netflix Continues To Deliver On Promises That 2016 Will Be A Big Year © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Now You Can Play The Lottery With Bitcoin: While bitcoin has faced several obstacles in its journey toward mainstream adoption, the cryptocurrency appears to be starting the New Year off on the right foot. Not only has bitcoin seen its value increase steadily over the past three months, but the coin has gained some fame, as merchants continue to adopt the cryptocurrency as a valid form of payment. The latest place consumers can find use for their bitcoins is the lottery, which has gotten a lot of attention recently due to its $1.6 billion Powerball Jackpot prize.
Bitcoin Payment
Mobile lottery ticket app Jackpocket has integrated bitcoin as a payment option within the app, meaning that people can purchase their Powerball tickets using the cryptocurrency. On Wednesday, the app announced its bitcoin addition, which garnered a lot of attention for the coin, as the Powerball Jackpot also reached a record high on the same day.
Related Link:UPDATE: Winning Powerball Tickets Sold In California, Florida, Tennessee --ABC News
Bullish On Bitcoin
For Jackpocket, the move was a great way to reach another demographic of lottery players and represents the company's faith in bitcoin's success. Jackpocket CEO Peter Sullivanannouncedthe decision to incorporate bitcoin into the app saying that he and his team are "very bullish on cryptocurrencies and the blockchain in general."
Speedy Transactions
Not only will bitcoin add to Jackpocket's pool of potential users, but Sullivan says he hopes it will help speed up transaction times and reduce glitches. Heavy volumes of users trying to buy tickets have been hindered by regulations, according to Sullivan, and those issues have strained the app's relationship with credit card processors and banks.
Related Link:No Luck On Winning Powerball? Learn The Skill Of Trading
More Customers
It remains to be seen whether many Jackpocket users will use the bitcoin payment option, but Sullivan is hoping it will attract more affluent customers who have experience with technology, a group he says is likely to buy more tickets.
Image Credit: Public Domain
See more from Benzinga
• Google Is Seeking Autonomous Car Partnerships
• U.S. Automakers Struggle With Skeptical Investors
• Netflix Continues To Deliver On Promises That 2016 Will Be A Big Year
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || 4 stocks to watch if market falls even more: U.S. stocks dropped Wednesday, continuing a rough start to the year for investors. "Fast Money" traders picked through the battered markets for names that could have potential ahead. The S&P 500 (INDEX: .SPX) slid 2.5 percent Wednesday and has lost 7.5 percent of its value this year. But opportunities still exist amid the weakness, traders said. Investors may want to avoid U.S. multinational companies that have significant exposure to a stronger dollar, contended trader Dan Nathan. Instead, he looked to the Utilities Select Sector SPDR Fund (NYSE Arca: XLU) , which he has previously described as a defensive play with the benefit of a dividend yield. Nathan has a stake in the fund as well as the PowerShares DB US Dollar Index Bullish Fund (NYSE Arca: UUP) , which he said could continue to rise with strength in the dollar. Trader Karen Finerman, meanwhile, pointed to U.S. consumers stocks that have endured recent losses. She owns Macy's (NYSE: M) shares, which have fallen 41 percent in the last year in trading that she described as "ridiculously overdone." The stock has climbed more than 10 percent already this year. Finerman also said that Home Depot (NYSE: HD) would look appealing on a price dip. The stock has fallen 8 percent this year. Disclosures: Pete Najarian Long AAPL, BAC, BKE, BMY, BP, DIS, DISCA, FOXA, GE, KO, MRK, PEP, PFE, he is long calls A, AAL, ABX, BAC, CHS, CMI, COP, DAL, EMR, GDX, GE, HAIN, HUN, LC, MOS, MSFT, NRF, NRG, PNR, POT, UAL, VZ, WYNN, YDKN, ZIOP, he is long puts FCX, MRO Dan Nathan Long MCD Feb Put Spread, long PFE buy-write, long TWTR March Risk Reversal, long UUP March call, long XLU Feb Call spread, long PYPL Jan Risk Reversal, long M Jan16 call spread, long NTAP Jan risk reversal, long QCOM feb calls, short SPY, long UUP, long WMT puts, long INTC JAN 32 puts. Brian Kelly Brian Kelly is long BBRY, Bitcoin, GDX, GLD, Hong Kong Dollar, TLT, US Dollar; he is short British Pound, Euro, Canadian Dollar, GSG, EEM, EWC, EWH, SPY, DB Story continues Karen Finerman Karen is long BAC, C, FL, GOOG, GOOGL, JPM, KORS, KORS call spreads, M, SEDG, SPY calls, URI. She is short SPY. Her firm is long ANTM, AAPL, BAC, C, FL, FL calls, GOOG, GOOGL, JPM, KORS, LYV, M, MA, MOH, PLCE, URI, URI long puts, WFM, her firm is short IWM, MDY, SPY. Karen Finerman is on the board of GrafTech International. More From CNBC Top News and Analysis Latest News Video Personal Finance || 4 stocks to watch if market falls even more: U.S. stocks dropped Wednesday, continuing a rough start to the year for investors. "Fast Money" traders picked through the battered markets for names that could have potential ahead.
The S&P 500(INDEX: .SPX)slid 2.5 percent Wednesday and has lost 7.5 percent of its value this year. But opportunities still exist amid the weakness, traders said.
Investors may want to avoid U.S. multinational companies that have significant exposure to a stronger dollar, contended trader Dan Nathan. Instead, he looked to the Utilities Select Sector SPDR Fund(NYSE Arca: XLU), which he has previously described as a defensive play with the benefit of a dividend yield.
Nathan has a stake in the fund as well as the PowerShares DB US Dollar Index Bullish Fund(NYSE Arca: UUP), which he said could continue to rise with strength in the dollar.
Trader Karen Finerman, meanwhile, pointed to U.S. consumers stocks that have endured recent losses. She owns Macy's(NYSE: M)shares, which have fallen 41 percent in the last year in trading that she described as "ridiculously overdone."
The stock has climbed more than 10 percent already this year.
Finerman also said that Home Depot(NYSE: HD)would look appealing on a price dip. The stock has fallen 8 percent this year.
Disclosures:
Pete Najarian
Long AAPL, BAC, BKE, BMY, BP, DIS, DISCA, FOXA, GE, KO, MRK, PEP, PFE, he is long calls A, AAL, ABX, BAC, CHS, CMI, COP, DAL, EMR, GDX, GE, HAIN, HUN, LC, MOS, MSFT, NRF, NRG, PNR, POT, UAL, VZ, WYNN, YDKN, ZIOP, he is long puts FCX, MRO
Dan Nathan
Long MCD Feb Put Spread, long PFE buy-write, long TWTR March Risk Reversal, long UUP March call, long XLU Feb Call spread, long PYPL Jan Risk Reversal, long M Jan16 call spread, long NTAP Jan risk reversal, long QCOM feb calls, short SPY, long UUP, long WMT puts, long INTC JAN 32 puts.
Brian Kelly
Brian Kelly is long BBRY, Bitcoin, GDX, GLD, Hong Kong Dollar, TLT, US Dollar; he is short British Pound, Euro, Canadian Dollar, GSG, EEM, EWC, EWH, SPY, DB
Karen Finerman
Karen is long BAC, C, FL, GOOG, GOOGL, JPM, KORS, KORS call spreads, M, SEDG, SPY calls, URI. She is short SPY. Her firm is long ANTM, AAPL, BAC, C, FL, FL calls, GOOG, GOOGL, JPM, KORS, LYV, M, MA, MOH, PLCE, URI, URI long puts, WFM, her firm is short IWM, MDY, SPY. Karen Finerman is on the board of GrafTech International.
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Bitstamp: $378.92/BTC - last trade of USD/BTC at https://www.bitstamp.net/ (high: 427.99, low: 360.00) #bitcoin #BTC http://bitcoinautotrade.com || $370.18 at 16:15 UTC [24h Range: $352.00 - $394.84 Volume: 28437 BTC] via #btcusdpic.twitter.com/M8oAwewmPO || $356.54 at 08:00 UTC [24h Range: $355.39 - $412.02 Volume: 35330 BTC] via #btcusdpic.twitter.com/iOl4wMyFcp || In the last 10 mins, there were arb opps spanning 19 exchange pair(s), yielding profits ranging between $0.00 and $51.96 #bitcoi...
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382.30, 387.17, 380.15, 420.23, 410.26, 382.49, 387.49, 402.97, 391.73, 392.15
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 10990.87, 10912.82, 11100.47, 11111.21, 11323.47, 11759.59, 11053.61, 11246.35, 11205.89, 11747.02, 11779.77, 11601.47, 11754.05, 11675.74, 11878.11, 11410.53, 11584.93, 11784.14, 11768.87, 11865.70, 11892.80, 12254.40, 11991.23, 11758.28, 11878.37, 11592.49, 11681.83, 11664.85, 11774.60, 11366.13, 11488.36, 11323.40, 11542.50, 11506.87, 11711.51, 11680.82, 11970.48, 11414.03, 10245.30, 10511.81, 10169.57, 10280.35, 10369.56, 10131.52, 10242.35, 10363.14, 10400.92, 10442.17, 10323.76, 10680.84, 10796.95, 10974.91, 10948.99, 10944.59, 11094.35, 10938.27, 10462.26, 10538.46, 10246.19, 10760.07, 10692.72, 10750.72, 10775.27, 10709.65, 10844.64, 10784.49, 10619.45, 10575.97, 10549.33, 10669.58, 10793.34, 10604.41, 10668.97, 10915.69, 11064.46, 11296.36, 11384.18, 11555.36, 11425.90, 11429.51, 11495.35, 11322.12, 11358.10, 11483.36, 11742.04, 11916.33, 12823.69, 12965.89, 12931.54, 13108.06.
|
[Bitcoin Technical Analysis for 2020-10-24]
Volume: 24542317940, RSI (14-day): 81.30, 50-day EMA: 11320.02, 200-day EMA: 10225.46
[Wider Market Context]
None available.
[Recent News (last 7 days)]
The most common online, email scams Canadians are falling for: October is Cyber Security Awareness Month and the Canadian Anti-Fraud Centre (CAFC) is reminding the public about the most common scams to be on the lookout for. With the ongoing pandemic, Canadians have increasingly relied on the internet to conduct everyday activities, such as, buying and selling goods or looking for a job, the bulletin from the CAFC reads. In 2019, the top reported online scams targeting Canadians are as follows: Merchandise: 1,414 reports, 1,052 victims, $1,528,100 in losses Service: 1,366 reports, 1,018 victims, $1,461,200 in losses Sale of Merchandise by Complaint: 1,076 reports, 793 victims, $691,800 in losses Job: 560 reports, 232 victims, $710,000 in losses Counterfeit Merchandise: 309 reports, 281 victims, $100,000 in losses The anti-fraud centre estimates that less than five per cent of fraud victims report their occurrences to the CAFC. Merchandise fraud is when scammers create fake ads on classified ad sites, resale sites, website pop-ups and fake company websites. The items for sale can range from electronics and clothing to even animals, or counterfeit merchandise. The CAFC warns the public that if the price of an item listed online is too good to be true, it is. These scammers use a number of tactics, including spoofing messages that payments are required and fraudsters requesting payment through a money service business like MoneyGram or Western Union. They also can include overpayment scams, where a fake buyer overpays for an item and requests reimbursement of the excess amount, before the victims realizes the payment was fraudulent. Service fraud impacting Canadians has been across a number of industries, some of the most common service scams the CAFC has identified are air duct cleaning, help with government documents, immigration website, low interest rate offers, pardon, resale and tech support. Many of these frauds involve individuals conducting services that are poor or risky quality, or scammers offering services through websites, online ads or phone calls, like immigration or financial services, at inexpensive prices. Story continues For job scams, the types that have been reported to the CAFC are car wrapping, counterfeit cheque, financial agent and mystery shopper. Counterfeit cheque, car wrapping and mystery shopping scams identified by the CAFC all involve fraudsters instructing victims to deposit a fake cheque into their personal account and then transfer a certain amount of money out of that account for particular fees, to make purchases, among other reasons. The anti-fraud centre is also alerting the public that it is seeing more victims sending money through cryptocurrency like Bitcoin, Litecoin, Etherum and others. The CAFC has outlined a number of tips for Canadians to protect themselves from these scams: Be cautious of greatly reduced prices (e.g. 80%). Know the market value of products Notice text with spelling errors or references to the product as the item Beware of pets offered at below market value or free Whenever possible, meet and purchase a pet in person Locate and verify the companys contact information (address, phone number, email) before you buy Look for customer reviews and ratings from third-party sources Be mindful where you post your resume. Scammers use legitimate websites to seek out victims Take the time to research an employer and confirm that they are hiring Most common email scams in Canada The anti-fraud centre also shared the list of the top email scams Canadians are falling victim to. Email scams represent one of the most prevalent attack methods for fraud and other cybercrimes, the bulletin from the CAFC reads. From fraudulent phishing scams soliciting personal and financial information to extortion demands requesting bitcoin payments, emails are being used to send a variety of false, deceptive, misleading and fraudulent messages. In 2019, the top reported email scams targeting Canadians are as follows: Phishing, 2,246 reports, 797 victims Extortion, 2,126 reports, 34 victims, $6,500 in losses Job, 770 reports, 282 victims, $946,100 in losses Spear Phishing, 564 reports, 329 victims, $1,799,600 in losses Merchandise, 394 reports, 242 victims, $428,600 in losses Phishing fraud is when a scammer send an email that appears to be from a known company, like Netflix or Amazon, or a bank, claiming that the victim needs to update their online account. There is also a variation where a phishing email is sent, with minimal text, encouraging someone to click on a fraudulent link or attachment, which will infect their computer with a virus or malware. The email may seem to be a receipt from a recent purchase, a delivery notification, or something more urgent, such as a notice to appear in court, the CAFC warns. Extortion scams are when a fraudster coerces an individual or institution to supply money, property or services. Ongoing extortion scams identified by the CAFC include bomb threats, denial of service, explicit video, hitman, hostage, hydro and ransomware. There is also sextortion fraud when scammers create fake profiles on social media, pornographic and dating sites. Taxpayer fraud is also something Canadians should be aware of, which is when scammers claim the victim owes tax money, committed a crime or had their SIN number compromised. The CAFC has also identified Canadians have been falling victim to immigration extortion scams, when fraudsters claim to be from Immigration, Refugees and Citizenship Canada and insist money needs to be paid to avoid deportation, loss of passport or citizenship. Earlier this year, the anti-fraud centre revealed that Asian communities in Canada have been targeted with automated calls from scammers, claiming there are from a courier company or foreign law enforcement, like Beijing police and Shanghai customs. Spear phishing scams are when fraudsters pretend to be legitimate sources the victim, a business or individual, needs to send money to. These scams leverage existing relationships between the person receiving the email and the person sending it, the CAFC warns. The sender's address appears to be the actual email address of the source they're pretending to be, a tactic known as spoofing. Some variations to this scam include business executive spoofs, financial industry client spoof, head office spoof, payroll spoof and supplier or contractor swindle. The CAFC has also listed a number of tips the help Canadians protect themselves from email scams: Remain current on frauds targeting business and educate all employees Have detailed payment procedures and encourage a verification process for unusual email requests Avoid opening unsolicited emails or clicking on suspicious links or attachments Take a few seconds to hover over an email address or link and confirm that they are correct Back up your system/data regularly and keep the backups on a separate removable hard drive Dont forget to disconnect, when done, and if possible check the backup(s) from a separate computer that uses a different operating system Take the time to research an employer and confirm that they are hiring The main directive for Canadians to protect themselves from falling victim to any scam, including both online and email fraud, is to remain current on scams and share what you know to protect others. According to the CAFC, Canadians should tell two other people what they know about any frauds and ask them to do the same. An unbroken chain of 25 people telling two would cover the entire population of Canada, the anti-fraud centre states. || The most common online, email scams Canadians are falling for: October is Cyber Security Awareness Month and the Canadian Anti-Fraud Centre (CAFC) is reminding the public about the most common scams to be on the lookout for. With the ongoing pandemic, Canadians have increasingly relied on the internet to conduct everyday activities, such as, buying and selling goods or looking for a job, the bulletin from the CAFC reads. In 2019, the top reported online scams targeting Canadians are as follows: Merchandise: 1,414 reports, 1,052 victims, $1,528,100 in losses Service: 1,366 reports, 1,018 victims, $1,461,200 in losses Sale of Merchandise by Complaint: 1,076 reports, 793 victims, $691,800 in losses Job: 560 reports, 232 victims, $710,000 in losses Counterfeit Merchandise: 309 reports, 281 victims, $100,000 in losses The anti-fraud centre estimates that less than five per cent of fraud victims report their occurrences to the CAFC. Merchandise fraud is when scammers create fake ads on classified ad sites, resale sites, website pop-ups and fake company websites. The items for sale can range from electronics and clothing to even animals, or counterfeit merchandise. The CAFC warns the public that if the price of an item listed online is too good to be true, it is. These scammers use a number of tactics, including spoofing messages that payments are required and fraudsters requesting payment through a money service business like MoneyGram or Western Union. They also can include overpayment scams, where a fake buyer overpays for an item and requests reimbursement of the excess amount, before the victims realizes the payment was fraudulent. Service fraud impacting Canadians has been across a number of industries, some of the most common service scams the CAFC has identified are air duct cleaning, help with government documents, immigration website, low interest rate offers, pardon, resale and tech support. Many of these frauds involve individuals conducting services that are poor or risky quality, or scammers offering services through websites, online ads or phone calls, like immigration or financial services, at inexpensive prices. Story continues For job scams, the types that have been reported to the CAFC are car wrapping, counterfeit cheque, financial agent and mystery shopper. Counterfeit cheque, car wrapping and mystery shopping scams identified by the CAFC all involve fraudsters instructing victims to deposit a fake cheque into their personal account and then transfer a certain amount of money out of that account for particular fees, to make purchases, among other reasons. The anti-fraud centre is also alerting the public that it is seeing more victims sending money through cryptocurrency like Bitcoin, Litecoin, Etherum and others. The CAFC has outlined a number of tips for Canadians to protect themselves from these scams: Be cautious of greatly reduced prices (e.g. 80%). Know the market value of products Notice text with spelling errors or references to the product as the item Beware of pets offered at below market value or free Whenever possible, meet and purchase a pet in person Locate and verify the companys contact information (address, phone number, email) before you buy Look for customer reviews and ratings from third-party sources Be mindful where you post your resume. Scammers use legitimate websites to seek out victims Take the time to research an employer and confirm that they are hiring Most common email scams in Canada The anti-fraud centre also shared the list of the top email scams Canadians are falling victim to. Email scams represent one of the most prevalent attack methods for fraud and other cybercrimes, the bulletin from the CAFC reads. From fraudulent phishing scams soliciting personal and financial information to extortion demands requesting bitcoin payments, emails are being used to send a variety of false, deceptive, misleading and fraudulent messages. In 2019, the top reported email scams targeting Canadians are as follows: Phishing, 2,246 reports, 797 victims Extortion, 2,126 reports, 34 victims, $6,500 in losses Job, 770 reports, 282 victims, $946,100 in losses Spear Phishing, 564 reports, 329 victims, $1,799,600 in losses Merchandise, 394 reports, 242 victims, $428,600 in losses Phishing fraud is when a scammer send an email that appears to be from a known company, like Netflix or Amazon, or a bank, claiming that the victim needs to update their online account. There is also a variation where a phishing email is sent, with minimal text, encouraging someone to click on a fraudulent link or attachment, which will infect their computer with a virus or malware. The email may seem to be a receipt from a recent purchase, a delivery notification, or something more urgent, such as a notice to appear in court, the CAFC warns. Extortion scams are when a fraudster coerces an individual or institution to supply money, property or services. Ongoing extortion scams identified by the CAFC include bomb threats, denial of service, explicit video, hitman, hostage, hydro and ransomware. There is also sextortion fraud when scammers create fake profiles on social media, pornographic and dating sites. Taxpayer fraud is also something Canadians should be aware of, which is when scammers claim the victim owes tax money, committed a crime or had their SIN number compromised. The CAFC has also identified Canadians have been falling victim to immigration extortion scams, when fraudsters claim to be from Immigration, Refugees and Citizenship Canada and insist money needs to be paid to avoid deportation, loss of passport or citizenship. Earlier this year, the anti-fraud centre revealed that Asian communities in Canada have been targeted with automated calls from scammers, claiming there are from a courier company or foreign law enforcement, like Beijing police and Shanghai customs. Spear phishing scams are when fraudsters pretend to be legitimate sources the victim, a business or individual, needs to send money to. These scams leverage existing relationships between the person receiving the email and the person sending it, the CAFC warns. The sender's address appears to be the actual email address of the source they're pretending to be, a tactic known as spoofing. Some variations to this scam include business executive spoofs, financial industry client spoof, head office spoof, payroll spoof and supplier or contractor swindle. The CAFC has also listed a number of tips the help Canadians protect themselves from email scams: Remain current on frauds targeting business and educate all employees Have detailed payment procedures and encourage a verification process for unusual email requests Avoid opening unsolicited emails or clicking on suspicious links or attachments Take a few seconds to hover over an email address or link and confirm that they are correct Back up your system/data regularly and keep the backups on a separate removable hard drive Dont forget to disconnect, when done, and if possible check the backup(s) from a separate computer that uses a different operating system Take the time to research an employer and confirm that they are hiring The main directive for Canadians to protect themselves from falling victim to any scam, including both online and email fraud, is to remain current on scams and share what you know to protect others. According to the CAFC, Canadians should tell two other people what they know about any frauds and ask them to do the same. An unbroken chain of 25 people telling two would cover the entire population of Canada, the anti-fraud centre states. || IBM-R3 Pact Shows Tech Trumps Tribe in Enterprise Blockchain: News this week that R3 and IBM are working together raised eyebrows, because each entity has been on different and competing sides since the early days of enterprise blockchain. From next month, the commercial version of Corda (the version big banks and the like are paying R3 for) will be made available via IBM’s LinuxOne servers, delivering a hybrid of on-premise and cloud offerings. R3 announced the news at its annual developer conference, CordaCon . Blockchain tribalism – R3’s Corda competes with Hyperledger Fabric, the enterprise blockchain heavily backed by IBM – has been put aside in favor of commercial sense, it seems. IBM’s LinuxOne business is far bigger than its nascent blockchain concern, while many large banks that have vendor relationships with IBM use Corda. Related: R3 Corda Network Set to Go DeFi With XDC Digital Currency “This started an interesting conversation in IBM, where LinuxOne came to us and said they wanted to work with us,” Charley Cooper, managing director at R3, said in an interview. “If you’re a highly complex, heavily regulated industry, and you want the best technology but you want the name brands to take to your risk manager to say, ‘Trust us, we’re picking the best vendors,’ now they’ve got the best of both worlds.” Scrappy contender The enterprise blockchain space, which attempts to retrofit Bitcoin’s distributed ledger technology within the private settings of big companies, has evolved into three broadly separate camps: R3 Corda, Hyperledger and enterprise variants of Ethereum such as Quorum . There has been some crossover between these tribes. IBM, for instance, has also experimented with other DLTs such as Hedera Hashgraph, and also with the Stellar blockchain, but the vast majority of Big Blue’s blockchain efforts are focused on Hyperledger Fabric, which is the basis of the IBM Blockchain Platform. Story continues “While there’s some sort of tribalism within the blockchain community, it’s not so in the broader technology community,” said Cooper. “They’re not tribal, they want to see if they can deliver for clients. And if they can, the flavor of blockchain is not a concern for them.” Related: Block.one Debuts Big-Business Version of EOSIO Blockchain R3, while also being a member of Hyperledger, is known to be a scrappy contender when it comes to closing commercial transactions. New era Times have changed, said HACERA CEO Jonathan Levi, one of the original engineers working on Hyperledger. The market is moving very fast, and these business networks are becoming specialized, he said. “R3’s decision to leave the table and to build their own ecosystem on one framework, helped them move a lot faster,” said Levi, referring to the early days with IBM, Intel, Cisco, R3, Digital Asset and others around the engineering whiteboard back in 2016. “This is a great moment for our friends R3 and the Corda ecosystem, and for some of IBM’s customers who rely on mainframes,” he added. “I believe that we will see more multi-party systems that rely on open standards and provide more optionality and security by having multiple vendors involved.” Hyperledger Executive Director Brian Behlendorf said that IBM’s services unit offering support for R3’s product is not unlike its support for Oracle databases or Microsoft operating systems. “This is yet one more example of what we’ve been saying since our inception, which is that the enterprise blockchain space is really big and will continue to be served by more than one protocol,” Behlendorf told CoinDesk via email. There is support for Corda in four different Hyperledger projects, said Behlendorf, pointing specifically to Hyperledger’s interoperability layer, Cactus, which offers an integration toolkit between Hyperledger Fabric, Corda, Quorum and Hyperledger Besu-based networks. “Congrats to R3 for their continued commercial success, it helps all of us in the enterprise blockchain space,” Behlendorf said. Related Stories IBM-R3 Pact Shows Tech Trumps Tribe in Enterprise Blockchain IBM-R3 Pact Shows Tech Trumps Tribe in Enterprise Blockchain || IBM-R3 Pact Shows Tech Trumps Tribe in Enterprise Blockchain: News this week that R3 and IBM areworking togetherraised eyebrows, because each entity has been on different and competing sides since the early days of enterprise blockchain.
From next month, the commercial version of Corda (the version big banks and the like are paying R3 for) will be made available via IBM’s LinuxOne servers, delivering a hybrid of on-premise and cloud offerings. R3 announced the news at its annual developer conference,CordaCon.
Blockchain tribalism – R3’s Corda competes with Hyperledger Fabric, the enterprise blockchain heavily backed by IBM – has been put aside in favor of commercial sense, it seems. IBM’s LinuxOne business is far bigger than its nascent blockchain concern, while many large banks that have vendor relationships with IBM use Corda.
Related:R3 Corda Network Set to Go DeFi With XDC Digital Currency
“This started an interesting conversation in IBM, where LinuxOne came to us and said they wanted to work with us,” Charley Cooper, managing director at R3, said in an interview. “If you’re a highly complex, heavily regulated industry, and you want the best technology but you want the name brands to take to your risk manager to say, ‘Trust us, we’re picking the best vendors,’ now they’ve got the best of both worlds.”
The enterprise blockchain space, which attempts to retrofit Bitcoin’s distributed ledger technology within the private settings of big companies,has evolvedinto three broadly separate camps: R3 Corda, Hyperledger and enterprise variants of Ethereum such asQuorum.
There has beensome crossoverbetween these tribes. IBM, for instance, has also experimented with other DLTs such as Hedera Hashgraph, and also with the Stellar blockchain, but the vast majority of Big Blue’s blockchain efforts are focused on Hyperledger Fabric, which is the basis of the IBM Blockchain Platform.
“While there’s some sort of tribalism within the blockchain community, it’s not so in the broader technology community,” said Cooper. “They’re not tribal, they want to see if they can deliver for clients. And if they can, the flavor of blockchain is not a concern for them.”
Related:Block.one Debuts Big-Business Version of EOSIO Blockchain
R3, while also being a member of Hyperledger, isknown to be a scrappy contenderwhen it comes to closing commercial transactions.
Times have changed, said HACERA CEO Jonathan Levi, one of the original engineers working on Hyperledger. The market is moving very fast, and these business networks are becoming specialized, he said.
“R3’s decision to leave the table and to build their own ecosystem on one framework, helped them move a lot faster,” said Levi, referring to the early days with IBM, Intel, Cisco, R3, Digital Asset and others around the engineering whiteboard back in 2016.
“This is a great moment for our friends R3 and the Corda ecosystem, and for some of IBM’s customers who rely on mainframes,” he added. “I believe that we will see more multi-party systems that rely on open standards and provide more optionality and security by having multiple vendors involved.”
Hyperledger Executive Director Brian Behlendorf said that IBM’s services unit offering support for R3’s product is not unlike its support for Oracle databases or Microsoft operating systems.
“This is yet one more example of what we’ve been saying since our inception, which is that the enterprise blockchain space is really big and will continue to be served by more than one protocol,” Behlendorf told CoinDesk via email.
There is support for Corda in four different Hyperledger projects, said Behlendorf, pointing specifically to Hyperledger’s interoperability layer, Cactus, which offers an integration toolkit between Hyperledger Fabric, Corda, Quorum and Hyperledger Besu-based networks.
“Congrats to R3 for their continued commercial success, it helps all of us in the enterprise blockchain space,” Behlendorf said.
• IBM-R3 Pact Shows Tech Trumps Tribe in Enterprise Blockchain
• IBM-R3 Pact Shows Tech Trumps Tribe in Enterprise Blockchain || Market Wrap: Bitcoin Pulls Back From $13K While Ether Falls on DeFi Cooling: Bitcoin has pulled back from 2020’s highs while ether slips as DeFi cools off.
• Bitcoin (BTC) trading around $12,919.97 as of 20:00 UTC (4 p.m. ET). Slipping 1.36% over the previous 24 hours.
• Bitcoin’s 24-hour range: $12,731.06-$13,192.25.
Bitcoin’s price had a minor pullback Friday after hitting fresh new 2020 highs that put it above $13,000 in the past week. However, analysts and traders said they were not surprised at all by the recent moves.
Read More:Active Bitcoin Addresses at Highest Since 2017’s $20K Price Record
Related:First Mover: Bitcoin Steady Over $13K as JPMorgan Has Eureka! Moment
An immediate sell-off by long-time bitcoin holders when prices hovered around $13,000 could be why bitcoin struggled to maintain its rally, according to on-chain data site Santiment.
Bitcoin’s dormant circulation, which tracks the activity of bitcoin that were previously unmoved for at least one year, has recorded the biggest spike since Feb. 7, 2020, Santiment’s data shows.
“A renewed activity of long-term BTC investors often means increased price volatility up ahead,” Dino Ibisbegovic, market analyst at Santiment, told CoinDesk. “Similar spikes – particularly during price rallies – have typically earmarked periods of price consolidation or short-term corrections in the past.”
Darius Sit, founder of Singapore-based QCP Capital, told CoinDesk the market may expect further pullback over the weekend, noting that theTD Sequentialindicator has been able to signal a reversal for bitcoin prices.
Related:Number of Bitcoin 'Whale' Addresses at Highest Since Autumn 2016
On the other hand, growing open options interest may support a pricing floor for bitcoin above $12,500, said Guy Hirsch, managing director of U.S. for eToro, in an email to CoinDesk.
“That price point has long been seen as the glass ceiling that needed to break for BTC to make any significant moves upward,” Hirsch said. “Given the positive sentiment off the back of yesterday’sPayPal news, I would not be surprised to see bitcoin challenged and move back past $13,000 in the near future.”
Additionally, significant institutional interest in cryptocurrency has continued to grow. That is evidenced by the fact that this week the tCME, an exchange predominantly led by institutional participation, has surpassed both Binance and BitMEX to be the second-largest bitcoin futures platform by number of open contracts.
Read More:CME’s Rise in Bitcoin Futures Rankings Signals Growing Institutional Interest
“The PayPal news is the bright and shiny object this week, but it is just the tip of the iceberg,” Matt Hougan, global head of research at Bitwise Asset Management, told CoinDesk. “Behind the scenes there has been a sea change in the attitudes of institutional investors, broker-dealers and financial advisers toward crypto in the past few months.”
“We’re in a legitimate bull market right now,” he added.
The second-largest cryptocurrency by market capitalization,ether(ETH), was down Friday trading around $409.05 and slipping 1.78% in 24 hours as of 20:00 UTC (4:00 p.m. ET).
Priced in bitcoin, the token started to reverse some of the gains made mid-Thursday when ETH/BTC spiked 4% in two hours, down 2% from the daily high and trading at 0.0317 BTC per ether and continuing the downward trend since the week’s open for bitcoin-based trading pair.
Ether’s decline against bitcoin may signal a continued cooling of alternate cryptocurrencies (altcoins). Taking toTwitter, leading markets data provider Skew noted ether’s downward trend, asking rhetorically, “Altseason on pause?”
Decentralized finance (DeFi) led the summer’s surge in altcoin returns, and plummeting decentralized exchange (DEX) trading volumes corroborate a potentially significant waning of speculative interest in altcoins, especially DeFi-focused assets. The 30-day trailing volume for leading DEXs is down 41%, according to data from Dune Analytics.
Digital assets on theCoinDesk 20are all red Friday. The bigger losers as of 20:00 UTC (4:00 p.m. ET):
• Zcash (ZEC) – 6.16%
• Dash (DASH) – 5.46%
• XRP (XRP) – 4.09%
Read More:Five On-Chain Indicators Investors Should Follow: Chainalysis
Equities:
• The Nikkei 225 in Asia closed up 0.18% afterthe final U.S. presidential debate between Donald Trump and Joe Biden ended up much less chaotic compared with the first debate.
• The FTSE 100 also ended the day in the green 1.29% asBarclays beat market expectations by logging a strong third-quarter profit.
• In the United States the S&P 500 gained 0.34% asinvestors continue to focus on the econonic stimulus negotiations in Washington, D.C.
Commodities:
• Oil was down 2.13%. Price per barrel of West Texas Intermediate crude: $39.482.
• Gold was in the red 0.03% and at $1902.97 as of press time.
Treasurys:
• U.S. Treasury bond yields went down Friday. Ten-year yields, which move in the opposite direction as price, were down to 0.85.
• Market Wrap: Bitcoin Pulls Back From $13K While Ether Falls on DeFi Cooling
• Market Wrap: Bitcoin Pulls Back From $13K While Ether Falls on DeFi Cooling || Market Wrap: Bitcoin Pulls Back From $13K While Ether Falls on DeFi Cooling: Bitcoin has pulled back from 2020’s highs while ether slips as DeFi cools off. Bitcoin ( BTC ) trading around $12,919.97 as of 20:00 UTC (4 p.m. ET). Slipping 1.36% over the previous 24 hours. Bitcoin’s 24-hour range: $12,731.06-$13,192.25. Bitcoin’s price had a minor pullback Friday after hitting fresh new 2020 highs that put it above $13,000 in the past week. However, analysts and traders said they were not surprised at all by the recent moves. Read More: Active Bitcoin Addresses at Highest Since 2017’s $20K Price Record Related: First Mover: Bitcoin Steady Over $13K as JPMorgan Has Eureka! Moment An immediate sell-off by long-time bitcoin holders when prices hovered around $13,000 could be why bitcoin struggled to maintain its rally, according to on-chain data site Santiment. Bitcoin’s dormant circulation, which tracks the activity of bitcoin that were previously unmoved for at least one year, has recorded the biggest spike since Feb. 7, 2020, Santiment’s data shows. “A renewed activity of long-term BTC investors often means increased price volatility up ahead,” Dino Ibisbegovic, market analyst at Santiment, told CoinDesk. “Similar spikes – particularly during price rallies – have typically earmarked periods of price consolidation or short-term corrections in the past.” Darius Sit, founder of Singapore-based QCP Capital, told CoinDesk the market may expect further pullback over the weekend, noting that the TD Sequential indicator has been able to signal a reversal for bitcoin prices. Related: Number of Bitcoin 'Whale' Addresses at Highest Since Autumn 2016 On the other hand, growing open options interest may support a pricing floor for bitcoin above $12,500, said Guy Hirsch, managing director of U.S. for eToro, in an email to CoinDesk. “That price point has long been seen as the glass ceiling that needed to break for BTC to make any significant moves upward,” Hirsch said. “Given the positive sentiment off the back of yesterday’s PayPal news , I would not be surprised to see bitcoin challenged and move back past $13,000 in the near future.” Story continues Additionally, significant institutional interest in cryptocurrency has continued to grow. That is evidenced by the fact that this week the tCME, an exchange predominantly led by institutional participation, has surpassed both Binance and BitMEX to be the second-largest bitcoin futures platform by number of open contracts. Read More: CME’s Rise in Bitcoin Futures Rankings Signals Growing Institutional Interest “The PayPal news is the bright and shiny object this week, but it is just the tip of the iceberg,” Matt Hougan, global head of research at Bitwise Asset Management, told CoinDesk. “Behind the scenes there has been a sea change in the attitudes of institutional investors, broker-dealers and financial advisers toward crypto in the past few months.” “We’re in a legitimate bull market right now,” he added. Ether slips as DeFi cools off The second-largest cryptocurrency by market capitalization, ether (ETH), was down Friday trading around $409.05 and slipping 1.78% in 24 hours as of 20:00 UTC (4:00 p.m. ET). Priced in bitcoin, the token started to reverse some of the gains made mid-Thursday when ETH/BTC spiked 4% in two hours, down 2% from the daily high and trading at 0.0317 BTC per ether and continuing the downward trend since the week’s open for bitcoin-based trading pair. Ether’s decline against bitcoin may signal a continued cooling of alternate cryptocurrencies (altcoins). Taking to Twitter , leading markets data provider Skew noted ether’s downward trend, asking rhetorically, “Altseason on pause?” Decentralized finance (DeFi) led the summer’s surge in altcoin returns, and plummeting decentralized exchange (DEX) trading volumes corroborate a potentially significant waning of speculative interest in altcoins, especially DeFi-focused assets. The 30-day trailing volume for leading DEXs is down 41%, according to data from Dune Analytics. Other markets Digital assets on the CoinDesk 20 are all red Friday. The bigger losers as of 20:00 UTC (4:00 p.m. ET): Zcash ( ZEC ) – 6.16% Dash ( DASH ) – 5.46% XRP ( XRP ) – 4.09% Read More: Five On-Chain Indicators Investors Should Follow: Chainalysis Equities: The Nikkei 225 in Asia closed up 0.18% after the final U.S. presidential debate between Donald Trump and Joe Biden ended up much less chaotic compared with the first debate. The FTSE 100 also ended the day in the green 1.29% as Barclays beat market expectations by logging a strong third-quarter profit. In the United States the S&P 500 gained 0.34% as investors continue to focus on the econonic stimulus negotiations in Washington, D.C. Commodities: Oil was down 2.13%. Price per barrel of West Texas Intermediate crude: $39.482. Gold was in the red 0.03% and at $1902.97 as of press time. Treasurys: U.S. Treasury bond yields went down Friday. Ten-year yields, which move in the opposite direction as price, were down to 0.85. Related Stories Market Wrap: Bitcoin Pulls Back From $13K While Ether Falls on DeFi Cooling Market Wrap: Bitcoin Pulls Back From $13K While Ether Falls on DeFi Cooling || Market Wrap: Bitcoin Pulls Back From $13K While Ether Falls on DeFi Cooling: Bitcoin has pulled back from 2020’s highs while ether slips as DeFi cools off.
• Bitcoin (BTC) trading around $12,919.97 as of 20:00 UTC (4 p.m. ET). Slipping 1.36% over the previous 24 hours.
• Bitcoin’s 24-hour range: $12,731.06-$13,192.25.
Bitcoin’s price had a minor pullback Friday after hitting fresh new 2020 highs that put it above $13,000 in the past week. However, analysts and traders said they were not surprised at all by the recent moves.
Read More:Active Bitcoin Addresses at Highest Since 2017’s $20K Price Record
Related:First Mover: Bitcoin Steady Over $13K as JPMorgan Has Eureka! Moment
An immediate sell-off by long-time bitcoin holders when prices hovered around $13,000 could be why bitcoin struggled to maintain its rally, according to on-chain data site Santiment.
Bitcoin’s dormant circulation, which tracks the activity of bitcoin that were previously unmoved for at least one year, has recorded the biggest spike since Feb. 7, 2020, Santiment’s data shows.
“A renewed activity of long-term BTC investors often means increased price volatility up ahead,” Dino Ibisbegovic, market analyst at Santiment, told CoinDesk. “Similar spikes – particularly during price rallies – have typically earmarked periods of price consolidation or short-term corrections in the past.”
Darius Sit, founder of Singapore-based QCP Capital, told CoinDesk the market may expect further pullback over the weekend, noting that theTD Sequentialindicator has been able to signal a reversal for bitcoin prices.
Related:Number of Bitcoin 'Whale' Addresses at Highest Since Autumn 2016
On the other hand, growing open options interest may support a pricing floor for bitcoin above $12,500, said Guy Hirsch, managing director of U.S. for eToro, in an email to CoinDesk.
“That price point has long been seen as the glass ceiling that needed to break for BTC to make any significant moves upward,” Hirsch said. “Given the positive sentiment off the back of yesterday’sPayPal news, I would not be surprised to see bitcoin challenged and move back past $13,000 in the near future.”
Additionally, significant institutional interest in cryptocurrency has continued to grow. That is evidenced by the fact that this week the tCME, an exchange predominantly led by institutional participation, has surpassed both Binance and BitMEX to be the second-largest bitcoin futures platform by number of open contracts.
Read More:CME’s Rise in Bitcoin Futures Rankings Signals Growing Institutional Interest
“The PayPal news is the bright and shiny object this week, but it is just the tip of the iceberg,” Matt Hougan, global head of research at Bitwise Asset Management, told CoinDesk. “Behind the scenes there has been a sea change in the attitudes of institutional investors, broker-dealers and financial advisers toward crypto in the past few months.”
“We’re in a legitimate bull market right now,” he added.
The second-largest cryptocurrency by market capitalization,ether(ETH), was down Friday trading around $409.05 and slipping 1.78% in 24 hours as of 20:00 UTC (4:00 p.m. ET).
Priced in bitcoin, the token started to reverse some of the gains made mid-Thursday when ETH/BTC spiked 4% in two hours, down 2% from the daily high and trading at 0.0317 BTC per ether and continuing the downward trend since the week’s open for bitcoin-based trading pair.
Ether’s decline against bitcoin may signal a continued cooling of alternate cryptocurrencies (altcoins). Taking toTwitter, leading markets data provider Skew noted ether’s downward trend, asking rhetorically, “Altseason on pause?”
Decentralized finance (DeFi) led the summer’s surge in altcoin returns, and plummeting decentralized exchange (DEX) trading volumes corroborate a potentially significant waning of speculative interest in altcoins, especially DeFi-focused assets. The 30-day trailing volume for leading DEXs is down 41%, according to data from Dune Analytics.
Digital assets on theCoinDesk 20are all red Friday. The bigger losers as of 20:00 UTC (4:00 p.m. ET):
• Zcash (ZEC) – 6.16%
• Dash (DASH) – 5.46%
• XRP (XRP) – 4.09%
Read More:Five On-Chain Indicators Investors Should Follow: Chainalysis
Equities:
• The Nikkei 225 in Asia closed up 0.18% afterthe final U.S. presidential debate between Donald Trump and Joe Biden ended up much less chaotic compared with the first debate.
• The FTSE 100 also ended the day in the green 1.29% asBarclays beat market expectations by logging a strong third-quarter profit.
• In the United States the S&P 500 gained 0.34% asinvestors continue to focus on the econonic stimulus negotiations in Washington, D.C.
Commodities:
• Oil was down 2.13%. Price per barrel of West Texas Intermediate crude: $39.482.
• Gold was in the red 0.03% and at $1902.97 as of press time.
Treasurys:
• U.S. Treasury bond yields went down Friday. Ten-year yields, which move in the opposite direction as price, were down to 0.85.
• Market Wrap: Bitcoin Pulls Back From $13K While Ether Falls on DeFi Cooling
• Market Wrap: Bitcoin Pulls Back From $13K While Ether Falls on DeFi Cooling || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / October 23, 2020 /ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD).
Real-Time Market Data is available atwww.alt5pro.comand Real-Time Market Data feed is also available atwww.alt5sigma.comALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH
[["Digital Asset", "Pair", "Price", "24hr Chg", "7d Chg", "24/hr Volume", "MarketCap"], ["Bitcoin", "BTC/USD", "$12,905.52", "-$0.01", "$0.14", "$30,943 M", "$239,074 M"], ["Ethereum", "ETH/USD", "$409.34", "-$0.02", "$0.11", "$14,069 M", "$46,308 M"], ["XRP", "XRP/USD", "$0.25", "-$0.03", "$0.05", "$2,436 M", "$11,483 M"], ["Bitcoin Cash", "BCH/USD", "$269.96", "$0.00", "$0.07", "$2,990 M", "$5,008 M"], ["Litecoin", "LTC/USD", "$55.57", "$0.01", "$0.17", "$3,734 M", "$3,652 M"], ["Bitcoin SV", "BSV/USD", "$164.54", "-$0.04", "$0.02", "$1,115 M", "$3,052 M"], ["EOS", "EOS/USD", "$2.64", "-$0.02", "$0.04", "$2,111 M", "$2,473 M"], ["Monero", "XMR/USD", "$125.52", "-$0.02", "$0.04", "$827 M", "$2,226 M"], ["Stellar", "XLM/USD", "$0.08", "-$0.02", "$0.11", "$163 M", "$1,755 M"], ["Dash", "DASH/USD", "$72.13", "-$0.05", "$0.09", "$385 M", "$705 M"], ["WWW.ALT5SIGMA.COM", "WWW.ALT5PRO.COM", "WWW.ALT5PAY.COM"]]
About ALT 5 Sigma Inc.
ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance.
ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers.
ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services.
For more information, visitwww.alt5sigma.com.
Contact:
Andre BeauchesneTel. [email protected]
For more information on ALT 5 Pay, visitwww.alt5pay.comFor more information on ALT 5 Pro, visitwww.alt5pro.com
SOURCE:ALT 5 Sigma Inc.
View source version on accesswire.com:https://www.accesswire.com/612000/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / October 23, 2020 / ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD). Real-Time Market Data is available at www.alt5pro.com and Real-Time Market Data feed is also available at www.alt5sigma.com ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH ALT5 Market Summary Friday, October 23 2020 at 4:02 PM Digital Asset Pair Price 24hr Chg 7d Chg 24/hr Volume MarketCap Bitcoin BTC/USD $12,905.52 -$0.01 $0.14 $30,943 M $239,074 M Ethereum ETH/USD $409.34 -$0.02 $0.11 $14,069 M $46,308 M XRP XRP/USD $0.25 -$0.03 $0.05 $2,436 M $11,483 M Bitcoin Cash BCH/USD $269.96 $0.00 $0.07 $2,990 M $5,008 M Litecoin LTC/USD $55.57 $0.01 $0.17 $3,734 M $3,652 M Bitcoin SV BSV/USD $164.54 -$0.04 $0.02 $1,115 M $3,052 M EOS EOS/USD $2.64 -$0.02 $0.04 $2,111 M $2,473 M Monero XMR/USD $125.52 -$0.02 $0.04 $827 M $2,226 M Stellar XLM/USD $0.08 -$0.02 $0.11 $163 M $1,755 M Dash DASH/USD $72.13 -$0.05 $0.09 $385 M $705 M WWW.ALT5SIGMA.COM WWW.ALT5PRO.COM WWW.ALT5PAY.COM About ALT 5 Sigma Inc. ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance. ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers. ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services. Story continues For more information, visit www.alt5sigma.com . Contact: Andre Beauchesne Tel. 1-800-204-6203 [email protected] For more information on ALT 5 Pay, visit www.alt5pay.com For more information on ALT 5 Pro, visit www.alt5pro.com SOURCE: ALT 5 Sigma Inc. View source version on accesswire.com: https://www.accesswire.com/612000/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / October 23, 2020 /ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD).
Real-Time Market Data is available atwww.alt5pro.comand Real-Time Market Data feed is also available atwww.alt5sigma.comALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH
[["Digital Asset", "Pair", "Price", "24hr Chg", "7d Chg", "24/hr Volume", "MarketCap"], ["Bitcoin", "BTC/USD", "$12,905.52", "-$0.01", "$0.14", "$30,943 M", "$239,074 M"], ["Ethereum", "ETH/USD", "$409.34", "-$0.02", "$0.11", "$14,069 M", "$46,308 M"], ["XRP", "XRP/USD", "$0.25", "-$0.03", "$0.05", "$2,436 M", "$11,483 M"], ["Bitcoin Cash", "BCH/USD", "$269.96", "$0.00", "$0.07", "$2,990 M", "$5,008 M"], ["Litecoin", "LTC/USD", "$55.57", "$0.01", "$0.17", "$3,734 M", "$3,652 M"], ["Bitcoin SV", "BSV/USD", "$164.54", "-$0.04", "$0.02", "$1,115 M", "$3,052 M"], ["EOS", "EOS/USD", "$2.64", "-$0.02", "$0.04", "$2,111 M", "$2,473 M"], ["Monero", "XMR/USD", "$125.52", "-$0.02", "$0.04", "$827 M", "$2,226 M"], ["Stellar", "XLM/USD", "$0.08", "-$0.02", "$0.11", "$163 M", "$1,755 M"], ["Dash", "DASH/USD", "$72.13", "-$0.05", "$0.09", "$385 M", "$705 M"], ["WWW.ALT5SIGMA.COM", "WWW.ALT5PRO.COM", "WWW.ALT5PAY.COM"]]
About ALT 5 Sigma Inc.
ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance.
ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers.
ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services.
For more information, visitwww.alt5sigma.com.
Contact:
Andre BeauchesneTel. [email protected]
For more information on ALT 5 Pay, visitwww.alt5pay.comFor more information on ALT 5 Pro, visitwww.alt5pro.com
SOURCE:ALT 5 Sigma Inc.
View source version on accesswire.com:https://www.accesswire.com/612000/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || Ethereum 2.0 Deposit Contract Release Kicked Back Until November: The Ethereum 2.0 deposit contract is a few weeks away at least, according to Ethereum Foundation researcher Danny Ryan. Speaking Thursday on the Bankless podcast , Ryan said the deposit contract wont go live until it receives a thumbs up on an audit of a critical crypto library, BLST, performed by cryptography audit firm NCC Group. This library is critical to creating keys, signing messages. Critical, in early phases, [means] that if you use this library, they need to be secure; if you use it to generate your wallets, it needs to have good randomness; and if you are signing your deposits which have a signature associated, it needs to be correct, Ryan said. Given that how critical this library is, and given that, if there is a fundamental error in this library we could f*ck some sh*t up in terms of genesis deposits, that is the blocker, he said. Related: Market Wrap: Bitcoin Pulls Back From $13K While Ether Falls on DeFi Cooling Read more: Validators Drop Off Ethereum 2.0 Testnets as Mainnet Release Looms Ethereum 2.0 core researchers are now expecting the deposit contract a one-way Ethereum smart contract that holds staked ether (ETH) necessary for securing the new Proof-of-Stake (PoS) network to be released in early to mid-November pending the audits findings, Ryan said. Ryan said researchers are still eyeing 2020 for the genesis block of the Beacon chain. The new date comes after multiple client teams who spoke with CoinDesk signaled expectations for an October release of the deposit contract. Related Stories Ethereum 2.0 Deposit Contract Release Kicked Back Until November Ethereum 2.0 Deposit Contract Release Kicked Back Until November Ethereum 2.0 Deposit Contract Release Kicked Back Until November || Ethereum 2.0 Deposit Contract Release Kicked Back Until November: The Ethereum 2.0 deposit contract is a few weeks away at least, according to Ethereum Foundation researcher Danny Ryan.
Speaking Thursday on theBankless podcast, Ryan said the deposit contract won’t go live until it receives a thumbs up on an audit of a critical crypto library, BLST, performed by cryptography audit firm NCC Group.
“This library is critical to creating keys, signing messages. Critical, in early phases, [means] that if you use this library, they need to be secure; if you use it to generate your wallets, it needs to have good randomness; and if you are signing your deposits which have a signature associated, it needs to be correct,” Ryan said.“Given that how critical this library is, and given that, if there is a fundamental error in this library we could f*ck some sh*t up in terms of genesis deposits, that is the blocker,” he said.
Related:Market Wrap: Bitcoin Pulls Back From $13K While Ether Falls on DeFi Cooling
Read more:Validators Drop Off Ethereum 2.0 Testnets as Mainnet Release Looms
Ethereum 2.0 core researchers are now expecting the deposit contract – a one-way Ethereum smart contract that holds stakedether(ETH) necessary for securing the new Proof-of-Stake (PoS) network – to be released in early to mid-November pending the audit’s findings, Ryan said.
Ryan said researchers are still eyeing 2020 for the genesis block of the Beacon chain.
The new date comes aftermultiple client teamswho spoke with CoinDesk signaled expectations for an October release of the deposit contract.
• Ethereum 2.0 Deposit Contract Release Kicked Back Until November
• Ethereum 2.0 Deposit Contract Release Kicked Back Until November
• Ethereum 2.0 Deposit Contract Release Kicked Back Until November || FBI Investigated Extortion Attempt Over Allegedly Negative Ripple Videos: Ripple Labs, the digital asset payment service provider tied toXRP, one of the five largest cryptocurrencies, was blackmailed at the height of crypto mania three years ago, CoinDesk has learned.
Documents obtained by CoinDesk through a Freedom of Information Act request show an unidentified individual emailed Ripple on Oct. 19, 2017, demanding 5 million XRP – then worth $1.1 million – in exchange for withholding videos it claimed portrayed the company in a negative light.
The Federal Bureau of Investigation’s (FBI) San Francisco and Canberra, Australia, offices investigated the extortion attempt from Oct. 23, 2017, to April 20, 2018, according to the documents, which do not describe the content in the videos or whether Ripple paid the 5 million XRP.
Related:Tether Froze $300K of Stablecoin Hacked After Victims Left Wallet Keys in Evernote
The case was closed after there was trouble tracking the extortionist down with just an email address, Internet service provider information and an IP address, a computer or a smartphone’s online fingerprint, the documents say.
Asked about the videos and payment request by CoinDesk, Ripple did not respond by press time and the FBI declined to comment.
The privately held company, co-founded in 2012 by Chris Larsen and Jed McCaleb, the competing Stellar virtual currency’s founder, is eyeing aninitial public offeringand was the subject of intense market speculation two years ago when the prices of XRP andbitcoin(BTC) shot up in tandem to historic highs.
The market frenzy put targets on the backs of high-profile cryptocurrency companies in 2018, arecord-breaking year for exchange hacksand other crimes victimizing them.
Related:Ken Kurson, Trump Family Friend and Ripple Board Member, Arrested on Cyberstalking Charge: Report
Ripple is funded by Andreesen Horowitz, Google Ventures, Lightspeed Venture Partners, Pantera Capital, Accenture, CME Group and IDG Capital plus banks that have layered apps on top of its payment protocol including Santander, SBI Holdings and Standard Chartered.
Correction (Oct. 23, 20:30 UTC):Changes name of Ripple co-founder to Chris Larsen
• FBI Investigated Extortion Attempt Over Allegedly Negative Ripple Videos
• FBI Investigated Extortion Attempt Over Allegedly Negative Ripple Videos || FBI Investigated Extortion Attempt Over Allegedly Negative Ripple Videos: Ripple Labs, the digital asset payment service provider tied to XRP , one of the five largest cryptocurrencies, was blackmailed at the height of crypto mania three years ago, CoinDesk has learned. Documents obtained by CoinDesk through a Freedom of Information Act request show an unidentified individual emailed Ripple on Oct. 19, 2017, demanding 5 million XRP then worth $1.1 million in exchange for withholding videos it claimed portrayed the company in a negative light. The Federal Bureau of Investigations (FBI) San Francisco and Canberra, Australia, offices investigated the extortion attempt from Oct. 23, 2017, to April 20, 2018, according to the documents, which do not describe the content in the videos or whether Ripple paid the 5 million XRP. Related: Tether Froze $300K of Stablecoin Hacked After Victims Left Wallet Keys in Evernote The case was closed after there was trouble tracking the extortionist down with just an email address, Internet service provider information and an IP address, a computer or a smartphones online fingerprint, the documents say. Asked about the videos and payment request by CoinDesk, Ripple did not respond by press time and the FBI declined to comment. The privately held company, co-founded in 2012 by Chris Larsen and Jed McCaleb, the competing Stellar virtual currencys founder, is eyeing an initial public offering and was the subject of intense market speculation two years ago when the prices of XRP and bitcoin (BTC) shot up in tandem to historic highs. The market frenzy put targets on the backs of high-profile cryptocurrency companies in 2018, a record-breaking year for exchange hacks and other crimes victimizing them. Related: Ken Kurson, Trump Family Friend and Ripple Board Member, Arrested on Cyberstalking Charge: Report Ripple is funded by Andreesen Horowitz, Google Ventures, Lightspeed Venture Partners, Pantera Capital, Accenture, CME Group and IDG Capital plus banks that have layered apps on top of its payment protocol including Santander, SBI Holdings and Standard Chartered. Story continues Correction (Oct. 23, 20:30 UTC): Changes name of Ripple co-founder to Chris Larsen Related Stories FBI Investigated Extortion Attempt Over Allegedly Negative Ripple Videos FBI Investigated Extortion Attempt Over Allegedly Negative Ripple Videos || Expensify CEO Emails 10 Million Customers Urging Them to Vote for Biden: (Bloomberg) -- Silicon Valley companies are loudly divided over whether politics belongs in the workplace. On Thursday, one of the largest providers of expense account software sent a plea to all of its customers urging them to vote for Joe Biden, injecting politics into 100,000 businesses that use Expensify Inc.’s tools. The plan incited strong debate within the San Francisco-based company, and some employees disagreed with the gesture, said David Barrett, the chief executive officer. But he pressed ahead and sent the Biden email to all 10 million people who use Expensify software, he said. “We needed to stand true for what we believe in and hope that most people agree with us,” Barrett said in an interview. “It’s not like we did this with a lot of enthusiasm. We did this out of a perceived necessity.” In the email to customers, Barrett wrote, “Anything less than a vote for Biden is a vote against democracy.” If President Donald Trump were reelected, Barrett wrote, it would “damage our democracy to such an extent, I’m obligated on behalf of shareholders to take any action I can to avoid it.” Barrett suggested a Trump victory would stoke civil unrest. “Not many expense reports get filed during a civil war.” Technology news website Protocol earlier reported on the email. Tech workers have made political activism a common part of office life in Silicon Valley over the last few years. But in recent weeks, a counter-movement has emerged from startup executives led by Brian Armstrong, the CEO of Coinbase Inc., which operates an online exchange for Bitcoin and other cryptocurrencies. Armstrong said last month that Coinbase employees would be barred from advocating for any causes or candidates and offered severance packages to those who refused. About 60 workers took the buyout. Armstrong’s stance drew support from some in the tech world, as well as sharp rebukes from the likes of Jack Dorsey and Dick Costolo, the current and former CEOs of Twitter Inc. The move by Coinbase, according to Barrett, was “just very cowardly.” Story continues “All evil needs is for good people to stand aside,” Barrett said. “Not standing for anything means you’re standing for the status quo.” His actions may strengthen a widely held view among many Republicans of an anti-conservative bias within tech companies. Barrett, a Michigan native, started Expensify in 2008. The company competes with SAP SE’s Concur, the largest corporate travel and expense provider. Expensify is backed by Redpoint Ventures and other venture capital firms. Earlier this year, Expensify joined a corporate show of support for the Black Lives Matter movement by blacking out its homepage. Many customers backed the gesture, Barrett said, but some threatened to take their business elsewhere. “Some people do leave,” he said. “Most don’t.” When Barrett proposed sending the email in support of Biden to Expensify employees, some challenged assertions in his draft and offered their own fact checks in the company’s Slack chatroom. Workers also raised concerns about the repercussions for the business. Barrett recalled the discussion going like this: “We have 100,000 customers. How many of those are just going to freak out about this? How many of our users are going to be upset?” In the first few hours after the email went out, the company received a mix of positive and negative feedback from customers, Barrett said. So far, he said, none of his employees have quit over it. (Updates with analysis in the seventh paragraph.) For more articles like this, please visit us at bloomberg.com Subscribe now to stay ahead with the most trusted business news source. ©2020 Bloomberg L.P. || Expensify CEO Emails 10 Million Customers Urging Them to Vote for Biden: (Bloomberg) -- Silicon Valley companies are loudly divided over whether politics belongs in the workplace. On Thursday, one of the largest providers of expense account software sent a plea to all of its customers urging them to vote for Joe Biden, injecting politics into 100,000 businesses that use Expensify Inc.’s tools.
The plan incited strong debate within the San Francisco-based company, and some employees disagreed with the gesture, said David Barrett, the chief executive officer. But he pressed ahead and sent the Biden email to all 10 million people who use Expensify software, he said.
“We needed to stand true for what we believe in and hope that most people agree with us,” Barrett said in an interview. “It’s not like we did this with a lot of enthusiasm. We did this out of a perceived necessity.”
In the email to customers, Barrett wrote, “Anything less than a vote for Biden is a vote against democracy.” If President Donald Trump were reelected, Barrett wrote, it would “damage our democracy to such an extent, I’m obligated on behalf of shareholders to take any action I can to avoid it.” Barrett suggested a Trump victory would stoke civil unrest. “Not many expense reports get filed during a civil war.” Technology news website Protocol earlier reported on the email.
Tech workers have made political activism a common part of office life in Silicon Valley over the last few years. But in recent weeks, a counter-movement has emerged from startup executives led by Brian Armstrong, the CEO of Coinbase Inc., which operates an online exchange for Bitcoin and other cryptocurrencies. Armstrong said last month that Coinbase employees would be barred from advocating for any causes or candidates and offered severance packages to those who refused. About 60 workers took the buyout.
Armstrong’s stance drew support from some in the tech world, as well as sharp rebukes from the likes of Jack Dorsey and Dick Costolo, the current and former CEOs of Twitter Inc. The move by Coinbase, according to Barrett, was “just very cowardly.”
“All evil needs is for good people to stand aside,” Barrett said. “Not standing for anything means you’re standing for the status quo.” His actions may strengthen a widely held view among many Republicans of an anti-conservative bias within tech companies.
Barrett, a Michigan native, started Expensify in 2008. The company competes with SAP SE’s Concur, the largest corporate travel and expense provider. Expensify is backed by Redpoint Ventures and other venture capital firms.
Earlier this year, Expensify joined a corporate show of support for the Black Lives Matter movement by blacking out its homepage. Many customers backed the gesture, Barrett said, but some threatened to take their business elsewhere. “Some people do leave,” he said. “Most don’t.”
When Barrett proposed sending the email in support of Biden to Expensify employees, some challenged assertions in his draft and offered their own fact checks in the company’s Slack chatroom. Workers also raised concerns about the repercussions for the business. Barrett recalled the discussion going like this: “We have 100,000 customers. How many of those are just going to freak out about this? How many of our users are going to be upset?”
In the first few hours after the email went out, the company received a mix of positive and negative feedback from customers, Barrett said. So far, he said, none of his employees have quit over it.
(Updates with analysis in the seventh paragraph.)
For more articles like this, please visit us atbloomberg.com
Subscribe nowto stay ahead with the most trusted business news source.
©2020 Bloomberg L.P. || Blockchain Bites: China’s Tether Crackdown, CME’s Bustling Bitcoin Markets, Kin’s ‘Active Development’: Chinese officials are cracking down on tether trades. The CME bitcoin futures exchange is heating up, signalling institutional interest. And Kik’s kin token will continue development following a $5 million SEC settlement. Top shelf Ripple, across the pond Ripple CEO Brad Garlinghouse has given more insight on the company’s possible move away from the U.S., saying the legal status of the XRP cryptocurrency is key. Talking to CNBC Friday, Garlinghouse said his blockchain payments infrastructure company could potentially relocate to London, where the nation’s regulator “clarified” that XRP is not a security and is used like currency. Ripple is currently engaged in a U.S. legal dispute with investors who claim XRP is an illegally issued security. The Securities and Exchange Commission has not been clear on the issue. Switzerland, Singapore, Japan and the United Arab Emirates are also on the table for potential headquarters. Tether crackdown Chinese authorities, including the nation’s central bank, have arrested 77 suspects and shuttered three gambling sites said to have “whitewashed” illicit funds using the tether ( USDT ) stablecoin. Announced over WeChat, the PBoC’s Huizhou office said the suspects had laundered 120 million yuan ($17.95 million) obtained through illegal online gambling activity, in part through USDT. In July, several crypto over-the-counter (OTC) traders were detained in order to assist with state investigation efforts involving illegal economic activity. It is “illegal to open casinos and participate in gambling online,” the PBoC said. “Don’t be curious and lucky. Any ‘disguise’ can’t escape high-pressure supervision.” Related: Crypto Long & Short: Why the PayPal Rally Isn't What It Seems, and Why That’s OK Institutional interest The Chicago Mercantile Exchange (CME) has become the second-biggest bitcoin futures platform by number of open contracts, signaling institutional interest. As of Thursday, bitcoin futures contracts worth $790 million were open on the CME, according to data source Skew, topping 15% of the total global open interest. “The CME’s rise is predominantly led by institutional participation, as most entrants from that segment are prohibited from dealing in unregulated derivatives listed on retail platforms such as BitMEX and Binance,” said Matthew Dibb, co-founder of Stack Funds. This happens as rival options exchange BitMEX targets DeFi-focused futures listings, including yearn.finance (YFI). Story continues Whopping buy Grayscale Investments has added $300 million worth of cryptocurrencies to its balance sheet in a single day, CEO Barry Silbert tweeted late Thursday evening. The additional sum brings the total held under management to $7.3 billion. “The move comes at a time when the hype surrounding PayPal’s foray into the crypto markets has drawn additional attention from big-name investors including Paul Tudor Jones II,” CoinDesk’s Sebastian Sinclair reports, and follows on the digital asset manager’s best quarterly results to date announced last week. (Grayscale is CoinDesk’s sister firm, both owned by Digital Currency Group, of which Silbert is a founder.) Kicking back? Kik’s $5 million Securities and Exchange Commission settlement won’t kill kin, the non-profit behind the token announced. The “cloud of uncertainty has dissipated,” the Kin Foundation claimed in a blog post. With Kik’s remaining treasury and Kin’s reserves, project leaders intend to continue “active development” of the open-source Kin SDK, the new Code wallet and a switch to the Solana blockchain. The foundation also alleged the SEC isn’t considering Kin a security and the judge didn’t find the token in violation of securities laws. Therefore, Kin “should be free to trade on exchanges.” Most Influential 2020: Cast Your Vote 2020 has not been a good year by most metrics. There is no way to avoid this in a year-end retrospective. Related: First Mover: As Bitcoin Tops $13K, Analyst Explains How Blockchain Gives Clues on Next Move Every year, CoinDesk recognizes the “Most Influential” people working to expand cryptocurrency and blockchain’s reach. It’s a list of the 10 outsized individuals who have gone the furthest and done the most. In this most unusual year, we need your help determining who should be named as Most Influential. Check out the list of the top contenders and cast your vote by Oct. 31. Quick bites DOJ’s Crypto Framework Is ‘a Complete Disaster’ for Digital Privacy Rights (Nikhilesh De/CoinDesk) A Guide to Circles, the Project Bringing UBI and FOMO to Ethereum’s xDai Sidechain (Brady Dale/CoinDesk) Deadmau5 Livestream Kicks Off Audius Launch Event (Adriana Hamacher/Decrypt) Crypto firms have granted millions to Bitcoin developers in recent months. Here's why (Yogita Khatri/The Block) Aerospace marketplace VeriTX turns to Algorand to get its supply chain soaring (Adrian Zmudzinski/Modern Consensus) At stake What’s immaterial? In the buzz around PayPal’s announcement to extend crypto trading and transaction services to a third of a billion users, the fintech giant’s negative role in bringing bitcoin to national attention may have been elided. Last night, Bitcoin OG Jameson Lopp, tweeted , “9 years ago PayPal paved the way for proving Bitcoin’s value to the world when they shut down WikiLeaks’ account.” In what was called “potentially the most significant attack on WikiLeaks” at the time, PayPal, then one of the principle means of moving money online, froze the German foundation’s account. This action was a wake up call for some about the dangers of web censorship. Satoshi Nakamoto, when creating Bitcoin, had been thinking about financial freedom and the power that banks and payment processors have to revoke it, based on their own contingent, ever-changing and unequally-applied “terms of service.” Of course, some of Nakamoto’s last words to early Bitcoin advocates were to resist using bitcoin to fund Wikileaks. He thought the network was too young and fragile to incur the government and public scrutiny that would result from supporting a bank-blocked organization. It’s with some irony that PayPal has reentered the picture. As reported, the firm’s crypto services will be fully-custodial, fully-KYC’d and will fall under its terms of use. So why enter? CoinDesk’s Danny Nelson reported yesterday that Morgan Stanley analysts believe the cryptocurrency community will likely benefit more than PayPal’s bottom line from the services. The move “should expand crypto acceptance online, which to date has stalled at 1% of the top 500 internet retailers,” wrote the Morgan Stanley analysts. While the services will “likely [be] immaterial to earnings.” With rumor saying PayPal is also exploring purchases of cryptocurrency companies including bitcoin custodian BitGo, the question of what is good for crypto becomes more urgent. Who won #CryptoTwitter? Related Stories Blockchain Bites: China’s Tether Crackdown, CME’s Bustling Bitcoin Markets, Kin’s ‘Active Development’ Blockchain Bites: China’s Tether Crackdown, CME’s Bustling Bitcoin Markets, Kin’s ‘Active Development’ || Blockchain Bites: China’s Tether Crackdown, CME’s Bustling Bitcoin Markets, Kin’s ‘Active Development’: Chinese officials are cracking down on tether trades. The CME bitcoin futures exchange is heating up, signalling institutional interest. And Kik’s kin token will continue development following a $5 million SEC settlement.
Ripple, across the pondRipple CEO Brad Garlinghouse has given more insight on the company’spossible move away from the U.S.,saying the legal status of theXRPcryptocurrency is key. Talking to CNBC Friday, Garlinghouse said his blockchain payments infrastructure company could potentially relocate to London, where the nation’s regulator “clarified” that XRP is not a security and is used like currency. Ripple is currently engaged in a U.S. legal dispute with investors who claim XRP is an illegally issued security. The Securities and Exchange Commission has not been clear on the issue. Switzerland, Singapore, Japan and the United Arab Emirates are also on the table for potential headquarters.
Tether crackdownChinese authorities, including the nation’s central bank, have arrested 77 suspects and shuttered three gambling sites said to have“whitewashed” illicit funds using the tether(USDT) stablecoin. Announced over WeChat, the PBoC’s Huizhou office said the suspects had laundered 120 million yuan ($17.95 million) obtained through illegal online gambling activity, in part through USDT. In July, several crypto over-the-counter (OTC) traders were detained in order to assist with state investigation efforts involving illegal economic activity. It is “illegal to open casinos and participate in gambling online,” the PBoC said. “Don’t be curious and lucky. Any ‘disguise’ can’t escape high-pressure supervision.”
Related:Crypto Long & Short: Why the PayPal Rally Isn't What It Seems, and Why That’s OK
Institutional interestThe Chicago Mercantile Exchange (CME) has become thesecond-biggest bitcoin futures platformby number of open contracts, signaling institutional interest. As of Thursday,bitcoinfutures contracts worth $790 million were open on the CME, according to data source Skew, topping 15% of the total global open interest. “The CME’s rise is predominantly led by institutional participation, as most entrants from that segment are prohibited from dealing in unregulated derivatives listed on retail platforms such as BitMEX and Binance,” said Matthew Dibb, co-founder of Stack Funds. This happens as rival options exchange BitMEX targetsDeFi-focused futures listings,including yearn.finance (YFI).
Whopping buyGrayscale Investments has added$300 million worth of cryptocurrenciesto its balance sheet in a single day, CEO Barry Silbert tweeted late Thursday evening. The additional sum brings the total held under management to $7.3 billion. “The move comes at a time when the hype surrounding PayPal’s foray into the crypto markets has drawn additional attention from big-name investors including Paul Tudor Jones II,” CoinDesk’s Sebastian Sinclair reports, and follows on the digital asset manager’s best quarterly results to date announced last week. (Grayscale is CoinDesk’s sister firm, both owned by Digital Currency Group, of which Silbert is a founder.)
Kicking back?Kik’s$5 million Securities and Exchange Commission settlement won’t kill kin,the non-profit behind the token announced. The “cloud of uncertainty has dissipated,” the Kin Foundation claimed in a blog post. With Kik’s remaining treasury and Kin’s reserves, project leaders intend to continue “active development” of the open-source Kin SDK, the new Code wallet and a switch to the Solana blockchain. The foundation also alleged the SEC isn’t considering Kin a security and the judge didn’t find the token in violation of securities laws. Therefore, Kin “should be free to trade on exchanges.”
Most Influential 2020: Cast Your Vote2020 has not been a good year by most metrics. There is no way to avoid this in a year-end retrospective.
Related:First Mover: As Bitcoin Tops $13K, Analyst Explains How Blockchain Gives Clues on Next Move
Every year,CoinDesk recognizes the “Most Influential”people working to expand cryptocurrency and blockchain’s reach. It’s a list of the 10 outsized individuals who have gone the furthest and done the most.
In this most unusual year, we need your help determining who should be named as Most Influential.Check out the list of the top contendersandcast your vote by Oct. 31.
• DOJ’s Crypto Framework Is ‘a Complete Disaster’ for Digital Privacy Rights(Nikhilesh De/CoinDesk)
• A Guide to Circles, the Project Bringing UBI and FOMO to Ethereum’s xDai Sidechain(Brady Dale/CoinDesk)
• Deadmau5 Livestream Kicks Off Audius Launch Event(Adriana Hamacher/Decrypt)
• Crypto firms have granted millions to Bitcoin developers in recent months. Here's why(Yogita Khatri/The Block)
• Aerospace marketplace VeriTX turns to Algorand to get its supply chain soaring(Adrian Zmudzinski/Modern Consensus)
What’s immaterial?In the buzz around PayPal’s announcement to extend crypto trading and transaction services to a third of a billion users, the fintech giant’s negative role in bringing bitcoin to national attention may have been elided.
Last night, Bitcoin OG Jameson Lopp,tweeted, “9 years ago PayPal paved the way for proving Bitcoin’s value to the world when they shut down WikiLeaks’ account.”
In what wascalled“potentially the most significant attack on WikiLeaks” at the time, PayPal, then one of the principle means of moving money online, froze the German foundation’s account. This action was a wake up call for some about the dangers of web censorship.
Satoshi Nakamoto, when creating Bitcoin, had been thinking about financial freedom and the power that banks and payment processors have to revoke it, based on their own contingent, ever-changing and unequally-applied “terms of service.”
Of course, some of Nakamoto’s last words to early Bitcoin advocates were to resist using bitcoin to fund Wikileaks. He thought the network was too young and fragile to incur the government and public scrutiny that would result from supporting abank-blocked organization.
It’s with some irony that PayPal has reentered the picture. As reported, the firm’s crypto services will be fully-custodial, fully-KYC’d and will fall under its terms of use.
So why enter? CoinDesk’s Danny Nelson reported yesterday that Morgan Stanley analysts believe thecryptocurrency community will likely benefit more than PayPal’s bottom linefrom the services.
The move “should expand crypto acceptance online, which to date has stalled at 1% of the top 500 internet retailers,” wrote the Morgan Stanley analysts. While the services will “likely [be] immaterial to earnings.”
With rumor saying PayPal is alsoexploring purchases of cryptocurrency companiesincluding bitcoin custodian BitGo, the question of what is good for crypto becomes more urgent.
• Blockchain Bites: China’s Tether Crackdown, CME’s Bustling Bitcoin Markets, Kin’s ‘Active Development’
• Blockchain Bites: China’s Tether Crackdown, CME’s Bustling Bitcoin Markets, Kin’s ‘Active Development’ || Blockchain Bites: China’s Tether Crackdown, CME’s Bustling Bitcoin Markets, Kin’s ‘Active Development’: Chinese officials are cracking down on tether trades. The CME bitcoin futures exchange is heating up, signalling institutional interest. And Kik’s kin token will continue development following a $5 million SEC settlement.
Ripple, across the pondRipple CEO Brad Garlinghouse has given more insight on the company’spossible move away from the U.S.,saying the legal status of theXRPcryptocurrency is key. Talking to CNBC Friday, Garlinghouse said his blockchain payments infrastructure company could potentially relocate to London, where the nation’s regulator “clarified” that XRP is not a security and is used like currency. Ripple is currently engaged in a U.S. legal dispute with investors who claim XRP is an illegally issued security. The Securities and Exchange Commission has not been clear on the issue. Switzerland, Singapore, Japan and the United Arab Emirates are also on the table for potential headquarters.
Tether crackdownChinese authorities, including the nation’s central bank, have arrested 77 suspects and shuttered three gambling sites said to have“whitewashed” illicit funds using the tether(USDT) stablecoin. Announced over WeChat, the PBoC’s Huizhou office said the suspects had laundered 120 million yuan ($17.95 million) obtained through illegal online gambling activity, in part through USDT. In July, several crypto over-the-counter (OTC) traders were detained in order to assist with state investigation efforts involving illegal economic activity. It is “illegal to open casinos and participate in gambling online,” the PBoC said. “Don’t be curious and lucky. Any ‘disguise’ can’t escape high-pressure supervision.”
Related:Crypto Long & Short: Why the PayPal Rally Isn't What It Seems, and Why That’s OK
Institutional interestThe Chicago Mercantile Exchange (CME) has become thesecond-biggest bitcoin futures platformby number of open contracts, signaling institutional interest. As of Thursday,bitcoinfutures contracts worth $790 million were open on the CME, according to data source Skew, topping 15% of the total global open interest. “The CME’s rise is predominantly led by institutional participation, as most entrants from that segment are prohibited from dealing in unregulated derivatives listed on retail platforms such as BitMEX and Binance,” said Matthew Dibb, co-founder of Stack Funds. This happens as rival options exchange BitMEX targetsDeFi-focused futures listings,including yearn.finance (YFI).
Whopping buyGrayscale Investments has added$300 million worth of cryptocurrenciesto its balance sheet in a single day, CEO Barry Silbert tweeted late Thursday evening. The additional sum brings the total held under management to $7.3 billion. “The move comes at a time when the hype surrounding PayPal’s foray into the crypto markets has drawn additional attention from big-name investors including Paul Tudor Jones II,” CoinDesk’s Sebastian Sinclair reports, and follows on the digital asset manager’s best quarterly results to date announced last week. (Grayscale is CoinDesk’s sister firm, both owned by Digital Currency Group, of which Silbert is a founder.)
Kicking back?Kik’s$5 million Securities and Exchange Commission settlement won’t kill kin,the non-profit behind the token announced. The “cloud of uncertainty has dissipated,” the Kin Foundation claimed in a blog post. With Kik’s remaining treasury and Kin’s reserves, project leaders intend to continue “active development” of the open-source Kin SDK, the new Code wallet and a switch to the Solana blockchain. The foundation also alleged the SEC isn’t considering Kin a security and the judge didn’t find the token in violation of securities laws. Therefore, Kin “should be free to trade on exchanges.”
Most Influential 2020: Cast Your Vote2020 has not been a good year by most metrics. There is no way to avoid this in a year-end retrospective.
Related:First Mover: As Bitcoin Tops $13K, Analyst Explains How Blockchain Gives Clues on Next Move
Every year,CoinDesk recognizes the “Most Influential”people working to expand cryptocurrency and blockchain’s reach. It’s a list of the 10 outsized individuals who have gone the furthest and done the most.
In this most unusual year, we need your help determining who should be named as Most Influential.Check out the list of the top contendersandcast your vote by Oct. 31.
• DOJ’s Crypto Framework Is ‘a Complete Disaster’ for Digital Privacy Rights(Nikhilesh De/CoinDesk)
• A Guide to Circles, the Project Bringing UBI and FOMO to Ethereum’s xDai Sidechain(Brady Dale/CoinDesk)
• Deadmau5 Livestream Kicks Off Audius Launch Event(Adriana Hamacher/Decrypt)
• Crypto firms have granted millions to Bitcoin developers in recent months. Here's why(Yogita Khatri/The Block)
• Aerospace marketplace VeriTX turns to Algorand to get its supply chain soaring(Adrian Zmudzinski/Modern Consensus)
What’s immaterial?In the buzz around PayPal’s announcement to extend crypto trading and transaction services to a third of a billion users, the fintech giant’s negative role in bringing bitcoin to national attention may have been elided.
Last night, Bitcoin OG Jameson Lopp,tweeted, “9 years ago PayPal paved the way for proving Bitcoin’s value to the world when they shut down WikiLeaks’ account.”
In what wascalled“potentially the most significant attack on WikiLeaks” at the time, PayPal, then one of the principle means of moving money online, froze the German foundation’s account. This action was a wake up call for some about the dangers of web censorship.
Satoshi Nakamoto, when creating Bitcoin, had been thinking about financial freedom and the power that banks and payment processors have to revoke it, based on their own contingent, ever-changing and unequally-applied “terms of service.”
Of course, some of Nakamoto’s last words to early Bitcoin advocates were to resist using bitcoin to fund Wikileaks. He thought the network was too young and fragile to incur the government and public scrutiny that would result from supporting abank-blocked organization.
It’s with some irony that PayPal has reentered the picture. As reported, the firm’s crypto services will be fully-custodial, fully-KYC’d and will fall under its terms of use.
So why enter? CoinDesk’s Danny Nelson reported yesterday that Morgan Stanley analysts believe thecryptocurrency community will likely benefit more than PayPal’s bottom linefrom the services.
The move “should expand crypto acceptance online, which to date has stalled at 1% of the top 500 internet retailers,” wrote the Morgan Stanley analysts. While the services will “likely [be] immaterial to earnings.”
With rumor saying PayPal is alsoexploring purchases of cryptocurrency companiesincluding bitcoin custodian BitGo, the question of what is good for crypto becomes more urgent.
• Blockchain Bites: China’s Tether Crackdown, CME’s Bustling Bitcoin Markets, Kin’s ‘Active Development’
• Blockchain Bites: China’s Tether Crackdown, CME’s Bustling Bitcoin Markets, Kin’s ‘Active Development’ || CoinAgenda Global Announces First Virtual Conference for Bitcoin & Cryptocurrency Investors and Entrepreneurs: Industry leaders including Ethereum co-founder Anthony Di Iorio, serial entrepreneur Erik Voorhees, investor and founder William Quigley, and Atari CEO Fred Chesnais will discuss latest investment trends, including DeFi, NFTs, dapps, DEXs, and the current bitcoin bull market LAS VEGAS, Oct. 23, 2020 (GLOBE NEWSWIRE) -- ( via Blockchain Wire ) - CoinAgenda ( www.coinagenda.com ), the premier global conference series for connecting investors, traders, family offices and digital currency funds with top entrepreneurs in blockchain and cryptocurrency since 2014, today announced its initial line of speakers for this year’s CoinAgenda Global conference, being held virtually on October 28-29, 2020. CoinAgenda will span two days, with the first day consisting of up to 30 companies (a mix of Angel and VC investments and tokens trading on exchanges) pitching in a demo day environment. On day two, CoinAgenda’s main sessions will feature fireside chats with four prominent industry leaders: Erik Voorhees, CEO and founder of ShapeShift; Ethereum co-founder and Decentral founder/CEO Anthony Di Iorio; William Quigley, Managing Director at Magnetic and co-founder of WAX.io; and Fred Chesnais, CEO at Atari. Panels will focus on legal, regulatory and jurisdictional issues involved with starting and investing in blockchain companies as well as the rise of DeFi and investing in non-fungible tokens (NFTs). The event will include open and private virtual networking sessions. Other confirmed speakers include: Douglas Horn, Whitepaper Author and Chief Architect at Telos Piers Ridyard, Chief Executive Officer at Radix Enzo Villani, CEO and Chief Investment Officer at Alpha Sigma Capital Irina Litchfield, Founding Advisor at ABE Global John Hargrave, CEO at Media Shower and co-author with Evan Karnoupakis for newly launched book “Blockchain Success Stories” Min Kim, Founder at ICON Project Olga Feldmeier, CEO at Smartvalor.com Scott Purcell, Founder & CEO at Prime Trust Zachary Kelman, Managing Partner at Kelman Law PLLC Alex Mashinsky, CEO of Celsius.Network Tim Frost, CEO of YIELD App Bill Barhydt, Founder of Abra Josh Lawler, Partner at Zuber Lawler Jordan French, Executive Editor at Grit Daily News Ricky Dodds, Strategy and Communication Lead at ICON Foundation Lionel Iruke, Managing Partner at Empire Global Partners Malcolm Tan, Founder at Gravitas International Warren Whitlock, CEO at Stirling Corp Joel Comm, Co Host of The Bad Crypto Podcast Manny Alicandro, Partner at DeLucia, Mlynar & Alicandro LLP James Gillingham, CEO at Finxflo Dirk Lueth, Co-founder of Uplandme, Inc. Story continues CoinAgenda tickets are currently on sale. To register or for sponsor inquiries, visit www.coinagenda.com . ABOUT COINAGENDA CoinAgenda is the premier global conference series for connecting blockchain and cryptocurrency investors with startups since 2014. CoinAgenda has held conferences in North America, Europe, and Asia, with its global conference happening each October in Las Vegas. CoinAgenda’s startup competition winners include Aeternity, Bancor, Cashbet, Omega One, SALT Lending, and Qtum. These companies have collectively raised more than $500 million with a combined market cap of $10 billion. CONTACT: CoinAgenda Media [email protected]
[Social Media Buzz]
None available.
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13031.17, 13075.25, 13654.22, 13271.29, 13437.88, 13546.52, 13781.00, 13737.11, 13550.49, 13950.30
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 2398.84, 2357.90, 2233.34, 1998.86, 1929.82, 2228.41, 2318.88, 2273.43, 2817.60, 2667.76, 2810.12, 2730.40, 2754.86, 2576.48, 2529.45, 2671.78, 2809.01, 2726.45, 2757.18, 2875.34, 2718.26, 2710.67, 2804.73, 2895.89, 3252.91, 3213.94, 3378.94, 3419.94, 3342.47, 3381.28, 3650.62, 3884.71, 4073.26, 4325.13, 4181.93, 4376.63, 4331.69, 4160.62, 4193.70, 4087.66, 4001.74, 4100.52, 4151.52, 4334.68, 4371.60, 4352.40, 4382.88, 4382.66, 4579.02, 4565.30, 4703.39, 4892.01, 4578.77, 4582.96, 4236.31, 4376.53, 4597.12, 4599.88, 4228.75, 4226.06, 4122.94, 4161.27, 4130.81, 3882.59, 3154.95, 3637.52, 3625.04, 3582.88, 4065.20, 3924.97, 3905.95, 3631.04, 3630.70, 3792.40, 3682.84, 3926.07, 3892.35, 4200.67, 4174.73, 4163.07, 4338.71, 4403.74, 4409.32, 4317.48, 4229.36, 4328.41, 4370.81, 4426.89, 4610.48, 4772.02.
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[Bitcoin Technical Analysis for 2017-10-09]
Volume: 1968739968, RSI (14-day): 67.07, 50-day EMA: 4058.28, 200-day EMA: 2964.94
[Wider Market Context]
Gold Price: 1281.80, Gold RSI: 44.43
Oil Price: 49.58, Oil RSI: 48.12
[Recent News (last 7 days)]
Forget stealing data — these hackers hijacked Amazon cloud accounts to mine bitcoin: mining miner work labor hard hat (Jenny Mealing/Flickr) Money may not grow on trees, but apparently, it can grow in Amazon Web Services (AWS). A report from the security intelligence group RedLock found at least two companies which had their AWS cloud services compromised by hackers who wanted nothing more than to use the computer power to mine the cryptocurrency bitcoin. The hackers ultimately got access to Amazon's cloud servers after discovering that their administration consoles weren't password protected. "Upon deeper analysis, the team discovered that hackers were executing a bitcoin mining command from one of the Kubernetes containers," reads the RedLock report. Kubernetes is a Google-created , open-source technology that makes it easier to write apps for the cloud. "The instance had effectively been turned into a parasitic bot that was performing nefarious activity over the internet," the report says. The companies impacted were Aviva and Gemalto, both multi-billion dollar, multi-national companies. They were notified by RedLock about the issues. Hackers are known to slip into corporate servers to steal data, which they usually sell for money, or give to state-actors who are looking for intel. But bitcoin mining is a different thing all together. These hackers are basically just stealing pricey space in corporate cloud storage. Amazon, Aviva and Gemalto did not immediately respond to requests for comment. Power in numbers Though anyone could try to mine bitcoin off their computer services, the process is super energy intensive, and could be costly in electricity costs alone. But it's worth while for many because success can be very lucrative. Price of Bitcoin (BI Intelligence) To avoid the high cost of going at it alone, most bitcoin miners join a pool of different computers which combined their powers to solve complex algorithms. Successfully solving the problem generates a set number of new bitcoin, which as of Friday were worth upwards of $4,300 each. Inherent to its design, the cryptocurrency can be mined until there are a total of 21 million bitcoin floating around the internet, but the process becomes more and more difficult as the years pass. Story continues RedLock discovered the breaches along with hundreds of other administration consuls which were unlocked across AWS, Microsoft Azure, and Google Cloud — most likely by a careless systems administrator. But illicit bitcoin mining isn't always coming from the outside. CoinDesk reported that two IT workers for the government of Crimea were fired in late September, after it was discovered that they were mining bitcoins on their work computers. In January, an employee for the US Federal Reserve was put on probation and fined for mining on servers owned by the US central bank. NOW WATCH: Animated map shows what would happen to Asia if all the Earth's ice melted More From Business Insider Larry Ellison loves to rail against Amazon but this analyst says Microsoft is the real enemy Amazon fires back at Oracle's Larry Ellison: 'No facts, wild claims, and lots of bluster' Oracle announces a new automated database that can patch cybersecurity flaws itself || Bitcoin Hovers Around $4,400 Ahead of Bitcoin Golds Impending Release: Bitcoin has endured a lot and vigorously persisted these past few days, with volume remaining relatively stable along the way. Regardless, we could end up staying in this sideways trading range if circumstances remain unchanged, or at least until the week-long Chinese national holiday has concluded. Bitcoin cash has continued descending since its $972 all-time high, a resistance level that could be cleared if more favorable conditions are created after the golden fork . The $719 monthly and $484.9 weekly highs should also be kept under watch. The price was hovering around $360 today, which is uncomfortably close to the $342.11 previous weekly low. Secondary supports are at the $300.01 monthly and $190.1 all-time lows as well and are possible targets in case of a short-term breakdown. Moreover, bitcoin gold is impending release, so we have another fork on the horizon, scheduled for October 25. Bitcoin has been performing rather well despite the expected schism and overwhelming community discord and was trading above $4,400 today, which is in all fairness, not that far from the previous $4,979.9 all-time high. Supports are abundant, with the $3,602.79 August monthly low especially standing out, in addition to the $4,137.96 weekly and $2,972.01 monthly lows. Secondary supports are at $4,377.91, $4,215.40, $4,137.21, $4,120.57, $4,019.65, $3,849.78, $3,512.30, and at $3,461.38. Bitcoin has been on the run since September 15, which was when the ongoing $2,972.01 monthly low was achieved (GMT 11:00). The last week was chiefly characterized by sideways trading, entirely between the $4,019.65 support and $4,453 weekly high. A breach of this high appears to be likely, but it may be postponed, in case of conditions form for another reversal. This post was originally published by EarnForex The Best and Safest Way to Buy and Sell Bitcoins For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, Some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution. Click here for more details . Story continues This article was originally posted on FX Empire More From FXEMPIRE: GBP/USD Fundamental Analysis week of October 9, 2017 Bitcoin Plough on Regardless DAX Index Fundamental Analysis week of October 9, 2017 DAX forecast for the week of October 9, 2017, Technical Analysis Dollar Posts Strong Weekly Gain on Improving Economic Data Major US Indices, Forecast for The Week of October 9, 2017, Technical Analysis || Bitcoin Hovers Around $4,400 Ahead of Bitcoin Gold’s Impending Release: Bitcoin has endured a lot and vigorously persisted these past few days, with volume remaining relatively stable along the way. Regardless, we could end up staying in this sideways trading range if circumstances remain unchanged, or at least until the week-long Chinese national holiday has concluded.
Bitcoin cashhas continued descending since its $972 all-time high, a resistance level that could be cleared if more favorable conditions are created afterthe golden fork. The $719 monthly and $484.9 weekly highs should also be kept under watch. The price was hovering around $360 today, which is uncomfortably close to the $342.11 previous weekly low. Secondary supports are at the $300.01 monthly and $190.1 all-time lows as well and are possible targets in case of a short-term breakdown. Moreover,bitcoin goldis impending release, so we have another fork on the horizon, scheduled for October 25.
Bitcoin has been performing rather well despite the expected schism and overwhelming community discord and was trading above $4,400 today, which is in all fairness, not that far from the previous $4,979.9 all-time high.
Supports are abundant, with the $3,602.79 August monthly low especially standing out, in addition to the $4,137.96 weekly and $2,972.01 monthly lows. Secondary supports are at $4,377.91, $4,215.40, $4,137.21, $4,120.57, $4,019.65, $3,849.78, $3,512.30, and at $3,461.38.
Bitcoinhas been on the run since September 15, which was when the ongoing $2,972.01 monthly low was achieved (GMT 11:00). The last week was chiefly characterized by sideways trading, entirely between the $4,019.65 support and $4,453 weekly high. A breach of this high appears to be likely, but it may be postponed, in case of conditions form for another reversal.
This post was originally published byEarnForex
The Best and Safest Way to Buy and Sell Bitcoins
For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations,Some brokersprovide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution.Click here for more details.
Thisarticlewas originally posted on FX Empire
• GBP/USD Fundamental Analysis – week of October 9, 2017
• Bitcoin Plough on Regardless
• DAX Index Fundamental Analysis – week of October 9, 2017
• DAX forecast for the week of October 9, 2017, Technical Analysis
• Dollar Posts Strong Weekly Gain on Improving Economic Data
• Major US Indices, Forecast for The Week of October 9, 2017, Technical Analysis || Bitcoin Hovers Around $4,400 Ahead of Bitcoin Gold’s Impending Release: Bitcoin has endured a lot and vigorously persisted these past few days, with volume remaining relatively stable along the way. Regardless, we could end up staying in this sideways trading range if circumstances remain unchanged, or at least until the week-long Chinese national holiday has concluded.
Bitcoin cashhas continued descending since its $972 all-time high, a resistance level that could be cleared if more favorable conditions are created afterthe golden fork. The $719 monthly and $484.9 weekly highs should also be kept under watch. The price was hovering around $360 today, which is uncomfortably close to the $342.11 previous weekly low. Secondary supports are at the $300.01 monthly and $190.1 all-time lows as well and are possible targets in case of a short-term breakdown. Moreover,bitcoin goldis impending release, so we have another fork on the horizon, scheduled for October 25.
Bitcoin has been performing rather well despite the expected schism and overwhelming community discord and was trading above $4,400 today, which is in all fairness, not that far from the previous $4,979.9 all-time high.
Supports are abundant, with the $3,602.79 August monthly low especially standing out, in addition to the $4,137.96 weekly and $2,972.01 monthly lows. Secondary supports are at $4,377.91, $4,215.40, $4,137.21, $4,120.57, $4,019.65, $3,849.78, $3,512.30, and at $3,461.38.
Bitcoinhas been on the run since September 15, which was when the ongoing $2,972.01 monthly low was achieved (GMT 11:00). The last week was chiefly characterized by sideways trading, entirely between the $4,019.65 support and $4,453 weekly high. A breach of this high appears to be likely, but it may be postponed, in case of conditions form for another reversal.
This post was originally published byEarnForex
The Best and Safest Way to Buy and Sell Bitcoins
For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations,Some brokersprovide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution.Click here for more details.
Thisarticlewas originally posted on FX Empire
• GBP/USD Fundamental Analysis – week of October 9, 2017
• Bitcoin Plough on Regardless
• DAX Index Fundamental Analysis – week of October 9, 2017
• DAX forecast for the week of October 9, 2017, Technical Analysis
• Dollar Posts Strong Weekly Gain on Improving Economic Data
• Major US Indices, Forecast for The Week of October 9, 2017, Technical Analysis || The Las Vegas shooting could completely change how hotels think about security: Drapes billow out of broken windows at the Mandalay Bay resort and casino Monday, Oct. 2, 2017, on the Las Vegas Strip following a deadly shooting at a music festival in Las Vegas. A gunman was found dead inside a hotel room. AP Photo/John Locher Gunman Stephen Paddock carried out the deadliest shooting in modern US history from a broken window at the Mandalay Bay Resort & Casino. Hotel staff did not pick up on potential red flags that Paddock, who stockpiled weapons at the hotel for three days , was planning an attack. Legal experts say hotels will tighten security measures to better prevent violent events. The Las Vegas shooting — the deadliest shooting in modern US history — is forcing hotels to reconsider their responsibility in keeping guests safe. "What happened on Sunday is sort of a larger wake-up call for the industry to take a step back and ask themselves: 'What about my city? What am I doing to make sure that ... my guests are safe and secure?'" Deanna Ting, hospitality editor at the travel-industry intelligence company Skift, told Business Insider. Gunman Stephen Paddock stockpiled weapons in his hotel room for three days before firing from the windows of his suite on the 32nd floor into the crowd of 22,000 people across the street, killing 58 people and wounding almost 500 others. The Mandalay Bay Resort & Casino, as well as other properties owned by MGM Resorts — including the Bellagio, Monte Carlo, and the MGM Grand — have increased security levels, according to a spokesperson from the company. The Wynn Resort in Las Vegas added new security measures after the shooting, scanning guests with metal detectors and putting bags through X-ray machines. Many of these heightened security measures will likely be phased out in the coming months. Some things — such as metal detectors and X-ray machines — simply pose too much inconvenience to guests to become common in the hotel industry. However, according to legal experts, hotels may be forced to take more preventative measures if mass shooting incidents do not decrease in the US. "It becomes more and more foreseeable if you operate certain types of venues, those venues will be seen as opportunities for mass shootings," said Heidi Li Feldman, a professor at Georgetown Law School. Story continues In other words, hotels and other entertainment spaces where horrific mass shootings have occurred may not just need to beef up safety measures to soothe customers. They may need to add new measures to prevent shootings because, if they don't, the hotel could be seen as legally liable . "Foreseeability is one of the key components of liability," Dick Hudak, managing partner of the Resort Security consulting firm, said. Experts are split on what exactly the best preventative measures are for hotels to take. Hyper-visible measures such as X-ray machines and other screenings when guests check in are helpful for creating the atmosphere of safety after a tragedy. In some other countries, such as Indonesia and Israel, where hotels have been targeted in bombings, such security has become the norm. Tech like Hilton's digital room key sometimes sacrifices security for convenience.Hilton In the US, however, there are no common security standards across the hospitality industry. Generally, the trend has been to prioritize convenience, not increased security. Hudak says that security experts hate tech innovations like mobile phone room keys. While they make the guest's experience more seamless, cutting down on the time that customers spend interacting with staff means fewer chances to pick up on crucial red flags. In fact, the long-term solutions that hotels are turning to to increase security are things customers may never notice. New technology could help hotels better monitor guests. Following the Las Vegas shooting, employees at hotels across the country are likely being retrained to better understand what could signal a dangerous guest and how to react to potential threats. Things like random background checks and even forcing guests to sign paperwork stating they will not bring guns on the premises could help deter wrongdoing — and create legal safeguards for hotels. Much of the discussion in the aftermath of the Las Vegas shooting has been about gun regulation — a topic that many hospitality experts who spoke with Business Insider were passionate about. However, they say that it is also clear that hotels — especially Las Vegas hotels — need to take some sort of action of their own. "If Congress isn't regulating gun ownership, it is going to be private parties ... who end up regulating their own premises," Feldman said. NOW WATCH: RAY DALIO: Bitcoin is a speculative bubble More From Business Insider Here's why Las Vegas hotels don't have metal detectors 'The room disappears': Here's what experts say Mandalay Bay will most likely do with the shooter's hotel suite 14 photos of the best times in Las Vegas' 100-year history, when The Beatles and Elvis partied on the Strip || The Las Vegas shooting could completely change how hotels think about security: • Gunman Stephen Paddock carried out the deadliest shooting in modern US history from a broken window at the Mandalay Bay Resort & Casino.
• Hotel staff did not pick up on potential red flags that Paddock, who stockpiled weapons at the hotel forthree days, was planning an attack.
• Legal experts say hotels will tighten security measures to better prevent violent events.
The Las Vegas shooting — thedeadliest shooting in modern US history— is forcing hotels to reconsider their responsibility in keeping guests safe.
"What happened on Sunday is sort of a larger wake-up call for the industry to take a step back and ask themselves: 'What about my city? What am I doing to make sure that ... my guests are safe and secure?'" Deanna Ting, hospitality editor at the travel-industry intelligence company Skift, told Business Insider.
Gunman Stephen Paddock stockpiled weapons in his hotel room for three days before firing from the windows ofhis suite on the 32nd floorinto the crowd of 22,000 people across the street, killing 58 people and wounding almost 500 others.
The Mandalay Bay Resort & Casino, as well as other properties owned by MGM Resorts — including the Bellagio, Monte Carlo, and the MGM Grand — have increased security levels, according to a spokesperson from the company. The Wynn Resort in Las Vegas addednew security measuresafter the shooting, scanning guests with metal detectors and putting bags through X-ray machines.
Many of these heightened security measures will likely be phased out in the coming months. Some things — such as metal detectors and X-ray machines — simply posetoo much inconvenienceto guests to become common in the hotel industry.
However, according to legal experts, hotels may be forced to take more preventative measures if mass shooting incidents do not decrease in the US.
"It becomes more and more foreseeable if you operate certain types of venues, those venues will be seen as opportunities for mass shootings," said Heidi Li Feldman, a professor at Georgetown Law School.
In other words, hotels and other entertainment spaces where horrific mass shootings have occurred may not just need to beef up safety measures to soothe customers. They may need to add new measures to prevent shootings because, if they don't, the hotel could be seen aslegally liable.
"Foreseeability is one of the key components of liability," Dick Hudak, managing partner of the Resort Security consulting firm, said.
Experts are split on what exactly the best preventative measures are for hotels to take.
Hyper-visible measures such as X-ray machines and other screenings when guests check in are helpful for creating the atmosphere of safety after a tragedy. In some other countries, such as Indonesia and Israel, where hotels have been targeted in bombings, such security has become the norm.
In the US, however, there are no common security standards across the hospitality industry. Generally, the trend has been to prioritize convenience, not increased security.
Hudak says that security experts hate tech innovations like mobile phone room keys. While they make the guest's experience more seamless, cutting down on the time that customers spend interacting with staff means fewer chances to pick up on crucial red flags.
In fact, the long-term solutions that hotels are turning to to increase security are things customers may never notice.
New technology could help hotels better monitor guests. Following the Las Vegas shooting, employees at hotels across the country are likely being retrained to better understand what could signal a dangerous guest and how to react to potential threats. Things like random background checks and even forcing guests to sign paperwork stating they will not bring guns on the premises could help deter wrongdoing — and create legal safeguards for hotels.
Much of the discussion in the aftermath of the Las Vegas shooting has been about gun regulation — a topic that many hospitality experts who spoke with Business Insider were passionate about. However, they say that it is also clear that hotels — especially Las Vegas hotels — need to take some sort of action of their own.
"If Congress isn't regulating gun ownership, it is going to be private parties ... who end up regulating their own premises," Feldman said.
NOW WATCH:RAY DALIO: Bitcoin is a speculative bubble
More From Business Insider
• Here's why Las Vegas hotels don't have metal detectors
• 'The room disappears': Here's what experts say Mandalay Bay will most likely do with the shooter's hotel suite
• 14 photos of the best times in Las Vegas' 100-year history, when The Beatles and Elvis partied on the Strip || A former Goldman Sachs VP who founded a crypto hedge fund says betting on bitcoin is like betting on the internet in the 90s: Matt Goetz BTC (Matthew Goetz, a former Goldman Sachs vice president, founded BlockTower Capital this year.Frank Chaparro) The cryptocurrency market has exploded this year with over 1,000 digital currencies now on the market. The price of bitcoin, the first and largest cryptocurrency, has captured the most attention, with Wall Street CEOs from JPMorgan's Jamie Dimon to Goldman Sachs' Lloyd Blankfein weighing in on the coin this month alone. It's up over 350% this year at near $4,400 per coin. But bitcoin's meteoric rise doesn't mean that it'll be the top-dog crypto forever. Matthew Goetz, a former Goldman Sachs vice president and cofounder of BlockTower Capital, a Connecticut-based crypto hedge fund, recently told Business Insider that bitcoin and other cryptocurrencies are technologies like any other, and as a result, are susceptible to being usurped by a digital currency with superior tech. "Bitcoin is the most entrenched, it has very stable protocol, it doesn't change a lot, and it has a very strong developer base, but at the end of the day it is still software," Goetz said. "There is some chance that something an order of magnitude better than bitcoin, technologically, could come along." Screen Shot 2017 10 06 at 2.19.53 PM (Bitcoin is up more than 400% this year.Markets Insider) Kind of like how Facebook replaced MySpace as the go-to social media site. To be sure, Goetz said a bitcoin rival can't just be slightly better. Bitcoin's massive scale would require the hypothetical coin to have substantially better capabilities. Here's Goetz: "It's something like Facebook. If someone creates a new Facebook that has slightly better features, say 10% better. That's great, but network effects are strong. So, that new thing isn't going to kill Facebook." Bitcoin isn't the only crypto that has to worry about competition. Ethereum, which has been touted as a bitcoin rival, operates in a slightly different space, according to Goetz. Bitcoin was built to be a currency, whereas Ethereum is a blockchain platform on which other applications can be built. Story continues "Ethereum is competing on features and now has four competitors," Goetz said. " And it's all about who has the most cutting edge cryptographic technology, who can build features the fastest to make developers come build their smart contracts and decentralized applications on top of those platforms." Smart contracts are a computer protocol based on Ethereum's blockchain technology that facilitates and enforces a contract or exchange. Just because the developers of Ethereum were the first to introduce this technology to the market doesn't mean they will win-out in the long run, according to Goetz. "If you look at other industries across history, there's a real chance that just because the first mover got out there doesn't mean that that's the one that ends up ultimately winning and capturing all the value," he said. "For some cryptocurrencies that are in a more competitive space, like decentralized file-storage, there are a number of projects attacking that," he added. And there are incumbents, he says, such as Amazon Azure and DropBox. But it's still early days. Goetz says if you liken cryptocurrencies to the internet, then we are still in 1992. Just like bets during the early days of the internet were risky, so too are bets in the crypto market today. "You could be right on the thesis that cryptocurrencies are transformative and you could make what you think is the right bet at the time, but remember one time you had Yahoo and then this thing called Google came along," he concluded. NOW WATCH: RAY DALIO: Bitcoin is a speculative bubble More From Business Insider Goldman Sachs ponders Bitcoin trading Lloyd Blankfein says he's still studying bitcoin, people were also 'skeptical when paper money displaced gold' LARRY FINK: Cryptocurrencies are proof of 'how much money laundering there is being done in the world' || A former Goldman Sachs VP who founded a crypto hedge fund says betting on bitcoin is like betting on the internet in the 90s: (Matthew Goetz, a former Goldman Sachs vice president, founded BlockTower Capital this year.Frank Chaparro)
The cryptocurrency market has exploded this year with over 1,000 digital currencies now on the market.
The price of bitcoin, the first and largest cryptocurrency, has captured the most attention, withWall Street CEOs from JPMorgan's Jamie Dimon to Goldman Sachs' Lloyd Blankfeinweighing in on the coin this month alone.
It's up over 350% this year at near $4,400 per coin.
But bitcoin's meteoric rise doesn't mean that it'll be the top-dog crypto forever.
Matthew Goetz, a former Goldman Sachs vice president and cofounder of BlockTower Capital, a Connecticut-based crypto hedge fund, recently told Business Insider that bitcoin and other cryptocurrencies are technologies like any other, and as a result, are susceptible to being usurped by a digital currency with superior tech.
"Bitcoin is the most entrenched, it has very stable protocol, it doesn't change a lot, and it has a very strong developer base, but at the end of the day it is still software," Goetz said. "There is some chance that something an order of magnitude better than bitcoin, technologically, could come along."
(Bitcoin is up more than 400% this year.Markets Insider)Kind of like how Facebook replaced MySpace as the go-to social media site.
To be sure, Goetz said a bitcoin rival can't just be slightly better. Bitcoin's massive scale would require the hypothetical coin to have substantially better capabilities.
Here's Goetz:
"It's something like Facebook. If someone creates a new Facebook that has slightly better features, say 10% better. That's great, but network effects are strong. So, that new thing isn't going to kill Facebook."
Bitcoin isn't the only crypto that has to worry about competition.
Ethereum, which has been touted as a bitcoin rival, operates in a slightly different space, according to Goetz. Bitcoin was built to be a currency, whereas Ethereum is a blockchain platform on which other applications can be built.
"Ethereum is competing on features and now has four competitors," Goetz said. "And it's all about who has the most cutting edge cryptographic technology, who can build features the fastest to make developers come build their smart contracts and decentralized applications on top of those platforms."
Smart contracts are a computer protocol based on Ethereum's blockchain technology that facilitates and enforces a contract or exchange. Just because the developers of Ethereum were the first to introduce this technology to the market doesn't mean they will win-out in the long run, according to Goetz.
"If you look at other industries across history, there's a real chance that just because the first mover got out there doesn't mean that that's the one that ends up ultimately winning and capturing all the value," he said.
"For some cryptocurrencies that are in a more competitive space, like decentralized file-storage, there are a number of projects attacking that," he added.
And there are incumbents, he says, such as Amazon Azure and DropBox.
But it's still early days. Goetz says if you liken cryptocurrencies to the internet, then we are still in 1992. Just like bets during the early days of the internet were risky, so too are bets in the crypto market today.
"You could be right on the thesis that cryptocurrencies are transformative and you could make what you think is the right bet at the time, but remember one time you had Yahoo and then this thing called Google came along," he concluded.
NOW WATCH:RAY DALIO: Bitcoin is a speculative bubble
More From Business Insider
• Goldman Sachs ponders Bitcoin trading
• Lloyd Blankfein says he's still studying bitcoin, people were also 'skeptical when paper money displaced gold'
• LARRY FINK: Cryptocurrencies are proof of 'how much money laundering there is being done in the world' || Russia Blasts Decision to Extradite Alleged Bitcoin Money Launderer: Russia's foreign ministry has sharply criticized a Greek court's decision to extradite Alexander Vinnik to the US for his alleged role in laundering funds through the BTC-e bitcoin exchange.
In a statement, the Ministry for Foreign Affairs said today that they "noted with regret" that the court optedto complywith the US's extradition request for Vinnik, whowas arrestedin Greece in late July and was accused of laundering billions of dollars in bitcoin through the exchange.
Both Vinnik and BTC-e were later charged by US prosecutors, withFinCENhanding down a $110 million fine after the sealed indictment was unveiled.
Since then, Vinnik has remained in Greece pending the outcome of the extradition process. During that time the Russian government moved to extradite Vinnik on unrelated charges, a move that was later endorsed by Vinnik himself in a statement to Russia Today.
To date, Vinnik has maintained that he isinnocentof the charges, though he claims to have worked for BTC-e in the past. BTC-e, for its part, has denied Vinnik's involvement and, since the exchange's site domain was seized by US agents, has moved to establisha new cryptocurrency exchange.
But this week's ruling by a Greek judge was met with dismay by the Russian foreign ministry, which in a statement urged the court to reconsider the decision.
The Russian government said:
"We deem the verdict unjust and a violation of international law. A request from the Russian Prosecutor General's Office on extraditing Mr Vinnik to Russia was submitted to the Greek authorities. Based on legal precedent, the Russian request should take priority as Mr Vinnik is a citizen of Russia."
The statement notably makes no mention of BTC-e or the specific crimes for which Vinnik has been accused. That said, it does make note that Vinnik's legal team will appeal the decision, potentially leaving it up to the Greek Justice Ministry to decide on where the Russian national will be sent.
The foreign ministry also expressed hope that Vinnik will ultimately be extradited to Russia.
"We hope the Greek authorities will consider the Russian Prosecutor General's Office request, and Russia’s reasoning, and act in strict compliance with international law," the ministry said.
Imagevia Shutterstock
• Greek Court Backs Extradition of Alleged Bitcoin Exchange Operator to US
• Alleged Bitcoin Money Launderer Has First Extradition Hearing
• It's Political: Why China Hates Bitcoin and Loves the Blockchain
• FICO Patent Filing Hints at Plans for Bitcoin Exchange Monitoring || Russia Blasts Decision to Extradite Alleged Bitcoin Money Launderer: Russia's foreign ministry has sharply criticized a Greek court's decision to extradite Alexander Vinnik to the US for his alleged role in laundering funds through the BTC-e bitcoin exchange. In a statement , the Ministry for Foreign Affairs said today that they "noted with regret" that the court opted to comply with the US's extradition request for Vinnik, who was arrested in Greece in late July and was accused of laundering billions of dollars in bitcoin through the exchange. Both Vinnik and BTC-e were later charged by US prosecutors, with FinCEN handing down a $110 million fine after the sealed indictment was unveiled. Since then, Vinnik has remained in Greece pending the outcome of the extradition process. During that time the Russian government moved to extradite Vinnik on unrelated charges, a move that was later endorsed by Vinnik himself in a statement to Russia Today. To date, Vinnik has maintained that he is innocent of the charges, though he claims to have worked for BTC-e in the past. BTC-e, for its part, has denied Vinnik's involvement and, since the exchange's site domain was seized by US agents, has moved to establish a new cryptocurrency exchange . But this week's ruling by a Greek judge was met with dismay by the Russian foreign ministry, which in a statement urged the court to reconsider the decision. The Russian government said: "We deem the verdict unjust and a violation of international law. A request from the Russian Prosecutor General's Office on extraditing Mr Vinnik to Russia was submitted to the Greek authorities. Based on legal precedent, the Russian request should take priority as Mr Vinnik is a citizen of Russia." The statement notably makes no mention of BTC-e or the specific crimes for which Vinnik has been accused. That said, it does make note that Vinnik's legal team will appeal the decision, potentially leaving it up to the Greek Justice Ministry to decide on where the Russian national will be sent. The foreign ministry also expressed hope that Vinnik will ultimately be extradited to Russia. "We hope the Greek authorities will consider the Russian Prosecutor General's Office request, and Russias reasoning, and act in strict compliance with international law," the ministry said. Image via Shutterstock Related Stories Greek Court Backs Extradition of Alleged Bitcoin Exchange Operator to US Alleged Bitcoin Money Launderer Has First Extradition Hearing It's Political: Why China Hates Bitcoin and Loves the Blockchain FICO Patent Filing Hints at Plans for Bitcoin Exchange Monitoring View comments || Russia Blasts Decision to Extradite Alleged Bitcoin Money Launderer: Russia's foreign ministry has sharply criticized a Greek court's decision to extradite Alexander Vinnik to the US for his alleged role in laundering funds through the BTC-e bitcoin exchange.
In a statement, the Ministry for Foreign Affairs said today that they "noted with regret" that the court optedto complywith the US's extradition request for Vinnik, whowas arrestedin Greece in late July and was accused of laundering billions of dollars in bitcoin through the exchange.
Both Vinnik and BTC-e were later charged by US prosecutors, withFinCENhanding down a $110 million fine after the sealed indictment was unveiled.
Since then, Vinnik has remained in Greece pending the outcome of the extradition process. During that time the Russian government moved to extradite Vinnik on unrelated charges, a move that was later endorsed by Vinnik himself in a statement to Russia Today.
To date, Vinnik has maintained that he isinnocentof the charges, though he claims to have worked for BTC-e in the past. BTC-e, for its part, has denied Vinnik's involvement and, since the exchange's site domain was seized by US agents, has moved to establisha new cryptocurrency exchange.
But this week's ruling by a Greek judge was met with dismay by the Russian foreign ministry, which in a statement urged the court to reconsider the decision.
The Russian government said:
"We deem the verdict unjust and a violation of international law. A request from the Russian Prosecutor General's Office on extraditing Mr Vinnik to Russia was submitted to the Greek authorities. Based on legal precedent, the Russian request should take priority as Mr Vinnik is a citizen of Russia."
The statement notably makes no mention of BTC-e or the specific crimes for which Vinnik has been accused. That said, it does make note that Vinnik's legal team will appeal the decision, potentially leaving it up to the Greek Justice Ministry to decide on where the Russian national will be sent.
The foreign ministry also expressed hope that Vinnik will ultimately be extradited to Russia.
"We hope the Greek authorities will consider the Russian Prosecutor General's Office request, and Russia’s reasoning, and act in strict compliance with international law," the ministry said.
Imagevia Shutterstock
• Greek Court Backs Extradition of Alleged Bitcoin Exchange Operator to US
• Alleged Bitcoin Money Launderer Has First Extradition Hearing
• It's Political: Why China Hates Bitcoin and Loves the Blockchain
• FICO Patent Filing Hints at Plans for Bitcoin Exchange Monitoring || Bitcoin Derivatives ETFs Withdraw Filings at SEC Request: Public documents reveal that a second US financial services firm has withdrawn an effort to create exchange-traded futures (ETFs) tied to bitcoin. In a letter dated October 5, an executive for Connecticut-based REX ETFs requested to pull back an amendment related to two previously proposed ETFs: the REX Bitcoin Strategy Fund and the REX Short Bitcoin Strategy ETF . The withdrawal is a notable one, given that the company said in August that it would seek to launch multiple investment products around cryptocurrencies. The letter, penned by REX president J. Garrett Stevens, indicates that officials at the US Securities and Exchange Commission (SEC) don't want to weigh in on such products in the absence of available derivatives contracts in which to invest. Stevens wrote: "The Trust notes that on a call with the Staff, the Staff expressed the view that it is the Commissions policy not to review a registration statement for a fund where the underlying instruments in which the fund intends to primarily invest are not yet available. The Staff requested that the Trust withdraw Amendment No. 47 until such time as the underlying instruments in which the Funds intend to invest (i.e., bitcoin futures contracts) become available for investment." Indeed, that language is virtually identical to statements included in a withdrawal letter from VanEck , a New York-based money manager that yanked its own bitcoin derivatives ETF bid late last month. Like REX, the firm clarified that it had not yet sold any securities tied to the ETF. The new development suggests that continued efforts to create investment products around cryptocurrency markets will still face some degree of optimism from regulators like the SEC. This year has seen several notable rejections for bitcoin ETFs, including a still-in-review bid by investors Tyler and Cameron Winklevoss . Image via Shutterstock Related Stories Two Hurdles? Bitcoin Faces Resistance Ahead of $4,500 ICO Central: Why Switzerland Will Remain Crypto Valley BlackRock Exec: No Point in Bitcoin ETF GAW Miners CEO Held Liable for $9.8 Million Judgment in SEC Case || Bitcoin Derivatives ETFs Withdraw Filings at SEC Request: Public documents reveal that a second US financial services firm has withdrawn an effort to create exchange-traded futures (ETFs) tied to bitcoin.
Ina letterdated October 5, an executive for Connecticut-based REX ETFs requested to pull back an amendment related to two previously proposed ETFs: theREX Bitcoin Strategy Fundand theREX Short Bitcoin Strategy ETF. The withdrawal is a notable one, given that the company said in August that it would seek to launch multiple investment products around cryptocurrencies.
The letter, penned by REX president J. Garrett Stevens, indicates that officials at the US Securities and Exchange Commission (SEC) don't want to weigh in on such products in the absence of available derivatives contracts in which to invest.
Stevens wrote:
"The Trust notes that on a call with the Staff, the Staff expressed the view that it is the Commission’s policy not to review a registration statement for a fund where the underlying instruments in which the fund intends to primarily invest are not yet available. The Staff requested that the Trust withdraw Amendment No. 47 until such time as the underlying instruments in which the Funds intend to invest (i.e., bitcoin futures contracts) become available for investment."
Indeed, that language is virtually identical to statements included ina withdrawal letter from VanEck, a New York-based money manager that yanked its own bitcoin derivatives ETF bid late last month. Like REX, the firm clarified that it had not yet sold any securities tied to the ETF.
The new development suggests that continued efforts to create investment products around cryptocurrency markets will still face some degree of optimism from regulators like the SEC. This year has seen several notable rejections for bitcoin ETFs, including a still-in-review bid by investorsTyler and Cameron Winklevoss.
Imagevia Shutterstock
• Two Hurdles? Bitcoin Faces Resistance Ahead of $4,500
• ICO Central: Why Switzerland Will Remain Crypto Valley
• BlackRock Exec: No Point in Bitcoin ETF
• GAW Miners CEO Held Liable for $9.8 Million Judgment in SEC Case || Bitcoin Derivatives ETFs Withdraw Filings at SEC Request: Public documents reveal that a second US financial services firm has withdrawn an effort to create exchange-traded futures (ETFs) tied to bitcoin.
Ina letterdated October 5, an executive for Connecticut-based REX ETFs requested to pull back an amendment related to two previously proposed ETFs: theREX Bitcoin Strategy Fundand theREX Short Bitcoin Strategy ETF. The withdrawal is a notable one, given that the company said in August that it would seek to launch multiple investment products around cryptocurrencies.
The letter, penned by REX president J. Garrett Stevens, indicates that officials at the US Securities and Exchange Commission (SEC) don't want to weigh in on such products in the absence of available derivatives contracts in which to invest.
Stevens wrote:
"The Trust notes that on a call with the Staff, the Staff expressed the view that it is the Commission’s policy not to review a registration statement for a fund where the underlying instruments in which the fund intends to primarily invest are not yet available. The Staff requested that the Trust withdraw Amendment No. 47 until such time as the underlying instruments in which the Funds intend to invest (i.e., bitcoin futures contracts) become available for investment."
Indeed, that language is virtually identical to statements included ina withdrawal letter from VanEck, a New York-based money manager that yanked its own bitcoin derivatives ETF bid late last month. Like REX, the firm clarified that it had not yet sold any securities tied to the ETF.
The new development suggests that continued efforts to create investment products around cryptocurrency markets will still face some degree of optimism from regulators like the SEC. This year has seen several notable rejections for bitcoin ETFs, including a still-in-review bid by investorsTyler and Cameron Winklevoss.
Imagevia Shutterstock
• Two Hurdles? Bitcoin Faces Resistance Ahead of $4,500
• ICO Central: Why Switzerland Will Remain Crypto Valley
• BlackRock Exec: No Point in Bitcoin ETF
• GAW Miners CEO Held Liable for $9.8 Million Judgment in SEC Case || Crypto Debit Cards are Taking Bitcoin Mainstream. How Entrepreneurs Can Benefit.: Bitcoin's got a spending problem, and entrepreneurs are reacting with crypto debit cards to solve it. Say you've got some crypto-currency -- maybe a Bitcoin or a little Ethereum -- and it just went up 10 percent, and you now want to splurge on a long-overdue vacation to Europe. Related: 11 Things You Need to Know About Bitcoin In the past, you had to go to an exchange, like Coinbase, and turn a set amount of your cryptocurrency into a set amount of national fiat currency ($U.S. ? U.K., etc.). After that, you moved your fiat currency into a bank account. And only then, finally, could you spend it. Enter crypto debit cards -- the old-meets-new innovation that's poised to light a fire under cryptocurrency adoption among regular consumers -- and is primed for entrepreneurial action. Crypto debit cards are like regular debit cards. They've got a Visa or MasterCard logo. They work everywhere. But, instead of pulling from your bank account, they pull from a cryptocurrency wallet. Confused? Here are the basics: What is cryptocurrency? Cryptocurrency is virtual money. It's created by algorithms and sustained by computer networks run by real people and serviced by profitable corporations. It's money that isn't subject to direct devaluation through political means, the way fiat currencies are. And it's very hard for governments to confiscate. Cryptocurrency can move across political borders without delay, taxation or notice -- much like email. It's also relatively new, less than a decade old, and it's just seen its first unicorn (Coinbase). That means it's primed for new waves of venture capital in the short term. One unit of the most popular cryptocurrency, Bitcoin, is currently worth three times the value of one ounce of gold, and it's considerably more portable. Related: Why Marketers Need to Pay Attention to Cryptocurrency -- Now Bitcoin has a hard limit of 21 million total units, which is expected to result in deflationary pressures once that limit is reached. Ethereum, second in popularity after Bitcoin, is not just a currency but also a smart contract platform. You can program smart contracts to help people exchange anything of value in a conflict-free way, without middle men -- sort of like a vending machine. Story continues Speaking of middle men, what about banks? Cryptocurrency has the potential power to eliminate them, along with their fees and limits. And its transactions are nearly anonymous and shockingly inexpensive. In short, cryptocurrency -- and I write this, having no direct financial stake in it -- is the future of money, and it's a field that has a lot of room for new startups. Spending is the challenge. With more than 900 cryptocurrencies out there, access to opportunities for earning, trading and investing them has not been a problem. The challenge now is how to spend them in the real world. So far, we've relied on a ragtag DIY network of ATMs and QR-code apps. The new thing, however, is that we can now use crypto debit cards -- a bridge between the crypto world and the bank-card point-of-sale world that everyone is familiar with. Crypto debit cards are frictionless for beginners and easily understandable. They're making crypto mainstream for regular consumers . Why crypto debit cards? Crypto debit cards offer a lot of benefits over both the old way of trading cryptocurrency for fiat at exchanges and the traditional spending of fiat currency via credit and debit cards. They include: Freedom. You can now spend dozens of cryptocurrencies and tokens at businesses worldwide without having to worry about exchanges or exchange rates. You can buy just about anything you want with bitcoin and other cryptocurrencies. This could be the tipping point for cryptocurrency. Usability. You can spend your crypto holdings now as easily as you use your Visa or MasterCard. Buy groceries, order pizza and pay the bills all without having to pre-convert your cryptocurrency at an exchange. Or withdraw cash at thousands of ATMs. Conversion is now painless and invisible. You can spend freely, and live purely on Bitcoin -- and no one will be the wiser. Universality. Visa and MasterCard are accepted almost everywhere. Never again will you need to ask if a vendor accepts Bitcoin . No more hunting for buyers on LocalBitcoins. Flexibility. Many crypto debit cards enable you to spend Bitcoin, Ethereum and other coins and tokens, so you've got lots of choices when it comes to how to hold your money and which of your crypto holdings you want to liquidate. A buffer against inflation. Crypto debit cards are a lifesaver in places where the local currency is volatile and/or inflationary. You can hold your money in crypto and spend only what you need; you'll also get the best exchange rates. Increase adoption. When more regular people can spend their crypto holdings -- and profit by doing so -- they'll have more reason to ask for payment in cryptocurrency as well, and less reason to hoard it. Also, now merchants can effectively accept Bitcoin -- and not even know it. They'll get paid in their preferred fiat currency. Rewards. Many crypto debit cards offer reward schemes that will give you an advantage over spending cash. You could actually profit from spending cryptocurrency via a crypto debit card compared to spending cash. Anonymity. Some crypto debit cards will enable you to remain anonymous if you're spending small amounts of money. All of this adds up to a powerful engine for mainstream adoption by regular folks. Crypto debit cards represent the merging of two worlds -- the innovation of cryptocurrency with the practicality of debit cards. How crypto debit cards work Crypto debit cards work just like any other debit card at the point of sale or ATM. Instead of drawing from a bank account, however, the card draws from a cryptocurrency wallet. When you make a purchase with a crypto debit card, only the amount of cryptocurrency you need is sold for fiat currency. That fiat currency is then sent to the merchant in a seamless process you aren't even aware of. The steps to set one up are simple: Order the card, activate it, load money by transferring some cryptocurrency to the card vendor's wallet service and then spend the money. Your crypto debit card options More than 30 crypto debit cards options are available from different providers with different fee structures, cryptocurrency and fiat support. Some of the most popular ones are TenX , Centra Card , BitPay , Xapo , CryptoPay , Coinbase/Shift and Monaco . How entrepreneurs can take advantage The market for crypto debit cards is just getting started. Entrepreneurs looking to take advantage of it need to keep this in mind: Avoid limits as much as possible. Cryptocurrency users hate limits. Think outside the traditional limits. We're building a new world here -- one in which entrepreneurs can: Reduce and simplify fees. Many options in the crypto debit card market right now are loaded with fees, from monthly fees to loading fees to withdrawal fees and more. Reach the unbanked. As many as 2.5 billion adults globally are not using banks. But they do have cellphones. These folks are a prime market for cryptocurrency services. Entrepreneurs can make it easy for them to access educational and other services using crypto debit cards. Two-and-a-half billion people is a huge market. Just the other day, I came across a thread of people in the developing world begging an online education provider to accept Bitcoin. That's just one opportunity. One. Related: 5 Essential Podcasts for Entrepreneurs Serious About Cryptocurrency In sum, crypto debit cards are turning national currencies into an app that fits in your wallet. The crypto debit card is the next-level innovation that's going to rocket cryptocurrencies into the mainstream for everyday consumers. Because, when you can spend these currencies with ease, there's a good reason believe that you'll be able to earn it as well, and that the crypto economy will only grow. || Crypto Debit Cards are Taking Bitcoin Mainstream. How Entrepreneurs Can Benefit.: Bitcoin's got a spending problem, and entrepreneurs are reacting with crypto debit cards to solve it. Say you've got some crypto-currency -- maybe a Bitcoin or a little Ethereum -- and it just went up 10 percent, and you now want to splurge on a long-overdue vacation to Europe. Related: 11 Things You Need to Know About Bitcoin In the past, you had to go to an exchange, like Coinbase, and turn a set amount of your cryptocurrency into a set amount of national fiat currency ($U.S. ? U.K., etc.). After that, you moved your fiat currency into a bank account. And only then, finally, could you spend it. Enter crypto debit cards -- the old-meets-new innovation that's poised to light a fire under cryptocurrency adoption among regular consumers -- and is primed for entrepreneurial action. Crypto debit cards are like regular debit cards. They've got a Visa or MasterCard logo. They work everywhere. But, instead of pulling from your bank account, they pull from a cryptocurrency wallet. Confused? Here are the basics: What is cryptocurrency? Cryptocurrency is virtual money. It's created by algorithms and sustained by computer networks run by real people and serviced by profitable corporations. It's money that isn't subject to direct devaluation through political means, the way fiat currencies are. And it's very hard for governments to confiscate. Cryptocurrency can move across political borders without delay, taxation or notice -- much like email. It's also relatively new, less than a decade old, and it's just seen its first unicorn (Coinbase). That means it's primed for new waves of venture capital in the short term. One unit of the most popular cryptocurrency, Bitcoin, is currently worth three times the value of one ounce of gold, and it's considerably more portable. Related: Why Marketers Need to Pay Attention to Cryptocurrency -- Now Bitcoin has a hard limit of 21 million total units, which is expected to result in deflationary pressures once that limit is reached. Ethereum, second in popularity after Bitcoin, is not just a currency but also a smart contract platform. You can program smart contracts to help people exchange anything of value in a conflict-free way, without middle men -- sort of like a vending machine. Story continues Speaking of middle men, what about banks? Cryptocurrency has the potential power to eliminate them, along with their fees and limits. And its transactions are nearly anonymous and shockingly inexpensive. In short, cryptocurrency -- and I write this, having no direct financial stake in it -- is the future of money, and it's a field that has a lot of room for new startups. Spending is the challenge. With more than 900 cryptocurrencies out there, access to opportunities for earning, trading and investing them has not been a problem. The challenge now is how to spend them in the real world. So far, we've relied on a ragtag DIY network of ATMs and QR-code apps. The new thing, however, is that we can now use crypto debit cards -- a bridge between the crypto world and the bank-card point-of-sale world that everyone is familiar with. Crypto debit cards are frictionless for beginners and easily understandable. They're making crypto mainstream for regular consumers . Why crypto debit cards? Crypto debit cards offer a lot of benefits over both the old way of trading cryptocurrency for fiat at exchanges and the traditional spending of fiat currency via credit and debit cards. They include: Freedom. You can now spend dozens of cryptocurrencies and tokens at businesses worldwide without having to worry about exchanges or exchange rates. You can buy just about anything you want with bitcoin and other cryptocurrencies. This could be the tipping point for cryptocurrency. Usability. You can spend your crypto holdings now as easily as you use your Visa or MasterCard. Buy groceries, order pizza and pay the bills all without having to pre-convert your cryptocurrency at an exchange. Or withdraw cash at thousands of ATMs. Conversion is now painless and invisible. You can spend freely, and live purely on Bitcoin -- and no one will be the wiser. Universality. Visa and MasterCard are accepted almost everywhere. Never again will you need to ask if a vendor accepts Bitcoin . No more hunting for buyers on LocalBitcoins. Flexibility. Many crypto debit cards enable you to spend Bitcoin, Ethereum and other coins and tokens, so you've got lots of choices when it comes to how to hold your money and which of your crypto holdings you want to liquidate. A buffer against inflation. Crypto debit cards are a lifesaver in places where the local currency is volatile and/or inflationary. You can hold your money in crypto and spend only what you need; you'll also get the best exchange rates. Increase adoption. When more regular people can spend their crypto holdings -- and profit by doing so -- they'll have more reason to ask for payment in cryptocurrency as well, and less reason to hoard it. Also, now merchants can effectively accept Bitcoin -- and not even know it. They'll get paid in their preferred fiat currency. Rewards. Many crypto debit cards offer reward schemes that will give you an advantage over spending cash. You could actually profit from spending cryptocurrency via a crypto debit card compared to spending cash. Anonymity. Some crypto debit cards will enable you to remain anonymous if you're spending small amounts of money. All of this adds up to a powerful engine for mainstream adoption by regular folks. Crypto debit cards represent the merging of two worlds -- the innovation of cryptocurrency with the practicality of debit cards. How crypto debit cards work Crypto debit cards work just like any other debit card at the point of sale or ATM. Instead of drawing from a bank account, however, the card draws from a cryptocurrency wallet. When you make a purchase with a crypto debit card, only the amount of cryptocurrency you need is sold for fiat currency. That fiat currency is then sent to the merchant in a seamless process you aren't even aware of. The steps to set one up are simple: Order the card, activate it, load money by transferring some cryptocurrency to the card vendor's wallet service and then spend the money. Your crypto debit card options More than 30 crypto debit cards options are available from different providers with different fee structures, cryptocurrency and fiat support. Some of the most popular ones are TenX , Centra Card , BitPay , Xapo , CryptoPay , Coinbase/Shift and Monaco . How entrepreneurs can take advantage The market for crypto debit cards is just getting started. Entrepreneurs looking to take advantage of it need to keep this in mind: Avoid limits as much as possible. Cryptocurrency users hate limits. Think outside the traditional limits. We're building a new world here -- one in which entrepreneurs can: Reduce and simplify fees. Many options in the crypto debit card market right now are loaded with fees, from monthly fees to loading fees to withdrawal fees and more. Reach the unbanked. As many as 2.5 billion adults globally are not using banks. But they do have cellphones. These folks are a prime market for cryptocurrency services. Entrepreneurs can make it easy for them to access educational and other services using crypto debit cards. Two-and-a-half billion people is a huge market. Just the other day, I came across a thread of people in the developing world begging an online education provider to accept Bitcoin. That's just one opportunity. One. Related: 5 Essential Podcasts for Entrepreneurs Serious About Cryptocurrency In sum, crypto debit cards are turning national currencies into an app that fits in your wallet. The crypto debit card is the next-level innovation that's going to rocket cryptocurrencies into the mainstream for everyday consumers. Because, when you can spend these currencies with ease, there's a good reason believe that you'll be able to earn it as well, and that the crypto economy will only grow. || Crypto Debit Cards are Taking Bitcoin Mainstream. How Entrepreneurs Can Benefit.: Bitcoin's got a spending problem, and entrepreneurs are reacting with crypto debit cards to solve it. Say you've got some crypto-currency -- maybe a Bitcoin or a little Ethereum -- and it just went up 10 percent, and you now want to splurge on a long-overdue vacation to Europe. Related: 11 Things You Need to Know About Bitcoin In the past, you had to go to an exchange, like Coinbase, and turn a set amount of your cryptocurrency into a set amount of national fiat currency ($U.S. ? U.K., etc.). After that, you moved your fiat currency into a bank account. And only then, finally, could you spend it. Enter crypto debit cards -- the old-meets-new innovation that's poised to light a fire under cryptocurrency adoption among regular consumers -- and is primed for entrepreneurial action. Crypto debit cards are like regular debit cards. They've got a Visa or MasterCard logo. They work everywhere. But, instead of pulling from your bank account, they pull from a cryptocurrency wallet. Confused? Here are the basics: What is cryptocurrency? Cryptocurrency is virtual money. It's created by algorithms and sustained by computer networks run by real people and serviced by profitable corporations. It's money that isn't subject to direct devaluation through political means, the way fiat currencies are. And it's very hard for governments to confiscate. Cryptocurrency can move across political borders without delay, taxation or notice -- much like email. It's also relatively new, less than a decade old, and it's just seen its first unicorn (Coinbase). That means it's primed for new waves of venture capital in the short term. One unit of the most popular cryptocurrency, Bitcoin, is currently worth three times the value of one ounce of gold, and it's considerably more portable. Related: Why Marketers Need to Pay Attention to Cryptocurrency -- Now Bitcoin has a hard limit of 21 million total units, which is expected to result in deflationary pressures once that limit is reached. Ethereum, second in popularity after Bitcoin, is not just a currency but also a smart contract platform. You can program smart contracts to help people exchange anything of value in a conflict-free way, without middle men -- sort of like a vending machine. Story continues Speaking of middle men, what about banks? Cryptocurrency has the potential power to eliminate them, along with their fees and limits. And its transactions are nearly anonymous and shockingly inexpensive. In short, cryptocurrency -- and I write this, having no direct financial stake in it -- is the future of money, and it's a field that has a lot of room for new startups. Spending is the challenge. With more than 900 cryptocurrencies out there, access to opportunities for earning, trading and investing them has not been a problem. The challenge now is how to spend them in the real world. So far, we've relied on a ragtag DIY network of ATMs and QR-code apps. The new thing, however, is that we can now use crypto debit cards -- a bridge between the crypto world and the bank-card point-of-sale world that everyone is familiar with. Crypto debit cards are frictionless for beginners and easily understandable. They're making crypto mainstream for regular consumers . Why crypto debit cards? Crypto debit cards offer a lot of benefits over both the old way of trading cryptocurrency for fiat at exchanges and the traditional spending of fiat currency via credit and debit cards. They include: Freedom. You can now spend dozens of cryptocurrencies and tokens at businesses worldwide without having to worry about exchanges or exchange rates. You can buy just about anything you want with bitcoin and other cryptocurrencies. This could be the tipping point for cryptocurrency. Usability. You can spend your crypto holdings now as easily as you use your Visa or MasterCard. Buy groceries, order pizza and pay the bills all without having to pre-convert your cryptocurrency at an exchange. Or withdraw cash at thousands of ATMs. Conversion is now painless and invisible. You can spend freely, and live purely on Bitcoin -- and no one will be the wiser. Universality. Visa and MasterCard are accepted almost everywhere. Never again will you need to ask if a vendor accepts Bitcoin . No more hunting for buyers on LocalBitcoins. Flexibility. Many crypto debit cards enable you to spend Bitcoin, Ethereum and other coins and tokens, so you've got lots of choices when it comes to how to hold your money and which of your crypto holdings you want to liquidate. A buffer against inflation. Crypto debit cards are a lifesaver in places where the local currency is volatile and/or inflationary. You can hold your money in crypto and spend only what you need; you'll also get the best exchange rates. Increase adoption. When more regular people can spend their crypto holdings -- and profit by doing so -- they'll have more reason to ask for payment in cryptocurrency as well, and less reason to hoard it. Also, now merchants can effectively accept Bitcoin -- and not even know it. They'll get paid in their preferred fiat currency. Rewards. Many crypto debit cards offer reward schemes that will give you an advantage over spending cash. You could actually profit from spending cryptocurrency via a crypto debit card compared to spending cash. Anonymity. Some crypto debit cards will enable you to remain anonymous if you're spending small amounts of money. All of this adds up to a powerful engine for mainstream adoption by regular folks. Crypto debit cards represent the merging of two worlds -- the innovation of cryptocurrency with the practicality of debit cards. How crypto debit cards work Crypto debit cards work just like any other debit card at the point of sale or ATM. Instead of drawing from a bank account, however, the card draws from a cryptocurrency wallet. When you make a purchase with a crypto debit card, only the amount of cryptocurrency you need is sold for fiat currency. That fiat currency is then sent to the merchant in a seamless process you aren't even aware of. The steps to set one up are simple: Order the card, activate it, load money by transferring some cryptocurrency to the card vendor's wallet service and then spend the money. Your crypto debit card options More than 30 crypto debit cards options are available from different providers with different fee structures, cryptocurrency and fiat support. Some of the most popular ones are TenX , Centra Card , BitPay , Xapo , CryptoPay , Coinbase/Shift and Monaco . How entrepreneurs can take advantage The market for crypto debit cards is just getting started. Entrepreneurs looking to take advantage of it need to keep this in mind: Avoid limits as much as possible. Cryptocurrency users hate limits. Think outside the traditional limits. We're building a new world here -- one in which entrepreneurs can: Reduce and simplify fees. Many options in the crypto debit card market right now are loaded with fees, from monthly fees to loading fees to withdrawal fees and more. Reach the unbanked. As many as 2.5 billion adults globally are not using banks. But they do have cellphones. These folks are a prime market for cryptocurrency services. Entrepreneurs can make it easy for them to access educational and other services using crypto debit cards. Two-and-a-half billion people is a huge market. Just the other day, I came across a thread of people in the developing world begging an online education provider to accept Bitcoin. That's just one opportunity. One. Related: 5 Essential Podcasts for Entrepreneurs Serious About Cryptocurrency In sum, crypto debit cards are turning national currencies into an app that fits in your wallet. The crypto debit card is the next-level innovation that's going to rocket cryptocurrencies into the mainstream for everyday consumers. Because, when you can spend these currencies with ease, there's a good reason believe that you'll be able to earn it as well, and that the crypto economy will only grow. || Is Ripple's Rally Over? XRP Price Runs Into Roadblock: Fresh off setting a one-month high, the price of ripple's native cryptocurrency, XRP, is struggling to cut through resistance offered by a rising channel hurdle. At press time, the ripple-US dollar (XRP/USD) exchange rate is $0.24, and while that figure is up 4.24 percent on the day and 21.89 percent week-over-week, it seems further gains may be difficult. Potentially positive news drivers aside , price action analysis suggests XRP is struggling to hold above $0.21 (its September 27 high), meaning downside potential is still in play. Daily chart The chart above shows: XRP is having a tough time breaching the rising trend line resistance (upward sloping blue lines). 5-day moving average and 10-day moving average is sloping upwards. The 14-day relative strength index (RSI) is above 50.00 (bullish territory) and pointing upwards. 4-hour chart: Overbought RSI View XRP is likely to stay on the front foot and could eventually take out the rising channel hurdle. Prices could then proceed to test their August high of $0.2650. However, the RSI on the 4-hour chart is overbought (rally overdone). Thus, a minor pullback to $0.2190 cannot be ruled out. On a larger scheme of things, only a break below $0.20 would signal bullish-to-bearish change. Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ripple, the developer of the XRP Ledger. Cords and plugs image via Shutterstock Related Stories Two Hurdles? Bitcoin Price Faces Resistance In Bid to Top $4,500 Losing Steam? Dash Price Rallies Over $300 But Upside in Doubt Above $4,300: Bitcoin Is Up, But Is It Out of the Woods? Ripple Price Consolidates, But Could It 'Swell' Higher? || Is Ripple's Rally Over? XRP Price Runs Into Roadblock: Fresh off setting a one-month high, the price of ripple's native cryptocurrency, XRP, is struggling to cut through resistance offered by a rising channel hurdle.
At press time, the ripple-US dollar (XRP/USD) exchange rate is $0.24, and while that figure is up 4.24 percent on the day and 21.89 percent week-over-week, it seems further gains may be difficult.
Potentially positivenews drivers aside, price action analysis suggests XRP is struggling to hold above $0.21 (its September 27 high), meaning downside potential is still in play.
The chart above shows:
• XRP is having a tough time breaching the rising trend line resistance (upward sloping blue lines).
• 5-day moving average and 10-day moving average is sloping upwards.
• The 14-day relative strength index (RSI) is above 50.00 (bullish territory) and pointing upwards.
View
• XRP is likely to stay on the front foot and could eventually take out the rising channel hurdle. Prices could then proceed to test their August high of $0.2650.
• However, the RSI on the 4-hour chart is overbought (rally overdone). Thus, a minor pullback to $0.2190 cannot be ruled out.
• On a larger scheme of things, only a break below $0.20 would signal bullish-to-bearish change.
Disclosure:CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ripple, the developer of the XRP Ledger.
Cords and plugs imagevia Shutterstock
• Two Hurdles? Bitcoin Price Faces Resistance In Bid to Top $4,500
• Losing Steam? Dash Price Rallies Over $300 But Upside in Doubt
• Above $4,300: Bitcoin Is Up, But Is It Out of the Woods?
• Ripple Price Consolidates, But Could It 'Swell' Higher? || Two Hurdles? Bitcoin Faces Resistance Ahead of $4,500: Bitcoin bulls can breathe a sigh of relief. Having defended the 50-day moving average support, the price of bitcoin rose to a four-day high of $4,407 today. Week-over-week, the bitcoin-U.S. dollar ( BTC/USD ) exchange rate is now up 5.84 percent. Brushing aside uncertainty surrounding a possible upcoming fork , bitcoin is looking northward ahead of the weekend and, should it cut through key technical hurdles ahead, it could be poised to push higher. The rebound from the 50-day moving average is encouraging, but the cryptocurrency still faces the following hurdles: $4,420 – Resistance offered by the trend line sloping upwards from the September 15 low and September 25 low. $4,470 – Monday's doji candle high. View An end-of-day close above $4,470 would signal failure of the bearish doji reversal and mark continuation of the higher highs and higher lows pattern. Thus, bitcoin could revisit $4,700, above which a major resistance is seen directly at $5,000 (record highs). 4-hour chart A failure to cut through $4,420 (trend line hurdle) followed by a break below $4,300 (support on 4-hour chart) would open up downside towards the head and shoulders neckline level of $4,200. A violation there would confirm bullish-to-bearish trend change. Measurement tools image via Shutterstock Related Stories Bitcoin Derivatives ETFs Withdraw Filings at SEC Request Is Ripple's Rally Over? XRP Price Runs Into Roadblock ICO Central: Why Switzerland Will Remain Crypto Valley Swiss Public University Begins Accepting Bitcoin View comments
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#bitcoin non si ferma più? Analisi tecnica || #bitcoin non si ferma più? Analisi tecnica || #bitcoin non si ferma più? Analisi tecnica || #Bitcoin Current bitcoin price is ฿0.00021447 BTC for $1 USD #GoldCoinJar || China State News Hints at #bitcoin Exchange Licensing, Resumed Crypto Trading https://themerkle.com/china-state-news-hints-at-bitcoin-exchange-licensing-resumed-crypto-trading/?lipi=urn%3Ali%3Apage%3Ad_flagship3_feed%3B3xHtJulbQmaRK2CPi3ftiw%3D%3D … || #bitcoin non si ferma più? An...
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4781.99, 4826.48, 5446.91, 5647.21, 5831.79, 5678.19, 5725.59, 5605.51, 5590.69, 5708.52
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 424.54, 432.15, 432.52, 433.50, 437.70, 435.12, 423.99, 421.65, 410.94, 400.57, 407.71, 414.32, 413.97, 414.86, 417.13, 421.69, 411.62, 414.07, 416.44, 416.83, 417.01, 420.62, 409.55, 410.44, 413.76, 413.31, 418.09, 418.04, 416.39, 417.18, 417.95, 426.77, 424.23, 416.52, 414.82, 416.73, 417.96, 420.87, 420.90, 421.44, 424.03, 423.41, 422.74, 420.35, 419.41, 421.56, 422.48, 425.19, 423.73, 424.28, 429.71, 430.57, 427.40, 428.59, 435.51, 441.39, 449.42, 445.74, 450.28, 458.55, 461.43, 466.09, 444.69, 449.01, 455.10, 448.32, 451.88, 444.67, 450.30, 446.72, 447.98, 459.60, 458.54, 458.55, 460.48, 450.89, 452.73, 454.77, 455.67, 455.67, 457.57, 454.16, 453.78, 454.62, 438.71, 442.68, 443.19, 439.32, 444.15, 445.98.
|
[Bitcoin Technical Analysis for 2016-05-24]
Volume: 65783100, RSI (14-day): 48.34, 50-day EMA: 442.96, 200-day EMA: 402.97
[Wider Market Context]
Gold Price: 1228.90, Gold RSI: 37.62
Oil Price: 48.62, Oil RSI: 68.40
[Recent News (last 7 days)]
Banks Considering Digital Safeguards Against Fraud In $4T Trade Financing Market: Banks around the globe don't have a uniform system of communication, which has allowed the prevalence of fraud in the financial world. Especially in the trade financing market, fraudulent paper invoices have caused millions of dollars in losses for companies and banks. According to Bloomberg , Standard Chartered PLC lost $193 million at China's Qingdao port two years ago, a Singaporean businessman allegedly used the same invoices for metal stockpiles multiple times with different banks for hundreds of millions, and fake invoices in 2008 cost JPMorgan Chase & Co. (NYSE: JPM ) almost $700 million. Banks are considering adopting a distributed-ledger technology similar to the software that backs bitcoin. A blockchain electronic ledger invoice service could potentially cut billions of dollars in costs for banks. It would also do away with paper invoices – the major source of fraud in the trade finance business. The main hurdle is: Are banks going to be willing to disclose their confidential transactions in order to form this system? Related Link: Can Bitcoin Resolve Central Bank Woes? HSBC Holdings plc (ADR) (NYSE: HSBC ) and Bank of America Corp (NYSE: BAC ) in separate emails mentioned that they are involved in the pursuit of blockchain projects, according to Bloomberg. The changing digital landscape of the finance industry is forcing banks to collaborate with each other. But in order for a common invoicing platform to be adopted across the board, common standards have to be agreed upon. Owen Jelf, managing director of Accenture's capital markets practice, said, "Think of it like putting seven people who speak seven different languages in one room and try to settle a problem, in this case how to settle a trade finance transfer." Infocomm Development Authority of Singapore, who is working closely with Standard Chartered and DBS, said, "Trade financing is borderless and banks that do adopt this technology will be able to benefit regardless of the country of origin." See more from Benzinga 8 Biggest Mid-Day Winners Bank Of America Initiates Coverage On Red Rock Resorts With A Buy Rating U.S. Lifts Arms Ban On Vietnam As Tensions Over The South China Sea Fester © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || Banks Considering Digital Safeguards Against Fraud In $4T Trade Financing Market: Banks around the globe don't have a uniform system of communication, which has allowed the prevalence of fraud in the financial world. Especially in the trade financing market, fraudulent paper invoices have caused millions of dollars in losses for companies and banks. According to Bloomberg , Standard Chartered PLC lost $193 million at China's Qingdao port two years ago, a Singaporean businessman allegedly used the same invoices for metal stockpiles multiple times with different banks for hundreds of millions, and fake invoices in 2008 cost JPMorgan Chase & Co. (NYSE: JPM ) almost $700 million. Banks are considering adopting a distributed-ledger technology similar to the software that backs bitcoin. A blockchain electronic ledger invoice service could potentially cut billions of dollars in costs for banks. It would also do away with paper invoices – the major source of fraud in the trade finance business. The main hurdle is: Are banks going to be willing to disclose their confidential transactions in order to form this system? Related Link: Can Bitcoin Resolve Central Bank Woes? HSBC Holdings plc (ADR) (NYSE: HSBC ) and Bank of America Corp (NYSE: BAC ) in separate emails mentioned that they are involved in the pursuit of blockchain projects, according to Bloomberg. The changing digital landscape of the finance industry is forcing banks to collaborate with each other. But in order for a common invoicing platform to be adopted across the board, common standards have to be agreed upon. Owen Jelf, managing director of Accenture's capital markets practice, said, "Think of it like putting seven people who speak seven different languages in one room and try to settle a problem, in this case how to settle a trade finance transfer." Infocomm Development Authority of Singapore, who is working closely with Standard Chartered and DBS, said, "Trade financing is borderless and banks that do adopt this technology will be able to benefit regardless of the country of origin." See more from Benzinga 8 Biggest Mid-Day Winners Bank Of America Initiates Coverage On Red Rock Resorts With A Buy Rating U.S. Lifts Arms Ban On Vietnam As Tensions Over The South China Sea Fester © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM (IBM.N), which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programmer Vitalik Buterin. "We're very excited about Ethereum. There has been a tonne of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalisation of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. Story continues At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a licence in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM (IBM.N), which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programmer Vitalik Buterin. "We're very excited about Ethereum. There has been a tonne of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalisation of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. Story continues At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a licence in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM (IBM.N), which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programmer Vitalik Buterin. "We're very excited about Ethereum. There has been a tonne of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalisation of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. Story continues At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a licence in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programer Vitalik Buterin. "We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. Story continues At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programer Vitalik Buterin. "We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) View comments || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programer Vitalik Buterin. "We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. Story continues At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programer Vitalik Buterin. "We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. Story continues At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programer Vitalik Buterin. "We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. Story continues At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programer Vitalik Buterin. "We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) View comments || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday.
The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network.
Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programer Vitalik Buterin.
"We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum."
He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other.
Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added.
Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said.
According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million.
At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency.
White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state.
Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange.
"What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programer Vitalik Buterin. "We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) View comments || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday.
The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network.
Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programer Vitalik Buterin.
"We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum."
He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other.
Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added.
Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said.
According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million.
At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency.
White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state.
Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange.
"What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: (Adds quotes, details about ether, and byline) By Gertrude Chavez-Dreyfuss NEW YORK, May 19 (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays and UBS as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programmer Vitalik Buterin. "We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. Story continues At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: (Adds quotes, details about ether, and byline)
By Gertrude Chavez-Dreyfuss
NEW YORK, May 19 (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday.
The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays and UBS as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network.
Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programmer Vitalik Buterin.
"We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum."
He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other.
Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added.
Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said.
According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million.
At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency.
White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state.
Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange.
"What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: (Adds quotes, details about ether, and byline)
By Gertrude Chavez-Dreyfuss
NEW YORK, May 19 (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday.
The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays and UBS as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network.
Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programmer Vitalik Buterin.
"We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum."
He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other.
Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added.
Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said.
According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million.
At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency.
White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state.
Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange.
"What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: NEW YORK, May 19 (Reuters) - Bitcoin exchange Coinbase said late Thursday it will add digital currency ether on its trading platform next Tuesday.
With the launch of ether trading next week, Coinbase is also changing the name of its platform to GDAX (Global Digital Asset Exchange), said Adam White, vice president of business development and head of GDAX.
Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs.
Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum uses ether to execute peer-to-peer contracts automatically without the need for intermediaries.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: NEW YORK, May 19 (Reuters) - Bitcoin exchange Coinbase said late Thursday it will add digital currency ether on its trading platform next Tuesday. With the launch of ether trading next week, Coinbase is also changing the name of its platform to GDAX (Global Digital Asset Exchange), said Adam White, vice president of business development and head of GDAX. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum uses ether to execute peer-to-peer contracts automatically without the need for intermediaries. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: NEW YORK, May 19 (Reuters) - Bitcoin exchange Coinbase said late Thursday it will add digital currency ether on its trading platform next Tuesday.
With the launch of ether trading next week, Coinbase is also changing the name of its platform to GDAX (Global Digital Asset Exchange), said Adam White, vice president of business development and head of GDAX.
Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs.
Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum uses ether to execute peer-to-peer contracts automatically without the need for intermediaries.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr)
[Social Media Buzz]
2016-05-24T20:47:06+00:00: View on http://steemit.com · @clains · 2016-05-24T20:47:06+00:00 (edi... http://cur.lv/ywsog #bitcoin || Buy me a coffee with #Bitcoin @ 00:15 AM to 1GUym8dmWSHVQviHeVCdorZU98ZEeAmuFg . The Innamincka Affair. http://tinyurl.com/zxqby3q || $445.99 at 15:00 UTC [24h Range: $441.00 - $446.37 Volume: 2824 BTC] || 1 #bitcoin 1346.34 TL, 446.001 $, 395.998 €, GBP, 28851.00 RUR, 48526 ¥, CNH, CAD #btc || 1 MUE Price: Bittrex 0.00000030 BTC YoBit 0.00000054 BTC Bleutrade...
|
449.60, 453.38, 473.46, 530.04, 526.23, 533.86, 531.39, 536.92, 537.97, 569.19
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 461.43, 466.09, 444.69, 449.01, 455.10, 448.32, 451.88, 444.67, 450.30, 446.72, 447.98, 459.60, 458.54, 458.55, 460.48, 450.89, 452.73, 454.77, 455.67, 455.67, 457.57, 454.16, 453.78, 454.62, 438.71, 442.68, 443.19, 439.32, 444.15, 445.98, 449.60, 453.38, 473.46, 530.04, 526.23, 533.86, 531.39, 536.92, 537.97, 569.19, 572.73, 574.98, 585.54, 576.60, 581.65, 574.63, 577.47, 606.73, 672.78, 704.38, 685.56, 694.47, 766.31, 748.91, 756.23, 763.78, 737.23, 666.65, 596.12, 623.98, 665.30, 665.12, 629.37, 655.28, 647.00, 639.89, 673.34, 676.30, 703.70, 658.66, 683.66, 670.63, 677.33, 640.56, 666.52, 650.96, 649.36, 647.66, 664.55, 654.47, 658.08, 663.26, 660.77, 679.46, 673.11, 672.86, 665.68, 665.01, 650.62, 655.56.
|
[Bitcoin Technical Analysis for 2016-07-23]
Volume: 69532200, RSI (14-day): 49.05, 50-day EMA: 636.10, 200-day EMA: 510.60
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Your first trade for Friday, July 22: The "Fast Money" traders shared their first moves for the market open.
Tim Seymour stuck with Starbucks(SBUX), which had reported quarterly numbers after Thursday's close.
Karen Finerman was a seller of United Rentals(URI).
Brian Kelly was a buyer of the iShares 20+ Year Treasury Bond ETF(TLT).
Guy Adami was a buyer of Newmont Mining(NEM).
Trader disclosure: On July 21, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:Brian Kelly is long Bitcoin, DXJ, GLD, MOS, POT, SLV, XME, US Dollar UUP; he is short CHF=, EUR=, JPY=. Tim Seymour is long APC, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. short: SPY, XRT; Tim's firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM. Karen Finerman is long AAL, BAC, C, DAL, DRII, DRII calls, FB, FL, GOOG, GOOGL, JPM, LYV, KORS, KORS, KORS puts, M, MA, SEDG, SPY puts, UAL, URI, WIFI long call spreads. Her firm is long ANTM, AAPL, BAC, C, C calls, DRII, DRII calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, PLCE, SPY puts, URI, WIFI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International. Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Your first trade for Friday, July 22: The " Fast Money " traders shared their first moves for the market open. Tim Seymour stuck with Starbucks ( SBUX ) , which had reported quarterly numbers after Thursday's close. Karen Finerman was a seller of United Rentals ( URI ) . Brian Kelly was a buyer of the iShares 20+ Year Treasury Bond ETF ( TLT ) . Guy Adami was a buyer of Newmont Mining ( NEM ) . Trader disclosure: On July 21, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Brian Kelly is long Bitcoin, DXJ, GLD, MOS, POT, SLV, XME, US Dollar UUP; he is short CHF=, EUR=, JPY=. Tim Seymour is long APC, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. short: SPY, XRT; Tim's firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM. Karen Finerman is long AAL, BAC, C, DAL, DRII, DRII calls, FB, FL, GOOG, GOOGL, JPM, LYV, KORS, KORS, KORS puts, M, MA, SEDG, SPY puts, UAL, URI, WIFI long call spreads. Her firm is long ANTM, AAPL, BAC, C, C calls, DRII, DRII calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, PLCE, SPY puts, URI, WIFI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International. Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. More From CNBC Top News and Analysis Latest News Video Personal Finance || How Apple And Facebook Helped Take Down The Largest Torrent-Sharing Site In The World: Thirty-year-old Ukrainian national Artem Vaulin, the alleged owner of the world’s largest torrent-sharing site, Kickass Torrents, was arrested Wednesday in Poland, accused of criminal copyright infringement and money laundering. After years on the run, the man, known over the Internet as "Tirm," was found due to a series of really dumb mistakes — for a complete review of the process that led to this outcome,click here.
The king of online piracy was also operating a Kickass TorrentsFacebook Inc(NASDAQ:FB) fan page — apparently without even using an IP blocker or a disposable email. After the U.S. government presented a warrant requesting the social network to hand over the log data, which they did, they weren't even faced with a difficult task.
Related Link:The Crucial Role Twitter Played In Finding The Center Of Our Galaxy
Supposedly, Vaulin had been using anApple Inc.(NASDAQ:AAPL)-owned @me.com email address to log into the site. Moreover, when U.S. authorities went over his emails, they found several messages related to the administration of the Kickass Torrents site.
To makes things even worse, Tirm decided to use the same email account to make a legal iTunes purchase. Again, he didn't use an IP blocker, so his IP address was registered.
Instead of locating and arresting Vaulin immediately, U.S. officials used the IP addresses to find his online Bitcoin account.
“Vaulin is charged with running today’s most visited illegal file-sharing website, responsible for unlawfully distributing well over $1 billion of copyrighted materials,” Assistant Attorney General Leslie Caldwell voiced in astatement. “In an effort to evade law enforcement, Vaulin allegedly relied on servers located in countries around the world and moved his domains due to repeated seizures and civil lawsuits. His arrest in Poland, however, demonstrates again that cybercriminals can run, but they cannot hide from justice,” she concluded.
Did you like this article? Could it have been improved? Please email [email protected] with the story link to let us know!
Disclosure: Javier Hasse holds no interest in any of the securities or entities mentioned above.
See more from Benzinga
• Protecting Journalists: Edward Snowden Designed iPhone Add-On That Could Stop Eavesdroppers
• App Store Data Suggests Healthy Revenue Trends For Apple
• The iPhone Ban In Iran: Officials Confirm The Rhyme's For Real This Time
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || How Apple And Facebook Helped Take Down The Largest Torrent-Sharing Site In The World: Thirty-year-old Ukrainian national Artem Vaulin, the alleged owner of the worlds largest torrent-sharing site, Kickass Torrents, was arrested Wednesday in Poland, accused of criminal copyright infringement and money laundering. After years on the run, the man, known over the Internet as "Tirm," was found due to a series of really dumb mistakes for a complete review of the process that led to this outcome, click here . The king of online piracy was also operating a Kickass Torrents Facebook Inc (NASDAQ: FB ) fan page apparently without even using an IP blocker or a disposable email. After the U.S. government presented a warrant requesting the social network to hand over the log data, which they did, they weren't even faced with a difficult task. Related Link: The Crucial Role Twitter Played In Finding The Center Of Our Galaxy Supposedly, Vaulin had been using an Apple Inc. (NASDAQ: AAPL )-owned @me.com email address to log into the site. Moreover, when U.S. authorities went over his emails, they found several messages related to the administration of the Kickass Torrents site. To makes things even worse, Tirm decided to use the same email account to make a legal iTunes purchase. Again, he didn't use an IP blocker, so his IP address was registered. Instead of locating and arresting Vaulin immediately, U.S. officials used the IP addresses to find his online Bitcoin account. Vaulin is charged with running todays most visited illegal file-sharing website, responsible for unlawfully distributing well over $1 billion of copyrighted materials, Assistant Attorney General Leslie Caldwell voiced in a statement . In an effort to evade law enforcement, Vaulin allegedly relied on servers located in countries around the world and moved his domains due to repeated seizures and civil lawsuits. His arrest in Poland, however, demonstrates again that cybercriminals can run, but they cannot hide from justice, she concluded. Did you like this article? Could it have been improved? Please email [email protected] with the story link to let us know! Story continues Disclosure: Javier Hasse holds no interest in any of the securities or entities mentioned above. See more from Benzinga Protecting Journalists: Edward Snowden Designed iPhone Add-On That Could Stop Eavesdroppers App Store Data Suggests Healthy Revenue Trends For Apple The iPhone Ban In Iran: Officials Confirm The Rhyme's For Real This Time © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Coinbase offers digital currency to consumers: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it is now offering the ether digital currency to consumers.
Ether is the digital currency for the Ethereum platform, a blockchain, or public database that can be used by consumers or corporations without the need for control by intermediaries.
Ethereum, which uses ether to execute peer-to-peer contracts automatically, was co-founded and invented by 22-year old Russian-Canadian programmer Vitalik Buterin.
"Ethereum is still in an early and experimental phase, and as it matures will likely evolve to serve a different purpose than Bitcoin," said Ankur Nandwani, product manager at Coinbase, in a blog posted on the company's website.
"In the meantime, Ethereum is pushing the digital currency ecosystem forward and we are excited to support it as part of our mission to create an open financial system for the world."
The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays, and other global corporations which are trying to explore the Ethereum network.
Nandwani said consumers in 32 countries can now buy, sell, and store in their Coinbase accounts.
In May, ether trading was added to its digital currency exchange called GDAX (Global Digital Asset Exchange). That trading platform is focused on institutional investors and professional traders.
According to coinmarketcap.com, ether is trading at $12.64 late on Thursday, with a market capitalization of about $1.04 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $10.48 billion and trading at $664.85.
Volume for ether over the last 24 hours was around $25.7 million, while that for bitcoin was $61.2 million.
At the beginning of the year, ether traded at just $1 per token and it is one of the fastest-rising digital currencies.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Andrew Hay) || Coinbase offers digital currency to consumers: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it is now offering the ether digital currency to consumers. Ether is the digital currency for the Ethereum platform, a blockchain, or public database that can be used by consumers or corporations without the need for control by intermediaries. Ethereum, which uses ether to execute peer-to-peer contracts automatically, was co-founded and invented by 22-year old Russian-Canadian programmer Vitalik Buterin. "Ethereum is still in an early and experimental phase, and as it matures will likely evolve to serve a different purpose than Bitcoin," said Ankur Nandwani, product manager at Coinbase, in a blog posted on the company's website. "In the meantime, Ethereum is pushing the digital currency ecosystem forward and we are excited to support it as part of our mission to create an open financial system for the world." The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays, and other global corporations which are trying to explore the Ethereum network. Nandwani said consumers in 32 countries can now buy, sell, and store in their Coinbase accounts. In May, ether trading was added to its digital currency exchange called GDAX (Global Digital Asset Exchange). That trading platform is focused on institutional investors and professional traders. According to coinmarketcap.com, ether is trading at $12.64 late on Thursday, with a market capitalization of about $1.04 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $10.48 billion and trading at $664.85. Volume for ether over the last 24 hours was around $25.7 million, while that for bitcoin was $61.2 million. At the beginning of the year, ether traded at just $1 per token and it is one of the fastest-rising digital currencies. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Andrew Hay) || Coinbase offers digital currency to consumers: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it is now offering the ether digital currency to consumers. Ether is the digital currency for the Ethereum platform, a blockchain, or public database that can be used by consumers or corporations without the need for control by intermediaries. Ethereum, which uses ether to execute peer-to-peer contracts automatically, was co-founded and invented by 22-year old Russian-Canadian programmer Vitalik Buterin. "Ethereum is still in an early and experimental phase, and as it matures will likely evolve to serve a different purpose than Bitcoin," said Ankur Nandwani, product manager at Coinbase, in a blog posted on the company's website. "In the meantime, Ethereum is pushing the digital currency ecosystem forward and we are excited to support it as part of our mission to create an open financial system for the world." The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays, and other global corporations which are trying to explore the Ethereum network. Nandwani said consumers in 32 countries can now buy, sell, and store in their Coinbase accounts. In May, ether trading was added to its digital currency exchange called GDAX (Global Digital Asset Exchange). That trading platform is focused on institutional investors and professional traders. According to coinmarketcap.com, ether is trading at $12.64 late on Thursday, with a market capitalization of about $1.04 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $10.48 billion and trading at $664.85. Volume for ether over the last 24 hours was around $25.7 million, while that for bitcoin was $61.2 million. At the beginning of the year, ether traded at just $1 per token and it is one of the fastest-rising digital currencies. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Andrew Hay) || Coinbase offers digital currency to consumers: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it is now offering the ether digital currency to consumers. Ether is the digital currency for the Ethereum platform, a blockchain, or public database that can be used by consumers or corporations without the need for control by intermediaries. Ethereum, which uses ether to execute peer-to-peer contracts automatically, was co-founded and invented by 22-year old Russian-Canadian programmer Vitalik Buterin. "Ethereum is still in an early and experimental phase, and as it matures will likely evolve to serve a different purpose than Bitcoin," said Ankur Nandwani, product manager at Coinbase, in a blog posted on the company's website. "In the meantime, Ethereum is pushing the digital currency ecosystem forward and we are excited to support it as part of our mission to create an open financial system for the world." The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays, and other global corporations which are trying to explore the Ethereum network. Nandwani said consumers in 32 countries can now buy, sell, and store in their Coinbase accounts. In May, ether trading was added to its digital currency exchange called GDAX (Global Digital Asset Exchange). That trading platform is focused on institutional investors and professional traders. According to coinmarketcap.com, ether is trading at $12.64 late on Thursday, with a market capitalization of about $1.04 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $10.48 billion and trading at $664.85. Volume for ether over the last 24 hours was around $25.7 million, while that for bitcoin was $61.2 million. At the beginning of the year, ether traded at just $1 per token and it is one of the fastest-rising digital currencies. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Andrew Hay) || Coinbase offers digital currency to consumers: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it is now offering the ether digital currency to consumers. Ether is the digital currency for the Ethereum platform, a blockchain, or public database that can be used by consumers or corporations without the need for control by intermediaries. Ethereum, which uses ether to execute peer-to-peer contracts automatically, was co-founded and invented by 22-year old Russian-Canadian programmer Vitalik Buterin. "Ethereum is still in an early and experimental phase, and as it matures will likely evolve to serve a different purpose than Bitcoin," said Ankur Nandwani, product manager at Coinbase, in a blog posted on the company's website. "In the meantime, Ethereum is pushing the digital currency ecosystem forward and we are excited to support it as part of our mission to create an open financial system for the world." The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays (BARCR.UL), and other global corporations which are trying to explore the Ethereum network. Nandwani said consumers in 32 countries can now buy, sell, and store in their Coinbase accounts. In May, ether trading was added to its digital currency exchange called GDAX (Global Digital Asset Exchange). That trading platform is focused on institutional investors and professional traders. According to coinmarketcap.com, ether is trading at $12.64 late on Thursday, with a market capitalisation of about $1.04 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $10.48 billion and trading at $664.85. Volume for ether over the last 24 hours was around $25.7 million, while that for bitcoin was $61.2 million. At the beginning of the year, ether traded at just $1 per token and it is one of the fastest-rising digital currencies. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Andrew Hay) || Coinbase offers digital currency to consumers: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it is now offering the ether digital currency to consumers. Ether is the digital currency for the Ethereum platform, a blockchain, or public database that can be used by consumers or corporations without the need for control by intermediaries. Ethereum, which uses ether to execute peer-to-peer contracts automatically, was co-founded and invented by 22-year old Russian-Canadian programmer Vitalik Buterin. "Ethereum is still in an early and experimental phase, and as it matures will likely evolve to serve a different purpose than Bitcoin," said Ankur Nandwani, product manager at Coinbase, in a blog posted on the company's website. "In the meantime, Ethereum is pushing the digital currency ecosystem forward and we are excited to support it as part of our mission to create an open financial system for the world." The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays (BARCR.UL), and other global corporations which are trying to explore the Ethereum network. Nandwani said consumers in 32 countries can now buy, sell, and store in their Coinbase accounts. In May, ether trading was added to its digital currency exchange called GDAX (Global Digital Asset Exchange). That trading platform is focused on institutional investors and professional traders. According to coinmarketcap.com, ether is trading at $12.64 late on Thursday, with a market capitalisation of about $1.04 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $10.48 billion and trading at $664.85. Volume for ether over the last 24 hours was around $25.7 million, while that for bitcoin was $61.2 million. At the beginning of the year, ether traded at just $1 per token and it is one of the fastest-rising digital currencies. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Andrew Hay) || Why Ethereum is the hottest new thing in digital currency: Just when you were (maybe) beginning to get a basic understanding of the digital currency bitcoin , a second-place digital currency is gaining steam and growing in value. It’s called ether, it is the token of a blockchain network called Ethereum, and less than one year after launching, its market cap now exceeds $1 billion. On Thursday, Ethereum hit another business milestone when Coinbase , the leading mainstream platform for buying and trading of bitcoin, added support for ether . Coinbase customers—there are 4 million of them in 32 countries—can now easily buy and trade ether using the Coinbase web site or mobile app. But would they want to? First they’d have to understand it. If bitcoin, which runs on a decentralized, permission-less, peer-to-peer blockchain , is still in its infancy—a point bitcoin believers love to make —then Ethereum is barely out of the womb. As the New York Times wrote in March, the network “is complicated enough that even people who know it well have trouble describing it in plain English.” Ethereum’s creator is Vitalik Buterin , a 22-year-old Russian tech-wunderkind who began working on the concept at age 19. A presentation Buterin made at Ethereum’s developer conference last year listed use cases such as: issuing assets; crowdfunding; domain registration; title registration; gambling; prediction markets; and the Internet of Things , among others. Ethereum is not without troubling security issues: Last month a decentralized network called The DAO, built on top of the Ethereum blockchain, was attacked, in a theft of $50 million worth of ether. After the attack, an SEC official expressed grave concern over the network’s security. Still, many in the cryptocurrency world say Ethereum is even more exciting than bitcoin because of the ability to smore smart contracts on its network. Many developers are already running early-stage apps on top of Ethereum , for all manner of services including blockchain payments via Slack and placing bets on which tech startups will get popular first. Story continues Coinbase had already added ether to its more formal cryptocurrency exchange site for institutional investors, GDAX, back in May. “We saw individual as well as developer interest in Ethereum rise at the end of 2015, and by the early part of 2016 our customers on GDAX were saying, ‘Give us the ability to sell ether,'” says Adam White, VP of business development and strategy for Coinbase. Bringing ether to its mainstream wallet product was the obvious next step. Coinbase adding ether (everywhere but New York) also means that all partners using the Coinbase “buy widget” can do the same. One such partner is Lawnmower , a mobile app that originally launched as a “roundup” service that invests your spare change into bitcoin, using Coinbase. Lawnmower recently changed its model to allow users to set an auto-purchase of bitcoin once a month at a set price, and it just updated its app this week to include a news hub for intel on many cryptocurrencies, including ether, litecoin, and ripple. In other words: Lawnmower, like Coinbase, saw ether pulling into second in the crypto race. “Some of these assets recently, like ether, our users have made it clear they want to learn more about it,” says Alex Sunnarborg, Lawnmower CFO. “So we just said, ‘Let’s move as fast as we can on it.'” Lawnmower added an index that shows ether’s price over time, compares it against bitcoin, and even has the full original white paper on Ethereum. What it couldn’t add was the ability to actually buy ether. Now that Coinbase has implemented that, it can. All of the momentum for ether reflects that bitcoin will not be the only digital currency of interest. It was the first to come along, in 2009, but there is room for more. And indeed, there were more—like dogecoin, litecoin (whose inventor now works for Coinbase), and ripple—but White says, “Nothing uniquely differentiated itself until Ethereum. While bitcoin is a fantastic global transaction network, we see Ethereum offering a worldwide computational network.” Coinbase was the first bitcoin wallet to get mainstream recognition. It was also by far the best-funded bitcoin startup until the mysterious 21 Inc. raised $116 million in a single round last year. Adding Ethereum to Coinbase, White says, “required a fresh look at how we design the platform. We wanted to keep it super simple, easy to understand, so that people like my dad, when they hear about Ethereum in the paper, and he wants to buy $100, he can go to Coinbase and it’s still a very simple process.” If the casual investor does want to dip a toe into ether, Coinbase now allows it through a bank account, credit or debit card. Ether currently trades at around $12. Coinbase expects to see “a very significant amount of interest.” — Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology. Follow him on Twitter at @ readDanwrite . Read more: The latest Bitcoin price hike is not all about Brexit British bitcoin market sent incredible signals ahead of Brexit Here’s why 21 Inc. is the most exciting bitcoin company right now How early bitcoin leader Coinbase is staying relevant amid the blockchain craze || Why Ethereum is the hottest new thing in digital currency: Just when you were (maybe) beginning to get a basic understanding ofthe digital currency bitcoin, a second-place digital currency is gaining steam and growing in value. It’s called ether, it is the token of a blockchain network called Ethereum, and less than one year after launching, its market cap now exceeds $1 billion.
On Thursday, Ethereum hit another business milestone whenCoinbase, the leading mainstream platform for buying and trading of bitcoin,added support for ether. Coinbase customers—there are 4 million of them in 32 countries—can now easily buy and trade ether using the Coinbase web site or mobile app.
But would they want to? First they’d have to understand it.
If bitcoin, which runs on adecentralized, permission-less, peer-to-peer blockchain, is still in its infancy—a pointbitcoin believers love to make—then Ethereum is barely out of the womb. As theNew York Timeswrote in March, the network “is complicated enough that even people who know it well have trouble describing it in plain English.”
Ethereum’s creator isVitalik Buterin, a 22-year-old Russian tech-wunderkind who began working on the concept at age 19. A presentationButerin made at Ethereum’s developer conferencelast year listed use cases such as: issuing assets; crowdfunding; domain registration; title registration; gambling; prediction markets; and theInternet of Things, among others.
Ethereum is not without troubling security issues: Last month a decentralized network called The DAO, built on top of the Ethereum blockchain, was attacked, in a theft of $50 million worth of ether. After the attack, an SEC officialexpressed grave concernover the network’s security.
Still, many in the cryptocurrency world say Ethereum is even more exciting than bitcoin because of the ability to smore smart contracts on its network. Many developers are already runningearly-stage apps on top of Ethereum, for all manner of services including blockchain payments via Slack and placing bets on which tech startups will get popular first.
Coinbase had already added ether to its more formal cryptocurrency exchange site for institutional investors, GDAX, back in May. “We saw individual as well as developer interest in Ethereum rise at the end of 2015, and by the early part of 2016 our customers on GDAX were saying, ‘Give us the ability to sell ether,'” says Adam White, VP of business development and strategy for Coinbase. Bringing ether to its mainstream wallet product was the obvious next step.
Coinbase adding ether (everywhere but New York) also means that all partners using the Coinbase “buy widget” can do the same. One such partner isLawnmower, a mobile app that originally launched as a “roundup” service that invests your spare change into bitcoin, using Coinbase.
Lawnmower recently changed its model to allow users to set an auto-purchase of bitcoin once a month at a set price, and it just updated its app this week to include a news hub for intel on many cryptocurrencies, including ether, litecoin, and ripple. In other words: Lawnmower, like Coinbase, saw ether pulling into second in the crypto race.
“Some of these assets recently, like ether, our users have made it clear they want to learn more about it,” says Alex Sunnarborg, Lawnmower CFO. “So we just said, ‘Let’s move as fast as we can on it.'” Lawnmower added an index that shows ether’s price over time, compares it against bitcoin, and even has the full original white paper on Ethereum. What it couldn’t add was the ability to actually buy ether. Now that Coinbase has implemented that, it can.
All of the momentum for ether reflects that bitcoin will not be the only digital currency of interest. It was the first to come along, in 2009, but there is room for more. And indeed, there were more—like dogecoin, litecoin (whose inventor now works for Coinbase), and ripple—but White says, “Nothing uniquely differentiated itself until Ethereum. While bitcoin is a fantastic global transaction network, we see Ethereum offering a worldwide computational network.”
Coinbase was the first bitcoin wallet to get mainstream recognition. It was also by far the best-funded bitcoin startup until themysterious 21 Inc. raised $116 million in a single roundlast year. Adding Ethereum to Coinbase, White says, “required a fresh look at how we design the platform. We wanted to keep it super simple, easy to understand, so that people like my dad, when they hear about Ethereum in the paper, and he wants to buy $100, he can go to Coinbase and it’s still a very simple process.”
If the casual investor does want to dip a toe into ether, Coinbase now allows it through a bank account, credit or debit card. Ether currently trades at around $12.
Coinbase expects to see “a very significant amount of interest.”
—
Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology. Follow him on Twitter at @readDanwrite.
Read more:
The latest Bitcoin price hike is not all about Brexit
British bitcoin market sent incredible signals ahead of Brexit
Here’s why 21 Inc. is the most exciting bitcoin company right now
How early bitcoin leader Coinbase is staying relevant amid the blockchain craze || Texan gets 1-1/2 years in prison for running bitcoin Ponzi scheme: By Nate Raymond
NEW YORK, July 21 (Reuters) - A Texas man was sentenced to 1-1/2 years in prison on Thursday for operating a bitcoin-related Ponzi scheme that prosecutors say resulted in the first U.S. criminal securities fraud case related to the digital currency.
Trendon Shavers, who operated Bitcoin Savings and Trust, was also ordered by U.S. District Judge Lewis Kaplan in Manhattan to forfeit $1.23 million and pay restitution in the same amount for operating what the judge called a "class Ponzi scheme."
"You defrauded innocent people," he said. "You did it, in the last analysis, for personal gain."
Shavers, who pleaded guilty in September 2015 to one count of securities fraud and who now supports himself as a cook, said in court he had "royally messed up," and had lost friends and embarrassed his family as a result of his fraud.
"I don't think this is something I'm ever going to get over," he said.
Shavers, a Prosper, Texas, resident who went by "pirateat40" online, was arrested in November 2014, two months after a federal judge in Texas ordered him to pay $40.7 million in a related U.S. Securities and Exchange Commission civil lawsuit.
Prosecutors said from 2011 to 2012, Shavers, 33, raised at least 764,000 bitcoins, which at the time were worth more than $4.5 million, for his Bitcoin Savings and Trust. He operated the business from his home, offering bitcoin-related investments through the internet.
Prosecutors said Shavers solicited the investments on the website Bitcoin Forum, and promised interest rates of 7 percent per week to investors who loaned bitcoins to Bitcoin Savings and Trust while he pursued a market arbitrage strategy.
While Shavers invested some of the bitcoins with Mt. Gox, the now-defunct Tokyo-based bitcoin exchange, he largely in typical Ponzi scheme fashion used new investors' bitcoins to pay back prior investors, prosecutors said.
At the peak of the scheme, Shavers controlled about 7 percent of bitcoins in public circulation, prosecutors said.
In total, out of 100 investors, at least 48 suffered losses, prosecutors said. His lawyers said the losses equaled $1.23 million.
Prosecutors said Shavers also misappropriated bitcoins to purchase a used BMW M5 sedan, to buy have a $1,000 steakhouse dinner in Las Vegas and to go to spas and casinos.
The case is U.S. v. Shavers, U.S. District Court, Southern District of New York, No. 15-cr-00157.
(Reporting by Nate Raymond in New York; Editing by David Gregorio) || Texan gets 1-1/2 years in prison for running bitcoin Ponzi scheme: By Nate Raymond NEW YORK, July 21 (Reuters) - A Texas man was sentenced to 1-1/2 years in prison on Thursday for operating a bitcoin-related Ponzi scheme that prosecutors say resulted in the first U.S. criminal securities fraud case related to the digital currency. Trendon Shavers, who operated Bitcoin Savings and Trust, was also ordered by U.S. District Judge Lewis Kaplan in Manhattan to forfeit $1.23 million and pay restitution in the same amount for operating what the judge called a "class Ponzi scheme." "You defrauded innocent people," he said. "You did it, in the last analysis, for personal gain." Shavers, who pleaded guilty in September 2015 to one count of securities fraud and who now supports himself as a cook, said in court he had "royally messed up," and had lost friends and embarrassed his family as a result of his fraud. "I don't think this is something I'm ever going to get over," he said. Shavers, a Prosper, Texas, resident who went by "pirateat40" online, was arrested in November 2014, two months after a federal judge in Texas ordered him to pay $40.7 million in a related U.S. Securities and Exchange Commission civil lawsuit. Prosecutors said from 2011 to 2012, Shavers, 33, raised at least 764,000 bitcoins, which at the time were worth more than $4.5 million, for his Bitcoin Savings and Trust. He operated the business from his home, offering bitcoin-related investments through the internet. Prosecutors said Shavers solicited the investments on the website Bitcoin Forum, and promised interest rates of 7 percent per week to investors who loaned bitcoins to Bitcoin Savings and Trust while he pursued a market arbitrage strategy. While Shavers invested some of the bitcoins with Mt. Gox, the now-defunct Tokyo-based bitcoin exchange, he largely in typical Ponzi scheme fashion used new investors' bitcoins to pay back prior investors, prosecutors said. At the peak of the scheme, Shavers controlled about 7 percent of bitcoins in public circulation, prosecutors said. Story continues In total, out of 100 investors, at least 48 suffered losses, prosecutors said. His lawyers said the losses equaled $1.23 million. Prosecutors said Shavers also misappropriated bitcoins to purchase a used BMW M5 sedan, to buy have a $1,000 steakhouse dinner in Las Vegas and to go to spas and casinos. The case is U.S. v. Shavers, U.S. District Court, Southern District of New York, No. 15-cr-00157. (Reporting by Nate Raymond in New York; Editing by David Gregorio) || Nasdaq Adds Big Q2 Haul of New ETP Listings, Switches: For the second quarter in a row, Nasdaq led all other U.S. exchanges and captured 39 percent of exchange traded product listings and switches with 36 products in total for April, May and June.
Nasdaq added 13 new listings in June, which followed the addition offive new listings in Mayand18 new listings in April.
Jeff McCarthy, Nasdaq Vice President and Head of ETP Listings, said Nasdaq had tremendous success in attracting the industry’s leading ETP issuers to list on Nasdaq through the first half of the year.
“We grew the number of listings and switches to Nasdaq by 44 percent over the first quarter 2016, reinforcing Nasdaq as the exchange of choice for issuers introducing new and innovative products to market,” McCarthy said.
Related:Is the NYSE Losing Its Luster for ETFs?
In the first half of 2016, The Nasdaq Stock Market captured 39 percent of new ETP listings and switches across all exchanges.
In total, 61 ETPs have chosen Nasdaq thus far this year, among which 37 are new ETP launches, including products from BlackRock, State Street, Janus and AccuShares, and 24 are product switches from other US exchanges, bringing Nasdaq’s total ETP listings to 277.
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Of Nasdaq’s first half of the year listings and switches, 29 track an index calculated and operated by Nasdaq.
Nasdaq was selected as the exchange of choice for 13 new ETP launches in June:
BlackRock launched two new funds that provide access to international and emerging market stocks that have positive environmental, social and governance characteristics; both launched June 30, 2016:
• iShares MSCI EAFE ESG Select ETF (ESGD)
• iShares MSCI EM ESG Select ETF (ESGE)
AccuShares launchedtwo oil market related Fundswhich began trading June 28, 2016:
• AccuShares S&P GSCI Crude Oil Excess Return Up Shares (OILU)
• AccuShares S&P GSCI Crude Oil Excess Return Down Shares (OILD)
Royal Bank of Canada launched an exchange traded note (ETN) that allocates between the S&P 500 and the Federal Funds rate, trading began June 28, 2016:
• RBC S&P 500 Trend Allocator PR Index ETN (TALL)
BlackRock also launchedtwo high yield ETFswhich began trading June 16, 2016:
• iShares Fallen Angels USD Bond ETF (FALN)
• iShares iBoxx $ High Yield ex Oil & Gas Corporate Bond ETF (HYXE)
First Trust launched the firstactively managed emerging market equity ETF; trading began June 15, 2016:
• First Trust RiverFront Dynamic Emerging Markets ETF (RFEM)
Janus launchedfour thematic healthy lifestyle based ETFsthat trade in Long‐Term Care, Health and Fitness, Organics and Obesity prevention; trading began June 9, 2016:
• The Long‐Term Care ETF (OLD)
• The Health and Fitness ETF (FITS)
• The Organics ETF (ORG)
• The Obesity ETF (SLIM)
State Street Global Advisors launched its first SPDR ETF to Nasdaqand whose index is owned and was developed by Dorsey, Wright & Associates, a Nasdaq Company; the fund began trading on June 2, 2016:
• SPDR Dorsey Wright Fixed Income Allocation ETF (DWFI)
Click hereto read the full story on ETF Trends. || Nasdaq Adds Big Q2 Haul of New ETP Listings, Switches: For the second quarter in a row, Nasdaq led all other U.S. exchanges and captured 39 percent of exchange traded product listings and switches with 36 products in total for April, May and June. Nasdaq added 13 new listings in June, which followed the addition of five new listings in May and 18 new listings in April . Jeff McCarthy, Nasdaq Vice President and Head of ETP Listings, said Nasdaq had tremendous success in attracting the industry’s leading ETP issuers to list on Nasdaq through the first half of the year. “We grew the number of listings and switches to Nasdaq by 44 percent over the first quarter 2016, reinforcing Nasdaq as the exchange of choice for issuers introducing new and innovative products to market,” McCarthy said. Related: Is the NYSE Losing Its Luster for ETFs? In the first half of 2016, The Nasdaq Stock Market captured 39 percent of new ETP listings and switches across all exchanges. In total, 61 ETPs have chosen Nasdaq thus far this year, among which 37 are new ETP launches, including products from BlackRock, State Street, Janus and AccuShares, and 24 are product switches from other US exchanges, bringing Nasdaq’s total ETP listings to 277. Trending on ETF Trends ARK Launches ETF Solely Focused on 3D Printing SolidX Reveals Plan to Launch a Bitcoin ETF A Big Day for ETFs as 5 Sponsors Launch New Products O’Leary’s O’Shares Seeks Big Additions to its ETF Lineup AdvisorShares, Cornerstone Roll Out Active Small-Cap ETF Of Nasdaq’s first half of the year listings and switches, 29 track an index calculated and operated by Nasdaq. Nasdaq was selected as the exchange of choice for 13 new ETP launches in June: BlackRock launched two new funds that provide access to international and emerging market stocks that have positive environmental, social and governance characteristics; both launched June 30, 2016: iShares MSCI EAFE ESG Select ETF ( ESGD ) iShares MSCI EM ESG Select ETF ( ESGE ) AccuShares launched two oil market related Funds which began trading June 28, 2016: Story continues AccuShares S&P GSCI Crude Oil Excess Return Up Shares ( OILU ) AccuShares S&P GSCI Crude Oil Excess Return Down Shares ( OILD ) Royal Bank of Canada launched an exchange traded note (ETN) that allocates between the S&P 500 and the Federal Funds rate, trading began June 28, 2016: RBC S&P 500 Trend Allocator PR Index ETN ( TALL ) BlackRock also launched two high yield ETFs which began trading June 16, 2016: iShares Fallen Angels USD Bond ETF ( FALN ) iShares iBoxx $ High Yield ex Oil & Gas Corporate Bond ETF ( HYXE ) First Trust launched the first actively managed emerging market equity ETF ; trading began June 15, 2016: First Trust RiverFront Dynamic Emerging Markets ETF ( RFEM ) Janus launched four thematic healthy lifestyle based ETFs that trade in Long‐Term Care, Health and Fitness, Organics and Obesity prevention; trading began June 9, 2016: The Long‐Term Care ETF ( OLD ) The Health and Fitness ETF ( FITS ) The Organics ETF ( ORG ) The Obesity ETF ( SLIM ) State Street Global Advisors launched its f irst SPDR ETF to Nasdaq and whose index is owned and was developed by Dorsey, Wright & Associates, a Nasdaq Company; the fund began trading on June 2, 2016: SPDR Dorsey Wright Fixed Income Allocation ETF ( DWFI ) Click here to read the full story on ETF Trends. || C&W Networks Selects Cologix to Unlock Traditional Connections Between North and South America: DENVER, CO and JACKSONVILLE, FL and MIAMI, FL--(Marketwired - Jul 21, 2016) - Cologix ™, a network neutral interconnection and data center company, announced today that C&W Networks , a subsidiary of Cable & Wireless Communications , (C&W), one of the largest full service communications and entertainment providers in the Caribbean and Latin America region, has invested in the most advanced data center in its region by deploying a Point of Presence (PoP) in Cologix's JAX1 data center in Jacksonville (Florida) to further enhance C&W Networks' ongoing commitment in offering customers multiple routes for their traffic ecosystem and a robust industry leading network. Through their deployment in Cologix's Meet-Me-Room, C&W Networks can connect peers and customers to both their subsea and terrestrial networks. Last year, C&W Networks announced it was a member of the Pacific and Caribbean Cable System (PCCS) operating a 3,700 mile subsea cable system with its landing in the United States directly in Jacksonville. The submarine cable connects Aruba, Colombia, Curacao, Ecuador, Panama, Puerto Rico, the British Virgin Islands and Tortola, and then terminates in Jacksonville, Florida. Cologix operates the most connected data center and the Meet-Me-Room (JAX1) in the 421 W. Church carrier hotel. Cologix's JAX1 facility offers connectivity to 30+ LECS, MSOs, backbone networks, regional fiber networks, long haul dark fiber network, ISPs, content providers and cloud service providers. Cologix recently connected JAX1 to its enterprise grade data center at 4800 Spring Park Rd, JAX2, via a diverse dark fiber ring . The combined data center platform provides networks direct access to the largest and growing set of enterprises in the region and significant space and power capacity for growth. "Jacksonville is gaining a reputation as one of the key peering and interconnection points in North America providing cross-border opportunities and diversity which are important in network design. Our customers are recognizing that Jacksonville is part of another regional alternative for traffic between North and South America. We are very proud to be the central and only hub in the region connecting all of the subsea cables and major network providers to each other," stated Graham Williams, chief operating officer, Cologix. Story continues C&W Networks is a wholesale telecommunications service provider that offers broadband, IP capacity and a growing portfolio of managed services and integrated solutions to global, regional and local telecom carriers, TV cable companies, Internet Service Providers and Network Integrators. C&W Networks operates the largest subsea multi-ring, fibre-optic network throughout the greater Caribbean, Central American and Andean region along with the most comprehensive fully meshed MPLS network in the region. "PCCS is our fourth international submarine cable landing in the United States and our third in Florida," stated Paul Scott, President of C&W Networks. The deployment through Cologix in Jacksonville enables us to offer even greater route diversity, redundancy and interconnection to our customers which further enables their business to expand and grow. Mr. Scott further states that "The Cologix facility provides us an ideal exchange and peering platform that is strategically diverse from our established gateways in South Florida and the Caribbean." About Cologix Inc. Cologix Inc. is a network-neutral interconnection and colocation data center company headquartered in Denver. Cologix provides scalable interconnection services and secure, reliable colocation services. Cologix operates densely connected, strategically located facilities in Columbus, Dallas, Jacksonville, Lakeland, Minneapolis, Montreal, Northern New Jersey, Toronto and Vancouver. With more than 450+ network choices and 24 prime interconnection locations, Cologix currently serves over 1,600 carrier, managed services, cloud, media, content, financial services and enterprise customers. The company's experienced local service teams are committed to providing its customers the highest standard of local customer support. To arrange a tour of the center closest to you, contact us at [email protected] . Follow Cologix on LinkedIn and Twitter . About C&W Networks C&W Networks is a wholly owned subsidiary of Cable & Wireless Communications and a wholesale telecommunications service provider that offers broadband, IP capacity and a growing portfolio of managed services and integrated solutions to global, regional and local telecom carriers, TV cable companies, Internet Service Providers and Network Integrators. C&W Networks operates the largest subsea multi-ring fibre-optic network throughout the greater Caribbean, Central American and Andean region along with the most comprehensive fully meshed MPLS network in the region. Reaching 42 countries, the company's fully protected ringed submarine fibre optic network spans more than 48,000km. Cable routes include the Caribbean Optical-ring System (ARCOS-1), Colombia-Florida Express (CFX-1), EC-Link cable system, Fibralink, Maya 1, Eastern Caribbean Fiber Express (ECFS), Taino-Carib, East-West, Cayman-Jamaica Fibre system, Caribbean-Bermuda U.S (CBUS), Americas II, Gemini Bermuda, Pan America (PAN-AM), Antillas 1 and Pacific Caribbean Cable System (PCCS). For more information visit: www.cwnetworks.com . About C&W Communications CWC is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, CWC provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers. CWC also operates a state-of-the-art submarine fiber network -- the most extensive in the region -- in over 30 markets. Learn more at www.cwc.com , or follow C&W on LinkedIn , Facebook or Twitter . About Liberty Global Liberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enable us to develop market-leading products delivered through next-generation networks that connect our customers who subscribe to over 59 million 1 television, broadband internet and telephony services. We also serve over ten million1 mobile subscribers and offer Wi-Fi service across six million access points. Liberty Global's businesses are comprised of two stocks: the Liberty Global Group ( NASDAQ : LBTYA ) ( NASDAQ : LBTYB ) ( NASDAQ : LBTYK ) for our European operations, and the LiLAC Group ( NASDAQ : LILA ) ( NASDAQ : LILAK ) ( OTC PINK : LILAB ), which consists of our operations in Latin America and the Caribbean. The Liberty Global Group operates in 12 European countries under the consumer brands Virgin Media, Ziggo, Unitymedia, Telenet and UPC. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Mas Móvil and BTC. In addition, the LiLAC Group operates a submarine fiber network throughout the region in over 30 markets. For more information, please visit www.libertyglobal.com . Footnote 1 : Subscriber statistics for Liberty Global (including the LiLAC Group) and CWC are as of March 31, 2016 and December 31, 2015, respectively, and are based on each entity's subscriber counting policies. CWC's subscriber counting policies may differ from those of Liberty Global. Accordingly, the combined subscriber statistics are not necessarily indicative of the actual number of subscribers to be reported by the combined operations once CWC conforms to Liberty Global's subscriber counting policies. || C&W Networks Selects Cologix to Unlock Traditional Connections Between North and South America: DENVER, CO and JACKSONVILLE, FL and MIAMI, FL--(Marketwired - Jul 21, 2016) -Cologix™, anetwork neutral interconnectionanddata centercompany, announced today thatC&W Networks, a subsidiary ofCable & Wireless Communications, (C&W), one of the largest full service communications and entertainment providers in the Caribbean and Latin America region, has invested in the most advanced data center in its region by deploying a Point of Presence (PoP) in Cologix's JAX1 data center in Jacksonville (Florida) to further enhance C&W Networks' ongoing commitment in offering customers multiple routes for their traffic ecosystem and a robust industry leading network. Through their deployment in Cologix's Meet-Me-Room, C&W Networks can connect peers and customers to both their subsea and terrestrial networks. Last year, C&W Networks announced it was a member of the Pacific and Caribbean Cable System (PCCS) operating a 3,700 mile subsea cable system with its landing in the United States directly in Jacksonville. The submarine cable connects Aruba, Colombia, Curacao, Ecuador, Panama, Puerto Rico, the British Virgin Islands and Tortola, and then terminates in Jacksonville, Florida.
Cologix operates the most connected data center and the Meet-Me-Room (JAX1) in the421 W. Churchcarrier hotel. Cologix's JAX1 facility offers connectivity to 30+ LECS, MSOs, backbone networks, regional fiber networks, long haul dark fiber network, ISPs, content providers and cloud service providers. Cologix recently connected JAX1 to its enterprise grade data center at4800 Spring Park Rd, JAX2, via a diverse dark fiber ring. The combined data center platform provides networks direct access to the largest and growing set of enterprises in the region and significant space and power capacity for growth.
"Jacksonville is gaining a reputation as one of the key peering and interconnection points in North America providing cross-border opportunities and diversity which are important in network design. Our customers are recognizing that Jacksonville is part of another regional alternative for traffic between North and South America. We are very proud to be the central and only hub in the region connecting all of the subsea cables and major network providers to each other," stated Graham Williams, chief operating officer, Cologix.
C&W Networks is a wholesale telecommunications service provider that offers broadband, IP capacity and a growing portfolio of managed services and integrated solutions to global, regional and local telecom carriers, TV cable companies, Internet Service Providers and Network Integrators. C&W Networks operates the largest subsea multi-ring, fibre-optic network throughout the greater Caribbean, Central American and Andean region along with the most comprehensive fully meshed MPLS network in the region.
"PCCS is our fourth international submarine cable landing in the United States and our third in Florida," stated Paul Scott, President of C&W Networks. The deployment through Cologix in Jacksonville enables us to offer even greater route diversity, redundancy and interconnection to our customers which further enables their business to expand and grow. Mr. Scott further states that "The Cologix facility provides us an ideal exchange and peering platform that is strategically diverse from our established gateways in South Florida and the Caribbean."
About Cologix Inc.Cologix Inc. is a network-neutral interconnection and colocation data center company headquartered in Denver. Cologix provides scalable interconnection services and secure, reliable colocation services. Cologix operates densely connected, strategically located facilities in Columbus, Dallas, Jacksonville, Lakeland, Minneapolis, Montreal, Northern New Jersey, Toronto and Vancouver. With more than 450+ network choices and 24 prime interconnection locations, Cologix currently serves over 1,600 carrier, managed services, cloud, media, content, financial services and enterprise customers. The company's experienced local service teams are committed to providing its customers the highest standard of local customer support. To arrange a tour of the center closest to you, contact us [email protected]. Follow Cologix onLinkedInandTwitter.
About C&W NetworksC&W Networks is a wholly owned subsidiary of Cable & Wireless Communications and a wholesale telecommunications service provider that offers broadband, IP capacity and a growing portfolio of managed services and integrated solutions to global, regional and local telecom carriers, TV cable companies, Internet Service Providers and Network Integrators. C&W Networks operates the largest subsea multi-ring fibre-optic network throughout the greater Caribbean, Central American and Andean region along with the most comprehensive fully meshed MPLS network in the region. Reaching 42 countries, the company's fully protected ringed submarine fibre optic network spans more than 48,000km. Cable routes include the Caribbean Optical-ring System (ARCOS-1), Colombia-Florida Express (CFX-1), EC-Link cable system, Fibralink, Maya 1, Eastern Caribbean Fiber Express (ECFS), Taino-Carib, East-West, Cayman-Jamaica Fibre system, Caribbean-Bermuda U.S (CBUS), Americas II, Gemini Bermuda, Pan America (PAN-AM), Antillas 1 and Pacific Caribbean Cable System (PCCS). For more information visit:www.cwnetworks.com.
About C&W CommunicationsCWC is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, CWC provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers.
CWC also operates a state-of-the-art submarine fiber network -- the most extensive in the region -- in over 30 markets.
Learn more atwww.cwc.com, or follow C&W onLinkedIn,FacebookorTwitter.
About Liberty GlobalLiberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enable us to develop market-leading products delivered through next-generation networks that connect our customers who subscribe to over 59 million1television, broadband internet and telephony services. We also serve over ten million1 mobile subscribers and offer Wi-Fi service across six million access points.
Liberty Global's businesses are comprised of two stocks: the Liberty Global Group (NASDAQ:LBTYA) (NASDAQ:LBTYB) (NASDAQ:LBTYK) for our European operations, and the LiLAC Group (NASDAQ:LILA) (NASDAQ:LILAK) (OTC PINK:LILAB), which consists of our operations in Latin America and the Caribbean.
The Liberty Global Group operates in 12 European countries under the consumer brands Virgin Media, Ziggo, Unitymedia, Telenet and UPC. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Mas Móvil and BTC. In addition, the LiLAC Group operates a submarine fiber network throughout the region in over 30 markets.
For more information, please visitwww.libertyglobal.com.
Footnote1: Subscriber statistics for Liberty Global (including the LiLAC Group) and CWC are as of March 31, 2016 and December 31, 2015, respectively, and are based on each entity's subscriber counting policies. CWC's subscriber counting policies may differ from those of Liberty Global. Accordingly, the combined subscriber statistics are not necessarily indicative of the actual number of subscribers to be reported by the combined operations once CWC conforms to Liberty Global's subscriber counting policies. || 25 Payment Tools for Small Businesses, Freelancers and Startups: Billing your customers is very important. Even more critical is getting paid for those bills. Thanks to the ongoing evolution in the payments industry, there are more payment tools and platforms to choose from to help find the perfect option for your business -- based on how many payments you receive, the type of business you have and, of course, your budget.
I’ve worked with many payment companies over the past 10+ years. I’ve learned that not every payment company is created equal. For that reason, I’ve compiled a list of 25 payment tools to consider for your business. These options will expand the number of payment methods you can accept which will attract more clients, facilitate faster payment, and ensure a secure environment for both parties during every transaction you make.
Due is a payments solution company that offers credit card processing and international credit card processing. You get a low flat-rate transaction fee of 2.7 percent for credit card processing, includingglobal credit card payments. It features a digital wallet tool as well as the ability to handle ACH payments. The company has integrated PayPal and Stripe for further payment options. Due also offers time tracking and online invoicing.
PayPal has become one of the most trusted payment platforms online. It was one of the first that provided freelancers with a way to accept credit card and debit card payments without having to partner with a credit card processing company and face high monthly and transaction fees. Over time, PayPal has evolved into offering personal and business accounts, its own debit and credit card, a revolving credit line and business loans. It allows you to accept payment in foreign currency and then handles the currency exchange process for you for a minimal fee. Now, PayPal is beginning to accept Bitcoin so that you can make and accept cryptocurrency payments.
Related:20 Online Invoice Solutions That Offer More Than Just Invoicing
As part of PayPal, this company has bolstered the company’s payments expertise and provided more options for you to pass onto your customers -- like Venmo, Apple Pay, Android Pay, Bitcoin and debit and credit cards. There are no extra fees, including no fees for refunds, inactivity or failed transactions. You only pay for those transactions you actually carry out. After your first $50,000 in transactions, you will pay aslittle as 2.9 percent + $.30 per transaction.
Dwolla is a developer-friendly payments system that lets you customize how you make and receive recurring, bulk or single payments. Offering a free account with no transaction fees, it only links to a U.S. bank account or credit union account. There is no fee to set up your account, plus there are no transaction fees. However, Dwolla is strictly made for making payments within the U.S.
Authorize.net is a payments gateway that offers domestic and some international transactions for small to medium-sized businesses. You can accept all major credit cards, signature debit cards, echecks and digital paymentoptionslike Apple Pay, PayPal and Visa Checkout. Other features include automated recurring billing, a free suite of security and fraud prevention tools and the ability to synch with your Quickbooks. Although there are no annual renewal or hidden fees involved, there are some other fees to consider. There’s a $49 set-up fee, $25 per month gateway fee, and 2.9 percent plus $0.30 per transaction.
2Checkout focuses on global payment acceptance, providing you with a secure and compliant gateway to do business in nearly every country around the world. It offers both online and mobile platforms for payments, including numerous language and currency options, recurring billing, hosted checkout and fraud protection. You can accept all major credit and debit cards as well as PayPal, and then get paid by bank or wire transfer. Transactions are 2.9 percent plus $0.30 per transaction. While there are no set-up or monthly fees, you will have fees like an extra 1 percent added on to each transaction from outside of the U.S., 2-5 percent charge above daily bank rate on currency conversion and a $20 charge back fee.
Square is a credit card processing company that provides a way for small businesses like yours to accept credit cards without carrying the burden of all those fees that typically get added in by other credit card processors. You will be able to accept credit cards anywhere and process gift cards with their free magstripe reader that works with the Square app on smartphones and tablets. Features include fraud protection and deposits on demand with payments received in your bank account in one to two business days. You only pay per transaction with no set-up or monthly fees. The fee is 2.75 percent per swipe for all major credit cards.
Stripe was built for developers to create custom payment solutions, but it can also be used in its basic form. Even as a standardized payment platform, it is packed with features like integrated mobile payments for iOS and Android, checkout, the ability to add coupons and recurring billing. As a global payment option, it works with over 100 currencies, as well as Bitcoin and local payment instruments like Alipay. You can also accept digital payment services like Apple Pay, Android Pay and AmEx Express Checkout.
Wepay is an online payments processing platform that is completely customizable. Its standard payments solution is fully integrated into your business, offers fraud prevention and fraud detection tools, direct bank transfer, recurring payments and multi-party payments, all major credit cards and ACH payments. Credit card processing fees are 2.9 percent plus $0.30 per transaction while ACH payment processing is 1 percent plus $0.30 per transaction. Charge backs are $15.
Related:5 Features to Look For While Selecting the Right E-Payment Model
Popmoney is a way to send, request and receive money within the U.S. from bank account to bank account or debit card. It has a limited amount of daily and monthly funds that can be sent and received, making this ideal for smaller sized transactions. This highly secure payment solution is ideal for collecting money from groups or for recurring payments. With a debit card, you can receive the funds in as little as one business day while a bank account may take up to three business days. There is one small fee of $0.95 for each transaction, making this a low-cost payment option.
Although they do not list their pricing, they are known to be a competitively priced payment processing provider that focuses on service, security and transparent processes. They promise no fees and next-day funding on a wide range of payments, including major credit and debit cards, EMV, gift cards, PayPal, Apple Pay, Samsung Pay and Android Pay. They offer payment processing on any type of device and focus on EMV, tokenization and end-to-end encryption to deliver one of the most robust security solutions for card processing. They have other services for businesses, including payroll, POS, loyalty programs, ecommerce and billing solutions, mobile payments, gift cards and more.
Cybersource is an online payment processing company that offers a wide array of services, including gateway and processing connections, digital wallet and digital payments, debit and bank transfers, payer authentication, payments security, global tax calculation and more. It allows you to take and make payments in 190 countries and 40 currencies across all major and local payment cards as well as Alipay, PayPal, Visa Checkout, PayEase, Apple Pay and Android Pay. It does not list pricing but instead offers a custom program for businesses of all sizes.
Digital River is positioned as a true global payment processing company, working in 190 countries, including many emerging countries like China and India, as well as in 170 transaction and display currencies. It offers local and global card processing as well as transactions with retail and Internet banks. Its pricing is available by contacting the online payment processing company and working with them to develop a customized program for your business.
ecoPayz offers personal, business and merchant global payment processing services that do not require any recipient bank accounts. This is because this payments solution uses its own branded ecoCards that have a Visa or Mastercard logo and work as payment cards for transactions in 45 currencies. There is instant funding and free set-up for an ecoAccount that uses these virtual payment cards.
Creditcall links to all U.S. processors and UK acquirers, offering online and mobile payments for your business. It uses an EMV-ready payment gateway and virtual terminal to keep your transaction costs low. Creditcall allows you to customize your hosted payment page to seamlessly integrate it into your existing website.
Elavon Converge offers a number of services, including a solution for small businesses. With an online and mobile option, Elavon Converge provides a way to process credit cards, debit cards, electronic gift cards, electronic checks, Electronic Benefit Transfer (EBT) and mobile wallets like Apple Pay. The payment processing provider is also preparing its customers for the EMV transition. Pricing is also available by calling the company to get a customized payment processing program that fits your small business.
Neteller is a global payment processing company that helps businesses work with customers in 200 countries and across 15 languages. You will be able to accept a wide array of credit and debit cards and local payment options, including cryptocurrency like Bitcoin. Along with many deposit options, Neteller offers businesses instant payouts on these transactions.
Related:4 Tips for Revving Up Revenue When You Need It The Most
Nochex is a UK credit card processing company that was established to help companies in the UK work with consumers and businesses around the world, accepting payments from all the major debit and credit card companies. It offers free PCI and anti-fraud tools along with low fees and transparent pricing.
Payoneer specializes in the ability for a business to make mass payments to customers all over the world, but it also offers a payment processing solution. You will be able to work with 200 countries and 150 currencies. Payoneer lets you receive and withdraw funds through deposit in your local bank account, use of the Payoneer Prepaid Mastercard, or purchase through an online store affiliated with Payoneer’s network.
PayXpert is a globally known payments processing company that offers transaction rates as low as 1.5 percet based on volume and risk. They handle more than 40 currencies across 40 countries and work with 150 payment solutions. Features include a payment gateway, merchant account services, mobile and online payment functionality, credit card processing, data encryption and a virtual terminal.
As a global payments system solution, the company offers numerous POS, online and mobile payment processing options. Its online payment solutions include shopping carts, payment gateways, a virtual terminal and recurring payments. You can accept all major payment types, including credit, debit, gift and direct debit cards. The pricing is also customized to fit your business needs.
Payment Depot operates as a membership solution to offer businesses of all sizes access to wholesale credit card processing. It works for all major credit cards and delivers one of the lowest transaction rates available. For its basic membership, which costs $29 per month or $299 per year, you can process up to $20,000 per month and receive a rate of $0.25 per transaction. As your transactions grow in value per month you can tap into even lower transaction rates, from $0.15 all the way down to $0.05 per transaction with the highest volume of transaction value.
Payline Data is a credit card and debit card company that offers low rates for small businesses, helping them grow on a budget. Its simple plan is interchange plus 0.5 percent and $0.15 per transaction for online credit card processing for under $5,000 per month. The other plan is for those who do more than $5,000 per month. It is $15 per month plus a $0.10 per transaction as well as interchange plus 0.2 percent.
Charge.com offers many types of credit card processing services, including one made for small businesses. It comes with no set-up fees, low processing fees, free software and shopping card, no hidden fees and SSL secured transactions. Charge.com lets you process all major credit and debit cards online and through a mobile device like a tablet or smartphone.
Moneris Solutions is a U.S./Canadian payments processing company that offers a wide range of tools, including EMV solutions, online and mobile payments, gift card and loyalty programs, echecks, ACH direct deposit, recurring payments and even payroll processing. There are custom pricing models for businesses to match business size, volume and budget.
This is just a sampling of the growing number of payments companies that include credit card processors, global payment processing firms, online payments providers, digital payment companies and cryptocurrency payment businesses. As you build out your business, you’ll be able to offer a wide range of payment options, including ecash and echecks, digital currency and traditional payments across a world of currencies, and credit and debit cards. || 25 Payment Tools for Small Businesses, Freelancers and Startups: Billing your customers is very important. Even more critical is getting paid for those bills. Thanks to the ongoing evolution in the payments industry, there are more payment tools and platforms to choose from to help find the perfect option for your business -- based on how many payments you receive, the type of business you have and, of course, your budget. I’ve worked with many payment companies over the past 10+ years. I’ve learned that not every payment company is created equal. For that reason, I’ve compiled a list of 25 payment tools to consider for your business. These options will expand the number of payment methods you can accept which will attract more clients, facilitate faster payment, and ensure a secure environment for both parties during every transaction you make. 1. Due Due is a payments solution company that offers credit card processing and international credit card processing. You get a low flat-rate transaction fee of 2.7 percent for credit card processing, including global credit card payments . It features a digital wallet tool as well as the ability to handle ACH payments. The company has integrated PayPal and Stripe for further payment options. Due also offers time tracking and online invoicing. 2. PayPal PayPal has become one of the most trusted payment platforms online. It was one of the first that provided freelancers with a way to accept credit card and debit card payments without having to partner with a credit card processing company and face high monthly and transaction fees. Over time, PayPal has evolved into offering personal and business accounts, its own debit and credit card, a revolving credit line and business loans. It allows you to accept payment in foreign currency and then handles the currency exchange process for you for a minimal fee. Now, PayPal is beginning to accept Bitcoin so that you can make and accept cryptocurrency payments. Related: 20 Online Invoice Solutions That Offer More Than Just Invoicing 3. Braintree As part of PayPal, this company has bolstered the company’s payments expertise and provided more options for you to pass onto your customers -- like Venmo, Apple Pay, Android Pay, Bitcoin and debit and credit cards. There are no extra fees, including no fees for refunds, inactivity or failed transactions. You only pay for those transactions you actually carry out. After your first $50,000 in transactions, you will pay as little as 2.9 percent + $.30 per transaction . Story continues 4. Dwolla Dwolla is a developer-friendly payments system that lets you customize how you make and receive recurring, bulk or single payments. Offering a free account with no transaction fees, it only links to a U.S. bank account or credit union account. There is no fee to set up your account, plus there are no transaction fees. However, Dwolla is strictly made for making payments within the U.S. 5. Authorize.net Authorize.net is a payments gateway that offers domestic and some international transactions for small to medium-sized businesses. You can accept all major credit cards, signature debit cards, echecks and digital payment options like Apple Pay, PayPal and Visa Checkout. Other features include automated recurring billing, a free suite of security and fraud prevention tools and the ability to synch with your Quickbooks. Although there are no annual renewal or hidden fees involved, there are some other fees to consider. There’s a $49 set-up fee, $25 per month gateway fee, and 2.9 percent plus $0.30 per transaction. 6. 2Checkout 2Checkout focuses on global payment acceptance, providing you with a secure and compliant gateway to do business in nearly every country around the world. It offers both online and mobile platforms for payments, including numerous language and currency options, recurring billing, hosted checkout and fraud protection. You can accept all major credit and debit cards as well as PayPal, and then get paid by bank or wire transfer. Transactions are 2.9 percent plus $0.30 per transaction. While there are no set-up or monthly fees, you will have fees like an extra 1 percent added on to each transaction from outside of the U.S., 2-5 percent charge above daily bank rate on currency conversion and a $20 charge back fee. 7. Square Square is a credit card processing company that provides a way for small businesses like yours to accept credit cards without carrying the burden of all those fees that typically get added in by other credit card processors. You will be able to accept credit cards anywhere and process gift cards with their free magstripe reader that works with the Square app on smartphones and tablets. Features include fraud protection and deposits on demand with payments received in your bank account in one to two business days. You only pay per transaction with no set-up or monthly fees. The fee is 2.75 percent per swipe for all major credit cards. 8. Stripe Stripe was built for developers to create custom payment solutions, but it can also be used in its basic form. Even as a standardized payment platform, it is packed with features like integrated mobile payments for iOS and Android, checkout, the ability to add coupons and recurring billing. As a global payment option, it works with over 100 currencies, as well as Bitcoin and local payment instruments like Alipay. You can also accept digital payment services like Apple Pay, Android Pay and AmEx Express Checkout. 9. Wepay Wepay is an online payments processing platform that is completely customizable. Its standard payments solution is fully integrated into your business, offers fraud prevention and fraud detection tools, direct bank transfer, recurring payments and multi-party payments, all major credit cards and ACH payments. Credit card processing fees are 2.9 percent plus $0.30 per transaction while ACH payment processing is 1 percent plus $0.30 per transaction. Charge backs are $15. Related: 5 Features to Look For While Selecting the Right E-Payment Model 10. Popmoney Popmoney is a way to send, request and receive money within the U.S. from bank account to bank account or debit card. It has a limited amount of daily and monthly funds that can be sent and received, making this ideal for smaller sized transactions. This highly secure payment solution is ideal for collecting money from groups or for recurring payments. With a debit card, you can receive the funds in as little as one business day while a bank account may take up to three business days. There is one small fee of $0.95 for each transaction, making this a low-cost payment option. 11. Heartland Payment Systems Although they do not list their pricing, they are known to be a competitively priced payment processing provider that focuses on service, security and transparent processes. They promise no fees and next-day funding on a wide range of payments, including major credit and debit cards, EMV, gift cards, PayPal, Apple Pay, Samsung Pay and Android Pay. They offer payment processing on any type of device and focus on EMV, tokenization and end-to-end encryption to deliver one of the most robust security solutions for card processing. They have other services for businesses, including payroll, POS, loyalty programs, ecommerce and billing solutions, mobile payments, gift cards and more. 12. Cybersource Cybersource is an online payment processing company that offers a wide array of services, including gateway and processing connections, digital wallet and digital payments, debit and bank transfers, payer authentication, payments security, global tax calculation and more. It allows you to take and make payments in 190 countries and 40 currencies across all major and local payment cards as well as Alipay, PayPal, Visa Checkout, PayEase, Apple Pay and Android Pay. It does not list pricing but instead offers a custom program for businesses of all sizes. 13. Digital River Digital River is positioned as a true global payment processing company, working in 190 countries, including many emerging countries like China and India, as well as in 170 transaction and display currencies. It offers local and global card processing as well as transactions with retail and Internet banks. Its pricing is available by contacting the online payment processing company and working with them to develop a customized program for your business. 14. ecoPayz ecoPayz offers personal, business and merchant global payment processing services that do not require any recipient bank accounts. This is because this payments solution uses its own branded ecoCards that have a Visa or Mastercard logo and work as payment cards for transactions in 45 currencies. There is instant funding and free set-up for an ecoAccount that uses these virtual payment cards. 15. Creditcall Creditcall links to all U.S. processors and UK acquirers, offering online and mobile payments for your business. It uses an EMV-ready payment gateway and virtual terminal to keep your transaction costs low. Creditcall allows you to customize your hosted payment page to seamlessly integrate it into your existing website. 16. Elavon Converge Elavon Converge offers a number of services, including a solution for small businesses. With an online and mobile option, Elavon Converge provides a way to process credit cards, debit cards, electronic gift cards, electronic checks, Electronic Benefit Transfer (EBT) and mobile wallets like Apple Pay. The payment processing provider is also preparing its customers for the EMV transition. Pricing is also available by calling the company to get a customized payment processing program that fits your small business. 17. Neteller Neteller is a global payment processing company that helps businesses work with customers in 200 countries and across 15 languages. You will be able to accept a wide array of credit and debit cards and local payment options, including cryptocurrency like Bitcoin. Along with many deposit options, Neteller offers businesses instant payouts on these transactions. Related: 4 Tips for Revving Up Revenue When You Need It The Most 18. Nochex Nochex is a UK credit card processing company that was established to help companies in the UK work with consumers and businesses around the world, accepting payments from all the major debit and credit card companies. It offers free PCI and anti-fraud tools along with low fees and transparent pricing. 19. Payoneer Payoneer specializes in the ability for a business to make mass payments to customers all over the world, but it also offers a payment processing solution. You will be able to work with 200 countries and 150 currencies. Payoneer lets you receive and withdraw funds through deposit in your local bank account, use of the Payoneer Prepaid Mastercard, or purchase through an online store affiliated with Payoneer’s network. 20. PayXpert PayXpert is a globally known payments processing company that offers transaction rates as low as 1.5 percet based on volume and risk. They handle more than 40 currencies across 40 countries and work with 150 payment solutions. Features include a payment gateway, merchant account services, mobile and online payment functionality, credit card processing, data encryption and a virtual terminal. 21. Worldpay As a global payments system solution, the company offers numerous POS, online and mobile payment processing options. Its online payment solutions include shopping carts, payment gateways, a virtual terminal and recurring payments. You can accept all major payment types, including credit, debit, gift and direct debit cards. The pricing is also customized to fit your business needs. 22. Payment Depot Payment Depot operates as a membership solution to offer businesses of all sizes access to wholesale credit card processing. It works for all major credit cards and delivers one of the lowest transaction rates available. For its basic membership, which costs $29 per month or $299 per year, you can process up to $20,000 per month and receive a rate of $0.25 per transaction. As your transactions grow in value per month you can tap into even lower transaction rates, from $0.15 all the way down to $0.05 per transaction with the highest volume of transaction value. 23. Payline Data Payline Data is a credit card and debit card company that offers low rates for small businesses, helping them grow on a budget. Its simple plan is interchange plus 0.5 percent and $0.15 per transaction for online credit card processing for under $5,000 per month. The other plan is for those who do more than $5,000 per month. It is $15 per month plus a $0.10 per transaction as well as interchange plus 0.2 percent. 24. Charge.com Charge.com offers many types of credit card processing services, including one made for small businesses. It comes with no set-up fees, low processing fees, free software and shopping card, no hidden fees and SSL secured transactions. Charge.com lets you process all major credit and debit cards online and through a mobile device like a tablet or smartphone. 25. Moneris Solutions Moneris Solutions is a U.S./Canadian payments processing company that offers a wide range of tools, including EMV solutions, online and mobile payments, gift card and loyalty programs, echecks, ACH direct deposit, recurring payments and even payroll processing. There are custom pricing models for businesses to match business size, volume and budget. A world of online payment options for your business. This is just a sampling of the growing number of payments companies that include credit card processors, global payment processing firms, online payments providers, digital payment companies and cryptocurrency payment businesses. As you build out your business, you’ll be able to offer a wide range of payment options, including ecash and echecks, digital currency and traditional payments across a world of currencies, and credit and debit cards.
[Social Media Buzz]
$653.96 #bitfinex;
$655.02 #itBit;
$658.33 #GDAX;
$647.83 #btce;
$654.19 #bitstamp;
$654.00 #OKCoin;
#bitcoin news: http://bit.ly/1VI6Yse || Bitstamp: $654.00
Bitfinex: $652.55
Coinbase: $659.93
Get a #Bitcion loan today https://goo.gl/smQBq1
#btc #FreeBitcoin || #BTA Price: Bittrex 0.00001511 BTC YoBit 0.00001300 BTC Bleutrade 0.00001486 BTC #BTAprice 2016-07-23 13:00 pic.twitter.com/wOcbxF93y7 || LIVE: Profit = $150.91 (15.57 %). BUY B1.70 @ $625.20 (#VirCurex). SELL @ $650.00 (#BitKonan) #...
|
661.28, 654.10, 651.78, 654.35, 655.03, 656.99, 655.05, 624.68, 606.27, 547.47
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 598.21, 608.63, 606.59, 610.44, 614.54, 626.32, 622.86, 623.51, 606.72, 608.24, 609.24, 610.68, 607.16, 606.97, 605.98, 609.87, 609.23, 608.31, 597.15, 596.30, 602.84, 602.62, 600.83, 608.04, 606.17, 604.73, 605.69, 609.73, 613.98, 610.89, 612.13, 610.20, 612.51, 613.02, 617.12, 619.11, 616.75, 618.99, 641.07, 636.19, 636.79, 640.38, 638.65, 641.63, 639.19, 637.96, 630.52, 630.86, 632.83, 657.29, 657.07, 653.76, 657.59, 678.30, 688.31, 689.65, 714.48, 701.86, 700.97, 729.79, 740.83, 688.70, 703.23, 703.42, 711.52, 703.13, 709.85, 723.27, 715.53, 716.41, 705.05, 702.03, 705.02, 711.62, 744.20, 740.98, 751.59, 751.62, 731.03, 739.25, 751.35, 744.59, 740.29, 741.65, 735.38, 732.03, 735.81, 735.60, 745.69, 756.77.
|
[Bitcoin Technical Analysis for 2016-12-01]
Volume: 80461904, RSI (14-day): 64.52, 50-day EMA: 704.86, 200-day EMA: 618.91
[Wider Market Context]
Gold Price: 1166.90, Gold RSI: 23.69
Oil Price: 51.06, Oil RSI: 62.70
[Recent News (last 7 days)]
First Bitcoin Capital Acquires Large Stake in One of the Oldest Mineable Cryptocoins Ranked High on Coin Market Cap; Also, Company’s Digital Shares Are Now Listed on Two International Cryptocurrency Exchanges: VANCOUVER, BC / ACCESSWIRE / November 30, 2016 / First Bitcoin Capital Corp. ( BITCF ) is pleased to announce that it has sold its Venezuela mining concessions for a large stake in the cryptocurrency of one of the oldest mineable coins that ranks high on Coin Market Cap. See: http://coinmarketcap.com/currencies/kilocoin/ . Kilocoin which is similar to Litecoin primarily trades on a popular cryptocurrency exchange at https://c-cex.com/?p=klc-btc A list of its nodes can be found via https://c-cex.com/?id=ws&shownodes=klc Kilocoin mining can be tracked at https://www.blockexperts.com/klc# From its web site via http://kilocoin.com/ their wallet can be downloaded. At its current rate of mining (159 coins per block) it should take centuries to reach the maximum of 25,000,000,000 mineable coins with a little over 10,000,000,000 coins mine thus far, giving BITCF nearly 10% participation. The Company anticipates that the KLC exchange will boost BITCF's balance sheet with tremendous upside potential and may become a source of future dividends. Differences from Bitcoin and Litecoin and Kilocoin Bitcoin Litecoin Kilocoin Coin limit 21 Million 84 Million 25 Billion Algorithm SHA-256 Scrypt Scrypt Mean block time 10 minutes 2.5 minutes 5 minutes Difficulty Target 2016 Block 2016 Blocks 288 Blocks Initial Reward 50 BTC 50 LTC 159 KLC Current block reward 25 BTC 50 LTC 159 LTC Block explorer blockchain.info block-explorer.com https://www.blockexperts.com/klc# Created by Satoshi Nakamoto Charles Lee Kilocoin, Inc (DAC) Creation date January 3, 2009 October 7, 2011 Feb 27th, 2014 Coins Mined (as of 8 April 2015) 14,029,116.67 37,984,800 10,013,105,152 Furthermore, in conjunction with BITCF's expanding ownership of its common shares onto its own blockchain (BIT) and trading on foreign international cryptocurrency exchanges, the company is proud to announce that its digital shares are now trading on an additional, popular cryptocurrency exchange, LIVECOIN www.livecoin.net . Story continues About the company: First Bitcoin Capital is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange- www.CoinQX.com . We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. "Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges) we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies." At this time the Company owns and operates the following digital assets. www.BITCoinCapitalcorp.com company website. www.CoinQX.com Cryptocurrency Exchange, registered with FINCEN. www.iCoiNEWS.com real time cryptocurrency and bitcoin news site. www.BITminer.cc providing mining pool management services. www.2016coin.org online daily election coverage and home page for $PRES, $HILL and $GARY $BURN coins. Forward-Looking Statements Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company's filings, which are on file at www.OTCMarkets.com . SOURCE: First Bitcoin Capital Corp. || First Bitcoin Capital Acquires Large Stake in One of the Oldest Mineable Cryptocoins Ranked High on Coin Market Cap; Also, Company’s Digital Shares Are Now Listed on Two International Cryptocurrency Exchanges: VANCOUVER, BC / ACCESSWIRE / November 30, 2016 /First Bitcoin Capital Corp. (BITCF) is pleased to announce that it has sold its Venezuela mining concessions for a large stake in the cryptocurrency of one of the oldest mineable coins that ranks high on Coin Market Cap. See:http://coinmarketcap.com/currencies/kilocoin/.
Kilocoin which is similar to Litecoin primarily trades on a popular cryptocurrency exchange athttps://c-cex.com/?p=klc-btc
A list of its nodes can be found viahttps://c-cex.com/?id=ws&shownodes=klc
Kilocoin mining can be tracked athttps://www.blockexperts.com/klc#
From its web site viahttp://kilocoin.com/their wallet can be downloaded.
At its current rate of mining (159 coins per block) it should take centuries to reach the maximum of 25,000,000,000 mineable coins with a little over 10,000,000,000 coins mine thus far, giving BITCF nearly 10% participation. The Company anticipates that the KLC exchange will boost BITCF's balance sheet with tremendous upside potential and may become a source of future dividends.
Differences from Bitcoin and Litecoin and Kilocoin
[{"": "Coin limit", "Bitcoin": "21 Million", "Litecoin": "84 Million", "Kilocoin": "25 Billion"}, {"": "Algorithm", "Bitcoin": "SHA-256", "Litecoin": "Scrypt", "Kilocoin": "Scrypt"}, {"": "Mean block time", "Bitcoin": "10 minutes", "Litecoin": "2.5 minutes", "Kilocoin": "5 minutes"}, {"": "Difficulty Target", "Bitcoin": "2016 Block", "Litecoin": "2016 Blocks", "Kilocoin": "288 Blocks"}, {"": "Initial Reward", "Bitcoin": "50 BTC", "Litecoin": "50 LTC", "Kilocoin": "159 KLC"}, {"": "Current block reward", "Bitcoin": "25 BTC", "Litecoin": "50 LTC", "Kilocoin": "159 LTC"}, {"": "Block explorer", "Bitcoin": "blockchain.info", "Litecoin": "block-explorer.com", "Kilocoin": "https://www.blockexperts.com/klc#"}, {"": "Created by", "Bitcoin": "Satoshi Nakamoto", "Litecoin": "Charles Lee", "Kilocoin": "Kilocoin, Inc (DAC)"}, {"": "Creation date", "Bitcoin": "January 3, 2009", "Litecoin": "October 7, 2011", "Kilocoin": "Feb 27th, 2014"}, {"": "Coins Mined (as of 8 April 2015)", "Bitcoin": "14,029,116.67", "Litecoin": "37,984,800", "Kilocoin": "10,013,105,152"}]
Furthermore, in conjunction with BITCF's expanding ownership of its common shares onto its own blockchain (BIT) and trading on foreign international cryptocurrency exchanges, the company is proud to announce that its digital shares are now trading on an additional, popular cryptocurrency exchange, LIVECOINwww.livecoin.net.
About the company:
First Bitcoin Capital is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange-www.CoinQX.com. We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. "Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges) we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies." At this time the Company owns and operates the following digital assets.
www.BITCoinCapitalcorp.comcompany website.
www.CoinQX.comCryptocurrency Exchange, registered with FINCEN.
www.iCoiNEWS.comreal time cryptocurrency and bitcoin news site.
www.BITminer.ccproviding mining pool management services.
www.2016coin.orgonline daily election coverage and home page for $PRES, $HILL and $GARY $BURN coins.
Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company's filings, which are on file atwww.OTCMarkets.com.
SOURCE:First Bitcoin Capital Corp. || First Bitcoin Capital Acquires Large Stake in One of the Oldest Mineable Cryptocoins Ranked High on Coin Market Cap; Also, Company’s Digital Shares Are Now Listed on Two International Cryptocurrency Exchanges: VANCOUVER, BC / ACCESSWIRE / November 30, 2016 /First Bitcoin Capital Corp. (BITCF) is pleased to announce that it has sold its Venezuela mining concessions for a large stake in the cryptocurrency of one of the oldest mineable coins that ranks high on Coin Market Cap. See:http://coinmarketcap.com/currencies/kilocoin/.
Kilocoin which is similar to Litecoin primarily trades on a popular cryptocurrency exchange athttps://c-cex.com/?p=klc-btc
A list of its nodes can be found viahttps://c-cex.com/?id=ws&shownodes=klc
Kilocoin mining can be tracked athttps://www.blockexperts.com/klc#
From its web site viahttp://kilocoin.com/their wallet can be downloaded.
At its current rate of mining (159 coins per block) it should take centuries to reach the maximum of 25,000,000,000 mineable coins with a little over 10,000,000,000 coins mine thus far, giving BITCF nearly 10% participation. The Company anticipates that the KLC exchange will boost BITCF's balance sheet with tremendous upside potential and may become a source of future dividends.
Differences from Bitcoin and Litecoin and Kilocoin
[{"": "Coin limit", "Bitcoin": "21 Million", "Litecoin": "84 Million", "Kilocoin": "25 Billion"}, {"": "Algorithm", "Bitcoin": "SHA-256", "Litecoin": "Scrypt", "Kilocoin": "Scrypt"}, {"": "Mean block time", "Bitcoin": "10 minutes", "Litecoin": "2.5 minutes", "Kilocoin": "5 minutes"}, {"": "Difficulty Target", "Bitcoin": "2016 Block", "Litecoin": "2016 Blocks", "Kilocoin": "288 Blocks"}, {"": "Initial Reward", "Bitcoin": "50 BTC", "Litecoin": "50 LTC", "Kilocoin": "159 KLC"}, {"": "Current block reward", "Bitcoin": "25 BTC", "Litecoin": "50 LTC", "Kilocoin": "159 LTC"}, {"": "Block explorer", "Bitcoin": "blockchain.info", "Litecoin": "block-explorer.com", "Kilocoin": "https://www.blockexperts.com/klc#"}, {"": "Created by", "Bitcoin": "Satoshi Nakamoto", "Litecoin": "Charles Lee", "Kilocoin": "Kilocoin, Inc (DAC)"}, {"": "Creation date", "Bitcoin": "January 3, 2009", "Litecoin": "October 7, 2011", "Kilocoin": "Feb 27th, 2014"}, {"": "Coins Mined (as of 8 April 2015)", "Bitcoin": "14,029,116.67", "Litecoin": "37,984,800", "Kilocoin": "10,013,105,152"}]
Furthermore, in conjunction with BITCF's expanding ownership of its common shares onto its own blockchain (BIT) and trading on foreign international cryptocurrency exchanges, the company is proud to announce that its digital shares are now trading on an additional, popular cryptocurrency exchange, LIVECOINwww.livecoin.net.
About the company:
First Bitcoin Capital is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange-www.CoinQX.com. We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. "Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges) we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies." At this time the Company owns and operates the following digital assets.
www.BITCoinCapitalcorp.comcompany website.
www.CoinQX.comCryptocurrency Exchange, registered with FINCEN.
www.iCoiNEWS.comreal time cryptocurrency and bitcoin news site.
www.BITminer.ccproviding mining pool management services.
www.2016coin.orgonline daily election coverage and home page for $PRES, $HILL and $GARY $BURN coins.
Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company's filings, which are on file atwww.OTCMarkets.com.
SOURCE:First Bitcoin Capital Corp. || The San Francisco MUNI hacker got hacked: While most people were busy recovering from Thanksgiving and getting ready for massive shopping sprees, a hacker on Friday shut down the San Francisco Municipal Transportation Agency (SFMTA) computer network, asking for $73,000 in Bitcoin to unscramble the data. In ironic turns of events, the hacker was hacked, as a security researcher guessed the answer to the attacker’s email security question. DON’T MISS: There’s a fix for your iPhone 6s’ serious battery drain, but you might not like it The researcher then sent the contents of the hacker’s email address to KrebsOnSecurity . It turns out that the attacker made a poor choice when it comes to security questions for the email address he had to display on the SFMTA’s computer systems. That’s how ransomware attacks work. The hacker has to make an email address available so funds can be transferred to him or her via Bitcoin. Looking at the available data, Krebs was able to discover several interesting things about the hacker of the Muni attack. The attacker did not hit only the SFMTA with ransomware. On November 20th he extorted 63 Bitcoins, or around $45,000, from a US-based manufacturing firm. Krebs says that the criminal got at least $140,000 in Bitcoin since August from several victims, switching Bitcoin wallets regularly. However, the SFMTA refused to pay up, choosing to restore its systems from backups instead. The email hack also sheds some light on how the attack on the SFMTA was possible. Apparently, the hacker did not actively devise methods to attack the public transportation system. Instead, he or she used a server to find vulnerable targets. “It appears our attacker has been using a number of tools which enabled the scanning of large portions of the Internet and several specific targets for vulnerabilities,” Holden Security’s Alex Holden told Krebs. “The most common vulnerability used ‘weblogic unserialize exploit’ and especially targeted Oracle Corp. server products, including Primavera project portfolio management software.” The email also contains elements that could help law enforcement discover the identity, or at least location, of the attacker. According to Krebs, the hacker might be based in Iran, although a phone number connecting the hacker to Russia has also been found — probably a red herring, Krebs said. Read the Krebs’ full report at the source link. Trending right now: What it takes to get a NES Classic Leak reveals another key Galaxy S8 feature that has never been seen before on an iPhone Samsung has started to turn the Galaxy Note 5 into the Note 7 See the original version of this article on BGR.com View comments || The San Francisco MUNI hacker got hacked: While most people were busy recovering from Thanksgiving and getting ready for massive shopping sprees, a hacker on Friday shut down the San Francisco Municipal Transportation Agency (SFMTA) computer network, asking for $73,000 in Bitcoin to unscramble the data. In ironic turns of events, the hacker was hacked, as a security researcher guessed the answer to the attacker’s email security question. DON’T MISS: There’s a fix for your iPhone 6s’ serious battery drain, but you might not like it The researcher then sent the contents of the hacker’s email address to KrebsOnSecurity . It turns out that the attacker made a poor choice when it comes to security questions for the email address he had to display on the SFMTA’s computer systems. That’s how ransomware attacks work. The hacker has to make an email address available so funds can be transferred to him or her via Bitcoin. Looking at the available data, Krebs was able to discover several interesting things about the hacker of the Muni attack. The attacker did not hit only the SFMTA with ransomware. On November 20th he extorted 63 Bitcoins, or around $45,000, from a US-based manufacturing firm. Krebs says that the criminal got at least $140,000 in Bitcoin since August from several victims, switching Bitcoin wallets regularly. However, the SFMTA refused to pay up, choosing to restore its systems from backups instead. The email hack also sheds some light on how the attack on the SFMTA was possible. Apparently, the hacker did not actively devise methods to attack the public transportation system. Instead, he or she used a server to find vulnerable targets. “It appears our attacker has been using a number of tools which enabled the scanning of large portions of the Internet and several specific targets for vulnerabilities,” Holden Security’s Alex Holden told Krebs. “The most common vulnerability used ‘weblogic unserialize exploit’ and especially targeted Oracle Corp. server products, including Primavera project portfolio management software.” The email also contains elements that could help law enforcement discover the identity, or at least location, of the attacker. According to Krebs, the hacker might be based in Iran, although a phone number connecting the hacker to Russia has also been found — probably a red herring, Krebs said. Read the Krebs’ full report at the source link. Trending right now: What it takes to get a NES Classic Leak reveals another key Galaxy S8 feature that has never been seen before on an iPhone Samsung has started to turn the Galaxy Note 5 into the Note 7 See the original version of this article on BGR.com View comments || American Express is increasing its late fees: American Express (BI Intelligence) This story was delivered to BI Intelligence " Payments Briefing " subscribers. To learn more and subscribe, please click here . American Express will be the first major credit card issuer to raise its late payment fees under the Consumer Financial Protection Bureau’s updated allowable limit, according to the Wall Street Journal . At the start of 2017, Amex will begin charging a fee of up to $38 to customers with more than one late payment in a six month period. That's $1 more than what was previously charged by the card issuer, but could give the firm a solid revenue boost. Late fees could prove to be very lucrative in the current card market. As credit card usage increases, it's likely the number of delinquent accounts will also grow. Credit card accounts and usage are close to pre-recession numbers once again, according to Forbes. That's leading to a big rise in usage — US credit card debt is on track to hit $1 trillion this year, according to the Wall Street Journal . That could help explain the rise in delinquent accounts — since 2013, the percentage of accounts at least 90 days delinquent six months after origination has increased, according to Forbes. Late fees could be a vital revenue source. Nearly one in five active credit-card accounts incur a late fee, according to CFPB data used by the Wall Street Journal. This is significant, considering credit card companies were able to collect roughly $10.8 billion in fees during 2015 from these late payments. And for Amex, that revenue could be critical as the issuer grapples with the loss of Costco.Based on 2015 numbers, if Amex is able to capture just 1% of the late fee market, that's roughly $100 million in revenue — a figure that could grow as the market expands following the updated allowable limit. Although this revenue could boost any card network, it could be particularly beneficial to Amex in light of the firm's sale of its Costco cobrand portfolio to Citigroup earlier this year. Story continues Costco had 11.6 million cardholders and accounted for 8% of the firm's $1 trillion global billed business in 2015. As the firm realizes the impact of the Costco sale, it is looking for additional sources of revenue. Finding a way to capitalize on growing card spend and delinquencies could be one such way among a variety of strategies. The CFPB's new guidelines could have a significant effect on the payments ecosystem, which has grown in the last several years to include merchants, issuers, acquirers, processors, and more. BI Intelligence , Business Insider's premium research service, has compiled a detailed report on the payments ecosystem that drills into the industry to explain how a broad range of transactions are processed, including prepaid and store cards, as well as revealing which types of companies are in the best and worst position to capitalize on the latest industry trends. Here are some key takeaways from the report: 2016 will be a watershed year for the payments industry. Payments companies are improving security, expanding their mobile offerings, and building commerce capabilities that will give consumers a more compelling reason to make purchases using digital devices. Payments is an extremely complex industry. To understand the next big digital opportunity lies, it's critical to understand how the traditional credit- and debit-processing chain works and what roles acquirers, processors, issuing banks, card networks, independent sales organizations, gateways, and software and hardware providers play. Alternative technologies could disrupt the processing ecosystem. Devices ranging from refrigerators to smartwatches now feature payment capabilities, which will spur changes in consumer payment behaviors. Likewise, blockchain technology, the protocol that underlies Bitcoin, could one day change how consumer card payments are verified. In full, the report: Uncovers the key themes and trends affecting the payments industry in 2016 and beyond. Gives a detailed description of the stakeholders involved in a payment transaction, along with hardware and software providers. Offers diagrams and infographics explaining how card transactions are processed and which players are involved in each step. Provides charts on our latest forecasts, key company growth, survey results, and more. Analyzes the alternative technologies, including blockchain, which could further disrupt the ecosystem. To get your copy of this invaluable guide, choose one of these options: Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP Purchase the report and download it immediately from our research store. >> BUY THE REPORT The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the payments ecosystem. More From Business Insider THE PAYMENTS INDUSTRY EXPLAINED: The Trends Creating New Winners And Losers In The Card-Processing Ecosystem THE DIGITAL REMITTANCE REPORT: The new platforms disrupting a $600 billion industry Credit cards are going the way of fax machines || American Express is increasing its late fees: (BI Intelligence)
This story was delivered to BI Intelligence "Payments Briefing" subscribers. To learn more and subscribe, pleaseclick here.
American Express will be the first major credit card issuer to raise its late payment fees under the Consumer Financial Protection Bureau’s updated allowable limit, according to theWall Street Journal.
At the start of 2017, Amex will begin charging a fee of up to $38 to customers with more than one late payment in a six month period. That's $1 more than what was previously charged by the card issuer, but could give the firm a solid revenue boost.
Late fees could prove to be very lucrative in the current card market.
• As credit card usage increases, it's likely the number of delinquent accounts will also grow. Credit card accounts and usage are close to pre-recession numbers once again,accordingto Forbes. That's leading to a big rise in usage — US credit card debt is on track to hit $1 trillion this year, according to theWall Street Journal. That could help explain the rise in delinquent accounts — since 2013, the percentage of accounts at least 90 days delinquent six months after origination has increased, according to Forbes.
• Late fees could be a vital revenue source. Nearly one in five active credit-card accounts incur a late fee, according to CFPB data used by the Wall Street Journal. This is significant, considering credit card companies were able to collect roughly $10.8 billion in fees during 2015 from these late payments.
And for Amex, that revenue could be critical as the issuer grapples with the loss of Costco.Based on 2015 numbers, if Amex is able to capture just 1% of the late fee market, that's roughly $100 million in revenue — a figure that could grow as the market expands following the updated allowable limit. Although this revenue could boost any card network, it could be particularly beneficial to Amex in light of the firm's sale of its Costco cobrand portfolio to Citigroup earlier this year.
Costco had 11.6 million cardholders and accounted for 8% of the firm's $1 trillion global billed business in 2015. As the firm realizes the impact of the Costco sale, it is looking for additional sources of revenue. Finding a way to capitalize on growing card spend and delinquencies could be one such way among a variety of strategies.
The CFPB's new guidelines could have a significant effect on the payments ecosystem, which has grown in the last several years to include merchants, issuers, acquirers, processors, and more.
BI Intelligence, Business Insider's premium research service, has compileda detailed report on the payments ecosystemthat drills into the industry to explain how a broad range of transactions are processed, including prepaid and store cards, as well as revealing which types of companies are in the best and worst position to capitalize on the latest industry trends.
Here are some key takeaways from the report:
• 2016 will be a watershed year for the payments industry. Payments companies are improving security, expanding their mobile offerings, and building commerce capabilities that will give consumers a more compelling reason to make purchases using digital devices.
• Payments is an extremely complex industry. To understand the next big digital opportunity lies, it's critical to understand how the traditional credit- and debit-processing chain works and what roles acquirers, processors, issuing banks, card networks, independent sales organizations, gateways, and software and hardware providers play.
• Alternative technologies could disrupt the processing ecosystem. Devices ranging from refrigerators to smartwatches now feature payment capabilities, which will spur changes in consumer payment behaviors. Likewise, blockchain technology, the protocol that underlies Bitcoin, could one day change how consumer card payments are verified.
In full, the report:
• Uncovers the key themes and trends affecting the payments industry in 2016 and beyond.
• Gives a detailed description of the stakeholders involved in a payment transaction, along with hardware and software providers.
• Offers diagrams and infographics explaining how card transactions are processed and which players are involved in each step.
• Provides charts on our latest forecasts, key company growth, survey results, and more.
• Analyzes the alternative technologies, including blockchain, which could further disrupt the ecosystem.
To get your copy of this invaluable guide, choose one of these options:
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• THE PAYMENTS INDUSTRY EXPLAINED: The Trends Creating New Winners And Losers In The Card-Processing Ecosystem
• THE DIGITAL REMITTANCE REPORT: The new platforms disrupting a $600 billion industry
• Credit cards are going the way of fax machines || MGT to Present at the 9th Annual LD Micro Main Event: LOS ANGELES, CA / ACCESSWIRE / November 28, 2016 / MGT Capital Investments, Inc . ( MGTI ) announced today that it will be presenting at the 9th annual LD Micro Main Event on Thursday, December 8th at 11:30 AM PST / 2:30 PM EST at the Luxe Sunset Boulevard Hotel in Los Angeles, CA. John McAfee, Executive Chairman and Chief Executive Officer, and Robert Ladd, President, will be presenting, as well as meeting with investors. The LD Micro Main Event is the largest independent conference for small/microcap companies and will feature 240 presenting names. View MGT's profile here: http://www.ldmicro.com/profile/MGTI News Compliments of Accesswire . About MGT Capital Investments, Inc. MGT Capital Investments, Inc. ( MGTI ) is in the process of acquiring a diverse portfolio of cyber security technologies and ramping up its Bitcoin mining operations in the state of Washington. With cyber security industry pioneer, John McAfee, at its helm, MGT Capital is positioned to address various cyber threats through advanced protection technologies for mobile and personal tech devices, including tablets and smartphones. The Company is currently in the process of acquiring D-Vasive, a provider of leading edge anti-spy software, and Demonsaw, a provider of a secure and anonymous file sharing software platform. MGT Capital intends to change its corporate name to "John McAfee Global Technologies, Inc," and has asserted its right to do by seeking a Declaratory Judgment in U.S. Federal Court, Southern District, NY. For more information on the Company, please visit http://ir.stockpr.com/mgtci . About LD Micro LD Micro was founded in 2006 with the sole purpose of being an independent resource in the microcap space. What started out as a newsletter highlighting unique companies has transformed into an event platform hosting several influential conferences annually (Invitational, Summit, and Main Event). In 2015, LDM launched the first pure microcap index (the LDMi) to exclusively provide intraday information on the entire sector. LD will continue to provide valuable tools for the benefit of everyone in the small and microcap universe. Story continues For those interested in attending, please contact David Scher at [email protected] or visit www.ldmicro.com/events for more information. Investor Contact Garth Russell Managing Director KCSA Strategic Communications [email protected] 212.896.1250 Media Contact Tiffany Madison Director of Corporate Communications MGT Capital Investments, Inc. [email protected] 469.236.9569 SOURCE: MGT Capital Investments, Inc. via LD Micro || MGT to Present at the 9th Annual LD Micro Main Event: LOS ANGELES, CA / ACCESSWIRE / November 28, 2016 /MGT Capital Investments, Inc. (MGTI) announced today that it will be presenting at the 9th annual LD Micro Main Event on Thursday, December 8th at 11:30 AM PST / 2:30 PM EST at the Luxe Sunset Boulevard Hotel in Los Angeles, CA. John McAfee, Executive Chairman and Chief Executive Officer, and Robert Ladd, President, will be presenting, as well as meeting with investors.
The LD Micro Main Event is the largest independent conference for small/microcap companies and will feature 240 presenting names.
View MGT's profile here:http://www.ldmicro.com/profile/MGTI
News Compliments ofAccesswire.
About MGT Capital Investments, Inc.
MGT Capital Investments, Inc. (MGTI) is in the process of acquiring a diverse portfolio of cyber security technologies and ramping up its Bitcoin mining operations in the state of Washington. With cyber security industry pioneer, John McAfee, at its helm, MGT Capital is positioned to address various cyber threats through advanced protection technologies for mobile and personal tech devices, including tablets and smartphones. The Company is currently in the process of acquiring D-Vasive, a provider of leading edge anti-spy software, and Demonsaw, a provider of a secure and anonymous file sharing software platform.
MGT Capital intends to change its corporate name to "John McAfee Global Technologies, Inc," and has asserted its right to do by seeking a Declaratory Judgment in U.S. Federal Court, Southern District, NY.
For more information on the Company, please visithttp://ir.stockpr.com/mgtci.
About LD Micro
LD Micro was founded in 2006 with the sole purpose of being an independent resource in the microcap space. What started out as a newsletter highlighting unique companies has transformed into an event platform hosting several influential conferences annually (Invitational, Summit, and Main Event).
In 2015, LDM launched the first pure microcap index (the LDMi) to exclusively provide intraday information on the entire sector. LD will continue to provide valuable tools for the benefit of everyone in the small and microcap universe.
For those interested in attending, please contact David Scher [email protected] visitwww.ldmicro.com/eventsfor more information.
Investor ContactGarth RussellManaging DirectorKCSA Strategic [email protected]
Media ContactTiffany MadisonDirector of Corporate CommunicationsMGT Capital Investments, [email protected]
SOURCE:MGT Capital Investments, Inc. via LD Micro
[Social Media Buzz]
RT @coindesk: The latest Bitcoin Price Index is 748.00 USD http://www.coindesk.com/price/ pic.twitter.com/AKgbXFgWpU
from … http://ift.tt/2gYobjv || El precio del bitcoin es de US$ 752.00. #bitcoin #btc || #UFOCoin #UFO $0.000008 (0.86%) 0.00000001 BTC (0.00%) || #DailyUps | $XMR - $XDN: 25.78%
$BTC - $BELA: 25.68%
$BTC - $XDN: 20.00%
$BTC - $AMP: 13.93%
$XMR - $QORA: 8.00% || #UFOCoin #UFO $0.000008 (1.41%) 0.00000001 BTC (-0.00%) || $753.30 #bitfinex;
$753.17 #bitstamp;
$751.01 #GDAX;
$742.0...
|
777.94, 771.16, 773.87, 758.70, 764.22, 768.13, 770.81, 772.79, 774.65, 769.73
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 6371.27, 6359.49, 5738.35, 5648.03, 5575.55, 5554.33, 5623.54, 4871.49, 4451.87, 4602.17, 4365.94, 4347.11, 3880.76, 4009.97, 3779.13, 3820.72, 4257.42, 4278.85, 4017.27, 4214.67, 4139.88, 3894.13, 3956.89, 3753.99, 3521.10, 3419.94, 3476.11, 3614.23, 3502.66, 3424.59, 3486.95, 3313.68, 3242.48, 3236.76, 3252.84, 3545.86, 3696.06, 3745.95, 4134.44, 3896.54, 4014.18, 3998.98, 4078.60, 3815.49, 3857.30, 3654.83, 3923.92, 3820.41, 3865.95, 3742.70, 3843.52, 3943.41, 3836.74, 3857.72, 3845.19, 4076.63, 4025.25, 4030.85, 4035.30, 3678.92, 3687.37, 3661.30, 3552.95, 3706.05, 3630.68, 3655.01, 3678.56, 3657.84, 3728.57, 3601.01, 3576.03, 3604.58, 3585.12, 3600.87, 3599.77, 3602.46, 3583.97, 3470.45, 3448.12, 3486.18, 3457.79, 3487.95, 3521.06, 3464.01, 3459.15, 3466.36, 3413.77, 3399.47, 3666.78, 3671.20.
|
[Bitcoin Technical Analysis for 2019-02-09]
Volume: 6158833645, RSI (14-day): 56.14, 50-day EMA: 3729.68, 200-day EMA: 5133.37
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Bitcoin Breaks $3,600 Price Point, Some Top Cryptos See Double-Digit Gains: Friday, Feb. 8 — Bitcoin (BTC) has broken the $3,600 price point, with all of the top 20 digital currencies making significant gains on the day, according to data fromCoin360.
Market visualization fromCoin360
In the middle of the day, BTC spiked above the $3,450 mark and at press time the leading cryptocurrency is trading at around $3,640, making a 7.03 percent percent upturn over the day. On its weekly chart, BTC started the week at around $3,493 on Feb. 1, dipping as low as $3,398 on Feb. 7.
Bitcoin 7-day price chart. Source:CoinMarketCap
The daily Bitcoin (BTC) transaction volume has been recentlyincreasingto levels not seen since January 2018, after BTC hit the $20,000 price mark, which could purportedly be a sign of the evolution of the cryptocurrency’s ecosystem and fundamentals. Jameson Lopp, chief technology officer at Bitcoin personal key security system firm Casa, published a Medium post with an analysis of the fundamental performance of Bitcoin, concluding that “the system is improving and growing.”
Ripple (XRP) is up by 5.68 percent during the last 24 hours, and is trading at around $0.308 at press time. The largestaltcoinin terms of market capitalization - which is currently around $12.7 billion — is up 0.11 percent on the week, while its monthly loss is around 16 percent.
Ripple 7-day price chart. Source:CoinMarketCap
The third largest coin, Ethereum (ETH), has jumped by over 13 percent on the day, and is now trading around $117.75. The altcoin started the week at $107.96, keeping an even trend during the week until today. At press time, ETH’s market capitalization is around $12.33 billion, just under 400 million short of XRP’s.
Ethereum 7-day price chart. Source:CoinMarketCap
On the top 20 coins list, Litecoin (LTC) is the major gainer over the last day, having increased by nearly 25 percent and trading at $41.926 at press time. Yesterday, the Litecoin Foundationpartneredwith software development firm Beam to explore the implementation of a new protocol dubbed “Mimblewimble” that would purportedly improve privacy and scalability.
EOS, Bitcoin Cash (BCH), Cardano (ADA), and Monero (XMR) have also experienced a double-digit increase over the day.
The total market capitalization of all cryptocurrencies is around $120.3 billion, while in the beginning of the day it was around $111.6 billion, according to CoinMarketCap. The trading volume for the last 24 hours is around $24 billion.
The gold price has remained solid on the day, hovering over the $1,300 mark. At press time, gold has gained almost four percent, with its highest price point on the day of around $1,314 and a low of $1,307.
Gold 1-day price chart. Source:CNBC
• Major Currencies Gradually Roll Back After Short Recovery, Bitcoin Stays Over $3,600
• Cryptos See Mild Movements After Market Surge, Bitcoin Holds Above $3,600
• Bitcoin Breaks the $3,450 Mark Amid Minor Stock Market Sees Downturn
• Crypto Markets Trade Sideways, Gold Tries to Find Direction Ahead of Trump Address || Bitcoin Breaks $3,600 Price Point, Some Top Cryptos See Double-Digit Gains: Friday, Feb. 8 — Bitcoin (BTC) has broken the $3,600 price point, with all of the top 20 digital currencies making significant gains on the day, according to data fromCoin360.
Market visualization fromCoin360
In the middle of the day, BTC spiked above the $3,450 mark and at press time the leading cryptocurrency is trading at around $3,640, making a 7.03 percent percent upturn over the day. On its weekly chart, BTC started the week at around $3,493 on Feb. 1, dipping as low as $3,398 on Feb. 7.
Bitcoin 7-day price chart. Source:CoinMarketCap
The daily Bitcoin (BTC) transaction volume has been recentlyincreasingto levels not seen since January 2018, after BTC hit the $20,000 price mark, which could purportedly be a sign of the evolution of the cryptocurrency’s ecosystem and fundamentals. Jameson Lopp, chief technology officer at Bitcoin personal key security system firm Casa, published a Medium post with an analysis of the fundamental performance of Bitcoin, concluding that “the system is improving and growing.”
Ripple (XRP) is up by 5.68 percent during the last 24 hours, and is trading at around $0.308 at press time. The largestaltcoinin terms of market capitalization - which is currently around $12.7 billion — is up 0.11 percent on the week, while its monthly loss is around 16 percent.
Ripple 7-day price chart. Source:CoinMarketCap
The third largest coin, Ethereum (ETH), has jumped by over 13 percent on the day, and is now trading around $117.75. The altcoin started the week at $107.96, keeping an even trend during the week until today. At press time, ETH’s market capitalization is around $12.33 billion, just under 400 million short of XRP’s.
Ethereum 7-day price chart. Source:CoinMarketCap
On the top 20 coins list, Litecoin (LTC) is the major gainer over the last day, having increased by nearly 25 percent and trading at $41.926 at press time. Yesterday, the Litecoin Foundationpartneredwith software development firm Beam to explore the implementation of a new protocol dubbed “Mimblewimble” that would purportedly improve privacy and scalability.
EOS, Bitcoin Cash (BCH), Cardano (ADA), and Monero (XMR) have also experienced a double-digit increase over the day.
The total market capitalization of all cryptocurrencies is around $120.3 billion, while in the beginning of the day it was around $111.6 billion, according to CoinMarketCap. The trading volume for the last 24 hours is around $24 billion.
The gold price has remained solid on the day, hovering over the $1,300 mark. At press time, gold has gained almost four percent, with its highest price point on the day of around $1,314 and a low of $1,307.
Gold 1-day price chart. Source:CNBC
• Major Currencies Gradually Roll Back After Short Recovery, Bitcoin Stays Over $3,600
• Cryptos See Mild Movements After Market Surge, Bitcoin Holds Above $3,600
• Bitcoin Breaks the $3,450 Mark Amid Minor Stock Market Sees Downturn
• Crypto Markets Trade Sideways, Gold Tries to Find Direction Ahead of Trump Address || Bitcoin Breaks $3,600 Price Point, Some Top Cryptos See Double-Digit Gains: Friday, Feb. 8 Bitcoin ( BTC ) has broken the $3,600 price point, with all of the top 20 digital currencies making significant gains on the day, according to data from Coin360 . coin360 Market visualization from Coin360 In the middle of the day, BTC spiked above the $3,450 mark and at press time the leading cryptocurrency is trading at around $3,640, making a 7.03 percent percent upturn over the day. On its weekly chart, BTC started the week at around $3,493 on Feb. 1, dipping as low as $3,398 on Feb. 7. BTC Bitcoin 7-day price chart. Source: CoinMarketCap The daily Bitcoin (BTC) transaction volume has been recently increasing to levels not seen since January 2018, after BTC hit the $20,000 price mark, which could purportedly be a sign of the evolution of the cryptocurrencys ecosystem and fundamentals. Jameson Lopp, chief technology officer at Bitcoin personal key security system firm Casa, published a Medium post with an analysis of the fundamental performance of Bitcoin, concluding that the system is improving and growing. Ripple ( XRP ) is up by 5.68 percent during the last 24 hours, and is trading at around $0.308 at press time. The largest altcoin in terms of market capitalization - which is currently around $12.7 billion is up 0.11 percent on the week, while its monthly loss is around 16 percent. XRP Ripple 7-day price chart. Source: CoinMarketCap The third largest coin, Ethereum ( ETH ), has jumped by over 13 percent on the day, and is now trading around $117.75. The altcoin started the week at $107.96, keeping an even trend during the week until today. At press time, ETHs market capitalization is around $12.33 billion, just under 400 million short of XRPs. ETH Ethereum 7-day price chart. Source: CoinMarketCap On the top 20 coins list, Litecoin ( LTC ) is the major gainer over the last day, having increased by nearly 25 percent and trading at $41.926 at press time. Yesterday, the Litecoin Foundation partnered with software development firm Beam to explore the implementation of a new protocol dubbed Mimblewimble that would purportedly improve privacy and scalability. Story continues EOS , Bitcoin Cash ( BCH ), Cardano ( ADA ), and Monero ( XMR ) have also experienced a double-digit increase over the day. The total market capitalization of all cryptocurrencies is around $120.3 billion, while in the beginning of the day it was around $111.6 billion, according to CoinMarketCap. The trading volume for the last 24 hours is around $24 billion. The gold price has remained solid on the day, hovering over the $1,300 mark. At press time, gold has gained almost four percent, with its highest price point on the day of around $1,314 and a low of $1,307. Gold 1-day price chart Gold 1-day price chart. Source: CNBC Related Articles: Major Currencies Gradually Roll Back After Short Recovery, Bitcoin Stays Over $3,600 Cryptos See Mild Movements After Market Surge, Bitcoin Holds Above $3,600 Bitcoin Breaks the $3,450 Mark Amid Minor Stock Market Sees Downturn Crypto Markets Trade Sideways, Gold Tries to Find Direction Ahead of Trump Address || Bitcoin Price Analysis: Strong Rally Set to Test Overhanging Resistance: Bitcoin Price Analysis Shortly after the London Open, the entire crypto market saw a strong round of buying. Some coins broke their highest volume seen since the beginning of the bear market, and several others broke straight through overhanging resistance levels. Bitcoin, too, enjoyed a nice rally, rising almost 11% in just a few short hours: Figure_1.png Figure 1: BTC-USD, 4-Hour Candles, Early Morning Rally This rally was very strong and sudden, running the stops of many late shorters in the crypto market. Zooming out to the daily view, we can see just how strong the move was as it nearly tripled the previous days trade volume on very high spread: Figure_2 (9).png Figure 2: BTC-USD, Daily Candles, Daily Volume and Spread Although the daily candle has yet to close, it looks pretty promising for the bulls. The market is currently in the process of testing overhanging resistance and is currently testing the strength of both the bulls and bears. Even though the move was strong, it should be noted that we are still trending downward as we continue to make lower highs and lower lows on the daily trend. Thats not to say the trend wont be broken, but it should be a matter of consideration as we take an objective view of the current market structure. As the price continues to rally, the outlined resistance levels will serve as great milestones to judge the health of the bullish pressure. If we can close the two resistance levels, it seems entirely likely we will see a retest of the overhanging resistance in the low $4,000s: Figure_3 (8).png Figure 3: BTC-USD, Daily Candles, Important Zone for Changing Market Structure Looming just above the outlined zone in blue is a very important and potentially market-structure changing zone, outlined in red in the figure above. The market has been unable to close above this level for months and has been continuously pushed down with every attempt to rally into the region. If we can see a close inside the red zone, we can anticipate strong buyer interest as this represents a change in the market behavior. This will be a very important level to watch as we continue to see upward momentum push this rally further. Story continues Again, it should be noted that we have yet to close the current daily candle above overhanging resistance, but given the spread and volume behind the current move, it seems logical the market is good for a bit of a continuation before the bulls lose steam. The outlined resistance levels in Figure 3 will serve as points of interest in the coming days in order to judge the health of the current market. Its important to wait for the daily close as the market is known for massive slippage due to relatively low liquidity on some exchanges. Summary: Shortly after the London Open, the entire crypto market rallied on very high volume with relative ease compared to the previous weeks of attempted rallying. Several coins have seen record-setting volume for the current bear market, while others have blown straight through their prior resistance levels. Bitcoin is currently in the process of testing its overhanging resistance as the current daily candle has yet to close. There are major resistance levels to consider when viewing the health of the market, but given the strength of the current move, it seems likely we will see a continuation of the uptrend before bears begin to test their hand against the bulls. Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results. This article originally appeared on Bitcoin Magazine . || Bitcoin Price Analysis: Strong Rally Set to Test Overhanging Resistance: Shortly after the London Open, the entire crypto market saw a strong round of buying. Some coins broke their highest volume seen since the beginning of the bear market, and several others broke straight through overhanging resistance levels. Bitcoin, too, enjoyed a nice rally, rising almost 11% in just a few short hours:
Figure 1: BTC-USD, 4-Hour Candles, Early Morning Rally
This rally was very strong and sudden, running the stops of many late shorters in the crypto market. Zooming out to the daily view, we can see just how strong the move was as it nearly tripled the previous day’s trade volume on very high spread:
Figure 2: BTC-USD, Daily Candles, Daily Volume and Spread
Although the daily candle has yet to close, it looks pretty promising for the bulls. The market is currently in the process of testing overhanging resistance and is currently testing the strength of both the bulls and bears.
Even though the move was strong, it should be noted that we are still trending downward as we continue to make lower highs and lower lows on the daily trend. That’s not to say the trend won’t be broken, but it should be a matter of consideration as we take an objective view of the current market structure.
As the price continues to rally, the outlined resistance levels will serve as great milestones to judge the health of the bullish pressure. If we can close the two resistance levels, it seems entirely likely we will see a retest of the overhanging resistance in the low $4,000s:
Figure 3: BTC-USD, Daily Candles, Important Zone for Changing Market Structure
Looming just above the outlined zone in blue is a very important and potentially market-structure changing zone, outlined in red in the figure above. The market has been unable to close above this level for months and has been continuously pushed down with every attempt to rally into the region. If we can see a close inside the red zone, we can anticipate strong buyer interest as this represents a change in the market behavior. This will be a very important level to watch as we continue to see upward momentum push this rally further.
Again, it should be noted that we have yet to close the current daily candle above overhanging resistance, but given the spread and volume behind the current move, it seems logical the market is good for a bit of a continuation before the bulls lose steam. The outlined resistance levels in Figure 3 will serve as points of interest in the coming days in order to judge the health of the current market. It’s important to wait for the daily close as the market is known for massive slippage due to relatively low liquidity on some exchanges.
1. Shortly after the London Open, the entire crypto market rallied on very high volume with relative ease compared to the previous weeks of attempted rallying.
2. Several coins have seen record-setting volume for the current bear market, while others have blown straight through their prior resistance levels.
3. Bitcoin is currently in the process of testing its overhanging resistance as the current daily candle has yet to close. There are major resistance levels to consider when viewing the health of the market, but given the strength of the current move, it seems likely we will see a continuation of the uptrend before bears begin to test their hand against the bulls.
Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.
This article originally appeared onBitcoin Magazine. || Bitcoin Price Analysis: Strong Rally Set to Test Overhanging Resistance: Shortly after the London Open, the entire crypto market saw a strong round of buying. Some coins broke their highest volume seen since the beginning of the bear market, and several others broke straight through overhanging resistance levels. Bitcoin, too, enjoyed a nice rally, rising almost 11% in just a few short hours:
Figure 1: BTC-USD, 4-Hour Candles, Early Morning Rally
This rally was very strong and sudden, running the stops of many late shorters in the crypto market. Zooming out to the daily view, we can see just how strong the move was as it nearly tripled the previous day’s trade volume on very high spread:
Figure 2: BTC-USD, Daily Candles, Daily Volume and Spread
Although the daily candle has yet to close, it looks pretty promising for the bulls. The market is currently in the process of testing overhanging resistance and is currently testing the strength of both the bulls and bears.
Even though the move was strong, it should be noted that we are still trending downward as we continue to make lower highs and lower lows on the daily trend. That’s not to say the trend won’t be broken, but it should be a matter of consideration as we take an objective view of the current market structure.
As the price continues to rally, the outlined resistance levels will serve as great milestones to judge the health of the bullish pressure. If we can close the two resistance levels, it seems entirely likely we will see a retest of the overhanging resistance in the low $4,000s:
Figure 3: BTC-USD, Daily Candles, Important Zone for Changing Market Structure
Looming just above the outlined zone in blue is a very important and potentially market-structure changing zone, outlined in red in the figure above. The market has been unable to close above this level for months and has been continuously pushed down with every attempt to rally into the region. If we can see a close inside the red zone, we can anticipate strong buyer interest as this represents a change in the market behavior. This will be a very important level to watch as we continue to see upward momentum push this rally further.
Again, it should be noted that we have yet to close the current daily candle above overhanging resistance, but given the spread and volume behind the current move, it seems logical the market is good for a bit of a continuation before the bulls lose steam. The outlined resistance levels in Figure 3 will serve as points of interest in the coming days in order to judge the health of the current market. It’s important to wait for the daily close as the market is known for massive slippage due to relatively low liquidity on some exchanges.
1. Shortly after the London Open, the entire crypto market rallied on very high volume with relative ease compared to the previous weeks of attempted rallying.
2. Several coins have seen record-setting volume for the current bear market, while others have blown straight through their prior resistance levels.
3. Bitcoin is currently in the process of testing its overhanging resistance as the current daily candle has yet to close. There are major resistance levels to consider when viewing the health of the market, but given the strength of the current move, it seems likely we will see a continuation of the uptrend before bears begin to test their hand against the bulls.
Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.
This article originally appeared onBitcoin Magazine. || The Bitcoin Price is Booming, But Here’s Why You Shouldn’t Get Too Excited [Yet]: The bitcoin price on Friday posted one of its most robust bullish sessions in weeks as it rose as much as 10.5 percent in just twelve hours.
Thebitcoin-to-dollar exchange rate(BTC/USD) established a higher high towards $3,710, up 10.38 percent from the Asian session open. It was not a matter of technicals only; the fundamentals also played an important role in catalyzing the ongoing bitcoin bull run.
Robert J. Jackson Jr., a commissioner at the US Securities and Exchange Commission (SEC), said in an interview that the regulatory agency would eventuallyapprove a bitcoin ETF. The news, it seems, helped bitcoin revive its bullish sentiment.
As of now, BTC/USD is trending inside an overbought territory. The pair expects to correct lower as the market heads out of the US session.
Read the full story onCCN.com. || The Bitcoin Price is Booming, But Heres Why You Shouldnt Get Too Excited [Yet]: bitcoin price rally The bitcoin price on Friday posted one of its most robust bullish sessions in weeks as it rose as much as 10.5 percent in just twelve hours. The bitcoin-to-dollar exchange rate (BTC/USD) established a higher high towards $3,710, up 10.38 percent from the Asian session open. It was not a matter of technicals only; the fundamentals also played an important role in catalyzing the ongoing bitcoin bull run. Robert J. Jackson Jr., a commissioner at the US Securities and Exchange Commission (SEC), said in an interview that the regulatory agency would eventually approve a bitcoin ETF . The news, it seems, helped bitcoin revive its bullish sentiment. As of now, BTC/USD is trending inside an overbought territory. The pair expects to correct lower as the market heads out of the US session. Read the full story on CCN.com . || The Bitcoin Price is Booming, But Here’s Why You Shouldn’t Get Too Excited [Yet]: The bitcoin price on Friday posted one of its most robust bullish sessions in weeks as it rose as much as 10.5 percent in just twelve hours.
Thebitcoin-to-dollar exchange rate(BTC/USD) established a higher high towards $3,710, up 10.38 percent from the Asian session open. It was not a matter of technicals only; the fundamentals also played an important role in catalyzing the ongoing bitcoin bull run.
Robert J. Jackson Jr., a commissioner at the US Securities and Exchange Commission (SEC), said in an interview that the regulatory agency would eventuallyapprove a bitcoin ETF. The news, it seems, helped bitcoin revive its bullish sentiment.
As of now, BTC/USD is trending inside an overbought territory. The pair expects to correct lower as the market heads out of the US session.
Read the full story onCCN.com. || NYSE Owner: Bakkt is Our ‘Moonshot’ Bitcoin Bet: Bitcoin trading platform Bakkt is a “moonshot bet” for Intercontinental Exchange, the parent company of the New York Stock Exchange. That’s the assessment of NYSE chairman Jeff Sprecher, who’s also the CEO of ICE.
While its launch has beendelayedseveral times, Sprecher is optimistic that Bakkt will be worth the investment that ICE is making to nurture it. Sprecher made the remarks during a February 8conference callto discuss ICE’s fourth-quarter earnings.
“It’s a bit of a moonshot bet and it’s been organized in a manner that is very different than the way ICE typically does businesses.” || NYSE Owner: Bakkt is Our ‘Moonshot’ Bitcoin Bet: Bitcoin trading platform Bakkt is a “moonshot bet” for Intercontinental Exchange, the parent company of the New York Stock Exchange. That’s the assessment of NYSE chairman Jeff Sprecher, who’s also the CEO of ICE.
While its launch has beendelayedseveral times, Sprecher is optimistic that Bakkt will be worth the investment that ICE is making to nurture it. Sprecher made the remarks during a February 8conference callto discuss ICE’s fourth-quarter earnings.
“It’s a bit of a moonshot bet and it’s been organized in a manner that is very different than the way ICE typically does businesses.” || NYSE Owner: Bakkt is Our Moonshot Bitcoin Bet: bitcoin price wall street ICE bakkt NYSE Bitcoin trading platform Bakkt is a moonshot bet for Intercontinental Exchange, the parent company of the New York Stock Exchange. Thats the assessment of NYSE chairman Jeff Sprecher, whos also the CEO of ICE. While its launch has been delayed several times, Sprecher is optimistic that Bakkt will be worth the investment that ICE is making to nurture it. Sprecher made the remarks during a February 8 conference call to discuss ICEs fourth-quarter earnings. Its a bit of a moonshot bet and its been organized in a manner that is very different than the way ICE typically does businesses. Bakkt has its own offices, its own management team, etc. Theyre well along in building out an infrastructure that I think youll see launch later this year. Read the full story on CCN.com . || South Korea’s Top Crypto Exchange Just Launched a Major Product, But is There Real Demand From Institutions?: Bithumb, South Korea’s largest Bitcoin exchange by trading volume, has launched an over-the-counter (OTC) trading platform that will allow deep-pocketed traders to exchange crypto assets off the books.
In an officialannouncement, Bithumb Global Limited, a Hong Kong-based subsidiary of the South Korean exchange, said that it will cater services to institutional clients under the brand name Ortus.
Source: CoinMarketCap.com
Since late 2017, various reports haveclaimedthat the OTC market is significantly larger than the cryptocurrency exchange market.
Read the full story onCCN.com. || South Koreas Top Crypto Exchange Just Launched a Major Product, But is There Real Demand From Institutions?: bithumb bitcoin crypto exchange south korea Bithumb, South Koreas largest Bitcoin exchange by trading volume, has launched an over-the-counter (OTC) trading platform that will allow deep-pocketed traders to exchange crypto assets off the books. In an official announcement , Bithumb Global Limited, a Hong Kong-based subsidiary of the South Korean exchange, said that it will cater services to institutional clients under the brand name Ortus. bitcoin crypto exchange volumes Source: CoinMarketCap.com Is the Company Seeing Institutional Demand For Crypto? Since late 2017, various reports have claimed that the OTC market is significantly larger than the cryptocurrency exchange market. Read the full story on CCN.com . || Bitcoin, Ripple, Ethereum, Litecoin, EOS, Bitcoin Cash, Tron, Stellar, Binance Coin, Bitcoin SV: Price Analysis, Feb. 8: The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Market data is provided by theHitBTCexchange.
Analysts are projecting various lower levels on Bitcoin where they anticipate it to bottom out. The number ranges from below $2,000 to about $2,500. Investment and analysis firm Fundstrat Global Advisors, which till a few months back was projecting a target of $15,000 on Bitcoin, has come up with a likely bearish target of$2,270.
While the analysts are busy figuring out the probable bottom and speculating on what can cause the turnaround, Changpeng Zhao, CEO of Binance hassaidthat the crypto industry needs “more entrepreneurs to build real projects.” As the fundamentals improve, price will have to follow through to the upside. The recentincreasein daily Bitcoin transactions to the same level as January 2018 is a positive sign.
The situation in Venezuela shows how cryptos offer a ray of hope for the citizens during a crisis. Following the crisis, Bitcoin trading volume in Venezuela hasrisensharply.
Bitcoin (BTC) has been sliding lower for the past few days. It has been trading below the 20-day EMA, which shows that the bears have the upper hand. However, the 50-day SMA is still flat, which suggests that the trend in the medium-term is still range-bound.
The downtrend will resume on a breakdown of the $3,355–$3,236.09 support zone. The next support on the downside is at $3,000 and below that at $2,600.
However, if the bulls defend the support zone and push prices above the moving averages and the downtrend line, it will indicate a possible reversal. A rally above $4,255 will confirm a double bottom that has a pattern target of $5,273.91.
We will wait for theBTC/USDpair to sustain above the downtrend line before suggesting any trade in it.
Ripple (XRP) is trying to bounce off the critical support at $0.27795. This is the third time the digital currency has visited this level in the past two months. The 20-day EMA is sloping down and the RSI is in the negative zone. This shows that the bears have an advantage in the short term.
A break below $0.27795 can result in a drop to $0.24508, below which the downtrend will resume. However, if theXRP/USDpair bounces off the support at $0.27795 and breaks out of both the moving averages, it will indicate a probable bottom. Hence, we might suggest long positions on a breakout and close above $0.33108.
Ethereum (ETH) held on to the bottom of the range on Feb. 6. Currently, the bulls are attempting to rise above the 20-day EMA and the top of the range at $116.30. If successful, it can move up to the 50-day SMA. On clearing $134.50, a rally to the overhead resistance at $167.32 is probable. As the risk-reward is attractive, we recommend long positions on a close (UTC time frame) above $116.30 with a stop loss of $100.
Conversely, if theETH/USDpair fails to break out of the range and turns down from $116.30, it will extend its consolidation. It will weaken and drop towards $83 if the bears break below $103.20.
The bulls defended the support at the moving averages for the past two days and Litecoin (LTC) has surged higher today, reaching close to the overhead resistance of the downtrend line. We anticipate a strong resistance close to $40.784. Hence, a couple of days of consolidation or a minor dip at the current levels cannot be ruled out.
A breakout of $40.784 will carry theLTC/USDpair to the next resistance at $47.246. We recommend retaining a stop loss on the long positions at $27.50. If the price sustains the higher levels today and extends its up move, we will trail the stops higher.
Conversely, if the bulls fail to sustain the higher level and the pair turns down, it can correct to the support at $33. There are a slew of supports between $27.701 and $33. The trend will turn down on a break below $27.701.
EOSis attempting to bounce from the $2.30 support. A breakout and close above both the moving averages and $2.5944 can result in a rally to $3.05 and above it to $3.2081. Long positions can be initiated on a close (UTC time frame) above $2.5944 with a stop loss below $2.1733.
If theEOS/USDpair turns around and slumps below the support at $2.1733, it can fall to $1.7746 and below it to $1.55. The flat moving averages suggest that the pair will continue to consolidate for the next few days.
Bitcoin Cash (BCH) is range-bound between $105 and $121.30. The next move will start either on a breakout or a breakdown from the range.
A breakout of $121.30 can push theBCH/USDpair towards the next overhead resistance of $141. Both the moving averages are flat. They point to a consolidation in the short to medium-term.
Conversely, if the bears sink the pair below $105, a fall to $73.50 is possible. Though there is a minor support at $100, we expect it to be broken. The short-term traders can stay on the long side on a close (UTC time frame) above the 20-day EMA, but they should aim for small targets and keep a tight stop. Positional traders can wait for a buy setup to form before jumping in.
Tron (TRX) continues to trade inside the symmetrical triangle. For the past two days, the support line of the triangle was defended by the bulls.
TheTRX/USDpair has to scale the major hurdle at $0.02815521 before it makes a dash to the upside targets of $0.03575668 and above it $0.038.
Any break of the triangle and the 50-day SMA will be negative and can result in a fall to $0.02113440 and below it to $0.0183. Therefore, traders can keep the stop loss on their long positions at $0.023.
Stellar (XLM) has been in a strong downtrend. Currently, there is an attempt by the bulls to stage a pullback from deeply oversold levels on the RSI. Overhead, the 20-day EMA, $0.09285498, the downtrend line and the 50-day SMA will act as stiff resistances.
Should the price turn down from any of the resistance levels mentioned above, a retest of the lows and on a breakdown, a drop to $0.05795397 is probable.
However, if the bulls succeed in carrying theXLM/USDpair above the 50-day SMA, a rally to $0.13427059 is likely. As the trend is still down, we shall wait for it to change before suggesting a trade in the pair.
After a minor dip on Feb. 7, the bulls are again attempting to resume the up move in Binance Coin (BNB). Both the moving averages are sloping up and the RSI is near the overbought zone, which shows that the buyers have the upper hand.
If the bulls sustain above the intraday high of Feb. 6 at $8.7630584, theBNB/USDpair is likely to reach $10. We expect a major supply in the region of $10 to $12 leading to a minor correction.
On the downside, any pullback will find support at the 20-day EMA and below it at the 50-day SMA. Our bullish view will be invalidated if the price plunges back into the channel.
Bitcoin SV had a large range day on Feb. 6 when it recovered from its intraday lows and ended marginally in the green. After an inside day candlestick pattern on Feb. 7, the bulls are again attempting a recovery today.
Currently, theBSV/USDpair is facing resistance at the 20-day EMA that is sloping down. A breakout of this level can carry the pair to $80.352. The 50-day SMA is located just above this level, hence, we expect it to act as a stiff resistance.
On the other hand, if the digital currency fails to scale the 20-day EMA and turns down from here, it will be a negative sign. The next support on the downside is at $57. We shall wait for a trend reversal to be signaled before proposing a trade in it.
Market data is provided by theHitBTCexchange. Charts for analysis are provided byTradingView.
• Bitcoin, Ripple, Ethereum, EOS, Bitcoin Cash, Litecoin, Tron, Stellar, Binance Coin, Bitcoin SV: Price Analysis, Feb. 6
• Bitcoin, Ripple, Ethereum, EOS, Bitcoin Cash, Litecoin, Tron, Stellar, Bitcoin SV, Cardano: Price Analysis, Feb. 4
• Bitcoin, Ripple, Ethereum, EOS, Bitcoin Cash, Litecoin, Tron, Stellar, Bitcoin SV, Cardano: Price Analysis, Feb. 1
• Bitcoin, Ripple, Ethereum, EOS, Bitcoin Cash, Litecoin, Tron, Stellar, Bitcoin SV, Cardano: Price Analysis, Jan. 30 || Bitcoin, Ripple, Ethereum, Litecoin, EOS, Bitcoin Cash, Tron, Stellar, Binance Coin, Bitcoin SV: Price Analysis, Feb. 8: The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision. Market data is provided by the HitBTC exchange. Analysts are projecting various lower levels on Bitcoin where they anticipate it to bottom out. The number ranges from below $2,000 to about $2,500. Investment and analysis firm Fundstrat Global Advisors, which till a few months back was projecting a target of $15,000 on Bitcoin, has come up with a likely bearish target of $2,270 . While the analysts are busy figuring out the probable bottom and speculating on what can cause the turnaround, Changpeng Zhao, CEO of Binance has said that the crypto industry needs more entrepreneurs to build real projects. As the fundamentals improve, price will have to follow through to the upside. The recent increase in daily Bitcoin transactions to the same level as January 2018 is a positive sign. The situation in Venezuela shows how cryptos offer a ray of hope for the citizens during a crisis. Following the crisis, Bitcoin trading volume in Venezuela has risen sharply. BTC/USD Bitcoin ( BTC ) has been sliding lower for the past few days. It has been trading below the 20-day EMA, which shows that the bears have the upper hand. However, the 50-day SMA is still flat, which suggests that the trend in the medium-term is still range-bound. The downtrend will resume on a breakdown of the $3,355$3,236.09 support zone. The next support on the downside is at $3,000 and below that at $2,600. BTC/USD However, if the bulls defend the support zone and push prices above the moving averages and the downtrend line, it will indicate a possible reversal. A rally above $4,255 will confirm a double bottom that has a pattern target of $5,273.91. We will wait for the BTC/USD pair to sustain above the downtrend line before suggesting any trade in it. Story continues XRP/USD Ripple ( XRP ) is trying to bounce off the critical support at $0.27795. This is the third time the digital currency has visited this level in the past two months. The 20-day EMA is sloping down and the RSI is in the negative zone. This shows that the bears have an advantage in the short term. XRP/USD A break below $0.27795 can result in a drop to $0.24508, below which the downtrend will resume. However, if the XRP/USD pair bounces off the support at $0.27795 and breaks out of both the moving averages, it will indicate a probable bottom. Hence, we might suggest long positions on a breakout and close above $0.33108. ETH/USD Ethereum ( ETH ) held on to the bottom of the range on Feb. 6. Currently, the bulls are attempting to rise above the 20-day EMA and the top of the range at $116.30. If successful, it can move up to the 50-day SMA. On clearing $134.50, a rally to the overhead resistance at $167.32 is probable. As the risk-reward is attractive, we recommend long positions on a close (UTC time frame) above $116.30 with a stop loss of $100. ETH/USD Conversely, if the ETH/USD pair fails to break out of the range and turns down from $116.30, it will extend its consolidation. It will weaken and drop towards $83 if the bears break below $103.20. LTC/USD The bulls defended the support at the moving averages for the past two days and Litecoin ( LTC ) has surged higher today, reaching close to the overhead resistance of the downtrend line. We anticipate a strong resistance close to $40.784. Hence, a couple of days of consolidation or a minor dip at the current levels cannot be ruled out. LTC/USD A breakout of $40.784 will carry the LTC/USD pair to the next resistance at $47.246. We recommend retaining a stop loss on the long positions at $27.50. If the price sustains the higher levels today and extends its up move, we will trail the stops higher. Conversely, if the bulls fail to sustain the higher level and the pair turns down, it can correct to the support at $33. There are a slew of supports between $27.701 and $33. The trend will turn down on a break below $27.701. EOS/USD EOS is attempting to bounce from the $2.30 support. A breakout and close above both the moving averages and $2.5944 can result in a rally to $3.05 and above it to $3.2081. Long positions can be initiated on a close (UTC time frame) above $2.5944 with a stop loss below $2.1733. EOS/USD If the EOS/USD pair turns around and slumps below the support at $2.1733, it can fall to $1.7746 and below it to $1.55. The flat moving averages suggest that the pair will continue to consolidate for the next few days. BCH/USD Bitcoin Cash ( BCH ) is range-bound between $105 and $121.30. The next move will start either on a breakout or a breakdown from the range. BCH/USD A breakout of $121.30 can push the BCH/USD pair towards the next overhead resistance of $141. Both the moving averages are flat. They point to a consolidation in the short to medium-term. Conversely, if the bears sink the pair below $105, a fall to $73.50 is possible. Though there is a minor support at $100, we expect it to be broken. The short-term traders can stay on the long side on a close (UTC time frame) above the 20-day EMA, but they should aim for small targets and keep a tight stop. Positional traders can wait for a buy setup to form before jumping in. TRX/USD Tron ( TRX ) continues to trade inside the symmetrical triangle. For the past two days, the support line of the triangle was defended by the bulls. TRX/USD The TRX/USD pair has to scale the major hurdle at $0.02815521 before it makes a dash to the upside targets of $0.03575668 and above it $0.038. Any break of the triangle and the 50-day SMA will be negative and can result in a fall to $0.02113440 and below it to $0.0183. Therefore, traders can keep the stop loss on their long positions at $0.023. XLM/USD Stellar ( XLM ) has been in a strong downtrend. Currently, there is an attempt by the bulls to stage a pullback from deeply oversold levels on the RSI. Overhead, the 20-day EMA, $0.09285498, the downtrend line and the 50-day SMA will act as stiff resistances. XLM/USD Should the price turn down from any of the resistance levels mentioned above, a retest of the lows and on a breakdown, a drop to $0.05795397 is probable. However, if the bulls succeed in carrying the XLM/USD pair above the 50-day SMA, a rally to $0.13427059 is likely. As the trend is still down, we shall wait for it to change before suggesting a trade in the pair. BNB/USD After a minor dip on Feb. 7, the bulls are again attempting to resume the up move in Binance Coin ( BNB ). Both the moving averages are sloping up and the RSI is near the overbought zone, which shows that the buyers have the upper hand. BNB/USD If the bulls sustain above the intraday high of Feb. 6 at $8.7630584, the BNB/USD pair is likely to reach $10. We expect a major supply in the region of $10 to $12 leading to a minor correction. On the downside, any pullback will find support at the 20-day EMA and below it at the 50-day SMA. Our bullish view will be invalidated if the price plunges back into the channel. BSV/USD Bitcoin SV had a large range day on Feb. 6 when it recovered from its intraday lows and ended marginally in the green. After an inside day candlestick pattern on Feb. 7, the bulls are again attempting a recovery today. BSV/USD Currently, the BSV/USD pair is facing resistance at the 20-day EMA that is sloping down. A breakout of this level can carry the pair to $80.352. The 50-day SMA is located just above this level, hence, we expect it to act as a stiff resistance. On the other hand, if the digital currency fails to scale the 20-day EMA and turns down from here, it will be a negative sign. The next support on the downside is at $57. We shall wait for a trend reversal to be signaled before proposing a trade in it. Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView . Related Articles: Bitcoin, Ripple, Ethereum, EOS, Bitcoin Cash, Litecoin, Tron, Stellar, Binance Coin, Bitcoin SV: Price Analysis, Feb. 6 Bitcoin, Ripple, Ethereum, EOS, Bitcoin Cash, Litecoin, Tron, Stellar, Bitcoin SV, Cardano: Price Analysis, Feb. 4 Bitcoin, Ripple, Ethereum, EOS, Bitcoin Cash, Litecoin, Tron, Stellar, Bitcoin SV, Cardano: Price Analysis, Feb. 1 Bitcoin, Ripple, Ethereum, EOS, Bitcoin Cash, Litecoin, Tron, Stellar, Bitcoin SV, Cardano: Price Analysis, Jan. 30 || Bitcoin, Ripple, Ethereum, Litecoin, EOS, Bitcoin Cash, Tron, Stellar, Binance Coin, Bitcoin SV: Price Analysis, Feb. 8: The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Market data is provided by theHitBTCexchange.
Analysts are projecting various lower levels on Bitcoin where they anticipate it to bottom out. The number ranges from below $2,000 to about $2,500. Investment and analysis firm Fundstrat Global Advisors, which till a few months back was projecting a target of $15,000 on Bitcoin, has come up with a likely bearish target of$2,270.
While the analysts are busy figuring out the probable bottom and speculating on what can cause the turnaround, Changpeng Zhao, CEO of Binance hassaidthat the crypto industry needs “more entrepreneurs to build real projects.” As the fundamentals improve, price will have to follow through to the upside. The recentincreasein daily Bitcoin transactions to the same level as January 2018 is a positive sign.
The situation in Venezuela shows how cryptos offer a ray of hope for the citizens during a crisis. Following the crisis, Bitcoin trading volume in Venezuela hasrisensharply.
Bitcoin (BTC) has been sliding lower for the past few days. It has been trading below the 20-day EMA, which shows that the bears have the upper hand. However, the 50-day SMA is still flat, which suggests that the trend in the medium-term is still range-bound.
The downtrend will resume on a breakdown of the $3,355–$3,236.09 support zone. The next support on the downside is at $3,000 and below that at $2,600.
However, if the bulls defend the support zone and push prices above the moving averages and the downtrend line, it will indicate a possible reversal. A rally above $4,255 will confirm a double bottom that has a pattern target of $5,273.91.
We will wait for theBTC/USDpair to sustain above the downtrend line before suggesting any trade in it.
Ripple (XRP) is trying to bounce off the critical support at $0.27795. This is the third time the digital currency has visited this level in the past two months. The 20-day EMA is sloping down and the RSI is in the negative zone. This shows that the bears have an advantage in the short term.
A break below $0.27795 can result in a drop to $0.24508, below which the downtrend will resume. However, if theXRP/USDpair bounces off the support at $0.27795 and breaks out of both the moving averages, it will indicate a probable bottom. Hence, we might suggest long positions on a breakout and close above $0.33108.
Ethereum (ETH) held on to the bottom of the range on Feb. 6. Currently, the bulls are attempting to rise above the 20-day EMA and the top of the range at $116.30. If successful, it can move up to the 50-day SMA. On clearing $134.50, a rally to the overhead resistance at $167.32 is probable. As the risk-reward is attractive, we recommend long positions on a close (UTC time frame) above $116.30 with a stop loss of $100.
Conversely, if theETH/USDpair fails to break out of the range and turns down from $116.30, it will extend its consolidation. It will weaken and drop towards $83 if the bears break below $103.20.
The bulls defended the support at the moving averages for the past two days and Litecoin (LTC) has surged higher today, reaching close to the overhead resistance of the downtrend line. We anticipate a strong resistance close to $40.784. Hence, a couple of days of consolidation or a minor dip at the current levels cannot be ruled out.
A breakout of $40.784 will carry theLTC/USDpair to the next resistance at $47.246. We recommend retaining a stop loss on the long positions at $27.50. If the price sustains the higher levels today and extends its up move, we will trail the stops higher.
Conversely, if the bulls fail to sustain the higher level and the pair turns down, it can correct to the support at $33. There are a slew of supports between $27.701 and $33. The trend will turn down on a break below $27.701.
EOSis attempting to bounce from the $2.30 support. A breakout and close above both the moving averages and $2.5944 can result in a rally to $3.05 and above it to $3.2081. Long positions can be initiated on a close (UTC time frame) above $2.5944 with a stop loss below $2.1733.
If theEOS/USDpair turns around and slumps below the support at $2.1733, it can fall to $1.7746 and below it to $1.55. The flat moving averages suggest that the pair will continue to consolidate for the next few days.
Bitcoin Cash (BCH) is range-bound between $105 and $121.30. The next move will start either on a breakout or a breakdown from the range.
A breakout of $121.30 can push theBCH/USDpair towards the next overhead resistance of $141. Both the moving averages are flat. They point to a consolidation in the short to medium-term.
Conversely, if the bears sink the pair below $105, a fall to $73.50 is possible. Though there is a minor support at $100, we expect it to be broken. The short-term traders can stay on the long side on a close (UTC time frame) above the 20-day EMA, but they should aim for small targets and keep a tight stop. Positional traders can wait for a buy setup to form before jumping in.
Tron (TRX) continues to trade inside the symmetrical triangle. For the past two days, the support line of the triangle was defended by the bulls.
TheTRX/USDpair has to scale the major hurdle at $0.02815521 before it makes a dash to the upside targets of $0.03575668 and above it $0.038.
Any break of the triangle and the 50-day SMA will be negative and can result in a fall to $0.02113440 and below it to $0.0183. Therefore, traders can keep the stop loss on their long positions at $0.023.
Stellar (XLM) has been in a strong downtrend. Currently, there is an attempt by the bulls to stage a pullback from deeply oversold levels on the RSI. Overhead, the 20-day EMA, $0.09285498, the downtrend line and the 50-day SMA will act as stiff resistances.
Should the price turn down from any of the resistance levels mentioned above, a retest of the lows and on a breakdown, a drop to $0.05795397 is probable.
However, if the bulls succeed in carrying theXLM/USDpair above the 50-day SMA, a rally to $0.13427059 is likely. As the trend is still down, we shall wait for it to change before suggesting a trade in the pair.
After a minor dip on Feb. 7, the bulls are again attempting to resume the up move in Binance Coin (BNB). Both the moving averages are sloping up and the RSI is near the overbought zone, which shows that the buyers have the upper hand.
If the bulls sustain above the intraday high of Feb. 6 at $8.7630584, theBNB/USDpair is likely to reach $10. We expect a major supply in the region of $10 to $12 leading to a minor correction.
On the downside, any pullback will find support at the 20-day EMA and below it at the 50-day SMA. Our bullish view will be invalidated if the price plunges back into the channel.
Bitcoin SV had a large range day on Feb. 6 when it recovered from its intraday lows and ended marginally in the green. After an inside day candlestick pattern on Feb. 7, the bulls are again attempting a recovery today.
Currently, theBSV/USDpair is facing resistance at the 20-day EMA that is sloping down. A breakout of this level can carry the pair to $80.352. The 50-day SMA is located just above this level, hence, we expect it to act as a stiff resistance.
On the other hand, if the digital currency fails to scale the 20-day EMA and turns down from here, it will be a negative sign. The next support on the downside is at $57. We shall wait for a trend reversal to be signaled before proposing a trade in it.
Market data is provided by theHitBTCexchange. Charts for analysis are provided byTradingView.
• Bitcoin, Ripple, Ethereum, EOS, Bitcoin Cash, Litecoin, Tron, Stellar, Binance Coin, Bitcoin SV: Price Analysis, Feb. 6
• Bitcoin, Ripple, Ethereum, EOS, Bitcoin Cash, Litecoin, Tron, Stellar, Bitcoin SV, Cardano: Price Analysis, Feb. 4
• Bitcoin, Ripple, Ethereum, EOS, Bitcoin Cash, Litecoin, Tron, Stellar, Bitcoin SV, Cardano: Price Analysis, Feb. 1
• Bitcoin, Ripple, Ethereum, EOS, Bitcoin Cash, Litecoin, Tron, Stellar, Bitcoin SV, Cardano: Price Analysis, Jan. 30 || Crypto Markets Flying: Litecoin up 30%, Bitcoin Surges 8%, Ethereum 12%, What’s Pushing it?: bitcoin price crypto market The crypto market has added more than $10 billion in the past several hours as all major crypto assets including Bitcoin, Litecoin, and Ethereum jumped by massive margins. Bitcoin, which struggled to demonstrate any major movement in the past two weeks, surged by well over 8 percent, recovering to the high $3,000 region. crypto market cap Source: CoinMarketCap.com Litecoin, which CCN reported rose 10 percent overnight, increased by an additional 20 percent, adding more than half a billion dollars to its valuation. Read the full story on CCN.com . || Crypto Markets Flying: Litecoin up 30%, Bitcoin Surges 8%, Ethereum 12%, What’s Pushing it?: bitcoin price crypto market The crypto market has added more than $10 billion in the past several hours as all major crypto assets including Bitcoin, Litecoin, and Ethereum jumped by massive margins. Bitcoin, which struggled to demonstrate any major movement in the past two weeks, surged by well over 8 percent, recovering to the high $3,000 region. crypto market cap Source: CoinMarketCap.com Litecoin, which CCN reported rose 10 percent overnight, increased by an additional 20 percent, adding more than half a billion dollars to its valuation. Read the full story on CCN.com . || Crypto Markets Flying: Litecoin up 30%, Bitcoin Surges 8%, Ethereum 12%, What’s Pushing it?: bitcoin price crypto market The crypto market has added more than $10 billion in the past several hours as all major crypto assets including Bitcoin, Litecoin, and Ethereum jumped by massive margins. Bitcoin, which struggled to demonstrate any major movement in the past two weeks, surged by well over 8 percent, recovering to the high $3,000 region. crypto market cap Source: CoinMarketCap.com Litecoin, which CCN reported rose 10 percent overnight, increased by an additional 20 percent, adding more than half a billion dollars to its valuation. Read the full story on CCN.com .
[Social Media Buzz]
#Bitcoin $3,654.30 v #BitcoinCash $260.55 (BTC/BCH 14.0), Avg Transaction fee for #Bitcoin ~$0.22 v #BitcoinCash ~$0.00 - 2019/02/10 09:00JST || 2019年02月09日 23:00
[BTC建]
1XPC=0.0039649円
24時間の最高値 0.0040415円
24時間の最安値 0.0037289円
#XPC $XPC || 2019/02/09 13:00
#Binance 格安コイン
1位 #NPXS 0.00000016 BTC(0.06円)
2位 #BCN 0.00000022 BTC(0.09円)
3位 #BTT 0.00000023 BTC(0.09円)
4位 #DENT 0.00000028 BTC(0.11円)
5位 #HOT 0.00000030 BTC(0.12円)
#仮想通貨 #アルトコイン #草コインhttps://wp.me/p9uE3r-u || 2019年02月09日 15:00
[BTC建]
1XP...
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3690.19, 3648.43, 3653.53, 3632.07, 3616.88, 3620.81, 3629.79, 3673.84, 3915.71, 3947.09
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 9480.25, 9411.84, 9288.02, 9332.34, 9303.63, 9648.72, 9629.66, 9313.61, 9264.81, 9162.92, 9045.39, 9143.58, 9190.85, 9137.99, 9228.33, 9123.41, 9087.30, 9132.49, 9073.94, 9375.47, 9252.28, 9428.33, 9277.97, 9278.81, 9240.35, 9276.50, 9243.61, 9243.21, 9192.84, 9132.23, 9151.39, 9159.04, 9185.82, 9164.23, 9374.89, 9525.36, 9581.07, 9536.89, 9677.11, 9905.17, 10990.87, 10912.82, 11100.47, 11111.21, 11323.47, 11759.59, 11053.61, 11246.35, 11205.89, 11747.02, 11779.77, 11601.47, 11754.05, 11675.74, 11878.11, 11410.53, 11584.93, 11784.14, 11768.87, 11865.70, 11892.80, 12254.40, 11991.23, 11758.28, 11878.37, 11592.49, 11681.83, 11664.85, 11774.60, 11366.13, 11488.36, 11323.40, 11542.50, 11506.87, 11711.51, 11680.82, 11970.48, 11414.03, 10245.30, 10511.81, 10169.57, 10280.35, 10369.56, 10131.52, 10242.35, 10363.14, 10400.92, 10442.17, 10323.76, 10680.84.
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[Bitcoin Technical Analysis for 2020-09-14]
Volume: 35453581940, RSI (14-day): 47.23, 50-day EMA: 10825.66, 200-day EMA: 9727.81
[Wider Market Context]
Gold Price: 1953.10, Gold RSI: 53.43
Oil Price: 37.26, Oil RSI: 31.16
[Recent News (last 7 days)]
ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / September 13, 2020 /ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD).
Real-Time Market Data is available atwww.alt5pro.comand Real-Time Market Data feed is also available atwww.alt5sigma.com.ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH
About ALT 5 Sigma Inc.
ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance.
ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers.
ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services.
For more information, visitwww.alt5sigma.com.
Contact:
Andre BeauchesneTel. [email protected]
For more information on ALT 5 Pay, visitwww.alt5pay.comFor more information on ALT 5 Pro, visitwww.alt5pro.com
SOURCE:ALT 5 Sigma Inc.
View source version on accesswire.com:https://www.accesswire.com/605900/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / September 13, 2020 / ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD). Real-Time Market Data is available at www.alt5pro.com and Real-Time Market Data feed is also available at www.alt5sigma.com . ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH About ALT 5 Sigma Inc. ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance. ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers. ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services. For more information, visit www.alt5sigma.com . Contact: Andre Beauchesne Tel. 1-800-204-6203 [email protected] For more information on ALT 5 Pay, visit www.alt5pay.com For more information on ALT 5 Pro, visit www.alt5pro.com SOURCE: ALT 5 Sigma Inc. View source version on accesswire.com: https://www.accesswire.com/605900/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / September 13, 2020 /ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD).
Real-Time Market Data is available atwww.alt5pro.comand Real-Time Market Data feed is also available atwww.alt5sigma.com.ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH
About ALT 5 Sigma Inc.
ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance.
ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers.
ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services.
For more information, visitwww.alt5sigma.com.
Contact:
Andre BeauchesneTel. [email protected]
For more information on ALT 5 Pay, visitwww.alt5pay.comFor more information on ALT 5 Pro, visitwww.alt5pro.com
SOURCE:ALT 5 Sigma Inc.
View source version on accesswire.com:https://www.accesswire.com/605900/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || Crypto Long & Short: How Bitcoin Correlations Drive the Narrative: Every week there’s usually at least one article in CoinDesk, a blurb in a newsletter and several charts in the Twittersphere about bitcoin’s correlation with something or other. This week, we were told that the 60-day correlation between gold and bitcoin (BTC) had reached all-time highs. Last week, our monthly report featured a chart of BTC’s correlation with the DXY dollar index. A few weeks before that, the correlation with the S&P 500 was in the headlines. If you feel dizzy from the rapid turns in attention on which correlation metric matters, you’re not alone. But, you had better get used to it because the fascination with BTC’s correlation status is unlikely to fade any time soon. What this reveals about bitcoin is intriguing. It’s not so much the correlation measures per se – they are fun to watch go up and down, but they’re not the deeper story. The deeper story is why it matters so much to us. Related: Blockchain Bites: Big Bitcoin Bets, SushiSwap Drops, bZx Attacked When we point to BTC’s increasing correlation with the S&P 500, gold, avocados or whatever, we are searching for a handle on its prevailing narrative. We hope that correlations will give us a clue. BTC is a difficult asset to pin down. It is a scarce asset like gold, yet with a harder cap. It can be used for pseudonymous transactions, as can cash. It is a speculative holding for many, like equities. It is a bet on a new technology, like a growth stock. It is a hedge against a dollar collapse, a way to spread financial inclusion, an investment in financial evolution, a political statement. It is all of these, or none of these, depending on your intellectual leanings, economic philosophy and mood. The narrative we choose for bitcoin matters, though. Not only does it form our investment thesis around the asset, but it also influences our valuation methods. Do we extrapolate its potential price using the size of the gold market? The payments universe? Transaction fees? Something else entirely? Story continues So, faced with such a slippery narrative, we look to correlations to tell the story. If it’s highly correlated with gold, then the market views it as a safe haven. If it’s more closely correlated to the S&P 500, then it’s a risk-on investment. If bitcoin’s correlation to the dollar index plummets, then it’s a hedge. Related: Bitcoin’s Jump to $10.7K Ends 10-Day Sideways Trend We look to the market to tell us what bitcoin’s narrative is. But this creates a feedback loop (Follow gold! Follow Nasdaq!) that helps to perpetuate bitcoin’s momentum-fueled volatility, and which is often thrown off course by the evolving nature of markets. Make it a good one BTC’s 60-day correlation with the S&P 500 has been coming down recently. That must mean it’s no longer a risk-on asset. Its increasing correlation with gold corroborates that, putting BTC back in the safe haven story. But wait. You’ll have heard that BTC has not had a good run over the past few days. You’ll probably also have heard that Tesla has had a particularly bad time this week. I wonder if they’re correlated. What do you know, it looks like BTC’s correlation with TSLA is increasing! BTC is now more correlated to TSLA than to the S&P 500. That must mean that bitcoin is now being seen as a tech stock. No wait, it’s being seen as a proxy for market hype. No wait, I mean it’s being seen as a moon shot. Obviously, I’m kidding, but point I’m trying to make is that short-term correlations can tell a good story, but they’re not that meaningful. With a happy ending Correlations are based on price movements, which, especially in these crazy times, do not always respond to common sense. Prices have, on the whole, become untethered from fundamental factors and are being pushed around by sentiment. Sentiment fuels momentum, which we often mistake for a trend; it also perpetuates the directionality of prices, which can exaggerate correlations. Yet, sentiment can turn fast when investors are jittery, and there’s plenty to be jittery about. The story changes again. This grasping for data to back a story reveals our very human need to put bitcoin in context of things we’re already familiar with. If it goes into a certain mental box, it’s easier to understand and easier to make decisions about. Boxes are comfortable. Yet, in the long run, they are unsustainable. In the short run, too: These markets are nuts, and boxes are being smashed all over the place. Bitcoin, which never did belong in any box that we know, is hopping from one story to another, as told by correlation metrics. I like a good chart as much as anyone, probably even more so (after all, I am an analyst), and I plan to continue to watch the numbers stories with interest. But rather than use return relationships as a narrative crutch, I’ll be keeping an eye on what they say about what investors are looking for. For short-term market movements, what we think bitcoin’s narrative is doesn’t matter as much as what other people think bitcoin’s narrative is. Other people move the market, so we should know what asset framework they’re using. The correlation stories are useful for that. For long-term market movements, correlations matter more for portfolio diversification than for anything else. In the not-too-distant future, markets will hopefully be less confusing and even short-term covariance and other relationships might be steadier, and easier to use for planning purposes. By then, even bitcoin’s correlations might start to matter less for the story and more for the allocation calculations. By then, we will hopefully no longer need to put bitcoin in a pre-conceived box. It will have found its own narrative, understandable by all. Drawing lines Investor activism comes to crypto. Technically it’s not the first time, but as far as I know it’s the first initiated by an institutional investor, which pushes it into a more public arena with potentially far-reaching consequences. California-based hedge fund manager Arca is stepping up its campaign to overhaul decentralized exchange and prediction market platform Gnosis, which raised $12.5 million in a 2017 initial coin offering (ICO). Arca’s complaint is that the project has seen its initial ICO proceeds and therefore its balance sheet multiply simply due to the increase in the price of ETH , and yet has not produced any products that accrue value to the token holders. Arca insists Gnosis should at least trade at the net asset value of its treasury, which is at current prices $139 per GNO (the platform’s token, which at time of writing has a market price of $67), and that the mispricing is due to poor decisions on the part of management. The investor has suggested to management that it use the bulk of its treasury to make a tender offer for all outstanding GNOs. This would value each token at approximately $90, providing a decent return for early investors. Since the report of Arca’s proposal came out last week, GNO has increased 34% in price (at time of writing), while bitcoin has fallen 4% over the same period. The interesting part is not the potential flip for investors as they crowd out the upside. What’s important about this is how it changes the conversation around token investments, on so many levels. First, it will unleash a healthy discussion around responsibility. Token sales, especially those issued in the heyday of 2017, are lightly regulated if at all, with no clearly defined lines of obligations. This discussion could professionalize the field and encourage other institutional investors to take an interest. Second, it could refine the definition of “token.” Is it like a venture investment, where investors are expected to help their portfolio companies in exchange for greater potential returns? Yet venture investments aren’t liquid, and tokens to some extent are. So, is it more like equity, in which case, do token holders have stakeholder rights? Arca CIO Jeff Dorman believes his firm’s holding is like an interest-free loan, which comes with the expectation that lenders are kept informed of the borrower’s progress and plans for the proceeds. And, third, it could influence investment strategies. We’ve seen the price of GNO jump over the past few days, presumably in the expectation that management will listen to Arca’s demands. Will we see activists intentionally accumulate tokens in order to influence a company’s direction? Finally, this could trigger some governance innovations. Apart from investors collectively insisting on more transparency and accountability, we could start to see some protocol or algorithm adjustments. What could investor activism look like on staking networks, where the amount of tokens you hold programmatically determines the say you have in certain governance issues? What if an investor wants to leverage that position to influence more than the protocol had contemplated? How can a project protect itself against predator stakes? Given the scope of the problem and what it means for the evolution of token issuance as a fund-raising mechanism and as a value proposition, this situation is worth keeping an eye on. Arca’s initiative will most likely end up being about much more than a fair return on an investment. Anyone know what’s going on yet? As the relentless growth in COVID-19 cases around the world shines greater focus on the bumpy road to a vaccine, uncertainty in the timing of an economic recovery seems to be spilling over into stock market valuations. The S&P and Nasdaq look on track to have their second week of declines, for the first time since March. Amidst the growing uncertainty, BTC also had a down week, significantly underperforming gold and equities and giving a boost to its 30-day volatility. While it may feel like stock market volatility is back with a vengeance, the VIX is still well below its June level, and about where it was in December 2018. In other words, this isn’t too unusual. Both the latest U.S. unemployment and consumer price index figures came in slightly higher than expected, adding to the overall unease. As renowned investor Stanley Druckenmiller re-ignited the heated debate between those that expect inflation and those that expect deflation, expect greater focus on bitcoin’s narrative as an inflation hedge. CHAIN LINKS My colleague Nathan DiCamillo shows how we can follow the initial public offering of INX, the first registered offering of security tokens in the U.S., and gives more insight into how the issuance will work. TAKEAWAY: This is an eye-opening peek at the transparency of a security token offering, vs. a normal security offering. You can actually watch the securities move, in real time. That, plus the innovative business model behind them, and the evolution of capital markets they represent, and the fact that it’s the first token sale to register for retail distribution with the U.S. Securities and Exchange Commission, make this issuance worth following. Another issuance worth watching is that of Diginex, the Hong Kong-based company behind the newly launched EQUOS.io crypto exchange. This week it announced that it has raised $20 million from four family offices and a hedge fund, ahead of an anticipated Nasdaq listing later this month via a special-purpose acquisition company (SPAC). TAKEAWAY: This will be the first crypto exchange to publicly list in the U.S., as well as an indication of public interest in crypto market infrastructure. For investors, it’s a listed play on the growth of the ecosystem. For analysts, it’s a welcome peek at the accounts of a market infrastructure participant, which could be even more interesting as rumors of a Coinbase listing continue to circulate. Options market data shows an upward trend over the past couple of months in the traded volume of ether (ETH) puts vs. calls, which hints at a growing fear of a price drop. TAKEAWAY: The bitcoin (BTC) put-call ratio is flat over the same period, which implies that the hedging is specific to ETH. This could indicate greater concern about the fragility of the recent inflows into some decentralized finance (DeFi) platforms, and the potential impact on the network’s congestion and token price. The recent growth in bitcoin “accumulation addresses,” or addresses with at least two incoming bitcoin transfers in the last seven years and no spends, could indicate growing support for bitcoin in spite of lackluster price performance. TAKEAWAY: That we can even extract this metric is an example of the unique data sets available to crypto asset investors. Imagine having this level of information with traditional assets. More than 30% of new customers at bitFlyer, one of the leading Japanese crypto exchanges, are in their 20s, according to a recent survey. TAKEAWAY: It’s not news that millennials are interested in crypto assets. Last year investment management firm Charles Schwab revealed in a quarterly report that bitcoin was the fifth most popular investment among its millennial customers. A JPMorgan report issued last month also flagged millennials’ penchant for bitcoin over gold. Investment management firm Wave Financial has received its first round of investment from clients for the Wave Kentucky Whiskey 2020 Digital Fund, which it plans to tokenize in a year or two. TAKEAWAY: I include this as an example of how interesting the tokenized security field will soon get. It should be clarified that holding a fund token does not give you access to the whiskey. It does allow you to share in the profits when the whiskey is eventually sold to wholesalers. Yes, this could be achieved without tokenization. And it remains to be seen how comfortable investors will be with this concept. The investment so far is still relatively small, but will be worth watching. Podcast episodes worth listening to: Why Bitcoin Investors Aren’t Worried About This Price Pullback – Nathaniel Whittemore, The Breakdown ‘Absolute Raging Mania’: Famed Investor Druckenmiller Thinks 10% Inflation Is Possible – Nathaniel Whittemore, The Breakdown How Monetary Policy Undermined American Resilience – Nathaniel Whittemore, The Breakdown Avichal Garg and Curtis Spencer (Electric Capital) on developer communities, raising institutional capital and more – Matt Walsh, On the Brink Related Stories Crypto Long & Short: How Bitcoin Correlations Drive the Narrative Crypto Long & Short: How Bitcoin Correlations Drive the Narrative || Crypto Long & Short: How Bitcoin Correlations Drive the Narrative: Every week there’s usually at least one article in CoinDesk, a blurb in a newsletter and several charts in the Twittersphere about bitcoin’s correlation with something or other. This week, we were told that the 60-day correlation between gold and bitcoin (BTC) had reached all-time highs. Last week, our monthly report featured a chart of BTC’s correlation with the DXY dollar index. A few weeks before that, the correlation with the S&P 500 was in the headlines. If you feel dizzy from the rapid turns in attention on which correlation metric matters, you’re not alone. But, you had better get used to it because the fascination with BTC’s correlation status is unlikely to fade any time soon. What this reveals about bitcoin is intriguing. It’s not so much the correlation measures per se – they are fun to watch go up and down, but they’re not the deeper story. The deeper story is why it matters so much to us. Related: Blockchain Bites: Big Bitcoin Bets, SushiSwap Drops, bZx Attacked When we point to BTC’s increasing correlation with the S&P 500, gold, avocados or whatever, we are searching for a handle on its prevailing narrative. We hope that correlations will give us a clue. BTC is a difficult asset to pin down. It is a scarce asset like gold, yet with a harder cap. It can be used for pseudonymous transactions, as can cash. It is a speculative holding for many, like equities. It is a bet on a new technology, like a growth stock. It is a hedge against a dollar collapse, a way to spread financial inclusion, an investment in financial evolution, a political statement. It is all of these, or none of these, depending on your intellectual leanings, economic philosophy and mood. The narrative we choose for bitcoin matters, though. Not only does it form our investment thesis around the asset, but it also influences our valuation methods. Do we extrapolate its potential price using the size of the gold market? The payments universe? Transaction fees? Something else entirely? Story continues So, faced with such a slippery narrative, we look to correlations to tell the story. If it’s highly correlated with gold, then the market views it as a safe haven. If it’s more closely correlated to the S&P 500, then it’s a risk-on investment. If bitcoin’s correlation to the dollar index plummets, then it’s a hedge. Related: Bitcoin’s Jump to $10.7K Ends 10-Day Sideways Trend We look to the market to tell us what bitcoin’s narrative is. But this creates a feedback loop (Follow gold! Follow Nasdaq!) that helps to perpetuate bitcoin’s momentum-fueled volatility, and which is often thrown off course by the evolving nature of markets. Make it a good one BTC’s 60-day correlation with the S&P 500 has been coming down recently. That must mean it’s no longer a risk-on asset. Its increasing correlation with gold corroborates that, putting BTC back in the safe haven story. But wait. You’ll have heard that BTC has not had a good run over the past few days. You’ll probably also have heard that Tesla has had a particularly bad time this week. I wonder if they’re correlated. What do you know, it looks like BTC’s correlation with TSLA is increasing! BTC is now more correlated to TSLA than to the S&P 500. That must mean that bitcoin is now being seen as a tech stock. No wait, it’s being seen as a proxy for market hype. No wait, I mean it’s being seen as a moon shot. Obviously, I’m kidding, but point I’m trying to make is that short-term correlations can tell a good story, but they’re not that meaningful. With a happy ending Correlations are based on price movements, which, especially in these crazy times, do not always respond to common sense. Prices have, on the whole, become untethered from fundamental factors and are being pushed around by sentiment. Sentiment fuels momentum, which we often mistake for a trend; it also perpetuates the directionality of prices, which can exaggerate correlations. Yet, sentiment can turn fast when investors are jittery, and there’s plenty to be jittery about. The story changes again. This grasping for data to back a story reveals our very human need to put bitcoin in context of things we’re already familiar with. If it goes into a certain mental box, it’s easier to understand and easier to make decisions about. Boxes are comfortable. Yet, in the long run, they are unsustainable. In the short run, too: These markets are nuts, and boxes are being smashed all over the place. Bitcoin, which never did belong in any box that we know, is hopping from one story to another, as told by correlation metrics. I like a good chart as much as anyone, probably even more so (after all, I am an analyst), and I plan to continue to watch the numbers stories with interest. But rather than use return relationships as a narrative crutch, I’ll be keeping an eye on what they say about what investors are looking for. For short-term market movements, what we think bitcoin’s narrative is doesn’t matter as much as what other people think bitcoin’s narrative is. Other people move the market, so we should know what asset framework they’re using. The correlation stories are useful for that. For long-term market movements, correlations matter more for portfolio diversification than for anything else. In the not-too-distant future, markets will hopefully be less confusing and even short-term covariance and other relationships might be steadier, and easier to use for planning purposes. By then, even bitcoin’s correlations might start to matter less for the story and more for the allocation calculations. By then, we will hopefully no longer need to put bitcoin in a pre-conceived box. It will have found its own narrative, understandable by all. Drawing lines Investor activism comes to crypto. Technically it’s not the first time, but as far as I know it’s the first initiated by an institutional investor, which pushes it into a more public arena with potentially far-reaching consequences. California-based hedge fund manager Arca is stepping up its campaign to overhaul decentralized exchange and prediction market platform Gnosis, which raised $12.5 million in a 2017 initial coin offering (ICO). Arca’s complaint is that the project has seen its initial ICO proceeds and therefore its balance sheet multiply simply due to the increase in the price of ETH , and yet has not produced any products that accrue value to the token holders. Arca insists Gnosis should at least trade at the net asset value of its treasury, which is at current prices $139 per GNO (the platform’s token, which at time of writing has a market price of $67), and that the mispricing is due to poor decisions on the part of management. The investor has suggested to management that it use the bulk of its treasury to make a tender offer for all outstanding GNOs. This would value each token at approximately $90, providing a decent return for early investors. Since the report of Arca’s proposal came out last week, GNO has increased 34% in price (at time of writing), while bitcoin has fallen 4% over the same period. The interesting part is not the potential flip for investors as they crowd out the upside. What’s important about this is how it changes the conversation around token investments, on so many levels. First, it will unleash a healthy discussion around responsibility. Token sales, especially those issued in the heyday of 2017, are lightly regulated if at all, with no clearly defined lines of obligations. This discussion could professionalize the field and encourage other institutional investors to take an interest. Second, it could refine the definition of “token.” Is it like a venture investment, where investors are expected to help their portfolio companies in exchange for greater potential returns? Yet venture investments aren’t liquid, and tokens to some extent are. So, is it more like equity, in which case, do token holders have stakeholder rights? Arca CIO Jeff Dorman believes his firm’s holding is like an interest-free loan, which comes with the expectation that lenders are kept informed of the borrower’s progress and plans for the proceeds. And, third, it could influence investment strategies. We’ve seen the price of GNO jump over the past few days, presumably in the expectation that management will listen to Arca’s demands. Will we see activists intentionally accumulate tokens in order to influence a company’s direction? Finally, this could trigger some governance innovations. Apart from investors collectively insisting on more transparency and accountability, we could start to see some protocol or algorithm adjustments. What could investor activism look like on staking networks, where the amount of tokens you hold programmatically determines the say you have in certain governance issues? What if an investor wants to leverage that position to influence more than the protocol had contemplated? How can a project protect itself against predator stakes? Given the scope of the problem and what it means for the evolution of token issuance as a fund-raising mechanism and as a value proposition, this situation is worth keeping an eye on. Arca’s initiative will most likely end up being about much more than a fair return on an investment. Anyone know what’s going on yet? As the relentless growth in COVID-19 cases around the world shines greater focus on the bumpy road to a vaccine, uncertainty in the timing of an economic recovery seems to be spilling over into stock market valuations. The S&P and Nasdaq look on track to have their second week of declines, for the first time since March. Amidst the growing uncertainty, BTC also had a down week, significantly underperforming gold and equities and giving a boost to its 30-day volatility. While it may feel like stock market volatility is back with a vengeance, the VIX is still well below its June level, and about where it was in December 2018. In other words, this isn’t too unusual. Both the latest U.S. unemployment and consumer price index figures came in slightly higher than expected, adding to the overall unease. As renowned investor Stanley Druckenmiller re-ignited the heated debate between those that expect inflation and those that expect deflation, expect greater focus on bitcoin’s narrative as an inflation hedge. CHAIN LINKS My colleague Nathan DiCamillo shows how we can follow the initial public offering of INX, the first registered offering of security tokens in the U.S., and gives more insight into how the issuance will work. TAKEAWAY: This is an eye-opening peek at the transparency of a security token offering, vs. a normal security offering. You can actually watch the securities move, in real time. That, plus the innovative business model behind them, and the evolution of capital markets they represent, and the fact that it’s the first token sale to register for retail distribution with the U.S. Securities and Exchange Commission, make this issuance worth following. Another issuance worth watching is that of Diginex, the Hong Kong-based company behind the newly launched EQUOS.io crypto exchange. This week it announced that it has raised $20 million from four family offices and a hedge fund, ahead of an anticipated Nasdaq listing later this month via a special-purpose acquisition company (SPAC). TAKEAWAY: This will be the first crypto exchange to publicly list in the U.S., as well as an indication of public interest in crypto market infrastructure. For investors, it’s a listed play on the growth of the ecosystem. For analysts, it’s a welcome peek at the accounts of a market infrastructure participant, which could be even more interesting as rumors of a Coinbase listing continue to circulate. Options market data shows an upward trend over the past couple of months in the traded volume of ether (ETH) puts vs. calls, which hints at a growing fear of a price drop. TAKEAWAY: The bitcoin (BTC) put-call ratio is flat over the same period, which implies that the hedging is specific to ETH. This could indicate greater concern about the fragility of the recent inflows into some decentralized finance (DeFi) platforms, and the potential impact on the network’s congestion and token price. The recent growth in bitcoin “accumulation addresses,” or addresses with at least two incoming bitcoin transfers in the last seven years and no spends, could indicate growing support for bitcoin in spite of lackluster price performance. TAKEAWAY: That we can even extract this metric is an example of the unique data sets available to crypto asset investors. Imagine having this level of information with traditional assets. More than 30% of new customers at bitFlyer, one of the leading Japanese crypto exchanges, are in their 20s, according to a recent survey. TAKEAWAY: It’s not news that millennials are interested in crypto assets. Last year investment management firm Charles Schwab revealed in a quarterly report that bitcoin was the fifth most popular investment among its millennial customers. A JPMorgan report issued last month also flagged millennials’ penchant for bitcoin over gold. Investment management firm Wave Financial has received its first round of investment from clients for the Wave Kentucky Whiskey 2020 Digital Fund, which it plans to tokenize in a year or two. TAKEAWAY: I include this as an example of how interesting the tokenized security field will soon get. It should be clarified that holding a fund token does not give you access to the whiskey. It does allow you to share in the profits when the whiskey is eventually sold to wholesalers. Yes, this could be achieved without tokenization. And it remains to be seen how comfortable investors will be with this concept. The investment so far is still relatively small, but will be worth watching. Podcast episodes worth listening to: Why Bitcoin Investors Aren’t Worried About This Price Pullback – Nathaniel Whittemore, The Breakdown ‘Absolute Raging Mania’: Famed Investor Druckenmiller Thinks 10% Inflation Is Possible – Nathaniel Whittemore, The Breakdown How Monetary Policy Undermined American Resilience – Nathaniel Whittemore, The Breakdown Avichal Garg and Curtis Spencer (Electric Capital) on developer communities, raising institutional capital and more – Matt Walsh, On the Brink Related Stories Crypto Long & Short: How Bitcoin Correlations Drive the Narrative Crypto Long & Short: How Bitcoin Correlations Drive the Narrative || Crypto Long & Short: How Bitcoin Correlations Drive the Narrative: Every week there’s usually at least one article in CoinDesk, a blurb in a newsletter and several charts in the Twittersphere about bitcoin’s correlation with something or other. This week, we were told that the 60-day correlation between gold and bitcoin (BTC) had reached all-time highs. Last week, our monthly report featured a chart of BTC’s correlation with the DXY dollar index. A few weeks before that, the correlation with the S&P 500 was in the headlines. If you feel dizzy from the rapid turns in attention on which correlation metric matters, you’re not alone. But, you had better get used to it because the fascination with BTC’s correlation status is unlikely to fade any time soon. What this reveals about bitcoin is intriguing. It’s not so much the correlation measures per se – they are fun to watch go up and down, but they’re not the deeper story. The deeper story is why it matters so much to us. Related: Blockchain Bites: Big Bitcoin Bets, SushiSwap Drops, bZx Attacked When we point to BTC’s increasing correlation with the S&P 500, gold, avocados or whatever, we are searching for a handle on its prevailing narrative. We hope that correlations will give us a clue. BTC is a difficult asset to pin down. It is a scarce asset like gold, yet with a harder cap. It can be used for pseudonymous transactions, as can cash. It is a speculative holding for many, like equities. It is a bet on a new technology, like a growth stock. It is a hedge against a dollar collapse, a way to spread financial inclusion, an investment in financial evolution, a political statement. It is all of these, or none of these, depending on your intellectual leanings, economic philosophy and mood. The narrative we choose for bitcoin matters, though. Not only does it form our investment thesis around the asset, but it also influences our valuation methods. Do we extrapolate its potential price using the size of the gold market? The payments universe? Transaction fees? Something else entirely? Story continues So, faced with such a slippery narrative, we look to correlations to tell the story. If it’s highly correlated with gold, then the market views it as a safe haven. If it’s more closely correlated to the S&P 500, then it’s a risk-on investment. If bitcoin’s correlation to the dollar index plummets, then it’s a hedge. Related: Bitcoin’s Jump to $10.7K Ends 10-Day Sideways Trend We look to the market to tell us what bitcoin’s narrative is. But this creates a feedback loop (Follow gold! Follow Nasdaq!) that helps to perpetuate bitcoin’s momentum-fueled volatility, and which is often thrown off course by the evolving nature of markets. Make it a good one BTC’s 60-day correlation with the S&P 500 has been coming down recently. That must mean it’s no longer a risk-on asset. Its increasing correlation with gold corroborates that, putting BTC back in the safe haven story. But wait. You’ll have heard that BTC has not had a good run over the past few days. You’ll probably also have heard that Tesla has had a particularly bad time this week. I wonder if they’re correlated. What do you know, it looks like BTC’s correlation with TSLA is increasing! BTC is now more correlated to TSLA than to the S&P 500. That must mean that bitcoin is now being seen as a tech stock. No wait, it’s being seen as a proxy for market hype. No wait, I mean it’s being seen as a moon shot. Obviously, I’m kidding, but point I’m trying to make is that short-term correlations can tell a good story, but they’re not that meaningful. With a happy ending Correlations are based on price movements, which, especially in these crazy times, do not always respond to common sense. Prices have, on the whole, become untethered from fundamental factors and are being pushed around by sentiment. Sentiment fuels momentum, which we often mistake for a trend; it also perpetuates the directionality of prices, which can exaggerate correlations. Yet, sentiment can turn fast when investors are jittery, and there’s plenty to be jittery about. The story changes again. This grasping for data to back a story reveals our very human need to put bitcoin in context of things we’re already familiar with. If it goes into a certain mental box, it’s easier to understand and easier to make decisions about. Boxes are comfortable. Yet, in the long run, they are unsustainable. In the short run, too: These markets are nuts, and boxes are being smashed all over the place. Bitcoin, which never did belong in any box that we know, is hopping from one story to another, as told by correlation metrics. I like a good chart as much as anyone, probably even more so (after all, I am an analyst), and I plan to continue to watch the numbers stories with interest. But rather than use return relationships as a narrative crutch, I’ll be keeping an eye on what they say about what investors are looking for. For short-term market movements, what we think bitcoin’s narrative is doesn’t matter as much as what other people think bitcoin’s narrative is. Other people move the market, so we should know what asset framework they’re using. The correlation stories are useful for that. For long-term market movements, correlations matter more for portfolio diversification than for anything else. In the not-too-distant future, markets will hopefully be less confusing and even short-term covariance and other relationships might be steadier, and easier to use for planning purposes. By then, even bitcoin’s correlations might start to matter less for the story and more for the allocation calculations. By then, we will hopefully no longer need to put bitcoin in a pre-conceived box. It will have found its own narrative, understandable by all. Drawing lines Investor activism comes to crypto. Technically it’s not the first time, but as far as I know it’s the first initiated by an institutional investor, which pushes it into a more public arena with potentially far-reaching consequences. California-based hedge fund manager Arca is stepping up its campaign to overhaul decentralized exchange and prediction market platform Gnosis, which raised $12.5 million in a 2017 initial coin offering (ICO). Arca’s complaint is that the project has seen its initial ICO proceeds and therefore its balance sheet multiply simply due to the increase in the price of ETH , and yet has not produced any products that accrue value to the token holders. Arca insists Gnosis should at least trade at the net asset value of its treasury, which is at current prices $139 per GNO (the platform’s token, which at time of writing has a market price of $67), and that the mispricing is due to poor decisions on the part of management. The investor has suggested to management that it use the bulk of its treasury to make a tender offer for all outstanding GNOs. This would value each token at approximately $90, providing a decent return for early investors. Since the report of Arca’s proposal came out last week, GNO has increased 34% in price (at time of writing), while bitcoin has fallen 4% over the same period. The interesting part is not the potential flip for investors as they crowd out the upside. What’s important about this is how it changes the conversation around token investments, on so many levels. First, it will unleash a healthy discussion around responsibility. Token sales, especially those issued in the heyday of 2017, are lightly regulated if at all, with no clearly defined lines of obligations. This discussion could professionalize the field and encourage other institutional investors to take an interest. Second, it could refine the definition of “token.” Is it like a venture investment, where investors are expected to help their portfolio companies in exchange for greater potential returns? Yet venture investments aren’t liquid, and tokens to some extent are. So, is it more like equity, in which case, do token holders have stakeholder rights? Arca CIO Jeff Dorman believes his firm’s holding is like an interest-free loan, which comes with the expectation that lenders are kept informed of the borrower’s progress and plans for the proceeds. And, third, it could influence investment strategies. We’ve seen the price of GNO jump over the past few days, presumably in the expectation that management will listen to Arca’s demands. Will we see activists intentionally accumulate tokens in order to influence a company’s direction? Finally, this could trigger some governance innovations. Apart from investors collectively insisting on more transparency and accountability, we could start to see some protocol or algorithm adjustments. What could investor activism look like on staking networks, where the amount of tokens you hold programmatically determines the say you have in certain governance issues? What if an investor wants to leverage that position to influence more than the protocol had contemplated? How can a project protect itself against predator stakes? Given the scope of the problem and what it means for the evolution of token issuance as a fund-raising mechanism and as a value proposition, this situation is worth keeping an eye on. Arca’s initiative will most likely end up being about much more than a fair return on an investment. Anyone know what’s going on yet? As the relentless growth in COVID-19 cases around the world shines greater focus on the bumpy road to a vaccine, uncertainty in the timing of an economic recovery seems to be spilling over into stock market valuations. The S&P and Nasdaq look on track to have their second week of declines, for the first time since March. Amidst the growing uncertainty, BTC also had a down week, significantly underperforming gold and equities and giving a boost to its 30-day volatility. While it may feel like stock market volatility is back with a vengeance, the VIX is still well below its June level, and about where it was in December 2018. In other words, this isn’t too unusual. Both the latest U.S. unemployment and consumer price index figures came in slightly higher than expected, adding to the overall unease. As renowned investor Stanley Druckenmiller re-ignited the heated debate between those that expect inflation and those that expect deflation, expect greater focus on bitcoin’s narrative as an inflation hedge. CHAIN LINKS My colleague Nathan DiCamillo shows how we can follow the initial public offering of INX, the first registered offering of security tokens in the U.S., and gives more insight into how the issuance will work. TAKEAWAY: This is an eye-opening peek at the transparency of a security token offering, vs. a normal security offering. You can actually watch the securities move, in real time. That, plus the innovative business model behind them, and the evolution of capital markets they represent, and the fact that it’s the first token sale to register for retail distribution with the U.S. Securities and Exchange Commission, make this issuance worth following. Another issuance worth watching is that of Diginex, the Hong Kong-based company behind the newly launched EQUOS.io crypto exchange. This week it announced that it has raised $20 million from four family offices and a hedge fund, ahead of an anticipated Nasdaq listing later this month via a special-purpose acquisition company (SPAC). TAKEAWAY: This will be the first crypto exchange to publicly list in the U.S., as well as an indication of public interest in crypto market infrastructure. For investors, it’s a listed play on the growth of the ecosystem. For analysts, it’s a welcome peek at the accounts of a market infrastructure participant, which could be even more interesting as rumors of a Coinbase listing continue to circulate. Options market data shows an upward trend over the past couple of months in the traded volume of ether (ETH) puts vs. calls, which hints at a growing fear of a price drop. TAKEAWAY: The bitcoin (BTC) put-call ratio is flat over the same period, which implies that the hedging is specific to ETH. This could indicate greater concern about the fragility of the recent inflows into some decentralized finance (DeFi) platforms, and the potential impact on the network’s congestion and token price. The recent growth in bitcoin “accumulation addresses,” or addresses with at least two incoming bitcoin transfers in the last seven years and no spends, could indicate growing support for bitcoin in spite of lackluster price performance. TAKEAWAY: That we can even extract this metric is an example of the unique data sets available to crypto asset investors. Imagine having this level of information with traditional assets. More than 30% of new customers at bitFlyer, one of the leading Japanese crypto exchanges, are in their 20s, according to a recent survey. TAKEAWAY: It’s not news that millennials are interested in crypto assets. Last year investment management firm Charles Schwab revealed in a quarterly report that bitcoin was the fifth most popular investment among its millennial customers. A JPMorgan report issued last month also flagged millennials’ penchant for bitcoin over gold. Investment management firm Wave Financial has received its first round of investment from clients for the Wave Kentucky Whiskey 2020 Digital Fund, which it plans to tokenize in a year or two. TAKEAWAY: I include this as an example of how interesting the tokenized security field will soon get. It should be clarified that holding a fund token does not give you access to the whiskey. It does allow you to share in the profits when the whiskey is eventually sold to wholesalers. Yes, this could be achieved without tokenization. And it remains to be seen how comfortable investors will be with this concept. The investment so far is still relatively small, but will be worth watching. Podcast episodes worth listening to: Why Bitcoin Investors Aren’t Worried About This Price Pullback – Nathaniel Whittemore, The Breakdown ‘Absolute Raging Mania’: Famed Investor Druckenmiller Thinks 10% Inflation Is Possible – Nathaniel Whittemore, The Breakdown How Monetary Policy Undermined American Resilience – Nathaniel Whittemore, The Breakdown Avichal Garg and Curtis Spencer (Electric Capital) on developer communities, raising institutional capital and more – Matt Walsh, On the Brink Related Stories Crypto Long & Short: How Bitcoin Correlations Drive the Narrative Crypto Long & Short: How Bitcoin Correlations Drive the Narrative || The Crypto Daily – Movers and Shakers – September 13th, 2020: Bitcoin, BTC to USD, rose by 0.51% on Saturday. Following on from a 0.49% gain on Friday, Bitcoin ended the day at $10,458.0.
It was a mixed start to the day. Bitcoin rose to an early morning high $10,415.0 before sliding to an early afternoon intraday low $10,287.0.
Steering clear of the first major support level at $10,255, Bitcoin rallied to a late afternoon intraday high $10,492.0.
Coming up against the first major resistance level at $10,496 and resistance at $10,500, Bitcoin eased back to limit the upside on the day.
The near-term bullish trend remained intact, in spite of the latest pullback to sub-$10,000. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.
Across the rest of the majors, it was another mixed day on Saturday.
Bitcoin Cash SV (-0.14%) and Tron’s TRX (-2.39%) saw red to buck the trend on the day.
It was a bullish day for the rest of the majors, however.
Binance Coin surged by 12.08% to lead the way.
Bitcoin Cash ABC (+2.53%), Ethereum (+3.71%), Litecoin (+3.80%), Monero’s XMR (+2.83%), and Ripple’s XRP (+1.90%) also found strong support.
Cardano’s ADA (+0.73%), EOS (+0.60%), Stellar’s Lumen (+0.26%), and Tezos (+0.94%) trailed the pack, however.
In the current week, the crypto total market fell to a Tuesday low $297.87bn before rising to a Saturday high $327.48bn. At the time of writing, the total market cap stood at $324.97bn.
Bitcoin’s dominance rose to a Monday high 61.28% before falling to a Saturday low 59.17%. At the time of writing, Bitcoin’s dominance stood at 59.28%.
At the time of writing, Bitcoin was down by 0.22% to $10,435.3. A bearish start to the day saw Bitcoin fall from an early morning high $10,461.1 to an early morning low $10,435.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash ABC (+0.39%), Bitcoin Cash SV (+0.94%), and Ripple’s XPR (+0.20%) found support early on.
It was a bearish start for the rest of the majors, however.
At the time of writing, Tron’s TRX was down by 1.28% to lead the way down.
Bitcoin would need to avoid a fall through the $10,412 pivot level to support a run at the first major resistance level at $10,538.
Support from the broader market would be needed, however, for Bitcoin to break out from Saturday’s high $10,492.0.
Barring an extended crypto rally, the first major resistance level and resistance at $10,500 would likely cap any upside.
In the event of a crypto breakout, Bitcoin could test the second major resistance level at $10,617.
Failure to avoid a fall through the $10,412 pivot would bring the first major support level at $10,333 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,200. The second major support level at $10,207 should limit any downside.
Thisarticlewas originally posted on FX Empire
• NZD/USD Forex Technical Analysis – Tight Trading Range Suggests Trader Indecision, Impending Volatility
• Organic Soybean Prices Continue to Experience Tailwinds
• S&P 500 Weekly Price Forecast – Stock Markets Take a Dive
• USD/JPY Forex Technical Analysis – Strengthens Over 106.306, Weakens Under 106.077
• The Crypto Daily – Movers and Shakers – September 12th, 2020
• Gold Price Prediction – Prices Slip and Trade Sideways Despite Robust Inflation || The Crypto Daily – Movers and Shakers – September 13th, 2020: Bitcoin, BTC to USD, rose by 0.51% on Saturday. Following on from a 0.49% gain on Friday, Bitcoin ended the day at $10,458.0. It was a mixed start to the day. Bitcoin rose to an early morning high $10,415.0 before sliding to an early afternoon intraday low $10,287.0. Steering clear of the first major support level at $10,255, Bitcoin rallied to a late afternoon intraday high $10,492.0. Coming up against the first major resistance level at $10,496 and resistance at $10,500, Bitcoin eased back to limit the upside on the day. The near-term bullish trend remained intact, in spite of the latest pullback to sub-$10,000. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend. The Rest of the Pack Across the rest of the majors, it was another mixed day on Saturday. Bitcoin Cash SV (-0.14%) and Tron’s TRX (-2.39%) saw red to buck the trend on the day. It was a bullish day for the rest of the majors, however. Binance Coin surged by 12.08% to lead the way. Bitcoin Cash ABC (+2.53%), Ethereum (+3.71%), Litecoin (+3.80%), Monero’s XMR (+2.83%), and Ripple’s XRP (+1.90%) also found strong support. Cardano’s ADA (+0.73%), EOS (+0.60%), Stellar’s Lumen (+0.26%), and Tezos (+0.94%) trailed the pack, however. In the current week, the crypto total market fell to a Tuesday low $297.87bn before rising to a Saturday high $327.48bn. At the time of writing, the total market cap stood at $324.97bn. Bitcoin’s dominance rose to a Monday high 61.28% before falling to a Saturday low 59.17%. At the time of writing, Bitcoin’s dominance stood at 59.28%. This Morning At the time of writing, Bitcoin was down by 0.22% to $10,435.3. A bearish start to the day saw Bitcoin fall from an early morning high $10,461.1 to an early morning low $10,435.0. Bitcoin left the major support and resistance levels untested early on. Elsewhere, it was a mixed start to the day. Bitcoin Cash ABC (+0.39%), Bitcoin Cash SV (+0.94%), and Ripple’s XPR (+0.20%) found support early on. Story continues It was a bearish start for the rest of the majors, however. At the time of writing, Tron’s TRX was down by 1.28% to lead the way down. For the Bitcoin Day Ahead Bitcoin would need to avoid a fall through the $10,412 pivot level to support a run at the first major resistance level at $10,538. Support from the broader market would be needed, however, for Bitcoin to break out from Saturday’s high $10,492.0. Barring an extended crypto rally, the first major resistance level and resistance at $10,500 would likely cap any upside. In the event of a crypto breakout, Bitcoin could test the second major resistance level at $10,617. Failure to avoid a fall through the $10,412 pivot would bring the first major support level at $10,333 into play. Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,200. The second major support level at $10,207 should limit any downside. This article was originally posted on FX Empire More From FXEMPIRE: NZD/USD Forex Technical Analysis – Tight Trading Range Suggests Trader Indecision, Impending Volatility Organic Soybean Prices Continue to Experience Tailwinds S&P 500 Weekly Price Forecast – Stock Markets Take a Dive USD/JPY Forex Technical Analysis – Strengthens Over 106.306, Weakens Under 106.077 The Crypto Daily – Movers and Shakers – September 12th, 2020 Gold Price Prediction – Prices Slip and Trade Sideways Despite Robust Inflation || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / September 12, 2020 /ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD).
Real-Time Market Data is available atwww.alt5pro.comand Real-Time Market Data feed is also available atwww.alt5sigma.com.ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH
About ALT 5 Sigma Inc.
ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance.
ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers.
ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services.
For more information, visitwww.alt5sigma.com.
Contact:
Andre BeauchesneTel. [email protected]
For more information on ALT 5 Pay, visitwww.alt5pay.comFor more information on ALT 5 Pro, visitwww.alt5pro.com
SOURCE:ALT 5 Sigma Inc.
View source version on accesswire.com:https://www.accesswire.com/605871/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / September 12, 2020 /ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD).
Real-Time Market Data is available atwww.alt5pro.comand Real-Time Market Data feed is also available atwww.alt5sigma.com.ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH
About ALT 5 Sigma Inc.
ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance.
ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers.
ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services.
For more information, visitwww.alt5sigma.com.
Contact:
Andre BeauchesneTel. [email protected]
For more information on ALT 5 Pay, visitwww.alt5pay.comFor more information on ALT 5 Pro, visitwww.alt5pro.com
SOURCE:ALT 5 Sigma Inc.
View source version on accesswire.com:https://www.accesswire.com/605871/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / September 12, 2020 / ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD). Real-Time Market Data is available at www.alt5pro.com and Real-Time Market Data feed is also available at www.alt5sigma.com . ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH About ALT 5 Sigma Inc. ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance. ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers. ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services. For more information, visit www.alt5sigma.com . Contact: Andre Beauchesne Tel. 1-800-204-6203 [email protected] For more information on ALT 5 Pay, visit www.alt5pay.com For more information on ALT 5 Pro, visit www.alt5pro.com SOURCE: ALT 5 Sigma Inc. View source version on accesswire.com: https://www.accesswire.com/605871/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || Benzinga's Bulls And Bears Of The Week: Exxon, Peloton, Uber And More: The big U.S. indexes ended another volatile week in the red, led by a 4% retreat in the Nasdaq. Investors have their eyes on moves by the Oracle of Omaha and the upcoming iPhone launch . The week also saw a notable CEO turnover and a retailer on the brink possibly saved, even while the e-commerce colossus further expands its footprint. As usual, Benzinga continues to examine the prospects for many of the stocks most popular with investors. Here are a few of this past week's most bullish and bearish posts that are worth another look. Bulls Peloton Interactive Inc (NASDAQ: PTON ) is already delivering solid profits, even at this early stage of growth, according to Chris Katje's "7 Peloton Analysts On The Q4 Report: 'A Bona Fide Growth Company'." In "Uber Analyst Expects California's Prop 22 To Pass Based On Latest Polling," Wayne Duggan reveals why Uber Technologies Inc (NYSE: UBER ) may dodge the AB5 bullet on Election Day. Shanthi Rexaline's "Why Moody's Is Upgrading AMD's Credit Rating" shows why the Advanced Micro Devices, Inc. (NASDAQ: AMD ) credit rating is no longer below investment grade, making shares more attractive for risk-averse investors. "Sysco Analyst Says Restaurant Supplier Will Emerge From COVID-19 'A Much Stronger Company'" by Priya Nigam discusses why Sysco Corporation (NYSE: SYY ) can take meaningful market share from small competitors. For additional bullish calls, also have a look at 4 Pros Offer Their Take On The Tech Sell-Off: 'Natural Speed Bump' and Jack Dorsey Says Internet Wants A Currency And It's Bitcoin. Bears Chris Katje's "BofA On 5 Upcoming Apple Catalysts: 'Time To Pay Attention To The Fundamentals'" says that possible headwinds made one top Apple Inc (NASDAQ: AAPL ) analyst cautious. In Wayne Duggan's "Analyst: S&P Passed On Tesla Because It's 'Profoundly Overvalued'," makes the case that the decision to shun Tesla Inc (NASDAQ: TSLA ) was brave of the S&P 500 Committee. Story continues "Exxon Mobil May Need B In Debt To Support Dividend, Says MKM Partners" by Priya Nigam discusses what it may take for Exxon Mobil Corporation (NYSE: XOM ) to back its generous dividend. Analysts have concerns about Oracle Corporation (NYSE: ORCL ) after its quarterly report. So says "Oracle Analysts On The Sidelines After Q1 Beat: BofA Awaits Sustained Revenue Acceleration" by Shanthi Rexaline. Be sure to check out AstraZeneca COVID-19 Vaccine Trial Halt A 'Wake-Up Call,' WHO Says and Analysts Aren't Impressed With GameStop's Quarter Or Future for additional bearish calls. At the time of this writing, the author had no position in the mentioned equities. Keep up with all the latest breaking news and trading ideas by following Benzinga on Twitter. See more from Benzinga Barron's Picks And Pans: Boeing, Citigroup, Zoom Video And More Notable Insider Buys Last Week: Avis Budget, SmileDirectClub And More Benzinga's Bulls And Bears Of The Week: Apple, Costco, FedEx And More © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Benzinga's Bulls And Bears Of The Week: Exxon, Peloton, Uber And More: The big U.S. indexes endedanother volatile weekin the red, led by a 4% retreat in the Nasdaq. Investors have their eyes on moves by theOracle of Omahaand theupcoming iPhone launch. The week also saw a notable CEO turnover and a retailer on the brink possibly saved, even while the e-commerce colossus further expands its footprint.
As usual, Benzinga continues to examine the prospects for many of the stocks most popular with investors. Here are a few of this past week's most bullish and bearish posts that are worth another look.
Bulls
Peloton Interactive Inc(NASDAQ:PTON) is already delivering solid profits, even at this early stage of growth, according to Chris Katje's "7 Peloton Analysts On The Q4 Report: 'A Bona Fide Growth Company'."
In "Uber Analyst Expects California's Prop 22 To Pass Based On Latest Polling," Wayne Duggan reveals whyUber Technologies Inc(NYSE:UBER) may dodge the AB5 bullet on Election Day.
Shanthi Rexaline's "Why Moody's Is Upgrading AMD's Credit Rating" shows why theAdvanced Micro Devices, Inc.(NASDAQ:AMD) credit rating is no longer below investment grade, making shares more attractive for risk-averse investors.
"Sysco Analyst Says Restaurant Supplier Will Emerge From COVID-19 'A Much Stronger Company'" by Priya Nigam discusses whySysco Corporation(NYSE:SYY) can take meaningful market share from small competitors.
For additional bullish calls, also have a look at 4 Pros Offer Their Take On The Tech Sell-Off: 'Natural Speed Bump' and Jack Dorsey Says Internet Wants A Currency And It's Bitcoin.
Bears
Chris Katje's "BofA On 5 Upcoming Apple Catalysts: 'Time To Pay Attention To The Fundamentals'" says that possible headwinds made one topApple Inc(NASDAQ:AAPL) analyst cautious.
In Wayne Duggan's "Analyst: S&P Passed On Tesla Because It's 'Profoundly Overvalued'," makes the case that the decision to shunTesla Inc(NASDAQ:TSLA) was brave of the S&P 500 Committee.
"Exxon Mobil May Need B In Debt To Support Dividend, Says MKM Partners" by Priya Nigam discusses what it may take forExxon Mobil Corporation(NYSE:XOM) to back its generous dividend.
Analysts have concerns aboutOracle Corporation(NYSE:ORCL) after its quarterly report. So says "Oracle Analysts On The Sidelines After Q1 Beat: BofA Awaits Sustained Revenue Acceleration" by Shanthi Rexaline.
Be sure to check out AstraZeneca COVID-19 Vaccine Trial Halt A 'Wake-Up Call,' WHO Says and Analysts Aren't Impressed With GameStop's Quarter Or Future for additional bearish calls.
At the time of this writing, the author had no position in the mentioned equities.
Keep up with all the latest breaking news and trading ideas by following Benzinga on Twitter.
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© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || The Raw, Savage Capitalism of Open-Source Protocols: Recapping the biggest stories of the week, including Joe Biden’s China plan, a market holding pattern and, of course, the strange competitive saga of SUSHI. For more episodes and free early access before our regular daily releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . This episode is sponsored by Crypto.com , Bitstamp and Nexo.io . On this edition of the Breakdown Weekly Recap, NLW looks at: The “holding pattern economy” – why stocks, jobs and central bank policy seem stuck in place Why Joe Biden’s China plan shows that, no matter who wins the presidential election, U.S. economic policy towards China is likely to get more aggressive The surveillance state gets stronger as Amazon appoints a former NSA head to its board of directors The SUSHI saga This week on The Breakdown: Related: Bitcoin News Roundup for Sept. 14, 2020 Monday | Sorry, Governments, We’re Entering the Era of Private Money Tuesday | Why Bitcoin Investors Aren’t Worried About This Price Pullback Wednesday | ‘Absolute Raging Mania’: Famed Investor Druckenmiller Thinks 10% Inflation Is Possible Thursday | How Monetary Policy Undermined American Resilience Related: First Mover: As Central Banks Print $1.4B an Hour, Bitcoiners Bet on Federal Reserve 'Capture' Friday | ‘As Toppy as It Gets’: Metals, Bitcoin and Fiat’s Race to the Bottom, Feat. Tavi Costa For more episodes and free early access before our regular daily releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . Related Stories The Raw, Savage Capitalism of Open-Source Protocols The Raw, Savage Capitalism of Open-Source Protocols || The Raw, Savage Capitalism of Open-Source Protocols: Recapping the biggest stories of the week, including Joe Biden’s China plan, a market holding pattern and, of course, the strange competitive saga of SUSHI. For more episodes and free early access before our regular daily releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . This episode is sponsored by Crypto.com , Bitstamp and Nexo.io . On this edition of the Breakdown Weekly Recap, NLW looks at: The “holding pattern economy” – why stocks, jobs and central bank policy seem stuck in place Why Joe Biden’s China plan shows that, no matter who wins the presidential election, U.S. economic policy towards China is likely to get more aggressive The surveillance state gets stronger as Amazon appoints a former NSA head to its board of directors The SUSHI saga This week on The Breakdown: Related: Bitcoin News Roundup for Sept. 14, 2020 Monday | Sorry, Governments, We’re Entering the Era of Private Money Tuesday | Why Bitcoin Investors Aren’t Worried About This Price Pullback Wednesday | ‘Absolute Raging Mania’: Famed Investor Druckenmiller Thinks 10% Inflation Is Possible Thursday | How Monetary Policy Undermined American Resilience Related: First Mover: As Central Banks Print $1.4B an Hour, Bitcoiners Bet on Federal Reserve 'Capture' Friday | ‘As Toppy as It Gets’: Metals, Bitcoin and Fiat’s Race to the Bottom, Feat. Tavi Costa For more episodes and free early access before our regular daily releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . Related Stories The Raw, Savage Capitalism of Open-Source Protocols The Raw, Savage Capitalism of Open-Source Protocols || SEC Charges Rapper TI With Securities Violations for Promoting 2017 ICO: The U.S. Securities and Exchange Commission (SEC) charged two crypto startups and eight individuals including rapper Clifford Harris Jr., more commonly known as T.I., with violating the Securities Act of 1933 and other charges due to their involvement with a pair of initial coin offerings (ICOs).
The SECalleged Fridaythat film producer Ryan Felton misappropriated funds and wash traded cryptocurrencies using the proceeds from two ICOs: FLiK, a digital streaming platform, and CoinSpark, a digital asset trading platform. TI and Atlanta residents Owen Smith, Chance White and William Spark, Jr. are charged with violating securities law for recommending investors buy tokens from one or the other of the sales without disclosing they were paid by the projects. There are three relief defendants as well.
Seven of the individuals, including T.I., settled their charges with the ICO.
Related:Bitcoin News Roundup for Sept. 14, 2020
The FLiK ICO raised about 539ether(ETH), worth $164,665 at the time (late September 2018), while the CoinSpark ICO raised about 460 ether, worth about $282,418 in 2018, the SEC said ina separate complaint.
Felton now faces fraud and manipulation charges, according to the SEC.
T.I. “offered and sold FLiK” tokens, pretending to co-own the business and encouraging his followers to invest in the project. At least one of the other respondents appears to be T.I.’s employees – social media manager Sparks.
Read more:Self-Help Firm That Mostly Took Bitcoin as Payment Mostly Just Helped Itself, SEC Charges
Related:How to Watch INX's IPO in Real Time on the Ethereum Blockchain
The rapperhas agreedto pay a $75,000 fine and not participate in any digital asset sales for at least five years; Sparks agreed to pay a $25,000 fine and likewise refrain from participating in any securities sales for five years.
Friday’s actions continue the SEC’s trend of bringing charges against founders who took investor funds for personal use after the 2017 and early 2018 cryptocurrency bull run.
• SEC Charges Rapper TI With Securities Violations for Promoting 2017 ICO
• SEC Charges Rapper TI With Securities Violations for Promoting 2017 ICO || SEC Charges Rapper TI With Securities Violations for Promoting 2017 ICO: The U.S. Securities and Exchange Commission (SEC) charged two crypto startups and eight individuals including rapper Clifford Harris Jr., more commonly known as T.I., with violating the Securities Act of 1933 and other charges due to their involvement with a pair of initial coin offerings (ICOs). The SEC alleged Friday that film producer Ryan Felton misappropriated funds and wash traded cryptocurrencies using the proceeds from two ICOs: FLiK, a digital streaming platform, and CoinSpark, a digital asset trading platform. TI and Atlanta residents Owen Smith, Chance White and William Spark, Jr. are charged with violating securities law for recommending investors buy tokens from one or the other of the sales without disclosing they were paid by the projects. There are three relief defendants as well. Seven of the individuals, including T.I., settled their charges with the ICO. Related: Bitcoin News Roundup for Sept. 14, 2020 The FLiK ICO raised about 539 ether (ETH), worth $164,665 at the time (late September 2018), while the CoinSpark ICO raised about 460 ether, worth about $282,418 in 2018, the SEC said in a separate complaint . Felton now faces fraud and manipulation charges, according to the SEC. T.I. “offered and sold FLiK” tokens, pretending to co-own the business and encouraging his followers to invest in the project. At least one of the other respondents appears to be T.I.’s employees – social media manager Sparks. Read more: Self-Help Firm That Mostly Took Bitcoin as Payment Mostly Just Helped Itself, SEC Charges Related: How to Watch INX's IPO in Real Time on the Ethereum Blockchain The rapper has agreed to pay a $75,000 fine and not participate in any digital asset sales for at least five years; Sparks agreed to pay a $25,000 fine and likewise refrain from participating in any securities sales for five years. Friday’s actions continue the SEC’s trend of bringing charges against founders who took investor funds for personal use after the 2017 and early 2018 cryptocurrency bull run. Related Stories SEC Charges Rapper TI With Securities Violations for Promoting 2017 ICO SEC Charges Rapper TI With Securities Violations for Promoting 2017 ICO || Exploring The Block Broadcasting tomorrow Nationwide Featuring Fetch.ai, WaykiChain, BlockQuake , Pascal and Electroneum: NEW YORK, NY / ACCESSWIRE / September 11, 2020 /fetch.ai (FET) second interview will be broadcast again on Bloomberg tomorrow Saturday, Sept 12th at 7 pm est This interview with anchor Jane King with Fetch founder and CEO Humayun Sheikh explaining how Artificial Intelligence(AI) and, machine learning on the blockchain will be mandatory for businesses to survive. Humayun goes into how fetch.ai has use cases for hospitals to learn from data without sharing the data, which is extremely useful and novel for COVID virus preparation.
The interview will also be aired on Fox Business Network (FBN) Monday, Sept 14th, at 1030 pm pst along with Electroneum and Waykichain.
Also featured tomorrow on Bloomberg Television will be Richard Ells, CEO of Electroneum, Gordon Gao, Innovator CEO of WaykiChain. These companies are both run with the mindset of " giving the consumers all the advantages " Leveling the playing field, they have the tech and leaders to succeed, states Vince Caruso, CEO, and CO-Founder of FMW Media.
"We currently broadcast on 3 U.S. Television Networks and Internationally to over 50 countries and feel that our blockchain clients will literally change the world," continued Caruso.
Antonio Brasse, CEO, and Founder of BlockQuake, give us an update on the long-anticipated launch and user-friendly options available soon.
Pascal Foundation with Chris Bolet, Senior Developer, and CEO Herman Schoenfeld go into what they developing and bringing out for their Pascal Foundation Community and the world.
Additional updated Interviews filmed this past week by Somee.social (ONG) with a few of their top influencer Actors completing their 4th interview. Look for broadcast dates and times on Fox, KRON, and Bloomberg T.B.A.
Sologenic (SOLO), a new featured company, completes their first interview discussing the hybrid defi ecosystem.
"One of the many problems Sologenic is solving is providing access to the global financial markets using Blockchain technology. We're creating a Hybrid DeFi ecosystem allowing users from different parts of the world to trade and tokenize over 40K+ assets from 30 global stock exchanges within a regulatory framework inside the EU. The tokenization also creates a unique opportunity for users to trade a fraction or full amount of any stock and spend them in real-time via SOLO Cards." Bob Ras, The Co-Creator of Sologenic
Also, completing their first feature is JD Coin.
JD Coin, based out of USA, kicked off its success journey in April 2018 with a simple yet challenging mission of creating a secure process of trading, designed for mass adoption with industry-leading transaction speeds. JD coin is coming up with the next generation blockchain aiming to resolve the problems carried away with the previous generations of blockchain.
Blockchain 4.0 is poised to solve the issues of the previous generations of blockchain in a more structured & scalable manner with the help of AI, ML, Data Compression, Sharding, and many other advanced technologies.
JD Coin is paving its way to take the crypto industry with a storm by leading us to a better and faster version of technology to address the real-world problems in a more practical and cost-effective manner. Addressing the crucial component of consensus algorithm in any blockchain system which determines its performance and security, JD Coin is working on a multi-layered consensus algorithm such as a combination of POS (Proof of Stake) and POH (Proof of History) or POR (Proof of Reputation), etc., will help in providing solution for varied application scenarios with an ability to run in a small footprint on devices.
The consumer-friendly JD Company is built for practical, real-world use cases where traders need no prior trading experience. JD Coin is leading us to a world of faster processing and sustainable technology.
fetch.ai (FET) will be completing their third interview in series for network broadcasts later this month. Dates and Times TBA.
We have NativeCoin (N8V) with partners Ferum.network coming on for their extended and Tech Report sponsorship series, which will run through 2021.
ABOUT:
FMW Media
FMW Media Corp. operates one of the longest-running U.S and International sponsored programming T.V. brands "NewToTheStreet," and its blockchain show "Exploring The Block." Since 2009, these brands run sponsored media formatted shows across three major U.S. Television networks. The TV platforms reach over 540 million homes both in the US and international markets.
Twitter @NewtotheStreet @ExploringBlock
Fetch.ai (FET)
Fetch.ai is at the forefront of accelerating research and deployment of emerging technologies, including blockchain and AI. Its solutions are designed for people, organizations, and IoT. The project has created an Open Economic Framework (OEF) that serves as a decentralized search and a value exchange platform for various autonomous economic agents. Supported by a scalable smart ledger, Fetch.ai has digital intelligence at its heart, enabling it to deliver actionable predictions and instant trust information to billions of smart devices."
BlockQuake
New York City FinTech startup,BlockQuake™ is a regulatory-driven, one-stop-shop digital asset trading platform that will offer, at launch, 6 fiat currencies (USD, CAD, GBP, EUR, JPY, AUD), plus major cryptocurrencies & stablecoins (e.g., BTC, BCH, ETH, LTC, XRP, XLM, TUSD) - resulting in over 100 pairings. Traders from over 140 countries will also be able to use their credit or debit card to deposit funds into their exchange account.
BlockQuake's™ accomplished team includes internal and external subject matter experts in FinTech, regulatory finance, investment banking, insurance, blockchain, and risk management, and a robust understanding of both the finance and crypto industries. They now draw upon decades of experience in blue-chip financial services to deliver solutions that address trader frustrations in the current cryptocurrency landscape. The result is a platform that aims to be an industry-standard in global compliance, built on security, transparency, and trust.
Investors can support BlockQuake™ through a worldwide KYC compliant ST20/ERC1400 token offering. The Regulation D 506(c) token offering for accredited investors in the U.S. and Canada or the Regulation S token offering for retail and institutional/accredited investors outside the U.S. and Canada. VisitBlockQuake.comfor more information.
MANDI
Mandi Token has a wide range of experts in finance, accounting, and business analysis, including former analysts and financial experts from known institutions. Our spokesman, JD Salbego, is an Advisor to Solidum Capital, former CEO of BitTok exchange and current CEO of Legion Ventures. Jonathan Dunsmoor, our Compliance Officer, is Senior Counsel at Reid & Wise LLC, Securities Attorney at Aeryus, and Managing Consultant at NV Global Ventures. Willy Hartono Wijaya, President Director, is a former analyst at Goldman Sachs and an emergent investment figure in the Indonesian economy. We use a very conventional methodology on our approach to assessing the profitability and feasibility of any opportunities that have the potential to add value to our ecosystem and Mandi token holders.
SoMee.social (ONG1)
SoMee is a blockchain-based social media platform. Users earn ONG1 for being active on their platform; posting, liking, and getting liked. SoMee's mission is to redefine social media for privacy, end-user control, and monetization. The platform is built for influencers, social media users, and advertisers and is about to release a unique system for advertisers that gives them more control and interaction with their target audience, and that allows their target audience to target them back! SoMee has been in open beta for the past year on the web at https://SoMee.social and inside of the IOS and Android app stores under SoMee.social.
Media Contact:Bryan JohnsonBryan @ NewtoTheStreet.com631-766-7462
SOURCE:FMW Media Works Corp
View source version on accesswire.com:https://www.accesswire.com/605816/Exploring-The-Block-Broadcasting-tomorrow-Nationwide-Featuring-Fetchai-WaykiChain-BlockQuake-Pascal-and-Electroneum || Exploring The Block Broadcasting tomorrow Nationwide Featuring Fetch.ai, WaykiChain, BlockQuake , Pascal and Electroneum: NEW YORK, NY / ACCESSWIRE / September 11, 2020 / fetch.ai (FET) second interview will be broadcast again on Bloomberg tomorrow Saturday, Sept 12th at 7 pm est This interview with anchor Jane King with Fetch founder and CEO Humayun Sheikh explaining how Artificial Intelligence(AI) and, machine learning on the blockchain will be mandatory for businesses to survive. Humayun goes into how fetch.ai has use cases for hospitals to learn from data without sharing the data, which is extremely useful and novel for COVID virus preparation. The interview will also be aired on Fox Business Network (FBN) Monday, Sept 14th, at 1030 pm pst along with Electroneum and Waykichain. Also featured tomorrow on Bloomberg Television will be Richard Ells, CEO of Electroneum, Gordon Gao, Innovator CEO of WaykiChain. These companies are both run with the mindset of " giving the consumers all the advantages " Leveling the playing field, they have the tech and leaders to succeed, states Vince Caruso, CEO, and CO-Founder of FMW Media. "We currently broadcast on 3 U.S. Television Networks and Internationally to over 50 countries and feel that our blockchain clients will literally change the world," continued Caruso. Antonio Brasse, CEO, and Founder of BlockQuake, give us an update on the long-anticipated launch and user-friendly options available soon. Pascal Foundation with Chris Bolet, Senior Developer, and CEO Herman Schoenfeld go into what they developing and bringing out for their Pascal Foundation Community and the world. Additional updated Interviews filmed this past week by Somee.social (ONG) with a few of their top influencer Actors completing their 4th interview. Look for broadcast dates and times on Fox, KRON, and Bloomberg T.B.A. Sologenic (SOLO), a new featured company, completes their first interview discussing the hybrid defi ecosystem. "One of the many problems Sologenic is solving is providing access to the global financial markets using Blockchain technology. We're creating a Hybrid DeFi ecosystem allowing users from different parts of the world to trade and tokenize over 40K+ assets from 30 global stock exchanges within a regulatory framework inside the EU. The tokenization also creates a unique opportunity for users to trade a fraction or full amount of any stock and spend them in real-time via SOLO Cards." Bob Ras, The Co-Creator of Sologenic Story continues Also, completing their first feature is JD Coin. JD Coin, based out of USA, kicked off its success journey in April 2018 with a simple yet challenging mission of creating a secure process of trading, designed for mass adoption with industry-leading transaction speeds. JD coin is coming up with the next generation blockchain aiming to resolve the problems carried away with the previous generations of blockchain. Blockchain 4.0 is poised to solve the issues of the previous generations of blockchain in a more structured & scalable manner with the help of AI, ML, Data Compression, Sharding, and many other advanced technologies. JD Coin is paving its way to take the crypto industry with a storm by leading us to a better and faster version of technology to address the real-world problems in a more practical and cost-effective manner. Addressing the crucial component of consensus algorithm in any blockchain system which determines its performance and security, JD Coin is working on a multi-layered consensus algorithm such as a combination of POS (Proof of Stake) and POH (Proof of History) or POR (Proof of Reputation), etc., will help in providing solution for varied application scenarios with an ability to run in a small footprint on devices. The consumer-friendly JD Company is built for practical, real-world use cases where traders need no prior trading experience. JD Coin is leading us to a world of faster processing and sustainable technology. fetch.ai (FET) will be completing their third interview in series for network broadcasts later this month. Dates and Times TBA. We have NativeCoin (N8V) with partners Ferum.network coming on for their extended and Tech Report sponsorship series, which will run through 2021. ABOUT: FMW Media FMW Media Corp. operates one of the longest-running U.S and International sponsored programming T.V. brands "NewToTheStreet," and its blockchain show "Exploring The Block." Since 2009, these brands run sponsored media formatted shows across three major U.S. Television networks. The TV platforms reach over 540 million homes both in the US and international markets. Twitter @NewtotheStreet @ExploringBlock Fetch.ai (FET) Fetch.ai is at the forefront of accelerating research and deployment of emerging technologies, including blockchain and AI. Its solutions are designed for people, organizations, and IoT. The project has created an Open Economic Framework (OEF) that serves as a decentralized search and a value exchange platform for various autonomous economic agents. Supported by a scalable smart ledger, Fetch.ai has digital intelligence at its heart, enabling it to deliver actionable predictions and instant trust information to billions of smart devices." BlockQuake New York City FinTech startup, BlockQuake ™ is a regulatory-driven, one-stop-shop digital asset trading platform that will offer, at launch, 6 fiat currencies (USD, CAD, GBP, EUR, JPY, AUD), plus major cryptocurrencies & stablecoins (e.g., BTC, BCH, ETH, LTC, XRP, XLM, TUSD) - resulting in over 100 pairings. Traders from over 140 countries will also be able to use their credit or debit card to deposit funds into their exchange account. BlockQuake's™ accomplished team includes internal and external subject matter experts in FinTech, regulatory finance, investment banking, insurance, blockchain, and risk management, and a robust understanding of both the finance and crypto industries. They now draw upon decades of experience in blue-chip financial services to deliver solutions that address trader frustrations in the current cryptocurrency landscape. The result is a platform that aims to be an industry-standard in global compliance, built on security, transparency, and trust. Investors can support BlockQuake™ through a worldwide KYC compliant ST20/ERC1400 token offering. The Regulation D 506(c) token offering for accredited investors in the U.S. and Canada or the Regulation S token offering for retail and institutional/accredited investors outside the U.S. and Canada. Visit BlockQuake.com for more information. MANDI Mandi Token has a wide range of experts in finance, accounting, and business analysis, including former analysts and financial experts from known institutions. Our spokesman, JD Salbego, is an Advisor to Solidum Capital, former CEO of BitTok exchange and current CEO of Legion Ventures. Jonathan Dunsmoor, our Compliance Officer, is Senior Counsel at Reid & Wise LLC, Securities Attorney at Aeryus, and Managing Consultant at NV Global Ventures. Willy Hartono Wijaya, President Director, is a former analyst at Goldman Sachs and an emergent investment figure in the Indonesian economy. We use a very conventional methodology on our approach to assessing the profitability and feasibility of any opportunities that have the potential to add value to our ecosystem and Mandi token holders. SoMee.social (ONG1) SoMee is a blockchain-based social media platform. Users earn ONG1 for being active on their platform; posting, liking, and getting liked. SoMee's mission is to redefine social media for privacy, end-user control, and monetization. The platform is built for influencers, social media users, and advertisers and is about to release a unique system for advertisers that gives them more control and interaction with their target audience, and that allows their target audience to target them back! SoMee has been in open beta for the past year on the web at https://SoMee.social and inside of the IOS and Android app stores under SoMee.social. Media Contact: Bryan Johnson Bryan @ NewtoTheStreet.com 631-766-7462 SOURCE: FMW Media Works Corp View source version on accesswire.com: https://www.accesswire.com/605816/Exploring-The-Block-Broadcasting-tomorrow-Nationwide-Featuring-Fetchai-WaykiChain-BlockQuake-Pascal-and-Electroneum || Market Wrap: Bitcoin Stuck at $10.3K; Uniswap Value Locked Gyrates: It was a quiet day in the bitcoin market while there was action on Uniswap’s total crypto value locked. Bitcoin (BTC) trading around $10,316 as of 20:00 UTC (4 p.m. ET). Slipping 0.13% over the previous 24 hours. Bitcoin’s 24-hour range: $10,199-$10,383 BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians. The price of bitcoin was struggling to trend upward Friday, staying in a narrow $10,200-$10,380 range to start the weekend. “Bitcoin has traded off this month with other risk assets, such that it is now short-term oversold near former resistance in the $10,055 area,” said Katie Stockton, managing partner at Fairlead Strategies. “We expect the pullback to keep its hold in the near term from a momentum standpoint.” Related: Bitcoin’s Jump to $10.7K Ends 10-Day Sideways Trend Read More: Bitcoin Holds Firm Above $10K but Strong Bounce Proves Elusive Indeed, bitcoin’s volume numbers Friday were tepid at best, with USD/BTC trades on spot exchanges amounting to just $210 million, whereas daily averages the past month had been $393 million. Yet, this could be an inflection point for the cryptocurrency, according to Neil Van Huis, director of institutional trading for crypto liquidity provider Blockfills. “Around $10,500 is really the middle of range from a previous breakout from consolidation around $9,000 all the way up to the roughly $12,000 we’ve seen recently,” he said. “If we can stay above $10,000, I’m encouraged and remain bullish. If we stay too long below $10,000, I think we could be more susceptible to a re-test of $9,000.” Read More: Singapore Man Caned for Stealing $267K From Bitcoin Investor Related: First Mover: As Central Banks Print $1.4B an Hour, Bitcoiners Bet on Federal Reserve 'Capture' The bitcoin options market appears to be picking up during this low-momentum period and that is an ominous sign, according to William Purdy, an options trader and founder of analysis firm PurdyAlerts. “Bitcoin option open interest is increasing. This suggests a continued downward trend,” noted Purdy. Story continues Karl Samsen, vice president for capital markets at trading firm Global Digital Assets, said some are staying out of the market for the time being. “What we’re seeing is a lot of money on the sidelines,” said Samsen. “The early DeFi investors who didn’t cut gains pre-BTC runup are starting to take gains now.” Read More: SushiSwap Co-Founder Sees Future Users in China and Other Blockchains Uniswap’s roller-coaster ride The second-largest cryptocurrency by market capitalization, ether (ETH), was up Friday, trading around $369 and climbing 1.4% in 24 hours as of 20:00 UTC (4:00 p.m. ET). Read More: Ethereum Gets Unplanned Stress Test as DeFi Fever Grows The amount of cryptocurrency “locked” in decentralized exchange Uniswap has shown a high degree of volatility on DeFi Pulse charts the past week. On Sept. 8, value locked was $1.4 billion, then down to $400 million Sept. 9, then up to almost $1 billion Sept. 10. On Friday, the number was at $648 million. Drama in DeFi, particularly from Uniswap software fork SushiSwap, is playing a role in the volatility. “The big decline is from the SushiSwap migration,” said a DeFi yield farmer who goes by the username devops199fan. “Basically, SushiSwap converted liquidity from Uniswap over automatically,” they added. Read More: DeFi ‘Vampire’ SushiSwap Sucks $800M from Uniswap The gyrations show the ephemeral nature of DeFi and its fast movement of funds around various projects, noted devops199fan. “I think the bump right after the decline was from people migrating back to Uniswap so they could use the LP [liquidity provider] tokens to farm in some other new projects that just popped up recently.” Liquidity provider (LP) tokens are incentives provided to yield farmers in return for contributing liquidity on decentralized exchanges. Read More: ‘I F**ked Up’: SushiSwap Creator Chef Nomi Returns $14M Dev Fund Other markets Digital assets on the CoinDesk 20 are mostly in the red Friday. Notable winners as of 20:00 UTC (4:00 p.m. ET): neo (NEO) + 14.2% 0x (ZRX) + 7.9% qtum (QTUM) + 7.7% Read More: Coinbase Effect Hits DeFi as yEarn’s YFI Token Surges 10% on Listing News Notable losers as of 20:00 UTC (4:00 p.m. ET): nem (XEM) – 1.6% tezos (XTZ) – 1.4% basic attention token (BAT) – 1% Read More: Binance’s New Platform Will Connect CeFi and DeFi With $100M Fund Equities: Asia’s Nikkei 225 closed in the green 0.74% as reported coronavirus infection numbers declined in Japan, causing Tokyo to lower its alert status one level . Europe’s FTSE 100 ended the day up 0.48% as reports the U.K. economy grew 6.6% in July helped investor optimism Friday . In the United States, the S&P 500 was flat, in the green 0.05% as the tech sector dragged on the index, with losses by Apple, Amazon, Facebook and Microsoft . Read More: Diginex Going Public Is About More Than a Nasdaq Ticker Symbol Commodities: Oil is up 1.3%. Price per barrel of West Texas Intermediate crude: $37.49. Gold was flat, in the red 0.16% and at $1,942 as of press time. Read More: Bitstamp Integrates Nasdaq’s Matching Engine for Faster Order Executions Treasurys: U.S. Treasury bond yields all slipped Friday. Yields, which move in the opposite direction as price, were down most on the two-year, in the red 12.1%. Read More: Former Central Bank Official: Japan Should Take a Digital Yen Seriously Related Stories Market Wrap: Bitcoin Stuck at $10.3K; Uniswap Value Locked Gyrates Market Wrap: Bitcoin Stuck at $10.3K; Uniswap Value Locked Gyrates
[Social Media Buzz]
None available.
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10796.95, 10974.91, 10948.99, 10944.59, 11094.35, 10938.27, 10462.26, 10538.46, 10246.19, 10760.07
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 33723.03, 34662.44, 31637.78, 32186.28, 34649.64, 34434.34, 35867.78, 35040.84, 33572.12, 33897.05, 34668.55, 35287.78, 33746.00, 34235.20, 33855.33, 32877.37, 33798.01, 33520.52, 34240.19, 33155.85, 32702.03, 32822.35, 31780.73, 31421.54, 31533.07, 31796.81, 30817.83, 29807.35, 32110.69, 32313.11, 33581.55, 34292.45, 35350.19, 37337.54, 39406.94, 39995.91, 40008.42, 42235.55, 41626.20, 39974.89, 39201.95, 38152.98, 39747.50, 40869.55, 42816.50, 44555.80, 43798.12, 46365.40, 45585.03, 45593.64, 44428.29, 47793.32, 47096.95, 47047.00, 46004.48, 44695.36, 44801.19, 46717.58, 49339.18, 48905.49, 49321.65, 49546.15, 47706.12, 48960.79, 46942.22, 49058.67, 48902.40, 48829.83, 47054.98, 47166.69, 48847.03, 49327.72, 50025.38, 49944.62, 51753.41, 52633.54, 46811.13, 46091.39, 46391.42, 44883.91, 45201.46, 46063.27, 44963.07, 47092.49, 48176.35, 47783.36, 47267.52, 48278.36, 47260.22, 42843.80.
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[Bitcoin Technical Analysis for 2021-09-20]
Volume: 43909845642, RSI (14-day): 38.59, 50-day EMA: 45625.42, 200-day EMA: 41833.62
[Wider Market Context]
Gold Price: 1761.80, Gold RSI: 41.48
Oil Price: 70.29, Oil RSI: 52.40
[Recent News (last 7 days)]
What Happens to Social Security When You Die?: Zinkevych / Getty Images/iStockphoto The end of a persons life doesnt necessarily mean the end of their social security payments. Depending on factors like income and dependents, social security checks will still be issued to someone else even after the original recipient passes away. See: The Biggest Problems Facing Social Security Find: Can You Afford To Die in Your State? According to the Social Security Administration website, if you work and pay into Social Security, part of those taxes go toward survivor benefits, which means your surviving spouse, children and even parents could be eligible for payments based on your earnings. Likewise, you and your family could be eligible for benefits based on the earnings of someone else who died as long as the deceased worked long enough to qualify for benefits. If you have no survivors or dependents, the payments simply cease. Whenever someone dies, the Social Security office should be notified immediately. This is usually handled by the funeral home, which sends in a form called Statement of Death by Funeral Director. If that doesnt happen, youll have to call the SSA you cannot report a death or apply for survivor benefits online. If you need to report a death or apply for survivor benefits, call 1-800-772-1213 (TTY 1-800-325-0778) between 8 a.m. and 7 p.m. Monday through Friday. Youll need to provide the deceased persons social security number when applying. In the event of your death, your survivor will need to provide your social security number. The executor of the estate can also call Social Security, CNBC reported. Here are some things to remember for those getting benefits on a spouses or parents record, according to the SSA: Social Security will automatically change any monthly benefits received to survivors benefits after it receives the report of death. The agency might be able to pay a Special Lump-Sum Death Payment automatically. One thing to keep in mind is that no social security benefits are due for the month of a persons death. Story continues Any benefit thats paid after the month of the persons death needs to be refunded, Peggy Sherman, a certified financial planner and lead advisor at Briaud Financial Advisors in College Station, Texas, told CNBC. See: What Happens to Your Bitcoin When You Die? Find: Key Points COVID-19 Long-Haulers Need to Know About Applying for Social Security Meanwhile, if your spouse or qualifying dependent were already getting money based on your record, that benefit will auto-convert to survivors benefits when the government gets notice of your death. If the surviving spouse has already reached their own full retirement age, they can get their deceased spouses full benefit. You can apply for reduced benefits as early as age 60 or age 50 if disabled which is a couple of years earlier than the standard earliest claiming age of 62 . More From GOBankingRates Take Our Poll: Are You Actually Spending Your Child Tax Credit Payment? 5 Things Most Americans Dont Know About Social Security Heres How Much You Need To Earn To Be Rich in Every State 5 Cities Around the World Experiencing a Housing Market Boom This article originally appeared on GOBankingRates.com : What Happens to Social Security When You Die? || What Happens to Social Security When You Die?: The end of a person’s life doesn’t necessarily mean the end of their social security payments. Depending on factors like income and dependents,social security checks will still be issuedto someone else even after the original recipient passes away.
See:The Biggest Problems Facing Social SecurityFind:Can You Afford To Die in Your State?
According to the Social Security Administration website, if you work and pay into Social Security, part of those taxes go toward survivor benefits, which means your surviving spouse, children and even parents could be eligible for payments based on your earnings.
Likewise, you and your family could be eligible for benefits based on the earnings of someone else who died — as long as the deceased worked long enough to qualify for benefits.
If you have no survivors or dependents, the payments simply cease.
Whenever someone dies, the Social Security office should be notified immediately. This is usually handled by the funeral home, which sends in a form called Statement of Death by Funeral Director.
If that doesn’t happen, you’ll have to call the SSA — you cannot report a death or apply for survivor benefits online. If you need to report a death or apply for survivor benefits, call 1-800-772-1213 (TTY 1-800-325-0778) between 8 a.m. and 7 p.m. Monday through Friday.
You’ll need to provide the deceased person’s social security number when applying. In the event of your death, your survivor will need to provide your social security number. The executor of the estate can also call Social Security, CNBC reported.
Here are some things to remember for those getting benefits on a spouse’s or parent’s record, according to the SSA:
• Social Security will automatically change any monthly benefits received to survivors’ benefits after it receives the report of death.
• The agency might be able to pay a Special Lump-Sum Death Payment automatically.
• One thing to keep in mind is that no social security benefits are due for the month of a person’s death.
“Any benefit that’s paid after the month of the person’s death needs to be refunded,” Peggy Sherman, a certified financial planner and lead advisor at Briaud Financial Advisors in College Station, Texas, told CNBC.
See:What Happens to Your Bitcoin When You Die?Find:Key Points COVID-19 Long-Haulers Need to Know About Applying for Social Security
Meanwhile, if your spouse or qualifying dependent were already getting money based on your record, that benefit will auto-convert to survivors benefits when the government gets notice of your death.
If the surviving spouse has already reached their own full retirement age, they can get their deceased spouse’s full benefit. You can apply for reduced benefits as early as age 60 — or age 50 if disabled —which is a couple of years earlier than the standard earliest claiming age of 62.
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• Take Our Poll: Are You Actually Spending Your Child Tax Credit Payment?
• 5 Things Most Americans Don’t Know About Social Security
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This article originally appeared onGOBankingRates.com:What Happens to Social Security When You Die? || AMC To Accept Bitcoin And Crypto For Payment, Are NFT Commemorative Tickets Next?: One of the hottest 2021 stocks has been AMC Entertainment Holdings Inc (NYSE: AMC ). The stock has gained favor with a loyal community that sees a strong recovery coming for the movie theater company. CEO Adam Aron may have brought in new fans and investors with an openness to accept several cryptocurrencies for payment. What Happened: Aron announced this week that AMC Entertainment Holdings will accept Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Litecoin (CRYPTO: LTC) and Bitcoin Cash (CRYPTO: BTC) transactions as payment. The announcement came after Aron said on the second quarter earnings call that the movie theater company would accept Bitcoin payments by the end of the year. Aron’s announcement ruffled some feathers in the Dogecoin (CRYPTO: DOGE) community, as no announcement has been made to accept the popular meme cryptocurrency at the theaters yet. Related Link: 5 Things You Might Not Know About AMC CEO Adam Aron NFTs Next?: Many companies have been seeking ways to get more involved with cryptocurrencies to take advantage of rising interest and valuations and also potential new customer bases. The rise of non-fungible tokens is another area many companies are exploring to see if there are ways to diversify their businesses. DraftKings Inc (NASDAQ: DKNG ), PLBY Group (NASDAQ: PLBY ) and Funko Inc (NASDAQ: FNKO ) are among the well-known companies that have dipped their toes into the NFT market. Aron told CNBC in early September that the company was exploring NFTs as a way to grow the business. “There are some ideas that have surfaced,” Aron said. The CEO indicated that adding NFTs to the business model could create “real value” for AMC investors and the company. “One of the ones I particularly love is to make commemorative movie tickets as an NFT.” Aron told CNBC that it could be a “really smart idea” to launch movie ticket NFTs as the movie chain has 50 to 100 big releases in theaters a year. The move could make NFTs “mean something for us and customers,” Aron added. The launch of NFTs could drive the business going forward. Story continues CNBC Fast Money member Guy Adami liked the idea of NFTs from AMC and its CEO while brushing aside talk of a short squeeze in the stock. “I respect that,” Adami said of a potential NFT launch. The open mindedness from Aron is a reason for bullishness, Adami added. While Adami doesn’t love the current AMC business model, he highlighted that he likes how Aron could be skating to where the puck might be going, referencing a famous quote from NHL great Wayne Gretzky. Price Action: AMC shares were trading at $44.09 on Friday. Shares have traded between $1.91 and $72.62 over the last 52 weeks. Disclosure: Author is long shares FNKO. See more from Benzinga Click here for options trades from Benzinga 5 Short Squeeze Candidates To Watch: Support.com, Takung, Among Others 5 Short Squeeze Candidates To Watch: Support.com, Lightning eMotors, ATIF Holdings And More © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || AMC To Accept Bitcoin And Crypto For Payment, Are NFT Commemorative Tickets Next?: One of the hottest 2021 stocks has been AMC Entertainment Holdings Inc (NYSE: AMC ). The stock has gained favor with a loyal community that sees a strong recovery coming for the movie theater company. CEO Adam Aron may have brought in new fans and investors with an openness to accept several cryptocurrencies for payment. What Happened: Aron announced this week that AMC Entertainment Holdings will accept Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Litecoin (CRYPTO: LTC) and Bitcoin Cash (CRYPTO: BTC) transactions as payment. The announcement came after Aron said on the second quarter earnings call that the movie theater company would accept Bitcoin payments by the end of the year. Aron’s announcement ruffled some feathers in the Dogecoin (CRYPTO: DOGE) community, as no announcement has been made to accept the popular meme cryptocurrency at the theaters yet. Related Link: 5 Things You Might Not Know About AMC CEO Adam Aron NFTs Next?: Many companies have been seeking ways to get more involved with cryptocurrencies to take advantage of rising interest and valuations and also potential new customer bases. The rise of non-fungible tokens is another area many companies are exploring to see if there are ways to diversify their businesses. DraftKings Inc (NASDAQ: DKNG ), PLBY Group (NASDAQ: PLBY ) and Funko Inc (NASDAQ: FNKO ) are among the well-known companies that have dipped their toes into the NFT market. Aron told CNBC in early September that the company was exploring NFTs as a way to grow the business. “There are some ideas that have surfaced,” Aron said. The CEO indicated that adding NFTs to the business model could create “real value” for AMC investors and the company. “One of the ones I particularly love is to make commemorative movie tickets as an NFT.” Aron told CNBC that it could be a “really smart idea” to launch movie ticket NFTs as the movie chain has 50 to 100 big releases in theaters a year. The move could make NFTs “mean something for us and customers,” Aron added. The launch of NFTs could drive the business going forward. Story continues CNBC Fast Money member Guy Adami liked the idea of NFTs from AMC and its CEO while brushing aside talk of a short squeeze in the stock. “I respect that,” Adami said of a potential NFT launch. The open mindedness from Aron is a reason for bullishness, Adami added. While Adami doesn’t love the current AMC business model, he highlighted that he likes how Aron could be skating to where the puck might be going, referencing a famous quote from NHL great Wayne Gretzky. Price Action: AMC shares were trading at $44.09 on Friday. Shares have traded between $1.91 and $72.62 over the last 52 weeks. Disclosure: Author is long shares FNKO. See more from Benzinga Click here for options trades from Benzinga 5 Short Squeeze Candidates To Watch: Support.com, Takung, Among Others 5 Short Squeeze Candidates To Watch: Support.com, Lightning eMotors, ATIF Holdings And More © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || AMC To Accept Bitcoin And Crypto For Payment, Are NFT Commemorative Tickets Next?: One of the hottest 2021 stocks has been AMC Entertainment Holdings Inc (NYSE: AMC ). The stock has gained favor with a loyal community that sees a strong recovery coming for the movie theater company. CEO Adam Aron may have brought in new fans and investors with an openness to accept several cryptocurrencies for payment. What Happened: Aron announced this week that AMC Entertainment Holdings will accept Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Litecoin (CRYPTO: LTC) and Bitcoin Cash (CRYPTO: BTC) transactions as payment. The announcement came after Aron said on the second quarter earnings call that the movie theater company would accept Bitcoin payments by the end of the year. Aron’s announcement ruffled some feathers in the Dogecoin (CRYPTO: DOGE) community, as no announcement has been made to accept the popular meme cryptocurrency at the theaters yet. Related Link: 5 Things You Might Not Know About AMC CEO Adam Aron NFTs Next?: Many companies have been seeking ways to get more involved with cryptocurrencies to take advantage of rising interest and valuations and also potential new customer bases. The rise of non-fungible tokens is another area many companies are exploring to see if there are ways to diversify their businesses. DraftKings Inc (NASDAQ: DKNG ), PLBY Group (NASDAQ: PLBY ) and Funko Inc (NASDAQ: FNKO ) are among the well-known companies that have dipped their toes into the NFT market. Aron told CNBC in early September that the company was exploring NFTs as a way to grow the business. “There are some ideas that have surfaced,” Aron said. The CEO indicated that adding NFTs to the business model could create “real value” for AMC investors and the company. “One of the ones I particularly love is to make commemorative movie tickets as an NFT.” Aron told CNBC that it could be a “really smart idea” to launch movie ticket NFTs as the movie chain has 50 to 100 big releases in theaters a year. The move could make NFTs “mean something for us and customers,” Aron added. The launch of NFTs could drive the business going forward. Story continues CNBC Fast Money member Guy Adami liked the idea of NFTs from AMC and its CEO while brushing aside talk of a short squeeze in the stock. “I respect that,” Adami said of a potential NFT launch. The open mindedness from Aron is a reason for bullishness, Adami added. While Adami doesn’t love the current AMC business model, he highlighted that he likes how Aron could be skating to where the puck might be going, referencing a famous quote from NHL great Wayne Gretzky. Price Action: AMC shares were trading at $44.09 on Friday. Shares have traded between $1.91 and $72.62 over the last 52 weeks. Disclosure: Author is long shares FNKO. See more from Benzinga Click here for options trades from Benzinga 5 Short Squeeze Candidates To Watch: Support.com, Takung, Among Others 5 Short Squeeze Candidates To Watch: Support.com, Lightning eMotors, ATIF Holdings And More © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Forget Cardano, Bitcoin Cash, Dogecoin: Litecoin Activity Surpasses Them All: According to Jay Milla, the director of the Litecoin Foundation, the number of active addresses on theLitecoin(CRYPTO: LTC) network has surpassed that ofBitcoin Cash(CRYPTO: BCH), andDogecoin(CRYPTO: DOGE).
In a recenttweet, Jay mentioned that the growth of wallet activity on theLitecoinnetwork has risen to 450k, outpacing other large-cap cryptocurrencies.
Cardano’s(CRYPTO: ADA) active address count stood at 214k, followed by Bitcoin Cash with 101k and Dogecoin with just 60.89k.
The active address is a metric measured in terms of an increase in the network activity on-chain, and based on this, analysts can predict the behavior pattern of the crypto market.
Recently Litecoin was in the news for a fake press release aboutWalmart Inc(NYSE:WMT) acceptingcryptocurrencypayments from shoppers using Litecoin.
Later the company released astatementsaying this was false news and one of its employees sent the tweet without verifying.
Walmart also confirmed that no such partnership exists with Litecoin.
See more from Benzinga
• Click here for options trades from Benzinga
• NTSB Says Tesla's Use Of Term Full Self-Driving is 'Irresponsible,' should Address 'Basic Safety Issues' First: WSJ
• Apple's iOS 15 Update Releases On Monday, But You May Not Want To Install it Right Away
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Forget Cardano, Bitcoin Cash, Dogecoin: Litecoin Activity Surpasses Them All: According to Jay Milla, the director of the Litecoin Foundation, the number of active addresses on the Litecoin (CRYPTO: LTC) network has surpassed that of Bitcoin Cash (CRYPTO: BCH), and Dogecoin (CRYPTO: DOGE). In a recent tweet , Jay mentioned that the growth of wallet activity on the Litecoin network has risen to 450k, outpacing other large-cap cryptocurrencies. Cardano’s (CRYPTO: ADA) active address count stood at 214k, followed by Bitcoin Cash with 101k and Dogecoin with just 60.89k. The active address is a metric measured in terms of an increase in the network activity on-chain, and based on this, analysts can predict the behavior pattern of the crypto market. Recently Litecoin was in the news for a fake press release about Walmart Inc (NYSE: WMT ) accepting cryptocurrency payments from shoppers using Litecoin. Later the company released a statement saying this was false news and one of its employees sent the tweet without verifying. Walmart also confirmed that no such partnership exists with Litecoin. See more from Benzinga Click here for options trades from Benzinga NTSB Says Tesla's Use Of Term Full Self-Driving is 'Irresponsible,' should Address 'Basic Safety Issues' First: WSJ Apple's iOS 15 Update Releases On Monday, But You May Not Want To Install it Right Away © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Forget Cardano, Bitcoin Cash, Dogecoin: Litecoin Activity Surpasses Them All: According to Jay Milla, the director of the Litecoin Foundation, the number of active addresses on theLitecoin(CRYPTO: LTC) network has surpassed that ofBitcoin Cash(CRYPTO: BCH), andDogecoin(CRYPTO: DOGE).
In a recenttweet, Jay mentioned that the growth of wallet activity on theLitecoinnetwork has risen to 450k, outpacing other large-cap cryptocurrencies.
Cardano’s(CRYPTO: ADA) active address count stood at 214k, followed by Bitcoin Cash with 101k and Dogecoin with just 60.89k.
The active address is a metric measured in terms of an increase in the network activity on-chain, and based on this, analysts can predict the behavior pattern of the crypto market.
Recently Litecoin was in the news for a fake press release aboutWalmart Inc(NYSE:WMT) acceptingcryptocurrencypayments from shoppers using Litecoin.
Later the company released astatementsaying this was false news and one of its employees sent the tweet without verifying.
Walmart also confirmed that no such partnership exists with Litecoin.
See more from Benzinga
• Click here for options trades from Benzinga
• NTSB Says Tesla's Use Of Term Full Self-Driving is 'Irresponsible,' should Address 'Basic Safety Issues' First: WSJ
• Apple's iOS 15 Update Releases On Monday, But You May Not Want To Install it Right Away
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Todos Medical Now Accepting Cryptocurrency for the Purchase of Tollovid® and Tollovid Daily™ through Coinbase Commerce: Cryptocurrency accepted include Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Bitcoin Cash (BCH) and Litecoin (LTC) New York, NY & Tel Aviv, Israel, Sept. 19, 2021 (GLOBE NEWSWIRE) -- (via Blockchain Wire ) T odos Medical, Ltd. (OTCQB: TOMDF), a medical diagnostics and solutions company with comprehensive product offerings, announced that it is now accepting Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Bitcoin Cash (BCH) and Litecoin (LTC) as payment for the Company’s proprietary 3CL protease inhibitor wellness products Tollovid® and Tollovid Daily™. The Company is able to accept these forms of payments through its www.mytollovid.com website when purchasers select Coinbase Commerce as the form of payment at checkout. “We believe strongly that everyone should take Tollovid to support their immune function during times of significant immune challenge and should be taking Tollovid Daily each and every day in order to maintain consistent, healthy immune function,” said Gerald E. Commissiong, President & CEO of Todos Medical. “The ability to accept widely utilized cryptocurrency is an important step as we broaden our marketing efforts around our novel 3CL protease inhibitor wellness products.” Tollovid and Tollovid Daily are dietary supplement products that have both received Certificates of Free Sale from the U.S. Food & Drug Administration (FDA), authorizing the marketing and sale of these products in the United States. The FDA has allowed the Company to make two specific claims with regards to each product: Tollovid and Tollovid Daily help to support and maintain healthy immune function; and Tollovid and Tollovid Daily are 3CL protease inhibitors. Tollovid is targeted to customers that need maximum immune support, whereas Tollovid Daily addresses customers that require or could benefit from daily immune support. Both Tollovid and Tollovid Daily can be purchased via subscription and now, utilizing cryptocurrency Story continues For more information, please visit www.todosmedical.com . For more information on the Company’s CLIA/CAP certified lab Provista Diagnostics, Inc. please visit www.provistadx.com . About Todos Medical Ltd. Founded in Rehovot, Israel with offices in New York City, Todos Medical Ltd. (OTCQB: TOMDF) engineers life-saving diagnostic solutions for the early detection of a variety of cancers. In 20201, Todos completed the acquisition of U.S.-based medical diagnostics company Provista Diagnostics, Inc. to gain rights to its Alpharetta, Georgia-based CLIA/CAP certified lab currently performing PCR COVID testing and Provista's proprietary commercial-stage Videssa® breast cancer blood test. The Company's state-of-the-art and patented Todos Biochemical Infrared Analyses (TBIA) is a proprietary cancer-screening technology using peripheral blood analysis that deploys deep examination into cancer's influence on the immune system, looking for biochemical changes in blood mononuclear cells and plasma. Todos' two internally-developed cancer-screening tests, TMB-1 and TMB-2, have received a CE mark in Europe. Todos is focused on the commercialization of Videssa and will bring the TBIA tests to market thereafter. Todos has entered into a joint venture with NLC Pharma targeting diagnostic and testing solutions to address the COVID-19 pandemic. The Joint-Venture is pursuing the development of diagnostic tests targeting the 3CL protease, as well as 3CL protease inhibitors that target a fundamental reproductive mechanism of coronaviruses. The Company’s proprietary therapeutic candidate Tollovir™ is currently in a Phase 2 clinical trial to treat hospitalized COVID-19 patients in Israel, and is preparing to initiate Phase 2/3 clinical trials for both hospitalized and non-hospitalized patients in Israel. Todos is also developing blood tests for the early detection of neurodegenerative disorders, such as Alzheimer's disease. The Lymphocyte Proliferation Test (LymPro Test™) is a diagnostic blood test that determines the ability of peripheral blood lymphocytes (PBLs) and monocytes to withstand an exogenous mitogenic stimulation that induces them to enter the cell cycle. It is believed that certain diseases, most notably Alzheimer's disease, are the result of compromised cellular machinery that leads to aberrant cell cycle re-entry by neurons, which then leads to apoptosis. LymPro is unique in the use of peripheral blood lymphocytes as a surrogate for neuronal cell function, suggesting a common relationship between PBLs and neurons in the brain. Todos is also distributing certain (COVID-19) testing materials and supplies to CLIA-certified labs in the United States. The products cover multiple suppliers of PCR testing kits, extraction kits, automation materials and supplies, as well as COVID-19 antibody and antigen testing kits. For more information, please visit https://www.todosmedical.com Forward-looking Statements Certain statements contained in this press release may constitute forward-looking statements. For example, forward-looking statements are used when discussing our expected clinical development programs and clinical trials. These forward-looking statements are based only on current expectations of management, and are subject to significant risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, including the risks and uncertainties related to the progress, timing, cost, and results of clinical trials and product development programs; difficulties or delays in obtaining regulatory approval or patent protection for product candidates; competition from other biotechnology companies; and our ability to obtain additional funding required to conduct our research, development and commercialization activities. In addition, the following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in technology and market requirements; delays or obstacles in launching our clinical trials; changes in legislation; inability to timely develop and introduce new technologies, products and applications; lack of validation of our technology as we progress further and lack of acceptance of our methods by the scientific community; inability to retain or attract key employees whose knowledge is essential to the development of our products; unforeseen scientific difficulties that may develop with our process; greater cost of final product than anticipated; loss of market share and pressure on pricing resulting from competition; and laboratory results that do not translate to equally good results in real settings, all of which could cause the actual results or performance to differ materially from those contemplated in such forward-looking statements. Except as otherwise required by law, Todos Medical does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For a more detailed description of the risks and uncertainties affecting Todos Medical, please refer to its reports filed from time to time with the U.S. Securities and Exchange Commission. CONTACT: Richard Galterio Todos Medical, Ltd 732-642-7770 [email protected] Daniel Hirsch Todos Medical, Ltd 347-699-0029 [email protected] https://www.todosmedical.com || Todos Medical Now Accepting Cryptocurrency for the Purchase of Tollovid® and Tollovid Daily™ through Coinbase Commerce: Cryptocurrency accepted include Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Bitcoin Cash (BCH) and Litecoin (LTC) New York, NY & Tel Aviv, Israel, Sept. 19, 2021 (GLOBE NEWSWIRE) -- (via Blockchain Wire ) T odos Medical, Ltd. (OTCQB: TOMDF), a medical diagnostics and solutions company with comprehensive product offerings, announced that it is now accepting Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Bitcoin Cash (BCH) and Litecoin (LTC) as payment for the Company’s proprietary 3CL protease inhibitor wellness products Tollovid® and Tollovid Daily™. The Company is able to accept these forms of payments through its www.mytollovid.com website when purchasers select Coinbase Commerce as the form of payment at checkout. “We believe strongly that everyone should take Tollovid to support their immune function during times of significant immune challenge and should be taking Tollovid Daily each and every day in order to maintain consistent, healthy immune function,” said Gerald E. Commissiong, President & CEO of Todos Medical. “The ability to accept widely utilized cryptocurrency is an important step as we broaden our marketing efforts around our novel 3CL protease inhibitor wellness products.” Tollovid and Tollovid Daily are dietary supplement products that have both received Certificates of Free Sale from the U.S. Food & Drug Administration (FDA), authorizing the marketing and sale of these products in the United States. The FDA has allowed the Company to make two specific claims with regards to each product: Tollovid and Tollovid Daily help to support and maintain healthy immune function; and Tollovid and Tollovid Daily are 3CL protease inhibitors. Tollovid is targeted to customers that need maximum immune support, whereas Tollovid Daily addresses customers that require or could benefit from daily immune support. Both Tollovid and Tollovid Daily can be purchased via subscription and now, utilizing cryptocurrency Story continues For more information, please visit www.todosmedical.com . For more information on the Company’s CLIA/CAP certified lab Provista Diagnostics, Inc. please visit www.provistadx.com . About Todos Medical Ltd. Founded in Rehovot, Israel with offices in New York City, Todos Medical Ltd. (OTCQB: TOMDF) engineers life-saving diagnostic solutions for the early detection of a variety of cancers. In 20201, Todos completed the acquisition of U.S.-based medical diagnostics company Provista Diagnostics, Inc. to gain rights to its Alpharetta, Georgia-based CLIA/CAP certified lab currently performing PCR COVID testing and Provista's proprietary commercial-stage Videssa® breast cancer blood test. The Company's state-of-the-art and patented Todos Biochemical Infrared Analyses (TBIA) is a proprietary cancer-screening technology using peripheral blood analysis that deploys deep examination into cancer's influence on the immune system, looking for biochemical changes in blood mononuclear cells and plasma. Todos' two internally-developed cancer-screening tests, TMB-1 and TMB-2, have received a CE mark in Europe. Todos is focused on the commercialization of Videssa and will bring the TBIA tests to market thereafter. Todos has entered into a joint venture with NLC Pharma targeting diagnostic and testing solutions to address the COVID-19 pandemic. The Joint-Venture is pursuing the development of diagnostic tests targeting the 3CL protease, as well as 3CL protease inhibitors that target a fundamental reproductive mechanism of coronaviruses. The Company’s proprietary therapeutic candidate Tollovir™ is currently in a Phase 2 clinical trial to treat hospitalized COVID-19 patients in Israel, and is preparing to initiate Phase 2/3 clinical trials for both hospitalized and non-hospitalized patients in Israel. Todos is also developing blood tests for the early detection of neurodegenerative disorders, such as Alzheimer's disease. The Lymphocyte Proliferation Test (LymPro Test™) is a diagnostic blood test that determines the ability of peripheral blood lymphocytes (PBLs) and monocytes to withstand an exogenous mitogenic stimulation that induces them to enter the cell cycle. It is believed that certain diseases, most notably Alzheimer's disease, are the result of compromised cellular machinery that leads to aberrant cell cycle re-entry by neurons, which then leads to apoptosis. LymPro is unique in the use of peripheral blood lymphocytes as a surrogate for neuronal cell function, suggesting a common relationship between PBLs and neurons in the brain. Todos is also distributing certain (COVID-19) testing materials and supplies to CLIA-certified labs in the United States. The products cover multiple suppliers of PCR testing kits, extraction kits, automation materials and supplies, as well as COVID-19 antibody and antigen testing kits. For more information, please visit https://www.todosmedical.com Forward-looking Statements Certain statements contained in this press release may constitute forward-looking statements. For example, forward-looking statements are used when discussing our expected clinical development programs and clinical trials. These forward-looking statements are based only on current expectations of management, and are subject to significant risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, including the risks and uncertainties related to the progress, timing, cost, and results of clinical trials and product development programs; difficulties or delays in obtaining regulatory approval or patent protection for product candidates; competition from other biotechnology companies; and our ability to obtain additional funding required to conduct our research, development and commercialization activities. In addition, the following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in technology and market requirements; delays or obstacles in launching our clinical trials; changes in legislation; inability to timely develop and introduce new technologies, products and applications; lack of validation of our technology as we progress further and lack of acceptance of our methods by the scientific community; inability to retain or attract key employees whose knowledge is essential to the development of our products; unforeseen scientific difficulties that may develop with our process; greater cost of final product than anticipated; loss of market share and pressure on pricing resulting from competition; and laboratory results that do not translate to equally good results in real settings, all of which could cause the actual results or performance to differ materially from those contemplated in such forward-looking statements. Except as otherwise required by law, Todos Medical does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For a more detailed description of the risks and uncertainties affecting Todos Medical, please refer to its reports filed from time to time with the U.S. Securities and Exchange Commission. CONTACT: Richard Galterio Todos Medical, Ltd 732-642-7770 [email protected] Daniel Hirsch Todos Medical, Ltd 347-699-0029 [email protected] https://www.todosmedical.com || Gas prices soar 16pc as Russia keeps taps closed: • Government plans gas rescue package as a million families face energy bill price hike
• Mounting fears of a 1970s-style three-day week as Britain's energy crunch deepens
• Markets endure global sell off asUS stocks tumble
• FTSE 100 closes 0.8pc lower
• Matthew Lynn:Macron’s defence disaster is a golden opportunity for Global Britain
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UK gas prices for next month surged 16pc on Monday, after Russia opted to cap additional flows to Europe.
State-owned Gazprom opted not to flow more gas to Europe via Ukraine in October, according to the results of an auction on Monday.
There were also signs that Russian flows via the key Yamal- Europe pipeline will remain limited, with traders booking just a fraction of the capacity offered to flow gas next month into Germany via the Mallnow compressor station.
The cap on additional Russian supplies is leaving Europe starved for the fuel just as it needs to boost buffer inventories before the winter.
UK prices jumped to 188.10p a therm while benchmark European gas prices - traded in the Netherlands - also surged 16pc to 75.33 euros a megawatt-hour.
With just a few weeks to go before the start of the heating season, storage sites are less than 72pc filled - the lowest level for this time of year in more than a decade.
That's all from us today – here are some of our top stories:
• Banker bonus cap faces the axe in post-Brexit reform
• Aldi to open store with no checkout in London
• British Airways owner soars as US opens the door to Britain and Europe
• Tube gets two new stations as Northern Line extension opens
Thanks for following along!
Ireland will include measures in its upcoming budget to support people struggling to pay their fuel bills this winter amid a global surge in wholesale power and gas prices.
Environment minister Eamon Ryan said the government will look at ongoing allowances aimed at protecting people against fuel poverty as well as "potentially other larger measures".
"We will have to intervene in the budget. We'll come forward with specific measures to address this very significant but hopefully short-term problem," he told national broadcaster RTE.
Households across Europe face much higher energy bills in the coming months after energy suppliers began passing on the soaring prices to consumers in recent months through hikes to retail tariffs.
Oil prices have resumed their decline amid growing concerns over the health of China's economy that have sparked major losses in equities.
US crude fell as much as 2.8pc to its lowest level in a week amid fears of a crisis in China's property sector that could impact the country's demand for oil.
John Kilduff, a partner at Again Capital, told Bloomberg: “China is the global swing demand center. If we lose China, we will lose much of the recent price gains.”
Crude prices have performed well this month, spurred on by lingering supply disruptions caused by storms in the US.
But crude oil benchmarks could suffer if a key US Federal Reserve meeting this week signals a scaling back of stimulus measures.
Boris Johnson has called on wealthy nations to meet a pledge to spend $100bn a year to tackle climate change ahead of hosting the key COP26 summit next month.
Reutershas more details:
Johnson and UN secretary-general António Guterres will hold a roundtable of world leaders on Monday to get rich countries to deliver on the unmet pledge, made in 2009.
Natural gas prices “could be high for longer than people anticipate just as they could fall very quickly,” Business Secretary Kwasi Kwarteng told parliament today.
Addressing concerns about a looming energy crisis this winter, Kwarteng said there was “a considerable amount of volatility in these markets and it would be rash of me to predict their course”.
It's a misconception that the UK was reliant on Russian gas, he added.
Speaking in the House of Commons, Kwarteng said gas storage was "definitely an issue" for the UK, but cautioned against creating panic about supplies of the fuel.
Kwarteng was responding to a question from Tory MP John Redwood, who had asked if he’d talk to the industry about increasing the UK’s currently “tiny” gas storage capacity to act as a “buffer to smooth supplies and keep prices down.”
Kwarteng said he’d “hit the nail on the head” and that “clearly this is a situation that needs to be reviewed.”
The FTSE 100 has closed at a two month low this afternoon, following a sell off which roiled markets around the world on Monday.
The blue-chips dropped 0.8pc or 55 points from Friday's close, finishing the day at 6,908.5 points.
However the index lifted slightly from lows of 6828.5 points after a late-afternoon rise from British Airways ownerIAG.
IAG's shares rose 11.2pc after the White House announced it would relax travel restrictions between the US and the UK.
Also among the top risers wasAstraZeneca(up 6.1pc) after announcing “groundbreaking” results for its new breast cancer drug andRolls Royce(up 4.2pc).
Weighing on the index wasPrudential(down 8.4pc) andStandard Chartered(down 7pc).
The FTSE Mid-250 index closed down 257.2 points at 23401.72.
Among the mid-caps, food service groupSSPjumped 5.9pc while publisherReachandMoney Supermarketended the day 9pc lower.
The world's microchip drought, which has led to car factories freezing production, is set to finally end in 2023 according to analyst predictions.
My colleagueMatthew Fieldreports:
Higher prices and political concerns around the shortage are prompting chipmakers to invest in new plants, with a huge wave of supply due to hit the market the year after next.
Read his full story here.
Prime Minister Boris Johnson said he will tell Jeff Bezos that e-commerce giant Amazon must pay its fair share of taxes in the country when the two meet on Monday.
Speaking to reporters on the way to the US, Johnson also said he would speak with the Amazon chairman about working conditions for UK based employees while also congratulating Bezos on his efforts to plant trees around the world.
The relative low figures Amazon pays in tax in the UK has for years been a point of controversy in Westminster.
Asked if the Prime Minister would raise Amazon’s tax record with Mr Bezos, Mr Johnson’s official spokesman said: “You can expect the Prime Minister to raise this important issue. We have been an advocate for an international solution to the tax challenges posed by digitalisation of the economy… we will very much be looking to raising that.”
Read more about this story here.
Shell has said a facility in the Gulf of Mexico which is majority-owned by the oil giant has suffered "significant structural damage" due to Hurricane Ida.
ThePA news agencyhas the details:
Shares in Royal Dutch Shell A and B stock were both lower after it confirmed that pars of the West Delta-143 site are likely to be offline until the end of its year.
Two new tube stations opened to commuters on Monday in the first major extension to the London Underground this century, reportsSam HallandMelissa Lawford.
They write:
TheBattersea Power StationandNine Elmsstations are part of a £1.1bn project to extend the Northern Line that began six years ago.
Read more on this story here.
I am delighted that from November,@POTUSis reinstating transatlantic travel so fully vaccinated UK nationals can visit the USA.It’s a fantastic boost for business and trade, and great that family and friends on both sides of the pond can be reunited once again.🇬🇧🇺🇸pic.twitter.com/qbVccvEdrm
Chris Beauchamp, chief market analyst at IG, comments:
It is definitely a ‘sea of red’ kind of day for global markets, the first time that phrase has been used for quite a while. US markets opened the day firmly in the red, joining their already heavily-beaten down European cousins, with no sign as yet that the wave of selling has come to an end.
Aldi is the latest supermarket to plan stores with no checkouts as the discounter follows in the footsteps of Amazon, reportsLaura Onita.
She writes:
The German chain is testing the technology at a store in London that allows shoppers to pick up their shopping and simply walk out.
Read Laura's full story here.
Business Secretary Kwasi Kwarteng added that the government will not "bail out failed companies".
He said it it is "not unusual" for small energy firms to collapse" when wholesale prices rise, adding it is a "feature of a highly competitive market".
"There will be no reward for failure, or mismanagement," Kwarteng said.
"The taxpayer should not be expected to prop up businesses which have poor business models and are not resilient to fluctuations in price."
The Business Secretary Kwasi Kwarteng said this afternoon he does not expect energy supply emergencies this winter, assuring MPs he is not "complacent".
He added that the UK has a diverse range of supply partners that deliver gas to the country.
The UK has an "excellent relationship with Norway", which delivers nearly 30 per cent of our total gas supply, he said.
"Obviously the global situation has had an impact on some of our energy suppliers," he adds, adding there may be "further companies exiting the market in the coming weeks".
He said he had met with representatives of Ofgem and energy companies over the weekend and held a roundtable discussion this morning.
He said there was no prospect of a shortage of gas, saying there will be "no three-day week or throwback to the 1970s".
British Airways owner IAG is helping the FTSE 100 pare its losses, after reports that the US plans to relax travel restrictions for vaccinated passengers from the UK and European Union.
The company's shares have jumped 11pc after the White House said fully vaccinated Britons will be able to travel to the US from November.
My colleagues Nick Allen andBen Riley-Smithreport:
They will have to show proof of vaccination before boarding a US-bound plane and a test with a negative result within three days of departure.
Read the full story here.
The sell off reverberating through global markets today has partly been attributed to the liquidity crisis at Chinese property developer Evergrande.
But how is China's most indebted developer able to impact markets around the world?
According to UBS' estimates, Evergrande holds about 6.5pc of the total debt held by China's property sector.
The company's size are contributing to fears that this is China's "Lehman moment" that could spark volatility in financial markets around the world - similar to the failure of the Lehman Brothers in 2008.
"As a systemically important developer, an Evergrande bankruptcy would cause problems for the entire property sector, which has been an important source of economic growth and jobs in China," Ed Yardeni, president of Yardeni Research, wrote in a note to clients Monday.
The Conservatives are in a “painful place” after Boris Johnson’slatest £36bn tax raidand should considerreversing hikesbefore the next general election, Treasury Select Committee chairmanMel Stridehas said.
Russell Lynchreports:
The MP’s intervention comes as Chancellor Rishi Sunak looks to impose a straitjacket on Whitehall in next month’s spending review after the fight against Covid triggered the highest deficit since the Second World War.
Read Russell's full story here.
Airline shares are on the rise this afternoon as investors welcomed the government’s overhaul of UK travel rules, reportsJames Warrington.
British Airways ownerIAGled the FTSE 100 risers as its shares jumped 9.8pc, whileEasyjetgained 3.7pc, helping to claw back some of its losses after it announced a fundraising round earlier this year.
Wizz Airrose 2.3pc,Ryanairwas up 1.4pc andJet2gained 3.7pc, while travel agencyTUIticked up 2.9pc.
It builds on strong gains for travel stocks at the end of last week as Grant Shapps confirmed a shake-up of travel rules that raised hopes of increased demand for autumn and winter holidays after Brits were largely grounded over the summer.
From 4 October the amber list will be scrapped, while fully-vaccinated travellers will no longer need to take a PCR test before returning to the UK.
US stocks tumbled this morning in New York, amid a global sell off and ahead of a Federal Reserve meeting this week about pandemic-era stimulus
The Dow Jones Industrial Average fell 0.4pc at the open, the S&P 500 dropped 0.7pc and the Nasdaq Composite slumped 1.9pc.
“The edges of the bullish narrative cover are being pulled and the darker underlying reality is coming to the fore,” Sebastien Galy, a senior macro strategist at Nordea Investment Funds, told Bloomberg.
“It is taking the market more time to price in these shocks than I had expected, and the market is far more realistic as the buy-on-dip mentality fades with the fear of inflation.”
The dollar is approaching a 2021 high, as currency traders confront a global slump in equities spurred by worries over China’s real estate sector, a brewing energy crisis in Europe and the prospect that the Federal Reserve will hint this week at plans to curb stimulus.
The only Group-of-10 currencies outperforming the dollar today are the yen and the Swiss franc - both traditional haven currencies that tend to rally during periods of market turmoil.
The Canadian and Australian dollars were among the biggest losers, as commodities sank in response to angst about the global growth outlook.
Time for another check in on the FTSE 100.
The blue-chip index has slumped 1.8pc today, as markets endure a global sell off.
Gains made by BA ownerIAG(up 3pc) have been outweighed by heavy losses from mining and financial stocks.
Prudentialhas dropped 8.6pc,Standard Charteredis down 6pc andAnglo Americanalso shed 6pc.
The FTSE 250 also lost 1.2pc, the pound was down 0.5pc against the dollar and Brent fell 1.3pc.
US stock futures point to losses at the open and the Stoxx Europe 600 index is on track for the biggest decline since July, falling 2pc.
Even Bitcoin hasn't escaped the global rout, with the cryptocurrency falling 7.3pc to $44,127.
Britain's tech sector is on track for its biggest year for tech investment ever, after raising £13.5bn in the first six months of the year - almost three times more than the same period a year ago, according to new data by the UK's Digital Economy Council and Tech Nation by Dealroom.
The research found that during the first six months of the year the biggest fundraising rounds included fintech Revolut raising £577m, car marketplace Cinch with £1bn, cybersecurity platform Snyk raising £289m and video conferencing platform Hopin banking £289m.
According to the data, the investment is more than double that achieved in the next biggest market, Germany, which managed to raise £6.2bn.
The UK now has 105 unicorns - businesses worth more than $1bn (£720m) - with 20 created in the past six months alone including Tractable, Zego and Depop.
By comparison, it took 24 years - from 1990 to 2014 - to create the UK's first 20 unicorns.
The Federal Reserve will likely hint at its meeting next week that it is moving toward scaling back monthly asset purchases and make a formal announcement in November, according to a Bloomberg survey of 51 economists.
The survey results also predicted the US central bank would hold interest rates near zero through 2022 before delivering two quarter-point increases by the end of the following year.
The Federal Open Market Committee meets for two days starting tomorrow and will issue a policy statement at 7pm UK time.
Two-thirds of economists surveyed expect the bond-buying announcement at the Fed’s November 2-3 meeting, with more than half seeing the tapering starting in December.
That’s earlier than the July survey, when a plurality expected the decision in December and four fifths were looking for tapering to start in 2022. The survey was conducted between September 10-15.
Business secretary Kwasi Kwarteng has said today that "consumers come first" amid complaints from the energy sector that the energy price cap currently in place is "suffocating" the sector.
Kwarteng said the government is "looking at options to protect consumers, and meetings continue across government today and this week".
He added: "The Energy Price Cap protects millions of consumers. It will remain in place."
Earlier today the boss of Ecotricity criticised Britain's energy price cap for 'suffocating' the industry, following the collapse of five small operators in the last five weeks.
Dale Vince told the BBC: "We have a price cap that sets the energy price super low which allows a margin of about two per cent for energy companies which is suffocating."
Italian themed restaurant chain Prezzo has become the latest business to announce it will remain closed on Boxing Day following M&S, Sainsbury's, Morrisons and Pets at Home.
Prezzo said it will also raise wages for all its 2,500 staff by an average of 4pc.
"As a result of the increases, every Prezzo team member will be paid above the national minimum wage," the company said.
The organisation behind Britain's bestselling personal computer -the Raspberry Pi- has sealed a $45m (£33m) investment after demand surged during the pandemic, reportsBen Woods.
He writes:
The trading arm of the Raspberry Pi Foundation has offloaded stakes to Lansdowne Partners and the Ezrah Charitable Trust in a move that values the operation at around $500m. The foundation is a charitable organisation whose profits are used to promote computing. Raspberry Pi was founded in 2009 by Eben Upton, who created a singleboard computer that has been widely used to champion programming in schools.
Read Ben's full story here.
The owner of restaurant Yo! Sushi will take another step towards a London IPO that could value the business at more than £750m, Sky News is reporting today.
According toSky, the Snowfox Group will give a presentation to City analysts this week as it prepares to announce its formal intention to float in London as early as next month.
Snowfox, which also supplies retailers such as Tesco and Waitrose in the UK with sushi, is majority-owned by Mayfair Equity Partners.
AstraZeneca is leading the FTSE 100 risers after announcing “groundbreaking” results for its new breast cancer drug, writesJames Warrington.
The British pharmaceutical firm said trials of its new treatment Enhertu showed a 72pc reduction in the risk of disease progression and death when compared to an existing drug.
AstraZeneca pushed 2.5pc higher, bucking a wider fall in the blue-chip index.
Sainsbury's has surged 2.6pc today, after it was reported to have hired a top M&A boutique to help defend the supermarket from a potential takeover.
The Timesreported over the weekend that Sainsbury's had appointed Robey Warshaw amid growing speculation that it could follow Asda and Morrisons in being taken over.
Last month the supermakret's shares reached seven-year highs following reports suggesting that private equity firm Apollo could turn its attention to Sainsbury’s.
One senior retail source told The Times: “Any boardroom worth their salt would be working on defences and game-planning what they would do if they were on the receiving end of an approach, given the level of interest in the sector and low market values.”
US futures have dropped more than 1pc as investors worried about rising Covid cases and stalling economic growth ahead of a key Federal Reserve meeting this week, reportsJames Warrington.
Futures tracking the Dow Jones were down 1.5pc this morning. S&P 500 e-minis were down 1.2pc, and Nasdaq 100 e-minis were down 1pc.
Wall Street’s main indices have suffered this month amid fears about rising corporation tax and have shrugged off signs inflation may have peaked.
The Fed will hold a policy meeting on Wednesday, where it is expected to lay the groundwork for a tapering of stimulus measures, though an actual announcement is not expected until later in the year.
British Gas has agreed to take on an extra 350,000 domestic customers from collapsed energy firm People's Energy, regulator Ofgem confirmed today.
Scotland-based People's Energy became one of four British energy companies to fail in the last five weeks, as soaring wholesale gas prices put smaller suppliers under intense pressure.
Another small energy supplier, Green, said this morning it may not survive the winter without government help.
Business secretary Kwasi Kwarteng is expected to answer questions on the energy crisis later today.
Here's the daily round- up from The Telegraph's Money team:
• What happens if my energy provider goes bust?We explain why prices for gas and electricity have soared in recent weeks and how to get the best deals
• Money Makeover: 'I only have £350k saved, can I retire at 56?'Local government worker Paul Marsh has a good pension but wants to stop working as soon as possible
• 'Estate agents will always try to cheat landlords – here's how to protect yourself':The Secret Landlord reveals their top tricks to avoid dodgy agents in the unregulated industry
Irish-American Fintech Stripe is planning to hire dozens of new employees for its London office next year, ahead of the company’s potential initial public offering.
Matthew Henderson, Stripe’s European Middle East and Africa (EMEA) business lead, has been bullish about London's ability to maintain its title as the world's fintech hub post Brexit.
“Brexit will continue to present uncertainties and complications, but many of the structural reasons for London’s emergence as a fintech hub will remain post-Brexit," he toldThe Telegraphlast year.
The 12-year-old company started adding engineers in the UK capital about a year ago and now has nearly 200 employees in the city.
London-based engineers are planning to pilot a “pay-by-bank” feature next month.
Shares of energy company Igas have leapt 89pc to 35.90p this morning, after the company announced a partnership with energy giant SSE to develop a geothermal heating network in Stoke-on-Trent.
Geothermal is currently a niche power source which extracts low-carbon energy from the heat below the earth’s surface.
“Deep geothermal has the potential to become a world leading industry here in the UK, provide a stable transition away from oil and gas, and help meet the Government's net zero ambitions by decarbonising heat on a mass scale," said Igas chief executive Stephen Bowler.
The boss of green power supplier Ecotricity has criticised Britain's energy price cap for 'suffocating' the industry, following the collapse of five small operators in the last five weeks.
Dale Vince told the BBC the electricity and gas shortages the county faces this week cannot be resolved short-term.
He said:
It's a question of what sticking plasters we can apply to get through the winter.
City minister John Glen has hinted at a cut to the 8pc tax surcharge on financial services firms as he vowed the sector will enjoy “competitive tax rates”, writesJames Warrington.
Glen said Chancellor Rishi Sunak was “thinking very carefully” about tax rates for financial services ahead of his Budget on 27 October 27.
“To be competitive, we have to have competitive tax rates and that’s what’s on the Chancellor’s mind at the moment,” he told the Financial Times.
He also pledged to “keep under review” the cap on bankers’ bonuses, introduced when the UK was a member of the EU, as part of efforts to maintain the City of London’s status as a “booming” financial hub.
In his March Budget Sunak announced a hike in corporation tax from 19pc to 25pc – a move he admitted would harm the competitiveness of UK banks.
But he said he would review the 8pc surcharge, which raised £1.5bn last year.
Glen did not confirm the surcharge will be cut in the upcoming Budget, but said: “We want to bring certainty to the industry.”
European stocks have also fallen to their lowest level in two months, as China’s real estate crackdown and concerns about this week’s Federal Reserve policy meeting weighs on investor sentiment.
The Stoxx Europe 600 index fell 2pc to its lowest level since July 21.
Germany’s DAX also slumped 2.3pc on the day, with banks and automotive shares under-performing.
“Worsening sentiment out of China, and a ratcheting up of geopolitical tensions has led to the pullback,” Altaf Kassam, State Street EMEA head of investment strategy & research, told Bloomberg.
“With a raft of central bank meetings and announcements this week and soon after, the market is becoming nervous that the ‘transitory’ inflation narrative will be undermined by continued strong inflation data, leading to an earlier-than-expected policy tightening.”
The FTSE 100 has extended its losses this morning, with the index now just six points off three month lows.
Chinese property developer Sinic has halted trading after its shares plummeted 87pc, reportsJames Warrington.
The Shanghai-based company did not give any reason for the suspension, which comes amid wider jitters in China’s property market as investors fear a crackdown on Hong Kong developers.
The company has a 9.5pc $246m bond due on 18 October and Fitch Ratings revised its outlook to negative last week.
The sharp sell-off in the two hours leading up to suspension was accompanied by a surge in trading volume that was about 14 times its average in the last year, according to Bloomberg data.
Sinic’s market value now stands at just $230m.
The move comes as Hong Kong’s property gauge dropped the most since May 2020 amid growing investor angst about China’s real estate crackdown and worries that Beijing may tighten grip on the city’s property sector in its “Common Prosperity” campaign.
Prices for coal are surging around the world as a shortage of natural gasspurs demand for the dirtiest fossil fuelto generate electricity.
Bloomberghas the details:
Benchmark prices in Asia are at a 13-year high and within striking distance of a record. Stockpiles are plunging ahead of a northern hemisphere winter that forecasters predict could be unusually cold, indicating the crunch is unlikely to ease anytime soon. Increased costs for electricity providers threaten to put further pressure on inflation that’s already running at the fastest in years.
The UK competition watchdog said it’s put businesses “on notice” over misleading green marketing claims, writesJames Warrington.
The Competition and Markets Authority (CMA) has told companies they have until next year to clean up their environmental claims and ensure they comply with the law.
The watchdog will carry out a full review at the start of 2022, looking at claims made both online and offline.
It will prioritise industries such as textiles and fashion, travel and transport, and fast-moving consumer goods – where it said consumers seem most concerned about misleading claims – and take action against any offending firms.
Andrea Coscelli, chief executive of the CMA, said:
More people than ever are considering the environmental impact of a product before parting with their hard-earned money. We’re concerned that too many businesses are falsely taking credit for being green, while genuinely eco-friendly firms don’t get the recognition they deserve.
The price of natural gas is soaring due to a supply crunch after fields were shut down for maintenance, key sites went offline during the Covid crisis and producers slashed investment.
A lack of wind for turbine sites combined with the winding down of coal mines by governments seeking to cut down their emissions has also contributed to the energy crisis.
Meanwhile, the British government has blamed disruption caused by the economic reopening and high demand in Asia.
"As the world comes out of COVID-19 lockdowns and economies reopen, we are seeing an uptick in global gas demand this year… combined with a cold winter (which has an impact on gas demand as gas is often used for heating homes) this has led to a much tighter gas market with less spare capacity," said The Department for Business, Energy & Industrial Strategy.
"In particular, high demand in Asia for Liquified Natural Gas (LNG), natural gas transported globally by ship, means less LNG than expected has reached Europe".
Russia has also been accused of increasing gas prices in a bid to undermine Britain and the EU’s economic recovery from the Covid-19 pandemic.
Gazprom, Russia’s state-owned energy corporation, is facing an investigation into a spike in the cost of natural gas and a knock-on effect that threatens to disrupt the supply of meat in the food chain within a fortnight.
Gazprom has denied manipulating the supply to drive up prices.
Russia says its newly completed Nord Stream 2 gas pipeline to Germany will alleviate any winter shortages.
However both the US government and EU ally Ukraine are deeply opposed to the project.
More on the energy crisis here:
• A winter of energy discontent looms
• Record gas prices risk resurgence of dirty power
• Russia accused of rigging gas prices to undermine Britain’s economic recovery
Sterling tumbled to a one-month low against the dollar this morning as a global sell-off, uncertainty over the Bank of England’s interest rate decision and surging gas prices all weighed, reportsJames Warrington.
The pound slid 0.5pc to around $1.3662 – its lowest level since 23 August.
Against the euro, it fell 0.3pc to 0.8561p.
It came as growing fears about indebted property developer Evergrande roiled global markets, with European stocks falling 1.9pc and the FTSE 100 down 1.5pc.
Investors turned to the safe haven of the dollar, which was trading at four-week highs.
Domestic concerns have caused a further drag on sterling, with surging wholesale gas prices sparking fears of a winter energy crisis.
Traders are looking ahead to a Bank of England meeting on Thursday for an indication of the future of monetary policy.
The Czech digital payments platform Eurowag this morning confirmed its plans to float on the London Stock Exchange.
The company, which processes toll and fuel payments for truckers across Europe, said the offer is expected to comprise of both new Ordinary Shares to be issued by the Company and existing Ordinary Shares to be sold by Eurowag shareholders.
The Offer would target "certain institutional investors".
Eurowag added it is targeting a free float of at least 25pc of issued share capital and expects it would be eligible for inclusion in the FTSE UK indices.
Shares in Chinese property developer Evergrande have plummeted to more than 11-year lows amid growing default fears, roiling global markets, reportsJames Warrington.
Evergrande has been scrambling to raise funds to repay its lenders, suppliers and investors, with regulators warning its $305bn of liabilities could pose broader risks to the country’s economy if not stabilised.
Shares closed down 10.2pc at HK$2.28, after earlier dropping 19pc to its weakest level since May 2010.
Kington Lin, managing director of Asset Management Department at Canfield Securities Limited, told Bloomberg: “The stock will continue to fall, because there’s not yet a solution that appears to be helping the company to ease its liquidity stress, and there are still so many uncertainties about what the company will do in case of a restructuring.”
Evergrande’s troubles have compounded wider concerns about the health of China’s economy amid a regulatory crackdown on the country’s tech sector.
The broader property section has also been dragged down by the crisis, while the yuan fell to a three-week low against the dollar. Hong Kong’s Hang Seng index fell 3.3pc.
Read more on this story here:
• Evergrande hires restructuring advisers as Chinese property fears mount
• China’s property market runs out of steam as millions demand their money back
Small energy supplier, Green, said this morning it may not survive the winter without government help.
“I feel without any support methods being put in place from the government is unlikely that we will see the winter through,” chief executive Peter McGirr told the BBC.
The Newcastle-based company - which says it relies 100pc on renewable energy sources - serves more than 250,000 households.
Prudential has unveiled plans to raise up to $2.89bn through a share placement in Hong Kong as the insurance giant shifts its focus to Asia, reportsJames Warrington.
The FTSE 100 company said it will raise up to 5pc of its issued share capital – or around 130.8m shares – via a concurrent Hong Kong public offer and international placing.
Around 95pc of the new shares will be from the share placing, while the remaining 5pc will be an offer of new shares available exclusive to Hong Kong residents, with a preferential offer for some Prudential employees.
The cash raise comes after Prudential completed the demerger of its US business Jackson Financial, with the group now looking to target growth opportunities in Asia and Africa.
Sophie Lund-Yates, equity analyst at Hargreaves Lansdown, said:
Prudential is closing the book on a messy chapter, with the breakup of the American and Asian businesses now complete, it’s looking to make the most of opportunities in Asia.
Oil has dropped this morning, as risky assets start the week fell back and the dollar gained ahead of a Federal Reserve meeting that’s expected to see stimulus scaled back.
Brent dropped 1.4pc to $74.30 amid a broader decline in stock markets, while WTI was also down 1.7pc at $70.73.
“Oil prices are down as the new week of trading gets underway,” Carsten Fritsch, an analyst at Commerzbank, told Bloomberg.
Prices are facing a “headwind today from the firm US dollar in particular, which is showing signs of strength ahead of the Fed’s meeting.”
However traders are closely watching Europe's energy crunch and discussions around switching from gas to oil.
There are expectations diesel demand will expand in Asia during winter, while the use of oil to generate power in the US may also rise. Prices for fuels used in heating like liquefied petroleum gas have surged to multi-year highs.
Britain's meat processors are also suffering from the record rise in gas prices, with the head of the industry's lobby group warning that his members could run out of carbon dioxide within five days, forcing them to halt production.
Nick Allen of the British Meat Processors Association told Sky News. "My members are saying anything between five, ten and 15 days supply".
Carbon dioxide is crucial in the meat industry to stun animals before slaughter and to extend food's shelf life.
However a record jump in gas prices has forced several domestic energy suppliers out of business and has shut fertiliser plants that also produce carbon dioxide.
House prices in the UK have lifted 0.3pc this month, pushing the price of an average home to £338,462 - a new record high.
New figures from property website Rightmove showed that the average house was priced 5.8pc higher than last year and £15 higher than the previous record set in July.
However despite the increase, Rightmove said there were signs that the market was becoming better balanced.
“There are signs of a return of some normality,” Tim Bannister, Rightmove's director of property data, said today.
“The property market remains stock starved despite the summer lull lessening activity.”
Price rises differ from region to region. While Wales and southwest England have noted a house-price inflation of over 8pc in the past year, London has inched up only 0.8pc.
Finsbury Food Group said this morning the business is expecting "persistent challenges" from a shortage of skilled workers and drivers.
However despite those challenges, the group said pre-tax profit had grown around sixfold to £17m, after it invested £6.2m in a series of new projects, including a frozen dough ball factory in Manchester. It also launched a set of vegan doughnuts and a new range of gluten-free bread.
Revenue also grew by 9.1pc in the first six months of 2021 and by 2.3pc in the past 12 months to £313.3m.
"Whilst we are likely to face persistent challenges around inflation and skilled labour and driver shortages, our long-term growth ambitions remain unchanged," said chief executive John Duffy.
Shares in the company rose by 2pc in early trading.
The dramatic selloff in iron ore is continuing to weigh on London-listed miners this morning, following the commodity's worst performance on record last week.
The material - which is used to make steel - fell 22pc last week to below $100 a ton.
This morning, futures in Singapore fell to $95, responding to concerns that China’s push to rein in its steel output will drastically curb demand.
The fall in prices has prompted Anglo American's share price to plunge 20pc in the past five days. BHP has slumped 11pc in the same period, after being downgraded by Barclays.
Three-quarters of businesses fear the shortage of workers is so severe that it is a key threat to the economy’s competitiveness, reportsTim Wallace.
Booming growth as the economy reopens risks being undermined as companies struggle to find staff with the right skills and in the right locations.
The Confederation of British Industry (CBI) found worries over worker shortages are at their most intense since the business group began surveying its members in 2016.
Problems are so serious that they could affect the economy for years to come, said Matthew Fell, chief policy director at the CBI.
“After a challenging year it’s encouraging to see the jobs market rebound. With demand returning, businesses both small and large, have put their recruitment plans into action. But as the UK’s labour market emerged from one crisis, it’s been plunged into another, with shortages holding back growth,” he said.
“While firms have been stepping up to address labour shortages through further investment and training, these steps take time and do little to ease the pressure firms are facing now. From logistics to hospitality, firms are feeling strain across the whole economy, and expect this to continue not just for two months but two years.”
The FTSE 100 has tumbled 1pc in early trading, with miners among the stocks leading losses as iron ore extends its slump below $100 a ton after China stepped up restrictions on industrial activity.
Anglo Americanplunged more than 7pc on opening, whileGlencoreshed 4pc andRio Tintowas down 3pc.
Prudentialalso lost 3.4pc after the company said on Saturday it plans to raise HK$22.5bn through a concurrent public offer and international share placing on the Hong Kong Stock Exchange.
The top risers wereRollsRoyce(up 2.3pc), BA ownerIAG(up 1.9pc) andUnilever(up 0.5pc).
Investors now await the BoE's policy meeting this week for a timeline on its plan to ease its massive pandemic stimulus, against the backdrop of rising price pressures due to supply chain disruptions and higher energy prices.
The government is considering offering emergency state-backed loans to energy companies as wholesale gas prices soar - they are up 250pc since January.
The loans are expected to be offered to encourage firms to take on customers, theBBC is reportingthis morning.
The process for dealing with failing firms has come under pressure as price rises make taking on new customers unattractive for surviving companies.
The leap in gas prices has already forced several domestic energy suppliers out of business and has shut fertiliser plants that also produce carbon dioxide, used to stun animals before slaughter and prolong the shelf-life of food.
Read more about this story here:Government plans gas rescue package as a million families face energy bill price hike
The FTSE 100 has opened 0.9pc down this morning at 6,897.16 points.
The FTSE 250 has also tumbled 0.7pc to 23,489.70 points.
SSE said that no decision has been made to split the company following speculation that the energy giant was close to being split into two separate blue-chip companies following pressure from Wall Street activist Elliott.
“There has been no decision to break up the SSE Group,” the company said in a statement this morning. “SSE’s strategic focus is on renewables and regulated electricity networks.”
Elliott is understood to have amassed a stake worth more than £500m in SSE and is said to be putting pressure on SSE management to split its renewables and networks businesses to create two separate companies that would get a higher value.
Alistair Phillips-Davies, chief executive of SSE, said in response:
We have been making excellent progress with our clear net zero-aligned strategy, centred on electricity networks, renewables and other carefully chosen businesses that help provide the low-carbon electricity infrastructure that government and wider society requires.
Read more about this story here:SSE close to being split up after activist pressure
Good Morning.
The combination of the UK's supply-chain crisis and spiralling energy costs are expected to hit investor sentiment today.
The FTSE 100 fell below the 7,000-mark on Friday and is set to open this morning around 53 points lower at 6,910 - its lowest level since July - as markets also brace for the Bank of England rate decision on Thursday.
John Roe, head of multi-asset funds at Legal & General Investment Management, told Bloomberg there are a lot more risks facing the UK Gas and power prices are breaking records day after day, and money markets are pricing in rate hikes after inflation surged to the highest in more than nine years.
5 things to start your day
1)Mounting fears of a 1970s-style three-day week as Britain's energy crunch deepens:Rocketing power prices and a gas storage crisis threaten the recovery and leave the UK at the mercy of Russia's Vladimir Putin
2)Government plans gas rescue package as a million families face energy bill price hike:Ministers held talks with energy suppliers amid fears smaller firms could collapse
3)Brussels mulls OneWeb stake to challenge Elon Musk's Starlink:Potential investment would strengthen hand of British satellite broadband player in race to blanket Earth in internet signal
4)Roger Bootle: The Merkel era is over, but her economic legacy will linger on:The Chancellor's fiscal conservatism has had a baleful effect on the German economy, but her successors cannot escape her shadow
5)Sterling under threat from stagflation bets:Currency markets are bracing for a choppy week as central banks make decisions on interest rates
What happened overnight
Shares fell nearly 4pc in Hong Kong on Monday in holiday-thinned trading in Asia, with other big markets in Tokyo and Shanghai closed.
Other regional benchmarks also fell after Wall Street wrapped up last week with another decline.
Hong Kong property companies and banks lost ground on persisting concerns over the potential for ripple effects from the financial troubles of Chinese developer Evergrande.
The company was expected to miss interest payments, as ratings companies forecast it may default on its debt. Its shares fell 17pc Monday.
Henderson Land Development dropped 12pc and New World Development lost 11pc amid reports that China would tighten oversight over the property sector in Hong Kong.
The Hang Seng in Hong Kong dropped 3.9pc to 23,955.18 and Australia's S&P/ASX 200 shed 2pc to 7,254.10. Markets were closed in mainland China, South Korea, Japan, Taiwan and Malaysia.
Coming up today
• Corporate: Redde Northgate(Trading update)
• Economics:Rightmove monthly house price index(UK) || Youth involved in the stock market are 'here to stay': Teen investor: Seventeen-year-old Dylan Jin-Ngo became fascinated withthe stock marketwhen he was in sixth grade. Now the Huntington Beach teen spends much of his free time teaching other kids about markets.
"Being able to invest without my age being a barrier was something so unique," Dylan told Yahoo Finance about his motivation. "I learned on my own for the past 3 or 4 years, and I became the youngest certified mutual fund counselor in the nation in 2020."
Dylan spearheads a literacy program through his non-profit Young Investors Corp., in partnership with the Boys and Girls Clubs in Los Angeles and Orange County.
Popular topics among his students? Meme stocks and cryptocurrency.
"Throughout our five-week program, it shifts some questions like what you think about AMC (AMC)? What do you think about Bitcoin (BTC-USD)?" said Dylan. "Towards the end, it shifts to more about — how can I get my own stock portfolio? How can I talk to my parents about opening my own brokerage account?"
Dylan follows some of today's most popular stocks like Tesla (TSLA) and Apple (AAPL), and says his own portfolio includes a mix between growth and value stocks.
But with the markets touching new highs recently, the young investor portrays a cautious tone.
"The injection of money that we currently have in our economy, is something that yes, has enabled us to really receive very nice results in the past year," he said. "But I think potentially for retail traders is to really be more wary, especially heading over in the next year."
So far some 350 students have gone through Youth Investor's financial literacy program. Dylan is now working on a bill with a local assemblyman to create a pilot financial literacy program for public and charter schools in California.
"I think something like financial literacy, which is so critical in shaping a youth's future, is something that should be widely available to everyone," said Dylan. "Financial literacy ... should not be limited by socioeconomic status or opportunity."
Dylan says young people's increasing involvement in the markets isn't just a fad.
"I definitely think that this dynamic of youth being involved in the stock market and investment world is here to stay largely because of new technology and the new kind of brokerage firms that really have in getting a marketplace," he said.
• Read the latest financial and business news from Yahoo Finance
Follow Yahoo Finance onTwitter,Facebook,Instagram,Flipboard,LinkedIn,YouTube, andreddit
Upgrade nowto stay ahead of the market with Yahoo Finance Plus. || Youth involved in the stock market are 'here to stay': Teen investor: Seventeen-year-old Dylan Jin-Ngo became fascinated with the stock market when he was in sixth grade. Now the Huntington Beach teen spends much of his free time teaching other kids about markets. "Being able to invest without my age being a barrier was something so unique," Dylan told Yahoo Finance about his motivation. "I learned on my own for the past 3 or 4 years, and I became the youngest certified mutual fund counselor in the nation in 2020." Dylan spearheads a literacy program through his non-profit Young Investors Corp., in partnership with the Boys and Girls Clubs in Los Angeles and Orange County. Popular topics among his students? Meme stocks and cryptocurrency. "Throughout our five-week program, it shifts some questions like what you think about AMC ( AMC )? What do you think about Bitcoin ( BTC-USD )?" said Dylan. "Towards the end, it shifts to more about how can I get my own stock portfolio? How can I talk to my parents about opening my own brokerage account?" Dylan follows some of today's most popular stocks like Tesla ( TSLA ) and Apple ( AAPL ), and says his own portfolio includes a mix between growth and value stocks. But with the markets touching new highs recently, the young investor portrays a cautious tone. "The injection of money that we currently have in our economy, is something that yes, has enabled us to really receive very nice results in the past year," he said. "But I think potentially for retail traders is to really be more wary, especially heading over in the next year." Teens learning about financial literacy through Youth Investors Corp and Boys and Girls Club of LA So far some 350 students have gone through Youth Investor's financial literacy program. Dylan is now working on a bill with a local assemblyman to create a pilot financial literacy program for public and charter schools in California. "I think something like financial literacy, which is so critical in shaping a youth's future, is something that should be widely available to everyone," said Dylan. "Financial literacy ... should not be limited by socioeconomic status or opportunity." Story continues Dylan says young people's increasing involvement in the markets isn't just a fad. "I definitely think that this dynamic of youth being involved in the stock market and investment world is here to stay largely because of new technology and the new kind of brokerage firms that really have in getting a marketplace," he said. Read the latest financial and business news from Yahoo Finance Follow Yahoo Finance on Twitter , Facebook , Instagram , Flipboard , LinkedIn , YouTube , and reddit Upgrade now to stay ahead of the market with Yahoo Finance Plus. || Major New York Real Estate Company Now Accepting BTC as Payment: BeInCrypto –
Magnum Real Estate is set to accept bitcoin as payment for a three-store retail condominium in Manhattan’s East Side.
Major real-estate opportunity for bitcoin investors
Magnum Real Estate isacceptingthe $29M payment for a three-store retail condominium space in Bitcoin, which would make it the first major income-producing real estate investment opportunity in the U.S. for Bitcoin investors. The building at 385 First Avenue contains turnkey retail condominiums, located on Manhattan’s East Side. The three retail spaces are currently leased to M&T bank, Mighty Pita Restaurant, and ProHEALTH Urgent Care Clinic.
Magnum’s bullish outlook on crypto
Magnum Real Estate was the first New York company to accept crypto for its prime real estate. Ben Shaoul, managing partner at Magnum Real Estate, embodies the company’s bullish outlook on cryptocurrency. Their continuing partnership withBitPaywho will receive the payment in Bitcoin on behalf of Magnum, and deposit the dollars into the real-estate firm’s account in USD, is indicative of their confidence in the cryptocurrency asset class.
This storywas seen first onBeInCryptoJoin our Telegram Groupand get trading signals, a free trading course and more stories likethisonBeInCrypto || Major New York Real Estate Company Now Accepting BTC as Payment: BeInCrypto –
Magnum Real Estate is set to accept bitcoin as payment for a three-store retail condominium in Manhattan’s East Side.
Major real-estate opportunity for bitcoin investors
Magnum Real Estate isacceptingthe $29M payment for a three-store retail condominium space in Bitcoin, which would make it the first major income-producing real estate investment opportunity in the U.S. for Bitcoin investors. The building at 385 First Avenue contains turnkey retail condominiums, located on Manhattan’s East Side. The three retail spaces are currently leased to M&T bank, Mighty Pita Restaurant, and ProHEALTH Urgent Care Clinic.
Magnum’s bullish outlook on crypto
Magnum Real Estate was the first New York company to accept crypto for its prime real estate. Ben Shaoul, managing partner at Magnum Real Estate, embodies the company’s bullish outlook on cryptocurrency. Their continuing partnership withBitPaywho will receive the payment in Bitcoin on behalf of Magnum, and deposit the dollars into the real-estate firm’s account in USD, is indicative of their confidence in the cryptocurrency asset class.
This storywas seen first onBeInCryptoJoin our Telegram Groupand get trading signals, a free trading course and more stories likethisonBeInCrypto || Major New York Real Estate Company Now Accepting BTC as Payment: BeInCrypto – Magnum Real Estate is set to accept bitcoin as payment for a three-store retail condominium in Manhattan’s East Side. Major real-estate opportunity for bitcoin investors Magnum Real Estate is accepting the $29M payment for a three-store retail condominium space in Bitcoin, which would make it the first major income-producing real estate investment opportunity in the U.S. for Bitcoin investors. The building at 385 First Avenue contains turnkey retail condominiums, located on Manhattan’s East Side. The three retail spaces are currently leased to M&T bank, Mighty Pita Restaurant, and ProHEALTH Urgent Care Clinic. Magnum’s bullish outlook on crypto Magnum Real Estate was the first New York company to accept crypto for its prime real estate. Ben Shaoul, managing partner at Magnum Real Estate, embodies the company’s bullish outlook on cryptocurrency. Their continuing partnership with BitPay who will receive the payment in Bitcoin on behalf of Magnum, and deposit the dollars into the real-estate firm’s account in USD, is indicative of their confidence in the cryptocurrency asset class. This story was seen first on BeInCrypto Join our Telegram Group and get trading signals, a free trading course and more stories like this on BeInCrypto || Cara Delevingne wants to normalize sexual wellness with sex-tech company Lora DiCarlo: Actress, activist, entrepreneur, and style icon, Cara Delevingne is one of the most recognizable faces in the world, having appeared in campaigns for fashion brands such as Chanel,Christian Dior, and Puma, as well as inAmazonPrime’sCarnival Rowand various films. As a singer and drummer, Delevingne has collaborated with Pharrell Williams and Fiona Apple, and as an entrepreneur, she launched a Prosecco label, Della Vite, alongside her sisters, Chloe and Poppy. It’s set to launch in the U.S. in the fall of 2021.
With a massive following of more than 43 million onInstagramand over 9 million onTwitter, Delevingne, notably, uses her platform to speak out on important issues. She has established herself as an influential voice for the LGBTQIA+ community, mental health issues, women’s rights, and environmental conservation, and has cofounded education-for-action platform EcoResolution to encourage people to help prevent climate change and ecological crises.
A strong proponent of sex positivity, Delevingne’s passion for sexual empowerment led her to take on a new entrepreneurial endeavor, becoming a co-owner and creative adviser of sex-tech startupLora DiCarloin 2020. She is also set to begin production on a docuseries forHuluand the BBC that focuses on sexual identity around the globe.
• Startup: Lora DiCarlo
• Location: Bend, Ore.
• Year founded: 2017
• Valuation: $40 million
• Investment level: Co-owner
• Number of employees: 22
I didn’t invest in Lora DiCarlo because it was a startup; it was because the company was the only women-led and femme-focused brand in the sex tech space that is really pushing the conversation around sexual wellness for everyone. They continue to lead the conversation surrounding sexual wellness, sexual empowerment, and the destigmatization of self-pleasure.
To invest, I have to align with a brand’s messaging and values. That’s really important for me.
I found out about Lora DiCarlo back in 2019, and the brand really resonated with me. I was impressed with how [founder] Lora DiCarlo was promoting a positive message surrounding sexuality, sexual health, and wellness. I also am so fascinated by the brand’s focus on robotics and function. It’s so innovative and different from what is being offered in the market.
The sex tech space has come such a long way, and Lora has played such a big role in filling the gap in the market by creating products that are gender-inclusive. She’s also a big advocate in the wellness space. Lora has made such a name for herself as someone who, more or less, defies the norms, and I just have immense respect for her.
Working with Lora DiCarlo has been such a fun experience and one of my favorite things that I’ve done. I’ve had a hand in many elements from marketing strategies to product development. I’m excited to continue working with our amazing team. I hope to use my voice and platform to continue to amplify the brand’s messaging and encourage everyone to take pleasure into their own hands. And, of course, continue creating innovative products that people love and enjoy!
• Unicorn startup Papaya Global nearlyquadruples its valuation, eyes an IPO
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This story was originally featured onFortune.com || Precious Metals & Energy - Weekly Review and Calendar Ahead: By Barani Krishnan Investing.com -- Another Federal Reserve meeting looms and markets are all psyched up, with stocks likely to fall the next 48 hours as the dollar rises on (more) speculation of a stimulus taper. Whether this, or the reverse, happens, the more probable thing at the end of next week is that gold will be in the toilet again - metaphorically, of course. This is because the script has been almost the same the past 12 months: Good US economic data; dollar rockets, gold crashes. Bad US data; dollar tumbles, gold pauses or struggles to rally. Non-consequential US data; dollar pauses, gold falls a few notches. No matter the data, gold seems doomed. It’s quite normal these days to see the yellow metal cave $30-$40 an ounce at a time and recover just about half of that over several days or even weeks. Seldom is the rebound commensurate with the fall and almost never does it overshoot the other way. It can, however, lose in a few hours twice of what it may have taken weeks to build. Proof was on Thursday when gold slumped $50 at one point to a five-week bottom of $1,745.50. The meltdown came as rival dollar catapulted on data showing upbeat U.S. retail sales for August that put the economy in ebullient light after weeks of challenging data from Covid’s Delta variant. Gold is also in an inflection point ahead of the Sept 21-22 Fed meeting that could revisit the subject of taper for the central bank’s stimulus program that has juiced stock prices over the past 18 months. Chairman Jay Powell and his senior most Fed colleagues have so far issued mixed messages on the taper, with the broad market consensus being that any trimming of the central bank’s monthly bonds-asset buying may not occur until November. An absence of a taper announcement could put a cap on the dollar and Treasury yields and extend a lifeline to gold. Even so, gold might not be able to sustain its rebound unless it breaks above $1,836, says technical chartist Sunil Kumar Dixit of SK Charting in Kolkata, India. Story continues For what is supposedly the world’s ultimate haven and hedge against the dollar and fiat currencies, gold has been an epic failure. It hasn’t always been like this, of course. Just slightly over a year ago, gold hit record highs above $2,000 an ounce after a dizzying six-month run as the dollar and the yield on the U.S. 10-year Treasury note both broke down at the height of the Covid outbreak. So, has everything changed since? Yes, but in a way that’s supposed to favor gold actually. The Fed, in its attempt to rescue the pandemic-distressed economy, has spent almost $2.2 trillion buying bonds and other assets over the past 18 months and seems happy to throw more money at the problem despite things being a lot better now than in March 2020 when it began the exercise. It’s not just the central bank that’s spending. Federal government aid for Covid, which began under the Trump administration, has reached at least $4.5 trillion to date. And the Biden administration is asking Congress to approve almost $4 trillion more for its so-called “Build Back Better” plan. The eye-watering bill to fix America should have decimated the dollar by now and sent gold, the inflation hedge, to parabolic heights beyond last year’s $2,000 record. Instead, Uncle Sam’s currency is doing well as the reserve legal tender of the world. It’s gold that’s down. Historically known as the “real currency”, an ounce of the yellow metal is down more than $300 from its August 2020 peak. Talk is it may even break below $1,600 at the rate it’s melting. If that were to happen, it would wipe out almost all of the 2020 rally. Various theories have popped up for gold’s idiosyncrasy versus the dollar. One is how Bitcoin has sucked up a chunk of the safe-haven flows meant for gold since November, when the efficacy of Pfizer’s Covid vaccines were first announced and appeared to be a game-changer for the risk-versus-safety trade. There’s also the conspiracy theory that the Fed is intentionally willing gold to be suppressed, in order to keep the Dollar Index above the key 90 level. The work is apparently done by so-called bullion banks that are in bed with the central bank. What isn’t clear is the mechanics of the manipulation and how it’s being done. You’d also imagine a rogues’ gallery of suspects being involved. But the truth is, just one Wall Street name that keeps popping each time the theory is floated. Google (NASDAQ:GOOGL) it and you’ll find it. Another conjecture making its rounds is that gold has just “lost it” as an inflation hedge and that the Fed will somehow contain the pressures bubbling from America’s runaway spending. Inflation will be contained, so no need to buy gold; in fact buy more stocks is this BS theory. But there’s a more acceptable reason for gold’s behavior. And that, according to Lance Roberts, of Houston-based investment house RIA, has “absolutely nothing” to do with gold itself and everything to do with investors who have gotten too brazen with inflation under a Fed holding to its exorbitant stimulus despite every sign that it should start tapering. These are people who’re too deeply ensconced in the comfort zone of a S&P 500 whose last meaningful correction was a year ago. What ails gold is the absence of fear among this crowd who’ve become as dizzy as the financial system that’s been erected upon the beach sand of easy, artificial credit, Roberts says in a post covered by markets blogger Brian Maher. “There is presently no ‘fear’ present to drive investors into the psychological safe haven of gold,” Roberts said. “That lack of fear is evident in everything from: Record issuance of money-losing IPOs; mass issuance of SPACs; record margin debt levels; near-record stock valuations; retail investors taking on personal debt to invest; Bitcoin; and last but not least - belief by investors of the ‘Fed Put’”. Roberts continues: “Given that gold is no longer exchangeable for currency, and vice versa, the broken link as an inflation hedge remains. In today’s “fiat” currency economy, the ability to use gold as a method for transactions on a global scale remains destroyed. Therefore, gold has become a “fear trade” over concerns of the dollar’s demise, inflation and an economic reset.” “While there are valid reasons to be concerned with such disastrous outcomes, those events can take decades to play out… the ‘bug has yet to hit the windshield.’ Yes, it eventually will, but how much longer it will take is unknown.” Gold Market&Price Roundup A ramping dollar and U.S. Treasury yields gave little respite on Friday to gold prices trying to rebound from the previous day’s meltdown, with the yellow metal settling down for a third day in a row and booking its worst weekly loss in six. U.S. gold futures’ most active contract, December, settled down $5.30, or 0.3%, at $1,751.40 per ounce on New York’s Comex. For the week, it fell 2.3%, its most since the week to July 29. Oil/Gas Market&Price Roundup Oil cruised to a fourth straight weekly gain, riding on the impact of unexpected supply shortages from the three-week old Hurricane Ida, despite a risk-off sentiment across markets on Friday that weighed partially on crude prices. New York-traded West Texas Intermediate, the benchmark for U.S. oil, settled at $71.97 per barrel, down 64 cents, or 0.9%. WTI was up 3% on the week though. London-traded Brent crude, the global benchmark for oil, finished Friday’s official trade at $75.34, down 33 cents, or 0.4%. Brent also rose about 3% on the week. Crude prices came under pressure on Friday as Wall Street sagged on a closely-watched University of Michigan consumer survey that found Americans’ desire to purchase houses, cars and household items near a record low due to their high prices. Consumers account for more than two-thirds of the U.S. economy. Also weighing on markets was President Biden’s plan to raise corporate taxes by 5.5 percentage points to 26.5% and next week’s Fed meeting that could revisit the subject of taper for the central bank’s stimulus program that has juiced stock prices over the past 18 months. “It’s a risk-off day that scalped a few heads, including oil’s,” said John Kilduff, founding partner at New York energy hedge fund Again Capital. “But crude is still cruising on the supply tightness caused by Ida. There’s some talk today that the situation is easing. But it’s nowhere near enough to cause a meaningful correction in oil that will happen - at some point.” Ida forced the closure of 90% of oil and gas production facilities on the US Gulf of Mexico prior to making its landfall on Aug. 29. As of Thursday, some 18 days after the storm’s landfall, some 513,878 barrels equivalent of oil, or 28.24% of the production in the U.S. Gulf Coast of Mexico remained shut-in, according to the Bureau of Safety and Environmental Enforcement, the government agency monitoring the situation. U.S. crude stockpiles dropped by 6.422 million barrels in the latest week to Sept. 10 on heavier-than-expected drawdown from inventories by refiners facing a squeeze in domestic crude supply, data from the Energy Information Administration showed. Analysts polled by Investing.com had forecast a drop of 3.544 million barrels for the week to Sept. 10. In the previous week to Sept. 3, crude draws hit four-week lows from Ida-related disruptions. Energy Markets Calendar Ahead Monday, Sept 20 Cushing crude inventory estimates (private) Tuesday, Sept 21 American Petroleum Institute weekly report on oil stockpiles. Wednesday, Sept 22 EIA weekly report on crude stockpiles EIA weekly report on gasoline stockpiles EIA weekly report on distillates inventories Thursday, Sept 23 EIA weekly report on natural gas storage Friday, Sept 24 Baker Hughes weekly survey on U.S. oil rigs Disclaimer: Barani Krishnan does not hold a position in the commodities and securities he writes about. Related Articles UK vows to manage fallout from soaring gas prices Oil falls as storm-hit U.S. supply trickles back into market || Precious Metals & Energy - Weekly Review and Calendar Ahead: By Barani Krishnan Investing.com -- Another Federal Reserve meeting looms and markets are all psyched up, with stocks likely to fall the next 48 hours as the dollar rises on (more) speculation of a stimulus taper. Whether this, or the reverse, happens, the more probable thing at the end of next week is that gold will be in the toilet again - metaphorically, of course. This is because the script has been almost the same the past 12 months: Good US economic data; dollar rockets, gold crashes. Bad US data; dollar tumbles, gold pauses or struggles to rally. Non-consequential US data; dollar pauses, gold falls a few notches. No matter the data, gold seems doomed. It’s quite normal these days to see the yellow metal cave $30-$40 an ounce at a time and recover just about half of that over several days or even weeks. Seldom is the rebound commensurate with the fall and almost never does it overshoot the other way. It can, however, lose in a few hours twice of what it may have taken weeks to build. Proof was on Thursday when gold slumped $50 at one point to a five-week bottom of $1,745.50. The meltdown came as rival dollar catapulted on data showing upbeat U.S. retail sales for August that put the economy in ebullient light after weeks of challenging data from Covid’s Delta variant. Gold is also in an inflection point ahead of the Sept 21-22 Fed meeting that could revisit the subject of taper for the central bank’s stimulus program that has juiced stock prices over the past 18 months. Chairman Jay Powell and his senior most Fed colleagues have so far issued mixed messages on the taper, with the broad market consensus being that any trimming of the central bank’s monthly bonds-asset buying may not occur until November. An absence of a taper announcement could put a cap on the dollar and Treasury yields and extend a lifeline to gold. Even so, gold might not be able to sustain its rebound unless it breaks above $1,836, says technical chartist Sunil Kumar Dixit of SK Charting in Kolkata, India. Story continues For what is supposedly the world’s ultimate haven and hedge against the dollar and fiat currencies, gold has been an epic failure. It hasn’t always been like this, of course. Just slightly over a year ago, gold hit record highs above $2,000 an ounce after a dizzying six-month run as the dollar and the yield on the U.S. 10-year Treasury note both broke down at the height of the Covid outbreak. So, has everything changed since? Yes, but in a way that’s supposed to favor gold actually. The Fed, in its attempt to rescue the pandemic-distressed economy, has spent almost $2.2 trillion buying bonds and other assets over the past 18 months and seems happy to throw more money at the problem despite things being a lot better now than in March 2020 when it began the exercise. It’s not just the central bank that’s spending. Federal government aid for Covid, which began under the Trump administration, has reached at least $4.5 trillion to date. And the Biden administration is asking Congress to approve almost $4 trillion more for its so-called “Build Back Better” plan. The eye-watering bill to fix America should have decimated the dollar by now and sent gold, the inflation hedge, to parabolic heights beyond last year’s $2,000 record. Instead, Uncle Sam’s currency is doing well as the reserve legal tender of the world. It’s gold that’s down. Historically known as the “real currency”, an ounce of the yellow metal is down more than $300 from its August 2020 peak. Talk is it may even break below $1,600 at the rate it’s melting. If that were to happen, it would wipe out almost all of the 2020 rally. Various theories have popped up for gold’s idiosyncrasy versus the dollar. One is how Bitcoin has sucked up a chunk of the safe-haven flows meant for gold since November, when the efficacy of Pfizer’s Covid vaccines were first announced and appeared to be a game-changer for the risk-versus-safety trade. There’s also the conspiracy theory that the Fed is intentionally willing gold to be suppressed, in order to keep the Dollar Index above the key 90 level. The work is apparently done by so-called bullion banks that are in bed with the central bank. What isn’t clear is the mechanics of the manipulation and how it’s being done. You’d also imagine a rogues’ gallery of suspects being involved. But the truth is, just one Wall Street name that keeps popping each time the theory is floated. Google (NASDAQ:GOOGL) it and you’ll find it. Another conjecture making its rounds is that gold has just “lost it” as an inflation hedge and that the Fed will somehow contain the pressures bubbling from America’s runaway spending. Inflation will be contained, so no need to buy gold; in fact buy more stocks is this BS theory. But there’s a more acceptable reason for gold’s behavior. And that, according to Lance Roberts, of Houston-based investment house RIA, has “absolutely nothing” to do with gold itself and everything to do with investors who have gotten too brazen with inflation under a Fed holding to its exorbitant stimulus despite every sign that it should start tapering. These are people who’re too deeply ensconced in the comfort zone of a S&P 500 whose last meaningful correction was a year ago. What ails gold is the absence of fear among this crowd who’ve become as dizzy as the financial system that’s been erected upon the beach sand of easy, artificial credit, Roberts says in a post covered by markets blogger Brian Maher. “There is presently no ‘fear’ present to drive investors into the psychological safe haven of gold,” Roberts said. “That lack of fear is evident in everything from: Record issuance of money-losing IPOs; mass issuance of SPACs; record margin debt levels; near-record stock valuations; retail investors taking on personal debt to invest; Bitcoin; and last but not least - belief by investors of the ‘Fed Put’”. Roberts continues: “Given that gold is no longer exchangeable for currency, and vice versa, the broken link as an inflation hedge remains. In today’s “fiat” currency economy, the ability to use gold as a method for transactions on a global scale remains destroyed. Therefore, gold has become a “fear trade” over concerns of the dollar’s demise, inflation and an economic reset.” “While there are valid reasons to be concerned with such disastrous outcomes, those events can take decades to play out… the ‘bug has yet to hit the windshield.’ Yes, it eventually will, but how much longer it will take is unknown.” Gold Market&Price Roundup A ramping dollar and U.S. Treasury yields gave little respite on Friday to gold prices trying to rebound from the previous day’s meltdown, with the yellow metal settling down for a third day in a row and booking its worst weekly loss in six. U.S. gold futures’ most active contract, December, settled down $5.30, or 0.3%, at $1,751.40 per ounce on New York’s Comex. For the week, it fell 2.3%, its most since the week to July 29. Oil/Gas Market&Price Roundup Oil cruised to a fourth straight weekly gain, riding on the impact of unexpected supply shortages from the three-week old Hurricane Ida, despite a risk-off sentiment across markets on Friday that weighed partially on crude prices. New York-traded West Texas Intermediate, the benchmark for U.S. oil, settled at $71.97 per barrel, down 64 cents, or 0.9%. WTI was up 3% on the week though. London-traded Brent crude, the global benchmark for oil, finished Friday’s official trade at $75.34, down 33 cents, or 0.4%. Brent also rose about 3% on the week. Crude prices came under pressure on Friday as Wall Street sagged on a closely-watched University of Michigan consumer survey that found Americans’ desire to purchase houses, cars and household items near a record low due to their high prices. Consumers account for more than two-thirds of the U.S. economy. Also weighing on markets was President Biden’s plan to raise corporate taxes by 5.5 percentage points to 26.5% and next week’s Fed meeting that could revisit the subject of taper for the central bank’s stimulus program that has juiced stock prices over the past 18 months. “It’s a risk-off day that scalped a few heads, including oil’s,” said John Kilduff, founding partner at New York energy hedge fund Again Capital. “But crude is still cruising on the supply tightness caused by Ida. There’s some talk today that the situation is easing. But it’s nowhere near enough to cause a meaningful correction in oil that will happen - at some point.” Ida forced the closure of 90% of oil and gas production facilities on the US Gulf of Mexico prior to making its landfall on Aug. 29. As of Thursday, some 18 days after the storm’s landfall, some 513,878 barrels equivalent of oil, or 28.24% of the production in the U.S. Gulf Coast of Mexico remained shut-in, according to the Bureau of Safety and Environmental Enforcement, the government agency monitoring the situation. U.S. crude stockpiles dropped by 6.422 million barrels in the latest week to Sept. 10 on heavier-than-expected drawdown from inventories by refiners facing a squeeze in domestic crude supply, data from the Energy Information Administration showed. Analysts polled by Investing.com had forecast a drop of 3.544 million barrels for the week to Sept. 10. In the previous week to Sept. 3, crude draws hit four-week lows from Ida-related disruptions. Energy Markets Calendar Ahead Monday, Sept 20 Cushing crude inventory estimates (private) Tuesday, Sept 21 American Petroleum Institute weekly report on oil stockpiles. Wednesday, Sept 22 EIA weekly report on crude stockpiles EIA weekly report on gasoline stockpiles EIA weekly report on distillates inventories Thursday, Sept 23 EIA weekly report on natural gas storage Friday, Sept 24 Baker Hughes weekly survey on U.S. oil rigs Disclaimer: Barani Krishnan does not hold a position in the commodities and securities he writes about. Related Articles UK vows to manage fallout from soaring gas prices Oil falls as storm-hit U.S. supply trickles back into market || The Crypto Daily – Movers and Shakers – September 19th, 2021: Bitcoin, BTC to USD, rose by 2.14% on Saturday. Reversing a 1.02% loss from Friday, Bitcoin ended the day at $48,308.0.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $47,066.0 before making a move.
Steering clear of the first major support level at $46,650, Bitcoin rallied to a mid-morning intraday high $48,819.0.
Bitcoin broke through the first major resistance level at $48,062.
Coming up against the second major resistance level at $48,829, however, Bitcoin fell back to sub-$48,000 before finding late support.
Late in the day, Bitcoin broke back through the first major resistance level to wrap up the day at $48,300 levels.
The near-term bullish trend remained intact, in spite of the latest return to $43,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.
Across the rest of the majors, it was a mixed day on Saturday.
Crypto.com Coinfell by 0.03% to buck the trend.
It was a bullish day for the rest of the majors, however.
Polkadot rallied by 3.41% to lead the way, withChainlink(+2.58%) also finding strong support.
Binance Coin(+1.07%),Bitcoin Cash SV(+0.40%),Cardano’s ADA(+0.97%),Ethereum(+1.07%),Litecoin(+0.77%), andRipple’s XRP(+0.84%) saw modest gains, however.
In the current the week, the crypto total market fell to a Monday low $1,957bn before rising to a Thursday high $2,245bn. At the time of writing, the total market cap stood at $2,176bn.
Bitcoin’s dominance fell to a Monday low 40.36% before rising to a Friday high 42.30%. At the time of writing, Bitcoin’s dominance stood at 41.77%.
At the time of writing, Bitcoin was up by 0.01% to $48,314.0. A mixed start to the day saw Bitcoin fall to an early morning low $48,251.0 before rising to a high $48,370.3.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV (+0.57%) joined Bitcoin in the green to buck the broader trend.
It was a bearish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was down by 1.12% to lead the way down.
Bitcoin would need to avoid the $48,064 pivot to bring the first major resistance level at $49,063 into play.
Support from the broader market would be needed for Bitcoin to break back through to $49,000 levels.
Barring a broad-based crypto rally, the first major resistance level would likely cap the upside.
In the event of a broad-based crypto rally, Bitcoin could test resistance at 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $49,817.
A fall through the $47,064 pivot would bring the first major support level at $47,310 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$46,000 levels. The second major support level at $46,311 should limit the downside.
Thisarticlewas originally posted on FX Empire
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• S&P 500 Price Forecast – S&P 500 Drifts Towards 50 Day EMA Yet Again
• World shares fall as markets await Fed meeting, taper timeline
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40693.68, 43574.51, 44895.10, 42839.75, 42716.59, 43208.54, 42235.73, 41034.54, 41564.36, 43790.89
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 2726.45, 2757.18, 2875.34, 2718.26, 2710.67, 2804.73, 2895.89, 3252.91, 3213.94, 3378.94, 3419.94, 3342.47, 3381.28, 3650.62, 3884.71, 4073.26, 4325.13, 4181.93, 4376.63, 4331.69, 4160.62, 4193.70, 4087.66, 4001.74, 4100.52, 4151.52, 4334.68, 4371.60, 4352.40, 4382.88, 4382.66, 4579.02, 4565.30, 4703.39, 4892.01, 4578.77, 4582.96, 4236.31, 4376.53, 4597.12, 4599.88, 4228.75, 4226.06, 4122.94, 4161.27, 4130.81, 3882.59, 3154.95, 3637.52, 3625.04, 3582.88, 4065.20, 3924.97, 3905.95, 3631.04, 3630.70, 3792.40, 3682.84, 3926.07, 3892.35, 4200.67, 4174.73, 4163.07, 4338.71, 4403.74, 4409.32, 4317.48, 4229.36, 4328.41, 4370.81, 4426.89, 4610.48, 4772.02, 4781.99, 4826.48, 5446.91, 5647.21, 5831.79, 5678.19, 5725.59, 5605.51, 5590.69, 5708.52, 6011.45, 6031.60, 6008.42, 5930.32, 5526.64, 5750.80, 5904.83.
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[Bitcoin Technical Analysis for 2017-10-26]
Volume: 1905040000, RSI (14-day): 65.52, 50-day EMA: 4863.79, 200-day EMA: 3386.11
[Wider Market Context]
Gold Price: 1266.30, Gold RSI: 37.89
Oil Price: 52.64, Oil RSI: 61.59
[Recent News (last 7 days)]
Stock market outlook, October 26: Wednesday was a sea of red. After stocks surged to new records on Tuesday markets pulled back on Wednesday, though the U.S. average finished off their lows, with the Dow falling over 100 points. Treasury yields were also higher, with the 10-year yield touching 2.44%. The news flow out of Washington, D.C. was also heavy on Wednesday with Bloomberg reporting that President Donald Trump will not pick Gary Cohn to be the next chair of the Federal Reserve. This news followed headlines on Tuesday which suggested that Stanford economist John Taylor was the frontrunner among a group of GOP lawmakers informally polled by Trump. In an interview with Fox Business’ Lou Dobbs set to air Wednesday night, Trump said that he likes current Fed chair Yellen “a lot” and said Yellen was “very impressive” during a recent meeting. So we’ll see. Away from Washington, D.C., Thursday will bring investors one of the busiest days of the month, if not the year, as the earnings will rush in. After the close, tech heavyweights Amazon ( AMZN ), Alphabet ( GOOGL ), and Microsoft ( MSFT ) will all report quarterly results. Amazon results will be one of Thursday’s biggest stories in the market . And before the market open we’ll hear from UPS ( UPS ), Ford ( F ), Celgene ( CELG ), Altria ( MO ), Comcast ( CMCSA ), Time Warner ( TWX ), and ConocoPhillips ( COP ). On the economic calendar , highlights on Thursday will include the weekly report on initial jobless claims as well as data on pending home sales and the trade balance. All Markets Summit highlights On Wednesday, Yahoo Finance hosted its second All Markets Summit , featuring panels and one-on-one interviews with strategists, government officials, and executives across the business and political world. Yahoo Finance’s Rick Newman spoke with both Rep. Kevin Brady, R-TX, and Kevin Hassett, chair of the council of economic advisors on the White House’s plans for tax reform. Notably, Brady clearly left open the possibility that changes could be coming to 401(k)’s in a tax reform plan, something President Trump had ruled out earlier this week. Trump himself also appeared to soften this stance in comments on Wednesday. Story continues Yahoo Finance’s Seana Smith speaks with Mark Zandi, chief economist at Moody’s, and Julie Sweet, Accenture North America CEO, at the All Markets Summit in New York. Yahoo Finance editor-in-chief Andy Serwer spoke to investing legend Mario Gabelli, who said “We’ve made money in bad markets, we’ve made money in good markets, there’s always an opportunity,” as well as media titan Barry Diller. Diller said, among other things, that the recent pushes to weaken net neutrality rules are “un-American.” Dan Roberts spoke with the commissioners of both the NHL and the MLS, with NHL commissioner Gary Bettman commenting on the protests that have so far defined the NFL season , saying that, “I think people come to sporting events to come together, to be unified as a community, to root, and to be distracted I don’t think fans like to come for political rallies.” And Nicole Sinclar interviewed Marriott ( MAR ) CEO Arne Sorenson, who said what so many business executives won’t say — the impact taxes have on business investment are often overstated . You can find full highlights from the conference here. — Myles Udland is a writer at Yahoo Finance. Follow him on Twitter @MylesUdland Read more from Myles here: TOM LEE: Bitcoin is an important asset for investors to own Wall Street can’t stop talking about Bitcoin Why a new Federal Reserve chair won’t rattle markets Warren Buffett likes the stock market because of the bond market America’s shortage of workers is about to get ‘much worse’ || Amazon, Alphabet, Microsoft — What you need to know in markets on Thursday: Wednesday was a sea of red.
After stocks surged to new records on Tuesday markets pulled back on Wednesday, though the U.S. average finished off their lows, with the Dow falling over 100 points. Treasury yields were also higher, with the 10-year yield touching 2.44%.
The news flow out of Washington, D.C. was also heavy on Wednesday withBloomberg reportingthat President Donald Trump will not pick Gary Cohn to be the next chair of the Federal Reserve. This news followed headlines on Tuesday which suggested that Stanford economist John Taylor was the frontrunner among a group of GOP lawmakers informally polled by Trump.
In aninterview with Fox Business’ Lou Dobbsset to air Wednesday night, Trump said that he likes current Fed chair Yellen “a lot” and said Yellen was “very impressive” during a recent meeting.
So we’ll see.
Away from Washington, D.C., Thursday will bring investors one of the busiest days of the month, if not the year, as the earnings will rush in.
After the close, tech heavyweights Amazon (AMZN), Alphabet (GOOGL), and Microsoft (MSFT) will all report quarterly results.
And before the market open we’ll hear from UPS (UPS), Ford (F), Celgene (CELG), Altria (MO), Comcast (CMCSA), Time Warner (TWX), and ConocoPhillips (COP).
On theeconomic calendar, highlights on Thursday will include the weekly report on initial jobless claims as well as data on pending home sales and the trade balance.
On Wednesday, Yahoo Finance hosted itssecond All Markets Summit, featuring panels and one-on-one interviews with strategists, government officials, and executives across the business and political world.
Yahoo Finance’s Rick Newman spoke with both Rep. Kevin Brady, R-TX, and Kevin Hassett, chair of the council of economic advisors on the White House’s plans for tax reform. Notably, Bradyclearly left open the possibilitythat changes could be coming to 401(k)’s in a tax reform plan, something President Trump had ruled out earlier this week. Trump himselfalso appeared to softenthis stance in comments on Wednesday.
Yahoo Finance editor-in-chief Andy Serwer spoke to investing legend Mario Gabelli, whosaid“We’ve made money in bad markets, we’ve made money in good markets, there’s always an opportunity,” as well as media titan Barry Diller. Diller said, among other things, that therecent pushes to weaken net neutralityrules are “un-American.”
Dan Roberts spoke with the commissioners of both the NHL and the MLS, with NHL commissioner Gary Bettmancommenting on the proteststhat haveso far defined the NFL season, saying that, “I think people come to sporting events to come together, to be unified as a community, to root, and to be distracted I don’t think fans like to come for political rallies.”
And Nicole Sinclar interviewed Marriott (MAR) CEO Arne Sorenson, who said what so many business executives won’t say —the impact taxes have on business investment are often overstated.
You can find full highlights from the conference here.
—
Myles Udland is a writer at Yahoo Finance. Follow him on Twitter@MylesUdland
Read more from Myles here:
• TOM LEE: Bitcoin is an important asset for investors to own
• Wall Street can’t stop talking about Bitcoin
• Why a new Federal Reserve chair won’t rattle markets
• Warren Buffett likes the stock market because of the bond market
• America’s shortage of workers is about to get ‘much worse’ || China Renaissance CEO: Blockchain More Important Than Bitcoin: The head of a Chinese investment bank says he believes bitcoin's underlying technology is more important than the cryptocurrency itself. Fan Bao, the CEO of China Renaissance, said in an interview with CNBC that while bitcoin's market may be a bullish one, he believes that underlying blockchain tech is more attractive and "probably the most disruptive technology...in the financial services industry." "I'm a strong believer in blockchain in terms of its wider application in our industry," he added. His comments came after bitcoin reached another all-time high over $6,100 last week, followed by a few days' fallback to around $5,500 as of press time. Yet at the same time, they come amid a range of finance-related applications for the tech, particularly around capital markets. As reported by CoinDesk, Russia's National Securities Depository (NSD) has just issued the first-ever live bond at $10 million using smart contracts and the open-source Hyperledger Fabric blockchain. And Hong Kong Stock Exchange is also on its pace launching a private market for smaller firms interested in developing blockchain applications to explore more use cases. Elsewhere in the interview, Bao also stressed in general that the Chinese government has taken a liberal approach towards innovations with its open market policing. In fact, in a most recent announcement , the China State Government suggested that blockchain should be applied to establish a credibility system for the country's supply chain industry, signaling official support for development around the tech. Image via YouTube Related Stories Back Above $5,500: Bitcoin Shrugs Off Fork with Price Rebound NYU's 'Dean of Valuations' Says Bitcoin Is a Currency, Not an Asset Bitcoin Price Falls to 5-Day Low Following Fork Currency Creation Jeff Garzik Startup Bloq to Launch Cross-Blockchain Cryptocurrency || China Renaissance CEO: Blockchain More Important Than Bitcoin: The head of a Chinese investment bank says he believes bitcoin's underlying technology is more important than the cryptocurrency itself.
Fan Bao, the CEO of China Renaissance, said in an interview withCNBCthat while bitcoin's market may be a bullish one, he believes that underlying blockchain tech is more attractive and "probably the most disruptive technology...in the financial services industry."
"I'm a strong believer in blockchain in terms of its wider application in our industry," he added.
His comments came after bitcoin reached another all-time high over $6,100 last week, followed by a few days' fallback to around $5,500 as of press time. Yet at the same time, they come amid a range of finance-related applications for the tech, particularly around capital markets.
Asreportedby CoinDesk, Russia's National Securities Depository (NSD) has just issued the first-ever live bond at $10 million using smart contracts and the open-source Hyperledger Fabric blockchain. And Hong Kong Stock Exchange is also on its pacelaunchinga private market for smaller firms interested in developing blockchain applications to explore more use cases.
Elsewhere in the interview, Bao also stressed in general that the Chinese government has taken a liberal approach towards innovations with its open market policing.
In fact, in a most recentannouncement, the China State Government suggested that blockchain should be applied to establish a credibility system for the country's supply chain industry, signaling official support for development around the tech.
Image viaYouTube
• Back Above $5,500: Bitcoin Shrugs Off Fork with Price Rebound
• NYU's 'Dean of Valuations' Says Bitcoin Is a Currency, Not an Asset
• Bitcoin Price Falls to 5-Day Low Following Fork Currency Creation
• Jeff Garzik Startup Bloq to Launch Cross-Blockchain Cryptocurrency || China Renaissance CEO: Blockchain More Important Than Bitcoin: The head of a Chinese investment bank says he believes bitcoin's underlying technology is more important than the cryptocurrency itself.
Fan Bao, the CEO of China Renaissance, said in an interview withCNBCthat while bitcoin's market may be a bullish one, he believes that underlying blockchain tech is more attractive and "probably the most disruptive technology...in the financial services industry."
"I'm a strong believer in blockchain in terms of its wider application in our industry," he added.
His comments came after bitcoin reached another all-time high over $6,100 last week, followed by a few days' fallback to around $5,500 as of press time. Yet at the same time, they come amid a range of finance-related applications for the tech, particularly around capital markets.
Asreportedby CoinDesk, Russia's National Securities Depository (NSD) has just issued the first-ever live bond at $10 million using smart contracts and the open-source Hyperledger Fabric blockchain. And Hong Kong Stock Exchange is also on its pacelaunchinga private market for smaller firms interested in developing blockchain applications to explore more use cases.
Elsewhere in the interview, Bao also stressed in general that the Chinese government has taken a liberal approach towards innovations with its open market policing.
In fact, in a most recentannouncement, the China State Government suggested that blockchain should be applied to establish a credibility system for the country's supply chain industry, signaling official support for development around the tech.
Image viaYouTube
• Back Above $5,500: Bitcoin Shrugs Off Fork with Price Rebound
• NYU's 'Dean of Valuations' Says Bitcoin Is a Currency, Not an Asset
• Bitcoin Price Falls to 5-Day Low Following Fork Currency Creation
• Jeff Garzik Startup Bloq to Launch Cross-Blockchain Cryptocurrency || GrubHub Inc (GRUB) Shares Surge on Earnings Beat, Guidance: GrubHub Inc(NYSE:GRUB) unveiled its quarterly earnings results Wednesday.
The restaurant ordering platformsaid it sold$867 million worth of food during its third quarter, reaching 9.81 million customers. The figure was an 18% improvement compared to the year-ago period, while diners surged 28% year-over-year.
The company’srevenue came inat $163 million, a 32% jump compared to the year-ago quarter. Analysts were calling for revenue of $159.7 million, according toThomson Reuters.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Profit came in at $13 million, or 15 cents per share, which was a 1.5% decline year-over-year. On an adjusted basis, GrubHub earned 28 cents per share, topping the consensus estimate of 24 cents per share, per Thomson Reuters.
One of the company’s main competitors isUber, which has had a successful partnership with various restaurant chains through its UberEats initiative.
For its fourth quarter, GrubHub sees revenue of $197 million to $205 million, while analysts predict the company will bring in $183.3 million. On an adjusted basis, the company forecasts earnings of $51 million to $56 million.
The company says the period will be impacted by its acquisitions of Eat24, Foodler and OrderUp. Eat24 set GrubHub back $287.5 million in cash, with CEO Matt Maloney calling the deal a “win-win.”
He added that the move will combine the startups strong West Coast and Miami customer base with GrubHub’s wide array of food offerings through its numerous restaurant partnerships across the country.
GRUB stock soared 10.1% on Wednesday.
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The postGrubHub Inc (GRUB) Shares Surge on Earnings Beat, Guidanceappeared first onInvestorPlace. || GrubHub Inc (GRUB) Shares Surge on Earnings Beat, Guidance: GrubHub Inc (NYSE: GRUB ) unveiled its quarterly earnings results Wednesday. GrubHub Inc (GRUB) The restaurant ordering platform said it sold $867 million worth of food during its third quarter, reaching 9.81 million customers. The figure was an 18% improvement compared to the year-ago period, while diners surged 28% year-over-year. The companys revenue came in at $163 million, a 32% jump compared to the year-ago quarter. Analysts were calling for revenue of $159.7 million, according to Thomson Reuters . InvestorPlace - Stock Market News, Stock Advice & Trading Tips Profit came in at $13 million, or 15 cents per share, which was a 1.5% decline year-over-year. On an adjusted basis, GrubHub earned 28 cents per share, topping the consensus estimate of 24 cents per share, per Thomson Reuters. One of the companys main competitors is Uber , which has had a successful partnership with various restaurant chains through its UberEats initiative. For its fourth quarter, GrubHub sees revenue of $197 million to $205 million, while analysts predict the company will bring in $183.3 million. On an adjusted basis, the company forecasts earnings of $51 million to $56 million. The company says the period will be impacted by its acquisitions of Eat24, Foodler and OrderUp. Eat24 set GrubHub back $287.5 million in cash, with CEO Matt Maloney calling the deal a win-win. He added that the move will combine the startups strong West Coast and Miami customer base with GrubHubs wide array of food offerings through its numerous restaurant partnerships across the country. GRUB stock soared 10.1% on Wednesday. More From InvestorPlace 5 Bitcoin Stocks to Buy for Low-Risk Cryptocurrency Profits 7 Stocks to Buy Before the Holidays Walt Disney Co (DIS) Stock Is Due for a Big Turnaround The post GrubHub Inc (GRUB) Shares Surge on Earnings Beat, Guidance appeared first on InvestorPlace . || Richard Madigan on market valuations: Richard Madigan, chief investment officer for J.P. Morgan’s Private Bank ( JPM ), likes how the global economy and business environment looks right now. The problem for investors like Madigan, however, is that no asset looks like a screaming buy. “We feel really, really good about what we’re seeing in terms of the global economy,” Madigan said at Yahoo Finance’s All Markets Summit on Wednesday. “The punchline: nothing’s cheap. That’s the bad news here.” Madigan, who manages $290 billion for high net worth clients and over $1 trillion in total , said that as a long-term investor, the challenge right now is to diversify amid expensive markets and manage client expectations. Richard Madigan, who oversees over $1 trillion at JP Morgan Private Bank, says that “nothing is cheap” in markets right now. (Source: Yahoo Finance) “We’re long-term investors. I think the diversification aspect for me is around not overreaching for risk,” Madigan said. “So how you take risk in terms of a long-term investor, for us, is still much more positioned on a little bit overweight equity, a little overweight some value, some financials, some tech, some healthcare. Those all feel like consensus right now, so that worries me.” On Wednesday, stocks were pulling back some after Tuesday’s rally pushed the major U.S. averages to new record highs. And while the stock market and economic growth have both been strong this year, earlier this week we saw analysts at Goldman Sachs caution that we are nearing “peak growth” according to some economic surveys, a potentially negative sign for markets in the next few months. But even on the backdrop of a potential “peak growth” environment, Madigan said Wednesday that, “I’m back to where you started the conversation: the context of fundamentals are still very strong. “So the biggest challenge I have with my clients is managing return expectations, not the fear of a break in the market.” — Myles Udland is a writer at Yahoo Finance. Follow him on Twitter @MylesUdland Read more from Myles here: TOM LEE: Bitcoin is an important asset for investors to own Wall Street can’t stop talking about Bitcoin Why a new Federal Reserve chair won’t rattle markets Warren Buffett likes the stock market because of the bond market America’s shortage of workers is about to get ‘much worse’ || JP Morgan's Madigan: 'Nothing's cheap' in the markets right now: Richard Madigan, chief investment officer for J.P. Morgan’s Private Bank (JPM), likes how the global economy and business environment looks right now.
The problem for investors like Madigan, however, is that no asset looks like a screaming buy.
“We feel really, really good about what we’re seeing in terms of the global economy,” Madigan said atYahoo Finance’s All Markets Summiton Wednesday.
“The punchline: nothing’s cheap. That’s the bad news here.”
Madigan, who manages $290 billion for high net worth clients andover $1 trillion in total, said that as a long-term investor, the challenge right now is to diversify amid expensive markets and manage client expectations.
“We’re long-term investors. I think the diversification aspect for me is around not overreaching for risk,” Madigan said.
“So how you take risk in terms of a long-term investor, for us, is still much more positioned on a little bit overweight equity, a little overweight some value, some financials, some tech, some healthcare. Those all feel like consensus right now, so that worries me.”
On Wednesday,stocks were pulling back someafter Tuesday’s rally pushed the major U.S. averages to new record highs. And while the stock market and economic growth have both been strong this year, earlier this weekwe saw analysts at Goldman Sachs cautionthat we are nearing “peak growth” according to some economic surveys, a potentially negative sign for markets in the next few months.
But even on the backdrop of a potential “peak growth” environment, Madigan said Wednesday that, “I’m back to where you started the conversation: the context of fundamentals are still very strong.
“So the biggest challenge I have with my clients is managing return expectations, not the fear of a break in the market.”
—
Myles Udland is a writer at Yahoo Finance. Follow him on Twitter@MylesUdland
Read more from Myles here:
• TOM LEE: Bitcoin is an important asset for investors to own
• Wall Street can’t stop talking about Bitcoin
• Why a new Federal Reserve chair won’t rattle markets
• Warren Buffett likes the stock market because of the bond market
• America’s shortage of workers is about to get ‘much worse’ || BlackRock's Rick Rieder is not scared of stocks: Stock prices are trading at record levels with valuations stretched to levels we haven’t seen since the dotcom bubble. Does that scare BlackRock’s Rick Rieder? “Not at all,” he said. “Not at all.” Rieder, BlackRock’s Global CIO of Fixed Income, explained during Yahoo Finance’s All Markets Summit on Wednesday that he’s looking at the stock market relative to the bond market, where historically low interest rates are incentivizing investors to move money out of bonds and into stocks. Critically, investors are doing this because the low yields offered by the bond market just aren’t generating the kind of income that investors, including retirees, need. Rick Rieder at Yahoo Finance’s All Markets Summit. “Given the dynamic that there’s not enough … income in the world. There’s not enough cash flow in the world today,” he said. “If you take all of the coupon flow off of Treasuries, German bunds, Japanese JGBs — coupon flow, not even where rates are, what the coupon is in the portfolio — it doesn’t equate to the top five companies in the S&P 500. Meaning the cash flow sits in the equity market today.” Rieder echoes the sentiment of veteran stock market investors, including billionaire Warren Buffett , who argue that stock market valuations must be considered in the context of interest rates. Specifically, low interest rates justify higher stock market valuations. “When people say the multiple is here and it’s high, actually if you keep the discount rate down, it can run high for a long time,” Rieder said. Looking at valuation measures like price-earnings (PE) ratios is a good start when considering value. But investing isn’t as simple as just looking at one metric. “The determination of where you go to try and generate positive return is becoming more and more of an interesting art,” Rieder said. Sam Ro is managing editor of Yahoo Finance . More from Yahoo Finance’s All Markets Summit: Tom Lee: Bitcoin is an important asset for investors to own How America’s crazy politics could finally rattle the markets The last 8 years in labor market improvement have been disturbingly uneven Moody’s Analytics chief economist: Why the Republican tax plan is set up to fail View comments || BlackRock's Rick Rieder is not scared of stocks: Stock prices are trading at record levels withvaluations stretchedto levels we haven’t seen since the dotcom bubble. Does that scare BlackRock’s Rick Rieder?
“Not at all,” he said. “Not at all.”
Rieder, BlackRock’s Global CIO of Fixed Income, explained duringYahoo Finance’s All Markets Summiton Wednesday that he’s looking at the stock market relative to the bond market, where historically low interest rates are incentivizing investors to move money out of bonds and into stocks. Critically, investors are doing this because the low yields offered by the bond market just aren’t generating the kind of income that investors, including retirees, need.
“Given the dynamic that there’s not enough … income in the world. There’s not enough cash flow in the world today,” he said. “If you take all of the coupon flow off of Treasuries, German bunds, Japanese JGBs — coupon flow, not even where rates are, what the coupon is in the portfolio — it doesn’t equate to the top five companies in the S&P 500. Meaning the cash flow sits in the equity market today.”
Rieder echoes the sentiment of veteran stock market investors,including billionaire Warren Buffett, who argue that stock market valuations must be considered in the context of interest rates. Specifically, low interest rates justify higher stock market valuations.
“When people say the multiple is here and it’s high, actually if you keep the discount rate down, it can run high for a long time,” Rieder said.
Looking at valuation measures like price-earnings (PE) ratios is a good start when considering value. But investing isn’t as simple as just looking at one metric.
“The determination of where you go to try and generate positive return is becoming more and more of an interesting art,” Rieder said.
Sam Ro is managing editor of Yahoo Finance.
More from Yahoo Finance’s All Markets Summit:
Tom Lee: Bitcoin is an important asset for investors to own
How America’s crazy politics could finally rattle the markets
The last 8 years in labor market improvement have been disturbingly uneven
Moody’s Analytics chief economist: Why the Republican tax plan is set up to fail || App Maker Kakao Begins Beta Testing New Cryptocurrency Exchange: South Korean fintech firm Dunamu, operator of the securities trading app Kakao Stock, has opened up its planned cryptocurrency exchange to users for beta testing. Set up in partnership with the U.S.-based exchange Bittrex and currently in open beta testing mode, Upbit will support the trading of over 110 tokens from 171 different markets. Anticipated by Dunamu to be the largest cryptocurrency exchange in the country when fully launched, Upbit is set grow the number of cryptocurrencies that can be directly traded for Korean won, and will "gradually" add new digital currencies to the platform. The open beta period, which kicked off yesterday, will enable users to access Upbit's services via Android and iOS platforms, as well as on desktop computers, according to BusinessKorea . According to Song Chi-hyung, CEO of Dunamu, Upbit is aiming to offer services optimized to the domestic trading environment. He said: "With the partnership with Bittrex, we are not only able to support the largest number of digital currency trading services but also have addressed problems such as inconveniences of existing altcoin investment, time delays and complicated account management." Open beta access is initially being provided to users who pre-registered via invitations sent out over the KakaoTalk app, BusinessKorea indicates. Other users will have to wait until the invitation period is over. South Korea image via Shutterstock Related Stories AMD CEO Sees 'Leveling Off' in Cryptocurrency Mining Demand Bitcoin Is a Commodity Not a Currency, Says South Korean Central Bank Chief SPECTRE Creators Seek VC Backing for Blockchain-Free Cryptocurrency Fraudsters Post Fake Poloniex Cryptocurrency Trading Apps to Google Store || App Maker Kakao Begins Beta Testing New Cryptocurrency Exchange: South Korean fintech firm Dunamu, operator of the securities trading app Kakao Stock, has opened up its planned cryptocurrency exchange to users for beta testing.
Set up in partnership with the U.S.-based exchange Bittrex and currently in open beta testing mode,Upbitwill support the trading of over 110 tokens from 171 different markets. Anticipated by Dunamu to be the largest cryptocurrency exchange in the country when fully launched, Upbit is set grow the number of cryptocurrencies that can be directly traded for Korean won, and will "gradually" add new digital currencies to the platform.
The open beta period, which kicked off yesterday, will enable users to access Upbit's services via Android and iOS platforms, as well as on desktop computers, according toBusinessKorea.
According to Song Chi-hyung, CEO of Dunamu, Upbit is aiming to offer services optimized to the domestic trading environment.
He said:
"With the partnership with Bittrex, we are not only able to support the largest number of digital currency trading services but also have addressed problems such as inconveniences of existing altcoin investment, time delays and complicated account management."
Open beta access is initially being provided to users who pre-registered via invitations sent out over the KakaoTalk app, BusinessKorea indicates. Other users will have to wait until the invitation period is over.
South Koreaimage via Shutterstock
• AMD CEO Sees 'Leveling Off' in Cryptocurrency Mining Demand
• Bitcoin Is a Commodity Not a Currency, Says South Korean Central Bank Chief
• SPECTRE Creators Seek VC Backing for Blockchain-Free Cryptocurrency
• Fraudsters Post Fake Poloniex Cryptocurrency Trading Apps to Google Store || AMD's cryptocurrency boost may be nearing its end (AMD): REUTERS
• Cryptocurrencies have boosted demand for AMD's graphics chips in the past.
• The company warned that crypto-related demand may be flattening.
• Some analysts on Wall Street are skeptical the company will be able to compete in the long term.
AMDhas been basking in the meteoric rise of cryptocurrencies likebitcoinandethereum. Demand for its graphics processing units has skyrocketed as cryptocurrency miners snap up the cards to speed up their mining operations.
But, the time for that boost may be nearing its end, the company warned.
"We [are] predicting that there will be some leveling-off of some of the cryptocurrency demand," CEO Lisa Su said in the company's earnings call on Tuesday. "As we look at it, it continues to be a factor, but we've seen restocking in the channels and stuff like that. So we're being a little bit conservative on the cryptocurrency side of the equation."
AMD released its third-quarter earnings reportafter Tuesday's market close, and shares plummeted nearly 11% after the company said it expects its fourth-quarter sales to drop about 15% from the third quarter. This is, in part, because of a slowing demand for the company's GPUs used to speed up some cryptocurrency mining operations.
The company said that it's hard to exactly quantify the boost its gotten from cryptocurrencies, as miners use the same cards that are made for PC gaming. AMD's computing and graphics segment reported a 24% quarter-over-quarter increase in revenue, it's largest of the year.
Mark Lipacis, an analyst at Jefferies, said he thinks that cryptocurrency demand contributed about $75 million to $100 million in revenue during the third quarter. Lipacis is notably bullish on the future of cryptocurrencies for AMD. After the earnings report, Lipacis restated his "buy" rating said that as long as cryptocurrencies continue to become more valuable, AMD will see a boost in its graphics cards sales.
Rick Schafer, an analyst at Oppenheimer, is decidedly less bullish on AMD's future. He said that cryptocurrencies were the biggest source of growth for the company and because AMD said it expects a slowdown in its crypto-related demand, the company's medium to long-term outlook isn't as strong as other analysts are predicting.
"We remain skeptical of AMD's ability to deliver a profitable long-term business model as the second horse in the secularly declining PC market," Schafer wrote in a note to clients. He sees Nvidia and Intel as better versions of AMD's GPU and CPU segments, and rates AMD a Neutral.
It's worth noting, that the company's total revenue forecasts for 2017 and 2018 are each higher than the previous year, even as the company suggests a slowdown in cryptocurrency-related demand for its graphics cards.
AMD is up 14.5% this year, even after its post-earnings decline.
Markets Insider
NOW WATCH:The stock market has been turned completely upside down
See Also:
• $6 TRILLION INVESTMENT CHIEF: Bitcoin is a bubble
• Bitcoin just hit an all-time high — here's how you buy and sell it
• Bitcoin spikes to a record high near $6,000
SEE ALSO:AMD says its going to see a big drop in revenue, shares sink || AMD's cryptocurrency boost may be nearing its end (AMD): AMD REUTERS Cryptocurrencies have boosted demand for AMD's graphics chips in the past. The company warned that crypto-related demand may be flattening. Some analysts on Wall Street are skeptical the company will be able to compete in the long term. AMD has been basking in the meteoric rise of cryptocurrencies like bitcoin and ethereum . Demand for its graphics processing units has skyrocketed as cryptocurrency miners snap up the cards to speed up their mining operations. But, the time for that boost may be nearing its end, the company warned. "We [are] predicting that there will be some leveling-off of some of the cryptocurrency demand," CEO Lisa Su said in the company's earnings call on Tuesday. "As we look at it, it continues to be a factor, but we've seen restocking in the channels and stuff like that. So we're being a little bit conservative on the cryptocurrency side of the equation." AMD released its third-quarter earnings report after Tuesday's market close, and shares plummeted nearly 11% after the company said it expects its fourth-quarter sales to drop about 15% from the third quarter. This is, in part, because of a slowing demand for the company's GPUs used to speed up some cryptocurrency mining operations. The company said that it's hard to exactly quantify the boost its gotten from cryptocurrencies, as miners use the same cards that are made for PC gaming. AMD's computing and graphics segment reported a 24% quarter-over-quarter increase in revenue, it's largest of the year. Mark Lipacis, an analyst at Jefferies, said he thinks that cryptocurrency demand contributed about $75 million to $100 million in revenue during the third quarter. Lipacis is notably bullish on the future of cryptocurrencies for AMD. After the earnings report, Lipacis restated his "buy" rating said that as long as cryptocurrencies continue to become more valuable, AMD will see a boost in its graphics cards sales. Rick Schafer, an analyst at Oppenheimer, is decidedly less bullish on AMD's future. He said that cryptocurrencies were the biggest source of growth for the company and because AMD said it expects a slowdown in its crypto-related demand, the company's medium to long-term outlook isn't as strong as other analysts are predicting. "We remain skeptical of AMD's ability to deliver a profitable long-term business model as the second horse in the secularly declining PC market," Schafer wrote in a note to clients. He sees Nvidia and Intel as better versions of AMD's GPU and CPU segments, and rates AMD a Neutral. Story continues It's worth noting, that the company's total revenue forecasts for 2017 and 2018 are each higher than the previous year, even as the company suggests a slowdown in cryptocurrency-related demand for its graphics cards. AMD is up 14.5% this year, even after its post-earnings decline. Read more about AMD's earnings release here... amd earnings stock price Markets Insider NOW WATCH: The stock market has been turned completely upside down See Also: $6 TRILLION INVESTMENT CHIEF: Bitcoin is a bubble Bitcoin just hit an all-time high — here's how you buy and sell it Bitcoin spikes to a record high near $6,000 SEE ALSO: AMD says its going to see a big drop in revenue, shares sink View comments || TOM LEE: Bitcoin is an important asset for investors to own: Bitcoin is the hottest topic in markets right now.
And whilesome big-name investorshave called Bitcoin a “fraud” and a bubble, Fundstrat’s Tom Lee made the case atYahoo Finance’s All Markets Summiton Wednesday that the cryptocurrency is an important asset for investors to own.
“I think cryptocurrencies are a very important technology,” Lee said.
“It’s a huge revolution in terms of decentralized control. It’s biomimicry, finally, in the technology industry. A proper structure for maintaining encryption and security. But because of the nature of blockchain it’s also an asset class.
“And I think this year has proven that Bitcoin is uncorrelated to equities, gold, interest rates, commodities. It’s an important security, I think, for investors to own.”
Lee also outlined how Bitcoin is following Metcalfe’s Law, which essentially sketches out the value of a network based on how many users it has.
“If you modeled something as simple as square the number of users plus transaction value, it’s explained 94% of [Bitcoin’s price appreciation] this year,” Lee said.
And this chart from an earlier research note published by Fundstrat outlines this dynamic of the Bitcoin network’s usage and the increase in its price.
Lee put a $25,000 price target for Bitcoin by 2022 in a note to clients published earlier this year. This view is predicated on cryptocurrencies displacing gold in portfolios with Bitcoin serving a “digital store of value.”
After starting 2017 near $1,000, Bitcoin prices have surged to nearly $6,000 as the cryptocurrency has become the most talked-about asset right now. This meteoric rise has of course brought out skeptics.
But to Lee, Bitcoin and the blockchain technology that underwrites it “represents an enhancement of digital trust.” And even a flattening of Bitcoin’s popularity, or a waning in support for Bitcoin among investors, will see the cryptocurrency’s value hold up.
“Using a 90% deceleration of both factors [in Metcalfe’s Law] next year gets you to $6,000 by mid-2018,” Lee said Wednesday.
“So basically we’re saying Bitcoin is going to hit a wall and Bitcoin is still going to be at $6,000.”
—
Myles Udland is a writer at Yahoo Finance. Follow him on Twitter@MylesUdland
Read more from Myles here:
• Why a new Federal Reserve chair won’t rattle markets
• America’s shortage of workers is about to get ‘much worse’
• The government can’t stop people from making the single-biggest investing mistake
• It’s never been harder to fill a job in America
• Berkshire’s Bank of America win is more proof you can’t invest like Buffett || TOM LEE: Bitcoin is an important asset for investors to own: Bitcoin is the hottest topic in markets right now.
And whilesome big-name investorshave called Bitcoin a “fraud” and a bubble, Fundstrat’s Tom Lee made the case atYahoo Finance’s All Markets Summiton Wednesday that the cryptocurrency is an important asset for investors to own.
“I think cryptocurrencies are a very important technology,” Lee said.
“It’s a huge revolution in terms of decentralized control. It’s biomimicry, finally, in the technology industry. A proper structure for maintaining encryption and security. But because of the nature of blockchain it’s also an asset class.
“And I think this year has proven that Bitcoin is uncorrelated to equities, gold, interest rates, commodities. It’s an important security, I think, for investors to own.”
Lee also outlined how Bitcoin is following Metcalfe’s Law, which essentially sketches out the value of a network based on how many users it has.
“If you modeled something as simple as square the number of users plus transaction value, it’s explained 94% of [Bitcoin’s price appreciation] this year,” Lee said.
And this chart from an earlier research note published by Fundstrat outlines this dynamic of the Bitcoin network’s usage and the increase in its price.
Lee put a $25,000 price target for Bitcoin by 2022 in a note to clients published earlier this year. This view is predicated on cryptocurrencies displacing gold in portfolios with Bitcoin serving a “digital store of value.”
After starting 2017 near $1,000, Bitcoin prices have surged to nearly $6,000 as the cryptocurrency has become the most talked-about asset right now. This meteoric rise has of course brought out skeptics.
But to Lee, Bitcoin and the blockchain technology that underwrites it “represents an enhancement of digital trust.” And even a flattening of Bitcoin’s popularity, or a waning in support for Bitcoin among investors, will see the cryptocurrency’s value hold up.
“Using a 90% deceleration of both factors [in Metcalfe’s Law] next year gets you to $6,000 by mid-2018,” Lee said Wednesday.
“So basically we’re saying Bitcoin is going to hit a wall and Bitcoin is still going to be at $6,000.”
—
Myles Udland is a writer at Yahoo Finance. Follow him on Twitter@MylesUdland
Read more from Myles here:
• Why a new Federal Reserve chair won’t rattle markets
• America’s shortage of workers is about to get ‘much worse’
• The government can’t stop people from making the single-biggest investing mistake
• It’s never been harder to fill a job in America
• Berkshire’s Bank of America win is more proof you can’t invest like Buffett || Tom Lee on why investors need to own Bitcoin: Bitcoin is the hottest topic in markets right now. And while some big-name investors have called Bitcoin a “fraud” and a bubble, Fundstrat’s Tom Lee made the case at Yahoo Finance’s All Markets Summit on Wednesday that the cryptocurrency is an important asset for investors to own. “I think cryptocurrencies are a very important technology,” Lee said. “It’s a huge revolution in terms of decentralized control. It’s biomimicry, finally, in the technology industry. A proper structure for maintaining encryption and security. But because of the nature of blockchain it’s also an asset class. “And I think this year has proven that Bitcoin is uncorrelated to equities, gold, interest rates, commodities. It’s an important security, I think, for investors to own.” Tom Lee outlined his view on Bitcoin at Yahoo Finance’s All Markets Summit on Wednesday. (Source: Yahoo Finance) Lee also outlined how Bitcoin is following Metcalfe’s Law, which essentially sketches out the value of a network based on how many users it has. “If you modeled something as simple as square the number of users plus transaction value, it’s explained 94% of [Bitcoin’s price appreciation] this year,” Lee said. And this chart from an earlier research note published by Fundstrat outlines this dynamic of the Bitcoin network’s usage and the increase in its price. The rise in Bitcoin’s price this year has closely tracked the number of people using the network. (Source: Fundstrat) Lee put a $25,000 price target for Bitcoin by 2022 in a note to clients published earlier this year. This view is predicated on cryptocurrencies displacing gold in portfolios with Bitcoin serving a “digital store of value.” After starting 2017 near $1,000, Bitcoin prices have surged to nearly $6,000 as the cryptocurrency has become the most talked-about asset right now. This meteoric rise has of course brought out skeptics. But to Lee, Bitcoin and the blockchain technology that underwrites it “represents an enhancement of digital trust.” And even a flattening of Bitcoin’s popularity, or a waning in support for Bitcoin among investors, will see the cryptocurrency’s value hold up. “Using a 90% deceleration of both factors [in Metcalfe’s Law] next year gets you to $6,000 by mid-2018,” Lee said Wednesday. Story continues “So basically we’re saying Bitcoin is going to hit a wall and Bitcoin is still going to be at $6,000.” — Myles Udland is a writer at Yahoo Finance. Follow him on Twitter @MylesUdland Read more from Myles here: Why a new Federal Reserve chair won’t rattle markets America’s shortage of workers is about to get ‘much worse’ The government can’t stop people from making the single-biggest investing mistake It’s never been harder to fill a job in America Berkshire’s Bank of America win is more proof you can’t invest like Buffett || Metatron ($MRNJ) Announces Initial Coin Offering Tracker App And Live CEO Interview Today!: DOVER, DE / ACCESSWIRE / October 25, 2017 / Metatron (OTC PINK: MRNJ), an emerging pioneer of releasing Marijuana & CBD-related apps on iTunes and Google Play, is pleased to announce it has in development a crypto-currency based app that will track all the tokens and coins existing now and ones coming out in the near future. Metatron is exploring a CBD/Hemp based coin and has laid the foundation for its release, but due to the unclear legal environment related to cryto- currency the company is in a holding pattern. In the meantime as the developer of over 2000+ apps with over $3.5M+USD in historical sales, the company is developing an app/portal that will track the prices and market conditions of current virtual coins and initial coin offerings. "Cannabis and Crypto-Currencies like Bitcoin and Etherium will be some of the biggest dollar markets in history and we here at Metatron intend to be a part of these ever growing industries," stated CEO Joe Riehl. Metatron is working with potential partners to expedite this move into the medical aspect of the Cannabis revolution that has established grow and extraction capabilities established and producing. If you would like to submit questions to the Metatron CEO Joe Riehl and listen in on a live interview please tune into the popular Patricia Steere talk show today at 3pm PST. Direct live link: http://bit.ly/metatronceo Download her app: http://apple.co/2gGQF2F The company is also pleased to announce a formal offer to Buzzlink.com , a cannabis e-commerce platform for dispensaries and consumers. Buzzlink.com will be financed partially by the issuance of preferred B series shares. Metatron approved investors can acquire Series B shares in blocks of various sizes starting at 1k and recently increased discounts. The first round investors will receive the highest discount. Series B shares can be redeemed through the Company, are immune to reverse splits, and will convert at 1 B share to 50,000 common shares at a 60% discount. There are a limited number of B shares available and Metatron reserves the right to end offering at any time. Story continues We would also like everyone to to a look at up and coming app http://wherewedrink.com a new app that will revolutionize the bar industry. Metatron does not currently have a financial interest in the app or company but likes to support the work of great local app developers. "Get on board early...this one will is a game-changer" states Joe Riehl. Details available at http://metatroninc.com/series- b/ or http://www.metatronstock.com . Metatron's Apps: iTunes: https://itunes.apple.com/us/artist/i-mobilize-inc./id325075390 Google Play: https://play.google.com/store/apps/developer? id=Metatron+Inc Facebook: http://www.facebook.com/metatroninc Twitter: http://twitter.com/metatroninc News: http://metatroninc.com/blog Forward-Looking Statements: Any statements made in this press release which are not historical facts contain certain forward-looking statements, as such term is defined in the Private Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results of the specific items described in this release, and the company's operations generally, to differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's need for additional financing, which is not assured and which may result in dilution of shareholders, the company's status as a small company with a limited operating history, dependence on third parties and the continuing popularity of the iOS operating system, general market and economic conditions, technical factors, receipt of revenues, and other factors, many of which are beyond the control of the company. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of such statements, and we disclaim any obligation to update information contained in any forward-looking statement. Metatron does not grow, sell or distribute any substances that violate United States Law or the Controlled Substances Act. Metatron, Inc. 302-861-0431 [email protected] SOURCE: Metatron, Inc. || Metatron ($MRNJ) Announces Initial Coin Offering Tracker App And Live CEO Interview Today!: DOVER, DE / ACCESSWIRE / October 25, 2017 /Metatron (OTC PINK: MRNJ), an emerging pioneer of releasing Marijuana & CBD-related apps on iTunes and Google Play, is pleased to announce it has in development a crypto-currency based app that will track all the tokens and coins existing now and ones coming out in the near future.
Metatron is exploring a CBD/Hemp based coin and has laid the foundation for its release, but due to the unclear legal environment related to cryto- currency the company is in a holding pattern. In the meantime as the developer of over 2000+ apps with over $3.5M+USD in historical sales, the company is developing an app/portal that will track the prices and market conditions of current virtual coins and initial coin offerings.
"Cannabis and Crypto-Currencies like Bitcoin and Etherium will be some of the biggest dollar markets in history and we here at Metatron intend to be a part of these ever growing industries," stated CEO Joe Riehl. Metatron is working with potential partners to expedite this move into the medical aspect of the Cannabis revolution that has established grow and extraction capabilities established and producing.
If you would like to submit questions to the Metatron CEO Joe Riehl and listen in on a live interview please tune into the popular Patricia Steere talk show today at 3pm PST.
Direct live link:http://bit.ly/metatronceoDownload her app:http://apple.co/2gGQF2F
The company is also pleased to announce a formal offer toBuzzlink.com, a cannabis e-commerce platform for dispensaries and consumers. Buzzlink.com will be financed partially by the issuance of preferred B series shares.
Metatron approved investors can acquire Series B shares in blocks of various sizes starting at 1k and recently increased discounts. The first round investors will receive the highest discount. Series B shares can be redeemed through the Company, are immune to reverse splits, and will convert at 1 B share to 50,000 common shares at a 60% discount. There are a limited number of B shares available and Metatron reserves the right to end offering at any time.
We would also like everyone to to a look at up and coming apphttp://wherewedrink.coma new app that will revolutionize the bar industry. Metatron does not currently have a financial interest in the app or company but likes to support the work of great local app developers. "Get on board early...this one will is a game-changer" states Joe Riehl.
Details available athttp://metatroninc.com/series- b/orhttp://www.metatronstock.com.
Metatron's Apps:iTunes:https://itunes.apple.com/us/artist/i-mobilize-inc./id325075390Google Play:https://play.google.com/store/apps/developer? id=Metatron+IncFacebook:http://www.facebook.com/metatronincTwitter:http://twitter.com/metatronincNews:http://metatroninc.com/blog
Forward-Looking Statements:
Any statements made in this press release which are not historical facts contain certain forward-looking statements, as such term is defined in the Private Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results of the specific items described in this release, and the company's operations generally, to differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's need for additional financing, which is not assured and which may result in dilution of shareholders, the company's status as a small company with a limited operating history, dependence on third parties and the continuing popularity of the iOS operating system, general market and economic conditions, technical factors, receipt of revenues, and other factors, many of which are beyond the control of the company. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of such statements, and we disclaim any obligation to update information contained in any forward-looking statement. Metatron does not grow, sell or distribute any substances that violate United States Law or the Controlled Substances Act.
Metatron, Inc. [email protected]
SOURCE:Metatron, Inc.
[Social Media Buzz]
Oct 26, 2017 22:30:00 UTC | 5,874.30$ | 5,040.70€ | 4,466.40£ | #Bitcoin #btc pic.twitter.com/324hLzpNtf || #Bitcoin 0.09%
Ultima: R$ 19224.99 Alta: R$ 19225.00 Baixa: R$ 18101.00
Fonte: Foxbit || $BTC Current price of Bitcoin is $5998.00 #bitcoin | More on #CryptoPresshttp://ift.tt/2lgMf2q || $BTC #BTC #Bitcoin: $5,921
#tradealert
Fib R2 broken, price 5921.00 above resistance point 2 (5826.56)
#fibonacci || CryptoCurrency: $BTC Language: en Time:2017/10/26 02:00:00(UTC)
Trend Ranking t...
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5780.90, 5753.09, 6153.85, 6130.53, 6468.40, 6767.31, 7078.50, 7207.76, 7379.95, 7407.41
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 1038.59, 937.52, 972.78, 966.72, 1045.77, 1047.15, 1039.97, 1026.43, 1071.79, 1080.50, 1102.17, 1143.81, 1133.25, 1124.78, 1182.68, 1176.90, 1175.95, 1187.87, 1187.13, 1205.01, 1200.37, 1169.28, 1167.54, 1172.52, 1182.94, 1193.91, 1211.67, 1210.29, 1229.08, 1222.05, 1231.71, 1207.21, 1250.15, 1265.49, 1281.08, 1317.73, 1316.48, 1321.79, 1347.89, 1421.60, 1452.82, 1490.09, 1537.67, 1555.45, 1578.80, 1596.71, 1723.35, 1755.36, 1787.13, 1848.57, 1724.24, 1804.91, 1808.91, 1738.43, 1734.45, 1839.09, 1888.65, 1987.71, 2084.73, 2041.20, 2173.40, 2320.42, 2443.64, 2304.98, 2202.42, 2038.87, 2155.80, 2255.61, 2175.47, 2286.41, 2407.88, 2488.55, 2515.35, 2511.81, 2686.81, 2863.20, 2732.16, 2805.62, 2823.81, 2947.71, 2958.11, 2659.63, 2717.02, 2506.37, 2464.58, 2518.56, 2655.88, 2548.29, 2589.60, 2721.79.
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[Bitcoin Technical Analysis for 2017-06-20]
Volume: 1854189952, RSI (14-day): 58.69, 50-day EMA: 2250.74, 200-day EMA: 1489.10
[Wider Market Context]
Gold Price: 1241.00, Gold RSI: 39.85
Oil Price: 43.23, Oil RSI: 29.34
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The countries that have the most powerful passports in the world: If you have citizenship in Denmark, you have a great deal of traveling power — Danes can fly to 157 countries without ever showing a visa. This makes international travel cheaper and easier than it is for citizens of many other countries, like those of Pakistan, who can enter just 25 countries without a visa.
These stark differences are revealed in thePassport Index, whichranks countriesbased on the number of nations where residents can go without purchasing a visa in advance or on arrival. The global financial advisory firmArton Capitalcompiled government data from 193 countries and six territories to create the 2017 ranking.
The map below shows the power of every passport in the world, while the chart reveals the countries with the greatest traveling power on each continent.
(Diana Yukari)
(Diana Yukari)
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• Inside California's 'meat camp,' where women learn to butcher and grill what's for dinner || The countries that have the most powerful passports in the world: If you have citizenship in Denmark, you have a great deal of traveling power — Danes can fly to 157 countries without ever showing a visa. This makes international travel cheaper and easier than it is for citizens of many other countries, like those of Pakistan, who can enter just 25 countries without a visa. These stark differences are revealed in the Passport Index , which ranks countries based on the number of nations where residents can go without purchasing a visa in advance or on arrival. The global financial advisory firm Arton Capital compiled government data from 193 countries and six territories to create the 2017 ranking. The map below shows the power of every passport in the world, while the chart reveals the countries with the greatest traveling power on each continent. The most powerful passports in the world_Map (Diana Yukari) The 5 most powerful passports_Chart (Diana Yukari) NOW WATCH: HENRY BLODGET: Bitcoin could go to $1 million (or fall to $0) More From Business Insider The hourly wage needed to rent a two-bedroom home in every state Qatar Airways reported massive profits — but big trouble is lurking on the horizon Inside California's 'meat camp,' where women learn to butcher and grill what's for dinner || First Bitcoin Capital Corp Installing Automated Check-Cashing and Bitcoin ATMs Into California High Traffic Markets.: VANCOUVER, BC / ACCESSWIRE / June 19, 2017 /First Bitcoin Capital Corp (BITCF) and Simple Automated Money, Inc. (SAMCO) announced today that SAMCO will provide automated check-cashing kiosks through BITCF locations in Northern California. SAMCO's Web-enabled automated check-cashing kiosks merge unique and exclusive check cashing capabilities to provide unbanked consumers with a fast and confidential check-cashing experience.
In a pilot test program, BITCF has ordered S.A.M. Kiosks to integrate Bitcoin ATM into self-service check cashing kiosks nationwide. BITCF is conducting the pilot test and studying customer acceptance of the check cashing kiosks with 3 units in Northern California. Company anticipates beginning a national rollout later in 2017. During the pilot, BITCF will offer discounted check-cashing services and will promote the new service through online advertising, in-store signs and special events ... all aimed at consumers who use alternative check-cashing services.
Additionally, BITCF announced that development will begin to integrate Bitcoin buy/sell capabilities throughout a nationwide network of 85 SAMCO kiosks now in place and growing. Services the company plans to integrate will include BITCOIN ATM transactions, money orders and transfers as well as check cashing through touchscreen, bio-metric secure access.
BITCF is an exclusive distributor of SAMCO check-cashing kiosks in California for the medical cannabis dispensaries and is expanding to include other high traffic retail locations, such as C-Stores and supermarkets. It will offer competitive products and services allowing consumers to cash any type of check: government-issued, payroll, business and others. Studies have shown that offering check-cashing services on premises to be an effective method to increase store product sales.
According to FDIC (Federal Deposit Insurance Corporation) recent 2015 National Survey of Unbanked and Underbanked Households, indicates that more than 7 percent of households in the United States were unbanked in 2015. This proportion represents approximately 9 million households. An additional 19.9 percent of U.S. households (24.5 million) were underbanked, meaning that the household had a checking or savings account but also obtained financial products and services outside of the banking system. By offering check cashing, BITCF's ATM Division expects that Kiosk location owners will increase their customer base significantly.
Kiosk use is simple and fast: customers insert an ID card and check, validate their identity through on-board fingerprint technology. The S.A.M. Kiosk validates the information, verifies customer identity, performs an online check authorization and issues an approval or decline back to the consumer before dispensing cash.
"Self-service check cashing kiosks with integrated Bitcoin ATM capability is another innovation in the company's history of defining convenience for customers," said, Bitcoin president.
According to CoinRadar.com, as of 2017 there are only a total of 571 bitcoin ATMs in the entire US. Due to the low number of bitcoin ATM locations nationwide there is a huge demand from customers seeking to buy or sell bitcoins for cash. People seeking to use a bitcoin ATM are willing to drive across entire cities just to use one, so combining a check cashing self-service kiosk with a bitcoin ATM and placing kiosks in strategic high traffic retail locations is win-win for the vendors and consumers.
About SAMCO:
Simple Automated Money, Inc. is the leading provider of automated check-cashing kiosks in the United States. Actively involved in check-cashing since 1995, SAMCO has merged related but independent transaction processing systems into a simplified kiosk allowing customers fast and convenience access to their cash.
About First Bitcoin Capital Corp.
First Bitcoin Capital Corp is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange- www.CoinQX.com. We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges) we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies. At the current time, the Company owns and operates more than the following digital assets:
http://coinqx.com/cryptocurrency exchange, registered with FINCEN.
http://strain.id/cannabis strains genetic information depository on decentralized Blockchain
http://www.icoinews.com/real time cryptocurrency and bitcoin news site.
http://bitminer.cc/providing mining pool management services.
http://www.2016coin.org/online daily election coverage and home page for $PRES, $HILL, $GARY& $BURN -commemorative presidential election coins.
http://bitcannpay.com/Open Loop merchant services for dispensaries.
List of most Omni protocol coins issued on the Bitcoin Blockchain and owned by the Company:
http://omnichest.info/lookupadd.aspx?address=1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS
Second Omni wallet owned by CoinQX reflecting our airline mileage tokens issued:
http://omnichest.info/lookupadd.aspx?address=1VuF26AgLyQ4tBoGzYTWRqtDG9zCB7QXe
Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release .Such forward-looking statements are risks that are detailed in the Company's filings, which are on file at www.OTCMarkets.com.
Contact us via:[email protected] visithttp://www.bitcoincapitalcorp.com
SOURCE:First Bitcoin Capital Corp. || First Bitcoin Capital Corp Installing Automated Check-Cashing and Bitcoin ATMs Into California High Traffic Markets.: VANCOUVER, BC / ACCESSWIRE / June 19, 2017 /First Bitcoin Capital Corp (BITCF) and Simple Automated Money, Inc. (SAMCO) announced today that SAMCO will provide automated check-cashing kiosks through BITCF locations in Northern California. SAMCO's Web-enabled automated check-cashing kiosks merge unique and exclusive check cashing capabilities to provide unbanked consumers with a fast and confidential check-cashing experience.
In a pilot test program, BITCF has ordered S.A.M. Kiosks to integrate Bitcoin ATM into self-service check cashing kiosks nationwide. BITCF is conducting the pilot test and studying customer acceptance of the check cashing kiosks with 3 units in Northern California. Company anticipates beginning a national rollout later in 2017. During the pilot, BITCF will offer discounted check-cashing services and will promote the new service through online advertising, in-store signs and special events ... all aimed at consumers who use alternative check-cashing services.
Additionally, BITCF announced that development will begin to integrate Bitcoin buy/sell capabilities throughout a nationwide network of 85 SAMCO kiosks now in place and growing. Services the company plans to integrate will include BITCOIN ATM transactions, money orders and transfers as well as check cashing through touchscreen, bio-metric secure access.
BITCF is an exclusive distributor of SAMCO check-cashing kiosks in California for the medical cannabis dispensaries and is expanding to include other high traffic retail locations, such as C-Stores and supermarkets. It will offer competitive products and services allowing consumers to cash any type of check: government-issued, payroll, business and others. Studies have shown that offering check-cashing services on premises to be an effective method to increase store product sales.
According to FDIC (Federal Deposit Insurance Corporation) recent 2015 National Survey of Unbanked and Underbanked Households, indicates that more than 7 percent of households in the United States were unbanked in 2015. This proportion represents approximately 9 million households. An additional 19.9 percent of U.S. households (24.5 million) were underbanked, meaning that the household had a checking or savings account but also obtained financial products and services outside of the banking system. By offering check cashing, BITCF's ATM Division expects that Kiosk location owners will increase their customer base significantly.
Kiosk use is simple and fast: customers insert an ID card and check, validate their identity through on-board fingerprint technology. The S.A.M. Kiosk validates the information, verifies customer identity, performs an online check authorization and issues an approval or decline back to the consumer before dispensing cash.
"Self-service check cashing kiosks with integrated Bitcoin ATM capability is another innovation in the company's history of defining convenience for customers," said, Bitcoin president.
According to CoinRadar.com, as of 2017 there are only a total of 571 bitcoin ATMs in the entire US. Due to the low number of bitcoin ATM locations nationwide there is a huge demand from customers seeking to buy or sell bitcoins for cash. People seeking to use a bitcoin ATM are willing to drive across entire cities just to use one, so combining a check cashing self-service kiosk with a bitcoin ATM and placing kiosks in strategic high traffic retail locations is win-win for the vendors and consumers.
About SAMCO:
Simple Automated Money, Inc. is the leading provider of automated check-cashing kiosks in the United States. Actively involved in check-cashing since 1995, SAMCO has merged related but independent transaction processing systems into a simplified kiosk allowing customers fast and convenience access to their cash.
About First Bitcoin Capital Corp.
First Bitcoin Capital Corp is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange- www.CoinQX.com. We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges) we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies. At the current time, the Company owns and operates more than the following digital assets:
http://coinqx.com/cryptocurrency exchange, registered with FINCEN.
http://strain.id/cannabis strains genetic information depository on decentralized Blockchain
http://www.icoinews.com/real time cryptocurrency and bitcoin news site.
http://bitminer.cc/providing mining pool management services.
http://www.2016coin.org/online daily election coverage and home page for $PRES, $HILL, $GARY& $BURN -commemorative presidential election coins.
http://bitcannpay.com/Open Loop merchant services for dispensaries.
List of most Omni protocol coins issued on the Bitcoin Blockchain and owned by the Company:
http://omnichest.info/lookupadd.aspx?address=1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS
Second Omni wallet owned by CoinQX reflecting our airline mileage tokens issued:
http://omnichest.info/lookupadd.aspx?address=1VuF26AgLyQ4tBoGzYTWRqtDG9zCB7QXe
Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release .Such forward-looking statements are risks that are detailed in the Company's filings, which are on file at www.OTCMarkets.com.
Contact us via:[email protected] visithttp://www.bitcoincapitalcorp.com
SOURCE:First Bitcoin Capital Corp. || First Bitcoin Capital Corp Installing Automated Check-Cashing and Bitcoin ATMs Into California High Traffic Markets.: VANCOUVER, BC / ACCESSWIRE / June 19, 2017 / First Bitcoin Capital Corp ( BITCF ) and Simple Automated Money, Inc. (SAMCO) announced today that SAMCO will provide automated check-cashing kiosks through BITCF locations in Northern California. SAMCO's Web-enabled automated check-cashing kiosks merge unique and exclusive check cashing capabilities to provide unbanked consumers with a fast and confidential check-cashing experience. In a pilot test program, BITCF has ordered S.A.M. Kiosks to integrate Bitcoin ATM into self-service check cashing kiosks nationwide. BITCF is conducting the pilot test and studying customer acceptance of the check cashing kiosks with 3 units in Northern California. Company anticipates beginning a national rollout later in 2017. During the pilot, BITCF will offer discounted check-cashing services and will promote the new service through online advertising, in-store signs and special events ... all aimed at consumers who use alternative check-cashing services. Additionally, BITCF announced that development will begin to integrate Bitcoin buy/sell capabilities throughout a nationwide network of 85 SAMCO kiosks now in place and growing. Services the company plans to integrate will include BITCOIN ATM transactions, money orders and transfers as well as check cashing through touchscreen, bio-metric secure access. BITCF is an exclusive distributor of SAMCO check-cashing kiosks in California for the medical cannabis dispensaries and is expanding to include other high traffic retail locations, such as C-Stores and supermarkets. It will offer competitive products and services allowing consumers to cash any type of check: government-issued, payroll, business and others. Studies have shown that offering check-cashing services on premises to be an effective method to increase store product sales. According to FDIC (Federal Deposit Insurance Corporation) recent 2015 National Survey of Unbanked and Underbanked Households, indicates that more than 7 percent of households in the United States were unbanked in 2015. This proportion represents approximately 9 million households. An additional 19.9 percent of U.S. households (24.5 million) were underbanked, meaning that the household had a checking or savings account but also obtained financial products and services outside of the banking system. By offering check cashing, BITCF's ATM Division expects that Kiosk location owners will increase their customer base significantly. Story continues Kiosk use is simple and fast: customers insert an ID card and check, validate their identity through on-board fingerprint technology. The S.A.M. Kiosk validates the information, verifies customer identity, performs an online check authorization and issues an approval or decline back to the consumer before dispensing cash. "Self-service check cashing kiosks with integrated Bitcoin ATM capability is another innovation in the company's history of defining convenience for customers," said, Bitcoin president. According to CoinRadar.com, as of 2017 there are only a total of 571 bitcoin ATMs in the entire US. Due to the low number of bitcoin ATM locations nationwide there is a huge demand from customers seeking to buy or sell bitcoins for cash. People seeking to use a bitcoin ATM are willing to drive across entire cities just to use one, so combining a check cashing self-service kiosk with a bitcoin ATM and placing kiosks in strategic high traffic retail locations is win-win for the vendors and consumers. About SAMCO : Simple Automated Money, Inc. is the leading provider of automated check-cashing kiosks in the United States. Actively involved in check-cashing since 1995, SAMCO has merged related but independent transaction processing systems into a simplified kiosk allowing customers fast and convenience access to their cash. About First Bitcoin Capital Corp. First Bitcoin Capital Corp is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange- www.CoinQX.com. We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges) we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies. At the current time, the Company owns and operates more than the following digital assets: http://coinqx.com/ cryptocurrency exchange, registered with FINCEN. http://strain.id/ cannabis strains genetic information depository on decentralized Blockchain http://www.icoinews.com/ real time cryptocurrency and bitcoin news site. http://bitminer.cc/ providing mining pool management services. http://www.2016coin.org/ online daily election coverage and home page for $PRES, $HILL, $GARY& $BURN -commemorative presidential election coins. http://bitcannpay.com/ Open Loop merchant services for dispensaries. List of most Omni protocol coins issued on the Bitcoin Blockchain and owned by the Company: http://omnichest.info/lookupadd.aspx?address=1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS Second Omni wallet owned by CoinQX reflecting our airline mileage tokens issued: http://omnichest.info/lookupadd.aspx?address=1VuF26AgLyQ4tBoGzYTWRqtDG9zCB7QXe Forward-Looking Statements Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release .Such forward-looking statements are risks that are detailed in the Company's filings, which are on file at www.OTCMarkets.com. Contact us via: [email protected] or visit http://www.bitcoincapitalcorp.com SOURCE: First Bitcoin Capital Corp. || Dollar remains at lows amid soft housing data: Dollar is set to end the week roughly flat Investing.com – The dollar remained close to session lows against a basket of global currencies on Friday, after the release of disappointing economic data weighed on sentiment. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell by 0.34% to 97.18. U.S. homebuilding fell for a third straight month in May to the lowest level in eight months, suggesting that subdued housing activity could dent economic growth in the second quarter. Housing starts dropped 5.5% to a seasonally adjusted annual rate of 1.09 million units, the Commerce Department said on Friday, well below forecasts of a 4.1% increase. In a separate report the University of Michigan said its consumer sentiment gauged fell to 94.5 in early June from 91.1 in May. Analysts had expected a reading of 97.1. The slowdown in the housing sector comes a few days after the Federal Reserve raised interest rates for the second time this year, and said gradual interest rate increases remained appropriate , asserting that moderate economic growth will continue for foreseeable future. The pound and euro were the main beneficiaries of the slump lower in the greenback. GBP/USD rose to $1.2763, up 0.22%, underpinned by expectations that the Bank of England could alter its stance on low interest rates in the near future, after an increasing number of its members voted in favour of an interest rate increase on Wednesday. EUR/USD added 0.39% to $1.1190 while EUR/GBP rose by 19% to 0.8753. USD/CAD traded at C$1.3230, down 0.29%, as a rebound in oil prices supported upward momentum in the oil-linked Canadian dollar. The yen was one of the few major currencies unable to take advantage of the weaker greenback, hitting a two-week low, after the Bank of Japan kept interest rates unchanged and hinted that ultra-loose monetary policy could remain in place for a while. Governor Haruhiko Kuroda said there was "some distance" to achieving the BOJ's inflation target of 2%, adding that it was "inappropriate" to say how the Bank would exit its massive stimulus program. Story continues USD/JPY traded roughly flat at Y110.84. Related Articles CFTC - Commitments of Traders: Euro Net Longs at 6-Year High Mexico's peso hits over 13-month high as Fed hike bets fade Bitcoin set to post weekly loss for the first time in 9-weeks || Dollar remains at lows amid soft housing data: Investing.com – The dollar remained close to session lows against a basket of global currencies on Friday, after the release of disappointing economic data weighed on sentiment.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell by 0.34% to 97.18.
U.S. homebuilding fell for a third straight month in May to the lowest level in eight months, suggesting that subdued housing activity could dent economic growth in the second quarter.
Housing startsdropped 5.5% to a seasonally adjusted annual rate of 1.09 million units, the Commerce Department said on Friday, well below forecasts of a 4.1% increase.
In a separate report the University of Michigan said itsconsumer sentimentgauged fell to 94.5 in early June from 91.1 in May. Analysts had expected a reading of 97.1.
The slowdown in the housing sector comes a few days after the Federal Reserve raised interest rates for the second time this year, and saidgradual interest rate increases remained appropriate, asserting that moderate economic growth will continue for foreseeable future.
The pound and euro were the main beneficiaries of the slump lower in the greenback.
GBP/USD rose to $1.2763, up 0.22%, underpinned by expectations that the Bank of England could alter its stance on low interest rates in the near future, after an increasing number of its members voted in favour of an interest rate increase on Wednesday.
EUR/USD added 0.39% to $1.1190 while EUR/GBP rose by 19% to 0.8753.
USD/CAD traded at C$1.3230, down 0.29%, as a rebound in oil prices supported upward momentum in the oil-linked Canadian dollar.
The yen was one of the few major currencies unable to take advantage of the weaker greenback, hitting a two-week low, after the Bank of Japankept interest rates unchangedand hinted that ultra-loose monetary policy could remain in place for a while.
Governor Haruhiko Kuroda said there was "some distance" to achieving the BOJ's inflation target of 2%, adding that it was "inappropriate" to say how the Bank would exit its massive stimulus program.
USD/JPY traded roughly flat at Y110.84.
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Bitcoin set to post weekly loss for the first time in 9-weeks || Canadian miners, casinos hit by hacker eyeing new targets -FireEye: By Alastair Sharp
TORONTO, June 16 (Reuters) - The same hacker targeting Canadian casinos and mining companies for extortion since 2013 is planning more attacks, researchers at cyber security company FireEye Inc said in a report on Friday.
FireEye said it believes that a single hacker or hacking group that it dubbed FIN10 is behind the breaches due to similarities in method: how they broke into corporate systems, stealing gigabytes of sensitive data and demanding ransom paid in Bitcoin, and publicizing the stolen information by alerting bloggers.
While FireEye declined to identify victims by name, the methods described in their report echoed those used in attacks on Goldcorp, the world's third-biggest gold miner by market value, smaller operator Detour Gold, and the Casino Rama Resort.
FireEye said FIN10's degree of operational success makes more campaigns "highly probable" and that it had evidence suggesting the group had targeted additional victims.
FireEye said FIN10 used the moniker Angels_of_Truth at least once, claiming to attack in retaliation for Canadian sanctions against Russia. More often, it borrowed the name Tesla Team from a group of Serbian hacktivists.
FireEye believes FIN10 was flying 'false flags' with those names, with no backing from a nation-state or affiliation with organized criminals.
Angels_of_Truth was the name used by hackers who contacted a databreaches.net blogger between April and June 2015 claiming credit in Russian and English for the Detour intrusion.
The same blogger, alerted to a breach at Goldcorp in April 2016, published details on the Daily Dot website before Goldcorp acknowledged the compromise.
The Vancouver-based miner has since modified its IT processes, increased network security protocols, and worked to educate its staff about cyber risks, a spokeswoman said.
After that breach, a mining industry group formed a network to share information on cyber threats. At least six members, including Teck Resources Ltd, will take the project live next month.
FIN10 is still in contact with some victims and more targets may "become aware of the threat in the coming weeks or months," said Charles Carmakal, vice president at FireEye's Mandiant unit.
Detour Gold did not respond to requests for comment. Nor did Casino Rama, which said in November that sensitive customer, employee and vendor data had been stolen. Some was reportedly later posted online, and they now face a class action lawsuit over the breach. (Additional reporting by Jim Finkle; Editing by Tom Brown) || Canadian miners, casinos hit by hacker eyeing new targets -FireEye: By Alastair Sharp TORONTO, June 16 (Reuters) - The same hacker targeting Canadian casinos and mining companies for extortion since 2013 is planning more attacks, researchers at cyber security company FireEye Inc said in a report on Friday. FireEye said it believes that a single hacker or hacking group that it dubbed FIN10 is behind the breaches due to similarities in method: how they broke into corporate systems, stealing gigabytes of sensitive data and demanding ransom paid in Bitcoin, and publicizing the stolen information by alerting bloggers. While FireEye declined to identify victims by name, the methods described in their report echoed those used in attacks on Goldcorp, the world's third-biggest gold miner by market value, smaller operator Detour Gold, and the Casino Rama Resort. FireEye said FIN10's degree of operational success makes more campaigns "highly probable" and that it had evidence suggesting the group had targeted additional victims. FireEye said FIN10 used the moniker Angels_of_Truth at least once, claiming to attack in retaliation for Canadian sanctions against Russia. More often, it borrowed the name Tesla Team from a group of Serbian hacktivists. FireEye believes FIN10 was flying 'false flags' with those names, with no backing from a nation-state or affiliation with organized criminals. Angels_of_Truth was the name used by hackers who contacted a databreaches.net blogger between April and June 2015 claiming credit in Russian and English for the Detour intrusion. The same blogger, alerted to a breach at Goldcorp in April 2016, published details on the Daily Dot website before Goldcorp acknowledged the compromise. The Vancouver-based miner has since modified its IT processes, increased network security protocols, and worked to educate its staff about cyber risks, a spokeswoman said. After that breach, a mining industry group formed a network to share information on cyber threats. At least six members, including Teck Resources Ltd, will take the project live next month. FIN10 is still in contact with some victims and more targets may "become aware of the threat in the coming weeks or months," said Charles Carmakal, vice president at FireEye's Mandiant unit. Detour Gold did not respond to requests for comment. Nor did Casino Rama, which said in November that sensitive customer, employee and vendor data had been stolen. Some was reportedly later posted online, and they now face a class action lawsuit over the breach. (Additional reporting by Jim Finkle; Editing by Tom Brown) || Bitcoin storms back: Bitcoinhas come all the way back from Thursday's steep slide. The cryptocurrency tumbled as much as 18.5% to $2,076 a coin after riskier assets fell following the Fed rate hike. On Friday, it's trading up 3.5% at $2,520.
The selling on Thursday began when bitcoin-mining firm Bitmain outlined its "contingency plan."Coindeskexplained it best: "Most notably, the proposal would dedicate mining resources to hard forking the network to a rule set with a larger block size — an upgrade that would likely result in two bitcoin networks and two tradable bitcoin assets."
Riskier assets were already feeling some heat after the Federal Reserve raised its benchmark interest rate 25 basis points to a range of 1% to 1.25% on Wednesday.
The writing had been on the wall. Bitcoin gained about 180% from the beginning of April through the middle of June. That run prompted tech billionaire Mark Cuban to call bitcoin a "bubble."
Additionally,Goldman Sachshead of technical strategy Sheba Jafari also sounded the alarm on bitcoin in a note to clients sent earlier this week, saying that "the balance of signals are looking broadly heavy."
At least for now, it appears that Jafari nailed her call. "Consider re-establishing bullish exposure between 2,330 and no lower than 1,915," she concluded in this week's note.
(Investing.com)
NOW WATCH:An economist explains the key issues that Trump needs to address to boost the economy
More From Business Insider
• Bitcoin is tumbling
• GOLDMAN SACHS: Bitcoin is looking 'heavy'
• Bitcoin nearly hits $3,000 before plunging || Bitcoin storms back: Bitcoinhas come all the way back from Thursday's steep slide. The cryptocurrency tumbled as much as 18.5% to $2,076 a coin after riskier assets fell following the Fed rate hike. On Friday, it's trading up 3.5% at $2,520.
The selling on Thursday began when bitcoin-mining firm Bitmain outlined its "contingency plan."Coindeskexplained it best: "Most notably, the proposal would dedicate mining resources to hard forking the network to a rule set with a larger block size — an upgrade that would likely result in two bitcoin networks and two tradable bitcoin assets."
Riskier assets were already feeling some heat after the Federal Reserve raised its benchmark interest rate 25 basis points to a range of 1% to 1.25% on Wednesday.
The writing had been on the wall. Bitcoin gained about 180% from the beginning of April through the middle of June. That run prompted tech billionaire Mark Cuban to call bitcoin a "bubble."
Additionally,Goldman Sachshead of technical strategy Sheba Jafari also sounded the alarm on bitcoin in a note to clients sent earlier this week, saying that "the balance of signals are looking broadly heavy."
At least for now, it appears that Jafari nailed her call. "Consider re-establishing bullish exposure between 2,330 and no lower than 1,915," she concluded in this week's note.
(Investing.com)
NOW WATCH:An economist explains the key issues that Trump needs to address to boost the economy
More From Business Insider
• Bitcoin is tumbling
• GOLDMAN SACHS: Bitcoin is looking 'heavy'
• Bitcoin nearly hits $3,000 before plunging || Bitcoin storms back: Bitcoin has come all the way back from Thursday's steep slide. The cryptocurrency tumbled as much as 18.5% to $2,076 a coin after riskier assets fell following the Fed rate hike. On Friday, it's trading up 3.5% at $2,520. The selling on Thursday began when bitcoin-mining firm Bitmain outlined its " contingency plan . " Coindesk explained it best: "Most notably, the proposal would dedicate mining resources to hard forking the network to a rule set with a larger block size an upgrade that would likely result in two bitcoin networks and two tradable bitcoin assets." Riskier assets were already feeling some heat after the Federal Reserve raised its benchmark interest rate 25 basis points to a range of 1% to 1.25% on Wednesday. The writing had been on the wall. Bitcoin gained about 180% from the beginning of April through the middle of June. That run prompted tech billionaire Mark Cuban to call bitcoin a " bubble ." Additionally, Goldman Sachs head of technical strategy Sheba Jafari also sounded the alarm on bitcoin in a note to clients sent earlier this week, saying that "the balance of signals are looking broadly heavy." At least for now, it appears that Jafari nailed her call. "Consider re-establishing bullish exposure between 2,330 and no lower than 1,915," she concluded in this week's note. Bitcoin (Investing.com) NOW WATCH: An economist explains the key issues that Trump needs to address to boost the economy More From Business Insider Bitcoin is tumbling GOLDMAN SACHS: Bitcoin is looking 'heavy' Bitcoin nearly hits $3,000 before plunging || 10 things you need to know before the opening bell: Horse cart (man leaves a fuel station after checking the tire pressure on his horse cart in Soweto, Johannesburg, South Africa.Reuters/Siphiwe Sibeko) Here is what you need to know. The US economy looks a lot like the period before the tech bubble . Consumer confidence, business confidence, the yield curve, and the employment picture are all looking eerily similar to 1999. The Bank of Japan keeps policy on hold . Japan's central bank voted 7 to 2 in favor of keeping its quantitative and qualitative monetary easing in place while holding its key rate unchanged at -0.1% and pledging to buy Japanese government bonds (JGB) so that 10-year JGB yield will remain near zero. Bitcoin is making a comeback . The cryptocurrency tumbled as much as 18.5% to a low of $2,076 a coin on Thursday amid new concerns over scaling, but has won back virtually all of those losses. Currently, it's trading up more than 6% at $2,510. The Fed's 4th rate hike could challenge a popular assumption about stocks . Typically the fourth rate hike is bad for stocks, but Nautilus Research says the " bullish factors currently outweigh bearish indications." Snap sinks to its IPO price . Snap shares settled at $17 on Thursday, matching the price of its March 1 initial public offering. Shares are now down 37% from their March 3 high. Sweden's biggest pension fund dumps shares of firms it says breach the Paris climate deal . AP7 has sold its investments in ExxonMobil, Gazprom, TransCanada Corp, Westar, Entergy and Southern Corp because they don't comply with the Paris climate deal, Reuters says. Goldman Sachs is buying secondhand stakes in private equity . The investment bank's Vintage VII fund has raised more than $7 billion to buy secondhand stakes in private equity, Reuters says, citing two people familiar with the matter. BHP Billiton has a new chairman . Ken MacKenzie will replaces Jac Nasser, who is leaving the company at the end of August after seven years in the role. Stock markets around the world are higher . Japan's Nikkei (+0.6%) led the charge in Asia and Britain's FTSE (+0.7%) is out front in Europe. The S&P 500 is set to open higher by 0.2% near 2,438. Story continues US economic data is moderate. Housing starts and building permits will be released at 8:30 a.m. ET while University of Michigan consumer confidence crosses the wires at 10 a.m. ET. The US 10-year yield is up 1 basis point at 2.17%. More From Business Insider The most insidious type of cheating isn't physical — and it's increasingly common This little-known Amazon service turns stuff you want to get rid of into store credit 10 must-have tech accessories under $10 || 10 things you need to know before the opening bell: (man leaves a fuel station after checking the tire pressure on his horse cart in Soweto, Johannesburg, South Africa.Reuters/Siphiwe Sibeko)
Here is what you need to know.
The US economy looks a lot like the period before the tech bubble.Consumer confidence, business confidence, the yield curve, and the employment picture are all looking eerily similar to 1999.
The Bank of Japan keeps policy on hold.Japan's central bank voted 7 to 2 in favor of keeping its quantitative and qualitative monetary easing in place while holding its key rate unchanged at -0.1% and pledging to buy Japanese government bonds (JGB) so that 10-year JGB yield will remain near zero.
Bitcoin is making a comeback.The cryptocurrency tumbled as much as 18.5% to a low of $2,076 a coin on Thursday amid new concerns over scaling, but has won back virtually all of those losses. Currently, it's trading up more than 6% at $2,510.
The Fed's 4th rate hike could challenge a popular assumption about stocks.Typically the fourth rate hike is bad for stocks, but Nautilus Research says the "bullish factors currently outweigh bearish indications."
Snap sinks to its IPO price.Snap shares settled at $17 on Thursday, matching the price of its March 1 initial public offering. Shares are now down 37% from their March 3 high.
Sweden's biggest pension fund dumps shares of firms it says breach the Paris climate deal.AP7 has sold its investments inExxonMobil, Gazprom, TransCanada Corp, Westar, Entergy and Southern Corp because they don't comply with the Paris climate deal, Reuters says.
Goldman Sachs is buying secondhand stakes in private equity.The investment bank's Vintage VII fund has raised more than $7 billion to buy secondhand stakes in private equity, Reuters says, citing two people familiar with the matter.
BHP Billiton has a new chairman.Ken MacKenzie will replaces Jac Nasser, who is leaving the company at the end of August after seven years in the role.
Stock markets around the world are higher.Japan's Nikkei (+0.6%) led the charge in Asia and Britain's FTSE (+0.7%) is out front in Europe. The S&P 500 is set to open higher by 0.2% near 2,438.
US economic data is moderate.Housing starts and building permits will be released at 8:30 a.m. ET while University of Michigan consumer confidence crosses the wires at 10 a.m. ET. The US 10-year yield is up 1 basis point at 2.17%.
More From Business Insider
• The most insidious type of cheating isn't physical — and it's increasingly common
• This little-known Amazon service turns stuff you want to get rid of into store credit
• 10 must-have tech accessories under $10 || 6 Most Important Things in Business Now: Shares of once hot Snap Inc. ( SNAP ), operator of Snapchat, fell back to $17, its IPO price. Anxiety about user growth and engagement have hurt the company's ability to bring in advertising and marketing revenue. Snapchat also has several growing competitors, led by Facebook Inc.'s ( FB ) Instagram. Sales at Kroger Co. ( KR ) fell well short of expectations and its shares dropped over 14%. There is a deep concern among shareholders that the growth of Wal-Mart Stores Inc. ( WMT ) and Amazon.com Inc.'s ( AMZN ) grocery business will make Kroger's store system difficult to support. ALSO READ: America's Deadliest Cars Office messaging software app company Slack may raise as much as $500 million at a $5 billion valuation. After a tremendous run up, Bitcoin valuations have collapsed. According to Bloomberg: Bitcoin sank as much as 19 percent, putting the digital currency on pace for its worst week since January 2015, as volatility climbs following a record-setting surge in the price. After flirting with $3,000 on Monday, the cryptocurrency has retreated to as low as $2,076.16 in intraday trading. Other digital coins are also falling. The decline coincides with a slide in technology stocks that began after a report from Goldman Sachs Group Inc. warned that low volatility in the biggest tech stocks may be blinding investors to risks like cyclicality and regulation. ALSO READ: States With the Most (and Least) Identity Theft And those big tech stocks continue to sell off. Apple Inc. ( AAPL ), Amazon, Alphabet Inc. ( GOOGL ), Facebook and Microsoft Corp. ( MSFT ) have lost over $100 billion in combined market cap in less than two weeks. The endless restructuring of Greek debt hit a roadblock as the International Monetary Fund, which usually participates in new loans and refinancing. said it would hesitate to take on more Greek sovereign paper. Managing Director Christine Lagarde told CNBC: For us to engage and for us to participate financially, more needs to be clarified, defined and approved in terms of restructuring. What we believe will be needed is a deferral of interests, an extension of maturity, and a mechanism by which there is an adjustment based on growth ... this is where further discussion and negotiation is needed. Related Articles 9 Ways to Deal With Robocalls Companies Stashing the Most Money Overseas 25 Worst Tasting Beers in America View comments || 6 Most Important Things in Business Now: Shares of once hot Snap Inc. (SNAP), operator of Snapchat, fell back to $17, its IPO price. Anxiety about user growth and engagement have hurt the company's ability to bring in advertising and marketing revenue. Snapchat also has several growing competitors, led by Facebook Inc.'s (FB) Instagram.
Sales at Kroger Co. (KR) fell well short of expectations and its shares dropped over 14%. There is a deep concern among shareholders that the growth of Wal-Mart Stores Inc. (WMT) and Amazon.com Inc.'s (AMZN) grocery business will make Kroger's store system difficult to support.
ALSO READ:America's Deadliest Cars
Office messaging software app company Slack may raise as much as $500 million at a $5 billion valuation.
After a tremendous run up, Bitcoin valuations have collapsed. According to Bloomberg:
Bitcoin sank as much as 19 percent, putting the digital currency on pace for its worst week since January 2015, as volatility climbs following a record-setting surge in the price.
After flirting with $3,000 on Monday, the cryptocurrency has retreated to as low as $2,076.16 in intraday trading. Other digital coins are also falling. The decline coincides with a slide in technology stocks that began after a report from Goldman Sachs Group Inc. warned that low volatility in the biggest tech stocks may be blinding investors to risks like cyclicality and regulation.
ALSO READ:States With the Most (and Least) Identity Theft
And those big tech stocks continue to sell off. Apple Inc. (AAPL), Amazon, Alphabet Inc. (GOOGL), Facebook and Microsoft Corp. (MSFT) have lost over $100 billion in combined market cap in less than two weeks.
The endless restructuring of Greek debt hit a roadblock as the International Monetary Fund, which usually participates in new loans and refinancing. said it would hesitate to take on more Greek sovereign paper. Managing Director Christine Lagarde told CNBC:
For us to engage and for us to participate financially, more needs to be clarified, defined and approved in terms of restructuring. What we believe will be needed is a deferral of interests, an extension of maturity, and a mechanism by which there is an adjustment based on growth ... this is where further discussion and negotiation is needed.
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• 9 Ways to Deal With Robocalls
• Companies Stashing the Most Money Overseas
• 25 Worst Tasting Beers in America || Bitcoin drops to three-week low on profit taking: By Gertrude Chavez-Dreyfuss
NEW YORK, June 15 (Reuters) - Bitcoin fell to a three-week low on Thursday as investors took profits partly in response to a bearish report from Goldman Sachs as well as concerns about a Chinese bitcoin miner's plan to undertake a "hard fork" that will result in a split in the digital currency.
The virtual currency relies on "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. The first to solve the puzzle and clear the transaction is rewarded with new bitcoins.
Bitcoin fell as low as $2,120 on the Bitstamp on Thursday and was last down 6 percent at $2,290. On the week, the currency has fallen about 22 percent, on track for its largest weekly slide since December 2013.
On Monday, bitcoin hit a record just shy of $3,000. So far this year, bitcoin remains up 137 percent.
Sharp losses such as Thursday's are par for the course for an asset like bitcoin, analysts said. Over the course of its eight-year history, Bitcoin has on a daily basis risen as much as 18 percent and fallen as much as 13 percent.
Greg Dwyer, business development manager at crypto-currency trading platform BitMEX, said bitcoin's decline may have started on Monday when Goldman Sachs analyst Sheba Jafari said in a report, "The balance of signals are looking broadly heavy" for bitcoin.
Jafari was "wary of a near-term top ahead of $3,134, adding that investors should consider re-establishing bullish exposure between $2,330 and no lower than $1,915."
Analysts also said investors were spooked by Chinese miner Bitmain's plan to undertake a "hard fork" of bitcoin if a code upgrade on the currency is activated late this summer.
Under a "hard fork", Bitmain would create an entirely new version of the bitcoin blockchain, resulting in an entirely new bitcoin currency, separate from the original currency.
Bitmain's move was in response to proposals that attempt to solve the bitcoin network's limitations in processing millions of daily transactions. Bitcoin's network has not kept pace with its growth and is unable to process all the transactions fast enough.
"Traders are concerned with what a fork could do to their holdings and most likely now converting to fiat (government currencies) until some clarity about the scaling debate comes to light," said BitMEX's Dwyer. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Cynthia Osterman) || Bitcoin drops to three-week low on profit taking: By Gertrude Chavez-Dreyfuss NEW YORK, June 15 (Reuters) - Bitcoin fell to a three-week low on Thursday as investors took profits partly in response to a bearish report from Goldman Sachs as well as concerns about a Chinese bitcoin miner's plan to undertake a "hard fork" that will result in a split in the digital currency. The virtual currency relies on "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. The first to solve the puzzle and clear the transaction is rewarded with new bitcoins. Bitcoin fell as low as $2,120 on the Bitstamp on Thursday and was last down 6 percent at $2,290. On the week, the currency has fallen about 22 percent, on track for its largest weekly slide since December 2013. On Monday, bitcoin hit a record just shy of $3,000. So far this year, bitcoin remains up 137 percent. Sharp losses such as Thursday's are par for the course for an asset like bitcoin, analysts said. Over the course of its eight-year history, Bitcoin has on a daily basis risen as much as 18 percent and fallen as much as 13 percent. Greg Dwyer, business development manager at crypto-currency trading platform BitMEX, said bitcoin's decline may have started on Monday when Goldman Sachs analyst Sheba Jafari said in a report, "The balance of signals are looking broadly heavy" for bitcoin. Jafari was "wary of a near-term top ahead of $3,134, adding that investors should consider re-establishing bullish exposure between $2,330 and no lower than $1,915." Analysts also said investors were spooked by Chinese miner Bitmain's plan to undertake a "hard fork" of bitcoin if a code upgrade on the currency is activated late this summer. Under a "hard fork", Bitmain would create an entirely new version of the bitcoin blockchain, resulting in an entirely new bitcoin currency, separate from the original currency. Bitmain's move was in response to proposals that attempt to solve the bitcoin network's limitations in processing millions of daily transactions. Bitcoin's network has not kept pace with its growth and is unable to process all the transactions fast enough. "Traders are concerned with what a fork could do to their holdings and most likely now converting to fiat (government currencies) until some clarity about the scaling debate comes to light," said BitMEX's Dwyer. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Cynthia Osterman) || Bitcoin drops to three-week low on profit taking: By Gertrude Chavez-Dreyfuss
NEW YORK, June 15 (Reuters) - Bitcoin fell to a three-week low on Thursday as investors took profits partly in response to a bearish report from Goldman Sachs as well as concerns about a Chinese bitcoin miner's plan to undertake a "hard fork" that will result in a split in the digital currency.
The virtual currency relies on "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. The first to solve the puzzle and clear the transaction is rewarded with new bitcoins.
Bitcoin fell as low as $2,120 on the Bitstamp on Thursday and was last down 6 percent at $2,290. On the week, the currency has fallen about 22 percent, on track for its largest weekly slide since December 2013.
On Monday, bitcoin hit a record just shy of $3,000. So far this year, bitcoin remains up 137 percent.
Sharp losses such as Thursday's are par for the course for an asset like bitcoin, analysts said. Over the course of its eight-year history, Bitcoin has on a daily basis risen as much as 18 percent and fallen as much as 13 percent.
Greg Dwyer, business development manager at crypto-currency trading platform BitMEX, said bitcoin's decline may have started on Monday when Goldman Sachs analyst Sheba Jafari said in a report, "The balance of signals are looking broadly heavy" for bitcoin.
Jafari was "wary of a near-term top ahead of $3,134, adding that investors should consider re-establishing bullish exposure between $2,330 and no lower than $1,915."
Analysts also said investors were spooked by Chinese miner Bitmain's plan to undertake a "hard fork" of bitcoin if a code upgrade on the currency is activated late this summer.
Under a "hard fork", Bitmain would create an entirely new version of the bitcoin blockchain, resulting in an entirely new bitcoin currency, separate from the original currency.
Bitmain's move was in response to proposals that attempt to solve the bitcoin network's limitations in processing millions of daily transactions. Bitcoin's network has not kept pace with its growth and is unable to process all the transactions fast enough.
"Traders are concerned with what a fork could do to their holdings and most likely now converting to fiat (government currencies) until some clarity about the scaling debate comes to light," said BitMEX's Dwyer. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Cynthia Osterman) || TECH STOCKS FALL: Here's what you need to know: (Flickr/Alpha)
US stocks and bonds fell on Thursday, a day after the Federal Reserve's decision toraise interest ratesand maintain its outlook for one more hike this year. The tech-heavy Nasdaq led declines among the major indexes.
Here's the scoreboard:
• Dow:21,359.90, -14.66, (-0.07%)
• S&P 500:2,432.46, -5.46, (-0.22%)
• Nasdaq:6,165.50, -29.39, (-0.47%)
• 10-year yield:2.162%, +0.024
1. Snap sank to its initial offering price of $17 for the first timeand closed exactly there. Many of the banks that underwrote the company's popular IPO have become bearish on the stock.
2. Bitcoin had its biggest drop in more than two years.The cryptocurrency fell by as much as 12.9%, to $2,161 a coin, its lowest since the beginning of June.
3. Nestle is thinking about selling its roughly $900 million-a-year US candy business. The world's largest packaged foods maker said on Thursday it would "explore strategic options," including a possible sale, amid a consumer shift towards healthier foods.
4. Nike said it would cut 2% of its global workforce and discontinue a quarter of its shoe styles as competition mounts. Nike shares fell 3%.
5. Alphabet fell after a rare downgrade.In a research note published Thursday, Canaccord said a lot of Alphabet's growth in mobile search and YouTube "will be hard to repeat."
6. Initial jobless claims, which count people who applied for unemployment insurance for the first time, last week fell more than expected by 8,000 to 237,000, according to the Labor Department.
Additionally:
A predictor with a perfect track record on the American economy is moving closer to signaling a recession
Don't expect the market's hottest stocks to cool down any time soon
Super-rich millennials are defying the way their parents have been investing for decades
Janet Yellen is starting to warm to a policy the Fed once regarded as radical
The Fed's 4th rate hike could challenge a popular assumption investors make about stocks
LARRY SUMMERS: 'The Fed is not credible with the markets'
NOW WATCH:An economist explains the key issues that Trump needs to address to boost the economy
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• STOCKS RISE: Here's what you need to know
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• TECH GETS SLAMMED: Here's what you need to know
[Social Media Buzz]
One Bitcoin now worth $2725.94@bitstamp. High $2783.00. Low $2581.00. Market Cap $44.707 Billion #bitcoin || #bitcoin #miner 5X Antminer S2 Hashboard Blade ASIC 100 GH/S Bitcoin BTC Card Bitmain Miner Part $90.00 http://ift.tt/2rSUYax pic.twitter.com/faan40xZZB || $2732.48 at 01:15 UTC [24h Range: $2581.00 - $2783.00 Volume: 15486 BTC] || BTC Real Time Price: ThePriceOfBTC: $2615.12 #GDAX;
$2609.58 #bitstamp;
$2613.87 #gemini;
$2605.00 #kraken;
$2550.30 #btce;
$2712.00 #cex;
… || #Bitcoin -0.09...
|
2689.10, 2705.41, 2744.91, 2608.72, 2589.41, 2478.45, 2552.45, 2574.79, 2539.32, 2480.84
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 1182.94, 1193.91, 1211.67, 1210.29, 1229.08, 1222.05, 1231.71, 1207.21, 1250.15, 1265.49, 1281.08, 1317.73, 1316.48, 1321.79, 1347.89, 1421.60, 1452.82, 1490.09, 1537.67, 1555.45, 1578.80, 1596.71, 1723.35, 1755.36, 1787.13, 1848.57, 1724.24, 1804.91, 1808.91, 1738.43, 1734.45, 1839.09, 1888.65, 1987.71, 2084.73, 2041.20, 2173.40, 2320.42, 2443.64, 2304.98, 2202.42, 2038.87, 2155.80, 2255.61, 2175.47, 2286.41, 2407.88, 2488.55, 2515.35, 2511.81, 2686.81, 2863.20, 2732.16, 2805.62, 2823.81, 2947.71, 2958.11, 2659.63, 2717.02, 2506.37, 2464.58, 2518.56, 2655.88, 2548.29, 2589.60, 2721.79, 2689.10, 2705.41, 2744.91, 2608.72, 2589.41, 2478.45, 2552.45, 2574.79, 2539.32, 2480.84, 2434.55, 2506.47, 2564.06, 2601.64, 2601.99, 2608.56, 2518.66, 2571.34, 2518.44, 2372.56, 2337.79, 2398.84, 2357.90, 2233.34.
|
[Bitcoin Technical Analysis for 2017-07-14]
Volume: 882502976, RSI (14-day): 35.91, 50-day EMA: 2403.94, 200-day EMA: 1708.69
[Wider Market Context]
Gold Price: 1226.60, Gold RSI: 44.04
Oil Price: 46.54, Oil RSI: 55.52
[Recent News (last 7 days)]
PayPal and Apple enter major partnership: bii apple revenue and yoy growth q12017 (BI Intelligence) This story was delivered to BI Intelligence " Payments Briefing " subscribers. To learn more and subscribe, please click here . PayPal and Apple have partnered to give users the ability to use PayPal as a payment method when paying for Apple’s services, which includes the App Store, Apple Music, and iTunes, to name a few. The feature will be introduced in 12 markets, including the US and the UK, and it will be integrated with several devices across Apple’s ecosystem, including the iPhone, iPod, Apple TV, and Apple Watch. For PayPal, this has short-term and long-term implications: The immediate impact for PayPal is getting access to a massive revenue stream. Revenue from Apple services, which is mostly made up from the App Store, reached $7 billion in Q4 2016, up 18% year-over-year (YoY). Although the financial terms of this deal have not been disclosed, we can estimate the potential impact. If PayPal were to charge Apple 1.25% per transaction, which is much lower than the 2.9% fee it often charges merchants, and if PayPal accounts for a third of spend on the App Store in 2017 — which will be based on consumers spending a total of $40 billion on the iOS App Store, according to an App Annie estimate — PayPal would see $166 million in revenue for 2017. In the long run, PayPal’s partnership with Apple could give the firm an opportunity to integrate itself into Apple's future services. Over the last few years, Apple has indicated that it plans to turn its chat app, iMessage, into a robust ecosystem. The app now includes P2P payments, games, and other apps, with even more features coming in the fall with the launch of iOS 11. Although it hasn't been confirmed, it's reasonable to assume that one feature coming down the pipeline is the ability to buy products via iMessage. With PayPal already being a payment option within Apple's ecosystem, users may be more willing to use it going forward. BI Intelligence , Business Insider's premium research service, has compiled a detailed report on payments disruption that: Story continues Identifies the biggest drivers that are upending the payments industries in India, East Africa, Latin America, and Australia. Discusses what pain points digital payment services are solving. Details what specific technologies and services are being introduced that consumers are embracing, which can be leveraged by companies in these regions that are ripe for disruption. Assesses how leaders in the space can leverage these trends to either improve their capabilities or to identify which markets may be ripe for disruption and worth exploring. And much more To get the full report, subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND more than 250 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> Learn More Now You can also purchase and download the report from our research store . More From Business Insider PayPal has a new weapon in the P2P payments battle Fintech could be bigger than ATMs, PayPal, and Bitcoin combined THE CONVERSATIONAL COMMERCE REPORT: Chatbots' impact on the payments ecosystem and how merchants can capitalize on them || PayPal and Apple enter major partnership: (BI Intelligence)
This story was delivered to BI Intelligence "Payments Briefing" subscribers. To learn more and subscribe, pleaseclick here.
PayPal and Apple have partnered to give users the ability to use PayPal as a payment method when paying for Apple’s services, which includes the App Store, Apple Music, and iTunes, to name a few.
The feature will be introduced in 12 markets, including the US and the UK, and it will be integrated with several devices across Apple’s ecosystem, including the iPhone, iPod, Apple TV, and Apple Watch.
For PayPal, this has short-term and long-term implications:
• The immediate impact for PayPal is getting access to a massive revenue stream.Revenue from Apple services, which is mostly made up from the App Store, reached $7 billion in Q4 2016, up 18% year-over-year (YoY). Although the financial terms of this deal have not been disclosed, we can estimate the potential impact. If PayPal were to charge Apple 1.25% per transaction, which is much lower than the 2.9% fee it often charges merchants, and if PayPal accounts for a third of spend on the App Store in 2017 — which will be based on consumers spending a total of $40 billion on the iOS App Store, according to an App Annie estimate — PayPal would see $166 million in revenue for 2017.
• In the long run, PayPal’s partnership with Apple could give the firm an opportunity to integrate itself into Apple's future services.Over the last few years, Apple has indicated that it plans to turn its chat app, iMessage, into a robust ecosystem. The app now includes P2P payments, games, and other apps, with even more features coming in the fall with the launch of iOS 11. Although it hasn't been confirmed, it's reasonable to assume that one feature coming down the pipeline is the ability to buy products via iMessage. With PayPal already being a payment option within Apple's ecosystem, users may be more willing to use it going forward.
BI Intelligence, Business Insider's premium research service, has compileda detailed report on payments disruptionthat:
• Identifies the biggest drivers that are upending the payments industries in India, East Africa, Latin America, and Australia.
• Discusses what pain points digital payment services are solving.
• Details what specific technologies and services are being introduced that consumers are embracing, which can be leveraged by companies in these regions that are ripe for disruption.
• Assesses how leaders in the space can leverage these trends to either improve their capabilities or to identify which markets may be ripe for disruption and worth exploring.
• And much more
To get the full report, subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND more than 250 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >>Learn More Now
You can also purchase and download the report from ourresearch store.
More From Business Insider
• PayPal has a new weapon in the P2P payments battle
• Fintech could be bigger than ATMs, PayPal, and Bitcoin combined
• THE CONVERSATIONAL COMMERCE REPORT: Chatbots' impact on the payments ecosystem and how merchants can capitalize on them || First Bitcoin Capital Corp Broadens Disruption of Loyalty Industry Placing 110 Token Rewards Points on Blockchain; Launches Loyalty Coin ICO with the Symbol FLY: VANCOUVER, BC / ACCESSWIRE / July 13, 2017 /CoinQx Exchange LIMITED, a wholly owned subsidiary of FIRST BITCOIN CAPITAL CORP (OTC PINK: BITCF ) or "Company", "We", "Us" or "Our") expanded its blockchain loyalty program to include 100 of the top airlines and 10 of the top Hotel Chains using their industry codes as token symbols on the Bitcoin Blockchain for each.
The company released its 3rdInitial Coin Offering as a master loyalty coin so that all of the above mentioned 110 tokens will be exchangeable to one central coin, naming it Loyalty with the symbol FLY. In order to acquire FLY coin, anyone that sends 1 President Trump (PRES) coin to the Company's Omni Layer Bitcoin Wallet will receive 1 FLY coin into their Omni Wallet via sending PRES to: 1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrSIn order to insure receipt of the FLY coin upon transferring PRES to the company's address, be sure to log into your own personal Omni Wallet address and not an exchange provided wallet as they may not be prepared to credit those FLY to the sender's account. After 6 confirmations, the LOYALTY (FLY) coin will arrive in your personal Omni Wallet. This process is fully automated and requires no manual processing by the issuer of FLY coin. In order to save BTC fees when purchasing LOYALTY (FLY) it is best (when utilizing your personal wallet) to click on Explorer, then look for and click on Active Crowdsales, then look for and click on FLY, then look for and click on PARTICIPATAE and proceed to place the amount of PRES to send and for the fees type in .0001
The creation of FLY coin can be witnessed here:https://omniexplorer.info/lookupsp.aspx?sp=309
In order to track the maturity date of this ICO kindly see further details below, and note that the crowdsale cannot be accessed directly from the below URL rather follow the instructions above:https://www.omniwallet.org/assets/details/309
The early bird bonus of 25% reduces to 20% the second week, 15% the third week, 10% the fourth week and 5% the final, fifth week, when the ICO closes. A bonus of 10% of all coins sold will belong to The Company while the 90% will be held by the participants and the Company intends to participate as well. It is rare to find an ICO that doesn't amass a greater percentage to the issuers and organizers.
Management expects to have FLY listed on several exchanges in the immediate future, including its subsidiary, COINQX.com so that those unable to send PRES to acquire FLY may also participate and so that secondary trading may ensue.
FLY coin utilizes the same Omni protocols as our recently launchedWEEDcoin ICO, which yielded79,959,942.0324852from the Company's participation including the 6,045,726 earned WEED coins adding this asset to the Company's main wallet.
"We chose PRES as a medium of exchange for speculators to invest in FLY since it enjoys a growing popularity and trades on both C-cex.com, Livecoin.net as well as our CoinQX.com."
The reward points business for the travel industry alone is so staggering in size that according to (Maritz)
$48 Billion worth of points and airline miles are classified as unredeemed.
Already trillions of reward points have been issued and redeemed worldwide for all industries.
In order to capitalize on this booming industry, our CEO, Dr. Greg Rubin, an inventor with several patents approved by the USPTO has filed on our behalf a provisional patent that is designed to grant protection from competitors placing rewards points on a blockchain.
We have now issued many more billions of rewards points on the bitcoin blockchain to be redeemed by the future clients of a new travel agency that First Bitcoin is in the process of rolling out soon viawww.BitClassTravel.comhaving already posted a travel agency bond with the State of California.
What makes our reward points unique is that they can be bought and sold in cryptocurrency markets. We anticipate that our competitors will find their travel agencies accepting our rewards tokens in order to compete. A secondary market could emerge for this new form of reward points as digital currencies. Complete details of the usages and crypto miles issued will soon be found athttp://AIRmilesQX.com
In addition to being the first publicly trading company in the blockchain space, First Bitcoin has distinguished itself as a crypto leader capable of moving ahead of its competitors to roll out new endeavors so much so that our crypto reward tokens are already tradeable as altcoins on the OMNIDEX against some of the leading cryptocurrencies such as Tether, MaidSafeCoin, Omni, including all altcoins our subsidiary has issued on the Bitcoin Blockchain, to date. Many of these new mileage coins will be tradeable on our subsidiary cryptocurrency exchange, CoinQX.com, against more than 100 crypto and fiat currencies, including Bitcoin.
A complete list and details of these reward tokens for airline miles and hotel chains covering 110 of the largest airlines and top hotel chains is listed below:
UAE=Emirates QTR=Qatar Airways SIA=Singapore Airlines
CPA=Cathay Pacific ANA=All Nippon ETD=Etihad Airways
THY=Turkish Airlines EVA=EVA Air QFA=Qantas Airways
DLH=Lufthansa GIA=Garuda Indonesia CHH=Hainan Airlines
AXM=AirAsia KLM=Royal Dutch Airlines VRD=Virgin America
BAW=British Airways FIN=Finnair VIR=Virgin Atlantic
CRK=Hong Kong Airlines NAX=Norwegian ACA=Air Canada
CSN=China Southern AEE=Aegean Airlines MAS=Malaysia Airlines
DAL=Delta AirLines KAL=Korean Air XEIN=Aer Lingus
CAL=China Airlines EZY=EasyJet SLK=SilkAir
AFL=Aeroflot SAA=South African Airways OMA=Oman Air
KZR=Air Astana HVN=Vietnam Airlines LAN=LAN Airlines
JST=Jetstar Airways POE=Porter Airlines XAX=AirAsia
WJA=WestJet IGO=Indigo IBE=Iberia
JBU=jetBlue Airways JSA=Jetstar Asia AZU=Azul Airlines
AVA=Avianca TAM=TAM Airlines AZA=Alitalia
DAT=Brussels Airlines ASA=Alaska Airlines SCO=Scoot
SAS=Scandinavian SEY=Air Seychelles
TAP=Air Portugal TOM=Thomson Airways ALK=SriLankan Airlines
CMP=Copa Airlines AHY=Azerbaijan Airlines JAI=Jet Airways
MAU=Air Mauritius BER=Air Berlin EWG=Eurowings
EYH=Ethiopian Airlines APJ=Peach CES=China Eastern
GFA=Gulf Air ICE=Icelandair SVA=Saudi Arabian Airlines
PAL=Philippine Airlines EGF=American Eagle KQA=Kenya Airways
DTA=TAAG Angola CCA=Air China TSC=Air Transat
ANE=Air Nostrum DKH=Juneyao Airlines FJI=Fiji Airways
LOTP=LOT Polish CAW=Kulula
AMX=Aeromexico RBA=Royal Brunei Airlines GCRC=Tianjin Airlines
TGW=Tiger Airways MNO=Mango RJA=Royal Jordanian
SEJ=SpiceJet WOWN=WOW Airlines
HOTEL CHAINS Coins
SW- Starwood Hotels FS- Four Seasons Hotels RT- Accor Hotels
BW- Best Western International JJ- Jing Jiang International MC- Marriott International
HH- Hilton Worldwide IC- Intercontinental Hotels Group
CH- Choice Hotels International WY- Wyndham Hotel Group
AIRmilesQX will change forever frequent travel loyalty programs.
Many airlines offer frequent-flyer loyalty programs to encourage customers to accumulate "miles" which airline customers can redeem to purchase air travel or other rewards. Points, or miles earned though those programs are based on complex rules, like class of fare, distance, season or the amount paid. There are also many other ways to earn points. For example, credit card issuers partner with airlines and award loyalty points or miles based on customer's credit card usage. Points can be redeemed for air travel, ticket upgrades, booking hotels, car rentals, magazine subscriptions etc.
Frequent-flyer program points are in essence a type of virtual currency, but unfortunately, it was a one-way process - people could purchase points with national currencies, but were not able to exchange back into those currencies.
Airline miles programs go back to the early 70's when United Airlines began to reward loyal customers with points that could be accumulated and later could be used to pay for air travel. Their programs have evolved over the last 20 years, but it is not easy to use those programs.
When travelers actually try to book a flight, they encounter major hurdles, like blackout dates (days when award seats are limited or unavailable). Every airline program has its own policies, procedures, restrictions, etc. Also, airlines and credit card issuers are constantly changing the rules and policies. Several Airlines, for example, recently increased the minimum number of miles needed to book some of their flights.
Research published by COLLOQUY, a leading provider of loyalty marketing research in 2015 indicates that U.S. consumers hold 3.3 billion memberships in customer loyalty programs, a 26% increase over the number of memberships reported in COLLOQUY's prior census study in 2013. The 2015 Census shows that specialty store loyalty memberships now total 434 million, exceeding airline frequent flyer memberships (356 million) for the first time, placing second only to credit card reward programs, which account for 578 million memberships.
According to the U.S. Department of Transportation's Bureau of Transportation Statistics, year over year air travel increased by 5.5% from 2015 to 2016. COLLOQUY survey found that a little more than half of Americans - 55% - have taken a flight for business or leisure purposes in the past two years. And three-fourths of respondents, 75%, said their most recent flight was within the past six months.
Another noteworthy statistic is that 60% of frequent traveler miles issued today are not earned but instead purchased.
Points accumulating in loyalty programs globally are considered by some as real currencies with increasing value that has attracted the attention of criminals, according to Barry Kirk, vice president of Loyalty Solutions for Maritz Motivation Solutions. In the US alone, 3.3 billion loyalty program memberships have stored points and miles worth an estimated $48 billion, according to the Gartner Group.
BLOCKCHAIN will CHANGE customer loyalty programs forever by giving more control to rewards owners and reducing fraud through the transparency of blockchain technologies.
First Bitcoin Capital Corp trading on the OTC Markets as BITCF has developed a unique Blockchain-based airline miles platform, allowing people to buy/exchange/trade/transfer miles without any restrictions, blackout days or other cumbersome rules that airlines impose on their programs.
The following statistics may be of interest to our loyal shareholders:
2016 Travel Loyalty Statistics
• $48 billion worth of points and airline miles are unredeemed (Maritz)
• 75% of travelers are willing to share personal information, such as gender, age and email address, in exchange for tailored promotions, coupons, priority service or loyalty points (Zebra Technologies)
• 46% of loyalty program members said they like the ability to earn points on everyday spending with their airline loyalty program (Collinson Latitude)
• 47% of loyalty program members said they like the ability to earn points on everyday spending with their hotel loyalty program (Collinson Latitude)
• 29% of men have used an airline rewards program in the last three months vs. 20% of women (Vantiv)
• 75% of U.S. consumers would be open to using a site operated by a loyalty program if it allowed easy itinerary adjustments (Colloquy)
• 83% of U.S. consumers would be open to using a site operated by a loyalty program if it were easy to use (Colloquy)
• 69% of U.S. consumers would be open to using a site operated by a loyalty program if it allows for paying all travel expenses with loyalty points (Colloquy)
• 59% of U.S. consumers would be open to using a site operated by a loyalty program if it had a mobile app (Colloquy)
• Nearly 40% of "digital native" Millennials rely on mobile apps to track and redeem their rewards, while across all age groups, the use of plastic membership cards dropped by 4% during 2016 (Excentus)
• 69% of U.S. consumers would be open to using a site operated by a loyalty program if it provides info about planned travel destinations (Colloquy)
• 64% of U.S. consumers would be open to using a site operated by a loyalty program if it kept track of travel preferences (Colloquy)
• 56% of U.S. consumers would be open to using a site operated by a loyalty program if it provided personalized travel recommendations (Colloquy)
• 53% of U.S. consumers would be open to using a site operated by a loyalty program if it offered customization of in-flight amenities (Colloquy)
• 76% of business travelers said they would extend their business trips for leisure if their hotels offered discounts for additional nights or the chance to have a friend or family member join at a discounted rate (Colloquy)
• 92% of business travelers cited that ease of redemption would get their attention, 84% cited convenience of schedule holding appeal and 73% cited ability to personalize in-flight services (Colloquy)
• 81% of business travelers cited a higher level of service as having an impact on their evaluation of a loyalty program (Colloquy)
• 19% of consumers would skip their plans if they were to encounter added charges when booking with loyalty points (Colloquy)
• 40% of passengers picked their airport based on the airport loyalty program (ICLP)
• When choosing an airport, Generation X (44%) and Millennials (41%) are much more influenced by airport loyalty programs than Baby Boomers (31%) (ICLP)
• 80% of U.S. airline loyalty program members are inactive (Skift)
• 61% of travelers look for loyalty programs with a broad spectrum of rewards (Collinson Latitude)
• Major hotel chains increased loyalty program members in 2015 by 13.1% compared with 2014 (Skift)
• 71% of travelers think the value of a loyalty program decreases if it offers a limited range of rewards (Collinson Latitude)
• 77% of travel loyalty program members continued to spend with a brand and earn further points following a redemption on non-core inventory, compared to just 71% who redeemed on flights and hotels alone (Collinson Latitude)
• 42% of travelers believe that loyalty programs offering only core inventory rewards are "dated and old-fashioned" (Collinson Latitude)
• 40% of travel loyalty program members would tell friends and family about a program following a positive redemption experience (Collinson Latitude)
• 33% of travel loyalty program members would actively encourage family & friends to join the program following a positive redemption experience (Collinson Latitude)
• 48% of Millennials report loyalty programs are important when booking flights and 51% say they use them when booking hotels (Diamond Resorts)
• 39% of Millennials agree: "I don't think it's worthwhile to sign up for loyalty programs" (ADARA)
• 68% of Millennials will remain loyal to a program that offers them the most rewards (Internet Marketing)
• 75% of Millennials will remain loyal to a hotel brand even if they lost all reward points (Internet Marketing)
• 41% of Millennials joined a travel loyalty program because it was easy to use (Internet Marketing)
• Top hotels in terms of customer satisfaction: Hilton, Marriott, Hyatt (ACSI)
• Top hotel loyalty programs based on customer satisfaction: Hilton HHonors, Marriott Rewards, IHG Rewards Club (JD Power)
• 83% of highly satisfied hotel loyalty program members say they "definitely will" recommend the brand (JD Power)
• 77% of hotel loyalty program members say their program is equally as valuable as it was in 2015; 11% say their program is less valuable than the year before (JD Power)
• 40% of customers choose hotel loyalty programs based on convenience of locations (JD Power)
• 55% of the affluent middle class hold frequent flyer memberships, down from 65% in 2014 (Collinson Group)
• InterContinental Hotels Group's IHG Rewards Club is the world's largest hotel loyalty program with more than 92 million members as of December 31, 2015 (Skift)
About The Company
First Bitcoin Capital Corp is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange-www.CoinQX.com. We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges) we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies. At this time the Company owns and operates more than the following digital assets under development:
www.CoinQX.comcryptocurrency exchange, registered with FINCEN.
www.altcoinmarketcap.commarket capitalization for all cryptocurrencies with up and down voting by altcoin communities.
www.Alphabitcoinfund.comworld's first crypto ETF.
www.strain.IDcannabis strains genetic information depository on decentralized Blockchain.
www.iCoiNEWS.comreal time cryptocurrency and bitcoin news site.
www.BITminer.ccproviding mining pool management services.
www.2016coin.orgonline daily election coverage and home page for $PRES, $HILL, $GARY& $BURN -commemorative presidential election coins.
www.bitcannpay.comOpen Loop merchant services for dispensaries.
List of most Omni protocol coins issued on the Bitcoin Blockchain and owned by the Company:http://omnichest.info/lookupadd.aspx?address=1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS
Second Omni wallet owned by CoinQX reflecting our airline mileage tokens issued:http://omnichest.info/lookupadd.aspx?address=1VuF26AgLyQ4tBoGzYTWRqtDG9zCB7QXe
Third (managed) Omni wallet owned by COINQX:http://omnichest.info/lookupadd.aspx?address=1M18oycUdsXv4pKyLLiASREcRGzPu22MxK
Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company's filings, which are on file at www.OTCMarkets.com.
Contact us via:[email protected] visithttp://www.bitcoincapitalcorp.com
SOURCE:First Bitcoin Capital Corp. || First Bitcoin Capital Corp Broadens Disruption of Loyalty Industry Placing 110 Token Rewards Points on Blockchain; Launches Loyalty Coin ICO with the Symbol FLY: VANCOUVER, BC / ACCESSWIRE / July 13, 2017 /CoinQx Exchange LIMITED, a wholly owned subsidiary of FIRST BITCOIN CAPITAL CORP (OTC PINK: BITCF ) or "Company", "We", "Us" or "Our") expanded its blockchain loyalty program to include 100 of the top airlines and 10 of the top Hotel Chains using their industry codes as token symbols on the Bitcoin Blockchain for each.
The company released its 3rdInitial Coin Offering as a master loyalty coin so that all of the above mentioned 110 tokens will be exchangeable to one central coin, naming it Loyalty with the symbol FLY. In order to acquire FLY coin, anyone that sends 1 President Trump (PRES) coin to the Company's Omni Layer Bitcoin Wallet will receive 1 FLY coin into their Omni Wallet via sending PRES to: 1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrSIn order to insure receipt of the FLY coin upon transferring PRES to the company's address, be sure to log into your own personal Omni Wallet address and not an exchange provided wallet as they may not be prepared to credit those FLY to the sender's account. After 6 confirmations, the LOYALTY (FLY) coin will arrive in your personal Omni Wallet. This process is fully automated and requires no manual processing by the issuer of FLY coin. In order to save BTC fees when purchasing LOYALTY (FLY) it is best (when utilizing your personal wallet) to click on Explorer, then look for and click on Active Crowdsales, then look for and click on FLY, then look for and click on PARTICIPATAE and proceed to place the amount of PRES to send and for the fees type in .0001
The creation of FLY coin can be witnessed here:https://omniexplorer.info/lookupsp.aspx?sp=309
In order to track the maturity date of this ICO kindly see further details below, and note that the crowdsale cannot be accessed directly from the below URL rather follow the instructions above:https://www.omniwallet.org/assets/details/309
The early bird bonus of 25% reduces to 20% the second week, 15% the third week, 10% the fourth week and 5% the final, fifth week, when the ICO closes. A bonus of 10% of all coins sold will belong to The Company while the 90% will be held by the participants and the Company intends to participate as well. It is rare to find an ICO that doesn't amass a greater percentage to the issuers and organizers.
Management expects to have FLY listed on several exchanges in the immediate future, including its subsidiary, COINQX.com so that those unable to send PRES to acquire FLY may also participate and so that secondary trading may ensue.
FLY coin utilizes the same Omni protocols as our recently launchedWEEDcoin ICO, which yielded79,959,942.0324852from the Company's participation including the 6,045,726 earned WEED coins adding this asset to the Company's main wallet.
"We chose PRES as a medium of exchange for speculators to invest in FLY since it enjoys a growing popularity and trades on both C-cex.com, Livecoin.net as well as our CoinQX.com."
The reward points business for the travel industry alone is so staggering in size that according to (Maritz)
$48 Billion worth of points and airline miles are classified as unredeemed.
Already trillions of reward points have been issued and redeemed worldwide for all industries.
In order to capitalize on this booming industry, our CEO, Dr. Greg Rubin, an inventor with several patents approved by the USPTO has filed on our behalf a provisional patent that is designed to grant protection from competitors placing rewards points on a blockchain.
We have now issued many more billions of rewards points on the bitcoin blockchain to be redeemed by the future clients of a new travel agency that First Bitcoin is in the process of rolling out soon viawww.BitClassTravel.comhaving already posted a travel agency bond with the State of California.
What makes our reward points unique is that they can be bought and sold in cryptocurrency markets. We anticipate that our competitors will find their travel agencies accepting our rewards tokens in order to compete. A secondary market could emerge for this new form of reward points as digital currencies. Complete details of the usages and crypto miles issued will soon be found athttp://AIRmilesQX.com
In addition to being the first publicly trading company in the blockchain space, First Bitcoin has distinguished itself as a crypto leader capable of moving ahead of its competitors to roll out new endeavors so much so that our crypto reward tokens are already tradeable as altcoins on the OMNIDEX against some of the leading cryptocurrencies such as Tether, MaidSafeCoin, Omni, including all altcoins our subsidiary has issued on the Bitcoin Blockchain, to date. Many of these new mileage coins will be tradeable on our subsidiary cryptocurrency exchange, CoinQX.com, against more than 100 crypto and fiat currencies, including Bitcoin.
A complete list and details of these reward tokens for airline miles and hotel chains covering 110 of the largest airlines and top hotel chains is listed below:
UAE=Emirates QTR=Qatar Airways SIA=Singapore Airlines
CPA=Cathay Pacific ANA=All Nippon ETD=Etihad Airways
THY=Turkish Airlines EVA=EVA Air QFA=Qantas Airways
DLH=Lufthansa GIA=Garuda Indonesia CHH=Hainan Airlines
AXM=AirAsia KLM=Royal Dutch Airlines VRD=Virgin America
BAW=British Airways FIN=Finnair VIR=Virgin Atlantic
CRK=Hong Kong Airlines NAX=Norwegian ACA=Air Canada
CSN=China Southern AEE=Aegean Airlines MAS=Malaysia Airlines
DAL=Delta AirLines KAL=Korean Air XEIN=Aer Lingus
CAL=China Airlines EZY=EasyJet SLK=SilkAir
AFL=Aeroflot SAA=South African Airways OMA=Oman Air
KZR=Air Astana HVN=Vietnam Airlines LAN=LAN Airlines
JST=Jetstar Airways POE=Porter Airlines XAX=AirAsia
WJA=WestJet IGO=Indigo IBE=Iberia
JBU=jetBlue Airways JSA=Jetstar Asia AZU=Azul Airlines
AVA=Avianca TAM=TAM Airlines AZA=Alitalia
DAT=Brussels Airlines ASA=Alaska Airlines SCO=Scoot
SAS=Scandinavian SEY=Air Seychelles
TAP=Air Portugal TOM=Thomson Airways ALK=SriLankan Airlines
CMP=Copa Airlines AHY=Azerbaijan Airlines JAI=Jet Airways
MAU=Air Mauritius BER=Air Berlin EWG=Eurowings
EYH=Ethiopian Airlines APJ=Peach CES=China Eastern
GFA=Gulf Air ICE=Icelandair SVA=Saudi Arabian Airlines
PAL=Philippine Airlines EGF=American Eagle KQA=Kenya Airways
DTA=TAAG Angola CCA=Air China TSC=Air Transat
ANE=Air Nostrum DKH=Juneyao Airlines FJI=Fiji Airways
LOTP=LOT Polish CAW=Kulula
AMX=Aeromexico RBA=Royal Brunei Airlines GCRC=Tianjin Airlines
TGW=Tiger Airways MNO=Mango RJA=Royal Jordanian
SEJ=SpiceJet WOWN=WOW Airlines
HOTEL CHAINS Coins
SW- Starwood Hotels FS- Four Seasons Hotels RT- Accor Hotels
BW- Best Western International JJ- Jing Jiang International MC- Marriott International
HH- Hilton Worldwide IC- Intercontinental Hotels Group
CH- Choice Hotels International WY- Wyndham Hotel Group
AIRmilesQX will change forever frequent travel loyalty programs.
Many airlines offer frequent-flyer loyalty programs to encourage customers to accumulate "miles" which airline customers can redeem to purchase air travel or other rewards. Points, or miles earned though those programs are based on complex rules, like class of fare, distance, season or the amount paid. There are also many other ways to earn points. For example, credit card issuers partner with airlines and award loyalty points or miles based on customer's credit card usage. Points can be redeemed for air travel, ticket upgrades, booking hotels, car rentals, magazine subscriptions etc.
Frequent-flyer program points are in essence a type of virtual currency, but unfortunately, it was a one-way process - people could purchase points with national currencies, but were not able to exchange back into those currencies.
Airline miles programs go back to the early 70's when United Airlines began to reward loyal customers with points that could be accumulated and later could be used to pay for air travel. Their programs have evolved over the last 20 years, but it is not easy to use those programs.
When travelers actually try to book a flight, they encounter major hurdles, like blackout dates (days when award seats are limited or unavailable). Every airline program has its own policies, procedures, restrictions, etc. Also, airlines and credit card issuers are constantly changing the rules and policies. Several Airlines, for example, recently increased the minimum number of miles needed to book some of their flights.
Research published by COLLOQUY, a leading provider of loyalty marketing research in 2015 indicates that U.S. consumers hold 3.3 billion memberships in customer loyalty programs, a 26% increase over the number of memberships reported in COLLOQUY's prior census study in 2013. The 2015 Census shows that specialty store loyalty memberships now total 434 million, exceeding airline frequent flyer memberships (356 million) for the first time, placing second only to credit card reward programs, which account for 578 million memberships.
According to the U.S. Department of Transportation's Bureau of Transportation Statistics, year over year air travel increased by 5.5% from 2015 to 2016. COLLOQUY survey found that a little more than half of Americans - 55% - have taken a flight for business or leisure purposes in the past two years. And three-fourths of respondents, 75%, said their most recent flight was within the past six months.
Another noteworthy statistic is that 60% of frequent traveler miles issued today are not earned but instead purchased.
Points accumulating in loyalty programs globally are considered by some as real currencies with increasing value that has attracted the attention of criminals, according to Barry Kirk, vice president of Loyalty Solutions for Maritz Motivation Solutions. In the US alone, 3.3 billion loyalty program memberships have stored points and miles worth an estimated $48 billion, according to the Gartner Group.
BLOCKCHAIN will CHANGE customer loyalty programs forever by giving more control to rewards owners and reducing fraud through the transparency of blockchain technologies.
First Bitcoin Capital Corp trading on the OTC Markets as BITCF has developed a unique Blockchain-based airline miles platform, allowing people to buy/exchange/trade/transfer miles without any restrictions, blackout days or other cumbersome rules that airlines impose on their programs.
The following statistics may be of interest to our loyal shareholders:
2016 Travel Loyalty Statistics
• $48 billion worth of points and airline miles are unredeemed (Maritz)
• 75% of travelers are willing to share personal information, such as gender, age and email address, in exchange for tailored promotions, coupons, priority service or loyalty points (Zebra Technologies)
• 46% of loyalty program members said they like the ability to earn points on everyday spending with their airline loyalty program (Collinson Latitude)
• 47% of loyalty program members said they like the ability to earn points on everyday spending with their hotel loyalty program (Collinson Latitude)
• 29% of men have used an airline rewards program in the last three months vs. 20% of women (Vantiv)
• 75% of U.S. consumers would be open to using a site operated by a loyalty program if it allowed easy itinerary adjustments (Colloquy)
• 83% of U.S. consumers would be open to using a site operated by a loyalty program if it were easy to use (Colloquy)
• 69% of U.S. consumers would be open to using a site operated by a loyalty program if it allows for paying all travel expenses with loyalty points (Colloquy)
• 59% of U.S. consumers would be open to using a site operated by a loyalty program if it had a mobile app (Colloquy)
• Nearly 40% of "digital native" Millennials rely on mobile apps to track and redeem their rewards, while across all age groups, the use of plastic membership cards dropped by 4% during 2016 (Excentus)
• 69% of U.S. consumers would be open to using a site operated by a loyalty program if it provides info about planned travel destinations (Colloquy)
• 64% of U.S. consumers would be open to using a site operated by a loyalty program if it kept track of travel preferences (Colloquy)
• 56% of U.S. consumers would be open to using a site operated by a loyalty program if it provided personalized travel recommendations (Colloquy)
• 53% of U.S. consumers would be open to using a site operated by a loyalty program if it offered customization of in-flight amenities (Colloquy)
• 76% of business travelers said they would extend their business trips for leisure if their hotels offered discounts for additional nights or the chance to have a friend or family member join at a discounted rate (Colloquy)
• 92% of business travelers cited that ease of redemption would get their attention, 84% cited convenience of schedule holding appeal and 73% cited ability to personalize in-flight services (Colloquy)
• 81% of business travelers cited a higher level of service as having an impact on their evaluation of a loyalty program (Colloquy)
• 19% of consumers would skip their plans if they were to encounter added charges when booking with loyalty points (Colloquy)
• 40% of passengers picked their airport based on the airport loyalty program (ICLP)
• When choosing an airport, Generation X (44%) and Millennials (41%) are much more influenced by airport loyalty programs than Baby Boomers (31%) (ICLP)
• 80% of U.S. airline loyalty program members are inactive (Skift)
• 61% of travelers look for loyalty programs with a broad spectrum of rewards (Collinson Latitude)
• Major hotel chains increased loyalty program members in 2015 by 13.1% compared with 2014 (Skift)
• 71% of travelers think the value of a loyalty program decreases if it offers a limited range of rewards (Collinson Latitude)
• 77% of travel loyalty program members continued to spend with a brand and earn further points following a redemption on non-core inventory, compared to just 71% who redeemed on flights and hotels alone (Collinson Latitude)
• 42% of travelers believe that loyalty programs offering only core inventory rewards are "dated and old-fashioned" (Collinson Latitude)
• 40% of travel loyalty program members would tell friends and family about a program following a positive redemption experience (Collinson Latitude)
• 33% of travel loyalty program members would actively encourage family & friends to join the program following a positive redemption experience (Collinson Latitude)
• 48% of Millennials report loyalty programs are important when booking flights and 51% say they use them when booking hotels (Diamond Resorts)
• 39% of Millennials agree: "I don't think it's worthwhile to sign up for loyalty programs" (ADARA)
• 68% of Millennials will remain loyal to a program that offers them the most rewards (Internet Marketing)
• 75% of Millennials will remain loyal to a hotel brand even if they lost all reward points (Internet Marketing)
• 41% of Millennials joined a travel loyalty program because it was easy to use (Internet Marketing)
• Top hotels in terms of customer satisfaction: Hilton, Marriott, Hyatt (ACSI)
• Top hotel loyalty programs based on customer satisfaction: Hilton HHonors, Marriott Rewards, IHG Rewards Club (JD Power)
• 83% of highly satisfied hotel loyalty program members say they "definitely will" recommend the brand (JD Power)
• 77% of hotel loyalty program members say their program is equally as valuable as it was in 2015; 11% say their program is less valuable than the year before (JD Power)
• 40% of customers choose hotel loyalty programs based on convenience of locations (JD Power)
• 55% of the affluent middle class hold frequent flyer memberships, down from 65% in 2014 (Collinson Group)
• InterContinental Hotels Group's IHG Rewards Club is the world's largest hotel loyalty program with more than 92 million members as of December 31, 2015 (Skift)
About The Company
First Bitcoin Capital Corp is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange-www.CoinQX.com. We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges) we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies. At this time the Company owns and operates more than the following digital assets under development:
www.CoinQX.comcryptocurrency exchange, registered with FINCEN.
www.altcoinmarketcap.commarket capitalization for all cryptocurrencies with up and down voting by altcoin communities.
www.Alphabitcoinfund.comworld's first crypto ETF.
www.strain.IDcannabis strains genetic information depository on decentralized Blockchain.
www.iCoiNEWS.comreal time cryptocurrency and bitcoin news site.
www.BITminer.ccproviding mining pool management services.
www.2016coin.orgonline daily election coverage and home page for $PRES, $HILL, $GARY& $BURN -commemorative presidential election coins.
www.bitcannpay.comOpen Loop merchant services for dispensaries.
List of most Omni protocol coins issued on the Bitcoin Blockchain and owned by the Company:http://omnichest.info/lookupadd.aspx?address=1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS
Second Omni wallet owned by CoinQX reflecting our airline mileage tokens issued:http://omnichest.info/lookupadd.aspx?address=1VuF26AgLyQ4tBoGzYTWRqtDG9zCB7QXe
Third (managed) Omni wallet owned by COINQX:http://omnichest.info/lookupadd.aspx?address=1M18oycUdsXv4pKyLLiASREcRGzPu22MxK
Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company's filings, which are on file at www.OTCMarkets.com.
Contact us via:[email protected] visithttp://www.bitcoincapitalcorp.com
SOURCE:First Bitcoin Capital Corp. || First Bitcoin Capital Corp Broadens Disruption of Loyalty Industry Placing 110 Token Rewards Points on Blockchain; Launches Loyalty Coin ICO with the Symbol FLY: VANCOUVER, BC / ACCESSWIRE / July 13, 2017 / CoinQx Exchange LIMITED, a wholly owned subsidiary of FIRST BITCOIN CAPITAL CORP (OTC PINK: BITCF ) or "Company", "We", "Us" or "Our") expanded its blockchain loyalty program to include 100 of the top airlines and 10 of the top Hotel Chains using their industry codes as token symbols on the Bitcoin Blockchain for each. The company released its 3 rd Initial Coin Offering as a master loyalty coin so that all of the above mentioned 110 tokens will be exchangeable to one central coin, naming it Loyalty with the symbol FLY. In order to acquire FLY coin, anyone that sends 1 President Trump (PRES) coin to the Company's Omni Layer Bitcoin Wallet will receive 1 FLY coin into their Omni Wallet via sending PRES to: 1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrSIn order to insure receipt of the FLY coin upon transferring PRES to the company's address, be sure to log into your own personal Omni Wallet address and not an exchange provided wallet as they may not be prepared to credit those FLY to the sender's account. After 6 confirmations, the LOYALTY (FLY) coin will arrive in your personal Omni Wallet. This process is fully automated and requires no manual processing by the issuer of FLY coin. In order to save BTC fees when purchasing LOYALTY (FLY) it is best (when utilizing your personal wallet) to click on Explorer, then look for and click on Active Crowdsales, then look for and click on FLY, then look for and click on PARTICIPATAE and proceed to place the amount of PRES to send and for the fees type in .0001 The creation of FLY coin can be witnessed here: https://omniexplorer.info/lookupsp.aspx?sp=309 In order to track the maturity date of this ICO kindly see further details below, and note that the crowdsale cannot be accessed directly from the below URL rather follow the instructions above: https://www.omniwallet.org/assets/details/309 The early bird bonus of 25% reduces to 20% the second week, 15% the third week, 10% the fourth week and 5% the final, fifth week, when the ICO closes. A bonus of 10% of all coins sold will belong to The Company while the 90% will be held by the participants and the Company intends to participate as well. It is rare to find an ICO that doesn't amass a greater percentage to the issuers and organizers. Story continues Management expects to have FLY listed on several exchanges in the immediate future, including its subsidiary, COINQX.com so that those unable to send PRES to acquire FLY may also participate and so that secondary trading may ensue. FLY coin utilizes the same Omni protocols as our recently launched WEED coin ICO, which yielded 79,959,942.0324852 from the Company's participation including the 6,045,726 earned WEED coins adding this asset to the Company's main wallet. "We chose PRES as a medium of exchange for speculators to invest in FLY since it enjoys a growing popularity and trades on both C-cex.com, Livecoin.net as well as our CoinQX.com." The reward points business for the travel industry alone is so staggering in size that according to ( Maritz ) $48 Billion worth of points and airline miles are classified as unredeemed. Already trillions of reward points have been issued and redeemed worldwide for all industries. In order to capitalize on this booming industry, our CEO, Dr. Greg Rubin, an inventor with several patents approved by the USPTO has filed on our behalf a provisional patent that is designed to grant protection from competitors placing rewards points on a blockchain. We have now issued many more billions of rewards points on the bitcoin blockchain to be redeemed by the future clients of a new travel agency that First Bitcoin is in the process of rolling out soon via www.BitClassTravel.com having already posted a travel agency bond with the State of California. What makes our reward points unique is that they can be bought and sold in cryptocurrency markets. We anticipate that our competitors will find their travel agencies accepting our rewards tokens in order to compete. A secondary market could emerge for this new form of reward points as digital currencies. Complete details of the usages and crypto miles issued will soon be found at http://AIRmilesQX.com In addition to being the first publicly trading company in the blockchain space, First Bitcoin has distinguished itself as a crypto leader capable of moving ahead of its competitors to roll out new endeavors so much so that our crypto reward tokens are already tradeable as altcoins on the OMNIDEX against some of the leading cryptocurrencies such as Tether, MaidSafeCoin, Omni, including all altcoins our subsidiary has issued on the Bitcoin Blockchain, to date. Many of these new mileage coins will be tradeable on our subsidiary cryptocurrency exchange, CoinQX.com, against more than 100 crypto and fiat currencies, including Bitcoin. A complete list and details of these reward tokens for airline miles and hotel chains covering 110 of the largest airlines and top hotel chains is listed below: UAE=Emirates QTR=Qatar Airways SIA=Singapore Airlines CPA=Cathay Pacific ANA=All Nippon ETD=Etihad Airways THY=Turkish Airlines EVA=EVA Air QFA=Qantas Airways DLH=Lufthansa GIA=Garuda Indonesia CHH=Hainan Airlines AXM=AirAsia KLM=Royal Dutch Airlines VRD=Virgin America BAW=British Airways FIN=Finnair VIR=Virgin Atlantic CRK=Hong Kong Airlines NAX=Norwegian ACA=Air Canada CSN=China Southern AEE=Aegean Airlines MAS=Malaysia Airlines DAL=Delta AirLines KAL=Korean Air XEIN=Aer Lingus CAL=China Airlines EZY=EasyJet SLK=SilkAir AFL=Aeroflot SAA=South African Airways OMA=Oman Air KZR=Air Astana HVN=Vietnam Airlines LAN=LAN Airlines JST=Jetstar Airways POE=Porter Airlines XAX=AirAsia WJA=WestJet IGO=Indigo IBE=Iberia JBU=jetBlue Airways JSA=Jetstar Asia AZU=Azul Airlines AVA=Avianca TAM=TAM Airlines AZA=Alitalia DAT=Brussels Airlines ASA=Alaska Airlines SCO=Scoot SAS=Scandinavian SEY=Air Seychelles TAP=Air Portugal TOM=Thomson Airways ALK=SriLankan Airlines CMP=Copa Airlines AHY=Azerbaijan Airlines JAI=Jet Airways MAU=Air Mauritius BER=Air Berlin EWG=Eurowings EYH=Ethiopian Airlines APJ=Peach CES=China Eastern GFA=Gulf Air ICE=Icelandair SVA=Saudi Arabian Airlines PAL=Philippine Airlines EGF=American Eagle KQA=Kenya Airways DTA=TAAG Angola CCA=Air China TSC=Air Transat ANE=Air Nostrum DKH=Juneyao Airlines FJI=Fiji Airways LOTP=LOT Polish CAW=Kulula AMX=Aeromexico RBA=Royal Brunei Airlines GCRC=Tianjin Airlines TGW=Tiger Airways MNO=Mango RJA=Royal Jordanian SEJ=SpiceJet WOWN=WOW Airlines HOTEL CHAINS Coins SW- Starwood Hotels FS- Four Seasons Hotels RT- Accor Hotels BW- Best Western International JJ- Jing Jiang International MC- Marriott International HH- Hilton Worldwide IC- Intercontinental Hotels Group CH- Choice Hotels International WY- Wyndham Hotel Group AIRmilesQX will change forever frequent travel loyalty programs. Many airlines offer frequent-flyer loyalty programs to encourage customers to accumulate "miles" which airline customers can redeem to purchase air travel or other rewards. Points, or miles earned though those programs are based on complex rules, like class of fare, distance, season or the amount paid. There are also many other ways to earn points. For example, credit card issuers partner with airlines and award loyalty points or miles based on customer's credit card usage. Points can be redeemed for air travel, ticket upgrades, booking hotels, car rentals, magazine subscriptions etc. Frequent-flyer program points are in essence a type of virtual currency, but unfortunately, it was a one-way process - people could purchase points with national currencies, but were not able to exchange back into those currencies. Airline miles programs go back to the early 70's when United Airlines began to reward loyal customers with points that could be accumulated and later could be used to pay for air travel. Their programs have evolved over the last 20 years, but it is not easy to use those programs. When travelers actually try to book a flight, they encounter major hurdles, like blackout dates (days when award seats are limited or unavailable). Every airline program has its own policies, procedures, restrictions, etc. Also, airlines and credit card issuers are constantly changing the rules and policies. Several Airlines, for example, recently increased the minimum number of miles needed to book some of their flights. Research published by COLLOQUY, a leading provider of loyalty marketing research in 2015 indicates that U.S. consumers hold 3.3 billion memberships in customer loyalty programs, a 26% increase over the number of memberships reported in COLLOQUY's prior census study in 2013. The 2015 Census shows that specialty store loyalty memberships now total 434 million, exceeding airline frequent flyer memberships (356 million) for the first time, placing second only to credit card reward programs, which account for 578 million memberships. According to the U.S. Department of Transportation's Bureau of Transportation Statistics, year over year air travel increased by 5.5% from 2015 to 2016. COLLOQUY survey found that a little more than half of Americans - 55% - have taken a flight for business or leisure purposes in the past two years. And three-fourths of respondents, 75%, said their most recent flight was within the past six months. Another noteworthy statistic is that 60% of frequent traveler miles issued today are not earned but instead purchased. Points accumulating in loyalty programs globally are considered by some as real currencies with increasing value that has attracted the attention of criminals, according to Barry Kirk, vice president of Loyalty Solutions for Maritz Motivation Solutions. In the US alone, 3.3 billion loyalty program memberships have stored points and miles worth an estimated $48 billion, according to the Gartner Group. BLOCKCHAIN will CHANGE customer loyalty programs forever by giving more control to rewards owners and reducing fraud through the transparency of blockchain technologies. First Bitcoin Capital Corp trading on the OTC Markets as BITCF has developed a unique Blockchain-based airline miles platform, allowing people to buy/exchange/trade/transfer miles without any restrictions, blackout days or other cumbersome rules that airlines impose on their programs. The following statistics may be of interest to our loyal shareholders: 2016 Travel Loyalty Statistics $48 billion worth of points and airline miles are unredeemed ( Maritz ) 75% of travelers are willing to share personal information, such as gender, age and email address, in exchange for tailored promotions, coupons, priority service or loyalty points ( Zebra Technologies ) 46% of loyalty program members said they like the ability to earn points on everyday spending with their airline loyalty program ( Collinson Latitude ) 47% of loyalty program members said they like the ability to earn points on everyday spending with their hotel loyalty program ( Collinson Latitude ) 29% of men have used an airline rewards program in the last three months vs. 20% of women ( Vantiv ) 75% of U.S. consumers would be open to using a site operated by a loyalty program if it allowed easy itinerary adjustments ( Colloquy ) 83% of U.S. consumers would be open to using a site operated by a loyalty program if it were easy to use ( Colloquy ) 69% of U.S. consumers would be open to using a site operated by a loyalty program if it allows for paying all travel expenses with loyalty points ( Colloquy ) 59% of U.S. consumers would be open to using a site operated by a loyalty program if it had a mobile app ( Colloquy ) Nearly 40% of "digital native" Millennials rely on mobile apps to track and redeem their rewards, while across all age groups, the use of plastic membership cards dropped by 4% during 2016 ( Excentus ) 69% of U.S. consumers would be open to using a site operated by a loyalty program if it provides info about planned travel destinations ( Colloquy ) 64% of U.S. consumers would be open to using a site operated by a loyalty program if it kept track of travel preferences ( Colloquy ) 56% of U.S. consumers would be open to using a site operated by a loyalty program if it provided personalized travel recommendations ( Colloquy ) 53% of U.S. consumers would be open to using a site operated by a loyalty program if it offered customization of in-flight amenities ( Colloquy ) 76% of business travelers said they would extend their business trips for leisure if their hotels offered discounts for additional nights or the chance to have a friend or family member join at a discounted rate (Colloquy) 92% of business travelers cited that ease of redemption would get their attention, 84% cited convenience of schedule holding appeal and 73% cited ability to personalize in-flight services (Colloquy) 81% of business travelers cited a higher level of service as having an impact on their evaluation of a loyalty program (Colloquy) 19% of consumers would skip their plans if they were to encounter added charges when booking with loyalty points (Colloquy) 40% of passengers picked their airport based on the airport loyalty program ( ICLP ) When choosing an airport, Generation X (44%) and Millennials (41%) are much more influenced by airport loyalty programs than Baby Boomers (31%) ( ICLP ) 80% of U.S. airline loyalty program members are inactive ( Skift ) 61% of travelers look for loyalty programs with a broad spectrum of rewards ( Collinson Latitude ) Major hotel chains increased loyalty program members in 2015 by 13.1% compared with 2014 ( Skift ) 71% of travelers think the value of a loyalty program decreases if it offers a limited range of rewards ( Collinson Latitude ) 77% of travel loyalty program members continued to spend with a brand and earn further points following a redemption on non-core inventory, compared to just 71% who redeemed on flights and hotels alone ( Collinson Latitude ) 42% of travelers believe that loyalty programs offering only core inventory rewards are "dated and old-fashioned" ( Collinson Latitude ) 40% of travel loyalty program members would tell friends and family about a program following a positive redemption experience ( Collinson Latitude ) 33% of travel loyalty program members would actively encourage family & friends to join the program following a positive redemption experience ( Collinson Latitude ) 48% of Millennials report loyalty programs are important when booking flights and 51% say they use them when booking hotels ( Diamond Resorts ) 39% of Millennials agree: "I don't think it's worthwhile to sign up for loyalty programs" ( ADARA ) 68% of Millennials will remain loyal to a program that offers them the most rewards ( Internet Marketing ) 75% of Millennials will remain loyal to a hotel brand even if they lost all reward points ( Internet Marketing ) 41% of Millennials joined a travel loyalty program because it was easy to use ( Internet Marketing ) Top hotels in terms of customer satisfaction: Hilton, Marriott, Hyatt ( ACSI ) Top hotel loyalty programs based on customer satisfaction: Hilton HHonors, Marriott Rewards, IHG Rewards Club ( JD Power ) 83% of highly satisfied hotel loyalty program members say they "definitely will" recommend the brand ( JD Power ) 77% of hotel loyalty program members say their program is equally as valuable as it was in 2015; 11% say their program is less valuable than the year before ( JD Power ) 40% of customers choose hotel loyalty programs based on convenience of locations ( JD Power ) 55% of the affluent middle class hold frequent flyer memberships, down from 65% in 2014 ( Collinson Group ) InterContinental Hotels Group's IHG Rewards Club is the world's largest hotel loyalty program with more than 92 million members as of December 31, 2015 ( Skift ) About The Company First Bitcoin Capital Corp is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange- www.CoinQX.com . We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges) we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies. At this time the Company owns and operates more than the following digital assets under development: www.CoinQX.com cryptocurrency exchange, registered with FINCEN. www.altcoinmarketcap.com market capitalization for all cryptocurrencies with up and down voting by altcoin communities. www.Alphabitcoinfund.com world's first crypto ETF. www.strain.ID cannabis strains genetic information depository on decentralized Blockchain. www.iCoiNEWS.com real time cryptocurrency and bitcoin news site. www.BITminer.cc providing mining pool management services. www.2016coin.org online daily election coverage and home page for $PRES, $HILL, $GARY& $BURN -commemorative presidential election coins. www.bitcannpay.com Open Loop merchant services for dispensaries. List of most Omni protocol coins issued on the Bitcoin Blockchain and owned by the Company: http://omnichest.info/lookupadd.aspx?address=1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS Second Omni wallet owned by CoinQX reflecting our airline mileage tokens issued: http://omnichest.info/lookupadd.aspx?address=1VuF26AgLyQ4tBoGzYTWRqtDG9zCB7QXe Third (managed) Omni wallet owned by COINQX: http://omnichest.info/lookupadd.aspx?address=1M18oycUdsXv4pKyLLiASREcRGzPu22MxK Forward-Looking Statements Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company's filings, which are on file at www.OTCMarkets.com. Contact us via: [email protected] or visit http://www.bitcoincapitalcorp.com SOURCE: First Bitcoin Capital Corp. || Morgan Stanley Says Investors Shouldn’t Buy Bitcoin. They Should Spend It: Just hours before two audience members urged viewers to “Buy Bitcoin” during Federal Reserve Chair Janet Yellen’s testimony Wednesday, banking giant released a decidedly less glowing recommendation of the cryptocurrency.
The skinny of the Morgan Skinny’s analysis: Rather than buying bitcoin, owners need to be spending it.
“Bitcoin acceptance is virtually zero and shrinking,” the team of Morgan Stanley analysts led by James Faucette wrote.
The bank notes that while five online merchants out of the top 500 tracked by e-commerce analytics site Internet Retailer accepted Bitcoin last year, that figure has now shrunk to three.
Part of the problem?
“Bitcoin owners are reluctant to use the cryptocurrency given its rate of appreciation,” they wrote.
Still, it’s understandable why investors have been so hesitant about spending the cryptocurrency. Bitcoin has been on a winning streakfor the majority of this year. And it is hard to spend something when is has the potential to add $200 in a day or go from say$25 dollars to $22 millionover the course of seven years.
“The [Bitcoin] ecosystem has focused more on value speculation rather than the foot leather-eating work of increasing acceptance,” the team wrote, saying that that focus has made it “way easier to trade speculatively than convince new merchants to accept the cryptocurrency.”
As of now, Bitcoin is facing several challenges in its path toward mainstream usage. In the U.S. at least, the regulatory infrastructure for dealing withthe currency is still bare.
Still, for at least one retailer that accepts Bitcoin, the cryptocurrency is still flowing. Online furniture retailer Overstock.com said earlier this year that it now handles about 100,000 bitcoin transactions a week, up from30,000 a year earlier. And while its not being used by the major retailers noted by Morgan Stanley, it has at the very least been used bymarijuana dispensaries.
Morgan Stanley’s note comes at a time wheninvestors from BlackRock toMark Cubanare crying “bubble” on the cryptocurrency, which has breached severalall-time highs this year.
See original article on Fortune.com
More from Fortune.com
• Bitcoin Photobombers Crashed Janet Yellen's Fed Testimony--and Got Paid $10,000
• Cryptocurrencies Down 23% for July. Is This the Bottom?
• BlackRock's Top Economist Thinks Bitcoin and Ethereum Look Like a Bubble
• Mark Karpeles, CEO of Defunct Bitcoin Exchange Mt. Gox, Pleads Not Guilty in a Japanese Court
• IRS Blinks in Bitcoin Probe, Exempts Coinbase Transactions Under $20,000 || Morgan Stanley Says Investors Shouldn’t Buy Bitcoin. They Should Spend It: Just hours before two audience members urged viewers to “ Buy Bitcoin ” during Federal Reserve Chair Janet Yellen’s testimony Wednesday, banking giant released a decidedly less glowing recommendation of the cryptocurrency. The skinny of the Morgan Skinny’s analysis: Rather than buying bitcoin, owners need to be spending it. “Bitcoin acceptance is virtually zero and shrinking,” the team of Morgan Stanley analysts led by James Faucette wrote. The bank notes that while five online merchants out of the top 500 tracked by e-commerce analytics site Internet Retailer accepted Bitcoin last year, that figure has now shrunk to three. Part of the problem? “Bitcoin owners are reluctant to use the cryptocurrency given its rate of appreciation,” they wrote. Still, it’s understandable why investors have been so hesitant about spending the cryptocurrency. Bitcoin has been on a winning streak for the majority of this year . And it is hard to spend something when is has the potential to add $200 in a day or go from say $25 dollars to $22 million over the course of seven years. “The [Bitcoin] ecosystem has focused more on value speculation rather than the foot leather-eating work of increasing acceptance,” the team wrote, saying that that focus has made it “way easier to trade speculatively than convince new merchants to accept the cryptocurrency.” As of now, Bitcoin is facing several challenges in its path toward mainstream usage. In the U.S. at least, the regulatory infrastructure for dealing with the currency is still bare . Still, for at least one retailer that accepts Bitcoin, the cryptocurrency is still flowing. Online furniture retailer Overstock.com said earlier this year that it now handles about 100,000 bitcoin transactions a week, up from 30,000 a year earlier . And while its not being used by the major retailers noted by Morgan Stanley, it has at the very least been used by marijuana dispensaries . Story continues Morgan Stanley’s note comes at a time when investors from BlackRock to Mark Cuban are crying “ bubble ” on the cryptocurrency, which has breached several all-time highs this year. See original article on Fortune.com More from Fortune.com Bitcoin Photobombers Crashed Janet Yellen's Fed Testimony--and Got Paid $10,000 Cryptocurrencies Down 23% for July. Is This the Bottom? BlackRock's Top Economist Thinks Bitcoin and Ethereum Look Like a Bubble Mark Karpeles, CEO of Defunct Bitcoin Exchange Mt. Gox, Pleads Not Guilty in a Japanese Court IRS Blinks in Bitcoin Probe, Exempts Coinbase Transactions Under $20,000 || Morgan Stanley Says Investors Shouldn’t Buy Bitcoin. They Should Spend It: Just hours before two audience members urged viewers to “Buy Bitcoin” during Federal Reserve Chair Janet Yellen’s testimony Wednesday, banking giant released a decidedly less glowing recommendation of the cryptocurrency.
The skinny of the Morgan Skinny’s analysis: Rather than buying bitcoin, owners need to be spending it.
“Bitcoin acceptance is virtually zero and shrinking,” the team of Morgan Stanley analysts led by James Faucette wrote.
The bank notes that while five online merchants out of the top 500 tracked by e-commerce analytics site Internet Retailer accepted Bitcoin last year, that figure has now shrunk to three.
Part of the problem?
“Bitcoin owners are reluctant to use the cryptocurrency given its rate of appreciation,” they wrote.
Still, it’s understandable why investors have been so hesitant about spending the cryptocurrency. Bitcoin has been on a winning streakfor the majority of this year. And it is hard to spend something when is has the potential to add $200 in a day or go from say$25 dollars to $22 millionover the course of seven years.
“The [Bitcoin] ecosystem has focused more on value speculation rather than the foot leather-eating work of increasing acceptance,” the team wrote, saying that that focus has made it “way easier to trade speculatively than convince new merchants to accept the cryptocurrency.”
As of now, Bitcoin is facing several challenges in its path toward mainstream usage. In the U.S. at least, the regulatory infrastructure for dealing withthe currency is still bare.
Still, for at least one retailer that accepts Bitcoin, the cryptocurrency is still flowing. Online furniture retailer Overstock.com said earlier this year that it now handles about 100,000 bitcoin transactions a week, up from30,000 a year earlier. And while its not being used by the major retailers noted by Morgan Stanley, it has at the very least been used bymarijuana dispensaries.
Morgan Stanley’s note comes at a time wheninvestors from BlackRock toMark Cubanare crying “bubble” on the cryptocurrency, which has breached severalall-time highs this year.
See original article on Fortune.com
More from Fortune.com
• Bitcoin Photobombers Crashed Janet Yellen's Fed Testimony--and Got Paid $10,000
• Cryptocurrencies Down 23% for July. Is This the Bottom?
• BlackRock's Top Economist Thinks Bitcoin and Ethereum Look Like a Bubble
• Mark Karpeles, CEO of Defunct Bitcoin Exchange Mt. Gox, Pleads Not Guilty in a Japanese Court
• IRS Blinks in Bitcoin Probe, Exempts Coinbase Transactions Under $20,000 || Alphabet's Nest Cam IQ recognizes burglars' faces—for a steep price: Overall, the Internet of Things revolution has been a bust.
You know—all those coffee makers, garage-door openers, and washer-dryers that we can control with apps on our phones. Only a couple of categories seem even worth messing with: internet-connected thermostats, and home security cameras.
These are tiny WiFi cameras that you can plunk around your house—and then spy from your phone, wherever you go in the world. You can see who’s at the front door, see if the baby’s awake, see if the nanny is overfeeding your kids, or monitor your home for motion when you’re not paying attention.
Two years ago, Nest, which is a part of Google parent Alphabet (GOOG,GOOGL), introduced the Nest Cam ($200), which was a tweaked-up version of the former Dropcam, which Nest had bought for $550 million. Feel free to re-read that sentence.
The Nest Cam was a fine product, soon joined by a weatherproof model, Nest Cam Outdoor. In addition to the usual function—letting you see what’s going on back at home, and alerting you when there’s motion—they also have two-way audio, so that you can yell at the room by remote control when you see something amiss. You know: “Xerxes, DOWN! Off the couch. DOWN!”
Now there’s theNest Cam IQ,which raises the price by 50% to a nose-bleedy $300. (The earlier cameras remain available.) That extra $100 buys you improved picture and sound, plus facial recognition. That is, the camera learns what people in your home look like, using the same facial algorithms found in Google Photos. At that point, it can alert you only when astrangeris poking around your house.
As with the other Nest Cams, this one is super easy to set up. You create a Nest account, plug in the camera’s 10-foot power cord, and then use your phone to scan the barcode on the bottom of the camera. Suddenly, it’s set up. Its current camera view appears right in the same Nest app that you use to control your Nest thermostats and smoke detectors.
As before, you can’t actually make the physical lens move by remote control to pan around the room, as you can on some rival products. But youcanpan and zoom—with your fingers on the screen. Since the camera’s view is 130 degrees, you can actually see the entire room at once, and then zoom and pan to any part of the room.
Better yet, the new camera is actually a 4K camera, meaning that it has four times as many pixels as high definition. That feature doesn’t help with spying on your home or playing back recordings, since all of that still takes place in 1080p hi-def. Itisuseful when you’ve zoomed in with your fingers. A special button (hidden, alas, until you tap the screen) at that point harvests the extra pixels to sharpen up the image. I’m guessing it works best if you shout “Enhance!” as you tap, like they do on TV.
The 4K sensor also makes possible Supersight, a feature that’s supposed to auto-zoom and auto-track a face as it enters the frame, with the original full-room view as an inset.
In practice, it’s more like not-so-Super Sight. Sometimes it doesn’t kick in at all. Sometimes it pans so aggressively in the direction the thief is walking that it pans right past him. Seems like it’s expecting the evildoer to move at just the right speed, or it doesn’t really work.
As before, the picture and sound are delayed by a couple of seconds. Don’t try to practice your comic timing with the folks back at home over the Nest Cam.
The clarity of the image (and the sound), on the other hand, are terrific. Thanks to night vision, you even get 15 feet of incredible clarity in total darkness.
The original Nest Cam used to go off too often, triggered by cats and dogs, cars outside the window, and so on. It became the security camera that cried wolf; you wound up ignoring the notifications, or turning them off.
The IQ still sends a lot of false positives, but the facial recognition really helps.
In the first week of using the new camera, the phone app shows you the faces of people it spots passing through the room. You’re asked, “Do you know this person?” for each one. There will be repetitions during those first days, but eventually, the app will know who’s entitled to be in your home, and who’s not.
And sure enough: the IQ now lets you know only when someoneunauthorized is in your home. It’s a brilliant, important feature.
It is not, however, a Google invention. TheNetatmo Welcomecamera was the first with facial recognition (and, soon, dog and cat recognition)—and it costs $100 less.
The subscription news
All of the spying fun you’ve read about so far is free. Unfortunately, you have to pay a monthly fee to getthe good stuff. It’s $10 a month, or $100 a year.
Here’s what that gets you:
• Continuous, 24/7 recordings of everything that’s happened in your house, going back 10 days. Either on the phone or on the Nest website, you can catch something you missed with the camcorder, like your baby’s first steps or a pet’s funny trick. Freeze the frame on whoever keeps spilling food on the couch. Settle an argument (or prolong one) by proving who brought the subject up first. (Without the subscription, you get only a three-hour rewind window.)
• Share clips of all that, or make time-lapse videos of it
• Notifications of audio events like a dog barking or people talking
• Notifications when familiar faces are spotted
• Activity zones: Up to four parts of the room that you want the camera to ignore or pay particular attention to. (Unfortunately, facial recognition doesn’t respect these zones—it’s always on—so faces on a TV trigger alerts.)
(At least standard “I’ve spotted a face!” notifications are now included. The previous Nest cameras required a subscription even for that feature.)
I’ll just say it: I can’t stand monthly subscriptions. They’re an unnecessary money gouge. Especially when you remember that you need one subscription foreach camera(although additional subscriptions are half price).
Besides, plenty of rival cameras also store your recordings online for free, or onto a memory card. And some of them have cool features that the Nest doesn’t. And none of them cost as much:
• Netgear Arlo Pro ($228):Wireless and battery powered or wired. Weatherproof. Multi-camera discounts. Seven days’ worth of footage storage online for free; 30 days’ worth for $10 a month.
• iControl Piper nv ($270): No subscription plans (records 1,000 motion-triggered clips online for free), but no continuous recording, either. Also tracks outside temp and humidity levels, and issues weather warnings. Acts as a hub for smart-home devices.
• D-Link DCS-2530L Full HD 180-Degree Wi-Fi Camera ($132):Records to a memory card, so no subscription necessary.
• Samsung SmartCam PT ($160):You can pan and tilt the camera from afar, with auto-tracking of a person in the room. Records to a memory card, so no subscription necessary. Privacy mode: When you’re home, camera aims down and shuts off.
• Netatmo Welcome ($200):Face recognition. Stores clips on a memory card (no 24/7 recording).
Make no mistake: The Nest Cam IQ is a fantastic home-security camera. Simple to set up, easy to use, super smart facial recognition, and the best picture and sound on the market. For its core function, it’s among the best home-security cameras you can buy—and buy, and buy, and buy.
Correction: This post originally stated that Nest is owned by Google. In fact, it is owned by Google parent Alphabet. The error has been corrected.
More from David Pogue:
Electrify your existing bike in 2 minutes with these ingenious wheels
Marty Cooper, inventor of the cellphone: The next step is implantables
The David Pogue Review: Windows 10 Creators Update
Now I get it: Bitcoin
David Pogue’s search for the world’s best air-travel app
The little-known iPhone feature that lets blind people see with their fingers
David Pogue, tech columnist for Yahoo Finance, welcomes nontoxic comments in the comments section below. On the web, he’sdavidpogue.com. On Twitter, he’s@pogue. On email, he’s [email protected]. You canread all his articles here, or you can sign up toget his columns by email. || Alphabet's Nest Cam IQ recognizes burglars' facesfor a steep price: Overall, the Internet of Things revolution has been a bust. You knowall those coffee makers, garage-door openers, and washer-dryers that we can control with apps on our phones. Only a couple of categories seem even worth messing with: internet-connected thermostats, and home security cameras. Meet the WiFi home security cam. These are tiny WiFi cameras that you can plunk around your houseand then spy from your phone, wherever you go in the world. You can see whos at the front door, see if the babys awake, see if the nanny is overfeeding your kids, or monitor your home for motion when youre not paying attention. Two years ago, Nest, which is a part of Google parent Alphabet ( GOOG , GOOGL ), introduced the Nest Cam ($200), which was a tweaked-up version of the former Dropcam, which Nest had bought for $550 million. Feel free to re-read that sentence. The Nest Cam was a fine product, soon joined by a weatherproof model, Nest Cam Outdoor. In addition to the usual functionletting you see whats going on back at home, and alerting you when theres motionthey also have two-way audio, so that you can yell at the room by remote control when you see something amiss. You know: Xerxes, DOWN! Off the couch. DOWN! The Nest Cam IQ has a tilting neck and a speaker on the back. Now theres the Nest Cam IQ, which raises the price by 50% to a nose-bleedy $300. (The earlier cameras remain available.) That extra $100 buys you improved picture and sound, plus facial recognition. That is, the camera learns what people in your home look like, using the same facial algorithms found in Google Photos. At that point, it can alert you only when a stranger is poking around your house. This camera doesnt waste your time when it spots family members. Whats the same As with the other Nest Cams, this one is super easy to set up. You create a Nest account, plug in the cameras 10-foot power cord, and then use your phone to scan the barcode on the bottom of the camera. Suddenly, its set up. Its current camera view appears right in the same Nest app that you use to control your Nest thermostats and smoke detectors. Story continues The cameras image shows up in the same app that controls Nest thermostats and smoke detectors. As before, you cant actually make the physical lens move by remote control to pan around the room, as you can on some rival products. But you can pan and zoomwith your fingers on the screen. Since the cameras view is 130 degrees, you can actually see the entire room at once, and then zoom and pan to any part of the room. Better yet, the new camera is actually a 4K camera, meaning that it has four times as many pixels as high definition. That feature doesnt help with spying on your home or playing back recordings, since all of that still takes place in 1080p hi-def. It is useful when youve zoomed in with your fingers. A special button (hidden, alas, until you tap the screen) at that point harvests the extra pixels to sharpen up the image. Im guessing it works best if you shout Enhance! as you tap, like they do on TV. The 4K camera pays off when you want to zoom-and-enhance. The 4K sensor also makes possible Supersight, a feature thats supposed to auto-zoom and auto-track a face as it enters the frame, with the original full-room view as an inset. SuperSight is supposed to pan and zoom to follow the intruder. In practice, its more like not-so-Super Sight. Sometimes it doesnt kick in at all. Sometimes it pans so aggressively in the direction the thief is walking that it pans right past him. Seems like its expecting the evildoer to move at just the right speed, or it doesnt really work. As before, the picture and sound are delayed by a couple of seconds. Dont try to practice your comic timing with the folks back at home over the Nest Cam. The clarity of the image (and the sound), on the other hand, are terrific. Thanks to night vision, you even get 15 feet of incredible clarity in total darkness. Notifications The original Nest Cam used to go off too often, triggered by cats and dogs, cars outside the window, and so on. It became the security camera that cried wolf; you wound up ignoring the notifications, or turning them off. The IQ still sends a lot of false positives, but the facial recognition really helps. In the first week of using the new camera, the phone app shows you the faces of people it spots passing through the room. Youre asked, Do you know this person? for each one. There will be repetitions during those first days, but eventually, the app will know whos entitled to be in your home, and whos not. During the first week with your Nest, it tries to learn your familys faces. And sure enough: the IQ now lets you know only when someone un authorized is in your home. Its a brilliant, important feature. It is not, however, a Google invention. The Netatmo Welcome camera was the first with facial recognition (and, soon, dog and cat recognition)and it costs $100 less. The subscription news All of the spying fun youve read about so far is free. Unfortunately, you have to pay a monthly fee to get the good stuff . Its $10 a month, or $100 a year. Heres what that gets you: Continuous, 24/7 recordings of everything thats happened in your house, going back 10 days. Either on the phone or on the Nest website, you can catch something you missed with the camcorder, like your babys first steps or a pets funny trick. Freeze the frame on whoever keeps spilling food on the couch. Settle an argument (or prolong one) by proving who brought the subject up first. (Without the subscription, you get only a three-hour rewind window.) Share clips of all that, or make time-lapse videos of it Notifications of audio events like a dog barking or people talking Notifications when familiar faces are spotted Activity zones: Up to four parts of the room that you want the camera to ignore or pay particular attention to. (Unfortunately, facial recognition doesnt respect these zonesits always onso faces on a TV trigger alerts.) (At least standard Ive spotted a face! notifications are now included. The previous Nest cameras required a subscription even for that feature.) Ill just say it: I cant stand monthly subscriptions. Theyre an unnecessary money gouge. Especially when you remember that you need one subscription for each camera (although additional subscriptions are half price). Besides, plenty of rival cameras also store your recordings online for free, or onto a memory card. And some of them have cool features that the Nest doesnt. And none of them cost as much: Netgear Arlo Pro ($228): Wireless and battery powered or wired. Weatherproof. Multi-camera discounts. Seven days worth of footage storage online for free; 30 days worth for $10 a month. iControl Piper nv ($270) : No subscription plans (records 1,000 motion-triggered clips online for free), but no continuous recording, either. Also tracks outside temp and humidity levels, and issues weather warnings. Acts as a hub for smart-home devices. D-Link DCS-2530L Full HD 180-Degree Wi-Fi Camera ($132): Records to a memory card, so no subscription necessary. Samsung SmartCam PT ($160): You can pan and tilt the camera from afar, with auto-tracking of a person in the room. Records to a memory card, so no subscription necessary. Privacy mode: When youre home, camera aims down and shuts off. Netatmo Welcome ($200): Face recognition. Stores clips on a memory card (no 24/7 recording). Make no mistake: The Nest Cam IQ is a fantastic home-security camera. Simple to set up, easy to use, super smart facial recognition, and the best picture and sound on the market. For its core function, its among the best home-security cameras you can buyand buy, and buy, and buy. Correction: This post originally stated that Nest is owned by Google. In fact, it is owned by Google parent Alphabet. The error has been corrected. More from David Pogue: Electrify your existing bike in 2 minutes with these ingenious wheels Marty Cooper, inventor of the cellphone: The next step is implantables The David Pogue Review: Windows 10 Creators Update Now I get it: Bitcoin David Pogues search for the worlds best air-travel app The little-known iPhone feature that lets blind people see with their fingers David Pogue, tech columnist for Yahoo Finance, welcomes nontoxic comments in the comments section below. On the web, hes davidpogue.com . On Twitter, hes @pogue . On email, hes [email protected]. You can read all his articles here , or you can sign up to get his columns by email . || Swiss private bank Falcon introduces bitcoin asset management: By Brenna Hughes Neghaiwi ZURICH (Reuters) - Wealthy clients of Swiss private bank Falcon will be able to store and trade bitcoins via their cash holdings with the bank from Wednesday, a move that signals the traction the virtual currency is gaining even in slow-changing asset management. The group's new blockchain asset management service is being offered in partnership with cryptocurrency broker Bitcoin Suisse. "We are proud to be the first-mover in the Swiss private banking area to provide blockchain asset management for our clients," Arthur Vayloyan, Falcon's global head of products and services, said in a statement. "Falcon is convinced that the time is right to enter this nascent market and it is our firm belief that this new product will fulfill our clients' future needs," he said. Bitcoin, the primary cryptocurrency, relies on "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. The first to solve the puzzle and clear the transaction is rewarded with new bitcoins. While some remain skeptical, investors have begun warming to the technology, wooed by its explosive performance and the potential that the currency can compete with gold and government-issued money as a store of value. Fidelity Investments said in May that clients with bitcoins and other virtual currencies held on digital asset exchange Coinbase would be able to see their holdings on the Fidelity website, making it one of just a handful of large financial services firms to integrate digital currencies into its website. The virtual currency hit a record of almost $3,000 last month but has fallen over 20 percent since then to $2,375 on Wednesday. Its value has still more than tripled in the last year. Falcon, one of the Swiss banks ensnared in the Malaysian corruption scandal surrounding the troubled 1MDB fund, said the new offering was part of its strategic repositioning. The Zurich-based bank said its bitcoin asset management product had regulatory approval from Swiss financial watchdog FINMA, which declined to comment on individual providers or products. "It has been a pleasure assisting Falcon in realising this new product, which is nothing less than a historic milestone for the entire crypto space," Bitcoin Suisse Chief Executive Niklas Nikolajsen said. (Reporting by Brenna Hughes Neghaiwi; Editing by Edmund Blair) || Swiss private bank Falcon introduces bitcoin asset management: By Brenna Hughes Neghaiwi
ZURICH (Reuters) - Wealthy clients of Swiss private bank Falcon will be able to store and trade bitcoins via their cash holdings with the bank from Wednesday, a move that signals the traction the virtual currency is gaining even in slow-changing asset management.
The group's new blockchain asset management service is being offered in partnership with cryptocurrency broker Bitcoin Suisse.
"We are proud to be the first-mover in the Swiss private banking area to provide blockchain asset management for our clients," Arthur Vayloyan, Falcon's global head of products and services, said in a statement.
"Falcon is convinced that the time is right to enter this nascent market and it is our firm belief that this new product will fulfill our clients' future needs," he said.
Bitcoin, the primary cryptocurrency, relies on "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. The first to solve the puzzle and clear the transaction is rewarded with new bitcoins.
While some remain skeptical, investors have begun warming to the technology, wooed by its explosive performance and the potential that the currency can compete with gold and government-issued money as a store of value.
Fidelity Investments said in May that clients with bitcoins and other virtual currencies held on digital asset exchange Coinbase would be able to see their holdings on the Fidelity website, making it one of just a handful of large financial services firms to integrate digital currencies into its website.
The virtual currency hit a record of almost $3,000 last month but has fallen over 20 percent since then to $2,375 on Wednesday. Its value has still more than tripled in the last year.
Falcon, one of the Swiss banks ensnared in the Malaysian corruption scandal surrounding the troubled 1MDB fund, said the new offering was part of its strategic repositioning.
The Zurich-based bank said its bitcoin asset management product had regulatory approval from Swiss financial watchdog FINMA, which declined to comment on individual providers or products.
"It has been a pleasure assisting Falcon in realising this new product, which is nothing less than a historic milestone for the entire crypto space," Bitcoin Suisse Chief Executive Niklas Nikolajsen said.
(Reporting by Brenna Hughes Neghaiwi; Editing by Edmund Blair) || MORGAN STANLEY: 'Bitcoin acceptance is virtually zero and shrinking': (FILE PHOTO - A Bitcoin sign is seen in a window in TorontoThomson Reuters)
Theprice of bitcoinis up over 250% since last year, but acceptance of the cryptocurrency as a form of payment among top merchants has declined.
A research note out Wednesday by a group of analysts at Morgan Stanley led by James E Faucette said "bitcoin acceptance is virtually zero and shrinking," despite its impressive appreciation.
According to the bank, last year bitcoin was accepted at five of a group of 500 top online merchants. Today, only three of those merchants accept bitcoin as a form of payment.
"The disparity between virtually no merchant acceptance and bitcoin’s rapid appreciation is striking," the analysts wrote.
The investment bank outlined three reasons for the decline in bitcoin acceptance among merchants.
The first reason has to do with the appreciation of bitcoin. Most owners of the cryptocurrency are unwilling to let go of their holdings to pay for goods because they expect the price of bitcoin to go up. This point underpins the bank's thesis thatbitcoin mainly functions as aninvestment vehiclerather than fiat currency that you could spend on goods and services.
Issues with bitcoin's scalability, which has made transactions slow and expensive, is another reason the bank thinks merchants find bitcoin unappealing as a form of payment.
Finally, there has been a lack of pressure from the people who run the bitcoin infrastructure, according to the bank, to push merchants to accept bitcoin as a form of payment.
"The ecosystem has focused more on value speculation rather than the foot leather-eating work of increasing acceptance - way easier to trade speculatively than convince new merchants to accept the cryptocurrency," the bank said.
The bank notes that, while many merchants are uninterested in accepting bitcoin as a form of payment, many find the technology that underpins the cryptocurrency as a tech they could use to improve their infrastructure.
NOW WATCH:This map reveals how much $100 is actually worth in your state
More From Business Insider
• Cryptocurrencies are continuing to fall after China's shock ICO ban
• Here's why China's crypto crackdown is 'bigger than most people think'
• There was a $20 billion cryptocurrency price correction over the weekend || MORGAN STANLEY: 'Bitcoin acceptance is virtually zero and shrinking': (FILE PHOTO - A Bitcoin sign is seen in a window in TorontoThomson Reuters)
Theprice of bitcoinis up over 250% since last year, but acceptance of the cryptocurrency as a form of payment among top merchants has declined.
A research note out Wednesday by a group of analysts at Morgan Stanley led by James E Faucette said "bitcoin acceptance is virtually zero and shrinking," despite its impressive appreciation.
According to the bank, last year bitcoin was accepted at five of a group of 500 top online merchants. Today, only three of those merchants accept bitcoin as a form of payment.
"The disparity between virtually no merchant acceptance and bitcoin’s rapid appreciation is striking," the analysts wrote.
The investment bank outlined three reasons for the decline in bitcoin acceptance among merchants.
The first reason has to do with the appreciation of bitcoin. Most owners of the cryptocurrency are unwilling to let go of their holdings to pay for goods because they expect the price of bitcoin to go up. This point underpins the bank's thesis thatbitcoin mainly functions as aninvestment vehiclerather than fiat currency that you could spend on goods and services.
Issues with bitcoin's scalability, which has made transactions slow and expensive, is another reason the bank thinks merchants find bitcoin unappealing as a form of payment.
Finally, there has been a lack of pressure from the people who run the bitcoin infrastructure, according to the bank, to push merchants to accept bitcoin as a form of payment.
"The ecosystem has focused more on value speculation rather than the foot leather-eating work of increasing acceptance - way easier to trade speculatively than convince new merchants to accept the cryptocurrency," the bank said.
The bank notes that, while many merchants are uninterested in accepting bitcoin as a form of payment, many find the technology that underpins the cryptocurrency as a tech they could use to improve their infrastructure.
NOW WATCH:This map reveals how much $100 is actually worth in your state
More From Business Insider
• Cryptocurrencies are continuing to fall after China's shock ICO ban
• Here's why China's crypto crackdown is 'bigger than most people think'
• There was a $20 billion cryptocurrency price correction over the weekend || MORGAN STANLEY: 'Bitcoin acceptance is virtually zero and shrinking': FILE PHOTO - A Bitcoin sign is seen in a window in Toronto, May 8, 2014. REUTERS/Mark Blinch/File Photo (FILE PHOTO - A Bitcoin sign is seen in a window in TorontoThomson Reuters) The price of bitcoin is up over 250% since last year, but acceptance of the cryptocurrency as a form of payment among top merchants has declined. A research note out Wednesday by a group of analysts at Morgan Stanley led by James E Faucette said "bitcoin acceptance is virtually zero and shrinking," despite its impressive appreciation. According to the bank, last year bitcoin was accepted at five of a group of 500 top online merchants. Today, only three of those merchants accept bitcoin as a form of payment. "The disparity between virtually no merchant acceptance and bitcoin’s rapid appreciation is striking," the analysts wrote. The investment bank outlined three reasons for the decline in bitcoin acceptance among merchants. The first reason has to do with the appreciation of bitcoin. Most owners of the cryptocurrency are unwilling to let go of their holdings to pay for goods because they expect the price of bitcoin to go up. This point underpins the bank's thesis that bitcoin mainly functions as an investment vehicle rather than fiat currency that you could spend on goods and services. Issues with bitcoin's scalability, which has made transactions slow and expensive, is another reason the bank thinks merchants find bitcoin unappealing as a form of payment. Finally, there has been a lack of pressure from the people who run the bitcoin infrastructure, according to the bank, to push merchants to accept bitcoin as a form of payment. "The ecosystem has focused more on value speculation rather than the foot leather-eating work of increasing acceptance - way easier to trade speculatively than convince new merchants to accept the cryptocurrency," the bank said. The bank notes that, while many merchants are uninterested in accepting bitcoin as a form of payment, many find the technology that underpins the cryptocurrency as a tech they could use to improve their infrastructure. Story continues NOW WATCH: This map reveals how much $100 is actually worth in your state More From Business Insider Cryptocurrencies are continuing to fall after China's shock ICO ban Here's why China's crypto crackdown is 'bigger than most people think' There was a $20 billion cryptocurrency price correction over the weekend || $12 billion wiped off value of bitcoin since record high 30 days ago as it floats near one-month low: Bitcoin (Exchange: BTC=-USS) hit a near one-month low on Wednesday and has seen more than $12 billion wiped off its value in the last 30 days, amid nervousness in the cryprocurrency market. The price of bitcoin fell to $2,272.32, its lowest level since June 15, when it slumped to $2,185.96, according to data from CoinDesk. The price did recover on Wednesday slightly to a high of $2,354.41. It's also significantly off the $3,025.47 all-time high reached on June 11 , just over a month ago. In this timeframe, its market capitalization or value has fallen by $12.2 billion. A major pullback is taking place at the moment in the cryptocurrency world after huge rallies. When bitcoin hit its record high in June, it had seen a more than 600 percent rally since the start of the year. Even with Wednesday's fall, it is still up nearly 450 percent year-to-date. That has raised concerns about the frothiness in the market at the moment, which could be part of the reason for the pullback. Richard Turnill, BlackRock's global chief investment strategist, earlier this week warned about a potential bubble in cryptocurrencies. "I look at the charts, and to me that looks pretty scary," Turnill said, according to a Reuters report. Cryptocurrency traders are also uncertain with some unsure about the future trading pattern for bitcoin. "I'm waiting for more downside before I rebuy, but frankly I'm even having trouble telling what it's going to do, which probably reflects the uncertainty in the market itself," cryptocurrency trader Jason Hamilton, told CNBC via Twitter. Roy Sebag, who is the CEO of GoldMoney, a platform to let people buy and trade the precious metal, is also a notable investor in cryptocurrencies. But the entrepreneur told CNBC via a Twitter exchange that he sold most of his bitcoin holdings because the market has reached the top. TWEET 'Fork' debate back in focus The bitcoin community is also nervous about a planned change to the underlying code of the cryptocurrency's protocol. Bitcoin transactions are taking longer than ever to process because the size of transactions on the blockchain, which is the technology that underpins the cyrptocurrency, is limited. This so-called "scaling debate" has led to two separate proposals about how to increase the block size and speed up transactions. Transactions by users are gathered into "blocks" which is turned into a complex math solution. So-called miners, using high-powered computers work these solutions out to determine if the transaction is possible. Once other miners also check the puzzle is correct, the transactions are approved and the miners are rewarded in bitcoin. Story continues But there is a big backlog in transactions and the speed at which these are processed is slowing. That's because the rules of bitcoin only allow a certain amount of transactions through in one block. One solution proposed by Bitcoin Core, a group of developers that guard bitcoin's code, suggests a solution known as SegWit, which is explained here . This would lead to a so-called "soft fork" which would increase the block size. But it could mean less fees for miners, which are the people who verify and process transactions on the blockchain. These miners are unhappy with SegWit and have suggested an alternative code change known as Bitcoin Unlimited. This would increase the block size significantly, but would also make their version of the bitcoin protocol incompatible with the original version. As a result, a "hard fork" would take place, splitting the bitcoin blockchain in two, and even resulting in two separate coins. Investors would theoretically then hold some of the original bitcoin tokens, as well as the new Bitcoin Unlimited. Each proposal requires large support from the participants in the bitcoin's ecosystem, but there is strong disagreement. BTCC is a massive bitcoin exchange in China which signaled support for the SegWit proposal. Its CEO Bobby Lee told CNBC that he is "confident" a solution will be found, but the uncertainty could be a reason why the bitcoin price has paused for breath. "Not everyone is on the same page, there are people worried, some may be selling bitcoin," Lee told CNBC by phone on Wednesday. WATCH: These are the unexpected winners of the cryptocurrency craze More From CNBC Samsung to back European start-ups with $150 million investment fund Bank alternative Revolut raises $66 million in venture capital investment; eyes expansion in Asia, US Digital currency ethereum crashes below $200 to hit 40-day low; down 50 percent since all-time high View comments || $12 billion wiped off value of bitcoin since record high 30 days ago as it floats near one-month low: Bitcoin (Exchange: BTC=-USS) hit a near one-month low on Wednesday and has seen more than $12 billion wiped off its value in the last 30 days, amid nervousness in the cryprocurrency market. The price of bitcoin fell to $2,272.32, its lowest level since June 15, when it slumped to $2,185.96, according to data from CoinDesk. The price did recover on Wednesday slightly to a high of $2,354.41. It's also significantly off the $3,025.47 all-time high reached on June 11 , just over a month ago. In this timeframe, its market capitalization or value has fallen by $12.2 billion. A major pullback is taking place at the moment in the cryptocurrency world after huge rallies. When bitcoin hit its record high in June, it had seen a more than 600 percent rally since the start of the year. Even with Wednesday's fall, it is still up nearly 450 percent year-to-date. That has raised concerns about the frothiness in the market at the moment, which could be part of the reason for the pullback. Richard Turnill, BlackRock's global chief investment strategist, earlier this week warned about a potential bubble in cryptocurrencies. "I look at the charts, and to me that looks pretty scary," Turnill said, according to a Reuters report. Cryptocurrency traders are also uncertain with some unsure about the future trading pattern for bitcoin. "I'm waiting for more downside before I rebuy, but frankly I'm even having trouble telling what it's going to do, which probably reflects the uncertainty in the market itself," cryptocurrency trader Jason Hamilton, told CNBC via Twitter. Roy Sebag, who is the CEO of GoldMoney, a platform to let people buy and trade the precious metal, is also a notable investor in cryptocurrencies. But the entrepreneur told CNBC via a Twitter exchange that he sold most of his bitcoin holdings because the market has reached the top. TWEET 'Fork' debate back in focus The bitcoin community is also nervous about a planned change to the underlying code of the cryptocurrency's protocol. Bitcoin transactions are taking longer than ever to process because the size of transactions on the blockchain, which is the technology that underpins the cyrptocurrency, is limited. This so-called "scaling debate" has led to two separate proposals about how to increase the block size and speed up transactions. Transactions by users are gathered into "blocks" which is turned into a complex math solution. So-called miners, using high-powered computers work these solutions out to determine if the transaction is possible. Once other miners also check the puzzle is correct, the transactions are approved and the miners are rewarded in bitcoin. Story continues But there is a big backlog in transactions and the speed at which these are processed is slowing. That's because the rules of bitcoin only allow a certain amount of transactions through in one block. One solution proposed by Bitcoin Core, a group of developers that guard bitcoin's code, suggests a solution known as SegWit, which is explained here . This would lead to a so-called "soft fork" which would increase the block size. But it could mean less fees for miners, which are the people who verify and process transactions on the blockchain. These miners are unhappy with SegWit and have suggested an alternative code change known as Bitcoin Unlimited. This would increase the block size significantly, but would also make their version of the bitcoin protocol incompatible with the original version. As a result, a "hard fork" would take place, splitting the bitcoin blockchain in two, and even resulting in two separate coins. Investors would theoretically then hold some of the original bitcoin tokens, as well as the new Bitcoin Unlimited. Each proposal requires large support from the participants in the bitcoin's ecosystem, but there is strong disagreement. BTCC is a massive bitcoin exchange in China which signaled support for the SegWit proposal. Its CEO Bobby Lee told CNBC that he is "confident" a solution will be found, but the uncertainty could be a reason why the bitcoin price has paused for breath. "Not everyone is on the same page, there are people worried, some may be selling bitcoin," Lee told CNBC by phone on Wednesday. WATCH: These are the unexpected winners of the cryptocurrency craze More From CNBC Samsung to back European start-ups with $150 million investment fund Bank alternative Revolut raises $66 million in venture capital investment; eyes expansion in Asia, US Digital currency ethereum crashes below $200 to hit 40-day low; down 50 percent since all-time high View comments || Bitcoin is giving gold a run for its money: trader: ByDavid Nelson, CFA
Stocks ended the shortened holiday week close to the flatline. Bonds and gold finished under pressure, as investors rotated out of traditional safe haven assets. US yields pushed higher on the heels of a better-than-expected jobs report coming in at 222k (above consensus at 185k).
German 10-year yields also rose, holding onto their post-election breakout last November.
Even Japanese 10-year yields—in a nearly two-decade slump—are threatening to break the downtrend line.
However, of more concern for asset allocators, is gold (GLD,GC=F)—the ultimate safe haven trade. This is the asset that’s supposed to protect us from all adversaries (e.g., inflation, geopolitical turmoil … even a nuclear event).
Early in the year, the yellow metal put in a bottom and, certainly on a short-term basis, gold bugs could rejoice. After the lows late December, gold shot up a quick 25%, and even after a rough couple of weeks, is still up close to 15% for 2017.
Despite its year-to-date strength, I find the breakdown last week concerning, as it comes in the face of dollar weakness, where there is a strong inverse correlation. Gold’s selloff after the election was textbook, as the US dollar climbed higher on hopes of the Trump agenda igniting the reflation trade.
The rise in gold after the bottom in December was in lockstep with the fall of the Greenback. However, starting in June, the ultimate safe haven trade has struggled even in the face of continued dollar weakness.
Benign inflation certainly hasn’t helped the gold price action. Central bankers are quick to tell us they expect inflation to meet their target, failing to recognize that cheap oil, which touches the cost of many products, is a secular—not cyclical—dynamic.
Geopolitical instability or military action often provides a lift in gold. However, following North Korea’s test launch of an ICBM near the Fourth of July break, gold barely budged, dashing hopes of a breakout.
Cryptocurrencies and, of course Bitcoin, have captured the attention of nearly every speculator on the planet. There’s no doubt the underlying technology, blockchain, is here to stay. Many banks, including JPMorgan (JPM), are exploring it as well as developing their own systems.
It wasn’t that long ago that I interviewed NASDAQ Vice Chair Sandy Frucher on iHeart Radio, where he told me to expect NASDAQ to embrace blockchain for its back office and clearing operations.
Gold has long been the alternative to fiat currencies—giving its holder a hard asset that retains value in the face of any geopolitical, inflationary, or economic challenge.
How much is that worth in the face of competition? Therein lies the concern. The first human interaction with gold likely took place nearly 3,000 years before Christ—so there’s some 5,000 years of history. It’s way too soon to write off gold as the alternative currency of choice, but competition usually means lower prices.
Bitcoin’s success will likely come at the expense of gold and provide another example of thezero-sum-game.
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Please contact your Belpointe investment advisor representative if there are any changes in your financial situation or investment objectives.
Investment advice is offered through Belpointe Asset Management, LLC. Past performance is no guarantee of future returns. Insurance products are offered through Belpointe Insurance, LLC and Belpointe Specialty Insurance, LLC. It is important to read our email disclosures available at this link:http://belpointe.com/disclosures. || Bitcoin is giving gold a run for its money: trader: How safe is the safe haven trade? By David Nelson, CFA Stocks ended the shortened holiday week close to the flatline. Bonds and gold finished under pressure, as investors rotated out of traditional safe haven assets. US yields pushed higher on the heels of a better-than-expected jobs report coming in at 222k (above consensus at 185k). US 10-year yield 5 years Source: Bloomberg German 10-year yields also rose, holding onto their post-election breakout last November. German 10-year yield 5 years Source: Bloomberg Will Japan be next? Even Japanese 10-year yieldsin a nearly two-decade slumpare threatening to break the downtrend line. Source: Bloomberg However, of more concern for asset allocators, is gold ( GLD , GC=F )the ultimate safe haven trade. This is the asset thats supposed to protect us from all adversaries (e.g., inflation, geopolitical turmoil
even a nuclear event). Early in the year, the yellow metal put in a bottom and, certainly on a short-term basis, gold bugs could rejoice. After the lows late December, gold shot up a quick 25%, and even after a rough couple of weeks, is still up close to 15% for 2017. Source: Bloomberg Despite its year-to-date strength, I find the breakdown last week concerning, as it comes in the face of dollar weakness, where there is a strong inverse correlation. Golds selloff after the election was textbook, as the US dollar climbed higher on hopes of the Trump agenda igniting the reflation trade. The rise in gold after the bottom in December was in lockstep with the fall of the Greenback. However, starting in June, the ultimate safe haven trade has struggled even in the face of continued dollar weakness. Benign inflation certainly hasnt helped the gold price action. Central bankers are quick to tell us they expect inflation to meet their target, failing to recognize that cheap oil, which touches the cost of many products, is a secularnot cyclicaldynamic. Geopolitical instability or military action often provides a lift in gold. However, following North Koreas test launch of an ICBM near the Fourth of July break, gold barely budged, dashing hopes of a breakout. Story continues Bitcoin the rising threat? Cryptocurrencies and, of course Bitcoin, have captured the attention of nearly every speculator on the planet. Theres no doubt the underlying technology, blockchain, is here to stay. Many banks, including JPMorgan ( JPM ), are exploring it as well as developing their own systems. Source: Bloomberg It wasnt that long ago that I interviewed NASDAQ Vice Chair Sandy Frucher on iHeart Radio, where he told me to expect NASDAQ to embrace blockchain for its back office and clearing operations. Gold has long been the alternative to fiat currenciesgiving its holder a hard asset that retains value in the face of any geopolitical, inflationary, or economic challenge. How much is that worth in the face of competition? Therein lies the concern. The first human interaction with gold likely took place nearly 3,000 years before Christso theres some 5,000 years of history. Its way too soon to write off gold as the alternative currency of choice, but competition usually means lower prices. Bitcoins success will likely come at the expense of gold and provide another example of the zero-sum-game . - Please contact your Belpointe investment advisor representative if there are any changes in your financial situation or investment objectives. Investment advice is offered through Belpointe Asset Management, LLC. Past performance is no guarantee of future returns. Insurance products are offered through Belpointe Insurance, LLC and Belpointe Specialty Insurance, LLC. It is important to read our email disclosures available at this link: http://belpointe.com/disclosures . || Bitcoin is giving gold a run for its money: trader: ByDavid Nelson, CFA
Stocks ended the shortened holiday week close to the flatline. Bonds and gold finished under pressure, as investors rotated out of traditional safe haven assets. US yields pushed higher on the heels of a better-than-expected jobs report coming in at 222k (above consensus at 185k).
German 10-year yields also rose, holding onto their post-election breakout last November.
Even Japanese 10-year yields—in a nearly two-decade slump—are threatening to break the downtrend line.
However, of more concern for asset allocators, is gold (GLD,GC=F)—the ultimate safe haven trade. This is the asset that’s supposed to protect us from all adversaries (e.g., inflation, geopolitical turmoil … even a nuclear event).
Early in the year, the yellow metal put in a bottom and, certainly on a short-term basis, gold bugs could rejoice. After the lows late December, gold shot up a quick 25%, and even after a rough couple of weeks, is still up close to 15% for 2017.
Despite its year-to-date strength, I find the breakdown last week concerning, as it comes in the face of dollar weakness, where there is a strong inverse correlation. Gold’s selloff after the election was textbook, as the US dollar climbed higher on hopes of the Trump agenda igniting the reflation trade.
The rise in gold after the bottom in December was in lockstep with the fall of the Greenback. However, starting in June, the ultimate safe haven trade has struggled even in the face of continued dollar weakness.
Benign inflation certainly hasn’t helped the gold price action. Central bankers are quick to tell us they expect inflation to meet their target, failing to recognize that cheap oil, which touches the cost of many products, is a secular—not cyclical—dynamic.
Geopolitical instability or military action often provides a lift in gold. However, following North Korea’s test launch of an ICBM near the Fourth of July break, gold barely budged, dashing hopes of a breakout.
Cryptocurrencies and, of course Bitcoin, have captured the attention of nearly every speculator on the planet. There’s no doubt the underlying technology, blockchain, is here to stay. Many banks, including JPMorgan (JPM), are exploring it as well as developing their own systems.
It wasn’t that long ago that I interviewed NASDAQ Vice Chair Sandy Frucher on iHeart Radio, where he told me to expect NASDAQ to embrace blockchain for its back office and clearing operations.
Gold has long been the alternative to fiat currencies—giving its holder a hard asset that retains value in the face of any geopolitical, inflationary, or economic challenge.
How much is that worth in the face of competition? Therein lies the concern. The first human interaction with gold likely took place nearly 3,000 years before Christ—so there’s some 5,000 years of history. It’s way too soon to write off gold as the alternative currency of choice, but competition usually means lower prices.
Bitcoin’s success will likely come at the expense of gold and provide another example of thezero-sum-game.
————————————————-
Please contact your Belpointe investment advisor representative if there are any changes in your financial situation or investment objectives.
Investment advice is offered through Belpointe Asset Management, LLC. Past performance is no guarantee of future returns. Insurance products are offered through Belpointe Insurance, LLC and Belpointe Specialty Insurance, LLC. It is important to read our email disclosures available at this link:http://belpointe.com/disclosures.
[Social Media Buzz]
5:00~6:00のBitcoin市場は急落だったようだ。
変化率は-1.7338%
7:00までは反騰かな?
直近の市場の平均Bitcoinの価格は250488.0円
#ビットコイン
#bitcoin
#AI || “#Particl Blockchain will launch Monday, July 17th 2017 at 13:00 UTC” http://bit.ly/2tI9QuP #bitcoin #blockchain $PART #goinglivepic.twitter.com/aS6C5Rv4UQ || 6:00~7:00のBitcoin市場は上げ一服だったみたいだね。
変化率は0.8714%
8:00までは反騰かな?
直近の市場の平均Bitcoinの価格は251857.0円
#ビットコイン
#bitcoin
#AI || #bitcoin #miner Bitmain-AntMiner-S7-4-73-TH-s-Bitcoin-Miner WORKING $350.00 http://ift.tt/2tbeox2 pic.twitter.com/RgRkk...
|
1998.86, 1929.82, 2228.41, 2318.88, 2273.43, 2817.60, 2667.76, 2810.12, 2730.40, 2754.86
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 417.56, 415.48, 451.94, 435.00, 433.76, 444.18, 465.32, 454.93, 456.08, 463.62, 462.32, 442.68, 438.64, 436.57, 442.40, 454.98, 455.65, 417.27, 422.82, 422.28, 432.98, 426.62, 430.57, 434.33, 433.44, 430.01, 433.09, 431.96, 429.11, 458.05, 453.23, 447.61, 447.99, 448.43, 435.69, 432.37, 430.31, 364.33, 387.54, 382.30, 387.17, 380.15, 420.23, 410.26, 382.49, 387.49, 402.97, 391.73, 392.15, 394.97, 380.29, 379.47, 378.26, 368.77, 373.06, 374.45, 369.95, 389.59, 386.55, 376.52, 376.62, 373.45, 376.03, 381.65, 379.65, 384.26, 391.86, 407.23, 400.18, 407.49, 416.32, 422.37, 420.79, 437.16, 438.80, 437.75, 420.74, 424.95, 424.54, 432.15, 432.52, 433.50, 437.70, 435.12, 423.99, 421.65, 410.94, 400.57, 407.71, 414.32.
|
[Bitcoin Technical Analysis for 2016-03-07]
Volume: 85762400, RSI (14-day): 49.45, 50-day EMA: 410.39, 200-day EMA: 362.57
[Wider Market Context]
Gold Price: 1263.20, Gold RSI: 68.01
Oil Price: 37.90, Oil RSI: 69.32
[Recent News (last 7 days)]
Canada's TSX hires Bitcoin guru, studies currency's technology: By Ethan Lou TORONTO (Reuters) - The Toronto Stock Exchange has hired a Bitcoin entrepreneur as its first chief digital officer as it explores the capabilities of blockchain, the technology behind the virtual currency, a senior executive at TSX parent TMX Group said on Thursday. Anthony Di Iorio, who has founded several companies based on the technology, filled the role at Canada's largest stock exchange in January, Jean Desgagne, chief executive of TMX's Global Enterprise Services, said in an interview. Stock exchanges are embracing blockchain, which allows Bitcoin users to conduct secure transactions without middlemen, as they seek to diversify and boost profit margins. When used to issue securities, the technology could potentially remove the need for clearing houses. "Blockchain is a disruptive technology," Desgagne said, noting that major changes could result from its potential adoption. "We're focused on it, we're going to learn." In January the Australian stock exchange said it had enlisted a blockchain startup to develop a new trade settlement system. Nasdaq in the United States used the technology last year to issue securities to an unidentified private investor. Last month, Nasdaq said it was developing a blockchain-based shareholder voting system for its Estonian stock exchange. Blockchain could make operations "better, faster, cheaper," Desgagne said, but noted that, if adopted, the technology would be only one element in TMX's digital operations. Di Iorio and Desgagne declined to discuss details about potential blockchain projects at TSX. Di Iorio is the founder of the Bitcoin Alliance of Canada and a co-founder of Ethereum, a blockchain-based computing platform. (Reporting by Ethan Lou; Editing by Euan Rocha and Richard Chang) || Canada's TSX hires Bitcoin guru, studies currency's technology: By Ethan Lou
TORONTO (Reuters) - The Toronto Stock Exchange has hired a Bitcoin entrepreneur as its first chief digital officer as it explores the capabilities of blockchain, the technology behind the virtual currency, a senior executive at TSX parent TMX Group said on Thursday.
Anthony Di Iorio, who has founded several companies based on the technology, filled the role at Canada's largest stock exchange in January, Jean Desgagne, chief executive of TMX's Global Enterprise Services, said in an interview.
Stock exchanges are embracing blockchain, which allows Bitcoin users to conduct secure transactions without middlemen, as they seek to diversify and boost profit margins. When used to issue securities, the technology could potentially remove the need for clearing houses.
"Blockchain is a disruptive technology," Desgagne said, noting that major changes could result from its potential adoption. "We're focused on it, we're going to learn."
In January the Australian stock exchange said it had enlisted a blockchain startup to develop a new trade settlement system.
Nasdaq in the United States used the technology last year to issue securities to an unidentified private investor. Last month, Nasdaq said it was developing a blockchain-based shareholder voting system for its Estonian stock exchange.
Blockchain could make operations "better, faster, cheaper," Desgagne said, but noted that, if adopted, the technology would be only one element in TMX's digital operations.
Di Iorio and Desgagne declined to discuss details about potential blockchain projects at TSX.
Di Iorio is the founder of the Bitcoin Alliance of Canada and a co-founder of Ethereum, a blockchain-based computing platform.
(Reporting by Ethan Lou; Editing by Euan Rocha and Richard Chang) || Canada's TSX hires Bitcoin guru, studies currency's technology: By Ethan Lou TORONTO (Reuters) - The Toronto Stock Exchange has hired a Bitcoin entrepreneur as its first chief digital officer as it explores the capabilities of blockchain, the technology behind the virtual currency, a senior executive at TSX parent TMX Group said on Thursday. Anthony Di Iorio, who has founded several companies based on the technology, filled the role at Canada's largest stock exchange in January, Jean Desgagne, chief executive of TMX's Global Enterprise Services, said in an interview. Stock exchanges are embracing blockchain, which allows Bitcoin users to conduct secure transactions without middlemen, as they seek to diversify and boost profit margins. When used to issue securities, the technology could potentially remove the need for clearing houses. "Blockchain is a disruptive technology," Desgagne said, noting that major changes could result from its potential adoption. "We're focused on it, we're going to learn." In January the Australian stock exchange said it had enlisted a blockchain startup to develop a new trade settlement system. Nasdaq in the United States used the technology last year to issue securities to an unidentified private investor. Last month, Nasdaq said it was developing a blockchain-based shareholder voting system for its Estonian stock exchange. Blockchain could make operations "better, faster, cheaper," Desgagne said, but noted that, if adopted, the technology would be only one element in TMX's digital operations. Di Iorio and Desgagne declined to discuss details about potential blockchain projects at TSX. Di Iorio is the founder of the Bitcoin Alliance of Canada and a co-founder of Ethereum, a blockchain-based computing platform. (Reporting by Ethan Lou; Editing by Euan Rocha and Richard Chang) View comments || Canada's TSX hires Bitcoin guru, studies currency's technology: By Ethan Lou
TORONTO (Reuters) - The Toronto Stock Exchange has hired a Bitcoin entrepreneur as its first chief digital officer as it explores the capabilities of blockchain, the technology behind the virtual currency, a senior executive at TSX parent TMX Group said on Thursday.
Anthony Di Iorio, who has founded several companies based on the technology, filled the role at Canada's largest stock exchange in January, Jean Desgagne, chief executive of TMX's Global Enterprise Services, said in an interview.
Stock exchanges are embracing blockchain, which allows Bitcoin users to conduct secure transactions without middlemen, as they seek to diversify and boost profit margins. When used to issue securities, the technology could potentially remove the need for clearing houses.
"Blockchain is a disruptive technology," Desgagne said, noting that major changes could result from its potential adoption. "We're focused on it, we're going to learn."
In January the Australian stock exchange said it had enlisted a blockchain startup to develop a new trade settlement system.
Nasdaq in the United States used the technology last year to issue securities to an unidentified private investor. Last month, Nasdaq said it was developing a blockchain-based shareholder voting system for its Estonian stock exchange.
Blockchain could make operations "better, faster, cheaper," Desgagne said, but noted that, if adopted, the technology would be only one element in TMX's digital operations.
Di Iorio and Desgagne declined to discuss details about potential blockchain projects at TSX.
Di Iorio is the founder of the Bitcoin Alliance of Canada and a co-founder of Ethereum, a blockchain-based computing platform.
(Reporting by Ethan Lou; Editing by Euan Rocha and Richard Chang) || Canada's TSX hires Bitcoin guru, studies currency's technology: By Ethan Lou TORONTO (Reuters) - The Toronto Stock Exchange has hired a Bitcoin entrepreneur as its first chief digital officer as it explores the capabilities of blockchain, the technology behind the virtual currency, a senior executive at TSX parent TMX Group said on Thursday. Anthony Di Iorio, who has founded several companies based on the technology, filled the role at Canada's largest stock exchange in January, Jean Desgagne, chief executive of TMX's Global Enterprise Services, said in an interview. Stock exchanges are embracing blockchain, which allows Bitcoin users to conduct secure transactions without middlemen, as they seek to diversify and boost profit margins. When used to issue securities, the technology could potentially remove the need for clearing houses. "Blockchain is a disruptive technology," Desgagne said, noting that major changes could result from its potential adoption. "We're focused on it, we're going to learn." In January the Australian stock exchange said it had enlisted a blockchain startup to develop a new trade settlement system. Nasdaq in the United States used the technology last year to issue securities to an unidentified private investor. Last month, Nasdaq said it was developing a blockchain-based shareholder voting system for its Estonian stock exchange. Blockchain could make operations "better, faster, cheaper," Desgagne said, but noted that, if adopted, the technology would be only one element in TMX's digital operations. Di Iorio and Desgagne declined to discuss details about potential blockchain projects at TSX. Di Iorio is the founder of the Bitcoin Alliance of Canada and a co-founder of Ethereum, a blockchain-based computing platform. (Reporting by Ethan Lou; Editing by Euan Rocha and Richard Chang) View comments || Canada's TSX hires Bitcoin guru, studies currency's technology: By Ethan Lou TORONTO (Reuters) - The Toronto Stock Exchange has hired a Bitcoin entrepreneur as its first chief digital officer as it explores the capabilities of blockchain, the technology behind the virtual currency, a senior executive at TSX parent TMX Group said on Thursday. Anthony Di Iorio, who has founded several companies based on the technology, filled the role at Canada's largest stock exchange in January, Jean Desgagne, chief executive of TMX's Global Enterprise Services, said in an interview. Stock exchanges are embracing blockchain, which allows Bitcoin users to conduct secure transactions without middlemen, as they seek to diversify and boost profit margins. When used to issue securities, the technology could potentially remove the need for clearing houses. "Blockchain is a disruptive technology," Desgagne said, noting that major changes could result from its potential adoption. "We're focused on it, we're going to learn." In January the Australian stock exchange said it had enlisted a blockchain startup to develop a new trade settlement system. Nasdaq in the United States used the technology last year to issue securities to an unidentified private investor. Last month, Nasdaq said it was developing a blockchain-based shareholder voting system for its Estonian stock exchange. Blockchain could make operations "better, faster, cheaper," Desgagne said, but noted that, if adopted, the technology would be only one element in TMX's digital operations. Di Iorio and Desgagne declined to discuss details about potential blockchain projects at TSX. Di Iorio is the founder of the Bitcoin Alliance of Canada and a co-founder of Ethereum, a blockchain-based computing platform. (Reporting by Ethan Lou; Editing by Euan Rocha and Richard Chang) View comments || The Crisis in Bitcoin and the Rise of Blockchain: Remember the hype over bitcoin? The crypto-currency that so tantalized techies and excited investors is today in a sorry state: Its core supporters are at war with each other and ordinary consumers still don’t care about this supposedly revolutionary form of money. But that’s only half of the story. The other half is about the remarkable rise of blockchain, the core technology underlying bitcoin that is enjoying unprecedented adoption by banks and big business. This development--the fall of bitcoin and the rise of blockchain--has accelerated in recent months, and it has big implications for those who have sunk hundreds of millions of dollars into these technologies. Here’s the latest on the story of bitcoin, which has turned out far differently than many imagined. How We Got Here Flash back five years, the bitcoin scene was an exciting place to be. A motley mix of coders, libertarians, and get-rich-quick hucksters latched onto the promise of bitcoin founder Satoshi Nakamoto’s new distributed, tamper-proof money system and ledger run from millions of computers. The ledger provided an indelible record of near-anonymous financial transactions in offering a global payment platform to ordinary merchants, drug dealers, and everyone in between. The early bitcoin buzz soon exploded, and the currency’s value briefly soared to $1,200 . The mainstream news media caught onto the story while venture capitalists lined up to fund any business with “bit” in its name. Meanwhile, businesses from Virgin Galactic to the NBA’s Sacramento Kings realized they could get a heap of free press just by announcing they would accept bitcoin. The currency never caught on, however. Despite all the startups offering wallets and other tools to popularize the payment technology, average consumers never took to bitcoin--even as they did adopt another person-to-person mobile payment platform, known as Venmo , in droves. So what happened? One problem is that bitcoin never shook its sordid side. While there is nothing intrinsically evil about bitcoin, its most famous adopters have always been a rogue’s gallery of fraudsters, prostitutes, dark web drug lords , and Ponzi schemers . Even some members of bitcoin’s governing foundation, who sought to make the currency respectable, are on the lam or in jail . Story continues This rogue reputation certainly didn’t help bitcoin. But it wasn’t the crypto-currency’s biggest problem. Instead, the main reason bitcoin didn’t catch on is because it’s just not practical. Even if you can find merchants who accept it, the process involves exotic apps, currency transactions, and a verification process that takes minutes to get the okay. Compare that to swiping a credit card, and you see the problem. In recent months, bitcoin’s adoption problem has suddenly worsened. Meanwhile, big banks are finding they can use bitcoin’s best feature and leave the currency itself behind. Get Data Sheet , Fortune 's technology newsletter. The Current Crisis and the Rise of Blockchain “Bitcoin’s nightmare scenario has come to pass,” read a headline this week from tech site, The Verge. That’s a pretty fair way to describe a recent schism within the bitcoin developer community--the collection of gnomes who decide on the protocols and computer code under the hood. The Verge report offers a good run-down of the technical specifics but, for present purposes, they can be summed up like this: the bitcoin community failed to agree on a system upgrade, which means the ledger’s infrastructure faces a growing backlog, and it now takes over 40 minutes to confirm a transaction. As a result, bitcoin is less practical than ever and merchants (the few who accepted it in the first place) are bolting. This schism deals a further blow to bitcoin’s hopes of ever becoming a mainstream currency. This is a setback for the bitcoin community, but here’s the kicker: it doesn’t really matter. That’s because the true value of bitcoin is not the currency itself. Instead, it’s the blockchain technology underneath it. Banks and other big businesses have already reaped the benefit of this technology. As Fortune reported in December, IBM , Intel , JP Morgan , and several other big banks are betting on the blockchain’s ledger system. As with bitcoin, the system requires a set of diffuse computers to prove that a transaction has occurred. Once a confirmation occurs, it’s recorded in a common ledger and cannot be reversed. Why is this such a big deal? It has to do with record keeping. The idea of a tamper-proof ledger created by computers is so significant because it could let a number of industries--especially banking, brokerages, and law firms--overhaul the way they do business. Instead of relying on slow and cumbersome settlement systems to notarize and record documents, they can let a blockchain do it for them. “The clearing and settlement will be done in a matter of seconds. An efficiency comes with this that is a pretty significant force multiplier,” explains Jeff Garzick, a former bitcoin developer who recently launched a consultancy called Bloq that advises banks and others how to deploy blockchain technology. Garzick and his partner Matt Rosack expect the financial industry will begin using the blockchain for stock and loan settlements as soon as the end of this year. Likewise, they think banks’ transactions at the discount window of the Federal Reserve will soon be recorded on a blockchain. And that’s just the beginning. Garzick and Rosack say the Big Four auditing firms will soon have a blockchain-based transaction feed that will be visible to regulators, who have been studying the potential of blockchain technology for years. The Future: Blockchain Without Bitcoin Even for those familiar with crypto-currency, it can be hard to get one’s head around just how the blockchain can operate without bitcoin. The reason is that bitcoin supplies the financial incentive for people around the world, known as miners, to operate the ledger in the first place. For more about bitcoin, watch our video : In return for devoting their computers to running the blockchain (which publishes the ledger), they receive a reward in the form of a bitcoin that can be spent online or exchanged for traditional currency. In the absence of such an incentive, how do the banks plan to develop the blockchain? The answer is they are building their own version of blockchain and running it themselves. As Garzick explains, this process involves taking the core protocol underlying bitcoin and then stripping off all the “mining” and compensation functions. He says the miners are an interesting way to creating a ledger, but they are not essential in the case of a “private chain,” like the one the banks are developing. “The mining is a really elegant software solution that equally distributes who is going to validate the next set of bitcoin transactions,” Garzick says. “ A private chain replaces the entire trust-less aspect with a more private closed network of participants.” In practice, this will involve the banks rejecting a global federation of miners in favor of a handful of trusted verification partners within their own network--a process already underway . For instance, a group of 15 banks might agree that the ledger becomes official once computers from seven group members agree to record a set of transactions. So what happens to bitcoin in this scenario? As The Economist noted in a recent feature , it may become no more than a novelty or a historical curiosity. If this is the case, the venture capitalists who made big bets on consumer bitcoin startups like Coinbase and Xapo could see a pool of wealth vanish. Ditto the U.S. government, which has seized a large pile of bitcoins in high-profile drug investigations. For now, that worst case scenario for bitcoin hasn’t come to pass yet. Despite the recent convulsions in the developer community, its price has held fairly steady around $400 for months. It may find niche roles as a currency, such as for foreign remittances. Meanwhile, bitcoin still has defenders such as Jeremy Allaire, a successful entrepreneur who raised over $60 million for his startup, Circle, a money transfer service for consumers using bitcoin behind the scenes. Allaire says there is still time for bitcoin to break through in place of services like Venmo. “Venmo is another AOL--I don't want another walled garden. I want the Google of money,” Allaire said in a recent interview. “We've gone from a world where everyone is in denial about the tech and its usefulness. Now traditional financial institutes say, ‘We love the technology but we want to control it with our own private technology.’ That's not practical.” Other defenders include my former colleague at Fortune , Dan Roberts, who said the bull case outstrips the bear case for bitcoin in 2016. Still, based on recent developments, a bitcoin resurgence looks like a long shot. When the final history of bitcoin is written, the currency itself is likely to be just a colorful footnote in the tale of the emergence of a powerful new blockchain technology. See original article on Fortune.com More from Fortune.com This Could Kill the World's Most Popular Cryptocurrency Securing the City of the Future with Bitcoin Global Regulators Now Eyeing Fintech Through Machine Learning, IBM Braintrust Sees Better Days Ahead Here's Why Europe Is About to Crack Down on Bitcoin Anonymity || The Crisis in Bitcoin and the Rise of Blockchain: Remember the hype over bitcoin? The crypto-currency that so tantalized techies and excited investors is today in a sorry state: Its core supporters are at war with each other and ordinary consumersstilldon’t care about this supposedly revolutionary form of money.
But that’s only half of the story. The other half is about the remarkable rise of blockchain, the core technology underlying bitcoin that is enjoying unprecedented adoption by banks and big business.
This development--the fall of bitcoin and the rise of blockchain--has accelerated in recent months, and it has big implications for those who have sunk hundreds of millions of dollars into these technologies. Here’s the latest on the story of bitcoin, which has turned out far differently than many imagined.
How We Got Here
Flash back five years, the bitcoin scene was an exciting place to be. A motley mix of coders, libertarians, and get-rich-quick hucksters latched onto the promise of bitcoin founder Satoshi Nakamoto’s new distributed, tamper-proof money system and ledger run from millions of computers. The ledger provided an indelible record of near-anonymous financial transactions in offering a global payment platform to ordinary merchants, drug dealers, and everyone in between.
The early bitcoin buzz soon exploded, and the currency’s value briefly soared to$1,200. The mainstream news media caught onto the story while venture capitalists lined up to fund any business with “bit” in its name. Meanwhile, businesses from Virgin Galactic to the NBA’s Sacramento Kings realized they could get a heap of free press just by announcing they would accept bitcoin.
The currency never caught on, however. Despite all the startups offering wallets and other tools to popularize the payment technology, average consumers never took to bitcoin--even as they did adopt another person-to-person mobile payment platform, known as Venmo , in droves.
So what happened? One problem is that bitcoin never shook its sordid side. While there is nothing intrinsically evil about bitcoin, its most famous adopters have always been a rogue’s gallery of fraudsters, prostitutes,dark web drug lords, andPonzi schemers. Even some members of bitcoin’s governing foundation, who sought to make the currency respectable, are on the lam orin jail.
This rogue reputation certainly didn’t help bitcoin. But it wasn’t the crypto-currency’s biggest problem. Instead, the main reason bitcoin didn’t catch on is because it’s just not practical. Even if you can find merchants who accept it, the process involves exotic apps, currency transactions, and a verification process that takes minutes to get the okay. Compare that to swiping a credit card, and you see the problem.
In recent months, bitcoin’s adoption problem has suddenly worsened. Meanwhile, big banks are finding they can use bitcoin’s best feature and leave the currency itself behind.
Get Data Sheet,Fortune's technology newsletter.
The Current Crisis and the Rise of Blockchain
“Bitcoin’s nightmare scenario has come to pass,” reada headlinethis week from tech site, The Verge. That’s a pretty fair way to describe a recent schism within the bitcoin developer community--the collection of gnomes who decide on the protocols and computer code under the hood.
The Verge report offers a good run-down of the technical specifics but, for present purposes, they can be summed up like this: the bitcoin community failed to agree on a system upgrade, which means the ledger’s infrastructure faces a growing backlog, and it now takes over 40 minutes to confirm a transaction. As a result, bitcoin is less practical than ever and merchants (the few who accepted it in the first place) are bolting.
This schism deals a further blow to bitcoin’s hopes of ever becoming a mainstream currency. This is a setback for the bitcoin community, but here’s the kicker: it doesn’t really matter.
That’s because the true value of bitcoin is not the currency itself. Instead, it’s the blockchain technology underneath it. Banks and other big businesses have already reaped the benefit of this technology.
AsFortunereportedin December, IBM , Intel , JP Morgan , and several other big banks are betting on the blockchain’s ledger system. As with bitcoin, the system requires a set of diffuse computers to prove that a transaction has occurred. Once a confirmation occurs, it’s recorded in a common ledger and cannot be reversed.
Why is this such a big deal? It has to do with record keeping.
The idea of a tamper-proof ledger created by computers is so significant because it could let a number of industries--especially banking, brokerages, and law firms--overhaul the way they do business. Instead of relying on slow and cumbersome settlement systems to notarize and record documents, they can let a blockchain do it for them.
“The clearing and settlement will be done in a matter of seconds. An efficiency comes with this that is a pretty significant force multiplier,” explains Jeff Garzick, a former bitcoin developer who recently launched a consultancy calledBloqthat advises banks and others how to deploy blockchain technology.
Garzick and his partner Matt Rosack expect the financial industry will begin using the blockchain for stock and loan settlements as soon as the end of this year. Likewise, they think banks’ transactions at the discount window of the Federal Reserve will soon be recorded on a blockchain.
And that’s just the beginning. Garzick and Rosack say the Big Four auditing firms will soon have a blockchain-based transaction feed that will be visible to regulators, who have been studying the potential of blockchain technology for years.
The Future: Blockchain Without Bitcoin
Even for those familiar with crypto-currency, it can be hard to get one’s head around just how the blockchain can operate without bitcoin. The reason is that bitcoin supplies the financial incentive for people around the world, known as miners, to operate the ledger in the first place.
For more about bitcoin, watch our video:
In return for devoting their computers to running the blockchain (which publishes the ledger), they receive a reward in the form of a bitcoin that can be spent online or exchanged for traditional currency. In the absence of such an incentive, how do the banks plan to develop the blockchain?
The answer is they are building their own version of blockchain and running it themselves. As Garzick explains, this process involves taking the core protocol underlying bitcoin and then stripping off all the “mining” and compensation functions. He says the miners are an interesting way to creating a ledger, but they are not essential in the case of a “private chain,” like the one the banks are developing.
“The mining is a really elegant software solution that equally distributes who is going to validate the next set of bitcoin transactions,” Garzick says. “A private chain replaces the entire trust-less aspect with a more private closed network of participants.”
In practice, this will involve the banks rejecting a global federation of miners in favor of a handful of trusted verification partners within their own network--a processalready underway. For instance, a group of 15 banks might agree that the ledger becomes official once computers from seven group members agree to record a set of transactions.
So what happens to bitcoin in this scenario? AsTheEconomistnoted in a recentfeature, it may become no more than a novelty or a historical curiosity. If this is the case, the venture capitalists who made big bets on consumer bitcoin startups like Coinbase andXapocould see a pool of wealth vanish. Ditto the U.S. government, which has seized a large pile of bitcoins in high-profile drug investigations.
For now, that worst case scenario for bitcoin hasn’t come to pass yet. Despite the recent convulsions in the developer community, its price has heldfairly steadyaround $400 for months. It may find niche roles as a currency, such as for foreign remittances.
Meanwhile, bitcoin still has defenders such as Jeremy Allaire, a successful entrepreneur who raised over $60 million for his startup, Circle, a money transfer service for consumers using bitcoin behind the scenes. Allaire says there is still time for bitcoin to break through in place of services like Venmo.
“Venmo is another AOL--I don't want another walled garden. I want the Google of money,” Allaire said in a recent interview. “We've gone from a world where everyone is in denial about the tech and its usefulness. Now traditional financial institutes say, ‘We love the technology but we want to control it with our own private technology.’ That's not practical.”
Other defenders include my former colleague atFortune, Dan Roberts, who said thebull caseoutstrips the bear case for bitcoin in 2016.
Still, based on recent developments, a bitcoin resurgence looks like a long shot. When the final history of bitcoin is written, the currency itself is likely to be just a colorful footnote in the tale of the emergence of a powerful new blockchain technology.
See original article on Fortune.com
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• This Could Kill the World's Most Popular Cryptocurrency
• Securing the City of the Future with Bitcoin
• Global Regulators Now Eyeing Fintech
• Through Machine Learning, IBM Braintrust Sees Better Days Ahead
• Here's Why Europe Is About to Crack Down on Bitcoin Anonymity || The Crisis in Bitcoin and the Rise of Blockchain: Remember the hype over bitcoin? The crypto-currency that so tantalized techies and excited investors is today in a sorry state: Its core supporters are at war with each other and ordinary consumersstilldon’t care about this supposedly revolutionary form of money.
But that’s only half of the story. The other half is about the remarkable rise of blockchain, the core technology underlying bitcoin that is enjoying unprecedented adoption by banks and big business.
This development--the fall of bitcoin and the rise of blockchain--has accelerated in recent months, and it has big implications for those who have sunk hundreds of millions of dollars into these technologies. Here’s the latest on the story of bitcoin, which has turned out far differently than many imagined.
How We Got Here
Flash back five years, the bitcoin scene was an exciting place to be. A motley mix of coders, libertarians, and get-rich-quick hucksters latched onto the promise of bitcoin founder Satoshi Nakamoto’s new distributed, tamper-proof money system and ledger run from millions of computers. The ledger provided an indelible record of near-anonymous financial transactions in offering a global payment platform to ordinary merchants, drug dealers, and everyone in between.
The early bitcoin buzz soon exploded, and the currency’s value briefly soared to$1,200. The mainstream news media caught onto the story while venture capitalists lined up to fund any business with “bit” in its name. Meanwhile, businesses from Virgin Galactic to the NBA’s Sacramento Kings realized they could get a heap of free press just by announcing they would accept bitcoin.
The currency never caught on, however. Despite all the startups offering wallets and other tools to popularize the payment technology, average consumers never took to bitcoin--even as they did adopt another person-to-person mobile payment platform, known as Venmo , in droves.
So what happened? One problem is that bitcoin never shook its sordid side. While there is nothing intrinsically evil about bitcoin, its most famous adopters have always been a rogue’s gallery of fraudsters, prostitutes,dark web drug lords, andPonzi schemers. Even some members of bitcoin’s governing foundation, who sought to make the currency respectable, are on the lam orin jail.
This rogue reputation certainly didn’t help bitcoin. But it wasn’t the crypto-currency’s biggest problem. Instead, the main reason bitcoin didn’t catch on is because it’s just not practical. Even if you can find merchants who accept it, the process involves exotic apps, currency transactions, and a verification process that takes minutes to get the okay. Compare that to swiping a credit card, and you see the problem.
In recent months, bitcoin’s adoption problem has suddenly worsened. Meanwhile, big banks are finding they can use bitcoin’s best feature and leave the currency itself behind.
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The Current Crisis and the Rise of Blockchain
“Bitcoin’s nightmare scenario has come to pass,” reada headlinethis week from tech site, The Verge. That’s a pretty fair way to describe a recent schism within the bitcoin developer community--the collection of gnomes who decide on the protocols and computer code under the hood.
The Verge report offers a good run-down of the technical specifics but, for present purposes, they can be summed up like this: the bitcoin community failed to agree on a system upgrade, which means the ledger’s infrastructure faces a growing backlog, and it now takes over 40 minutes to confirm a transaction. As a result, bitcoin is less practical than ever and merchants (the few who accepted it in the first place) are bolting.
This schism deals a further blow to bitcoin’s hopes of ever becoming a mainstream currency. This is a setback for the bitcoin community, but here’s the kicker: it doesn’t really matter.
That’s because the true value of bitcoin is not the currency itself. Instead, it’s the blockchain technology underneath it. Banks and other big businesses have already reaped the benefit of this technology.
AsFortunereportedin December, IBM , Intel , JP Morgan , and several other big banks are betting on the blockchain’s ledger system. As with bitcoin, the system requires a set of diffuse computers to prove that a transaction has occurred. Once a confirmation occurs, it’s recorded in a common ledger and cannot be reversed.
Why is this such a big deal? It has to do with record keeping.
The idea of a tamper-proof ledger created by computers is so significant because it could let a number of industries--especially banking, brokerages, and law firms--overhaul the way they do business. Instead of relying on slow and cumbersome settlement systems to notarize and record documents, they can let a blockchain do it for them.
“The clearing and settlement will be done in a matter of seconds. An efficiency comes with this that is a pretty significant force multiplier,” explains Jeff Garzick, a former bitcoin developer who recently launched a consultancy calledBloqthat advises banks and others how to deploy blockchain technology.
Garzick and his partner Matt Rosack expect the financial industry will begin using the blockchain for stock and loan settlements as soon as the end of this year. Likewise, they think banks’ transactions at the discount window of the Federal Reserve will soon be recorded on a blockchain.
And that’s just the beginning. Garzick and Rosack say the Big Four auditing firms will soon have a blockchain-based transaction feed that will be visible to regulators, who have been studying the potential of blockchain technology for years.
The Future: Blockchain Without Bitcoin
Even for those familiar with crypto-currency, it can be hard to get one’s head around just how the blockchain can operate without bitcoin. The reason is that bitcoin supplies the financial incentive for people around the world, known as miners, to operate the ledger in the first place.
For more about bitcoin, watch our video:
In return for devoting their computers to running the blockchain (which publishes the ledger), they receive a reward in the form of a bitcoin that can be spent online or exchanged for traditional currency. In the absence of such an incentive, how do the banks plan to develop the blockchain?
The answer is they are building their own version of blockchain and running it themselves. As Garzick explains, this process involves taking the core protocol underlying bitcoin and then stripping off all the “mining” and compensation functions. He says the miners are an interesting way to creating a ledger, but they are not essential in the case of a “private chain,” like the one the banks are developing.
“The mining is a really elegant software solution that equally distributes who is going to validate the next set of bitcoin transactions,” Garzick says. “A private chain replaces the entire trust-less aspect with a more private closed network of participants.”
In practice, this will involve the banks rejecting a global federation of miners in favor of a handful of trusted verification partners within their own network--a processalready underway. For instance, a group of 15 banks might agree that the ledger becomes official once computers from seven group members agree to record a set of transactions.
So what happens to bitcoin in this scenario? AsTheEconomistnoted in a recentfeature, it may become no more than a novelty or a historical curiosity. If this is the case, the venture capitalists who made big bets on consumer bitcoin startups like Coinbase andXapocould see a pool of wealth vanish. Ditto the U.S. government, which has seized a large pile of bitcoins in high-profile drug investigations.
For now, that worst case scenario for bitcoin hasn’t come to pass yet. Despite the recent convulsions in the developer community, its price has heldfairly steadyaround $400 for months. It may find niche roles as a currency, such as for foreign remittances.
Meanwhile, bitcoin still has defenders such as Jeremy Allaire, a successful entrepreneur who raised over $60 million for his startup, Circle, a money transfer service for consumers using bitcoin behind the scenes. Allaire says there is still time for bitcoin to break through in place of services like Venmo.
“Venmo is another AOL--I don't want another walled garden. I want the Google of money,” Allaire said in a recent interview. “We've gone from a world where everyone is in denial about the tech and its usefulness. Now traditional financial institutes say, ‘We love the technology but we want to control it with our own private technology.’ That's not practical.”
Other defenders include my former colleague atFortune, Dan Roberts, who said thebull caseoutstrips the bear case for bitcoin in 2016.
Still, based on recent developments, a bitcoin resurgence looks like a long shot. When the final history of bitcoin is written, the currency itself is likely to be just a colorful footnote in the tale of the emergence of a powerful new blockchain technology.
See original article on Fortune.com
More from Fortune.com
• This Could Kill the World's Most Popular Cryptocurrency
• Securing the City of the Future with Bitcoin
• Global Regulators Now Eyeing Fintech
• Through Machine Learning, IBM Braintrust Sees Better Days Ahead
• Here's Why Europe Is About to Crack Down on Bitcoin Anonymity || 7 Signs Americas Super-Rich Are Finally Losing Power: With billionaire Donald Trump the Republican frontrunner, it may seem like the impact of the ultra-rich on our public life is reaching new heights. A self-proclaimed billionaire (Trump still hasnt released his tax records ), Trumps anti-establishment, anti-Wall Street, anti-free-trade rhetoric has him running as a traitor to his class, though. A loose affiliation of the super rich has been scheming to halt his rise most recently, Mitt Romney but so far, without any success. In fact, there are plenty of signs that plutocrats are losing their grip on the levers of power and influence. Yes, income inequality continues to rage . But plenty of people with ten-figure net worths simply arent getting the satisfaction to which they have become accustomed. We may have reached Peak Plutocrat. The phenomenon can best be seen in politics, where the kings of private enterprise are having a tough time playing kingmaker this time around. Bloomberg for President Remember that? If you blinked, you missed it. In late January, the former Mayor of New York Michael Bloomberg, proprietor of the eponymous company, whose fortune is estimated at $36 billion to $48 billion , briefly considered jumping into the race. Never mind that third-party candidacies dont do well in the U.S., or that Bloomberg's constituency (coastal rich people who are socially liberal) are generally in the Hillary Clinton camp already. The candidacy of Mike Bloomberg, the billionaire candidate beloved by billionaires (hedge fund giant Bill Ackman wrote a passionate pro-Mike op-ed in the Financial Times), failed to launch. And then there was Jeb! Former Florida Governor Jeb Bush blew through $100 million of the establishments money before bowing out. Stanley Druckenmiller, the retired hedge fund billionaire, is backing. . . . John Kasich. The dealmakers from 2012 In 2012, Sheldon Adelson, the Las Vegas casino magnate, played an immensely influential role in the Republican primary and general election. In 2016? Not so much. The Las Vegas Review Journal, the newspaper (!) Adelson recently purchased, has endorsed Marco Rubio , a victor in precisely one caucus. And Adelson has yet to put his card on the table. Story continues The Koch brothers feel disenfranchised For their part, the Koch brothers, who have used their billions to build a highly effective political operation that runs in parallel to the Republican party, are feeling disenfranchised. Far from adopting the Koch Brothers line on free trade, or immigration, the Republican field is running in the opposite direction. "You'd think we could have more influence," Charles Koch groused to the Financial Times . On March 3, Reuters reported the Koch brothers had decided not to use any of their war chest to fight Trumps candidacy. As Reuters notes, the brothers made the decision because they were concerned that spending millions of dollars attacking Trump would be money wasted , since they had not yet seen any attack on Trump stick. No longer minting money, either Billionaires are not doing so hot in the stock market, either. Bill Ackman, the proprietor of Pershing Square, shot the lights out in 2013 and 2014; Ackmans brand of dramatic activism and willingness to go all-in on high-profile stocks gave his fund a impressive returns. But last year , his main fund was off 20.5 percent, net of returns; its off more than 15 percent so far in 2016. Whoops! John Paulson, the hedge fund manger who shot to prominence on the backs of bearish bets on the housing market and was thus elevated into the market sage, is literally half the asset manager he used to be . As air comes out of the markets that Plutocrats rely on and love the stock market, yes, but also junk bonds, tech start-ups, natural resources their spending power and public influence are starting to deflate. (The egos, not so much.) Real estate values wane High-end real estate in London, which has functioned as a sort of safety deposit box for the globes ultra wealthy, is starting to fall . In Manhattan last year, the number of contracts signed on condos worth more than $10 million fell 16 percent, from 270 to 227. So if you're in the business of selling trophy properties to ultra-rich people, you may be struggling. Christie's reported that its sales of fine art were down 11 percent in 2015 and Sotheby's said that so far this quarter, sales are off 33 percent . TV, the lagging indicator Don't get me wrong. While signs are everywhere that their influence on our culture and economy are declining, the Plutocrats like the poor will always be with us. And they will often be unavoidable. One of the better new shows to debut this TV season is Showtime's Billions , featuring Damian Lewis as Bobby Axelrod, a Steve Cohen-esque hedge fund manager. Billions has been picked up for a second season. But even a show that humanizes and dramatizes plutocrats is a sign of their peak. When it comes to business trends, television shows are always an extremely lagging indicator. In the fall of 2000, the debut of a show about the bull market, The$treet, presaged the impending market crash. In October 2005, ABC aired Hot Properties, a sitcom starring Sofia Vergara about a group of realtors in California. The housing market began to crash the following year. See original article on Fortune.com More from Fortune.com The Crisis in Bitcoin and the Rise of Blockchain 3 Ways to Win Over Your Boss Here's Why China Laying Off 1.8 Million Workers Is Actually Good News Your Great Idea Will Fail Without This These Are the Super-Rich People Shaping China || 7 Signs America’s Super-Rich Are Finally Losing Power: With billionaire Donald Trump the Republican frontrunner, it may seem like the impact of the ultra-rich on our public life is reaching new heights.A self-proclaimed billionaire (Trump still hasn’treleased his tax records), Trump’s anti-establishment, anti-Wall Street, anti-free-trade rhetoric has him running as a traitor to his class, though. Aloose affiliation of the super richhas been scheming to halt his rise — most recently,Mitt Romney–but so far, without any success.
In fact, there are plenty of signs that plutocrats are losing their grip on the levers of power and influence. Yes,income inequality continues to rage. But plenty of people with ten-figure net worths simply aren’t getting the satisfaction to which they have become accustomed.
We may have reached Peak Plutocrat.
The phenomenon can best be seen in politics, where the kings of private enterprise are having a tough time playing kingmaker this time around.
Bloomberg for President
Remember that? If you blinked, you missed it. In late January, the former Mayor of New York Michael Bloomberg, proprietor of the eponymous company, whose fortune is estimated at$36 billion to $48 billion, briefly considered jumping into the race. Never mind that third-party candidacies don’t do well in the U.S., or that Bloomberg's constituency (coastal rich people who are socially liberal) are generally in the Hillary Clinton camp already.
The candidacy of Mike Bloomberg, the billionaire candidate beloved by billionaires (hedge fund giant Bill Ackman wrote apassionate pro-Mike op-edin theFinancial Times),failed to launch.
And then there was Jeb!
Former Florida Governor Jeb Bush blew through$100 million of the establishment’s moneybefore bowing out.
Stanley Druckenmiller, the retired hedge fund billionaire, is backing. . . . John Kasich.
The dealmakers from 2012
In 2012, Sheldon Adelson, the Las Vegas casino magnate, played an immensely influential role in the Republican primary and general election. In 2016? Not so much. TheLas Vegas Review Journal,the newspaper (!) Adelson recently purchased,has endorsed Marco Rubio, a victor in precisely one caucus. And Adelson has yet to put his card on the table.
The Koch brothers feel ‘disenfranchised’
For their part, the Koch brothers, who have used their billions to build a highly effective political operation that runs in parallel to the Republican party, are feeling disenfranchised. Far from adopting the Koch Brothers’ line on free trade, or immigration, the Republican field is running in the opposite direction. "You'd think we could have more influence," Charles Kochgroused to theFinancial Times.
On March 3, Reuters reported the Koch brothers had decided not to use any of their war chest to fight Trump’s candidacy. As Reuters notes, “the brothers made the decision because they were concerned that spending millions of dollars attacking Trump wouldbe money wasted, since they had not yet seen any attack on Trump stick.”
No longer minting money, either
Billionaires are not doing so hot in the stock market, either. Bill Ackman, the proprietor of Pershing Square, shot the lights out in 2013 and 2014; Ackman’s brand of dramatic activism and willingness to go all-in on high-profile stocks gave his fund a impressive returns. Butlast year, his main fund was off 20.5 percent, net of returns; it’s off more than 15 percent so far in 2016.Whoops!John Paulson, the hedge fund manger who shot to prominence on the backs of bearish bets on the housing market and was thus elevated into the market sage, isliterally half the asset manager he used to be.
As air comes out of the markets that Plutocrats rely on and love — the stock market, yes, but also junk bonds, tech start-ups, natural resources — their spending power and public influence are starting to deflate. (The egos, not so much.)
Real estate values wane
High-end real estate in London, which has functioned as a sort of safety deposit box for the globe’s ultra wealthy,is starting to fall. In Manhattan last year, thenumber of contractssigned on condos worth more than $10 million fell 16 percent, from 270 to 227.
So if you're in the business of selling trophy properties to ultra-rich people, you may be struggling. Christie'sreportedthat its sales of fine art were down 11 percent in 2015 and Sotheby's said that so far this quarter,sales are off 33 percent.
TV, the lagging indicator
Don't get me wrong. While signs are everywhere that their influence on our culture and economy are declining, the Plutocrats — like the poor — will always be with us. And they will often be unavoidable. One of the better new shows to debut this TV season isShowtime'sBillions,featuring Damian Lewis as Bobby Axelrod, a Steve Cohen-esque hedge fund manager.Billionshas been picked up for a second season.
But even a show that humanizes and dramatizes plutocrats is a sign of their peak. When it comes to business trends, television shows are always an extremely lagging indicator. In the fall of 2000, the debut of a show about the bull market, The$treet, presaged the impending market crash. In October 2005, ABC airedHot Properties,a sitcom starring Sofia Vergara about a group of realtors in California. The housing market began to crash the following year.
See original article on Fortune.com
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• The Crisis in Bitcoin and the Rise of Blockchain
• 3 Ways to Win Over Your Boss
• Here's Why China Laying Off 1.8 Million Workers Is Actually Good News
• Your Great Idea Will Fail Without This
• These Are the Super-Rich People Shaping China || Iceland's Genesis launches first bitcoin mining fund: NEW YORK (Reuters) - Genesis Mining, which provides computer equipment to create bitcoins in the cloud, on Thursday launched the world's first fund that invests in hardware used to create the digital currency. Bitcoins are created through a "mining" process involving computer algorithms on equipment owned or rented out by companies such as Iceland-based Genesis. Bitcoins, which are worth more than $400 each, can be purchased from trading exchanges such as BitStamp and Kraken. The Logos Fund was registered with the U.S. Securities and Exchange Commission last week, Genesis said in a statement. The fund will issue "pooled investment fund interests" to investors in an offering expected to last more than a year. Genesis will initially seed the fund with $1 million of its own capital, co-founder and Chief Executive Marco Streng said, adding that investors have expressed an interest in putting in $100 million. The mininum investment for the fund is $25,000. "The fund would be clearly focused on bitcoin mining, but we can also purchase bitcoins directly from the exchanges," said Streng said in an interview. Streng cited strong investor interest despite challenges facing the sector, whose profits have been pressured by growing competition. More than $1 billion has been invested in bitcoin-related startups since 2013. Bitcoin on Thursday traded at $416.01 on the BitStamp platform, down 1.8 percent. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Richard Chang) || Iceland's Genesis launches first bitcoin mining fund: NEW YORK (Reuters) - Genesis Mining, which provides computer equipment to create bitcoins in the cloud, on Thursday launched the world's first fund that invests in hardware used to create the digital currency.
Bitcoins are created through a "mining" process involving computer algorithms on equipment owned or rented out by companies such as Iceland-based Genesis. Bitcoins, which are worth more than $400 each, can be purchased from trading exchanges such as BitStamp and Kraken.
The Logos Fund was registered with the U.S. Securities and Exchange Commission last week, Genesis said in a statement. The fund will issue "pooled investment fund interests" to investors in an offering expected to last more than a year.
Genesis will initially seed the fund with $1 million of its own capital, co-founder and Chief Executive Marco Streng said, adding that investors have expressed an interest in putting in $100 million.
The mininum investment for the fund is $25,000.
"The fund would be clearly focused on bitcoin mining, but we can also purchase bitcoins directly from the exchanges," said Streng said in an interview.
Streng cited strong investor interest despite challenges facing the sector, whose profits have been pressured by growing competition.
More than $1 billion has been invested in bitcoin-related startups since 2013.
Bitcoin on Thursday traded at $416.01 on the BitStamp platform, down 1.8 percent.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Richard Chang) || Forty big banks test blockchain-based bond trading system: By Jemima Kelly LONDON, March 3 (Reuters) - Forty of the world's biggest banks, including HSBC and Citi, have tested a system for trading fixed income using the technology that underpins bitcoin, fintech company R3 CEV said on Thursday. The banks are part of a consortium of 42 major lenders, brought together last year by New York-based R3 CEV to work on ways blockchain technology could be used in financial markets - the first time so many have collaborated on using such systems. A blockchain is a huge, decentralised ledger of transactions that can be used to secure and validate any exchange of data, including real assets, such as commodities or currencies. Bitcoin's blockchain was the first, but others have since been built that offer additional features and can be programmed. That means the technology can enable so-called smart contracts: agreements that are automatically executed when pre-determined conditions are met. For this experiment, the banks tried five different blockchain-technology providers to test trading fixed income: Ethereum, often considered the most advanced and ambitious, Chain, Eris Industries, IBM and Intel. "We have raised the bar significantly with the sheer number of global financial institutions, distributed ledger technologies and cloud providers working together ... to demonstrate how this nascent technology can be applied to ... an actively traded asset class," said the head of R3's Collaborative Lab, Tim Grant. Banks reckon the technology could save them money by cutting out middlemen and making their operations more transparent. But analysts say it is early days - bitcoin was invented just six years ago and developers are still working on the technology. Indeed, the G20's Financial Stability Board said on Saturday assessing the systemic implications of fintech innovations would form part of the task force's core policy work this year and global regulators could propose rules to prevent them from destabilising the broader financial system. Chain's CEO Adam Ludwin said: "R3 is further accelerating the adoption of blockchain technology by demonstrating, instead of simply asserting, the commercial advantages of this emerging approach to financial services." (Reporting by Jemima Kelly; Editing by Alison Williams) || Forty big banks test blockchain-based bond trading system: By Jemima Kelly
LONDON, March 3 (Reuters) - Forty of the world's biggest banks, including HSBC and Citi, have tested a system for trading fixed income using the technology that underpins bitcoin, fintech company R3 CEV said on Thursday.
The banks are part of a consortium of 42 major lenders, brought together last year by New York-based R3 CEV to work on ways blockchain technology could be used in financial markets - the first time so many have collaborated on using such systems.
A blockchain is a huge, decentralised ledger of transactions that can be used to secure and validate any exchange of data, including real assets, such as commodities or currencies.
Bitcoin's blockchain was the first, but others have since been built that offer additional features and can be programmed. That means the technology can enable so-called smart contracts: agreements that are automatically executed when pre-determined conditions are met.
For this experiment, the banks tried five different blockchain-technology providers to test trading fixed income: Ethereum, often considered the most advanced and ambitious, Chain, Eris Industries, IBM and Intel.
"We have raised the bar significantly with the sheer number of global financial institutions, distributed ledger technologies and cloud providers working together ... to demonstrate how this nascent technology can be applied to ... an actively traded asset class," said the head of R3's Collaborative Lab, Tim Grant.
Banks reckon the technology could save them money by cutting out middlemen and making their operations more transparent. But analysts say it is early days - bitcoin was invented just six years ago and developers are still working on the technology.
Indeed, the G20's Financial Stability Board said on Saturday assessing the systemic implications of fintech innovations would form part of the task force's core policy work this year and global regulators could propose rules to prevent them from destabilising the broader financial system.
Chain's CEO Adam Ludwin said: "R3 is further accelerating the adoption of blockchain technology by demonstrating, instead of simply asserting, the commercial advantages of this emerging approach to financial services."
(Reporting by Jemima Kelly; Editing by Alison Williams) || Here's how you can invest in the blockchain: As big banks and other financial institutions continue to feel the love for blockchain technology, many of our readers have wondered how they can get in. Can a private, non-institutional investor somehow invest in the blockchain? Answering the question requires a distinction between the b itcoin blockchain and the broader, non-bitcoin idea of blockchain technology. Think of the bitcoin blockchain as a public ledger in the cloud, not unlike a library book slip (see the above video for more). It shows every transaction made with the digital currency bitcoin; the transactions are added in bundles called "blocks," by "miners" who receive a small fee in bitcoin as incentive to add the data. (You can view that happening in-real time.) The bitcoin blockchain is public, open-source and permissionless. What banks want to build is a private, closed blockchain, sans bitcoin, sans miners, to process their own transactions. The appeal is that it would make their systems faster and more efficient (most big banks are using old, outdated software for their record-keeping), as well as reduce friction and transfer delays. The bitcoin community is skeptical about the effort. " Having a closed, permissioned ledger run by banks might allow for better auditing, but there’s no innovation there," says Jerry Brito, executive director of the nonprofit Coin Center, which has raised funding from the biggest names in bitcoin. "You still have to go through a consortium to use the ledger." Indeed, 45 banks, including heavy-hitters like Citi, Credit Suisse, and JPMorgan, have jumped on board with a consortium, called R3 , to test out blockchain technology. JPMorgan, eager to come out to an early lead in the blockchain race, announced last month it has been testing its own blockchain with 2,200 customers. In addition to banks trying to build their own blockchains, fintech startups like itBit are offering their own non-bitcoin blockchains to financial customers. The blockchain product itBit offers is called Bankchain. "Bitcoin is a public, anonymous use case of blockchain technology," says itBit COO Andrew Chang. "Many financial institutions don't want to use the bitcoin blockchain because it’s an anonymous network and they're not okay with that." Story continues Whether the strategy will even bear fruit is unclear, but as Alex Kwiatkowski of financial software firm Misys says, " No one wants to be the one financial company that didn’t invest in blockchain. It feels like California in the Gold Rush -- those making an early claim think they’ll get the most gold. But it’s just an efficiency improvement. There’s going to be some value there, they just need to unlock what it is without promising too much." As banks and other big corporations continue to claim interest in blockchain, the idealogical divide between that side and the bitcoin side will only widen. Dan Conner, who is building a distributed ledger called DisLedger, aptly explains why: " If you’re a bitcoin fanboy and you’re a crypto-anarchist, that’s fine. But those people don’t tend to run in the same circles as banks." Conner predicts that even the term "blockchain" will go out of fashion for Wall Street the way "bitcoin" has, because there are inherent weaknesses in a blockchain. For now, clearly, the big banks are big believers in blockchain—or at least, they say they are. If you, a regular investor (and Yahoo Finance reader), are also a believer, is there a way to invest in blockchain technology? The short answer is: not directly. But there are three roundabout ways you could invest in the bitcoin blockchain or the broader, Wall Street concept of blockchain. If you believe in the strength of the bitcoin blockchain, the best way to invest is to buy bitcoin. Whether you want to do that for price-speculation purposes or simply out of curiosity to own a nascent asset class, there are myriad ways to obtain some easily, from exchanges like Coinbase, Circle, Bitstamp or Kraken, which has expanded in the U.S. recently through acquisitions . A second would be to buy stock in the banks that have joined up with R3, such as BBVA ( BBVA ), BNP Paribas ( BNP.PA ), Citi ( C ), Credit Suisse ( CS ), ING Group ( ING ), JPMorgan ( JPM ), Royal Bank of Scotland ( RBS ), UBS ( UBS ), and Wells Fargo ( WFC ). Of course, for bitcoin true believers, buying bank stocks would defeat the purpose of a cryptocurrency designed to avoid traditional banks. Or you could buy shares in the Bitcoin Investment Trust ( GBTC ), which passively holds bitcoin to track the price (it's similar to the GLD gold trust) and began trading publicly over the counter last year. The trust was launched by Barry Silbert of the Digital Currency Group, which has invested in 75 bitcoin and non-bitcoin blockchain startups, and recently bought the news site CoinDesk . "We started the Trust," Silbert says, "as an easy way for casual investors to get exposure to the price of bitcoin without having to figure out where do you buy it, what price do you pay, and how do you store it. This is one easy way to play in the bitcoin/blockchain industry." The trust is up 20% since it began trading last May. And bitcoin itself is up 81% in the same time period. This is the second in a three-part Yahoo Finance series about blockchain technology. The first part was about why big banks are expressing interest in the blockchain; the third part is about the biggest names in the industry. -- Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology. Read more: Bitcoin advocacy group scores funding from biggest names in industry Bitcoin industry consolidates: Why Kraken bought Coinsetter Bitcoin's biggest investor bought its biggest news site Here's a sign that PayPal is embracing Bitcoin || Here's how you can invest in the blockchain: As big banks and other financial institutions continue tofeel the lovefor blockchain technology, many of our readers have wondered how they can get in. Can a private, non-institutional investor somehow invest in the blockchain?
Answering the question requires a distinction between thebitcoinblockchain and the broader, non-bitcoin idea of blockchain technology. Think of the bitcoin blockchain as a public ledger in the cloud, not unlike a library book slip (see the above video for more). It shows every transaction made with the digital currency bitcoin; the transactions are added in bundles called "blocks," by "miners" who receive a small fee in bitcoin as incentive to add the data. (You canview that happeningin-real time.) The bitcoin blockchain is public, open-source and permissionless.
What banks want to build is a private, closed blockchain,sansbitcoin,sansminers, to process their own transactions. The appeal is that it would make their systems faster and more efficient (most big banks are using old, outdated software for their record-keeping), as well as reduce friction and transfer delays. The bitcoin community is skeptical about the effort. "Having a closed, permissioned ledger run by banks might allow for better auditing, but there’s no innovation there," says Jerry Brito, executive director of the nonprofit Coin Center, whichhas raised fundingfrom the biggest names in bitcoin. "You still have to go through a consortium to use the ledger."
Indeed, 45 banks, including heavy-hitters like Citi, Credit Suisse, and JPMorgan, have jumped on board with a consortium,called R3, to test out blockchain technology. JPMorgan, eager to come out to an early lead in the blockchain race,announced last monthit has been testing its own blockchain with 2,200 customers.
In addition to banks trying to build their own blockchains, fintech startups likeitBitare offering their own non-bitcoin blockchains to financial customers.The blockchain product itBit offers is called Bankchain. "Bitcoin is a public, anonymous use case of blockchain technology," says itBit COO Andrew Chang. "Many financial institutions don't want to use the bitcoin blockchain because it’s an anonymous network and they're not okay with that."
Whether the strategy will even bear fruit is unclear, but asAlex Kwiatkowski of financial software firm Misys says, "No one wants to be the one financial company that didn’t invest in blockchain.It feels like California in the Gold Rush -- those making an early claim think they’ll get the most gold. But it’s just an efficiency improvement.There’s going to be some value there, they just need to unlock what it is without promising too much."
As banks and other big corporations continue to claim interest in blockchain, the idealogical divide between that side and the bitcoin side will only widen. Dan Conner, who is building a distributed ledger called DisLedger, aptly explains why: "If you’re a bitcoin fanboy and you’re a crypto-anarchist, that’s fine. But those people don’t tend to run in the same circles as banks." Conner predicts that even the term "blockchain" will go out of fashion for Wall Street the way "bitcoin" has, because there are inherent weaknesses in a blockchain. For now, clearly, the big banks are big believers in blockchain—or at least, they say they are.
If you, a regular investor (and Yahoo Finance reader), are also a believer, is there a way to invest in blockchain technology?
The short answer is: not directly. But there are three roundabout ways you could invest in the bitcoin blockchain or the broader, Wall Street concept of blockchain.
If you believe in the strength of the bitcoin blockchain, the best way to invest is to buy bitcoin. Whether you want to do that for price-speculation purposes or simply out of curiosity to own a nascent asset class, there are myriad ways to obtain some easily, from exchanges like Coinbase, Circle, Bitstamp or Kraken, which hasexpanded in the U.S. recently through acquisitions.
A second would be to buy stock in the banks that have joined up with R3, such asBBVA (BBVA), BNP Paribas (BNP.PA), Citi (C), Credit Suisse (CS), ING Group (ING), JPMorgan (JPM), Royal Bank of Scotland (RBS), UBS (UBS), and Wells Fargo (WFC). Of course, for bitcoin true believers, buying bank stocks would defeat the purpose of a cryptocurrency designed to avoid traditional banks.
Or you could buy shares in the Bitcoin Investment Trust (GBTC), which passively holds bitcoin to track the price (it's similar to the GLD gold trust) and began trading publicly over the counter last year. The trust was launched by Barry Silbert of the Digital Currency Group, which has invested in 75 bitcoin and non-bitcoin blockchain startups, andrecently bought the news site CoinDesk. "We started the Trust," Silbert says, "as aneasy way for casual investors to get exposure to the price of bitcoin without having to figure out where do you buy it, what price do you pay, and how do you store it. This is one easy way to play in the bitcoin/blockchain industry."
The trust is up 20% since it began trading last May. And bitcoin itself is up 81% in the same time period.
This is the second in a three-part Yahoo Finance series about blockchain technology. Thefirst partwas about why big banks are expressing interest in the blockchain; thethird partis about the biggest names in the industry.
--
Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology.Read more:
Bitcoin advocacy group scores funding from biggest names in industry
Bitcoin industry consolidates: Why Kraken bought Coinsetter
Bitcoin's biggest investor bought its biggest news site
Here's a sign that PayPal is embracing Bitcoin || This Country Has Gone Nearly 25 Years Without a Recession: They called it Super Tuesday in America, but it was the Australian economy that won the day. The Australian Bureau of Statistics announced that its economy grew at an annualized rate of 3.0% in the fourth quarter of 2015, above the estimates of economists who predicted that the Aussie economy would be more negatively affected by the economic slowdown in China. It also marked the 98th straight quarter that the Australian economy has avoided a recession. That’s right, Australia has gone almost 25 years without having two consecutive quarters of negative growth, the standard definition of a recession. As Business Insider Australia points out , this brings the Aussie’s close to the developed-world record held by the Netherlands, whose own streak of 103 straight quarters without a recession came to a halt during the global financial crisis. Australia has been able to avoid a recession because of its close ties to the Chinese economy. It’s wealth of natural resources and proximity to China made it the go-to supplier of China’s manufacturing boom. Although it’s been able to avoid being brought down by the Chinese slowdown thus far, many economists remain pessimistic. "We should be cautious given the poor quality of the growth, which was driven by a rise in government spending and household expenditure that relied on a run down in savings," said Andrew Ticehurst, rate strategist at Nomura, told the Financial Times. See original article on Fortune.com More from Fortune.com Australian Avocado Prices Soar as Supply Goes Pear-Shaped An Australian Family Rents an Airbnb That Turns Out to Be a Drug Den Ad Agency Defends Mocked 'Stoner Sloth' Anti-Marijuana Campaign Australian Police Have Raided the Home of Bitcoin's Supposed Creator Taylor Swift Takes Her 125-Person Crew on Vacation || This Country Has Gone Nearly 25 Years Without a Recession: They called it Super Tuesday in America, but it was the Australian economy that won the day.
The Australian Bureau of Statisticsannouncedthat its economy grew at an annualized rate of 3.0% in the fourth quarter of 2015, above the estimates of economists who predicted that the Aussie economy would be more negatively affected by the economic slowdown in China.
It also marked the 98th straight quarter that the Australian economy has avoided a recession. That’s right, Australia has gone almost 25 years without having two consecutive quarters of negative growth, the standard definition of a recession.
AsBusiness Insider Australiapoints out, this brings the Aussie’s close to the developed-world record held by the Netherlands, whose own streak of 103 straight quarters without a recession came to a halt during the global financial crisis.
Australia has been able to avoid a recession because of its close ties to the Chinese economy. It’s wealth of natural resources and proximity to China made it the go-to supplier of China’s manufacturing boom. Although it’s been able to avoid being brought down by the Chinese slowdown thus far, many economists remain pessimistic. "We should be cautious given the poor quality of the growth, which was driven by a rise in government spending and household expenditure that relied on a run down in savings," said Andrew Ticehurst, rate strategist at Nomura,told theFinancial Times.
See original article on Fortune.com
More from Fortune.com
• Australian Avocado Prices Soar as Supply Goes Pear-Shaped
• An Australian Family Rents an Airbnb That Turns Out to Be a Drug Den
• Ad Agency Defends Mocked 'Stoner Sloth' Anti-Marijuana Campaign
• Australian Police Have Raided the Home of Bitcoin's Supposed Creator
• Taylor Swift Takes Her 125-Person Crew on Vacation || Your first trade for Tuesday: The "Fast Money" traders delivered their final trades of the day.
Tim Seymour was a seller of the iShares MSCI Brazil Capped ETF(NYSE Arca: EWZ).
Brian Kelly was a buyer of the iShares Silver Trust(NYSE Arca: SLV).
Karen Finerman was a buyer of Golar LNG(GMLP).
Guy Adami was a buyer of Marathon Oil(MRO).
Trader disclosure: On February 29, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:Tim Seymour is long AAPL, BAC, BBRY, DO, F, FCX, GM, GOOGL, INTC, JCP, NKE, SINA, T, TWTR, VZ, XOM. Tim's firm is long BABA, BIDU, CLF, KO, MCD, PEP, PF, SAVE, SBUX, VALE, WMT,YHOO, short HYG, IWM. Brian Kelly is long BBRY, Bitcoin, GLD, SLV, TLT, US Dollar, Yen; he is short Aussie Dollar, BLK, British Pound, CS, DB, Euro, EWH, FRC, Hong Kong Dollar, UBS, SPY, Yuan, 5-Year Note Futures. Karen Finerman is long BAC, C, FL, GOOG, GOOGL, JPM, LYV, KORS, M, SEDG, SPY calls, URI, she is short SPY. Her firm is long ANTM, AAPL, BAC, C, C calls, FINL, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, NRF, PLCE, URI, her firm is short IWM, MDY, SPY. Karen Finerman is on the board of GrafTech International. Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck.
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[Social Media Buzz]
#MarsCoin #MARS #MRS $ 0.001023 (1.39 %) 0.00000250 BTC (0.00 %) || One Bitcoin now worth $412.50@bitstamp. High $412.50. Low $403.00. Market Cap $6.309 Billion #bitcoin || LIVE: Profit = $118.91 (6.40 %). BUY B4.81 @ $400.00 (#VirCurex). SELL @ $412.59 (#BTCe) #bitcoin #btc - http://www.projectcoin.org || WARP Price: YoBit 0.00038500 BTC Safecex 0.00034925 BTC 2016-03-07 08:00 http://warpcoin.com pic.twitter.com/THTpivthDD || 1 #bitcoin 1242.01 TL, 408.195 $, 370.020 €, GBP, 28159.00 RUR, 461...
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413.97, 414.86, 417.13, 421.69, 411.62, 414.07, 416.44, 416.83, 417.01, 420.62
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 10530.73, 10767.14, 10599.11, 10343.11, 9900.77, 9811.93, 9911.84, 9870.30, 9477.68, 9552.86, 9519.15, 9607.42, 10085.63, 10399.67, 10518.17, 10821.73, 10970.18, 11805.65, 11478.17, 11941.97, 11966.41, 11862.94, 11354.02, 11523.58, 11382.62, 10895.83, 10051.70, 10311.55, 10374.34, 10231.74, 10345.81, 10916.05, 10763.23, 10138.05, 10131.06, 10407.96, 10159.96, 10138.52, 10370.82, 10185.50, 9754.42, 9510.20, 9598.17, 9630.66, 9757.97, 10346.76, 10623.54, 10594.49, 10575.53, 10353.30, 10517.25, 10441.28, 10334.97, 10115.98, 10178.37, 10410.13, 10360.55, 10358.05, 10347.71, 10276.79, 10241.27, 10198.25, 10266.42, 10181.64, 10019.72, 10070.39, 9729.32, 8620.57, 8486.99, 8118.97, 8251.85, 8245.92, 8104.19, 8293.87, 8343.28, 8393.04, 8259.99, 8205.94, 8151.50, 7988.16, 8245.62, 8228.78, 8595.74, 8586.47, 8321.76, 8336.56, 8321.01, 8374.69, 8205.37, 8047.53.
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[Bitcoin Technical Analysis for 2019-10-16]
Volume: 16071646996, RSI (14-day): 33.85, 50-day EMA: 9080.72, 200-day EMA: 8693.11
[Wider Market Context]
Gold Price: 1488.00, Gold RSI: 46.92
Oil Price: 53.36, Oil RSI: 44.40
[Recent News (last 7 days)]
eToro launches cryptocurrency trading strategy based on Twitter sentiment: Trading platform eToro launched on Tuesday a social media sentiment-based trading strategy for its cryptocurrency traders. The strategy, aptly named TheTIE-LongOnly CopyPortfolio, is available to eToro users through a partnership with The TIE, a cryptocurrency data analytics platform. eToro users trading this strategy will open cryptocurrency trades based on positive sentiments on Twitter. According to The TIE, the platform's "proprietary machine learning and language processing models ingest 850 million tweets per day, quantifying the positive and negative tone of conversations on Twitter." The platform then leverages this data and allocates trades based "on positive sentiment, algorithmically rebalancing once per month." In traditional markets, retail investors have historically lagged behind the smart money when it comes to the data and tools available to them, said Guy Hirsch, US Managing Director of eToro. This puts individual investors at a major disadvantage. In the spirit of crypto and decentralized technology, we believe that offering institutional-grade tools to every investor will level the playing field and democratize investing. The TIE launched this trading strategy in October 2017. So far, the algorithm has generated a 281.% return after fees, compared to a 41% return generated by Bitcoin alone, according to an eToro blog post . || eToro launches cryptocurrency trading strategy based on Twitter sentiment: Trading platform eTorolaunchedon Tuesday a social media sentiment-based trading strategy for its cryptocurrency traders.
The strategy, aptly named TheTIE-LongOnly CopyPortfolio, is available to eToro users through a partnership with The TIE, a cryptocurrency data analytics platform. eToro users trading this strategy will open cryptocurrency trades based on positive sentiments on Twitter.
According to The TIE, the platform's "proprietary machine learning and language processing models ingest 850 million tweets per day, quantifying the positive and negative tone of conversations on Twitter." The platform then leverages this data and allocates trades based "on positive sentiment, algorithmically rebalancing once per month."
“In traditional markets, retail investors have historically lagged behind the ‘smart money’ when it comes to the data and tools available to them,” said Guy Hirsch, US Managing Director of eToro. “This puts individual investors at a major disadvantage. In the spirit of crypto and decentralized technology, we believe that offering institutional-grade tools to every investor will level the playing field and democratize investing.”
The TIE launched this trading strategy in October 2017. So far, the algorithm has generated a 281.% return after fees, compared to a 41% return generated by Bitcoin alone, according to an eToroblog post. || eToro Launches Crypto Portfolio Weighted by Twitter Mentions: That notorious abyss of Crypto Twitter where the XRP Army patrols, altcoins flourish and falter, and @Vitalik99832182 promising you infinity ETH got a new plaything today: an eToro crypto portfolio calibrated to the tenor of its tweets. The new financial instrument is called TheTIE-LongOnly CopyPortfolio , and, as of Tuesday morning, it was live on eToros trading platform with a minimum $2,000 buy-in. Its a partnership between eToro exchange and The TIE data analysis firm, who sources their tweets about 850,000,000 daily from Social Markets Analytics. With an AI system trawling through that massive trove and multiple benchmarks to compare it against, the network calibrates an optimal crypto portfolio based on the sentiments of those tweets, Joshua Frank, CEO of The TIE told CoinDesk. Related: eToro Aims to Put Derivatives on the Blockchain With Lira Programming Language At launch, the portfolio included five different crypto assets: 47.24% stake in DASH; 23.92% EOS; 21.86% XRP; 5.01% MIOTA; and 1.97% ETC. It rebalances every month. Franks theory: theres no better intel source for crypto market movements than Twitter kind of the epicenter of the crypto universe. Crypto remains an asset class driven by the wisdom of the crowd. Money to Be Made Theres nothing fundamentally driving the value of crypto, said Frank. Theres no earnings, theres no dividends, theres no revenue. Related: Someone Just Hacked Binance Jerseys Twitter Account Without any of the normal metrics driving stock market values in crypto, investor sentiment takes a leading role in determining the value of different crypto assets, he argues. Crypto trades almost entirely on public outlook. And public outlook is forged on Twitter. Like a great swirling ball of pump-and-dump news blasts, the 50,000-odd daily crypto tweets that The TIEs algorithm sweeps up from Twitters daunting 850,000,000 daily output drive the markets, investor sentiment, and ultimately, the price of different crypto assets. Story continues Its the market-moving glue that tells the narrative of crypto traders. And as such, Frank said it is a high value data set for any investor to use. But before now, Frank said that a platform with The TIEs level of real-time sophistication was only available to hedge fund managers and their private clients, who could access, and then sift the Twittersphere with the same Social Markets Analytics (SMA) data stream The TIE uses. SMA licenses Twitters firehose the full daily tweet stream directly from Twitter. (The TIE is an off-shoot of SMA, and Frank said SMA remains an investor.) Now, however, anyone with an eToro account can tap directly into the data stream via the new portfolio. It brings strategies and investment capabilities that have been reserved to crypto hedge funds up until this point to the average retail investor, Guy Hirsch, eToros U.S. managing director, told CoinDesk. The result would have paid dividends in the past, eToro and The TIE tell CoinDesk. The companies back tested their algorithm against two years of crypto Twitter content, from October 2017, and found that the resulting portfolio would have returned 281% returns after fees. A portfolio of the same crypto assets would have only returned 29%. How it Works TheTie-LongOnly portfolios algorithms choose between 13 different coins: BTC, ETH, XRP, IOTA, BCH, NEO, ETC, DASH, EOS, XLM, LTC, ZEC and ADA. eToro and The TIE have not yet discussed adding more, but expect to in the coming years. Part of the challenge of using Twitter as a dataset is filtering the real content from fake. Frank said that so much of Crypto Twitter activity is fraudulent, either because of bot accounts or designated shills, that it can be daunting to go through it all. Were actually eliminating about 90% of tweets because we think theyre coming from bots or people trying to manipulate the market. But even before the algorithm squashes bots, and long before it makes a judgement as to whether a tweet employs positive or negative sentiment, it must intuit whether the tweet is actually about crypto. We have to identify and assess the relevance of each individual tweet, Frank said. That can be harder than it seems; Frank said that there are 80 overlapping keywords between crypto markets and other areas. Is that EOS tweet referring to the EOS blockchain and token, or the popular line of Canon cameras? Natural language processing and a comprehensive buzzword dictionary figure it out. Once those problems are eliminated, the actual sentiment-crunching can begin. Tweet sentiment is compared against tweet sentiment, not against other coins. We know, for example, there are a bunch of XRP shills pushing out positive tweets, Frank explained. So well say, hey, how much more positive or negative are conversations on XRP today versus the last seven days to account for that. LongOnlys Long Game The resulting composite is, predictably, as much an emotional HODL-coaster as any individual coin has ever been. In January 2019 the portfolio would have lost 17% before rebounding 410% come February, a review of TheTIE-LongOnlys retroactive projections show. Stuart Colianni, a Machine Learning graduate student at Georgia Tech, who studied the relationship between Twitter sentiment and crypto valuations at Stanfords Information Management program, told CoinDesk massive swings could be a turn-off to investors. While the concept is really good and probably fertile ground for pursuing new investment strategies, people just have to be wary of the amount of risk that theyre potentially exposed to. But The TIE plans to build tweet sentiment portfolios for investors of queasy constitutions, too. One product in the works takes out 50% long and 50% short positions so your net exposure to the market is zero, Frank said. Its all in the name of bolstering cryptos mass adoption, said Hirsch, the eToro manager. He sees the new portfolio as an accessible investment, especially for crypto-curious individuals still mystified by anything blockchain. We hope that this will give people on the fence about crypto a path to enter this asset class, as opposed to trying to figure out for themselves when to sell and when to buy. Illustration via CoinDesk Related Stories Barclays Is No Longer Banking Coinbase British Authorities Seek Data from Crypto Exchanges in Search of Tax Evaders || eToro Launches Crypto Portfolio Weighted by Twitter Mentions: That notorious abyss of Crypto Twitter – where the XRP Army patrols, altcoins flourish and falter, and @Vitalik99832182 promising you infinity ETH – got a new plaything today: an eToro crypto portfolio calibrated to the tenor of its tweets.
The new financial instrument is calledTheTIE-LongOnly CopyPortfolio, and, as of Tuesday morning, it was live on eToro’s trading platform with a minimum $2,000 buy-in. It’s a partnership between eToro exchange and The TIE data analysis firm, who sources their tweets – about 850,000,000 daily – from Social Markets Analytics.
With an AI system trawling through that massive trove and multiple benchmarks to compare it against, the network calibrates an optimal crypto portfolio based on the sentiments of those tweets, Joshua Frank, CEO of The TIE told CoinDesk.
Related:eToro Aims to Put Derivatives on the Blockchain With Lira Programming Language
At launch, the portfolio included five different crypto assets: 47.24% stake in DASH; 23.92% EOS; 21.86% XRP; 5.01% MIOTA; and 1.97% ETC. It rebalances every month.
Frank’s theory: there’s no better intel source for crypto market movements than Twitter – “kind of the epicenter of the crypto universe.”
“Crypto remains an asset class driven by the wisdom of the crowd.”
“There’s nothing fundamentally driving the value of crypto,” said Frank. “There’s no earnings, there’s no dividends, there’s no revenue.”
Related:Someone Just Hacked Binance Jersey’s Twitter Account
Without any of the normal metrics driving stock market values in crypto, investor sentiment takes a leading role in determining the value of different crypto assets, he argues. Crypto trades almost entirely on public outlook.
And public outlook is forged on Twitter.
Like a great swirling ball of pump-and-dump news blasts, the 50,000-odd daily crypto tweets that The TIE’s algorithm sweeps up from Twitter’s daunting 850,000,000 daily output drive the markets, investor sentiment, and ultimately, the price of different crypto assets.
Its the market-moving glue that tells the narrative of crypto traders. And as such, Frank said it is a high value data set for any investor to use.
But before now, Frank said that a platform with The TIE’s level of real-time sophistication was only available to hedge fund managers and their private clients, who could access, and then sift the Twittersphere with the same Social Markets Analytics (SMA) data stream The TIE uses. SMA licenses Twitter’s ‘firehose’ – the full daily tweet stream – directly from Twitter.
(The TIE is an off-shoot of SMA, and Frank said SMA remains an investor.)
Now, however, anyone with an eToro account can tap directly into the data stream via the new portfolio.
It “brings strategies and investment capabilities that have been reserved to crypto hedge funds up until this point to the average retail investor,” Guy Hirsch, eToro’s U.S. managing director, told CoinDesk.
The result would have paid dividends in the past, eToro and The TIE tell CoinDesk. The companies back tested their algorithm against two years of crypto Twitter content, from October 2017, and found that the resulting portfolio would have returned 281% returns after fees. A portfolio of the same crypto assets would have only returned 29%.
TheTie-LongOnly portfolio’s algorithms choose between 13 different coins: BTC, ETH, XRP, IOTA, BCH, NEO, ETC, DASH, EOS, XLM, LTC, ZEC and ADA. eToro and The TIE have not yet discussed adding more, but expect to in the coming years.
Part of the challenge of using Twitter as a dataset is filtering the real content from fake. Frank said that so much ofCrypto Twitteractivity is fraudulent, either because of bot accounts or designated shills, that it can be daunting to go through it all.
“We’re actually eliminating about 90% of tweets because we think they’re coming from bots or people trying to manipulate the market.”
But even before the algorithm squashes bots, and long before it makes a judgement as to whether a tweet employs positive or negative sentiment, it must intuit whether the tweet is actually about crypto.
“We have to identify and assess the relevance of each individual tweet,” Frank said.
That can be harder than it seems; Frank said that there are 80 overlapping keywords between crypto markets and other areas.
Is that EOS tweet referring to theEOS blockchainand token, or the popular line of Canon cameras? Natural language processing and a comprehensive buzzword dictionary figure it out.
Once those problems are eliminated, the actual sentiment-crunching can begin. Tweet sentiment is compared against tweet sentiment, not against other coins.
“We know, for example, there are a bunch of XRP shills pushing out positive tweets,” Frank explained. “So we’ll say, ‘hey, how much more positive or negative are conversations on XRP today versus the last seven days’” to account for that.
The resulting composite is, predictably, as much an emotional HODL-coaster as any individual coin has ever been. In January 2019 the portfolio would have lost 17% before rebounding 410% come February, a review of TheTIE-LongOnly’s retroactive projections show.
Stuart Colianni, a Machine Learning graduate student at Georgia Tech,who studied the relationship between Twitter sentiment and crypto valuationsat Stanford’s Information Management program, told CoinDesk massive swings could be a turn-off to investors.
“While the concept is really good and probably fertile ground for pursuing new investment strategies, people just have to be wary of the amount of risk that they’re potentially exposed to.”
But The TIE plans to build tweet sentiment portfolios for investors of queasy constitutions, too. One product in the works takes out 50% long and 50% short positions “so your net exposure to the market is zero,” Frank said.
It’s all in the name of bolstering crypto’s mass adoption, said Hirsch, the eToro manager. He sees the new portfolio as an accessible investment, especially for crypto-curious individuals still mystified by anything blockchain.
“We hope that this will give people on the fence about crypto a path to enter this asset class, as opposed to trying to figure out for themselves when to sell and when to buy.”
Illustration via CoinDesk
• Barclays Is No Longer Banking Coinbase
• British Authorities Seek Data from Crypto Exchanges in Search of Tax Evaders || Latin Americans get two new ways to trade Bitcoin, Ethereum, and more: The importance of the Latin American market for the crypt o industry continues to become more evident, as two new cryptocurrency exchanges make their way into Central America. In Costa Rica, local crypto startup Obsidiam today launched what it describes as a new type of “hybrid” exchange, according to a report from local media outlet La Republica . At the same time, Japanese exchange BitPoint is expanding an already established presence in the region by opening its doors to Guatemalans. BitPoint had been eyeing an expansion into Guatemala for some time, according to Spanish-language media site Guatemala.com , as executives visited the country and held several meetings with local banks to explain the advantages of cryptocurrency and blockchain technology. Colombia is slowly moving toward Bitcoin-friendly regulations The meetings evidently yielded positive results, as BitPoint’s Latin America portal added support for Guatemala last week. BitPoint, which last July suffered a massive hack that saw the exchange lose $32 million in customer funds, is nevertheless optimistic about what its Latin American expansion means for its business and for the region. “Now, 100 million people in Latin America can safely invest in Bitcoin and the world's leading cryptoassets through BitPoint,” Stefan Krautwald, a board member of BitPoint Latin America, said in a statement. “Our goal is that in the short term, anyone in the region can own cryptoassets as part of their investment portfolio." Meanwhile, in Costa Rica, Obsidiam—a firm that primarily deals in crypto-related financial services—has launched a new crypto exchange that will enable its users to trade, remit, process payments, and do many more operations with cryptocurrencies than they would otherwise be able to do with traditional exchanges or financial services. The firm is promoting its venture as a type of hybrid exchange—a “combination between a decentralized (P2P) exchange and a traditional exchange," according to its website, though it does not elaborate on what, exactly, that means for its users. The company did announce, however, that its exchange will initially support Bitcoin , Litecoin, Ethereum , and XRP, promising to add more options in the future. All in all, the options available to Latin American users to buy and sell cryptocurrency continue to multiply. || Latin Americans get two new ways to trade Bitcoin, Ethereum, and more: The importance of the Latin American market for thecrypto industry continues to become more evident, as two newcryptocurrencyexchanges make their way into Central America.
In Costa Rica, local crypto startupObsidiamtoday launched what it describes as a new type of “hybrid” exchange, according to areportfrom local media outletLa Republica. At the same time, Japanese exchange BitPoint is expanding an already established presence in the region by opening its doors to Guatemalans.
BitPoint had been eyeing an expansion into Guatemala for some time, according to Spanish-language media siteGuatemala.com, as executives visited the country and held several meetings with local banks to explain the advantages of cryptocurrency and blockchain technology.
The meetings evidently yielded positive results, as BitPoint’s Latin America portal added support for Guatemala last week. BitPoint, which last Julysuffered a massive hackthat saw the exchange lose $32 million in customer funds, is nevertheless optimistic about what its Latin American expansion means for its business and for the region.
“Now, 100 million people in Latin America can safely invest in Bitcoin and the world's leading cryptoassets through BitPoint,” Stefan Krautwald, a board member of BitPoint Latin America, said in a statement. “Our goal is that in the short term, anyone in the region can own cryptoassets as part of their investment portfolio."
Meanwhile, in Costa Rica, Obsidiam—a firm that primarily deals in crypto-related financial services—has launched a new crypto exchange that will enable its users to trade, remit, process payments, and do many more operations with cryptocurrencies than they would otherwise be able to do with traditional exchanges or financial services.
The firm is promoting its venture as a type of hybrid exchange—a “combination between a decentralized (P2P) exchange and a traditional exchange," according to its website, though it does not elaborate on what, exactly, that means for its users. The company did announce, however, that its exchange will initially supportBitcoin, Litecoin,Ethereum, and XRP, promising to add more options in the future.
All in all, the options available to Latin American users to buy and sell cryptocurrency continue to multiply. || Latin Americans get two new ways to trade Bitcoin, Ethereum, and more: The importance of the Latin American market for thecrypto industry continues to become more evident, as two newcryptocurrencyexchanges make their way into Central America.
In Costa Rica, local crypto startupObsidiamtoday launched what it describes as a new type of “hybrid” exchange, according to areportfrom local media outletLa Republica. At the same time, Japanese exchange BitPoint is expanding an already established presence in the region by opening its doors to Guatemalans.
BitPoint had been eyeing an expansion into Guatemala for some time, according to Spanish-language media siteGuatemala.com, as executives visited the country and held several meetings with local banks to explain the advantages of cryptocurrency and blockchain technology.
The meetings evidently yielded positive results, as BitPoint’s Latin America portal added support for Guatemala last week. BitPoint, which last Julysuffered a massive hackthat saw the exchange lose $32 million in customer funds, is nevertheless optimistic about what its Latin American expansion means for its business and for the region.
“Now, 100 million people in Latin America can safely invest in Bitcoin and the world's leading cryptoassets through BitPoint,” Stefan Krautwald, a board member of BitPoint Latin America, said in a statement. “Our goal is that in the short term, anyone in the region can own cryptoassets as part of their investment portfolio."
Meanwhile, in Costa Rica, Obsidiam—a firm that primarily deals in crypto-related financial services—has launched a new crypto exchange that will enable its users to trade, remit, process payments, and do many more operations with cryptocurrencies than they would otherwise be able to do with traditional exchanges or financial services.
The firm is promoting its venture as a type of hybrid exchange—a “combination between a decentralized (P2P) exchange and a traditional exchange," according to its website, though it does not elaborate on what, exactly, that means for its users. The company did announce, however, that its exchange will initially supportBitcoin, Litecoin,Ethereum, and XRP, promising to add more options in the future.
All in all, the options available to Latin American users to buy and sell cryptocurrency continue to multiply. || SEC Restarts Clock on Proposed ‘Bitcoin and T-Bills’ ETF: The U.S. Securities and Exchange Commission (SEC) is again soliciting comments on a proposed exchange-traded fund (ETF) based around bitcoin and Treasury bonds.
According toa public filing published Tuesday, investment management firm Wilshire Phoenix and NYSE Arca filed an amendment to their ETF proposal earlier this month to address issuance and redemption for the securities and the listing/trading of the fund’s shares.
Coinbase Custody will act as the custodian for the bitcoin held by the trust, according to the filing. Tuesday’s notice says Coinbase will provide attestations confirming the amount of bitcoin it holds within five business days of the trust’s monthly rebalancing, adding a detail not present in the original filing.
Related:SEC Draws on Investor Communications to Halt Telegram Token Launch
The amended rule change proposal also notes that CME and Intercontinental Exchange (ICE) provide bitcoin futures products in the U.S., rather than CME and Cboe. The latter company wound down its futures product earlier this year.
Later on, the filing seemingly addresses the SEC’s concerns with potential market manipulation in the cryptocurrency space.
“The Sponsor notes that, in connection with the Commission’s analysis of whether a market is inherently resistant to manipulation, the Commission has in certain circumstances focused not on the market as a whole but instead on the significant subset of the market that has a meaningful impact on the particular ETP [exchange-traded product],” the filing says, adding:
“For instance, orders approving listing applications of ETPs that invest in gold bullion focused on the spot and futures market, even though gold is traded on a number of different market segments. Focusing on the spot market is appropriate because the spot market is the market to which the particular ETP would look to determine its [net asset value].”
Related:tZERO-Backed Startup Seeks SEC Approval to Launch Security Token Market
The amendment filed on Oct. 4 “replaces … and supersedes” the original filing “in its entirety,” Tuesday’s notice said.
The SECfirst kicked off the comment periodfor Wilshire Phoenix’s proposal in June, beforeannouncing in late Septemberthat it was evaluating the proposal.
According to the filing, members of the public must submit comments within 21 days of the notice’s publication in the Federal Register. The SEC has 45 days after the filing’s publication in the Register to make an initial decision, but can extend that timeframe if it chooses to do so.
Tuesday’s filing follows the SEC’sdecision to reject a bitcoin ETF proposalfiled by Bitwise Asset Management, also working with NYSE Arca. The regulator cited concerns about market manipulation and a lack of surveillance-sharing agreements as an issue in its rejection.
SEC logo image via CoinDesk archives
• SEC, CFTC, FinCEN Warn Crypto Industry to Follow US Banking Laws
• SEC Rejects Bitwise’s Latest Bitcoin ETF Proposal || SEC Restarts Clock on Proposed ‘Bitcoin and T-Bills’ ETF: The U.S. Securities and Exchange Commission (SEC) is again soliciting comments on a proposed exchange-traded fund (ETF) based around bitcoin and Treasury bonds. According to a public filing published Tuesday , investment management firm Wilshire Phoenix and NYSE Arca filed an amendment to their ETF proposal earlier this month to address issuance and redemption for the securities and the listing/trading of the fund’s shares. Coinbase Custody will act as the custodian for the bitcoin held by the trust, according to the filing. Tuesday’s notice says Coinbase will provide attestations confirming the amount of bitcoin it holds within five business days of the trust’s monthly rebalancing, adding a detail not present in the original filing. Related: SEC Draws on Investor Communications to Halt Telegram Token Launch The amended rule change proposal also notes that CME and Intercontinental Exchange (ICE) provide bitcoin futures products in the U.S., rather than CME and Cboe. The latter company wound down its futures product earlier this year. Later on, the filing seemingly addresses the SEC’s concerns with potential market manipulation in the cryptocurrency space. “The Sponsor notes that, in connection with the Commission’s analysis of whether a market is inherently resistant to manipulation, the Commission has in certain circumstances focused not on the market as a whole but instead on the significant subset of the market that has a meaningful impact on the particular ETP [exchange-traded product],” the filing says, adding: “For instance, orders approving listing applications of ETPs that invest in gold bullion focused on the spot and futures market, even though gold is traded on a number of different market segments. Focusing on the spot market is appropriate because the spot market is the market to which the particular ETP would look to determine its [net asset value].” Related: tZERO-Backed Startup Seeks SEC Approval to Launch Security Token Market Story continues The amendment filed on Oct. 4 “replaces … and supersedes” the original filing “in its entirety,” Tuesday’s notice said. The SEC first kicked off the comment period for Wilshire Phoenix’s proposal in June, before announcing in late September that it was evaluating the proposal. According to the filing, members of the public must submit comments within 21 days of the notice’s publication in the Federal Register. The SEC has 45 days after the filing’s publication in the Register to make an initial decision, but can extend that timeframe if it chooses to do so. Tuesday’s filing follows the SEC’s decision to reject a bitcoin ETF proposal filed by Bitwise Asset Management, also working with NYSE Arca. The regulator cited concerns about market manipulation and a lack of surveillance-sharing agreements as an issue in its rejection. SEC logo image via CoinDesk archives Related Stories SEC, CFTC, FinCEN Warn Crypto Industry to Follow US Banking Laws SEC Rejects Bitwise’s Latest Bitcoin ETF Proposal || SEC Restarts Clock on Proposed ‘Bitcoin and T-Bills’ ETF: The U.S. Securities and Exchange Commission (SEC) is again soliciting comments on a proposed exchange-traded fund (ETF) based around bitcoin and Treasury bonds.
According toa public filing published Tuesday, investment management firm Wilshire Phoenix and NYSE Arca filed an amendment to their ETF proposal earlier this month to address issuance and redemption for the securities and the listing/trading of the fund’s shares.
Coinbase Custody will act as the custodian for the bitcoin held by the trust, according to the filing. Tuesday’s notice says Coinbase will provide attestations confirming the amount of bitcoin it holds within five business days of the trust’s monthly rebalancing, adding a detail not present in the original filing.
Related:SEC Draws on Investor Communications to Halt Telegram Token Launch
The amended rule change proposal also notes that CME and Intercontinental Exchange (ICE) provide bitcoin futures products in the U.S., rather than CME and Cboe. The latter company wound down its futures product earlier this year.
Later on, the filing seemingly addresses the SEC’s concerns with potential market manipulation in the cryptocurrency space.
“The Sponsor notes that, in connection with the Commission’s analysis of whether a market is inherently resistant to manipulation, the Commission has in certain circumstances focused not on the market as a whole but instead on the significant subset of the market that has a meaningful impact on the particular ETP [exchange-traded product],” the filing says, adding:
“For instance, orders approving listing applications of ETPs that invest in gold bullion focused on the spot and futures market, even though gold is traded on a number of different market segments. Focusing on the spot market is appropriate because the spot market is the market to which the particular ETP would look to determine its [net asset value].”
Related:tZERO-Backed Startup Seeks SEC Approval to Launch Security Token Market
The amendment filed on Oct. 4 “replaces … and supersedes” the original filing “in its entirety,” Tuesday’s notice said.
The SECfirst kicked off the comment periodfor Wilshire Phoenix’s proposal in June, beforeannouncing in late Septemberthat it was evaluating the proposal.
According to the filing, members of the public must submit comments within 21 days of the notice’s publication in the Federal Register. The SEC has 45 days after the filing’s publication in the Register to make an initial decision, but can extend that timeframe if it chooses to do so.
Tuesday’s filing follows the SEC’sdecision to reject a bitcoin ETF proposalfiled by Bitwise Asset Management, also working with NYSE Arca. The regulator cited concerns about market manipulation and a lack of surveillance-sharing agreements as an issue in its rejection.
SEC logo image via CoinDesk archives
• SEC, CFTC, FinCEN Warn Crypto Industry to Follow US Banking Laws
• SEC Rejects Bitwise’s Latest Bitcoin ETF Proposal || Will Bitcoin / Brazilian Real (BTCBRL) hit new all-time-highs?: At the time of writing, the Bitcoin / Brazilian Real (BTCBRL) market seems to be on a positive wave of recovery. As it is happening with most South American countries, the number of people trading cryptocurrencies namely Bitcoin seems to be increasing again. After the crash of 2018, it appears fresh cash is coming back to the market. Perhaps the actions of Brazilian regulators , making strides to level the playing field to all participants, could be bringing more people into cryptocurrencies. In this piece I will look into the long-term behaviour of BTCBRL, as it shows new strength and a chance to hit new all-time-highs during the next couple of months. Lets take a look at the chart! BTCBRL, courtesy of Trading View Looking above, the trend seems to be clear: BTCBRL will eventually hit new highs. Since mid 2015, the price of BTC measured in Brazilian Real has been exponentially increasing. After reaching a top close to $ 75,000 in late 2018, BTCBRL crashed by more than 83%, reaching its bottom around $ 12,000 in early 2019, a year later. Since then, BTCBRL has been moving in a steady uptrend. In June 2019, due to massive amounts of fresh Real coming into the market, BTCBRL took a huge jump, gaining more than 450% in less than six months. BTCBRL is now consolidating above $30,000 a sign of a healthy market. With increased volume coming to the Brazilian cryptocurrency space, I argue its just a matter of a few months, perhaps even before the halving, well see BTCBRL reaching to new all-time-highs. The outlook of South America As reported last week, its not only in Brazil where were noticing sudden price increases and volume spikes. Even though the graph above suggests Europe is the region where most people are acquiring Bitcoin, by comparing how much money went in to crypto vs how much came out, we clearly reach the conclusion thats not entirely true. South America has a positive balance in excess of $200 million, while Europe remains flat. In addition, all other regions have shown negative trends over the past year, since more people are converting Bitcoin into USD than the other way around. Story continues It seems clear to me South American populations especially Brazil, Venezuela and Argentina are adopting Bitcoin. Perhaps due to having a more secure store-of-value. Perhaps to have a simple way to transfer abroad. Whatever the reason, the more people that join the crypto-space, the better. Increased liquidity in a plurality of currencies also matters for decentralisation. Safe trades! The post Will Bitcoin / Brazilian Real (BTCBRL) hit new all-time-highs? appeared first on Coin Rivet . || Will Bitcoin / Brazilian Real (BTCBRL) hit new all-time-highs?: At the time of writing, the Bitcoin / Brazilian Real (BTCBRL) market seems to be on a positive wave of recovery. As it is happening with most South American countries, the number of people trading cryptocurrencies namely Bitcoin seems to be increasing again. After the crash of 2018, it appears fresh cash is coming back to the market. Perhaps the actions of Brazilian regulators , making strides to level the playing field to all participants, could be bringing more people into cryptocurrencies. In this piece I will look into the long-term behaviour of BTCBRL, as it shows new strength and a chance to hit new all-time-highs during the next couple of months. Lets take a look at the chart! BTCBRL, courtesy of Trading View Looking above, the trend seems to be clear: BTCBRL will eventually hit new highs. Since mid 2015, the price of BTC measured in Brazilian Real has been exponentially increasing. After reaching a top close to $ 75,000 in late 2018, BTCBRL crashed by more than 83%, reaching its bottom around $ 12,000 in early 2019, a year later. Since then, BTCBRL has been moving in a steady uptrend. In June 2019, due to massive amounts of fresh Real coming into the market, BTCBRL took a huge jump, gaining more than 450% in less than six months. BTCBRL is now consolidating above $30,000 a sign of a healthy market. With increased volume coming to the Brazilian cryptocurrency space, I argue its just a matter of a few months, perhaps even before the halving, well see BTCBRL reaching to new all-time-highs. The outlook of South America As reported last week, its not only in Brazil where were noticing sudden price increases and volume spikes. Even though the graph above suggests Europe is the region where most people are acquiring Bitcoin, by comparing how much money went in to crypto vs how much came out, we clearly reach the conclusion thats not entirely true. South America has a positive balance in excess of $200 million, while Europe remains flat. In addition, all other regions have shown negative trends over the past year, since more people are converting Bitcoin into USD than the other way around. Story continues It seems clear to me South American populations especially Brazil, Venezuela and Argentina are adopting Bitcoin. Perhaps due to having a more secure store-of-value. Perhaps to have a simple way to transfer abroad. Whatever the reason, the more people that join the crypto-space, the better. Increased liquidity in a plurality of currencies also matters for decentralisation. Safe trades! The post Will Bitcoin / Brazilian Real (BTCBRL) hit new all-time-highs? appeared first on Coin Rivet . || Will Bitcoin / Brazilian Real (BTCBRL) hit new all-time-highs?: At the time of writing, the Bitcoin / Brazilian Real (BTCBRL) market seems to be on a positive wave of recovery. As it is happening with most South American countries, the number of people trading cryptocurrencies namely Bitcoin seems to be increasing again. After the crash of 2018, it appears fresh cash is coming back to the market. Perhaps the actions of Brazilian regulators , making strides to level the playing field to all participants, could be bringing more people into cryptocurrencies. In this piece I will look into the long-term behaviour of BTCBRL, as it shows new strength and a chance to hit new all-time-highs during the next couple of months. Lets take a look at the chart! BTCBRL, courtesy of Trading View Looking above, the trend seems to be clear: BTCBRL will eventually hit new highs. Since mid 2015, the price of BTC measured in Brazilian Real has been exponentially increasing. After reaching a top close to $ 75,000 in late 2018, BTCBRL crashed by more than 83%, reaching its bottom around $ 12,000 in early 2019, a year later. Since then, BTCBRL has been moving in a steady uptrend. In June 2019, due to massive amounts of fresh Real coming into the market, BTCBRL took a huge jump, gaining more than 450% in less than six months. BTCBRL is now consolidating above $30,000 a sign of a healthy market. With increased volume coming to the Brazilian cryptocurrency space, I argue its just a matter of a few months, perhaps even before the halving, well see BTCBRL reaching to new all-time-highs. The outlook of South America As reported last week, its not only in Brazil where were noticing sudden price increases and volume spikes. Even though the graph above suggests Europe is the region where most people are acquiring Bitcoin, by comparing how much money went in to crypto vs how much came out, we clearly reach the conclusion thats not entirely true. South America has a positive balance in excess of $200 million, while Europe remains flat. In addition, all other regions have shown negative trends over the past year, since more people are converting Bitcoin into USD than the other way around. Story continues It seems clear to me South American populations especially Brazil, Venezuela and Argentina are adopting Bitcoin. Perhaps due to having a more secure store-of-value. Perhaps to have a simple way to transfer abroad. Whatever the reason, the more people that join the crypto-space, the better. Increased liquidity in a plurality of currencies also matters for decentralisation. Safe trades! The post Will Bitcoin / Brazilian Real (BTCBRL) hit new all-time-highs? appeared first on Coin Rivet . || WATCH: MyCrypto CEO Taylor Monahan on Crypto Adoption and Ethereum: Related:Zcash Will Get a Gateway Into Ethereum’s DeFi Ecosystem
• WATCH: Tongtong Gong of Amberdata Talks About Gender in Crypto
• At Devcon, Bitcoin Developer Amir Taaki Foresees a ‘DarkTech Renaissance’ || WATCH: MyCrypto CEO Taylor Monahan on Crypto Adoption and Ethereum: Related: Zcash Will Get a Gateway Into Ethereum’s DeFi Ecosystem “How can we make this similar to existing systems? And where it just is different, how can we educate the user? Because at the end of the day, we do want people to hold their own crypto.” Related Stories WATCH: Tongtong Gong of Amberdata Talks About Gender in Crypto At Devcon, Bitcoin Developer Amir Taaki Foresees a ‘DarkTech Renaissance’ || Satoshi, bitcoin’s smallest unit, is now added to Oxford English Dictionary: The Oxford English Dictionary (OED), published by the Oxford University Press, has officially added the word “Satoshi” to its database. The decision was made as part of aquarterly updatethis month.
The OEDdefinesSatoshi as: “The smallest monetary unit in the Bitcoin digital payment system, equal to one hundred millionth of a bitcoin.”
The announcement follows the December 2014updatethat saw “bitcoin” added to the respected resource. It defines bitcoin as “a digital currency in which transactions can be performed without the need for a central bank.”
In the latest quarterly update, the OED has also added the word “cryptocurrency” to its database,definingit in two ways:
Firstly as “an informal, substitute currency. rare,” and secondly as “any of various digital payment systems operating independently of a central authority and employing cryptographic techniques to control and verify transactions in a unique unit of account; (also) the units of account of such a system, considered collectively.”
Oxford Dictionaries Online (ODO) also defines several crypto and blockchain-related words, such as “cryptocurrency,” “bitcoin,” “blockchain” and “miner,” among others.The key difference between the OED and the ODO is that once a word enters the OED, it is"never removed,"while for the ODO, itcan be removed. The other difference is that while the "ODOfocuseson the current language and practical usage, the OED shows how words and meanings have changed over time." || Satoshi, bitcoin’s smallest unit, is now added to Oxford English Dictionary: The Oxford English Dictionary (OED), published by the Oxford University Press, has officially added the word “Satoshi” to its database. The decision was made as part of a quarterly update this month. The OED defines Satoshi as: “The smallest monetary unit in the Bitcoin digital payment system, equal to one hundred millionth of a bitcoin.” The announcement follows the December 2014 update that saw “bitcoin” added to the respected resource. It defines bitcoin as “a digital currency in which transactions can be performed without the need for a central bank.” In the latest quarterly update, the OED has also added the word “cryptocurrency” to its database, defining it in two ways: Firstly as “an informal, substitute currency. rare,” and secondly as “any of various digital payment systems operating independently of a central authority and employing cryptographic techniques to control and verify transactions in a unique unit of account; (also) the units of account of such a system, considered collectively.” Oxford Dictionaries Online (ODO) also defines several crypto and blockchain-related words, such as “ cryptocurrency ,” “ bitcoin ,” “ blockchain ” and “ miner ,” among others. The key difference between the OED and the ODO is that once a word enters the OED, it is "never removed," while for the ODO, it can be removed . The other difference is that while the "ODO focuses on the current language and practical usage, the OED shows how words and meanings have changed over time." || BREAKING: Roger Ver clashes with Nouriel Roubini in heated debate: Renowned economist Nouriel Roubini found himself embroiled in a war of words with Bitcoin Cash founder Roger Ver during a heated panel at Londons CC Forum on Tuesday. Roubini, who is often referred to as Dr Doom, clashed with Ver on the topic of whether cryptocurrencies are being used and if they have a genuine use case. Ver enthusiastically claimed that more than 100,000 websites accept Bitcoin Cash, while Roubini continually rebuffed his claim by stating that no one uses cryptocurrencies and that they cant even be classified as currencies. Roubini vs Roger Ver @ForumChallenge #crypto $BCH $BTC @rogerkver @Bitcoin https://t.co/t69HDuzVcw Oliver Knight (@KnightCoinRivet) October 15, 2019 A hostile audience challenged Roubini on his anti-crypto stance, although he reiterated that they have lost on average 95% of their value and that 80% of ICOs are all copycat scams. Despite the moderator attempting to steer debate towards the topic of cryptocurrencies in general, Roger Ver was insistent in his advertisement of Bitcoin Cash. To his credit, Roubini held his own when comparing the unregulated nature of cryptocurrencies to global regulated currencies and capital markets, stating that cryptocurrency was a hotbed of price manipulation, money laundering and terrorism due to the lack of AML and KYC procedures from exchanges. Story continues There were also claims that 20m people used cryptocurrency, however Roubini was quick to point out that 95% of the reported volume was fake, thus rendering it irrelevant in comparison to paper money. Full report to follow. For more news from the conference, click here . The post BREAKING: Roger Ver clashes with Nouriel Roubini in heated debate appeared first on Coin Rivet . || BREAKING: Roger Ver clashes with Nouriel Roubini in heated debate: Renowned economist Nouriel Roubini found himself embroiled in a war of words with Bitcoin Cash founder Roger Ver during a heated panel at Londons CC Forum on Tuesday. Roubini, who is often referred to as Dr Doom, clashed with Ver on the topic of whether cryptocurrencies are being used and if they have a genuine use case. Ver enthusiastically claimed that more than 100,000 websites accept Bitcoin Cash, while Roubini continually rebuffed his claim by stating that no one uses cryptocurrencies and that they cant even be classified as currencies. Roubini vs Roger Ver @ForumChallenge #crypto $BCH $BTC @rogerkver @Bitcoin https://t.co/t69HDuzVcw Oliver Knight (@KnightCoinRivet) October 15, 2019 A hostile audience challenged Roubini on his anti-crypto stance, although he reiterated that they have lost on average 95% of their value and that 80% of ICOs are all copycat scams. Despite the moderator attempting to steer debate towards the topic of cryptocurrencies in general, Roger Ver was insistent in his advertisement of Bitcoin Cash. To his credit, Roubini held his own when comparing the unregulated nature of cryptocurrencies to global regulated currencies and capital markets, stating that cryptocurrency was a hotbed of price manipulation, money laundering and terrorism due to the lack of AML and KYC procedures from exchanges. Story continues There were also claims that 20m people used cryptocurrency, however Roubini was quick to point out that 95% of the reported volume was fake, thus rendering it irrelevant in comparison to paper money. Full report to follow. For more news from the conference, click here . The post BREAKING: Roger Ver clashes with Nouriel Roubini in heated debate appeared first on Coin Rivet . || Coinfield to open up 30,000 stocks for crypto trading on Ripple's XRPL: Crypto exchange Coinfield is to make stocks such as Tesla and Apple tradable on the popular XRP ledger (XRPL), it announced today. Stocks and ETFs from over 25 global stock exchanges and fiat-backed stablecoins will be available for trading on top of Ripple's XRP ledger from next year via a new platform "Sologenic," Coinfield’s CEO Bob Ras told Decrypt. “It’s an ecosystem, merging traditional financial market assets—non-blockchain financial systems—with crypto assets,” he said. "We offer our customers the ability to tokenize any asset on demand. Users can tokenize over 30,000 stocks and ETFs.” Coinfield uses its crypto, Solo (Ƨ,) to provide a bridge between crypto assets and stocks or ETFs. Solo is paired directly with fiat, and used as collateral to settle transactions with third-party brokerage firms. Tesla shares, for example, would be converted to a tokenized stablecoin version of TSLA, TSLAƨ. And USD would become USDƨ. These stablecoins will be tradable against XRP and Solo on CoinField’s exchange and the XRPL DEX. “We offer users ability to tokenize any asset, or fiat. A user from, say, Japan can tokenize fiat on top of XRPL and they can move their funds almost instantly to the XRP blockchain,” said Ras. “We’re helping [with the] mass adoption of cryptocurrencies, and we get more users to invest in the stock market,” he added. The project has been six months in development, and Coinfield’s partners include top securities legal firms, Wietse Wind, the founder of XRPL Labs and online banking firm Cashaa. It will launch in Q1 with a public IEO. Solo holders will then be able to trade their coins for Bitcoin, and other assets. They’ll also be given a “Crypto Card” so they can use crypto assets as collateral and spend instantly anywhere in the world, said Ras. In Q2, Coinfield is planning to launch its decentralized exchange, but users will need to wait until later in the year to trade securities on the platform. Ras said that the exchange anticipates acquiring a securities brokerage license, from the Estonian regulator, within six months. Story continues Coinfield enables trade against six fiat currencies and launched in February 2018. It’s currently based in Canada but is in the process of transferring its head office to Spain. Last week, the exchange launched an XRP validator, and was included in Ripple’s “Unique Node List” (UNL,) of trusted tier-one validators on the network. In the same week Ripple and XRP fans also welcomed a decentralization milestone for the XRP Ledger. According to its transaction ledger, 80 percent of its validators are now third-parties.
[Social Media Buzz]
Hayyysss BTC correction😭 || This is a good start. What is the recidivism rate for child predators? 92% you say. Yet most of the men are getting 30 months. As a women and mother, this is a giant crock of shit! https://t.co/Dr3xmhCd3O || The latest The Cryptocurrency Daily! https://t.co/lDg3ftiEtw Thanks to @Bit_Fink @cryptoboss69 @BVBTC #blockchain #bitcoin || nothing happening || @roryhighside @barackomaba @HotepJesus Come on now Rory, calm down! Don't go getting your mempools in a mix! 😂🤣
http...
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8103.91, 7973.21, 7988.56, 8222.08, 8243.72, 8078.20, 7514.67, 7493.49, 8660.70, 9244.97
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 6602.95, 6652.23, 6642.64, 6585.53, 6256.24, 6274.58, 6285.99, 6290.93, 6596.54, 6596.11, 6544.43, 6476.71, 6465.41, 6489.19, 6482.35, 6487.16, 6475.74, 6495.84, 6476.29, 6474.75, 6480.38, 6486.39, 6332.63, 6334.27, 6317.61, 6377.78, 6388.44, 6361.26, 6376.13, 6419.66, 6461.01, 6530.14, 6453.72, 6385.62, 6409.22, 6411.27, 6371.27, 6359.49, 5738.35, 5648.03, 5575.55, 5554.33, 5623.54, 4871.49, 4451.87, 4602.17, 4365.94, 4347.11, 3880.76, 4009.97, 3779.13, 3820.72, 4257.42, 4278.85, 4017.27, 4214.67, 4139.88, 3894.13, 3956.89, 3753.99, 3521.10, 3419.94, 3476.11, 3614.23, 3502.66, 3424.59, 3486.95, 3313.68, 3242.48, 3236.76, 3252.84, 3545.86, 3696.06, 3745.95, 4134.44, 3896.54, 4014.18, 3998.98, 4078.60, 3815.49, 3857.30, 3654.83, 3923.92, 3820.41, 3865.95, 3742.70, 3843.52, 3943.41, 3836.74, 3857.72.
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[Bitcoin Technical Analysis for 2019-01-04]
Volume: 4847965467, RSI (14-day): 49.23, 50-day EMA: 4195.73, 200-day EMA: 5789.05
[Wider Market Context]
Gold Price: 1282.70, Gold RSI: 66.78
Oil Price: 47.96, Oil RSI: 45.23
[Recent News (last 7 days)]
Bitcoin Price Analysis: Range-Bound Market Coiled for Next Move: For the better part of a month and a half, bitcoin has been fairly range-bound and unable to establish new lows or new highs. There are some bullish and bearish setups on the horizon for bitcoin, so let’s check out both sides of the argument because currently the market is sitting in the middle of Indecisionville — the most immediate sign of which is this glaringly obvious head-and-shoulders bottom reversal pattern:
Figure 1:BTC-USD, Daily Candles, Head-and-Shoulders Bottom
This current pattern is nothing more than a setup at the moment, but it represents one potential outcome of this sustained consolidation. In order for this pattern to be confirmed, we need to see a daily candle close above the neckline (horizontal blue line). A breakout of this reversal pattern has a measured move of approximately $1,000 — a target of around $5,200. However, there are plenty of things that should keep the bulls wary for the time being. Until we close a higher high, the trend remainsdown.
Another potential outcome for a swing high is a bull trap called a Swing Failure Pattern (SFP). Quite simply put, an SFP is an impulsive move to new highs that fails to close above the previous high:
Figure 2:BTC-USD, Daily Candles, Potential SFP Setup
If the market moves above the previous high shown in the figure above, but fails to close above it, we could see an immediate rejection of the high; this could trigger a powerful reversal.
The whole point of an SFP is to engineer liquidity for big players. So, when the price breaks to a new high, it lures in plenty of breakout traders who are impatient. Once the price fails to close above the previous high, those traders are now trapped in underwater long positions that will then be used to push the price lower as they get stopped out or liquidated.
However, as previously stated, both of these possibilities are up in the air. At the moment, we are currently suspended in the middle of a trading range which is generally considered to be a no-trade zone, as it is fraught with bull and bear traps. Contrary to the two previous scenarios I’ve laid out, it’s entirely possible that we even visit the bottom of the range to retest support. We currently only have one real test of that support and we could potentially revisit the support in the low $3,000s.
Until bitcoin makes a test of the upper or lower boundaries, there isn’t a whole lot we can do in terms of macro trend analysis. It’s at times like this that it is often advisable to prepare for a move and lay out a plan for both the bullish and the bearish scenarios — sort of like an if/then format: If bitcoin moves above resistance and closes, then I will do “x,” and if bitcoin moves above resistance but fails to close above the high, then I will do “y.” For now, we will have to wait and see how the market treats its next test of macro support or resistance.
1. Bitcoin has been range-bound for almost 2 months and has yet to retest its established lows or established highs.
2. Although it is currently in the middle of the range, there are a couple potential scenarios I outlined in this article. A massive inverted head-and-shoulders setup could push the price to the low $5,200s. However, a failure to close above the previous high could see a strong reversal of the trend to the downside of the range.
Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.
This article originally appeared onBitcoin Magazine. || Bitcoin Price Analysis: Range-Bound Market Coiled for Next Move: Bitcoin Price Analysis For the better part of a month and a half, bitcoin has been fairly range-bound and unable to establish new lows or new highs. There are some bullish and bearish setups on the horizon for bitcoin, so lets check out both sides of the argument because currently the market is sitting in the middle of Indecisionville the most immediate sign of which is this glaringly obvious head-and-shoulders bottom reversal pattern: Figure_1 (3).png Figure 1: BTC-USD , Daily Candles, Head-and-Shoulders Bottom This current pattern is nothing more than a setup at the moment, but it represents one potential outcome of this sustained consolidation. In order for this pattern to be confirmed, we need to see a daily candle close above the neckline (horizontal blue line). A breakout of this reversal pattern has a measured move of approximately $1,000 a target of around $5,200. However, there are plenty of things that should keep the bulls wary for the time being. Until we close a higher high, the trend remains down . Another potential outcome for a swing high is a bull trap called a Swing Failure Pattern (SFP). Quite simply put, an SFP is an impulsive move to new highs that fails to close above the previous high: Figure_2.png Figure 2: BTC-USD , Daily Candles, Potential SFP Setup If the market moves above the previous high shown in the figure above, but fails to close above it, we could see an immediate rejection of the high; this could trigger a powerful reversal. The whole point of an SFP is to engineer liquidity for big players. So, when the price breaks to a new high, it lures in plenty of breakout traders who are impatient. Once the price fails to close above the previous high, those traders are now trapped in underwater long positions that will then be used to push the price lower as they get stopped out or liquidated. However, as previously stated, both of these possibilities are up in the air. At the moment, we are currently suspended in the middle of a trading range which is generally considered to be a no-trade zone, as it is fraught with bull and bear traps. Contrary to the two previous scenarios Ive laid out, its entirely possible that we even visit the bottom of the range to retest support. We currently only have one real test of that support and we could potentially revisit the support in the low $3,000s. Story continues Until bitcoin makes a test of the upper or lower boundaries, there isnt a whole lot we can do in terms of macro trend analysis. Its at times like this that it is often advisable to prepare for a move and lay out a plan for both the bullish and the bearish scenarios sort of like an if/then format: If bitcoin moves above resistance and closes, then I will do x, and if bitcoin moves above resistance but fails to close above the high, then I will do y. For now, we will have to wait and see how the market treats its next test of macro support or resistance. Summary: Bitcoin has been range-bound for almost 2 months and has yet to retest its established lows or established highs. Although it is currently in the middle of the range, there are a couple potential scenarios I outlined in this article. A massive inverted head-and-shoulders setup could push the price to the low $5,200s. However, a failure to close above the previous high could see a strong reversal of the trend to the downside of the range. Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results. This article originally appeared on Bitcoin Magazine . || Bitcoin Price Analysis: Range-Bound Market Coiled for Next Move: For the better part of a month and a half, bitcoin has been fairly range-bound and unable to establish new lows or new highs. There are some bullish and bearish setups on the horizon for bitcoin, so let’s check out both sides of the argument because currently the market is sitting in the middle of Indecisionville — the most immediate sign of which is this glaringly obvious head-and-shoulders bottom reversal pattern:
Figure 1:BTC-USD, Daily Candles, Head-and-Shoulders Bottom
This current pattern is nothing more than a setup at the moment, but it represents one potential outcome of this sustained consolidation. In order for this pattern to be confirmed, we need to see a daily candle close above the neckline (horizontal blue line). A breakout of this reversal pattern has a measured move of approximately $1,000 — a target of around $5,200. However, there are plenty of things that should keep the bulls wary for the time being. Until we close a higher high, the trend remainsdown.
Another potential outcome for a swing high is a bull trap called a Swing Failure Pattern (SFP). Quite simply put, an SFP is an impulsive move to new highs that fails to close above the previous high:
Figure 2:BTC-USD, Daily Candles, Potential SFP Setup
If the market moves above the previous high shown in the figure above, but fails to close above it, we could see an immediate rejection of the high; this could trigger a powerful reversal.
The whole point of an SFP is to engineer liquidity for big players. So, when the price breaks to a new high, it lures in plenty of breakout traders who are impatient. Once the price fails to close above the previous high, those traders are now trapped in underwater long positions that will then be used to push the price lower as they get stopped out or liquidated.
However, as previously stated, both of these possibilities are up in the air. At the moment, we are currently suspended in the middle of a trading range which is generally considered to be a no-trade zone, as it is fraught with bull and bear traps. Contrary to the two previous scenarios I’ve laid out, it’s entirely possible that we even visit the bottom of the range to retest support. We currently only have one real test of that support and we could potentially revisit the support in the low $3,000s.
Until bitcoin makes a test of the upper or lower boundaries, there isn’t a whole lot we can do in terms of macro trend analysis. It’s at times like this that it is often advisable to prepare for a move and lay out a plan for both the bullish and the bearish scenarios — sort of like an if/then format: If bitcoin moves above resistance and closes, then I will do “x,” and if bitcoin moves above resistance but fails to close above the high, then I will do “y.” For now, we will have to wait and see how the market treats its next test of macro support or resistance.
1. Bitcoin has been range-bound for almost 2 months and has yet to retest its established lows or established highs.
2. Although it is currently in the middle of the range, there are a couple potential scenarios I outlined in this article. A massive inverted head-and-shoulders setup could push the price to the low $5,200s. However, a failure to close above the previous high could see a strong reversal of the trend to the downside of the range.
Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.
This article originally appeared onBitcoin Magazine. || Proof of Keys: Several Exchanges Said to Be “Failing” Bitcoin Ownership Event: HitBTC are apparently not the only ones who are “failing” the Proof of Keys event today. The event is intended to prove the Bitoin solvency of each exchange. Every user is encouraged to withdraw all Bitcoin to private keys that they control. However, according to Trace Mayer and the Proof of Keys’ event’s official page, in addition to HitBTC , several exchanges had issues leading up to or on the day of the event (today). Not All Exchanges Actually Caught Not all of the exchanges listed in the “failures” section of the official Proof of Keys site are currently having withdrawal issues. Coinbase pointed out that the issue reported back at the end of December was fixed not long after it was initially reported. Service was restored at 19:30 PT, 1 hour after the original incident https://t.co/0H0stqNPtX — Coinbase Pro (@CoinbasePro) January 3, 2019 Bitfinex was back up and running about an hour after it reported outages this morning: We are back online. There was an issue with the order gateways during an upgrade, and have worked quickly to fix. We apologise and thank you for your patience — Bitfinex (@bitfinex) January 3, 2019 HitBTC has failed to comment via Twitter about ongoing withdrawal issues within it. As the below video, which was linked in lieu of CCN’s reporting on the Proof of Keys site, points out, HitBTC may actually have solvency issues: Purse.io , which is not an exchange but allows people to acquire and use Bitcoin via Amazon Prime, has not responded to the following “withdrawal issue” a user is experiencing: @TraceMayer It looks like #ProofOfKeys has impacted @PurseIO somehow. They have halted withdrawals without reasonable explanation. pic.twitter.com/qAyeg2kWRN — Senior Crypto (@crypto_senior) January 3, 2019 Clearly, some extra details on this issue would be interesting, such as the amount of Bitcoin being withdrawn. Even a small Bitcoin business would be capable of faking it with a small amount of cryptocurrency. Questions arise when large withdrawals are denied or “issues” arise around them. Story continues Proof of Keys Not Yet Impactful Enough to Measure Solvency Ultimately, for the full weight of the probing event to be felt by trusted third-party cryptocurrency exchanges, everyone with Bitcoin in any exchange would have to participate. This would essentially leave all exchange wallets empty except for money they have earned through trading fees. Whether this is even possible is a question – could the Bitcoin network process that many transactions in a 24-hour period? There is the issue of the English-centric nature of Trace Mayer and his following, as well. A huge amount of Bitcoin is traded in Chinese exchanges or in global exchanges like Binance . These people are less likely to subscribe to Trace Mayer. Being dedicated traders they may not even see the actual value in symbolically proving their coin ownership. One thing is for sure: several exchanges are provably falsifying their trading volume for advertising purposes. CCN recently reported on one particularly egregious example in the case of Bithumb . One less-notable figure in the crypto community alleges that nearly all exchanges have to be lying about their volume due to the actual nature and size of the market. If exchanges are willing to somewhat nakedly lie about their trading volume, is it possible they’re also lying about having funds securely on hand? History shows that it’s far from impossible. The first major incident of bubble popping and bloodshed in cryptocurrency was Mt. Gox , which became insolvent and tried to cover it for many moons before eventually getting caught. Founder Mark Karpeles may be looking at a ten-year prison sentence as a result. Solvency is a seriously important issue in a financial system which is designed such that you must control the private keys in order to truly control the money. The Proof of Keys event is designed to remind the trading community that while decentralized exchanges are emerging, the majority of the volume still takes place on exchanges which have full control of the money traded. Bitcoin itself is designed to remove the need for trust in financial transactions. Perhaps the only hope can be that the event grows in popularity in years to come and that exchanges which do not “fail” it in any way are lauded. Featured image from Shutterstock. The post Proof of Keys: Several Exchanges Said to Be “Failing” Bitcoin Ownership Event appeared first on CCN . || Proof of Keys: Several Exchanges Said to Be “Failing” Bitcoin Ownership Event: HitBTC are apparently not the only ones who are “failing” the Proof of Keys event today. The event is intended to prove the Bitoin solvency of each exchange. Every user is encouraged to withdraw all Bitcoin to private keys that they control. However, according to Trace Mayer and the Proof of Keys’ event’s official page, in addition to HitBTC , several exchanges had issues leading up to or on the day of the event (today). Not All Exchanges Actually Caught Not all of the exchanges listed in the “failures” section of the official Proof of Keys site are currently having withdrawal issues. Coinbase pointed out that the issue reported back at the end of December was fixed not long after it was initially reported. Service was restored at 19:30 PT, 1 hour after the original incident https://t.co/0H0stqNPtX — Coinbase Pro (@CoinbasePro) January 3, 2019 Bitfinex was back up and running about an hour after it reported outages this morning: We are back online. There was an issue with the order gateways during an upgrade, and have worked quickly to fix. We apologise and thank you for your patience — Bitfinex (@bitfinex) January 3, 2019 HitBTC has failed to comment via Twitter about ongoing withdrawal issues within it. As the below video, which was linked in lieu of CCN’s reporting on the Proof of Keys site, points out, HitBTC may actually have solvency issues: Purse.io , which is not an exchange but allows people to acquire and use Bitcoin via Amazon Prime, has not responded to the following “withdrawal issue” a user is experiencing: @TraceMayer It looks like #ProofOfKeys has impacted @PurseIO somehow. They have halted withdrawals without reasonable explanation. pic.twitter.com/qAyeg2kWRN — Senior Crypto (@crypto_senior) January 3, 2019 Clearly, some extra details on this issue would be interesting, such as the amount of Bitcoin being withdrawn. Even a small Bitcoin business would be capable of faking it with a small amount of cryptocurrency. Questions arise when large withdrawals are denied or “issues” arise around them. Story continues Proof of Keys Not Yet Impactful Enough to Measure Solvency Ultimately, for the full weight of the probing event to be felt by trusted third-party cryptocurrency exchanges, everyone with Bitcoin in any exchange would have to participate. This would essentially leave all exchange wallets empty except for money they have earned through trading fees. Whether this is even possible is a question – could the Bitcoin network process that many transactions in a 24-hour period? There is the issue of the English-centric nature of Trace Mayer and his following, as well. A huge amount of Bitcoin is traded in Chinese exchanges or in global exchanges like Binance . These people are less likely to subscribe to Trace Mayer. Being dedicated traders they may not even see the actual value in symbolically proving their coin ownership. One thing is for sure: several exchanges are provably falsifying their trading volume for advertising purposes. CCN recently reported on one particularly egregious example in the case of Bithumb . One less-notable figure in the crypto community alleges that nearly all exchanges have to be lying about their volume due to the actual nature and size of the market. If exchanges are willing to somewhat nakedly lie about their trading volume, is it possible they’re also lying about having funds securely on hand? History shows that it’s far from impossible. The first major incident of bubble popping and bloodshed in cryptocurrency was Mt. Gox , which became insolvent and tried to cover it for many moons before eventually getting caught. Founder Mark Karpeles may be looking at a ten-year prison sentence as a result. Solvency is a seriously important issue in a financial system which is designed such that you must control the private keys in order to truly control the money. The Proof of Keys event is designed to remind the trading community that while decentralized exchanges are emerging, the majority of the volume still takes place on exchanges which have full control of the money traded. Bitcoin itself is designed to remove the need for trust in financial transactions. Perhaps the only hope can be that the event grows in popularity in years to come and that exchanges which do not “fail” it in any way are lauded. Featured image from Shutterstock. The post Proof of Keys: Several Exchanges Said to Be “Failing” Bitcoin Ownership Event appeared first on CCN . || Proof of Keys: Several Exchanges Said to Be “Failing” Bitcoin Ownership Event: HitBTC are apparently not the only ones who are “failing” the Proof of Keys event today. The event is intended to prove the Bitoin solvency of each exchange. Every user is encouraged to withdraw all Bitcoin to private keys that they control. However, according to Trace Mayer and the Proof of Keys’ event’s official page, in addition to HitBTC , several exchanges had issues leading up to or on the day of the event (today). Not All Exchanges Actually Caught Not all of the exchanges listed in the “failures” section of the official Proof of Keys site are currently having withdrawal issues. Coinbase pointed out that the issue reported back at the end of December was fixed not long after it was initially reported. Service was restored at 19:30 PT, 1 hour after the original incident https://t.co/0H0stqNPtX — Coinbase Pro (@CoinbasePro) January 3, 2019 Bitfinex was back up and running about an hour after it reported outages this morning: We are back online. There was an issue with the order gateways during an upgrade, and have worked quickly to fix. We apologise and thank you for your patience — Bitfinex (@bitfinex) January 3, 2019 HitBTC has failed to comment via Twitter about ongoing withdrawal issues within it. As the below video, which was linked in lieu of CCN’s reporting on the Proof of Keys site, points out, HitBTC may actually have solvency issues: Purse.io , which is not an exchange but allows people to acquire and use Bitcoin via Amazon Prime, has not responded to the following “withdrawal issue” a user is experiencing: @TraceMayer It looks like #ProofOfKeys has impacted @PurseIO somehow. They have halted withdrawals without reasonable explanation. pic.twitter.com/qAyeg2kWRN — Senior Crypto (@crypto_senior) January 3, 2019 Clearly, some extra details on this issue would be interesting, such as the amount of Bitcoin being withdrawn. Even a small Bitcoin business would be capable of faking it with a small amount of cryptocurrency. Questions arise when large withdrawals are denied or “issues” arise around them. Story continues Proof of Keys Not Yet Impactful Enough to Measure Solvency Ultimately, for the full weight of the probing event to be felt by trusted third-party cryptocurrency exchanges, everyone with Bitcoin in any exchange would have to participate. This would essentially leave all exchange wallets empty except for money they have earned through trading fees. Whether this is even possible is a question – could the Bitcoin network process that many transactions in a 24-hour period? There is the issue of the English-centric nature of Trace Mayer and his following, as well. A huge amount of Bitcoin is traded in Chinese exchanges or in global exchanges like Binance . These people are less likely to subscribe to Trace Mayer. Being dedicated traders they may not even see the actual value in symbolically proving their coin ownership. One thing is for sure: several exchanges are provably falsifying their trading volume for advertising purposes. CCN recently reported on one particularly egregious example in the case of Bithumb . One less-notable figure in the crypto community alleges that nearly all exchanges have to be lying about their volume due to the actual nature and size of the market. If exchanges are willing to somewhat nakedly lie about their trading volume, is it possible they’re also lying about having funds securely on hand? History shows that it’s far from impossible. The first major incident of bubble popping and bloodshed in cryptocurrency was Mt. Gox , which became insolvent and tried to cover it for many moons before eventually getting caught. Founder Mark Karpeles may be looking at a ten-year prison sentence as a result. Solvency is a seriously important issue in a financial system which is designed such that you must control the private keys in order to truly control the money. The Proof of Keys event is designed to remind the trading community that while decentralized exchanges are emerging, the majority of the volume still takes place on exchanges which have full control of the money traded. Bitcoin itself is designed to remove the need for trust in financial transactions. Perhaps the only hope can be that the event grows in popularity in years to come and that exchanges which do not “fail” it in any way are lauded. Featured image from Shutterstock. The post Proof of Keys: Several Exchanges Said to Be “Failing” Bitcoin Ownership Event appeared first on CCN . || Bitcoin Price Once Again Fails to Punch Through Resistance at $4,000: The bitcoin price consolidated this Thursday as $4,000-level continued to block the rally from a breakout attempt.
Thebitcoin-to-dollar exchange ratedropped as much as 5.36 percent of its value since its yesterday’s high at $3,971. The pair at press time is correcting higher on moderate volumes, up 0.71 percent from its intraday low at $3,758. The US dollar rate is posting minor losses owing to poor export data from the US markets. But its benefits are visibly going to the Japanese yen the most.
Bitcoin is heading towards the neckline formation of the inverse head and shoulder pattern in blue, clearly complimenting the selling sentiment below $4,000. Also acting as a strong resistance is the 50-period moving average depicted in navy blue.
So far, a breakout attempt is looking less likely to happen on every pullback action. At worst,bitcoincould form a double bottom above $3,000 or extend its bearish momentum to establish a new two-year low. Under an ideal circumstance, bitcoin could continue to consolidate sideways inside the current range, bringing the market to a bias-conflict scenario.
The RSI momentum indicator since July 2018 has not crossed above 60, a bullish zone. It is creating higher highs ever since bottoming out in December 2018, now awaiting a breakout or pullback action, also confirming the beginning of a near-term bias-conflict.
The bitcoin price action as of now is following a minor uptrend, setting its upside target towards the neckline, as discussed above. Our intraday strategy is more focused on historical levels to get in and out of the market on small profits. We are treating the rising trendline of the right shoulder as our indication to apply our intrarange strategy.
That said, if bitcoin breaks below the blue rising trendline, then it would have us open a short position towards our immediate downside target defined by the 200-period moving average. A further break and we’ll extend our downside target to $3,567. In both the cases, our stop-loss order will be maintained just 1-pip above the entry position.
If bitcoin continues to form higher highs while staying above the rising trendline, then we will wait for the price to break above the neckline. As it does, we will open one long order towards $4,000 as our interim upside target. A stop loss just 1-pip below the entry position would maintain our risk management strategy.
Trade safely!
Featured Image from Shutterstock. Charts fromTradingView.
The postBitcoin Price Once Again Fails to Punch Through Resistance at $4,000appeared first onCCN. || Bitcoin Price Once Again Fails to Punch Through Resistance at $4,000: bitcoin price block punch The bitcoin price consolidated this Thursday as $4,000-level continued to block the rally from a breakout attempt. The bitcoin-to-dollar exchange rate dropped as much as 5.36 percent of its value since its yesterdays high at $3,971. The pair at press time is correcting higher on moderate volumes, up 0.71 percent from its intraday low at $3,758. The US dollar rate is posting minor losses owing to poor export data from the US markets. But its benefits are visibly going to the Japanese yen the most. Bitcoin is heading towards the neckline formation of the inverse head and shoulder pattern in blue, clearly complimenting the selling sentiment below $4,000. Also acting as a strong resistance is the 50-period moving average depicted in navy blue. So far, a breakout attempt is looking less likely to happen on every pullback action. At worst, bitcoin could form a double bottom above $3,000 or extend its bearish momentum to establish a new two-year low. Under an ideal circumstance, bitcoin could continue to consolidate sideways inside the current range, bringing the market to a bias-conflict scenario. The RSI momentum indicator since July 2018 has not crossed above 60, a bullish zone. It is creating higher highs ever since bottoming out in December 2018, now awaiting a breakout or pullback action, also confirming the beginning of a near-term bias-conflict. Bitcoin Intraday Targets The bitcoin price action as of now is following a minor uptrend, setting its upside target towards the neckline, as discussed above. Our intraday strategy is more focused on historical levels to get in and out of the market on small profits. We are treating the rising trendline of the right shoulder as our indication to apply our intrarange strategy. That said, if bitcoin breaks below the blue rising trendline, then it would have us open a short position towards our immediate downside target defined by the 200-period moving average. A further break and well extend our downside target to $3,567. In both the cases, our stop-loss order will be maintained just 1-pip above the entry position. Story continues If bitcoin continues to form higher highs while staying above the rising trendline, then we will wait for the price to break above the neckline. As it does, we will open one long order towards $4,000 as our interim upside target. A stop loss just 1-pip below the entry position would maintain our risk management strategy. Trade safely! Featured Image from Shutterstock. Charts from TradingView . The post Bitcoin Price Once Again Fails to Punch Through Resistance at $4,000 appeared first on CCN . || Bitcoin Price Once Again Fails to Punch Through Resistance at $4,000: The bitcoin price consolidated this Thursday as $4,000-level continued to block the rally from a breakout attempt.
Thebitcoin-to-dollar exchange ratedropped as much as 5.36 percent of its value since its yesterday’s high at $3,971. The pair at press time is correcting higher on moderate volumes, up 0.71 percent from its intraday low at $3,758. The US dollar rate is posting minor losses owing to poor export data from the US markets. But its benefits are visibly going to the Japanese yen the most.
Bitcoin is heading towards the neckline formation of the inverse head and shoulder pattern in blue, clearly complimenting the selling sentiment below $4,000. Also acting as a strong resistance is the 50-period moving average depicted in navy blue.
So far, a breakout attempt is looking less likely to happen on every pullback action. At worst,bitcoincould form a double bottom above $3,000 or extend its bearish momentum to establish a new two-year low. Under an ideal circumstance, bitcoin could continue to consolidate sideways inside the current range, bringing the market to a bias-conflict scenario.
The RSI momentum indicator since July 2018 has not crossed above 60, a bullish zone. It is creating higher highs ever since bottoming out in December 2018, now awaiting a breakout or pullback action, also confirming the beginning of a near-term bias-conflict.
The bitcoin price action as of now is following a minor uptrend, setting its upside target towards the neckline, as discussed above. Our intraday strategy is more focused on historical levels to get in and out of the market on small profits. We are treating the rising trendline of the right shoulder as our indication to apply our intrarange strategy.
That said, if bitcoin breaks below the blue rising trendline, then it would have us open a short position towards our immediate downside target defined by the 200-period moving average. A further break and we’ll extend our downside target to $3,567. In both the cases, our stop-loss order will be maintained just 1-pip above the entry position.
If bitcoin continues to form higher highs while staying above the rising trendline, then we will wait for the price to break above the neckline. As it does, we will open one long order towards $4,000 as our interim upside target. A stop loss just 1-pip below the entry position would maintain our risk management strategy.
Trade safely!
Featured Image from Shutterstock. Charts fromTradingView.
The postBitcoin Price Once Again Fails to Punch Through Resistance at $4,000appeared first onCCN. || San Francisco’s “Bitcoin Mafia”: How Bitcoin Started in the City on the Bay: The early Bitcoin community in San Francisco was originally comprised of revolutionaries: Individuals who believed in the freedom and opportunity that a permissionless distributed system would bring the world.
We were widely regarded as unsavory and unpopular. Most people associated bitcoin with drugs, money laundering, and thedark web. On dates, dinner parties at friends houses or holidays with families, we were ridiculed and belittled. To believe in Bitcoin at that time, you had to be a rebel, someone who thought critically about what could be. A true believer.
That all changed in early 2013.
When I went to my first Bitcoin meetup in San Francisco in January 2013, it was a very modest space, carved out of the newly refurbished 20Mission. Some of the inhabitants, including the owner Jered Kenna, created avideohalfway through the demolition which shows its initial state. Since 2011, Bitcoin meetups had only been hosted by himself and his company, Tradehill.
At that time, there were very few people who were interested enough in Bitcoin to show up in person to the meetup. To put this in perspective, on January 31, 2013, 32 people RVSP’ed to come and only about a dozen showed up.
This was finally a place where like-minded individuals could connect and bounce ideas off of each other. We could share the faith together. The early attendeesstartedsome of the most successful companies and funds in the space.
Jed McCaleb - Mt.Gox, Ripple, Stellar Founder
Jesse Powell - Kraken CEO
Charlie Lee - Litecoin Creator
Jered Kenna - Tradehill CEO (first U.S. Bitcoin exchange)
Brian Armstrong - Coinbase co-founder
Fred Erhsam - Coinbase co-founder
Olaf Carlson Wee - Polychain Founder
Bryan Vu - Lightning Labs
Ryan Singer - Chia co-Founder
In May 2013, after the price spiked from $10 to $260 (the first 2013 “bubble”), there was a new wave of interested people which drew the attention of mainstream journalists. The meetup in April was even called the “$100 party” with a 100+ RSVPs. I distinctly remember one VC, David Chen from Lightspeed, handing out business cards. It was in that moment that I realized Bitcoin wasn’t just a hobby anymore — it was going mainstream!
A journalist, Kashmir Hill, well-known from her articles with Forbes, made her name in the space by living on bitcoin for a week. At the end of the week, she had received so many tips in bitcoin that she invited the community out for a sushi dinner. Forbes brought afilm crewout and, when it came time to pay the bill, I was able to demo my product ZeroBlock, which was the only real-time market data mobile product at the time. In addition to real-time market data, ZeroBlock had the first aggregated news feed. Since the space was so new (Bitcoin Magazinewas still a print publication), we would scrape r/bitcoin’s “hot” RSS feed. Ryan Selkis had started his “Two Bit Idiot” blog around this time, and he reached out to me to ask if I could add it to the feed.
Also in May, there was theSan Jose Bitcoin conference, which was the biggest Bitcoin conference that had ever been held. The Winklevoss twins were theheadlinersat the conference. To the best of my knowledge, they were the first “mainstream popular” people to associate themselves with Bitcoin. And to put things in perspective, Roger Ver’stweetabout the conference only had three retweets.
Early 2013 distinctly marked the birth of the Bitcoin industry and mainstream adoption. The early members of the San Francisco Bitcoin community built many key companies and propagated the message of Bitcoin among the tech community. The San Francisco Bitcoin community helped the Bitcoin seedgrowand mature into a mighty organism.
This is a guest post by Dan Held. Opinions expressed are his own and do not necessarily represent those of Bitcoin Magazine or BTC Inc.
This article originally appeared onBitcoin Magazine. || San Francisco’s “Bitcoin Mafia”: How Bitcoin Started in the City on the Bay: Sanfrancisco Mafia2 The early Bitcoin community in San Francisco was originally comprised of revolutionaries: Individuals who believed in the freedom and opportunity that a permissionless distributed system would bring the world. We were widely regarded as unsavory and unpopular. Most people associated bitcoin with drugs, money laundering, and the dark web . On dates, dinner parties at friends houses or holidays with families, we were ridiculed and belittled. To believe in Bitcoin at that time, you had to be a rebel, someone who thought critically about what could be. A true believer. That all changed in early 2013. When I went to my first Bitcoin meetup in San Francisco in January 2013, it was a very modest space, carved out of the newly refurbished 20Mission. Some of the inhabitants, including the owner Jered Kenna, created a video halfway through the demolition which shows its initial state. Since 2011, Bitcoin meetups had only been hosted by himself and his company, Tradehill. At that time, there were very few people who were interested enough in Bitcoin to show up in person to the meetup. To put this in perspective, on January 31, 2013, 32 people RVSP’ed to come and only about a dozen showed up. jan 2013 blue shirt This was finally a place where like-minded individuals could connect and bounce ideas off of each other. We could share the faith together. The early attendees started some of the most successful companies and funds in the space. Jed McCaleb - Mt.Gox, Ripple, Stellar Founder Jesse Powell - Kraken CEO Charlie Lee - Litecoin Creator Jered Kenna - Tradehill CEO (first U.S. Bitcoin exchange) Brian Armstrong - Coinbase co-founder Fred Erhsam - Coinbase co-founder Olaf Carlson Wee - Polychain Founder Bryan Vu - Lightning Labs Ryan Singer - Chia co-Founder In May 2013, after the price spiked from $10 to $260 (the first 2013 “bubble”), there was a new wave of interested people which drew the attention of mainstream journalists. The meetup in April was even called the “$100 party” with a 100+ RSVPs. I distinctly remember one VC, David Chen from Lightspeed, handing out business cards. It was in that moment that I realized Bitcoin wasn’t just a hobby anymore — it was going mainstream! Story continues april 2013 jesse powell at meetup A journalist, Kashmir Hill, well-known from her articles with Forbes, made her name in the space by living on bitcoin for a week. At the end of the week, she had received so many tips in bitcoin that she invited the community out for a sushi dinner. Forbes brought a film crew out and, when it came time to pay the bill, I was able to demo my product ZeroBlock, which was the only real-time market data mobile product at the time. In addition to real-time market data, ZeroBlock had the first aggregated news feed. Since the space was so new ( Bitcoin Magazine was still a print publication), we would scrape r/bitcoin’s “hot” RSS feed. Ryan Selkis had started his “Two Bit Idiot” blog around this time, and he reached out to me to ask if I could add it to the feed. Also in May, there was the San Jose Bitcoin conference , which was the biggest Bitcoin conference that had ever been held. The Winklevoss twins were the headliners at the conference. To the best of my knowledge, they were the first “mainstream popular” people to associate themselves with Bitcoin. And to put things in perspective, Roger Ver’s tweet about the conference only had three retweets. Early 2013 distinctly marked the birth of the Bitcoin industry and mainstream adoption. The early members of the San Francisco Bitcoin community built many key companies and propagated the message of Bitcoin among the tech community. The San Francisco Bitcoin community helped the Bitcoin seed grow and mature into a mighty organism. This is a guest post by Dan Held. Opinions expressed are his own and do not necessarily represent those of Bitcoin Magazine or BTC Inc. This article originally appeared on Bitcoin Magazine . || San Francisco’s “Bitcoin Mafia”: How Bitcoin Started in the City on the Bay: The early Bitcoin community in San Francisco was originally comprised of revolutionaries: Individuals who believed in the freedom and opportunity that a permissionless distributed system would bring the world.
We were widely regarded as unsavory and unpopular. Most people associated bitcoin with drugs, money laundering, and thedark web. On dates, dinner parties at friends houses or holidays with families, we were ridiculed and belittled. To believe in Bitcoin at that time, you had to be a rebel, someone who thought critically about what could be. A true believer.
That all changed in early 2013.
When I went to my first Bitcoin meetup in San Francisco in January 2013, it was a very modest space, carved out of the newly refurbished 20Mission. Some of the inhabitants, including the owner Jered Kenna, created avideohalfway through the demolition which shows its initial state. Since 2011, Bitcoin meetups had only been hosted by himself and his company, Tradehill.
At that time, there were very few people who were interested enough in Bitcoin to show up in person to the meetup. To put this in perspective, on January 31, 2013, 32 people RVSP’ed to come and only about a dozen showed up.
This was finally a place where like-minded individuals could connect and bounce ideas off of each other. We could share the faith together. The early attendeesstartedsome of the most successful companies and funds in the space.
Jed McCaleb - Mt.Gox, Ripple, Stellar Founder
Jesse Powell - Kraken CEO
Charlie Lee - Litecoin Creator
Jered Kenna - Tradehill CEO (first U.S. Bitcoin exchange)
Brian Armstrong - Coinbase co-founder
Fred Erhsam - Coinbase co-founder
Olaf Carlson Wee - Polychain Founder
Bryan Vu - Lightning Labs
Ryan Singer - Chia co-Founder
In May 2013, after the price spiked from $10 to $260 (the first 2013 “bubble”), there was a new wave of interested people which drew the attention of mainstream journalists. The meetup in April was even called the “$100 party” with a 100+ RSVPs. I distinctly remember one VC, David Chen from Lightspeed, handing out business cards. It was in that moment that I realized Bitcoin wasn’t just a hobby anymore — it was going mainstream!
A journalist, Kashmir Hill, well-known from her articles with Forbes, made her name in the space by living on bitcoin for a week. At the end of the week, she had received so many tips in bitcoin that she invited the community out for a sushi dinner. Forbes brought afilm crewout and, when it came time to pay the bill, I was able to demo my product ZeroBlock, which was the only real-time market data mobile product at the time. In addition to real-time market data, ZeroBlock had the first aggregated news feed. Since the space was so new (Bitcoin Magazinewas still a print publication), we would scrape r/bitcoin’s “hot” RSS feed. Ryan Selkis had started his “Two Bit Idiot” blog around this time, and he reached out to me to ask if I could add it to the feed.
Also in May, there was theSan Jose Bitcoin conference, which was the biggest Bitcoin conference that had ever been held. The Winklevoss twins were theheadlinersat the conference. To the best of my knowledge, they were the first “mainstream popular” people to associate themselves with Bitcoin. And to put things in perspective, Roger Ver’stweetabout the conference only had three retweets.
Early 2013 distinctly marked the birth of the Bitcoin industry and mainstream adoption. The early members of the San Francisco Bitcoin community built many key companies and propagated the message of Bitcoin among the tech community. The San Francisco Bitcoin community helped the Bitcoin seedgrowand mature into a mighty organism.
This is a guest post by Dan Held. Opinions expressed are his own and do not necessarily represent those of Bitcoin Magazine or BTC Inc.
This article originally appeared onBitcoin Magazine. || Overstock Will Be First Major Company to Pay State Taxes in Bitcoin: Online retail giant Overstock will become the first major US company to pay part of its 2019 Ohio state business taxes in bitcoin. Overstock — which has ablockchainbusiness division — said the move is part of its ongoing efforts to promote cryptocurrency use.
Overstock CEO and founder Patrick Byrne praised Ohio and its treasurer Josh Mandel for making Ohiothe first US stateto accept bitcoin for tax payments.
“We are proud to partner with forward-thinking governments and officials like Ohio and Treasurer Mandel to help usher in an era of trust through technology for our nation’s essential financial systems,” Byrne remarked in astatement.
We have long thought that thoughtful governmental adoption of emerging technologies such as cryptocurrencies (when accompanied by non-restrictive legislation) is the best way to ensure the US does not lose our place at the forefront of the ever-advancing global economy.
Overstock will usebitcointo pay its Ohio commercial activity taxes in February 2019. The company has long been a corporate pioneer for crypto.
In 2014, Overstock became the first major retailer to allow customers to pay for their online purchases using cryptocurrencies.
That same year, Overstock launched Medici Ventures, a business division that applies blockchain technology to existing industries.
Today, Medici Ventures oversees a global portfolio of 19 blockchain companies, as CCN reported.
In October 2018, Medici Ventures invested $6 million in Minds, ablockchain-based social medianetwork that claims to be an alternative to Facebook, Twitter, and the Google-owned YouTube that promises strict user privacy and absolutely no censorship.
In November 2018, Patrick Byrne confirmed that he is exiting the retail business to focus exclusively on blockchain because he believes it’s a disruptive technology that will transform the world.
“The blockchain revolution has a greater potential than anything we’ve seen in history,”Byrne said. “It’s bigger than the Internet revolution.”
However, asCCN reported, Kevin Werbach — a professor at the Wharton School of the University of Pennsylvania — dismissed Ohio’s bitcoin tax payment program as a gimmicky “PR stunt.”
“There is not a particular advantage in paying your taxes with bitcoin today,” said Werbach, who teaches a blockchain MBA class at Wharton. “The state just wants to signal that it’s ‘cryptocurrency-friendly.'”
Nevertheless, the stunt appears to be working. Across the pond in Europe, Eddie Hughes — a member of the British Parliament — urged the UK government to consider allowing residents to pay their local taxes and utility bills using bitcoin.
Hughes pointed to the US state of Ohio as an example of growing crypto adoption.
Eddie Hughes said it’s time for other members of the British Parliament to familiarize themselves with crypto and blockchain because the disruptive technologies are the wave of the future.
Hughes urged the UK to “plant a flag” and become a world leader in the burgeoning cryptocurrency industry.
“You’re either ahead of the curve or you’re behind the curve,”Hughes said. “We are at a crossroads and we’re about to determine our future – one in which taking the lead in this field could prove very beneficial.”
Featured Image from Shutterstock
The postOverstock Will Be First Major Company to Pay State Taxes in Bitcoinappeared first onCCN. || Overstock Will Be First Major Company to Pay State Taxes in Bitcoin: overstock crypto blockchain bitcoin Online retail giant Overstock will become the first major US company to pay part of its 2019 Ohio state business taxes in bitcoin. Overstock — which has a blockchain business division — said the move is part of its ongoing efforts to promote cryptocurrency use. Overstock CEO and founder Patrick Byrne praised Ohio and its treasurer Josh Mandel for making Ohio the first US state to accept bitcoin for tax payments. “We are proud to partner with forward-thinking governments and officials like Ohio and Treasurer Mandel to help usher in an era of trust through technology for our nation’s essential financial systems,” Byrne remarked in a statement . We have long thought that thoughtful governmental adoption of emerging technologies such as cryptocurrencies (when accompanied by non-restrictive legislation) is the best way to ensure the US does not lose our place at the forefront of the ever-advancing global economy. Overstock will use bitcoin to pay its Ohio commercial activity taxes in February 2019. The company has long been a corporate pioneer for crypto. In 2014, Overstock became the first major retailer to allow customers to pay for their online purchases using cryptocurrencies. That same year, Overstock launched Medici Ventures, a business division that applies blockchain technology to existing industries. Today, Medici Ventures oversees a global portfolio of 19 blockchain companies, as CCN reported. Overstock: Blockchain is ‘Bigger Than the Internet’ In October 2018, Medici Ventures invested $6 million in Minds, a blockchain-based social media network that claims to be an alternative to Facebook, Twitter, and the Google-owned YouTube that promises strict user privacy and absolutely no censorship. In November 2018, Patrick Byrne confirmed that he is exiting the retail business to focus exclusively on blockchain because he believes it’s a disruptive technology that will transform the world. “The blockchain revolution has a greater potential than anything we’ve seen in history,” Byrne said . “It’s bigger than the Internet revolution.” Story continues ‘Blockchain Revolution’ Is Bigger Than Anything We’ve Seen in History: Overstock CEO https://t.co/XtuoEW5DHc — CCN.com (@CryptoCoinsNews) November 27, 2018 However, as CCN reported , Kevin Werbach — a professor at the Wharton School of the University of Pennsylvania — dismissed Ohio’s bitcoin tax payment program as a gimmicky “PR stunt.” “There is not a particular advantage in paying your taxes with bitcoin today,” said Werbach, who teaches a blockchain MBA class at Wharton. “The state just wants to signal that it’s ‘cryptocurrency-friendly.'” ‘You’re Either Ahead of the Curve or Behind’ Nevertheless, the stunt appears to be working. Across the pond in Europe, Eddie Hughes — a member of the British Parliament — urged the UK government to consider allowing residents to pay their local taxes and utility bills using bitcoin. Hughes pointed to the US state of Ohio as an example of growing crypto adoption. UK Parliament Member Wants You to Pay Your Taxes with Bitcoin https://t.co/TeDTtaUBDG — CCN.com (@CryptoCoinsNews) December 10, 2018 Eddie Hughes said it’s time for other members of the British Parliament to familiarize themselves with crypto and blockchain because the disruptive technologies are the wave of the future. Hughes urged the UK to “plant a flag” and become a world leader in the burgeoning cryptocurrency industry. “You’re either ahead of the curve or you’re behind the curve,” Hughes said . “We are at a crossroads and we’re about to determine our future – one in which taking the lead in this field could prove very beneficial.” Featured Image from Shutterstock The post Overstock Will Be First Major Company to Pay State Taxes in Bitcoin appeared first on CCN . || Overstock Will Be First Major Company to Pay State Taxes in Bitcoin: Online retail giant Overstock will become the first major US company to pay part of its 2019 Ohio state business taxes in bitcoin. Overstock — which has ablockchainbusiness division — said the move is part of its ongoing efforts to promote cryptocurrency use.
Overstock CEO and founder Patrick Byrne praised Ohio and its treasurer Josh Mandel for making Ohiothe first US stateto accept bitcoin for tax payments.
“We are proud to partner with forward-thinking governments and officials like Ohio and Treasurer Mandel to help usher in an era of trust through technology for our nation’s essential financial systems,” Byrne remarked in astatement.
We have long thought that thoughtful governmental adoption of emerging technologies such as cryptocurrencies (when accompanied by non-restrictive legislation) is the best way to ensure the US does not lose our place at the forefront of the ever-advancing global economy.
Overstock will usebitcointo pay its Ohio commercial activity taxes in February 2019. The company has long been a corporate pioneer for crypto.
In 2014, Overstock became the first major retailer to allow customers to pay for their online purchases using cryptocurrencies.
That same year, Overstock launched Medici Ventures, a business division that applies blockchain technology to existing industries.
Today, Medici Ventures oversees a global portfolio of 19 blockchain companies, as CCN reported.
In October 2018, Medici Ventures invested $6 million in Minds, ablockchain-based social medianetwork that claims to be an alternative to Facebook, Twitter, and the Google-owned YouTube that promises strict user privacy and absolutely no censorship.
In November 2018, Patrick Byrne confirmed that he is exiting the retail business to focus exclusively on blockchain because he believes it’s a disruptive technology that will transform the world.
“The blockchain revolution has a greater potential than anything we’ve seen in history,”Byrne said. “It’s bigger than the Internet revolution.”
However, asCCN reported, Kevin Werbach — a professor at the Wharton School of the University of Pennsylvania — dismissed Ohio’s bitcoin tax payment program as a gimmicky “PR stunt.”
“There is not a particular advantage in paying your taxes with bitcoin today,” said Werbach, who teaches a blockchain MBA class at Wharton. “The state just wants to signal that it’s ‘cryptocurrency-friendly.'”
Nevertheless, the stunt appears to be working. Across the pond in Europe, Eddie Hughes — a member of the British Parliament — urged the UK government to consider allowing residents to pay their local taxes and utility bills using bitcoin.
Hughes pointed to the US state of Ohio as an example of growing crypto adoption.
Eddie Hughes said it’s time for other members of the British Parliament to familiarize themselves with crypto and blockchain because the disruptive technologies are the wave of the future.
Hughes urged the UK to “plant a flag” and become a world leader in the burgeoning cryptocurrency industry.
“You’re either ahead of the curve or you’re behind the curve,”Hughes said. “We are at a crossroads and we’re about to determine our future – one in which taking the lead in this field could prove very beneficial.”
Featured Image from Shutterstock
The postOverstock Will Be First Major Company to Pay State Taxes in Bitcoinappeared first onCCN. || Gold Price Prediction – Gold Rallies as the Dollar Continues to Slide: Gold prices continued to break out as the dollar eased and US yields moved lower. The 10-year US yields tumbled to 2.56% the lowest since January of 2018. With the yield differential moving against the greenback, both the euro and the yen gained ground. This came despite better than expected private payrolls reported by ADP which was offset by a stronger than expected ISM manufacturing report which tumbled.
Gold prices are on the move, breaking out above the 1,291 level, and poised to test target resistance near the June 2018 highs at 1,303. Support on the yellow metal is seen near the 20-day moving average ate 1,256 and then again the 50-day moving average at 1,236. Momentum is positive as the MACD (moving average convergence divergence) histogram is printing in the black with an upward sloping trajectory which points to higher prices. The fast stochastic is in overbought territory printing a reading of 94, above the overbought trigger level of 80 which could foreshadow a correction.
Private payrolls increased by 271,000 in December, according to ADP beating expectations that jobs would increase by 178,000.. The increase in private payrolls was the largest climb in nearly 2-years and increased the 2018-month average of private payroll gains to 203,000. The report showed the increase in jobs was mainly drive by professional and business services which increased by a solid 66,000 while education and health services contributed 61,000 and leisure and hospitality added 39,000. In all, service-related industries were responsible for 224,000 of the new hires, while goods producers rose by 47,000. This include an increase in construction which grew by 37,000 and manufacturing added 12,000. Natural resources and mining lost 2,000 positions.
Initial claims rose 10,000 to 231,000 for the week ended Dec. 29, according to the Labor Department. Expectations were for claims to increase to 220,000 in the latest week. Data for the prior week was revised higher to show 5,000 more applications received than previously reported. The four-week moving average of the so-called continuing claims rose 26,000 to 1.70 million.
Thisarticlewas originally posted on FX Empire
• Natural Gas Price Forecast – natural gas markets plumbing again
• GBP/USD Price Forecast – British pound continues to churn
• Trading plan for January 4
• Gold Price Futures (GC) Technical Analysis – January 3, 2019 Forecast
• Natural Gas Price Prediction – Gas Prices Hold Just Above Support
• Bitcoin – The Bears are in Control, Supported by the Proof of Keys Event || Gold Price Prediction – Gold Rallies as the Dollar Continues to Slide: Gold prices continued to break out as the dollar eased and US yields moved lower. The 10-year US yields tumbled to 2.56% the lowest since January of 2018. With the yield differential moving against the greenback, both the euro and the yen gained ground. This came despite better than expected private payrolls reported by ADP which was offset by a stronger than expected ISM manufacturing report which tumbled. Technical Analysis Gold prices are on the move, breaking out above the 1,291 level, and poised to test target resistance near the June 2018 highs at 1,303. Support on the yellow metal is seen near the 20-day moving average ate 1,256 and then again the 50-day moving average at 1,236. Momentum is positive as the MACD (moving average convergence divergence) histogram is printing in the black with an upward sloping trajectory which points to higher prices. The fast stochastic is in overbought territory printing a reading of 94, above the overbought trigger level of 80 which could foreshadow a correction. {alt} Private payrolls increased by 271,000 in December, according to ADP beating expectations that jobs would increase by 178,000.. The increase in private payrolls was the largest climb in nearly 2-years and increased the 2018-month average of private payroll gains to 203,000. The report showed the increase in jobs was mainly drive by professional and business services which increased by a solid 66,000 while education and health services contributed 61,000 and leisure and hospitality added 39,000. In all, service-related industries were responsible for 224,000 of the new hires, while goods producers rose by 47,000. This include an increase in construction which grew by 37,000 and manufacturing added 12,000. Natural resources and mining lost 2,000 positions. Claims Rose More than Expected Initial claims rose 10,000 to 231,000 for the week ended Dec. 29, according to the Labor Department. Expectations were for claims to increase to 220,000 in the latest week. Data for the prior week was revised higher to show 5,000 more applications received than previously reported. The four-week moving average of the so-called continuing claims rose 26,000 to 1.70 million. Story continues This article was originally posted on FX Empire More From FXEMPIRE: Natural Gas Price Forecast – natural gas markets plumbing again GBP/USD Price Forecast – British pound continues to churn Trading plan for January 4 Gold Price Futures (GC) Technical Analysis – January 3, 2019 Forecast Natural Gas Price Prediction – Gas Prices Hold Just Above Support Bitcoin – The Bears are in Control, Supported by the Proof of Keys Event || Dow Downturn Shows Economy is ‘Going into a Recession’: Gluskin Sheff Strategist: The Dow Jones Industrial Average and other major stock market indices have posted steep declines during the second trading day of 2019, extending a downturn that saw them post their worst December returns since 2008. According to the top economist at Canadian wealth management firm Gluskin Sheff, these losses may have only been the beginning.
Speaking during aninterviewon CNBC’s “Trading Nation,” David Rosenberg, Gluskin Sheff’s chief economist and strategist, said that he believes the recent stock market movements signal that the economy is in the outer rings of a full-blown recession.
“We’re going into a recession,” said Rosenberg, who has been bearish on the market’s fundamentals for some time now. “I think it will be this coming year.”
Rosenberg isn’t the only market analyst concerned that the recentcorrectionsin theDow,S&P 500, andNasdaqhave left the economy teetering on the brink of recession, but the so-called “perma-bear” said that he is virtually certain that recession will arrive in 2019.
“We’ve got more than 80 percent chance of recession just based on the fact the Fed is tightening policy,” he said.
This tightening of financial conditions that we’ve seen in the markets is going to end up having a cascading effect on the economy for the first few quarters of this year.
Looking forward toward that anticipated recession, Rosenberg said that he was concerned that the US government would not be properly equipped to address the coming crisis. Legislators, he said, had already spent their “fiscal ammunition” at the top of the market cycle, likely referencing the business-friendly tax cuts that took effect at the beginning of 2018.
“How are we going to stimulate fiscal policy? We already did that at the peak of the cycle,” Rosenberg explained. “We don’t have the fiscal ammunition.”
Though the pseudonymous Satoshi Nakamoto launched Bitcoin in the throes of the financial crisis — in fact, the Bitcoin Genesis block was mined10 years ago today— the flagship cryptocurrency and its offshoots grew up amid a historic bull market.
After enduring several bull and bear cycles, the crypto market peaked at all-time highs in early 2018, shortly before the Dow and other market indices hit record highs of their own. Now, with bitcoin and other cryptocurrencies already deep in the red, stocks are showing signs of weakness, too.
The Dow Jones had itslargest-ever single-day rallylast month but nevertheless closed the year with itsworst Decemberperformance since 2008. Things haven’t improved in 2019, with the markets cratering today following Apple’s release of bearish revenue guidance.
Allianz Chief Economic Advisor Mohamed El-Erian said that investors need to get used to these wild share price swings, as they are likely the “new reality” for a market that is no longer as feverish as in 2017.
Rosenberg’s predicted recession would provide a unique opportunity for bitcoin and the wider cryptocurrency market to demonstrate that, contrary to recentarguments, they are an uncorrelated asset class that could provide a safe haven — a lagoldand other precious metals — during periods of economic uncertainty.
If bitcoin can successfully break out of its yearlong slump while equity prices point south, it could finally demonstrate that its claim to be “digital gold” is based on more than just rosy words from its most ardent backers.
As CCNreported, a mid-2019 recovery would be consistent with bitcoin’s historical market cycles. If the crypto market begins to grind upwards three quarters into a recession, even bitcoin skeptics would have to at least give a passing thought to chasing those returns with a small percentage of their assets.
However, there’s also a strong case to be made that the prolonged stock market bull run contributed to the cryptocurrency run-up since consistently-positive returns incentivized risky behavior on the part of investors. If that theory is correct, then a recession could lead investors to hold their cash with a tighter fist and eschew riskier speculative assets like bitcoin.
To borrow from George Mason University economist Tyler Cowen, the recession — if it occurs — would provide bitcoin with an opportunity to definitively prove that it is different from the myriad of asset bubbles to which its detractors frequently compare it. Toquote him directly: “it is time to put up or shut up.”
Featured Image from Shutterstock. Price Charts fromTradingView.
The postDow Downturn Shows Economy is ‘Going into a Recession’: Gluskin Sheff Strategistappeared first onCCN. || Dow Downturn Shows Economy is ‘Going into a Recession’: Gluskin Sheff Strategist: recession dow jones bitcoin s&p 500 nasdaq The Dow Jones Industrial Average and other major stock market indices have posted steep declines during the second trading day of 2019, extending a downturn that saw them post their worst December returns since 2008. According to the top economist at Canadian wealth management firm Gluskin Sheff, these losses may have only been the beginning. Rosenberg: ‘More Than 80 Percent Chance of Recession’ Following Dow Plunge Speaking during an interview on CNBC’s “Trading Nation,” David Rosenberg, Gluskin Sheff’s chief economist and strategist, said that he believes the recent stock market movements signal that the economy is in the outer rings of a full-blown recession. “We’re going into a recession,” said Rosenberg, who has been bearish on the market’s fundamentals for some time now. “I think it will be this coming year.” Rosenberg isn’t the only market analyst concerned that the recent corrections in the Dow , S&P 500 , and Nasdaq have left the economy teetering on the brink of recession, but the so-called “perma-bear” said that he is virtually certain that recession will arrive in 2019. dow jones, s&p 500, nasdaq “We’ve got more than 80 percent chance of recession just based on the fact the Fed is tightening policy,” he said. This tightening of financial conditions that we’ve seen in the markets is going to end up having a cascading effect on the economy for the first few quarters of this year. Looking forward toward that anticipated recession, Rosenberg said that he was concerned that the US government would not be properly equipped to address the coming crisis. Legislators, he said, had already spent their “fiscal ammunition” at the top of the market cycle, likely referencing the business-friendly tax cuts that took effect at the beginning of 2018. “How are we going to stimulate fiscal policy? We already did that at the peak of the cycle,” Rosenberg explained. “We don’t have the fiscal ammunition.” Would End of Dow’s Bull Run Help or Hurt Bitcoin, Crypto Market? bitcoin price dow jones Though the pseudonymous Satoshi Nakamoto launched Bitcoin in the throes of the financial crisis — in fact, the Bitcoin Genesis block was mined 10 years ago today — the flagship cryptocurrency and its offshoots grew up amid a historic bull market. Story continues After enduring several bull and bear cycles, the crypto market peaked at all-time highs in early 2018, shortly before the Dow and other market indices hit record highs of their own. Now, with bitcoin and other cryptocurrencies already deep in the red, stocks are showing signs of weakness, too. The Dow Jones had its largest-ever single-day rally last month but nevertheless closed the year with its worst December performance since 2008. Things haven’t improved in 2019, with the markets cratering today following Apple’s release of bearish revenue guidance. Allianz Chief Economic Advisor Mohamed El-Erian said that investors need to get used to these wild share price swings, as they are likely the “ new reality ” for a market that is no longer as feverish as in 2017. Rosenberg’s predicted recession would provide a unique opportunity for bitcoin and the wider cryptocurrency market to demonstrate that, contrary to recent arguments , they are an uncorrelated asset class that could provide a safe haven — a la gold and other precious metals — during periods of economic uncertainty. bitcoin price If bitcoin can successfully break out of its yearlong slump while equity prices point south, it could finally demonstrate that its claim to be “ digital gold ” is based on more than just rosy words from its most ardent backers. As CCN reported , a mid-2019 recovery would be consistent with bitcoin’s historical market cycles. If the crypto market begins to grind upwards three quarters into a recession, even bitcoin skeptics would have to at least give a passing thought to chasing those returns with a small percentage of their assets. However, there’s also a strong case to be made that the prolonged stock market bull run contributed to the cryptocurrency run-up since consistently-positive returns incentivized risky behavior on the part of investors. If that theory is correct, then a recession could lead investors to hold their cash with a tighter fist and eschew riskier speculative assets like bitcoin. To borrow from George Mason University economist Tyler Cowen, the recession — if it occurs — would provide bitcoin with an opportunity to definitively prove that it is different from the myriad of asset bubbles to which its detractors frequently compare it. To quote him directly : “it is time to put up or shut up.” Featured Image from Shutterstock. Price Charts from TradingView . The post Dow Downturn Shows Economy is ‘Going into a Recession’: Gluskin Sheff Strategist appeared first on CCN . || Trader: Bitcoin May See Long-Lasting Stability Throughout ‘Boring’ 2019: Over the past 24 hours, the cryptocurrency market has seen its valuation drop from $135 billion to $130 billion, as the Bitcoin price dropped below the $3,800 mark.
On January 2, the dominant cryptocurrency eyed a breakout above the$4,000 resistance level, but it struggled to increase further from $3,912, retracing to $3,780.
Historically,Bitcoinhas tended to take 62 weeks on average to recover from a major correction or a bear market, and all five corrections the asset experienced in the past nine years were in the 85 to 90 percent range in terms of loss from an all-time high.
Bitcoin achieved an all-time high at $19,665 on December 16 and since then, theprice of the assethas continued to experience a steep decline against the U.S. dollar. In December 2018, Bitcoinfell to $3,210, recording an 83 percent drop from its all-time high.
The historical performance of Bitcoin does not provide clarity on the future performance of the cryptocurrency. However, it can be used as a reference to forecast the time frame of the asset’s recovery.
Willy Woo, a cryptocurrency analyst and the creator of Woobull.com, stated in November that the fundamental indicators of Bitcoin show apotential reboundof the asset in the second quarter of 2019.
“Putting together the blockchain view, I suspect the timing for a bottom may be around Q2 2019. After that we start the true accumulation band, only after that, do we start a long grind upwards,” Woo said at the time when the price of Bitcoin was $7,000.
Considering that Bitcoin needed just over 15 months in the past four corrections to recover, if the asset recovers by the second quarter of this year, it would be similar to the recovery of previous corrections.
According to a cryptocurrency trader known as “The Crypto Dog,” the Bitcoin price may show stability and a low level of volatility throughout this year, presenting a boring year for traders.
The trader said:
BTC has mostly bottomed (might even have put the final low in) but we’re not going to see a significant rally or new highs for awhile so that’s not much to get excited about. Cheers to a boring 2019.
Most analysts are in agreement that Bitcoin is close to achieving its bottom. Some predict that $3,210 may have been the lowest point for the asset but some traders have argued that there currently exists no solid indicators to prove that the asset conclusively established a proper bottom.
It is challenging to declare the bottom of the asset because of its wild volatility in a low price range. While crypto assets in the likes ofEthereumandRipple (XRP)have made large gains over the past month, with Ethereum recovering by 80 percent, the market is still showing some weaknesses.
As seen in the $5 billion decline of cryptocurrencies on the day, until the market goes through a several-month-long consolidation period, investors would have to expect high volatility.
Featured Image from Shutterstock. Price Charts fromTradingView.
The postTrader: Bitcoin May See Long-Lasting Stability Throughout ‘Boring’ 2019appeared first onCCN.
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Bitcoin - BTC
Price: $3,847.65
Change in 1h: -0.31%
Market cap: $67,187,984,814.00
Ranking: 1
#Bitcoin #BTC || Jan 04, 2019 17:31:00 UTC | 3,804.90$ | 3,335.10€ | 2,987.30£ | #Bitcoin #btc pic.twitter.com/kFIaf07qEt || 現在の1ビットコインあたりの値段は416,564.6473円です。値段の取得日時はJan 4, 2019 04:02:00 UTCです #bitcoin #ビットコイン || [Simulator] Order(s) creation
- STOP_LOSS: 9.533 ETH at 0.039817 BTC on binance: 05/01/19 00:52
- SELL_LIMIT: 9.533 ETH at 0.041891 BTC on binance: 05/01/19 00:52 || #Doviz
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3845.19, 4076.63, 4025.25, 4030.85, 4035.30, 3678.92, 3687.37, 3661.30, 3552.95, 3706.05
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 5922.04, 6429.84, 6438.64, 6606.78, 6793.62, 6733.39, 6867.53, 6791.13, 7271.78, 7176.41, 7334.10, 7302.09, 6865.49, 6859.08, 6971.09, 6845.04, 6842.43, 6642.11, 7116.80, 7096.18, 7257.67, 7189.42, 6881.96, 6880.32, 7117.21, 7429.72, 7550.90, 7569.94, 7679.87, 7795.60, 7807.06, 8801.04, 8658.55, 8864.77, 8988.60, 8897.47, 8912.65, 9003.07, 9268.76, 9951.52, 9842.67, 9593.90, 8756.43, 8601.80, 8804.48, 9269.99, 9733.72, 9328.20, 9377.01, 9670.74, 9726.58, 9729.04, 9522.98, 9081.76, 9182.58, 9209.29, 8790.37, 8906.93, 8835.05, 9181.02, 9525.75, 9439.12, 9700.41, 9461.06, 10167.27, 9529.80, 9656.72, 9800.64, 9665.53, 9653.68, 9758.85, 9771.49, 9795.70, 9870.09, 9321.78, 9480.84, 9475.28, 9386.79, 9450.70, 9538.02, 9480.25, 9411.84, 9288.02, 9332.34, 9303.63, 9648.72, 9629.66, 9313.61, 9264.81, 9162.92.
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[Bitcoin Technical Analysis for 2020-06-26]
Volume: 18341465837, RSI (14-day): 43.50, 50-day EMA: 9225.63, 200-day EMA: 8559.96
[Wider Market Context]
Gold Price: 1772.50, Gold RSI: 61.88
Oil Price: 38.49, Oil RSI: 57.62
[Recent News (last 7 days)]
Sovrin Foundation Sheds All Paid Staff in Tale of a Token Issuance Gone Wrong: The COVID-19 crisis may have been the last straw for a non-profit digital identity organization, breaking its efforts to raise funds to pay staff and carry out a regulated token issuance.
The Sovrin Foundation, a U.S.-based umbrella organization that oversees the development of blockchain-based digital identity standards (also known as self-sovereign identity or SSI), laid off nine full-time and six part-time employees in March, officially becoming a volunteer-run operation.
“Sovrin’s transition from a permanently staffed organization to a volunteer-led one is now complete,” Paul Knowles, Sovrin’s external press representative, said in a statement emailed to CoinDesk. “We are pleased to state that the Sovrin MainNet remained stable throughout the process with new stewards and clients continuing to come on board. The internal structure of the Foundation has gone through a revamp and is now more dynamic than ever before.”
Related:Mapping the Future of the SEC (There's a Nonzero Chance Hester Peirce Takes Over)
Read more:Why Project Indy is Using Hybrid DLT to Rethink Digital Identity
Nathan George, the firm’s former chief technology officer, said the Sovrin community – which is closely linked to SSI tech provider Evernym – reacted quickly and volunteers stepped up, calling the downsizing a “success story” of sorts. The Sovrin Foundation works with the likes of IBM, Cisco, T-Mobile and many other companies.
“Everybody went through kind of crazy mode with COVID. We were in the middle of fundraising which was going to keep us going through 2020. That fell apart faster than you could blink,” said George, who now works with Kiva, the microfinance and digital identity partner of the Libra Association.
“So we went from being super excited, everything was going great, to having a meeting where the CEO said she was resigning and we were all let go the next day. It was a chaotic couple of weeks,” George said.
Related:AML Bitcoin Founder Claims DC Lobbyist Jack Abramoff, US Government Are 'Extorting' Him
There appears to be some difference of opinion about Sovrin’s fundraising process, which pre-dates the COVID-19 financial meltdown, particularly around procuring the funds needed to conduct a regulated token sale, known in U.S. Securities and Exchange Commission (SEC) parlance as aRegulation A+ (Reg A+), an amendment to the JOBS Act which came into effect in 2015.
This became a bone of contention between the Sovrin Foundation’s trustees and board, and its CEO and executive director, Heather Dahl, who resigned on March 15.
CoinDesk obtained a copy of Dahl’s resignation letter, which states: “I have made the choice to resign based on a philosophical division between myself, the Board and its business partners.”
The letter goes on to say:
“When we cater to the needs of the few, we do not serve the many. While there are many paths to a destination … it is with great disappointment that the ones that I have chosen and brought to the Foundation no longer align with those chosen by the Board of Directors and other interested parties.”
The Sovrin Foundationmentioned the stateof the funding for the proposed token issuance back in March. Launching a token under Reg A+ would require $1 million to $2 million in additional funding in order to file with the SEC, and a further $1 million to $2 million to complete the registration, according to the Sovrin Foundation update.
“Given the current market conditions, we do not anticipate a Reg A+ filing for the Sovrin token in 2020,” said the statement.
But a source at the Sovrin Foundation, who wished to remain anonymous, said that when this decision was taken, COVID-19 was a minor and limited factor. The problem stretches back over two years, said the source, when Evernym sold pre-functioning Sovrin tokens to investors.
Despite the Sovrin Foundation forming a number of alliances to facilitate additional revenue, there remained a shortfall in the funds needed for issuing a regulated token. But in October 2019, an investor with $5 million was brought to the table, according to the person speaking on the condition of anonymity.
“The Sovrin Board and Evernym then negotiated back and forth on this investment for four months while the Foundation’s finances were running out,” said the source. “The Foundation opened a Sovrin Series A raise mid-February which was already too late.”
Read more:Bank-Backed Hyperledger Is Slowly Opening to ICOs
As the financial situation became more abject, the multi-million dollar investor changed their initial terms to further dilute Evernym investors, the source said, adding that these terms were deemed unacceptable by Sovrin’s board of trustees.
“Given the climate for non-profit donations was turning grim, and the investor terms were not as good as what was offered in October, the decision was made to release the staff and move to volunteer mode,” said the source.
“If the Foundation had not focused on protecting Evernym investors from dilution they could be in a very different financial position today,” the source added.
• Sovrin Foundation Sheds All Paid Staff in Tale of a Token Issuance Gone Wrong
• Sovrin Foundation Sheds All Paid Staff in Tale of a Token Issuance Gone Wrong || Sovrin Foundation Sheds All Paid Staff in Tale of a Token Issuance Gone Wrong: The COVID-19 crisis may have been the last straw for a non-profit digital identity organization, breaking its efforts to raise funds to pay staff and carry out a regulated token issuance. The Sovrin Foundation, a U.S.-based umbrella organization that oversees the development of blockchain-based digital identity standards (also known as self-sovereign identity or SSI), laid off nine full-time and six part-time employees in March, officially becoming a volunteer-run operation. Sovrins transition from a permanently staffed organization to a volunteer-led one is now complete, Paul Knowles, Sovrins external press representative, said in a statement emailed to CoinDesk. We are pleased to state that the Sovrin MainNet remained stable throughout the process with new stewards and clients continuing to come on board. The internal structure of the Foundation has gone through a revamp and is now more dynamic than ever before. Related: Mapping the Future of the SEC (There's a Nonzero Chance Hester Peirce Takes Over) Read more: Why Project Indy is Using Hybrid DLT to Rethink Digital Identity Nathan George, the firms former chief technology officer, said the Sovrin community which is closely linked to SSI tech provider Evernym reacted quickly and volunteers stepped up, calling the downsizing a success story of sorts. The Sovrin Foundation works with the likes of IBM, Cisco, T-Mobile and many other companies. Everybody went through kind of crazy mode with COVID. We were in the middle of fundraising which was going to keep us going through 2020. That fell apart faster than you could blink, said George, who now works with Kiva, the microfinance and digital identity partner of the Libra Association. So we went from being super excited, everything was going great, to having a meeting where the CEO said she was resigning and we were all let go the next day. It was a chaotic couple of weeks, George said. Story continues Sovrin debt Related: AML Bitcoin Founder Claims DC Lobbyist Jack Abramoff, US Government Are 'Extorting' Him There appears to be some difference of opinion about Sovrins fundraising process, which pre-dates the COVID-19 financial meltdown, particularly around procuring the funds needed to conduct a regulated token sale, known in U.S. Securities and Exchange Commission (SEC) parlance as a Regulation A+ (Reg A+) , an amendment to the JOBS Act which came into effect in 2015. This became a bone of contention between the Sovrin Foundations trustees and board, and its CEO and executive director, Heather Dahl, who resigned on March 15. CoinDesk obtained a copy of Dahls resignation letter, which states: I have made the choice to resign based on a philosophical division between myself, the Board and its business partners. The letter goes on to say: When we cater to the needs of the few, we do not serve the many. While there are many paths to a destination
it is with great disappointment that the ones that I have chosen and brought to the Foundation no longer align with those chosen by the Board of Directors and other interested parties. The Sovrin Foundation mentioned the state of the funding for the proposed token issuance back in March. Launching a token under Reg A+ would require $1 million to $2 million in additional funding in order to file with the SEC, and a further $1 million to $2 million to complete the registration, according to the Sovrin Foundation update. Given the current market conditions, we do not anticipate a Reg A+ filing for the Sovrin token in 2020, said the statement. But a source at the Sovrin Foundation, who wished to remain anonymous, said that when this decision was taken, COVID-19 was a minor and limited factor. The problem stretches back over two years, said the source, when Evernym sold pre-functioning Sovrin tokens to investors. Funding shortfall Despite the Sovrin Foundation forming a number of alliances to facilitate additional revenue, there remained a shortfall in the funds needed for issuing a regulated token. But in October 2019, an investor with $5 million was brought to the table, according to the person speaking on the condition of anonymity. The Sovrin Board and Evernym then negotiated back and forth on this investment for four months while the Foundations finances were running out, said the source. The Foundation opened a Sovrin Series A raise mid-February which was already too late. Read more: Bank-Backed Hyperledger Is Slowly Opening to ICOs As the financial situation became more abject, the multi-million dollar investor changed their initial terms to further dilute Evernym investors, the source said, adding that these terms were deemed unacceptable by Sovrins board of trustees. Given the climate for non-profit donations was turning grim, and the investor terms were not as good as what was offered in October, the decision was made to release the staff and move to volunteer mode, said the source. If the Foundation had not focused on protecting Evernym investors from dilution they could be in a very different financial position today, the source added. Related Stories Sovrin Foundation Sheds All Paid Staff in Tale of a Token Issuance Gone Wrong Sovrin Foundation Sheds All Paid Staff in Tale of a Token Issuance Gone Wrong || Market Wrap: Bitcoin Tests $9K as Market Struggles With Uncertainty: Higher-than-normal selling volume pushed bitcoin down in early trading Thursday before managing to recover.
Bitcoin(BTC) was trading around $9,297 as of 20:00 UTC (4 p.m. ET), slipping just 0.18% over the previous 24 hours.
At 00:00 UTC on Thursday (8:00 p.m. Wednesday ET), bitcoin was changing hands around $9,270 on spot exchanges such as Coinbase. Three hours later, heavy selling volume sent bitcoin down 3% to as low as $8,980. Bitcoin’s price is below its 50-day moving average, but above the 10-day. Such a combination is a sideways bearish signal for market technicians.
Related:DeFi Platform Opyn Launches Put Options on Compound Token
Read More:Bitcoin Still on Track for Quarterly Gains After Drop Toward $9K
“We’re still in a tight trading range; $9,000 is the key to hold,” said Rupert Douglas, heading of institutional sales for crypto asset brokerage Koine. Bitcoin’s dip to below $9,000 is the first time that threshold was crossed since June 15. When it happened 10 days ago, just as on Thursday, the world’s largest cryptocurrency by market capitalization was able to bounce right back.
“The market seems to be taking a bit of a breather after testing $9,000 last night and bouncing pretty nicely,” said Dave Vizsolyi, head trader at Chicago-based crypto firm DV Chain. A massive amount of bitcoin options, to the tune of $1 billion, has traders thinking more volatility might be ahead. “I think the options and futures expiry tomorrow will continue to drive flows,” Vizsolyi added.
Read More:Bitcoin Options Market Faces Record $1 Billion Expiry on Friday
Related:Blockstream's Liquid Network Sent $8M in BTC Unsafely, Says Bitcoin Developer
George Clayton, managing partner of New York-based Cryptanalysis Capital, says he is concerned with economic data for the balance of 2020. Cryptocurrencies are not immune to traditional market gyrations.
“Crypto is currently acting like a risk-on asset and the technicals look sketchy,” Clayton said. “I see both of these elements as short-term bearish.” He pointed to the Atlanta Federal Reserve GDPNow forecasting a second-quarter U.S. economic contraction of an astounding 46.6% compared to the previous year. GDPNow’s estimate of GDP performance is based on its available data. It’s a significantly more bearish outlook than what most analysts are expecting.
“I’m quite bullish on bitcoin by this time next year,” said Neil Van Huis, of crypto liquidity provider Blockfills. “However, there could be a lot of whiplash in between. I guess that is the beauty of the markets.”
Although bitcoin is up over 28% this year, it hasn’t exactly been a smooth ride in 2020.
Despite being down as much as 32% on spot exchanges in March during the coronavirus-induced crash, June has had steadier bitcoin price movement. “I think there really is no real directionality in bitcoin at the moment,” said options trader Vishal Shah. “It seems $9,250-$9,300 has been a broader level of support, while $10,000 has been the top, with a few scattered breaches.” Most of crypto is “actually more fascinated with DeFi at the moment,” added Shah.
Ether(ETH), the second-largest cryptocurrency by market capitalization, was flat Thursday, trading around $233 and slipping 0.11% in 24 hours as of 20:00 UTC (4:00 p.m. ET).
The total value locked in decentralized finance, or DeFi, surpassed $1.5 billion on June 21. The total amount of crypto assets in dollar value is now at $1.6 billion, fueled by thespeculative interest in lender Compound, which now dominates the DeFi world with a 37% market share, according to data aggregation site DeFi Pulse.
Read More:DeFi Startups on Compound Weigh What to Do With $200 COMP Tokens
Digital assets on CoinDesk’s big board are mostly red Thursday. Big losers on the day includedecred(DCR) dumping 2.2%,stellar(XLM) in the red 1.7% and neo (NEO) down 1.6%. One notable winner iszcash(ZEC) in the green 2.1%. All price changes were as of 20:00 UTC (4:00 p.m. ET).
Read More:Circle, Coinbase Bring USDC Stablecoin to Algorand’s Blockchain
In commodities, oil is up 2.5% Wednesday. A barrel of crude was priced at $38.98 as of press time.
Gold is flat; the yellow metal climbed 0.19%, trading around $1,764 for the day.
The Nikkei 225 index of companies in Japan ended the day 1.22% lower. While tech stocks made some gains,the index was dragged lower on selling in the manufacturing sector.
Europe’s FTSE 100 index was in the green, climbing 0.63%. Fears of acoronavirus resurgence sent stocks there lower in early trading, but late gains pushed the index higher.
The U.S. S&P 500 index gained 1%. A slight rally in late-day trading occurred due to optimism onthe U.S. Federal Reserve releasing positive banking stress test results.
U.S. Treasury bonds all slipped on Thursday. Yields, which move in the opposite direction as price, were down most on the two-year bond, in the red 11%.
• Market Wrap: Bitcoin Tests $9K as Market Struggles With Uncertainty
• Market Wrap: Bitcoin Tests $9K as Market Struggles With Uncertainty || Market Wrap: Bitcoin Tests $9K as Market Struggles With Uncertainty: Higher-than-normal selling volume pushed bitcoin down in early trading Thursday before managing to recover. Bitcoin (BTC) was trading around $9,297 as of 20:00 UTC (4 p.m. ET), slipping just 0.18% over the previous 24 hours. At 00:00 UTC on Thursday (8:00 p.m. Wednesday ET), bitcoin was changing hands around $9,270 on spot exchanges such as Coinbase. Three hours later, heavy selling volume sent bitcoin down 3% to as low as $8,980. Bitcoin’s price is below its 50-day moving average, but above the 10-day. Such a combination is a sideways bearish signal for market technicians. Related: DeFi Platform Opyn Launches Put Options on Compound Token Read More: Bitcoin Still on Track for Quarterly Gains After Drop Toward $9K “We’re still in a tight trading range; $9,000 is the key to hold,” said Rupert Douglas, heading of institutional sales for crypto asset brokerage Koine. Bitcoin’s dip to below $9,000 is the first time that threshold was crossed since June 15. When it happened 10 days ago, just as on Thursday, the world’s largest cryptocurrency by market capitalization was able to bounce right back. “The market seems to be taking a bit of a breather after testing $9,000 last night and bouncing pretty nicely,” said Dave Vizsolyi, head trader at Chicago-based crypto firm DV Chain. A massive amount of bitcoin options, to the tune of $1 billion, has traders thinking more volatility might be ahead. “I think the options and futures expiry tomorrow will continue to drive flows,” Vizsolyi added. Read More: Bitcoin Options Market Faces Record $1 Billion Expiry on Friday Related: Blockstream's Liquid Network Sent $8M in BTC Unsafely, Says Bitcoin Developer George Clayton, managing partner of New York-based Cryptanalysis Capital, says he is concerned with economic data for the balance of 2020. Cryptocurrencies are not immune to traditional market gyrations. “Crypto is currently acting like a risk-on asset and the technicals look sketchy,” Clayton said. “I see both of these elements as short-term bearish.” He pointed to the Atlanta Federal Reserve GDPNow forecasting a second-quarter U.S. economic contraction of an astounding 46.6% compared to the previous year. GDPNow’s estimate of GDP performance is based on its available data. It’s a significantly more bearish outlook than what most analysts are expecting. Story continues “I’m quite bullish on bitcoin by this time next year,” said Neil Van Huis, of crypto liquidity provider Blockfills. “However, there could be a lot of whiplash in between. I guess that is the beauty of the markets.” Although bitcoin is up over 28% this year, it hasn’t exactly been a smooth ride in 2020. Despite being down as much as 32% on spot exchanges in March during the coronavirus-induced crash, June has had steadier bitcoin price movement. “I think there really is no real directionality in bitcoin at the moment,” said options trader Vishal Shah. “It seems $9,250-$9,300 has been a broader level of support, while $10,000 has been the top, with a few scattered breaches.” Most of crypto is “actually more fascinated with DeFi at the moment,” added Shah. Other markets Ether (ETH), the second-largest cryptocurrency by market capitalization, was flat Thursday, trading around $233 and slipping 0.11% in 24 hours as of 20:00 UTC (4:00 p.m. ET). The total value locked in decentralized finance, or DeFi, surpassed $1.5 billion on June 21. The total amount of crypto assets in dollar value is now at $1.6 billion, fueled by the speculative interest in lender Compound , which now dominates the DeFi world with a 37% market share, according to data aggregation site DeFi Pulse. Read More: DeFi Startups on Compound Weigh What to Do With $200 COMP Tokens Digital assets on CoinDesk’s big board are mostly red Thursday. Big losers on the day include decred (DCR) dumping 2.2%, stellar (XLM) in the red 1.7% and neo (NEO) down 1.6%. One notable winner is zcash (ZEC) in the green 2.1%. All price changes were as of 20:00 UTC (4:00 p.m. ET). Read More: Circle, Coinbase Bring USDC Stablecoin to Algorand’s Blockchain In commodities, oil is up 2.5% Wednesday. A barrel of crude was priced at $38.98 as of press time. Gold is flat; the yellow metal climbed 0.19%, trading around $1,764 for the day. The Nikkei 225 index of companies in Japan ended the day 1.22% lower. While tech stocks made some gains, the index was dragged lower on selling in the manufacturing sector . Europe’s FTSE 100 index was in the green, climbing 0.63%. Fears of a coronavirus resurgence sent stocks there lower in early trading , but late gains pushed the index higher. The U.S. S&P 500 index gained 1%. A slight rally in late-day trading occurred due to optimism on the U.S. Federal Reserve releasing positive banking stress test results . U.S. Treasury bonds all slipped on Thursday. Yields, which move in the opposite direction as price, were down most on the two-year bond, in the red 11%. Related Stories Market Wrap: Bitcoin Tests $9K as Market Struggles With Uncertainty Market Wrap: Bitcoin Tests $9K as Market Struggles With Uncertainty || Market Wrap: Bitcoin Tests $9K as Market Struggles With Uncertainty: Higher-than-normal selling volume pushed bitcoin down in early trading Thursday before managing to recover.
Bitcoin(BTC) was trading around $9,297 as of 20:00 UTC (4 p.m. ET), slipping just 0.18% over the previous 24 hours.
At 00:00 UTC on Thursday (8:00 p.m. Wednesday ET), bitcoin was changing hands around $9,270 on spot exchanges such as Coinbase. Three hours later, heavy selling volume sent bitcoin down 3% to as low as $8,980. Bitcoin’s price is below its 50-day moving average, but above the 10-day. Such a combination is a sideways bearish signal for market technicians.
Related:DeFi Platform Opyn Launches Put Options on Compound Token
Read More:Bitcoin Still on Track for Quarterly Gains After Drop Toward $9K
“We’re still in a tight trading range; $9,000 is the key to hold,” said Rupert Douglas, heading of institutional sales for crypto asset brokerage Koine. Bitcoin’s dip to below $9,000 is the first time that threshold was crossed since June 15. When it happened 10 days ago, just as on Thursday, the world’s largest cryptocurrency by market capitalization was able to bounce right back.
“The market seems to be taking a bit of a breather after testing $9,000 last night and bouncing pretty nicely,” said Dave Vizsolyi, head trader at Chicago-based crypto firm DV Chain. A massive amount of bitcoin options, to the tune of $1 billion, has traders thinking more volatility might be ahead. “I think the options and futures expiry tomorrow will continue to drive flows,” Vizsolyi added.
Read More:Bitcoin Options Market Faces Record $1 Billion Expiry on Friday
Related:Blockstream's Liquid Network Sent $8M in BTC Unsafely, Says Bitcoin Developer
George Clayton, managing partner of New York-based Cryptanalysis Capital, says he is concerned with economic data for the balance of 2020. Cryptocurrencies are not immune to traditional market gyrations.
“Crypto is currently acting like a risk-on asset and the technicals look sketchy,” Clayton said. “I see both of these elements as short-term bearish.” He pointed to the Atlanta Federal Reserve GDPNow forecasting a second-quarter U.S. economic contraction of an astounding 46.6% compared to the previous year. GDPNow’s estimate of GDP performance is based on its available data. It’s a significantly more bearish outlook than what most analysts are expecting.
“I’m quite bullish on bitcoin by this time next year,” said Neil Van Huis, of crypto liquidity provider Blockfills. “However, there could be a lot of whiplash in between. I guess that is the beauty of the markets.”
Although bitcoin is up over 28% this year, it hasn’t exactly been a smooth ride in 2020.
Despite being down as much as 32% on spot exchanges in March during the coronavirus-induced crash, June has had steadier bitcoin price movement. “I think there really is no real directionality in bitcoin at the moment,” said options trader Vishal Shah. “It seems $9,250-$9,300 has been a broader level of support, while $10,000 has been the top, with a few scattered breaches.” Most of crypto is “actually more fascinated with DeFi at the moment,” added Shah.
Ether(ETH), the second-largest cryptocurrency by market capitalization, was flat Thursday, trading around $233 and slipping 0.11% in 24 hours as of 20:00 UTC (4:00 p.m. ET).
The total value locked in decentralized finance, or DeFi, surpassed $1.5 billion on June 21. The total amount of crypto assets in dollar value is now at $1.6 billion, fueled by thespeculative interest in lender Compound, which now dominates the DeFi world with a 37% market share, according to data aggregation site DeFi Pulse.
Read More:DeFi Startups on Compound Weigh What to Do With $200 COMP Tokens
Digital assets on CoinDesk’s big board are mostly red Thursday. Big losers on the day includedecred(DCR) dumping 2.2%,stellar(XLM) in the red 1.7% and neo (NEO) down 1.6%. One notable winner iszcash(ZEC) in the green 2.1%. All price changes were as of 20:00 UTC (4:00 p.m. ET).
Read More:Circle, Coinbase Bring USDC Stablecoin to Algorand’s Blockchain
In commodities, oil is up 2.5% Wednesday. A barrel of crude was priced at $38.98 as of press time.
Gold is flat; the yellow metal climbed 0.19%, trading around $1,764 for the day.
The Nikkei 225 index of companies in Japan ended the day 1.22% lower. While tech stocks made some gains,the index was dragged lower on selling in the manufacturing sector.
Europe’s FTSE 100 index was in the green, climbing 0.63%. Fears of acoronavirus resurgence sent stocks there lower in early trading, but late gains pushed the index higher.
The U.S. S&P 500 index gained 1%. A slight rally in late-day trading occurred due to optimism onthe U.S. Federal Reserve releasing positive banking stress test results.
U.S. Treasury bonds all slipped on Thursday. Yields, which move in the opposite direction as price, were down most on the two-year bond, in the red 11%.
• Market Wrap: Bitcoin Tests $9K as Market Struggles With Uncertainty
• Market Wrap: Bitcoin Tests $9K as Market Struggles With Uncertainty || Lobbyist Jack Abramoff pleads guilty in fraud case involving a cryptocurrency called AML Bitcoin: Lobbyist and businessman Jack Abramoff faces possible prison time yet again, this time in a case related to cryptocurrency and lobbying disclosure.
Abramoff has pled guilty to charges pursued by San Francisco's U.S. Attorney, which could result in a jail sentence as long as five years. Abramoff separately settled with the Securities and Exchange Commission (SEC) in a case related to an unregistered digital securities offer.
Bloomberg first reportedthe case brought by San Francisco U.S. Attorney David Anderson. Anderson disclosed that Abramoff agreed to plead guilty to charges of criminal conspiracy at a press conference.According to an SEC statement, the office charged Abramoff with wire fraud and conspiracy to commit wire fraud and lobbying disclosure violations.
The SEC separately charged Abramoff in a case related to a cryptocurrency known as AML Bitcoin. Abramoff, the NAC Foundation and its CEO, Roland Marcus Andrade, face allegations of conducting an unregistered security offering of AML BitCoin. Abramoff allegedly assisted the NAC Foundation in falsely portraying the token as an improved version of bitcoin with supposedly additional anti-money laundering and other compliance measures integrated into the coin. The SEC claimed that none of these capabilities existed at the time investors bought the tokens.
Abramoff has agreed to a $50,000 disgorgement of the commissions he made with $5,501 in interest. He also agreed to a settlement that includes "permanent and conduct-based injunctions." The case against Andrade continues, and Bloomberg reported that Andrade will plead not guilty, citing Anderson.
Abramoff previously served more than three years in prison for his involvement in a high-profile corruption case in the early 2000s, when he was sentenced to six years for mail fraud, conspiracy to bribe public officials and tax evasion.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || Lobbyist Jack Abramoff pleads guilty in fraud case involving a cryptocurrency called AML Bitcoin: Lobbyist and businessman Jack Abramoff faces possible prison time yet again, this time in a case related to cryptocurrency and lobbying disclosure.
Abramoff has pled guilty to charges pursued by San Francisco's U.S. Attorney, which could result in a jail sentence as long as five years. Abramoff separately settled with the Securities and Exchange Commission (SEC) in a case related to an unregistered digital securities offer.
Bloomberg first reportedthe case brought by San Francisco U.S. Attorney David Anderson. Anderson disclosed that Abramoff agreed to plead guilty to charges of criminal conspiracy at a press conference.According to an SEC statement, the office charged Abramoff with wire fraud and conspiracy to commit wire fraud and lobbying disclosure violations.
The SEC separately charged Abramoff in a case related to a cryptocurrency known as AML Bitcoin. Abramoff, the NAC Foundation and its CEO, Roland Marcus Andrade, face allegations of conducting an unregistered security offering of AML BitCoin. Abramoff allegedly assisted the NAC Foundation in falsely portraying the token as an improved version of bitcoin with supposedly additional anti-money laundering and other compliance measures integrated into the coin. The SEC claimed that none of these capabilities existed at the time investors bought the tokens.
Abramoff has agreed to a $50,000 disgorgement of the commissions he made with $5,501 in interest. He also agreed to a settlement that includes "permanent and conduct-based injunctions." The case against Andrade continues, and Bloomberg reported that Andrade will plead not guilty, citing Anderson.
Abramoff previously served more than three years in prison for his involvement in a high-profile corruption case in the early 2000s, when he was sentenced to six years for mail fraud, conspiracy to bribe public officials and tax evasion.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || Lobbyist Jack Abramoff pleads guilty in fraud case involving a cryptocurrency called AML Bitcoin: Lobbyist and businessman Jack Abramoff faces possible prison time yet again, this time in a case related to cryptocurrency and lobbying disclosure. Abramoff has pled guilty to charges pursued by San Francisco's U.S. Attorney, which could result in a jail sentence as long as five years. Abramoff separately settled with the Securities and Exchange Commission (SEC) in a case related to an unregistered digital securities offer. Bloomberg first reported the case brought by San Francisco U.S. Attorney David Anderson. Anderson disclosed that Abramoff agreed to plead guilty to charges of criminal conspiracy at a press conference. According to an SEC statement , the office charged Abramoff with wire fraud and conspiracy to commit wire fraud and lobbying disclosure violations. The SEC separately charged Abramoff in a case related to a cryptocurrency known as AML Bitcoin. Abramoff, the NAC Foundation and its CEO, Roland Marcus Andrade, face allegations of conducting an unregistered security offering of AML BitCoin. Abramoff allegedly assisted the NAC Foundation in falsely portraying the token as an improved version of bitcoin with supposedly additional anti-money laundering and other compliance measures integrated into the coin. The SEC claimed that none of these capabilities existed at the time investors bought the tokens. Abramoff has agreed to a $50,000 disgorgement of the commissions he made with $5,501 in interest. He also agreed to a settlement that includes "permanent and conduct-based injunctions." The case against Andrade continues, and Bloomberg reported that Andrade will plead not guilty, citing Anderson. Abramoff previously served more than three years in prison for his involvement in a high-profile corruption case in the early 2000s, when he was sentenced to six years for mail fraud, conspiracy to bribe public officials and tax evasion. © 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || Lobbyist Abramoff to plead guilty in cryptocurrency fraud case: By Jonathan Stempel and Lawrence Delevingne
(Reuters) - The U.S. government said on Thursday that lobbyist and former convict Jack Abramoff had agreed to plead guilty to violating a federal lobbying disclosure law in connection with an alleged fraudulent offering of the cryptocurrency AML Bitcoin.
Abramoff and Rowland Marcus Andrade, the chief executive of NAC Foundation, were accused of conspiring to make false and misleading statements to potential purchasers of the cryptocurrency. Andrade was also criminally charged in connection with the offering.
The U.S. Securities and Exchange Commission on Thursday announced parallel charges against NAC, Andrade and Abramoff. Abramoff, who once served four years in prison for bribing U.S. officials in a case that became synonymous with government corruption, also agreed to settle with the SEC.
Lawyers for Abramoff did not immediately respond to requests for comment. A lawyer for NAC had no immediate comment. A lawyer for Andrade could not immediately be identified.
An unverified Twitter account that links to NAC, @AMLBitcoin, posted on Thursday following the charges that a public comment would be made soon and that "the AML Bitcoin Team will not allow anyone to EXTORT us even the U.S. Government!"
Abramoff pleaded guilty in 2006 to felony counts of conspiracy, fraud, and tax evasion.
In addition to bribing government officials, Abramoff was accused of defrauding clients who were Native American tribes lobbying about reservation casinos.
Abramoff was released from federal prison in 2010 and was then subject to three years on probation.
He returned to lobbying in late 2016 (https://www.reuters.com/article/us-usa-politics-abramoff/convicted-felon-jack-abramoff-registers-to-return-to-lobbying-idUSKBN19E2JN) when he tried unsuccessfully to set up a meeting and phone call between Republic of Congo President Denis Sassou Nguesso and then-President-elect Donald Trump via Republican Congressman Dana Rohrabacher, according to a public disclosure filed with the U.S. Department of Justice the next year.
(Reporting by Jonathan Stempel, Lawrence Delevingne and Mark Hosenball; Editing by Leslie Adler, Dan Grebler and Tom Brown) || Lobbyist Abramoff to plead guilty in cryptocurrency fraud case: By Jonathan Stempel and Lawrence Delevingne (Reuters) - The U.S. government said on Thursday that lobbyist and former convict Jack Abramoff had agreed to plead guilty to violating a federal lobbying disclosure law in connection with an alleged fraudulent offering of the cryptocurrency AML Bitcoin. Abramoff and Rowland Marcus Andrade, the chief executive of NAC Foundation, were accused of conspiring to make false and misleading statements to potential purchasers of the cryptocurrency. Andrade was also criminally charged in connection with the offering. The U.S. Securities and Exchange Commission on Thursday announced parallel charges against NAC, Andrade and Abramoff. Abramoff, who once served four years in prison for bribing U.S. officials in a case that became synonymous with government corruption, also agreed to settle with the SEC. Lawyers for Abramoff did not immediately respond to requests for comment. A lawyer for NAC had no immediate comment. A lawyer for Andrade could not immediately be identified. An unverified Twitter account that links to NAC, @AMLBitcoin, posted on Thursday following the charges that a public comment would be made soon and that "the AML Bitcoin Team will not allow anyone to EXTORT us even the U.S. Government!" Abramoff pleaded guilty in 2006 to felony counts of conspiracy, fraud, and tax evasion. In addition to bribing government officials, Abramoff was accused of defrauding clients who were Native American tribes lobbying about reservation casinos. Abramoff was released from federal prison in 2010 and was then subject to three years on probation. He returned to lobbying in late 2016 (https://www.reuters.com/article/us-usa-politics-abramoff/convicted-felon-jack-abramoff-registers-to-return-to-lobbying-idUSKBN19E2JN) when he tried unsuccessfully to set up a meeting and phone call between Republic of Congo President Denis Sassou Nguesso and then-President-elect Donald Trump via Republican Congressman Dana Rohrabacher, according to a public disclosure filed with the U.S. Department of Justice the next year. (Reporting by Jonathan Stempel, Lawrence Delevingne and Mark Hosenball; Editing by Leslie Adler, Dan Grebler and Tom Brown) || Lobbyist Abramoff to plead guilty in cryptocurrency fraud case: By Jonathan Stempel and Lawrence Delevingne (Reuters) - The U.S. government said on Thursday that lobbyist and former convict Jack Abramoff had agreed to plead guilty to violating a federal lobbying disclosure law in connection with an alleged fraudulent offering of the cryptocurrency AML Bitcoin. Abramoff and Rowland Marcus Andrade, the chief executive of NAC Foundation, were accused of conspiring to make false and misleading statements to potential purchasers of the cryptocurrency. Andrade was also criminally charged in connection with the offering. The U.S. Securities and Exchange Commission on Thursday announced parallel charges against NAC, Andrade and Abramoff. Abramoff, who once served four years in prison for bribing U.S. officials in a case that became synonymous with government corruption, also agreed to settle with the SEC. Lawyers for Abramoff did not immediately respond to requests for comment. A lawyer for NAC had no immediate comment. A lawyer for Andrade could not immediately be identified. An unverified Twitter account that links to NAC, @AMLBitcoin, posted on Thursday following the charges that a public comment would be made soon and that "the AML Bitcoin Team will not allow anyone to EXTORT us even the U.S. Government!" Abramoff pleaded guilty in 2006 to felony counts of conspiracy, fraud, and tax evasion. In addition to bribing government officials, Abramoff was accused of defrauding clients who were Native American tribes lobbying about reservation casinos. Abramoff was released from federal prison in 2010 and was then subject to three years on probation. He returned to lobbying in late 2016 (https://www.reuters.com/article/us-usa-politics-abramoff/convicted-felon-jack-abramoff-registers-to-return-to-lobbying-idUSKBN19E2JN) when he tried unsuccessfully to set up a meeting and phone call between Republic of Congo President Denis Sassou Nguesso and then-President-elect Donald Trump via Republican Congressman Dana Rohrabacher, according to a public disclosure filed with the U.S. Department of Justice the next year. (Reporting by Jonathan Stempel, Lawrence Delevingne and Mark Hosenball; Editing by Leslie Adler, Dan Grebler and Tom Brown) || Lobbyist Abramoff to plead guilty in cryptocurrency fraud case: By Jonathan Stempel and Lawrence Delevingne (Reuters) - The U.S. government said on Thursday that lobbyist and former convict Jack Abramoff had agreed to plead guilty to violating a federal lobbying disclosure law in connection with an alleged fraudulent offering of the cryptocurrency AML Bitcoin. Abramoff and Rowland Marcus Andrade, the chief executive of NAC Foundation, were accused of conspiring to make false and misleading statements to potential purchasers of the cryptocurrency. Andrade was also criminally charged in connection with the offering. The U.S. Securities and Exchange Commission on Thursday announced parallel charges against NAC, Andrade and Abramoff. Abramoff, who once served four years in prison for bribing U.S. officials in a case that became synonymous with government corruption, also agreed to settle with the SEC. Lawyers for Abramoff did not immediately respond to requests for comment. A lawyer for NAC had no immediate comment. A lawyer for Andrade could not immediately be identified. An unverified Twitter account that links to NAC, @AMLBitcoin, posted on Thursday following the charges that a public comment would be made soon and that "the AML Bitcoin Team will not allow anyone to EXTORT us even the U.S. Government!" Abramoff pleaded guilty in 2006 to felony counts of conspiracy, fraud, and tax evasion. In addition to bribing government officials, Abramoff was accused of defrauding clients who were Native American tribes lobbying about reservation casinos. Abramoff was released from federal prison in 2010 and was then subject to three years on probation. He returned to lobbying in late 2016 (https://www.reuters.com/article/us-usa-politics-abramoff/convicted-felon-jack-abramoff-registers-to-return-to-lobbying-idUSKBN19E2JN) when he tried unsuccessfully to set up a meeting and phone call between Republic of Congo President Denis Sassou Nguesso and then-President-elect Donald Trump via Republican Congressman Dana Rohrabacher, according to a public disclosure filed with the U.S. Department of Justice the next year. (Reporting by Jonathan Stempel, Lawrence Delevingne and Mark Hosenball; Editing by Leslie Adler, Dan Grebler and Tom Brown) || Consumer Watchdog Moves to Block Canadian Bitcoin Miner From US Power Grid: Consumer advocacy group Public Citizen is trying to stop Canadian firm DMG Blockchain from plugging its bitcoin mining rigs into the American power grid.
In a letter published Thursday, the nonprofit implored the U.S. Department of Energy (DOE) to scrutinize, if not outright reject, DMG Blockchain’s bid to export U.S. electricity to Canada and moved to intervene. The group’s Energy Program Director Tyson Slocum and Climate Program Director David Arkush co-wrotethe letter.
DMG Blockchain has been aggressively expanding its cryptocurrency mining capacity in recent months. On May 27, the data center operator tripled its fleet of ASIC miners by adding 1,000 M30s. Two days later, itapplied for permissionto export U.S. electricity, writing that its 15 megawatt mining operation will grow to 60 megawatts in the next year.
Related:Bitmain Co-Founder Offers Share Buyback at $4B Valuation to End Power Struggle
“The DMG application is unique in that it represents a maiden effort by an energy-hungry cryptocurrency-mining industry to import electricity from the United States to Canada to meet its significant power demands,” Slocum and Arkush said.
Read more:US Watchdog Groups Call for Congress to Put a Freeze on Facebook’s Libra
Slocum and Arkush said power utilities in Washington state havebanned crypto minersfor putting too much load on the grid. Washington butts up against DMG’s home territory of British Columbia, and both locations are attractive to crypto miners because of ample hydropower.
They also suggested DMG’s application may skirt federal laws prohibiting electricity exports that undermine or impair the U.S. power supply. For this, they cited crypto mining’s “staggering” energy waste, its upward impact on energy prices, the possibility that it could interfere with local attempts to introduce renewable power sources and climate change.
Related:Bitcoin Miner Maker Ebang Estimates $2.5M Loss for Q1 in IPO Prospectus Update
“U.S. cryptocurrency miners are struggling to meet their own power demands,” they said.
They warned DOE an approval could trigger a “rush” in foreign cryptocurrency miners looking to export U.S. electricity.
But Canadian crypto miners are already buying U.S. electricity though third-party power brokers, according to DMG Blockchain COO Sheldon Bennett. He said his 33-acre blended data center – it runs bitcoin rigs alongside traditional servers – will do the same if DMG’s export application is not ultimately approved.
Bennett said Public Citizen’s letter demonizes cryptocurrency mining without paying much attention to the far-heavier electrical load of other transaction-focused firms, like PayPal.
Additionally, he argued that the watchdog was ignoring the fact that the Pacific Northwest’s dams produce more electricity than locals can conceivably use. That glut’s only grown larger during COVID-19.
“We are like little droplets in the ocean compared to the amount of electricity that’s out there,” he said.
UPDATE (20:30 6/25/2020): This article has been updated to include comment from DMG Blockchain.
• Consumer Watchdog Moves to Block Canadian Bitcoin Miner From US Power Grid
• Consumer Watchdog Moves to Block Canadian Bitcoin Miner From US Power Grid || Consumer Watchdog Moves to Block Canadian Bitcoin Miner From US Power Grid: Consumer advocacy group Public Citizen is trying to stop Canadian firm DMG Blockchain from plugging its bitcoin mining rigs into the American power grid. In a letter published Thursday, the nonprofit implored the U.S. Department of Energy (DOE) to scrutinize, if not outright reject, DMG Blockchain’s bid to export U.S. electricity to Canada and moved to intervene. The group’s Energy Program Director Tyson Slocum and Climate Program Director David Arkush co-wrote the letter . DMG Blockchain has been aggressively expanding its cryptocurrency mining capacity in recent months. On May 27, the data center operator tripled its fleet of ASIC miners by adding 1,000 M30s. Two days later, it applied for permission to export U.S. electricity, writing that its 15 megawatt mining operation will grow to 60 megawatts in the next year. Related: Bitmain Co-Founder Offers Share Buyback at $4B Valuation to End Power Struggle “The DMG application is unique in that it represents a maiden effort by an energy-hungry cryptocurrency-mining industry to import electricity from the United States to Canada to meet its significant power demands,” Slocum and Arkush said. Read more: US Watchdog Groups Call for Congress to Put a Freeze on Facebook’s Libr a Slocum and Arkush said power utilities in Washington state have banned crypto miners for putting too much load on the grid. Washington butts up against DMG’s home territory of British Columbia, and both locations are attractive to crypto miners because of ample hydropower. They also suggested DMG’s application may skirt federal laws prohibiting electricity exports that undermine or impair the U.S. power supply. For this, they cited crypto mining’s “staggering” energy waste, its upward impact on energy prices, the possibility that it could interfere with local attempts to introduce renewable power sources and climate change. Related: Bitcoin Miner Maker Ebang Estimates $2.5M Loss for Q1 in IPO Prospectus Update Story continues “U.S. cryptocurrency miners are struggling to meet their own power demands,” they said. They warned DOE an approval could trigger a “rush” in foreign cryptocurrency miners looking to export U.S. electricity. But Canadian crypto miners are already buying U.S. electricity though third-party power brokers, according to DMG Blockchain COO Sheldon Bennett. He said his 33-acre blended data center – it runs bitcoin rigs alongside traditional servers – will do the same if DMG’s export application is not ultimately approved. Bennett said Public Citizen’s letter demonizes cryptocurrency mining without paying much attention to the far-heavier electrical load of other transaction-focused firms, like PayPal. Additionally, he argued that the watchdog was ignoring the fact that the Pacific Northwest’s dams produce more electricity than locals can conceivably use. That glut’s only grown larger during COVID-19. “We are like little droplets in the ocean compared to the amount of electricity that’s out there,” he said. UPDATE (20:30 6/25/2020) : This article has been updated to include comment from DMG Blockchain. Related Stories Consumer Watchdog Moves to Block Canadian Bitcoin Miner From US Power Grid Consumer Watchdog Moves to Block Canadian Bitcoin Miner From US Power Grid || Consumer Watchdog Moves to Block Canadian Bitcoin Miner From US Power Grid: Consumer advocacy group Public Citizen is trying to stop Canadian firm DMG Blockchain from plugging its bitcoin mining rigs into the American power grid.
In a letter published Thursday, the nonprofit implored the U.S. Department of Energy (DOE) to scrutinize, if not outright reject, DMG Blockchain’s bid to export U.S. electricity to Canada and moved to intervene. The group’s Energy Program Director Tyson Slocum and Climate Program Director David Arkush co-wrotethe letter.
DMG Blockchain has been aggressively expanding its cryptocurrency mining capacity in recent months. On May 27, the data center operator tripled its fleet of ASIC miners by adding 1,000 M30s. Two days later, itapplied for permissionto export U.S. electricity, writing that its 15 megawatt mining operation will grow to 60 megawatts in the next year.
Related:Bitmain Co-Founder Offers Share Buyback at $4B Valuation to End Power Struggle
“The DMG application is unique in that it represents a maiden effort by an energy-hungry cryptocurrency-mining industry to import electricity from the United States to Canada to meet its significant power demands,” Slocum and Arkush said.
Read more:US Watchdog Groups Call for Congress to Put a Freeze on Facebook’s Libra
Slocum and Arkush said power utilities in Washington state havebanned crypto minersfor putting too much load on the grid. Washington butts up against DMG’s home territory of British Columbia, and both locations are attractive to crypto miners because of ample hydropower.
They also suggested DMG’s application may skirt federal laws prohibiting electricity exports that undermine or impair the U.S. power supply. For this, they cited crypto mining’s “staggering” energy waste, its upward impact on energy prices, the possibility that it could interfere with local attempts to introduce renewable power sources and climate change.
Related:Bitcoin Miner Maker Ebang Estimates $2.5M Loss for Q1 in IPO Prospectus Update
“U.S. cryptocurrency miners are struggling to meet their own power demands,” they said.
They warned DOE an approval could trigger a “rush” in foreign cryptocurrency miners looking to export U.S. electricity.
But Canadian crypto miners are already buying U.S. electricity though third-party power brokers, according to DMG Blockchain COO Sheldon Bennett. He said his 33-acre blended data center – it runs bitcoin rigs alongside traditional servers – will do the same if DMG’s export application is not ultimately approved.
Bennett said Public Citizen’s letter demonizes cryptocurrency mining without paying much attention to the far-heavier electrical load of other transaction-focused firms, like PayPal.
Additionally, he argued that the watchdog was ignoring the fact that the Pacific Northwest’s dams produce more electricity than locals can conceivably use. That glut’s only grown larger during COVID-19.
“We are like little droplets in the ocean compared to the amount of electricity that’s out there,” he said.
UPDATE (20:30 6/25/2020): This article has been updated to include comment from DMG Blockchain.
• Consumer Watchdog Moves to Block Canadian Bitcoin Miner From US Power Grid
• Consumer Watchdog Moves to Block Canadian Bitcoin Miner From US Power Grid || Summer 2020 Is Funding Season for Open-Source Bitcoin Development: Nearly half a dozen companies have announcednew grantsfor open-sourcebitcoincontributors and projects since the coronavirus crisis began, from exchanges such asKrakenandOKCointo theHuman Rights Foundation. Grants are generally around $150,000 each.
Now Wasabi Wallet-maker zkSNACKs Ltd announced on Thursday it is joining the cohort by donating 1 bitcoin to the HRF’sBitcoin Development Fund.
The privacy startup released a statement, saying, “We understand the concern for privacy in Bitcoin’s blockchain and how it can be used to surveil and oppress.” As such, the startup is keen to see this bitcoin used to fund privacy tech development.
Related:Blockstream's Liquid Network Sent $8M in BTC Unsafely, Says Bitcoin Developer
“Hopefully, HRF’s fund can inspire other organizations in the non-profit and academic space to support Bitcoin research and software development,” HRF executive Alex Gladstein said in a press statement.
Read more:Human Rights Foundation Funds Bitcoin Privacy Tools Despite ‘Coin Mixing’ Legal Stigma
Meanwhile, Jack Dorsey’sSquare Cryptopublished an open call for designer grants – an anomaly among developer-focused grant programs.
“Square Crypto hopes to jumpstart the bitcoin design community with at least half a dozen designer grants,” Square Crypto lead Steve Lee said in an email to CoinDesk. “Projects can span from user experience research to systems design to graphic design.”
Related:A Key Thesis for Bitcoin's Long-Term Bull Market Just Got a Knock
Square Crypto’sblog postalso said multiple grants will go to those who “contribute to a bitcoin design guide, an open-source project intended to simplify designing for bitcoin applications.”
The skunkworks unit within the publicly traded payments firm followed up with a teasertweeton Thursday, saying: “We’ll announce more grants in the next month than we have in the last year.”
Square Crypto granted $100,000 to BTCPay Serverlast fall.
• Summer 2020 Is Funding Season for Open-Source Bitcoin Development
• Summer 2020 Is Funding Season for Open-Source Bitcoin Development || Summer 2020 Is Funding Season for Open-Source Bitcoin Development: Nearly half a dozen companies have announcednew grantsfor open-sourcebitcoincontributors and projects since the coronavirus crisis began, from exchanges such asKrakenandOKCointo theHuman Rights Foundation. Grants are generally around $150,000 each.
Now Wasabi Wallet-maker zkSNACKs Ltd announced on Thursday it is joining the cohort by donating 1 bitcoin to the HRF’sBitcoin Development Fund.
The privacy startup released a statement, saying, “We understand the concern for privacy in Bitcoin’s blockchain and how it can be used to surveil and oppress.” As such, the startup is keen to see this bitcoin used to fund privacy tech development.
Related:Blockstream's Liquid Network Sent $8M in BTC Unsafely, Says Bitcoin Developer
“Hopefully, HRF’s fund can inspire other organizations in the non-profit and academic space to support Bitcoin research and software development,” HRF executive Alex Gladstein said in a press statement.
Read more:Human Rights Foundation Funds Bitcoin Privacy Tools Despite ‘Coin Mixing’ Legal Stigma
Meanwhile, Jack Dorsey’sSquare Cryptopublished an open call for designer grants – an anomaly among developer-focused grant programs.
“Square Crypto hopes to jumpstart the bitcoin design community with at least half a dozen designer grants,” Square Crypto lead Steve Lee said in an email to CoinDesk. “Projects can span from user experience research to systems design to graphic design.”
Related:A Key Thesis for Bitcoin's Long-Term Bull Market Just Got a Knock
Square Crypto’sblog postalso said multiple grants will go to those who “contribute to a bitcoin design guide, an open-source project intended to simplify designing for bitcoin applications.”
The skunkworks unit within the publicly traded payments firm followed up with a teasertweeton Thursday, saying: “We’ll announce more grants in the next month than we have in the last year.”
Square Crypto granted $100,000 to BTCPay Serverlast fall.
• Summer 2020 Is Funding Season for Open-Source Bitcoin Development
• Summer 2020 Is Funding Season for Open-Source Bitcoin Development || Summer 2020 Is Funding Season for Open-Source Bitcoin Development: Nearly half a dozen companies have announced new grants for open-source bitcoin contributors and projects since the coronavirus crisis began, from exchanges such as Kraken and OKCoin to the Human Rights Foundation . Grants are generally around $150,000 each. Now Wasabi Wallet-maker zkSNACKs Ltd announced on Thursday it is joining the cohort by donating 1 bitcoin to the HRFs Bitcoin Development Fund . The privacy startup released a statement, saying, We understand the concern for privacy in Bitcoins blockchain and how it can be used to surveil and oppress. As such, the startup is keen to see this bitcoin used to fund privacy tech development. Related: Blockstream's Liquid Network Sent $8M in BTC Unsafely, Says Bitcoin Developer Hopefully, HRFs fund can inspire other organizations in the non-profit and academic space to support Bitcoin research and software development, HRF executive Alex Gladstein said in a press statement. Read more: Human Rights Foundation Funds Bitcoin Privacy Tools Despite Coin Mixing Legal Stigma Meanwhile, Jack Dorseys Square Crypto published an open call for designer grants an anomaly among developer-focused grant programs. Square Crypto hopes to jumpstart the bitcoin design community with at least half a dozen designer grants, Square Crypto lead Steve Lee said in an email to CoinDesk. Projects can span from user experience research to systems design to graphic design. Related: A Key Thesis for Bitcoin's Long-Term Bull Market Just Got a Knock Square Cryptos blog post also said multiple grants will go to those who contribute to a bitcoin design guide, an open-source project intended to simplify designing for bitcoin applications. The skunkworks unit within the publicly traded payments firm followed up with a teaser tweet on Thursday, saying: Well announce more grants in the next month than we have in the last year. Square Crypto granted $100,000 to BTCPay Server last fall . Related Stories Summer 2020 Is Funding Season for Open-Source Bitcoin Development Summer 2020 Is Funding Season for Open-Source Bitcoin Development View comments || Kadena Launches Blockchain App to Verify COVID-19 Tests: Kadena said Thursday its new app can verify COVID-19 tests are the real deal by letting users track test kits. The Brooklyn, N.Y., blockchain company said the open-source application would be available to use on its testnet immediately, and would provide a secure way for medical professionals and patients to communicate and store test results. Helmed by former JPMorgan blockchain leads, Kadena markets itself as a high-throughput alternative to the Bitcoin and Ethereum blockchains. Its plan to ensure the authenticity of coronavirus tests is to use QR codes to track the kits from the manufacturer to the healthcare provider, making it harder to swap out the real tests for fake ones, said Kadena founder and CEO Will Martino. Related: Is Scam Selling Suppressing the Price of Bitcoin? The provider then goes and registers those keys so that no one can just submit a random one, Martino said. He added that by keeping a picture of the tests QR code with them, anyone who gets a test could also check the results by logging onto the app. In a press release the company said that with added privacy protections the data gathered on its app could also help academics and government officials better understand the spread of the coronavirus. Because it would handle protected medical information, Kadenas platform needs to be compliant with the Health Insurance Portability and Accountability Act (HIPAA); the firms statement said its app was currently aiming for the standards of HIPAA-compliance. Related: Bull vs. Bear: Who Has the Economy Right? Explaining the compliance status, Martino said the firm was following a legal process to ensure compliance, but were at 99.5% sure that it is compliant. Token trading Kadena also announced Thursday the Bittrex Global Exchange would be the first to list its token, KDA. The tokens can be used to create and execute contracts on its blockchain. Story continues The firm said trading for its token would begin Friday morning and the initial trading pairs for KDA tokens would be bitcoin (BTC) and tether (USDT). While the listing is only for non-U.S. traders right now, Martino said the firm has plans to make the tokens available in the U.S. with listings in the future. Well have other listings this year, but theyre the first, he said. Earlier in May, the hybrid blockchain maker said it would integrate with data provider Chainlink to help price Kadena-based assets, beginning with KDA. According to its statement, Kadena is also moving forward with plans to upgrade its blockchain next month. The statement claimed scaling the firms sharded blockchain from 10 to 20 chains not only doubles the throughput, but it also proves the feasibility of Kadenas blockchain to scale further. It actually gets more efficient as you make it bigger. Because you take the difficulty per block when you go from 10 to 20, and you chop the difficulty in half. It is the network difficulty that gives us security, Martino said. Related Stories Kadena Launches Blockchain App to Verify COVID-19 Tests Kadena Launches Blockchain App to Verify COVID-19 Tests || Kadena Launches Blockchain App to Verify COVID-19 Tests: Kadena said Thursday its new app can verify COVID-19 tests are the real deal by letting users track test kits.
The Brooklyn, N.Y., blockchain company said the open-source application would be available to use on its testnet immediately, and would provide a secure way for medical professionals and patients to communicate and store test results.
Helmed by former JPMorgan blockchain leads, Kadena markets itself as a high-throughput alternative to the Bitcoin and Ethereum blockchains. Its plan to ensure the authenticity of coronavirus tests is to use QR codes to track the kits from the manufacturer to the healthcare provider, making it harder to swap out the real tests for fake ones, said Kadena founder and CEO Will Martino.
Related:Is Scam Selling Suppressing the Price of Bitcoin?
“The provider then goes and registers those keys so that no one can just submit a random one,” Martino said.
He added that by keeping a picture of the test’s QR code with them, anyone who gets a test could also check the results by logging onto the app.
In a press release the company said that with added privacy protections the data gathered on its app could also help academics and government officials better understand the spread of the coronavirus.
Because it would handle protected medical information, Kadena’s platform needs to be compliant with the Health Insurance Portability and Accountability Act (HIPAA); the firm’s statement said its app was currently “aiming for the standards of HIPAA-compliance.”
Related:Bull vs. Bear: Who Has the Economy Right?
Explaining the compliance status, Martino said the firm was following a legal process to ensure compliance, but “we’re at 99.5% sure that it is” compliant.
Token trading
Kadena also announced Thursday the Bittrex Global Exchange would be the first to list its token, KDA. The tokens can be used to create and execute contracts on its blockchain.
The firm said trading for its token would begin Friday morning and the initial trading pairs for KDA tokens would be bitcoin (BTC) and tether (USDT). While the listing is only for non-U.S. traders right now, Martino said the firm has plans to make the tokens available in the U.S. with listings in the future.
“We’ll have other listings this year, but they’re the first,” he said.
Earlier in May, the hybrid blockchain maker said it would integrate with data provider Chainlink to help price Kadena-based assets, beginning with KDA.
According to its statement, Kadena is also moving forward with plans to upgrade its blockchain next month. The statement claimed scaling the firm’ssharded blockchainfrom 10 to 20 chains not only doubles the throughput, but it also proves the feasibility of Kadena’s blockchain to scale further.
“It actually gets more efficient as you make it bigger. Because you take the difficulty per block when you go from 10 to 20, and you chop the difficulty in half. It is the network difficulty that gives us security,” Martino said.
• Kadena Launches Blockchain App to Verify COVID-19 Tests
• Kadena Launches Blockchain App to Verify COVID-19 Tests
[Social Media Buzz]
None available.
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9045.39, 9143.58, 9190.85, 9137.99, 9228.33, 9123.41, 9087.30, 9132.49, 9073.94, 9375.47
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 293.79, 304.62, 313.86, 328.02, 314.17, 325.43, 361.19, 403.42, 411.56, 386.35, 374.47, 386.48, 373.37, 380.26, 336.82, 311.08, 338.15, 336.75, 332.91, 320.17, 330.75, 335.09, 334.59, 326.15, 322.02, 326.93, 324.54, 323.05, 320.05, 328.21, 352.68, 358.04, 357.38, 371.29, 377.32, 362.49, 359.19, 361.05, 363.18, 388.95, 388.78, 395.54, 415.56, 417.56, 415.48, 451.94, 435.00, 433.76, 444.18, 465.32, 454.93, 456.08, 463.62, 462.32, 442.68, 438.64, 436.57, 442.40, 454.98, 455.65, 417.27, 422.82, 422.28, 432.98, 426.62, 430.57, 434.33, 433.44, 430.01, 433.09, 431.96, 429.11, 458.05, 453.23, 447.61, 447.99, 448.43, 435.69, 432.37, 430.31, 364.33, 387.54, 382.30, 387.17, 380.15, 420.23, 410.26, 382.49, 387.49, 402.97.
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[Bitcoin Technical Analysis for 2016-01-24]
Volume: 54824800, RSI (14-day): 47.38, 50-day EMA: 407.96, 200-day EMA: 339.70
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Australia's ASX invests in blockchain to simplify markets: SYDNEY (Reuters) - Markets operator ASX Ltd on Friday said it has made a minority investment in U.S.-based Digital Asset Holdings to develop distributed ledger technology, or blockchain, to potentially simplify Australias post-trade equity market. Blockchain technology, pioneered by Bitcoin, maintains a continuously growing list of transaction data which cannot be tampered with or revised. ASX paid A$14.9 million ($10.43 million) for a 5.0 percent equity interest in Digital Asset along with funding an initial phase of development and acquiring a warrant that will give it the right to purchase further equity and appoint a director to the board. ASX will work with Digital Asset to design a new post-trade solution for the Australian equity market, it said in a statement on Friday. Over the past year, interest in blockchain technology has grown rapidly. It has already attracted significant investment from many major banks, which reckon it could save them money by making their operations faster, more efficient and more transparent. (Reporting by Swati Pandey) || Australia's ASX invests in blockchain to simplify markets: SYDNEY (Reuters) - Markets operator ASX Ltd on Friday said it has made a minority investment in U.S.-based Digital Asset Holdings to develop distributed ledger technology, or blockchain, to potentially simplify Australias post-trade equity market. Blockchain technology, pioneered by Bitcoin, maintains a continuously growing list of transaction data which cannot be tampered with or revised. ASX paid A$14.9 million ($10.43 million) for a 5.0 percent equity interest in Digital Asset along with funding an initial phase of development and acquiring a warrant that will give it the right to purchase further equity and appoint a director to the board. ASX will work with Digital Asset to design a new post-trade solution for the Australian equity market, it said in a statement on Friday. Over the past year, interest in blockchain technology has grown rapidly. It has already attracted significant investment from many major banks, which reckon it could save them money by making their operations faster, more efficient and more transparent. (Reporting by Swati Pandey) || Cybersecurity A Hot Topic At Davos: Cybersecurity has been a hot-button issue in both the public and private sectors over the past year after a spate of hacking attacks left several companies in jeopardy and illustrated that the U.S. government is struggling to keep pace with hackers. With concerns about cyber-terrorism ramping up in the wake of several terror strikes around the world, the Word Economic Forum in Davos, Switzerland, has become a battle ground for world leaders and tech firms to discuss how to protect each nation's security without compromising customers' privacy, according to the Wall Street Journal. Data Tug Of War Government officials are pushing tech firms like Facebook Inc (NASDAQ: FB ) and Twitter Inc (NYSE: TWTR ) to make their data more accessible in order to give law enforcement better surveillance options. Related Link: Bitcoin Makes An Appearance At Davos They argue current encryption processes make it impossible for the firms to give officials access to communications that could be essential in preventing further terror attacks. However, tech firms say that making data more accessible would land them in a difficult position, as it makes customer data more accessible to everyone, not just law enforcement. Brad Smith, Microsoft Corporation (NASDAQ: MSFT )'s chief legal officer said that loosening encryption could violate customer privacy laws in the United States, causing tech firms to choose which laws they want to break in order to comply with government requests. Making Customers Happy Companies like Alphabet Inc (NASDAQ: GOOG ) (NASDAQ: GOOGL ) and Apple Inc. (NASDAQ: AAPL ) have ramped up their privacy protection in the years since U.S. contractor Edward Snowden leaked documents detailing the Untied States' widespread surveillance practices. Since that time, many consumers have become much more conscious about their privacy protection, and companies like Google and Apple have responded by using encryption that even they don't have the keys to. Story continues Image Credit: Public Domain See more from Benzinga Apple Moves Into India Twitter Begins The Year On A Low Are Share Repurchases On The Horizon? © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Cybersecurity A Hot Topic At Davos: Cybersecurity has been a hot-button issue in both the public and private sectors over the past year after a spate of hacking attacks left several companies in jeopardy and illustrated that the U.S. government is struggling to keep pace with hackers.
With concerns about cyber-terrorism ramping up in the wake of several terror strikes around the world, the Word Economic Forum in Davos, Switzerland, has become abattle groundfor world leaders and tech firms to discuss how to protect each nation's security without compromising customers' privacy, according to the Wall Street Journal.
Data Tug Of War
Government officials are pushing tech firms likeFacebook Inc(NASDAQ:FB) andTwitter Inc(NYSE:TWTR) to make their data more accessible in order to give law enforcement better surveillance options.
Related Link:Bitcoin Makes An Appearance At Davos
They argue current encryption processes make it impossible for the firms to give officials access to communications that could be essential in preventing further terror attacks.
However, tech firms say that making data more accessible would land them in a difficult position, as it makes customer data more accessible to everyone, not just law enforcement. Brad Smith,Microsoft Corporation(NASDAQ:MSFT)'s chief legal officer said that loosening encryption could violate customer privacy laws in the United States, causing tech firms to choose which laws they want to break in order to comply with government requests.
Making Customers Happy
Companies likeAlphabet Inc(NASDAQ:GOOG) (NASDAQ:GOOGL) andApple Inc.(NASDAQ:AAPL) have ramped up their privacy protection in the years since U.S. contractor Edward Snowden leaked documents detailing the Untied States' widespread surveillance practices. Since that time, many consumers have become much more conscious about their privacy protection, and companies like Google and Apple have responded by using encryption that even they don't have the keys to.
Image Credit:Public Domain
See more from Benzinga
• Apple Moves Into India
• Twitter Begins The Year On A Low
• Are Share Repurchases On The Horizon?
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Blockchain Moves Forward In The Financial Industry: Cryptocurrencies like bitcoin have had a lot of negative attention over the past year, as several hacking attacks and scams have painted the coins as an unsafe way to make transactions. However, blockchain, the ledger-like system that bitcoin runs on, has received a great deal of praise across several industries that say the technology has the potential to completely reform the way they do business. This is especially true in the financial space, where banks say that although they are still wary of bitcoin transactions, incorporating blockchain into their operations could actually improve their businesses. Related Link: Now You Can Play The Lottery With Bitcoin Cross-Border Payments One way blockchain could improve the financial industry is by improving the way banks make cross-border transactions. The current system is cumbersome and takes a great deal of time and effort for both the sending and receiving bank. This process has made it difficult for banks to interact with one another from country to country, but incorporating blockchain could change all of that. The ledger system would streamline cross-border payments and take out much of the administrative work associated with processing international transactions. Closer To Integration From January 11 to January 15, several major banks began testing whether blockchain could be used in this way and the results looked promising, according to the Wall Street Journal. Eleven different banks were able to use a private blockchain in order to exchange tokens across several continents. The test included big name financial institutions like Barclays PLC (ADR) (NYSE: BCS ), Credit Suisse Group AG (ADR) (NYSE: CS ) and Wells Fargo & Co (NYSE: WFC ), and it is expected to pave the way for future blockchain investments. While this initial test provided only a small snapshot of what blockchain is capable of, many believe that its success will push banks to continue testing the technology and eventually put it into practice. Story continues See more from Benzinga Top 5 Losers When The Fed Raises Rates © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Blockchain Moves Forward In The Financial Industry: Cryptocurrencies like bitcoin have had a lot of negative attention over the past year, as several hacking attacks and scams have painted the coins as an unsafe way to make transactions.
However, blockchain, the ledger-like system that bitcoin runs on, has received a great deal of praise across several industries that say the technology has the potential to completely reform the way they do business. This is especially true in the financial space, where banks say that although they are still wary of bitcoin transactions, incorporating blockchain into their operations could actually improve their businesses.
Related Link:Now You Can Play The Lottery With Bitcoin
Cross-Border Payments
One way blockchain could improve the financial industry is by improving the way banks make cross-border transactions.
The current system is cumbersome and takes a great deal of time and effort for both the sending and receiving bank. This process has made it difficult for banks to interact with one another from country to country, but incorporating blockchain could change all of that. The ledger system would streamline cross-border payments and take out much of the administrative work associated with processing international transactions.
Closer To Integration
From January 11 to January 15, several major banks begantestingwhether blockchain could be used in this way and the results looked promising, according to the Wall Street Journal.
Eleven different banks were able to use a private blockchain in order to exchange tokens across several continents. The test included big name financial institutions likeBarclays PLC (ADR)(NYSE:BCS),Credit Suisse Group AG (ADR)(NYSE:CS) andWells Fargo & Co(NYSE:WFC), and it is expected to pave the way for future blockchain investments. While this initial test provided only a small snapshot of what blockchain is capable of, many believe that its success will push banks to continue testing the technology and eventually put it into practice.
See more from Benzinga
• Top 5 Losers When The Fed Raises Rates
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin's biggest investor bought its leading news outlet: There is one trade publication in the digital currency industry that every mainstream news outlet knows well, and cites regularly in stories about bitcoin:CoinDesk. It is a source of news about bitcoin investments, price spikes or crashes, and executive hires, and it is a regular destination for journalists who write about bitcoin (as well as for bitcoin enthusiasts who don't get paid to write about the currency).
Last week, CoinDesk reported some newsabout itself. The website has been bought by Digital Currency Group, the investment firm of Barry Silbert, who in 2004 founded SecondMarket, which allows for the trading of private-company stock. He sold the platform to Nasdaq (NDAQ) last year. This is DCG's first full acquisition; it did not disclose the sale price, but sources tell Yahoo Finance it was around $750,000.
DCG has invested in 60 different digital currency companies, and the companies in its portfolio have raised 70% of the venture capital in the industry. You might think that creates an obvious conflict of interest here. Silbert owning CoinDesk is like Red Sox co-owner John Henry buying the Boston Globe (which actually happened), or Peyton Manning buying the Denver Post, or Donald Trump buying Politico.
But Ryan Selkis, the DCG executive who will oversee business at CoinDesk for the time being, insists that won't be a problem. Nonetheless, he says the possibility did concern him at first.
The subject of changing ownership at a bitcoin news site may seem like granular inside-baseball, but it is significant when viewed in the context of ongoing fears about who owns the media. From NewsCorp to Bloomberg to recent changes at the Las Vegas Review-Journal, it is a topic on the minds of both journalists and their readers.
Is bitcoin's primary news site selling to bitcoin's biggest investment firm another piece of bad news for the industry? Selkis, DCG's director of growth, spoke to Yahoo Finance about that question and about DCG's plans for the site. What follows is an edited transcript.
Yahoo Finance:Before we get into CoinDesk, what was your take on the fallout from Mike Hearn's post last week? [Hearn, a bitcoin developer,declaredthat bitcoin had "failed" and that he was leaving the industry; it resulted in a media firestorm.]
Ryan Selkis:I won’t comment on the theatrics of it. I will say that Mike Hearn was one of the really solid developers, he’s contributed a good chunk of his life and energy into making bitcoin what it is today, so, style aside, there’s not a whole lot people can say to critique his overall contribution to the industry. But this [ongoing debateover the size of blocks, or bundles of transactions, recorded on bitcoin's public ledger] is more of a governance issue than it is a bitcoin issue, in terms of how this will get resolved. I think it will get resolved. But the governance of the overall project needs to be better.
What was DCG's approach to buying CoinDesk, what were the considerations?
The first priority we had when we considered this acquistion, my main hesitation, was whether we’d be able to preserve CoinDesk’s editorial independence. And it’s why I’m working with the team full-time now on operating activities. We are going to create both informational and physical barriers between the editorial team and Digital Currency Group. From a policy standpoint, I’ve recused myself from all investing activity at DCG. I was its director of investments; I have completely transitioned away from that and now I’m director of growth.
How does handling growth for DCG pertain to CoinDesk?
In this particular instance it means making sure we have a smooth transition post-acquisition. We’re combining two teams. We’ve kept all the CoinDesk employees and our plan is to continue to employ everyone that came over, hopefully for a long time. But we also have a professional events team we’ve been working with that were already in the midst of planning a large conference in May, and now we’re merging those two teams to plan one event, Consensus 2016. So now everyone, with the exception of myself, is a CoinDesk employee. And functionally, I’m full time with the CoinDesk team.
So how are you separating CoinDesk from DCG?
We are physically relocating offices to a different part of Manhattan. So the CoinDesk folks are not going to be sitting right next to our Genesis [a broker dealer that is another DCG subsidiary] trading team or our investment team, which has proprietary information on how 60 or so bitcoin companies that we are invested in are performing.
What if CoinDesk is now afraid to write bad news about companies DCG is invested in? Or it could go the other way: Will CoinDesk start getting all the scoops on DCG companies?
On the latter point, I’m not concerned because even before this, CoinDesk had established itself as a clear industry leader in terms of a trade journal. So they were already getting most of the scoops. When you talk about embargoed news releases, they are going to continue to be on the same lists as the other folks that DCG reaches out to. So that doesn’t really change. To be honest, CoinDesk was typically part of a broad group of outlets that would be contacted whenever there was news about a DCG company, because we never want to restrict press attention to just one outlet for any of its business interests. So that is the much easier question to answer.
With respect to editorial conflicts, look, that’s what I’m here for, is to make sure there’s a buffer between both entities. So on the one hand, I’m not influencing CoinDesk editorial, but on the other hand, I’m leading the team on a day-to-day basis, and I’m able to interface with DCG but I’m no longer privy to any inside-baseball related to the portfolio companies.
That seems like a contradiction: You won't influence CoinDesk editorial, but you'll lead CoinDesk day to day? So will you be full time at CoinDesk, or at DCG?
I’m DCG's director of growth, but I'm focused full time on CoinDesk and this acquisition, and the 10 or so employees we’ve absorbed, and the large-scale conference we’re producing in May. That makes CoinDesk our top priortity in terms of growth initiatives.
Is the conference the main reason DCG bought CoinDesk? Why else?
We think there’s a lot of organic growth potential for CoinDesk. They’ve had display advertising and various sponsors, but last year they hosted Consensus 2015, it was profitable, it was well-attended, folks were raving about the content of the event. And in mid-2015 they also began publishing paid research reports. As we continue new investments in CoinDesk, paid research and live events are going to be meaningful drivers of growth for the business.
We have the resources to invest not only in fantastic new editorial talent, as in full-time reporters, but also strengthen the ranks of freelance contributors. One area we will invest in is looking beyond just bitcoin the currency and the very insular community there, and branching much further out into blockchain applications that enterprise is taking a look at. Now, that doesn’t mean we are on this "blockchain, not bitcoin" bandwagon, because I don’t want to give that impression at all and it’s a very shrill conversation that happens on Twitter and Reddit when you bring it up. But I do think there will be private ledger solutions that work for enterprise where bitcoin isn’t necessarily a good alternative.
Yes, big financial institutions and banks, from Nasdaq to JPMorgan, have been on the "blockchain, not bitcoin" trend lately. Do you think that's all talk?
I think the interest is definitely real. The bigger question is, over what time frame does this play out? I don’t think that anyone should expect fully functioning products in the next year, two years, handful of years. It will take many years to build some of these core products that are used currently for clearing and settlement. But I think it’s not just a buzzword, I think "blockchain for banks" truly is more relevant in many cases than using the bitcoin blockchain. If you’re a large institution and you’re looking to create an open ledger where you can move securities around safely and transparently to other regulated institutions, you don’t need a native currency like bitcoin or a consensus mechanism that uses anonymous miners. You already know the parties. You could have five banks that are the only signatories to that particular blockchain. So that would be interesting.
--
Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology.Read more:
Bitcoin industry consolidates: Why Kraken bought Coinsetter
Here's a sign that PayPal is embracing Bitcoin
Fantex, the 'athlete stock exchange,' signs first golfer || Bitcoin's biggest investor bought its leading news outlet: There is one trade publication in the digital currency industry that every mainstream news outlet knows well, and cites regularly in stories about bitcoin:CoinDesk. It is a source of news about bitcoin investments, price spikes or crashes, and executive hires, and it is a regular destination for journalists who write about bitcoin (as well as for bitcoin enthusiasts who don't get paid to write about the currency).
Last week, CoinDesk reported some newsabout itself. The website has been bought by Digital Currency Group, the investment firm of Barry Silbert, who in 2004 founded SecondMarket, which allows for the trading of private-company stock. He sold the platform to Nasdaq (NDAQ) last year. This is DCG's first full acquisition; it did not disclose the sale price, but sources tell Yahoo Finance it was around $750,000.
DCG has invested in 60 different digital currency companies, and the companies in its portfolio have raised 70% of the venture capital in the industry. You might think that creates an obvious conflict of interest here. Silbert owning CoinDesk is like Red Sox co-owner John Henry buying the Boston Globe (which actually happened), or Peyton Manning buying the Denver Post, or Donald Trump buying Politico.
But Ryan Selkis, the DCG executive who will oversee business at CoinDesk for the time being, insists that won't be a problem. Nonetheless, he says the possibility did concern him at first.
The subject of changing ownership at a bitcoin news site may seem like granular inside-baseball, but it is significant when viewed in the context of ongoing fears about who owns the media. From NewsCorp to Bloomberg to recent changes at the Las Vegas Review-Journal, it is a topic on the minds of both journalists and their readers.
Is bitcoin's primary news site selling to bitcoin's biggest investment firm another piece of bad news for the industry? Selkis, DCG's director of growth, spoke to Yahoo Finance about that question and about DCG's plans for the site. What follows is an edited transcript.
Yahoo Finance:Before we get into CoinDesk, what was your take on the fallout from Mike Hearn's post last week? [Hearn, a bitcoin developer,declaredthat bitcoin had "failed" and that he was leaving the industry; it resulted in a media firestorm.]
Ryan Selkis:I won’t comment on the theatrics of it. I will say that Mike Hearn was one of the really solid developers, he’s contributed a good chunk of his life and energy into making bitcoin what it is today, so, style aside, there’s not a whole lot people can say to critique his overall contribution to the industry. But this [ongoing debateover the size of blocks, or bundles of transactions, recorded on bitcoin's public ledger] is more of a governance issue than it is a bitcoin issue, in terms of how this will get resolved. I think it will get resolved. But the governance of the overall project needs to be better.
What was DCG's approach to buying CoinDesk, what were the considerations?
The first priority we had when we considered this acquistion, my main hesitation, was whether we’d be able to preserve CoinDesk’s editorial independence. And it’s why I’m working with the team full-time now on operating activities. We are going to create both informational and physical barriers between the editorial team and Digital Currency Group. From a policy standpoint, I’ve recused myself from all investing activity at DCG. I was its director of investments; I have completely transitioned away from that and now I’m director of growth.
How does handling growth for DCG pertain to CoinDesk?
In this particular instance it means making sure we have a smooth transition post-acquisition. We’re combining two teams. We’ve kept all the CoinDesk employees and our plan is to continue to employ everyone that came over, hopefully for a long time. But we also have a professional events team we’ve been working with that were already in the midst of planning a large conference in May, and now we’re merging those two teams to plan one event, Consensus 2016. So now everyone, with the exception of myself, is a CoinDesk employee. And functionally, I’m full time with the CoinDesk team.
So how are you separating CoinDesk from DCG?
We are physically relocating offices to a different part of Manhattan. So the CoinDesk folks are not going to be sitting right next to our Genesis [a broker dealer that is another DCG subsidiary] trading team or our investment team, which has proprietary information on how 60 or so bitcoin companies that we are invested in are performing.
What if CoinDesk is now afraid to write bad news about companies DCG is invested in? Or it could go the other way: Will CoinDesk start getting all the scoops on DCG companies?
On the latter point, I’m not concerned because even before this, CoinDesk had established itself as a clear industry leader in terms of a trade journal. So they were already getting most of the scoops. When you talk about embargoed news releases, they are going to continue to be on the same lists as the other folks that DCG reaches out to. So that doesn’t really change. To be honest, CoinDesk was typically part of a broad group of outlets that would be contacted whenever there was news about a DCG company, because we never want to restrict press attention to just one outlet for any of its business interests. So that is the much easier question to answer.
With respect to editorial conflicts, look, that’s what I’m here for, is to make sure there’s a buffer between both entities. So on the one hand, I’m not influencing CoinDesk editorial, but on the other hand, I’m leading the team on a day-to-day basis, and I’m able to interface with DCG but I’m no longer privy to any inside-baseball related to the portfolio companies.
That seems like a contradiction: You won't influence CoinDesk editorial, but you'll lead CoinDesk day to day? So will you be full time at CoinDesk, or at DCG?
I’m DCG's director of growth, but I'm focused full time on CoinDesk and this acquisition, and the 10 or so employees we’ve absorbed, and the large-scale conference we’re producing in May. That makes CoinDesk our top priortity in terms of growth initiatives.
Is the conference the main reason DCG bought CoinDesk? Why else?
We think there’s a lot of organic growth potential for CoinDesk. They’ve had display advertising and various sponsors, but last year they hosted Consensus 2015, it was profitable, it was well-attended, folks were raving about the content of the event. And in mid-2015 they also began publishing paid research reports. As we continue new investments in CoinDesk, paid research and live events are going to be meaningful drivers of growth for the business.
We have the resources to invest not only in fantastic new editorial talent, as in full-time reporters, but also strengthen the ranks of freelance contributors. One area we will invest in is looking beyond just bitcoin the currency and the very insular community there, and branching much further out into blockchain applications that enterprise is taking a look at. Now, that doesn’t mean we are on this "blockchain, not bitcoin" bandwagon, because I don’t want to give that impression at all and it’s a very shrill conversation that happens on Twitter and Reddit when you bring it up. But I do think there will be private ledger solutions that work for enterprise where bitcoin isn’t necessarily a good alternative.
Yes, big financial institutions and banks, from Nasdaq to JPMorgan, have been on the "blockchain, not bitcoin" trend lately. Do you think that's all talk?
I think the interest is definitely real. The bigger question is, over what time frame does this play out? I don’t think that anyone should expect fully functioning products in the next year, two years, handful of years. It will take many years to build some of these core products that are used currently for clearing and settlement. But I think it’s not just a buzzword, I think "blockchain for banks" truly is more relevant in many cases than using the bitcoin blockchain. If you’re a large institution and you’re looking to create an open ledger where you can move securities around safely and transparently to other regulated institutions, you don’t need a native currency like bitcoin or a consensus mechanism that uses anonymous miners. You already know the parties. You could have five banks that are the only signatories to that particular blockchain. So that would be interesting.
--
Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology.Read more:
Bitcoin industry consolidates: Why Kraken bought Coinsetter
Here's a sign that PayPal is embracing Bitcoin
Fantex, the 'athlete stock exchange,' signs first golfer || Bitcoin's biggest investor bought its leading news outlet: There is one trade publication in the digital currency industry that every mainstream news outlet knows well, and cites regularly in stories about bitcoin: CoinDesk . It is a source of news about bitcoin investments, price spikes or crashes, and executive hires, and it is a regular destination for journalists who write about bitcoin (as well as for bitcoin enthusiasts who don't get paid to write about the currency). Last week, CoinDesk reported some news about itself . The website has been bought by Digital Currency Group, the investment firm of Barry Silbert, who in 2004 founded SecondMarket, which allows for the trading of private-company stock. He sold the platform to Nasdaq ( NDAQ ) last year. This is DCG's first full acquisition; it did not disclose the sale price, but sources tell Yahoo Finance it was around $750,000. DCG has invested in 60 different digital currency companies, and the companies in its portfolio have raised 70% of the venture capital in the industry . You might think that creates an obvious conflict of interest here. Silbert owning CoinDesk is like Red Sox co-owner John Henry buying the Boston Globe (which actually happened), or Peyton Manning buying the Denver Post, or Donald Trump buying Politico. But Ryan Selkis, the DCG executive who will oversee business at CoinDesk for the time being, insists that won't be a problem. Nonetheless, he says the possibility did concern him at first. The subject of changing ownership at a bitcoin news site may seem like granular inside-baseball, but it is significant when viewed in the context of ongoing fears about who owns the media. From NewsCorp to Bloomberg to recent changes at the Las Vegas Review-Journal, it is a topic on the minds of both journalists and their readers. Is bitcoin's primary news site selling to bitcoin's biggest investment firm another piece of bad news for the industry? Selkis, DCG's director of growth, spoke to Yahoo Finance about that question and about DCG's plans for the site. What follows is an edited transcript. Yahoo Finance : Before we get into CoinDesk, what was your take on the fallout from Mike Hearn's post last week? [Hearn, a bitcoin developer, declared that bitcoin had "failed" and that he was leaving the industry; it resulted in a media firestorm.] Ryan Selkis: I won’t comment on the theatrics of it. I will say that Mike Hearn was one of the really solid developers, he’s contributed a good chunk of his life and energy into making bitcoin what it is today, so, style aside, there’s not a whole lot people can say to critique his overall contribution to the industry. But this [ ongoing debate over the size of blocks, or bundles of transactions, recorded on bitcoin's public ledger] is more of a governance issue than it is a bitcoin issue, in terms of how this will get resolved. I think it will get resolved. But the governance of the overall project needs to be better. Story continues What was DCG's approach to buying CoinDesk, what were the considerations? The first priority we had when we considered this acquistion, my main hesitation, was whether we’d be able to preserve CoinDesk’s editorial independence. And it’s why I’m working with the team full-time now on operating activities. We are going to create both informational and physical barriers between the editorial team and Digital Currency Group. From a policy standpoint, I’ve recused myself from all investing activity at DCG. I was its director of investments; I have completely transitioned away from that and now I’m director of growth. How does handling growth for DCG pertain to CoinDesk? In this particular instance it means making sure we have a smooth transition post-acquisition. We’re combining two teams. We’ve kept all the CoinDesk employees and our plan is to continue to employ everyone that came over, hopefully for a long time. But we also have a professional events team we’ve been working with that were already in the midst of planning a large conference in May, and now we’re merging those two teams to plan one event, Consensus 2016. So now everyone, with the exception of myself, is a CoinDesk employee. And functionally, I’m full time with the CoinDesk team. So how are you separating CoinDesk from DCG? We are physically relocating offices to a different part of Manhattan. So the CoinDesk folks are not going to be sitting right next to our Genesis [a broker dealer that is another DCG subsidiary] trading team or our investment team, which has proprietary information on how 60 or so bitcoin companies that we are invested in are performing. What if CoinDesk is now afraid to write bad news about companies DCG is invested in? Or it could go the other way: Will CoinDesk start getting all the scoops on DCG companies? On the latter point, I’m not concerned because even before this, CoinDesk had established itself as a clear industry leader in terms of a trade journal. So they were already getting most of the scoops. When you talk about embargoed news releases, they are going to continue to be on the same lists as the other folks that DCG reaches out to. So that doesn’t really change. To be honest, CoinDesk was typically part of a broad group of outlets that would be contacted whenever there was news about a DCG company, because we never want to restrict press attention to just one outlet for any of its business interests. So that is the much easier question to answer. With respect to editorial conflicts, look, that’s what I’m here for, is to make sure there’s a buffer between both entities. So on the one hand, I’m not influencing CoinDesk editorial, but on the other hand, I’m leading the team on a day-to-day basis, and I’m able to interface with DCG but I’m no longer privy to any inside-baseball related to the portfolio companies. That seems like a contradiction: You won't influence CoinDesk editorial, but you'll lead CoinDesk day to day? So will you be full time at CoinDesk, or at DCG? I’m DCG's director of growth, but I'm focused full time on CoinDesk and this acquisition, and the 10 or so employees we’ve absorbed, and the large-scale conference we’re producing in May. That makes CoinDesk our top priortity in terms of growth initiatives. Is the conference the main reason DCG bought CoinDesk? Why else? We think there’s a lot of organic growth potential for CoinDesk. They’ve had display advertising and various sponsors, but last year they hosted Consensus 2015, it was profitable, it was well-attended, folks were raving about the content of the event. And in mid-2015 they also began publishing paid research reports. As we continue new investments in CoinDesk, paid research and live events are going to be meaningful drivers of growth for the business. We have the resources to invest not only in fantastic new editorial talent, as in full-time reporters, but also strengthen the ranks of freelance contributors. One area we will invest in is looking beyond just bitcoin the currency and the very insular community there, and branching much further out into blockchain applications that enterprise is taking a look at. Now, that doesn’t mean we are on this "blockchain, not bitcoin" bandwagon, because I don’t want to give that impression at all and it’s a very shrill conversation that happens on Twitter and Reddit when you bring it up. But I do think there will be private ledger solutions that work for enterprise where bitcoin isn’t necessarily a good alternative. Yes, big financial institutions and banks, from Nasdaq to JPMorgan, have been on the "blockchain, not bitcoin" trend lately. Do you think that's all talk? I think the interest is definitely real. The bigger question is, over what time frame does this play out? I don’t think that anyone should expect fully functioning products in the next year, two years, handful of years. It will take many years to build some of these core products that are used currently for clearing and settlement. But I think it’s not just a buzzword, I think "blockchain for banks" truly is more relevant in many cases than using the bitcoin blockchain. If you’re a large institution and you’re looking to create an open ledger where you can move securities around safely and transparently to other regulated institutions, you don’t need a native currency like bitcoin or a consensus mechanism that uses anonymous miners. You already know the parties. You could have five banks that are the only signatories to that particular blockchain. So that would be interesting. -- Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology. Read more: Bitcoin industry consolidates: Why Kraken bought Coinsetter Here's a sign that PayPal is embracing Bitcoin Fantex, the 'athlete stock exchange,' signs first golfer View comments || Your first trade for Wednesday: The "Fast Money" traders delivered their final trades of the day.
Tim Seymour was a seller of the iShares 20+ Year Treasury Bond ETF(NYSE Arca: TLT)while Brian Kelly was a buyer.
Dan Nathan was a buyer of Twitter(TWTR).
Peter Najarian was bullish on Viacom(VIAB), a name he highlighted as a stock which could soon be aligned for stratospheric returns.
Trader disclosure: On January 19, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:Tim Seymour is long AAPL, BAC, CLF, DIS, F, FCX, GE, GM, GOOGL, INTC, IWM, JCP, JPM, KO, LGF, RL, T, TWTR. Tim's firm is long BABA, BIDU, MCD, NKE, SBUX, YHOO. Pete Najarian is long AAPL, BAC, BKE, BMY, BP, DIS, DISCA, FOXA, GE, KO, MRK, PEP, PFE, he is long calls AAL, BAC, BX, CHS, GE, GDX, HAIN, LC, MSFT, NRF, WMB, WYNN, XBI, YDKN, he is long puts FCX, MRO. Dan Nathan is long WMT Feb Put Spread, long PFE buy-write, long VZ Buy-write, long XLU Feb Call Spread, long QCOM Feb Calls, long UUP, long TWTR, long TLT Apr risk reversal; he is short SPY. Brian Kelly is long BBRY, Bitcoin, GDX, GLD, SLV, TLT, US Dollar; he is short Aussie Dollar, British Pound, CS, DB, EWH, HSBC, SPY, Yuan.
SunTrust Managing Director Robert Peck: Firm makes a market in Netflix.
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• Personal Finance || Your first trade for Wednesday: The " Fast Money " traders delivered their final trades of the day. Tim Seymour was a seller of the iShares 20+ Year Treasury Bond ETF (NYSE Arca: TLT) while Brian Kelly was a buyer. Dan Nathan was a buyer of Twitter ( TWTR ) . Peter Najarian was bullish on Viacom ( VIAB ) , a name he highlighted as a stock which could soon be aligned for stratospheric returns. Trader disclosure: On January 19, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Tim Seymour is long AAPL, BAC, CLF, DIS, F, FCX, GE, GM, GOOGL, INTC, IWM, JCP, JPM, KO, LGF, RL, T, TWTR. Tim's firm is long BABA, BIDU, MCD, NKE, SBUX, YHOO. Pete Najarian is long AAPL, BAC, BKE, BMY, BP, DIS, DISCA, FOXA, GE, KO, MRK, PEP, PFE, he is long calls AAL, BAC, BX, CHS, GE, GDX, HAIN, LC, MSFT, NRF, WMB, WYNN, XBI, YDKN, he is long puts FCX, MRO. Dan Nathan is long WMT Feb Put Spread, long PFE buy-write, long VZ Buy-write, long XLU Feb Call Spread, long QCOM Feb Calls, long UUP, long TWTR, long TLT Apr risk reversal; he is short SPY. Brian Kelly is long BBRY, Bitcoin, GDX, GLD, SLV, TLT, US Dollar; he is short Aussie Dollar, British Pound, CS, DB, EWH, HSBC, SPY, Yuan. SunTrust Managing Director Robert Peck: Firm makes a market in Netflix. More From CNBC Top News and Analysis Latest News Video Personal Finance || Celltick Partners With Cable & Wireless to Bring Startscreen to Android Devices: MIAMI, FL and SAN FRANCISCO, CA--(Marketwired - Jan 19, 2016) -Celltick, a global leader in mobile marketing announces a partnership with leading Caribbean and Latin American network provider,Cable & Wireless Communications(C&W) (LSE:CWC). C&W will provide a branded, localized and customized version of Celltick's Start on its android phones across its Caribbean and Latin American markets.
Start provides users with an intelligent next-generation startscreen giving users what they want most when they wake up their phones. The Start platform learns from the way users operate their phone and provides convenient productive ways to enhance the intelligence of the device. C&W users will get a new startscreen on their android devices under the C&W brands -- Flow, LIME, Mas Movil and BTC. Users will be able to better utilize their phones and personalize their devices with stickers, interactive themes as well as play games on their first screen.
"Through this partnership, our customers will now have the benefit of a much more personalized, interactive start screen on their mobile device that meets their specific individual needs," said John Reid, President of C&W's Consumer Group. C&W will provide users with local 'infotainments' such as news and weather, rapid access to social media feeds, web search, latest videos and more on the startscreen. "This underscores our ongoing commitment to continuously innovate and transform the total telecommunications experience across the region," added Reid.
"We're excited to partner with Cable & Wireless across its 14 mobile markets to provide an enhanced user experience for their subscribers," said Fernando Bortman, GM CALA, Celltick. "The selection of Start by C&W highlights the innovative approach that we have taken in delighting consumers and the excellence of the product."
Start's growing ecosystem includes hundreds of themes, plug-ins, stickers and lockgames. Celltick's Start has been adopted by over 40 large operators, OEMs and media companies who distribute over 100M devices around the globe. In 2014, Celltick powered billions of mobile-initiated commerce transactions for virtual and physical goods serving more than 150 million active consumers across 25 countries.
About Cable & Wireless Communications
Cable & Wireless Communications Plc (CWC) is a full service communications and entertainment provider, operating in the Caribbean and Latin America. With annual sales of over $2.4bn, it operates both mobile and fixed networks, supported by submarine and terrestrial optical fibre backhaul capacity. Through the acquisition of Columbus International Inc. on 31 March 2015, CWC now delivers superior high-speed mobile data, broadband and video services. It has leading market positions in Mobile, Fixed Line, Broadband and Video consumer offers.
Through its business division, CWC provides data centre hosting, domestic and international managed network services, and customised IT service solutions, utilising cloud technology to serve business and government customers.
The company also operates a state-of-the-art subsea fibre optic cable network that spans more than 42,000 km -- the most extensive in the region -- as well as 38,000 km of terrestrial fibre providing wholesale and carrier backhaul capacity.
CWC has more than 7,200 employees serving over 6.3 million customers (Mobile 4.1m; Fixed Line 1.1m; Video 465k and Broadband 680k) as well as over 125k corporate clients across 42 countries. The Company's leading brands include; LIME and Flow in the Caribbean; BTC in The Bahamas; Mas Movil in Panama; C&W Business and C&W Networks. CWC is the market leader in most products offered and territories served. It is a major contributor to local communities through its corporate social responsibility programmes.
Cable & Wireless Communications' shares are quoted on the London Stock Exchange under the ticker CWC. The company is headquartered in London with its operational hub located in Miami, within close proximity to the Caribbean and Latin America.
For more information visit:www.cwc.com.
About Celltick
Celltick is a global leader in mobile marketing. Celltick's Start is a next generation personalized intelligent interface for Android devices. Celltick is unique in creating and managing mass market mobile marketing solutions for mobile operators, large media companies, device manufacturers and large brands. Celltick enables its partners to engage and monetize their users on the mobile. The company drives billions of transactions annually across more than 150 million active consumers across its different mobile platforms in over 25 countries. A rapidly growing company, Celltick has subsidiaries in Europe, Asia, South America and the U.S. For more information, visitwww.celltick.com. || Celltick Partners With Cable & Wireless to Bring Startscreen to Android Devices: MIAMI, FL and SAN FRANCISCO, CA--(Marketwired - Jan 19, 2016) - Celltick , a global leader in mobile marketing announces a partnership with leading Caribbean and Latin American network provider, Cable & Wireless Communications (C&W) ( LSE : CWC ). C&W will provide a branded, localized and customized version of Celltick's Start on its android phones across its Caribbean and Latin American markets. Start provides users with an intelligent next-generation startscreen giving users what they want most when they wake up their phones. The Start platform learns from the way users operate their phone and provides convenient productive ways to enhance the intelligence of the device. C&W users will get a new startscreen on their android devices under the C&W brands -- Flow, LIME, Mas Movil and BTC. Users will be able to better utilize their phones and personalize their devices with stickers, interactive themes as well as play games on their first screen. "Through this partnership, our customers will now have the benefit of a much more personalized, interactive start screen on their mobile device that meets their specific individual needs," said John Reid, President of C&W's Consumer Group. C&W will provide users with local 'infotainments' such as news and weather, rapid access to social media feeds, web search, latest videos and more on the startscreen. "This underscores our ongoing commitment to continuously innovate and transform the total telecommunications experience across the region," added Reid. "We're excited to partner with Cable & Wireless across its 14 mobile markets to provide an enhanced user experience for their subscribers," said Fernando Bortman, GM CALA, Celltick. "The selection of Start by C&W highlights the innovative approach that we have taken in delighting consumers and the excellence of the product." Start's growing ecosystem includes hundreds of themes, plug-ins, stickers and lockgames. Celltick's Start has been adopted by over 40 large operators, OEMs and media companies who distribute over 100M devices around the globe. In 2014, Celltick powered billions of mobile-initiated commerce transactions for virtual and physical goods serving more than 150 million active consumers across 25 countries. Story continues About Cable & Wireless Communications Cable & Wireless Communications Plc (CWC) is a full service communications and entertainment provider, operating in the Caribbean and Latin America. With annual sales of over $2.4bn, it operates both mobile and fixed networks, supported by submarine and terrestrial optical fibre backhaul capacity. Through the acquisition of Columbus International Inc. on 31 March 2015, CWC now delivers superior high-speed mobile data, broadband and video services. It has leading market positions in Mobile, Fixed Line, Broadband and Video consumer offers. Through its business division, CWC provides data centre hosting, domestic and international managed network services, and customised IT service solutions, utilising cloud technology to serve business and government customers. The company also operates a state-of-the-art subsea fibre optic cable network that spans more than 42,000 km -- the most extensive in the region -- as well as 38,000 km of terrestrial fibre providing wholesale and carrier backhaul capacity. CWC has more than 7,200 employees serving over 6.3 million customers (Mobile 4.1m; Fixed Line 1.1m; Video 465k and Broadband 680k) as well as over 125k corporate clients across 42 countries. The Company's leading brands include; LIME and Flow in the Caribbean; BTC in The Bahamas; Mas Movil in Panama; C&W Business and C&W Networks. CWC is the market leader in most products offered and territories served. It is a major contributor to local communities through its corporate social responsibility programmes. Cable & Wireless Communications' shares are quoted on the London Stock Exchange under the ticker CWC. The company is headquartered in London with its operational hub located in Miami, within close proximity to the Caribbean and Latin America. For more information visit: www.cwc.com . About Celltick Celltick is a global leader in mobile marketing. Celltick's Start is a next generation personalized intelligent interface for Android devices. Celltick is unique in creating and managing mass market mobile marketing solutions for mobile operators, large media companies, device manufacturers and large brands. Celltick enables its partners to engage and monetize their users on the mobile. The company drives billions of transactions annually across more than 150 million active consumers across its different mobile platforms in over 25 countries. A rapidly growing company, Celltick has subsidiaries in Europe, Asia, South America and the U.S. For more information, visit www.celltick.com . || XBT Provider AB: Bitcoin Tracker EUR (COINXBE) Now Available on Nasdaq Nordic through Interactive Brokers: Stockholm, Sweden (January 19, 2016) - XBT Provider AB (publ) announced today the availability of the ETN Bitcoin Tracker EUR in 179 countries. Starting today anyone with an Interactive Brokers account can trade the ETN Bitcoin Tracker EUR. The ticker code is COINXBE. ISIN: SE0007525332
The tracker is an exchange traded note designed to mirror the return of the underlying asset, U.S. dollar (USD) per bitcoin.
This is the first bitcoin-based security denominated in Euro available on a regulated exchange. XBT Provider launched this financial instrument to meet the needs of investors` growing appetite for exposure to bitcoin prices.
"Bitcoin tracker EUR" is listed on Nasdaq Nordic and traded in the same manner as any share or instrument listed on the Nasdaq exchange in Stockholm. COINXBE is also available via Bloomberg terminals.
Direct link to specifications at Nasdaq:http://www.nasdaqomxnordic.com/etp/etn/etninfo?Instrument=SSE113749
Direct link to specifications at Bloomberg:http://www.bloomberg.com/quote/COINXBE:SS
The full prospectus and more information is available onxbtprovider.com
ABOUT THE ISSUER: XBT PROVIDER
XBT Provider AB (publ) is a public limited liability company formed in Sweden with statutory seat in Stockholm. The issuer is incorporated under Swedish law and registered with the Swedish companies` registration office under registration number 559001-3313.
Press release (PDF)
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.Source: XBT Provider AB via GlobeNewswireHUG#1975095 || XBT Provider AB: Bitcoin Tracker EUR (COINXBE) Now Available on Nasdaq Nordic through Interactive Brokers: Stockholm, Sweden (January 19, 2016) - XBT Provider AB (publ) announced today the availability of the ETN Bitcoin Tracker EUR in 179 countries. Starting today anyone with an Interactive Brokers account can trade the ETN Bitcoin Tracker EUR. The ticker code is COINXBE. ISIN: SE0007525332
The tracker is an exchange traded note designed to mirror the return of the underlying asset, U.S. dollar (USD) per bitcoin.
This is the first bitcoin-based security denominated in Euro available on a regulated exchange. XBT Provider launched this financial instrument to meet the needs of investors` growing appetite for exposure to bitcoin prices.
"Bitcoin tracker EUR" is listed on Nasdaq Nordic and traded in the same manner as any share or instrument listed on the Nasdaq exchange in Stockholm. COINXBE is also available via Bloomberg terminals.
Direct link to specifications at Nasdaq:http://www.nasdaqomxnordic.com/etp/etn/etninfo?Instrument=SSE113749
Direct link to specifications at Bloomberg:http://www.bloomberg.com/quote/COINXBE:SS
The full prospectus and more information is available onxbtprovider.com
ABOUT THE ISSUER: XBT PROVIDER
XBT Provider AB (publ) is a public limited liability company formed in Sweden with statutory seat in Stockholm. The issuer is incorporated under Swedish law and registered with the Swedish companies` registration office under registration number 559001-3313.
Press release (PDF)
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.Source: XBT Provider AB via GlobeNewswireHUG#1975095 || Bitcoin industry consolidates: Why Kraken bought Coinsetter: For the past two years, the most popular type of new bitcoin company has been exchanges, where investors can buy and trade bitcoin and other virtual currencies. Now two exchanges are already rolling up, in the first major bitcoin industry acquisition of 2016. Kraken, which is based in San Francisco but sees most of its trading activity in Euros, has bought Coinsetter, a smaller New York-based exchange, for an undisclosed amount. Coinsetter will shut down on Jan. 26 and its customers will be converted to Kraken. According to data from TradeBlock, the average daily transaction volume on Kraken last year was around $1.3 million. The deal comes amid a price collapse and high negativity around bitcoin's future. Mike Hearn, a prominent bitcoin developer, wrote a post on Medium last week announcing his opinion that the bitcoin "experiment" has failed. "I will no longer be taking part in bitcoin development and have sold all my coins," he wrote. "The network is on the brink of technical collapse. The mechanisms that should have prevented this outcome have broken down, and as a result theres no longer much reason to think Bitcoin can actually be better than the existing financial system." The core of Hearn's argument is that the speed of transactions has slown; a contentious issue in the bitcoin community right now is whether and when to raise the size limit on "blocks," the term for a bundle of bitcoin transactions. Every single transaction is recorded and processed as part of a block on the bitcoin blockchain, a public, decentralized ledger. If this all sounds like a foreign language to you, don't worry: All you need to understand is that the bad optics of a prominent bitcoin flag-waver leaving the industry in a huff was enough to send the price plummeting. After Hearn posted his piece on Jan. 14, the price of the digital currency fell from $430 down to a low of $358 two days later. It now hovers around $380, according to Winkdex. Story continues Viewed in this context, consolidation in the industry may look troubling. But Coinsetter CEO Jaron Lukasiewicz isn't concerned. "Im bullish on bitcoin right now and believe well see the price hit four-digits again," he tells Yahoo Finance. Perhaps that's easy for him to say: Coinsetter will shut down, and Lukasiewicz is moving on, likely following Hearn to the exit. ("For my next venture I am focused on starting or leading a team whose products are improving society... Im not tied to any particular industry beyond that," he says.) The sale comes less than a year after Coinsetter made its own acquisition of the Canadian-based bitcoin exchange Cavirtexa deal that likely helped make Coinsetter an acquisition target itself. Benefiting from volatility Kraken CEO Jesse Powell is less starry-eyed about the industry right now. "I think the market has not grown as fast as everyone anticipated," he says. "And the price has gone in the opposite direction of what people hoped. I think well continue to see market consolidation. When the price is going up, new people are coming in, more media is covering it, its good news all around. When the price is going down, the public perception is bad, and everyone says bitcoin is crashing. The price is important in that aspect." For a long time, many bitcoin believers insisted that the price isn't important. As long as it is relatively stable, they reasoned, startups can keep innovating and building useful applications on top of the blockchain. But for bitcoin exchanges, price matters: Most make their money from transaction fees, so they do best when theres either a lot of volatility, or the price is high. When the price is stable and low, exchanges suffer. Leaving New York Kraken, founded in 2011, is like a foreign exchange for digital currencies. Its customers are mostly professional traders executing margin trades and other advanced orders. It is not a site where beginners would go to casually dip a toe into the bitcoin market. Coinsetter, founded in 2012, offers Kraken the chance to instantly expand its customer base in Canada (from Cavirtex) and the U.S. Except in New York. Kraken was one of the companies to cut off service in the state last summer after the New York Department of Financial Services released the final version of the BitLicense, a regulatory framework for digital currency companies in New York that holds customers' funds. Many bitcoin entrepreneurs complained the framework was too strict and limiting, so rather than play ball, they left. Coinsetter didn't leave New York. But under new management, it will now. "Were going to shut down New York again right after the acquisition," says Powell. "So the Coinsetter New York clients will be out of an exchange there, unfortunately. Coinsetter did put in a BitLicense application, but when you have a change of control, the application is void, so we wont be serving New York and we have no plans to apply for a BitLicense in the future." In a sense, Powell is simply sticking to his guns, just like Hearnexcept that the latter believes bitcoin has already failed, while the former believes it risks failure if there is over-regulation. Indeed, apart from the debate over block size, the industry's bigger battle will be over regulation. Many in the business are anxiously waiting to see whether other states will follow New York's lead and create their own form of a BitLicense. And while some companies stayed in New York and applied for a BitLicense (at high cost: Lukasiewicz says Coinsetter spent $50,000 to apply for one), others stayed in New York but did not apply, and continue to operate in uncertainty. That concerns Powell. "Theres still not really regulatory clarity, and the banks still arent getting on board. Theyre all about the blockchain these days, but theyre still not giving bitcoin exchanges bank accounts. So there are huge challenges with getting new exchanges started." He's right about the blockchain being a buzzword for big financial institutions: Everyone from JPMorgan ( JPM ) to the Nasdaq have talked up their interest in the blockchain while distancing themselves from the cryptocurrency that fuels it. For now, Kraken gets bigger. It can compete more with the leading exchanges like BitInstant, Bitstamp, Coinbase and itBit, as well as brand new exchange platforms launched last year, including Abra, Align Commerce, and Gemini, an exchange launched by Cameron and Tyler Winklevoss, of Facebook fame. "The issue for everybody in bitcoin right now," Powell says, "is if you started out a few years ago, say, in 2011, you thought that five years from now, its going to be flying cars, bitcoin everywhere, fiat currency will cease to exist. Clearly that didnt happen, and bitcoin isnt $10,000 a coin. I think a lot of companies created a structure that depended on a high price of bitcoin. When the price went from $1,000 to $200, they could no longer afford to finance their operation." If the price drops further, expect to see more consolidation. And with so many different exchanges out there, it's inevitable more will roll up. -- Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology. Read more: Here's a sign that PayPal is embracing Bitcoin Fantex, the 'athlete stock exchange,' signs first golfer Why Apple, Uber are betting on Super Bowl sponsorship || Bitcoin industry consolidates: Why Kraken bought Coinsetter: For the past two years, the most popular type of new bitcoin company has been exchanges, where investors can buy and trade bitcoin and other virtual currencies. Now two exchanges are already rolling up, in the first major bitcoin industry acquisition of 2016.
Kraken, which is based in San Francisco but sees most of its trading activity in Euros, has bought Coinsetter, a smaller New York-based exchange, for an undisclosed amount. Coinsetter will shut down on Jan. 26 and its customers will be converted to Kraken. According to data from TradeBlock, the average daily transaction volume on Kraken last year was around $1.3 million.
The deal comes amid a price collapse and high negativity around bitcoin's future. Mike Hearn, a prominent bitcoin developer, wrote a poston Mediumlast week announcing his opinion that the bitcoin "experiment" has failed. "I will no longer be taking part in bitcoin development and have sold all my coins," he wrote. "The network is on the brink of technical collapse. The mechanisms that should have prevented this outcome have broken down, and as a result there’s no longer much reason to think Bitcoin can actually be better than the existing financial system."
The core of Hearn's argument is that the speed of transactions has slown; a contentious issue in the bitcoin community right now is whether and when to raise the size limit on "blocks," the term for a bundle of bitcoin transactions. Every single transaction is recorded and processed as part of a block on the bitcoin blockchain, a public, decentralized ledger. If this all sounds like a foreign language to you, don't worry: All you need to understand is that the bad optics of a prominent bitcoin flag-waver leaving the industry in a huff was enough to send the price plummeting. After Hearn posted his piece on Jan. 14, the price of the digital currency fell from $430 down to a low of $358 two days later. It now hovers around $380, according to Winkdex.
Viewed in this context, consolidation in the industry may look troubling. But Coinsetter CEO Jaron Lukasiewicz isn't concerned. "I’m bullish on bitcoin right now and believe we’ll see the price hit four-digits again," he tells Yahoo Finance. Perhaps that's easy for him to say: Coinsetter will shut down, and Lukasiewicz is moving on, likely following Hearn to the exit. ("For my next venture I am focused on starting or leading a team whose products are improving society... I’m not tied to any particular industry beyond that," he says.) The sale comes less than a year after Coinsettermade its own acquisitionof the Canadian-based bitcoin exchange Cavirtex—a deal that likely helped make Coinsetter an acquisition target itself.Benefiting from volatility
Kraken CEO Jesse Powell is less starry-eyed about the industry right now. "I think the market has not grown as fast as everyone anticipated," he says. "And the price has gone in the opposite direction of what people hoped. I think we’ll continue to see market consolidation. When the price is going up, new people are coming in, more media is covering it, it’s good news all around. When the price is going down, the public perception is bad, and everyone says bitcoin is crashing. The price is important in that aspect."
For a long time, many bitcoin believers insisted that the price isn't important. As long as it is relatively stable, they reasoned, startups can keep innovating and building useful applications on top of the blockchain. But for bitcoin exchanges, price matters: Most make their money from transaction fees, so they do best when there’s either a lot of volatility, or the price is high. When the price is stableandlow, exchanges suffer.
Leaving New York
Kraken, founded in 2011, is like a foreign exchange for digital currencies. Its customers are mostly professional traders executing margin trades and other advanced orders. It is not a site where beginners would go to casually dip a toe into the bitcoin market. Coinsetter, founded in 2012, offers Kraken the chance to instantly expand its customer base in Canada (from Cavirtex) and the U.S.
Except in New York. Kraken was one of the companies tocut off service in the statelast summer after the New York Department of Financial Services released the final version of the BitLicense, a regulatory framework for digital currency companies in New York that holds customers' funds. Many bitcoin entrepreneurs complained the framework was too strict and limiting, so rather than play ball, they left.
Coinsetter didn't leave New York. But under new management, it will now. "We’re going to shut down New York again right after the acquisition," says Powell. "So the Coinsetter New York clients will be out of an exchange there, unfortunately. Coinsetter did put in a BitLicense application, but when you have a change of control, the application is void, so we won’t be serving New York and we have no plans to apply for a BitLicense in the future."
In a sense, Powell is simply sticking to his guns, just like Hearn—except that the latter believes bitcoin has already failed, while the former believes it risks failure if there is over-regulation. Indeed, apart from the debate over block size, the industry's bigger battle will be over regulation. Many in the business are anxiously waiting to see whether other states will follow New York's lead and create their own form of a BitLicense. And while some companies stayed in New York and applied for a BitLicense (at high cost: Lukasiewicz says Coinsetter spent $50,000 to apply for one), others stayed in New York but did not apply, and continue to operate in uncertainty.
That concerns Powell. "There’s still not really regulatory clarity, and the banks still aren’t getting on board. They’re all about the blockchain these days, but they’re still not giving bitcoin exchanges bank accounts. So there are huge challenges with getting new exchanges started." He's right about the blockchain being a buzzword for big financial institutions: Everyone from JPMorgan (JPM) to the Nasdaq have talked up their interest in the blockchain while distancing themselves from the cryptocurrency that fuels it.
For now, Kraken gets bigger. It can compete more with the leading exchanges like BitInstant, Bitstamp, Coinbase and itBit, as well as brand new exchange platforms launched last year, including Abra, Align Commerce, and Gemini, an exchange launched by Cameron and Tyler Winklevoss, of Facebook fame.
"The issue for everybody in bitcoin right now," Powell says, "is if you started out a few years ago, say, in 2011, you thought that five years from now, it’s going to be flying cars, bitcoin everywhere, fiat currency will cease to exist. Clearly that didn’t happen, and bitcoin isn’t $10,000 a coin. I think a lot of companies created a structure that depended on a high price of bitcoin. When the price went from $1,000 to $200, they could no longer afford to finance their operation."
If the price drops further, expect to see more consolidation. And with so many different exchanges out there, it's inevitable more will roll up.
--
Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology.Read more:
Here's a sign that PayPal is embracing Bitcoin
Fantex, the 'athlete stock exchange,' signs first golfer
Why Apple, Uber are betting on Super Bowl sponsorship || Bitcoin industry consolidates: Why Kraken bought Coinsetter: For the past two years, the most popular type of new bitcoin company has been exchanges, where investors can buy and trade bitcoin and other virtual currencies. Now two exchanges are already rolling up, in the first major bitcoin industry acquisition of 2016.
Kraken, which is based in San Francisco but sees most of its trading activity in Euros, has bought Coinsetter, a smaller New York-based exchange, for an undisclosed amount. Coinsetter will shut down on Jan. 26 and its customers will be converted to Kraken. According to data from TradeBlock, the average daily transaction volume on Kraken last year was around $1.3 million.
The deal comes amid a price collapse and high negativity around bitcoin's future. Mike Hearn, a prominent bitcoin developer, wrote a poston Mediumlast week announcing his opinion that the bitcoin "experiment" has failed. "I will no longer be taking part in bitcoin development and have sold all my coins," he wrote. "The network is on the brink of technical collapse. The mechanisms that should have prevented this outcome have broken down, and as a result there’s no longer much reason to think Bitcoin can actually be better than the existing financial system."
The core of Hearn's argument is that the speed of transactions has slown; a contentious issue in the bitcoin community right now is whether and when to raise the size limit on "blocks," the term for a bundle of bitcoin transactions. Every single transaction is recorded and processed as part of a block on the bitcoin blockchain, a public, decentralized ledger. If this all sounds like a foreign language to you, don't worry: All you need to understand is that the bad optics of a prominent bitcoin flag-waver leaving the industry in a huff was enough to send the price plummeting. After Hearn posted his piece on Jan. 14, the price of the digital currency fell from $430 down to a low of $358 two days later. It now hovers around $380, according to Winkdex.
Viewed in this context, consolidation in the industry may look troubling. But Coinsetter CEO Jaron Lukasiewicz isn't concerned. "I’m bullish on bitcoin right now and believe we’ll see the price hit four-digits again," he tells Yahoo Finance. Perhaps that's easy for him to say: Coinsetter will shut down, and Lukasiewicz is moving on, likely following Hearn to the exit. ("For my next venture I am focused on starting or leading a team whose products are improving society... I’m not tied to any particular industry beyond that," he says.) The sale comes less than a year after Coinsettermade its own acquisitionof the Canadian-based bitcoin exchange Cavirtex—a deal that likely helped make Coinsetter an acquisition target itself.Benefiting from volatility
Kraken CEO Jesse Powell is less starry-eyed about the industry right now. "I think the market has not grown as fast as everyone anticipated," he says. "And the price has gone in the opposite direction of what people hoped. I think we’ll continue to see market consolidation. When the price is going up, new people are coming in, more media is covering it, it’s good news all around. When the price is going down, the public perception is bad, and everyone says bitcoin is crashing. The price is important in that aspect."
For a long time, many bitcoin believers insisted that the price isn't important. As long as it is relatively stable, they reasoned, startups can keep innovating and building useful applications on top of the blockchain. But for bitcoin exchanges, price matters: Most make their money from transaction fees, so they do best when there’s either a lot of volatility, or the price is high. When the price is stableandlow, exchanges suffer.
Leaving New York
Kraken, founded in 2011, is like a foreign exchange for digital currencies. Its customers are mostly professional traders executing margin trades and other advanced orders. It is not a site where beginners would go to casually dip a toe into the bitcoin market. Coinsetter, founded in 2012, offers Kraken the chance to instantly expand its customer base in Canada (from Cavirtex) and the U.S.
Except in New York. Kraken was one of the companies tocut off service in the statelast summer after the New York Department of Financial Services released the final version of the BitLicense, a regulatory framework for digital currency companies in New York that holds customers' funds. Many bitcoin entrepreneurs complained the framework was too strict and limiting, so rather than play ball, they left.
Coinsetter didn't leave New York. But under new management, it will now. "We’re going to shut down New York again right after the acquisition," says Powell. "So the Coinsetter New York clients will be out of an exchange there, unfortunately. Coinsetter did put in a BitLicense application, but when you have a change of control, the application is void, so we won’t be serving New York and we have no plans to apply for a BitLicense in the future."
In a sense, Powell is simply sticking to his guns, just like Hearn—except that the latter believes bitcoin has already failed, while the former believes it risks failure if there is over-regulation. Indeed, apart from the debate over block size, the industry's bigger battle will be over regulation. Many in the business are anxiously waiting to see whether other states will follow New York's lead and create their own form of a BitLicense. And while some companies stayed in New York and applied for a BitLicense (at high cost: Lukasiewicz says Coinsetter spent $50,000 to apply for one), others stayed in New York but did not apply, and continue to operate in uncertainty.
That concerns Powell. "There’s still not really regulatory clarity, and the banks still aren’t getting on board. They’re all about the blockchain these days, but they’re still not giving bitcoin exchanges bank accounts. So there are huge challenges with getting new exchanges started." He's right about the blockchain being a buzzword for big financial institutions: Everyone from JPMorgan (JPM) to the Nasdaq have talked up their interest in the blockchain while distancing themselves from the cryptocurrency that fuels it.
For now, Kraken gets bigger. It can compete more with the leading exchanges like BitInstant, Bitstamp, Coinbase and itBit, as well as brand new exchange platforms launched last year, including Abra, Align Commerce, and Gemini, an exchange launched by Cameron and Tyler Winklevoss, of Facebook fame.
"The issue for everybody in bitcoin right now," Powell says, "is if you started out a few years ago, say, in 2011, you thought that five years from now, it’s going to be flying cars, bitcoin everywhere, fiat currency will cease to exist. Clearly that didn’t happen, and bitcoin isn’t $10,000 a coin. I think a lot of companies created a structure that depended on a high price of bitcoin. When the price went from $1,000 to $200, they could no longer afford to finance their operation."
If the price drops further, expect to see more consolidation. And with so many different exchanges out there, it's inevitable more will roll up.
--
Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology.Read more:
Here's a sign that PayPal is embracing Bitcoin
Fantex, the 'athlete stock exchange,' signs first golfer
Why Apple, Uber are betting on Super Bowl sponsorship || MarilynJean Interactive (MJMI.QB) Shareholder Update: Marilynjean Interactive ( MJMI ) Is Pleased To Update Its Shareholders on Its Business Plan for the Coming Year HENDERSON, NV / ACCESSWIRE / January 18, 2016 / The crypto-currency space saw major strides forward in 2015 with ground-breaking developments in its underlying technology and regulation as well as an unexpected rise in Bitcoin prices. The space appears poised for a quantum leap forward in 2016 and MarilynJean is excited to be a part of what will likely be tremendous growth in the industry. From a technology standpoint, Bitcoin's blockchain is envisioned to revolutionize the settlement of securities and payments for both financial and non-financial institutions alike. Major stock and futures exchanges, clearing houses, and other technology organizations are exploring the use of blockchain technology to underpin their transaction verification systems. Bloomberg estimates that approximately $373 million was invested in Bitcoin start-ups in 2015. As investment in Bitcoin and blockchain technology grew, new regulation evidenced that Bitcoin is on track to become a widely used and accepted currency. New York issued its first Bitlicense allowing Goldman Sachs backed Circle Internet Financial to offer digital currency services in the state. The advent of regulated exchanges and trading instruments may have been a factor in driving demand for Bitcoin, its value having increased over 40% in 2015. While price volatility remained higher than traditional FIAT currencies, 2015 was overall a more stable year than its predecessor for Bitcoin. Looking ahead to 2016, MJMI plans to continue its focus on the key verticals of exchange, remittance and gaming. In addition, the Company plans to seek partnerships with firms involved specifically in development of applications based on blockchain technology. The Company plans to continue to expand its management and advisory board in 2016, advance the partnerships it began negotiating last year and continue to forge new alliances in the space. Story continues Peter Janosi, MJMI's president said: "We believe that MJMI's best avenue for growth is via acquisitions and strategic partnerships. We expect the industry to continue to expand and evolve rapidly and, as such, we expect our publicly traded currency to be a key strategic tool for growth and financing." About MJMI MJMI is in the business of providing safe and accessible services for the users of Bitcoin and other crypto-currencies. Crypto-currencies are a medium of exchange using cryptography to secure transactions and control the creation of new units. Bitcoin became the first decentralized crypto-currency in 2009. Crypto-currency is produced at a rate which is defined when the system is created and publicly known. By contrast, in centralized banking and economic systems, such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units or demanding additions to digital banking ledgers. However, neither companies nor governments can produce units of crypto-currency and as such the value of crypto-currencies are completely based on supply and demand, free from any governmental control. Many people believe crypto-currencies, and in particular Bitcoin, hold the promise of being the most significant advancement in global finance in modern history. The advent of Bitcoin creates a secure, easily accessible and transferable transnational currency that is completely liberated from political influence. MJMI is currently exploring partnerships in several verticals within the crypto-currency space. Management believes that several industries, including international remittances, currency exchange and online gambling are on the verge of being revolutionized by the use of Bitcoin to effect transactions. MarilynJean Media Interactive is among the first publicly traded companies focused on Bitcoin and the crypto-currency space. The company's trading symbol is OTCQB: MJMI. Website: www.marilynjean.com Press Contact: [email protected] SOURCE: MarilynJean Media Interactive || MarilynJean Interactive (MJMI.QB) Shareholder Update: Marilynjean Interactive (MJMI) Is Pleased To Update Its Shareholders on Its Business Plan for the Coming Year
HENDERSON, NV / ACCESSWIRE / January 18, 2016 /The crypto-currency space saw major strides forward in 2015 with ground-breaking developments in its underlying technology and regulation as well as an unexpected rise in Bitcoin prices. The space appears poised for a quantum leap forward in 2016 and MarilynJean is excited to be a part of what will likely be tremendous growth in the industry.
From a technology standpoint, Bitcoin's blockchain is envisioned to revolutionize the settlement of securities and payments for both financial and non-financial institutions alike. Major stock and futures exchanges, clearing houses, and other technology organizations are exploring the use of blockchain technology to underpin their transaction verification systems.
Bloomberg estimates that approximately $373 million was invested in Bitcoin start-ups in 2015. As investment in Bitcoin and blockchain technology grew, new regulation evidenced that Bitcoin is on track to become a widely used and accepted currency. New York issued its first Bitlicense allowing Goldman Sachs backed Circle Internet Financial to offer digital currency services in the state.
The advent of regulated exchanges and trading instruments may have been a factor in driving demand for Bitcoin, its value having increased over 40% in 2015. While price volatility remained higher than traditional FIAT currencies, 2015 was overall a more stable year than its predecessor for Bitcoin.
Looking ahead to 2016, MJMI plans to continue its focus on the key verticals of exchange, remittance and gaming. In addition, the Company plans to seek partnerships with firms involved specifically in development of applications based on blockchain technology. The Company plans to continue to expand its management and advisory board in 2016, advance the partnerships it began negotiating last year and continue to forge new alliances in the space.
Peter Janosi, MJMI's president said: "We believe that MJMI's best avenue for growth is via acquisitions and strategic partnerships. We expect the industry to continue to expand and evolve rapidly and, as such, we expect our publicly traded currency to be a key strategic tool for growth and financing."
About MJMI
MJMI is in the business of providing safe and accessible services for the users of Bitcoin and other crypto-currencies.
Crypto-currencies are a medium of exchange using cryptography to secure transactions and control the creation of new units. Bitcoin became the first decentralized crypto-currency in 2009. Crypto-currency is produced at a rate which is defined when the system is created and publicly known. By contrast, in centralized banking and economic systems, such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units or demanding additions to digital banking ledgers. However, neither companies nor governments can produce units of crypto-currency and as such the value of crypto-currencies are completely based on supply and demand, free from any governmental control. Many people believe crypto-currencies, and in particular Bitcoin, hold the promise of being the most significant advancement in global finance in modern history. The advent of Bitcoin creates a secure, easily accessible and transferable transnational currency that is completely liberated from political influence.
MJMI is currently exploring partnerships in several verticals within the crypto-currency space. Management believes that several industries, including international remittances, currency exchange and online gambling are on the verge of being revolutionized by the use of Bitcoin to effect transactions.
MarilynJean Media Interactive is among the first publicly traded companies focused on Bitcoin and the crypto-currency space. The company's trading symbol is OTCQB: MJMI.
Website:www.marilynjean.comPress Contact:[email protected]
SOURCE:MarilynJean Media Interactive
[Social Media Buzz]
LIVE: Profit = $30.05 (2.22 %). BUY B3.56 @ $380.00 (#VirCurex). SELL @ $390.14 (#BitKonan) #bitcoin #btc - http://www.projectcoin.org || Bitstamp: $389.07/BTC - last trade of USD/BTC at https://www.bitstamp.net/ (high: 395.00, low: 381.05) #bitcoin #BTC http://bitcoinautotrade.com || Goedkoopste Nederlandse aanbieder op dit moment is Clevercoin (http://www.bitcoinweb.nl/kopen-clevercoin …) - 371.00 Euro/bitcoin - http://www.bitcoinweb.nl/prijzen-bitcoins-vergelijken/ … || LIVE: Profit = $36....
|
391.73, 392.15, 394.97, 380.29, 379.47, 378.26, 368.77, 373.06, 374.45, 369.95
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 9268.76, 9951.52, 9842.67, 9593.90, 8756.43, 8601.80, 8804.48, 9269.99, 9733.72, 9328.20, 9377.01, 9670.74, 9726.58, 9729.04, 9522.98, 9081.76, 9182.58, 9209.29, 8790.37, 8906.93, 8835.05, 9181.02, 9525.75, 9439.12, 9700.41, 9461.06, 10167.27, 9529.80, 9656.72, 9800.64, 9665.53, 9653.68, 9758.85, 9771.49, 9795.70, 9870.09, 9321.78, 9480.84, 9475.28, 9386.79, 9450.70, 9538.02, 9480.25, 9411.84, 9288.02, 9332.34, 9303.63, 9648.72, 9629.66, 9313.61, 9264.81, 9162.92, 9045.39, 9143.58, 9190.85, 9137.99, 9228.33, 9123.41, 9087.30, 9132.49, 9073.94, 9375.47, 9252.28, 9428.33, 9277.97, 9278.81, 9240.35, 9276.50, 9243.61, 9243.21, 9192.84, 9132.23, 9151.39, 9159.04, 9185.82, 9164.23, 9374.89, 9525.36, 9581.07, 9536.89, 9677.11, 9905.17, 10990.87, 10912.82, 11100.47, 11111.21, 11323.47, 11759.59, 11053.61, 11246.35.
|
[Bitcoin Technical Analysis for 2020-08-03]
Volume: 20271713443, RSI (14-day): 69.08, 50-day EMA: 9817.25, 200-day EMA: 8936.91
[Wider Market Context]
Gold Price: 1966.00, Gold RSI: 81.53
Oil Price: 41.01, Oil RSI: 55.49
[Recent News (last 7 days)]
Lowe-LISC Partnership To Provide Relief Grants Up To $20,000: Small businesses who are facing financial pressures due to COVID-19 across the United States can now apply for relief grants from Lowe’s Companies Inc. (NYSE:LOW).
What Happened:The retail company has reportedly joined hands with a non-profit organization Local Initiatives Support Corporation (LISC). Lowe had earlier provided a $55 million commitment grant to the group through which LISC is now providing emergency grant assistancethat small businesses desperately need to stay afloat.
Why It's Important:The group has allocated $30 million to assist small business owners or enterprises led by minorities and women. The remaining $25 million is allocated in supporting enterprises in rural communities.
LISC is now providing grants up to $20,000 to small business owners who might need it for:
• Paying rent and utilities
• Meeting payroll
• Paying outstanding debt to vendors
• Upgrading technology infrastructure
• Other immediate operational costs
Lowe’s President and CEO Marvin Ellison, while commenting on the partnership said, "Together, we can make a meaningful difference, especially for those in historically disinvested communities and areas hit hardest by COVID-19.”
What's Next:Business owners can now apply for the grant until Monday, as 3rd August is the application deadline. Those who are willing to apply canclick herefor more details on the application.
Related Links: Lowe's boosts total pandemic assistance to nearly 0 million with additional bonus to support frontline associates in August
See more from Benzinga
• Uncertainty Surrounds Microsoft's Potential TikTok Acquisition
• Salmonella Outbreak Linked To Red Onions: FDA
• Bitcoin Crosses ,400 Mark, Beats Major Indexes In July Gains
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Lowe-LISC Partnership To Provide Relief Grants Up To $20,000: Small businesses who are facing financial pressures due to COVID-19 across the United States can now apply for relief grants from Lowe’s Companies Inc. (NYSE: LOW ). What Happened: The retail company has reportedly joined hands with a non-profit organization Local Initiatives Support Corporation (LISC). Lowe had earlier provided a $55 million commitment grant to the group through which LISC is now providing emergency grant assistance that small businesses desperately need to stay afloat . Why It's Important: The group has allocated $30 million to assist small business owners or enterprises led by minorities and women. The remaining $25 million is allocated in supporting enterprises in rural communities. LISC is now providing grants up to $20,000 to small business owners who might need it for: Paying rent and utilities Meeting payroll Paying outstanding debt to vendors Upgrading technology infrastructure Other immediate operational costs Lowe’s President and CEO Marvin Ellison, while commenting on the partnership said, "Together, we can make a meaningful difference, especially for those in historically disinvested communities and areas hit hardest by COVID-19.” What's Next: Business owners can now apply for the grant until Monday, as 3rd August is the application deadline. Those who are willing to apply can click here for more details on the application. Related Links: Lowe's boosts total pandemic assistance to nearly 0 million with additional bonus to support frontline associates in August See more from Benzinga Uncertainty Surrounds Microsoft's Potential TikTok Acquisition Salmonella Outbreak Linked To Red Onions: FDA Bitcoin Crosses ,400 Mark, Beats Major Indexes In July Gains © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || DeFi is Booming: Level01 Can Repeat The Success of Compound and Maker: The last few years in the crypto and blockchain industries saw a number of trends emerging. While some were bigger than others, most have passed due to different problems, such as the ICO trend, which disappeared due to a huge number of weak projects, scams, and the overall bearish wave that discouraged people from investing. Also Read | Bihar Floods | Over 50 Lakh People Affected, Death Toll Mounts to 13: Live News Breaking And Coronavirus Updates on August 2, 2020 However, deeper in the crypto industry, decentralized finance (DeFi) started emerging, and in years that followed, it became bigger and bigger. Then came 2020, which truly became the year of DeFi — a set of financial tools that are based on decentralized networks and smart contracts. DeFi Sees Exceptional Growth Also Read | Unlock 3: Assam Allows Opening of Malls, Gyms Till August 14, Inter-District Movement Allowed on Monday And Tuesday; Know What Will Remain Open And Shut DeFi is still a young sector of the crypto industry, with a total value locked (TVL) still being smaller than several coins, even if we exclude Bitcoin and Ethereum. Still, the DeFi sector saw tremendous growth in the last few months, going up by 440%. For now, the DeFi sector is still tiny when compared to the broad crypto industry. Its market cap sits slightly above $7.2 billion according to DeFi Pulse, which is barely around 2.12% of the total crypto industry. Tether alone has more than that — over $9.9 billion, and so does every other coin that ranks above it. However, DeFi is definitely on the rise, and if the trend continues, it might become one of the biggest markets in the crypto industry very shortly. Compound And Maker: The Stars of DeFi According to DeFi Pulse, Compound and Maker have been the two leaders in the DeFi sector for a long time. Even now, Maker holds the top spot, with total value locked sitting at $1.23 billion. Compound sits in the second spot, with $732.7 million at the time of writing, but even so, it represents Maker's greatest rival. The two are actually often much closer than this, and only a month and a half ago, Compound even managed to take over the #1 spot for a brief period, thanks to COMP liquidity mining launch. The new way of distributing COMP, as well as providing incentives, caused the platform to grow rapidly , and become a new hit. It did not seem to have lasted, however, as Maker once again leads by quite a bit, but it was certainly an interesting strategy to try out. Of course, there are those who believe that Compound will eventually overtake Maker, and that the second-largest project is playing the long game. But, there are also those who think that both of these will be outperformed by another player, maybe someone who is only just approaching now. Story continues A New Emerging Player in DeFi As many are aware, 2020 has been marked by the growth of DeFi, but also by greater financial instability caused by the COVID-19 pandemic. Many believe that the real financial issues are only starting, and that caused them to seek out solutions, which may have been the reason why so many people became interested in DeFi in the first place. While older DeFi projects such as Maker and Compound may be in the lead right now, they might not remain there forever. Other platforms and projects may easily surpass them, given enough exposure. Level01 , specifically, holds great potential to bring great changes to the financial markets, and even transform it into something new and better. The platform aims to bring decentralized trading to the massive derivatives market currently valued at around $542 billion. The platform utilizes FairSense, a predictive AI that currently has no equal in the derivatives market. Its algorithm helps to assess risk/reward projections by providing real-time, dynamic, and fair price value for all participants within the asset market. By doing this, the platform levels the playing field for retail traders who, for the first time, have a chance to trade like professionals using their FairSense AI algorithm, which estimates the actual market value of the contracts they seek to trade. Now traders on the platform have a chance to profit from price movements of cryptocurrencies, especially during these uncertain times of pandemic induced panic and slumps. The platform has its native token the LVX token currently only on offer on Digifinex through the LVX-USDT pairing . The token has been one of the better performers of the resurgent crypto market, with an ROI of 68.63% since getting listed on coinmarket.com less than a month ago. LVX is currently trading $0.21 with a market cap of $31.7 million, making it one of the fastest-growing crypto coins. Now, Level01 is well on its way of becoming highly popular, and the exploding DeFi sector is a perfect opportunity for it to gain greater exposure and offer an alternative to those who do not yet know about it. After all, such things tend to happen to good quality projects when their market segments start going big. Since DeFi's time seems to have arrived, the top-quality projects like Level01 should be poised for massive growth. View comments || DeFi is Booming: Level01 Can Repeat The Success of Compound and Maker: The last few years in the crypto and blockchain industries saw a number of trends emerging. While some were bigger than others, most have passed due to different problems, such as the ICO trend, which disappeared due to a huge number of weak projects, scams, and the overall bearish wave that discouraged people from investing.
Also Read |Bihar Floods | Over 50 Lakh People Affected, Death Toll Mounts to 13: Live News Breaking And Coronavirus Updates on August 2, 2020
However, deeper in the crypto industry, decentralized finance (DeFi) started emerging, and in years that followed, it became bigger and bigger. Then came 2020, which truly became the year of DeFi — a set of financial tools that are based on decentralized networks and smart contracts.
DeFi Sees Exceptional Growth
Also Read |Unlock 3: Assam Allows Opening of Malls, Gyms Till August 14, Inter-District Movement Allowed on Monday And Tuesday; Know What Will Remain Open And Shut
DeFi is still a young sector of the crypto industry, with a total value locked (TVL) still being smaller than several coins, even if we exclude Bitcoin and Ethereum. Still, theDeFisector saw tremendous growth in the last few months, going up by 440%.
For now, the DeFi sector is still tiny when compared to the broad crypto industry. Its market cap sits slightly above $7.2 billion according to DeFi Pulse, which is barely around 2.12% of the total crypto industry. Tether alone has more than that — over $9.9 billion, and so does every other coin that ranks above it. However, DeFi is definitely on the rise, and if the trend continues, it might become one of the biggest markets in the crypto industry very shortly.
Compound And Maker: The Stars of DeFi
According to DeFi Pulse, Compound and Maker have been the two leaders in the DeFi sector for a long time. Even now, Maker holds the top spot, with total value locked sitting at $1.23 billion.
Compound sits in the second spot, with $732.7 million at the time of writing, but even so, it represents Maker's greatest rival. The two are actually often much closer than this, and only a month and a half ago, Compound even managed to take over the #1 spot for a brief period, thanks to COMP liquidity mining launch.
The new way of distributing COMP, as well as providing incentives, caused the platform togrow rapidly, and become a new hit. It did not seem to have lasted, however, as Maker once again leads by quite a bit, but it was certainly an interesting strategy to try out.
Of course, there are those who believe that Compound will eventually overtake Maker, and that the second-largest project is playing the long game. But, there are also those who think that both of these will be outperformed by another player, maybe someone who is only just approaching now.
A New Emerging Player in DeFi
As many are aware, 2020 has been marked by the growth of DeFi, but also by greater financial instability caused by the COVID-19 pandemic. Many believe that the real financial issues are only starting, and that caused them to seek out solutions, which may have been the reason why so many people became interested in DeFi in the first place.
While older DeFi projects such as Maker and Compound may be in the lead right now, they might not remain there forever. Other platforms and projects may easily surpass them, given enough exposure.
Level01, specifically, holds great potential to bring great changes to the financial markets, and even transform it into something new and better.
The platform aims to bring decentralized trading to the massive derivatives market currently valued at around $542 billion. The platform utilizes FairSense, a predictive AI that currently has no equal in the derivatives market. Its algorithm helps to assess risk/reward projections by providing real-time, dynamic, and fair price value for all participants within the asset market.
By doing this, the platform levels the playing field for retail traders who, for the first time, have a chance to trade like professionals using their FairSense AI algorithm, which estimates the actual market value of the contracts they seek to trade. Now traders on the platform have a chance to profit from price movements of cryptocurrencies, especially during these uncertain times of pandemic induced panic and slumps.
The platform has its native token the LVX token currently only on offer on Digifinex through theLVX-USDT pairing. The token has been one of the better performers of the resurgent crypto market, with an ROI of 68.63% since getting listed oncoinmarket.comless than a month ago.
LVX is currently trading $0.21 with a market cap of $31.7 million, making it one of the fastest-growing crypto coins.
Now, Level01 is well on its way of becoming highly popular, and the exploding DeFi sector is a perfect opportunity for it to gain greater exposure and offer an alternative to those who do not yet know about it.
After all, such things tend to happen to good quality projects when their market segments start going big. Since DeFi's time seems to have arrived, the top-quality projects like Level01 should be poised for massive growth. || Uncertainty Surrounds Microsoft's Potential TikTok Acquisition: Conflicting reports are coming in about TikTok selling its U.S. stake toMicrosoft Corporation(NASDAQ:MSFT) to avoid a possible ban.
What Happened:Reuterssaid on Saturday that ByteDance had agreed to sell its U.S. stake in TikTok to Microsoft, though neither company confirmed it.
Later in the day,WSJ reportedthat the talks on the deal are on hold due to the opposition from White House.
In remarks made on Air Force One, President Donald Trump vehemently opposed the idea and rejected talk of allowing a sell-off. He even suggested invoking emergency executive orders to shut down the app in America.
Why It's Important:ByteDance previously wanted to hold on to a small stake in TikTok, which the White House rejected.
The proposed deal reported this weekend would mean that ByteDance would have to completely forego its stake in TikTok and Microsoft would take over completely.
What's Next:On Twitter, U.S. general manager of TikTok, Vanessa Pappas said: "Tiktok is not going to go anywhere," and assured its 100 million followers that they can continue to use the platform to carry on with their creative pursuits.
Even if ByteDance agrees to a completely forego in its U.S. stake in TikTok, the future of the Chinese app is uncertain after the intervention in the deal by White House.
Related Links: TikTok Is On The Clock As Trump Threatens Ban, Microsoft Mulls Acquisition
See more from Benzinga
• Salmonella Outbreak Linked To Red Onions: FDA
• Bitcoin Crosses ,400 Mark, Beats Major Indexes In July Gains
• General Motors Teases GMC Hummer EV In Foray Into Electric Truck Race
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Uncertainty Surrounds Microsoft's Potential TikTok Acquisition: Conflicting reports are coming in about TikTok selling its U.S. stake to Microsoft Corporation (NASDAQ: MSFT ) to avoid a possible ban. What Happened: Reuters said on Saturday that ByteDance had agreed to sell its U.S. stake in TikTok to Microsoft, though neither company confirmed it. Later in the day, WSJ reported that the talks on the deal are on hold due to the opposition from White House. In remarks made on Air Force One, President Donald Trump vehemently opposed the idea and rejected talk of allowing a sell-off. He even suggested invoking emergency executive orders to shut down the app in America. Why It's Important: ByteDance previously wanted to hold on to a small stake in TikTok, which the White House rejected. The proposed deal reported this weekend would mean that ByteDance would have to completely forego its stake in TikTok and Microsoft would take over completely. What's Next: On Twitter, U.S. general manager of TikTok, Vanessa Pappas said: "Tiktok is not going to go anywhere," and assured its 100 million followers that they can continue to use the platform to carry on with their creative pursuits. Even if ByteDance agrees to a completely forego in its U.S. stake in TikTok, the future of the Chinese app is uncertain after the intervention in the deal by White House. Related Links: TikTok Is On The Clock As Trump Threatens Ban, Microsoft Mulls Acquisition See more from Benzinga Salmonella Outbreak Linked To Red Onions: FDA Bitcoin Crosses ,400 Mark, Beats Major Indexes In July Gains General Motors Teases GMC Hummer EV In Foray Into Electric Truck Race © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || For What Future Are We Building Bitcoin?: A reading of Meltem Demirors new essay “Unintended Architecture” asks some key questions about intention setting for the future of Bitcoin.
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
This episode is sponsored byCrypto.com,BitstampandNexo.io.
Related:Rage Against the Economic Machine: The Best of the Breakdown July 2020
Bitcoin started as a rebellious, anti-establishment technology. In many parts of the world, and for many people, it remains exactly that.
At the same time, however, there is a wave of traditionalists and institutional players moving into the space.
See also:How Real Is Bitcoin’s Rally? 8 Interpretations of Bitcoin’s Massive Surge
Are they buying into the revolution, or are they trying to capture value while fitting the disruption into a box that maintains the current power structure they lead?
Related:Bitcoin News Roundup for August 3, 2020
Those are the key questions explored by Meltem Demirors in her new essay“Unintended Architecture.”The piece is our selection for this week’s “Long Reads Sunday.”
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
• For What Future Are We Building Bitcoin?
• For What Future Are We Building Bitcoin? || For What Future Are We Building Bitcoin?: A reading of Meltem Demirors new essay “Unintended Architecture” asks some key questions about intention setting for the future of Bitcoin.
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
This episode is sponsored byCrypto.com,BitstampandNexo.io.
Related:Rage Against the Economic Machine: The Best of the Breakdown July 2020
Bitcoin started as a rebellious, anti-establishment technology. In many parts of the world, and for many people, it remains exactly that.
At the same time, however, there is a wave of traditionalists and institutional players moving into the space.
See also:How Real Is Bitcoin’s Rally? 8 Interpretations of Bitcoin’s Massive Surge
Are they buying into the revolution, or are they trying to capture value while fitting the disruption into a box that maintains the current power structure they lead?
Related:Bitcoin News Roundup for August 3, 2020
Those are the key questions explored by Meltem Demirors in her new essay“Unintended Architecture.”The piece is our selection for this week’s “Long Reads Sunday.”
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
• For What Future Are We Building Bitcoin?
• For What Future Are We Building Bitcoin? || For What Future Are We Building Bitcoin?: A reading of Meltem Demirors new essay “Unintended Architecture” asks some key questions about intention setting for the future of Bitcoin. For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . This episode is sponsored by Crypto.com , Bitstamp and Nexo.io . Related: Rage Against the Economic Machine: The Best of the Breakdown July 2020 Bitcoin started as a rebellious, anti-establishment technology. In many parts of the world, and for many people, it remains exactly that. At the same time, however, there is a wave of traditionalists and institutional players moving into the space. See also: How Real Is Bitcoin’s Rally? 8 Interpretations of Bitcoin’s Massive Surge Are they buying into the revolution, or are they trying to capture value while fitting the disruption into a box that maintains the current power structure they lead? Related: Bitcoin News Roundup for August 3, 2020 Those are the key questions explored by Meltem Demirors in her new essay “Unintended Architecture.” The piece is our selection for this week’s “Long Reads Sunday.” For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . Related Stories For What Future Are We Building Bitcoin? For What Future Are We Building Bitcoin? || Flash Crash: Bitcoin Price Slides by $1.4K in Minutes: Bitcoin suffered a price drop of $1,458 in under an hour on Sunday. The sudden slide caught many traders off guard, forcing out a significant amount of buying pressure from the market.
• The biggest cryptocurrency by market value fell from $11,969 to $10,659 in 10 minutes at 04:45 UTC, having reached an 11-month high of $12,118 at 04:00 UTC, according to CoinDesk’sBitcoin Price Index.
• The sudden price drop has liquidated nearly $1.4 billion worth of positions across major exchanges,as noted byderivatives data provider Bybt.
• The price drop triggered $144 million worth of sell liquidations or forced closure of long positions on BitMEX, the highest since May 10, according to data source Skew.
• The Seychelles-based exchange also registered buy liquidations or forced closure of short positions worth $7.6 million.
• Within the previous 24 hours, at least72,422 positions were liquidated, with the largest, that of $10 million, occurring on BitMEX.
• Nearly 95% of BitMEX liquidations were long positions – a sign the leverage was skewed to the bullish side – which isn’t surprising given the cryptocurrency recently charted a bullish breakout with a move above $10,500.
• At press time, the cryptocurrency was trading near $11,031, representing a 5.5% drop on a 24-hour basis. Prices are still up nearly 57% on a year-to-date basis.
• Ether (ETH)also fell a little more than 20% moments after reaching an 11-month high of $415.71. It was trading $361.67 as of press time, which nonetheless represented a 1% gain in 24 hours.
• Flash Crash: Bitcoin Price Slides by $1.4K in Minutes
• Flash Crash: Bitcoin Price Slides by $1.4K in Minutes
• Flash Crash: Bitcoin Price Slides by $1.4K in Minutes
• Flash Crash: Bitcoin Price Slides by $1.4K in Minutes || Flash Crash: Bitcoin Price Slides by $1.4K in Minutes: Bitcoin suffered a price drop of $1,458 in under an hour on Sunday. The sudden slide caught many traders off guard, forcing out a significant amount of buying pressure from the market.
• The biggest cryptocurrency by market value fell from $11,969 to $10,659 in 10 minutes at 04:45 UTC, having reached an 11-month high of $12,118 at 04:00 UTC, according to CoinDesk’sBitcoin Price Index.
• The sudden price drop has liquidated nearly $1.4 billion worth of positions across major exchanges,as noted byderivatives data provider Bybt.
• The price drop triggered $144 million worth of sell liquidations or forced closure of long positions on BitMEX, the highest since May 10, according to data source Skew.
• The Seychelles-based exchange also registered buy liquidations or forced closure of short positions worth $7.6 million.
• Within the previous 24 hours, at least72,422 positions were liquidated, with the largest, that of $10 million, occurring on BitMEX.
• Nearly 95% of BitMEX liquidations were long positions – a sign the leverage was skewed to the bullish side – which isn’t surprising given the cryptocurrency recently charted a bullish breakout with a move above $10,500.
• At press time, the cryptocurrency was trading near $11,031, representing a 5.5% drop on a 24-hour basis. Prices are still up nearly 57% on a year-to-date basis.
• Ether (ETH)also fell a little more than 20% moments after reaching an 11-month high of $415.71. It was trading $361.67 as of press time, which nonetheless represented a 1% gain in 24 hours.
• Flash Crash: Bitcoin Price Slides by $1.4K in Minutes
• Flash Crash: Bitcoin Price Slides by $1.4K in Minutes
• Flash Crash: Bitcoin Price Slides by $1.4K in Minutes
• Flash Crash: Bitcoin Price Slides by $1.4K in Minutes || Flash Crash: Bitcoin Price Slides by $1.4K in Minutes: Bitcoin suffered a price drop of $1,458 in under an hour on Sunday. The sudden slide caught many traders off guard, forcing out a significant amount of buying pressure from the market. The biggest cryptocurrency by market value fell from $11,969 to $10,659 in 10 minutes at 04:45 UTC, having reached an 11-month high of $12,118 at 04:00 UTC, according to CoinDesk’s Bitcoin Price Index . The sudden price drop has liquidated nearly $1.4 billion worth of positions across major exchanges, as noted by derivatives data provider Bybt. The price drop triggered $144 million worth of sell liquidations or forced closure of long positions on BitMEX, the highest since May 10, according to data source Skew. The Seychelles-based exchange also registered buy liquidations or forced closure of short positions worth $7.6 million. Within the previous 24 hours, at least 72,422 positions were liquidated , with the largest, that of $10 million, occurring on BitMEX. Nearly 95% of BitMEX liquidations were long positions – a sign the leverage was skewed to the bullish side – which isn’t surprising given the cryptocurrency recently charted a bullish breakout with a move above $10,500. At press time, the cryptocurrency was trading near $11,031, representing a 5.5% drop on a 24-hour basis. Prices are still up nearly 57% on a year-to-date basis. Ether (ETH) also fell a little more than 20% moments after reaching an 11-month high of $415.71. It was trading $361.67 as of press time, which nonetheless represented a 1% gain in 24 hours. Related Stories Flash Crash: Bitcoin Price Slides by $1.4K in Minutes Flash Crash: Bitcoin Price Slides by $1.4K in Minutes Flash Crash: Bitcoin Price Slides by $1.4K in Minutes Flash Crash: Bitcoin Price Slides by $1.4K in Minutes || Bitcoin and Ethereum crash by more than 12% in 6 minutes as more than $1B of positions gets liquidated: Bitcoin and Ethereum crashed by 12% and 20% respectively in about 6 minutes as more than $1 billion of positions were liquidated.
Bitcoin’s price went from $11,930 to $10,550. By press time, the price has now recovered to about $11,400.
Ethereum crashed from $408 to $326. By press time, the price has now recovered to about $380.
About $1.1 billion worth of futures positions of more than 70,000 traders were liquidated across all exchanges, according to market data site Bybt. Nearly $400 million was liquidated on each OKEx and Huobi; followed by BitMEX ($164M) and Binance ($86M).
The largest single liquidation order worth $10 million happened on BitMEX's Bitcoin perpetual swap. Most of the liquidations, about $647 million, came from Bitcoin's futures, followed by Ethereum with $165 million of liquidations.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || Bitcoin and Ethereum crash by more than 12% in 6 minutes as more than $1B of positions gets liquidated: Bitcoin and Ethereum crashed by 12% and 20% respectively in about 6 minutes as more than $1 billion of positions were liquidated.
Bitcoin’s price went from $11,930 to $10,550. By press time, the price has now recovered to about $11,400.
Ethereum crashed from $408 to $326. By press time, the price has now recovered to about $380.
About $1.1 billion worth of futures positions of more than 70,000 traders were liquidated across all exchanges, according to market data site Bybt. Nearly $400 million was liquidated on each OKEx and Huobi; followed by BitMEX ($164M) and Binance ($86M).
The largest single liquidation order worth $10 million happened on BitMEX's Bitcoin perpetual swap. Most of the liquidations, about $647 million, came from Bitcoin's futures, followed by Ethereum with $165 million of liquidations.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || Bitcoin and Ethereum crash by more than 12% in 6 minutes as more than $1B of positions gets liquidated: Bitcoin and Ethereum crashed by 12% and 20% respectively in about 6 minutes as more than $1 billion of positions were liquidated. Bitcoin’s price went from $11,930 to $10,550. By press time, the price has now recovered to about $11,400. Ethereum crashed from $408 to $326. By press time, the price has now recovered to about $380. Liquidations About $1.1 billion worth of futures positions of more than 70,000 traders were liquidated across all exchanges, according to market data site Bybt. Nearly $400 million was liquidated on each OKEx and Huobi; followed by BitMEX ($164M) and Binance ($86M). The largest single liquidation order worth $10 million happened on BitMEX's Bitcoin perpetual swap. Most of the liquidations, about $647 million, came from Bitcoin's futures, followed by Ethereum with $165 million of liquidations. © 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || The Crypto Daily – Movers and Shakers – August 2nd, 2020: Bitcoin, BTC to USD, rallied by 4.01% on Saturday. Following a 2.04% gain on Friday, Bitcoin ended the day at $11,804.7. A bearish start to the day saw Bitcoin fall to an early morning intraday low $11,227 before making a move. Steering clear of the first major support level at $11,080, Bitcoin rallied to a late intraday high $11,843.0. Bitcoin broke through the first major resistance level at $11,530 and the second major resistance level at $11,710. The near-term bullish trend remained intact, supported by the latest move through to $11,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend. The Rest of the Pack Across the rest of the majors, it was a bullish day on Saturday. Ethereum (+11.69%), Ripple’s XRP (+12.06%), and Stellar’s Lumen (+10.76%) led the way. Bitcoin Cash ABC (+6.05%), Bitcoin Cash SV (+5.97%), EOS (+6.71%), Litecoin (+6.01%), Monero’s XMR (+5.94%), and Tezos (+6.87%) also found strong support. Binance Coin (+4.64%), Cardano’s ADA (+3.79%), and Tron’s TRX (+3.92%) trailed the front runners on the day. In the current week, the crypto total market cap rose from a Monday low $285.49bn to a Saturday high $349.72bn. At the time of writing, the total market cap stood at $348.82bn. Bitcoin’s dominance rose from a Monday low 62.44% to a Tuesday high 64.58% before sliding back. At the time of writing, Bitcoin’s dominance stood at 62.69. This Morning At the time of writing, Bitcoin was down by 0.04% to $11,800. A mixed start to the day saw Bitcoin fall to an early morning low $11,788 before rising to a high $11,845. Bitcoin left the major support and resistance levels untested early on. Elsewhere, it was a mixed start to the day. Bitcoin Cash SV (+0.09%), Ethereum (+0.45%), Monero’s XMR (+0.30%), Stellar’s Limen (+0.58%), and Tron’s TRX (+0.87%) found early support. It was a bearish start for the rest of the majors, however, with Litecoin down by 0.87% to lead the way down. Story continues For the Bitcoin Day Ahead Bitcoin would need to avoid a fall through the $11,625 pivot to support a run at the first major resistance level at $12,023. Support from the broader market would be needed, however, for Bitcoin to break out from Saturday’s high $11,843. Barring an extended crypto rally, the first major resistance level would likely cap any upside. In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $12,241. Failure to avoid a fall through the $11,625 pivot level would bring the first major support level at $11,407 into play. Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $11,009 and sub-$11,000 levels. This article was originally posted on FX Empire More From FXEMPIRE: Gold Price Futures (GC) Technical Analysis – Protect the Downside, the Upside Will Take Care of Itself E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Upside Momentum Can Build Over 10768.75 European Equities: A Week in Review – 01/08/20 The Crypto Daily – Movers and Shakers – August 1st, 2020 Precious Metals Weekend Wrap-up August 1, 2020 U.S Mortgage Rates Slipped Back to sub-3% as Economic Uncertainty Lingered || The Crypto Daily – Movers and Shakers – August 2nd, 2020: Bitcoin, BTC to USD, rallied by 4.01% on Saturday. Following a 2.04% gain on Friday, Bitcoin ended the day at $11,804.7.
A bearish start to the day saw Bitcoin fall to an early morning intraday low $11,227 before making a move.
Steering clear of the first major support level at $11,080, Bitcoin rallied to a late intraday high $11,843.0.
Bitcoin broke through the first major resistance level at $11,530 and the second major resistance level at $11,710.
The near-term bullish trend remained intact, supported by the latest move through to $11,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.
Across the rest of the majors, it was a bullish day on Saturday.
Ethereum (+11.69%), Ripple’s XRP (+12.06%), and Stellar’s Lumen (+10.76%) led the way.
Bitcoin Cash ABC (+6.05%), Bitcoin Cash SV (+5.97%), EOS (+6.71%), Litecoin (+6.01%), Monero’s XMR (+5.94%), and Tezos (+6.87%) also found strong support.
Binance Coin (+4.64%), Cardano’s ADA (+3.79%), and Tron’s TRX (+3.92%) trailed the front runners on the day.
In the current week, the crypto total market cap rose from a Monday low $285.49bn to a Saturday high $349.72bn. At the time of writing, the total market cap stood at $348.82bn.
Bitcoin’s dominance rose from a Monday low 62.44% to a Tuesday high 64.58% before sliding back. At the time of writing, Bitcoin’s dominance stood at 62.69.
At the time of writing, Bitcoin was down by 0.04% to $11,800. A mixed start to the day saw Bitcoin fall to an early morning low $11,788 before rising to a high $11,845.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV (+0.09%), Ethereum (+0.45%), Monero’s XMR (+0.30%), Stellar’s Limen (+0.58%), and Tron’s TRX (+0.87%) found early support.
It was a bearish start for the rest of the majors, however, with Litecoin down by 0.87% to lead the way down.
Bitcoin would need to avoid a fall through the $11,625 pivot to support a run at the first major resistance level at $12,023.
Support from the broader market would be needed, however, for Bitcoin to break out from Saturday’s high $11,843.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $12,241.
Failure to avoid a fall through the $11,625 pivot level would bring the first major support level at $11,407 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $11,009 and sub-$11,000 levels.
Thisarticlewas originally posted on FX Empire
• Gold Price Futures (GC) Technical Analysis – Protect the Downside, the Upside Will Take Care of Itself
• E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Upside Momentum Can Build Over 10768.75
• European Equities: A Week in Review – 01/08/20
• The Crypto Daily – Movers and Shakers – August 1st, 2020
• Precious Metals Weekend Wrap-up August 1, 2020
• U.S Mortgage Rates Slipped Back to sub-3% as Economic Uncertainty Lingered || Salmonella Outbreak Linked To Red Onions: FDA: A salmonella outbreak in parts of the United States and Canada has been linked to contaminated red onions supplied by Thomson International Inc. of California, the FDA said Friday. What Happened: More than 400 cases of the disease were reported by mid-July in the U.S and Canada, the agency said. California state officials are working with the FDA and carrying out an investigation along with the Centers of Disease Control and Prevention to identify and investigate the source. The bacterial disease can spread through contaminated food and water. Symptoms include vomiting, fever, diarrhea and cramps. Why It's Important: The FDA has issued guidelines and asked people to avoid onions if they are unaware where they came from as they wait for the official recall of all onions by Thomson International. No deaths have been reported so far. The highest numbers of cases are in Oregon, Utah and California. It is believed the salmonella outbreak originated from consuming the contaminated onions either at home, restaurants or at residential care centers. "People sickened in this outbreak reported eating raw onions in freshly prepared foods, including salads, sandwiches, wraps, salsas, and dips," according to the CDC. What's Next: FDA has instructed all the onion suppliers to stop selling and receiving onions from Thomson International while they carry out their investigations. The long-term effects and presence of salmonella in the gut may cause neurological disorders like Parkinson’s, reported The Science Times . See more from Benzinga Bitcoin Crosses ,400 Mark, Beats Major Indexes In July Gains General Motors Teases GMC Hummer EV In Foray Into Electric Truck Race Coca-Cola Enters Hard Seltzer Market With Alcoholic Topo Chico © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || Salmonella Outbreak Linked To Red Onions: FDA: A salmonella outbreak in parts of the United States and Canada has been linked to contaminated red onions supplied by Thomson International Inc. of California, the FDA said Friday.
What Happened:More than 400 cases of the disease were reported by mid-July in the U.S and Canada, the agency said.
California state officials are working with the FDA and carrying out an investigation along with the Centers of Disease Control and Prevention to identify and investigate the source.
The bacterial disease can spread through contaminated food and water. Symptoms include vomiting, fever, diarrhea and cramps.
Why It's Important: TheFDA has issued guidelines and asked people to avoid onions if they are unaware where they came from as they wait for the official recall of all onions by Thomson International.
No deaths have been reported so far. The highest numbers of cases are in Oregon, Utah and California.
It is believed the salmonella outbreak originated from consuming the contaminated onions either at home, restaurants or at residential care centers. "People sickened in this outbreak reported eating raw onions in freshly prepared foods, including salads, sandwiches, wraps, salsas, and dips," according to the CDC.
What's Next:FDA has instructed all the onion suppliers to stop selling and receiving onions from Thomson International while they carry out their investigations.
The long-term effects and presence of salmonella in the gut may cause neurological disorders like Parkinson’s, reportedThe Science Times.
See more from Benzinga
• Bitcoin Crosses ,400 Mark, Beats Major Indexes In July Gains
• General Motors Teases GMC Hummer EV In Foray Into Electric Truck Race
• Coca-Cola Enters Hard Seltzer Market With Alcoholic Topo Chico
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || British teenager charged with hacking Twitter celebrities faces extradition to the US: Twitter accounts belonging to Kim Kardashian and her husband, Kanye West, were said to have been targeted - Evan Agostini A British teenager charged with hacking Twitter had his home searched by the National Crime Agency and is likely to face extradition to the US, the Sunday Telegraph can reveal. Mason Sheppard, a 19-year-old from Bognor Regis, was one of three people charged by the US Department of Justice on Friday night over an alleged cyber scam that saw the accounts of various celebrities hijacked last month. Sources told the Sunday Telegraph Mr Sheppard, who is said to go by the codename Chaewon, could face extradition if prosecutors in the US put in a request. However, he has not been arrested by officers in Britain, who are assisting in their investigation. Mr Sheppard is in a long line of British people accused of hacking who have been at risk of extradition. Gary McKinnon , a hacker from Glasgow, who in 2002 was accused of perpetrating the "biggest military computer hack of all time", and Laurie Love , from Suffolk, who was arrested in 2013 after being accused of stealing data from US agencies including the FBI, the Federal Reserve and Nasa, both avoided being extradited, the latter after a High Court appeal in 2018. Mr Sheppard has been charged with conspiracy to commit wire fraud, conspiracy to commit money laundering, and the intentional access of a protected computer. Among the accounts hijacked last month included those of former US president Barack Obama, Microsoft founder Bill Gates, Amazon owner Jeff Bezos, rapper Kanye West and his wife, Kim Kardashian. The tweets offered to send $2,000 (£1,500) for every $1,000 (£750) sent to an anonymous Bitcoin address. One tweet from Bill Gates account read: "Everyone is asking me to give back. You send $1,000, I send you back $2,000. Another from Kim Kardashian said: "Feeling nice! All BTC sent to me will be sent back doubled, enjoy. Marcus Hutchins, the British computer researcher renowned for temporarily stopping the WannaCry ransomware attack, yesterday said it doesn't take a "super genius" to hack major firms. Story continues He said: Hacking corporations is a lot less difficult than you think." The NCA confirmed on Friday it had supported the US investigation and searched a property in West Sussex with officers from SEROCU, a collaboration between the Police Forces of Hampshire, Surrey, Sussex and Thames which focuses on organised crime in the south east. It is understood that the UK has not arrested the teenager. A Government source said there was "always the possibility" the US could put in an extradition request, but would not confirm if one had been made. However Professor Alan Woodward, a cyber-security expert at Surrey University, said that if he were Mr Sheppard he "would be slightly worried. The Americans will issue a legal assistance warrant, he said. In this case, they did actually not just break in, but they then tried to use it for a criminal scam. They walked away with thousands of pounds. So you know, this, they were not trivial sums of money. I suspect that the British law enforcement agencies will not have a great deal of sympathy with them. According to neighbours, Mr Sheppard - who attended a local state comprehensive school - is a nice lad whose father, Mark, passed away around five years ago. They added that his mother, Lorraine, had been bringing him up since her husband died. A woman in her sixties, who lives in the same road, said: I know Lorraine and shes lovely. Ive not seen Mason in years but he was always a very nice lad. This is a real shock. No one around here has seen any police activity or anything. David Anderson, the US Attorney for the Northern District of California said Mr Sheppard "faces a statutory maximum penalty of 45 years of imprisonment" if convicted. The three charges were filed against him in the Northern District of California, which is where Twitter is located. Tweets were simultaneously posted promoting a Bitcoin scam, promising followers they would receive double the amount of money back if they transferred funds to a digital wallet. According to court documents filed on July 23 and made public on Friday, approximately 415 transfers were made to the Bitcoin address totalling more than 117,000 US dollars - equivalent to approximately £90,000. Nima Fazeli, 22, of Orlando, Florida, was charged with aiding and abetting the intentional access of a protected computer. The Department of Justice said charges had also been filed against a juvenile. Graham Ivan Clark, 17, was arrested in Tampa, Florida, on Friday according to the Hillsborough State Attorney's Office. It added that Mr Clark will be prosecuted as an adult and is allegedly the "mastermind" behind the hack. Mr Anderson said: "There is a false belief within the criminal hacker community that attacks like the Twitter hack can be perpetrated anonymously and without consequence. "Today's charging announcement demonstrates that the elation of nefarious hacking into a secure environment for fun or profit will be short-lived. "Criminal conduct over the Internet may feel stealthy to the people who perpetrate it, but there is nothing stealthy about it. "In particular, I want to say to would-be offenders, break the law, and we will find you." A Home Office spokesperson said: As a matter of long-standing policy and practice, we neither confirm nor deny the existence of extradition requests.
[Social Media Buzz]
None available.
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11205.89, 11747.02, 11779.77, 11601.47, 11754.05, 11675.74, 11878.11, 11410.53, 11584.93, 11784.14
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 623.51, 606.72, 608.24, 609.24, 610.68, 607.16, 606.97, 605.98, 609.87, 609.23, 608.31, 597.15, 596.30, 602.84, 602.62, 600.83, 608.04, 606.17, 604.73, 605.69, 609.73, 613.98, 610.89, 612.13, 610.20, 612.51, 613.02, 617.12, 619.11, 616.75, 618.99, 641.07, 636.19, 636.79, 640.38, 638.65, 641.63, 639.19, 637.96, 630.52, 630.86, 632.83, 657.29, 657.07, 653.76, 657.59, 678.30, 688.31, 689.65, 714.48, 701.86, 700.97, 729.79, 740.83, 688.70, 703.23, 703.42, 711.52, 703.13, 709.85, 723.27, 715.53, 716.41, 705.05, 702.03, 705.02, 711.62, 744.20, 740.98, 751.59, 751.62, 731.03, 739.25, 751.35, 744.59, 740.29, 741.65, 735.38, 732.03, 735.81, 735.60, 745.69, 756.77, 777.94, 771.16, 773.87, 758.70, 764.22, 768.13, 770.81.
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[Bitcoin Technical Analysis for 2016-12-08]
Volume: 80111904, RSI (14-day): 63.23, 50-day EMA: 720.54, 200-day EMA: 629.07
[Wider Market Context]
Gold Price: 1169.80, Gold RSI: 30.16
Oil Price: 50.84, Oil RSI: 59.10
[Recent News (last 7 days)]
Most Popular ETFs Of The Year: In the ETF world, the rich get richer. The biggest funds by assets typically attract the largest flows each year. In that regard, 2016 was no exception. The smallest ETF to make the top 10 inflows list for the year has an impressive $16.9 billion in assets, according to FactSet. The other ETFs on the list are much larger still. Together, these 10 ETFs took in $87.1 billion of fresh investor money in the year-to-date period ending Dec. 6. To put that in context, total flows into all ETFs so far this year have been $225 billion. There's still another three weeks left to go in the year, so the final numbers could change (we'll publish the official figures once they're released). But if there's any conclusion to be reached from these numbers, it's that investors still favor plain-vanilla index ETFs over their more complex counterparts―whether it be smart-beta funds , active funds or otherwise. Investors Embrace S&P 500 ETFs Indeed, for all this year's hype about "smart beta," it's "dumb beta" that investors wanted. In particular, when it comes to U.S. equities, investors plowed billions into S&P 500 ETFs . Three out of the top four funds on the flows list track the venerable large-cap index, including the SPDR S&P 500 ETF (SPY) , the iShares Core S&P 500 ETF (IVV) and the Vanguard S&P 500 Index Fund (VOO) ―all with inflows of more than $10.7 billion. The only other U.S.-focused equity fund to make the cut was the broader Vanguard Total Stock Market Index Fund (VTI) , but its year-to-date flows of $5.2 billion were less than half that of the three S&P 500 funds. Emerging Market Comeback In a year that featured concerns about China and "Brexit," it's no wonder investors preferred U.S. equities. Even so, a trio of international equity ETFs also showed up in the top 10. The Vanguard FTSE Developed Markets ETF (VEA) , which tracks developed-market stocks outside the U.S., had inflows of $8.8 billion in the year-to-date period. Story continues At the same time, two low-cost emerging market ETFs—the Vanguard FTSE Emerging Markets ETF (VWO) and the iShares Core MSCI Emerging Markets ETF (IEMG) —made an appearance on the list, with inflows of $8.8 billion, and $6.5 billion, respectively. GLD Falls Down The Ranks Meanwhile, three nonequity ETFs found themselves on the list. The iShares Core U.S. Aggregate Bond ETF (AGG) took in $10.9 billion so far this year. AGG provides exposure to the market of U.S. investment-grade bonds, weighted by market value. The iShares TIPS Bond ETF (TIP) was another popular bond fund, with inflows of $6.6 billion. TIP holds Treasury inflation-protected securities, a type of U.S. government bond that protects investors in a rising-rate environment. The SPDR Gold Trust (GLD) is another inflation-hedge in the top 10. The physically backed gold ETF was at the top of the flows leader board for much of the year, but fell down the ranks rapidly in the weeks following Donald Trump's victory at the polls. A post-election spike in interest rates and the U.S. dollar led GLD to lose some of its luster. Incidentally, GLD is the most expensive ETF on the top inflows list, with an expense ratio of 0.40%. All the other funds in the top 10 have an expense ratio of 0.20% or less. Flows For Jan. 1 to Dec, 6, 2016 Ticker Fund Net Flows* SPY SPDR S&P 500 ETF Trust 11,329.80 IVV iShares Core S&P 500 ETF 11,250.62 AGG iShares Core U.S. Aggregate Bond ETF 10,910.56 VOO Vanguard S&P 500 Index Fund 10,743.41 GLD SPDR Gold Trust 9,076.08 VEA Vanguard FTSE Developed Markets ETF 8,814.22 VWO Vanguard FTSE Emerging Markets ETF 6,698.77 TIP iShares TIPS Bond ETF 6,562.40 IEMG iShares Core MSCI Emerging Markets ETF 6,498.14 VTI Vanguard Total Stock Market Index Fund 5,236.37 *Net Flows in USD Million Contact Sumit Roy at [email protected] Recommended Stories Friday Hot Reads: 2016 A Vintage Year For Bitcoin Thursday Hot Reads: These ETFs Generate Capital Gains For ETFs, Fixed Income Matters More Than Smart Beta ETF Innovation A Tough Sell In 2016 Tuesday Hot Reads: Millennials Play With ETF Fire Permalink | © Copyright 2016 ETF.com. All rights reserved || Most Popular ETFs Of The Year: In the ETF world, the rich get richer. The biggest funds by assets typically attract the largest flows each year. In that regard, 2016 was no exception.
The smallest ETF to make the top 10 inflows list for the year has an impressive $16.9 billion in assets, according to FactSet. The other ETFs on the list are much larger still.
Together, these 10 ETFs took in $87.1 billion of fresh investor money in the year-to-date period ending Dec. 6. To put that in context, total flows into all ETFs so far this year have been $225 billion.
There's still another three weeks left to go in the year, so the final numbers could change (we'll publish the official figures once they're released). But if there's any conclusion to be reached from these numbers, it's that investors still favor plain-vanilla index ETFs over their more complex counterparts―whether it besmart-beta funds,active fundsor otherwise.
Investors Embrace S&P 500 ETFs
Indeed, for all this year's hype about "smart beta," it's "dumb beta" that investors wanted. In particular, when it comes to U.S. equities, investors plowed billions intoS&P 500 ETFs. Three out of the top four funds on the flows list track the venerable large-cap index, including theSPDR S&P 500 ETF (SPY), theiShares Core S&P 500 ETF (IVV)and theVanguard S&P 500 Index Fund (VOO)―all with inflows of more than $10.7 billion.
The only other U.S.-focused equity fund to make the cut was the broaderVanguard Total Stock Market Index Fund (VTI), but its year-to-date flows of $5.2 billion were less than half that of the three S&P 500 funds.
Emerging Market Comeback
In a year that featured concerns about China and "Brexit," it's no wonder investors preferred U.S. equities. Even so, a trio ofinternational equity ETFsalso showed up in the top 10. TheVanguard FTSE Developed Markets ETF (VEA), which tracks developed-market stocks outside the U.S., had inflows of $8.8 billion in the year-to-date period.
At the same time, two low-cost emerging market ETFs—theVanguard FTSE Emerging Markets ETF (VWO)and theiShares Core MSCI Emerging Markets ETF (IEMG)—made an appearance on the list, with inflows of $8.8 billion, and $6.5 billion, respectively.
GLD Falls Down The RanksMeanwhile, three nonequity ETFs found themselves on the list. TheiShares Core U.S. Aggregate Bond ETF (AGG)took in $10.9 billion so far this year. AGG provides exposure to the market of U.S. investment-grade bonds, weighted by market value.
TheiShares TIPS Bond ETF (TIP)was another popular bond fund, with inflows of $6.6 billion. TIP holds Treasury inflation-protected securities, a type of U.S. government bond that protects investors in a rising-rate environment.
TheSPDR Gold Trust (GLD)is another inflation-hedge in the top 10. The physically backed gold ETF was at the top of the flows leader board for much of the year, but fell down the ranks rapidly in the weeks following Donald Trump's victory at the polls. A post-election spike in interest rates and the U.S. dollar led GLD to lose some of its luster.
Incidentally, GLD is the most expensive ETF on the top inflows list, with an expense ratio of 0.40%. All the other funds in the top 10 have an expense ratio of 0.20% or less.
Flows For Jan. 1 to Dec, 6, 2016
[{"Ticker": "SPY", "Fund": "SPDR S&P 500 ETF Trust", "Net Flows*": "11,329.80"}, {"Ticker": "IVV", "Fund": "iShares Core S&P 500 ETF", "Net Flows*": "11,250.62"}, {"Ticker": "AGG", "Fund": "iShares Core U.S. Aggregate Bond ETF", "Net Flows*": "10,910.56"}, {"Ticker": "VOO", "Fund": "Vanguard S&P 500 Index Fund", "Net Flows*": "10,743.41"}, {"Ticker": "GLD", "Fund": "SPDR Gold Trust", "Net Flows*": "9,076.08"}, {"Ticker": "VEA", "Fund": "Vanguard FTSE Developed Markets ETF", "Net Flows*": "8,814.22"}, {"Ticker": "VWO", "Fund": "Vanguard FTSE Emerging Markets ETF", "Net Flows*": "6,698.77"}, {"Ticker": "TIP", "Fund": "iShares TIPS Bond ETF", "Net Flows*": "6,562.40"}, {"Ticker": "IEMG", "Fund": "iShares Core MSCI Emerging Markets ETF", "Net Flows*": "6,498.14"}, {"Ticker": "VTI", "Fund": "Vanguard Total Stock Market Index Fund", "Net Flows*": "5,236.37"}, {"Ticker": "*Net Flows in USD Million", "Fund": "", "Net Flows*": ""}]
Contact Sumit Roy [email protected]
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• Friday Hot Reads: 2016 A Vintage Year For Bitcoin
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Permalink| © Copyright 2016ETF.com.All rights reserved || Expanded gift card and loyalty features could boost Apple Pay: (BI Intelligence)
This story was delivered to BI Intelligence "Payments Briefing" subscribers. To learn more and subscribe, pleaseclick here.
Apple Pay users will be able toadd gift cardsand a wider selection of loyalty programs following a partnership between the tech giant and Blackhawk Network, a gift and prepaid card firm.
The partnership will allow customers to “store, manage, and make payments” with gift and loyalty cards from Blackhawk partners, which include Amazon, Target, Best Buy, and Home Depot.
Partnering with Blackhawk will improve upon a feature that’s already one of Apple Pay’s most popular. As it currently stands, Apple Pay’s loyalty support is limited. But just a few months after Apple Pay added loyalty in that limited capacity, proprietary store and loyalty cards made up 25% of the cards loaded into the wallet, according to data fromFirst Annapolis.
For context, that’s nearly as much as the share held by debit cards, which are the most popular payment method among US adults. Blackhawk’s vast partnership network could further extend that percentage and in turn help Apple capitalize on pent-up demand for store and loyalty offerings in-wallet.
And that could lift Apple Pay in two key areas.
• It could increase adoption of the wallet overall. Apple Pay adoption has stagnated just below a quarter of eligible users, which means the wallet needs to look for new ways to draw in users. Loyalty could be one such solution. Nearlya quarterof adults with mobile phones want to organize, track, and store loyalty and rewards points on their phones. And53%of nonusers would start using mobile payments if they were offered these types of opportunities, which could drive new customers to the wallet.
• And among existing users, it could help increase engagement. Adding a vast loyalty network to Apple Pay could give users incentives to pay with the wallet in more locations, because they want to capture the benefits that loyalty cards can provide. More frequent spending could help drive up habit formation, which could increase payment volume and drive up usage across the board.
Mobile payments are becoming more popular thanks to services such as Apple Pay, but they still face some high barriers, such as consumers' continued loyalty to traditional payment methods and fragmented acceptance among merchants. But as loyalty programs are integrated and more consumers rely on their mobile wallets for other features like in-app payments, adoption and usage will surge over the next few years.
BI Intelligence, Business Insider's premium research service, has compileda detailed report on mobile paymentsthat forecasts the growth of in-store mobile payments in the U.S., analyzes the performance of major mobile wallets like Apple Pay, Android Pay, and Samsung Pay, and addresses the barriers holding mobile payments back as well as the benefits that will propel adoption.
Here are some key takeaways from the report:
• In our latest US in-store mobile payments forecast, we find that volume will reach $75 billion this year. We expect volume to pick up significantly by 2020, reaching $503 billion. This reflects a compound annual growth rate (CAGR) of 80% between 2015 and 2020.
• Consumer interest is the primary barrier to mobile payments adoption. Surveys indicate that the issue is less the mobile wallet itself and more that people remain loyal to traditional payment methods and show little enthusiasm for picking up new habits.
• Integrated loyalty programs and other add-on features will be key to mobile wallets taking off. Consumers are showing interest in wallets with integrated loyalty programs. Other potential add-ons, like in-app, in-browser, and P2P payments, will also start fueling adoption. This strategy has been proved successful in China with platforms like WeChat and Alipay.
In full, the report:
• Forecasts the growth of US in-store mobile payments volume and users through 2020.
• Measures mobile wallet user engagement by forecasting mobile payments' share of their annual retail spending.
• Reviews the performance of major mobile wallets like Apple Pay and Samsung Pay.
• Addresses the key barriers that are preventing mobile in-store payments from taking off.
• Identifies the growth drivers that will ultimately carve a path for mainstream adoption.
To get your copy of this invaluable guide, choose one of these options:
1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >>START A MEMBERSHIP
2. Purchase the report and download it immediately from our research store. >>BUY THE REPORT
The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of how mobile payments are rapidly evolving.
More From Business Insider
• Apple pushes further in mapping and location technology
• Fintech could be bigger than ATMs, PayPal, and Bitcoin combined
• THE PAYMENTS INDUSTRY EXPLAINED: The Trends Creating New Winners And Losers In The Card-Processing Ecosystem || Expanded gift card and loyalty features could boost Apple Pay: Distortion of Apple Pay (BI Intelligence) This story was delivered to BI Intelligence " Payments Briefing " subscribers. To learn more and subscribe, please click here . Apple Pay users will be able to add gift cards and a wider selection of loyalty programs following a partnership between the tech giant and Blackhawk Network, a gift and prepaid card firm. The partnership will allow customers to “store, manage, and make payments” with gift and loyalty cards from Blackhawk partners, which include Amazon, Target, Best Buy, and Home Depot. Partnering with Blackhawk will improve upon a feature that’s already one of Apple Pay’s most popular. As it currently stands, Apple Pay’s loyalty support is limited. But just a few months after Apple Pay added loyalty in that limited capacity, proprietary store and loyalty cards made up 25% of the cards loaded into the wallet, according to data from First Annapolis . For context, that’s nearly as much as the share held by debit cards, which are the most popular payment method among US adults. Blackhawk’s vast partnership network could further extend that percentage and in turn help Apple capitalize on pent-up demand for store and loyalty offerings in-wallet. And that could lift Apple Pay in two key areas. It could increase adoption of the wallet overall. Apple Pay adoption has stagnated just below a quarter of eligible users, which means the wallet needs to look for new ways to draw in users. Loyalty could be one such solution. Nearly a quarter of adults with mobile phones want to organize, track, and store loyalty and rewards points on their phones. And 53% of nonusers would start using mobile payments if they were offered these types of opportunities, which could drive new customers to the wallet. And among existing users, it could help increase engagement. Adding a vast loyalty network to Apple Pay could give users incentives to pay with the wallet in more locations, because they want to capture the benefits that loyalty cards can provide. More frequent spending could help drive up habit formation, which could increase payment volume and drive up usage across the board. Mobile payments are becoming more popular thanks to services such as Apple Pay, but they still face some high barriers, such as consumers' continued loyalty to traditional payment methods and fragmented acceptance among merchants. But as loyalty programs are integrated and more consumers rely on their mobile wallets for other features like in-app payments, adoption and usage will surge over the next few years. BI Intelligence , Business Insider's premium research service, has compiled a detailed report on mobile payments that forecasts the growth of in-store mobile payments in the U.S., analyzes the performance of major mobile wallets like Apple Pay, Android Pay, and Samsung Pay, and addresses the barriers holding mobile payments back as well as the benefits that will propel adoption. Story continues Here are some key takeaways from the report: In our latest US in-store mobile payments forecast, we find that volume will reach $75 billion this year. We expect volume to pick up significantly by 2020, reaching $503 billion. This reflects a compound annual growth rate (CAGR) of 80% between 2015 and 2020. Consumer interest is the primary barrier to mobile payments adoption. Surveys indicate that the issue is less the mobile wallet itself and more that people remain loyal to traditional payment methods and show little enthusiasm for picking up new habits. Integrated loyalty programs and other add-on features will be key to mobile wallets taking off. Consumers are showing interest in wallets with integrated loyalty programs. Other potential add-ons, like in-app, in-browser, and P2P payments, will also start fueling adoption. This strategy has been proved successful in China with platforms like WeChat and Alipay. In full, the report: Forecasts the growth of US in-store mobile payments volume and users through 2020. Measures mobile wallet user engagement by forecasting mobile payments' share of their annual retail spending. Reviews the performance of major mobile wallets like Apple Pay and Samsung Pay. Addresses the key barriers that are preventing mobile in-store payments from taking off. Identifies the growth drivers that will ultimately carve a path for mainstream adoption. To get your copy of this invaluable guide, choose one of these options: Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP Purchase the report and download it immediately from our research store. >> BUY THE REPORT The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of how mobile payments are rapidly evolving. More From Business Insider Apple pushes further in mapping and location technology Fintech could be bigger than ATMs, PayPal, and Bitcoin combined THE PAYMENTS INDUSTRY EXPLAINED: The Trends Creating New Winners And Losers In The Card-Processing Ecosystem View comments || Bitcoin predicted to rise 165% to $2,000 in 2017 driven by Trump’s ‘spending binge’ and dollar rally: The price of Bitcoin(Exchange: BTC=-USS)could hit more than $2,000 in 2017 driven by expectations that U.S. President-elect Donald Trump may introduce economic stimulus policies, which could send inflation soaring and propel the dollar to record highs, a report from Saxo Bank claims.
Bitcoin is currently trading around $754.51, according to CoinDesk data. A handle of over $2,000 would represent 165 percent appreciation.
During his election campaign Trump has talked about an increase in fiscal spending. Saxo Bank's note said that this could increase the roughly $20 trillion of U.S. national debt and triple the current budget deficit from approximately $600 billion to $1.2-1.8 trillion, or some 6-10 percent of the country's current $18.6 trillion economy.
As a result, the economy will grow and inflation will "sky rocket", forcing the U.S. Federal Reserve to hike interest rates at a faster pace and causing the U.S. dollar "to hit the moon".
When inflation rises the Federal Reserve may raise interest rates to bring it under control. This causes the dollar to appreciate because it would be seen as an attractive currency for foreign investors.
"This creates a domino effect in emerging markets and China in particular, leading people globally to look for alternative forms of currencies and payment systems not tied to central banks that have exhausted monetary policies or crony governments that are in full financial repression mode nor transaction systems that are long overdue for a revolution," Steen Jakobsen, chief economist at Saxo Bank, wrote in a note.
Bitcoin as the largest cryptocurrency would benefit from this "chaos", he added, as emerging market countries look to move away from "being tied" to the monetary policy of the U.S. and banking system.
"If the banking system as well as sovereigns such as Russia and China move to accept Bitcoin as a partial alternative to the USD and the traditional banking and payment system, then we could see Bitcoin easily triple over the next year going from the current $700 level to +$2,100 as the blockchain's decentralized system, an inability to dilute the finite supply of bitcoins as well as low to no transaction costs gains more traction and acceptance globally," Jakobsen said.
Blockchain is the underlying technology of bitcoin which records every transaction using the digital currency so that it can't be tampered with. There is also a finite supply of 21 million bitcoins. This in theory would cause price appreciation of the asset over a long period of time.
Jakobsen's comments were in his annual "Outrageous Predictions" note and the economist says that his views are not the official outlook for Saxo Bank. Instead they are an attempt to "get you to think out of the box" with the aim of "provoking conversation".
But Bitcoin advocates say that the slower appreciation of the dollar against the yuan in comparison to bitcoin against the dollar shows that the $2,000 handle is not unrealistic. The dollar has risen 3.3 percent against the yuan(Exchange: CNY=)in the last three months while bitcoin has gone up 20.7 percent in the same time period.
Bobby Lee, chief executive at bitcoin exchange BTC China, compared the current situation of cryptocurrencies to the advent of digital cameras. He said that it is a "new asset class" with long-term potential.
"It's the advent of digital currency and with bitcoin there is bound to be more in circulation value in the coming years," Lee told CNBC by phone. The amount of bitcoin in circulation is valued at around $12.1 billion.
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• 9 iconic mobile phones people want to see make a comeback
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• Mark Cuban: Basic income ‘the worst possible response’ to job losses from robots || Bitcoin predicted to rise 165% to $2,000 in 2017 driven by Trump’s ‘spending binge’ and dollar rally: The price of Bitcoin(Exchange: BTC=-USS)could hit more than $2,000 in 2017 driven by expectations that U.S. President-elect Donald Trump may introduce economic stimulus policies, which could send inflation soaring and propel the dollar to record highs, a report from Saxo Bank claims.
Bitcoin is currently trading around $754.51, according to CoinDesk data. A handle of over $2,000 would represent 165 percent appreciation.
During his election campaign Trump has talked about an increase in fiscal spending. Saxo Bank's note said that this could increase the roughly $20 trillion of U.S. national debt and triple the current budget deficit from approximately $600 billion to $1.2-1.8 trillion, or some 6-10 percent of the country's current $18.6 trillion economy.
As a result, the economy will grow and inflation will "sky rocket", forcing the U.S. Federal Reserve to hike interest rates at a faster pace and causing the U.S. dollar "to hit the moon".
When inflation rises the Federal Reserve may raise interest rates to bring it under control. This causes the dollar to appreciate because it would be seen as an attractive currency for foreign investors.
"This creates a domino effect in emerging markets and China in particular, leading people globally to look for alternative forms of currencies and payment systems not tied to central banks that have exhausted monetary policies or crony governments that are in full financial repression mode nor transaction systems that are long overdue for a revolution," Steen Jakobsen, chief economist at Saxo Bank, wrote in a note.
Bitcoin as the largest cryptocurrency would benefit from this "chaos", he added, as emerging market countries look to move away from "being tied" to the monetary policy of the U.S. and banking system.
"If the banking system as well as sovereigns such as Russia and China move to accept Bitcoin as a partial alternative to the USD and the traditional banking and payment system, then we could see Bitcoin easily triple over the next year going from the current $700 level to +$2,100 as the blockchain's decentralized system, an inability to dilute the finite supply of bitcoins as well as low to no transaction costs gains more traction and acceptance globally," Jakobsen said.
Blockchain is the underlying technology of bitcoin which records every transaction using the digital currency so that it can't be tampered with. There is also a finite supply of 21 million bitcoins. This in theory would cause price appreciation of the asset over a long period of time.
Jakobsen's comments were in his annual "Outrageous Predictions" note and the economist says that his views are not the official outlook for Saxo Bank. Instead they are an attempt to "get you to think out of the box" with the aim of "provoking conversation".
But Bitcoin advocates say that the slower appreciation of the dollar against the yuan in comparison to bitcoin against the dollar shows that the $2,000 handle is not unrealistic. The dollar has risen 3.3 percent against the yuan(Exchange: CNY=)in the last three months while bitcoin has gone up 20.7 percent in the same time period.
Bobby Lee, chief executive at bitcoin exchange BTC China, compared the current situation of cryptocurrencies to the advent of digital cameras. He said that it is a "new asset class" with long-term potential.
"It's the advent of digital currency and with bitcoin there is bound to be more in circulation value in the coming years," Lee told CNBC by phone. The amount of bitcoin in circulation is valued at around $12.1 billion.
More From CNBC
• 9 iconic mobile phones people want to see make a comeback
• Kim Dotcom extradition ruling: Prosecutors acted in ‘illegal’ way, lawyer says
• Mark Cuban: Basic income ‘the worst possible response’ to job losses from robots || Bitcoin predicted to rise 165% to $2,000 in 2017 driven by Trumps spending binge and dollar rally: The price of Bitcoin (Exchange: BTC=-USS) could hit more than $2,000 in 2017 driven by expectations that U.S. President-elect Donald Trump may introduce economic stimulus policies, which could send inflation soaring and propel the dollar to record highs, a report from Saxo Bank claims. Bitcoin is currently trading around $754.51, according to CoinDesk data. A handle of over $2,000 would represent 165 percent appreciation. During his election campaign Trump has talked about an increase in fiscal spending. Saxo Bank's note said that this could increase the roughly $20 trillion of U.S. national debt and triple the current budget deficit from approximately $600 billion to $1.2-1.8 trillion, or some 6-10 percent of the country's current $18.6 trillion economy. As a result, the economy will grow and inflation will "sky rocket", forcing the U.S. Federal Reserve to hike interest rates at a faster pace and causing the U.S. dollar "to hit the moon". When inflation rises the Federal Reserve may raise interest rates to bring it under control. This causes the dollar to appreciate because it would be seen as an attractive currency for foreign investors. "This creates a domino effect in emerging markets and China in particular, leading people globally to look for alternative forms of currencies and payment systems not tied to central banks that have exhausted monetary policies or crony governments that are in full financial repression mode nor transaction systems that are long overdue for a revolution," Steen Jakobsen, chief economist at Saxo Bank, wrote in a note. Bitcoin as the largest cryptocurrency would benefit from this "chaos", he added, as emerging market countries look to move away from "being tied" to the monetary policy of the U.S. and banking system. "If the banking system as well as sovereigns such as Russia and China move to accept Bitcoin as a partial alternative to the USD and the traditional banking and payment system, then we could see Bitcoin easily triple over the next year going from the current $700 level to +$2,100 as the blockchain's decentralized system, an inability to dilute the finite supply of bitcoins as well as low to no transaction costs gains more traction and acceptance globally," Jakobsen said. Story continues Blockchain is the underlying technology of bitcoin which records every transaction using the digital currency so that it can't be tampered with. There is also a finite supply of 21 million bitcoins. This in theory would cause price appreciation of the asset over a long period of time. Jakobsen's comments were in his annual "Outrageous Predictions" note and the economist says that his views are not the official outlook for Saxo Bank. Instead they are an attempt to "get you to think out of the box" with the aim of "provoking conversation". Bitcoin rise realistic But Bitcoin advocates say that the slower appreciation of the dollar against the yuan in comparison to bitcoin against the dollar shows that the $2,000 handle is not unrealistic. The dollar has risen 3.3 percent against the yuan (Exchange: CNY=) in the last three months while bitcoin has gone up 20.7 percent in the same time period. Bobby Lee, chief executive at bitcoin exchange BTC China, compared the current situation of cryptocurrencies to the advent of digital cameras. He said that it is a "new asset class" with long-term potential. "It's the advent of digital currency and with bitcoin there is bound to be more in circulation value in the coming years," Lee told CNBC by phone. The amount of bitcoin in circulation is valued at around $12.1 billion. More From CNBC 9 iconic mobile phones people want to see make a comeback Kim Dotcom extradition ruling: Prosecutors acted in illegal way, lawyer says Mark Cuban: Basic income the worst possible response to job losses from robots || UFOMiners Expands its Hardware Selection with Four New Products: Summary: UFOMiners, a Leading Cryptocurrency Mining Manufacture Based in Las Vegas, Just Released Four New High-Performance Products for Unbeatable Prices LAS VEGAS, NV / ACCESSWIRE / December 5, 2016 / When it comes to quality miner hardware development, UFOMiners LLC ( www.UFOMiners.com ) continues to push ahead of the competition. The growing company recently expanded its cost-efficient product offering, demonstrating their commitment to customer service and making high-quality cryptocurrency mining economical and readily available. The four additions to their hardware repertoire include two ethereum miners and two ZCash miners. Each device is unique in its features, offering a variety of hashing algorithms, hashing speeds, and consumption power rates of up to 1650 Watts. Like UFOminers first wave of miners, these four models are equipped with ports for monitor, mouse, and keyboard connection. All products come with a 5-year warranty and function in cascade mode at a connecting capacity of up to 32 devices via 100 Mbps Ethernet LAN. See product list . "Our in-house team of experts have outdone themselves again," says a spokesman of the firm. "The team's vast knowledge of blockchain technologies coupled with an innovative spirit to excel in delivering optimal, low-cost mining solutions to our customers is what brought this new line of products to fruition." The young and ambitious cryptocurrency mining developers at UFOMiners strongly believe in the philosophy of in-house quality production as a way of keeping costs low and making high-performance mining technologies readily available. They are not above offering consumer-friendly promotions and free international shipping to give their customers an exceptional experience. The new hardware, Ethereum RhinoMiner, Ethereum RhinoMiner Prime, ZCash Equinox and ZCash Equinox Prime, are now available for purchase at www.UFOMiners.com , ranging from $3200 to $4900. Company Profile UFOMiners was founded in 2014 on a vision to develop hardware equipment for mining scrypt cryptocurrencies, a project that later expanded to the development of the Bitcoin miner. This Las Vegas-based firm is now a rapidly growing provider of cryptocurrency mining hardware and blockchain-based technologies. UFOMiners currently services up to 1000 private customers as well as dozen businesses. Contact: Ruben Vos [email protected] SOURCE : UFOMiners View comments || UFOMiners Expands its Hardware Selection with Four New Products: Summary: UFOMiners, a Leading Cryptocurrency Mining Manufacture Based in Las Vegas, Just Released Four New High-Performance Products for Unbeatable Prices LAS VEGAS, NV / ACCESSWIRE / December 5, 2016 / When it comes to quality miner hardware development, UFOMiners LLC ( www.UFOMiners.com ) continues to push ahead of the competition. The growing company recently expanded its cost-efficient product offering, demonstrating their commitment to customer service and making high-quality cryptocurrency mining economical and readily available. The four additions to their hardware repertoire include two ethereum miners and two ZCash miners. Each device is unique in its features, offering a variety of hashing algorithms, hashing speeds, and consumption power rates of up to 1650 Watts. Like UFOminers first wave of miners, these four models are equipped with ports for monitor, mouse, and keyboard connection. All products come with a 5-year warranty and function in cascade mode at a connecting capacity of up to 32 devices via 100 Mbps Ethernet LAN. See product list . "Our in-house team of experts have outdone themselves again," says a spokesman of the firm. "The team's vast knowledge of blockchain technologies coupled with an innovative spirit to excel in delivering optimal, low-cost mining solutions to our customers is what brought this new line of products to fruition." The young and ambitious cryptocurrency mining developers at UFOMiners strongly believe in the philosophy of in-house quality production as a way of keeping costs low and making high-performance mining technologies readily available. They are not above offering consumer-friendly promotions and free international shipping to give their customers an exceptional experience. The new hardware, Ethereum RhinoMiner, Ethereum RhinoMiner Prime, ZCash Equinox and ZCash Equinox Prime, are now available for purchase at www.UFOMiners.com , ranging from $3200 to $4900. Company Profile UFOMiners was founded in 2014 on a vision to develop hardware equipment for mining scrypt cryptocurrencies, a project that later expanded to the development of the Bitcoin miner. This Las Vegas-based firm is now a rapidly growing provider of cryptocurrency mining hardware and blockchain-based technologies. UFOMiners currently services up to 1000 private customers as well as dozen businesses. Contact: Ruben Vos [email protected] SOURCE : UFOMiners View comments || A 26-year old Bitcoin entrepreneur was handed prison time, and the experience only confirmed his belief in the cryptocurrency: (Wikimedia)
The rise of 26-year old Charlie Shrem was swift. So was his fall.
The self-professed computer geek turned divisive digital currency entrepreneur won notoriety as the founder of BitInstant. The firm took off, attracting investors like theWinklevoss twins, and helping popularize bitcoin.
Then, his whole world came crashing down. He was charged with operating an unlicensed money transmitting business. He pled guilty, and was given prison time.
He had "knowingly transmitted money intended to facilitate criminal activity– specifically, drug trafficking on Silk Road," according to apress release by the United States Attorney's Office, Southern District of New York.
Shrem got of prison earlier this year, and his experience there hasn't deterred his faith in bitcoin and blockchain, the technology behind it. In fact, an incident with a prison guard andmackerels, the currency of choice in prison, only confirmed his belief in an alternative currency system.
Shrem opened up about his prison experience and his past onWall and Broadcast, apodcast hosted byTABB Group COO Alex Tabb, TABBForumproducerAnna StumpfandVested CEO Dan Simon.
Raised in a deeply religious orthodox Jewish household, Shrem describes himself as an "outcast" at Yeshiva high school. "I just loved computers," he said in the podcast. "I would hang out in the internet chat rooms and all of the places where all socially awkward people hang out."
Shrem first heard about the concept of Bitcoin from a friend in an internet forum he was a part of. "There was no website or anything," he said in the podcast. "Only a white paper," referring to the research paper released under the pseudonym Satoshi Nakimoto that unveiled the concept.
Bitcoin is a digital currency in which transactions occur peer-to-peer, meaning no government or third party is involved.Shrem was immediately interested and purchased a few thousand bitcoin - at the time worth very little.
(Flickr/Kosala Bandara)He caught the entrepreneurial bug early, foundingDaily Checkout, adaily dealwebsite that sold refurbished used goods, at 18. He also attended night school at Brooklyn College and got introduced to the Austrian School of Economics, an economic theory that promotes laissez-faire ideals and the elimination of government intervention.
In his mind, something clicked. "I realized that bitcoin was taking all of that Austrian economic theory and putting it into practice," he said in the podcast.
It was on Bitcointalk.org that he got the idea for a way to make the purchasing of bitcoin faster and more accessible to the every day consumer. He launchedBitInstant, which partnered with payment processors that had physical locations at CVS, Duane Reade, Walmart, Walgreens and 7-11, among others. The site allowed people to buy small amounts of bitcoin (with an average ticket size of $300-500) and charged customers a small fee for each transaction.
"Within a few months, we enabled people to be able to buy bitcoin at almost a million locations in the US," Shrem said in the podcast. "And overnight volume exploded."
The company achieved an average growth rate of 1.5x per month, according to Shrem, with advertising limited to word of mouth.At one point, the company was facilitating transactions worth a million dollars a day, he said.
The growth of BitInstant attracted investors like theWinklevoss twinsand angel investor Roger Vere. They moved into bigger offices, shrouded in secrecy. "We needed an army security guard, our own floor, and shaded windows," he said.
Soon the two man band become a 30 person office, and he admits in the podcast interview that he let the success get to his head.
( Entrepreneurs Tyler and Cameron Winklevoss arrive at the Met Gala in New York Thomson Reuters)"I started drinking too much," he said. "I invested in my friend's nightclub. In fact, I lived upstairs in the nightclub."
The fall of BitInstant was just as quick as its rise.
In March 2013, regulators enforced a ruling that outlined what type of companies were now considered money transmitters.
Suddenly, BitInstant was operating without a license. "We couldn't take the risk of operating illegally," Shrem said in the podcast, "so we shut down...It was heartbreaking."
Eight months later, Shrem travelled to Amsterdam to speak at a conference. It was when he returned toJFK airport that he was confronted by a dozen law enforcement officials, a joint task force of the FBI, IRS, DEA and other officials, he said in the podcast.
Shrem had knowinglyfacilitated transactions to a re-seller, Robert Faiella, whose customers were using the Silk Road, an underground bitcoin only marketplace where people buy and sell illegal drugs. The re-seller was also trying to deposit more money than the new money transmitter laws allowed for, and these transactions were done behind the scenes to get around reporting requirements.
On September 4 2014, Faiella and Shrem both pled guilty in connection with the sale of approximately $1 million in bitcoins for use on the Silk Road website.
“Robert Faiella and Charlie Shrem opted to travel down a crooked path – running an illegal money transmitting business that catered to criminals bent on trafficking narcotics on the dark web drug site, Silk Road," Prett Bharara,United States Attorney for the Southern District of New York, said in a statement at the time.
Shrem, who was also Chief Compliance Officer of BitInstant and thus in charge of compliance with federal anti-money laundering (AML) laws, was fully aware that Silk Road was a drug-trafficking website andthat he was operating a Bitcoin exchange service for Silk Road users.
Nevertheless, he "knowingly facilitated Faiella’s business with the company in order to maintain Faiella's business as a lucrative source of revenue, " according to the court report.
"Even though it was Shrem’s job to enforce the Company’s AML restrictions...[he] failed to file a single suspicious activity report with the US Treasury Department about Faiella's illicit activity...and deliberately helped Failla circumvent the Company’s AML restrictions."
Shrem knew what he was doing, he said in the podcast, and he admits his guilt.
Prison "was no country club, but it wasn't Rikers Island either," he explained in the podcast.
One out of every ten prisoners were white collar criminals - a state senator, a judge, and a few law enforcement officials were among his group. They were all nonviolent offenders so the fear wasn't as great as in maximum security persons.
That's not to say it was easy settling in.
"Everything here is word of mouth," he said in the podcast. "There is no Google, information is trickling in. I think the hardest part is learning to use my own resources to grow, and not the internet."
On the outside, he had this Bitcoin celebrity status, he said, and in the prison, nobody knew him nor did they care about him. "I needed to humble myself."
Of particular fascination to Shrem was the prison currency system, which involved bartering mackerels. According to anarticle in the Wall Street Journal, there hasbeen a mackerel economy in federal prisons since about 2004, when federal prisons prohibited smoking and, by default, the cigarette pack, which was the earlier gold standard. Prisoners need a proxy for thedollar because they're not allowed to possess cash.
Every inmate can only buy 14 mackerels per week, said Shrem, so there is a certain number in circulation in the prison. Also, not all mackerels are created equal. The fish expire after about 3 years, after which their value depreciates. Expired mackerels, referred to as "money macks," retain 75% of the value of the "eating macks," or non-expired fish, explained Shrem. There were currency exchanges between the two, and everything had two prices in the prison.
(Wikimedia Commons)
One day, a large number of mackerels were confiscated by prison guards and left out for any prisoner to take. Overnight, the guards essentially introduced hyperinflation, said Shrem, and flooded the market. They lost all of their value.
This got Shrem thinking. He started to think about the value of digitizing the prison economy and putting it on theblockchain.
If there was a shared, distributed ledger among say adozen inmates, everyone would have a real-time record of all transactions that occurred in the prison. All members would have to verify and validate a transaction to make sure it was legitimate before taking place.
"Everyone has a financial incentive to make sure the system maintains its integrity," said Shrem.
The experience reminded him of how blockchain could not only be useful, but also necessary - not only in the financial services world, but in the prison world. "Itavoids the guards having power over the value of the mackerel.
Shrem's belief in the power of the bitcoin blockchain and the elimination of the middleman continues. He sees the digital currency as a "great equalizer" and believes that bitcoin will do to money what email did to the postal service. "It will allow everyone to be equal."
Despite Shrem's optimism, the hype around Bitcoin seems to have died down from initial levels. Now, the investment and the excitementseems to be focused on theblockchain, the technology behind bitcoin.
Digital currencies have also been challenged by recent security issues.In August, hackers stole $72 million worth of bitcoin from accounts at the Hong Kong cryptocurrency exchange Bitfinex. And in June, hackers stole $55 million worth of ether, a bitcoin rival. The nonprofit that runs ether, Ethereum Foundation, just rolled back the chain. It's as if the hack never took place, and business returned to normal. But that worries purists like Shrem.
He continues to be a staunch believer in the integrity of the blockchain and denounces Ethererum's decision to roll back the chain, even though he said he is friends with the founder."Once you change the ledger for one specific reason, then you've already set the precedent."
"I used to be a bitcoin maximalist, thinking bitcoin is the one and only blockchain," he said to Wall & Broadcast. "Now I believe that alternate chains can and do exist."
NOW WATCH:A Harvard business professor explains a legal form of 'insider trading' in America
More From Business Insider
• Deloitte is launching a blockchain lab in Dublin
• The CEO of one of China's largest biggest bitcoin exchanges says regulation is inevitable
• Here's why the Chinese love bitcoin || A 26-year old Bitcoin entrepreneur was handed prison time, and the experience only confirmed his belief in the cryptocurrency: charlie shrem (Wikimedia) The rise of 26-year old Charlie Shrem was swift. So was his fall. The self-professed computer geek turned divisive digital currency entrepreneur won notoriety as the founder of BitInstant. The firm took off, attracting investors like the Winklevoss twins , and helping popularize bitcoin. Then, his whole world came crashing down. He was charged with operating an unlicensed money transmitting business. He pled guilty, and was given prison time. He had "knowingly transmitted money intended to facilitate criminal activity – specifically, drug trafficking on Silk Road," according to a press release by the United States Attorney's Office, Southern District of New York . Shrem got of prison earlier this year, and his experience there hasn't deterred his faith in bitcoin and blockchain, the technology behind it. In fact, an incident with a prison guard and mackerels, the currency of choice in prison, only confirmed his belief in an alternative currency system. A computer geek Shrem opened up about his prison experience and his past on Wall and Broadcast , a podcast hosted by TABB Group COO Alex Tabb, TABBForum producer Anna Stumpf and Vested CEO Dan Simon. Raised in a deeply religious orthodox Jewish household, Shrem describes himself as an "outcast" at Yeshiva high school. "I just loved computers," he said in the podcast. "I would hang out in the internet chat rooms and all of the places where all socially awkward people hang out." Shrem first heard about the concept of Bitcoin from a friend in an internet forum he was a part of. "There was no website or anything," he said in the podcast. "Only a white paper," referring to the research paper released under the pseudonym Satoshi Nakimoto that unveiled the concept. Bitcoin is a digital currency in which transactions occur peer-to-peer, meaning no government or third party is involved. Shrem was immediately interested and purchased a few thousand bitcoin - at the time worth very little. Story continues Austrian parliament (Flickr/Kosala Bandara) He caught the entrepreneurial bug early, founding Daily Checkout, a daily deal website that sold refurbished used goods, at 18. He also attended night school at Brooklyn College and got introduced to the Austrian School of Economics, an economic theory that promotes laissez-faire ideals and the elimination of government intervention. In his mind, something clicked. "I realized that bitcoin was taking all of that Austrian economic theory and putting it into practice," he said in the podcast. It was on Bitcointalk.org that he got the idea for a way to make the purchasing of bitcoin faster and more accessible to the every day consumer. He launched BitInstant, which partnered with payment processors that had physical locations at CVS, Duane Reade, Walmart, Walgreens and 7-11, among others. The site allowed people to buy small amounts of bitcoin (with an average ticket size of $300-500) and charged customers a small fee for each transaction. "Within a few months, we enabled people to be able to buy bitcoin at almost a million locations in the US," Shrem said in the podcast. "And overnight volume exploded." The company achieved an average growth rate of 1.5x per month, according to Shrem, with advertising limited to word of mouth. At one point, the company was facilitating transactions worth a million dollars a day, he said. The growth of BitInstant attracted investors like the Winklevoss twins and angel investor Roger Vere. They moved into bigger offices, shrouded in secrecy. " We needed an army security guard, our own floor, and shaded windows," he said. Soon the two man band become a 30 person office, and he admits in the podcast interview that he let the success get to his head. Entrepeneurs Tyler and Cameron Winklevoss arrive at the Metropolitan Museum of Art Costume Institute Gala (Met Gala) to celebrate the opening of ( Entrepreneurs Tyler and Cameron Winklevoss arrive at the Met Gala in New York Thomson Reuters) "I started drinking too much," he said. "I invested in my friend's nightclub. In fact, I lived upstairs in the nightclub." The fall of BitInstant was just as quick as its rise. The fall of BitInstant In March 2013, regulators enforced a ruling that outlined what type of companies were now considered money transmitters. Suddenly, BitInstant was operating without a license. "We couldn't take the risk of operating illegally," Shrem said in the podcast, "so we shut down...It was heartbreaking." Eight months later, Shrem travelled to Amsterdam to speak at a conference. It was when he returned to JFK airport that he was confronted by a dozen law enforcement officials, a joint task force of the FBI, IRS, DEA and other officials, he said in the podcast. Shrem had knowingly facilitated transactions to a re-seller, Robert Faiella, whose customers were using the Silk Road, an underground bitcoin only marketplace where people buy and sell illegal drugs. The re-seller was also trying to deposit more money than the new money transmitter laws allowed for, and these transactions were done behind the scenes to get around reporting requirements. On September 4 2014, Faiella and Shrem both pled guilty in connection with the sale of approximately $1 million in bitcoins for use on the Silk Road website. “Robert Faiella and Charlie Shrem opted to travel down a crooked path – running an illegal money transmitting business that catered to criminals bent on trafficking narcotics on the dark web drug site, Silk Road," Prett Bharara, United States Attorney for the Southern District of New York, said in a statement at the time. Shrem, who was also Chief Compliance Officer of BitInstant and thus in charge of compliance with federal anti-money laundering (AML) laws, was fully aware that Silk Road was a drug-trafficking website and that he was operating a Bitcoin exchange service for Silk Road users. Nevertheless, he "knowingly facilitated Faiella’s business with the company in order to maintain Faiella's business as a lucrative source of revenue, " according to the court report. "Even though it was Shrem’s job to enforce the Company’s AML restrictions...[he] failed to file a single suspicious activity report with the US Treasury Department about Faiella's illicit activity...and deliberately helped Failla circumvent the Company’s AML restrictions." Shrem knew what he was doing, he said in the podcast, and he admits his guilt. (Forsaken Fotos/flickr) Digitizing the Prison Economy Prison "was no country club, but it wasn't Rikers Island either," he explained in the podcast. One out of every ten prisoners were white collar criminals - a state senator, a judge, and a few law enforcement officials were among his group. They were all nonviolent offenders so the fear wasn't as great as in maximum security persons. That's not to say it was easy settling in. "Everything here is word of mouth," he said in the podcast. "There is no Google, information is trickling in. I think the hardest part is learning to use my own resources to grow, and not the internet." On the outside, he had this Bitcoin celebrity status, he said, and in the prison, nobody knew him nor did they care about him. "I needed to humble myself." Of particular fascination to Shrem was the prison currency system, which involved bartering mackerels. According to an article in the Wall Street Journal , there has been a mackerel economy in federal prisons since about 2004, when federal prisons prohibited smoking and, by default, the cigarette pack, which was the earlier gold standard. Prisoners need a proxy for the dollar because they're not allowed to possess cash. Every inmate can only buy 14 mackerels per week, said Shrem, so there is a certain number in circulation in the prison. Also, not all mackerels are created equal. The fish expire after about 3 years, after which their value depreciates. Expired mackerels, referred to as "money macks," retain 75% of the value of the "eating macks," or non-expired fish, explained Shrem. There were currency exchanges between the two, and everything had two prices in the prison. mackerel fish (Wikimedia Commons) One day, a large number of mackerels were confiscated by prison guards and left out for any prisoner to take. Overnight, the guards essentially introduced hyperinflation, said Shrem, and flooded the market. They lost all of their value. This got Shrem thinking. He started to think about the value of digitizing the prison economy and putting it on the blockchain. If there was a shared, distributed ledger among say a dozen inmates, everyone would have a real-time record of all transactions that occurred in the prison. All members would have to verify and validate a transaction to make sure it was legitimate before taking place. "Everyone has a financial incentive to make sure the system maintains its integrity," said Shrem. The experience reminded him of how blockchain could not only be useful, but also necessary - not only in the financial services world, but in the prison world. "It avoids the guards having power over the value of the mackerel. Shrem's belief in the power of the bitcoin blockchain and the elimination of the middleman continues. He sees the digital currency as a "great equalizer" and believes that b itcoin will do to money what email did to the postal service. "It will allow everyone to be equal." Despite Shrem's optimism, the hype around Bitcoin seems to have died down from initial levels. Now, the investment and the excitement seems to be focused on the blockchain, the technology behind bitcoin. Digital currencies have also been challenged by recent security issues. In August, hackers stole $72 million worth of bitcoin from accounts at the Hong Kong cryptocurrency exchange Bitfinex. And in June, hackers stole $55 million worth of ether, a bitcoin rival. The nonprofit that runs ether, Ethereum Foundation, just rolled back the chain. It's as if the hack never took place, and business returned to normal. But that worries purists like Shrem. He continues to be a staunch believer in the integrity of the blockchain and denounces Ethererum's decision to roll back the chain, even though he said he is friends with the founder. "Once you change the ledger for one specific reason, then you've already set the precedent." "I used to be a bitcoin maximalist, thinking bitcoin is the one and only blockchain," he said to Wall & Broadcast. "Now I believe that alternate chains can and do exist." NOW WATCH: A Harvard business professor explains a legal form of 'insider trading' in America More From Business Insider Deloitte is launching a blockchain lab in Dublin The CEO of one of China's largest biggest bitcoin exchanges says regulation is inevitable Here's why the Chinese love bitcoin || A 26-year old Bitcoin entrepreneur was handed prison time, and the experience only confirmed his belief in the cryptocurrency: (Wikimedia)
The rise of 26-year old Charlie Shrem was swift. So was his fall.
The self-professed computer geek turned divisive digital currency entrepreneur won notoriety as the founder of BitInstant. The firm took off, attracting investors like theWinklevoss twins, and helping popularize bitcoin.
Then, his whole world came crashing down. He was charged with operating an unlicensed money transmitting business. He pled guilty, and was given prison time.
He had "knowingly transmitted money intended to facilitate criminal activity– specifically, drug trafficking on Silk Road," according to apress release by the United States Attorney's Office, Southern District of New York.
Shrem got of prison earlier this year, and his experience there hasn't deterred his faith in bitcoin and blockchain, the technology behind it. In fact, an incident with a prison guard andmackerels, the currency of choice in prison, only confirmed his belief in an alternative currency system.
Shrem opened up about his prison experience and his past onWall and Broadcast, apodcast hosted byTABB Group COO Alex Tabb, TABBForumproducerAnna StumpfandVested CEO Dan Simon.
Raised in a deeply religious orthodox Jewish household, Shrem describes himself as an "outcast" at Yeshiva high school. "I just loved computers," he said in the podcast. "I would hang out in the internet chat rooms and all of the places where all socially awkward people hang out."
Shrem first heard about the concept of Bitcoin from a friend in an internet forum he was a part of. "There was no website or anything," he said in the podcast. "Only a white paper," referring to the research paper released under the pseudonym Satoshi Nakimoto that unveiled the concept.
Bitcoin is a digital currency in which transactions occur peer-to-peer, meaning no government or third party is involved.Shrem was immediately interested and purchased a few thousand bitcoin - at the time worth very little.
(Flickr/Kosala Bandara)He caught the entrepreneurial bug early, foundingDaily Checkout, adaily dealwebsite that sold refurbished used goods, at 18. He also attended night school at Brooklyn College and got introduced to the Austrian School of Economics, an economic theory that promotes laissez-faire ideals and the elimination of government intervention.
In his mind, something clicked. "I realized that bitcoin was taking all of that Austrian economic theory and putting it into practice," he said in the podcast.
It was on Bitcointalk.org that he got the idea for a way to make the purchasing of bitcoin faster and more accessible to the every day consumer. He launchedBitInstant, which partnered with payment processors that had physical locations at CVS, Duane Reade, Walmart, Walgreens and 7-11, among others. The site allowed people to buy small amounts of bitcoin (with an average ticket size of $300-500) and charged customers a small fee for each transaction.
"Within a few months, we enabled people to be able to buy bitcoin at almost a million locations in the US," Shrem said in the podcast. "And overnight volume exploded."
The company achieved an average growth rate of 1.5x per month, according to Shrem, with advertising limited to word of mouth.At one point, the company was facilitating transactions worth a million dollars a day, he said.
The growth of BitInstant attracted investors like theWinklevoss twinsand angel investor Roger Vere. They moved into bigger offices, shrouded in secrecy. "We needed an army security guard, our own floor, and shaded windows," he said.
Soon the two man band become a 30 person office, and he admits in the podcast interview that he let the success get to his head.
( Entrepreneurs Tyler and Cameron Winklevoss arrive at the Met Gala in New York Thomson Reuters)"I started drinking too much," he said. "I invested in my friend's nightclub. In fact, I lived upstairs in the nightclub."
The fall of BitInstant was just as quick as its rise.
In March 2013, regulators enforced a ruling that outlined what type of companies were now considered money transmitters.
Suddenly, BitInstant was operating without a license. "We couldn't take the risk of operating illegally," Shrem said in the podcast, "so we shut down...It was heartbreaking."
Eight months later, Shrem travelled to Amsterdam to speak at a conference. It was when he returned toJFK airport that he was confronted by a dozen law enforcement officials, a joint task force of the FBI, IRS, DEA and other officials, he said in the podcast.
Shrem had knowinglyfacilitated transactions to a re-seller, Robert Faiella, whose customers were using the Silk Road, an underground bitcoin only marketplace where people buy and sell illegal drugs. The re-seller was also trying to deposit more money than the new money transmitter laws allowed for, and these transactions were done behind the scenes to get around reporting requirements.
On September 4 2014, Faiella and Shrem both pled guilty in connection with the sale of approximately $1 million in bitcoins for use on the Silk Road website.
“Robert Faiella and Charlie Shrem opted to travel down a crooked path – running an illegal money transmitting business that catered to criminals bent on trafficking narcotics on the dark web drug site, Silk Road," Prett Bharara,United States Attorney for the Southern District of New York, said in a statement at the time.
Shrem, who was also Chief Compliance Officer of BitInstant and thus in charge of compliance with federal anti-money laundering (AML) laws, was fully aware that Silk Road was a drug-trafficking website andthat he was operating a Bitcoin exchange service for Silk Road users.
Nevertheless, he "knowingly facilitated Faiella’s business with the company in order to maintain Faiella's business as a lucrative source of revenue, " according to the court report.
"Even though it was Shrem’s job to enforce the Company’s AML restrictions...[he] failed to file a single suspicious activity report with the US Treasury Department about Faiella's illicit activity...and deliberately helped Failla circumvent the Company’s AML restrictions."
Shrem knew what he was doing, he said in the podcast, and he admits his guilt.
Prison "was no country club, but it wasn't Rikers Island either," he explained in the podcast.
One out of every ten prisoners were white collar criminals - a state senator, a judge, and a few law enforcement officials were among his group. They were all nonviolent offenders so the fear wasn't as great as in maximum security persons.
That's not to say it was easy settling in.
"Everything here is word of mouth," he said in the podcast. "There is no Google, information is trickling in. I think the hardest part is learning to use my own resources to grow, and not the internet."
On the outside, he had this Bitcoin celebrity status, he said, and in the prison, nobody knew him nor did they care about him. "I needed to humble myself."
Of particular fascination to Shrem was the prison currency system, which involved bartering mackerels. According to anarticle in the Wall Street Journal, there hasbeen a mackerel economy in federal prisons since about 2004, when federal prisons prohibited smoking and, by default, the cigarette pack, which was the earlier gold standard. Prisoners need a proxy for thedollar because they're not allowed to possess cash.
Every inmate can only buy 14 mackerels per week, said Shrem, so there is a certain number in circulation in the prison. Also, not all mackerels are created equal. The fish expire after about 3 years, after which their value depreciates. Expired mackerels, referred to as "money macks," retain 75% of the value of the "eating macks," or non-expired fish, explained Shrem. There were currency exchanges between the two, and everything had two prices in the prison.
(Wikimedia Commons)
One day, a large number of mackerels were confiscated by prison guards and left out for any prisoner to take. Overnight, the guards essentially introduced hyperinflation, said Shrem, and flooded the market. They lost all of their value.
This got Shrem thinking. He started to think about the value of digitizing the prison economy and putting it on theblockchain.
If there was a shared, distributed ledger among say adozen inmates, everyone would have a real-time record of all transactions that occurred in the prison. All members would have to verify and validate a transaction to make sure it was legitimate before taking place.
"Everyone has a financial incentive to make sure the system maintains its integrity," said Shrem.
The experience reminded him of how blockchain could not only be useful, but also necessary - not only in the financial services world, but in the prison world. "Itavoids the guards having power over the value of the mackerel.
Shrem's belief in the power of the bitcoin blockchain and the elimination of the middleman continues. He sees the digital currency as a "great equalizer" and believes that bitcoin will do to money what email did to the postal service. "It will allow everyone to be equal."
Despite Shrem's optimism, the hype around Bitcoin seems to have died down from initial levels. Now, the investment and the excitementseems to be focused on theblockchain, the technology behind bitcoin.
Digital currencies have also been challenged by recent security issues.In August, hackers stole $72 million worth of bitcoin from accounts at the Hong Kong cryptocurrency exchange Bitfinex. And in June, hackers stole $55 million worth of ether, a bitcoin rival. The nonprofit that runs ether, Ethereum Foundation, just rolled back the chain. It's as if the hack never took place, and business returned to normal. But that worries purists like Shrem.
He continues to be a staunch believer in the integrity of the blockchain and denounces Ethererum's decision to roll back the chain, even though he said he is friends with the founder."Once you change the ledger for one specific reason, then you've already set the precedent."
"I used to be a bitcoin maximalist, thinking bitcoin is the one and only blockchain," he said to Wall & Broadcast. "Now I believe that alternate chains can and do exist."
NOW WATCH:A Harvard business professor explains a legal form of 'insider trading' in America
More From Business Insider
• Deloitte is launching a blockchain lab in Dublin
• The CEO of one of China's largest biggest bitcoin exchanges says regulation is inevitable
• Here's why the Chinese love bitcoin || Traders debate whether tech stocks will continue to fall: The " Fast Money " traders debated Friday whether its time to start buying opportunities in technology stocks. The Technology Select Sector SPDR Fund (NYSE Arca: XLK) fell more than 2 percent in the past week, as stocks that have made huge gains this year got pummeled. For example, Nvidia ( NVDA ) shares fell 6 percent this week, but are still up a stunning 168 percent so far in 2016. The stronger dollar and rotation into financials and materials aren't the only things plaguing the technology sector, trader Guy Adami said. He argued that in a rising interest rate environment, the "need to own stocks with dividend yields have gone down and a lot of these tech stocks have great yields." While the sector may continue to sell off for the next couple weeks, Adami said that there are interesting opportunities in the space. He said Cisco ( CSCO ) would be "extraordinarily interesting" if it falls to $27.50. Adami said he would also be interested in similar moves in Nvidia and Intel ( INTC ) . Trader Brian Kelly said investors should look at stocks with growth opportunity like Microsoft ( MSFT ) . He said that company also has a lot of cash overseas and could benefit if Donald Trump pushes for reform, allowing for repatriation of foreign earnings. Kelly said he is also interested in Google parent Alphabet ( GOOGL ) . Trader David Seaburg said that he likes Facebook ( FB ) because "it's trading at the cheapest [price-to-earnings ratio] it has since its IPO, 20 times next year's earnings." He said that "it's a stock that should be bought here." Trader Steve Grasso said that "Amazon ( AMZN ) is where you want to be because Amazon is going to have the growth." Disclosures: STEVE GRASSO Steve Grasso is long: BA, CC, CHK, EEM, EVGN, GDX, KBH, MJNA, MON, MU, OLN, PFE, PHM, SPY, SQ, T, TWTR. Grasso's children own: EFA, EFG, EWJ, IJR, SPY. No shorts. Grasso's firm is long: VIRT, WDR, FCX, ICE, KDUS, MAT, MJNA, NE, OLN, RIG, TAXI, TITXF, WDR, ZNGA, CUBA, HSPO, ICE, MJNA, TITXF. DAVID SEABURG Opinions expressed by David Seaburg are solely his own and do not reflect the views and opinions of Cowen Group, Inc. David Seaburg and Cowen have a financial interest in EDIT. Diamond Offshore: an employee of Cowen and Company, LLC serves on the Board of Directors of Diamond Offshore. EXPE, VA Not Approved. BRIAN KELLY Brian Kelly is long Bitcoin, U.S. West Texas Intermediate crude futures, CLR, silver futures, GDX, SLV. GUY ADAMI Guy Adami is long CELG, EXAS, GDX, INTC. Adami's wife, Linda Snow, works at Merck. More From CNBC Your first trade for Friday, February 24 Chip wreck ahead? The downgrade that wrecked chips View comments || Traders debate whether tech stocks will continue to fall: The "Fast Money" traders debated Friday whether its time to start buying opportunities in technology stocks.
The Technology Select Sector SPDR Fund(NYSE Arca: XLK)fell more than 2 percent in the past week, as stocks that have made huge gains this year got pummeled. For example, Nvidia(NVDA)shares fell 6 percent this week, but are still up a stunning 168 percent so far in 2016.
The stronger dollar and rotation into financials and materials aren't the only things plaguing the technology sector, trader Guy Adami said. He argued that in a rising interest rate environment, the "need to own stocks with dividend yields have gone down and a lot of these tech stocks have great yields."
While the sector may continue to sell off for the next couple weeks, Adami said that there are interesting opportunities in the space. He said Cisco(CSCO)would be "extraordinarily interesting" if it falls to $27.50. Adami said he would also be interested in similar moves in Nvidia and Intel(INTC).
Trader Brian Kelly said investors should look at stocks with growth opportunity like Microsoft(MSFT). He said that company also has a lot of cash overseas and could benefit if Donald Trump pushes for reform, allowing for repatriation of foreign earnings. Kelly said he is also interested in Google parent Alphabet(GOOGL).
Trader David Seaburg said that he likes Facebook(FB)because "it's trading at the cheapest [price-to-earnings ratio] it has since its IPO, 20 times next year's earnings." He said that "it's a stock that should be bought here."
Trader Steve Grasso said that "Amazon(AMZN)is where you want to be because Amazon is going to have the growth."
Disclosures:
STEVE GRASSO
Steve Grasso is long: BA, CC, CHK, EEM, EVGN, GDX, KBH, MJNA, MON, MU, OLN, PFE, PHM, SPY, SQ, T, TWTR. Grasso's children own: EFA, EFG, EWJ, IJR, SPY. No shorts.Grasso's firm is long: VIRT, WDR, FCX, ICE, KDUS, MAT, MJNA, NE, OLN, RIG, TAXI, TITXF, WDR, ZNGA, CUBA, HSPO, ICE, MJNA, TITXF.
DAVID SEABURG
Opinions expressed by David Seaburg are solely his own and do not reflect the views and opinions of Cowen Group, Inc. David Seaburg and Cowen have a financial interest in EDIT. Diamond Offshore: an employee of Cowen and Company, LLC serves on the Board of Directors of Diamond Offshore. EXPE, VA – Not Approved.
BRIAN KELLY
Brian Kelly is long Bitcoin, U.S. West Texas Intermediate crude futures, CLR, silver futures, GDX, SLV.
GUY ADAMI
Guy Adami is long CELG, EXAS, GDX, INTC. Adami's wife, Linda Snow, works at Merck.
More From CNBC
• Your first trade for Friday, February 24
• Chip wreck ahead?
• The downgrade that wrecked chips
[Social Media Buzz]
Current price of Bitcoin is $770.00. || Current price of Bitcoin is $772.00. || 1 #BTC (#Bitcoin) quotes:
$770.40/$771.39 #Bitstamp
$759.96/$761.00 #BTCe
⇢$-11.43/$-9.40
$767.87/$775.69 #Coinbase
⇢$-3.52/$5.29 || One Bitcoin now worth $767.00@bitstamp. High $770.00. Low $759.95. Market Cap $12.295 Billion #bitcoin || Bitstamp: $763.00
Bitfinex: $764.95
Coinbase: $
Get a #Bitcion loan today https://goo.gl/smQBq1
#btc #FreeBitcoin || 1 KOBO = 0.00000173 BTC
= 0.0013 USD
= 0.4095 NGN
= 0.017...
|
772.79, 774.65, 769.73, 780.09, 780.56, 781.48, 778.09, 784.91, 790.83, 790.53
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 10750.72, 10775.27, 10709.65, 10844.64, 10784.49, 10619.45, 10575.97, 10549.33, 10669.58, 10793.34, 10604.41, 10668.97, 10915.69, 11064.46, 11296.36, 11384.18, 11555.36, 11425.90, 11429.51, 11495.35, 11322.12, 11358.10, 11483.36, 11742.04, 11916.33, 12823.69, 12965.89, 12931.54, 13108.06, 13031.17, 13075.25, 13654.22, 13271.29, 13437.88, 13546.52, 13781.00, 13737.11, 13550.49, 13950.30, 14133.71, 15579.85, 15565.88, 14833.75, 15479.57, 15332.32, 15290.90, 15701.34, 16276.34, 16317.81, 16068.14, 15955.59, 16716.11, 17645.41, 17804.01, 17817.09, 18621.31, 18642.23, 18370.00, 18364.12, 19107.46, 18732.12, 17150.62, 17108.40, 17717.41, 18177.48, 19625.84, 18803.00, 19201.09, 19445.40, 18699.77, 19154.23, 19345.12, 19191.63, 18321.14, 18553.92, 18264.99, 18058.90, 18803.66, 19142.38, 19246.64, 19417.08, 21310.60, 22805.16, 23137.96, 23869.83, 23477.29, 22803.08, 23783.03, 23241.35, 23735.95.
|
[Bitcoin Technical Analysis for 2020-12-24]
Volume: 41080759713, RSI (14-day): 69.95, 50-day EMA: 18911.07, 200-day EMA: 13903.44
[Wider Market Context]
Gold Price: 1879.90, Gold RSI: 55.62
Oil Price: 48.23, Oil RSI: 64.42
[Recent News (last 7 days)]
Cryptocurrencies Outlook 2021: The Best Performing Asset Class Is Primed for More: In a year when so many things did not go according to plan, at least one thing did. Source: Shutterstock And it made folks a lot of money. When it comes to cryptocurrencies, 2020 actually stuck to the script. InvestorPlace - Stock Market News, Stock Advice & Trading Tips Bitcoin went through its third halvening as expected on May 11, and it has come to life in a big way — more than doubling here in the fourth quarter alone. Along the way, bitcoin has again been the world’s best performing asset, just as it was in 2019. We’re now seeing the snowball effect. As the top performer this year and last, bitcoin and cryptocurrencies are fast becoming difficult if not impossible for big institutions to ignore. That’s huge, as it indicates more big moves and big profits in 2021 … In just the last month, cryptocurrencies reached several more milestones. Bitcoin — the first, largest, and most important crypto — rallied through $20,000 and surpassed its previous record high from three years ago. It kept going all the way to $24,000. Bitcoin’s breakout is one of the year’s most impressive. And that’s saying something in a year of iconic breakouts. The U.S. stock market exploded from its fastest bear market ever to a new all-time high in a matter of months. And the tech-heavy Nasdaq surged over 40% and broke out to a new historic high amid a global pandemic. That makes bitcoin’s breakout even more noteworthy. I’m not the only one taking notice. Look at the interest in bitcoin as a search term as measured by Google Trends below. You can see that more people around the world are searching “bitcoin” now that any point in the last 12 months. Search for the term skyrocketed last week as the crypto hit a new high. And here’s the really exciting part. It isn’t just the masses looking for more information about bitcoin … Big money continues to move into the sector. JPMorgan believes another $600 billion could flow into bitcoin. Considering the asset is worth $425 billion today, that would be a huge catalyst and increase the odds that bitcoin runs to $100,000 and higher. Story continues That’s not some crazy pie-in-the-sky prediction either. The world-renowned research firm arrived at that number by assuming that large pension funds and insurance companies would invest only 1% of their assets into bitcoin. That’s very reasonable, and it could end up being conservative. JPMorgan also noted bitcoin’s huge growth already. It said: Alternative “currencies” such as Gold and Bitcoin have been the main beneficiaries of the pandemic in relative terms growing their assets (for investment purposes) by 27% and 227%, respectively. Even with that growth, bitcoin is just scratching its upside potential. JPMorgan noted that $13.1 trillion went into bonds, $11 trillion into equities … and only $0.3 trillion into bitcoin. That small amount pushed the cryptocurrency up more than 200% this year to once again be the world’s best performing asset. As the big institutions take notice, the price is positioned to continue higher in 2021. I borrowed the chart below from financial blog Zerohedge. It really shows how even a small percentage of money moving from gold, cash, and financial assets into bitcoin will be enough to push the crypto above $100,000. And lest you think I’m overly bullish, JPMorgan said that if bitcoin keeps going like it has been and investors continue to flock in, it could hit … hold your breath … $650,000! I don’t know about that, but I don’t think it’s impossible, either. Still, as exciting as bitcoin is, longtime readers know that I see even more potential in altcoins – which are any cryptocurrency besides bitcoin. In my Ultimate Crypto service, I’ve started saying that we’re about to enter “Altseason.” If you’re a regular MoneyWire reader, you know how bitcoin shot higher after its first two halvenings — 2,135% in 2012 and then 3,122% in 18 months beginning in 2016. But investing in specific altcoins would have made significantly more money. I’ve told you before about Spectrecoin, which climbed 64,600% in 10 months. That’s 20 times the gains bitcoin saw. Or Verge, which shot up 1,362,400%! The blockchain technology that bitcoin and altcoins are built on is just beginning to transform many industries. Blockchain is the software of the Roaring 2020s, and when you invest in altcoins, you are investing in some of the most valuable and revolutionary technologies yet created. The Hottest Crypto Industry If you’re not familiar with the term “DeFi,” you soon will be. It is one of the hottest areas in the entire cryptocurrency industry right now, and I believe it is the future. DeFi stands for decentralized finance , which refers to a world of financial instruments created on a decentralized network outside of governments or large corporations. It is a global movement toward an open financial system. I’m talking savings, loans, insurance, trading, betting, and more — all accessible in one place to anyone with an internet connection. The government can never touch it. And there’s no need for an intermediary like a lawyer or banker, which saves a ton of money. I think of DeFi as a high-tech vending machine. With just a single click of your finger, you’ll be able to take out a loan or mortgage … buy a new insurance policy … make money loaning out your money … invest in stocks, bonds, or any other asset class … and deposit your cash into a safe savings account. You’ll do all of this in one place — right from your phone or computer — without dealing with middlemen and their unnecessary fees. The coming transformation will be massive, and I see equally massive potential in select DeFi coins . As we head into 2021, I think we’re right at the beginning of the next altcoin surge. Now is a great time to buy before the next big uptrend. On the date of publication, Matthew McCall did not have (either directly or indirectly) any positions in the securities mentioned in this article. Matthew McCall left Wall Street to actually help investors — by getting them into the world’s biggest, most revolutionary trends BEFORE anyone else. Click here to see what Matt has up his sleeve now . More From InvestorPlace Why Everyone Is Investing in 5G All WRONG Top Stock Picker Reveals His Next 1,000% Winner Radical New Battery Could Dismantle Oil Markets The post Cryptocurrencies Outlook 2021: The Best Performing Asset Class Is Primed for More appeared first on InvestorPlace . || Cryptocurrencies Outlook 2021: The Best Performing Asset Class Is Primed for More: In a year when so many things did not go according to plan, at least one thing did.
Source: Shutterstock
And it made folks a lot of money.
When it comes to cryptocurrencies, 2020 actually stuck to the script.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Bitcoin went through its third halvening as expected on May 11, and it has come to life in a big way — more than doubling here in the fourth quarter alone. Along the way, bitcoin has again been the world’s best performing asset, just as it was in 2019.
We’re now seeing the snowball effect.
As the top performer this year and last, bitcoin and cryptocurrencies are fast becoming difficult if not impossible for big institutions to ignore.
That’s huge, as it indicates more big moves and big profits in 2021 …
In just the last month, cryptocurrencies reached several more milestones.
Bitcoin — the first, largest, and most important crypto — rallied through $20,000 and surpassed its previous record high from three years ago. It kept going all the way to $24,000.
Bitcoin’s breakout is one of the year’s most impressive. And that’s saying something in a year of iconic breakouts. The U.S. stock market exploded from its fastest bear market ever to a new all-time high in a matter of months. And the tech-heavy Nasdaq surged over 40% and broke out to a new historic high amid a global pandemic. That makes bitcoin’s breakout even more noteworthy.
I’m not the only one taking notice. Look at the interest in bitcoin as a search term as measured by Google Trends below. You can see that more people around the world are searching “bitcoin” now that any point in the last 12 months. Search for the term skyrocketed last week as the crypto hit a new high.
And here’s thereallyexciting part. It isn’t just the masses looking for more information about bitcoin …
Big money continues to move into the sector.
JPMorgan believes another $600 billion could flow into bitcoin. Considering the asset is worth $425 billion today, that would be a huge catalyst and increase the odds that bitcoin runs to $100,000 and higher.
That’s not some crazy pie-in-the-sky prediction either. The world-renowned research firm arrived at that number by assuming that large pension funds and insurance companies would invest only 1% of their assets into bitcoin. That’s very reasonable, and it could end up being conservative.
JPMorgan also noted bitcoin’s huge growth already. It said:
Alternative “currencies” such as Gold and Bitcoin have been the main beneficiaries of the pandemic in relative terms growing their assets (for investment purposes) by 27% and 227%, respectively.
Even with that growth, bitcoin is just scratching its upside potential. JPMorgan noted that $13.1 trillion went into bonds, $11 trillion into equities … and only $0.3 trillion into bitcoin.
That small amount pushed the cryptocurrency up more than 200% this year to once again be the world’s best performing asset. As the big institutions take notice, the price is positioned to continue higher in 2021.
I borrowed the chart below from financial blog Zerohedge. It really shows how even a small percentage of money moving from gold, cash, and financial assets into bitcoin will be enough to push the crypto above $100,000.
And lest you think I’m overly bullish, JPMorgan said that if bitcoin keeps going like it has been and investors continue to flock in, it could hit … hold your breath … $650,000!
I don’t know about that, but I don’t think it’s impossible, either.
Still, as exciting as bitcoin is, longtime readers know that I see even more potential in altcoins – which are any cryptocurrency besides bitcoin. In myUltimate Cryptoservice, I’ve started saying thatwe’re about to enter “Altseason.”
If you’re a regularMoneyWirereader, you know how bitcoin shot higher after its first two halvenings — 2,135% in 2012 and then 3,122% in 18 months beginning in 2016.
But investing in specific altcoins would have made significantly more money. I’ve told you before about Spectrecoin, which climbed 64,600% in 10 months. That’s 20 times the gains bitcoin saw.
Or Verge, which shot up 1,362,400%!
The blockchain technology that bitcoin and altcoins are built on is just beginning to transform many industries. Blockchain is the software of the Roaring 2020s, and when you invest in altcoins, you are investing in some of the most valuable and revolutionary technologies yet created.
If you’re not familiar with the term “DeFi,” you soon will be. It is one of the hottest areas in the entire cryptocurrency industry right now, and I believe it is the future.
DeFi stands fordecentralized finance, which refers to a world of financial instruments created on a decentralized network outside of governments or large corporations.
It is a global movement toward an open financial system. I’m talking savings, loans, insurance, trading, betting, and more — all accessible in one place to anyone with an internet connection.
The government can never touch it. And there’s no need for an intermediary like a lawyer or banker, which saves a ton of money.
I think of DeFi as a high-tech vending machine. With just a single click of your finger, you’ll be able to take out a loan or mortgage … buy a new insurance policy … make money loaning out your money … invest in stocks, bonds, or any other asset class … and deposit your cash into a safe savings account.
You’ll do all of this in one place — right from your phone or computer — without dealing with middlemen and their unnecessary fees.
The coming transformation will be massive, andI see equally massive potential in select DeFi coins.
As we head into 2021, I think we’re right at the beginning of the next altcoin surge. Now is a great time to buy before the next big uptrend.
On the date of publication, Matthew McCall did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Matthew McCall left Wall Street to actually help investors — by getting them into the world’s biggest, most revolutionary trends BEFORE anyone else.Click here to see what Matt has up his sleeve now.
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The postCryptocurrencies Outlook 2021: The Best Performing Asset Class Is Primed for Moreappeared first onInvestorPlace. || Market Wrap: Bitcoin Rangebound as XRP Plummets After SEC Lawsuit: Bitcoin’s price continues to trade below $24,000 as legal action against Ripple Labs rattled the XRP market. Bitcoin is the only asset in the CoinDesk20 with a positive 24-hour return as of 4 p.m. ET.
• Bitcoin(BTC) trading around $23,500 as of 21:00 UTC (4 p.m. ET) gaining less than 1% over the previous 24 hours.
• Bitcoin’s 24-hour range: $22,822.26 to $24,086.95.
• XRP’s sell-off continues with the token’s price dropping another 40% to $0.27 Wednesday.
The price of bitcoin has been bouncing between $22,000 and $24,000 since Friday.
Despite its monster rally through the fourth quarter of 2020, bitcoin’s volatility has stayed low. There was a slight increase in December as bitcoin continued setting new record highs, but 180-day volatility has been sitting at its lowest levels since February 2017, per data from Coin Metrics.
Related:XRP Liquidations Soar as SEC Lawsuit, Token Airdrop Whipsaw Markets
Where the price heads next is anyone’s guess. But on Twitter, Ki Young Ju, CEO of cryptocurrency data provider CryptoQuant,sharedhis bullishness, saying, “BTC will break $25,000 without retesting $21,000.”
Part of the reason for Ju’s prediction are the large outflows from Coinbase, which could be viewed as transfers to Coinbase cold storage following new over-the-counter deals for institutional clients.
Sharing Ju’s market outlook, Zoran Scekic, managing partner at cryptocurrency trading firm Zorax Capital, also took to Twitter, calling bitcoin’s market conditions a “consolidation or up” trend. Regardless of what it’s called, bitcoin’s current trend has resulted in over 200% year-to-date returns, with a roughly 20% gain so far in December.
Along the way, bitcoin’s correlation to traditional markets has continued to weaken, per data from Coin Metrics, with the 90-day correlation between bitcoin and the S&P 500 stock index at its lowest level since just before the market crash in March 2020.
Related:Coinbase, Other Big Exchanges 'Between Rock and a Hard Place' on Delisting XRP
Following news of the SEC lawsuit against Ripple,XRPinvestors are facing a very un-merry Christmas weekend. The fifth-largest cryptocurrency by market capitalization crashed more than 40% Wednesday as of 21:00 UTC (4 p.m. ET), trading hands around $0.27.
Ripple CEO Brad Garlinghouse warned Monday the U.S. Securities and Exchange Commission’s (SEC) planned to file a lawsuit, per prior CoinDeskreporting. Sure enough, on Tuesday afternoon the SECfiled a suitthat claimed Ripple Labs violated federal securities laws in selling the XRP cryptocurrency to retail consumers.
Some organizations are taking a wait-and-see approach to this news, such as Ripple partner MoneyGram, whichsaidit has yet to see any “negative impact” on its business arrangements with Ripple following the SEC lawsuit.
But some investors aren’t being as patient. Cryptocurrency money manager Bitwiseliquidatedits XRP, worth $9.3 million, following news of the SEC’s lawsuit. “The Fund liquidated its position and reinvested the proceeds in other portfolio assets,” Bitwise wrote to clients.
Digital assets on theCoinDesk 20are down Wednesday. Bitcoin is the index’s only asset with a positive 24-hour return as of 21:00 UTC (4:00 p.m. ET), reporting a gain of 0.4%.
Notable losers:
• xrp (XRP), down 40%
• stellar(XLM), down 16%
• omg network(omg), down 13%
Equities:
• Asia’s Nikkei 225 is in the green, up 0.33%.
• The FTSE 100 in Europe is up 0.7% from its Wednesday open.
• The S&P 500 in the United States closed flat, with a modest 0.2% gain Wednesday after giving back some of its gains from early afternoon trading hours.
Commodities:
• Oil was up over 2%. Price per barrel of West Texas Intermediate crude: $48.12.
• Gold was in the green 0.26% above $1,875 as of press time.
Treasurys
• The 10-year U.S. Treasury bond yield climbed Wednesday with a nearly 0.04% daily gain.
• Market Wrap: Bitcoin Rangebound as XRP Plummets After SEC Lawsuit
• Market Wrap: Bitcoin Rangebound as XRP Plummets After SEC Lawsuit || Market Wrap: Bitcoin Rangebound as XRP Plummets After SEC Lawsuit: Bitcoin’s price continues to trade below $24,000 as legal action against Ripple Labs rattled the XRP market. Bitcoin is the only asset in the CoinDesk20 with a positive 24-hour return as of 4 p.m. ET.
• Bitcoin(BTC) trading around $23,500 as of 21:00 UTC (4 p.m. ET) gaining less than 1% over the previous 24 hours.
• Bitcoin’s 24-hour range: $22,822.26 to $24,086.95.
• XRP’s sell-off continues with the token’s price dropping another 40% to $0.27 Wednesday.
The price of bitcoin has been bouncing between $22,000 and $24,000 since Friday.
Despite its monster rally through the fourth quarter of 2020, bitcoin’s volatility has stayed low. There was a slight increase in December as bitcoin continued setting new record highs, but 180-day volatility has been sitting at its lowest levels since February 2017, per data from Coin Metrics.
Related:XRP Liquidations Soar as SEC Lawsuit, Token Airdrop Whipsaw Markets
Where the price heads next is anyone’s guess. But on Twitter, Ki Young Ju, CEO of cryptocurrency data provider CryptoQuant,sharedhis bullishness, saying, “BTC will break $25,000 without retesting $21,000.”
Part of the reason for Ju’s prediction are the large outflows from Coinbase, which could be viewed as transfers to Coinbase cold storage following new over-the-counter deals for institutional clients.
Sharing Ju’s market outlook, Zoran Scekic, managing partner at cryptocurrency trading firm Zorax Capital, also took to Twitter, calling bitcoin’s market conditions a “consolidation or up” trend. Regardless of what it’s called, bitcoin’s current trend has resulted in over 200% year-to-date returns, with a roughly 20% gain so far in December.
Along the way, bitcoin’s correlation to traditional markets has continued to weaken, per data from Coin Metrics, with the 90-day correlation between bitcoin and the S&P 500 stock index at its lowest level since just before the market crash in March 2020.
Related:Coinbase, Other Big Exchanges 'Between Rock and a Hard Place' on Delisting XRP
Following news of the SEC lawsuit against Ripple,XRPinvestors are facing a very un-merry Christmas weekend. The fifth-largest cryptocurrency by market capitalization crashed more than 40% Wednesday as of 21:00 UTC (4 p.m. ET), trading hands around $0.27.
Ripple CEO Brad Garlinghouse warned Monday the U.S. Securities and Exchange Commission’s (SEC) planned to file a lawsuit, per prior CoinDeskreporting. Sure enough, on Tuesday afternoon the SECfiled a suitthat claimed Ripple Labs violated federal securities laws in selling the XRP cryptocurrency to retail consumers.
Some organizations are taking a wait-and-see approach to this news, such as Ripple partner MoneyGram, whichsaidit has yet to see any “negative impact” on its business arrangements with Ripple following the SEC lawsuit.
But some investors aren’t being as patient. Cryptocurrency money manager Bitwiseliquidatedits XRP, worth $9.3 million, following news of the SEC’s lawsuit. “The Fund liquidated its position and reinvested the proceeds in other portfolio assets,” Bitwise wrote to clients.
Digital assets on theCoinDesk 20are down Wednesday. Bitcoin is the index’s only asset with a positive 24-hour return as of 21:00 UTC (4:00 p.m. ET), reporting a gain of 0.4%.
Notable losers:
• xrp (XRP), down 40%
• stellar(XLM), down 16%
• omg network(omg), down 13%
Equities:
• Asia’s Nikkei 225 is in the green, up 0.33%.
• The FTSE 100 in Europe is up 0.7% from its Wednesday open.
• The S&P 500 in the United States closed flat, with a modest 0.2% gain Wednesday after giving back some of its gains from early afternoon trading hours.
Commodities:
• Oil was up over 2%. Price per barrel of West Texas Intermediate crude: $48.12.
• Gold was in the green 0.26% above $1,875 as of press time.
Treasurys
• The 10-year U.S. Treasury bond yield climbed Wednesday with a nearly 0.04% daily gain.
• Market Wrap: Bitcoin Rangebound as XRP Plummets After SEC Lawsuit
• Market Wrap: Bitcoin Rangebound as XRP Plummets After SEC Lawsuit || Market Wrap: Bitcoin Rangebound as XRP Plummets After SEC Lawsuit: Bitcoin’s price continues to trade below $24,000 as legal action against Ripple Labs rattled the XRP market. Bitcoin is the only asset in the CoinDesk20 with a positive 24-hour return as of 4 p.m. ET. Bitcoin (BTC) trading around $23,500 as of 21:00 UTC (4 p.m. ET) gaining less than 1% over the previous 24 hours. Bitcoin’s 24-hour range: $22,822.26 to $24,086.95. XRP’s sell-off continues with the token’s price dropping another 40% to $0.27 Wednesday. The price of bitcoin has been bouncing between $22,000 and $24,000 since Friday. Despite its monster rally through the fourth quarter of 2020, bitcoin’s volatility has stayed low. There was a slight increase in December as bitcoin continued setting new record highs, but 180-day volatility has been sitting at its lowest levels since February 2017, per data from Coin Metrics. Related: XRP Liquidations Soar as SEC Lawsuit, Token Airdrop Whipsaw Markets Where the price heads next is anyone’s guess. But on Twitter, Ki Young Ju, CEO of cryptocurrency data provider CryptoQuant, shared his bullishness, saying, “BTC will break $25,000 without retesting $21,000.” Part of the reason for Ju’s prediction are the large outflows from Coinbase, which could be viewed as transfers to Coinbase cold storage following new over-the-counter deals for institutional clients. Sharing Ju’s market outlook, Zoran Scekic, managing partner at cryptocurrency trading firm Zorax Capital, also took to Twitter, calling bitcoin’s market conditions a “consolidation or up” trend. Regardless of what it’s called, bitcoin’s current trend has resulted in over 200% year-to-date returns, with a roughly 20% gain so far in December. Along the way, bitcoin’s correlation to traditional markets has continued to weaken, per data from Coin Metrics, with the 90-day correlation between bitcoin and the S&P 500 stock index at its lowest level since just before the market crash in March 2020. Story continues Ripple Related: Coinbase, Other Big Exchanges 'Between Rock and a Hard Place' on Delisting XRP Following news of the SEC lawsuit against Ripple, XRP investors are facing a very un-merry Christmas weekend. The fifth-largest cryptocurrency by market capitalization crashed more than 40% Wednesday as of 21:00 UTC (4 p.m. ET), trading hands around $0.27. Ripple CEO Brad Garlinghouse warned Monday the U.S. Securities and Exchange Commission’s (SEC) planned to file a lawsuit, per prior CoinDesk reporting . Sure enough, on Tuesday afternoon the SEC filed a suit that claimed Ripple Labs violated federal securities laws in selling the XRP cryptocurrency to retail consumers. Some organizations are taking a wait-and-see approach to this news, such as Ripple partner MoneyGram, which said it has yet to see any “negative impact” on its business arrangements with Ripple following the SEC lawsuit. But some investors aren’t being as patient. Cryptocurrency money manager Bitwise liquidated its XRP, worth $9.3 million, following news of the SEC’s lawsuit. “The Fund liquidated its position and reinvested the proceeds in other portfolio assets,” Bitwise wrote to clients. Other markets Digital assets on the CoinDesk 20 are down Wednesday. Bitcoin is the index’s only asset with a positive 24-hour return as of 21:00 UTC (4:00 p.m. ET), reporting a gain of 0.4%. Notable losers: xrp (XRP), down 40% stellar (XLM), down 16% omg network (omg), down 13% Equities: Asia’s Nikkei 225 is in the green, up 0.33%. The FTSE 100 in Europe is up 0.7% from its Wednesday open. The S&P 500 in the United States closed flat, with a modest 0.2% gain Wednesday after giving back some of its gains from early afternoon trading hours. Commodities: Oil was up over 2%. Price per barrel of West Texas Intermediate crude: $48.12. Gold was in the green 0.26% above $1,875 as of press time. Treasurys The 10-year U.S. Treasury bond yield climbed Wednesday with a nearly 0.04% daily gain. Related Stories Market Wrap: Bitcoin Rangebound as XRP Plummets After SEC Lawsuit Market Wrap: Bitcoin Rangebound as XRP Plummets After SEC Lawsuit || FinCEN’s Proposed Crypto Wallet Rule Might Hit DeFi: A proposal by the U.S. Financial Crimes Enforcement Network (FinCEN) that would require crypto exchanges to collect personal information, including names and home addresses, from individuals seeking to transfer cryptocurrencies into their own wallets is poorly defined and could have widespread repercussions, say a number of regulatory experts.
The proposed rule,unveiled last Friday, would require crypto exchanges to collect this personal information from customers who transfer an aggregate of $3,000 per day to “unhosted” wallets (which are also referred to by FinCEN as self-hosted or self-custodied wallets; crypto users may know them as private wallets or, simply, wallets). Transfers of over $10,000 per day would require the exchange to file a Currency Transaction Report (CTR) to FinCEN, reporting these transactions and the individuals making them to the federal government.
The proposed rulemaking, which was published in the Federal Register on Dec. 23, has quickly drawn widespread industry backlash, with complaints ranging from the document’s poorly defined terms to the rushed process itself. Comments are due by Jan. 4, cutting what would normally be a months-long public comment period to just two weeks.
Related:Presidential Advisory Group Weighs In on Regulatory Approach to Stablecoins
The controversial rule is said to be a personal project of Treasury Secretary Steven Mnuchin, said Jeremy Allaire, CEO ofUSDCstablecoin co-issuer Circle. It originally was thought to be far more stringent than the final version published last week.
Further, it appears the rule is being jammed through the rulemaking process to ensure it is implemented before President-elect Joe Biden takes office next month, said Nick Neuman, CEO ofbitcoinself-storage firm Casa.
The shortened comment period reduces how much time exchanges have to determine whether they need to change their internal processes to remain in compliance, said Amy Davine Kim, chief policy officer of the Chamber of Digital Commerce advocacy group. How exchanges would comply also remains an open question, she said.
“It could also cause these regulated financial institutions to pause transactions involving self-hosted wallets given the extremely short timeframe in which to consider the implications of this rule, while they implement the tools, processes and procedures to implement the requirements,” Kim said.
Related:'There Is No Emergency Here': Coinbase Asks FinCEN to Extend Comment Period on Wallet Regs
Several key details of the proposed rulemaking have been poorly defined, multiple individuals told CoinDesk.
Perhaps the most glaring omission: “unhosted wallets,” FinCEN’s favored term for storing one’s own crypto, isn’t actually defined in the proposed rule, both Kim and Seward & Kissel Associate Andrew Jacobson said.
“Notably, the preface of the NPRM [Notice of Proposed Rulemaking] explicitly discusses ‘unhosted wallets’ as prompting the need for the proposed rule. However, the actual language of the proposed rule does not mention unhosted wallets or define it, making the rule discordant in its explanatory language versus the actual language of the rule,” Kim said.
Jacobson agreed, telling CoinDesk that while there are “pages and pages of explanation and justification” explaining the regulation and discussing unhosted wallets, the proposed regulation doesn’t actually specify what unhosted wallets are. A review of the document by CoinDesk confirms this.
Read more:US Floats Long-Dreaded Plan to Make Crypto Exchanges Identify Personal Wallets
The actual reporting requirements are also unclear, Allaire said. While names and addresses must be recorded and submitted, the proposed rulemaking doesn’t specify if IP or blockchain addresses are also required.
Nor does the proposed rulemaking say if financial institutions must collect this information from counterparties, or if the customers can just submit this information, Kim said.
“Finally, how would the rule treat the CTR aggregation requirements for customers that use multiple wallets? The CTR requirement attaches to the customer, not the wallet,” she said.
The rule itself is unlikely to impact end users, said Neuman. While there were initially rumors that Treasury’s proposed rulemaking would be far more stringent – potentially going so far as to ban unhosted wallets outright – this would have been far more difficult to implement.
“What isn’t clear is how the regulated service providers like exchanges will be actually implementing this,” he said. “There’s going to be compliance necessary if the rule passes among exchanges, brokers, other custodians, they’re going to have to implement this in one way or another and how they implement this will be important to what the user experience is like.”
Exchanges might need to whitelist individual wallet addresses to ensure funds aren’t sent to a wallet without the required personal information, he said.
One area that does seem likely to be impacted is decentralized finance (DeFi). Multiple people told CoinDesk the proposed rule’s biggest – and most unclear – impact would be on DeFi projects.
For one thing, many DeFi projects rely on smart contracts to store or escrow funds. Users engage with, say, Compound by connecting their MetaMask wallet to the lending platform. Subsequent transactions are reflected in the wallet itself, and unique to the user’s holdings.
Plus, these smart contract-powered platforms don’t have physical addresses, nor are they necessarily operating under the auspices of an actual company. In short, Uniswap would persist if Uniswap’s founders were arrested.
It is unclear how such DeFi platforms would be treated under FinCEN’s proposed rule.
“Since smart contracts do not have a name or physical address, they may be unable to interact with the U.S. financial system,” Kim said.
Read more:Coinbase CEO: Trump Administration May ‘Rush Out’ Burdensome Crypto Wallet Rules
Also, smart contracts don’t necessarily have counterparties, Allaire said. If a business is trying to send a large payment independently using crypto, it would need the counterparties’ names and addresses.Institutional investorsproviding liquidity to a DeFi platform would presumably not be covered by such rules.
This could throw an entire segment of the blockchain industry into a legal gray area, the Digital Chamber’s Kim said.
“Treasury should not impose a rule that could have a deleterious impact on this promising area of development without understanding the benefits to innovation,” she said.
“What if you want to send to the Compound protocol? There is no name and address, it’s a market,” Allaire said. “It could create a situation where the only way to use DeFi protocols is to be outside the U.S.”
This could even affect the Eth 2.0 staking contract, he said. To stake on the next iteration of the Ethereum blockchain, users must send 32 ETH to the smart contract, or about $20,000 – well over FinCEN’s limits.
“The vagueness of the rule also calls into question whether funds that were used in DeFi would or could be accepted if a user attempted to move those funds to a ‘hosted’ wallet,” Kim said.
Allaire noted the FinCEN rule raises new questions about privacy and how government regulators are approaching privacy concerns for digital cash. If exchanges are required to submit blockchain addresses, physical addresses and names to the agency, the federal government might be able to essentially track an individual’s digital activity.
This differs from how physical cash is treated, he said.
“When you walk out of a bank, they can report you did that but they can’t track you,” he said. “There’s a massive amount of personally identifiable information that’s about to start getting blasted around the world.”
Moreover, the rule could prove counterproductive to FinCEN’s actual mission of tracking malicious actors, Jacobson said. While the new reporting requirements might drive bad actors away from U.S. exchanges, it’s likely they’d just set up shop at an offshore platform.
“In some ways that isn’t a bad thing but could hurt FinCEN’s regulatory objectives because they won’t collect [that data],” he noted.
Read more:Self-Hosted Bitcoin Wallets Become Front Line in Fight Over Crypto Regulations
The number of issues raised by the proposed rulemaking should mean the comment period should be extended and that the Treasury Department engages with industry participants, Allaire said.
Kim noted theCustomer Due Diligence Rulefor banks took more than four years to implement, and saw an advanced notice of proposed rulemaking as well as extended conversations with the industry.
Advocacy groups andcompanies such as Coinbasehave already begun preparing comment letters responding to FinCEN’s proposed rule.
Coin Center evenset up a module tostreamline the process for the general public to weigh in.
“If we don’t take the right approach the U.S. could end up significantly hamstrung versus other areas of the world in terms of development and innovation,” Casa’s Neuman said. “We definitely don’t want that to happen so it’s up to us to make sure.”
• FinCEN’s Proposed Crypto Wallet Rule Might Hit DeFi
• FinCEN’s Proposed Crypto Wallet Rule Might Hit DeFi || FinCEN’s Proposed Crypto Wallet Rule Might Hit DeFi: A proposal by the U.S. Financial Crimes Enforcement Network (FinCEN) that would require crypto exchanges to collect personal information, including names and home addresses, from individuals seeking to transfer cryptocurrencies into their own wallets is poorly defined and could have widespread repercussions, say a number of regulatory experts. The proposed rule, unveiled last Friday , would require crypto exchanges to collect this personal information from customers who transfer an aggregate of $3,000 per day to “unhosted” wallets (which are also referred to by FinCEN as self-hosted or self-custodied wallets; crypto users may know them as private wallets or, simply, wallets). Transfers of over $10,000 per day would require the exchange to file a Currency Transaction Report (CTR) to FinCEN, reporting these transactions and the individuals making them to the federal government. The proposed rulemaking, which was published in the Federal Register on Dec. 23, has quickly drawn widespread industry backlash, with complaints ranging from the document’s poorly defined terms to the rushed process itself. Comments are due by Jan. 4, cutting what would normally be a months-long public comment period to just two weeks. Related: Presidential Advisory Group Weighs In on Regulatory Approach to Stablecoins The controversial rule is said to be a personal project of Treasury Secretary Steven Mnuchin, said Jeremy Allaire, CEO of USDC stablecoin co-issuer Circle. It originally was thought to be far more stringent than the final version published last week. Further, it appears the rule is being jammed through the rulemaking process to ensure it is implemented before President-elect Joe Biden takes office next month, said Nick Neuman, CEO of bitcoin self-storage firm Casa. The shortened comment period reduces how much time exchanges have to determine whether they need to change their internal processes to remain in compliance, said Amy Davine Kim, chief policy officer of the Chamber of Digital Commerce advocacy group. How exchanges would comply also remains an open question, she said. Story continues “It could also cause these regulated financial institutions to pause transactions involving self-hosted wallets given the extremely short timeframe in which to consider the implications of this rule, while they implement the tools, processes and procedures to implement the requirements,” Kim said. Vaguely defined Related: 'There Is No Emergency Here': Coinbase Asks FinCEN to Extend Comment Period on Wallet Regs Several key details of the proposed rulemaking have been poorly defined, multiple individuals told CoinDesk. Perhaps the most glaring omission: “unhosted wallets,” FinCEN’s favored term for storing one’s own crypto, isn’t actually defined in the proposed rule, both Kim and Seward & Kissel Associate Andrew Jacobson said. “Notably, the preface of the NPRM [Notice of Proposed Rulemaking] explicitly discusses ‘unhosted wallets’ as prompting the need for the proposed rule. However, the actual language of the proposed rule does not mention unhosted wallets or define it, making the rule discordant in its explanatory language versus the actual language of the rule,” Kim said. Jacobson agreed, telling CoinDesk that while there are “pages and pages of explanation and justification” explaining the regulation and discussing unhosted wallets, the proposed regulation doesn’t actually specify what unhosted wallets are. A review of the document by CoinDesk confirms this. Read more: US Floats Long-Dreaded Plan to Make Crypto Exchanges Identify Personal Wallets The actual reporting requirements are also unclear, Allaire said. While names and addresses must be recorded and submitted, the proposed rulemaking doesn’t specify if IP or blockchain addresses are also required. Nor does the proposed rulemaking say if financial institutions must collect this information from counterparties, or if the customers can just submit this information, Kim said. “Finally, how would the rule treat the CTR aggregation requirements for customers that use multiple wallets? The CTR requirement attaches to the customer, not the wallet,” she said. ‘Breaking’ DeFi The rule itself is unlikely to impact end users, said Neuman. While there were initially rumors that Treasury’s proposed rulemaking would be far more stringent – potentially going so far as to ban unhosted wallets outright – this would have been far more difficult to implement. “What isn’t clear is how the regulated service providers like exchanges will be actually implementing this,” he said. “There’s going to be compliance necessary if the rule passes among exchanges, brokers, other custodians, they’re going to have to implement this in one way or another and how they implement this will be important to what the user experience is like.” Exchanges might need to whitelist individual wallet addresses to ensure funds aren’t sent to a wallet without the required personal information, he said. One area that does seem likely to be impacted is decentralized finance (DeFi). Multiple people told CoinDesk the proposed rule’s biggest – and most unclear – impact would be on DeFi projects. For one thing, many DeFi projects rely on smart contracts to store or escrow funds. Users engage with, say, Compound by connecting their MetaMask wallet to the lending platform. Subsequent transactions are reflected in the wallet itself, and unique to the user’s holdings. Plus, these smart contract-powered platforms don’t have physical addresses, nor are they necessarily operating under the auspices of an actual company. In short, Uniswap would persist if Uniswap’s founders were arrested. It is unclear how such DeFi platforms would be treated under FinCEN’s proposed rule. “Since smart contracts do not have a name or physical address, they may be unable to interact with the U.S. financial system,” Kim said. Read more: Coinbase CEO: Trump Administration May ‘Rush Out’ Burdensome Crypto Wallet Rules Also, smart contracts don’t necessarily have counterparties, Allaire said. If a business is trying to send a large payment independently using crypto, it would need the counterparties’ names and addresses. Institutional investors providing liquidity to a DeFi platform would presumably not be covered by such rules. This could throw an entire segment of the blockchain industry into a legal gray area, the Digital Chamber’s Kim said. “Treasury should not impose a rule that could have a deleterious impact on this promising area of development without understanding the benefits to innovation,” she said. “What if you want to send to the Compound protocol? There is no name and address, it’s a market,” Allaire said. “It could create a situation where the only way to use DeFi protocols is to be outside the U.S.” This could even affect the Eth 2.0 staking contract, he said. To stake on the next iteration of the Ethereum blockchain, users must send 32 ETH to the smart contract, or about $20,000 – well over FinCEN’s limits. “The vagueness of the rule also calls into question whether funds that were used in DeFi would or could be accepted if a user attempted to move those funds to a ‘hosted’ wallet,” Kim said. Privacy concerns Allaire noted the FinCEN rule raises new questions about privacy and how government regulators are approaching privacy concerns for digital cash. If exchanges are required to submit blockchain addresses, physical addresses and names to the agency, the federal government might be able to essentially track an individual’s digital activity. This differs from how physical cash is treated, he said. “When you walk out of a bank, they can report you did that but they can’t track you,” he said. “There’s a massive amount of personally identifiable information that’s about to start getting blasted around the world.” Moreover, the rule could prove counterproductive to FinCEN’s actual mission of tracking malicious actors, Jacobson said. While the new reporting requirements might drive bad actors away from U.S. exchanges, it’s likely they’d just set up shop at an offshore platform. “In some ways that isn’t a bad thing but could hurt FinCEN’s regulatory objectives because they won’t collect [that data],” he noted. Read more: Self-Hosted Bitcoin Wallets Become Front Line in Fight Over Crypto Regulations The number of issues raised by the proposed rulemaking should mean the comment period should be extended and that the Treasury Department engages with industry participants, Allaire said. Kim noted the Customer Due Diligence Rule for banks took more than four years to implement, and saw an advanced notice of proposed rulemaking as well as extended conversations with the industry. Advocacy groups and companies such as Coinbase have already begun preparing comment letters responding to FinCEN’s proposed rule. Coin Center even set up a module to streamline the process for the general public to weigh in. “If we don’t take the right approach the U.S. could end up significantly hamstrung versus other areas of the world in terms of development and innovation,” Casa’s Neuman said. “We definitely don’t want that to happen so it’s up to us to make sure.” Related Stories FinCEN’s Proposed Crypto Wallet Rule Might Hit DeFi FinCEN’s Proposed Crypto Wallet Rule Might Hit DeFi || Crypto firm BitGo touts record assets as PayPal deal falls through: In October, rumorsswirledthat PayPal was poised to acquire BitGo, one of the country’s oldest cryptocurrency firms. That deal will not happen, according to multiple sources, and BitGo is now charting a new path.
In a recent interview withFortune, BitGo CEO Mike Belshe noted that his company now holds over $16 billion worth of cryptocurrency assets for its customers and that it’s acquiring several significant clients every week.
While BitGo has been around since 2013, it has a lower profile than firms like Coinbase and Kraken, which offer exchanges for anyone to buy and sell Bitcoin and other cryptocurrencies. BitGo’score offeringis instead a custody service that securely stores crypto on behalf of institutions and other wealthy clients.
In the past year, BitGo has aggressively sought to redefine itself as afull-service crypto shopthat offers other tax and lending services, as well as a means for clients to discreetly arrange large trades.
Belshe notes BitGo is among many companies that has benefited from the current Bitcoin bull market. But he says the crypto industry faces challenges in building infrastructure—including security—as large companies like PayPal and Square move into the field.
Belshe adds that thebiggest crypto custodians, which also include Fidelity and Coinbase, will play a key role in working to ensure crypto continues to gain a foothold in mainstream finance.
As for the PayPal rumors, Belshe wouldn’t confirm them, but he said BitGo has been “in talks with everyone” over the years and that the privately held company won’t accept a “small exit.”
PayPal declined to comment on acquisitions talks. But a person close to the payment giant confirmed the BitGo talks had fallen through, adding that PayPal is exploring other potential acquisitions.
According to Belshe, BitGo is not currently profitable, as it is in “growth mode,” but that it has a “very healthy balance sheet” and has no plans to raise capital in the near future.
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• The biggestbusiness scandalsof 2020
• Commentary:How your personal finances can survive a pandemic
This story was originally featured onFortune.com || Crypto firm BitGo touts record assets as PayPal deal falls through: In October, rumors swirled that PayPal was poised to acquire BitGo, one of the country’s oldest cryptocurrency firms. That deal will not happen, according to multiple sources, and BitGo is now charting a new path. In a recent interview with Fortune , BitGo CEO Mike Belshe noted that his company now holds over $16 billion worth of cryptocurrency assets for its customers and that it’s acquiring several significant clients every week. While BitGo has been around since 2013, it has a lower profile than firms like Coinbase and Kraken, which offer exchanges for anyone to buy and sell Bitcoin and other cryptocurrencies. BitGo’s core offering is instead a custody service that securely stores crypto on behalf of institutions and other wealthy clients. In the past year, BitGo has aggressively sought to redefine itself as a full-service crypto shop that offers other tax and lending services, as well as a means for clients to discreetly arrange large trades. Belshe notes BitGo is among many companies that has benefited from the current Bitcoin bull market. But he says the crypto industry faces challenges in building infrastructure—including security—as large companies like PayPal and Square move into the field. Belshe adds that the biggest crypto custodians , which also include Fidelity and Coinbase, will play a key role in working to ensure crypto continues to gain a foothold in mainstream finance. As for the PayPal rumors, Belshe wouldn’t confirm them, but he said BitGo has been “in talks with everyone” over the years and that the privately held company won’t accept a “small exit.” PayPal declined to comment on acquisitions talks. But a person close to the payment giant confirmed the BitGo talks had fallen through, adding that PayPal is exploring other potential acquisitions. According to Belshe, BitGo is not currently profitable, as it is in “growth mode,” but that it has a “very healthy balance sheet” and has no plans to raise capital in the near future. Story continues More must-read finance coverage from Fortune : 14 of the biggest bankruptcies of 2020 —and who might be next in 2021 Everything jobless Americans need to know about the $300 unemployment benefit Biden wants to change how credit scores work in America The biggest business scandals of 2020 Commentary: How your personal finances can survive a pandemic This story was originally featured on Fortune.com || The Zacks Analyst Blog Highlights: JPM, OSTK, MSFT, DOCU and NVDA: For Immediate Release Chicago, IL – December 22, 2020 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include JPMorgan Chase & Co. JPM, Overstock.com OSTK, Microsoft MSFT, DocuSign DOCU and NVIDIA NVDA. Here are highlights from Tuesday’s Analyst Blog: Riding the Bitcoin Wave? Bet on These 5 Stocks Blockchain technology-backed bitcoin and broader cryptocurrency space witnessed a resurgence in 2020. The linchpin technology that powers bitcoin and other cryptocurrencies like ethereum, litecoin, ripple, monero and zcash has become mainstream in 2020, owing to the coronavirus crisis induced momentum in digital payments and contactless trading. In this data-driven world, cryptocurrency is gaining solid traction on the heels of an increasing bitcoin adoption — the most popular and widely used digital currency. Following a roller coaster ride in the past two years, cryptocurrency is now climbing new highs with resurgence in bitcoin trading. Notably, bitcoin hit an new all-time high by surpassing the $24,000 mark on Dec 21. On a year-to-date basis, bitcoin has gained more than 200%. This strong bounce-back remains a major positive for companies like JPMorgan Chase & Co ., Overstock.com , Microsoft , DocuSign and NVIDIA . The companies are poised to tap in gains from this resurgence with active involvement in cryptocurrency and investments in next gen blockchain technology capabilities. Growth Prospects Abound Cryptocurrencies, which hold the potential to revolutionize the process of peer-to-peer and remittance transactions, are gaining strongly from the decentralized system, low fees, transparency of distributed ledger technology, protection from consumer chargebacks and quick international transfers. Blockchain-based automated systems are transparent and incorruptible, and meant to provide unaltered information. Since blockchain utilizes a distributed consensus, it is difficult to tamper with the records without being noticed by an entire network. Thereby, the possibility of monetary losses is low with minimum chances of double counting and hacking. Additionally, coronavirus crisis has presented new challenges and exposed several loopholes in the current digital ecosystem. The prominent issues that have surfaced are data tracing, security, visibility and management, and supervision. Evolution of blockchain practices in a bid to address these challenges is expected to democratize the use of cryptocurrency in the days ahead and aid in countering the pandemic in an efficient way. Story continues Notably, Coherent Market Insights estimates the blockchain technology market to witness a CAGR of 58.7% between 2019 and 2027. Also, growing demand for alternative currency as a result of the ongoing pandemic remains a tailwind. These factors are driving growth in digital currency (especially bitcoin) transactions throughout the world. Per a report from Statista, the number of daily bitcoin transactions at end of third-quarter 2020 exceeded the mark of 351 million, jumping significantly from around 200 million in first-quarter 2016. Further, a report from Fortune Business Insights shows that the global cryptocurrency market is expected to hit $1.8 billion in 2027 from $754 million in 2019 by witnessing a CAGR of 11.2% Here we discuss these five stocks, which have strong fundamentals that poise them well to capitalize on the bitcoin wave. Top Picks NVIDIA is poised to gain from the growing momentum of its GPUs in the cryptocurrency space, which provides the company with a strong competitive edge against other chipmakers. In third-quarter fiscal 2021, this Zacks Rank #2 (Buy) company experienced solid traction among the ethereum, monero and zcash miners. Reportedly, NVIDIA’s GPU sales to crypto-miners were around $175 million. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here . Further, the new Ampere GPU chips of the company are well-designed to meet requirements of the upcoming advanced cryptocurrencies. We believe that the expanding presence of NVIDIA in the booming cryptocurrency market is likely to contribute well to the stock’s performance in the near term. JPMorgan Chase & Co . is poised to capitalize on gains stemming from the bullish sentiments toward bitcoin with commercial use of its blockchain technology based planned dollar-backed cryptocurrency — JPM Coin — which will be helpful in handling digital settlements. Per a CNBC article, JPMorgan, with Zacks Rank of 2, is looking to monetize its crypto efforts and has created a new business unit called Onyx, with more than 100 dedicated staff members, to focus on its blockchain and digital currency efforts. Overstock.com is riding on strong demand for digital assets, backed by its Medici Ventures and tZERO businesses, and has strengthened presence in the lucrative blockchain-technology space. Notably, tZERO technology business is focused on democratizing access to private capital markets. The tZERO ATS, a subsidiary of tZERO, traded over 2.3 million digital securities in August 2020, marking a 21x increase on a year-over-year basis. Moreover, the tZERO Crypto app, which is independently managed by tZERO’s subsidiary, tZERO Crypto, Inc., is witnessing robust growth in user base, which is a tailwind for this Zacks Rank #2 company. Moreover, tZERO has attained Financial Industry Regulatory Authority’s (FINRA) clearance to offer retail-brokerage services for digital securities through its tZERO Markets. FINRA’s approval will enable tZERO Markets to offer issuers with investment banking and placement-agent services in connection with capital-raising activities. Microsoft is focusing on developing advanced Azure-powered blockchain solutions in decentralized identity space. The company’s fully managed Azure Blockchain Service, which accelerates development of robust blockchain-enabled smart contract applications, holds promise. The flexibility in usage and Azure’s secure broad-based availability are anticipated to bolster adoption of the service. The tech giant has also joined the Hyperledger community and entered into a partnership with JPMorgan to develop Ethereum-based open source blockchain platform, Quorum. Markedly, JPMorgan divested Quorum to ConsenSys per a strategic investment deal in August, this year. Moreover, the acquisition of GitHub, touted to be the largest open-source repository, provides Microsoft ample exposure to development of robust blockchain tools. The beta version of the tech giant’s bitcoin-backed decentralized identity tool — ION — went live in early June on mainnet. The tool is aimed at fast-tracking of data, which can be utilized by anyone to improve the reach of the coronavirus crisis response programs. The above factors are likely to provide an edge to this Zacks Rank #2 stock over cloud rivals including Amazon Web Services (AWS) and Alibaba Cloud, which are also eyeing the blockchain-as-a-service market. DocuSign is a popular name for authenticating documents over the Internet through electronic signature. The stock, with Zacks Rank of 3 (Hold), leverages blockchain technology to enable customers to adapt to smart tech and make paper agreements digital. The company’s Trust Service Provider model helps users to integrate any blockchain-based identity providers and enhance security while authenticating a signer. Notably, per ResearchAndMarkets data, the blockchain identity management market is set to hit $1.93 billion by 2023 from $90.4 million in 2018 at a CAGR of 84.5%. This projection favors prospects of the company. Zacks Top 10 Stocks for 2021 In addition to the stocks discussed above, would you like to know about our 10 top tickers for the entirety of 2021? These 10 are painstakingly hand-picked from over 4,000 companies covered by the Zacks Rank. They are our primary picks to buy and hold. Start Your Access to the New Zacks Top 10 Stocks >> Join us on Facbook: https://www.facebook.com/home.php#/pages/Zacks-Investment-Research/57553657748?ref=ts Zacks Investment Research is under common control with affiliated entities (including a broker-dealer and an investment adviser), which may engage in transactions involving the foregoing securities for the clients of such affiliates. Media Contact Zacks Investment Research 800-767-3771 ext. 9339 [email protected] https://www.zacks.com Past performance is no guarantee of future results. Inherent in any investment is the potential for loss . This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performancefor information about the performance numbers displayed in this press release. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report JPMorgan Chase & Co. (JPM) : Free Stock Analysis Report Microsoft Corporation (MSFT) : Free Stock Analysis Report NVIDIA Corporation (NVDA) : Free Stock Analysis Report Overstock.com, Inc. (OSTK) : Free Stock Analysis Report DocuSign Inc. (DOCU) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research View comments || The Zacks Analyst Blog Highlights: JPM, OSTK, MSFT, DOCU and NVDA: For Immediate Release Chicago, IL – December 22, 2020 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include JPMorgan Chase & Co. JPM, Overstock.com OSTK, Microsoft MSFT, DocuSign DOCU and NVIDIA NVDA. Here are highlights from Tuesday’s Analyst Blog: Riding the Bitcoin Wave? Bet on These 5 Stocks Blockchain technology-backed bitcoin and broader cryptocurrency space witnessed a resurgence in 2020. The linchpin technology that powers bitcoin and other cryptocurrencies like ethereum, litecoin, ripple, monero and zcash has become mainstream in 2020, owing to the coronavirus crisis induced momentum in digital payments and contactless trading. In this data-driven world, cryptocurrency is gaining solid traction on the heels of an increasing bitcoin adoption — the most popular and widely used digital currency. Following a roller coaster ride in the past two years, cryptocurrency is now climbing new highs with resurgence in bitcoin trading. Notably, bitcoin hit an new all-time high by surpassing the $24,000 mark on Dec 21. On a year-to-date basis, bitcoin has gained more than 200%. This strong bounce-back remains a major positive for companies like JPMorgan Chase & Co ., Overstock.com , Microsoft , DocuSign and NVIDIA . The companies are poised to tap in gains from this resurgence with active involvement in cryptocurrency and investments in next gen blockchain technology capabilities. Growth Prospects Abound Cryptocurrencies, which hold the potential to revolutionize the process of peer-to-peer and remittance transactions, are gaining strongly from the decentralized system, low fees, transparency of distributed ledger technology, protection from consumer chargebacks and quick international transfers. Blockchain-based automated systems are transparent and incorruptible, and meant to provide unaltered information. Since blockchain utilizes a distributed consensus, it is difficult to tamper with the records without being noticed by an entire network. Thereby, the possibility of monetary losses is low with minimum chances of double counting and hacking. Additionally, coronavirus crisis has presented new challenges and exposed several loopholes in the current digital ecosystem. The prominent issues that have surfaced are data tracing, security, visibility and management, and supervision. Evolution of blockchain practices in a bid to address these challenges is expected to democratize the use of cryptocurrency in the days ahead and aid in countering the pandemic in an efficient way. Story continues Notably, Coherent Market Insights estimates the blockchain technology market to witness a CAGR of 58.7% between 2019 and 2027. Also, growing demand for alternative currency as a result of the ongoing pandemic remains a tailwind. These factors are driving growth in digital currency (especially bitcoin) transactions throughout the world. Per a report from Statista, the number of daily bitcoin transactions at end of third-quarter 2020 exceeded the mark of 351 million, jumping significantly from around 200 million in first-quarter 2016. Further, a report from Fortune Business Insights shows that the global cryptocurrency market is expected to hit $1.8 billion in 2027 from $754 million in 2019 by witnessing a CAGR of 11.2% Here we discuss these five stocks, which have strong fundamentals that poise them well to capitalize on the bitcoin wave. Top Picks NVIDIA is poised to gain from the growing momentum of its GPUs in the cryptocurrency space, which provides the company with a strong competitive edge against other chipmakers. In third-quarter fiscal 2021, this Zacks Rank #2 (Buy) company experienced solid traction among the ethereum, monero and zcash miners. Reportedly, NVIDIA’s GPU sales to crypto-miners were around $175 million. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here . Further, the new Ampere GPU chips of the company are well-designed to meet requirements of the upcoming advanced cryptocurrencies. We believe that the expanding presence of NVIDIA in the booming cryptocurrency market is likely to contribute well to the stock’s performance in the near term. JPMorgan Chase & Co . is poised to capitalize on gains stemming from the bullish sentiments toward bitcoin with commercial use of its blockchain technology based planned dollar-backed cryptocurrency — JPM Coin — which will be helpful in handling digital settlements. Per a CNBC article, JPMorgan, with Zacks Rank of 2, is looking to monetize its crypto efforts and has created a new business unit called Onyx, with more than 100 dedicated staff members, to focus on its blockchain and digital currency efforts. Overstock.com is riding on strong demand for digital assets, backed by its Medici Ventures and tZERO businesses, and has strengthened presence in the lucrative blockchain-technology space. Notably, tZERO technology business is focused on democratizing access to private capital markets. The tZERO ATS, a subsidiary of tZERO, traded over 2.3 million digital securities in August 2020, marking a 21x increase on a year-over-year basis. Moreover, the tZERO Crypto app, which is independently managed by tZERO’s subsidiary, tZERO Crypto, Inc., is witnessing robust growth in user base, which is a tailwind for this Zacks Rank #2 company. Moreover, tZERO has attained Financial Industry Regulatory Authority’s (FINRA) clearance to offer retail-brokerage services for digital securities through its tZERO Markets. FINRA’s approval will enable tZERO Markets to offer issuers with investment banking and placement-agent services in connection with capital-raising activities. Microsoft is focusing on developing advanced Azure-powered blockchain solutions in decentralized identity space. The company’s fully managed Azure Blockchain Service, which accelerates development of robust blockchain-enabled smart contract applications, holds promise. The flexibility in usage and Azure’s secure broad-based availability are anticipated to bolster adoption of the service. The tech giant has also joined the Hyperledger community and entered into a partnership with JPMorgan to develop Ethereum-based open source blockchain platform, Quorum. Markedly, JPMorgan divested Quorum to ConsenSys per a strategic investment deal in August, this year. Moreover, the acquisition of GitHub, touted to be the largest open-source repository, provides Microsoft ample exposure to development of robust blockchain tools. The beta version of the tech giant’s bitcoin-backed decentralized identity tool — ION — went live in early June on mainnet. The tool is aimed at fast-tracking of data, which can be utilized by anyone to improve the reach of the coronavirus crisis response programs. The above factors are likely to provide an edge to this Zacks Rank #2 stock over cloud rivals including Amazon Web Services (AWS) and Alibaba Cloud, which are also eyeing the blockchain-as-a-service market. DocuSign is a popular name for authenticating documents over the Internet through electronic signature. The stock, with Zacks Rank of 3 (Hold), leverages blockchain technology to enable customers to adapt to smart tech and make paper agreements digital. The company’s Trust Service Provider model helps users to integrate any blockchain-based identity providers and enhance security while authenticating a signer. Notably, per ResearchAndMarkets data, the blockchain identity management market is set to hit $1.93 billion by 2023 from $90.4 million in 2018 at a CAGR of 84.5%. This projection favors prospects of the company. Zacks Top 10 Stocks for 2021 In addition to the stocks discussed above, would you like to know about our 10 top tickers for the entirety of 2021? These 10 are painstakingly hand-picked from over 4,000 companies covered by the Zacks Rank. They are our primary picks to buy and hold. Start Your Access to the New Zacks Top 10 Stocks >> Join us on Facbook: https://www.facebook.com/home.php#/pages/Zacks-Investment-Research/57553657748?ref=ts Zacks Investment Research is under common control with affiliated entities (including a broker-dealer and an investment adviser), which may engage in transactions involving the foregoing securities for the clients of such affiliates. Media Contact Zacks Investment Research 800-767-3771 ext. 9339 [email protected] https://www.zacks.com Past performance is no guarantee of future results. Inherent in any investment is the potential for loss . This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performancefor information about the performance numbers displayed in this press release. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report JPMorgan Chase & Co. (JPM) : Free Stock Analysis Report Microsoft Corporation (MSFT) : Free Stock Analysis Report NVIDIA Corporation (NVDA) : Free Stock Analysis Report Overstock.com, Inc. (OSTK) : Free Stock Analysis Report DocuSign Inc. (DOCU) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research View comments || How 2020 Unlocked a New Generation of Investors, feat. Jill Carlson: No one would have expected an economic crisis to bring a new generation of investors to the table, but that’s exactly what it did.
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This episode is sponsored byCrypto.comandNexo.io.
Related:It’s Beginning To Look a Lot Like Bitcoin | 2020 Holiday Episode
Download this episode
Jill Carlson is an investor with Slow Ventures and the co-founder of the Open Money Initiative. In this wide-ranging discussion with NLW she discusses how an economic crisis brought in a new generation of investors and why political moderation will be all the rage in 2021.
Find Our Guest online:@jillruthcarlson
See also:Jill Carlson – Experiments in Crypto’s Governance Lab
Related:Bitcoin News Roundup for Dec. 23, 2020
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
• How 2020 Unlocked a New Generation of Investors, feat. Jill Carlson
• How 2020 Unlocked a New Generation of Investors, feat. Jill Carlson || How 2020 Unlocked a New Generation of Investors, feat. Jill Carlson: No one would have expected an economic crisis to bring a new generation of investors to the table, but that’s exactly what it did. For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . This episode is sponsored by Crypto.com and Nexo.io . Related: It’s Beginning To Look a Lot Like Bitcoin | 2020 Holiday Episode Download this episode Jill Carlson is an investor with Slow Ventures and the co-founder of the Open Money Initiative. In this wide-ranging discussion with NLW she discusses how an economic crisis brought in a new generation of investors and why political moderation will be all the rage in 2021. Find Our Guest online: @jillruthcarlson See also: Jill Carlson – Experiments in Crypto’s Governance Lab Related: Bitcoin News Roundup for Dec. 23, 2020 For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . Related Stories How 2020 Unlocked a New Generation of Investors, feat. Jill Carlson How 2020 Unlocked a New Generation of Investors, feat. Jill Carlson || Camila Russo on Building The Defiant and the Future of DeFi: Talk about good timing: In 2017, Camila Russo was on the prowl for a worthy book project. What would be a good subject? What hasn’t been covered? At the time she was a reporter for Bloomberg. She was astonished to find a juggernaut of a story that was hiding in plain sight: Ethereum. “I was like, ‘I can’t believe that nobody is covering this,’” she says now. There were already crates of books written on Bitcoin, but there were very few, if any, on the world’s second-largest blockchain project. This post is part of CoinDesk’s 2020 Year in Review – a collection of op-eds, essays and interviews about the year in crypto and beyond. Related: The Global Challenge of Regulating Virtual Assets So she hunkered down. She did the research, she dove deep into the community, she turned herself into an expert and she wrote “ The Infinite Machine: How an Army of Crypto-hackers Is Building the Next Internet With Ethereum .” The book just so happened to have a publication date of July 14, 2020, smack in the middle of the explosive boom of decentralized finance (DeFi – still largely an Ethereum-based phenomenon). Many book authors – lazier book authors (I count myself in this company) – would have simply thanked their good luck for the happy timing, soaked in the extra publicity, sold more books, perhaps taken a long vacation and then move on to the next book project. Russo took a different path. While still finishing up her book, she realized that she had a unique perspective on the exploding world of DeFi. Suddenly she was an expert in the very thing that people were hungry to read. So she spent her days knocking out book edits and then her nights writing and launching her daily newsletter, The Defiant . Fast forward one year. In a lightning-fast arc even by the standards of crypto, Russo has made the jump from reporter to influencer (even if she doesn’t use that word), and from book author to CEO. She hosts videos and podcasts. She headlines blockchain conferences – listed here , for example, just a handful of spots behind Vitalik Buterin and a few spots ahead of Binance Chairman CZ. “I’ve never been good at taking breaks,” she tells CoinDesk, giving us the behind-the-scenes story on launching The Defiant, sharing what it’s like to go from journalist to budding crypto star and making a few predictions about DeFi in 2021 and beyond. Story continues Related: Crypto's Big Rupture Is Coming in 2021 Interview has been condensed and lightly edited for clarity. What were some early challenges of launching The Defiant? Russo: In the early days, and until pretty recently, I was still writing my book. The final two chapters weren’t even written. And I had to go through all of the corrections, the back-and-forth with editors – you know how it is. I would write my book from 8 or 9:00 a.m. until 5, then I took an hour- or maybe a two-hour break, and then I wrote the next day’s newsletter until 11:00 p.m. I’m exhausted just hearing that. What were your goals for The Defiant back then? Russo: In the beginning, I thought it would be a side thing, and that my main job would be to become an independent freelance writer. That was my initial plan when I left Bloomberg. I started with the goal of writing a daily DeFi newsletter, but I didn’t think it would be that much work. I thought it would be just a “quick summary of the news.” What changed? Russo: I found myself thinking that, well, I didn’t want to write something that was of bad quality. And I wanted to explain what was going on. DeFi is really difficult, so I wanted my newsletter to provide more explanation, more value and a little bit more analysis. So the issues started getting longer and longer and taking more effort and time. But I also saw The Defiant growing quickly and getting great feedback. So it was hard to stop. I didn’t want to let people down. And I was having fun doing it, even though it was exhausting. I was like, Okay, I’m on to something here . Covering the space every day, it was so clear to me that this was going to be big, given the amount of innovation and activity. I thought, I need to stick to this . When you started, what were some of your inspirations for the newsletter’s form or content or tone – that kind of thing? Russo: The person who first encouraged me to do a newsletter was Anthony Pompliano . He interviewed me for his podcast and we began talking. I told him I had this idea of doing a DeFi newsletter. And he really encouraged me, he pointed me to Substack. So I started following his newsletter much more closely as I was getting ready to launch The Defiant. I took a lot of inspiration from him on how he provides analysis on the market and how he has the free version and the paid version and how he has established a closer relationship with his paid subscribers. Any other influences? Russo: For a long time I’ve subscribed to The Information . They’re doing a really great job with their newsletter. And they inspired me to realize that a newsletter can be high-quality journalism. You can have high standards, and it’s not necessarily like a personal blog all the time, you know? 100%. Since then, you’ve obviously grown a ton. What were some of the key inflection points? Russo: It’s been pretty gradual, organic growth since the beginning. I was writing about different projects and people, and the people I was writing about started sharing. And I had some really good fans early on. Linda Xie from Scalar Capital has been super supportive, recommending the newsletter. A16z has a crypto resources guide, and The Defiant is included. So I started getting shout-outs from these big, respected investors in the space. Also, your timing didn’t hurt. Russo: The curve of subscribers shot up during “DeFi Summer.” It was really exciting. One thing I learned is that, yeah, my newsletter is still very much tied to the market. See also: Camila Russo – Ethereum Is Building the Internet of Value When did you start to expand The Defiant, in terms of adding resources and writers? Russo: The first step was realizing that people were willing to pay for the content. Late last year, I started taking paid subscriptions and it was just incredible to see that people were subscribing. It’s weird because at first, I was scared to kind of be on my own. I always had the Bloomberg brand to back me up. And suddenly you’re just you. Russo: And people were still wanting to pay for that, so that was incredible to see. [Laughs.] And then earlier this year, I was getting requests to sponsor the newsletter. At that point I decided to take sponsors and it started to feel more like a business. And I just didn’t have the time to do it all on my own, so it made sense to take on contributors. I reached out to a couple of writers I liked, and that’s how it started. What’s your pool of contributors like now? Russo: Cooper Turley is the writer who’s writing most frequently, and I have four others who write every couple of weeks or so. There’s someone who helps me edit the podcast. And I partner with Robin Schmidt to make the YouTube content. Do you have a biz-dev person? Who does things like, ‘Okay, now I’m going to optimize sponsorships?” Russo: No. So far, that’s kind of been my job to manage all of the different sponsors and handle all of those inbound emails and stuff. It’s been really interesting. All of my previous experience was as a journalist, but now I’m still that, plus sort of a CEO – overseeing a team of almost 10 people. And I’m managing all these decisions with sponsors, pricing and the newsletter. It’s been fun. It seems like there’s an interesting parallel here, to the many folks in the crypto space who started as coders or devs or whatever and then they’re like, “Holy s**t, now I’m the head of a $20 million project!” Do you feel any new kinship with the heads of these crypto startups? Russo: Definitely. I can definitely put myself in the founder’s shoes a lot better now. For example, when I’m covering something that goes wrong, I can be a lot more empathetic. Like, I know how it is . You have so much on your plate, and you’re trying to control so many different things at the same time. As a startup, it’s all on you. You’re handling everything. When did it hit you that you’ve gone from being someone who reports on the space to someone who can actually have an influence on the space? Russo: I’m not sure of the exact story or the date, but I remember seeing some smaller crypto web sites report on these things that I had said, or something I had tweeted. That was pretty weird. I didn’t expect it. I was like, “ That had never happened at Bloomberg.” Because when you’re at Bloomberg, you’re one more Bloomberg journalist. It started to sink in that people were citing me by my name. Before I was a “former Bloomberg journalist,” and now I’m either “The author of ‘The Infinite Machine” or “The founder of The Defiant.” See also: Sale of the Century: The Inside Story of Ethereum’s 2014 Premine Congrats, by the way. Russo: Thank you. I’m fascinated by how you keep all the balls spinning in the air. Can you walk through your typical day? Russo: This has been changing throughout the year, but right now the first thing I do is edit stories that my contributors have sent me overnight. My main contributor, Cooper, just moved to the West Coast, so I get them at night and edit them in the early morning. When do you start? Russo: The first thing I do is take out my dog, who you’ve probably heard. [Note: Her dog, Conga, has been barking periodically throughout our conversation.] She’s our alarm clock and starts barking between 6:30 and 7:00 [a.m.]. I try to be sitting at my desk by 8 or 8:30 and then I start editing. I’m also writing stories. How much of the newsletter do you still write? Russo: Depending on the day, between 50% to 60%. And then the contributors in my time zone send me stories in the morning. I edit those. And while I’m juggling that I’m answering urgent emails. So I’m doing that all morning: editing, writing, answering urgent emails. Then I finally push out the newsletter between 1 p.m. and 2 p.m. One of my goals for next year is to standardize the process, and get the newsletter out every day at 8 a.m. And your afternoon? Russo: That’s where I schedule most of my calls. I’ll either record an interview for my podcast, or record something for the YouTube channel, or talk with potential sponsors, or talk with sources, or take calls on sponsorship, or do podcast interviews for other people’s podcasts. I’m trying to do less and less of those. Well, I’m honored you took this call. [Both laugh.] Russo: This was special. This was a special case. [Laughs again.] Do you work on weekends? Russo: I do work a little bit. I put out a weekly recap on Sundays. My goal is to have it scheduled on Friday, but I haven’t been able to organize myself to do that so I end up doing it, always, on Sunday morning. But recently I’ve had my Saturdays off. What do you do for fun? I mean, to the extent that we can have fun in the pandemic? Russo: My dog [Conga] is a big part of my life. My husband and I moved to Brooklyn [N.Y.] this year, and we got Conga just as the pandemic started. So on the weekends we take really long walks in Brooklyn, or we go to the park. Also I’m a big nerd and I love to read. There will come a point where DeFi will seem like a really antiquated term, and that it’s just part of life Cool, what are you reading now? Russo: “ The Mandibles ” by Lionel Shriver, It’s really good. It’s not sci-fi but it’s set in 2029, and it’s all about how the U.S. has declined and the dollar is losing its power. But it seems very suitable for the bitcoiner audience. [Laughs.] And then I really loved “ The Nix .” It’s this big story about a dysfunctional family and they bring a lot of Norwegian folk stories into it. Predictions for DeFi in 2021? Russo: For the general trend, obviously DeFi will continue growing. And for next year, the biggest pieces that still need to gain steam are under collateralized loans. So far, DeFi has been very much based on collateral, and I think that’s made adoption difficult. Or it’s made it a very niche thing because you need capital to start using it. So hopefully next year will be the year where under-collateralized loans start picking up. And I think the key to that will be different identity solutions, or decentralized credit cards. Those two developments will be key for DeFi to continue to grow. How about in the next five years? Russo: I think DeFi will continue to grow really quickly, and it’s bound to start merging, more and more, with fintech. Right now, fintech and DeFi are like two separate worlds. But that really makes no sense. I think the next step will be for companies to start building bridges between DeFi and fintech. And that will be the way that DeFi starts going mainstream and becoming just finance. There will come a point where “DeFi” will seem like a really antiquated term, and that it’s just part of life, sort of like finance – just how you deal with money. It’s almost like the “De” in DeFi might become silent. Russo: Definitely, yeah. This has been fun. Thanks for playing ball. Russo: I loved it, it was really fun. Related Stories Camila Russo on Building The Defiant and the Future of DeFi Camila Russo on Building The Defiant and the Future of DeFi || Camila Russo on Building The Defiant and the Future of DeFi: Talk about good timing: In 2017, Camila Russo was on the prowl for a worthy book project.What would be a good subject? What hasn’t been covered?
At the time she was a reporter for Bloomberg. She was astonished to find a juggernaut of a story that was hiding in plain sight: Ethereum. “I was like, ‘I can’t believe that nobody is covering this,’” she says now. There were already crates of books written on Bitcoin, but there were very few, if any, on the world’s second-largest blockchain project.
This post is part of CoinDesk’s2020 Year in Review– a collection of op-eds, essays and interviews about the year in crypto and beyond.
Related:The Global Challenge of Regulating Virtual Assets
So she hunkered down. She did the research, she dove deep into the community, she turned herself into an expert and she wrote “The Infinite Machine: How an Army of Crypto-hackers Is Building the Next Internet With Ethereum.” The book just so happened to have a publication date of July 14, 2020, smack in the middle of the explosive boom of decentralized finance (DeFi – still largely an Ethereum-based phenomenon).
Many book authors –lazierbook authors (I count myself in this company) – would have simply thanked their good luck for the happy timing, soaked in the extra publicity, sold more books, perhaps taken a long vacation and then move on to the next book project.
Russo took a different path. While still finishing up her book, she realized that she had a unique perspective on the exploding world of DeFi. Suddenly she was an expert in the very thing that people were hungry to read. So she spent her days knocking out book edits and then her nights writing and launching her daily newsletter,The Defiant.
Fast forward one year. In a lightning-fast arc even by the standards of crypto, Russo has made the jump from reporter to influencer (even if she doesn’t use that word), and from book author to CEO. She hosts videos and podcasts. She headlines blockchain conferences – listedhere, for example, just a handful of spots behind Vitalik Buterin and a few spots ahead of Binance Chairman CZ. “I’ve never been good at taking breaks,” she tells CoinDesk, giving us the behind-the-scenes story on launching The Defiant, sharing what it’s like to go from journalist to budding crypto star and making a few predictions about DeFi in 2021 and beyond.
Related:Crypto's Big Rupture Is Coming in 2021
Interview has been condensed and lightly edited for clarity.
What were some early challenges of launching The Defiant?
Russo:In the early days, and until pretty recently, I was still writing my book. The final two chapters weren’t even written. And I had to go through all of the corrections, the back-and-forth with editors – you know how it is. I would write my book from 8 or 9:00 a.m. until 5, then I took an hour- or maybe a two-hour break, and then I wrote the next day’s newsletter until 11:00 p.m.
I’m exhausted just hearing that. What were your goals for The Defiant back then?
Russo:In the beginning, I thought it would be a side thing, and that my main job would be to become an independent freelance writer. That was my initial plan when I left Bloomberg. I started with the goal of writing a daily DeFi newsletter, but I didn’t think it would be that much work. I thought it would be just a “quick summary of the news.”
What changed?
Russo:I found myself thinking that, well, I didn’t want to write something that was of bad quality. And I wanted to explain what was going on. DeFi is really difficult, so I wanted my newsletter to provide more explanation, more value and a little bit more analysis. So the issues started getting longer and longer and taking more effort and time. But I also saw The Defiant growing quickly and getting great feedback. So it was hard to stop.
I didn’t want to let people down. And I was having fun doing it, even though it was exhausting. I was like,Okay, I’m on to something here. Covering the space every day, it was so clear to me that this was going to be big, given the amount of innovation and activity. I thought,I need to stick to this.
When you started, what were some of your inspirations for the newsletter’s form or content or tone – that kind of thing?
Russo:The person who first encouraged me to do a newsletter wasAnthony Pompliano. He interviewed me for his podcast and we began talking. I told him I had this idea of doing a DeFi newsletter. And he really encouraged me, he pointed me to Substack.
So I started following his newsletter much more closely as I was getting ready to launch The Defiant. I took a lot of inspiration from him on how he provides analysis on the market and how he has the free version and the paid version and how he has established a closer relationship with his paid subscribers.
Any other influences?
Russo:For a long time I’ve subscribed toThe Information. They’re doing a really great job with their newsletter. And they inspired me to realize that a newsletter can be high-quality journalism. You can have high standards, and it’s not necessarily like a personal blog all the time, you know?
100%. Since then, you’ve obviously grown a ton. What were some of the key inflection points?
Russo:It’s been pretty gradual, organic growth since the beginning. I was writing about different projects and people, and the people I was writing about started sharing. And I had some really good fans early on.Linda Xiefrom Scalar Capital has been super supportive, recommending the newsletter.A16zhas a crypto resources guide, and The Defiant is included. So I started getting shout-outs from these big, respected investors in the space.
Also, your timing didn’t hurt.
Russo:The curve of subscribers shot up during “DeFi Summer.” It was really exciting. One thing I learned is that, yeah, my newsletter is still very much tied to the market.
See also: Camila Russo –Ethereum Is Building the Internet of Value
When did you start to expand The Defiant, in terms of adding resources and writers?
Russo:The first step was realizing that people were willing to pay for the content. Late last year, I started taking paid subscriptions and it was just incredible to see that people were subscribing. It’s weird because at first, I was scared to kind of be on my own. I always had the Bloomberg brand to back me up.
And suddenly you’re just you.
Russo:And people were still wanting topayfor that, so that was incredible to see. [Laughs.] And then earlier this year, I was getting requests to sponsor the newsletter. At that point I decided to take sponsors and it started to feel more like a business. And I just didn’t have the time to do it all on my own, so it made sense to take on contributors. I reached out to a couple of writers I liked, and that’s how it started.
What’s your pool of contributors like now?
Russo:Cooper Turleyis the writer who’s writing most frequently, and I have four others who write every couple of weeks or so. There’s someone who helps me edit the podcast. And I partner with Robin Schmidt to make the YouTube content.
Do you have a biz-dev person? Who does things like, ‘Okay, now I’m going to optimize sponsorships?”
Russo:No. So far, that’s kind of been my job to manage all of the different sponsors and handle all of those inbound emails and stuff. It’s been really interesting. All of my previous experience was as a journalist, but now I’m still that, plus sort of a CEO – overseeing a team of almost 10 people. And I’m managing all these decisions with sponsors, pricing and the newsletter. It’s been fun.
It seems like there’s an interesting parallel here, to the many folks in the crypto space who started as coders or devs or whatever and then they’re like, “Holy s**t, now I’m the head of a $20 million project!” Do you feel any new kinship with the heads of these crypto startups?
Russo:Definitely. I can definitely put myself in the founder’s shoes a lot better now. For example, when I’m covering something that goes wrong, I can be a lot more empathetic. Like,I know how it is. You have so much on your plate, and you’re trying to control so many different things at the same time. As a startup, it’s all on you. You’re handling everything.
When did it hit you that you’ve gone from being someone whoreportson the space to someone who can actually have aninfluenceon the space?
Russo:I’m not sure of the exact story or the date, but I remember seeing some smaller crypto web sites report on these things that I had said, or something I had tweeted. That was pretty weird. I didn’t expect it. I was like, “Thathad never happened at Bloomberg.” Because when you’re at Bloomberg, you’re one more Bloomberg journalist. It started to sink in that people were citing me by my name. Before I was a “former Bloomberg journalist,” and now I’m either “The author of ‘The Infinite Machine” or “The founder of The Defiant.”
See also:Sale of the Century: The Inside Story of Ethereum’s 2014 Premine
Congrats, by the way.
Russo:Thank you.
I’m fascinated by how you keep all the balls spinning in the air. Can you walk through your typical day?
Russo:This has been changing throughout the year, but right now the first thing I do is edit stories that my contributors have sent me overnight. My main contributor, Cooper, just moved to the West Coast, so I get them at night and edit them in the early morning.
When do you start?
Russo:The first thing I do is take out my dog, who you’ve probably heard. [Note: Her dog, Conga, has been barking periodically throughout our conversation.] She’s our alarm clock and starts barking between 6:30 and 7:00 [a.m.]. I try to be sitting at my desk by 8 or 8:30 and then I start editing. I’m also writing stories.
How much of the newsletter do you still write?
Russo:Depending on the day, between 50% to 60%. And then the contributors in my time zone send me stories in the morning. I edit those. And while I’m juggling that I’m answering urgent emails. So I’m doing that all morning: editing, writing, answering urgent emails. Then I finally push out the newsletter between 1 p.m. and 2 p.m. One of my goals for next year is to standardize the process, and get the newsletter out every day at 8 a.m.
And your afternoon?
Russo:That’s where I schedule most of my calls. I’ll either record an interview for my podcast, or record something for the YouTube channel, or talk with potential sponsors, or talk with sources, or take calls on sponsorship, or do podcast interviews for other people’s podcasts. I’m trying to do less and less of those.
Well, I’m honored you took this call.
[Both laugh.]
Russo:This was special. This was a special case. [Laughs again.]
Do you work on weekends?
Russo:I do work a little bit. I put out a weekly recap on Sundays. My goal is to have it scheduled on Friday, but I haven’t been able to organize myself to do that so I end up doing it, always, on Sunday morning. But recently I’ve had my Saturdays off.
What do you do for fun? I mean, to the extent that we can have fun in the pandemic?
Russo:My dog [Conga] is a big part of my life. My husband and I moved to Brooklyn [N.Y.] this year, and we got Conga just as the pandemic started. So on the weekends we take really long walks in Brooklyn, or we go to the park. Also I’m a big nerd and I love to read.
There will come a point where DeFi will seem like a really antiquated term, and that it’s just part of life
Cool, what are you reading now?
Russo:“The Mandibles” by Lionel Shriver, It’s really good. It’s not sci-fi but it’s set in 2029, and it’s all about how the U.S. has declined and the dollar is losing its power. But it seems very suitable for the bitcoiner audience. [Laughs.] And then I really loved “The Nix.” It’s this big story about a dysfunctional family and they bring a lot of Norwegian folk stories into it.
Predictions for DeFi in 2021?
Russo:For the general trend, obviously DeFi will continue growing. And for next year, the biggest pieces that still need to gain steam are under collateralized loans. So far, DeFi has been very much based on collateral, and I think that’s made adoption difficult. Or it’s made it a very niche thing because you need capital to start using it. So hopefully next year will be the year where under-collateralized loans start picking up. And I think the key to that will be different identity solutions, or decentralized credit cards. Those two developments will be key for DeFi to continue to grow.
How about in the next five years?
Russo:I think DeFi will continue to grow really quickly, and it’s bound to start merging, more and more, with fintech. Right now, fintech and DeFi are like two separate worlds. But that really makes no sense. I think the next step will be for companies to start building bridges between DeFi and fintech. And that will be the way that DeFi starts going mainstream and becoming justfinance.There will come a point where “DeFi” will seem like a really antiquated term, and that it’s just part of life, sort of like finance – just how you deal with money.
It’s almost like the “De” in DeFi might become silent.
Russo:Definitely, yeah.
This has been fun. Thanks for playing ball.
Russo:I loved it, it was really fun.
• Camila Russo on Building The Defiant and the Future of DeFi
• Camila Russo on Building The Defiant and the Future of DeFi || The Biden administration can change the world with new crypto regulations: The U.S. government is failing us with regard to fintech and blockchain regulation. Devoid of any regulatory framework in the past four years weve been operating in limbo when it comes to the development and advancement of crypto products. Innovators in the fintech and blockchain industries have the ability and vision to build products that solve real problems for everyone from individuals to large banks to governments, but without a clear path forward, these products are unable to grow and scale to their full potential. Regulation shouldnt be a guessing game. Since 2019, when the Securities and Exchange Commission declared that neither Bitcoin (BTC) nor Ethereum (ETH) are securities, the industrys been at a standstill. Without clarity, blockchain innovation will be limited to just two coins -- the industry is much larger than this. A lack of regulation stifles the immense potential that crypto and blockchain provide. If we know the rules of the game were playing, we can keep doing what we do best: innovating. A new administration presents a new opportunity for elected officials across the political spectrum to develop clear policies and regulations enabling banks, fintechs and corporations to custody and use crypto to improve efficiencies and to provide a better customer experience. We can learn a lesson from recent history here. In 1991, we saw the passage of the High Performance Computing and Communications Act (HPCCA), a bipartisan effort led by Senator Al Gore and signed into law by President George H.W. Bush. This legislation paved the way for companies like Amazon, eBay, Yahoo, Google and others to boom and made the U.S. an early internet leader. By 1993 we saw the introduction of web browsers, and shortly after, the start of the dot-com era in 1994 that cemented the U.S. as a symbol of innovation. The browser changed everything. Its created new jobs, new economic opportunities and new categories in technology that we couldnt have predicted 30 years ago. In looking at the top 100 Fortune 500 companies in 1991, technology was barely a blip on the radar with IBM standing as the lone tech company. By 2020, its a drastically different picture, with the list completely dominated by technology giants like Microsoft, Apple, Alphabet, Facebook and Salesforce. Story continues Technology companies in the top 100 have contributed close to three million jobs, with many leading in market value. Despite an unconventional year, weve continued to see successful technology IPOs like DoorDash, Snowflake, Asana and Palantir. Products and services that we take for granted now like Google, the iPhone, Uber, Salesforce, Spotify, Postmates and more were made possible by the HPCCA. We now have another chance to create a bipartisan effort focused on crypto innovation, one with public and private sector support to ensure clear regulatory frameworks. Regulation will make it easier for innovators to create new products that keep the United States competitive with other countries and attract more investment. Theres no disputing that the adoption of crypto and blockchain is on the rise. Major companies including PayPal, Square and Robinhood are leaning in to crypto and pushing it to the mainstream. With the validation from these brands, interest in the utility of cryptocurrencies and the ability of crypto to better serve businesses and their customers, continues to grow. Leading crypto companies such as Ripple, Coinbase, Gemini, DCG and Chainalysis are currently based in the United States. However, unclear regulation will keep new entrepreneurs from innovating in the United States. While other countries move forward with defined regulatory frameworks, its possible that we will see new entrepreneurs and companies forgo setting up shop in the U.S. in favor of jurisdictions where the rules are clear. If we know the rules of the game were playing, we can keep doing what we do best: innovating. We are only at the beginning developers can build on open-source technologies, entrepreneurs can launch new companies and develop new products, and investors can invest in those companies. We want the most innovative crypto and blockchain companies to be built and to grow here in the U.S., where they can create value and opportunities for U.S. citizens. Similar to the early days of the internet, we dont know what the industry will look like in 5-10 years, but with flexible frameworks the opportunity is massive. Theres a big opportunity for the Biden administration to influence new policies and new legislation and provide clear guidance that will accelerate innovation in fintech and crypto for many generations to come. The administration can: Create a national digital banking licensing charter (similar to Singapores Digital Banking Charter ), to streamline the process for fintechs to apply for crypto, lending and payments licensing. Today companies in the U.S. are left to apply state-by-state for licensing, which costs millions of dollars in legal fees and years to accomplish. Define clear classifications for digital assets, derivatives (created via smart contracts) and stablecoins. Create a bipartisan public and private sector group led by tech-savvy thought leaders such as Andrew Yang, to collaborate on landmark legislation that will do for fintech what the HPCCA did for internet companies. Appoint an SEC chair that understands how to truly advance innovation while protecting consumers and the markets. The pro-innovation lip service we have been getting from this SEC is just that lip service. Every crypto project this SEC has touched has ended up fleeing the U.S., in bankruptcy or left holding worthless tokens. Regardless of how policymakers and regulators decide to approach the issues that our industry faces, we need to continue to work alongside the government to ensure that the rapidly growing number of people who use fintech and blockchain products continue to get the best-in-class solutions with appropriate consumer and market protections in place. Its clear that this technology is here to stay, and I hope that elected leaders will recognize the power that it has to effect massive financial industry progress. Similar to the HPCAA, smart regulation can both protect our consumers and markets while allowing proud U.S. companies to create life-changing innovations. Coinbase files to go public confidentially and were hyped || The Biden administration can change the world with new crypto regulations: The U.S. government is failing us with regard to fintech and blockchain regulation.
Devoid of any regulatory framework in the past four years we’ve been operating in limbo when it comes to the development and advancement of crypto products. Innovators in the fintech and blockchain industries have the ability and vision to build products that solve real problems for everyone from individuals to large banks to governments, but without a clear path forward, these products are unable to grow and scale to their full potential.
Regulation shouldn’t be a guessing game. Since 2019, when the Securities and Exchange Commission declared that neither Bitcoin (BTC) nor Ethereum (ETH) are securities, the industry’s been at a standstill. Without clarity, blockchain innovation will be limited to just two coins -- the industry is much larger than this. A lack of regulation stifles the immense potential that crypto and blockchain provide.
If we know the rules of the game we’re playing, we can keep doing what we do best: innovating.
A new administration presents a new opportunity for elected officials across the political spectrum to develop clear policies and regulations enabling banks, fintechs and corporations to custody and use crypto to improve efficiencies and to provide a better customer experience.
We can learn a lesson from recent history here. In 1991, we saw the passage of the High Performance Computing and Communications Act (HPCCA), a bipartisan effort led by Senator Al Gore and signed into law by President George H.W. Bush.
This legislation paved the way for companies like Amazon, eBay, Yahoo, Google and others to boom and made the U.S. an early internet leader. By 1993 we saw the introduction of web browsers, and shortly after, the start of the dot-com era in 1994 that cemented the U.S. as a symbol of innovation.
The browser changed everything. It’s created new jobs, new economic opportunities and new categories in technology that we couldn’t have predicted 30 years ago. In looking at the top 100 Fortune 500 companies in 1991, technology was barely a blip on the radar with IBM standing as the lone tech company. By 2020, it’s a drastically different picture, with the list completely dominated by technology giants like Microsoft, Apple, Alphabet, Facebook and Salesforce.
Technology companies in the top 100 have contributed close to three million jobs, with many leading in market value. Despite an unconventional year, we’ve continued to see successful technology IPOs like DoorDash, Snowflake, Asana and Palantir.
Products and services that we take for granted now like Google, the iPhone, Uber, Salesforce, Spotify, Postmates and more were made possible by the HPCCA. We now have another chance to create a bipartisan effort focused on crypto innovation, one with public and private sector support to ensure clear regulatory frameworks. Regulation will make it easier for innovators to create new products that keep the United States competitive with other countries and attract more investment.
There’s no disputing that the adoption of crypto and blockchain is on the rise. Major companies including PayPal, Square and Robinhood are leaning in to crypto and pushing it to the mainstream. With the validation from these brands, interest in the utility of cryptocurrencies and the ability of crypto to better serve businesses and their customers, continues to grow.
Leading crypto companies such asRipple,Coinbase, Gemini, DCG and Chainalysis are currently based in the United States. However, unclear regulation will keep new entrepreneurs from innovating in the United States. While other countries move forward with defined regulatory frameworks, it’s possible that we will see new entrepreneurs and companies forgo setting up shop in the U.S. in favor of jurisdictions where the rules are clear.
If we know the rules of the game we’re playing, we can keep doing what we do best: innovating. We are only at the beginning — developers can build on open-source technologies, entrepreneurs can launch new companies and develop new products, and investors can invest in those companies.
We want the most innovative crypto and blockchain companies to be built and to grow here in the U.S., where they can create value and opportunities for U.S. citizens. Similar to the early days of the internet, we don’t know what the industry will look like in 5-10 years, but with flexible frameworks the opportunity is massive.
There’s a big opportunity for the Biden administration to influence new policies and new legislation and provide clear guidance that will accelerate innovation in fintech and crypto for many generations to come. The administration can:
• Create a national digital banking licensing charter (similar toSingapore’s Digital Banking Charter), to streamline the process for fintechs to apply for crypto, lending and payments licensing. Today companies in the U.S. are left to apply state-by-state for licensing, which costs millions of dollars in legal fees and years to accomplish.
• Define clear classifications for digital assets, derivatives (created via smart contracts) and stablecoins.
• Create a bipartisan public and private sector group led by tech-savvy thought leaders such as Andrew Yang, to collaborate on landmark legislation that will do for fintech what the HPCCA did for internet companies.
• Appoint an SEC chair that understands how to truly advance innovation while protecting consumers and the markets. The pro-innovation lip service we have been getting from this SEC is just that — lip service. Every crypto project this SEC has touched has ended up fleeing the U.S., in bankruptcy or left holding worthless tokens.
Regardless of how policymakers and regulators decide to approach the issues that our industry faces, we need to continue to work alongside the government to ensure that the rapidly growing number of people who use fintech and blockchain products continue to get the best-in-class solutions with appropriate consumer and market protections in place.
It’s clear that this technology is here to stay, and I hope that elected leaders will recognize the power that it has to effect massive financial industry progress. Similar to the HPCAA, smart regulation can both protect our consumers and markets while allowing proud U.S. companies to create life-changing innovations.
Coinbase files to go public confidentially and we’re hyped || Stock Wars: Hershey's Vs. Mondelez: This week's Benzinga Stock Wars pits two chocolate and candy stocks against each other. Here's a look at how Hershey's and Mondelez stack up. About Hershey’s: Well-known for brands like Hershey’s, Kit-Kat and Reese’s Peanut Butter Cups, Hershey Company (NYSE: HSY ) is one of the largest candy companies in North America. Hershey’s has been around for over 125 years. About Mondelez: With products across snacks, chocolate, gum, candy, cheese and grocery, Mondelez International (NASDAQ: MDLZ ) is one of the largest food companies in the world. The company has operations in more than 80 countries and sells products to more than 150 countries worldwide. Brands from Mondelez include Cadbury, Milka, Toblerone, Oreo, belVita, Halls, Trident and Tang. North American Market: In the third quarter , Hershey’s reported a 4% year-over-year increase in revenue. The core U.S. business was strong and the reason for the growth. Baking was particularly strong, with the segment posting 16% year-over-year growth. Salty snacks was another highlight, with 12% year-over-year growth. The North American market makes up only 27.6% of Mondelez’s overall sales. The biscuits category, which includes Oreos, gets the largest percent of revenue from North America, with 22.8% of category sales. Third quarter revenue was up 5% year-over-year for Mondelez. The North American segment led the way with year-over-year growth of 12.9%. Related Link: Stock Wars: Home Depot Vs. Lowe’s International: The international segment remains a much smaller revenue source for Hershey’s. The international segment has been hurt during the pandemic. Revenue for the segment was down 14% year-over-year in the third quarter. International revenue was $206 million for Hershey’s in the third quarter making up less than 10% of the company’s $2.2 billion in quarterly revenue. Mondelez had revenue of $25.9 billion in fiscal 2019. North America made up $7.1 billion of the total. Latin America, AMEA and Europe made up $3.02 billion, $5.77 billion and $9.97 billion, respectively. Story continues Acquisitions: After years of being known as a chocolate company, Hershey’s is using acquisitions to expand into the snacking category. The company said its strategy is to build a portfolio of products for consumers and expand to “snacking beyond confection.” The company’s goal is to be an innovative snacking powerhouse. Hershey’s acquired ONE Brands in 2019 and Pirate Brands and Amplify Snack Brands in 2018. Skinny Pop saw double-digit growth in the last fiscal year. ONE Brands had high double-digit growth at the end of the last fiscal year, according to the company. “We have strong plans in place to build on this momentum in 2020,” Hershey’s said. Mondelez attempted to purchase Hershey’s in 2016, with the deal eventually falling through. The Hershey Trust, which owns 34% of Hershey’s stock and controls 80% of the vote, opposed the deal. Financials: Revenue for Hershey’s was $8 billion in fiscal 2019. Revenue has grown in each of the last five fiscal years, starting with $7.4 billion in fiscal 2015. Sales for Mondelez have held steady over the last five years, with $25.9 billion being the total revenue figure for each of the last four fiscal years. Net earnings for Mondelez have grown in each of the last four fiscal years. Stock Performance: Shares of Hershey’s are up 3% in 2020. The company’s shares are up 70% in the last five years and up 212% over the last 10 years. The Hershey Co. trades with a market capitalization of $31 billion and has a 2.1% dividend yield. Shares of Mondelez are up 6% in 2020. The stock is up 35% over the last five years and up 83% over the last 10 years. See more from Benzinga Click here for options trades from Benzinga Here's How Much Investing ,000 In Bitcoin On Jan. 1, 2020 Would Be Worth Now Nikola Shares Roll Downhill After Termination Of Republic Services Deal © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Stock Wars: Hershey's Vs. Mondelez: This week's Benzinga Stock Wars pits two chocolate and candy stocks against each other. Here's a look at how Hershey's and Mondelez stack up. About Hershey’s: Well-known for brands like Hershey’s, Kit-Kat and Reese’s Peanut Butter Cups, Hershey Company (NYSE: HSY ) is one of the largest candy companies in North America. Hershey’s has been around for over 125 years. About Mondelez: With products across snacks, chocolate, gum, candy, cheese and grocery, Mondelez International (NASDAQ: MDLZ ) is one of the largest food companies in the world. The company has operations in more than 80 countries and sells products to more than 150 countries worldwide. Brands from Mondelez include Cadbury, Milka, Toblerone, Oreo, belVita, Halls, Trident and Tang. North American Market: In the third quarter , Hershey’s reported a 4% year-over-year increase in revenue. The core U.S. business was strong and the reason for the growth. Baking was particularly strong, with the segment posting 16% year-over-year growth. Salty snacks was another highlight, with 12% year-over-year growth. The North American market makes up only 27.6% of Mondelez’s overall sales. The biscuits category, which includes Oreos, gets the largest percent of revenue from North America, with 22.8% of category sales. Third quarter revenue was up 5% year-over-year for Mondelez. The North American segment led the way with year-over-year growth of 12.9%. Related Link: Stock Wars: Home Depot Vs. Lowe’s International: The international segment remains a much smaller revenue source for Hershey’s. The international segment has been hurt during the pandemic. Revenue for the segment was down 14% year-over-year in the third quarter. International revenue was $206 million for Hershey’s in the third quarter making up less than 10% of the company’s $2.2 billion in quarterly revenue. Mondelez had revenue of $25.9 billion in fiscal 2019. North America made up $7.1 billion of the total. Latin America, AMEA and Europe made up $3.02 billion, $5.77 billion and $9.97 billion, respectively. Story continues Acquisitions: After years of being known as a chocolate company, Hershey’s is using acquisitions to expand into the snacking category. The company said its strategy is to build a portfolio of products for consumers and expand to “snacking beyond confection.” The company’s goal is to be an innovative snacking powerhouse. Hershey’s acquired ONE Brands in 2019 and Pirate Brands and Amplify Snack Brands in 2018. Skinny Pop saw double-digit growth in the last fiscal year. ONE Brands had high double-digit growth at the end of the last fiscal year, according to the company. “We have strong plans in place to build on this momentum in 2020,” Hershey’s said. Mondelez attempted to purchase Hershey’s in 2016, with the deal eventually falling through. The Hershey Trust, which owns 34% of Hershey’s stock and controls 80% of the vote, opposed the deal. Financials: Revenue for Hershey’s was $8 billion in fiscal 2019. Revenue has grown in each of the last five fiscal years, starting with $7.4 billion in fiscal 2015. Sales for Mondelez have held steady over the last five years, with $25.9 billion being the total revenue figure for each of the last four fiscal years. Net earnings for Mondelez have grown in each of the last four fiscal years. Stock Performance: Shares of Hershey’s are up 3% in 2020. The company’s shares are up 70% in the last five years and up 212% over the last 10 years. The Hershey Co. trades with a market capitalization of $31 billion and has a 2.1% dividend yield. Shares of Mondelez are up 6% in 2020. The stock is up 35% over the last five years and up 83% over the last 10 years. See more from Benzinga Click here for options trades from Benzinga Here's How Much Investing ,000 In Bitcoin On Jan. 1, 2020 Would Be Worth Now Nikola Shares Roll Downhill After Termination Of Republic Services Deal © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Here's How Much Investing $1,000 In Bitcoin On Jan. 1, 2020 Would Be Worth Now: Bitcoin and its strong performance has been one of the biggest investing stories of 2020. Investors continue to pour more money into cryptocurrency. Here’s how well bitcoin performed in 2020. Bitcoin Performance: Bitcoin has surged in price and hit all-time highs in December. Investors who put $1,000 in bitcoin on Jan. 1, 2020, would have been able to purchase .13966 bitcoin based on a starting price of $7,160. Bitcoin traded at $23,605 on Dec. 23, which would make that .13966 Bitcoin worth $3,296.67. That represents a return of 230% on the original theoretical investment. The SPDR S&P 500 (NYSEARCA: SPY), which tracks the S&P 500 and is one of the most popular ETFs, is up 15% in 2020. The performance of bitcoin in 2020 has outpaced the broader market and popular large caps like Apple Inc (NASDAQ: AAPL ) and Amazon.com (NASDAQ: AMZN ), which have year-to-date gains of 80% and 75%, respectively. Shares of Tesla Inc (NASDAQ: TSLA ) are up over 660% in 2020, beating the performance of bitcoin. Lolli , which rewards consumers with bitcoin for shopping, tweeted that putting a $1,200 stimulus check into bitcoin would be worth $4,146 as of Dec. 22. Related Link: 8 Stocks To Play Bitcoin’s Resurgence Stock Performance: Many of the stocks associated with bitcoin have surged in 2020, including miners and cryptocurrency trading platforms. The Grayscale Bitcoin Trust (OTC: GBTC ), which offers investors exposure to bitcoin, is up 271% in 2020 and has seen large inflows. MicroStrategy Incorporated (NASDAQ: MSTR ) has made headlines in 2020 for putting its cash into bitcoin and also raising money to buy additional bitcoin. The company has spent over $1.1 billion in 2020 on bitcoin and now owns 70,470 bitcoin. See more from Benzinga Click here for options trades from Benzinga MicroStrategy Now Holds 70,470 Bitcoin After Spending .1B in 2020 © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
[Social Media Buzz]
None available.
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24664.79, 26437.04, 26272.29, 27084.81, 27362.44, 28840.95, 29001.72, 29374.15, 32127.27, 32782.02
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 766.31, 748.91, 756.23, 763.78, 737.23, 666.65, 596.12, 623.98, 665.30, 665.12, 629.37, 655.28, 647.00, 639.89, 673.34, 676.30, 703.70, 658.66, 683.66, 670.63, 677.33, 640.56, 666.52, 650.96, 649.36, 647.66, 664.55, 654.47, 658.08, 663.26, 660.77, 679.46, 673.11, 672.86, 665.68, 665.01, 650.62, 655.56, 661.28, 654.10, 651.78, 654.35, 655.03, 656.99, 655.05, 624.68, 606.27, 547.47, 566.35, 578.29, 575.04, 587.78, 592.69, 591.05, 587.80, 592.10, 589.12, 587.56, 585.59, 570.47, 567.24, 577.44, 573.22, 574.32, 575.63, 581.70, 581.31, 586.75, 583.41, 580.18, 577.76, 579.65, 569.95, 573.91, 574.11, 577.50, 575.47, 572.30, 575.54, 598.21, 608.63, 606.59, 610.44, 614.54, 626.32, 622.86, 623.51, 606.72, 608.24, 609.24.
|
[Bitcoin Technical Analysis for 2016-09-13]
Volume: 86920600, RSI (14-day): 56.04, 50-day EMA: 601.18, 200-day EMA: 545.41
[Wider Market Context]
Gold Price: 1319.00, Gold RSI: 44.62
Oil Price: 44.90, Oil RSI: 47.63
[Recent News (last 7 days)]
And this is why you don’t scam a security professional on Reddit: Trying to scam someone on the internet is always a bad idea, but if that someone turns out to be the head of a security research company, you're in for a whole world of hurt. Christian Haschek is an Austrian security researcher who was trying to sell $500 in US Apple gift cards on Reddit, since they're a pain to use from overseas. He thought he had struck a deal with a buyer, but that buyer turned out to be less than honest . DON'T MISS: Reaction roundup: How angry are people about the iPhone 7’s missing headphone jack? After attempting to verify the buyer through an eBay account, Haschek mailed the cards to the buyer. He was expecting Bitcoin payment sometime soon after, but that never came. Getting angry , he messaged the verified eBay account, only to get a message denying any knowledge of the sale. At the same time, the Reddit account he had been dealing with was deleted. So, Haschek embarked on a slightly more low-key and geeky version of Liam Neeson's Taken . He used the Reddit and eBay account names to track down a Steam name, and through that, a Facebook account of the scammer's friend. He used that and some painstaking Facebook stalking to find the scammer's full name and all of his family, and that's where things got really good. He sent a message to the scammer's mom and brother outlining the situation, and said that something had to be done or he would got to the cops. Unsurprisingly, the Bitcoin for the gift cards came quickly thereafter, along with a grovelling apology. In the end, there was no harm done on either side. But it also goes to show that little on the internet is really anonymous. If you want to scam someone -- or conduct perfectly legitimate business on the internet without being found -- remember to start with brand-new accounts. You can (and should) read the full account here . Trending right now: Ultimate Pokemon Go cheat lets you walk anywhere in the game without moving an inch Apple’s dual camera system will remain an iPhone Plus exclusive with the iPhone 8 Steve Jobs’ thoughts on ‘courage’ help explain why Apple removed the iPhone 7’s headphone jack See the original version of this article on BGR.com || And this is why you don’t scam a security professional on Reddit: Trying to scam someone on the internet is always a bad idea, but if that someone turns out to be the head of a security research company, you're in for a whole world of hurt. Christian Haschek is an Austrian security researcher who was trying to sell $500 in US Apple gift cards on Reddit, since they're a pain to use from overseas. He thought he had struck a deal with a buyer, but that buyer turned out to be less than honest . DON'T MISS: Reaction roundup: How angry are people about the iPhone 7’s missing headphone jack? After attempting to verify the buyer through an eBay account, Haschek mailed the cards to the buyer. He was expecting Bitcoin payment sometime soon after, but that never came. Getting angry , he messaged the verified eBay account, only to get a message denying any knowledge of the sale. At the same time, the Reddit account he had been dealing with was deleted. So, Haschek embarked on a slightly more low-key and geeky version of Liam Neeson's Taken . He used the Reddit and eBay account names to track down a Steam name, and through that, a Facebook account of the scammer's friend. He used that and some painstaking Facebook stalking to find the scammer's full name and all of his family, and that's where things got really good. He sent a message to the scammer's mom and brother outlining the situation, and said that something had to be done or he would got to the cops. Unsurprisingly, the Bitcoin for the gift cards came quickly thereafter, along with a grovelling apology. In the end, there was no harm done on either side. But it also goes to show that little on the internet is really anonymous. If you want to scam someone -- or conduct perfectly legitimate business on the internet without being found -- remember to start with brand-new accounts. You can (and should) read the full account here . Trending right now: Ultimate Pokemon Go cheat lets you walk anywhere in the game without moving an inch Apple’s dual camera system will remain an iPhone Plus exclusive with the iPhone 8 Steve Jobs’ thoughts on ‘courage’ help explain why Apple removed the iPhone 7’s headphone jack See the original version of this article on BGR.com || American Express Needs to Shake Off Its Lethargy: - By Sangara Narayanan
Of the top four financial services companies in the world,American Express(AXP) earns the most and is also the cheapest to buy.
American Express made $32.818 billion in 2015, nearly 2.3 times whatVisa(NYSE:V) made last year. But the premium credit card seller is trading at an extraordinarily low 12 times its earnings - far less than Visa,MasterCard(MA) andPayPal(PYPL). The root cause of the problem is that the market's expectation with American Express has turned sour as the company's revenue growth was nearly flat, growing from $31.582 billion in 2012 to $32.818 billion in 2015.
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Comparison with Visa is inevitable as they both operate in the same industry but at different market positions. Visa goes after the mass market while American Express has always gone after the premium segment. But, unfortunately, unlike what you typically see in other industries where premium providers enjoy fat margins, American Express, despite its positioning, has an operating margin of around 25% while Visa has enjoyed operating margins in excess of 60% for the last three years. Visa's sales were lower than Amex in 2015, but the company's operating income was a full $1 billion higher than Amex.
Despite this huge discrepancy in bottom-line earnings, Visa has managed to grow at the faster rate than American Express while MasterCard and PayPal have kept up their paces as well. American Express was the only company of the top four to see its revenues barely inch up in the last three years, and that's the reason why the company is trading at lower multiples compared to other players in the segment.
One of the biggest problems with American Express is that the company has stayed rigid with its business strategies, always staying within its traditional model of targeting high income earners and high net worth individuals. In contrast, Visa has always remained active in engaging forward-looking technologies and kept pace with developments in the industry.
What has Visa done differently?
Take, for example, Visa recently inviting banks to test the effectiveness of blockchain technology. Blockchain is the technology that propelled Bitcoin into our world. The concept of shared ledger itself isn't new, but to test it in an interbank environment is completely new. If successful it can completely transform the way settlements are done between banks in different time zones, reducing cost and time while also increasing effectiveness, accountability and data integrity.
The technology may work or fail, but Visa seems to be always ready to look for the next thing it can add to its portfolio. Here's another example: The entire world knows digital mobile payment is the next financial payment wave. Tech majors likeApple(AAPL) andGoogle(GOOG) have already jumped into the game, and PayPal's Venmo is also looking to expand aggressively into the segment. All three top players in the digital wallet space - Apple, Google and PayPal - have struck deals with credit card companies as part of their plans to capture the digital payment world of the future, and Visa stands to gain from each of these partnerships.
Of course, American Express is also on Apple Pay, but if Amex had been the one to push Apple into launching a payment system like Apple Pay, it would have been an entirely different matter. The problem is American Express remains a mute spectator while its peers go after the best opportunities that will allow them to retain their massive moats and keep growing in the process. I see that as American Express' biggest problem, and the reason for its low valuation.
Could Amex have been more proactive?
Last year the company launched its American Express checkout, an alternative payment system its users can utilize to make payments on partnering merchant apps and websites. It is trying its best, but somehow the company always manages to be far more than fashionably late to the party. Had the company launched this five years ago things would have been completely different today. Amex could have easily had a PayPal equivalent of its own by now, but that will never be because it was late. Its product launches always strike me as reactive rather than proactive.
On the positive side, the company does have a strong enough market position to keep going the way it is. However, it needs to realize that businesses that do not stay relevant today will not live to see tomorrow. That tomorrow might still be far away but unless American Express can get rid of its reactive attitude, there will be trouble down the road.
Disclosure:I have no positions in any of the stocks mentioned above and no intention to initiate a position in the next 72 hours.
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• Peter Lynch Chart of AXP || American Express Needs to Shake Off Its Lethargy: - By Sangara Narayanan Of the top four financial services companies in the world, American Express ( AXP ) earns the most and is also the cheapest to buy. American Express made $32.818 billion in 2015, nearly 2.3 times what Visa (NYSE:V) made last year. But the premium credit card seller is trading at an extraordinarily low 12 times its earnings - far less than Visa, MasterCard ( MA ) and PayPal ( PYPL ). The root cause of the problem is that the market's expectation with American Express has turned sour as the company's revenue growth was nearly flat, growing from $31.582 billion in 2012 to $32.818 billion in 2015. Warning! GuruFocus has detected 3 Warning Sign with MIDD. Click here to check it out. AXP 15-Year Financial Data The intrinsic value of AXP Peter Lynch Chart of AXP Comparison with Visa is inevitable as they both operate in the same industry but at different market positions. Visa goes after the mass market while American Express has always gone after the premium segment. But, unfortunately, unlike what you typically see in other industries where premium providers enjoy fat margins, American Express, despite its positioning, has an operating margin of around 25% while Visa has enjoyed operating margins in excess of 60% for the last three years. Visa's sales were lower than Amex in 2015, but the company's operating income was a full $1 billion higher than Amex. Despite this huge discrepancy in bottom-line earnings, Visa has managed to grow at the faster rate than American Express while MasterCard and PayPal have kept up their paces as well. American Express was the only company of the top four to see its revenues barely inch up in the last three years, and that's the reason why the company is trading at lower multiples compared to other players in the segment. One of the biggest problems with American Express is that the company has stayed rigid with its business strategies, always staying within its traditional model of targeting high income earners and high net worth individuals. In contrast, Visa has always remained active in engaging forward-looking technologies and kept pace with developments in the industry. What has Visa done differently? Take, for example, Visa recently inviting banks to test the effectiveness of blockchain technology. Blockchain is the technology that propelled Bitcoin into our world. The concept of shared ledger itself isn't new, but to test it in an interbank environment is completely new. If successful it can completely transform the way settlements are done between banks in different time zones, reducing cost and time while also increasing effectiveness, accountability and data integrity. Story continues The technology may work or fail, but Visa seems to be always ready to look for the next thing it can add to its portfolio. Here's another example: The entire world knows digital mobile payment is the next financial payment wave. Tech majors like Apple ( AAPL ) and Google ( GOOG ) have already jumped into the game, and PayPal's Venmo is also looking to expand aggressively into the segment. All three top players in the digital wallet space - Apple, Google and PayPal - have struck deals with credit card companies as part of their plans to capture the digital payment world of the future, and Visa stands to gain from each of these partnerships. koeBopeWyaLh9pp5m1rvJVugs2yXy77_nwH3FW7l Of course, American Express is also on Apple Pay, but if Amex had been the one to push Apple into launching a payment system like Apple Pay, it would have been an entirely different matter. The problem is American Express remains a mute spectator while its peers go after the best opportunities that will allow them to retain their massive moats and keep growing in the process. I see that as American Express' biggest problem, and the reason for its low valuation. Could Amex have been more proactive? Last year the company launched its American Express checkout, an alternative payment system its users can utilize to make payments on partnering merchant apps and websites. It is trying its best, but somehow the company always manages to be far more than fashionably late to the party. Had the company launched this five years ago things would have been completely different today. Amex could have easily had a PayPal equivalent of its own by now, but that will never be because it was late. Its product launches always strike me as reactive rather than proactive. On the positive side, the company does have a strong enough market position to keep going the way it is. However, it needs to realize that businesses that do not stay relevant today will not live to see tomorrow. That tomorrow might still be far away but unless American Express can get rid of its reactive attitude, there will be trouble down the road. Disclosure: I have no positions in any of the stocks mentioned above and no intention to initiate a position in the next 72 hours. Start a free seven-day trial of Premium Membership to GuruFocus. This article first appeared on GuruFocus . Warning! GuruFocus has detected 3 Warning Sign with MIDD. Click here to check it out. AXP 15-Year Financial Data The intrinsic value of AXP Peter Lynch Chart of AXP View comments || PayPal's Biggest Threat Is Still Unknown, but It Is Out There: - By Nicholas Kitonyi
PayPal(PYPL) is the world's largest online payments platform and its transition in the mobile payments market appears to be taking shape with user-friendly secure apps created for the main market drivers.
At the end of May, I wrote a piece discussing howPayPal has been slimming upto optimize its operations around partnerships that provide a good case for sustainable growth.
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It discontinued support forBlackberry's (BBRY) OS with now only the mobile web version available on the ailing smartphone maker's devices.Microsoft's (MSFT) Windows Phone OS andAmazon's (AMZN) Fire Phone were also cut out as PayPal moved to focus on iOS and Android based platforms.
This move appeared to make sense, and it still does. However, the company has also been making various changes to its user policy as it seeks to tighten security and increase restriction on who can and cannot use its online money transfer services.
Currently, PayPal is only partially available in most of the emerging and developing countries. Its primary markets remain in North America and Western Europe, which at the moment offer a modest growth potential.
Leading smartphone manufacturersSamsung Electronics(SSNLF) andApple(AAPL) on the other hand, have realized there is a great opportunity up for the taking in these emerging markets and have moved to manufacture devices tailor-made for these markets.
As such, PayPal should be ready to do the same if it is to maintain its global leadership in online payments in the foreseeable future. The company already faces competition from European-based playersPaySafe Group(Skrill) (PAYS.L), Neteller,Worldpay Group(WPG.L) and several other localized platforms. This will make its presence in these countries difficult as most locals move to utilize the locally friendly alternatives.
For instance, KIWI is currently a major threat in Australia and New Zealand, whereas Moneta.ru is the preferred choice for many in Russia. On the other hand, Ali Pay continues to dominate in China.
That is not all, companies are now introducing alternatives which are backed by the emergence of cryptocurrencies in the financial markets. BitGold is a platform that allows people to store money in the form of gold bullion, but in this case, it has been made available to retail and individual investors.
On the other hand, Bitcoin has also sparked the launch of several startups that seek to disrupt the payments industry. A good example is Paxful, which is a Bitcoin-based online payments platform that allows people to make payments online without the requirement of a bank account or credit card.
Most of these platforms also support online gambling and financial trading, which give them the link to one of the world's largest marketplaces. In contrast, PayPal does not support payments for online gambling and financial trading platforms. This means that PayPal may not be able to access some users who prefer to put all their online payments business in one wallet.
However, most users that prioritize on security might still end up putting PayPal ahead of the rest, which means that at the moment, it is hard to pinpoint a single alternative to PayPal that could be the online payments giant's main threat going forward.
There are those who still think that Apple Pay andAlphabet's (GOOG) (GOOGL) Google Wallet could spark the downfall of PayPal, especially given their massive user bases from other services they provide. However, these too are subject to stringent regulatory requirements which make it harder for them to provide their services in most countries.
As such, with the U.S., the strictest nation when it comes to financial regulation accounting for just about 300 million worth of addressable market for online payments users, the larger cake is pretty much left for foreign players to cut their share.
This means that while PayPal's main threat to its global domination is still unknown, we could safely say that it is out there. It could be Paxful, Skrill, Neteller or BitGold, among others. You never know, but it is out there.
Conclusion
In summary, PayPal's obstacles to maintaining its global domination of the online payments market are policy-based. All its users agree with the terms, but probably not everyone likes them. Tweaking the terms to accommodate the current outlier class could see the company lose most of its users, especially the ones that like the current terms.
Therefore, the best card the company can play is to keep its services better than those of its rivals, but that can be replicated, especially given the fact we are currently in the age of "copy and paste" when it comes to innovation.
Disclosure: I have no position in any stock mentioned in this article.
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• Peter Lynch Chart of PYPL || PayPal's Biggest Threat Is Still Unknown, but It Is Out There: - By Nicholas Kitonyi PayPal ( PYPL ) is the world's largest online payments platform and its transition in the mobile payments market appears to be taking shape with user-friendly secure apps created for the main market drivers. At the end of May, I wrote a piece discussing how PayPal has been slimming up to optimize its operations around partnerships that provide a good case for sustainable growth. Warning! GuruFocus has detected 8 Warning Signs with MSFT. Click here to check it out. PYPL 15-Year Financial Data The intrinsic value of PYPL Peter Lynch Chart of PYPL It discontinued support for Blackberry 's ( BBRY ) OS with now only the mobile web version available on the ailing smartphone maker's devices. Microsoft 's ( MSFT ) Windows Phone OS and Amazon 's ( AMZN ) Fire Phone were also cut out as PayPal moved to focus on iOS and Android based platforms. This move appeared to make sense, and it still does. However, the company has also been making various changes to its user policy as it seeks to tighten security and increase restriction on who can and cannot use its online money transfer services. Currently, PayPal is only partially available in most of the emerging and developing countries. Its primary markets remain in North America and Western Europe, which at the moment offer a modest growth potential. Leading smartphone manufacturers Samsung Electronics (SSNLF) and Apple ( AAPL ) on the other hand, have realized there is a great opportunity up for the taking in these emerging markets and have moved to manufacture devices tailor-made for these markets. As such, PayPal should be ready to do the same if it is to maintain its global leadership in online payments in the foreseeable future. The company already faces competition from European-based players PaySafe Group (Skrill) ( PAYS.L ), Neteller, Worldpay Group ( WPG.L ) and several other localized platforms. This will make its presence in these countries difficult as most locals move to utilize the locally friendly alternatives. Story continues For instance, KIWI is currently a major threat in Australia and New Zealand, whereas Moneta.ru is the preferred choice for many in Russia. On the other hand, Ali Pay continues to dominate in China. That is not all, companies are now introducing alternatives which are backed by the emergence of cryptocurrencies in the financial markets. BitGold is a platform that allows people to store money in the form of gold bullion, but in this case, it has been made available to retail and individual investors. On the other hand, Bitcoin has also sparked the launch of several startups that seek to disrupt the payments industry. A good example is Paxful, which is a Bitcoin-based online payments platform that allows people to make payments online without the requirement of a bank account or credit card. Most of these platforms also support online gambling and financial trading, which give them the link to one of the world's largest marketplaces. In contrast, PayPal does not support payments for online gambling and financial trading platforms. This means that PayPal may not be able to access some users who prefer to put all their online payments business in one wallet. However, most users that prioritize on security might still end up putting PayPal ahead of the rest, which means that at the moment, it is hard to pinpoint a single alternative to PayPal that could be the online payments giant's main threat going forward. There are those who still think that Apple Pay and Alphabet 's ( GOOG ) ( GOOGL ) Google Wallet could spark the downfall of PayPal, especially given their massive user bases from other services they provide. However, these too are subject to stringent regulatory requirements which make it harder for them to provide their services in most countries. As such, with the U.S., the strictest nation when it comes to financial regulation accounting for just about 300 million worth of addressable market for online payments users, the larger cake is pretty much left for foreign players to cut their share. This means that while PayPal's main threat to its global domination is still unknown, we could safely say that it is out there. It could be Paxful, Skrill, Neteller or BitGold, among others. You never know, but it is out there. Conclusion In summary, PayPal's obstacles to maintaining its global domination of the online payments market are policy-based. All its users agree with the terms, but probably not everyone likes them. Tweaking the terms to accommodate the current outlier class could see the company lose most of its users, especially the ones that like the current terms. Therefore, the best card the company can play is to keep its services better than those of its rivals, but that can be replicated, especially given the fact we are currently in the age of "copy and paste" when it comes to innovation. Disclosure : I have no position in any stock mentioned in this article. Start a free 7-day trial of Premium Membership to GuruFocus. This article first appeared on GuruFocus . Warning! GuruFocus has detected 8 Warning Signs with MSFT. Click here to check it out. PYPL 15-Year Financial Data The intrinsic value of PYPL Peter Lynch Chart of PYPL || Your first trade for Friday, September 9: The "Fast Money" traders shared their first moves for the market open.
Tim Seymour was a buyer of Occidental Petroleum(OXY).
Brian Kelly was a buyer of the Financial Select Sector SPDR Fund(NYSE Arca: XLF).
Dan Nathan was a seller of Twitter(TWTR)puts.
Guy Adami was a buyer of Restoration Hardware(: ), which reported quarterly numbers after Thursday's market close.
Trader disclosure: On September 8, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:Tim Seymour is long APC, AVP, BAC, BBRY, CLF, DAL, DO, DVYE, EDC, EWZ, F, FB, FCX, FXI, GM, GOOGL, GRMN, GE, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. short: SPY, XRT; Tim's firm is long ABX, BABA, BIDU, CBD, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, X, YHOO, short HYG, IWM, UAL. Dan Nathan is long TWTR, IWM long Sept put, long PYPL call calendar, XOP Sept put spread, BAC long Sept put, Long FEZ Nov put spread, long EEM Nov put spread, long FB Sept put spread, AAPL long Nov 105/95 put spread. Brian Kelly is long Bitcoin, CME, DXJ, GDX, KBE, SLV, TLT, VXX, XLF, XOP, US Dollar UUP; he is short EUR=, JPY=. Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. || Your first trade for Friday, September 9: The " Fast Money " traders shared their first moves for the market open. Tim Seymour was a buyer of Occidental Petroleum ( OXY ) . Brian Kelly was a buyer of the Financial Select Sector SPDR Fund (NYSE Arca: XLF) . Dan Nathan was a seller of Twitter ( TWTR ) puts. Guy Adami was a buyer of Restoration Hardware (: ) , which reported quarterly numbers after Thursday's market close. Trader disclosure: On September 8, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Tim Seymour is long APC, AVP, BAC, BBRY, CLF, DAL, DO, DVYE, EDC, EWZ, F, FB, FCX, FXI, GM, GOOGL, GRMN, GE, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. short: SPY, XRT; Tim's firm is long ABX, BABA, BIDU, CBD, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, X, YHOO, short HYG, IWM, UAL. Dan Nathan is long TWTR, IWM long Sept put, long PYPL call calendar, XOP Sept put spread, BAC long Sept put, Long FEZ Nov put spread, long EEM Nov put spread, long FB Sept put spread, AAPL long Nov 105/95 put spread. Brian Kelly is long Bitcoin, CME, DXJ, GDX, KBE, SLV, TLT, VXX, XLF, XOP, US Dollar UUP; he is short EUR=, JPY=. Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. || Inside a Wall Street innovation lab set up to 'reshape the entire work experience': BNP Paribas Innovation Zone (Tina Wadhwa) Can 5,000 square feet transform a bank? BNP Paribas clearly hopes so. It opened what it's calling an "innovation zone" Wednesday on the 30th floor of its midtown Manhattan US headquarters. Banking is changing fast, with startups encroaching on the big companies' turf, and new technologies like blockchain, which is decentralized, threatening to take some control away from big banks. That's why competitors are acquiring startups and launching accelerators. BNP Paribas is hoping this lab will help it stay relevant. "The goal here is to foster all kinds of innovation and to reshape the entire work experience," said Bruno d'Illiers, COO of BNP Paribas North America. He sees it as a place where employees from different divisions can meet and brainstorm. "The lab is open to everybody," he said. BNP Paribas is a big player in international finance worldwide. However, its US presence is a growing, but relatively small part of its business. It has 188,000 employees worldwide, with 16,000 in North America. Its better-known competitors are racing to acquire or partner with hot fintech startups . JPMorgan teamed up with On Deck Capital, an online lender. UBS' wealth-management arm teamed up with SigFig , a so-called robo-advisor. Another automated investment company, FutureAdvisor, was acquired by BlackRock. And BNP has watched as other banks like Wells Fargo, Citi and UBS have established their own in-house fintech labs and innovation centers in recent years, complete with the kind of startup-style that's synonymous with Silicon Valley. BNP Paribas Innovation Lab (Tina Wadhwa) BNP's is no different. Its kitchen has free drinks and snacks. Its desks and chairs are made of recycled materials. It looks more Brooklyn than big bank. "I was inspired by how my own kids are working these days," said Cecile Vilaraseau-Remy, head of transformation and premises at BNP Paribas Americas. There's a bright and airy feel. It's modern, if rather stark. The employees that do come up to the lab are likely to spend a lot of time thinking about blockchain, the technology behind Bitcoin. It's thought to be a more secure way to send and verify financial transactions, as it eliminates middlemen and ensures everyone involved has an indelible record of money coming and going. Story continues BNP Paribas is an investor in Digital Asset Holdings (DAH) , the blockchain startup run by former JPMorgan CFO Blythe Masters. BNP's head of commodities and FX, Catherine Flax, sits on the board and is involved with the startup's efforts to implement blockchain technology to business processes. BNP is also one of forty banks that signed on to R3, the industry wide body trying to bring blockchain technology to finance. To show it's serious, the launch of the innovation lab was combined with what it's calling " America’s Blockchain Bizhackathon," which brought together industry leaders in the b lockchain community including the CMO of Digital Asset Holdings, the co-Founder of R3, fintech investors, and a blockchain strategist at Microsoft. BNP Paribas kitchen (Tina Wadhwa) More than 200 employees attended the event and some will spend part of this week figuring out how BNP might benefit from implementing blockchain technology. T hen the space will open up to all employees. Others using the space may work on big data, robotics, automation, and artificial intelligence, areas that have only recently started to infiltrate the staid world of banking. The company is also running what it calls an "Ideation Campaign," which asks employees to submit proposals to improve the bank's business processes. Innovation labs have a mixed track record. It can be hard to transplant a freewheeling creative spirit into companies with strong hierarchies and an entrenched culture, and some companies end up pulling the plug on the experiments. Its high ceilings and laptop-friendly wood tables may inspire BNP's employees come up with the ideas that help the company adapt and compete. Or it could just be a place for employees to get a free snack. NOW WATCH: SCOTT GALLOWAY: Netflix could be the next $300 billion company More From Business Insider I’ve been sleeping on the perfect sheets for the spring and summer, and I’ve never slept better Here's who would win if Russia, China, and America all went to war right now Apple stock drops after it misses on revenue, signals softness ahead || Inside a Wall Street innovation lab set up to 'reshape the entire work experience': (Tina Wadhwa)
Can 5,000 square feet transform a bank?
BNP Paribas clearly hopes so. It opened what it's calling an "innovation zone" Wednesday on the 30th floor of its midtown Manhattan US headquarters.
Banking is changing fast, with startups encroaching on the big companies' turf, and new technologies like blockchain, which is decentralized, threatening to take some control away from big banks.
That's why competitors are acquiring startups and launching accelerators. BNP Paribas is hoping this lab will help it stay relevant.
"The goal here is to foster all kinds of innovation and to reshape the entire work experience," said Bruno d'Illiers, COO of BNP Paribas North America. He sees it as a place where employees from different divisions can meet and brainstorm.
"The lab is open to everybody," he said.
BNP Paribas is a big player in international finance worldwide. However, its US presence is a growing, but relatively small part of its business. It has 188,000 employees worldwide, with16,000in North America.
Its better-known competitors are racing to acquire or partner with hotfintech startups. JPMorgan teamed up with On Deck Capital, an online lender. UBS' wealth-management arm teamed up withSigFig, a so-called robo-advisor. Another automated investment company, FutureAdvisor, was acquired by BlackRock.
And BNP has watched as other banks like Wells Fargo, Citi and UBS have established their own in-house fintech labs and innovation centers in recent years, complete with the kind of startup-style that's synonymous with Silicon Valley.
(Tina Wadhwa)
BNP's is no different. Its kitchen has free drinks and snacks. Its desks and chairs are made of recycled materials. It looks more Brooklyn than big bank.
"I was inspired by how my own kids are working these days," said CecileVilaraseau-Remy, head of transformation and premises at BNP Paribas Americas.
There's a bright and airy feel. It's modern, if rather stark.
The employees that do come up to the lab are likely to spend a lot of time thinking about blockchain, the technology behind Bitcoin. It's thought to be a more secure way to send and verify financial transactions, as it eliminates middlemen and ensures everyone involved has an indelible record of money coming and going.
BNP Paribas is an investor inDigital Asset Holdings (DAH), the blockchain startup run by former JPMorgan CFO Blythe Masters. BNP's head of commodities and FX, Catherine Flax, sits on the board and is involved with the startup's efforts to implement blockchain technology to business processes. BNP is also one of forty banks that signed on toR3, the industry wide bodytrying to bring blockchain technology to finance.
To show it's serious, the launch of the innovation lab was combined with what it's calling "America’s Blockchain Bizhackathon," which brought together industry leaders in the blockchain community including the CMO of Digital Asset Holdings, the co-Founder of R3, fintech investors, and a blockchain strategist at Microsoft.
(Tina Wadhwa)More than 200 employees attended the event and some will spend part of this week figuring out how
BNP might benefit from implementing blockchain technology. Then the space will open up to all employees.
Others using the space may work on big data, robotics, automation, and artificial intelligence, areas that have only recently started to infiltrate the staid world of banking.
The company is also running what it calls an "Ideation Campaign," which asks employees to submit proposals to improve the bank's business processes.
Innovation labs have a mixed track record. It can be hard to transplant a freewheeling creative spirit into companies with strong hierarchies and an entrenched culture, and some companies end uppulling the plugon the experiments.
Its high ceilings and laptop-friendly wood tables may inspire BNP's employees come up with the ideas that help the company adapt and compete. Or it could just be a place for employees to get a free snack.
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• Apple stock drops after it misses on revenue, signals softness ahead || Your first trade for Thursday, September 8: The "Fast Money" traders gave their final trades of the day.
Pete Najarian is a buyer of Macy's (M(NYSE:M)).
Steve Grasso is a buyer of Nike (NKE(NKE)).
Brian Kelly is a buyer of the SPDR S&P Oil & Gas Explore & Prod. (XOP(NYSE Arca: XOP)).
Guy Adami is a buyer of Whole Food Market (WFM(WFM)).
Trader disclosure: OnWednesday, September 7the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:
PETE NAJARIAN is long: AAPL, BAC, BMY, DIS, DISCA, GE, KMI, KMI.A, KO, LUX, PEP, PFE, TGT, VIAB Long Calls: AAL, AMD, ABT, AKS, BAC, CIT, CNX, COP, CRM, CSCO, DAL, DISH, DVN, EGO, ETP, FB, FSLR, FXI, GLD, HALO, KGC, KO, LLY, M, MS, MT, MU, NEM, SBUX, SLV, TGT, TMUS, TWTR, TTS, UA, VRX, XLE Puts: CLF, MBLY, MRO, TSLA, EEM
STEVE GRASSOis long BA, CC, EVGN, KBH, MJNA, MON, MU, NKE, OLN, PFE, PHM, T, TWTR, GDX Grasso's Kids Own EFA, EFG, EWJ, IJR, SPY NO SHORTS Stuart Frankel & Co Inc. and some of its Partners have a financial interest in LDP, WDR, AVP, CVX, FCX, ICE, KDUS, KO, MAT, MCD, MJNA, NE, NEM, OLN, OXY, RIG, STAG, TAXI, TEX, TITXF, URI, VALE, WDR, WYNN, ZNGA, CUBA, HSPO, ICE, AMZN, MJNA, TITXF, NXTD, SPY, QQQ, DIA, XLI, BGCP, VIRT, JCP, GE, AIR FP
BRIAN KELLYis long Bitcoin, CME, DXJ, GDX, KBE, SLV, TLT, VXX, XLF, XOP, US Dollar UUP; he is short EUR=, JPY=
GUY ADAMIis long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. || Your first trade for Thursday, September 8: The " Fast Money " traders gave their final trades of the day. Pete Najarian is a buyer of Macy's (M (NYSE: M ) ). Steve Grasso is a buyer of Nike (NKE ( NKE ) ). Brian Kelly is a buyer of the SPDR S&P Oil & Gas Explore & Prod. (XOP (NYSE Arca: XOP) ). Guy Adami is a buyer of Whole Food Market (WFM ( WFM ) ). Trader disclosure: On Wednesday, September 7 the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: PETE NAJARIAN is l ong: AAPL, BAC, BMY, DIS, DISCA, GE, KMI, KMI.A, KO, LUX, PEP, PFE, TGT, VIAB Long Calls: AAL, AMD, ABT, AKS, BAC, CIT, CNX, COP, CRM, CSCO, DAL, DISH, DVN, EGO, ETP, FB, FSLR, FXI, GLD, HALO, KGC, KO, LLY, M, MS, MT, MU, NEM, SBUX, SLV, TGT, TMUS, TWTR, TTS, UA, VRX, XLE Puts: CLF, MBLY, MRO, TSLA, EEM STEVE GRASSO is long BA, CC, EVGN, KBH, MJNA, MON, MU, NKE, OLN, PFE, PHM, T, TWTR, GDX Grasso's Kids Own EFA, EFG, EWJ, IJR, SPY NO SHORTS Stuart Frankel & Co Inc. and some of its Partners have a financial interest in LDP, WDR, AVP, CVX, FCX, ICE, KDUS, KO, MAT, MCD, MJNA, NE, NEM, OLN, OXY, RIG, STAG, TAXI, TEX, TITXF, URI, VALE, WDR, WYNN, ZNGA, CUBA, HSPO, ICE, AMZN, MJNA, TITXF, NXTD, SPY, QQQ, DIA, XLI, BGCP, VIRT, JCP, GE, AIR FP BRIAN KELLY is long Bitcoin, CME, DXJ, GDX, KBE, SLV, TLT, VXX, XLF, XOP, US Dollar UUP; he is short EUR=, JPY= GUY ADAMI is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. || Trouble in aisle 9: Traders look for opportunity in the grocers: The "Fast Money" traders debated whether there may be opportunities in the grocers after Sprouts Farmers Market(SFM)issued disappointing guidance, dragging down other names in the space.
Sprouts said in a statement that industry-wide promotions have negatively affected retail deflation and traffic generation, amid a "prolonged deflationary environment" and "competitive landscape."
The stock fell more than 13 percent on Wednesday. Shares of Kroger(KR)and Whole Foods Market(WFM)fell about 4 percent and 5 percent, respectively.
Sprouts said it now expects third-quarter sales growth to be roughly flat. Wall Street had previously expected Sprouts to grow sales by about 2.2 percent during the quarter, according to a FactSet consensus estimate.
Trader Brian Kelly said he isn't interested in the grocers and would rather own something like sugar. He pointed to the Barclays Bank iPath Bloomberg Sugar Subindex Total Return(NYSE Arca: SGG), which has surged more than 33 percent this year.
Even though the whole industry felt the pressure on Wednesday, trader Pete Najarian said that companies like Target(TGT), Wal-Mart(WMT)and Kroger can better compete in the long run.
Trader Steve Grasso said that he is more interested in the producers like Tyson Foods(TSN)than the grocers.
Trader Guy Adami said he actually likes Whole Foods because of the risk and reward. He said that while this is "a challenged story at best," the stock closed at $29.08 on Wednesday, about a dollar above its 52-week low of $28.07.
Disclosures:
PETE NAJARIAN
Long stock: AAPL, BAC, BMY, DIS, DISCA, GE, KMI, KMI.A, KO, LUX, PEP, PFE, TGT, VIAB and long calls: AAL, AMD, ABT, AKS, BAC, CIT, CNX, COP, CRM, CSCO, DAL, DISH, DVN, EGO, ETP, FB, FSLR, FXI, GLD, HALO, KGC, KO, LLY, M, MS, MT, MU, NEM, SBUX, SLV, TGT, TMUS, TWTR, TTS, UA, VRX, XLE Puts: CLF, MBLY, MRO, TSLA, EEM
STEVE GRASSO
Steve Grasso is long BA, CC, EVGN, KBH, MJNA, MON, MU, NKE, OLN, PFE, PHM, T, TWTR, GDX. Grasso's children own EFA, EFG, EWJ, IJR, SPY. No shorts. Stuart Frankel & Co Inc. and some of its Partners have a financial interest in LDP, WDR, AVP, CVX, FCX, ICE, KDUS, KO, MAT, MCD, MJNA, NE, NEM, OLN, OXY, RIG, STAG, TAXI, TEX, TITXF, URI, VALE, WDR, WYNN, ZNGA, CUBA, HSPO, ICE, AMZN, MJNA, TITXF, NXTD, SPY, QQQ, DIA, XLI, BGCP, VIRT, JCP, GE, AIR FP
BRIAN KELLY
Brian Kelly is long Bitcoin, CME, DXJ, GDX, KBE, SLV, TLT, VXX, XLF, XOP, US Dollar UUP; he is short the euro and Japanese yen.
GUY ADAMI
Guy Adami is long CELG, EXAS, GDX, INTC. Adami's wife, Linda Snow, works at Merck. || Trouble in aisle 9: Traders look for opportunity in the grocers: The "Fast Money" traders debated whether there may be opportunities in the grocers after Sprouts Farmers Market ( SFM ) issued disappointing guidance, dragging down other names in the space. Sprouts said in a statement that industry-wide promotions have negatively affected retail deflation and traffic generation, amid a "prolonged deflationary environment" and "competitive landscape." The stock fell more than 13 percent on Wednesday. Shares of Kroger ( KR ) and Whole Foods Market ( WFM ) fell about 4 percent and 5 percent, respectively. Sprouts said it now expects third-quarter sales growth to be roughly flat. Wall Street had previously expected Sprouts to grow sales by about 2.2 percent during the quarter, according to a FactSet consensus estimate. Trader Brian Kelly said he isn't interested in the grocers and would rather own something like sugar. He pointed to the Barclays Bank iPath Bloomberg Sugar Subindex Total Return (NYSE Arca: SGG) , which has surged more than 33 percent this year. Even though the whole industry felt the pressure on Wednesday, trader Pete Najarian said that companies like Target ( TGT ) , Wal-Mart ( WMT ) and Kroger can better compete in the long run. Trader Steve Grasso said that he is more interested in the producers like Tyson Foods ( TSN ) than the grocers. Trader Guy Adami said he actually likes Whole Foods because of the risk and reward. He said that while this is "a challenged story at best," the stock closed at $29.08 on Wednesday, about a dollar above its 52-week low of $28.07. Disclosures: PETE NAJARIAN Long stock: AAPL, BAC, BMY, DIS, DISCA, GE, KMI, KMI.A, KO, LUX, PEP, PFE, TGT, VIAB and long calls: AAL, AMD, ABT, AKS, BAC, CIT, CNX, COP, CRM, CSCO, DAL, DISH, DVN, EGO, ETP, FB, FSLR, FXI, GLD, HALO, KGC, KO, LLY, M, MS, MT, MU, NEM, SBUX, SLV, TGT, TMUS, TWTR, TTS, UA, VRX, XLE Puts: CLF, MBLY, MRO, TSLA, EEM STEVE GRASSO Steve Grasso is long BA, CC, EVGN, KBH, MJNA, MON, MU, NKE, OLN, PFE, PHM, T, TWTR, GDX. Grasso's children own EFA, EFG, EWJ, IJR, SPY. No shorts. Stuart Frankel & Co Inc. and some of its Partners have a financial interest in LDP, WDR, AVP, CVX, FCX, ICE, KDUS, KO, MAT, MCD, MJNA, NE, NEM, OLN, OXY, RIG, STAG, TAXI, TEX, TITXF, URI, VALE, WDR, WYNN, ZNGA, CUBA, HSPO, ICE, AMZN, MJNA, TITXF, NXTD, SPY, QQQ, DIA, XLI, BGCP, VIRT, JCP, GE, AIR FP Story continues BRIAN KELLY Brian Kelly is long Bitcoin, CME, DXJ, GDX, KBE, SLV, TLT, VXX, XLF, XOP, US Dollar UUP; he is short the euro and Japanese yen. GUY ADAMI Guy Adami is long CELG, EXAS, GDX, INTC. Adami's wife, Linda Snow, works at Merck. || Bitcoin Services Inc. Secures New Facility, and 15 New Bitcoin Miners; Company to Begin Mining Bitcoin, Litecoin, Dogecoin, and Ethereum: GRANDVILLE, MI / ACCESSWIRE / September 6, 2016 /Bitcoin Services Inc. (OTC Pink: BTSC) announced it secured a 3,500 square foot facility, and fifteen new Bitmain Antminers S7 Batch 8, stable at 4.73TH/s. Antminer S7 ~4.73TH/s @ .25W/GH 28nm ASIC Bitcoin Miners. In addition to mining Bitcoin, it will also start mining Litecoin, Dogecoin, and Ethereum. Bitcoin Services Inc secured a strong electrical supply which is key to successful mining and its profitability.
About Bitcoin Services Inc.:The issuer's business operations are each Internet based to the consumer and consist of three separate streams, as follows: (1) bitcoin escrow services, (2) bitcoin mining, and (3) blockchain software development. The principal products and services are the mining of bitcoins, proving escrow services for buyers and sellers of bitcoins, and the development and sale of blockchain software. The market for these services and products is Worldwide, and sold and marketed on the Internet.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the company and its management team. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control. Some of these factors include the ability of the company to raise sufficient capital, attract qualified management, attract new customers and effectively compete against similar companies.
CONTACT:
[email protected]
SOURCE:Bitcoin Services Inc. || Bitcoin Services Inc. Secures New Facility, and 15 New Bitcoin Miners; Company to Begin Mining Bitcoin, Litecoin, Dogecoin, and Ethereum: GRANDVILLE, MI / ACCESSWIRE / September 6, 2016 /Bitcoin Services Inc. (OTC Pink: BTSC) announced it secured a 3,500 square foot facility, and fifteen new Bitmain Antminers S7 Batch 8, stable at 4.73TH/s. Antminer S7 ~4.73TH/s @ .25W/GH 28nm ASIC Bitcoin Miners. In addition to mining Bitcoin, it will also start mining Litecoin, Dogecoin, and Ethereum. Bitcoin Services Inc secured a strong electrical supply which is key to successful mining and its profitability.
About Bitcoin Services Inc.:The issuer's business operations are each Internet based to the consumer and consist of three separate streams, as follows: (1) bitcoin escrow services, (2) bitcoin mining, and (3) blockchain software development. The principal products and services are the mining of bitcoins, proving escrow services for buyers and sellers of bitcoins, and the development and sale of blockchain software. The market for these services and products is Worldwide, and sold and marketed on the Internet.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the company and its management team. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control. Some of these factors include the ability of the company to raise sufficient capital, attract qualified management, attract new customers and effectively compete against similar companies.
CONTACT:
[email protected]
SOURCE:Bitcoin Services Inc. || Bitcoin Services Inc. Secures New Facility, and 15 New Bitcoin Miners; Company to Begin Mining Bitcoin, Litecoin, Dogecoin, and Ethereum: GRANDVILLE, MI / ACCESSWIRE / September 6, 2016 / Bitcoin Services Inc. (OTC Pink: BTSC) announced it secured a 3,500 square foot facility, and fifteen new Bitmain Antminers S7 Batch 8, stable at 4.73TH/s. Antminer S7 ~4.73TH/s @ .25W/GH 28nm ASIC Bitcoin Miners. In addition to mining Bitcoin, it will also start mining Litecoin, Dogecoin, and Ethereum. Bitcoin Services Inc secured a strong electrical supply which is key to successful mining and its profitability. About Bitcoin Services Inc.: The issuer's business operations are each Internet based to the consumer and consist of three separate streams, as follows: (1) bitcoin escrow services, (2) bitcoin mining, and (3) blockchain software development. The principal products and services are the mining of bitcoins, proving escrow services for buyers and sellers of bitcoins, and the development and sale of blockchain software. The market for these services and products is Worldwide, and sold and marketed on the Internet. Safe Harbor Statement This release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the company and its management team. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control. Some of these factors include the ability of the company to raise sufficient capital, attract qualified management, attract new customers and effectively compete against similar companies. CONTACT: [email protected] SOURCE: Bitcoin Services Inc.
[Social Media Buzz]
#Anoncoin/#ANC price now: $0.149672, that's -0.00% change in 1hour. -4.72% past day, and -7.70% in the past week! #Bitcoin is $610.38 || 1 #bitcoin = $11532.00 MXN | $603.83 USD #BitAPeso 1 USD = 19.1MXN http://www.bitapeso.com || $607.80 at 07:00 UTC [24h Range: $602.00 - $609.39 Volume: 3073 BTC] || 1 KOBO = 0.00000000 BTC
= 0.0000 USD
= 0.0000 NGN
= 0.0000 ZAR
= 0.0000 KES
#Kobocoin 2016-09-13 14:00 pic.twitter.com/x1VIPJjdc1 || Poloniex: XMR/BTC Vol.:$12,986,900(40.31%) Price:$11....
|
610.68, 607.16, 606.97, 605.98, 609.87, 609.23, 608.31, 597.15, 596.30, 602.84
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 7320.15, 7252.03, 7448.31, 7547.00, 7556.24, 7564.35, 7400.90, 7278.12, 7217.43, 7243.13, 7269.68, 7124.67, 7152.30, 6932.48, 6640.52, 7276.80, 7202.84, 7218.82, 7191.16, 7511.59, 7355.63, 7322.53, 7275.16, 7238.97, 7290.09, 7317.99, 7422.65, 7293.00, 7193.60, 7200.17, 6985.47, 7344.88, 7410.66, 7411.32, 7769.22, 8163.69, 8079.86, 7879.07, 8166.55, 8037.54, 8192.49, 8144.19, 8827.76, 8807.01, 8723.79, 8929.04, 8942.81, 8706.25, 8657.64, 8745.89, 8680.88, 8406.52, 8445.43, 8367.85, 8596.83, 8909.82, 9358.59, 9316.63, 9508.99, 9350.53, 9392.88, 9344.37, 9293.52, 9180.96, 9613.42, 9729.80, 9795.94, 9865.12, 10116.67, 9856.61, 10208.24, 10326.05, 10214.38, 10312.12, 9889.42, 9934.43, 9690.14, 10142.00, 9633.39, 9608.48, 9686.44, 9663.18, 9924.52, 9650.17, 9341.71, 8820.52, 8784.49, 8672.46, 8599.51, 8562.45.
|
[Bitcoin Technical Analysis for 2020-03-01]
Volume: 35349164300, RSI (14-day): 34.44, 50-day EMA: 9137.14, 200-day EMA: 8622.56
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Bitcoin Dips Below 8,607.1 Level, Down 0.67%: Investing.com - Bitcoin fell bellow the $8,607.1 level on Saturday. Bitcoin was trading at 8,607.1 by 10:18 (15:18 GMT) on the Investing.com Index, down 0.67% on the day. It was the largest one-day percentage loss since February 29.
The move downwards pushed Bitcoin's market cap down to $157.3B, or 62.46% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B.
Bitcoin had traded in a range of $8,581.5 to $8,793.7 in the previous twenty-four hours.
Over the past seven days, Bitcoin has seen a drop in value, as it lost 10.62%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $38.9B or 27.80% of the total volume of all cryptocurrencies. It has traded in a range of $8,451.9355 to $9,981.0371 in the past 7 days.
At its current price, Bitcoin is still down 56.68% from its all-time high of $19,870.62 set on December 17, 2017.
Ethereum was last at $222.36 on the Investing.com Index, down 0.92% on the day.
XRP was trading at $0.23354 on the Investing.com Index, a loss of 1.22%.
Ethereum's market cap was last at $24.5B or 9.72% of the total cryptocurrency market cap, while XRP's market cap totaled $10.2B or 4.07% of the total cryptocurrency market value.
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EOS Dips Below 3.5632 Level, Down 4% || Bitcoin Dips Below 8,607.1 Level, Down 0.67%: Bitcoin Dips Below 8,607.1 Level, Down 0.67% Investing.com - Bitcoin fell bellow the $8,607.1 level on Saturday. Bitcoin was trading at 8,607.1 by 10:18 (15:18 GMT) on the Investing.com Index, down 0.67% on the day. It was the largest one-day percentage loss since February 29. The move downwards pushed Bitcoin's market cap down to $157.3B, or 62.46% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B. Bitcoin had traded in a range of $8,581.5 to $8,793.7 in the previous twenty-four hours. Over the past seven days, Bitcoin has seen a drop in value, as it lost 10.62%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $38.9B or 27.80% of the total volume of all cryptocurrencies. It has traded in a range of $8,451.9355 to $9,981.0371 in the past 7 days. At its current price, Bitcoin is still down 56.68% from its all-time high of $19,870.62 set on December 17, 2017. Elsewhere in cryptocurrency trading Ethereum was last at $222.36 on the Investing.com Index, down 0.92% on the day. XRP was trading at $0.23354 on the Investing.com Index, a loss of 1.22%. Ethereum's market cap was last at $24.5B or 9.72% of the total cryptocurrency market cap, while XRP's market cap totaled $10.2B or 4.07% of the total cryptocurrency market value. Related Articles Jack Dorsey Should Be Replaced as Twitter CEO, Investor Proposes Wilshire Phoenix Slams SEC for Bitcoin ETF Rejection EOS Dips Below 3.5632 Level, Down 4% || Bitcoin Dips Below 8,607.1 Level, Down 0.67%: Investing.com - Bitcoin fell bellow the $8,607.1 level on Saturday. Bitcoin was trading at 8,607.1 by 10:18 (15:18 GMT) on the Investing.com Index, down 0.67% on the day. It was the largest one-day percentage loss since February 29.
The move downwards pushed Bitcoin's market cap down to $157.3B, or 62.46% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B.
Bitcoin had traded in a range of $8,581.5 to $8,793.7 in the previous twenty-four hours.
Over the past seven days, Bitcoin has seen a drop in value, as it lost 10.62%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $38.9B or 27.80% of the total volume of all cryptocurrencies. It has traded in a range of $8,451.9355 to $9,981.0371 in the past 7 days.
At its current price, Bitcoin is still down 56.68% from its all-time high of $19,870.62 set on December 17, 2017.
Ethereum was last at $222.36 on the Investing.com Index, down 0.92% on the day.
XRP was trading at $0.23354 on the Investing.com Index, a loss of 1.22%.
Ethereum's market cap was last at $24.5B or 9.72% of the total cryptocurrency market cap, while XRP's market cap totaled $10.2B or 4.07% of the total cryptocurrency market value.
Related Articles
Jack Dorsey Should Be Replaced as Twitter CEO, Investor Proposes
Wilshire Phoenix Slams SEC for Bitcoin ETF Rejection
EOS Dips Below 3.5632 Level, Down 4% || Akoin to launch with Stellar network: Musician and cryptocurrency flag-bearer Akon is to launch the Akoin through Stellar. The rapper, who is currently masterminding a self-contained city with a cryptocurrency infrastructure in his native Senegal, has cited the networks track record of assisting entrepreneurs and businesses in developing countries as the leading reason for the decision. The move means the Akoin utility token will be fully compatible with Stellar wallets and interoperable with all digital assets and fiat currencies supported by Stellar. Its a global platform that were building and Africa is our target market because as we see it now, Africa has the most challenges, said the 46-year-old musician. The objective of Akoin and also Akon City is to provide a trusted currency alternative and empower individuals across the worlds youngest population . It is expected that, by 2045, the African workforce will be the largest in the world. Permission to create the 2,000 acre Akon City on land given to him in 2018 by Senegals president Macky Sall was granted last month . Once complete, the self-contained community will trade using the Akoin which is to be launched later this year. The project is based close to the picturesque coastal town of Mbodiene and an hour away from Blaise Diagne International Airport. By the time Akon City is complete, however, Senegals latest international airport will be officially opened just a ten-minute drive away. Groundwork It is understood groundwork on the ambitious scheme has already begun as the musician aims to have the city fully up and running by the end of the decade. Its a 10-year building block, so were doing it in stages, Akon recently explained to Los Angeles radio station Power FM. We started construction in March 2019 and stage two is going to be 2025. Estimates put the cost of constructing the self-sufficient, eco-friendly city at around $2 billion. The singer-turned-entrepreneur whose real name is Aliaume Thiam recently invested heavily in a solar power venture called Akon Lighting Africa which has taken off in many communities, providing 100,000 households with power as well as 13,000 street lights across 14 African nations. As well as cryptocurrency, Akon City will rely heavily on blockchain the technology which underpins Bitcoin and other digital currencies. Speaking at a recent blockchain conference in Malta, the artist pointed to the technology as a huge asset to Africa. I think that blockchain and crypto could be the saviour for Africa in many ways because it brings the power back to the people, he said. Cryptocurrency and blockchain technology offer a more secure currency that enables people in Africa to advance themselves independent of the government. View comments || Akoin to launch with Stellar network: Musician and cryptocurrency flag-bearer Akon is to launch the Akoin through Stellar. The rapper, who is currently masterminding a self-contained city with a cryptocurrency infrastructure in his native Senegal, has cited the networks track record of assisting entrepreneurs and businesses in developing countries as the leading reason for the decision. The move means the Akoin utility token will be fully compatible with Stellar wallets and interoperable with all digital assets and fiat currencies supported by Stellar. Its a global platform that were building and Africa is our target market because as we see it now, Africa has the most challenges, said the 46-year-old musician. The objective of Akoin and also Akon City is to provide a trusted currency alternative and empower individuals across the worlds youngest population . It is expected that, by 2045, the African workforce will be the largest in the world. Permission to create the 2,000 acre Akon City on land given to him in 2018 by Senegals president Macky Sall was granted last month . Once complete, the self-contained community will trade using the Akoin which is to be launched later this year. The project is based close to the picturesque coastal town of Mbodiene and an hour away from Blaise Diagne International Airport. By the time Akon City is complete, however, Senegals latest international airport will be officially opened just a ten-minute drive away. Groundwork It is understood groundwork on the ambitious scheme has already begun as the musician aims to have the city fully up and running by the end of the decade. Its a 10-year building block, so were doing it in stages, Akon recently explained to Los Angeles radio station Power FM. We started construction in March 2019 and stage two is going to be 2025. Estimates put the cost of constructing the self-sufficient, eco-friendly city at around $2 billion. The singer-turned-entrepreneur whose real name is Aliaume Thiam recently invested heavily in a solar power venture called Akon Lighting Africa which has taken off in many communities, providing 100,000 households with power as well as 13,000 street lights across 14 African nations. As well as cryptocurrency, Akon City will rely heavily on blockchain the technology which underpins Bitcoin and other digital currencies. Speaking at a recent blockchain conference in Malta, the artist pointed to the technology as a huge asset to Africa. I think that blockchain and crypto could be the saviour for Africa in many ways because it brings the power back to the people, he said. Cryptocurrency and blockchain technology offer a more secure currency that enables people in Africa to advance themselves independent of the government. View comments || The Surprising Benefit of Altcoins: Most investors are aware of the potential for explosive returns with cryptocurrencies, but theres another reason why they might deserve a home in your portfolio
Too much concentration in your portfolio can be dangerous. Investors overly-concentrated in airline stocks have experienced this first-hand in the last two weeks. InvestorPlace - Stock Market News, Stock Advice & Trading Tips As you likely know, the spread of coronavirus has global investors worried about the hit on profits for airlines. This has led to huge selling pressure on airline stocks. The ETF JETS holds the biggest airlines in the world Southwest, Delta, American, United, JetBlue, you name it. Over the prior two weeks, through Friday morning as I write, JETS has cratered 25% compared to the S&Ps 15% decline. Earlier this week in the Digest , we talked about the pain many investors feel when their portfolios are performing worse than the market. How would you like being down 67% more than the market right now? So, how does an investor prevent this? Youre probably already way ahead of me
Diversification. In other words, you spread your wealth over a wide array of different assets. This is Investing 101. But what might surprise you is which asset class has recently proven to be a powerful diversifier
Cryptocurrencies. If youve been following Matt McCall and his research in the crypto space, you know theres a lot to be excited about today. After all, historical crypto performance suggests the upcoming halvening this spring could bring gains in the thousands of percent to bitcoin and elite altcoins. But today, lets look at a less-discussed reason to own some cryptocurrencies their role as a diversifier in your portfolio. As youll see, since the coronavirus reared its head roughly nine weeks ago, having some of your wealth in quality cryptocurrencies would have left you in far better shape than having your money 100% in the stock market
and this is true despite cryptos increased volatility and recent pullback. Story continues Today, lets jump into the details. ***The crypto space isnt just about moonshots Ask your average investor why anyone should own a cryptocurrency and the answer will likely boil down to one thing a chance to hit a homerun and score an outrageous return, potentially, thousands of percent. Thats true. To illustrate, heres Matt from his service, Ultimate Crypto , discussing the returns of bitcoin and various altcoins during past halvenings. (If youre new to the Digest and arent sure what a halvening is, its a unique event in the crypto world in which bitcoin miners see their reward for mining new bitcoin cut in half. Huge gains have surrounded the past two halvening events.) Returning to Matt: Looking back over the last two halvenings, investing in specific altcoins would have made significantly more money. During the same period in which bitcoin climbed 4,500% surrounding the second halving, an altcoin called Einsteinium shot up over 580,000%. Thats 129 times the gains bitcoin made investors during its massive run. For perspective, that would have turned $5,000 into $29 million. Talk about a life-changing investment. If that doesnt excite you, try this: Another altcoin called verge shot up over 63,000%. Thats more than 630 times your investment! But the potential for moonshot returns isnt the only reason to own cryptos today. Lets return to the lesser-known benefit of how cryptos can help diversify your portfolio. ***The nuts and bolts of diversification When you have a diversified portfolio, you own different assets that respond to various market conditions in different ways. One zigs while another zags. In other words, you want assets that are uncorrelated they dont all rise or fall in unison. Back to Matt: The current market environment highlights more reasons why cryptos should be part of a well-diversified portfolio. First, of course, is the potential to make a lot of money off them
Second, cryptos performance is largely uncorrelated to the stock market. That means the sector doesnt trade in sync with the market. It trades mostly on its own. Right now is a great example of what cryptos can add to a portfolio. So, what is Matt talking about? Well, CIX100 is a basket of the 100 largest crypto-coins in the market. As of Matts issue that published on Tuesday, the CIX100 was up 16.4% over the prior 30 days. Over that same period, the S&P was down 5.25%. One zigs, the other zags. If we zero in on bitcoin specifically, comparing it to the S&P, we see another illustration of widely-variant returns. Chinese authorities originally reported the first coronavirus case on December 31. Below, youll see bitcoins market performance compared to the S&P 500 since then. While the S&P is down 10%, bitcoin is up 20%. We see the same correlation benefit (or lack of correlation benefit) if we look at smaller altcoins. In Matts Ultimate Crypto portfolio, he currently holds six altcoins. As of his new issue on Tuesday, these coins were up an average of 32.8% in just seven weeks and again, thats while the S&P has been suffering. As I look at Matts portfolio here on Friday morning, all the recommendations are still up, and Im still specific gains of 94%, 31%, and 26%, among others. ***Now, lets be clear about the point were making
A crypto skeptic will say fine, cryptos may still be up, but theyve pulled back substantially in the last few days. Thats absolutely true. And its a reason why any investors allocation to cryptocurrencies needs to be sensible, and in keeping with his/her risk profile. But a few additional responses
One, while its fantastic that Matts crypto recommendations are doing so well collectively, the point of todays Digest is that theyre performing independently of the broad stock market again, the diversification element. The fact that cryptos have pulled back over the last week or so in no way diminishes this. Two, volatility in the space should hardly be a surprise. Thats the nature of this asset class. Plus, by definition, you cant separate downward volatility from upward volatility. Its funny how people tend to equate volatility with falling prices. But volatility simply refers to the variance of returns so, theres also good, upward volatility (which no one complains about)
and cryptos have had a lot of that so far in 2020. As we noted in a Digest last week, as of earlier in February when bitcoin was pushing 42% higher on the year, many altcoins were enjoying even bigger gains. At February highs, Bitcoin SV had popped 209% since the turn of the year. Bitcoin cash tacked on 113%, and dash added 195%. Meanwhile, crypto-favorites Ethereum, Ripple, and Litecoin tacked on 60%, 47%, and 78% respectively, as of earlier this month. If were going to enjoy this type of upward volatility, we have to be prepared for the inevitable downward volatility too. ***The homerun potential of altcoins Even though todays Digest is intended to highlight the diversification benefit of cryptocurrencies, lets end with a hat-tip to the primary reason we own them the potential for outrageous returns. Where do we stand today with that? Back to Matt: All signs continue to point to higher crypto prices in the coming weeks and months, no matter what stocks do
People in the know are getting ready for the halvening that will occur in mid-May, just as we are. But most investors are still in the dark. As the buzz picks over up the next couple of months, there is a great chance that bitcoin will rally through its all-time high set in 2017. That would be a 100%+ gain from todays prices. Why am I talking about bitcoin when it is not even in our Ultimate Crypto portfolio? Well, as goes bitcoin, so go a lot of the altcoins. Bitcoin is up about 30% this year, when many altcoins are up more
and some up well into the triple digits. If history repeats itself and bitcoin rallies into and through the halvening, smaller altcoins will do even better. Thats why we have six top-rated altcoins in the portfolio
and why they have outperformed bitcoin since the creation of the portfolio. Matt is so bullish on his altcoins thats he raising his buy limits on several of them. You see, Matts initial recommendation timing was spot-on, so in the days following his recommendations, his altcoins blew past his buy-limit prices. But given his continuing research in the space, Matt is bullish enough to up the buy-price for some of his coins. That, combined with this recent pullback, makes four of his coins actionable at the time of this writing. To learn more, click here . Stepping back, the last few days in the market illustrates why a diversified portfolio is needed to help reduce portfolio drawdowns and soothe frayed nerves. And it turns out, the crypto world offers such a diversification benefit
on top of its homerun potential. If you havent considered a small allocation to altcoins for your portfolio, give it a look. Have a good evening, Jeff Remsburg The post The Surprising Benefit of Altcoins appeared first on InvestorPlace . || The Surprising Benefit of Altcoins: Most investors are aware of the potential for explosive returns with cryptocurrencies, but there’s another reason why they might deserve a home in your portfolio …
Too much concentration in your portfolio can be dangerous.
Investors overly-concentrated in airline stocks have experienced this first-hand in the last two weeks.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
As you likely know, the spread of coronavirus has global investors worried about the hit on profits for airlines. This has led to huge selling pressure on airline stocks.
The ETF “JETS” holds the biggest airlines in the world — Southwest, Delta, American, United, JetBlue, you name it.
Over the prior two weeks, through Friday morning as I write, JETS has cratered 25% compared to the S&P’s 15% decline.
Earlier this week in theDigest, we talked about the pain many investors feel when their portfolios are performing worse than the market. How would you like being down 67% more than the market right now?
So, how does an investor prevent this?
You’re probably already way ahead of me … Diversification.
In other words, you spread your wealth over a wide array of different assets. This is Investing 101.
But what might surprise you is which asset class has recently proven to be a powerful diversifier …
Cryptocurrencies.
If you’ve been following Matt McCall and his research in the crypto space, you know there’s a lot to be excited about today. After all, historical crypto performance suggests the upcoming halvening this spring could bring gains in the thousands of percent to bitcoin and elite altcoins.
But today, let’s look at a less-discussed reason to own some cryptocurrencies — their role as a diversifier in your portfolio.
As you’ll see, since the coronavirus reared its head roughly nine weeks ago, having some of your wealth in quality cryptocurrencies would have left you in far better shape than having your money 100% in the stock market … and this is true despite crypto’s increased volatility and recent pullback.
Today, let’s jump into the details.
***The crypto space isn’t just about moonshots
Ask your average investor why anyone should own a cryptocurrency and the answer will likely boil down to one thing — a chance to hit a homerun and score an outrageous return, potentially, thousands of percent.
That’s true.
To illustrate, here’s Matt from his service,Ultimate Crypto, discussing the returns of bitcoin and various altcoins during past halvenings.
(If you’re new to theDigestand aren’t sure what a halvening is, it’s a unique event in the crypto world in which bitcoin “miners” see their reward for mining new bitcoin cut in half. Huge gains have surrounded the past two halvening events.)
Returning to Matt:
Looking back over the last two halvenings, investing in specific altcoins would have made significantly more money.
During the same period in which bitcoin climbed 4,500% surrounding the second halving, an altcoin called Einsteinium shot up over 580,000%. That’s 129 times the gains bitcoin made investors during its massive run. For perspective, that would have turned $5,000 into $29 million. Talk about a life-changing investment.
If that doesn’t excite you, try this: Another altcoin called verge shot up over 63,000%. That’s more than 630 times your investment!
But the potential for moonshot returns isn’t the only reason to own cryptos today. Let’s return to the lesser-known benefit of how cryptos can help diversify your portfolio.
***The nuts and bolts of diversification
When you have a diversified portfolio, you own different assets that respond to various market conditions in different ways. One zigs while another zags. In other words, you want assets that are uncorrelated — they don’t all rise or fall in unison.
Back to Matt:
The current market environment highlights more reasons why cryptos should be part of a well-diversified portfolio. First, of course, is the potential to make a lot of money off them …
Second, cryptos’ performance is largely uncorrelated to the stock market. That means the sector doesn’t trade in sync with the market. It trades mostly on its own. Right now is a great example of what cryptos can add to a portfolio.
So, what is Matt talking about?
Well, CIX100 is a basket of the 100 largest crypto-coins in the market. As of Matt’s issue that published on Tuesday, the CIX100 was up 16.4% over the prior 30 days. Over that same period, the S&P was down 5.25%.
One zigs, the other zags.
If we zero in on bitcoin specifically, comparing it to the S&P, we see another illustration of widely-variant returns.
Chinese authorities originally reported the first coronavirus case on December 31. Below, you’ll see bitcoin’s market performance compared to the S&P 500 since then.
While the S&P is down 10%, bitcoin is up 20%.
We see the same correlation benefit (or “lack of correlation” benefit) if we look at smaller altcoins.
In Matt’sUltimate Cryptoportfolio, he currently holds six altcoins. As of his new issue on Tuesday, these coins were up an average of 32.8% in just seven weeks — and again, that’s while the S&P has been suffering.
As I look at Matt’s portfolio here on Friday morning, all the recommendations are still up, and I’m still specific gains of 94%, 31%, and 26%, among others.
***Now, let’s be clear about the point we’re making …
A crypto skeptic will say “fine, cryptos may still be up, but they’ve pulled back substantially in the last few days.”
That’s absolutely true. And it’s a reason why any investor’s allocation to cryptocurrencies needs to be sensible, and in keeping with his/her risk profile.
But a few additional responses …
One, while it’s fantastic that Matt’s crypto recommendations are doing so well collectively, the point of today’sDigestis that they’re performingindependentlyof the broad stock market — again, the diversification element. The fact that cryptos have pulled back over the last week or so in no way diminishes this.
Two, volatility in the space should hardly be a surprise. That’s the nature of this asset class. Plus, by definition, you can’t separate downward volatility from upward volatility.
It’s funny how people tend to equate “volatility” with “falling prices.” But volatility simply refers to the variance of returns — so, there’s also “good, upward” volatility (which no one complains about) … and cryptos have had a lot of that so far in 2020.
As we noted in aDigestlast week, as of earlier in February when bitcoin was pushing 42% higher on the year, many altcoins were enjoying even bigger gains. At February highs, Bitcoin SV had popped 209% since the turn of the year. Bitcoin cash tacked on 113%, and dash added 195%. Meanwhile, crypto-favorites Ethereum, Ripple, and Litecoin tacked on 60%, 47%, and 78% respectively, as of earlier this month.
If we’re going to enjoy this type of upward volatility, we have to be prepared for the inevitable downward volatility too.
***The homerun potential of altcoins
Even though today’sDigestis intended to highlight the diversification benefit of cryptocurrencies, let’s end with a hat-tip to the primary reason we own them — the potential for outrageous returns.
Where do we stand today with that?
Back to Matt:
All signs continue to point to higher crypto prices in the coming weeks and months, no matter what stocks do …
People in the know are getting ready for the halvening that will occur in mid-May, just as we are. But most investors are still in the dark. As the buzz picks over up the next couple of months, there is a great chance that bitcoin will rally through its all-time high set in 2017. That would be a 100%+ gain from today’s prices.
Why am I talking about bitcoin when it is not even in our Ultimate Crypto portfolio? Well, as goes bitcoin, so go a lot of the altcoins. Bitcoin is up about 30% this year, when many altcoins are up more … and some up well into the triple digits.
If history repeats itself and bitcoin rallies into and through the halvening, smaller altcoins will do even better. That’s why we have six top-rated altcoins in the portfolio … and why they have outperformed bitcoin since the creation of the portfolio.
Matt is so bullish on his altcoins that’s he raising his buy limits on several of them. You see, Matt’s initial recommendation timing was spot-on, so in the days following his recommendations, his altcoins blew past his buy-limit prices.
But given his continuing research in the space, Matt is bullish enough to up the buy-price for some of his coins. That, combined with this recent pullback, makes four of his coins actionable at the time of this writing. To learn more,click here.
Stepping back, the last few days in the market illustrates why a diversified portfolio is needed to help reduce portfolio drawdowns and soothe frayed nerves. And it turns out, the crypto world offers such a diversification benefit … on top of its homerun potential.
If you haven’t considered a small allocation to altcoins for your portfolio, give it a look.
Have a good evening,
Jeff Remsburg
The postThe Surprising Benefit of Altcoinsappeared first onInvestorPlace. || Crypto Firms Tout Dispersed Workforce as Coronavirus Contingency Plan: Companies are telling employees to stay home . Firms are debating when to shutter the office. Health officials are asking businesses to “ dust off ” the pandemic playbook. But for some, the coronavirus contingency plan is built in. A number of cryptocurrency exchanges have favored dispersed workforces since their launch. In an industry defined by the ideals of decentralization, companies like Binance and Kraken say they have been implementing this playbook for years: Most of their employees already work remotely. And while firms around the world scramble to develop protocols for what is increasingly likely to become a pandemic, and as capital markets plummet on global investors’ fears the worst of the coronavirus outbreak is yet to come, these exchanges say they are going about business as usual. Related: Bitcoin Rebounds as Coronavirus-Infected Stocks Get Jolt From Fed, BOJ They don’t need to shut their headquarters; they don’t have headquarters “The Binance team works in a decentralized way, with team members scattering in different countries and regions,” said Binance representative Cecilia Zhang. Her exchange is notably fluid when it comes to geography. It’s not always clear where Binance is based or if it even has a “headquarters,” in the office park sense. For the last few years Binance had claimed an HQ in Malta, but just last week the Maltese regulator declared that the so-called blockchain island never had a regulated or registered Binance exchange. Lacking a headquarters becomes an asset, however, when an inexplicable act-of-god-like event such as an epidemic comes to town. Binance’s Zhang claimed the exchange has “not been impacted by the coronavirus outbreak.” Its employees have been working remotely and in clusters for over two years. Related: The View From China: Crypto, Crisis and Digital Currencies Feat. Matthew Graham The Kraken exchange went a step further. It’s spinning coronavirus into a hiring and publicity opportunity, boasting on Twitter Thursday its decentralized workers are “thriving” despite rising international fears. Story continues “Kraken’s global collapse and pandemic survival strategy has been in place since our founding in 2011. Our remote-first, decentralized team of 800+ is thriving right now. Join us,” the firm said. At peer-to-peer bitcoin exchange Hodl Hodl, which says it has no head office, “we don’t prepare ourselves actually,” said CEO Max Keidun. “Since day one we’ve been fully distributed and remote.” High alert Not every crypto company has that option. Many remain tied to headquarters and have in recent days rushed to create policies around what could happen if and when coronavirus reaches them. Coinbase has become the highest-profile company to list a contingency plan , outlining a four-part process where it would shutter offices and have employees work remotely depending on if and how an outbreak might progress in areas where employees live and work. In China , where the outbreak began, exchanges and blockchain firms have had to cancel networking events, encourage employees to work remotely and delay tech upgrades. Global Currency Organization (GCO), based in California, is on high alert since a reported case of coronavirus in Sacramento, said David Steinrueck, a representative. The team, which is developing a stablecoin , or cryptocurrency backed by U.S. dollars, is ready to disperse as soon as coronavirus reaches the San Francisco area. “We are being cautious and actively preparing to move to work from home as soon as that becomes necessary. It certainly seems like it could get worse before it gets better, so we are trying to stay ahead of it and focus on our safety above all,” Steinrueck said. GCO has canceled all trips to the Asia-Pacific region “until further notice” and limited even domestic travel, he said. The blockchain sleuthing firm Chainalysis has similarly nixed all “non-essential” travel outside the U.S., according to spokesperson Maddie Kennedy. The firm has hubs in New York and London, but for the next four weeks, no employees working there will be traveling through the Asia-Pacific area, Europe, the U.K. or Ireland. Chainalysis already had a pandemic response plan, though. It’s in the process of updating it for COVID-19. “We’re keeping a close eye on it,” Kennedy said. Related Stories Bitcoin, Uncertainty and the Ultimate Narrative Coinbase Joins Japan’s Self-Regulatory Organization for Crypto Firms || Crypto Firms Tout Dispersed Workforce as Coronavirus Contingency Plan: Companies are telling employees to stay home . Firms are debating when to shutter the office. Health officials are asking businesses to “ dust off ” the pandemic playbook. But for some, the coronavirus contingency plan is built in. A number of cryptocurrency exchanges have favored dispersed workforces since their launch. In an industry defined by the ideals of decentralization, companies like Binance and Kraken say they have been implementing this playbook for years: Most of their employees already work remotely. And while firms around the world scramble to develop protocols for what is increasingly likely to become a pandemic, and as capital markets plummet on global investors’ fears the worst of the coronavirus outbreak is yet to come, these exchanges say they are going about business as usual. Related: Bitcoin Rebounds as Coronavirus-Infected Stocks Get Jolt From Fed, BOJ They don’t need to shut their headquarters; they don’t have headquarters “The Binance team works in a decentralized way, with team members scattering in different countries and regions,” said Binance representative Cecilia Zhang. Her exchange is notably fluid when it comes to geography. It’s not always clear where Binance is based or if it even has a “headquarters,” in the office park sense. For the last few years Binance had claimed an HQ in Malta, but just last week the Maltese regulator declared that the so-called blockchain island never had a regulated or registered Binance exchange. Lacking a headquarters becomes an asset, however, when an inexplicable act-of-god-like event such as an epidemic comes to town. Binance’s Zhang claimed the exchange has “not been impacted by the coronavirus outbreak.” Its employees have been working remotely and in clusters for over two years. Related: The View From China: Crypto, Crisis and Digital Currencies Feat. Matthew Graham The Kraken exchange went a step further. It’s spinning coronavirus into a hiring and publicity opportunity, boasting on Twitter Thursday its decentralized workers are “thriving” despite rising international fears. Story continues “Kraken’s global collapse and pandemic survival strategy has been in place since our founding in 2011. Our remote-first, decentralized team of 800+ is thriving right now. Join us,” the firm said. At peer-to-peer bitcoin exchange Hodl Hodl, which says it has no head office, “we don’t prepare ourselves actually,” said CEO Max Keidun. “Since day one we’ve been fully distributed and remote.” High alert Not every crypto company has that option. Many remain tied to headquarters and have in recent days rushed to create policies around what could happen if and when coronavirus reaches them. Coinbase has become the highest-profile company to list a contingency plan , outlining a four-part process where it would shutter offices and have employees work remotely depending on if and how an outbreak might progress in areas where employees live and work. In China , where the outbreak began, exchanges and blockchain firms have had to cancel networking events, encourage employees to work remotely and delay tech upgrades. Global Currency Organization (GCO), based in California, is on high alert since a reported case of coronavirus in Sacramento, said David Steinrueck, a representative. The team, which is developing a stablecoin , or cryptocurrency backed by U.S. dollars, is ready to disperse as soon as coronavirus reaches the San Francisco area. “We are being cautious and actively preparing to move to work from home as soon as that becomes necessary. It certainly seems like it could get worse before it gets better, so we are trying to stay ahead of it and focus on our safety above all,” Steinrueck said. GCO has canceled all trips to the Asia-Pacific region “until further notice” and limited even domestic travel, he said. The blockchain sleuthing firm Chainalysis has similarly nixed all “non-essential” travel outside the U.S., according to spokesperson Maddie Kennedy. The firm has hubs in New York and London, but for the next four weeks, no employees working there will be traveling through the Asia-Pacific area, Europe, the U.K. or Ireland. Chainalysis already had a pandemic response plan, though. It’s in the process of updating it for COVID-19. “We’re keeping a close eye on it,” Kennedy said. Related Stories Bitcoin, Uncertainty and the Ultimate Narrative Coinbase Joins Japan’s Self-Regulatory Organization for Crypto Firms || Chinese Crypto and Blockchain Firms Grapple With Coronavirus Outbreak: Chinese cryptocurrency exchanges and other blockchain companies are coping with a new reality as the coronavirus outbreak continues to disrupt their daily operations. While crypto trading, customer service and marketing remain largely intact, the outbreak has taken its toll on technical upgrades, product development, logistics and business travel, according to a dozen executives in China interviewed by CoinDesk. Following the outbreak, the Chinese government extended its Lunar New Year vacation by one week to Feb.10. Weeks later, a few major Chinese cities remain locked down, and many companies have asked their employees to work from home including blockchain businesses. Related: Bitcoin Rebounds as Coronavirus-Infected Stocks Get Jolt From Fed, BOJ We encourage our employees to work remotely after the vacation as there are so many people from every part of China coming back to work, said Aurora Wong, vice president at ZB Group. The coronavirus is not a regional epidemic, it has been spread across the country and even to other countries. The outbreak has caused psychological stress on people, Wong said. While many cities are not technically in lockdown, it is definitely not encouraged to come out for our own health and the whole society to get the epidemic under control. Founded in China in 2013, Switzerland-based ZB Group claims its crypto exchange now serves over 10 million users, with $3 billion in average daily trading volume. It has operations across the world including China, Singapore, South Korea and the U.S. According to Wong, the outbreak is likely to slow the exchanges technical upgrade to a new version. The upgrade could include front-end mobile apps for users as well as the back-end trading engine. Related: The View From China: Crypto, Crisis and Digital Currencies Feat. Matthew Graham Before the outbreak, we were very efficient and fast on upgrading our platform because people across different departments such as the engineering team, product development and marketing could meet and work together to carry out plans, Wong said. Story continues However, the outbreak has had only a limited impact on daily operations of ZBs trading platform since the firm keeps a schedule to rotate its staff to maintain the exchange, according to Wong. Contingency planning Estonia-based Bibox crypto exchange, which also originated from China, said it has a contingency plan to tackle the operational challenges due to the coronavirus outbreak. We might relocate our core engineering team to other Asian countries such as one of our Asian headquarters in Singapore or Vietnam where there are much fewer infected cases, said Aries Wang, co-founder of Bibox. According to Wang, Biboxs trading, marketing and customer service have not been affected much, but new product development and networking events with potential investors have been disrupted to a degree. We originally planned a meeting for Chinese crypto funds and private equity firms in London to pave the way for our potential initial public offering on the London Stock Exchange in March, Wang said. The meeting and IPO would probably be delayed to a later date. Further, when Bibox lists new tokens, the product development team needs to work very closely with the engineering team, creating custom services for clients and upgrading its own exchange platform. But this requires face-to-face meetings, which are for now rare. OKEx, one of the top three crypto exchanges by trading volume, said its staying vigilant now that it has resumed business after the vacation. We suggested our employees stay where they already are, avoid crowds as much as possible and reduce business trips, Jay Hao, the CEO of OKEx, said of its headquarters in Hong Kong. Our offices have been completely disinfected, and we have also prepared protective equipment such as surgical masks, liquid soap and alcohol-based sanitizer for all of our employees, Hao said. The firm has upgraded its IT systems, such as phone and video conference software, to streamline the process of working from home and ensure normal operations throughout its global offices, according to Hao. Working (and conferencing) remotely Outside of trading venues, other blockchain startups in the region say theyve been significantly affected by the outbreak. B-Labs, a blockchain incubation center co-founded by Canaan Blockchain, OK Group and Yangtze Delta Region Institute of Tsinghua University, has decided to reduce rents for some of the startups that use the space and open a platform for them to apply for subsidies. Conflux, a Beijing-based blockchain firm, is also coping with the outbreaks ramifications. Coronavirus has affected us in a way that we had to replan many offline events within the Asia Pacific region, Christian Oertal, chief marketing officer at Conflux, said. We had to pivot into organizing and participating in online events. As for office work, everyone at Conflux is working remotely from home. The health of everyone in the company should not be put into any risky situation in current times, he added. Another part of the blockchain industry which has been significantly affected by the outbreak is mining, the business of running expensive computers that race to solve math problems in order to record transactions and secure crypto networks. A spate of miner manufacturers, including Bitmian, MicroBT and Canaan, have expected some of their deliveries to be delayed due to slow logistics caused by the outbreak. Some of the mining farms are short of workers to maintain machines, while a few mining farms have been shut down by local governments as part of the measures to contain the epidemic. The growth rate of mining difficulty, an indicator of the level of competition among bitcoin miners, has been slowing since the coronavirus outbreak, signaling that miners have paused upgrading to newer, more powerful machines. In the most recent two-week cycle, from Feb. 11-25, this gauge declined for the first time since early December. Related Stories Bitcoin, Uncertainty and the Ultimate Narrative West Virginia Ditches Blockchain Voting App Provider Voatz || Chinese Crypto and Blockchain Firms Grapple With Coronavirus Outbreak: Chinese cryptocurrency exchanges and other blockchain companies are coping with a new reality as the coronavirus outbreak continues to disrupt their daily operations.
While crypto trading, customer service and marketing remain largely intact, the outbreak has taken its toll on technical upgrades, product development, logistics and business travel, according to a dozen executives in China interviewed by CoinDesk.
Following the outbreak, the Chinese government extended its Lunar New Year vacation by one week to Feb.10. Weeks later, a few major Chinese cities remain locked down, and many companies have asked their employees to work from home – including blockchain businesses.
Related:Bitcoin Rebounds as Coronavirus-Infected Stocks Get Jolt From Fed, BOJ
“We encourage our employees to work remotely after the vacation as there are so many people from every part of China coming back to work,” said Aurora Wong, vice president at ZB Group. “The coronavirus is not a regional epidemic, it has been spread across the country and even to other countries.”
The outbreak “has caused psychological stress on people,” Wong said. “While many cities are not technically in lockdown, it is definitely not encouraged to come out for our own health and the whole society to get the epidemic under control.”
Founded in China in 2013, Switzerland-based ZB Group claims its crypto exchange now serves over 10 million users, with $3 billion in average daily trading volume. It has operations across the world including China, Singapore, South Korea and the U.S.
According to Wong, the outbreak is likely to slow the exchange’s technical upgrade to a new version. The upgrade could include front-end mobile apps for users as well as the back-end trading engine.
Related:The View From China: Crypto, Crisis and Digital Currencies Feat. Matthew Graham
Before the outbreak, “we were very efficient and fast on upgrading our platform because people across different departments such as the engineering team, product development and marketing could meet and work together to carry out plans,” Wong said.
However, the outbreak has had only a limited impact on daily operations of ZB’s trading platform since the firm keeps a schedule to rotate its staff to maintain the exchange, according to Wong.
Estonia-based Bibox crypto exchange, which also originated from China, said it has a contingency plan to tackle the operational challenges due to the coronavirus outbreak.
“We might relocate our core engineering team to other Asian countries such as one of our Asian headquarters in Singapore or Vietnam where there are much fewer infected cases,” said Aries Wang, co-founder of Bibox.
According to Wang, Bibox’s trading, marketing and customer service have not been affected much, but new product development and networking events with potential investors have been disrupted to a degree.
“We originally planned a meeting for Chinese crypto funds and private equity firms in London to pave the way for our potential initial public offering on the London Stock Exchange in March,” Wang said. “The meeting and IPO would probably be delayed to a later date.”
Further, when Bibox lists new tokens, the product development team needs to work very closely with the engineering team, creating custom services for clients and upgrading its own exchange platform. But this requires face-to-face meetings, which are for now rare.
OKEx, one of the top three crypto exchanges by trading volume, said it’s staying vigilant now that it has resumed business after the vacation.
“We suggested our employees stay where they already are, avoid crowds as much as possible and reduce business trips,” Jay Hao, the CEO of OKEx, said of its headquarters in Hong Kong.
“Our offices have been completely disinfected, and we have also prepared protective equipment such as surgical masks, liquid soap and alcohol-based sanitizer for all of our employees,” Hao said.
The firm has upgraded its IT systems, such as phone and video conference software, to streamline the process of working from home and ensure normal operations throughout its global offices, according to Hao.
Outside of trading venues, other blockchain startups in the region say they’ve been significantly affected by the outbreak.
B-Labs, a blockchain incubation center co-founded by Canaan Blockchain, OK Group and Yangtze Delta Region Institute of Tsinghua University, has decided to reduce rents for some of the startups that use the space and open a platform for them to apply for subsidies.
Conflux, a Beijing-based blockchain firm, is also coping with the outbreak’s ramifications.
“Coronavirus has affected us in a way that we had to replan many offline events within the Asia Pacific region,” Christian Oertal, chief marketing officer at Conflux, said. “We had to pivot into organizing and participating in online events.”
“As for office work, everyone at Conflux is working remotely from home. The health of everyone in the company should not be put into any risky situation in current times,” he added.
Another part of the blockchain industry which has been significantly affected by the outbreak is mining, the business of running expensive computers that race to solve math problems in order to record transactions and secure crypto networks.
A spate of miner manufacturers, including Bitmian, MicroBT and Canaan, have expected some of their deliveries to be delayed due to slow logistics caused by the outbreak. Some of the mining farms are short of workers to maintain machines, while a few mining farms have beenshut downby local governments as part of the measures to contain the epidemic.
The growth rate of mining difficulty, an indicator of the level of competition among bitcoin miners, has been slowing since the coronavirus outbreak,signalingthat miners have paused upgrading to newer, more powerful machines.
In the most recent two-week cycle, from Feb. 11-25, this gauge declined for the first time since early December.
• Bitcoin, Uncertainty and the Ultimate Narrative
• West Virginia Ditches Blockchain Voting App Provider Voatz || Yemen’s Civil War Shows the Dangers of Crypto: The Takeaway:
• Yemen, home to what the United Nations calls the world’s biggest humanitarian crisis, is in a state of civil war.
• Half of the country is controlled by the Iran-backed Houthi militant group, which has developed its own cryptocurrency.
• People from Yemen are often wary of being associated with cryptocurrency, in part because of the Houthis’ crypto efforts.
• Despite the potential advantages of a trans-national, censorship-resistant cryptocurrency in the country, connectivity issues make it very hard to get bitcoin into this war zone.
• “It’s too soon for bitcoin,” one researcher said.
So far, it appears usingbitcoin(BTC) in a war zone may be riskier than cash, especially when illicit actors use cryptocurrency as well as civilians.
The ongoing civil war in Yemen highlights the contradictions underlying bitcoin adoption: It’s difficult for civilians to acquire cryptocurrency without heavily regulated infrastructure that makes them vulnerable to coercion and surveillance. Such is the case in Yemen, where the Iran-backed Houthi militia controls the northern half of the country and a failing government controls the central bank in the south.
Related:Bitcoin Rebounds as Coronavirus-Infected Stocks Get Jolt From Fed, BOJ
For most people in Yemen, purchasing bitcoin is nearly impossible. Most international companies avoid doing business in Yemen due to concerns overU.S. sanctions, which aren’t comprehensive like the sanctions against Iran but nonetheless raise compliance questions. This week theUnited Nations Security Councilapproved further sanctions against Yemen in an attempt to curtail arms trading between Iran and the Houthis. With the Houthis now functionally governing the northern half of the country, theTrump administrationmay reportedly suspend humanitarian aid.
“Everyone’s looking at a timeline of a month or two. … That’s the point at which different [donors] will start to suspend some of the programs,” a senior U.S. State Department official toldReuterson Tuesday.
Plus, peer-to-peer markets are hampered by both cash shortages and a lack of reliable communications infrastructure. Yemeni-American researcher Ibraham Qatabi at the Center for Constitutional Rights said telecom and electricity companies are owned bygovernments, both foreign anddomestic, depending on theregion. There’s no need for a warrant if Big Brother already owns the pipes. Plus, Qatabi said, most international money transfers are monitored by local authorities.
“Everything is monitored. They have everyone’s information,” Qatabi said. “If they want to go after somebody, they’ll have access to those files.”
Related:Bitcoin, Uncertainty and the Ultimate Narrative
Hamza Alshargabi, a doctor who worked in Yemen until 2012 and briefly minedether(ETH) after he immigrated to the U.S., agreed it’s “almost impossible” to get a safe and reliable internet or phone connection in most of Yemen. He said in big cities connectivity is “so expensive that it’s unusable,” so he can’t imagine his sister using bitcoin in Yemen. Although somedaymesh networksmay help bitcoiners transact without reliable internet, there’s hardly any bitcoin to trade on the ground.
Meanwhile, it appears the Houthis are promoting cryptocurrency adoption, just not censorship-resistant bitcoin.
According to a report from the Yemen-focusedSana’a Center for Strategic Studies (SCSS)in December 2019 the Houthi militia instructed civilians in northern Yemen to trade in the internationally recognized bills for “an equivalent amount of e-Rials,” a cryptocurrency developed by the militant group.
As such, some Yemeni civilians and expats are scared to be associated with cryptocurrency, including bitcoin. Ifprotests last yearin Iran and Lebanon offered a peek at bitcoin’s limitations, then Yemen is the full picture of bitcoin usage still relying on government infrastructure.
Cryptocurrency has itself become a weapon in Yemen’s civil war.
By issuing a digital currency, the Houthis strived to establish a circular economy with less dependence on banks hostile to their cause. The group evenbannedthe possession of new Yemeni rial bills.
“They are denying the government the most basic function, printing money,” Alshargabi said. “At least in Iran there is a lot of wealth and oil, commerce they can build around. … In Yemen, there’s nothing to sell.”
This isn’t the Houthi’sfirst crypto venture. The group has been mining decentralized cryptocurrenciessince 2017, according to the cybersecurity company Recorded Future, which declined to comment for this article. It is not clear which currencies the Houthis mined. However, someIranian military leadersare looking to create cryptocurrency tools in order to circumnavigate sanctions. And, according to theBrookings Institute, “Iran’s influence with the Houthis is growing.”
Perhaps this is, in part, why the Houthis tested a payments pilot inApril 2019, using the Houthi-run Yemen Petroleum Company and other public institutions, like the Yemeni Telecommunications Corporation. But the employees protested and refused to accept e-Rial salaries.
“Nine months on, the e-Rial can still only be used to pay limited expenses, such as water and electricity utility bills and mobile phone services,” the recent SCSSreportnoted. “There is currently no mechanism for using the e-Rial for normal daily economic activities.”
One SCSS researcher, who requested anonymity for safety, said the Houthis started these cryptocurrency experiments to deal with a local cash shortage. He added bitcoin may be caught in a paradigm where, socially, people mostly trust sources a friend or relative personally vouched for. Yet, talking about bitcoin on social media or local phone networks could get that person “targeted.”
(Note that all sources for this article commented from the Yemeni diaspora, due in part to what the SCSS researcher described as a “high level of scrutiny” through local telecommunications networks and “general concerns about monitoring financial activities in the area.”)
That’s why Alshargabi eventually stopped mining ether in the U.S., scared the American government would profile him for additional surveillance. Even if he has no connection to illicit crypto users in Yemen, Alshargabi isn’t confident the legal system would protect a foreign-born Muslim.
“How do I know I’m not going to get a knock on my door someday?” Alshargabi said.
So Alshargabi sends money to family in Yemen the old-fashioned way instead.
“You call your friend and say, ‘You give my mom $200 and I’ll give your mom over here $200.’ There are regular people in that type of business,” he said.
This same ad hoc system Alshargabi uses to send his family cash also works for the few civilians in Yemen who want to own bitcoin, not e-Rials.
Since most global cryptocurrency exchanges don’t accept credit cards or bank transfers from Yemen, small groups of crypto-curious Yemenites show personal relationships across the diaspora are the key to accessing bitcoin in times of crisis.
Such was the case for a small group of roughly eight friends around 2018, including computer science student Manal Ghanem. She didn’t buy any herself, just played with simulations and testnets. But a few of her friends with family abroad got bitcoin by using foreign bank accounts on global exchanges. One bitcoiner would shop online for foreign products, then sell it locally for cash, she said, because shipping was the least difficult part of the cumbersome process.
“I do believe with the collapsing financial institutions in Yemen, if people get a bit educated they can leverage bitcoin to their benefit,” she said. “They are eager to create new opportunities but it can be really dangerous to go online and gamble what little you have and then lose.”
Her friend Faissal Alshaabi said he struggled to use exchanges in Yemen because his internet connection was too weak to even load a website. Alshaabi turned to a cloud mining service instead, but American regulators shut it down and he lost his capital.
Despite all these challenges, Alshaabi said he still believes cryptocurrency could be useful inside Yemen.
“It’s a fast way to send money and with low fees, so I think people would use it as payment method,” he said.
In the meantime, the most important thing Yemenites can do is establish situations where they can acquire bitcoin without attracting the wrong type of attention. This education requires in-person meetings. Governments may not be able to confiscate your bitcoin, but they can take your life.
“In terms of increasing awareness, that would have to be verbally transmitted,” the researcher said. “It’s too soon for bitcoin.”
• Bitcoin’s Option Market Sees Low Chance of Post-Halving Rally
• Bitcoin Rallies After Biggest Weekly Drop Since November || Yemen’s Civil War Shows the Dangers of Crypto: The Takeaway: Yemen, home to what the United Nations calls the world’s biggest humanitarian crisis, is in a state of civil war. Half of the country is controlled by the Iran-backed Houthi militant group, which has developed its own cryptocurrency. People from Yemen are often wary of being associated with cryptocurrency, in part because of the Houthis’ crypto efforts. Despite the potential advantages of a trans-national, censorship-resistant cryptocurrency in the country, connectivity issues make it very hard to get bitcoin into this war zone. “It’s too soon for bitcoin,” one researcher said. So far, it appears using bitcoin (BTC) in a war zone may be riskier than cash, especially when illicit actors use cryptocurrency as well as civilians. The ongoing civil war in Yemen highlights the contradictions underlying bitcoin adoption: It’s difficult for civilians to acquire cryptocurrency without heavily regulated infrastructure that makes them vulnerable to coercion and surveillance. Such is the case in Yemen, where the Iran-backed Houthi militia controls the northern half of the country and a failing government controls the central bank in the south. Related: Bitcoin Rebounds as Coronavirus-Infected Stocks Get Jolt From Fed, BOJ For most people in Yemen, purchasing bitcoin is nearly impossible. Most international companies avoid doing business in Yemen due to concerns over U.S. sanctions , which aren’t comprehensive like the sanctions against Iran but nonetheless raise compliance questions. This week the United Nations Security Council approved further sanctions against Yemen in an attempt to curtail arms trading between Iran and the Houthis. With the Houthis now functionally governing the northern half of the country, the Trump administration may reportedly suspend humanitarian aid. “Everyone’s looking at a timeline of a month or two. … That’s the point at which different [donors] will start to suspend some of the programs,” a senior U.S. State Department official told Reuters on Tuesday. Story continues Plus, peer-to-peer markets are hampered by both cash shortages and a lack of reliable communications infrastructure. Yemeni-American researcher Ibraham Qatabi at the Center for Constitutional Rights said telecom and electricity companies are owned by governments , both foreign and domestic , depending on the region . There’s no need for a warrant if Big Brother already owns the pipes. Plus, Qatabi said, most international money transfers are monitored by local authorities. “Everything is monitored. They have everyone’s information,” Qatabi said. “If they want to go after somebody, they’ll have access to those files.” Related: Bitcoin, Uncertainty and the Ultimate Narrative Hamza Alshargabi, a doctor who worked in Yemen until 2012 and briefly mined ether (ETH) after he immigrated to the U.S., agreed it’s “almost impossible” to get a safe and reliable internet or phone connection in most of Yemen. He said in big cities connectivity is “so expensive that it’s unusable,” so he can’t imagine his sister using bitcoin in Yemen. Although someday mesh networks may help bitcoiners transact without reliable internet, there’s hardly any bitcoin to trade on the ground. Meanwhile, it appears the Houthis are promoting cryptocurrency adoption, just not censorship-resistant bitcoin. According to a report from the Yemen-focused Sana’a Center for Strategic Studies (SCSS) in December 2019 the Houthi militia instructed civilians in northern Yemen to trade in the internationally recognized bills for “an equivalent amount of e-Rials,” a cryptocurrency developed by the militant group. As such, some Yemeni civilians and expats are scared to be associated with cryptocurrency, including bitcoin. If protests last year in Iran and Lebanon offered a peek at bitcoin’s limitations, then Yemen is the full picture of bitcoin usage still relying on government infrastructure. Crypto wars Cryptocurrency has itself become a weapon in Yemen’s civil war. By issuing a digital currency, the Houthis strived to establish a circular economy with less dependence on banks hostile to their cause. The group even banned the possession of new Yemeni rial bills. “They are denying the government the most basic function, printing money,” Alshargabi said. “At least in Iran there is a lot of wealth and oil, commerce they can build around. … In Yemen, there’s nothing to sell.” This isn’t the Houthi’s first crypto venture . The group has been mining decentralized cryptocurrencies since 2017 , according to the cybersecurity company Recorded Future, which declined to comment for this article. It is not clear which currencies the Houthis mined. However, some Iranian military leaders are looking to create cryptocurrency tools in order to circumnavigate sanctions. And, according to the Brookings Institute , “Iran’s influence with the Houthis is growing.” Perhaps this is, in part, why the Houthis tested a payments pilot in April 2019 , using the Houthi-run Yemen Petroleum Company and other public institutions, like the Yemeni Telecommunications Corporation. But the employees protested and refused to accept e-Rial salaries. “Nine months on, the e-Rial can still only be used to pay limited expenses, such as water and electricity utility bills and mobile phone services,” the recent SCSS report noted. “There is currently no mechanism for using the e-Rial for normal daily economic activities.” One SCSS researcher, who requested anonymity for safety, said the Houthis started these cryptocurrency experiments to deal with a local cash shortage. He added bitcoin may be caught in a paradigm where, socially, people mostly trust sources a friend or relative personally vouched for. Yet, talking about bitcoin on social media or local phone networks could get that person “targeted.” (Note that all sources for this article commented from the Yemeni diaspora, due in part to what the SCSS researcher described as a “high level of scrutiny” through local telecommunications networks and “general concerns about monitoring financial activities in the area.”) That’s why Alshargabi eventually stopped mining ether in the U.S., scared the American government would profile him for additional surveillance. Even if he has no connection to illicit crypto users in Yemen, Alshargabi isn’t confident the legal system would protect a foreign-born Muslim. “How do I know I’m not going to get a knock on my door someday?” Alshargabi said. So Alshargabi sends money to family in Yemen the old-fashioned way instead. “You call your friend and say, ‘You give my mom $200 and I’ll give your mom over here $200.’ There are regular people in that type of business,” he said. Dangerous public ledgers This same ad hoc system Alshargabi uses to send his family cash also works for the few civilians in Yemen who want to own bitcoin, not e-Rials. Since most global cryptocurrency exchanges don’t accept credit cards or bank transfers from Yemen, small groups of crypto-curious Yemenites show personal relationships across the diaspora are the key to accessing bitcoin in times of crisis. Such was the case for a small group of roughly eight friends around 2018, including computer science student Manal Ghanem. She didn’t buy any herself, just played with simulations and testnets. But a few of her friends with family abroad got bitcoin by using foreign bank accounts on global exchanges. One bitcoiner would shop online for foreign products, then sell it locally for cash, she said, because shipping was the least difficult part of the cumbersome process. “I do believe with the collapsing financial institutions in Yemen, if people get a bit educated they can leverage bitcoin to their benefit,” she said. “They are eager to create new opportunities but it can be really dangerous to go online and gamble what little you have and then lose.” Her friend Faissal Alshaabi said he struggled to use exchanges in Yemen because his internet connection was too weak to even load a website. Alshaabi turned to a cloud mining service instead, but American regulators shut it down and he lost his capital. Despite all these challenges, Alshaabi said he still believes cryptocurrency could be useful inside Yemen. “It’s a fast way to send money and with low fees, so I think people would use it as payment method,” he said. In the meantime, the most important thing Yemenites can do is establish situations where they can acquire bitcoin without attracting the wrong type of attention. This education requires in-person meetings. Governments may not be able to confiscate your bitcoin, but they can take your life. “In terms of increasing awareness, that would have to be verbally transmitted,” the researcher said. “It’s too soon for bitcoin.” Related Stories Bitcoin’s Option Market Sees Low Chance of Post-Halving Rally Bitcoin Rallies After Biggest Weekly Drop Since November || As Fed Contemplates Coronavirus-Prompted Easing, Bitcoin Traders Bet on Halving: U.S. stockscontinue to reelover coronavirus-related fears, and investors are increasingly betting the Federal Reserve will slash interest rates to stabilize the economy and markets.
But whether those investors turn tobitcoin(BTC) as a crisis hedge remains to be seen.
Such action by the Fed could, in theory, help bitcoin prices since lower rates would likely reduce the appeal of income-yielding assets such as U.S. Treasury bonds, according to analysts tracking the 11-year-old cryptocurrency. So far, the Fed has not said whether it would cut rates, with Chair Jerome Powell taking a “wait and watch” attitude.
Related:The View From China: Crypto, Crisis and Digital Currencies Feat. Matthew Graham
Yields on 10-year U.S. Treasury notes slid by 0.15 percentage point to a new record low of 1.14 percent, indicating heightened demand; bond prices move in the opposite direction of yields. Rates also fell on government bonds from the U.K. Those from Germany and Japan fell further into negative territory.
“As interest rates decline, you’re more likely to tip the seesaw toward assets that don’t have yield, such as collectible assets like artwork or gold or bitcoin,” said Greg Cipolaro, co-founder of Digital Asset Research, a New York-based cryptocurrency analysis firm.
Bitcoin prices are down 14 percent since Sunday, on track for their worst weekly performance since mid-November. The cryptocurrency slid 2.9 percent on Friday to $8,573, the lowest in a month.
Analysts andtraders in the nascent market have debatedwhether bitcoin should trade as a hedge against malaise in traditional markets, or if it’s more vulnerable to a sell-off alongside riskier assets like stocks and emerging-market currencies when the global economic and market outlooks darken. Some investors say bitcoin is mostly uncorrelated with other asset categories, sometimes trading in sync with stocks and other times in opposition.
Related:Bitcoin, Uncertainty and the Ultimate Narrative
Bitcoin was launched by its pseudonymous creator Satoshi Nakamoto in early 2009, in the wake of the last financial crisis, so the cryptocurrency is largely untested in amarket meltdown like the coronavirus-triggered panicselling now roiling stocks.
As a feature of the currency’s original design, the pace of new supplies of bitcoin issued to the decentralized network gets cut in half every four years. The next such event — known as the halving — is expected to take place in May.
That automatic supply tightening, encoded in the software, differentiates bitcoin sharply from human-led monetary-policy easing by central banks such as the U.S. Federal Reserve. The cryptocurrency’s price jumped 94 percent last year, roughly triple the gains in U.S. stocks; despite this week’s pullback, bitcoin is still up about 19 percent so far in 2020.
For now, the bitcoin market might be too immature for large investors with diversified asset portfolios to use as a hedge against a financial crisis. Indeed, bitcoin’s price drop in recent days — gold has slid, too — might signal most investors are still scrambling into cash when there’s a big market sell-off.
“We see a lot of these global actions having some impact on bitcoin, but there’s also things that are happening in the bitcoin network, and that could have a larger impact than the Fed cutting interest rates,” says Joe DiPasquale, CEO of the cryptocurrency-focused hedge fund BitBull Capital in San Francisco. “I’m still bullish for bitcoin for the year, and a major reason is the halving.”
The World Health Organization raised its risk assessment of the coronavirus to “very high” from “high,” with Italy now expected to approve emergency measures and quarantines and event cancellations reported in Germany and Switzerland,according to Bloomberg News. Acting White House Chief of Staff Mick Mulvaney has warned of possible school closings in the U.S.
The Standard & Poor’s 500 Index is down 12.5 percent over the past seven days, putting the gauge on track for its worst weekly performance since the 2008 crisis.
That’s why investors are betting the Federal Reserve will make a move to help stanch the red ink. According to the Chicago Mercantile Exchange, futures contracts used to bet on the Fed’s benchmark interest rate have shifted in the past two days to incorporate thenear-certainty of a cutby the time of the central bank’s next regular monetary-policy meeting, scheduled for March 18. Just a week ago, most traders were expecting no change.
There’s also now a greater than 50 percent chance the Fed will cut rates by at least a full percentage point by December, from the current range of between 1.5 percent and 1.75 percent.
U.S. stocks pared losses on Friday afterFed Chair Jerome Powell saidin a mid-day statement the central bank was “closely monitoring developments” related to the coronavirus “and their implications for the economic outlook.”
“We will use our tools and act as appropriate to support the economy,” Powell said.
While rate cuts might ultimately prompt bigger allocations to bitcoin, investors in crypto and traditional markets could be so gripped right now by a crisis mentality that they’re indiscriminately selling all assets perceived as risky. Since cryptocurrencies are relatively new and their prices can be extremely volatile, bitcoin is still generally perceived as a risky asset, Cipolaro said.
“Usually in the early stages of a crisis, you’re worried about deflation, not inflation,” he said.
• Bitcoin’s Option Market Sees Low Chance of Post-Halving Rally
• Bitcoin Rallies After Biggest Weekly Drop Since November || As Fed Contemplates Coronavirus-Prompted Easing, Bitcoin Traders Bet on Halving: U.S. stockscontinue to reelover coronavirus-related fears, and investors are increasingly betting the Federal Reserve will slash interest rates to stabilize the economy and markets.
But whether those investors turn tobitcoin(BTC) as a crisis hedge remains to be seen.
Such action by the Fed could, in theory, help bitcoin prices since lower rates would likely reduce the appeal of income-yielding assets such as U.S. Treasury bonds, according to analysts tracking the 11-year-old cryptocurrency. So far, the Fed has not said whether it would cut rates, with Chair Jerome Powell taking a “wait and watch” attitude.
Related:The View From China: Crypto, Crisis and Digital Currencies Feat. Matthew Graham
Yields on 10-year U.S. Treasury notes slid by 0.15 percentage point to a new record low of 1.14 percent, indicating heightened demand; bond prices move in the opposite direction of yields. Rates also fell on government bonds from the U.K. Those from Germany and Japan fell further into negative territory.
“As interest rates decline, you’re more likely to tip the seesaw toward assets that don’t have yield, such as collectible assets like artwork or gold or bitcoin,” said Greg Cipolaro, co-founder of Digital Asset Research, a New York-based cryptocurrency analysis firm.
Bitcoin prices are down 14 percent since Sunday, on track for their worst weekly performance since mid-November. The cryptocurrency slid 2.9 percent on Friday to $8,573, the lowest in a month.
Analysts andtraders in the nascent market have debatedwhether bitcoin should trade as a hedge against malaise in traditional markets, or if it’s more vulnerable to a sell-off alongside riskier assets like stocks and emerging-market currencies when the global economic and market outlooks darken. Some investors say bitcoin is mostly uncorrelated with other asset categories, sometimes trading in sync with stocks and other times in opposition.
Related:Bitcoin, Uncertainty and the Ultimate Narrative
Bitcoin was launched by its pseudonymous creator Satoshi Nakamoto in early 2009, in the wake of the last financial crisis, so the cryptocurrency is largely untested in amarket meltdown like the coronavirus-triggered panicselling now roiling stocks.
As a feature of the currency’s original design, the pace of new supplies of bitcoin issued to the decentralized network gets cut in half every four years. The next such event — known as the halving — is expected to take place in May.
That automatic supply tightening, encoded in the software, differentiates bitcoin sharply from human-led monetary-policy easing by central banks such as the U.S. Federal Reserve. The cryptocurrency’s price jumped 94 percent last year, roughly triple the gains in U.S. stocks; despite this week’s pullback, bitcoin is still up about 19 percent so far in 2020.
For now, the bitcoin market might be too immature for large investors with diversified asset portfolios to use as a hedge against a financial crisis. Indeed, bitcoin’s price drop in recent days — gold has slid, too — might signal most investors are still scrambling into cash when there’s a big market sell-off.
“We see a lot of these global actions having some impact on bitcoin, but there’s also things that are happening in the bitcoin network, and that could have a larger impact than the Fed cutting interest rates,” says Joe DiPasquale, CEO of the cryptocurrency-focused hedge fund BitBull Capital in San Francisco. “I’m still bullish for bitcoin for the year, and a major reason is the halving.”
The World Health Organization raised its risk assessment of the coronavirus to “very high” from “high,” with Italy now expected to approve emergency measures and quarantines and event cancellations reported in Germany and Switzerland,according to Bloomberg News. Acting White House Chief of Staff Mick Mulvaney has warned of possible school closings in the U.S.
The Standard & Poor’s 500 Index is down 12.5 percent over the past seven days, putting the gauge on track for its worst weekly performance since the 2008 crisis.
That’s why investors are betting the Federal Reserve will make a move to help stanch the red ink. According to the Chicago Mercantile Exchange, futures contracts used to bet on the Fed’s benchmark interest rate have shifted in the past two days to incorporate thenear-certainty of a cutby the time of the central bank’s next regular monetary-policy meeting, scheduled for March 18. Just a week ago, most traders were expecting no change.
There’s also now a greater than 50 percent chance the Fed will cut rates by at least a full percentage point by December, from the current range of between 1.5 percent and 1.75 percent.
U.S. stocks pared losses on Friday afterFed Chair Jerome Powell saidin a mid-day statement the central bank was “closely monitoring developments” related to the coronavirus “and their implications for the economic outlook.”
“We will use our tools and act as appropriate to support the economy,” Powell said.
While rate cuts might ultimately prompt bigger allocations to bitcoin, investors in crypto and traditional markets could be so gripped right now by a crisis mentality that they’re indiscriminately selling all assets perceived as risky. Since cryptocurrencies are relatively new and their prices can be extremely volatile, bitcoin is still generally perceived as a risky asset, Cipolaro said.
“Usually in the early stages of a crisis, you’re worried about deflation, not inflation,” he said.
• Bitcoin’s Option Market Sees Low Chance of Post-Halving Rally
• Bitcoin Rallies After Biggest Weekly Drop Since November || As Fed Contemplates Coronavirus-Prompted Easing, Bitcoin Traders Bet on Halving: U.S. stocks continue to reel over coronavirus-related fears, and investors are increasingly betting the Federal Reserve will slash interest rates to stabilize the economy and markets. But whether those investors turn to bitcoin (BTC) as a crisis hedge remains to be seen. Such action by the Fed could, in theory, help bitcoin prices since lower rates would likely reduce the appeal of income-yielding assets such as U.S. Treasury bonds, according to analysts tracking the 11-year-old cryptocurrency. So far, the Fed has not said whether it would cut rates, with Chair Jerome Powell taking a “wait and watch” attitude. Related: The View From China: Crypto, Crisis and Digital Currencies Feat. Matthew Graham Yields on 10-year U.S. Treasury notes slid by 0.15 percentage point to a new record low of 1.14 percent, indicating heightened demand; bond prices move in the opposite direction of yields. Rates also fell on government bonds from the U.K. Those from Germany and Japan fell further into negative territory. “As interest rates decline, you’re more likely to tip the seesaw toward assets that don’t have yield, such as collectible assets like artwork or gold or bitcoin,” said Greg Cipolaro, co-founder of Digital Asset Research, a New York-based cryptocurrency analysis firm. Bitcoin prices are down 14 percent since Sunday, on track for their worst weekly performance since mid-November. The cryptocurrency slid 2.9 percent on Friday to $8,573, the lowest in a month. Analysts and traders in the nascent market have debated whether bitcoin should trade as a hedge against malaise in traditional markets, or if it’s more vulnerable to a sell-off alongside riskier assets like stocks and emerging-market currencies when the global economic and market outlooks darken. Some investors say bitcoin is mostly uncorrelated with other asset categories, sometimes trading in sync with stocks and other times in opposition. Related: Bitcoin, Uncertainty and the Ultimate Narrative Story continues Bitcoin was launched by its pseudonymous creator Satoshi Nakamoto in early 2009, in the wake of the last financial crisis, so the cryptocurrency is largely untested in a market meltdown like the coronavirus-triggered panic selling now roiling stocks. Haven Bet vs. Halving Bet As a feature of the currency’s original design, the pace of new supplies of bitcoin issued to the decentralized network gets cut in half every four years. The next such event — known as the halving — is expected to take place in May. That automatic supply tightening, encoded in the software, differentiates bitcoin sharply from human-led monetary-policy easing by central banks such as the U.S. Federal Reserve. The cryptocurrency’s price jumped 94 percent last year, roughly triple the gains in U.S. stocks; despite this week’s pullback, bitcoin is still up about 19 percent so far in 2020. For now, the bitcoin market might be too immature for large investors with diversified asset portfolios to use as a hedge against a financial crisis. Indeed, bitcoin’s price drop in recent days — gold has slid, too — might signal most investors are still scrambling into cash when there’s a big market sell-off. “We see a lot of these global actions having some impact on bitcoin, but there’s also things that are happening in the bitcoin network, and that could have a larger impact than the Fed cutting interest rates,” says Joe DiPasquale, CEO of the cryptocurrency-focused hedge fund BitBull Capital in San Francisco. “I’m still bullish for bitcoin for the year, and a major reason is the halving.” The Fed’s Next Move The World Health Organization raised its risk assessment of the coronavirus to “very high” from “high,” with Italy now expected to approve emergency measures and quarantines and event cancellations reported in Germany and Switzerland, according to Bloomberg News . Acting White House Chief of Staff Mick Mulvaney has warned of possible school closings in the U.S. The Standard & Poor’s 500 Index is down 12.5 percent over the past seven days, putting the gauge on track for its worst weekly performance since the 2008 crisis. That’s why investors are betting the Federal Reserve will make a move to help stanch the red ink. According to the Chicago Mercantile Exchange, futures contracts used to bet on the Fed’s benchmark interest rate have shifted in the past two days to incorporate the near-certainty of a cut by the time of the central bank’s next regular monetary-policy meeting, scheduled for March 18. Just a week ago, most traders were expecting no change. There’s also now a greater than 50 percent chance the Fed will cut rates by at least a full percentage point by December, from the current range of between 1.5 percent and 1.75 percent. U.S. stocks pared losses on Friday after Fed Chair Jerome Powell said in a mid-day statement the central bank was “closely monitoring developments” related to the coronavirus “and their implications for the economic outlook.” “We will use our tools and act as appropriate to support the economy,” Powell said. While rate cuts might ultimately prompt bigger allocations to bitcoin, investors in crypto and traditional markets could be so gripped right now by a crisis mentality that they’re indiscriminately selling all assets perceived as risky. Since cryptocurrencies are relatively new and their prices can be extremely volatile, bitcoin is still generally perceived as a risky asset, Cipolaro said. “Usually in the early stages of a crisis, you’re worried about deflation, not inflation,” he said. Related Stories Bitcoin’s Option Market Sees Low Chance of Post-Halving Rally Bitcoin Rallies After Biggest Weekly Drop Since November || Edison Investment Research Limited: Blockchain: The Second Coming is Nigh: • Security, scalability and regulation improvements are making Blockchain tech investible formainstream capital
• This second wave of interest is likely to deliver the once-hyped disruption predicted for Distributed Ledger Technology (DLT)
• A new and significant asset class is set to emerge and will impact on the financial services industry
LONDON, UK / ACCESSWIRE / February 28, 2020 /With the initial cryptocurrency hype cycle having burned itself out, Blockchain and DLT technology has dropped off many investors radar screens. However, a new sector report by Edison Investment Research highlights a concerted surge in investment by major players across many sectors, fuelled by improving security and scalability as well as evolving regulation. From 2020 onwards, Edison expects DLT adoption to accelerate. Which means the technology is likely to finally deliver against its early promise to disrupt the financial services industry.New asset classes are likely to emerge in relatively short timeframes.
Download the full report here
Blockchain supports a new asset class
As well as supporting the emergence of Bitcoin and other cryptocurrencies, DLT can be used to tokeniseother assets - such as shares and real estate - as well as create new assets that are digital representations of traditional securities. Until now, investment in digital assets has been a mainly retail phenomenon.But with the introduction of new regulations and start-ups professionalising their operations, institutions are making their move.
Potential to disrupt existing processes
DLT has the potential to replace many processes in the financial sector, including clearance, settlement, trade finance and data management. Whilst it has the benefit of reducing back-office costs and improving transaction speeds, DLTmay also reduce income streams from intermediary roles. As a partial balance, Edison sees new opportunities for services which certify the accuracy of data before entering the blockchain - as well as subsequent monitoringto keep the real assets underlying the tokens safe.
Early-stage market; incumbents starting to enter
The tokenisation of assets remains at an early stage, with most projects taking the form of pilots orsmall-scale trials. However, traditional financial services businesses are starting to enter the market, alongside a plethora of start-ups. Edison now expects a gradual transition to the use of blockchain, starting with use cases that have the strongest commercial rationales.
Ultimately, we expect to see a shift towards asset tokenisation across a number of asset classes including non-listed equity, debt with small issue volumes and real estate. Strong interest from central banks in issuingdigital currencies further supports our belief that a tipping point has been reached in the institutional adoption of blockchain.
Longer term, blockchain will reshape the industry
At this early stage, we expect to see more partnerships between traditional financial institutions and digital asset specialists, and longer term we would expect to see incumbents acquiring the startups to access expertise and regulated businesses.
Milosz Papst author of the report, said:
"Blockchain technology is no longer just about cryptocurrency. As the sector surrounding the technology continues to evolve, new applications will continue to emerge. Investors can expect to see the financial services industry revolutionized as companies incorporate the technology into many parts of their operations. But this is still very much a new frontier, and only time will tell what the landscape will look like in a few decades time. If this were the internet's development, the year would be 1996."
For media enquiries, please contact:
EdisonGroupRichard Morgan Evans, Borja Miquel, Sam Du BoisE:[email protected]: +44 20 3195 3240
About Edison:
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle-East and Asia-Pacific.The heart of Edison is its world renowned equity research platform and deep multi-sector expertise.At Edison Investment Research, the research is widely read by international investors, advisors and stakeholders.Edison Advisors leverages its core research platform to provide differentiated services including investor relations and strategic consulting.
For more information:www.edisongroup.com
Edison is authorised and regulated by the Financial Conduct Authority (FCA).
Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
SOURCE:Edison Investment Research Limited
View source version on accesswire.com:https://www.accesswire.com/578407/Edison-Investment-Research-Limited-Blockchain-The-Second-Coming-is-Nigh || Edison Investment Research Limited: Blockchain: The Second Coming is Nigh: Security, scalability and regulation improvements are making Blockchain tech investible formainstream capital This second wave of interest is likely to deliver the once-hyped disruption predicted for Distributed Ledger Technology (DLT) A new and significant asset class is set to emerge and will impact on the financial services industry LONDON, UK / ACCESSWIRE / February 28, 2020 / With the initial cryptocurrency hype cycle having burned itself out, Blockchain and DLT technology has dropped off many investors radar screens. However, a new sector report by Edison Investment Research highlights a concerted surge in investment by major players across many sectors, fuelled by improving security and scalability as well as evolving regulation. From 2020 onwards, Edison expects DLT adoption to accelerate. Which means the technology is likely to finally deliver against its early promise to disrupt the financial services industry.New asset classes are likely to emerge in relatively short timeframes. Download the full report here Blockchain supports a new asset class As well as supporting the emergence of Bitcoin and other cryptocurrencies, DLT can be used to tokeniseother assets - such as shares and real estate - as well as create new assets that are digital representations of traditional securities. Until now, investment in digital assets has been a mainly retail phenomenon.But with the introduction of new regulations and start-ups professionalising their operations, institutions are making their move. Potential to disrupt existing processes DLT has the potential to replace many processes in the financial sector, including clearance, settlement, trade finance and data management. Whilst it has the benefit of reducing back-office costs and improving transaction speeds, DLTmay also reduce income streams from intermediary roles. As a partial balance, Edison sees new opportunities for services which certify the accuracy of data before entering the blockchain - as well as subsequent monitoringto keep the real assets underlying the tokens safe. Story continues Early-stage market; incumbents starting to enter The tokenisation of assets remains at an early stage, with most projects taking the form of pilots orsmall-scale trials. However, traditional financial services businesses are starting to enter the market, alongside a plethora of start-ups. Edison now expects a gradual transition to the use of blockchain, starting with use cases that have the strongest commercial rationales. Ultimately, we expect to see a shift towards asset tokenisation across a number of asset classes including non-listed equity, debt with small issue volumes and real estate. Strong interest from central banks in issuingdigital currencies further supports our belief that a tipping point has been reached in the institutional adoption of blockchain. Longer term, blockchain will reshape the industry At this early stage, we expect to see more partnerships between traditional financial institutions and digital asset specialists, and longer term we would expect to see incumbents acquiring the startups to access expertise and regulated businesses. Milosz Papst author of the report, said: "Blockchain technology is no longer just about cryptocurrency. As the sector surrounding the technology continues to evolve, new applications will continue to emerge. Investors can expect to see the financial services industry revolutionized as companies incorporate the technology into many parts of their operations. But this is still very much a new frontier, and only time will tell what the landscape will look like in a few decades time. If this were the internet's development, the year would be 1996." For media enquiries, please contact: EdisonGroup Richard Morgan Evans, Borja Miquel, Sam Du Bois E: [email protected] P: +44 20 3195 3240 About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle-East and Asia-Pacific.The heart of Edison is its world renowned equity research platform and deep multi-sector expertise.At Edison Investment Research, the research is widely read by international investors, advisors and stakeholders.Edison Advisors leverages its core research platform to provide differentiated services including investor relations and strategic consulting. For more information: www.edisongroup.com Edison is authorised and regulated by the Financial Conduct Authority (FCA). Dissemination of a CORPORATE NEWS, transmitted by EQS Group. SOURCE: Edison Investment Research Limited View source version on accesswire.com: https://www.accesswire.com/578407/Edison-Investment-Research-Limited-Blockchain-The-Second-Coming-is-Nigh || Coronavirus Is Changing How Crypto Markets Are Trading: Cryptocurrency traders are contending with volatile markets due to coronavirus. Since Feb. 25, the number of new COVID-19 cases reported in the rest of the world has surpassed new cases in China, according to the World Health Organization . Fear the virus’ spread will lead to a pandemic that could slow the global economy is dragging down stock prices; the S&P 500 index is in the red by 10 percent since the beginning of 2020. Bitcoin (BTC) has also taken a hit, with the cryptocurrency trading below $9,000 for the first time since January, although as of Feb, 28 it is still up 20 percent for the year to date. Meanwhile, cryptocurrency over-the-counter (OTC) trading volume has been on the rise since the virus became a constant part of the news cycle. “We have been seeing a significant uptick in volume over the last 60 days,” said Michael Leon, a trader at Chicago-based Althena Investor Services, which specializes in serving OTC clients. Upticks in week-over-week volume for cryptocurrency exchanges such as Coinbase and Kraken are also being seen, according to data from CoinGecko. Related: Coronavirus Impacts on Bitcoin (And the IRS’s Dumb Singularity) Globally, the virus’ impact has been varied. Australia, which is closer geographically to Asian economies highly affected by COVID-19, has not seen a significant drop in trading, at least according to one desk. “No noticeable effects here in Australia,” said Tilo Grieco, head of OTC desk at ORTUS, based in Sydney. One strategy some traders are contemplating to prepare for COVID-19 is not holding volatile cryptocurrency assets unless absolutely needed. That’s what Althena’s OTC desk is doing. “We manage inventory very tight and run a matched book, so the coronavirus hasn’t been a factor,” said Althena’s Leon. Inventory management for trading desks may be prudent, given the uncertainty that lies ahead, according to Rupert Douglas, head of business development and institutional sales at Koine, which provides settlement and custody for cryptocurrencies. Story continues “While alternative stores of value like gold and BTC have rallied since the start of the year, they haven’t fared so well over the last few days. The genie – as in volatility – is out of the bottle, with big swings ahead anticipated in all asset classes,” said Douglas. Related: Crypto Firms Tout Dispersed Workforce as Coronavirus Contingency Plan Paul Ciavardini, head of trading at ItBit/Paxos, observed that recent lows in bitcoin’s price are likely spilling over from trading decisions made in traditional markets. “My guess is that we are seeing some traditional institutions, that also have either a crypto side pocket or something like that, lighten up on overall risk with what is happening in the equity and bond market,” said Ciavardini. Related Stories Chinese Crypto and Blockchain Firms Grapple With Coronavirus Outbreak As Fed Contemplates Coronavirus-Prompted Easing, Bitcoin Traders Bet on Halving || Coronavirus Is Changing How Crypto Markets Are Trading: Cryptocurrency traders are contending with volatile markets due to coronavirus. Since Feb. 25, the number of new COVID-19 cases reported in the rest of the world has surpassed new cases in China,according to the World Health Organization.
Fear the virus’ spread will lead to a pandemic that could slow the global economy is dragging down stock prices; the S&P 500 index is in the red by 10 percent since the beginning of 2020.Bitcoin(BTC) has also taken a hit,with the cryptocurrency trading below $9,000for the first time since January, although as of Feb, 28 it is still up 20 percent for the year to date.
Meanwhile, cryptocurrency over-the-counter (OTC) trading volume has been on the rise since the virus became a constant part of the news cycle. “We have been seeing a significant uptick in volume over the last 60 days,” said Michael Leon, a trader at Chicago-based Althena Investor Services, which specializes in serving OTC clients. Upticks in week-over-week volume for cryptocurrency exchanges such as Coinbase and Kraken are also being seen, according to data from CoinGecko.
Related:Coronavirus Impacts on Bitcoin (And the IRS’s Dumb Singularity)
Globally, the virus’ impact has been varied. Australia, which is closer geographically to Asian economies highly affected by COVID-19, has not seen a significant drop in trading, at least according to one desk. “No noticeable effects here in Australia,” said Tilo Grieco, head of OTC desk at ORTUS, based in Sydney.
One strategy some traders are contemplating to prepare for COVID-19 is not holding volatile cryptocurrency assets unless absolutely needed. That’s what Althena’s OTC desk is doing. “We manage inventory very tight and run a matched book, so the coronavirus hasn’t been a factor,” said Althena’s Leon.
Inventory management for trading desks may be prudent, given the uncertainty that lies ahead, according to Rupert Douglas, head of business development and institutional sales at Koine, which provides settlement and custody for cryptocurrencies.
“While alternative stores of value like gold and BTC have rallied since the start of the year, they haven’t fared so well over the last few days. The genie – as in volatility – is out of the bottle, with big swings ahead anticipated in all asset classes,” said Douglas.
Related:Crypto Firms Tout Dispersed Workforce as Coronavirus Contingency Plan
Paul Ciavardini, head of trading at ItBit/Paxos, observed that recent lows in bitcoin’s price are likely spilling over from trading decisions made in traditional markets. “My guess is that we are seeing some traditional institutions, that also have either a crypto side pocket or something like that, lighten up on overall risk with what is happening in the equity and bond market,” said Ciavardini.
• Chinese Crypto and Blockchain Firms Grapple With Coronavirus Outbreak
• As Fed Contemplates Coronavirus-Prompted Easing, Bitcoin Traders Bet on Halving
[Social Media Buzz]
None available.
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8869.67, 8787.79, 8755.25, 9078.76, 9122.55, 8909.95, 8108.12, 7923.64, 7909.73, 7911.43
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 11296.40, 10106.30, 10221.10, 9170.54, 8830.75, 9174.91, 8277.01, 6955.27, 7754.00, 7621.30, 8265.59, 8736.98, 8621.90, 8129.97, 8926.57, 8598.31, 9494.63, 10166.40, 10233.90, 11112.70, 10551.80, 11225.30, 11403.70, 10690.40, 10005.00, 10301.10, 9813.07, 9664.73, 10366.70, 10725.60, 10397.90, 10951.00, 11086.40, 11489.70, 11512.60, 11573.30, 10779.90, 9965.57, 9395.01, 9337.55, 8866.00, 9578.63, 9205.12, 9194.85, 8269.81, 8300.86, 8338.35, 7916.88, 8223.68, 8630.65, 8913.47, 8929.28, 8728.47, 8879.62, 8668.12, 8495.78, 8209.40, 7833.04, 7954.48, 7165.70, 6890.52, 6973.53, 6844.23, 7083.80, 7456.11, 6853.84, 6811.47, 6636.32, 6911.09, 7023.52, 6770.73, 6834.76, 6968.32, 7889.25, 7895.96, 7986.24, 8329.11, 8058.67, 7902.09, 8163.42, 8294.31, 8845.83, 8895.58, 8802.46, 8930.88, 9697.50, 8845.74, 9281.51, 8987.05, 9348.48.
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[Bitcoin Technical Analysis for 2018-04-28]
Volume: 7805479936, RSI (14-day): 60.55, 50-day EMA: 8552.36, 200-day EMA: 8796.66
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Is the Bell Tolling on Tobacco Stocks?: Tobacco stocks have dropped double digits since industry giantPhilip Morris International(NYSE: PM)reported on its first-quarter 2018 business results. The company, which sells brands like Marlboro outside the U.S., has been dealing with declining sales volumes, as have other industry leaders likeAltria(NYSE: MO)andBritish American Tobacco(NYSE: BTI).
New products were supposed to lead the companies into the future, but Philip Morris' report may be an early warning that there is no easy solution here.
Revenue excluding tobacco excise taxes increased 13.7% compared with the same period a year ago. Earnings per share declined 2% to $1.00 as cost of sales increased 20.1% and marketing, administration, and research costs increased 26.5%. The forecast for full-year 2018 earnings per share was also increased to a range of $5.25 to $5.40, a 35% to 39% increase over 2017.
All that looks positive, but tobacco stocks declined anyway. Concern arose around reported sales of iQOS, a heated-tobacco product Philip Morris first began testing in Japan and has subsequently expanded to several dozen other countries. While unit sales more than doubled over last year, quarter-over-quarter sales declined.
[{"Quarter": "Q1 2018", "Unit Sales (billions of units)": "9.57", "Year-Over-Year % Increase": "116%"}, {"Quarter": "Q4 2017", "Unit Sales (billions of units)": "15.72", "Year-Over-Year % Increase": "325%"}, {"Quarter": "Q3 2017", "Unit Sales (billions of units)": "9.73", "Year-Over-Year % Increase": "366%"}, {"Quarter": "Q2 2017", "Unit Sales (billions of units)": "6.35", "Year-Over-Year % Increase": "449%"}, {"Quarter": "Q1 2017", "Unit Sales (billions of units)": "4.44", "Year-Over-Year % Increase": "879%"}]
Chart by author. Data source: Philip Morris quarterly earnings.
IQOS -- which Altria also wants to sell here in the U.S. -- and other heated products, like glo from British American Tobacco, are important because global sales volumes of cigarettes have been declining for years. According to data from research group Euromonitor, from 2012 through 2016, the number of cigarettes sold worldwide dropped about 8%. Philip Morris is no exception as volume fell 6.3% in 2017. Increasing government regulation and better education among consumers about health risks are the causes.
The Philip Morris iQOS system. Image source: Philip Morris.
Tobacco companies' revenue has increased anyway, thanks to steep price hikes that have more than offset flagging demand. That's an unsustainable trend, and big tobacco knows it. Offering another nicotine delivery system with less risk than combustible tobacco is a way to fight back against government intervention and still have a product to sell to consumers who want to quit cigarettes.
Even though Philip Morris showed big year-over-year increases in sales of its iQOS, those increases are slowing down fast, and the quarter-over-quarter decline is the first one reported. Management said to expect that trend to continue, although it still sees annual sales doubling in 2018 over 2017.
However, alternative tobacco may not be enough to push Philip Morris and friends back into growth mode. Even with the annual increase in smokeless tobacco included, total volumes of product still declined 2.3% in the first quarter. With the company signaling that adoption of iQOS could be much slower going than originally hoped for, its stock and that of its peers fell.
For big-tobacco investors, worries over falling cigarette demand are not new. What is new, though, is the worry that alternatives to smoking may not be a silver bullet. A tobacco industry in long-term secular decline is still very much in play, and Philip Morris' report just proved it.
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Nicholas Rossolilloand his clients have no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || Is the Bell Tolling on Tobacco Stocks?: Tobacco stocks have dropped double digits since industry giant Philip Morris International (NYSE: PM) reported on its first-quarter 2018 business results. The company, which sells brands like Marlboro outside the U.S., has been dealing with declining sales volumes, as have other industry leaders like Altria (NYSE: MO) and British American Tobacco (NYSE: BTI) . New products were supposed to lead the companies into the future, but Philip Morris' report may be an early warning that there is no easy solution here. What just happened? Revenue excluding tobacco excise taxes increased 13.7% compared with the same period a year ago. Earnings per share declined 2% to $1.00 as cost of sales increased 20.1% and marketing, administration, and research costs increased 26.5%. The forecast for full-year 2018 earnings per share was also increased to a range of $5.25 to $5.40, a 35% to 39% increase over 2017. All that looks positive, but tobacco stocks declined anyway. Concern arose around reported sales of iQOS, a heated-tobacco product Philip Morris first began testing in Japan and has subsequently expanded to several dozen other countries. While unit sales more than doubled over last year, quarter-over-quarter sales declined. Quarter Unit Sales (billions of units) Year-Over-Year % Increase Q1 2018 9.57 116% Q4 2017 15.72 325% Q3 2017 9.73 366% Q2 2017 6.35 449% Q1 2017 4.44 879% Chart by author. Data source: Philip Morris quarterly earnings. A slow sunset on tobacco? IQOS -- which Altria also wants to sell here in the U.S. -- and other heated products, like glo from British American Tobacco, are important because global sales volumes of cigarettes have been declining for years. According to data from research group Euromonitor, from 2012 through 2016, the number of cigarettes sold worldwide dropped about 8%. Philip Morris is no exception as volume fell 6.3% in 2017. Increasing government regulation and better education among consumers about health risks are the causes. Story continues A picture of IQOS, a white charging box and a white tube that acts as the device the user inhales. The Philip Morris iQOS system. Image source: Philip Morris. Tobacco companies' revenue has increased anyway, thanks to steep price hikes that have more than offset flagging demand. That's an unsustainable trend, and big tobacco knows it. Offering another nicotine delivery system with less risk than combustible tobacco is a way to fight back against government intervention and still have a product to sell to consumers who want to quit cigarettes. Even though Philip Morris showed big year-over-year increases in sales of its iQOS, those increases are slowing down fast, and the quarter-over-quarter decline is the first one reported. Management said to expect that trend to continue, although it still sees annual sales doubling in 2018 over 2017. However, alternative tobacco may not be enough to push Philip Morris and friends back into growth mode. Even with the annual increase in smokeless tobacco included, total volumes of product still declined 2.3% in the first quarter. With the company signaling that adoption of iQOS could be much slower going than originally hoped for, its stock and that of its peers fell. For big-tobacco investors, worries over falling cigarette demand are not new. What is new, though, is the worry that alternatives to smoking may not be a silver bullet. A tobacco industry in long-term secular decline is still very much in play, and Philip Morris' report just proved it. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Nicholas Rossolillo and his clients have no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || 3 Top Dividend Stocks With Yields Over 4%: Some high-yielding dividend stocks are fantastic long-term investments, but others are deeply troubled businesses whose rich dividend yields serve as warning signs. Sometimes stocks are cheap for a reason, after all.
To help you sort the wheat from the chaff, we asked some of your fellow investors here at The Motley Fool to highlight a few high-yielders that are in it to win it. Read on to see why you should be more excited than scared by the high yields attached toOmega Healthcare Investors(NYSE: OHI),General Mills(NYSE: GIS), andNielsen Holdings(NYSE: NLSN).
Image source: Getty Images.
Anders Bylund(Nielsen Holdings):The media measurement veteran is hardly a market darling today. Share prices have plunged 38% lower over the last two years, as investors lost faith in Nielsen's ability to stay relevant in an increasingly digital world. Why rely onNielsen's audience estimateswhen you can simply build real-time viewership tracking into your mobile apps and cable boxes, arguably getting better data at a lower cost without superfluous middle-men?
The lower prices have resulted in rising dividend yields. Nielsen also boosted its annual payouts by 13% in the last two years and by 75% over four years. Together, the payout increases and lower share prices have lifted Nielsen's dividend yield to new highs of 4.3%.
If you think the skeptics are right, feel free to hunt for high-yielding stocks elsewhere. But if you think they're wrong, Nielsen could be primed for a strong rebound from these modest share prices, and you'll be kicking yourself over the opportunity to lock in solid yields at a deep-discount entry price.
Nielsen's annual revenues have actually increased by 20% in the last five years. At the same time, free cash flows andEBITDAprofits surged more than 40% higher. That's hardly the last gasp of a dying business model.
And governments all over the world are helping Nielsen succeed right now. Regulatory bodies around the globe are thinking up new restrictions on how digital companies can collect and use data about their customers, which makes Nielsen's third-party data collection services look like the only way to fly in many cases.
The stock is trading at just 12 times forward earnings, near the lowest valuation ratios seen since Nielsen made its comeback to the public markets in 2011. I'm not saying that Nielsen is a risk-free gimme today, but the risk/reward equation is heavily tilted in an investor-friendly direction.
Just don't expect the discounts to last forever. If you're planning to take a swing at Nielsen's juicy dividend yields, the time to act is now.
Dan Caplinger(General Mills):Many solid dividend stocks have quite pedestrian businesses that are easy to have confidence in and understand. General Mills is a perfect example, with a host of products that many will remember from the breakfast table, including Cheerios and Pillsbury. The food giant also stands behind brands like Annie's natural foods, Haagen-Dazs ice cream, and Betty Crocker baking needs.
Food might sound like a boring business, but don't fall for that myth. Choose wisely, and consumers reward you for giving them products that fit with their changing tastes. Make a misstep, and you risk falling behind. General Mills has had its fair share of wins and losses lately, and recently, fears aboutrising costs for raw ingredientsand freight delivery have had some shareholders worried about the potential impact on the company's profits.
General Mills has weathered similar storms before, and its track record of strong dividend payouts provides some margin of safety from any future downturn. In addition to its 4.4% dividend yield, General Mills has boosted its annual payout for 14 consecutive years. Recent increases have been small, but share prices are now cheap enough to offer value investors a nice potential return if the food company can get things turned around and overcome obstacles in its path.
Chuck Saletta(Omega Healthcare Investors):As the American population continues to age while its birth rate declines, the odds are that we will have more people in need of nursing home care. After all, most people who can do so rely on family for care as long as possible, and with smaller families, more people reaching well into their senior years will need professional help to get themselves through.
Those trends ultimately bode well for nursing home and assisted-living-facility financier Omega Healthcare Investors. A company that owns, finances, and leases the facilities that enable that professional care for the aged, Omega Healthcare Investors is well positioned for that demographic shift over time.
Despite those longer-term trends, the short term may be a bit rocky. While Omega Healthcare Investors had previously been relentlessly increasing its dividend by a small amount every quarter, it announced a freeze for 2018 -- with a static dividend at $0.66 per share per quarter. That change was driven by a bankruptcy of one of its key tenants, which will drive a short-term tightness in its cash flows.
Still, despite those tenant's financial troubles, Omega Healthcare Investors expects to deliveradjusted funds from operationsbetween $2.96 and $3.06 for 2018. That comfortably covers the company's $2.64 dividend for the year, while still giving the company increased breathing room to manage its way through the impact of its tenants' challenges.
At recent prices, Omega Healthcare Investors yields a whopping 10.2%. As its bankrupt tenant's operations are restructured, there's good reason to believe that Omega Healthcare Investors' cash flows will recover over time. After all, the demographic trends are still in place, and the need for senior care facilities will still be there, no matter who is providing the care.
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Anders Bylundhas no position in any of the stocks mentioned, but he worked for Nielsen before he was a full-time Fool.Chuck Salettahas the following options: long January 2020 $27 calls on Omega Healthcare Investors, short January 2020 $27 puts on Omega Healthcare Investors, short June 2018 $24 puts on Omega Healthcare Investors, and short June 2018 $30 calls on Omega Healthcare Investors.Dan Caplingerhas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || 3 Top Dividend Stocks With Yields Over 4%: Some high-yielding dividend stocks are fantastic long-term investments, but others are deeply troubled businesses whose rich dividend yields serve as warning signs. Sometimes stocks are cheap for a reason, after all. To help you sort the wheat from the chaff, we asked some of your fellow investors here at The Motley Fool to highlight a few high-yielders that are in it to win it. Read on to see why you should be more excited than scared by the high yields attached to Omega Healthcare Investors (NYSE: OHI) , General Mills (NYSE: GIS) , and Nielsen Holdings (NYSE: NLSN) . Close-up on businessman's hand, picking up one of three golden eggs from a straw nest. Image source: Getty Images. Rumors of Nielsen's death are greatly exaggerated Anders Bylund (Nielsen Holdings): The media measurement veteran is hardly a market darling today. Share prices have plunged 38% lower over the last two years, as investors lost faith in Nielsen's ability to stay relevant in an increasingly digital world. Why rely on Nielsen's audience estimates when you can simply build real-time viewership tracking into your mobile apps and cable boxes, arguably getting better data at a lower cost without superfluous middle-men? The lower prices have resulted in rising dividend yields. Nielsen also boosted its annual payouts by 13% in the last two years and by 75% over four years. Together, the payout increases and lower share prices have lifted Nielsen's dividend yield to new highs of 4.3%. If you think the skeptics are right, feel free to hunt for high-yielding stocks elsewhere. But if you think they're wrong, Nielsen could be primed for a strong rebound from these modest share prices, and you'll be kicking yourself over the opportunity to lock in solid yields at a deep-discount entry price. Nielsen's annual revenues have actually increased by 20% in the last five years. At the same time, free cash flows and EBITDA profits surged more than 40% higher. That's hardly the last gasp of a dying business model. And governments all over the world are helping Nielsen succeed right now. Regulatory bodies around the globe are thinking up new restrictions on how digital companies can collect and use data about their customers, which makes Nielsen's third-party data collection services look like the only way to fly in many cases. Story continues The stock is trading at just 12 times forward earnings, near the lowest valuation ratios seen since Nielsen made its comeback to the public markets in 2011. I'm not saying that Nielsen is a risk-free gimme today, but the risk/reward equation is heavily tilted in an investor-friendly direction. Just don't expect the discounts to last forever. If you're planning to take a swing at Nielsen's juicy dividend yields, the time to act is now. Feed on this dividend stock Dan Caplinger (General Mills): Many solid dividend stocks have quite pedestrian businesses that are easy to have confidence in and understand. General Mills is a perfect example, with a host of products that many will remember from the breakfast table, including Cheerios and Pillsbury. The food giant also stands behind brands like Annie's natural foods, Haagen-Dazs ice cream, and Betty Crocker baking needs. Food might sound like a boring business, but don't fall for that myth. Choose wisely, and consumers reward you for giving them products that fit with their changing tastes. Make a misstep, and you risk falling behind. General Mills has had its fair share of wins and losses lately, and recently, fears about rising costs for raw ingredients and freight delivery have had some shareholders worried about the potential impact on the company's profits. General Mills has weathered similar storms before, and its track record of strong dividend payouts provides some margin of safety from any future downturn. In addition to its 4.4% dividend yield, General Mills has boosted its annual payout for 14 consecutive years. Recent increases have been small, but share prices are now cheap enough to offer value investors a nice potential return if the food company can get things turned around and overcome obstacles in its path. A rich potential reward for investors who can look past short-term stumbles Chuck Saletta (Omega Healthcare Investors): As the American population continues to age while its birth rate declines, the odds are that we will have more people in need of nursing home care. After all, most people who can do so rely on family for care as long as possible, and with smaller families, more people reaching well into their senior years will need professional help to get themselves through. Those trends ultimately bode well for nursing home and assisted-living-facility financier Omega Healthcare Investors. A company that owns, finances, and leases the facilities that enable that professional care for the aged, Omega Healthcare Investors is well positioned for that demographic shift over time. Despite those longer-term trends, the short term may be a bit rocky. While Omega Healthcare Investors had previously been relentlessly increasing its dividend by a small amount every quarter, it announced a freeze for 2018 -- with a static dividend at $0.66 per share per quarter. That change was driven by a bankruptcy of one of its key tenants, which will drive a short-term tightness in its cash flows. Still, despite those tenant's financial troubles, Omega Healthcare Investors expects to deliver adjusted funds from operations between $2.96 and $3.06 for 2018. That comfortably covers the company's $2.64 dividend for the year, while still giving the company increased breathing room to manage its way through the impact of its tenants' challenges. At recent prices, Omega Healthcare Investors yields a whopping 10.2%. As its bankrupt tenant's operations are restructured, there's good reason to believe that Omega Healthcare Investors' cash flows will recover over time. After all, the demographic trends are still in place, and the need for senior care facilities will still be there, no matter who is providing the care. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Anders Bylund has no position in any of the stocks mentioned, but he worked for Nielsen before he was a full-time Fool. Chuck Saletta has the following options: long January 2020 $27 calls on Omega Healthcare Investors, short January 2020 $27 puts on Omega Healthcare Investors, short June 2018 $24 puts on Omega Healthcare Investors, and short June 2018 $30 calls on Omega Healthcare Investors. Dan Caplinger has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || Why Exxon Stock Dropped 4% Today: What happened Shares of oil giant ExxonMobil (NYSE: XOM) closed down 3.8% on Friday after the company reported Q1 2018 financial results that showed the company doing more business than expected -- but earning less on that business. Sales for the fiscal first quarter 2018 came in at $68.2 billion, ahead of analyst expectations for $63.6 billion in revenue. Profits for the quarter were $1.09 per share versus consensus guesses of $1.13. Oil derricks at dawn Image source: Getty Images. So what Weighed against Exxon's year-ago results, both sales and earnings increased 16% year over year. Earnings per share were up 15%. In terms of cash profits, ExxonMobil generated cash from operations of $8.5 billion and raised a further $1.4 billion in cash from asset sales, which are non-recurring. Capital spending during the quarter was $4.9 billion, resulting in positive free cash flow of $3.6 billion. This was about $1 billion below reported GAAP profit. Now what Management did not provide earnings guidance for what to expect from the year ahead. That said, analysts who follow Exxon are predicting continuing growth in both revenue and profit from that revenue as oil prices continue to hover around the $70 level -- $67.97 for a barrel of WTI crude at last report, $73.79 for Brent crude. Consensus estimates call for ExxonMobil to earn $4.77 per share this year (up 33% from 2017 profits) on sales of $296.5 billion -- a 21% increase. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Rich Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || TSMC Talks 5-Nanometer Chip Manufacturing Tech: Contract chip manufacturing giant Taiwan Semiconductor Manufacturing Company (NYSE: TSM) disclosed on its April 19 earnings call that it had begun making chips using its new 7-nanometer technology, known as N7. N7 promises significant improvements in performance, power, and chip area compared to TSMC's prior generation N10 technology , and is likely to be used to build many of the industry's most powerful mobile processors. A wafer of Intel processors. Image source: Intel. After N7, TSMC plans to roll out a better version known as N7+ . Beyond that, in 2020, the company intends to release an all-new manufacturing technology it calls N5, which should provide a large advance from N7 and N7+, enabling further dramatic improvements in mobile processors. TSMC management spent some time on its earnings call discussing N5 technology. Here's what investors need to know. Progress seems to be going well Co-CEO C.C. Wei said that TSMC is seeing "double-digit yield" on a 256-megabit SRAM chip, as well as a "larger test chip" manufactured using N5. Yield refers to the percentage of the chips produced that function and meet performance and power targets. The higher the yield rate, the healthier the technology is. While TSMC's work on N5 is by no means done -- mere double-digit yield rates on test chips are a far cry from what's required to manufacture something like a smartphone applications processor in a cost-effective fashion -- this is a good milestone that appears to indicate that the technology's development is on track. Customers are designing test chips using it Wei indicated on the call that some of TSMC's major customers -- likely the big smartphone applications processor makers -- are already designing "function blocks" using the technology. While those customers likely aren't designing full products using the technology right now (it's probably not mature enough to support that), they likely are doing test chips in which they implement key technologies. This should make it easier for those designers to put together full products using N5 when the design kits are finalized and TSMC's intellectual property portfolio for the technology is more fleshed out. It'll be around for a while While TSMC has developed some manufacturing technologies with limited shelf lives -- N20 and N10 among them -- the company's N5 technology won't be one of those. In recent years, the pattern seemed to be that the company would transition to a long-lived technology, then follow it with a shorter-lived one. Story continues That won't be the case with N5. According to Wei, N5 will be "a very long node and useful," and it'll also be "very cost effective," implying that it'll see use by a broad range of companies, rather than only being used for the very richest and most performance-sensitive ones. It's likely, then, that after N5 goes into mass production in 2020, TSMC will follow it up with a performance-enhanced technology called N5+ in 2021. N5+ will probably offer the usual degree of improvements -- performance and power efficiency enhancements as well as another area reduction. Then, in 2022, investors should expect TSMC's next quantum leap in manufacturing technology, to be known as N3. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Ashraf Eassa owns shares of Intel. The Motley Fool recommends Intel. The Motley Fool has a disclosure policy . View comments || Why Exxon Stock Dropped 4% Today: What happened Shares of oil giant ExxonMobil (NYSE: XOM) closed down 3.8% on Friday after the company reported Q1 2018 financial results that showed the company doing more business than expected -- but earning less on that business. Sales for the fiscal first quarter 2018 came in at $68.2 billion, ahead of analyst expectations for $63.6 billion in revenue. Profits for the quarter were $1.09 per share versus consensus guesses of $1.13. Oil derricks at dawn Image source: Getty Images. So what Weighed against Exxon's year-ago results, both sales and earnings increased 16% year over year. Earnings per share were up 15%. In terms of cash profits, ExxonMobil generated cash from operations of $8.5 billion and raised a further $1.4 billion in cash from asset sales, which are non-recurring. Capital spending during the quarter was $4.9 billion, resulting in positive free cash flow of $3.6 billion. This was about $1 billion below reported GAAP profit. Now what Management did not provide earnings guidance for what to expect from the year ahead. That said, analysts who follow Exxon are predicting continuing growth in both revenue and profit from that revenue as oil prices continue to hover around the $70 level -- $67.97 for a barrel of WTI crude at last report, $73.79 for Brent crude. Consensus estimates call for ExxonMobil to earn $4.77 per share this year (up 33% from 2017 profits) on sales of $296.5 billion -- a 21% increase. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Rich Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || TSMC Talks 5-Nanometer Chip Manufacturing Tech: Contract chip manufacturing giantTaiwan Semiconductor Manufacturing Company(NYSE: TSM)disclosed on its April 19 earnings call that it had begun making chips using its new 7-nanometer technology, known as N7.
N7 promises significant improvements in performance, power, and chip area compared to TSMC'sprior generation N10 technology, and is likely to be used to build many of the industry's most powerful mobile processors.
Image source: Intel.
After N7, TSMC plans to roll out abetter version known as N7+. Beyond that, in 2020, the company intends to release an all-new manufacturing technology it calls N5, which should provide a large advance from N7 and N7+, enabling further dramatic improvements in mobile processors.
TSMC management spent some time on its earnings call discussing N5 technology. Here's what investors need to know.
Co-CEO C.C. Wei said that TSMC is seeing "double-digit yield" on a 256-megabit SRAM chip, as well as a "larger test chip" manufactured using N5.
Yield refers to the percentage of the chips produced that function and meet performance and power targets. The higher the yield rate, the healthier the technology is.
While TSMC's work on N5 is by no means done -- mere double-digit yield rates on test chips are a far cry from what's required to manufacture something like a smartphone applications processor in a cost-effective fashion -- this is a good milestone that appears to indicate that the technology's development is on track.
Wei indicated on the call that some of TSMC's major customers -- likely the big smartphone applications processor makers -- are already designing "function blocks" using the technology.
While those customers likely aren't designing full products using the technology right now (it's probably not mature enough to support that), they likely are doing test chips in which they implement key technologies. This should make it easier for those designers to put together full products using N5 when the design kits are finalized and TSMC's intellectual property portfolio for the technology is more fleshed out.
While TSMC has developed some manufacturing technologies with limited shelf lives -- N20 and N10 among them -- the company's N5 technology won't be one of those. In recent years, the pattern seemed to be that the company would transition to a long-lived technology, then follow it with a shorter-lived one.
That won't be the case with N5.
According to Wei, N5 will be "a very long node and useful," and it'll also be "very cost effective," implying that it'll see use by a broad range of companies, rather than only being used for the very richest and most performance-sensitive ones.
It's likely, then, that after N5 goes into mass production in 2020, TSMC will follow it up with a performance-enhanced technology called N5+ in 2021. N5+ will probably offer the usual degree of improvements -- performance and power efficiency enhancements as well as another area reduction.
Then, in 2022, investors should expect TSMC's next quantum leap in manufacturing technology, to be known as N3.
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Ashraf Eassaowns shares of Intel. The Motley Fool recommends Intel. The Motley Fool has adisclosure policy. || What Happened in the Stock Market Today: Stock prices went mainly sideways on low volume Friday after a busy week of earnings reports. TheDow Jones Industrial Average(DJINDICES: ^DJI)fell slightly while theS&P 500(SNPINDEX: ^GSPC)managed a small gain.
[{"Index": "Dow", "Percentage Change": "(0.05%)", "Point Change": "(11.15)"}, {"Index": "S&P 500", "Percentage Change": "0.11%", "Point Change": "2.97"}]
Data source: Yahoo! Finance.
Rate-sensitive utility stocks advanced as long-term interest rates continue a two-day decline. TheUtilities Select SPDR ETF(NYSEMKT: XLU)rose 1%. Energy stocks pulled back after recent gains, with theSPDR S&P Oil & Gas Exploration & Production ETF(NYSEMKT: XOP)falling 1.8%.
As for individual stocks,Amazon.com(NASDAQ: AMZN)shares jumped after the company reported yet another quarter of surprising growth, andExpedia Group(NASDAQ: EXPE)advanced on better-than-expected bookings.
Image source: Getty Images.
Amazoncrushed expectationswhen it announced first-quarter results yesterday, sending shares up 3.6% today. Sales increased 43% to $51 billion, exceeding its previous guidance, as well as analysts' estimate of $49.9 billion. Earnings per share soared 121% to $3.27. The analyst consensus of $1.27 in EPS wasn't even close.
Sales in North America rose 46%, international sales were up 34%, and Amazon Web Services (AWS) posted a 49% sales gain. Operating income increased 92% to $1.9 billion, compared to Amazon's guidance of $300 million to $1 billion. AWS contributed $1.4 billion of that, up 57% from the period a year earlier.
Online store sales increased 13% excluding currency effects. Commissions and fees from third-party sellers grew 44%, and subscription services revenue, which includes Prime membership fees, jumped 56%.
Looking forward, Amazon plans to increase the annual fee for Prime membership in the U.S. from $99 to $119 starting next month. Second-quarter sales are expected to grow between 34% and 42% and operating income guidance is for a range of $1.1 billion to $1.9 billion, which would be an increase of 139% at the midpoint.
Amazon continues to surprise withyet anotherstellar quarter featuring rapid top-line growth and even higher operating income growth, thanks largely to AWS.
Shares of online travel site Expedia Group jumped 8.2% after the company announced first-quarter revenue that beat expectations on strong bookings growth. Revenue increased 14.6% to $2.51 billion compared with Wall Street expectations of $2.44 billion. Gross bookings grew 15.2% after having increased 13.6% last quarter. Net loss per share came in higher than expected, though -- $0.46 compared with the consensus of a $0.44-per-share loss.
International bookings continue to drive Expedia's results, growing 25% since last year and now comprising 39% of worldwide bookings. Domestic bookings were up 10%. The HomeAway platform continues to perform well, with bookings jumping 46% and revenue up 26% to $234 million. Room nights increased 16% over last year.
In the conference call, CFO Alan Pickerill said that expenses in each category rose faster than revenue "due to a combination of our key strategic initiatives and ongoing investments along with elevated spending atTrivagoand a foreign currency impact."
Although adjustedEBITDAfell 40% in the quarter, the company reiterated its guidance for full-year adjusted EBITDA growth of between 6% and 11%, with more than 100% of the growth coming in the second half of the year.
Expedia stock took a hit earlier this week when Trivago, in which Expedia owns a majority interest,reporteddisappointing earnings and gave a weak outlook. Today's rise more than recouped those losses, perhaps on relief that Expedia's business seems to be on track.Last quarter, the shares sank on a profit disappointment, but investors may now be starting to focus on bookings growth instead.
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John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors.Jim Crumlyowns shares of Amazon. The Motley Fool owns shares of and recommends Amazon. The Motley Fool recommends Expedia and TRVG. The Motley Fool has adisclosure policy. || What Happened in the Stock Market Today: Stock prices went mainly sideways on low volume Friday after a busy week of earnings reports. The Dow Jones Industrial Average (DJINDICES: ^DJI) fell slightly while the S&P 500 (SNPINDEX: ^GSPC) managed a small gain. Today's stock market Index Percentage Change Point Change Dow (0.05%) (11.15) S&P 500 0.11% 2.97 Data source: Yahoo! Finance. Rate-sensitive utility stocks advanced as long-term interest rates continue a two-day decline. The Utilities Select SPDR ETF (NYSEMKT: XLU) rose 1%. Energy stocks pulled back after recent gains, with the SPDR S&P Oil & Gas Exploration & Production ETF (NYSEMKT: XOP) falling 1.8%. As for individual stocks, Amazon.com (NASDAQ: AMZN) shares jumped after the company reported yet another quarter of surprising growth, and Expedia Group (NASDAQ: EXPE) advanced on better-than-expected bookings. Rising stock chart superimposed over digital map of the world Image source: Getty Images. Amazon turns in another monster quarter Amazon crushed expectations when it announced first-quarter results yesterday, sending shares up 3.6% today. Sales increased 43% to $51 billion, exceeding its previous guidance, as well as analysts' estimate of $49.9 billion. Earnings per share soared 121% to $3.27. The analyst consensus of $1.27 in EPS wasn't even close. Sales in North America rose 46%, international sales were up 34%, and Amazon Web Services (AWS) posted a 49% sales gain. Operating income increased 92% to $1.9 billion, compared to Amazon's guidance of $300 million to $1 billion. AWS contributed $1.4 billion of that, up 57% from the period a year earlier. Online store sales increased 13% excluding currency effects. Commissions and fees from third-party sellers grew 44%, and subscription services revenue, which includes Prime membership fees, jumped 56%. Looking forward, Amazon plans to increase the annual fee for Prime membership in the U.S. from $99 to $119 starting next month. Second-quarter sales are expected to grow between 34% and 42% and operating income guidance is for a range of $1.1 billion to $1.9 billion, which would be an increase of 139% at the midpoint. Story continues Amazon continues to surprise with yet another stellar quarter featuring rapid top-line growth and even higher operating income growth, thanks largely to AWS. Expedia reports strong booking growth Shares of online travel site Expedia Group jumped 8.2% after the company announced first-quarter revenue that beat expectations on strong bookings growth. Revenue increased 14.6% to $2.51 billion compared with Wall Street expectations of $2.44 billion. Gross bookings grew 15.2% after having increased 13.6% last quarter. Net loss per share came in higher than expected, though -- $0.46 compared with the consensus of a $0.44-per-share loss. International bookings continue to drive Expedia's results, growing 25% since last year and now comprising 39% of worldwide bookings. Domestic bookings were up 10%. The HomeAway platform continues to perform well, with bookings jumping 46% and revenue up 26% to $234 million. Room nights increased 16% over last year. In the conference call, CFO Alan Pickerill said that expenses in each category rose faster than revenue "due to a combination of our key strategic initiatives and ongoing investments along with elevated spending at Trivago and a foreign currency impact." Although adjusted EBITDA fell 40% in the quarter, the company reiterated its guidance for full-year adjusted EBITDA growth of between 6% and 11%, with more than 100% of the growth coming in the second half of the year. Expedia stock took a hit earlier this week when Trivago, in which Expedia owns a majority interest, reported disappointing earnings and gave a weak outlook. Today's rise more than recouped those losses, perhaps on relief that Expedia's business seems to be on track. Last quarter , the shares sank on a profit disappointment, but investors may now be starting to focus on bookings growth instead. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Jim Crumly owns shares of Amazon. The Motley Fool owns shares of and recommends Amazon. The Motley Fool recommends Expedia and TRVG. The Motley Fool has a disclosure policy . || SEC: ICO Tokens Should Be Regulated as Securities, Not Bitcoin: SEC ICO Cryptocurrency The role of cryptocurrencies was thrust into the spotlight during a hearing between Congress and the US Securities and Exchange Commission. The US House of Representatives Committee on Appropriations held a hearing with the Wall Street regulator on April 26, and they explored regulating cryptocurrencies in what they still seem to believe exist in a Wild West environment. SEC Chairman Jay Clayton was looked to as an authority on the topic of cryptocurrencies in what was his maiden testimony before this specific committee. Congressman Chris Stewart (R-UT) told how his son invested $17 in a digital currency that he opted not to name but acknowledged that his son has a greater net worth than he does at the moment. But without proper regulation, “people don’t have the information they need to make good decisions,” he said, looking to Chairman Clayton for answers. Bitcoin Not a Security, ICOs Are Not Transparent Chairman Clayton described a “complicated area,” one in which he divides between bitcoin as a currency and ICOs. Bitcoin, Chairman Clayton said, has “been determined by most people to not be a security.” Tokens used to finance projects, such as tokens that are issued in the fundraising process of an ICO, however, are different. “There are none that I’ve seen that aren’t securities,” said Clayton,” adding: “To the extent something is a security, we should regulate it as a security.” It’s these new tokens that appear to be the focus for regulators at the moment, and the SEC is waiting for the issuing companies to step up. Chairman Clayton pointed out that “securities regulations are disclosure-based,” adding that “people should follow those and provide the information that [the agency] requires.” When asked by Rep. Stewart if issuing startups are transparent about how they present themselves, Chairman Clayton didn’t hold back, saying “no.” Story continues Chairman Clayton recognized the “economic utility” and “great promise” that cryptocurrencies bring to bear. But policymakers are still torn on how the market should be regulated. For instance, ICOs have raised a whopping $6.3 billion in Q1 2018 alone, and Chairman Clayton says the growth has occurred “without the usual respect for the law that you would expect to see in the financial markets.” The SEC, he believes, should have jurisdiction over the newly issued tokens. As for bitcoin, which is used as a payment method, that’s outside of the SEC’s purview. “Our laws didn’t anticipate [cryptocurrencies.] Our laws anticipated sovereign-backed currencies. These currencies are not sovereign-backed. With a sovereign-backed currency, I would argue that the need for regulation to give people comfort is less than it is for something that is not sovereign-backed,” said SEC Chairman Clayton. While Rep. Stewart appears to want greater oversight of the cryptocurrency market, he also wants to avoid a knee-jerk reaction. “Many times when we legislate in a moment of crisis, we overkill,” he said, pointing to Dodd Frank and the Patriot Act as examples. “I would like us to lean into this rather than wait for something that gets someone’s attention and then draws upon Congress and others to respond to it when we’re really not prepared,” concluded Rep. Stewart. Chairman Clayton agreed, and said “leaning in” is precisely what the SEC has been doing. Featured image from Shutterstock. The post SEC: ICO Tokens Should Be Regulated as Securities, Not Bitcoin appeared first on CCN . || SEC: ICO Tokens Should Be Regulated as Securities, Not Bitcoin: The role of cryptocurrencies was thrust into the spotlight during a hearing between Congress and the US Securities and Exchange Commission.
The US House of Representatives Committee on Appropriations held a hearing with the Wall Street regulator on April 26, and they explored regulating cryptocurrencies in what they still seem to believe exist in a Wild West environment. SEC Chairman Jay Clayton was looked to as an authority on the topic of cryptocurrencies in what was his maiden testimony before this specific committee.
Congressman Chris Stewart (R-UT) told how his son invested $17 in a digital currency that he opted not to name but acknowledged that his son has a greater net worth than he does at the moment. But without proper regulation, “people don’t have the information they need to make good decisions,” he said, looking to Chairman Clayton for answers.
Chairman Clayton described a “complicated area,” one in which he divides between bitcoin as a currency and ICOs. Bitcoin, Chairman Clayton said, has “been determined by most people to not be a security.”
Tokens used to finance projects, such as tokens that are issued in the fundraising process of an ICO, however, are different. “There are none that I’ve seen that aren’t securities,” said Clayton,” adding: “To the extent something is a security, we should regulate it as a security.”
It’s these new tokens that appear to be the focus for regulators at the moment, and the SEC is waiting for the issuing companies to step up. Chairman Clayton pointed out that “securities regulations are disclosure-based,” adding that “people should follow those and provide the information that [the agency] requires.” When asked by Rep. Stewart if issuing startups are transparent about how they present themselves, Chairman Clayton didn’t hold back, saying “no.”
Chairman Clayton recognized the “economic utility” and “great promise” that cryptocurrencies bring to bear. But policymakers are still torn on how the market should be regulated.
For instance, ICOs have raised a whopping $6.3 billion in Q1 2018 alone, and Chairman Clayton says the growth has occurred “without the usual respect for the law that you would expect to see in the financial markets.” The SEC, he believes, should have jurisdiction over the newly issued tokens.
As for bitcoin, which is used as a payment method, that’s outside of the SEC’s purview.
“Our laws didn’t anticipate [cryptocurrencies.] Our laws anticipated sovereign-backed currencies. These currencies are not sovereign-backed. With a sovereign-backed currency, I would argue that the need for regulation to give people comfort is less than it is for something that is not sovereign-backed,” said SEC Chairman Clayton.
While Rep. Stewart appears to want greater oversight of the cryptocurrency market, he also wants to avoid a knee-jerk reaction. “Many times when we legislate in a moment of crisis, we overkill,” he said, pointing to Dodd Frank and the Patriot Act as examples.
“I would like us to lean into this rather than wait for something that gets someone’s attention and then draws upon Congress and others to respond to it when we’re really not prepared,” concluded Rep. Stewart.
Chairman Clayton agreed, and said “leaning in” is precisely what the SEC has been doing.
Featured image from Shutterstock.
The postSEC: ICO Tokens Should Be Regulated as Securities, Not Bitcoinappeared first onCCN. || SEC: ICO Tokens Should Be Regulated as Securities, Not Bitcoin: The role of cryptocurrencies was thrust into the spotlight during a hearing between Congress and the US Securities and Exchange Commission.
The US House of Representatives Committee on Appropriations held a hearing with the Wall Street regulator on April 26, and they explored regulating cryptocurrencies in what they still seem to believe exist in a Wild West environment. SEC Chairman Jay Clayton was looked to as an authority on the topic of cryptocurrencies in what was his maiden testimony before this specific committee.
Congressman Chris Stewart (R-UT) told how his son invested $17 in a digital currency that he opted not to name but acknowledged that his son has a greater net worth than he does at the moment. But without proper regulation, “people don’t have the information they need to make good decisions,” he said, looking to Chairman Clayton for answers.
Chairman Clayton described a “complicated area,” one in which he divides between bitcoin as a currency and ICOs. Bitcoin, Chairman Clayton said, has “been determined by most people to not be a security.”
Tokens used to finance projects, such as tokens that are issued in the fundraising process of an ICO, however, are different. “There are none that I’ve seen that aren’t securities,” said Clayton,” adding: “To the extent something is a security, we should regulate it as a security.”
It’s these new tokens that appear to be the focus for regulators at the moment, and the SEC is waiting for the issuing companies to step up. Chairman Clayton pointed out that “securities regulations are disclosure-based,” adding that “people should follow those and provide the information that [the agency] requires.” When asked by Rep. Stewart if issuing startups are transparent about how they present themselves, Chairman Clayton didn’t hold back, saying “no.”
Chairman Clayton recognized the “economic utility” and “great promise” that cryptocurrencies bring to bear. But policymakers are still torn on how the market should be regulated.
For instance, ICOs have raised a whopping $6.3 billion in Q1 2018 alone, and Chairman Clayton says the growth has occurred “without the usual respect for the law that you would expect to see in the financial markets.” The SEC, he believes, should have jurisdiction over the newly issued tokens.
As for bitcoin, which is used as a payment method, that’s outside of the SEC’s purview.
“Our laws didn’t anticipate [cryptocurrencies.] Our laws anticipated sovereign-backed currencies. These currencies are not sovereign-backed. With a sovereign-backed currency, I would argue that the need for regulation to give people comfort is less than it is for something that is not sovereign-backed,” said SEC Chairman Clayton.
While Rep. Stewart appears to want greater oversight of the cryptocurrency market, he also wants to avoid a knee-jerk reaction. “Many times when we legislate in a moment of crisis, we overkill,” he said, pointing to Dodd Frank and the Patriot Act as examples.
“I would like us to lean into this rather than wait for something that gets someone’s attention and then draws upon Congress and others to respond to it when we’re really not prepared,” concluded Rep. Stewart.
Chairman Clayton agreed, and said “leaning in” is precisely what the SEC has been doing.
Featured image from Shutterstock.
The postSEC: ICO Tokens Should Be Regulated as Securities, Not Bitcoinappeared first onCCN. || The Details Matter in Starbucks Corporation's Earnings Report: Starbucks Corporation (NASDAQ: SBUX) reported its second-quarter fiscal 2018 earnings results after market close on April 26, with a 14% jump in global revenues to $6 billion, and adjusted earnings up 18% to $0.53 per share. These were some of the company's best-ever results. But another quarter of lukewarm same-store sales growth (it came in at 2% globally), along with weaker operating results that generated a paltry 1% GAAP profit increase, left investors wanting more. At the same time, China continues to outperform the rest of the company, with comps growth under full company ownership and operation of 4% in the first quarter. Yet as of this writing, in midday trading on April 27, Starbucks shares are on track to close down about 2% as the market's focus on U.S. store comps continues to drive the narrative. But management says it has a plan to accelerate same-store sales, and that the early results look positive. Furthermore, a deeper dive into the company's operating results exposes some important context for the bottom-line results, and how things should look much better in future quarters. A Starbucks customer using the mobile app for payment Starbucks wants every customer -- even non-Rewards members -- to use its app. Image source: Starbucks. Let's take a deeper look at the Q2 results, and how management intends to reaccelerate comps growth while also investing heavily in continued global expansion. A closer look at the numbers While Starbucks delivered record sales and solid earnings, a number of expenses related to restructuring affected its operating results: Metric Q2 2018 Q2 2017 Year-Over-Year Change Revenue $6.032 billion $5.294 billion 13.9% Net income $660.1 million $652.8 million 1.1% Earnings per share (EPS) $0.47 $0.45 4.4% Non-GAAP EPS $0.53 $0.45 17.8% Operating income $772.5 million $935.4 million (17.4%) Operating margin 12.8% 17.7% (490 basis points) Data source: Starbucks. GAAP = generally accepted accounting principles. As you can see in the chart above, Starbucks' incremental revenues didn't completely flow to the bottom line. Sales increased by 14%, but earnings were up only 1% on a GAAP basis. Note the sharp reduction in the company's operating margin, which fell nearly 500 basis points to 12.8% in the quarter. This was the result of several different factors, most of which will be nonrecurring, but two of which will have a more permanent impact. Story continues Let's start with the nonrecurring items. Starbucks took restructuring costs in the quarter related to the closure of its Teavana retail stores, but also took an impairment of goodwill related to its retail business in Switzerland. These two items contributed to a substantial reduction in operating income from Starbucks' EMEA (Europe, Middle East and Africa) and "all other" segments. EMEA reported a $4.3 million operating loss in the quarter, compared to a $27.7 million operating profit in the prior year's quarter. "All other" is comprised of the Seattle's Best brand and the high-focus Starbucks Reserve and Roastery businesses under Howard Schultz; it's also where the company classifies the Teavana retail business. This segment generated $114.8 million in operating losses in the quarter, versus a $25.5 million operating loss in the year-ago quarter. Combined, the EMEA and "all other" segments generated $119.1 million in operating losses, versus $2.2 million in operating profits in the year-ago quarter. This $117 million swing comprises the vast majority of Starbucks' weaker operating results in the quarter. But some increased expenses are recurring. In U.S. operations -- by far the company's biggest market, and part of the Americas segment -- Starbucks reported operating margin of 20%, down from 22.2% year over year. According to the release this drop was primarily due to "higher investments in our store partners," which translates to higher wages. The company's emphasis on growing food sales is also affecting U.S. operating margin. Food increased to 22% of sales, up 100 basis points sequentially and from last year, and also driving 1% -- or about half -- of the quarter's comps growth in the U.S. In other words, there will be some trade-off from higher food sales, which are lower-margin than the company's core beverage business. But since food sales tend to be add-ons during peak morning hours, and incremental sales during later parts of the day, they're well worth it in driving more profits to the bottom line. In China/Asia Pacific, operating margin fell even more, from 22.9% to 17.2% in the quarter. This sharp drop isn't a bad thing related to higher expenses, but a product of the shift from more licensed stores to full operational control of the China stores. Even though operating margin dropped sharply, Starbucks generated 16% more operating income on a 54% increase in revenue in the segment, by taking over operations of this segment. The key takeaway is that the company is paying a short-term price by shuttering its Teavana stores, and transitioning most of its EMEA stores to licensees, but its long-term results should be strengthened by having more control over the China market, where its best growth prospects are . Getting more engaged with casual customers The 2% comps growth result fell short of the company's target of 3% to 5%, though management reaffirmed that goal -- at the low end -- for the full year. How does management think it can pull that off? By putting more focus on casual customers. On the earnings call, COO Roz Brewer pointed out that, while Rewards customers are very important, "the majority of our customers visit Starbucks one to five times a month." She also pointed out that these occasional customers make up nearly half of sales in the afternoon, one of the day parts the company is most challenged to grow. So Starbucks is putting far more focus on better marketing to its occasional, non-Rewards customers. It has opened up the Starbucks app for non-Rewards users, both as a form of payment, and to utilize it as a marketing tool. This all gets back to the company's plans to be more relevant with its promotions, after seeing its "Frappuccino Happy Hour" generate far less after-promo traffic the past two years. The plan is to be less promotional, and more targeted to individual customers and their tastes. While not solely related to the shift in how it will market and promote, the company did see steady improvements in comps during the quarter. After being below 1% in January, U.S. comps increased to 3% in both February and March. Looking ahead Even with two quarters of comps below the company's full-year target of 3% to 5% growth, management held firm in expecting to finish the year near the low end of that goal. The company also reiterated its full-year guidance for $3.32 to $3.36 per share in GAAP earnings, and $2.48 to $2.53 in non-GAAP EPS. Starbucks also remains on track to open 2,300 new stores this year, and to generate "high-single-digit" revenue growth, before factoring in approximately 2 percentage points of growth from consolidating the China stores. This guidance does not include any expected impact of closing all U.S. company-owned stores on May 29 for racial-bias training . Will the company's fine-tuned approach to engaging and attracting more customers deliver higher comps growth and profits? That's something only time will tell. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Jason Hall owns shares of Starbucks. The Motley Fool owns shares of and recommends Starbucks. The Motley Fool has a disclosure policy . || The Details Matter in Starbucks Corporation's Earnings Report: Starbucks Corporation(NASDAQ: SBUX)reported its second-quarter fiscal 2018 earnings results after market close on April 26, with a 14% jump in global revenues to $6 billion, and adjusted earnings up 18% to $0.53 per share. These were some of the company's best-ever results. But another quarter of lukewarm same-store sales growth (it came in at 2% globally), along with weaker operating results that generated a paltry 1% GAAP profit increase, left investors wanting more.
At the same time, China continues to outperform the rest of the company, with comps growth under full company ownership and operation of 4% in the first quarter. Yet as of this writing, in midday trading on April 27, Starbucks shares are on track to close down about 2% as the market's focus on U.S. store comps continues to drive the narrative. But management says it has a plan to accelerate same-store sales, and that the early results look positive. Furthermore, a deeper dive into the company's operating results exposes some important context for the bottom-line results, and how things should look much better in future quarters.
Starbucks wants every customer -- even non-Rewards members -- to use its app. Image source: Starbucks.
Let's take a deeper look at the Q2 results, and how management intends to reaccelerate comps growth while also investing heavily in continued global expansion.
While Starbucks delivered record sales and solid earnings, a number of expenses related to restructuring affected its operating results:
[{"Metric": "Revenue", "Q2 2018": "$6.032 billion", "Q2 2017": "$5.294 billion", "Year-Over-Year Change": "13.9%"}, {"Metric": "Net income", "Q2 2018": "$660.1 million", "Q2 2017": "$652.8 million", "Year-Over-Year Change": "1.1%"}, {"Metric": "Earnings per share (EPS)", "Q2 2018": "$0.47", "Q2 2017": "$0.45", "Year-Over-Year Change": "4.4%"}, {"Metric": "Non-GAAP EPS", "Q2 2018": "$0.53", "Q2 2017": "$0.45", "Year-Over-Year Change": "17.8%"}, {"Metric": "Operating income", "Q2 2018": "$772.5 million", "Q2 2017": "$935.4 million", "Year-Over-Year Change": "(17.4%)"}, {"Metric": "Operating margin", "Q2 2018": "12.8%", "Q2 2017": "17.7%", "Year-Over-Year Change": "(490 basis points)"}]
Data source: Starbucks. GAAP = generally accepted accounting principles.
As you can see in the chart above, Starbucks' incremental revenues didn't completely flow to the bottom line. Sales increased by 14%, but earnings were up only 1% on aGAAPbasis. Note the sharp reduction in the company's operating margin, which fell nearly 500basis pointsto 12.8% in the quarter. This was the result of several different factors, most of which will be nonrecurring, but two of which will have a more permanent impact.
Let's start with the nonrecurring items. Starbucks took restructuring costs in the quarter related to the closure of its Teavana retail stores, but also took an impairment of goodwill related to its retail business in Switzerland. These two items contributed to a substantial reduction in operating income from Starbucks' EMEA (Europe, Middle East and Africa) and "all other" segments. EMEA reported a $4.3 million operating loss in the quarter, compared to a $27.7 million operating profit in the prior year's quarter. "All other" is comprised of the Seattle's Best brand and the high-focus Starbucks Reserve and Roastery businesses under Howard Schultz; it's also where the company classifies the Teavana retail business. This segment generated $114.8 million in operating losses in the quarter, versus a $25.5 million operating loss in the year-ago quarter.
Combined, the EMEA and "all other" segments generated $119.1 million in operating losses, versus $2.2 million in operating profits in the year-ago quarter. This $117 million swing comprises the vast majority of Starbucks' weaker operating results in the quarter.
But some increased expenses are recurring.
In U.S. operations -- by far the company's biggest market, and part of the Americas segment -- Starbucks reported operating margin of 20%, down from 22.2% year over year. According to the release this drop was primarily due to "higher investments in our store partners," which translates to higher wages.
The company's emphasis on growing food sales is also affecting U.S. operating margin. Food increased to 22% of sales, up 100 basis points sequentially and from last year, and also driving 1% -- or about half -- of the quarter's comps growth in the U.S. In other words, there will be some trade-off from higher food sales, which are lower-margin than the company's core beverage business. But since food sales tend to be add-ons during peak morning hours, and incremental sales during later parts of the day, they're well worth it in driving more profits to the bottom line.
In China/Asia Pacific, operating margin fell even more, from 22.9% to 17.2% in the quarter. This sharp drop isn't a bad thing related to higher expenses, but a product of the shift from more licensed stores to full operational control of the China stores. Even though operating margin dropped sharply, Starbucks generated 16% more operating income on a 54% increase in revenue in the segment, by taking over operations of this segment.
The key takeaway is that the company is paying a short-term price by shuttering its Teavana stores, and transitioning most of its EMEA stores to licensees, but its long-term results should be strengthened by having more control over the China market,where its best growth prospects are.
The 2% comps growth result fell short of the company's target of 3% to 5%, though management reaffirmed that goal -- at the low end -- for the full year. How does management think it can pull that off? By putting more focus on casual customers. On the earnings call, COO Roz Brewer pointed out that, while Rewards customers are very important, "the majority of our customers visit Starbucks one to five times a month." She also pointed out that these occasional customers make up nearly half of sales in the afternoon, one of the day parts the company is most challenged to grow.
So Starbucks is putting far more focus on better marketing to its occasional, non-Rewards customers. It has opened up the Starbucks app for non-Rewards users, both as a form of payment, and to utilize it as a marketing tool. This all gets back to the company's plans to be more relevant with its promotions, after seeing its "Frappuccino Happy Hour" generate far less after-promo traffic the past two years. The plan is to be less promotional, and more targeted to individual customers and their tastes.
While not solely related to the shift in how it will market and promote, the company did see steady improvements in comps during the quarter. After being below 1% in January, U.S. comps increased to 3% in both February and March.
Even with two quarters of comps below the company's full-year target of 3% to 5% growth, management held firm in expecting to finish the year near the low end of that goal. The company also reiterated its full-year guidance for $3.32 to $3.36 per share in GAAP earnings, and $2.48 to $2.53 in non-GAAP EPS.
Starbucks also remains on track to open 2,300 new stores this year, and to generate "high-single-digit" revenue growth, before factoring in approximately 2 percentage points of growth from consolidating the China stores. This guidance does not include any expected impact of closingall U.S. company-owned stores on May 29 for racial-bias training.
Will the company's fine-tuned approach to engaging and attracting more customers deliver higher comps growth and profits? That's something only time will tell.
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Jason Hallowns shares of Starbucks. The Motley Fool owns shares of and recommends Starbucks. The Motley Fool has adisclosure policy. || Why U.S. Steel, Biglari Holdings, and Charter Communications Slumped Today: Friday was a relatively calm day on Wall Street, with major benchmarks closing with only minimal changes. Earnings season continues to go well, with high-profile companies generally seeing solid growth and positive impacts from tax reform and a healthy economy. Yet in some cases, company-specific factors held certain stocks back, producing dramatic losses.U.S. Steel(NYSE: X),Biglari Holdings(NYSE: BH), andCharter Communications(NASDAQ: CHTR)were among the worst performers on the day. Here's why they did so poorly.
Shares of U.S. Steel dropped 14%after the company reported its first-quarter financial results. At first glance, the steelmaker seemed to see considerable strength in its performance, including sales that climbed 16% from year-ago levels and adjusted earnings that reversed a year-ago loss. U.S. Steel also seemed confident about its asset revitalization program, which it argued is already starting to produce favorable results. Yet investors seemed uncomfortable projecting forward any positive impact from possible tariffs, especially in light of President Trump's meeting with German Chancellor Angela Merkel. With extensive debt and further challenges ahead, U.S. Steel still has a long way to go before shareholders can feel entirely comfortable.
Image source: U.S. Steel.
Biglari Holdings stock plunged 20% in the wake of the company's decision to create a dual class of stock. Under the deal, investors will get 10 shares of Class A voting stock and 100 shares of Class B non-voting stock for every 100 Biglari shares they currently own. Class A shares will have five times the economic rights in liquidation as Class B shares. Some speculate that the reason for the move could be to allow CEO Sardar Biglari and his Biglari Capital hedge fund, which owns the majority of outstanding shares currently, to sell off the resulting Class B shares for cash without losing voting control of Biglari Holdings. With the shares selling at a discount to the value of the company's assets, Biglari Holdings is an example of how CEO control can sometimes be a negative for a stock when acontroversial executive is at the reins.
Finally,shares of Charter Communications fell almost 12%. The cable giant said that it lost 122,000 residential video subscribers and 52,000 residential voice subscribers in the first quarter of 2018, continuing a negative trend that has persisted for a long time. Broadband internet continued to do well for the company, posting subscriber gains of 331,000 on the residential side, but investors still worry about the cord-cutting trend that could lead to reduced earnings growth in the long run. The fact that Charter continued to see earnings climb shows that the trend hasn't had as much of a negative impact as some fear, but the cable giant will have to work to avoid any deterioration in its financial condition in the future.
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Dan Caplingerhas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || Why U.S. Steel, Biglari Holdings, and Charter Communications Slumped Today: Friday was a relatively calm day on Wall Street, with major benchmarks closing with only minimal changes. Earnings season continues to go well, with high-profile companies generally seeing solid growth and positive impacts from tax reform and a healthy economy. Yet in some cases, company-specific factors held certain stocks back, producing dramatic losses. U.S. Steel (NYSE: X) , Biglari Holdings (NYSE: BH) , and Charter Communications (NASDAQ: CHTR) were among the worst performers on the day. Here's why they did so poorly. U.S. Steel has a minor meltdown Shares of U.S. Steel dropped 14% after the company reported its first-quarter financial results. At first glance, the steelmaker seemed to see considerable strength in its performance, including sales that climbed 16% from year-ago levels and adjusted earnings that reversed a year-ago loss. U.S. Steel also seemed confident about its asset revitalization program, which it argued is already starting to produce favorable results. Yet investors seemed uncomfortable projecting forward any positive impact from possible tariffs, especially in light of President Trump's meeting with German Chancellor Angela Merkel. With extensive debt and further challenges ahead, U.S. Steel still has a long way to go before shareholders can feel entirely comfortable. Sheet steel coming out hot from a furnace on a conveyor belt. Image source: U.S. Steel. Biglari goes dual Biglari Holdings stock plunged 20% in the wake of the company's decision to create a dual class of stock. Under the deal, investors will get 10 shares of Class A voting stock and 100 shares of Class B non-voting stock for every 100 Biglari shares they currently own. Class A shares will have five times the economic rights in liquidation as Class B shares. Some speculate that the reason for the move could be to allow CEO Sardar Biglari and his Biglari Capital hedge fund, which owns the majority of outstanding shares currently, to sell off the resulting Class B shares for cash without losing voting control of Biglari Holdings. With the shares selling at a discount to the value of the company's assets, Biglari Holdings is an example of how CEO control can sometimes be a negative for a stock when a controversial executive is at the reins . Story continues Charter takes a dive Finally, shares of Charter Communications fell almost 12% . The cable giant said that it lost 122,000 residential video subscribers and 52,000 residential voice subscribers in the first quarter of 2018, continuing a negative trend that has persisted for a long time. Broadband internet continued to do well for the company, posting subscriber gains of 331,000 on the residential side, but investors still worry about the cord-cutting trend that could lead to reduced earnings growth in the long run. The fact that Charter continued to see earnings climb shows that the trend hasn't had as much of a negative impact as some fear, but the cable giant will have to work to avoid any deterioration in its financial condition in the future. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Dan Caplinger has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || Why Shares of Altice USA Slumped Today: What happened Shares of broadband and video services provider Altice USA (NYSE: ATUS) tumbled on Friday following a first-quarter report from Charter Communications (NASDAQ: CHTR) that featured slowing customer growth . Altice stock was down about 10% at 3 p.m. EDT, while Charter stock was down about 12%. So what Charter reported that its total residential and small and medium-sized business customers increased by 261,000 during the first quarter, down from growth of 355,000 in the first quarter of 2017. The company added 362,000 internet customers, but it lost 112,000 video customers and 25,000 voice customers. A man holding his head facing a slumping chart. Image source: Getty Images. Despite Charter beating analyst estimates for both revenue and earnings, this subscriber growth slowdown and the slump in video and voice customers was enough to drag down shares of other cable companies as well. Now what Altice last reported its quarterly results in February. During the fourth quarter, Altice added 25,000 internet customers but lost 25,000 TV customers. Overall residential customer additions totaled just 7,000. With internet streaming services like Netflix only getting more popular, cable companies are having a tough time holding on to TV subscribers. Whether Friday's slump for Charter and Altice is an overreaction depends on whether Charter's growth slowdown is an isolated event or a sign of things to come. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Timothy Green has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Netflix. The Motley Fool has a disclosure policy . || Why Shares of Altice USA Slumped Today: What happened Shares of broadband and video services provider Altice USA (NYSE: ATUS) tumbled on Friday following a first-quarter report from Charter Communications (NASDAQ: CHTR) that featured slowing customer growth . Altice stock was down about 10% at 3 p.m. EDT, while Charter stock was down about 12%. So what Charter reported that its total residential and small and medium-sized business customers increased by 261,000 during the first quarter, down from growth of 355,000 in the first quarter of 2017. The company added 362,000 internet customers, but it lost 112,000 video customers and 25,000 voice customers. A man holding his head facing a slumping chart. Image source: Getty Images. Despite Charter beating analyst estimates for both revenue and earnings, this subscriber growth slowdown and the slump in video and voice customers was enough to drag down shares of other cable companies as well. Now what Altice last reported its quarterly results in February. During the fourth quarter, Altice added 25,000 internet customers but lost 25,000 TV customers. Overall residential customer additions totaled just 7,000. With internet streaming services like Netflix only getting more popular, cable companies are having a tough time holding on to TV subscribers. Whether Friday's slump for Charter and Altice is an overreaction depends on whether Charter's growth slowdown is an isolated event or a sign of things to come. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Timothy Green has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Netflix. The Motley Fool has a disclosure policy . || 5 Bitcoin Stocks to Buy for Low-Risk Cryptocurrency Profits: If you want to make money on bitcoin, the easiest way is to go to a local bitcoin dealer and open your wallet. Some dealers take credit cards. You may even be able to invest in cryptocurrency through your retirement account. Is this legal? For now, yes, although the law is evolving. You can also mine bitcoin, creating valid decryption keys by either using a service or using your own computer. When you find a new answer to the bitcoin puzzle, you own it. The keys portrayed in the media as metal are just magnetic ink. InvestorPlace - Stock Market News, Stock Advice & Trading Tips Each cryptocurrency coin is one answer to a puzzle set out by a currency blockchain . The value of those answers will rise, or fall, in an open market process, sometimes with dizzying speed. Bitcoin Cash, which forked from the main bitcoin blockchain in August, is now worth a fraction of what it was when the fork was initiated. There are also transaction costs in buying, or selling the cryptocurrency through an exchange. Getting the best price can take time. So can processing any transaction. Increasing the speed of processing transactions through the blockchain is the usual reason given for a cryptocurrency fork. 8 Bitcoin Stocks That You Wont Lose Your Shirt Over There are other ways to play, of course, which are the subject of this gallery. Here are five low-risk stocks to buy to profit from the bitcoin craze if bitcoin once again breaks out of its slump. Editors Note: This story was originally published on Dec. 7, 2017. It has since been updated and republished with new information. Bitcoin Stocks to Buy: Nvidia Corporation (NVDA) Stocks to Buy: Nvidia Corporation (NVDA) Source: Shutterstock Even if youre not interested in cryptocurrency, Nvidia Corporation (NASDAQ: NVDA ) is a stock worth owning. The shares are up nearly 70% just in 2017, revenue is growing almost 40% during fiscal 2017 and the company is on track for over $8 billion in revenue this year, while taking 25% of that revenue to the net income line. Story continues Nvidia is also a very expensive stock, with a market cap of $111 billion. Thats almost 14 times this years estimated revenue, and a whopping 53 times earnings. High-performance graphics processors, first designed for video games, turn out to be great for the intense work of finding those decryption keys that represent crypto-coins. InvestorPlace contributor Joseph Hargett is concerned that the crypto-coin boom is already fully priced into the stock , but that is not the only reason to own it. [ Editors Note: Nvidia stock has grown nearly 20% since this article was originally published. ] The best reason to ride the Nvidia bull , is the cloud. Data centers are now going through their first upgrade cycle, to support Artificial Intelligence (AI) applications like voice interfaces, self-driving cars and the Internet of Things (IoT). Instant response is the key here. The low-end processor clouds like those of Amazon.com, Inc. (NASDAQ: AMZN ) and Alphabet Inc (NASDAQ: GOOG , NASDAQ: GOOGL ), which were built during this decade, just dont have the processing power needed for the next decades growth markets. Nvidia graphics chips have it, and the company is benefiting, as seen in its most recent quarterly revenue breakdown . Revenue from data centers grew 175% between the second quarter of 2016 and the second quarter of 2017. They now represent the companys fastest-growing segment. Clearly, the fastest-growing niches in the chip market are led by Nvidia. Intel Corporation (NASDAQ: INTC ) is working hard to get into them, but Nvidia has the lead, and leads are difficult to overcome. Whether youre looking at gaming, cloud, self-driving cars or IoT, youre looking at NVDA chips. The stock is very pricey, but if you are looking three to five years ahead, as most true investors should, then this is one of the best growth bets in technology. History says you buy the leaders in technology and dont worry much about the price the artists formerly known as Google and Facebook Inc (NASDAQ: FB ) were never considered cheap. Bitcoin Stocks to Buy: Advanced Micro Devices (AMD) Stocks to Buy: Advanced Micro Devices (AMD) Source: Matthew Rutledge via Flickr For a company that doesnt make much profit, Advanced Micro Devices, Inc. (NASDAQ: AMD ) has been making a lot of money for investors lately. Over the last year, AMD shares have doubled in value, opening for trade on Oct. 9 at about $13.50 each. They cost less than $2 each early in 2016. AMD is very old by Silicon Valley standards, having been launched just one year after Intel, in 1969. For years, it sought to follow Intel with compatible PC chips. Its biggest moves during the last decade were to get into graphics, through a company called ATI, and to get out of manufacturing by spinning its chip foundry into a company formed by the government of Abu Dhabi. Earlier this decade, former CEO Rory Read led a major restructuring, and layoffs, focusing on a new chip design now called Ryzen and Radeon graphics chips. His chief operating officer, Lisa Su, took over in 2014 and is now given credit for the companys rise. AMD is, as it has always been, a value chip maker. Its Ryzen chips compete with Intel based on value, delivering similar performance for less money. Its Radeon graphics processors also compete with NVDA based on value, delivering similar performance for less money. This is just what clouds are looking for. The decision by Alibaba Group Holding Ltd (NYSE: BABA ) to use AMD chips in its clouds a year ago proved a turning point for the company. A month later, Advanced Micro announced a deal for its Radeon graphics chips with Alphabet. Since then, the company has signed an agreement with Microsoft Corporation (NASDAQ: MSFT ) to use features of its next-generation Naples processor in its next cloud implementation, dubbed Project Olympus . The last two agreements illustrate a key risk factor for Advanced Micro Devices. To grow as cloud companies , both Google and Microsoft are getting heavily involved in chip design. Design is now AMDs entire business, manufacturing having been spun-out. Will the clouds still need the company five years from now? For now, Advanced Micro Devices shares are riding the waves of cryptocurrency, cloud and gaming, but some are rightfully worried that the stock may be getting ahead of itself. I share that concern and I have suggested the company needs to be sold , as it lacks the capital base to compete effectively in the long-term. 7 Stocks to Buy Pre-Holidays Advanced Micro Devices is a tortoise whose stock acts like a hare because numbers are easier to grow fast when youre small. But hares are also vulnerable in traffic. Bitcoin Stocks to Buy: Bitcoin Investment Trust (GBTC) Stocks to Buy: Bitcoin Investment Trust (GBTC) Source: Shutterstock Barry Silbert has been behind many cryptocurrency trends over the last few years. He was previously best known for Second Market a way to trade stock in private companies, acquired by NASDAQ Inc (NASDAQ: NDAQ ) in 2015 . His Digital Currency Group (DCG) was originally a unit of Second Market, combining a cryptocurrency trading firm called Genesis Global Trading with an asset management firm, Grayscale Investments. The Bitcoin Investment Trust (OTCMKTS: GBTC ) is Silberts effort to bring digital currency investment to small investors. It is currently traded through what used to be called the pink sheets, its effort to get a listing through the NYSEARCA platform having failed in September. Some investment professionals call GBTC a joke , but it has won the race to become the first publicly traded bitcoin fund, having been launched as a private investment fund in 2013 . When the fund was launched, bitcoin cost $100. It was trading Dec. 7 at over $16,000! [ Editors Note: Bitcoin now trades around $9,250. ] GBTC began trading in 2015 at a price under $32 per share. On Oct. 9, it was trading at over $700 per share, a market cap of roughly $1.2 billion. Income has exploded with the rising value of bitcoin. The value of GBTC is 85% higher than the value of the bitcoin it holds. There are reasons for this. For one, you can buy GBTC in a tax-advantaged account like my retirement account. Its publicly traded, meaning you can get out, and its coins are being hosted securely. Why, then, isnt GBTC traded on a regular exchange? Why did the Securities and Exchange Commission (SEC) say no to that? Like many bitcoin entrepreneurs, Silbert has what the SEC considers a sketchy history. He has been accused by self-styled bitcoin Investing Ombudsman Charles Chancellor-Mackay of running Ethereum Classic a fork he supported in mid-2016 as a pump-and-dump scheme. Ethereum Classic coins are currently worth less than $12 each, against $300 for Ethereum itself. The SEC issued a cease-and-desist order against the way GBTC was operating back in 2016. It has apparently neither ceased not desisted. It persists. You may have trouble finding this information. One of the primary media for cryptocurrency news, Coindesk, is a subsidiary of DCG. These sorts of charges are bound to come up in a new market, for a new kind of currency that claims to be beholden to no government or regulator, as the internet claimed it was when the Web was spun in the 1990s. But todays internet is heavily regulated by governments around the world. You can go to jail for what you write here. Governments arent going to wait that long before pouncing on cryptocurrency. Some, like China, already have . Still, if you are a small investor, or investing for a retirement account, GBTC may be the best bet you have for profiting on the future of bitcoin. Bitcoin Stocks to Buy: Overstock.com, Inc. (OSTK) Stocks to Buy: Overstock.com, Inc. (OSTK) Source: Overstock.com One of the most exciting Initial Coin Offerings (ICOs) of the year, which is like an Initial Public Offering only its not for an exchange-listed security and is taking crypto-coins rather than cash, is tZero. TZero bills itself as a general ledger system for capital markets, a true Alternative Trading System . Partners include the Argon Group an ICO market maker and RenGen , which will build the trading platform. Put your coins in, buy real securities with them; get your coins back; profit! Because its using a blockchain, tZero is supposed to cost less to operate than other security trading platforms. The ICO hopes to raise up to $500 million . Right now, tZero (or t0 if you prefer) is a subsidiary of Overstock.com, Inc. (NASDAQ: OSTK ), the little e-commerce merchant that couldnt overtake Amazon. Overstock has been selling merchandise online for around 20 years. CEO Patrick Byrnes father was the legendary John J. Byrne, who built GEICO, now part of Berkshire Hathaway Inc. (NYSE: BRK.A , NYSE: BRK.B ). Warren Buffett once called Byrne Sr. the Babe Ruth of insurance. Patrick Byrne is not yet even George Selkirk . But Overstock has been public since 2002, has a market cap of $750 million, and it was the first e-tailer to take bitcoin as payment, in 2014. Since Byrne announced tZero, the stock is up 25%. There will be two types of tokens at tZero. There are security tokens representing ownership of the company, then there are application tokens, used to buy and sell companies previously funded through ICOs. In short, this is an ICO to create a market for all those other ICOs, one which, by complying with SEC rules, and those of the Financial Industry Regulatory Authority (FINRA), hopes to create a more efficient market for all securities. Can it work? Over $2 billion has been raised through ICOs since January 2016, and those assets need a trading platform as efficient as those that trade the currencies themselves. The New York Stock Exchange started under a buttonwood tree trading just government bonds. What are the risks? Start with the cost of getting those SEC and FINRA approvals. Then theres the fact that other firms can do the same thing, including those which, like Goldman Sachs Group Inc (NYSE: GS ), which is considering trading bitcoin itself , have a lot of experience dealing with government regulations, not to mention lots of customers and big trading floors. OSTK is certainly on the ground floor here. There is a Wild West aspect to bitcoin, ICOs and blockchain that causes this to all make sense. 5 Giant-Slaying Small-Cap Stocks to Buy Will it work? Place your bets and find out. Bitcoin Stocks to Buy: Microsoft Corporation (MSFT) Stocks to Buy: Microsoft Corporation (MSFT) Source: Johannes Marliem Via Flickr As I have written many times, blockchain is what matters. bitcoin all crypto-currencies are merely implementations of blockchain, a general ledger database in which each block of data is encrypted. It allows decentralization of trust, which is essential to commerce. It is an outgrowth of open source, giving all developers access to a high, rising platform on which to build. Decentralizing trust making agreements about money automatic and enforceable threatens big banks and even governments, who gain their economic power by centralizing trust. Bitcoin advocates dismiss these concerns, saying open source faced the same arguments from proprietary developers like Microsoft in the last decade. Now, MSFT, the 40-year-old enterprise software company, is a big booster of open source and it may be the best and most low-risk bitcoin play of all. Microsoft is building Blockchain as a Service on its Azure cloud, the biggest rival to Amazon in hosting cloud applications. Since launching its first Ethereum Blockchain as a Service in November 2015, Microsoft has been moving as quickly as it can in the space. Azure has a blockchain development framework, it supports multiple blockchain protocols and it can now implement smart contracts on Azure that are legally binding . MSFT also has a framework for enterprise blockchain networks, dubbed Coco . I own Microsoft stock, and analogize all this to the California Gold Rush. A lot of people went into the hills to pan for gold, but the people who made the big money either outfitted the miners or, even better, handled the back-end bookkeeping. Its not about the sizzle of bitcoin. Its about the steak of blockchain, and what that can do to get business out of offices and into the cloud. There are other enterprise players interested in blockchain. International Business Machines Corp. (NYSE: IBM ) has been putting enormous efforts into blockchain lately. You hear more IBM blockchain ads today than for Watson, its AI system. The difference is that while IBM focuses on defining and marketing technology, Microsoft has always focused on developing and then selling it. While IBM is still led by marketers who hire technologists, Microsoft is led by technologists who hire marketers. Microsoft CEO Satya Nadella is a cloud native. He ran Microsofts cloud division before he became CEO. His vision for the company, the one that he sold to its board, was as a cloud-first company, and he has executed on that plan. Blockchain, in the end, is a cloud application. Bitcoin is a derivative of the blockchain, just one of many. The conservative play in this market is to bet on the casino, not the gamblers. Dana Blankenhorn is a financial and technology journalist. He is the author of a mystery novella involving Bitcoin, The Reluctant Detective Saves the World , available now at the Amazon Kindle store. Write him at [email protected] or follow him on Twitter at @danablankenhorn . As of this writing, he owned shares in BABA, AMZN FB and MSFT. To follow the value of cryptocurrencies bookmark https://coinmarketcap.com . Compare Brokers The post 5 Bitcoin Stocks to Buy for Low-Risk Cryptocurrency Profits appeared first on InvestorPlace .
[Social Media Buzz]
#BTC Average: 9342.57$
#Bitfinex - 9365.10$
#Poloniex - 9358.46$
#Bitstamp - 9366.61$
#Coinbase - 9333.24$
#Binance - 9371.40$
#CEXio - 9379.90$
#Kraken - 9346.80$
#Cryptopia - 9304.19$
#Bittrex - 9400.00$
#GateCoin - 9200.00$
#Bitcoin #Exchanges #Price || Honest/Fair Abe said it best: "If I had 6 hours to chop down a tree, I will spend the first 4 hours sharpening the axe." #fairninja #ico #bitcoin #yoshicoin https://t.co/XSXidSkYxZ || 04/29 00:00 Crypto currency sentiment analysis.
BTC : Po...
|
9419.08, 9240.55, 9119.01, 9235.92, 9743.86, 9700.76, 9858.15, 9654.80, 9373.01, 9234.82
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 265.08, 264.47, 270.39, 266.38, 264.08, 265.68, 261.55, 258.51, 257.98, 211.08, 226.68, 235.35, 232.57, 230.39, 228.17, 210.49, 221.61, 225.83, 224.77, 231.40, 229.78, 228.76, 230.06, 228.12, 229.28, 227.18, 230.30, 235.02, 239.84, 239.85, 243.61, 238.17, 238.48, 240.11, 235.23, 230.51, 230.64, 230.30, 229.09, 229.81, 232.98, 231.49, 231.21, 227.09, 230.62, 230.28, 234.53, 235.14, 234.34, 232.76, 239.14, 236.69, 236.06, 237.55, 237.29, 238.73, 238.26, 240.38, 246.06, 242.97, 242.30, 243.93, 244.94, 247.05, 245.31, 249.51, 251.99, 254.32, 262.87, 270.64, 261.64, 263.44, 269.46, 266.27, 274.02, 276.50, 281.65, 283.68, 285.30, 293.79, 304.62, 313.86, 328.02, 314.17, 325.43, 361.19, 403.42, 411.56, 386.35, 374.47.
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[Bitcoin Technical Analysis for 2015-11-06]
Volume: 122687000, RSI (14-day): 70.12, 50-day EMA: 287.95, 200-day EMA: 262.60
[Wider Market Context]
Gold Price: 1087.60, Gold RSI: 27.51
Oil Price: 44.29, Oil RSI: 43.92
[Recent News (last 7 days)]
Trading Bitcoin Binary Options: Bitcoin. This may be something you wish you knew more about. You may have heard about trading Bitcoin and wondered how you could do it. It may seem unreal since it does not involve anything tangible.
A visit to the web page informs the visitor, “Bitcoin is an innovative payment network and a new kind of money.” It further notifies the public, “Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.”
Bitcoin was invented in 2008. In early 2010, each Bitcoin was worth only $0.04. Just last week, on October 29, it was reported that Bitcoin was trading above $314, near the highest since December 2014. This rise in price was thought to be related to the Fed statement that had been released the day before, but also strongly tied to China easing which appears to go straight to Bitcoin.
Today, reported Bitcoin trading at more than $410, a price jump of more than 70 percent in one month. According to an article on , after the price jump, there was a massive sell off causing the digital currency to drop by nearly $50. This article attributes the volatility to the influx of new Chinese buyers who have caused this surge “in order to bypass China’s tightened capital controls.”
As you can see from the news reports above, Bitcoin can be insanely volatile. It can move 40 percent in one day. In checking current charts, Bitcoin has rebounded and is currently trading around $470.
In order to illustrate different ways Bitcoin can be traded, let’s look at how Bitcoin was trading on October 29. Look at the chart below.
To view a larger image, click HERE.
This is a Nadex Bitcoin daily chart, which can be accessed from their trading platform. You can see that Bitcoin has surged up through 314. There was some long-term resistance at 314. The market had tested that level in January, February, June and July before breaking through on October 29. When this happens, you can usually expect that it will meet a little more resistance and then pullback.
There are a couple of different ways you can play this. You could expect it to expire below the high of the day at 319. If so, you could check out available strikes that you could sell. When you check for a contract, sometimes there may not be many contracts left, because of the surge in the market. Nadex offers bitcoin binary options with 21 strike prices for the 3:00 PM ET daily expiration, except on Fridays, which lists 15 strike levels. The interval width between each strike level is 1.5.
The next image shows the different strike prices that were available at the time. When you look for the sell strike, you see that there is a 315.5 available for around $21. Choosing this trade would allow you to make a little bit of premium if you wanted to go short.
To view a larger image, click HERE.
If you believe the market will stay above 314, you can look at buying a contract. Again, checking the strike prices, there is one available at 314 for about 65, with the profit potential of $35.
For October 29, it appears that 314 is the magic number, the resistance level right now. By knowing this information, you can have a better understanding of the expectations of the market. Here is another image taken a short time after the other image, which showed strike prices. You may notice that both the buy and sell prices have increased as has the indicative index.
To view a larger image, click HERE.
However, for this example, with the strike 314 at 70.75, it is $0.76 above the strike. There is a high expectation of the market staying above 314.
Remember, the first chart was a daily chart. For a better analysis on either of these trades, it would be wise to look at a smaller time frame chart in order to see what you could actually do. When you look at a five-minute chart, it shows how the market popped up and then promptly turned around and went down. Here is a five-minute chart:
To view a larger image, click HERE.
Further analysis using the five-minute chart shows that if there was a shark in the waters and they wanted to push the market a little farther, it is possible they could have caused the big green bar that broke through the 314 resistance. The next green bars are other traders coming in thinking there is a big rally. Take note here, all of a sudden at the short red bar, they start getting rid of their trades. Next, they dump off the rest and everybody bails. This is how it usually goes in trading. This is how you learn to follow the sharks without getting eaten by them and staying out of their way. The sharks will go in, pump up the market and then sell it off. You get your one warning shot, the short red bar, and then BAM! It is over.
With any trade, but especially one with high volatility, make sure that you define your risk when you trade. Risk management is essential to being a profitable trader. To further your trading education, visit , a service of Darrell Martin.
See more from Benzinga
• An Evening For A Scheduled News Trade With The USD/CHF
• Reports Of The Aussies Employed And Unemployed Provide After Work Trade Opportunity For US
• Record Highs Reported By Nadex For Three Consecutive Quarters
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Trading Bitcoin Binary Options: Bitcoin. This may be something you wish you knew more about. You may have heard about trading Bitcoin and wondered how you could do it. It may seem unreal since it does not involve anything tangible. A visit to the web page informs the visitor, Bitcoin is an innovative payment network and a new kind of money. It further notifies the public, Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system. Bitcoin was invented in 2008. In early 2010, each Bitcoin was worth only $0.04. Just last week, on October 29, it was reported that Bitcoin was trading above $314, near the highest since December 2014. This rise in price was thought to be related to the Fed statement that had been released the day before, but also strongly tied to China easing which appears to go straight to Bitcoin. Today, reported Bitcoin trading at more than $410, a price jump of more than 70 percent in one month. According to an article on , after the price jump, there was a massive sell off causing the digital currency to drop by nearly $50. This article attributes the volatility to the influx of new Chinese buyers who have caused this surge in order to bypass Chinas tightened capital controls. As you can see from the news reports above, Bitcoin can be insanely volatile. It can move 40 percent in one day. In checking current charts, Bitcoin has rebounded and is currently trading around $470. In order to illustrate different ways Bitcoin can be traded, lets look at how Bitcoin was trading on October 29. Look at the chart below. To view a larger image, click HERE. 283s_image4.png This is a Nadex Bitcoin daily chart, which can be accessed from their trading platform. You can see that Bitcoin has surged up through 314. There was some long-term resistance at 314. The market had tested that level in January, February, June and July before breaking through on October 29. When this happens, you can usually expect that it will meet a little more resistance and then pullback. Story continues There are a couple of different ways you can play this. You could expect it to expire below the high of the day at 319. If so, you could check out available strikes that you could sell. When you check for a contract, sometimes there may not be many contracts left, because of the surge in the market. Nadex offers bitcoin binary options with 21 strike prices for the 3:00 PM ET daily expiration, except on Fridays, which lists 15 strike levels. The interval width between each strike level is 1.5. The next image shows the different strike prices that were available at the time. When you look for the sell strike, you see that there is a 315.5 available for around $21. Choosing this trade would allow you to make a little bit of premium if you wanted to go short. To view a larger image, click HERE. 283s_image3.png If you believe the market will stay above 314, you can look at buying a contract. Again, checking the strike prices, there is one available at 314 for about 65, with the profit potential of $35. For October 29, it appears that 314 is the magic number, the resistance level right now. By knowing this information, you can have a better understanding of the expectations of the market. Here is another image taken a short time after the other image, which showed strike prices. You may notice that both the buy and sell prices have increased as has the indicative index. To view a larger image, click HERE. 283s_image2.png However, for this example, with the strike 314 at 70.75, it is $0.76 above the strike. There is a high expectation of the market staying above 314. Remember, the first chart was a daily chart. For a better analysis on either of these trades, it would be wise to look at a smaller time frame chart in order to see what you could actually do. When you look at a five-minute chart, it shows how the market popped up and then promptly turned around and went down. Here is a five-minute chart: To view a larger image, click HERE. 283s_image5.png Further analysis using the five-minute chart shows that if there was a shark in the waters and they wanted to push the market a little farther, it is possible they could have caused the big green bar that broke through the 314 resistance. The next green bars are other traders coming in thinking there is a big rally. Take note here, all of a sudden at the short red bar, they start getting rid of their trades. Next, they dump off the rest and everybody bails. This is how it usually goes in trading. This is how you learn to follow the sharks without getting eaten by them and staying out of their way. The sharks will go in, pump up the market and then sell it off. You get your one warning shot, the short red bar, and then BAM! It is over. With any trade, but especially one with high volatility, make sure that you define your risk when you trade. Risk management is essential to being a profitable trader. To further your trading education, visit , a service of Darrell Martin. See more from Benzinga An Evening For A Scheduled News Trade With The USD/CHF Reports Of The Aussies Employed And Unemployed Provide After Work Trade Opportunity For US Record Highs Reported By Nadex For Three Consecutive Quarters © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Trading Bitcoin Binary Options: Bitcoin. This may be something you wish you knew more about. You may have heard about trading Bitcoin and wondered how you could do it. It may seem unreal since it does not involve anything tangible.
A visit to the web page informs the visitor, “Bitcoin is an innovative payment network and a new kind of money.” It further notifies the public, “Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.”
Bitcoin was invented in 2008. In early 2010, each Bitcoin was worth only $0.04. Just last week, on October 29, it was reported that Bitcoin was trading above $314, near the highest since December 2014. This rise in price was thought to be related to the Fed statement that had been released the day before, but also strongly tied to China easing which appears to go straight to Bitcoin.
Today, reported Bitcoin trading at more than $410, a price jump of more than 70 percent in one month. According to an article on , after the price jump, there was a massive sell off causing the digital currency to drop by nearly $50. This article attributes the volatility to the influx of new Chinese buyers who have caused this surge “in order to bypass China’s tightened capital controls.”
As you can see from the news reports above, Bitcoin can be insanely volatile. It can move 40 percent in one day. In checking current charts, Bitcoin has rebounded and is currently trading around $470.
In order to illustrate different ways Bitcoin can be traded, let’s look at how Bitcoin was trading on October 29. Look at the chart below.
To view a larger image, click HERE.
This is a Nadex Bitcoin daily chart, which can be accessed from their trading platform. You can see that Bitcoin has surged up through 314. There was some long-term resistance at 314. The market had tested that level in January, February, June and July before breaking through on October 29. When this happens, you can usually expect that it will meet a little more resistance and then pullback.
There are a couple of different ways you can play this. You could expect it to expire below the high of the day at 319. If so, you could check out available strikes that you could sell. When you check for a contract, sometimes there may not be many contracts left, because of the surge in the market. Nadex offers bitcoin binary options with 21 strike prices for the 3:00 PM ET daily expiration, except on Fridays, which lists 15 strike levels. The interval width between each strike level is 1.5.
The next image shows the different strike prices that were available at the time. When you look for the sell strike, you see that there is a 315.5 available for around $21. Choosing this trade would allow you to make a little bit of premium if you wanted to go short.
To view a larger image, click HERE.
If you believe the market will stay above 314, you can look at buying a contract. Again, checking the strike prices, there is one available at 314 for about 65, with the profit potential of $35.
For October 29, it appears that 314 is the magic number, the resistance level right now. By knowing this information, you can have a better understanding of the expectations of the market. Here is another image taken a short time after the other image, which showed strike prices. You may notice that both the buy and sell prices have increased as has the indicative index.
To view a larger image, click HERE.
However, for this example, with the strike 314 at 70.75, it is $0.76 above the strike. There is a high expectation of the market staying above 314.
Remember, the first chart was a daily chart. For a better analysis on either of these trades, it would be wise to look at a smaller time frame chart in order to see what you could actually do. When you look at a five-minute chart, it shows how the market popped up and then promptly turned around and went down. Here is a five-minute chart:
To view a larger image, click HERE.
Further analysis using the five-minute chart shows that if there was a shark in the waters and they wanted to push the market a little farther, it is possible they could have caused the big green bar that broke through the 314 resistance. The next green bars are other traders coming in thinking there is a big rally. Take note here, all of a sudden at the short red bar, they start getting rid of their trades. Next, they dump off the rest and everybody bails. This is how it usually goes in trading. This is how you learn to follow the sharks without getting eaten by them and staying out of their way. The sharks will go in, pump up the market and then sell it off. You get your one warning shot, the short red bar, and then BAM! It is over.
With any trade, but especially one with high volatility, make sure that you define your risk when you trade. Risk management is essential to being a profitable trader. To further your trading education, visit , a service of Darrell Martin.
See more from Benzinga
• An Evening For A Scheduled News Trade With The USD/CHF
• Reports Of The Aussies Employed And Unemployed Provide After Work Trade Opportunity For US
• Record Highs Reported By Nadex For Three Consecutive Quarters
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Jamie Dimon thinks bitcoin is doomed—but here’s what he does like about it: Jamie Dimon doesn't think highly of this whole bitcoin thing. Bitcoin might be the hottest topic in financial technology, but Jamie Dimon isn’t impressed. “It’s just not going to happen…there is no government that is going to put up with it for long,” the CEO of JPMorgan Chase said about virtual currency at the Fortune Global Forum yesterday (Nov. 4), adding: “It’s kind of cute now, a lot of senators and congressmen will say ‘I support Silicon Valley innovation,’ But there will be no currency that gets around government controls.” ExxonMobil faces a New York investigation into whether it hid the risks of climate change The “blockchain” technology that makes bitcoin possible, on the other hand, could be a potential game changer, Dimon admitted. JPMorgan and 22 other major banks have recently partnered with R3, a blockchain startup, to study blockchain technology and possibility of idea of a shared, private ledger. Blockchain is essentially a shared database where people can exchange information—as well as virtual currencies like bitcoin, stock certificates, contract agreements, and even securities. For something like sending money across borders, using blockchain technology can make the process much faster and cheaper. “If it is cheaper, effective, works, and secure, then we are going to use it,” said Dimon. The IRS and the Commodities Futures Trading Commission (CFTC) both consider bitcoin a commodity , instead of a currency—essentially a piece of property you pay taxes on. Yet, more recently, government agencies outside the US have been more receptive of bitcoin as a currency, and not taxable. Sign up for the Quartz Daily Brief , our free daily newsletter with the world’s most important and interesting news. More stories from Quartz: A nuclear war between India and Pakistan is a very real possibility Explore the complicated network of allies and enemies in Syria’s civil war || Jamie Dimon thinks bitcoin is doomed—but here’s what he does like about it: Jamie Dimon doesn't think highly of this whole bitcoin thing. Bitcoin might be the hottest topic in financial technology, but Jamie Dimon isn’t impressed. “It’s just not going to happen…there is no government that is going to put up with it for long,” the CEO of JPMorgan Chase said about virtual currency at the Fortune Global Forum yesterday (Nov. 4), adding: “It’s kind of cute now, a lot of senators and congressmen will say ‘I support Silicon Valley innovation,’ But there will be no currency that gets around government controls.” ExxonMobil faces a New York investigation into whether it hid the risks of climate change The “blockchain” technology that makes bitcoin possible, on the other hand, could be a potential game changer, Dimon admitted. JPMorgan and 22 other major banks have recently partnered with R3, a blockchain startup, to study blockchain technology and possibility of idea of a shared, private ledger. Blockchain is essentially a shared database where people can exchange information—as well as virtual currencies like bitcoin, stock certificates, contract agreements, and even securities. For something like sending money across borders, using blockchain technology can make the process much faster and cheaper. “If it is cheaper, effective, works, and secure, then we are going to use it,” said Dimon. The IRS and the Commodities Futures Trading Commission (CFTC) both consider bitcoin a commodity , instead of a currency—essentially a piece of property you pay taxes on. Yet, more recently, government agencies outside the US have been more receptive of bitcoin as a currency, and not taxable. Sign up for the Quartz Daily Brief , our free daily newsletter with the world’s most important and interesting news. More stories from Quartz: A nuclear war between India and Pakistan is a very real possibility Explore the complicated network of allies and enemies in Syria’s civil war || Bitcoin is back, JPMorgan and Wells Fargo restrict data: U.S. stocks ( ^GSPC , ^DJI , ^IXIC ) are lower for the second straight day. Is the autumn rally at risk here? Either way the next big catalyst for the market could come as early as 8:30am ET Friday when the October jobs report is released. Get the Latest Market Data and News with the Yahoo Finance App In the meantime, here are some other stories Yahoo Finance is keeping an eye on today. Big banks vs. personal finance websites JPMorgan ( JPM ) and Wells Fargo ( WFC ) seem to be restricting some customer data from flowing to third party websites and apps like Mint.com . The products are used by many to help track their finances. JPMorgan chief Jamie Dimon has made his concerns known, pointing out that these products require customers to hand over a lot of personal information. Bitcoin is making a comeback Bitcoin is making a comeback. The price of the digital currency has surged more than 50% this week, partly fueled by the EU's classification of bitcoin as a currency and not a commodity. Can it avoid another big sell-off? Turning point for streaming music Adele's new single "Hello" has already brought in record sales, with over a million downloads. Now the big question is whether she will release her full album on streaming platforms. With the scheduled debut of her album "25" in two weeks, services including Apple Music ( AAPL ) and Spotify are still waiting to find out if they can play the rest of her new songs. || Bitcoin is back, JPMorgan and Wells Fargo restrict data: U.S. stocks (^GSPC,^DJI,^IXIC) are lower for the second straight day. Is the autumn rally at risk here? Either way the next big catalyst for the market could come as early as 8:30am ET Friday when the October jobs report is released.
Get the Latest Market Data and News with the Yahoo Finance App
In the meantime, here are some other stories Yahoo Finance is keeping an eye on today.
Big banks vs. personal finance websitesJPMorgan (JPM) and Wells Fargo (WFC) seem to be restricting some customer data from flowing to third party websites and apps likeMint.com. The products are used by many to help track their finances. JPMorgan chief Jamie Dimon has made his concerns known, pointing out that these products require customers to hand over a lot of personal information.
Bitcoin is making a comebackBitcoin is making a comeback. The price of the digital currency has surged more than 50% this week, partly fueled by the EU's classification of bitcoin as a currency and not a commodity. Can it avoid another big sell-off?
Turning point for streaming musicAdele's new single "Hello" has already brought in record sales, with over a million downloads. Now the big question is whether she will release her full album on streaming platforms. With the scheduled debut of her album "25" in two weeks, services including Apple Music (AAPL) and Spotify are still waiting to find out if they can play the rest of her new songs. || Bitcoin is back, JPMorgan and Wells Fargo restrict data: U.S. stocks (^GSPC,^DJI,^IXIC) are lower for the second straight day. Is the autumn rally at risk here? Either way the next big catalyst for the market could come as early as 8:30am ET Friday when the October jobs report is released.
Get the Latest Market Data and News with the Yahoo Finance App
In the meantime, here are some other stories Yahoo Finance is keeping an eye on today.
Big banks vs. personal finance websitesJPMorgan (JPM) and Wells Fargo (WFC) seem to be restricting some customer data from flowing to third party websites and apps likeMint.com. The products are used by many to help track their finances. JPMorgan chief Jamie Dimon has made his concerns known, pointing out that these products require customers to hand over a lot of personal information.
Bitcoin is making a comebackBitcoin is making a comeback. The price of the digital currency has surged more than 50% this week, partly fueled by the EU's classification of bitcoin as a currency and not a commodity. Can it avoid another big sell-off?
Turning point for streaming musicAdele's new single "Hello" has already brought in record sales, with over a million downloads. Now the big question is whether she will release her full album on streaming platforms. With the scheduled debut of her album "25" in two weeks, services including Apple Music (AAPL) and Spotify are still waiting to find out if they can play the rest of her new songs. || Why the price of bitcoin is skyrocketing again: The price of Bitcoin, the world's most popular virtual, digital currency, is on the rise again. After trading in a range of $200 to $250 for most of the year, the price of one Bitcoin shot up to $500 this week, although it hassince fallen back to $392on Thursday.
A great surge to $1,000 at the end of 2013ended in disaster for investorsas the currency lost three-quarters of its value in ensuing months. But what's behind the latest rally and will it stick? Here are three possible explanations:Perhaps questionable Chinese interest
As often happens with bitcoin price surges, a lot of the trading is coming out of China. And there is a social financial network called MMM Global growing massively in China that requires users to buy bitcoin and share it around with other members. The Financial Timeshas said MMM has elements typical of pyramid schemes. The site was founded by a former Russian legislator who was jailed for fraud over a pyramid scheme he operated in the 1990s.
China has alsotightened capital controls recently, making it harder for its citizens to send money abroad. Some bitcoin buying may be related to efforts to get around the crackdown.Growing legitimate business interest
At the Money 20/20 conference last week,many companies announced new bitcoin-based services. The Nasdaq (NDAQ), for example, will be recording transactions in private stocks using bitcoin's public ledger, known as the blockchain. And Mastercard (MA) joined the long list of establishment institutions investing in bitcoin startups. And, two weeks ago, the European Union's top court agreed that virtual currencies like bitcoincan be traded like established currencieswithout triggering taxes applied to sales of goods and services. Past rallies have been linked with speculative bets that these kinds of deals and rulings would popularize the cryptocurrency and lead to greater demand which would push up the price.Jamie Dimon
The always opinionated CEO of JPMorgan Chase (JPM) says bitcoin has no future -- governments will shut it down,he said at Fortune's Global Forumon Wednesday. “Virtual currency, where it’s called a bitcoin vs. a U.S. dollar, that’s going to be stopped,” Dimon said.
Coming from the the guy who boughtBear StearnsandWaMuand missed those billions of dollars of crazy trades by the London Whale, Dimon's remarks may be attracting contrarians to bet against the big bank CEO. Probably not many, but with bitcoin, you never know. || Why the price of bitcoin is skyrocketing again: The price of Bitcoin, the world's most popular virtual, digital currency, is on the rise again. After trading in a range of $200 to $250 for most of the year, the price of one Bitcoin shot up to $500 this week, although it has since fallen back to $392 on Thursday. A great surge to $1,000 at the end of 2013 ended in disaster for investors as the currency lost three-quarters of its value in ensuing months. But what's behind the latest rally and will it stick? Here are three possible explanations: Perhaps questionable Chinese interest As often happens with bitcoin price surges, a lot of the trading is coming out of China. And there is a social financial network called MMM Global growing massively in China that requires users to buy bitcoin and share it around with other members. The Financial Times has said MMM has elements typical of pyramid schemes . The site was founded by a former Russian legislator who was jailed for fraud over a pyramid scheme he operated in the 1990s. China has also tightened capital controls recently , making it harder for its citizens to send money abroad. Some bitcoin buying may be related to efforts to get around the crackdown. Growing legitimate business interest At the Money 20/20 conference last week, many companies announced new bitcoin-based services . The Nasdaq ( NDAQ ), for example, will be recording transactions in private stocks using bitcoin's public ledger, known as the blockchain. And Mastercard ( MA ) joined the long list of establishment institutions investing in bitcoin startups. And, two weeks ago, the European Union's top court agreed that virtual currencies like bitcoin can be traded like established currencies without triggering taxes applied to sales of goods and services. Past rallies have been linked with speculative bets that these kinds of deals and rulings would popularize the cryptocurrency and lead to greater demand which would push up the price. Jamie Dimon The always opinionated CEO of JPMorgan Chase ( JPM ) says bitcoin has no future -- governments will shut it down, he said at Fortune's Global Forum on Wednesday. “Virtual currency, where it’s called a bitcoin vs. a U.S. dollar, that’s going to be stopped,” Dimon said. Coming from the the guy who bought Bear Stearns and WaMu and missed those billions of dollars of crazy trades by the London Whale, Dimon's remarks may be attracting contrarians to bet against the big bank CEO. Probably not many, but with bitcoin, you never know. || PRESS DIGEST- New York Times business news - Nov 5: Nov 5 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.
- Expedia Inc said it had agreed to acquire HomeAway Inc for $3.9 billion, adding vacation rentals to its wide swath of online travel booking options. (http://nyti.ms/1MdPtXu)
- Facebook Inc on Wednesday posted another quarter of robust revenue growth - up 41 percent in the third quarter from a year earlier, to $4.5 billion - fueled by its mobile advertising business and an increase in daily users. (http://nyti.ms/1GMEMyi)
- A Senate committee has started an investigation into the large drug price increases by Turing Pharmaceuticals and three other companies such as Valeant Pharmaceuticals Inc, responding to public concern about escalating prices for critical medicines. (http://nyti.ms/1OpOV6D)
- After a long period of quiet, the price of the virtual currency Bitcoin is surging again as signs of interest from China and Wall Street have helped kick off a new speculative frenzy. (http://nyti.ms/1Sq3Uwa)
- The U.S. Federal Reserve could raise its benchmark interest rate in December as long as economic growth continues, two senior Fed officials said on Wednesday, hammering that message in repeated public remarks. (http://nyti.ms/1Wxp9Sq) (Compiled by Rishika Sadam in Bengaluru) || PRESS DIGEST- New York Times business news - Nov 5: Nov 5 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - Expedia Inc said it had agreed to acquire HomeAway Inc for $3.9 billion, adding vacation rentals to its wide swath of online travel booking options. ( http://nyti.ms/1MdPtXu ) - Facebook Inc on Wednesday posted another quarter of robust revenue growth - up 41 percent in the third quarter from a year earlier, to $4.5 billion - fueled by its mobile advertising business and an increase in daily users. ( http://nyti.ms/1GMEMyi ) - A Senate committee has started an investigation into the large drug price increases by Turing Pharmaceuticals and three other companies such as Valeant Pharmaceuticals Inc, responding to public concern about escalating prices for critical medicines. ( http://nyti.ms/1OpOV6D ) - After a long period of quiet, the price of the virtual currency Bitcoin is surging again as signs of interest from China and Wall Street have helped kick off a new speculative frenzy. ( http://nyti.ms/1Sq3Uwa ) - The U.S. Federal Reserve could raise its benchmark interest rate in December as long as economic growth continues, two senior Fed officials said on Wednesday, hammering that message in repeated public remarks. ( http://nyti.ms/1Wxp9Sq ) (Compiled by Rishika Sadam in Bengaluru) || Bitcoin is exploding higher, but no one can agree on why: (REUTERS)
Bitcoin gained another 6% Wednesday, reaching a new high for the year.
The cryptocurrency reached the $450 mark late in the day before falling back to $425. That's compared with around $250 a month ago.
What's behind this? Investors and brokers can't agree.
In the last few days, explanations have included a rise in demand from China, an upcoming auction by US Marshals of seized bitcoin, and the influence ofa convicted Ponzi schemer's latest gambit.
Another catalyst for recent appreciation comes from Europe, saysAdam White, vice president and product manager at Coinbase, one of the biggest bitcoin exchanges globally by volume.
The European Court of Justice recently ruled that thecryptocurrency is exemptfrom the region's "value added tax," which White compared to the decision by US taxation authorities in the 1990s to not implement taxes on goods sold online.
What is certain is that use of bitcoin by consumers and trading is broadly on the rise.
"There has been a steady increase in the number of transactions processed on the bitcoin blockchain," White says.
In the last two years, the number of bitcoin transactions has increased threefold from 50,000 daily to about 140,000 today, according to Blockchain.info, which tracks bitcoin data.
It is true that Chinese investors are eager to trade bitcoin, White says.
In the US, between 300,000 and 500,000 bitcoin are traded daily, White said. But in China, that daily figure has been closer to 1 million to 1.2 million.
That isn't to say US investors are neglecting the currency. There has been a three-times increase in the relative trading volume by what are referred to as "High Net Worth" traders on Coinbase's trading platform — people making trades in dollar amounts worth up to six figures, White said.
Perhaps most telling — at least about the recent jump — is that there's been a recent surge in trading, sharp rise innew usersign-ups, according to White.
So what's behind the recent surge in bitcoin? Maybe just the surge in bitcoin.
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• Even As Bitcoin Gets Obliterated, Retailers Say They Will Still Accept It As A Form Of Payment || Bitcoin is exploding higher, but no one can agree on why: traders (REUTERS) Bitcoin gained another 6% Wednesday, reaching a new high for the year. The cryptocurrency reached the $450 mark late in the day before falling back to $425. That's compared with around $250 a month ago. What's behind this? Investors and brokers can't agree. In the last few days, explanations have included a rise in demand from China, an upcoming auction by US Marshals of seized bitcoin, and the influence of a convicted Ponzi schemer 's latest gambit. Another catalyst for recent appreciation comes from Europe, says Adam White, vice president and product manager at Coinbase, one of the biggest bitcoin exchanges globally by volume. The European Court of Justice recently ruled that the cryptocurrency is exempt from the region's "value added tax," which White compared to the decision by US taxation authorities in the 1990s to not implement taxes on goods sold online. What is certain is that use of bitcoin by consumers and trading is broadly on the rise. "There has been a steady increase in the number of transactions processed on the bitcoin blockchain," White says. In the last two years, the number of bitcoin transactions has increased threefold from 50,000 daily to about 140,000 today, according to Blockchain.info, which tracks bitcoin data. It is true that Chinese investors are eager to trade bitcoin, White says. In the US, between 300,000 and 500,000 bitcoin are traded daily, White said. But in China, that daily figure has been closer to 1 million to 1.2 million. That isn't to say US investors are neglecting the currency. There has been a three-times increase in the relative trading volume by what are referred to as "High Net Worth" traders on Coinbase's trading platform people making trades in dollar amounts worth up to six figures, White said. Perhaps most telling at least about the recent jump is that there's been a recent surge in trading, sharp rise in new user sign-ups, according to White. So what's behind the recent surge in bitcoin? Maybe just the surge in bitcoin. NOW WATCH: 'The Art Of War' holds the keys to success on Wall Street More From Business Insider Bitcoin is going nuts The Money Of The Future Will Look More Like Bitcoin Than The Paper We Carry Around Today Even As Bitcoin Gets Obliterated, Retailers Say They Will Still Accept It As A Form Of Payment View comments || Bitcoin is exploding higher, but no one can agree on why: (REUTERS)
Bitcoin gained another 6% Wednesday, reaching a new high for the year.
The cryptocurrency reached the $450 mark late in the day before falling back to $425. That's compared with around $250 a month ago.
What's behind this? Investors and brokers can't agree.
In the last few days, explanations have included a rise in demand from China, an upcoming auction by US Marshals of seized bitcoin, and the influence ofa convicted Ponzi schemer's latest gambit.
Another catalyst for recent appreciation comes from Europe, saysAdam White, vice president and product manager at Coinbase, one of the biggest bitcoin exchanges globally by volume.
The European Court of Justice recently ruled that thecryptocurrency is exemptfrom the region's "value added tax," which White compared to the decision by US taxation authorities in the 1990s to not implement taxes on goods sold online.
What is certain is that use of bitcoin by consumers and trading is broadly on the rise.
"There has been a steady increase in the number of transactions processed on the bitcoin blockchain," White says.
In the last two years, the number of bitcoin transactions has increased threefold from 50,000 daily to about 140,000 today, according to Blockchain.info, which tracks bitcoin data.
It is true that Chinese investors are eager to trade bitcoin, White says.
In the US, between 300,000 and 500,000 bitcoin are traded daily, White said. But in China, that daily figure has been closer to 1 million to 1.2 million.
That isn't to say US investors are neglecting the currency. There has been a three-times increase in the relative trading volume by what are referred to as "High Net Worth" traders on Coinbase's trading platform — people making trades in dollar amounts worth up to six figures, White said.
Perhaps most telling — at least about the recent jump — is that there's been a recent surge in trading, sharp rise innew usersign-ups, according to White.
So what's behind the recent surge in bitcoin? Maybe just the surge in bitcoin.
NOW WATCH:'The Art Of War' holds the keys to success on Wall Street
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• Bitcoin is going nuts
• The Money Of The Future Will Look More Like Bitcoin Than The Paper We Carry Around Today
• Even As Bitcoin Gets Obliterated, Retailers Say They Will Still Accept It As A Form Of Payment || This convicted Ponzi-schemer may be responsible for bitcoin's massive price spike: (REUTERS/Sergei Karpukhin)Sergei Mavrodi is a convicted Russian Ponzi-schemer who may be driving bitcoin's value up now.
Bitcoin is ripping higher these days, and a report from the Financial Times suggests that a convicted Ponzi-schemer's latest enterprise could be behind the surge.
Sergei Mavrodi runs the website MMM, which describes itself as the "Chinese social financial network."
There,he breaks down in precise detail how investorscan buy into bitcoin with multiple trading accounts, FT Alphaville'sIzabella Kaminskareports.
Mavrodi offers bonuses to MMM investors depending on how many additional people they can bring into the network, and, additionally, he entices people to take to YouTube to uploadtestimonials of how much they made.
While US-based bitcoin investors were reluctant to hang the entire balance of the cryptocurrency's appreciation (about 90% over the past month) on Mavrodi's Chinese social-financial network, they also cannot deny the recent impact of China's investors on bitcoin.
"We have not seen volume like this coming out of China since 2013,"Brendan O'Connor, CEO of Genesis Global Trading, a bitcoin broker, told Business Insider.
On Tuesday,bitcoin shot up about 10%, to around the $400 level, and on Wednesday it rose another 20% by the opening of US markets, to $480.
Business Insider attempted to reach Mavrodi through his website, but did not receive a response by publication time.
Here's the post on the Alphaville blog.
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• One Of Bitcoin's Strongest Backers Reveals The Two Big Reasons Why It's Still Not Mainstream || This convicted Ponzi-schemer may be responsible for bitcoin's massive price spike: Sergei Mavrodi (REUTERS/Sergei Karpukhin) Sergei Mavrodi is a convicted Russian Ponzi-schemer who may be driving bitcoin's value up now. Bitcoin is ripping higher these days, and a report from the Financial Times suggests that a convicted Ponzi-schemer's latest enterprise could be behind the surge. Sergei Mavrodi runs the website MMM, which describes itself as the "Chinese social financial network." There, he breaks down in precise detail how investors can buy into bitcoin with multiple trading accounts, FT Alphaville's Izabella Kaminska reports. Mavrodi offers bonuses to MMM investors depending on how many additional people they can bring into the network, and, additionally, he entices people to take to YouTube to upload testimonials of how much they made. While US-based bitcoin investors were reluctant to hang the entire balance of the cryptocurrency's appreciation (about 90% over the past month) on Mavrodi's Chinese social-financial network, they also cannot deny the recent impact of China's investors on bitcoin. "We have not seen volume like this coming out of China since 2013," Brendan O'Connor, CEO of Genesis Global Trading, a bitcoin broker, told Business Insider. On Tuesday, bitcoin shot up about 10% , to around the $400 level, and on Wednesday it rose another 20% by the opening of US markets, to $480. Business Insider attempted to reach Mavrodi through his website, but did not receive a response by publication time. Here's the post on the Alphaville blog. NOW WATCH: The way you pay with a credit card will start to change on October 1 — here's what you need to know More From Business Insider The Money Of The Future Will Look More Like Bitcoin Than The Paper We Carry Around Today BITCOIN: How It Works, And Why It Could Fundamentally Change How Companies And Individuals Handle Payments One Of Bitcoin's Strongest Backers Reveals The Two Big Reasons Why It's Still Not Mainstream || 10 things you need to know today: man on pig (https://pictures.reuters.com/C.aspx?VP3=SearchResult Farmer Zhang Xianping with pig Big Precious during an interview with the media in Zhangjiakou, Hebei province, China. Here is what you need to know. Volkswagen has another emissions scandal . The German automaker announced that an internal investigation had discovered "irregularities in CO2 levels" in as many as 800,000 vehicles. It is unclear whether the irregularities are related to the recently discovered emissions scandal related to nitrogen-oxide testing. " Under the ongoing review of all processes and workflows in connection with diesel engines it was established that the CO2 levels and thus the fuel consumption figures for some models were set too low during the CO2 certification process," Volkswagen said in a statement. "The majority of the vehicles concerned have diesel engines." Tesla is flying high after its latest outlook . Shares of Tesla were up 10% in after-hours trade after the company announced it expected to deliver 17,000 to 19,000 vehicles in the fourth quarter, outpacing the Wall Street consensus. For all of 2015, Tesla said it would deliver 50,000 to 52,000 vehicles, narrowing its range from its previous estimate of 50,000 to 55,000. On the earnings front, the electric-car maker lost $0.58 per share, which was slightly worse than the $0.56 loss that was anticipated. Revenue jumped 33.4% to $1.24 billion, in line with estimates. US auto sales are at the highest level in a decade . The latest Autodata showed US auto sales rose at an annualized pace of 18.24 million in October, the best in a decade. The number easily surpassed the Wall Street consensus of 17.7 million vehicles . Mazda (+35.4%) saw the biggest gains, while General Motors (+16%) and Ford (+13%) posted solid results. BMW USA (-6.6%) was the lone decliner. Honda is dumping Takata airbags . The AFP reports that Takata's largest client, Honda, has severed its relationship with the company after US authorities announced a $200 million fine against the airbag maker. Takata airbags have been linked to eight deaths and even more injuries around the world. "On a global basis, no new Honda and Acura models currently under development will be equipped with a front driver or passenger Takata airbag inflator," Honda said in a statement. Shares of Takata were down as much as 20% in Tokyo. Story continues Iceland raised rates . Iceland's central bank raised its benchmark interest rate 25 basis points to 5.75%. The central bank noted that domestic demand was expected to increase by more than 7% this year and that gross domestic product was forecast to grow at 4.6%. As for inflation, the central bank said: "It is still expected that large pay increases will cause inflation to rise above the target as 2016 progresses and the effects of low global inflation taper off. Inflation will not return to target until 2018." The Icelandic krona is weaker by 0.2% at 128.90 per dollar. European services data was strong . October Services PMI for the eurozone was released, and it showed that every country outpaced expectations except for Germany. Spain saw the biggest month-over-month increase, as its reading climbed from 54.6 in September to 55.9 in October and easily beat the 54.6 that was expected. Germany's number ticked up to 54.5 from 54.1 but missed the 55.2 that economists were expecting. The eurozone as a whole improved to 54.1 from 53.7. The euro is down 0.3% at 1.0935. Bitcoin has gone parabolic . On Tuesday, bitcoin rallied 10% to close just shy of the $400 mark. On Wednesday morning, bitcoin is up another 15% near $454. The digital currency has surged 89% since the beginning of October. Stock markets around the world are higher. China's Shanghai Composite (+4.3%) surged after the People's Bank of China released some dated comments from governor Zhou Xiaochuan. In Europe, Spain's IBEX (+1.2%) leads the gains. S&P 500 futures are higher by 2.75 points at 2,105.75. US economic data is moderate. ADP Employment Change is due out at 8:15 a.m. ET before the trade balance crosses the wires at 8:30 a.m. ET and ISM Services is released at 10 a.m. ET. Crude-oil inventories will be announced at 10:30 a.m. ET. The US 10-year yield is down 1 basis point at 2.20%. Earnings reporting remains heavy. 21st Century Fox, Allergan, CDW, Honda Motor, Michael Kors, and Time Warner highlight the names scheduled to release their quarterly results ahead of the opening bell. Facebook, Marathon Oil, MetLife, Prudential, Qualcomm, Sturm Ruger, and Whole Foods are among the companies reporting after markets close. NOW WATCH: Here's the Bill Cosby joke Eddie Murphy did at the Kennedy Center that everyone's talking about More From Business Insider 10 things you need to know today 10 things you need to know today 10 things you need to know today || 10 things you need to know today: (https://pictures.reuters.com/C.aspx?VP3=SearchResultFarmer Zhang Xianping with pig Big Precious during an interview with the media in Zhangjiakou, Hebei province, China.
Here is what you need to know.
Volkswagen has another emissions scandal.The German automaker announced that an internal investigation had discovered "irregularities in CO2 levels" in as many as 800,000 vehicles. It is unclear whether the irregularities are related to the recently discovered emissions scandal related to nitrogen-oxide testing. "Under the ongoing review of all processes and workflows in connection with diesel engines it was established that the CO2 levels and thus the fuel consumption figures for some models were set too low during the CO2 certification process," Volkswagen said in a statement. "The majority of the vehicles concerned have diesel engines."
Tesla is flying high after its latest outlook.Shares of Tesla were up 10% in after-hours trade after the company announced it expected to deliver 17,000 to 19,000 vehicles in the fourth quarter, outpacing the Wall Street consensus. For all of 2015, Tesla said it would deliver 50,000 to 52,000 vehicles, narrowing its range from its previous estimate of 50,000 to 55,000. On the earnings front, the electric-car maker lost $0.58 per share, which was slightly worse than the $0.56 loss that was anticipated. Revenue jumped 33.4% to $1.24 billion, in line with estimates.
US auto sales are at the highest level in a decade.The latest Autodata showed US auto sales rose at an annualized pace of 18.24 million in October, the best in a decade. The number easily surpassed the Wall Street consensus of17.7 million vehicles. Mazda (+35.4%) saw the biggest gains, while General Motors (+16%) and Ford (+13%) posted solid results. BMW USA (-6.6%) was the lone decliner.
Honda is dumping Takata airbags.The AFP reports that Takata's largest client, Honda, has severed its relationship with the company after US authorities announced a $200 million fine against the airbag maker. Takata airbags have been linked to eight deaths and even more injuries around the world."On a global basis, no new Honda and Acura models currently under development will be equipped with a front driver or passenger Takata airbag inflator," Honda said in a statement. Shares of Takata were down as much as 20% in Tokyo.
Iceland raised rates.Iceland's central bank raised its benchmark interest rate 25 basis points to 5.75%. The central bank noted that domestic demand was expected to increase by more than 7% this year and that gross domestic product was forecast to grow at 4.6%. As for inflation, the central bank said: "It is still expected that large pay increases will cause inflation to rise above the target as 2016 progresses and the effects of low global inflation taper off. Inflation will not return to target until 2018." The Icelandic krona is weaker by 0.2% at 128.90 per dollar.
European services data was strong.October Services PMI for the eurozone was released, and it showed that every country outpaced expectations except for Germany. Spain saw the biggest month-over-month increase, as its reading climbed from 54.6 in September to 55.9 in October and easily beat the 54.6 that was expected. Germany's number ticked up to 54.5 from 54.1 but missed the 55.2 that economists were expecting. The eurozone as a whole improved to 54.1 from 53.7. The euro is down 0.3% at 1.0935.
Bitcoin has gone parabolic.On Tuesday, bitcoin rallied 10% to close just shy of the $400 mark. On Wednesday morning, bitcoin is up another 15% near $454. The digital currency has surged 89% since the beginning of October.
Stock markets around the world are higher.China's Shanghai Composite (+4.3%) surged after the People's Bank of China released some dated comments fromgovernor Zhou Xiaochuan. In Europe, Spain's IBEX (+1.2%) leads the gains. S&P 500 futures are higher by 2.75 points at 2,105.75.
US economic data is moderate.ADP Employment Change is due out at 8:15 a.m. ET before the trade balance crosses the wires at 8:30 a.m. ET and ISM Services is released at 10 a.m. ET. Crude-oil inventories will be announced at 10:30 a.m. ET. The US 10-year yield is down 1 basis point at 2.20%.
Earnings reporting remains heavy.21st Century Fox, Allergan, CDW, Honda Motor, Michael Kors, and Time Warner highlight the names scheduled to release their quarterly results ahead of the opening bell. Facebook, Marathon Oil, MetLife, Prudential, Qualcomm, Sturm Ruger, and Whole Foods are among the companies reporting after markets close.
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• 10 things you need to know today || Bitcoin is going nuts: (George Frey/Getty Images)
Another day, another monster run for bitcoin traders.
Bitcoin was trading around $240 in the beginning of October. Now — after a gain of 10% on Tuesday added to its earlier run — it's closer to $400.
Now, bitcoin traders are looking for answers as to why the cryptocurrency is skyrocketing in value.
"You're seeing more and more institutional investors moving into the space," said Brendan O'Connor, CEO of Genesis Global Trading, a bitcoin broker.
Demand has been coming from China. O'Connor said the daily volume of bitcoin trades from China has been two to three times the ordinary amount over the past two weeks.
It's not just the value of bitcoin that's increasing; it's also the prevalence of use.
The number ofdaily bitcoin transactions appears to be steadily rising, according to tracking site Coinbase. And that has the potential to have a tremendous effect on the cryptocurrency.
"We are seeing unprecedented volume globally," said Michael Sonnenshein of Grayscale Investments, which manages the Bitcoin Investment Trust, a publicly listed vehicle that tracks bitcoin. Bitcoin Investment Trust hasn't been public very long, but it enjoyed a run-up ofmore than 7% on the good news Tuesday.
Neither O'Connor nor Sonneshein centered on a single factor that is boosting bitcoin's value. Sonneshein pointed out that as bitcoin auctions run by the US Marshals draw closer (only in a handful of instances), the cryptocurrency tends to see increased trading activity.
The next government auction of seized bitcoin isNovember 5.
Here's a graph tracking bitcoin:
(Blockchain.info)Blockchain.info captures the run-up in bitcoin prices.
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386.48, 373.37, 380.26, 336.82, 311.08, 338.15, 336.75, 332.91, 320.17, 330.75
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 57858.92, 58346.65, 58313.64, 57523.42, 54529.14, 54738.95, 52774.27, 51704.16, 55137.31, 55973.51, 55950.75, 57750.20, 58917.69, 58918.83, 59095.81, 59384.31, 57603.89, 58758.55, 59057.88, 58192.36, 56048.94, 58323.95, 58245.00, 59793.23, 60204.96, 59893.45, 63503.46, 63109.70, 63314.01, 61572.79, 60683.82, 56216.18, 55724.27, 56473.03, 53906.09, 51762.27, 51093.65, 50050.87, 49004.25, 54021.75, 55033.12, 54824.70, 53555.11, 57750.18, 57828.05, 56631.08, 57200.29, 53333.54, 57424.01, 56396.52, 57356.40, 58803.78, 58232.32, 55859.80, 56704.57, 49150.54, 49716.19, 49880.54, 46760.19, 46456.06, 43537.51, 42909.40, 37002.44, 40782.74, 37304.69, 37536.63, 34770.58, 38705.98, 38402.22, 39294.20, 38436.97, 35697.61, 34616.07, 35678.13, 37332.86, 36684.93, 37575.18, 39208.77, 36894.41, 35551.96, 35862.38, 33560.71, 33472.63, 37345.12, 36702.60, 37334.40, 35552.52, 39097.86, 40218.48, 40406.27.
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[Bitcoin Technical Analysis for 2021-06-15]
Volume: 46420149185, RSI (14-day): 52.97, 50-day EMA: 42517.51, 200-day EMA: 40977.90
[Wider Market Context]
Gold Price: 1854.50, Gold RSI: 45.97
Oil Price: 72.12, Oil RSI: 72.65
[Recent News (last 7 days)]
MicroStrategy to Sell Up to $1B in Stock, Use Part of Proceeds to Buy Yet More Bitcoin: Next, Michael Saylor will be holding a bake sale to fund hisbitcoinpurchases.
On the same day MicroStrategy, the business intelligence software firm that Saylor runs,announcedit had completed the sale of $500 million in bonds to increase its stash of the leading cryptocurrency by market capitalization, the firmsaidit plans to sell up to $1 billion in stock to buy even more.
MicroStrategy’s bitcoin trove is so big that owning the cryptocurrency is now described in the company’s filings with the U.S. Securities and Exchange Commission as being part a key part of the firm’s strategy. As of last week, the company held 92,079 bitcoin, worth more about $3.68 billion at the time of writing. With his latest capital raises, Saylor could bring that total to north of $5 billion.
Related:3 Things to Watch for Before Calling a Bitcoin Bottom
Saylor’s latest buying spree comes as bitcoin has lost more than a third of its value in the last month.
• Bitcoin Stalls at Resistance; Lower Support at $36K
• Market Wrap: Bitcoin Sustains ‘Musk Jump’ as Crypto Sentiment Improves
• Bitcoin and Ether Price Indicators Support Near-Term ‘Relief Rally’ || MicroStrategy to Sell Up to $1B in Stock, Use Part of Proceeds to Buy Yet More Bitcoin: Next, Michael Saylor will be holding a bake sale to fund his bitcoin purchases. On the same day MicroStrategy, the business intelligence software firm that Saylor runs, announced it had completed the sale of $500 million in bonds to increase its stash of the leading cryptocurrency by market capitalization, the firm said it plans to sell up to $1 billion in stock to buy even more. MicroStrategy’s bitcoin trove is so big that owning the cryptocurrency is now described in the company’s filings with the U.S. Securities and Exchange Commission as being part a key part of the firm’s strategy. As of last week, the company held 92,079 bitcoin, worth more about $3.68 billion at the time of writing. With his latest capital raises, Saylor could bring that total to north of $5 billion. Related: 3 Things to Watch for Before Calling a Bitcoin Bottom Saylor’s latest buying spree comes as bitcoin has lost more than a third of its value in the last month. Related Stories Bitcoin Stalls at Resistance; Lower Support at $36K Market Wrap: Bitcoin Sustains ‘Musk Jump’ as Crypto Sentiment Improves Bitcoin and Ether Price Indicators Support Near-Term ‘Relief Rally’ || MicroStrategy to Sell Up to $1B in Stock, Use Part of Proceeds to Buy Yet More Bitcoin: Next, Michael Saylor will be holding a bake sale to fund hisbitcoinpurchases.
On the same day MicroStrategy, the business intelligence software firm that Saylor runs,announcedit had completed the sale of $500 million in bonds to increase its stash of the leading cryptocurrency by market capitalization, the firmsaidit plans to sell up to $1 billion in stock to buy even more.
MicroStrategy’s bitcoin trove is so big that owning the cryptocurrency is now described in the company’s filings with the U.S. Securities and Exchange Commission as being part a key part of the firm’s strategy. As of last week, the company held 92,079 bitcoin, worth more about $3.68 billion at the time of writing. With his latest capital raises, Saylor could bring that total to north of $5 billion.
Related:3 Things to Watch for Before Calling a Bitcoin Bottom
Saylor’s latest buying spree comes as bitcoin has lost more than a third of its value in the last month.
• Bitcoin Stalls at Resistance; Lower Support at $36K
• Market Wrap: Bitcoin Sustains ‘Musk Jump’ as Crypto Sentiment Improves
• Bitcoin and Ether Price Indicators Support Near-Term ‘Relief Rally’ || Tunisian Finance Minister Says Bitcoin Ownership Should Be Decriminalized: Tunisia’s Minister of Finance, Ali Kooli,saidduring a television interview over the weekend that he plans to change the country’s cryptocurrency laws.
Bitcoin ownership should be “decriminalized,” he said, according to an English translation.
The proposed law change comes after local mediareportedthat a 17-year-old Tunisian boy was arrested in April for using cryptocurrency for an online transaction. The incident caused outrage in Tunisia’s crypto community, with manyblamingthe arrest on lack of regulatory clarity in Tunisia.
Related:State of Crypto: Congressional Hearings Are Ramping Up
While regulators across Africa seemingly struggle with crypto policy, offeringcontradictory statementsand issuingcrackdowns, adoption by African retail users is only speeding up. In an appearance on CoinDesk TV’s “First Mover” earlier this month, Paxful CEO Ray Youssefsaidthe African continent is leading the world in global cryptocurrency adoption and encouraged the crypto community to “have all eyes on Africa right now.”
At Swiss crypto conference last year, Tunisian central bank governor Marouane el Abassisaidregardingbitcoin:
“We are convinced that restraining a technology at its beginnings would be a mistake. … The Central Bank of Tunisia has opted for the strategic choice of positioning itself as a facilitator with the Tunisian innovation ecosystem.”
But regardless of statements, efforts to get crypto-friendly laws on the books in Tunisia have languished, resulting in events like April’s arrest.
Related:Republican Senator Asks FinCEN to Reconsider Controversial Crypto Rule
Even without regulatory clarity, crypto adoption in Tunisia is growing at a record pace. According to a report fromCarthage, an English-language Tunisian publication, Tunisian user registrations on crypto exchanges like CEX.IO are up 11% in the first quarter of 2021 compared to last year.
• Distributed Ledgers Included in Tech Bill Passed by US Senate
• Paraguay May Be Next to Court Crypto Businesses With July Bill || Tunisian Finance Minister Says Bitcoin Ownership Should Be Decriminalized: Tunisia’s Minister of Finance, Ali Kooli, said during a television interview over the weekend that he plans to change the country’s cryptocurrency laws. Bitcoin ownership should be “decriminalized,” he said, according to an English translation. The proposed law change comes after local media reported that a 17-year-old Tunisian boy was arrested in April for using cryptocurrency for an online transaction. The incident caused outrage in Tunisia’s crypto community, with many blaming the arrest on lack of regulatory clarity in Tunisia. Related: State of Crypto: Congressional Hearings Are Ramping Up While regulators across Africa seemingly struggle with crypto policy, offering contradictory statements and issuing crackdowns , adoption by African retail users is only speeding up. In an appearance on CoinDesk TV’s “First Mover” earlier this month, Paxful CEO Ray Youssef said the African continent is leading the world in global cryptocurrency adoption and encouraged the crypto community to “have all eyes on Africa right now.” At Swiss crypto conference last year, Tunisian central bank governor Marouane el Abassi said regarding bitcoin : “We are convinced that restraining a technology at its beginnings would be a mistake. … The Central Bank of Tunisia has opted for the strategic choice of positioning itself as a facilitator with the Tunisian innovation ecosystem.” But regardless of statements, efforts to get crypto-friendly laws on the books in Tunisia have languished, resulting in events like April’s arrest. Related: Republican Senator Asks FinCEN to Reconsider Controversial Crypto Rule Even without regulatory clarity, crypto adoption in Tunisia is growing at a record pace. According to a report from Carthage , an English-language Tunisian publication, Tunisian user registrations on crypto exchanges like CEX.IO are up 11% in the first quarter of 2021 compared to last year. Related Stories Distributed Ledgers Included in Tech Bill Passed by US Senate Paraguay May Be Next to Court Crypto Businesses With July Bill || Tunisian Finance Minister Says Bitcoin Ownership Should Be Decriminalized: Tunisia’s Minister of Finance, Ali Kooli,saidduring a television interview over the weekend that he plans to change the country’s cryptocurrency laws.
Bitcoin ownership should be “decriminalized,” he said, according to an English translation.
The proposed law change comes after local mediareportedthat a 17-year-old Tunisian boy was arrested in April for using cryptocurrency for an online transaction. The incident caused outrage in Tunisia’s crypto community, with manyblamingthe arrest on lack of regulatory clarity in Tunisia.
Related:State of Crypto: Congressional Hearings Are Ramping Up
While regulators across Africa seemingly struggle with crypto policy, offeringcontradictory statementsand issuingcrackdowns, adoption by African retail users is only speeding up. In an appearance on CoinDesk TV’s “First Mover” earlier this month, Paxful CEO Ray Youssefsaidthe African continent is leading the world in global cryptocurrency adoption and encouraged the crypto community to “have all eyes on Africa right now.”
At Swiss crypto conference last year, Tunisian central bank governor Marouane el Abassisaidregardingbitcoin:
“We are convinced that restraining a technology at its beginnings would be a mistake. … The Central Bank of Tunisia has opted for the strategic choice of positioning itself as a facilitator with the Tunisian innovation ecosystem.”
But regardless of statements, efforts to get crypto-friendly laws on the books in Tunisia have languished, resulting in events like April’s arrest.
Related:Republican Senator Asks FinCEN to Reconsider Controversial Crypto Rule
Even without regulatory clarity, crypto adoption in Tunisia is growing at a record pace. According to a report fromCarthage, an English-language Tunisian publication, Tunisian user registrations on crypto exchanges like CEX.IO are up 11% in the first quarter of 2021 compared to last year.
• Distributed Ledgers Included in Tech Bill Passed by US Senate
• Paraguay May Be Next to Court Crypto Businesses With July Bill || BIS Survey Finds Central Banks Keen on Tourists, Non-Residents Using Upcoming CBDCs: Many central banks are fine with tourists using their hypothetical digital currencies, the Bank of International Settlements (BIS) said Thursday. The BIS published a survey examining the possible cross-border use of central bank digital currencies (CBDC) based on 50 central banks. While BIS did not disclose which banks replied to the survey, it says that 18 were in advanced economies and 32 in emerging-market and developing economies (EMDE). About two-thirds of them are already experimenting with CBDC and conducting pilots, the BIS said. A number of central banks are open to allowing tourists and other non-residents to use CBDCs within their own jurisdiction, BIS wrote, reiterating that a CBDC could function as a means of payment for tourists to a currency zone or even entire countries outside it. Related: An Interview With Bitcoin Beach, the Community That Inspired El Salvador to Adopt the Bitcoin Standard While many banks are still concerned about volatility in exchange rates, especially if flows between domestic currency and a foreign CBDC were to be disorderly, 28% told the BIS they would be interested in forming multi-CBDC (mCBDC) arrangements to build a single payment system. Central banks are considering a variety of mCBDC arrangements. Some central banks are even contemplating multiple CBDCs run on a single system, BIS wrote. One of the biggest concerns among banks, particularly those in EMDEs, are economic and monetary implications. For example, digital dollarization, which refers to the risk of a foreign CBDC replacing the domestic currency in payments and financial transactions. Countries in EMDEs include India, Brazil, China and Mexico, among others. Central banks are starting to look toward issuing their own digital currencies as a way of modernizing their existing financial systems or using new technology to better implement monetary policies. El Salvador, which doesnt use its own native currency as its primary legal tender, recently passed a law recognizing bitcoin as legal tender, becoming the first country to do so. Related Stories Making Bitcoin Legal Tender in El Salvador an Interesting Experiment, Central Banking Official Says Brazils Central Bank Pushes Back Target Date on CBDC by Two Years Nigerias Central Bank May Launch a Digital Currency Pilot in 2021 || BIS Survey Finds Central Banks Keen on Tourists, Non-Residents Using Upcoming CBDCs: Many central banks are fine with tourists using their hypothetical digital currencies, the Bank of International Settlements (BIS) said Thursday.
The BIS published asurveyexamining the possible cross-border use of central bank digital currencies (CBDC) based on 50 central banks. While BIS did not disclose which banks replied to the survey, it says that 18 were in advanced economies and 32 in emerging-market and developing economies (EMDE). About two-thirds of them are already experimenting with CBDC and conducting pilots, the BIS said.
“A number of central banks are open to allowing tourists and other non-residents to use CBDCs within their own jurisdiction,” BIS wrote, reiterating that “a CBDC could function as a means of payment for tourists to a currency zone or even entire countries outside it.”
Related:An Interview With Bitcoin Beach, the Community That Inspired El Salvador to Adopt the Bitcoin Standard
While many banks are still concerned about volatility in exchange rates, especially “if flows between domestic currency and a foreign CBDC were to be disorderly,” 28% told the BIS they would be interested in forming multi-CBDC (mCBDC) arrangements to build a single payment system.
“Central banks are considering a variety of mCBDC arrangements. Some central banks are even contemplating multiple CBDCs run on a single system,” BIS wrote.
One of the biggest concerns among banks, particularly those in EMDEs, are economic and monetary implications. For example, “digital dollarization,” which refers to the risk of a foreign CBDC replacing the domestic currency in payments and financial transactions. Countries in EMDEs include India, Brazil, China and Mexico, among others.
Central banks are starting to look toward issuing their own digital currencies as a way of modernizing their existing financial systems or using new technology to better implement monetary policies. El Salvador, which doesn’t use its own native currency as its primary legal tender, recentlypassed a lawrecognizingbitcoinas legal tender, becoming the first country to do so.
• Making Bitcoin Legal Tender in El Salvador an ‘Interesting Experiment,’ Central Banking Official Says
• Brazil’s Central Bank Pushes Back Target Date on CBDC by Two Years
• Nigeria’s Central Bank May Launch a Digital Currency Pilot in 2021 || S&P 500, Nasdaq Close at Fresh All-Time Highs: Markets indexes were sagging for most of this first trading day of a new week, but got a wake-up call a half-hour before the closing bell and the buying started: the Dow finished the day -0.25% while the S&P 500 grew 0.18% and the Nasdaq won the day yet again, +0.74%. Both the S&P and Nasdaq reached new record closes today, to 4255 and 14,714, respectively. The small-cap Russell 2000 lagged the other indexes today, -0.41%.As we’ve seen for the past several weeks overall, market trading was measured and well-behaved throughout the session, with Tech and Communications leading the way among the 11 S&P 500 sectors. Materials, Financials and Energy were lower on the day — another sign of the rotation out of cyclicals and back into growth names. Investors look to be playing relative valuations which, while striking new closing highs today, have nevertheless been methodical in keeping gains — and losses — within range.Much is expected from the press conference with Fed Chair Jay Powell on Wednesday, following the two-day meeting of the Federal Open Market Committee (FOMC) which begins tomorrow. In particular, listening for any changes in the assessment of current inflation measures — is it still as transitory as the Fed has expected? The bond market seems to agree that it is; the 10-year yield is still around 1.5% today.The Fed will have much on its plate to discuss and reach decisions on. That said, Powell has already learned the hard way — as his predecessors Janet Yellen and Ben Bernanke did early in to their tenures as Fed Chairs — that making sudden movements in front of market participants can often lead to swift (over)reaction. As this has been a measured, languid market, it’s unlikely that Powell will be willing to shake the fish bowl.On the other hand, there will be the need for deciding on how much longer to keep buying bonds should continue, to say nothing of upping interest rates, in the face of a developing resurgence in the economy as we exit the pandemic era. For this reason, we see Powell’s presser Wednesday as being one of the more anticipated statements on the U.S. economy since the pandemic first hit.In the meantime, Tuesday morning brings us new Retail Sales figures for May (-0.7% expected from flat the previous month), a fresh Producer Price Index (PPI — expected to tick down to 0.5% from April), Industrial Production (+0.5% estimated) and Capacity Utilization (up slightly to 75.0%). Also, the Empire State Index for June is anticipate to ratchet down a tad to 22.3, still a relatively strong number. These may all play a part in the Fed’s discussions, as well.Questions or comments about this article and/or its author? Click here>>
Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
See 3 crypto-related stocks now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportInvesco QQQ (QQQ): ETF Research ReportsSPDR S&P 500 ETF (SPY): ETF Research ReportsSPDR Dow Jones Industrial Average ETF (DIA): ETF Research ReportsTo read this article on Zacks.com click here.Zacks Investment ResearchWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report || Crypto sees second week of outflows; ether posts record outflows - CoinShares: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Cryptocurrency investment products and funds saw outflows for a second straight week, with ether posting record outflows as institutional investors took a step back, data from digital asset manager CoinShares showed on Monday.
Total crypto ouflows hit $21 million for the week ending June 11. Since mid-May, total outflows reached $267 million, representing 0.6% of total assets under management (AUM).
Ether, the token used in the Ethereum blockchain, posted its largest outflow last week of $12.7 million, data showed. The token has been one of the strongest performers this year.
But CoinShares said ether inflows last week were mixed, "implying mixed opinions among investors."
Ether was last up 1% on the day at $2,536. Since hitting a record $4,380.64 on May 12, ether has fallen 40%.
The outflows in bitcoin cooled last week to $10 million, significantly lower than the previous record week of $141 million, CoinShares data showed. Trading activity in bitcoin products rose 43% from the previous week.
Bitcoin rose above $40,000 on Monday following tweets from Tesla boss Elon Musk, who said Tesla sold the currency but may resume transactions using it. It was last up 1.8% at $39,686.
While bitcoin is currently trading 36% below its 11-year exponential trend, Dan Morehead, co-chief investment officer at Pantera Capital, said in his Blockchain Letter on Monday that investors should resist the urge to close positions and instead go the other way if they have the emotional and financial resources to do so.
"Bitcoin generally goes way up...Anyone that has held bitcoin for 3.25 years has made money," said Morehead.
Grayscale, the largest digital currency manager, raised its AUM to $33.04 billion last week, from $30.3 billion the previous week.
CoinShares, the second biggest digital asset manager, saw AUM slip to $3.8 billion, from nearly $4 billion the week before.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Cynthia Osterman) || Crypto sees second week of outflows; ether posts record outflows - CoinShares: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Cryptocurrency investment products and funds saw outflows for a second straight week, with ether posting record outflows as institutional investors took a step back, data from digital asset manager CoinShares showed on Monday.
Total crypto ouflows hit $21 million for the week ending June 11. Since mid-May, total outflows reached $267 million, representing 0.6% of total assets under management (AUM).
Ether, the token used in the Ethereum blockchain, posted its largest outflow last week of $12.7 million, data showed. The token has been one of the strongest performers this year.
But CoinShares said ether inflows last week were mixed, "implying mixed opinions among investors."
Ether was last up 1% on the day at $2,536. Since hitting a record $4,380.64 on May 12, ether has fallen 40%.
The outflows in bitcoin cooled last week to $10 million, significantly lower than the previous record week of $141 million, CoinShares data showed. Trading activity in bitcoin products rose 43% from the previous week.
Bitcoin rose above $40,000 on Monday following tweets from Tesla boss Elon Musk, who said Tesla sold the currency but may resume transactions using it. It was last up 1.8% at $39,686.
While bitcoin is currently trading 36% below its 11-year exponential trend, Dan Morehead, co-chief investment officer at Pantera Capital, said in his Blockchain Letter on Monday that investors should resist the urge to close positions and instead go the other way if they have the emotional and financial resources to do so.
"Bitcoin generally goes way up...Anyone that has held bitcoin for 3.25 years has made money," said Morehead.
Grayscale, the largest digital currency manager, raised its AUM to $33.04 billion last week, from $30.3 billion the previous week.
CoinShares, the second biggest digital asset manager, saw AUM slip to $3.8 billion, from nearly $4 billion the week before.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Cynthia Osterman) || Crypto sees second week of outflows; ether posts record outflows - CoinShares: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Cryptocurrency investment products and funds saw outflows for a second straight week, with ether posting record outflows as institutional investors took a step back, data from digital asset manager CoinShares showed on Monday. Total crypto ouflows hit $21 million for the week ending June 11. Since mid-May, total outflows reached $267 million, representing 0.6% of total assets under management (AUM). Ether, the token used in the Ethereum blockchain, posted its largest outflow last week of $12.7 million, data showed. The token has been one of the strongest performers this year. But CoinShares said ether inflows last week were mixed, "implying mixed opinions among investors." Ether was last up 1% on the day at $2,536. Since hitting a record $4,380.64 on May 12, ether has fallen 40%. The outflows in bitcoin cooled last week to $10 million, significantly lower than the previous record week of $141 million, CoinShares data showed. Trading activity in bitcoin products rose 43% from the previous week. Bitcoin rose above $40,000 on Monday following tweets from Tesla boss Elon Musk, who said Tesla sold the currency but may resume transactions using it. It was last up 1.8% at $39,686. While bitcoin is currently trading 36% below its 11-year exponential trend, Dan Morehead, co-chief investment officer at Pantera Capital, said in his Blockchain Letter on Monday that investors should resist the urge to close positions and instead go the other way if they have the emotional and financial resources to do so. "Bitcoin generally goes way up...Anyone that has held bitcoin for 3.25 years has made money," said Morehead. Grayscale, the largest digital currency manager, raised its AUM to $33.04 billion last week, from $30.3 billion the previous week. CoinShares, the second biggest digital asset manager, saw AUM slip to $3.8 billion, from nearly $4 billion the week before. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Cynthia Osterman) || Crypto sees second week of outflows; ether posts record outflows - CoinShares: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Cryptocurrency investment products and funds saw outflows for a second straight week, with ether posting record outflows as institutional investors took a step back, data from digital asset manager CoinShares showed on Monday. Total crypto ouflows hit $21 million for the week ending June 11. Since mid-May, total outflows reached $267 million, representing 0.6% of total assets under management (AUM). Ether, the token used in the Ethereum blockchain, posted its largest outflow last week of $12.7 million, data showed. The token has been one of the strongest performers this year. But CoinShares said ether inflows last week were mixed, "implying mixed opinions among investors." Ether was last up 1% on the day at $2,536. Since hitting a record $4,380.64 on May 12, ether has fallen 40%. The outflows in bitcoin cooled last week to $10 million, significantly lower than the previous record week of $141 million, CoinShares data showed. Trading activity in bitcoin products rose 43% from the previous week. Bitcoin rose above $40,000 on Monday following tweets from Tesla boss Elon Musk, who said Tesla sold the currency but may resume transactions using it. It was last up 1.8% at $39,686. While bitcoin is currently trading 36% below its 11-year exponential trend, Dan Morehead, co-chief investment officer at Pantera Capital, said in his Blockchain Letter on Monday that investors should resist the urge to close positions and instead go the other way if they have the emotional and financial resources to do so. "Bitcoin generally goes way up...Anyone that has held bitcoin for 3.25 years has made money," said Morehead. Grayscale, the largest digital currency manager, raised its AUM to $33.04 billion last week, from $30.3 billion the previous week. CoinShares, the second biggest digital asset manager, saw AUM slip to $3.8 billion, from nearly $4 billion the week before. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Cynthia Osterman) || The Age of Autonomous Supply Chains: We associate the concept of central planning with grim images of collapsing Soviet economies, but it turns out that central planning is also the main engine for how capitalist modern economies run – at least inside the enterprise, though with perhaps a slightly better track record. It turns out, whether it’s at the national level or inside the enterprise, that people do not like being told what to do or being guided by central planning. Despite that, since the 1960s, companies have been trying to make computerized top-down planning and scheduling work so that they can operate their business networks more efficiently. Paul Brody is EY’s global blockchain leader and a CoinDesk columnist. Related: 4 Crypto Tax Tips to Get You Through Market Dips These central planning systems are costly and complex, and with the rise of blockchain-based industrial operations, there is an opportunity to put many of them out to pasture. Just like the real world, blockchains are decentralized systems where individual actors participate alongside others, but there is no centralized coordinating entity. In the place of top-down inventory planning and forecasting, smart contracts could be used to allow decentralized operations. Stores or locations that run out of inventory can then look around for potential suppliers – checking on the cost of buying replacement inventory from nearby stores, distributors or directly from the factory. Each local participant needs to focus only on setting their own rules to manage their replenishment plans and forecast. Crowdsourced services like ride sharing already do something like that. None of them directly tells drivers when to drive (or riders when to ride). Instead, they allow some form of supply and demand matching to occur directly in the market. Current systems are still highly centralized, with a lot of analytics and tools being used to nudge drivers and riders toward an equilibrium with things like bonuses and surge pricing. It is less hands-on than centralized planning, but still far from an entirely free market. Story continues Crowdsourced services like ride sharing already do something like this Related: 2 Tweets Make a Story: Bloomberg’s Bitcoin Miami Report These types of systems are still much more responsive than central planning systems, although that’s a low bar to hurdle. Planning has always been tough, and the gradual evolution of the process has taken decades. In the process, you take the material plan for a product and then backwards calculate how many should be ordered based on your production schedule. The result is, in theory, an orderly sequence of purchases that will refill your stocks in a timely manner. Once products are built, a separate plan, often known as the distribution plan, pushes them out into the sales channel. The theory sounds good. In reality, most enterprise supply chains are a dumpster fire of panic drills and frantic fulfillment efforts. No plan ever survives contact with reality and just about anything can go wrong, from errors in product design to giant container ships getting stuck in the Suez Canal. I once met an executive who supervised a network of private jets focused primarily on emergency supply chain runs. While spending $100,000 to ship $10,000 in plastic door handles might seem ridiculous, it’s cheaper than idling a $1 billion factory or making several thousand cars without door handles and then having staff manually attach them later. And all that has happened before we’ve dealt with sudden changes in supply or demand. Given all the things that can go wrong, the most successful companies make the coordination of business operations a strategic priority for their top executives and are very hands-on in managing the details of the supply chain. Early on in my career, I worked at a supply chain planning software vendor, and had the opportunity to watch the CEO of a major technology company preside over its sales and operations planning meeting. I was invited to attend the planning meeting as an observer to inform my work in process and system design. Once there, I was amazed to watch the CEO personally engage in the process. A shortage of parts from a key supplier meant that the company’s high end (and high margin) products that were key to the holiday season would be in short supply, and while that was far from ideal, there was still available capacity to increase production of the company’s lower margin products. In that meeting, they agreed to ramp up production of the lower margin items and change the advertising and sales emphasis to the products they would have in stock, not the ones they originally planned. The agility they showed in the planning process probably made the very best of a bad situation. That meeting set a benchmark of CEO-level engagement in supply chain management that I have never yet seen equaled. Although there aren’t yet any models for autonomous and decentralized supply chain planning, there is at least one centralized method that comes close, and it works very well: The Kanban system was originally developed by Toyota and executed in the early days without any software at all. Like many great ideas, the system is a perfect encapsulation of the philosophy that less can sometimes be more. Kanban systems eschew advanced planning software for physical cards. When inventory runs low (or out), a card is sent to the next level back in the supply chain requesting replenishment. Without regard to some grand plan, inventory flows through the system by a set of pull signals. The best feature of the Kanban system is that the “planning” signal comes all the way from the marketplace and the network responds to the demand signal directly, rather than pushing products forward based on a plan. Kanban systems are simple and efficient, and work well both in paper and digital versions. There remain significant limitations on these kinds of systems. They do not work well in “build-to-order” environments, where every product is customized or where there are frequent engineering changes. There are also big challenges for centralized systems. Want to make a supply chain planner cry? Tell them you have an engineering change order coming. For many cases, though, a blockchain-based autonomous supply chain network would bring big benefits. Smart contracts would be free to look at supply not just from the warehouse or factory, but perhaps also from nearby stores and other sources. Local smart contracts could get even smarter over time, developing unique, localized historical data of demand and an understanding of how to balance difference supply sources in time and money. To get to this future state, we still need to make dramatic progress in our ability to tokenize digital assets as they move through the supply chain. This data exists today, but it is rarely packaged in the form of digital tokens that can be seen and managed by smart contracts. As blockchain transaction capacity rises and more companies move their procurement and traceability activities on-chain, adding planning and shifting toward self-organizing networks looks more and more feasible. The future of planning is the rise of self-organizing systems over top-down planning. From ride sharing to vacation homes, we are already experiencing how systems that are driven by individual entities can be as responsive and effective as top-down models. It is only a matter of time before this approach moves into the industrial supply chain. The views reflected in this article are the views of the author and do not necessarily reflect the views of the global EY organization or its member firms. Related Stories Money Reimagined: Bitcoin’s Green Savior? The Node: The Dawn of Bitcoin Geopolitics || The Age of Autonomous Supply Chains: We associate the concept of central planning with grim images of collapsing Soviet economies, but it turns out that central planning is also the main engine for how capitalist modern economies run – at least inside the enterprise, though with perhaps a slightly better track record.
It turns out, whether it’s at the national level or inside the enterprise, that people do not like being told what to do or being guided by central planning. Despite that, since the 1960s, companies have been trying to make computerized top-down planning and scheduling work so that they can operate their business networks more efficiently.
Paul Brody is EY’s global blockchain leader and a CoinDesk columnist.
Related:4 Crypto Tax Tips to Get You Through Market Dips
These central planning systems are costly and complex, and with the rise of blockchain-based industrial operations, there is an opportunity to put many of them out to pasture. Just like the real world, blockchains are decentralized systems where individual actors participate alongside others, but there is no centralized coordinating entity.
In the place of top-down inventory planning and forecasting, smart contracts could be used to allow decentralized operations. Stores or locations that run out of inventory can then look around for potential suppliers – checking on the cost of buying replacement inventory from nearby stores, distributors or directly from the factory. Each local participant needs to focus only on setting their own rules to manage their replenishment plans and forecast.
Crowdsourced services like ride sharing already do something like that. None of them directly tells drivers when to drive (or riders when to ride). Instead, they allow some form of supply and demand matching to occur directly in the market. Current systems are still highly centralized, with a lot of analytics and tools being used to nudge drivers and riders toward an equilibrium with things like bonuses and surge pricing. It is less hands-on than centralized planning, but still far from an entirely free market.
Crowdsourced services like ride sharing already do something like this
Related:2 Tweets Make a Story: Bloomberg’s Bitcoin Miami Report
These types of systems are still much more responsive than central planning systems, although that’s a low bar to hurdle. Planning has always been tough, and the gradual evolution of the process has taken decades. In the process, you take the material plan for a product and then backwards calculate how many should be ordered based on your production schedule. The result is, in theory, an orderly sequence of purchases that will refill your stocks in a timely manner. Once products are built, a separate plan, often known as the distribution plan, pushes them out into the sales channel.
The theory sounds good. In reality, most enterprise supply chains are a dumpster fire of panic drills and frantic fulfillment efforts. No plan ever survives contact with reality and just about anything can go wrong, from errors in product design to giant container ships getting stuck in the Suez Canal. I once met an executive who supervised a network of private jets focused primarily on emergency supply chain runs. While spending $100,000 to ship $10,000 in plastic door handles might seem ridiculous, it’s cheaper than idling a $1 billion factory or making several thousand cars without door handles and then having staff manually attach them later. And all that has happened before we’ve dealt with sudden changes in supply or demand.
Given all the things that can go wrong, the most successful companies make the coordination of business operations a strategic priority for their top executives and are very hands-on in managing the details of the supply chain. Early on in my career, I worked at a supply chain planning software vendor, and had the opportunity to watch the CEO of a major technology company preside over its sales and operations planning meeting.
I was invited to attend the planning meeting as an observer to inform my work in process and system design. Once there, I was amazed to watch the CEO personally engage in the process. A shortage of parts from a key supplier meant that the company’s high end (and high margin) products that were key to the holiday season would be in short supply, and while that was far from ideal, there was still available capacity to increase production of the company’s lower margin products.
In that meeting, they agreed to ramp up production of the lower margin items and change the advertising and sales emphasis to the products they would have in stock, not the ones they originally planned. The agility they showed in the planning process probably made the very best of a bad situation. That meeting set a benchmark of CEO-level engagement in supply chain management that I have never yet seen equaled.
Although there aren’t yet any models for autonomous and decentralized supply chain planning, there is at least one centralized method that comes close, and it works very well: The Kanban system was originally developed by Toyota and executed in the early days without any software at all. Like many great ideas, the system is a perfect encapsulation of the philosophy that less can sometimes be more. Kanban systems eschew advanced planning software for physical cards. When inventory runs low (or out), a card is sent to the next level back in the supply chain requesting replenishment. Without regard to some grand plan, inventory flows through the system by a set of pull signals.
The best feature of the Kanban system is that the “planning” signal comes all the way from the marketplace and the network responds to the demand signal directly, rather than pushing products forward based on a plan. Kanban systems are simple and efficient, and work well both in paper and digital versions.
There remain significant limitations on these kinds of systems. They do not work well in “build-to-order” environments, where every product is customized or where there are frequent engineering changes. There are also big challenges for centralized systems. Want to make a supply chain planner cry? Tell them you have an engineering change order coming.
For many cases, though, a blockchain-based autonomous supply chain network would bring big benefits. Smart contracts would be free to look at supply not just from the warehouse or factory, but perhaps also from nearby stores and other sources. Local smart contracts could get even smarter over time, developing unique, localized historical data of demand and an understanding of how to balance difference supply sources in time and money.
To get to this future state, we still need to make dramatic progress in our ability to tokenize digital assets as they move through the supply chain. This data exists today, but it is rarely packaged in the form of digital tokens that can be seen and managed by smart contracts. As blockchain transaction capacity rises and more companies move their procurement and traceability activities on-chain, adding planning and shifting toward self-organizing networks looks more and more feasible.
The future of planning is the rise of self-organizing systems over top-down planning. From ride sharing to vacation homes, we are already experiencing how systems that are driven by individual entities can be as responsive and effective as top-down models. It is only a matter of time before this approach moves into the industrial supply chain.
The views reflected in this article are the views of the author and do not necessarily reflect the views of the global EY organization or its member firms.
• Money Reimagined: Bitcoin’s Green Savior?
• The Node: The Dawn of Bitcoin Geopolitics || FTSE rises to new pandemic high: London’sFTSE 100has returned to its highest point since the start of a Covid-19 crash that wiped hundreds of billions of pounds off the index last year.
Blue-chips ticked back up to 7,172.5 after gaining another 25.8 points on Tuesday, to its highest close since Feb 21 2020, the last day before the pandemic gripped the markets. It was on the next trading day, Feb 24 2020, that the top flight had its biggest fall in more than four years with around £62bn wiped off the index.
The FTSE 100 was lifted by gains in consumer staples and energy stocks, although a delay in lifting remaining restrictions in England curbed sentiment across the overall market. The more domestically focusedFTSE 250lost 112.8 points to close at 22,631.7.
“It’s been a game of two halves for London markets as the FTSE 100 hurtled back on to the pitch after [Monday’s] lockdown setback with a can-do attitude that pushed it to a 16-month high,” said AJ Bell’s Danni Hewson. “By comparison the more domestically focused FTSE 250 couldn’t quite shake things off.
“There’s more economic data for investors to mull over [today] with the latest UK inflation figures expected to reflect the boost from May’s reopening of indoor hospitality and leisure. Up certainly, and so far, most indicators still seem to suggest the trend will be transitory. But there are some warning signs flashing, particularly on the other side of the Atlantic.”
Share prices of consumer staples and some retail stocks rebounded from the previous session as bargain hunters swooped in. Leading the benchmark’s top performers was Primark-parentAssociated British Foods, which rose 75p to £23.67, while Wagamama-ownerRestaurant GroupandCineworldwere in the top 10 best performers on the FTSE 250. The stocks gained 2.2p to 125.6p and 1.1p to 88p respectively.JD Wetherspoonalso rose, adding 11p to £12.48 by close.
Oil majors Shell and BP also helped to buoy the benchmark for a second day, as they continued to track crude prices and on forecasts from commodity traders that costs could reach as high as $100 per barrel.
In contrast, miners Antofagasta, Anglo American, Fresnillo and Glencore were among the worst performers on the FTSE 100. Copper’s stellar rally started to creak as investors unwind their bullish bets ahead of this week’s US Federal Reserve meeting that may give clues on future monetary policy.
Elsewhere, travel operatorTuiwas a key drag among mid-caps as UK restrictions threaten to continue throughout large parts of the summer. The operator made the decision to axe holidays into July because of “ongoing uncertainty”. Shares lost 14p to end at their lowest level in over seven weeks, closing at 397.9p.
That is all from us today - here are some of our top stories:
• They said it couldn't be done: Australia deal proves 'Remainer' trade experts wrong
• Ikea and Grolsch join Kopparberg boycott of GB News
• Debenhams eyes return to the high street under new owner Boohoo
• If you go to restaurants, you can come to the office, Morgan Stanley tells staff
• AstraZeneca Covid-19 treatment fails to help those exposed to virus
Thanks for following along. Have a great evening and do join again tomorrow.
American Express will allow most employees to work from home for up to two days a week permanently, in a hybrid approach that contrasts some major Wall Street banks.
AmEx will begin bringing staff back to the office starting September 13, with an aim to fully adopt the hybrid model in the week of October 4.
Most of the US and UK staff of the credit card issuer will have the choice to work remotely on Mondays and Fridays, chief executive Stephen Squeri said in an internal memo first reported by Bloomberg. The final decision will, however, depend on local conditions and health authority guidance.
The first three weeks will be a "transition period" to allow employees to "get used to" going to the office, though occupancy will be restricted to 50pc and most of the staff will work in the office only two days a week.
Those who worked full-time from home before the pandemic will continue to do so, while those who cannot "perform their jobs effectively" from home will be required to go to office daily.
MacKenzie Scott, Jeff Bezos's ex-wife and billionaire philanthropist, has given $2.7bn (£1.9bn) to a variety of charities, she wrote in a blog post. It brings her total donations since her first in July 2020, to a whopping $8.5bn.
This time she donated to 286 organisations from the Alvin Ailey American Dance Theatre, to racial equity funds in philanthropy and journalism.
Ms Scott, who is remarried to Seattle science teacher Dan Jewett, ended up with a 4pc stake in Amazon.com after her and Bezos's divorce. She is worth almost $60bn.
In reaction to the UK-Aus trade deal,Mike Hawes, chief executive of the Society of Motor Manufacturers and Traders (SMMT),said:
“Australia is an important growth market and the industry welcomes the agreement in principle of a trade deal between the two countries."If tariffs can be avoided, making UK manufacturers more competitive against international rivals, there is some potential to increase our vehicle exports and we look forward to seeing the finer details of the deal, to ensure the agreement delivers for the automotive sector."Given the integrated nature of the automotive industry, however, and the importance of proximity, we must also ensure smooth trade with markets closer to home.”
Read my colleague Louis Ashworth's piece for all the details about the trade deal.
Metallica filed paperwork in Los Angeles Superior Court last week, suing Lloyd’s of London for allegedly refusing to pay out after the rock band was forced to postpone a six-date South American tour in April 2020, amid the pandemic.
Reports say the band alleged the insurance market had breached its contract and that they were seeking unspecified compensatory damages.
Metallica had a “cancellation, abandonment and non-appearance insurance” policy in place in case of show cancellation, according to the filing, but Lloyd's would not compensate the band because it had a disease exclusion.
According to City AM, Lloyd’s said: “Lloyd’s is not an insurance company, it oversees and regulates a market of independent insurers.
“For that reason we have no information on any specific policy or law suit and in any event are not authorised to comment on matters in litigation.”
US industrial production rose as motor vehicle production rebound but manufacturers struggle with worker shortages and supply disruptions, reportsLouis Ashworth.
Output in the manufacturing sector climbed 0.9pc in May according to the Federal Reserve, slightly beating expectations of 0.6pc.
Ian Shepherdson from Pantheon Macroeconomics said activity was improving at a “decent clip”.
“Manufacturing production is now back to the pre-Covid level, though the cumulative losses are yet to be recovered,” he said.
Boohoo is preparing to bring a Debenhams store back to the high street in a bid to secure deals with major beauty brands, reportsLaura Onita.
John Lyttle, chief executive of Boohoo, which bought Debenhams in January, said it is in talks to open a small store outside of London just months after the department store chain shut its remaining stores following its collapse in January.Mr Lyttle said the move was designed to get more beauty suppliers on board after Boohoo launched Debenhams as an online-only brand in April.
Read Laura's full story here.
My colleagueLouis Ashworthwrites:
US producer prices rose at the fastest pace in nearly 11 years as inflationary pressure continues to build in the world’s top economy.Prices climbed 6.6pc in the 12 months to May, according to Bureau of Labor Statistics going back to 2010.Prices climbed 0.8pc over the month, topping economists’ estimates for a 0.5pc rise.The rise showed the effects of a continued “mismatch between supply and demand”, according to Oxford Economics’ Mahir Rasheed, as well as the ‘base effects’ of a dive in prices last spring.The figure will likely filter through to consumer prices, fuelling fears that the US economy is running hot as it bounces back from the pandemic.It will add to pressure on the Federal Reserve, which is beginning a two-day meeting over plans to eventually rein in the unprecedented wave of support it released in response to the pandemic.
US stocks slipped today, following new data showing Americas reined in their spending last month.
The Dow Jones dropped 0.4pc, the S&P fell 0.2pc and the Nasdaq was down 0.5pc, after the Commerce Department said retail spending fell 1.3pc last month.
Eight of the 13 major retail categories posted declines in sales receipts last month.
Retail sales decreased 0.7pc, motor vehicle and parts dealer sales fell 3.7pc and furniture stores, electronics outlets and building materials merchants also posted declines.
Restaurant sales however rose 1.8pc in May, signalling a consumer shift toward services spending as coronavirus restrictions ease.
Confidence among US homebuilders declined in June to a 10-month low as elevated costs continued to dampen demand for new homes.
Bloomberg has more details:
A gauge of builder sentiment fell to 81 this month from 83, National Association of Home Builders/Wells Fargo data showed Tuesday. The median forecast in a Bloomberg survey of economists called for no change from a month earlier.The decline in sentiment indicates that continued elevated costs for some building materials and labour are keeping some buyers out of the once red-hot US housing market. Despite the easing in confidence, the gauge remains well above pre-pandemic levels and has held within a narrow, three-point range this year.“Higher costs and declining availability for softwood lumber and other building materials pushed down builder sentiment in June,” said Chuck Fowke, chairman of the NAHB and a builder in Tampa, Florida, said in a statement."These higher costs have moved some new homes beyond the budget of prospective buyers, which has slowed the strong pace of home building.”
The Telegraph's chief City commentatorBen Marlowhas been writing about the latest employment figures, which show unemployment fell to 4.7pc in May:
Just as Britain confounded the naysayers and avoided a double-dip recession, gloomy forecasts of a double-digit unemployment rate have proved to be well wide of the mark.But the glut of positive jobs data masks some worrying trends. While the idea of Britain’s Covid-battered economy miraculously becoming an engine of job creation is a seductive one, the reality is that employment remains half a million below pre-pandemic levels.It is already evident that young people have borne the brunt of the pandemic jobs rout with under-25s accounting for 63pc of the nearly 700,000 jobs lost in the 12 months to the end of January. The overall picture improved last month but among 25 to 49-year-olds the rate is still increasing.[...] Sky-high youth unemployment continues to hold back the Spanish economy today, while Greece had one of highest rates of long-term unemployment in the OECD following its 2010 bailout. The UK must learn the lessons of failed eurozone states.
This extract comes from our City Intelligence newsletter. You cansign up for the newsletter hereto receive incisive analysis of the day's biggest corporate story.
The FTSE 100 shrugged off news that the UK's reopening date will be pushed back to July, reaching 16-month highs earlier in the session.
The more domestically-focused FTSE 250 however lagged throughout the day, with travel stocks TUI and the Trainline weighing on the index. It is currently down 0.25pc.
London-listed holiday group TUI is down 3.8pc as UK restrictions threaten to drag on throughout large parts of the summer. The operator made the decision to axe holidays into July because of "ongoing uncertainty."
Here's the day's best from The Telegraph's Money team:
• One in 100 chance your travel insurance will pay out if you have to cancel your holiday:Providers make 'bold' and 'confusing' claims
• Returning to the office? The best value rural hotspots for a part-time London commute:Here's where to move near the capital to get the biggest house for your money
• Wealthy savers waste £20,000 tax break:Most high earners with an Isa do not use the full allowance
Sign up to the weekly Money newsletter here.
Ashtead has returned to growth as successful vaccination campaigns have aided the equipment rental company, reportsBen Gartside.
Revenue leapt 23pc in the three months to the end of April, as the economy began to reheat following the coronavirus pandemic.
Contracts with the Department for Health and Social Care proved profitable, as the government department accounted for 29pc of the group’s UK turnover last year.
Ashtead, who are the largest supplier of traffic cones in the UK, saw testing centres lead demand for mobile generators and portable tower lights.
The company announced it expects sales to increase between 6pc and 9pc globally due to post-vaccine reopenings.
Chief Executive Brendan Horgan welcomed the results, saying that it proved Ashtead’s resilience.
Mr Horgan said: “We have shown that our business can perform in both good times and the more challenging ones. We enter the new financial year with clear momentum and a strong position in all of our markets”.
Ashtead recently launched a new Canadian offshoot, which the company expects will grow by a quarter next year.
In the last decade, the company’s share price has rocketed from £1 to over £51, driven by growth in the US.
The equipment rental company initially focused on the UK, but now conducts more than 90pc of its operations in the US and Canada. Following its growth across the Atlantic, the company said future results would be measured in dollars rather than pounds.
Back in the UK, Bank of England Governor Andrew Bailey has vowed to give the likes of Bitcoin "tough love" as policymakers continue to look at regulating cryptocurrencies.
The Bank launched a consultation last week looking at the possibility of regulating cryptocurrencies as well as examining the possibility of launching its own digital form of exchange.
PAhas the details:
Speaking at TheCityUK's virtual annual conference, Mr Bailey said while innovation can challenge existing rules, public interest must be at the heart of advances in digital currency.
He said: "What we cannot have is a world where innovation gets a free pass to ignore the public interest.
"The odds of such an approach not ending well are too high."
He added the Bank is keen to get ahead of the curve and set out "rules of the road" for fintech firms and digital currency to ensure financial stability is protected and public confidence in money is not impacted.
He said: "Playing catch-up with public policy is not a recipe for success.
"There will inevitably be elements of tough love in such a process, and some disappointed ambitions, but I am confident that out of it will come a robust form of innovation."
Traders appear to have reacted to that sign of rising inflation by sending US stocks into the red following the opening bell.
The S&P 500 and Nasdaq are just 0.07pc down, but the Dow has fallen by 0.28pc - all contrast sharply with rises of around half a per cent around Europe.
The 0.8pc spike in US producer prices was a steeper than expected increase, leading investors to fear they could be passed onto consumer prices. Their major concern is that the Federal Reserve, which meets tomorrow to decide on whether or not to continue its emergency bond purchasing programme, could opt to taper support in order to combat inflation.
AsBloombergreports:
Since the start of the pandemic the central bank has bought more than $2.5 trillion of US Treasury debt, effectively covering more than half of the federal government’s red ink over that time.
That buying - together with about $870bn in purchases of mortgage-backed securities - has flooded the financial markets with liquidity, contributing to a doubling of the stock market from its pandemic low.
“It will be like crawling along a knife-edge ridge,” former Bank of England policy maker Charles Goodhart said of the task facing the Fed. “If you do too little you’ll find inflation will just go on accelerating. If you do too much you get into a financial crisis and a recession.”
US producer prices rose more than expected in May, prompting concern that wholesale inflation will move through the economy and put pressure on consumer prices.
The US Labor Department said today that its producer-price index rose 0.8pc in May compared to the previous month and up slightly from the 0.6pc increase in April.
Between 2017 and 2019, the average rise was 0.2pc.
Norway's energy giant Equinor says that by 2030 it will plough more than half of its annual investment into renewable energy, as it continues to reinvent itself in line with the global push to cut carbon emissions, reportsRachel Millard.
The target is a significant increase on the 4pc it spent on renewables and low carbon projects in 2020. It also plans to cut its net carbon intensity 20pc by 2030, 40pc by 2035 and 100pc by 2050.
Equinor, which is 67pc owned by the Norwegian state, was formerly named Statoil but rebranded in March 2018 as renewable energy rose up the agenda among investors and oil and gas companies.
Anders Opedal, president and chief executive, said that, in the longer term, Equinor expects to produce less oil and gas, when demand starts to reduce.
During 2020, Equinor produced more than two million barrels of oil and gas equivalent per day, and 1,662GWh of renewable energy. Most of its oil and gas production is in Norway, followed by Angola and Nigeria.
Oil and gas companies are under growing pressure to produce more low carbon energy, with many aiming to use cash from their oil and gas businesses to invest in wind and solar power.
Equinor said it expected to invest around $23bn [£16.4bn] in renewables between 2021 and 2026 and to install up to 16GW by 2030, with expected returns of 4-8pc. It also wants to develop the capacity to store 15-30m tonnes of carbon dioxide and develop hydrogen. Opedal added: “Our strategy is backed up by clear actions to accelerate our transition while growing cash flow and returns."
The UK is showing up its trade sceptics with a flurry of dealmaking just six months since Brexit, reports my colleagueLouis Ashworth.
He writes:
When Britain quit the European Union in 2016, a litany of experts warned that it could take the UK a decade to reach a new trade relationship with Brussels - and even longer to strike deals with other countries.One leading lawyer, David Allen Green, suggested in the wake of the referendum that three years of exit negotiations could be followed by up to 10 years of further talks on trade.Others claimed the UK did not have expertise or competence to do its own deals, and hopes of agreements around the world were doomed to failure.But in fact it took rather less than the mooted decade to secure an EU deal – albeit an imperfect one.
Read his full story here.
The FTSE 100 has lifted to a new pandemic high, trading at the highest level since the end of February 2020.
US retail sales fell more than expected in May, dropping to 1.3pc last month, signalling an end to the stimulus spending splurge that has taken place over the past two months.
Over the last year, demand for goods has been propped up by elevated savings supported by fiscal stimulus, pushing total retail sales above pre-pandemic levels.
However the May decline in retail sales suggests that as travel picks up and entertainment venues reopen, spending on goods is starting to subside.
The pound has dropped to a one-month low against the dollar, in what analysts say is the breaking of a technical level that has not changed the bullish narrative on Britain's currency.
Sterling slidgradually during the morning session and is currently down 0.3pc at $1.4060, having touched $1.4035, its lowest in one month.
Versus the euro, it was down 0.4pc at 86.24 pence per euro .
Simon Harvey, FX analyst at Monex Europe, told Reuters that the move was not linked to any news event but rather a breaching of the $1.4070 level to which it had come close in previous sessions.
"Sterling's bearish bias has been in place over the past week or so as it toyed with breaking below 1.41 against the dollar," he said.
"Today, momentum was on the side of the GBP bears as the pair smashed through the 1.4070 handle, triggering stops and pushing the currency down closer to its 50-day moving average, which rests at 1.4010."
He added that he was bullish on the pound given that the delay in lifting remaining lockdown measures did not change the "structural backdrop" - expectation of an economic recovery.
Two of the world's largest independent oil traders have said crude prices are likely to rise even higher this year due to growing demand.
Brent crude, the international benchmark, has already reached a two-year high of $73 a barrel in London and could rise to $78 later this year, said Vitol Group Chief Executive Officer Russell Hardy.
The demand recovery is healthy and consumption will reach pre-Covid levels next year, added Alex Sanna, head of oil and gas marketing at Glencore Plc.
The two traders, speaking at the FT Commodities Summit, didn’t predict a so-called “supercycle” that could result in a sustained surge in prices. Crude will only reach $100 a barrel if the Organization of Petroleum Exporting Countries and its allies choose to force it that high, said Hardy.
“It is not a supercycle, because the energy transition tells us demand will peak and drop,” said Hardy.
“I believe in spikes in demand and regulatory changes, and that is going to create a lot of volatility,” Sanna said.
Futures point to muted gains for US stocks today ahead of today's Federal Reserve meeting, as investors expect that stocks will climb through the rest of the year due to easy monetary policies.
Futures tied to the S&P 500 and the Nasdaq 100 lifted 0.1pc while the Dow's futures were flat.
“Investors seem a bit more convinced the Fed will do what it says it is going to do and stay put,” Edward Smith, head of asset allocation research at U.K. investment firm Rathbone Investment Management.
“That should mean we have relatively easy financial conditions and that should be good for equity markets.”
Data on industrial production, producer prices and retail sales are also expected in the US today.
Copper’s stellar rally is starting to creak as investors unwind their bullish bets and evidence of demand weakness mounts in China’s powerhouse manufacturing sector.
Bloomberg has more details:
Prices plunged as much as 4.3pc in London, crashing through their 50-day moving average to trade at a seven-week low. Copper hit an all-time high last month, but pressure on the bellwether metal is mounting as Chinese demand softens and investors grow more confident that the strong inflationary forces seen across leading economies will prove transitory.The possibility that the U.S. Federal Reserve will soon start to slow the pace of emergency asset purchases is also bolstering the outlook for the dollar, shaking a pillar of support for copper and other commodities that have been boosted by the currency’s weakness over the past year.While supply issues and a demand uplift arising from the green-energy transition sustain the long-term outlook for copper, an investor exodus appears to be accelerating as shorter-term fundamental, macroeconomic and technical pressures build.
Fintech giant Wise has drawn up plans to launch a direct listing on the London Stock Exchange as soon as this week,reports Sky News.
Insiders told Sky that a valuation of well above £5bn was "almost certain", which would solidify the company's status as one of Britain's most valuable start-ups.
However the exact timing depends on final approvals from regulators which means an announcement could be pushed to later this month.
Traders will be closely watching for decisions emerging from the Federal Reserve's two-day meeting which starts today, as the US central bank considers when and how fast to withdraw the massive bond-buying program launched in 2020.
Boss Jerome Powell is will make a statement following the meeting's conclusion tomorrow, when he is expected to point to continued strength in the economy and acknowledge the first conversations among its policymakers about tapering support.
Legal and General's investment arm is throwing US insurer AIG and energy giant PPL out of its sustainability-focused funds over their climate policies, reportsRachel Millard.
Legal and General Investment Management (LGIM), which manages £1.3trn, argues the pair have not done enough to address the risks posed by climate change.
It is also excluding Industrial and Commercial Bank of China and China Mengniu Dairy, as partof its annual reviewinto how LGIM savers' money is helping or hindering the fight against climate change.
It says all four have not responded satisfactorily to engagement from LGIM and/or have breached LGIM's "‘red lines’ around coal involvement, carbon disclosures or deforestation".
They are being booted out of actively managed funds with £58bn of assets, including its Future World ranges and auto-enrolment default funds in L&G Workplace Pensions and the L&G MasterTrust.
The exclusion does not mean the companies are excluded from all LGIM investment.
Michelle Scrimgeour, chief executive of LGIM, said: "Progress cannot be made by acting in isolation and we, as investors, have a real role to play in the responsible allocation of capital.
"Climate change is one of the most critical sustainability issues we face and we fully support efforts to align the global financial system with a pathway well below two degrees centigrade."
A further nine companies, including MetLifeand ExxonMobil, remain excludedfrom the LGIM funds while LGIM tries to get them to improve their climate policies.
Airline stocks are recovering following a sell off yesterday that was prompted by news that Britain's reopening date would be pushed back to July.
Today, Wizz Air and EasyJet are both up 1.34pc and 1.27pc respectively. British Airways owner also lifted 1.86pc.
PwC will add 100,000 to its global workforce over the next five years as part of a $12bn (£8.5bn) investment in recruitment, training and technology, theFT is reporting today.
The investment plan, which will increase the firm's headcount by one third, is designed to capture the growing market for environmental, social and governance advice and includes a $3bn (£2.1bn) plan to double its Asia-pacific business.
Bob Moritz, global chair of PwC, told the FT that the firm was “going to massively invest to redefine itself and rebrand itself to make sure we’re valuable for what our clients need and what the world needs”.
Britain's competition watchdog said today it is looking into whether Apple and Google'scontrol over mobile ecosystems is stifling competition across a range of digital markets.
The CMA said it was launching a market study into the two companies "effective duopoly" because it is concerned this could lead to reduced innovation across the sector and consumers paying higher prices for devices, apps and other services.
The watchdog said it will also examine any effects of the firms’ market power over other businesses – such as app developers – which rely on Apple or Google to market their products to customers via their phones.
Andrea Coscelli, Chief Executive of the CMA said:
Apple and Google control the major gateways through which people download apps or browse the web on their mobiles – whether they want to shop, play games, stream music or watch TV. We’re looking into whether this could be creating problems for consumers and the businesses that want to reach people through their phones.Our ongoing work into big tech has already uncovered some worrying trends and we know consumers and businesses could be harmed if they go unchecked. That’s why we’re pressing on with launching this study now, while we are setting up the new Digital Markets Unit, so we can hit the ground running by using the results of this work to shape future plans.
Morgan Stanley's boss James Gorman has told bankers that if they are happy going to restaurants, then they can return to the office as major employers clash with staff over the future of working life, reportsLucy Burton.
She writes:
Morgan Stanley's boss James Gorman has told bankers that if they are happy going to restaurants, then they can return to the office as major employers clash with staff over the future of working life.During a conference organised by the bank, Mr Gorman sent out a clear message to those in New York who are hesitating to come back: "If you can go into a restaurant in New York City, you can come into the office and we want you in the office."He added that more than 90pc of employees in its Broadway headquarters were now vaccinated and that remote working from locations such as Florida would not be accepted.
Read her full story here.
My colleagueGareth Davieshas more on the UK-Australia free trade deal:
The new deal will help distillers by removing tariffs of up to 5pc on Scotch whisky, according to a Downing Street statement stressing the benefits of the deal to the whole UK.It said more than 450 businesses in Wales exported to Australia last year and that "life science companies and chemicals manufacturers are set to benefit in particular".For Northern Ireland, it said "90pc of all exports from Northern Ireland to Australia are machinery and manufacturing goods - used extensively in Australia's mining, quarrying and recycling sectors. Under the new FTA tariffs will be removed and customs procedures will be simplified".And car manufacturers in the Midlands and North of England will see tariffs of up to 5pc cut, it added.
Read his full story here.
British housebuilder Bellway is attempting to harness the momentum in housing prices by making a record investment in land since last August, expecting demand for new homes to remain robust.
Despite encountering some delays in planning processes due to Covid-19, the company said it has contracted to acquire almost 16,000 plots since August 2020, up from 10,000 plots in its 2020 financial year.
Bellway said today that it expects to complete around 10,000 homes this year, compared to 7,522 in the previous 12 months. It also expects the the average selling price to rise to above £300,000, compared to £293.054 last year.
Jason Honeyman, chief executive, commented:
We have continued our front-footed approach to land acquisition, making a record investment in new sites, thereby enabling us to grow sales outlets and meet the ongoing demand for new homes in the years ahead. This disciplined investment approach, together with our strong balance sheet, ensures that Bellway is in a good position to continue its long-term growth strategy.We have continued our front-footed approach to land acquisition, making a record investment in new sites, thereby enabling us to grow sales outlets and meet the ongoing demand for new homes in the years ahead. This disciplined investment approach, together with our strong balance sheet, ensures that Bellway is in a good position to continue its long-term growth strategy.
The UK's new trade agreement with Australia means British products will be cheaper to export and young people will find it easier to work in Australia, the government said this morning.
The deal eliminates tariffs on imported Australian goods such as wine, swimwear and confectionery, it said.
The government added that British products including cars, Scotch whisky, biscuits and ceramics will also be cheaper to sell into Australia,boosting a trade relationship worth £13.9bnlast year.
Under the agreement, Britons under 35 will be able to travel and work in Australia more freely, while British farmers will be protected by a cap on tariff-free imports for 15 years.
The final agreement in principle is to be published in the coming days.
Prime Minister Boris Johnson said:
Our new free-trade agreement opens fantastic opportunities for British businesses and consumers, as well as young people wanting the chance to work and live on the other side of the world.This is global Britain at its best – looking outwards and striking deals that deepen our alliances and help ensure every part of the country builds back better from the pandemic.
A French court on Tuesday ordered IKEA to pay a €1m euro (£861,000) fine for spying on its French staff, after the world's biggest furniture retailer was found guilty of improperly gathering and storing data on its employees.
Reuters has more details:
The French branch of the Swedish company was accused of snooping on its workers over several years, and breaching their privacy by reviewing records of their bank accounts and sometimes using fake employees to write up reports on staff.Prosecutors had been pushing for a €2m fine against the firm, which is owned by the Ingka Group.The company said it was reviewing the court decision to see if any further measures were needed, after it took steps to stamp out the surveillance tactics."IKEA Retail France has strongly condemned the practices, apologised and implemented a major action plan to prevent this from happening again," the company said.The flatpack furniture firm's former chief executive in France, Jean-Louis Baillot, was also found guilty in the case and handed a two-year suspended prison sentence. Judges fined him €50,000 euros for storing personal data.The allegations centered on the 2009-2012 period, although prosecutors said the spy tactics began in the early 2000s.The group was accused of trawling through employees' data to check-up on their finances and personal lives. It has recognised some of these tactics, although it has denied setting up a widespread espionage system.
A collapse in long haul travel has pushed UAE airliner Emirates to its first loss in three decades, with its deficit for the year ending March 31 spiralling to 22.1bn dirhams (£4.27bn), while revenue dropped 66pc to 35.6bn dirhams (£6.88bn).
The group said government support would continue, with Dubai injecting an extra $1.1bn (£780m) into the airline on top of the £2bn (£1.42bn) lifeline last year.
The airline's chairman Sheikh Ahmed bin Saeed Al Maktoum said today the recovery from the coronavirus crisis would be patchy and no one could predict when it would end.
Britain and Australia have agreed the first trade deal to be negotiated from scratch since Brexit, with a formal announcement expected later today, the BBC is reporting.
The new trade deal is expected to give UK and Australian businesses easier access to each other's markets and was apparently agreed by UK Prime Minister Boris Johnson and Australian PM Scott Morrison over dinner at Downing Street last night.
The UK government has signed a series of other trade deals over the past year, but these have been rollovers of those the UK already had as part of the EU.
Like the markets, the pound shrugged off the delay to the UK's lockdown easing plan, with investors instead looking to positive jobs data that showed a record jump in employee numbers in May.
In early London trading, the pound held steady above $1.41, up less than 0.1pc against the dollar.
Versus the euro, it was down around 0.1pc at 86.03 pence per euro.
Employees overwhelmingly back a hybrid approach to working but bosses appear set to burst the WFH dream, report my colleaguesLucy Burton,Tom ReesandHannah Boland.
They write:
Bosses are on a collision course with staff over a shift to permanent home working as official figures indicate huge numbers of employees want to stay away from the office.The Prime Minister's delay to the Covid-19 roadmap on Monday evening means hopes have been dashed for organisations seeking a return to normal from next Monday - with Goldman Sachs among a string of major employers expected to change their plans.However, figures from the Office for National Statistics released on Monday suggested that many staff are hopeful that they will not have to return permanently at all.A total of 85 per cent of adults who are currently working from home want to adopt a “hybrid” approach after the pandemic by splitting their time between home and the office, data from the ONS revealed.At the same time, almost two in five firms expect more than three-quarters of staff to be in their normal workplace post-Covid, indicating that businesses and employees could be at loggerheads when the Prime Minister’s work from home advice is lifted.
Read their full story here.
Markets in London shrugged off the extension of lockdown restrictions this morning, following Boris Johnson's announcement last night that he would aim toreopen the economy by July 19.
The FTSE 100 is currently up 0.4pc, with large dollar earning companies such as Unilever and British American Tobacco providing a boost.
Just Eat was also up 2.3pc after announcing its acquisition of US online delivery platform Grubhub was complete.
The FTSE 250 was also up 0.3pc, with multinational food service group SSP leading the gains, up 3.13pc. Tech investment trust, Allianz Technology Trust, was close behind, up 2.96pc.
Boohoo sales leapt 32pc to £486.1m in the three months to the end of May, boosted by the integration of the company's recent acquisitions including Dorothy Perkins, Wallis, Burton and the Debenhams online department store.
The online fashion business also agreed today to sign up to a forensic auditing initiative, Fast Forward, as part of its attempts to improve the firm's supply chain and reputation.
The decision comes as retired judge Sir Brian Leveson completed a third report as part of an independent review into the company, following the exposure of poor practices at some of the factories it used.
Bosses have also committed to publish its global supplier list in full by September this year.
Chief executive John Lyttle commented:
The two year CAGR [compound annual growth rate] of 38pc highlights the Group's continued phenomenal growth, with revenues having increased 91pc over the last two years, with particularly strong performance in key markets such as the UK and US, where sales have more than doubled.[...] We continue to make great progress on our Agenda for Change programme, with this morning's latest report from Sir Brian Leveson outlining the seriousness with which the Group is determined to develop and demonstrate a gold standard in our supply chain.
The FTSE 100 has opened up 0.18pc, currently trading a 7.163 points.
The FTSE 250 is trading flat, at 22,765 points.
Laith Khalaf, financial analyst at AJ Bell, comments:
All the dials in the labour market are pointing in the right direction, but they’re heavily distorted by the gravitational pull of the furlough scheme, lockdown lifting bottlenecks, and the effect of annual comparisons now lapping the first wave of the crisis. We won’t get a clear picture of the health of the post pandemic economy until the back end of this year, and that means the Bank of England isn’t going to rush to any interest rate hikes in the next few months, even if the UK looks to be firing on all cylinders.Hospitality businesses are getting friction burns, as the entire sector opens up and looks for staff to service a horde of customers, hungry to make the most of their new freedoms. However, after an initial round of playing catch up, there’s only a certain amount of food and booze customers will want to consume and so the growth from reopening can’t be extrapolated infinitely. That applies across a whole host of sectors and indeed the UK economy at large.[...] Unemployment is heading in the right direction, but we are still missing around half a million jobs compared to February of last year, not counting the uncertain future of those on furlough. This highlights the economic damage the pandemic has wrought and in all the progress we have made, it’s important to recognise that the reopening of the economy naturally brings with it an element of growth from a very low base.
The latest jobs data is out.Russell Lynchwrites: employers took on a record 197,000 staff in May as Britain's jobs recovery gathered pace with the lifting of Covid-19 restrictions, official figures have shown.
The more timely payrolls figures showed the spike in hiring ahead of the reopening of indoor hospitality on May 17, double the pace of April and growing for the sixth month in a row.
Although payrollls remain 553,000 below pre-Covid levels, vacancies have soared as employers battle against shortages of workers.
The number of vacancies in the quarter to May was 758,000 - only 27,000 below March 2020. The strongest quarterly increase was in accommodation and food services.
Unemployment, which has been artificially suppressed by the Government's furlough scheme, fell to 4.7pc in the quarter to April.Read our full story here.
Good morning. The FTSE is tipped to open higher after Wall Street surged higher in the last hour of trading to close at another record.
Meanwhile unemployment fell to 4.7pc and firms created 200,000 new jobs as the economy opened up, fresh data has shown.
1)Big tech faces scam advert crackdown with post-Brexit powers:Law changes triggered by Brexit could mean the City watchdog takes on big tech over online scams, top FCA official reveals.
2)Britain braced for 'biosimilar' boom with copycat drugs rules:UK set to become a more attractive destination for pharma companies after beating EU and US regulators with new guidance on human trials.
3)Pub chiefs warn staff cannot control customers after reopening delay:Beleaguered pub workers cannot be expected to force customers to obey lockdown rules after Boris Johnson delayed the final step of reopening.
4)Covid test maker Mologic set to sue Gov over 'stonewalling':Bedford-based firm is preparing to sue the Government over claims "stonewalling" by the state has stopped its kits from being approved.:
5)Bosses face home working clash with staff as new divide emerges:Bosses are on a collision course with staff over a shift to permanent home working as official figures indicate a looming clash when Boris Johnson calls for a return to offices.
Most markets were mixed in Asia on Tuesday as traders struggled to track a record-breaking day on Wall Street, with the Federal Reserve's next policy meeting later this week in focus.
With Covid vaccines rolling out and businesses reopening in many countries, investors are broadly upbeat, while fears have eased that an expected spike in inflation will force central banks to taper ultra-loose monetary policies.
Hong Kong fell more than one percent as investors returned from a long weekend, with eyes on a nuclear plant across the border in China following a US report of a potential leak. Shanghai, Seoul, Manila and Jakarta also slipped, though there were gains in Tokyo, Sydney, Singapore, Wellington and Taipei.
• Corporate: Ashtead, Telecom Plus, GB Group(Full year);On The Beach, Oxford Biodynamics(Interim);Bellway, boohoo(Trading statement)
• Economics: Unemployment and wage growth(UK),consumer price index(Ger),trade balance(EU),retail sales, producer price inflation, industrial production(US) || Market Wrap: Bitcoin Sustains ‘Musk Jump’ as Crypto Sentiment Improves: A string of positive news kept bitcoin buyers active on Monday as analysts searched for signs of a short-term bottom. The world’s largest cryptocurrency by market capitalization is up about 20% over the past e seven days and is testing the $40,000 price level for the first time in two weeks.
A number of signals “all firmly point to an undervalued bitcoin at current prices,” wrote Alexandra Clark, sales trader at the U.K.-based digital asset brokerGlobalBlock, in an email to CoinDesk.
Buyers stepped in after Tesla CEO Elon Musktweetedon Sunday the electric car maker would allow bitcoin transactions again “when there’s confirmation of reasonable (50%) clean energy usage by miners with a positive future trend.”
Related:3 Things to Watch for Before Calling a Bitcoin Bottom
“Although many analysts are still on the fence when it comes to determining whether the digital asset is ready to continue its uptrend,” Clark wrote, “what we do know is that Musk is responsible.”
The tweet triggered a near-6% bounce in BTC, which had been trading in a tight trading range between $30,000 and $40,000 over the past month.
• Bitcoin(BTC) $39,738 +2.8%
• Ether(ETH) $2,537 +2.5%
Traders also reacted to hedge fund manager Paul Tudor Jones’assertionhe could “go all in on the inflation trades,” during an interview with CNBC on Monday. Jones said he “likes bitcoin” and wants a 5% allocation of it with the same percentage in gold, cash and commodities.
MicroStrategy is also in the news again, preparing to buy up to $488 million in bitcoin with the proceeds of a$500 million bond salethat closed on Monday. MicroStrategy’s stock (Nasdaq: MSTR) jumped about 14% on Monday and is up about 30% year to date, roughly in line with bitcoin’s price gains.
Related:Bitcoin Stalls at Resistance; Lower Support at $36K
Overall, sentiment appears to be shifting to the positive following a volatile May. In fact, 87% of investors surveyed by cryptocurrency brokerage firm Voyager plan to increase their bitcoin or other crypto holdings over the next quarter.
“It’s encouraging that investors remain bullish following the recent market correction as we continue to see some interesting trends in our user sentiment surveys,” wrote Steve Ehrlich, CEO of Voyager, in an email to CoinDesk.
However, uncertainty regarding bitcoin as an asset class still lingers, which could weigh on sentiment.
Goldman Sachs’ consumer and wealth management division published a report on Monday stating crypto is “not a viable investment.” The bank doesn’t recommend it for client portfolios.
Investors have shown lingering fears of further drop in bitcoin prices and continued demand for downside hedges, as seen in the cryptocurrency’s“options smile.”
Options smile, a U-shaped graph resembling a smiley emoticon, is created by plotting implied volatilities against options at various strike prices expiring on the same date.
The “smile” shows relatively higher implied volatility or demand for options at strikes below bitcoin’s current market price than the implied volatility for higher strikes options.
Bitcoin is trading about 36% below its 11-year exponential trend, according to areportpublished on Monday by Pantera Capital.
The recent peak that preceded the May sell-off was just a touch over trend value. Bitcoin has only spent about 20% of its history far under trend valuation, according to Pantera.
The deviation from trend could have further room to decline compared to prior lows seen in 2012 and 2020, although bitcoin does not appear overvalued relative to historical extremes.
A research report published byEnigma Securitieslast week suggested bitcoin’s price could head sideways for a while but may face further downside when compared with previous bear markets in 2013 and 2017.
“Under no circumstances do we expect a quick recovery. It is, however, conceivable that we see a quicker recovery,” the report writes.
The bear market for bitcoin in 2017 was no less severe than 2013, but was shorter, according to Enigma.
Investors could be warming up to the world’s top cryptocurrency again as technicals show bitcoin is beginning to outperform ether.
The BTC/ETH ratio is now above the 50-day moving average, which could point to improving relative strength of bitcoin versus ether, according to Katie Stockton, managing director of Fairlead Strategies.
Goldman Sachs plans to offer investors options and futures trading in ether, according to a report on Monday.
• The investment bank plans to offer ether trading in the months ahead, Mathew McDermott, head of digital assets at Goldman Sachs,toldBloomberg.
• McDermott said clients see the recentroutas a good entry point and that the bank also plans to facilitate trades with exchange-traded notes that track ether.
• In May, CoinDeskreportedGoldman Sachs had started to offer investors access to non-deliverable forwards (NDFs), a derivative tied to bitcoin’s price that pays out in cash.
Price charts for bitcoin and ether might be turning bullish after a month of market stagnation, potentially offering respite in the coming weeks, a new analysis shows.
• Bitcoin’s weekly stochastic oscillator has turned up from an oversold level or below 20, signaling the possibility of a near-term “relief rally,” according to Katie Stockton, founder and managing partner of Fairlead Strategies.
• Seasoned traders use the oscillator in conjunction with other indicators to gauge oversold and overbought conditions, which act as triggers for long and short trade entries. A reading below 20 implies oversold conditions, while an above-80 print indicates an overbought market.
• Thus, bitcoin appears poised for a more substantial relief rally – a price bounce due to seller exhaustion. The cryptocurrency is currently trading at 2.5-week highs above $40,000, representing an 8% gain on a 24-hour basis.
• According to Stockton, an initial resistance for bitcoin is near $47,000, which, if breached, would open the doors for further gains. However, Pankaj Balani, CEO of Delta Exchange, expects fresh sellers to step in above $45,000.
Read More:Bitcoin and Ether Price Indicators Support Near-Term Relief Rally
• What‘s Taproot and How Will It Improve Bitcoin’s Functionality?(Cheddar)
• Tunisia’s Economy Minister Says He’s Going to Decriminalize Buying Bitcoin(BitcoinExchangeGuide)
• Cryptocurrencies Not Good Medium for Payments, BOE Chief Says(BNN Bloomberg)
Digital assets on theCoinDesk 20are mostly higher on Tuesday.
Notable winners as of 21:00 UTC (4:00 p.m. ET):
polkadot(DOT) +14.87%
chainlink(LINK) +8.47%
uniswap(UNI) +6.82%
Notable losers:
stellar(XLM) -0.05%
• Bitcoin and Ether Price Indicators Support Near-Term ‘Relief Rally’
• Crypto Not a ‘Viable Investment,’ Goldman Sachs Says || Market Wrap: Bitcoin Sustains ‘Musk Jump’ as Crypto Sentiment Improves: A string of positive news kept bitcoin buyers active on Monday as analysts searched for signs of a short-term bottom. The world’s largest cryptocurrency by market capitalization is up about 20% over the past e seven days and is testing the $40,000 price level for the first time in two weeks. A number of signals “all firmly point to an undervalued bitcoin at current prices,” wrote Alexandra Clark, sales trader at the U.K.-based digital asset broker GlobalBlock , in an email to CoinDesk. Buyers stepped in after Tesla CEO Elon Musk tweeted on Sunday the electric car maker would allow bitcoin transactions again “when there’s confirmation of reasonable (50%) clean energy usage by miners with a positive future trend.” Related: 3 Things to Watch for Before Calling a Bitcoin Bottom “Although many analysts are still on the fence when it comes to determining whether the digital asset is ready to continue its uptrend,” Clark wrote, “what we do know is that Musk is responsible.” The tweet triggered a near-6% bounce in BTC, which had been trading in a tight trading range between $30,000 and $40,000 over the past month. Latest prices Bitcoin (BTC) $39,738 +2.8% Ether (ETH) $2,537 +2.5% Buyers go ‘all in’ onbitcoin Traders also reacted to hedge fund manager Paul Tudor Jones’ assertion he could “go all in on the inflation trades,” during an interview with CNBC on Monday. Jones said he “likes bitcoin” and wants a 5% allocation of it with the same percentage in gold, cash and commodities. MicroStrategy is also in the news again, preparing to buy up to $488 million in bitcoin with the proceeds of a $500 million bond sale that closed on Monday. MicroStrategy’s stock (Nasdaq: MSTR) jumped about 14% on Monday and is up about 30% year to date, roughly in line with bitcoin’s price gains. Related: Bitcoin Stalls at Resistance; Lower Support at $36K Overall, sentiment appears to be shifting to the positive following a volatile May. In fact, 87% of investors surveyed by cryptocurrency brokerage firm Voyager plan to increase their bitcoin or other crypto holdings over the next quarter. “It’s encouraging that investors remain bullish following the recent market correction as we continue to see some interesting trends in our user sentiment surveys,” wrote Steve Ehrlich, CEO of Voyager, in an email to CoinDesk. However, uncertainty regarding bitcoin as an asset class still lingers, which could weigh on sentiment. Goldman Sachs’ consumer and wealth management division published a report on Monday stating crypto is “ not a viable investment .” The bank doesn’t recommend it for client portfolios. Story continues Bitcoin options market shows demand for downside hedges Investors have shown lingering fears of further drop in bitcoin prices and continued demand for downside hedges, as seen in the cryptocurrency’s “options smile.” Options smile, a U-shaped graph resembling a smiley emoticon, is created by plotting implied volatilities against options at various strike prices expiring on the same date. The “smile” shows relatively higher implied volatility or demand for options at strikes below bitcoin’s current market price than the implied volatility for higher strikes options. Bitcoin deviates from 11-year trend Bitcoin is trading about 36% below its 11-year exponential trend, according to a report published on Monday by Pantera Capital. The recent peak that preceded the May sell-off was just a touch over trend value. Bitcoin has only spent about 20% of its history far under trend valuation, according to Pantera. The deviation from trend could have further room to decline compared to prior lows seen in 2012 and 2020, although bitcoin does not appear overvalued relative to historical extremes. Cycle check: Where to from here? A research report published by Enigma Securities last week suggested bitcoin’s price could head sideways for a while but may face further downside when compared with previous bear markets in 2013 and 2017. “Under no circumstances do we expect a quick recovery. It is, however, conceivable that we see a quicker recovery,” the report writes. The bear market for bitcoin in 2017 was no less severe than 2013, but was shorter, according to Enigma. Bitcoin poised to outperform ether Investors could be warming up to the world’s top cryptocurrency again as technicals show bitcoin is beginning to outperform ether. The BTC/ETH ratio is now above the 50-day moving average, which could point to improving relative strength of bitcoin versus ether, according to Katie Stockton, managing director of Fairlead Strategies. Goldman Sachs Plans to Offer Ether Options: Report Goldman Sachs plans to offer investors options and futures trading in ether, according to a report on Monday. The investment bank plans to offer ether trading in the months ahead, Mathew McDermott, head of digital assets at Goldman Sachs, told Bloomberg. McDermott said clients see the recent rout as a good entry point and that the bank also plans to facilitate trades with exchange-traded notes that track ether. In May, CoinDesk reported Goldman Sachs had started to offer investors access to non-deliverable forwards (NDFs), a derivative tied to bitcoin’s price that pays out in cash. Technical analysis Price charts for bitcoin and ether might be turning bullish after a month of market stagnation, potentially offering respite in the coming weeks, a new analysis shows. Bitcoin’s weekly stochastic oscillator has turned up from an oversold level or below 20, signaling the possibility of a near-term “relief rally,” according to Katie Stockton, founder and managing partner of Fairlead Strategies. Seasoned traders use the oscillator in conjunction with other indicators to gauge oversold and overbought conditions, which act as triggers for long and short trade entries. A reading below 20 implies oversold conditions, while an above-80 print indicates an overbought market. Thus, bitcoin appears poised for a more substantial relief rally – a price bounce due to seller exhaustion. The cryptocurrency is currently trading at 2.5-week highs above $40,000, representing an 8% gain on a 24-hour basis. According to Stockton, an initial resistance for bitcoin is near $47,000, which, if breached, would open the doors for further gains. However, Pankaj Balani, CEO of Delta Exchange, expects fresh sellers to step in above $45,000. Read More: Bitcoin and Ether Price Indicators Support Near-Term Relief Rally What else we’re reading (and watching): What‘s Taproot and How Will It Improve Bitcoin’s Functionality? (Cheddar) Tunisia’s Economy Minister Says He’s Going to Decriminalize Buying Bitcoin (BitcoinExchangeGuide) Cryptocurrencies Not Good Medium for Payments, BOE Chief Says (BNN Bloomberg) Other markets Digital assets on the CoinDesk 20 are mostly higher on Tuesday. Notable winners as of 21:00 UTC (4:00 p.m. ET): polkadot (DOT) +14.87% chainlink (LINK) +8.47% uniswap (UNI) +6.82% Notable losers: stellar (XLM) -0.05% Related Stories Bitcoin and Ether Price Indicators Support Near-Term ‘Relief Rally’ Crypto Not a ‘Viable Investment,’ Goldman Sachs Says View comments || Market Wrap: Bitcoin Sustains ‘Musk Jump’ as Crypto Sentiment Improves: A string of positive news kept bitcoin buyers active on Monday as analysts searched for signs of a short-term bottom. The world’s largest cryptocurrency by market capitalization is up about 20% over the past e seven days and is testing the $40,000 price level for the first time in two weeks.
A number of signals “all firmly point to an undervalued bitcoin at current prices,” wrote Alexandra Clark, sales trader at the U.K.-based digital asset brokerGlobalBlock, in an email to CoinDesk.
Buyers stepped in after Tesla CEO Elon Musktweetedon Sunday the electric car maker would allow bitcoin transactions again “when there’s confirmation of reasonable (50%) clean energy usage by miners with a positive future trend.”
Related:3 Things to Watch for Before Calling a Bitcoin Bottom
“Although many analysts are still on the fence when it comes to determining whether the digital asset is ready to continue its uptrend,” Clark wrote, “what we do know is that Musk is responsible.”
The tweet triggered a near-6% bounce in BTC, which had been trading in a tight trading range between $30,000 and $40,000 over the past month.
• Bitcoin(BTC) $39,738 +2.8%
• Ether(ETH) $2,537 +2.5%
Traders also reacted to hedge fund manager Paul Tudor Jones’assertionhe could “go all in on the inflation trades,” during an interview with CNBC on Monday. Jones said he “likes bitcoin” and wants a 5% allocation of it with the same percentage in gold, cash and commodities.
MicroStrategy is also in the news again, preparing to buy up to $488 million in bitcoin with the proceeds of a$500 million bond salethat closed on Monday. MicroStrategy’s stock (Nasdaq: MSTR) jumped about 14% on Monday and is up about 30% year to date, roughly in line with bitcoin’s price gains.
Related:Bitcoin Stalls at Resistance; Lower Support at $36K
Overall, sentiment appears to be shifting to the positive following a volatile May. In fact, 87% of investors surveyed by cryptocurrency brokerage firm Voyager plan to increase their bitcoin or other crypto holdings over the next quarter.
“It’s encouraging that investors remain bullish following the recent market correction as we continue to see some interesting trends in our user sentiment surveys,” wrote Steve Ehrlich, CEO of Voyager, in an email to CoinDesk.
However, uncertainty regarding bitcoin as an asset class still lingers, which could weigh on sentiment.
Goldman Sachs’ consumer and wealth management division published a report on Monday stating crypto is “not a viable investment.” The bank doesn’t recommend it for client portfolios.
Investors have shown lingering fears of further drop in bitcoin prices and continued demand for downside hedges, as seen in the cryptocurrency’s“options smile.”
Options smile, a U-shaped graph resembling a smiley emoticon, is created by plotting implied volatilities against options at various strike prices expiring on the same date.
The “smile” shows relatively higher implied volatility or demand for options at strikes below bitcoin’s current market price than the implied volatility for higher strikes options.
Bitcoin is trading about 36% below its 11-year exponential trend, according to areportpublished on Monday by Pantera Capital.
The recent peak that preceded the May sell-off was just a touch over trend value. Bitcoin has only spent about 20% of its history far under trend valuation, according to Pantera.
The deviation from trend could have further room to decline compared to prior lows seen in 2012 and 2020, although bitcoin does not appear overvalued relative to historical extremes.
A research report published byEnigma Securitieslast week suggested bitcoin’s price could head sideways for a while but may face further downside when compared with previous bear markets in 2013 and 2017.
“Under no circumstances do we expect a quick recovery. It is, however, conceivable that we see a quicker recovery,” the report writes.
The bear market for bitcoin in 2017 was no less severe than 2013, but was shorter, according to Enigma.
Investors could be warming up to the world’s top cryptocurrency again as technicals show bitcoin is beginning to outperform ether.
The BTC/ETH ratio is now above the 50-day moving average, which could point to improving relative strength of bitcoin versus ether, according to Katie Stockton, managing director of Fairlead Strategies.
Goldman Sachs plans to offer investors options and futures trading in ether, according to a report on Monday.
• The investment bank plans to offer ether trading in the months ahead, Mathew McDermott, head of digital assets at Goldman Sachs,toldBloomberg.
• McDermott said clients see the recentroutas a good entry point and that the bank also plans to facilitate trades with exchange-traded notes that track ether.
• In May, CoinDeskreportedGoldman Sachs had started to offer investors access to non-deliverable forwards (NDFs), a derivative tied to bitcoin’s price that pays out in cash.
Price charts for bitcoin and ether might be turning bullish after a month of market stagnation, potentially offering respite in the coming weeks, a new analysis shows.
• Bitcoin’s weekly stochastic oscillator has turned up from an oversold level or below 20, signaling the possibility of a near-term “relief rally,” according to Katie Stockton, founder and managing partner of Fairlead Strategies.
• Seasoned traders use the oscillator in conjunction with other indicators to gauge oversold and overbought conditions, which act as triggers for long and short trade entries. A reading below 20 implies oversold conditions, while an above-80 print indicates an overbought market.
• Thus, bitcoin appears poised for a more substantial relief rally – a price bounce due to seller exhaustion. The cryptocurrency is currently trading at 2.5-week highs above $40,000, representing an 8% gain on a 24-hour basis.
• According to Stockton, an initial resistance for bitcoin is near $47,000, which, if breached, would open the doors for further gains. However, Pankaj Balani, CEO of Delta Exchange, expects fresh sellers to step in above $45,000.
Read More:Bitcoin and Ether Price Indicators Support Near-Term Relief Rally
• What‘s Taproot and How Will It Improve Bitcoin’s Functionality?(Cheddar)
• Tunisia’s Economy Minister Says He’s Going to Decriminalize Buying Bitcoin(BitcoinExchangeGuide)
• Cryptocurrencies Not Good Medium for Payments, BOE Chief Says(BNN Bloomberg)
Digital assets on theCoinDesk 20are mostly higher on Tuesday.
Notable winners as of 21:00 UTC (4:00 p.m. ET):
polkadot(DOT) +14.87%
chainlink(LINK) +8.47%
uniswap(UNI) +6.82%
Notable losers:
stellar(XLM) -0.05%
• Bitcoin and Ether Price Indicators Support Near-Term ‘Relief Rally’
• Crypto Not a ‘Viable Investment,’ Goldman Sachs Says || Stock Market Today: Nasdaq Notches New High on Late Tech Push: Balloons and confetti Getty Images The technology sector and other tech-related stocks showed signs of life on an otherwise slow Monday, and a small afternoon burst helped the Nasdaq Composite and S&P 500 rewrite the record books. Foremost on investors' minds is likely the upcoming Federal Open Market Committee meeting, which starts tomorrow and will conclude Wednesday. SEE MORE All 30 Dow Jones Stocks Ranked: The Pros Weigh In "Markets will focus on the Fed's policy meeting this week as investors watch for the central bank's reaction to strong inflation prints in recent months," say BlackRock Investment Institute strategists. "We advocate looking through near-term market volatility and remain pro-risk, predicated on our belief that the Fed faces a very high bar to change its easy monetary policy stance." Tech stocks were the best of a mixed bunch today. Adobe ( ADBE , +2.9%), which reports earnings later this week , as well as Apple ( AAPL , +2.5%) and Netflix ( NFLX , +2.3%), lifted the Nasdaq 0.7% to 14,174, helping it eclipse its previous closing high set on April 26. The S&P 500 also finished with a new record, albeit with just a meager 0.2% gain to 4,255. The Dow Jones Industrial Average , however, finished off 0.3% to 34,393, weighed down by JPMorgan Chase ( JPM , -1.7%) and Walgreens Boots Alliance ( WBA , -1.6%). Sign up for Kiplinger's FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice. Other action in the stock market today: The small-cap Russell 2000 declined 0.5% to 2,324. Lordstown Motors ( RIDE , -18.8%) took it on the chin after the electric truck maker said its CEO and chief financial officer have both resigned. Just last week, RIDE warned that it was running low on cash and could be forced to close down. Meme stocks stayed volatile today, though the price action was mixed. Among the notable gainers were movie theater chain AMC Entertainment Holdings ( AMC , +15.4%) and gaming components maker Corsair Gaming ( CRSR , +11.3%). On the flip side, video game retailer GameStop ( GME , -1.7%) and Medicare Advantage insurer Clover Health Investments ( CLOV , -2.5%) ended in the red. U.S. crude oil futures ended with a marginal loss at $70.88 per barrel. Gold futures slipped 0.7% to settle at $1,865.90 an ounce. The CBOE Volatility Index (VIX) gained 4.6% to 16.37. Bitcoin jumped 6.6% from last Friday's prices to $39,724.33. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.) Story continues stock chart for 061421 YCharts SEE MORE Free Special Report: Kiplinger’s Top 25 Income Investments Get Ready for Some New Stocks This week will be fun if you enjoy shiny new things. Investment bankers are busy making final preparations for a wave of initial public offerings (IPOs). Fifteen companies are expected to make their public debuts sometime this week, including Israeli customer engagement platform provider WalkMe and a gaggle of biotechnology stocks and other healthcare-related firms. As we've previously warned, investors should be cautious about new-company valuations amid what has become a frothy market for IPOs. But investors looking for "the next big thing" often find it in these fresh-faced stocks, so it pays to pay attention to what's coming down the pike. You can do that with our list of the market's highest-profile upcoming IPOs , frequently (and recently) updated by IPO expert Tom Taulli. SEE MORE 10 Cheap Stocks Under $10 the Pros Are Buying You may also like Your Guide to Roth Conversions 12 Housing Stocks to Ride the Red-Hot Market 4 Strategies to Reduce Taxes in Retirement
[Social Media Buzz]
None available.
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38347.06, 38053.50, 35787.25, 35615.87, 35698.30, 31676.69, 32505.66, 33723.03, 34662.44, 31637.78
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 419.41, 421.56, 422.48, 425.19, 423.73, 424.28, 429.71, 430.57, 427.40, 428.59, 435.51, 441.39, 449.42, 445.74, 450.28, 458.55, 461.43, 466.09, 444.69, 449.01, 455.10, 448.32, 451.88, 444.67, 450.30, 446.72, 447.98, 459.60, 458.54, 458.55, 460.48, 450.89, 452.73, 454.77, 455.67, 455.67, 457.57, 454.16, 453.78, 454.62, 438.71, 442.68, 443.19, 439.32, 444.15, 445.98, 449.60, 453.38, 473.46, 530.04, 526.23, 533.86, 531.39, 536.92, 537.97, 569.19, 572.73, 574.98, 585.54, 576.60, 581.65, 574.63, 577.47, 606.73, 672.78, 704.38, 685.56, 694.47, 766.31, 748.91, 756.23, 763.78, 737.23, 666.65, 596.12, 623.98, 665.30, 665.12, 629.37, 655.28, 647.00, 639.89, 673.34, 676.30, 703.70, 658.66, 683.66, 670.63, 677.33, 640.56.
|
[Bitcoin Technical Analysis for 2016-07-07]
Volume: 258091008, RSI (14-day): 48.19, 50-day EMA: 613.29, 200-day EMA: 484.46
[Wider Market Context]
Gold Price: 1360.10, Gold RSI: 72.12
Oil Price: 45.14, Oil RSI: 41.30
[Recent News (last 7 days)]
Bitcoin Services Inc. Launches bitcoin-basics.com: GRANDVILLE, MI / ACCESSWIRE / July 6, 2016 / Bitcoin Services Inc. (OTC Pink: BTSC) announced today that it launched bitcoin-basics.com . The website explains the basics of Bitcoin to new users. It will make money from ads and affiliate offers. Bitcoin is a digital asset and a payment system. The system is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a publicly distributed ledger called the blockchain, which uses bitcoin as its unit of account. Since the system works without a central repository or single administrator, the U.S. Treasury categorizes bitcoin as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency. About Bitcoin Services Inc.: Our business operations are Internet based to the consumer and consist of three separate streams, as follows: (1) bitcoin escrow services, (2) bitcoin mining, and (3) blockchain software development. The principal products and services are the mining of bitcoins, providing escrow services for buyers and sellers of bitcoins, and the development and sale of blockchain software. The market for these services and products is worldwide, and sold and marketed on the Internet. Safe Harbor Statement This release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the company and its management team. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control. Some of these factors include the ability of the company to raise sufficient capital, attract qualified management, attract new customers and effectively compete against similar companies. CONTACT: [email protected] SOURCE: Bitcoin Services Inc. View comments || Bitcoin Services Inc. Launches bitcoin-basics.com: GRANDVILLE, MI / ACCESSWIRE / July 6, 2016 / Bitcoin Services Inc.(OTC Pink: BTSC) announced today that it launchedbitcoin-basics.com. The website explains the basics of Bitcoin to new users. It will make money from ads and affiliate offers. Bitcoin is a digital asset and a payment system. The system is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a publicly distributed ledger called the blockchain, which uses bitcoin as its unit of account. Since the system works without a central repository or single administrator, the U.S. Treasury categorizes bitcoin as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency.
About Bitcoin Services Inc.:Our business operations are Internet based to the consumer and consist of three separate streams, as follows: (1) bitcoin escrow services, (2) bitcoin mining, and (3) blockchain software development. The principal products and services are the mining of bitcoins, providing escrow services for buyers and sellers of bitcoins, and the development and sale of blockchain software. The market for these services and products is worldwide, and sold and marketed on the Internet.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the company and its management team. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control. Some of these factors include the ability of the company to raise sufficient capital, attract qualified management, attract new customers and effectively compete against similar companies.
CONTACT:
[email protected]
SOURCE:Bitcoin Services Inc. || Bitcoin Services Inc. Launches bitcoin-basics.com: GRANDVILLE, MI / ACCESSWIRE / July 6, 2016 / Bitcoin Services Inc.(OTC Pink: BTSC) announced today that it launchedbitcoin-basics.com. The website explains the basics of Bitcoin to new users. It will make money from ads and affiliate offers. Bitcoin is a digital asset and a payment system. The system is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a publicly distributed ledger called the blockchain, which uses bitcoin as its unit of account. Since the system works without a central repository or single administrator, the U.S. Treasury categorizes bitcoin as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency.
About Bitcoin Services Inc.:Our business operations are Internet based to the consumer and consist of three separate streams, as follows: (1) bitcoin escrow services, (2) bitcoin mining, and (3) blockchain software development. The principal products and services are the mining of bitcoins, providing escrow services for buyers and sellers of bitcoins, and the development and sale of blockchain software. The market for these services and products is worldwide, and sold and marketed on the Internet.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the company and its management team. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control. Some of these factors include the ability of the company to raise sufficient capital, attract qualified management, attract new customers and effectively compete against similar companies.
CONTACT:
[email protected]
SOURCE:Bitcoin Services Inc. || EU proposes stricter rules on Bitcoin, prepaid cards in terrorism fight: By Foo Yun Chee STRASBOURG (Reuters) - The European Commission proposed on Tuesday stricter rules on the use of virtual currencies and prepaid cards in a bid to reduce anonymous payments and curb the financing of terrorism. Virtual currency exchange platforms will have to increase checks on the identities of people exchanging virtual currencies, such as Bitcoin, for real currencies and report suspicious transactions. Under the Commission's proposals the threshold for making anonymous payments with pre-paid cards was lowered to 150 euros ($167.28) from 250 euros. "Member states will be able to get and share vital information about who really owns companies or trusts, who is dealing in online currencies, and who is using pre-paid cards," EU Commission First Vice-President Frans Timmermans said. Following attacks in Paris last November by Islamic State militants the EU executive said it would step up measures to cut off terrorists' access to funds. French authorities have proved that pre-paid cards were used by the Paris attackers. Prepaid cards are issued by a wide range of operators including banks using major networks, such as Visa and MasterCard. They are different from debit and credit cards because they need to be loaded before payments can be made, but can carry substantial amounts of money. MasterCard said it supported the Commission's objective of strengthening the security of prepaid cards while ensuring that people less well-off could still use them. The proposed higher controls on virtual currencies and pre-paid cards "are important in tackling black market and terrorist financing", said Chas Roy-Chowdhury, head of tax at ACCA, which represents the interests of the accountancy sector. The Commission proposed increasing the amount of checks banks have to carry out on financial flows from risky third countries, namely states with poor anti-money laundering rules and difficulties countering terrorism financing. In a bid to end tax evasion after the publication in April of the Panama Papers - which revealed widespread tax avoidance practices by wealthy individuals - the Commission also proposed rules requiring the beneficial owners of trusts to be recorded in registers that in many cases will be accessible to the public. Story continues Existing and new accounts will be subject to due diligence controls and the Commission will look into finding effective ways for each member state to share information on beneficial owners of companies and trusts. "These proposals for public registers will be welcomed by citizens and anti-corruption activists who want to follow the trail of dirty money," Laure Brillaud, Transparency International EU policy officer, said. "However, we are concerned that it will be all too easy to evade being on the registers in the first place by gaming the rules on trusts. By simply nominating a non-EU resident as a trustee the secrecy can carry on as before," she added. Tuesday's proposals will need to be approved by the EU Parliament and EU states before they become law. ($1 = 0.8967 euros) (Writing by Julia Fioretti and Ines Kagubare; editing by Susan Thomas) || EU proposes stricter rules on Bitcoin, prepaid cards in terrorism fight: By Foo Yun Chee STRASBOURG (Reuters) - The European Commission proposed on Tuesday stricter rules on the use of virtual currencies and prepaid cards in a bid to reduce anonymous payments and curb the financing of terrorism. Virtual currency exchange platforms will have to increase checks on the identities of people exchanging virtual currencies, such as Bitcoin, for real currencies and report suspicious transactions. Under the Commission's proposals the threshold for making anonymous payments with pre-paid cards was lowered to 150 euros ($167.28) from 250 euros. "Member states will be able to get and share vital information about who really owns companies or trusts, who is dealing in online currencies, and who is using pre-paid cards," EU Commission First Vice-President Frans Timmermans said. Following attacks in Paris last November by Islamic State militants the EU executive said it would step up measures to cut off terrorists' access to funds. French authorities have proved that pre-paid cards were used by the Paris attackers. Prepaid cards are issued by a wide range of operators including banks using major networks, such as Visa and MasterCard. They are different from debit and credit cards because they need to be loaded before payments can be made, but can carry substantial amounts of money. MasterCard said it supported the Commission's objective of strengthening the security of prepaid cards while ensuring that people less well-off could still use them. The proposed higher controls on virtual currencies and pre-paid cards "are important in tackling black market and terrorist financing", said Chas Roy-Chowdhury, head of tax at ACCA, which represents the interests of the accountancy sector. The Commission proposed increasing the amount of checks banks have to carry out on financial flows from risky third countries, namely states with poor anti-money laundering rules and difficulties countering terrorism financing. In a bid to end tax evasion after the publication in April of the Panama Papers - which revealed widespread tax avoidance practices by wealthy individuals - the Commission also proposed rules requiring the beneficial owners of trusts to be recorded in registers that in many cases will be accessible to the public. Story continues Existing and new accounts will be subject to due diligence controls and the Commission will look into finding effective ways for each member state to share information on beneficial owners of companies and trusts. "These proposals for public registers will be welcomed by citizens and anti-corruption activists who want to follow the trail of dirty money," Laure Brillaud, Transparency International EU policy officer, said. "However, we are concerned that it will be all too easy to evade being on the registers in the first place by gaming the rules on trusts. By simply nominating a non-EU resident as a trustee the secrecy can carry on as before," she added. Tuesday's proposals will need to be approved by the EU Parliament and EU states before they become law. ($1 = 0.8967 euros) (Writing by Julia Fioretti and Ines Kagubare; editing by Susan Thomas) || EU proposes stricter rules on Bitcoin, prepaid cards in terrorism fight: By Foo Yun Chee STRASBOURG (Reuters) - The European Commission proposed on Tuesday stricter rules on the use of virtual currencies and prepaid cards in a bid to reduce anonymous payments and curb the financing of terrorism. Virtual currency exchange platforms will have to increase checks on the identities of people exchanging virtual currencies, such as Bitcoin, for real currencies and report suspicious transactions. Under the Commission's proposals the threshold for making anonymous payments with pre-paid cards was lowered to 150 euros ($167.28) from 250 euros. "Member states will be able to get and share vital information about who really owns companies or trusts, who is dealing in online currencies, and who is using pre-paid cards," EU Commission First Vice-President Frans Timmermans said. Following attacks in Paris last November by Islamic State militants the EU executive said it would step up measures to cut off terrorists' access to funds. French authorities have proved that pre-paid cards were used by the Paris attackers. Prepaid cards are issued by a wide range of operators including banks using major networks, such as Visa and MasterCard. They are different from debit and credit cards because they need to be loaded before payments can be made, but can carry substantial amounts of money. MasterCard said it supported the Commission's objective of strengthening the security of prepaid cards while ensuring that people less well-off could still use them. The proposed higher controls on virtual currencies and pre-paid cards "are important in tackling black market and terrorist financing", said Chas Roy-Chowdhury, head of tax at ACCA, which represents the interests of the accountancy sector. The Commission proposed increasing the amount of checks banks have to carry out on financial flows from risky third countries, namely states with poor anti-money laundering rules and difficulties countering terrorism financing. In a bid to end tax evasion after the publication in April of the Panama Papers - which revealed widespread tax avoidance practices by wealthy individuals - the Commission also proposed rules requiring the beneficial owners of trusts to be recorded in registers that in many cases will be accessible to the public. Story continues Existing and new accounts will be subject to due diligence controls and the Commission will look into finding effective ways for each member state to share information on beneficial owners of companies and trusts. "These proposals for public registers will be welcomed by citizens and anti-corruption activists who want to follow the trail of dirty money," Laure Brillaud, Transparency International EU policy officer, said. "However, we are concerned that it will be all too easy to evade being on the registers in the first place by gaming the rules on trusts. By simply nominating a non-EU resident as a trustee the secrecy can carry on as before," she added. Tuesday's proposals will need to be approved by the EU Parliament and EU states before they become law. ($1 = 0.8967 euros) (Writing by Julia Fioretti and Ines Kagubare; editing by Susan Thomas) || EU proposes stricter rules on Bitcoin, prepaid cards in terrorism fight: By Foo Yun Chee
STRASBOURG (Reuters) - The European Commission proposed on Tuesday stricter rules on the use of virtual currencies and prepaid cards in a bid to reduce anonymous payments and curb the financing of terrorism.
Virtual currency exchange platforms will have to increase checks on the identities of people exchanging virtual currencies, such as Bitcoin, for real currencies and report suspicious transactions.
Under the Commission's proposals the threshold for making anonymous payments with pre-paid cards was lowered to 150 euros ($167.28) from 250 euros.
"Member states will be able to get and share vital information about who really owns companies or trusts, who is dealing in online currencies, and who is using pre-paid cards," EU Commission First Vice-President Frans Timmermans said.
Following attacks in Paris last November by Islamic State militants the EU executive said it would step up measures to cut off terrorists' access to funds.
French authorities have proved that pre-paid cards were used by the Paris attackers.
Prepaid cards are issued by a wide range of operators including banks using major networks, such as Visa and MasterCard. They are different from debit and credit cards because they need to be loaded before payments can be made, but can carry substantial amounts of money.
MasterCard said it supported the Commission's objective of strengthening the security of prepaid cards while ensuring that people less well-off could still use them.
The proposed higher controls on virtual currencies and pre-paid cards "are important in tackling black market and terrorist financing", said Chas Roy-Chowdhury, head of tax at ACCA, which represents the interests of the accountancy sector.
The Commission proposed increasing the amount of checks banks have to carry out on financial flows from risky third countries, namely states with poor anti-money laundering rules and difficulties countering terrorism financing.
In a bid to end tax evasion after the publication in April of the Panama Papers - which revealed widespread tax avoidance practices by wealthy individuals - the Commission also proposed rules requiring the beneficial owners of trusts to be recorded in registers that in many cases will be accessible to the public.
Existing and new accounts will be subject to due diligence controls and the Commission will look into finding effective ways for each member state to share information on beneficial owners of companies and trusts.
"These proposals for public registers will be welcomed by citizens and anti-corruption activists who want to follow the trail of dirty money," Laure Brillaud, Transparency International EU policy officer, said.
"However, we are concerned that it will be all too easy to evade being on the registers in the first place by gaming the rules on trusts. By simply nominating a non-EU resident as a trustee the secrecy can carry on as before," she added.
Tuesday's proposals will need to be approved by the EU Parliament and EU states before they become law.
(Writing by Julia Fioretti and Ines Kagubare; editing by Susan Thomas) || EU proposes stricter rules on Bitcoin, prepaid cards in terrorism fight: By Foo Yun Chee STRASBOURG (Reuters) - The European Commission proposed on Tuesday stricter rules on the use of virtual currencies and prepaid cards in a bid to reduce anonymous payments and curb the financing of terrorism. Virtual currency exchange platforms will have to increase checks on the identities of people exchanging virtual currencies, such as Bitcoin, for real currencies and report suspicious transactions. Under the Commission's proposals the threshold for making anonymous payments with pre-paid cards was lowered to 150 euros ($167.28) from 250 euros. "Member states will be able to get and share vital information about who really owns companies or trusts, who is dealing in online currencies, and who is using pre-paid cards," EU Commission First Vice-President Frans Timmermans said. Following attacks in Paris last November by Islamic State militants the EU executive said it would step up measures to cut off terrorists' access to funds. French authorities have proved that pre-paid cards were used by the Paris attackers. Prepaid cards are issued by a wide range of operators including banks using major networks, such as Visa and MasterCard. They are different from debit and credit cards because they need to be loaded before payments can be made, but can carry substantial amounts of money. MasterCard said it supported the Commission's objective of strengthening the security of prepaid cards while ensuring that people less well-off could still use them. The proposed higher controls on virtual currencies and pre-paid cards "are important in tackling black market and terrorist financing", said Chas Roy-Chowdhury, head of tax at ACCA, which represents the interests of the accountancy sector. The Commission proposed increasing the amount of checks banks have to carry out on financial flows from risky third countries, namely states with poor anti-money laundering rules and difficulties countering terrorism financing. In a bid to end tax evasion after the publication in April of the Panama Papers - which revealed widespread tax avoidance practices by wealthy individuals - the Commission also proposed rules requiring the beneficial owners of trusts to be recorded in registers that in many cases will be accessible to the public. Story continues Existing and new accounts will be subject to due diligence controls and the Commission will look into finding effective ways for each member state to share information on beneficial owners of companies and trusts. "These proposals for public registers will be welcomed by citizens and anti-corruption activists who want to follow the trail of dirty money," Laure Brillaud, Transparency International EU policy officer, said. "However, we are concerned that it will be all too easy to evade being on the registers in the first place by gaming the rules on trusts. By simply nominating a non-EU resident as a trustee the secrecy can carry on as before," she added. Tuesday's proposals will need to be approved by the EU Parliament and EU states before they become law. (Writing by Julia Fioretti and Ines Kagubare; editing by Susan Thomas) || EU proposes stricter rules on Bitcoin, prepaid cards in terrorism fight: By Foo Yun Chee
STRASBOURG (Reuters) - The European Commission proposed on Tuesday stricter rules on the use of virtual currencies and prepaid cards in a bid to reduce anonymous payments and curb the financing of terrorism.
Virtual currency exchange platforms will have to increase checks on the identities of people exchanging virtual currencies, such as Bitcoin, for real currencies and report suspicious transactions.
Under the Commission's proposals the threshold for making anonymous payments with pre-paid cards was lowered to 150 euros ($167.28) from 250 euros.
"Member states will be able to get and share vital information about who really owns companies or trusts, who is dealing in online currencies, and who is using pre-paid cards," EU Commission First Vice-President Frans Timmermans said.
Following attacks in Paris last November by Islamic State militants the EU executive said it would step up measures to cut off terrorists' access to funds.
French authorities have proved that pre-paid cards were used by the Paris attackers.
Prepaid cards are issued by a wide range of operators including banks using major networks, such as Visa and MasterCard. They are different from debit and credit cards because they need to be loaded before payments can be made, but can carry substantial amounts of money.
MasterCard said it supported the Commission's objective of strengthening the security of prepaid cards while ensuring that people less well-off could still use them.
The proposed higher controls on virtual currencies and pre-paid cards "are important in tackling black market and terrorist financing", said Chas Roy-Chowdhury, head of tax at ACCA, which represents the interests of the accountancy sector.
The Commission proposed increasing the amount of checks banks have to carry out on financial flows from risky third countries, namely states with poor anti-money laundering rules and difficulties countering terrorism financing.
In a bid to end tax evasion after the publication in April of the Panama Papers - which revealed widespread tax avoidance practices by wealthy individuals - the Commission also proposed rules requiring the beneficial owners of trusts to be recorded in registers that in many cases will be accessible to the public.
Existing and new accounts will be subject to due diligence controls and the Commission will look into finding effective ways for each member state to share information on beneficial owners of companies and trusts.
"These proposals for public registers will be welcomed by citizens and anti-corruption activists who want to follow the trail of dirty money," Laure Brillaud, Transparency International EU policy officer, said.
"However, we are concerned that it will be all too easy to evade being on the registers in the first place by gaming the rules on trusts. By simply nominating a non-EU resident as a trustee the secrecy can carry on as before," she added.
Tuesday's proposals will need to be approved by the EU Parliament and EU states before they become law.
(Writing by Julia Fioretti and Ines Kagubare; editing by Susan Thomas) || WRIT Media Group Announces Beta Availability of CrypStock Crypto Currency Exchange: LOS ANGELES, CA--(Marketwired - Jul 5, 2016) - WRIT Media Group, Inc. ( OTCQB : WRIT ) today introduces beta availability for its CrypStock crypto currency exchange at the following website: www.CrypStock.com . CrypStock is a crypto-currency exchange, striving to combine the crypto-currency uniqueness with the benefits of a user-friendly but sophisticated exchange system. The platform aims to give a great user experience matched with fast support, and will add new digital currencies based on popularity and requests by account holders. The Company plans to introduce a number of proprietary trading modules, including: Binary options on the Bitcoin/USD pair - the simplest type of derivative financial instruments, allowing traders to make potential profit from trend forecasting. Futures on the Bitcoin/USD pair - the most popular financial instrument in the world, providing an ability to trade with big leverage and volume. Algorithm trading subsystem - traders will benefit from a friendly visual wizard for automatic trading creation, back-testing and real-time execution. "Although the addition of another crypto-currency exchange may seem trivial, the development creates a potential shift in the cryptocurrency landscape, allowing more users direct access to the Company's Pelecoin currency," states Eric Mitchell, President of WRIT Media Group. "Pelecoin will trade against Bitcoin and other digital currencies, effectively creating a direct path between a non-Bitcoin asset and Bitcoin funding." WRIT Media Group plans to integrate a full system into the platform to run a digital currency exchange, including a solution for automatic market-making on exchange using third party exchanges. When launched, it will work with Pelecoin, Bitcoin and other digital currency exchanges around the world. "Having the opportunity to test and plan, with early access by real clients, has been very helpful while preparing for the planned 2017 CrypStock launch," adds Mr. Mitchell. Story continues Opening a CrypStock Account New users can sign up online for free and secure their own CrypStock trading account by completing a New Account Application Form at www.crypstock.com . Once registered, users can navigate the beta version of the trading platform to monitor trading prices for various digital currencies, execute sample trades in various currencies, and provide feedback to WRIT Media Group's active development and support team. Upon its completion of external user acceptance testing, the exchange intends to register as a Money Service Business with the United States Department of Treasury and other necessary regulatory agencies in the US and abroad. Once registered, Pelecoin may be traded in several states in the US as a digital currency. Pelecoin is also finalizing the technical and regulatory ability to trade in Asia and other continents. Qualifying account holders will then be able to trade Pelecoin, other digital currencies, and derivatives on the Company's proprietary CrypStock trading platform. About WRIT Media Group WRIT Media Group, Inc. ( OTCQB : WRIT ) is a diversified media and software company whose operations include content production and distribution; video game distribution via mobile platforms; and digital currency software development, including trading platforms and Blockchain solutions. The Company's portfolio of wholly owned businesses includes: Front Row Networks, a content creation company which produces, acquires and distributes live event programming for worldwide digital broadcast into digitally enabled movie theaters and online streaming; Amiga Games, a software company resurrecting the Amiga brand by publishing retro video games on smartphones, tablets and consoles; Retro Infinity, Inc., a video game distribution portal which publishes video games from Amiga, Atari and other "retro" brands on today's smartphones, tablets and consoles; and Pandora Venture Capital, a software developer with a focus on digital currency technologies, including; a cryptocurrency trading platform, a new generation of cryptocurrency, and Blockchain technology solutions. Cautionary Note Regarding Forward-Looking Statements Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, but not limited to, those discussed in WRIT Media Group's latest 10-Q filed December 31, 2015. The company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Pandora Venture Capital Corp., Pelecoin, CrypStock.com and its related trademarks and names are the property of WRIT Media Group, Inc. and are registered and/or used in the U.S. and countries around the world. All rights reserved. All other trademarks belong to their respective owners. || WRIT Media Group Announces Beta Availability of CrypStock Crypto Currency Exchange: LOS ANGELES, CA--(Marketwired - Jul 5, 2016) - WRIT Media Group, Inc. (OTCQB:WRIT) today introduces beta availability for its CrypStock crypto currency exchange at the following website:www.CrypStock.com.CrypStock is a crypto-currency exchange, striving to combine the crypto-currency uniqueness with the benefits of a user-friendly but sophisticated exchange system. The platform aims to give a great user experience matched with fast support, and will add new digital currencies based on popularity and requests by account holders.
The Company plans to introduce a number of proprietary trading modules, including:
• Binary optionson the Bitcoin/USD pair - the simplest type of derivative financial instruments, allowing traders to make potential profit from trend forecasting.
• Futureson the Bitcoin/USD pair - the most popular financial instrument in the world, providing an ability to trade with big leverage and volume.
• Algorithm tradingsubsystem- traders will benefit from a friendly visual wizard for automatic trading creation, back-testing and real-time execution.
"Although the addition of another crypto-currency exchange may seem trivial, the development creates a potential shift in the cryptocurrency landscape, allowing more users direct access to the Company's Pelecoin currency," states Eric Mitchell, President of WRIT Media Group. "Pelecoin will trade against Bitcoin and other digital currencies, effectively creating a direct path between a non-Bitcoin asset and Bitcoin funding."
WRIT Media Group plans to integrate a full system into the platform to run a digital currency exchange, including a solution for automatic market-making on exchange using third party exchanges. When launched, it will work with Pelecoin, Bitcoin and other digital currency exchanges around the world.
"Having the opportunity to test and plan, with early access by real clients, has been very helpful while preparing for the planned 2017 CrypStock launch," adds Mr. Mitchell.
Opening a CrypStock Account
New users can sign up online for free and secure their own CrypStock trading account by completing a New Account Application Form atwww.crypstock.com. Once registered, users can navigate the beta version of the trading platform to monitor trading prices for various digital currencies, execute sample trades in various currencies, and provide feedback to WRIT Media Group's active development and support team.
Upon its completion of external user acceptance testing, the exchange intends to register as a Money Service Business with the United States Department of Treasury and other necessary regulatory agencies in the US and abroad. Once registered, Pelecoin may be traded in several states in the US as a digital currency. Pelecoin is also finalizing the technical and regulatory ability to trade in Asia and other continents. Qualifying account holders will then be able to trade Pelecoin, other digital currencies, and derivatives on the Company's proprietary CrypStock trading platform.
About WRIT Media GroupWRIT Media Group, Inc. (OTCQB:WRIT) is a diversified media and software company whose operations include content production and distribution; video game distribution via mobile platforms; and digital currency software development, including trading platforms and Blockchain solutions.
The Company's portfolio of wholly owned businesses includes:
• Front Row Networks, a content creation company which produces, acquires and distributes live event programming for worldwide digital broadcast into digitally enabled movie theaters and online streaming;
• Amiga Games, a software company resurrecting the Amiga brand by publishing retro video games on smartphones, tablets and consoles;
• Retro Infinity, Inc., a video game distribution portal which publishes video games from Amiga, Atari and other "retro" brands on today's smartphones, tablets and consoles; and
• Pandora Venture Capital, a software developer with a focus on digital currency technologies, including; a cryptocurrency trading platform, a new generation of cryptocurrency, and Blockchain technology solutions.
Cautionary Note Regarding Forward-Looking StatementsExcept for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements.Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, but not limited to, those discussed in WRIT Media Group's latest 10-Q filed December 31, 2015. The company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Pandora Venture Capital Corp., Pelecoin, CrypStock.com and its related trademarks and names are the property of WRIT Media Group, Inc. and are registered and/or used in the U.S. and countries around the world. All rights reserved. All other trademarks belong to their respective owners. || NetCents Partners with European Powerhouse Bitstamp: VANCOUVER BC / ACCESSWIRE / July 5, 2016 / NetCents Technology Inc.(CSE: NC)("NetCents" or the "Company")is proud to announce its newest partnership with Bitstamp Ltd., Europe's largest Bitcoin exchange and one of the world's leading industry players. This initiative opens up our platform for our users, provides even more access to digital currencies, and moves us into the European market.
"We are extremely excited about this integration with European powerhouse, Bitstamp. This is another important milestone in our ongoing global expansion and a key part of our business development strategy in broadening our services with leading blockchain groups," commented Clayton Moore, CEO & Founder. "NetCents will leverage this relationship to continue growing our digital currency options. We are committed to solidifying a robust, worldwide digital assets ecosystem that is secure, transparent, and regulated."
Bitstamp recently obtained a Payment Institution License in Luxembourg, which will legally allow them to operate as a financial platform in the European Union. Consisting of 28 countries, Bitstamp is the only licensed and regulated exchange in Europe. This partnership will yield several industry initiatives for the Company, further expanding its services and user base.
"Our team has made exponential progress building our high performance platform. We expect to grow substantially this year and look forward to continually adding new and innovative services as we do so," commented Gord Jessop, President & COO. "We have a number of exciting initiatives that will be launched this quarter as we are build our platform and team to scale with our users. This integration is expected to derive revenue in line with its projections and business model, and our team is excited on collaborating with Bitstamp to accelerate both of our growth strategies."
About Bitstamp
Bitstamp is a European Union (Luxembourg) based bitcoin marketplace. It allows people from all around the world to safely buy and sell Bitcoins. As of 2016, Bitstamp was the world's second largest exchange by volume. Bitstamp allows trading between USD, EUR currency and bitcoin, and acts as a gateway for the Ripple payment protocol.
In 2016, the Luxembourg government granted Bitstamp a license as a fully regulated Payment Institution. The license is usable around the 28 member states of the EU.
About NetCents
NetCents is an online payments platform, offering consumers and merchants online services for managing electronic payments. The Company is focused on capturing the migration from cash to digital currency by utilizing innovative Blockchain Technology to provide payment solutions that are simple to use, secure and worry free. NetCents works with its financial partners, mobile operators, exchanges, etc., to streamline the user experience of transacting online. NetCents technology is integrated into the Automated Clearing House ("ACH"), which ensures our consumer's security and privacy. This agreement allows the Company to expand its reach throughout the European Union and its 28 countries, enhancing the users online experience, granting them the freedom and convenience to Pay. Your Way.™
For the latest information on Blockchain, Bitcoin or Fintech we urge our readers to visit our Blog on our website (www.netcents.biz) or visit industry websites such as CoinDesk (www.coindesk.com) a world leader in news, prices and information on bitcoin and other digital currencies.
Further information about the Company it is available under its profile on the SEDAR website,www.sedar.com, on the CSE websitewww.thecse.com, on our websitewww.netcents.bizor contact Robert Meister, Capital Markets at Ph: 604.676.5248 or email:[email protected].
On Behalf of the Board of Directors
NetCents Technology Inc.
Clayton Moore, CEO & Founder
NetCents Technology Inc.
Suite 1500, 885 West Georgia Street
Vancouver, British Columbia V6C 3E8
The Canadian Securities Exchange has neither approved nor disapproved of the contents of this press release. Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE:NetCents Technology Inc. || Wall Street's favorite technology set out to disrupt how we transfer money, but may end up changing everything else instead: Bitcoin money laundering virtual currency transactions (Dana Byerlee, 33, of Santa Monica, prepares to use one of Southern California's first two bitcoin-to-cash ATMs, in Locali Conscious Convenience store in Venice, Los Angeles, California, June 21, 2014.REUTERS/Lucy Nicholson) Bitcoin was created to revolutionize the way we pay for things. The decentralized control, quick payment processing and blockchain technology Bitcoin championed was intended to disrupt the status quo in payments. The Bitcoin platform was released in 2009, and was created to give the power of payments to the people using it. No longer would you have to rely on a bank to verify transactions. The people who use Bitcoin double as the verification method using a technology known as the "blockchain." The widespread nature of Bitcoin means it can't be controlled by a malicious government or a single company. No single person has power over Bitcoin, and any changes to the payment system would have to be agreed upon by a majority of the people using it, a refreshing change from other payment methods. "Bitcoin is a very successful proof of concept for a peer to peer electronic cash system, which allows for the transfer of value over the internet without the need for a trusted third party," Citigroup analyst Keith Horowitz said in a note to clients. It's now becoming clear that bitcoin is unlikely to succeed in getting rid of cash or credit cards. There are too many barriers to its widespread availability. That doesn 't mean it's a failure, though. The technology that Bitcoin popularized is being put to use in other exciting areas now. (BII) Barriers It turns out that Bitcoin's biggest feature, its decentralized nature, is also one of its biggest weaknesses. Let's illustrate the problem with an example. Imagine sending money to a family member who is overseas, but accidentally typing in the wrong account number. On the Bitcoin network, you would have to contact the account you mistakenly sent money to and have them agree to send it back. If you had used a bank or credit card, the central power could resolve the issue, and refund your account with the money you mistakenly sent. Story continues Even if you manage to correctly send Bitcoin to your family member, they would have to find someone willing to trade their new Bitcoin into currency they could use locally. The decentralized nature of Bitcoin actually hurts it in an example like this. Additionally, in developed nations, a central power often help suppress volatility and increase adoption. It's hard to convince a user that Bitcoin is the best payment option when systems issued by banks and government entities are just as fast and easy to use. "When we compare Bitcoin to centralized systems on messaging, settlement and regulation, we believe that overall centralized systems come out on top, and consequently we do not believe that banks and the card networks (Visa/MasterCard) are at risk from disruption," Horowitz said. Bitcoin's impact on payments Despite it's shortcomings, Bitcoin is not a failure. It has succeeded in highlighting several problem areas in current payment systems, and people are working on a number of different options for utilizing the technology Bitcoin popularized. A 3D printed people's models are seen in front of a displayed Airbnb logo in this illustration taken, June 8, 2016. REUTERS/Dado Ruvic/Illustration (A 3D printed people's models are seen in front of a displayed Airbnb logo in this illustrationThomson Reuters) Major banks are investigating the practicality of a 'blockchain' technology , for example. Autonomous Research has called the technology a " game changer ," and Goldman Sachs has said the technology " has the potential to redefine transactions ." The estimated annual budget for blockchain initiatives on Wall Street is $1 billion . Goldman Sachs recently published a report highlighting practical use cases for blockchain outside of finance, including applications in the sharing economy, electricity market and in property. "Groundbreaking innovations have often come from not one but many different technologies coming together," Horowitz said. Bitcoin could provide a framework for incredibly quick microtransactions, which would revolutionize several industries. Imagine the streaming music services, like Spotify and Apple Music, paying an artist a small amount of money every time you play a song. This happens now, but is done slowly and is hard to track. Plumbing a database of music with a Bitcoin like technology would allow artists to be paid immediately for people listening to their work, and the system could theoretically work across streaming services. Bitcoin also has interesting applications in the Internet of Things.As more of our everyday objects start connecting to the internet, the potential for small micropayments increases. Imagine your dryer, fridge and AC all communicating with each other and talking to the power grid to barter over power usage. A decentralized, Bitcoin like system could allow these devices to all talk to each other . Instead of having to be connected to a centralized hub the devices could provide their own smarts. The possible applications of Bitcoin technology are potentially infinite, and are only just starting to be realized. NOW WATCH: MICHAEL MOORE: 'I think there’s an excellent chance' Trump will be president More From Business Insider Here's what the $99 flight from LA to Iceland is like A right-wing experiment sarcastically known as the 'bank of KDOT' is ruining Kansas' roads The Warriors recruited Kevin Durant with a pitch that should terrify the rest of the NBA || Wall Street's favorite technology set out to disrupt how we transfer money, but may end up changing everything else instead: (Dana Byerlee, 33, of Santa Monica, prepares to use one of Southern California's first two bitcoin-to-cash ATMs, in Locali Conscious Convenience store in Venice, Los Angeles, California, June 21, 2014.REUTERS/Lucy Nicholson)
Bitcoin was created to revolutionize the way we pay for things.
The decentralized control, quick payment processing and blockchain technology Bitcoin championed was intended to disrupt the status quo in payments.
The Bitcoin platform was released in 2009, and was created to give the power of payments to the people using it.
No longer would you have to rely on a bank to verify transactions. The people who use Bitcoin double as the verification method using a technology known as the "blockchain."
The widespread nature of Bitcoin means it can't be controlled by a malicious government or a single company. No single person has power over Bitcoin, and any changes to the payment system would have to be agreed upon by a majority of the people using it, a refreshing change from other payment methods.
"Bitcoin is a very successful proof of concept for a peer to peer electronic cash system, which allows for the transfer of value over the internet without the need for a trusted third party," Citigroup analyst Keith Horowitz said in a note to clients.
It's now becoming clear that bitcoin is unlikely tosucceed in getting rid of cash or credit cards. There are too many barriers to its widespread availability.That doesn't mean it's a failure, though.The technology that Bitcoin popularized is being put to use in other exciting areas now.
It turns out that Bitcoin's biggest feature, its decentralized nature, is also one of its biggest weaknesses.
Let's illustrate the problem with an example.
Imagine sending money to a family member who is overseas, but accidentally typing in the wrong account number. On the Bitcoin network, you would have to contact the account you mistakenly sent money to and have them agree to send it back. If you had used a bank or credit card, the central power could resolve the issue, and refund your account with the money you mistakenly sent.
Even if you manage to correctly send Bitcoin to your family member, they would have to find someone willing to trade their new Bitcoin into currency they could use locally.
The decentralized nature of Bitcoin actually hurts it in an example like this.
Additionally, in developed nations, a central power often help suppress volatility and increase adoption. It's hard to convince a user that Bitcoin is the best payment option when systems issued by banks and government entities are just as fast and easy to use.
"When we compare Bitcoin to centralized systems on messaging, settlement and regulation, we believe that overall centralized systems come out on top, and consequently we do not believe that banks and the card networks (Visa/MasterCard) are at risk from disruption," Horowitz said.
Despite it's shortcomings, Bitcoin is not a failure. It has succeeded in highlighting several problem areas in current payment systems, and people are working on a number of different options for utilizing the technology Bitcoin popularized.
(A 3D printed people's models are seen in front of a displayed Airbnb logo in this illustrationThomson Reuters)
Major banks are investigating thepracticality of a 'blockchain' technology, for example.
Autonomous Research has called the technology a "game changer," and Goldman Sachs has said the technology "has the potential to redefine transactions."
The estimated annual budget for blockchain initiativeson Wall Street is $1 billion.
Goldman Sachs recently published areport highlighting practical use casesfor blockchain outside of finance, including applications in the sharing economy, electricity market and in property.
"Groundbreaking innovations have often come from not one but many different technologies coming together," Horowitz said.
Bitcoin could provide a framework for incredibly quick microtransactions, which would revolutionize several industries.
Imagine the streaming music services, like Spotify and Apple Music, paying an artist a small amount of money every time you play a song. This happens now, but is done slowly and is hard to track.
Plumbing a database of music with a Bitcoinlike technology would allow artists to be paid immediately for people listening to their work, and the system could theoretically work across streaming services.
Bitcoin also has interesting applications in the Internet of Things.As more of our everyday objects start connecting to the internet, the potential for small micropayments increases.
Imagine your dryer, fridge and AC all communicating with each other and talking to the power grid to barter over power usage. A decentralized, Bitcoin like systemcould allow these devices to all talk to each other. Instead of having to be connected to a centralized hub the devices could provide their own smarts.
The possible applications of Bitcoin technology are potentially infinite, and are only just starting to be realized.
NOW WATCH:MICHAEL MOORE: 'I think there’s an excellent chance' Trump will be president
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• Here's what the $99 flight from LA to Iceland is like
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• The Warriors recruited Kevin Durant with a pitch that should terrify the rest of the NBA || As Q3 Begins, Gold Miner ETFs Keep Shining: Looking back to the first half of 2016, exchange traded funds that track precious metals miners have been the top performers so far this year, and the metal producers group may continue to shine through the second half.
Year-to-date, the S&P 500 rose 2.4%, the Dow Jones Industrial Average gained 2.9% and the Nasdaq Composite dipped 3.9%.
In contrast, among the top ETFs of the year, the PureFunds ISE Junior Silver ETF (SILJ) surged 181.1%, Global X Gold Explorers ETF (GLDX) jumped 137.4%, iShares MSCI Global Silver Miners Fund ETF (SLVP) advanced 129.5%, Global X Silver Miners ETF (SIL) increased 127.8% andVanEckVectors Gold Miners ETF (GDXJ) rose 118.9%.
SILJ tries to reflect the performance of the ISE Junior Silver (Small Cap Miners/Explorers) Index, which is comprised of silver exploration and mining exposure of small-cap companies, such as 16.5% Coeur Mining (CDE), 14.2% Pan American Silver (PAAS) and 14.1% First Majestic Silver (AG). The junior silver miner ETF has a large 67.8% tilt toward Canadian names, followed by 33.9% U.S. exposure.
Related:Playing It Safe With Gold Miners ETFs
GLDX tracks the Solactive Global Gold Explorers Total Return Index, which includes global gold miners, with heavy 81.8% emphasis on Canadian miners, along with 16.6% Australian companies.
SLVP follows the MSCI ACWI Select Silver Miners Investable Market Index, which includes global silver mining stocks, and also has a large 63.7% tilt toward Canadian companies, along with 12.7% U.S., 12.0% U.K. and 5.4% Mexico. The silver miner ETF also holds a large 22.1% position in Silver Wheaton Corp (SLW).
SIL, the largest silver miner-related ETF, tries to mirror the Solactive Global Silver Miners Total Return Index, which is also comprised of global silver miners. However, SIL has a lower 50.5% country tilt toward Canada, but a much larger 22.0% position in the U.S. and 21.0% in Mexico. Additionally, SIL is slightly more diversified, with only a 11.6% weight in SLW.
Related:Another Rally Looms for Gold ETFs
Lastly, GDXJ, the largest junior gold miner ETF, tries to reflect the performance of the MVIS Global Junior Gold Miners Index, which includes micro- and small-cap gold miners. The fund has a large 65.0% country weight toward Canada, along with 12.4% U.S., 8.8% Australia and 5.0% U.K.
Precious metals miners have been the hot spot for most of the year as gold bullion strengthened on safe-haven demand and a more dovish Federal Reserve outlook.
Gold prices have jumped 25% to $1,325.5 per ounce as of the end of June.
Trending on ETF Trends
Supply Concerns Linger for Oil ETFs
11 Surging Silver ETFs as Two-Year High Looms
A Gold Boon for these Glistening ETFs
As Bank of England Mulls Rate Cuts, More Pound Punishment Likely
Winklevoss Bitcoin ETF Will Trade on BATS
During the start of the year when the equities markets saw two-digit percentage point declines, investors shifted into the gold hard asset as a safe store of wealth. In addition, once equities started rebounding, traders maintained their gold positions on the depreciating U.S. dollar and the extended low rate outlook from the Federal Reserve, betting that precious metals will continue to be a good store of wealth and also help hedge against a more volatile outlook, such as the United Kingdom’s recent referendum vote on breaking away from the European Union, or Brexit.
Meanwhile, gold miners, which have been among the worst performing assets over recent years, staged a rally on the sudden improvement in gold prices.
Looking ahead, gold bullion and miners could continue to shine as a safe-haven play in a post-Brexit world.
Related:A New Leg up Could be Coming for Gold ETFs
The Fed has signaled it would slow the pace of interest rate normalization this year – higher interest rates typically weigh on gold prices since the hard asset provide no yield and would become less attractive to higher-yielding conservative debt assets in a rising rate environment. Moreover, futures traders are even pricing in a chance that the Fed is more likely to cut interest rates than raise them.
Robust demand is also supporting the gold market. For instance, ETF flows into gold have expanded at their fastest pace since 2009. Physically backed gold ETF holdings are still one-third below the December 2012 peak, which suggest that prices can hold at about $1,200 per ounce. The SPDR Gold Shares (GLD) , the largest gold-related ETF by assets, has been the most popular ETF play of 2016, attracting $12.2 billion in net inflows as of the end of June.
We might still see more out of the emerging markets as demand has not been as robust in the developing world. For instance, China has shown little demand, with the Shanghai Gold Exchange seeing muted growth in volume. While the higher prices may have deterred Asian buyers, demand could pick up if people expect prices to remain elevated.
For more information on the Gold ETFs, visit ourGold category.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product. || As Q3 Begins, Gold Miner ETFs Keep Shining: Looking back to the first half of 2016, exchange traded funds that track precious metals miners have been the top performers so far this year, and the metal producers group may continue to shine through the second half. Year-to-date, the S&P 500 rose 2.4%, the Dow Jones Industrial Average gained 2.9% and the Nasdaq Composite dipped 3.9%. In contrast, among the top ETFs of the year, the PureFunds ISE Junior Silver ETF ( SILJ ) surged 181.1%, Global X Gold Explorers ETF ( GLDX ) jumped 137.4%, iShares MSCI Global Silver Miners Fund ETF ( SLVP ) advanced 129.5%, Global X Silver Miners ETF ( SIL ) increased 127.8% and VanEck Vectors Gold Miners ETF ( GDXJ ) rose 118.9%. SILJ tries to reflect the performance of the ISE Junior Silver (Small Cap Miners/Explorers) Index, which is comprised of silver exploration and mining exposure of small-cap companies, such as 16.5% Coeur Mining ( CDE ), 14.2% Pan American Silver ( PAAS ) and 14.1% First Majestic Silver ( AG ). The junior silver miner ETF has a large 67.8% tilt toward Canadian names, followed by 33.9% U.S. exposure. Related: Playing It Safe With Gold Miners ETFs GLDX tracks the Solactive Global Gold Explorers Total Return Index, which includes global gold miners, with heavy 81.8% emphasis on Canadian miners, along with 16.6% Australian companies. SLVP follows the MSCI ACWI Select Silver Miners Investable Market Index, which includes global silver mining stocks, and also has a large 63.7% tilt toward Canadian companies, along with 12.7% U.S., 12.0% U.K. and 5.4% Mexico. The silver miner ETF also holds a large 22.1% position in Silver Wheaton Corp ( SLW ). SIL, the largest silver miner-related ETF, tries to mirror the Solactive Global Silver Miners Total Return Index, which is also comprised of global silver miners. However, SIL has a lower 50.5% country tilt toward Canada, but a much larger 22.0% position in the U.S. and 21.0% in Mexico. Additionally, SIL is slightly more diversified, with only a 11.6% weight in SLW. Related: Another Rally Looms for Gold ETFs Lastly, GDXJ, the largest junior gold miner ETF, tries to reflect the performance of the MVIS Global Junior Gold Miners Index, which includes micro- and small-cap gold miners. The fund has a large 65.0% country weight toward Canada, along with 12.4% U.S., 8.8% Australia and 5.0% U.K. Precious metals miners have been the hot spot for most of the year as gold bullion strengthened on safe-haven demand and a more dovish Federal Reserve outlook. Gold prices have jumped 25% to $1,325.5 per ounce as of the end of June. Trending on ETF Trends Supply Concerns Linger for Oil ETFs Story continues 11 Surging Silver ETFs as Two-Year High Looms A Gold Boon for these Glistening ETFs As Bank of England Mulls Rate Cuts, More Pound Punishment Likely Winklevoss Bitcoin ETF Will Trade on BATS During the start of the year when the equities markets saw two-digit percentage point declines, investors shifted into the gold hard asset as a safe store of wealth. In addition, once equities started rebounding, traders maintained their gold positions on the depreciating U.S. dollar and the extended low rate outlook from the Federal Reserve, betting that precious metals will continue to be a good store of wealth and also help hedge against a more volatile outlook, such as the United Kingdom’s recent referendum vote on breaking away from the European Union, or Brexit. Meanwhile, gold miners, which have been among the worst performing assets over recent years, staged a rally on the sudden improvement in gold prices. Looking ahead, gold bullion and miners could continue to shine as a safe-haven play in a post-Brexit world. Related: A New Leg up Could be Coming for Gold ETFs The Fed has signaled it would slow the pace of interest rate normalization this year – higher interest rates typically weigh on gold prices since the hard asset provide no yield and would become less attractive to higher-yielding conservative debt assets in a rising rate environment. Moreover, futures traders are even pricing in a chance that the Fed is more likely to cut interest rates than raise them. Robust demand is also supporting the gold market. For instance, ETF flows into gold have expanded at their fastest pace since 2009. Physically backed gold ETF holdings are still one-third below the December 2012 peak, which suggest that prices can hold at about $1,200 per ounce. The SPDR Gold Shares ( GLD ) , the largest gold-related ETF by assets, has been the most popular ETF play of 2016, attracting $12.2 billion in net inflows as of the end of June. We might still see more out of the emerging markets as demand has not been as robust in the developing world. For instance, China has shown little demand, with the Shanghai Gold Exchange seeing muted growth in volume. While the higher prices may have deterred Asian buyers, demand could pick up if people expect prices to remain elevated. For more information on the Gold ETFs, visit our Gold category . The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product. View comments || Former U.S. Secret Service agent suspected in additional Bitcoin thefts: By Joseph Menn SAN FRANCISCO (Reuters) - A Secret Service agent who stole money seized by the government in the investigation of underground drug bazaar Silk Road is now suspected of stealing money in at least two other cases, according to court filings unsealed on Thursday. In the larger of those cases, he is thought to have been behind the theft of about $700,000 worth of Bitcoin from a Secret Service account three months after the agency was urged to block his access, the documents say. Former agent Shaun Bridges pleaded guilty last year and was sentenced in December to nearly six years in prison for stealing more than $800,000 of the crypto currency Bitcoin during the Silk Road investigation. According to an affidavit unsealed Thursday, the Justice Department learned in April 2015 that Bridges might have kept a private cryptographic key giving him access to a Bitcoin wallet with the $700,000 in currency that the Silk Road task force had seized in 2014. The department urged the agency to move the funds elsewhere. “Unfortunately, the U.S. Secret Service did not do so and the funds were thereafter stolen, something the U.S, Secret Service only discovered once it was ordered by a court to pay a portion of the seizure back to affected claimants,” a team of prosecutors wrote in an accompanying motion. The Bitcoin in question was moved in July 2015 but only discovered missing in December, the affidavit said. The Secret Service and Bridges' attorney Steven Levin declined to comment. In the previous case, Bridges admitted he stole money from Silk Road accounts and framed someone else for it, leading Silk Road chief Ross Ulbricht to plan a murder. Ulbricht is now serving a life sentence. (Reporting by Joseph Menn; Editing by Cynthia Osterman) || Former U.S. Secret Service agent suspected in additional Bitcoin thefts: By Joseph Menn SAN FRANCISCO (Reuters) - A Secret Service agent who stole money seized by the government in the investigation of underground drug bazaar Silk Road is now suspected of stealing money in at least two other cases, according to court filings unsealed on Thursday. In the larger of those cases, he is thought to have been behind the theft of about $700,000 worth of Bitcoin from a Secret Service account three months after the agency was urged to block his access, the documents say. Former agent Shaun Bridges pleaded guilty last year and was sentenced in December to nearly six years in prison for stealing more than $800,000 of the crypto currency Bitcoin during the Silk Road investigation. According to an affidavit unsealed Thursday, the Justice Department learned in April 2015 that Bridges might have kept a private cryptographic key giving him access to a Bitcoin wallet with the $700,000 in currency that the Silk Road task force had seized in 2014. The department urged the agency to move the funds elsewhere. “Unfortunately, the U.S. Secret Service did not do so and the funds were thereafter stolen, something the U.S, Secret Service only discovered once it was ordered by a court to pay a portion of the seizure back to affected claimants,” a team of prosecutors wrote in an accompanying motion. The Bitcoin in question was moved in July 2015 but only discovered missing in December, the affidavit said. The Secret Service and Bridges' attorney Steven Levin declined to comment. In the previous case, Bridges admitted he stole money from Silk Road accounts and framed someone else for it, leading Silk Road chief Ross Ulbricht to plan a murder. Ulbricht is now serving a life sentence. (Reporting by Joseph Menn; Editing by Cynthia Osterman) || Former U.S. Secret Service agent suspected in additional Bitcoin thefts: By Joseph Menn SAN FRANCISCO (Reuters) - A Secret Service agent who stole money seized by the government in the investigation of underground drug bazaar Silk Road is now suspected of stealing money in at least two other cases, according to court filings unsealed on Thursday. In the larger of those cases, he is thought to have been behind the theft of about $700,000 worth of Bitcoin from a Secret Service account three months after the agency was urged to block his access, the documents say. Former agent Shaun Bridges pleaded guilty last year and was sentenced in December to nearly six years in prison for stealing more than $800,000 of the crypto currency Bitcoin during the Silk Road investigation. According to an affidavit unsealed Thursday, the Justice Department learned in April 2015 that Bridges might have kept a private cryptographic key giving him access to a Bitcoin wallet with the $700,000 in currency that the Silk Road task force had seized in 2014. The department urged the agency to move the funds elsewhere. “Unfortunately, the U.S. Secret Service did not do so and the funds were thereafter stolen, something the U.S, Secret Service only discovered once it was ordered by a court to pay a portion of the seizure back to affected claimants,” a team of prosecutors wrote in an accompanying motion. The Bitcoin in question was moved in July 2015 but only discovered missing in December, the affidavit said. The Secret Service and Bridges' attorney Steven Levin declined to comment. In the previous case, Bridges admitted he stole money from Silk Road accounts and framed someone else for it, leading Silk Road chief Ross Ulbricht to plan a murder. Ulbricht is now serving a life sentence. (Reporting by Joseph Menn; Editing by Cynthia Osterman) || Former U.S. Secret Service agent suspected in additional Bitcoin thefts: By Joseph Menn SAN FRANCISCO (Reuters) - A Secret Service agent who stole money seized by the government in the investigation of underground drug bazaar Silk Road is now suspected of stealing money in at least two other cases, according to court filings unsealed on Thursday. In the larger of those cases, he is thought to have been behind the theft of about $700,000 worth of Bitcoin from a Secret Service account three months after the agency was urged to block his access, the documents say. Former agent Shaun Bridges pleaded guilty last year and was sentenced in December to nearly six years in prison for stealing more than $800,000 of the crypto currency Bitcoin during the Silk Road investigation. According to an affidavit unsealed Thursday, the Justice Department learned in April 2015 that Bridges might have kept a private cryptographic key giving him access to a Bitcoin wallet with the $700,000 in currency that the Silk Road task force had seized in 2014. The department urged the agency to move the funds elsewhere. “Unfortunately, the U.S. Secret Service did not do so and the funds were thereafter stolen, something the U.S, Secret Service only discovered once it was ordered by a court to pay a portion of the seizure back to affected claimants,” a team of prosecutors wrote in an accompanying motion. The Bitcoin in question was moved in July 2015 but only discovered missing in December, the affidavit said. The Secret Service and Bridges' attorney Steven Levin declined to comment. In the previous case, Bridges admitted he stole money from Silk Road accounts and framed someone else for it, leading Silk Road chief Ross Ulbricht to plan a murder. Ulbricht is now serving a life sentence. (Reporting by Joseph Menn; Editing by Cynthia Osterman)
[Social Media Buzz]
#Bitcoin now is $618.00 via Chain
Tweet created July 7, 2016 at 09:00PM
Free ฿itcoin - Win… http://goo.gl/ohelJN pic.twitter.com/orttRbjlsm || #bitcoin #miner GekkoScience Compac USB Stick Bitcoin Miner 8-12gh/s+ (BM1384) $40.00 http://ift.tt/29m7fLn pic.twitter.com/oHJJZr8gBJ || #Bitcoin is over $600.00 Maybe it's time to buy some before it goes higher!!... http://fb.me/7fL1pVOjQ || #SativaCoin #STV $ 0.004591 (-4.95 %) 0.00000715 BTC (-0.00 %) || A Scenario Where Bitcoin Drops To $0.00 http:/...
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666.52, 650.96, 649.36, 647.66, 664.55, 654.47, 658.08, 663.26, 660.77, 679.46
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 6856.93, 6773.88, 6741.75, 6329.95, 6394.71, 6228.81, 6238.05, 6276.12, 6359.64, 6741.75, 7321.04, 7370.78, 7466.86, 7354.13, 7419.29, 7418.49, 7711.11, 8424.27, 8181.39, 7951.58, 8165.01, 8192.15, 8218.46, 8180.48, 7780.44, 7624.91, 7567.15, 7434.39, 7032.85, 7068.48, 6951.80, 6753.12, 6305.80, 6568.23, 6184.71, 6295.73, 6322.69, 6297.57, 6199.71, 6308.52, 6334.73, 6580.63, 6423.76, 6506.07, 6308.53, 6488.76, 6376.71, 6534.88, 6719.96, 6763.19, 6707.26, 6884.64, 7096.28, 7047.16, 6978.23, 7037.58, 7193.25, 7272.72, 7260.06, 7361.66, 6792.83, 6529.17, 6467.07, 6225.98, 6300.86, 6329.70, 6321.20, 6351.80, 6517.31, 6512.71, 6543.20, 6517.18, 6281.20, 6371.30, 6398.54, 6519.67, 6734.95, 6721.98, 6710.63, 6595.41, 6446.47, 6495.00, 6676.75, 6644.13, 6601.96, 6625.56, 6589.62, 6556.10, 6502.59, 6576.69.
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[Bitcoin Technical Analysis for 2018-10-04]
Volume: 3838410000, RSI (14-day): 49.43, 50-day EMA: 6653.81, 200-day EMA: 7309.32
[Wider Market Context]
Gold Price: 1197.20, Gold RSI: 49.35
Oil Price: 74.33, Oil RSI: 62.51
[Recent News (last 7 days)]
Cryptocurrency ATMs coming to Argentina to exploit peso volatility: By Maximilian Heath BUENOS AIRES (Reuters) - Argentina could get up to 30 automated teller machines that buy and sell bitcoin by the end of the year, industry representatives said, an expansion of the cryptocurrency market amid an economic crisis that has seen the peso's value tumble. Athena Bitcoin, a U.S. company that specializes in cryptocurrency ATMs, launched Argentina's first bitcoin ATM last month in a Buenos Aires shopping mall, a company spokesperson told Reuters. Another company, U.S.-based Odyssey Group, said of the 150 ATMs it aims to install by the end of the year in Argentina, 80 percent of those will be bitcoin-operational within the first months of 2019. Cryptocurrencies are virtual currencies not backed by any central bank or hard asset, with bitcoin the world's biggest and best-known. Bitcoin was trading around 6,480 to the U.S. dollar on Wednesday. "Today, the cryptocurrency ATMs in the world are growing exponentially. In Argentina, there were no commercial ATMs and the idea was to be the first to capture the market," said Dante Galeazzi, Argentina operations manager for Athena Bitcoin. Athena Bitcoin already has 12 ATMs in Colombia, and the Argentine financial crisis, with inflation expected to exceed 40 percent by the end of the year, presented a growth opportunity in the cryptocurrency market, Galeazzi said. The peso has lost more than 50 percent of its value against the dollar so far in 2018. "With currency devaluations, we have seen a spike in bitcoin transactions. We see that as a safeguard to (the peso's) value, as well as an opportunity to invest in the market," Galeazzi said, adding that the machines will initially support only bitcoin, but will eventually include other cryptocurrencies like litecoin, ethereum and bitcoin cash. Unlike Athena Bitcoin machines, which only allow customers to buy and sell digital currencies, Odyssey Group ATMs will be able to complete traditional bank transactions including depositing and withdrawing cash and transferring money between accounts. Story continues Octagon, a company owned by Odyssey Group that will process the ATM transactions in Argentina, said it hopes to have installed about 1,600 bitcoin-enabled ATMs for Odyssey in the country a year from now, the company's general manager Begona Perez De Solay said. Both Athena Bitcoin and Odyssey group have said they also have ambitions to expand in other Latin American countries. Galeazzi said that Athena Bitcoin is eying Chile, Brazil and Mexico as other potential markets, while Odyssey Group said it is examining other potential locations across the region. (Reporting by Maximilian Heath,; Writing by Scott Squires,; Editing by Cassandra Garrison and Phil Berlowitz) || Cryptocurrency ATMs coming to Argentina to exploit peso volatility: By Maximilian Heath BUENOS AIRES (Reuters) - Argentina could get up to 30 automated teller machines that buy and sell bitcoin by the end of the year, industry representatives said, an expansion of the cryptocurrency market amid an economic crisis that has seen the peso's value tumble. Athena Bitcoin, a U.S. company that specializes in cryptocurrency ATMs, launched Argentina's first bitcoin ATM last month in a Buenos Aires shopping mall, a company spokesperson told Reuters. Another company, U.S.-based Odyssey Group, said of the 150 ATMs it aims to install by the end of the year in Argentina, 80 percent of those will be bitcoin-operational within the first months of 2019. Cryptocurrencies are virtual currencies not backed by any central bank or hard asset, with bitcoin the world's biggest and best-known. Bitcoin was trading around 6,480 to the U.S. dollar on Wednesday. "Today, the cryptocurrency ATMs in the world are growing exponentially. In Argentina, there were no commercial ATMs and the idea was to be the first to capture the market," said Dante Galeazzi, Argentina operations manager for Athena Bitcoin. Athena Bitcoin already has 12 ATMs in Colombia, and the Argentine financial crisis, with inflation expected to exceed 40 percent by the end of the year, presented a growth opportunity in the cryptocurrency market, Galeazzi said. The peso has lost more than 50 percent of its value against the dollar so far in 2018. "With currency devaluations, we have seen a spike in bitcoin transactions. We see that as a safeguard to (the peso's) value, as well as an opportunity to invest in the market," Galeazzi said, adding that the machines will initially support only bitcoin, but will eventually include other cryptocurrencies like litecoin, ethereum and bitcoin cash. Unlike Athena Bitcoin machines, which only allow customers to buy and sell digital currencies, Odyssey Group ATMs will be able to complete traditional bank transactions including depositing and withdrawing cash and transferring money between accounts. Story continues Octagon, a company owned by Odyssey Group that will process the ATM transactions in Argentina, said it hopes to have installed about 1,600 bitcoin-enabled ATMs for Odyssey in the country a year from now, the company's general manager Begona Perez De Solay said. Both Athena Bitcoin and Odyssey group have said they also have ambitions to expand in other Latin American countries. Galeazzi said that Athena Bitcoin is eying Chile, Brazil and Mexico as other potential markets, while Odyssey Group said it is examining other potential locations across the region. (Reporting by Maximilian Heath,; Writing by Scott Squires,; Editing by Cassandra Garrison and Phil Berlowitz) || Why This Deep-Sea Driller's Stock Rocketed 15% Higher in September: Deep-sea drilling specialistTransocean Ltd.(NYSE: RIG)jumped 15.2% in September, according to data provided byS&P Global Market Intelligence. There have been a couple of big ups and downs this year, but through the first nine months of 2018, the stock was up a heady 30%. The timing of the September advance, however, coincided with some key news.
On Sept. 4, Transocean announced that it had agreed to buy Ocean Rig in a cash and stock transaction valued at $2.7 billion, including debt. Ocean Rig's fleet consists of nine ultra-deepwater drillships and two semisubmersibles, all of which are designed to work in harsh condition. It also has two drillships under construction. The combined fleet will have 57 vessels and increase Transocean's backlog by 6%.
Image source: Getty Images
The timing of this deal seems very good for Transocean. As CEO Jeremy Thigpen noted in the release, "The combination of constructive and stable oil prices over the last several quarters, streamlined offshore project costs, and undeniable reserve replacement challenges has driven a material increase in offshore contracting activity." Transocean, in fact, has inked both an extension and a new contract since it announced the acquisition. The CEO believes that an industry upturn is imminent, which suggests that Transocean is getting biggerjust in time to benefitfrom rising oil prices.
That said, the last few years have been rough for Transocean shareholders. The oil downturn that started in mid-2014 led to a material downturn in demand for the company's fleet and a spate of asset write downs and ship retirements. The stock remains more than 60% below its level in mid-2014. And the fleet tinkering isn't done yet. Earlier this year, for example, the company took a $1 billion charge because it was scrapping more ships. Fellow Fool Tyler Crowebelievesthere could be even more retirements and asset writedowns to come as well. So while an industry upturn would benefit the company greatly, investors still need to be prepared for some potentially big one-time charges in the future.
It appears that the news surrounding Transocean is getting definitively better. The Ocean Rig acquisition only improves the outlook, assuming that oil prices cooperate by staying at recent levels or, better yet, moving higher. Investors looking for a way to play an improving oil market should consider a deep dive here. However, the cyclical nature of the industry should keep more conservative types away, particularly since the impact of the last downturn may still be working through Transocean's fleet.
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Reuben Gregg Brewerhas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || Why This Deep-Sea Driller's Stock Rocketed 15% Higher in September: What happened Deep-sea drilling specialist Transocean Ltd. (NYSE: RIG) jumped 15.2% in September, according to data provided by S&P Global Market Intelligence . There have been a couple of big ups and downs this year, but through the first nine months of 2018, the stock was up a heady 30%. The timing of the September advance, however, coincided with some key news. So what On Sept. 4, Transocean announced that it had agreed to buy Ocean Rig in a cash and stock transaction valued at $2.7 billion, including debt. Ocean Rig's fleet consists of nine ultra-deepwater drillships and two semisubmersibles, all of which are designed to work in harsh condition. It also has two drillships under construction. The combined fleet will have 57 vessels and increase Transocean's backlog by 6%. An arm pointing to a stock graph on a computer Image source: Getty Images The timing of this deal seems very good for Transocean. As CEO Jeremy Thigpen noted in the release, "The combination of constructive and stable oil prices over the last several quarters, streamlined offshore project costs, and undeniable reserve replacement challenges has driven a material increase in offshore contracting activity." Transocean, in fact, has inked both an extension and a new contract since it announced the acquisition. The CEO believes that an industry upturn is imminent, which suggests that Transocean is getting bigger just in time to benefit from rising oil prices. That said, the last few years have been rough for Transocean shareholders. The oil downturn that started in mid-2014 led to a material downturn in demand for the company's fleet and a spate of asset write downs and ship retirements. The stock remains more than 60% below its level in mid-2014. And the fleet tinkering isn't done yet. Earlier this year, for example, the company took a $1 billion charge because it was scrapping more ships. Fellow Fool Tyler Crowe believes there could be even more retirements and asset writedowns to come as well. So while an industry upturn would benefit the company greatly, investors still need to be prepared for some potentially big one-time charges in the future. Story continues Now what It appears that the news surrounding Transocean is getting definitively better. The Ocean Rig acquisition only improves the outlook, assuming that oil prices cooperate by staying at recent levels or, better yet, moving higher. Investors looking for a way to play an improving oil market should consider a deep dive here. However, the cyclical nature of the industry should keep more conservative types away, particularly since the impact of the last downturn may still be working through Transocean's fleet. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Reuben Gregg Brewer has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || Retail Brokerage TD Ameritrade Backs New Crypto Exchange: After some $60 million worth of cryptocurrencies got hacked on the Zaif exchange, its operator Tech Bureau has now revealed a compensation plan. Brokerage firm TD Ameritrade is investing in a brand new cryptocurrency exchange, Bloomberg reported Wednesday. Dubbed ErisX, the exchange will allow investors to trade bitcoin, bitcoin cash, ethereum, litecoin and bitcoin, as well as bitcoin futures, a spokesperson told the news source. The exchange, built by derivatives market provider Eris Exchange, is also backed by DRW Holdings and Virtu Financial. Coinbase Rolls Out System to Free Up Stuck Bitcoin Payments Adding more detail, the report indicates that the futures contracts traded by the exchange in particular will be physically delivered, not cash-settled. Moreover, while at present TD Ameritrade customers can trade bitcoin futures contracts through the Cboe market, managing director J.B. Mackenzie told Reuters that ErisX may also allow customers to trade ethereum and litecoin futures eventually. TD Ameritrade executive vice president of trading and education Steve Quirk told Bloomberg that "our retail clients are seeking to access and trade digital currency products in the same way they do with traditional capital markets â through a legitimate, regulated and transparent exchange." ErisX is currently in the process of self-certifying its futures contracts with the U.S. Commodity Futures Trading Commission (CFTC), and will clear its derivatives products through its parent firm's clearinghouse if and when it is approved. Coinbase Adds Charles Schwab Advisor to Board of Directors Should the CFTC give ErisX the go-ahead, it will begin cash-trading processes sometime from March to June next year, and begin trading derivatives in the second half of the year. TD Ameritrade image via Jonathan Weiss / Shutterstock Related Stories Indian Crypto Exchange Zebpay Halts Trading Over Banking Ban Mt Gox Trustee Has Sold $230 Million in Bitcoin, Bitcoin Cash Since March || Retail Brokerage TD Ameritrade Backs New Crypto Exchange: Brokerage firm TD Ameritrade is investing in a brand new cryptocurrency exchange, BloombergreportedWednesday.
Dubbed ErisX, the exchange will allow investors to trade bitcoin, bitcoin cash, ethereum, litecoin and bitcoin, as well as bitcoin futures, a spokesperson told the news source.
The exchange, built by derivatives market provider Eris Exchange, is also backed by DRW Holdings and Virtu Financial.
Coinbase Rolls Out System to Free Up Stuck Bitcoin Payments
Adding more detail, the report indicates that the futures contracts traded by the exchange in particular will be physically delivered, not cash-settled.
Moreover, while at present TD Ameritrade customers can trade bitcoin futures contracts through the Cboe market, managing director J.B. Mackenzietold Reutersthat ErisX may also allow customers to trade ethereum and litecoin futures eventually.
TD Ameritrade executive vice president of trading and education Steve Quirk told Bloomberg that "our retail clients are seeking to access and trade digital currency products in the same way they do with traditional capital markets â through a legitimate, regulated and transparent exchange."
ErisX is currently in the process of self-certifying its futures contracts with the U.S. Commodity Futures Trading Commission (CFTC), and will clear its derivatives products through its parent firm's clearinghouse if and when it is approved.
Coinbase Adds Charles Schwab Advisor to Board of Directors
Should the CFTC give ErisX the go-ahead, it will begin cash-trading processes sometime from March to June next year, and begin trading derivatives in the second half of the year.
TD Ameritradeimage via Jonathan Weiss / Shutterstock
• Indian Crypto Exchange Zebpay Halts Trading Over Banking Ban
• Mt Gox Trustee Has Sold $230 Million in Bitcoin, Bitcoin Cash Since March || Bitcoin won't top $9,000 by year's end, Novogratz says: "I don't think it breaks $9,000 this year," Novogratz said at the Economist Finance Disrupted conference in New York. He predicted last year that the cryptocurrency could swell to $40,000 in 2018 but now says it will take until the first two quarters of next year for bitcoin to move above $10,000. The cryptocurrency has dropped more than 53 percent this year alone and was trading near $6,540 Tuesday. Former Fortress hedge-fund manager Michael Novogratz doesn't see much chance of bitcoin breaking out of its current slump. "I don't think it breaks $9,000 this year," Novogratz said on stage at the Economist Finance Disrupted event in Manhattan Tuesday. Novogratz, who predicted last year that the cryptocurrency could swell to $40,000 in 2018, said it will take until the first two quarters of next year for bitcoin to move above $10,000. The world's largest and most popular cryptocurrency has dropped more than 53 percent this year alone and was trading near $6,540 Tuesday. Cryptocurrencies ether and XRP fared even worse and are down 65 percent and 76 percent, respectively, in 2018, according to data from CoinDesk. Novogratz, a former Goldman Sachs macro trader, said much of that price pressure came from industry participants needing to sell "just to fund the burn rate of the industry." Companies who aren't making anywhere near the revenue they did during last year's crypto boom sold to meet obligations such as payroll, Novogratz said. He is hardly bearish, though. Novogratz, whose cryptocurrency-focused merchant bank Galaxy Digital went public on a Canadian stock exchange in August, called a bottom for bitcoin prices in September. Novogratz said Tuesday that meaningful institutional investors' money will make its way to cryptocurrencies by 2019 and predicted a return of the same "FOMO," or "fear of missing out," that pervaded as bitcoin neared $20,000 last year. WATCH: Bitcoin is disrupting the $45 billion art industry More From CNBC $8 billion valuation of Coinbase proves cryptos are not 'tulips,' says Novogratz Five crucial challenges that blockchain needs to overcome, according to Deloitte 72-year-old Fidelity bets on the future with blockchain, virtual reality and AI || Bitcoin won't top $9,000 by year's end, Novogratz says: • "I don't think it breaks $9,000 this year," Novogratz said at the Economist Finance Disrupted conference in New York.
• He predicted last year that the cryptocurrency could swell to $40,000 in 2018 but now says it will take until the first two quarters of next year for bitcoin to move above $10,000.
• The cryptocurrency has dropped more than 53 percent this year alone and was trading near $6,540 Tuesday.
Former Fortress hedge-fund manager Michael Novogratz doesn't see much chance of bitcoin breaking out of its current slump.
"I don't think it breaks $9,000 this year," Novogratz said on stage at the Economist Finance Disrupted event in Manhattan Tuesday.
Novogratz, who predicted last year that the cryptocurrency could swell to $40,000 in 2018, said it will take until the first two quarters of next year for bitcoin to move above $10,000.
The world's largest and most popular cryptocurrency has dropped more than 53 percent this year alone and was trading near $6,540 Tuesday. Cryptocurrencies ether and XRP fared even worse and are down 65 percent and 76 percent, respectively, in 2018, according to data from CoinDesk.
Novogratz, a former Goldman Sachs macro trader, said much of that price pressure came from industry participants needing to sell "just to fund the burn rate of the industry." Companies who aren't making anywhere near the revenue they did during last year's crypto boom sold to meet obligations such as payroll, Novogratz said.
He is hardly bearish, though. Novogratz, whose cryptocurrency-focused merchant bank Galaxy Digital went public on a Canadian stock exchange in August, called a bottom for bitcoin prices in September.
Novogratz said Tuesday that meaningful institutional investors' money will make its way to cryptocurrencies by 2019 and predicted a return of the same "FOMO," or "fear of missing out," that pervaded as bitcoin neared $20,000 last year.
WATCH: Bitcoin is disrupting the $45 billion art industry
More From CNBC
• $8 billion valuation of Coinbase proves cryptos are not 'tulips,' says Novogratz
• Five crucial challenges that blockchain needs to overcome, according to Deloitte
• 72-year-old Fidelity bets on the future with blockchain, virtual reality and AI || Bitcoin won't top $9,000 by year's end, Novogratz says: • "I don't think it breaks $9,000 this year," Novogratz said at the Economist Finance Disrupted conference in New York.
• He predicted last year that the cryptocurrency could swell to $40,000 in 2018 but now says it will take until the first two quarters of next year for bitcoin to move above $10,000.
• The cryptocurrency has dropped more than 53 percent this year alone and was trading near $6,540 Tuesday.
Former Fortress hedge-fund manager Michael Novogratz doesn't see much chance of bitcoin breaking out of its current slump.
"I don't think it breaks $9,000 this year," Novogratz said on stage at the Economist Finance Disrupted event in Manhattan Tuesday.
Novogratz, who predicted last year that the cryptocurrency could swell to $40,000 in 2018, said it will take until the first two quarters of next year for bitcoin to move above $10,000.
The world's largest and most popular cryptocurrency has dropped more than 53 percent this year alone and was trading near $6,540 Tuesday. Cryptocurrencies ether and XRP fared even worse and are down 65 percent and 76 percent, respectively, in 2018, according to data from CoinDesk.
Novogratz, a former Goldman Sachs macro trader, said much of that price pressure came from industry participants needing to sell "just to fund the burn rate of the industry." Companies who aren't making anywhere near the revenue they did during last year's crypto boom sold to meet obligations such as payroll, Novogratz said.
He is hardly bearish, though. Novogratz, whose cryptocurrency-focused merchant bank Galaxy Digital went public on a Canadian stock exchange in August, called a bottom for bitcoin prices in September.
Novogratz said Tuesday that meaningful institutional investors' money will make its way to cryptocurrencies by 2019 and predicted a return of the same "FOMO," or "fear of missing out," that pervaded as bitcoin neared $20,000 last year.
WATCH: Bitcoin is disrupting the $45 billion art industry
More From CNBC
• $8 billion valuation of Coinbase proves cryptos are not 'tulips,' says Novogratz
• Five crucial challenges that blockchain needs to overcome, according to Deloitte
• 72-year-old Fidelity bets on the future with blockchain, virtual reality and AI || Bitcoin is Still at an Early Stage: If You Hold 0.28 BTC, You’re Part of the 1%: Due to the fixed supply of Bitcoin, former Google Product Director Steve Lee stated that only 1 percent of the world’s population can own more than 0.28 BTC.
“If you own 0.28 BTC and HODL, you can be certain no more than 1% of the current world’s population can ever own more BTC than you. A modest investment of $1,830 today can ensure you are a 1%er in a future Bitcoin world,” Leeexplained.
Throughout the next few years, the scarcity ofBitcoinwill increase as more investors and institutions continue to accumulate the cryptocurrency, which could further reduce the total possible number of individuals that can ever own one whole Bitcoin (1 BTC).
The supply of Bitcoin is fixed at 21 million BTC, and as a hard coded monetary policy of the protocol, the fixed supply of the dominant cryptocurrency cannot be altered.
In late 2017, Chainalysis, a blockchain forensics company that monitors and investigates cryptocurrency transactions, revealed in a research paper that up to four million BTC are permanently lost on the blockchain as a result of theft, loss of wallets and private keys, and the dormant wallet of Bitcoin creator Satoshi Nakamoto, which experts have said is no longer accessible.
Kim Grauer, Senior Economist at Chainalysis,saidat the time, that the lost supply of BTC is not taken into consideration by the market cap. That means, the real price of BTC could be substantially higher, as4 to 6 million BTC are estimated to be lost.
“That is a very complex question. On the one hand, direct calculations about market cap do not take lost coins into consideration. Considering how highly speculative this field is, those market cap calculations may make it into economic models of the market that impact spending activity,” Grauer said.
The 0.28 BTC figure introduced by Lee assumes the supply of Bitcoin to be 21 million, as it divides 21 million by 0.28 and divides the outcome of that by the world population that is 7.442 billion. If the research of Chainalysis is accurate and that 4 to 6 million BTC are lost on the blockchain, the supply of Bitcoin should be closer to around 16 to 17 million.
Based on the estimate that the supply of Bitcoin is around 17 million, only 0.8 percent of the world population can own more than 0.28 BTC and less than 0.2 of the world population can own more than 1 BTC.
In consideration of the limited the supply of Bitcoin and the increasing value of the cryptocurrency, in the years to come, the 0.2 percent figure is expected to decline substantially.
The fact that any investor in the global market can be within the 1 percent of the world population with a $1,830 investment demonstrates that the cryptocurrency market is still at its early phase, and in terms of adoption, market development, infrastructure, and regulation, the sector can still grow significantly in the mid to long-term.
Featured image from Shutterstock.
The postBitcoin is Still at an Early Stage: If You Hold 0.28 BTC, You’re Part of the 1%appeared first onCCN. || Bitcoin is Still at an Early Stage: If You Hold 0.28 BTC, Youre Part of the 1%: Due to the fixed supply of Bitcoin, former Google Product Director Steve Lee stated that only 1 percent of the worlds population can own more than 0.28 BTC. If you own 0.28 BTC and HODL, you can be certain no more than 1% of the current worlds population can ever own more BTC than you. A modest investment of $1,830 today can ensure you are a 1%er in a future Bitcoin world, Lee explained. Throughout the next few years, the scarcity of Bitcoin will increase as more investors and institutions continue to accumulate the cryptocurrency, which could further reduce the total possible number of individuals that can ever own one whole Bitcoin (1 BTC). Bitcoin Supply is Lower Than 21 Million The supply of Bitcoin is fixed at 21 million BTC, and as a hard coded monetary policy of the protocol, the fixed supply of the dominant cryptocurrency cannot be altered. In late 2017, Chainalysis, a blockchain forensics company that monitors and investigates cryptocurrency transactions, revealed in a research paper that up to four million BTC are permanently lost on the blockchain as a result of theft, loss of wallets and private keys, and the dormant wallet of Bitcoin creator Satoshi Nakamoto, which experts have said is no longer accessible. Kim Grauer, Senior Economist at Chainalysis, said at the time, that the lost supply of BTC is not taken into consideration by the market cap. That means, the real price of BTC could be substantially higher, as 4 to 6 million BTC are estimated to be lost. That is a very complex question. On the one hand, direct calculations about market cap do not take lost coins into consideration. Considering how highly speculative this field is, those market cap calculations may make it into economic models of the market that impact spending activity, Grauer said. The 0.28 BTC figure introduced by Lee assumes the supply of Bitcoin to be 21 million, as it divides 21 million by 0.28 and divides the outcome of that by the world population that is 7.442 billion. If the research of Chainalysis is accurate and that 4 to 6 million BTC are lost on the blockchain, the supply of Bitcoin should be closer to around 16 to 17 million. Story continues Based on the estimate that the supply of Bitcoin is around 17 million, only 0.8 percent of the world population can own more than 0.28 BTC and less than 0.2 of the world population can own more than 1 BTC. There are not enough bitcoins for everyone with a Coinbase account to own one. https://t.co/1NJpD6N6MJ Jameson Lopp (@lopp) October 3, 2018 Is Bitcoin Underpriced? In consideration of the limited the supply of Bitcoin and the increasing value of the cryptocurrency, in the years to come, the 0.2 percent figure is expected to decline substantially. The fact that any investor in the global market can be within the 1 percent of the world population with a $1,830 investment demonstrates that the cryptocurrency market is still at its early phase, and in terms of adoption, market development, infrastructure, and regulation, the sector can still grow significantly in the mid to long-term. Featured image from Shutterstock. The post Bitcoin is Still at an Early Stage: If You Hold 0.28 BTC, Youre Part of the 1% appeared first on CCN . || Bitcoin is Still at an Early Stage: If You Hold 0.28 BTC, You’re Part of the 1%: Due to the fixed supply of Bitcoin, former Google Product Director Steve Lee stated that only 1 percent of the world’s population can own more than 0.28 BTC.
“If you own 0.28 BTC and HODL, you can be certain no more than 1% of the current world’s population can ever own more BTC than you. A modest investment of $1,830 today can ensure you are a 1%er in a future Bitcoin world,” Leeexplained.
Throughout the next few years, the scarcity ofBitcoinwill increase as more investors and institutions continue to accumulate the cryptocurrency, which could further reduce the total possible number of individuals that can ever own one whole Bitcoin (1 BTC).
The supply of Bitcoin is fixed at 21 million BTC, and as a hard coded monetary policy of the protocol, the fixed supply of the dominant cryptocurrency cannot be altered.
In late 2017, Chainalysis, a blockchain forensics company that monitors and investigates cryptocurrency transactions, revealed in a research paper that up to four million BTC are permanently lost on the blockchain as a result of theft, loss of wallets and private keys, and the dormant wallet of Bitcoin creator Satoshi Nakamoto, which experts have said is no longer accessible.
Kim Grauer, Senior Economist at Chainalysis,saidat the time, that the lost supply of BTC is not taken into consideration by the market cap. That means, the real price of BTC could be substantially higher, as4 to 6 million BTC are estimated to be lost.
“That is a very complex question. On the one hand, direct calculations about market cap do not take lost coins into consideration. Considering how highly speculative this field is, those market cap calculations may make it into economic models of the market that impact spending activity,” Grauer said.
The 0.28 BTC figure introduced by Lee assumes the supply of Bitcoin to be 21 million, as it divides 21 million by 0.28 and divides the outcome of that by the world population that is 7.442 billion. If the research of Chainalysis is accurate and that 4 to 6 million BTC are lost on the blockchain, the supply of Bitcoin should be closer to around 16 to 17 million.
Based on the estimate that the supply of Bitcoin is around 17 million, only 0.8 percent of the world population can own more than 0.28 BTC and less than 0.2 of the world population can own more than 1 BTC.
In consideration of the limited the supply of Bitcoin and the increasing value of the cryptocurrency, in the years to come, the 0.2 percent figure is expected to decline substantially.
The fact that any investor in the global market can be within the 1 percent of the world population with a $1,830 investment demonstrates that the cryptocurrency market is still at its early phase, and in terms of adoption, market development, infrastructure, and regulation, the sector can still grow significantly in the mid to long-term.
Featured image from Shutterstock.
The postBitcoin is Still at an Early Stage: If You Hold 0.28 BTC, You’re Part of the 1%appeared first onCCN. || Automated Trading Programs Manipulate Crypto Prices, WSJ Says: Investing.com - Automated trading programs are manipulating digital currency prices, according to a Wall Street Journal (WSJ) report on Tuesday. Also known as bots, such programs automatically execute trade orders at a speed that is faster than any human is able to. The WSJ argued that the lack of proper regulation in virtual coins markets is the main reason why bots are allowed to hurt the markets reputation and individual investors. The bots strategy was similar to spoofing, a practice in which traders enter fake orders only to cancel them. The tactic, aimed at tricking other investors to buy or sell an asset by falsely signaling there is more supply or demand, was outlawed in U.S. stock and futures markets in 2010, said WSJ. Bitcoin traded 2.2% lower to $6,476.7 at 12:50AM ET (04:50 GMT) on the Bitifinex exchange. Ethereum slid 5.5% to $219.96 in the previous 24 hours. XRP plunged 10.7% to $0.52096 on the Poloniex exchange, while Litecoin also fell 6.7% to $57.612. In other news, an unnamed Canadian bank formed a partnership with Ontario-based exchange Coinsquare. The bank would help the platform streamline deposits and withdrawals and allow the company to expand globally, according to reports. The news came Coinsquare announced plans to expand into Europe by the end of the year and Japan in 2019. This announcement is one of many examples of how institutional third-party partners put their faith in our approach to the cryptocurrency business, said Coinsquare CEO Cole Diamond. Were thrilled to start a relationship with a major Canadian bank and were excited for what it means for our users. Related Articles WSJ: Automated Trading Programs Manipulate Digital Currency Prices XRP Falls 10.61% In Bearish Trade Charles Schwab Exec Joins Coinbase Board View comments || Automated Trading Programs Manipulate Crypto Prices, WSJ Says: Investing.com - Automated trading programs are manipulating digital currency prices, according to a Wall Street Journal (WSJ) report on Tuesday.
Also known as bots, such programs automatically execute trade orders at a speed that is faster than any human is able to.
The WSJ argued that the lack of proper regulation in virtual coins markets is the main reason why bots are allowed to hurt the markets’ reputation and individual investors.
“The bot’s strategy was similar to ‘spoofing,’ a practice in which traders enter fake orders only to cancel them. The tactic, aimed at tricking other investors to buy or sell an asset by falsely signaling there is more supply or demand, was outlawed in U.S. stock and futures markets in 2010,” said WSJ.
Bitcoin traded 2.2% lower to $6,476.7 at 12:50AM ET (04:50 GMT) on the Bitifinex exchange.
Ethereum slid 5.5% to $219.96 in the previous 24 hours.
XRP plunged 10.7% to $0.52096 on the Poloniex exchange, while Litecoin also fell 6.7% to $57.612.
In other news, an unnamed Canadian bank formed a partnership with Ontario-based exchange Coinsquare. The bank would help the platform streamline deposits and withdrawals and allow the company to expand globally, according to reports.
The news came Coinsquare announced plans to expand into Europe by the end of the year and Japan in 2019.
“This announcement is one of many examples of how institutional third-party partners put their faith in our approach to the cryptocurrency business,” said Coinsquare CEO Cole Diamond. “We’re thrilled to start a relationship with a major Canadian bank and we’re excited for what it means for our users.”
Related Articles
WSJ: Automated Trading Programs Manipulate Digital Currency Prices
XRP Falls 10.61% In Bearish Trade
Charles Schwab Exec Joins Coinbase Board || Ripple (XRP) Price Declines 8% While the Crypto Market Loses $9 Billion: Subsequent to the release of a major partnership with $80 billion banking giant Banco Santander, the price of Ripple (XRP) has declined by more than 8 percent.
In the past 24 hours, the valuation of the cryptocurrency market dropped by around $9 billion, as Bitcoin dropped below the $6,500 mark for the first time in the past seven days, recording a 2 percent decline in value.
Yesterday, on October 2,CCN reportedthat the low volume of Bitcoin is a concern for traders and it could negatively impact the short-term trend of Bitcoin.
“The volume of Bitcoin remains fairly low at around $4 billion, down more than 30 percent since mid-September. On Coincap, the cryptocurrency market data provider of popular digital asset trading platform ShapeShift, which eliminates exchanges suspected of having false volumes, the daily trading volume of Bitcoin is estimated to be around $2.6 billion,” the report of CCN read.
It would have been possible for the dominant cryptocurrency to engage in a short-term upside movement if its volume had rebounded by around 15 to 20 percent. But, throughout the past 24 hours, the daily trading volume of Bitcoin remained at $4 billion on CoinMarketCap and $2.77 billion on Coincap.io.
The volume of Bitcoin recorded a slight gain of around 1 percent, which had no notable effect on the short-term trend of the crypto market.
The sudden drop in the price of XRP after Swell 2018 conference also contributed to the downtrend of major cryptocurrencies.
In the crypto market, most digital assets tend to experience a pump prior to the release or materialization of a major announcement like a product release or a mainnet launch, and then fall by a large margin subsequent to the announcement.
As such, some investors expected the price of XRP to fall after the major announcement of Ripple Labs was released, but given the significance of RippleNet integration by Banco Santander and its OnePay FX mobile application, investors expected the momentum of XRP to continue.
The decline in the momentum of XRP and most major cryptocurrencies including Ethereum (ETH), Bitcoin Cash (BCH) and Stellar (XLM) will likely prevent the market from initiating a major short-term rally in the next 24 to 48 hours.
At this phase in the market, it is important for cryptocurrencies to demonstrate a gradual increase in volume to initiate a corrective rally in the days to come.
According to Bobby Cho, the global head of trading at Cumberland, a Chicago-based cryptocurrency trading unit of DRW Holdings LLC, the over-the-counter (OTC) market of Bitcoin has been quite active amongst high-net-worth individuals and institutions, which may have led Bitcoin to stabilize at a low price range.
“One of the biggest criticisms of crypto by institutional investors has been the volatility. Over the last four to six months, the market has been trading in a very tight range, and that’s seems to be corresponding with traditional financial institutions becoming more comfortable diving into the space,” Chosaid.
If the demand for BTC continues to increase in the OTC market, it is possible that in the weeks to come, BTC experience recovery in its momentum and volume.
Featured image from Shutterstock.
The postRipple (XRP) Price Declines 8% While the Crypto Market Loses $9 Billionappeared first onCCN. || Ripple (XRP) Price Declines 8% While the Crypto Market Loses $9 Billion: Subsequent to the release of a major partnership with $80 billion banking giant Banco Santander, the price of Ripple (XRP) has declined by more than 8 percent. In the past 24 hours, the valuation of the cryptocurrency market dropped by around $9 billion, as Bitcoin dropped below the $6,500 mark for the first time in the past seven days, recording a 2 percent decline in value. Low Volume was the Issue Yesterday, on October 2, CCN reported that the low volume of Bitcoin is a concern for traders and it could negatively impact the short-term trend of Bitcoin. “The volume of Bitcoin remains fairly low at around $4 billion, down more than 30 percent since mid-September. On Coincap, the cryptocurrency market data provider of popular digital asset trading platform ShapeShift, which eliminates exchanges suspected of having false volumes, the daily trading volume of Bitcoin is estimated to be around $2.6 billion,” the report of CCN read. It would have been possible for the dominant cryptocurrency to engage in a short-term upside movement if its volume had rebounded by around 15 to 20 percent. But, throughout the past 24 hours, the daily trading volume of Bitcoin remained at $4 billion on CoinMarketCap and $2.77 billion on Coincap.io. The volume of Bitcoin recorded a slight gain of around 1 percent, which had no notable effect on the short-term trend of the crypto market. The sudden drop in the price of XRP after Swell 2018 conference also contributed to the downtrend of major cryptocurrencies. In the crypto market, most digital assets tend to experience a pump prior to the release or materialization of a major announcement like a product release or a mainnet launch, and then fall by a large margin subsequent to the announcement. As such, some investors expected the price of XRP to fall after the major announcement of Ripple Labs was released, but given the significance of RippleNet integration by Banco Santander and its OnePay FX mobile application, investors expected the momentum of XRP to continue. Story continues The decline in the momentum of XRP and most major cryptocurrencies including Ethereum (ETH), Bitcoin Cash (BCH) and Stellar (XLM) will likely prevent the market from initiating a major short-term rally in the next 24 to 48 hours. At this phase in the market, it is important for cryptocurrencies to demonstrate a gradual increase in volume to initiate a corrective rally in the days to come. OTC Market is Still Healthy According to Bobby Cho, the global head of trading at Cumberland, a Chicago-based cryptocurrency trading unit of DRW Holdings LLC, the over-the-counter (OTC) market of Bitcoin has been quite active amongst high-net-worth individuals and institutions, which may have led Bitcoin to stabilize at a low price range. “One of the biggest criticisms of crypto by institutional investors has been the volatility. Over the last four to six months, the market has been trading in a very tight range, and that’s seems to be corresponding with traditional financial institutions becoming more comfortable diving into the space,” Cho said . If the demand for BTC continues to increase in the OTC market, it is possible that in the weeks to come, BTC experience recovery in its momentum and volume. Featured image from Shutterstock. The post Ripple (XRP) Price Declines 8% While the Crypto Market Loses $9 Billion appeared first on CCN . || Bitcoin Cash, Litecoin and Ripple Daily Analysis – 03/10/18: Bitcoin Cash fell by 0.38% on Tuesday, partially reversing Monday’s 0.84% gain, to end the day at $531.3.
A particularly choppy day saw Bitcoin Cash hit an early morning intraday high $554.2 before hitting reverse, Bitcoin Cash breaking through the first major resistance level at $546.8, while falling short of the second major resistance level at $557.9.
The sell-off through the morning and afternoon saw Bitcoin Cash fall to an intraday low $521.6, calling on support at the first major support level at $521.8, before recovering to $540 levels only to be hit by a second pullback at the end of the day to $530 levels.
At the time of writing, Bitcoin Cash was down 2.59% to $518.6, with Tuesday’s late reversal continuing into the early hours of this morning, Bitcoin Cash falling from an early morning high $534, through the first major support level at $517.2, to a morning low $514.9 before steadying.
For the day ahead, a move through the morning high to $535 levels would support a run at $540 levels to bring the day’s first major resistance level at $549.8 into play, while $550 levels will likely remain out of reach in the event of a reversal of the early losses.
Failure to move back through the morning high could see Bitcoin Cash take a bigger hit by early afternoon, with a fall through to sub-$510 levels bringing the second major support level at $503.1 into play before any recovery.
Litecoin fell by 1.69% on Monday, following on from Monday’s 1.39% loss, to end the day at $59.19, the fall marking a 5thconsecutive day in the red and 9 days in the red out of the last 11.
Tracking the broader market, Litecoin rallied to an early morning intraday high $61.3 before a broad based market sell-off hit, the day’s high coming within range of the first major resistance level at $61.59.
The reversal saw Litecoin slide through the day’s first major support level at $59.01 to a late afternoon intraday low $58.6 before recovering to $59 levels, Litecoin failing to break back through to $60 levels by the day’s end.
At the time of writing, Litecoin was down 4.1% to $56.77, with Tuesday’s sell-off continuing into the early hours, Litecoin falling from a start of a day morning high $59.32 to a morning low $56.62, Litecoin falling through the first major support level at $58.09 and second major support level at $57.
For the day ahead, while it’s looking particularly bearish, a move back through to $58 levels would signal a possible afternoon rebound, any break through to $59 levels likely to bring the day’s first major resistance level at $60.79 into play, though we can expect plenty of resistance on the way back through $59 to $60 levels.
Failure to move back through to $58 levels could see Litecoin take a bigger hit later in the day, with a fall through to $55 levels bringing the day’s third major support level at $54.3 into play before any recovery, Litecoin unlikely to see sub-$50 levels on the day.
Ripple’s XRP tumbled by 10.59% on Tuesday, following Monday’s 0.69% fall, to end the day at $0.51663.
Bucking the trend through the early part of the morning, Ripple’s XRP failed to join the early cryptomarket rally, Ripple’s XRP range bound ahead of the broad based market sell-off. Ripple’s XRP slid through the day to a late in the day intraday low $0.51, the reversal seeing Ripple’s XRP fall through the first major support level at $0.5374, with no end of day recovery to ease the pain.
Ripple’s XRP lost ground to Ethereum on the day, the market cap gap widening to close to $3bn as a result of the day’s tumble, investors locking in profits following xRapid going live and in spite of anticipated adoption across the financial sector.
At the time of writing, Ripple’s XRP was down 1.2% to $0.5111, an early morning high $0.53204 falling short of the first major resistance level at $0.5618, before reversing. Ripple’s XRP slid to a morning low $0.50673, steering clear of the first major support level at $0.4908, before recovering.
For the day ahead, a move back through to $0.52 levels would raise the prospects of a recovery, while sentiment across the broader market will need to materially improve for the day’s first major resistance level at $0.5618 to come into play.
Failure to move through to $0.52 levels could see Ripple’s XRP hit reverse later in the day, a move back through the morning low $0.5111 bringing sub-$0.50 levels and the first major support level at $0.4908 into play.
Buy & Sell Cryptocurrency Instantly
Thisarticlewas originally posted on FX Empire
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• Gold Price Futures (GC) Technical Analysis – October 3, 2018 Forecast || Bitcoin Cash, Litecoin and Ripple Daily Analysis 03/10/18: Bitcoin Cash Back in the Red Bitcoin Cash fell by 0.38% on Tuesday, partially reversing Mondays 0.84% gain, to end the day at $531.3. A particularly choppy day saw Bitcoin Cash hit an early morning intraday high $554.2 before hitting reverse, Bitcoin Cash breaking through the first major resistance level at $546.8, while falling short of the second major resistance level at $557.9. The sell-off through the morning and afternoon saw Bitcoin Cash fall to an intraday low $521.6, calling on support at the first major support level at $521.8, before recovering to $540 levels only to be hit by a second pullback at the end of the day to $530 levels. At the time of writing, Bitcoin Cash was down 2.59% to $518.6, with Tuesdays late reversal continuing into the early hours of this morning, Bitcoin Cash falling from an early morning high $534, through the first major support level at $517.2, to a morning low $514.9 before steadying. For the day ahead, a move through the morning high to $535 levels would support a run at $540 levels to bring the days first major resistance level at $549.8 into play, while $550 levels will likely remain out of reach in the event of a reversal of the early losses. Failure to move back through the morning high could see Bitcoin Cash take a bigger hit by early afternoon, with a fall through to sub-$510 levels bringing the second major support level at $503.1 into play before any recovery. {alt} Litecoin Hits Reverse Litecoin fell by 1.69% on Monday, following on from Mondays 1.39% loss, to end the day at $59.19, the fall marking a 5 th consecutive day in the red and 9 days in the red out of the last 11. Tracking the broader market, Litecoin rallied to an early morning intraday high $61.3 before a broad based market sell-off hit, the days high coming within range of the first major resistance level at $61.59. The reversal saw Litecoin slide through the days first major support level at $59.01 to a late afternoon intraday low $58.6 before recovering to $59 levels, Litecoin failing to break back through to $60 levels by the days end. Story continues At the time of writing, Litecoin was down 4.1% to $56.77, with Tuesdays sell-off continuing into the early hours, Litecoin falling from a start of a day morning high $59.32 to a morning low $56.62, Litecoin falling through the first major support level at $58.09 and second major support level at $57. For the day ahead, while its looking particularly bearish, a move back through to $58 levels would signal a possible afternoon rebound, any break through to $59 levels likely to bring the days first major resistance level at $60.79 into play, though we can expect plenty of resistance on the way back through $59 to $60 levels. Failure to move back through to $58 levels could see Litecoin take a bigger hit later in the day, with a fall through to $55 levels bringing the days third major support level at $54.3 into play before any recovery, Litecoin unlikely to see sub-$50 levels on the day. {alt} Ripple Slides Again Ripples XRP tumbled by 10.59% on Tuesday, following Mondays 0.69% fall, to end the day at $0.51663. Bucking the trend through the early part of the morning, Ripples XRP failed to join the early cryptomarket rally, Ripples XRP range bound ahead of the broad based market sell-off. Ripples XRP slid through the day to a late in the day intraday low $0.51, the reversal seeing Ripples XRP fall through the first major support level at $0.5374, with no end of day recovery to ease the pain. Ripples XRP lost ground to Ethereum on the day, the market cap gap widening to close to $3bn as a result of the days tumble, investors locking in profits following xRapid going live and in spite of anticipated adoption across the financial sector. At the time of writing, Ripples XRP was down 1.2% to $0.5111, an early morning high $0.53204 falling short of the first major resistance level at $0.5618, before reversing. Ripples XRP slid to a morning low $0.50673, steering clear of the first major support level at $0.4908, before recovering. For the day ahead, a move back through to $0.52 levels would raise the prospects of a recovery, while sentiment across the broader market will need to materially improve for the days first major resistance level at $0.5618 to come into play. Failure to move through to $0.52 levels could see Ripples XRP hit reverse later in the day, a move back through the morning low $0.5111 bringing sub-$0.50 levels and the first major support level at $0.4908 into play. {alt} Buy & Sell Cryptocurrency Instantly This article was originally posted on FX Empire More From FXEMPIRE: Crude Oil Price Forecast crude oil markets settle in at high levels EUR/USD Daily Price Forecast EURUSD Continues to Trade Strongly GBP/JPY Price Forecast British pound falls hard against yen The CNH: Any Chances to Recover? Natural Gas Price Fundamental Daily Forecast Upside Momentum Continues to Build Gold Price Futures (GC) Technical Analysis October 3, 2018 Forecast || Bitcoin Cash, Litecoin and Ripple Daily Analysis – 03/10/18: Bitcoin Cash fell by 0.38% on Tuesday, partially reversing Monday’s 0.84% gain, to end the day at $531.3.
A particularly choppy day saw Bitcoin Cash hit an early morning intraday high $554.2 before hitting reverse, Bitcoin Cash breaking through the first major resistance level at $546.8, while falling short of the second major resistance level at $557.9.
The sell-off through the morning and afternoon saw Bitcoin Cash fall to an intraday low $521.6, calling on support at the first major support level at $521.8, before recovering to $540 levels only to be hit by a second pullback at the end of the day to $530 levels.
At the time of writing, Bitcoin Cash was down 2.59% to $518.6, with Tuesday’s late reversal continuing into the early hours of this morning, Bitcoin Cash falling from an early morning high $534, through the first major support level at $517.2, to a morning low $514.9 before steadying.
For the day ahead, a move through the morning high to $535 levels would support a run at $540 levels to bring the day’s first major resistance level at $549.8 into play, while $550 levels will likely remain out of reach in the event of a reversal of the early losses.
Failure to move back through the morning high could see Bitcoin Cash take a bigger hit by early afternoon, with a fall through to sub-$510 levels bringing the second major support level at $503.1 into play before any recovery.
Litecoin fell by 1.69% on Monday, following on from Monday’s 1.39% loss, to end the day at $59.19, the fall marking a 5thconsecutive day in the red and 9 days in the red out of the last 11.
Tracking the broader market, Litecoin rallied to an early morning intraday high $61.3 before a broad based market sell-off hit, the day’s high coming within range of the first major resistance level at $61.59.
The reversal saw Litecoin slide through the day’s first major support level at $59.01 to a late afternoon intraday low $58.6 before recovering to $59 levels, Litecoin failing to break back through to $60 levels by the day’s end.
At the time of writing, Litecoin was down 4.1% to $56.77, with Tuesday’s sell-off continuing into the early hours, Litecoin falling from a start of a day morning high $59.32 to a morning low $56.62, Litecoin falling through the first major support level at $58.09 and second major support level at $57.
For the day ahead, while it’s looking particularly bearish, a move back through to $58 levels would signal a possible afternoon rebound, any break through to $59 levels likely to bring the day’s first major resistance level at $60.79 into play, though we can expect plenty of resistance on the way back through $59 to $60 levels.
Failure to move back through to $58 levels could see Litecoin take a bigger hit later in the day, with a fall through to $55 levels bringing the day’s third major support level at $54.3 into play before any recovery, Litecoin unlikely to see sub-$50 levels on the day.
Ripple’s XRP tumbled by 10.59% on Tuesday, following Monday’s 0.69% fall, to end the day at $0.51663.
Bucking the trend through the early part of the morning, Ripple’s XRP failed to join the early cryptomarket rally, Ripple’s XRP range bound ahead of the broad based market sell-off. Ripple’s XRP slid through the day to a late in the day intraday low $0.51, the reversal seeing Ripple’s XRP fall through the first major support level at $0.5374, with no end of day recovery to ease the pain.
Ripple’s XRP lost ground to Ethereum on the day, the market cap gap widening to close to $3bn as a result of the day’s tumble, investors locking in profits following xRapid going live and in spite of anticipated adoption across the financial sector.
At the time of writing, Ripple’s XRP was down 1.2% to $0.5111, an early morning high $0.53204 falling short of the first major resistance level at $0.5618, before reversing. Ripple’s XRP slid to a morning low $0.50673, steering clear of the first major support level at $0.4908, before recovering.
For the day ahead, a move back through to $0.52 levels would raise the prospects of a recovery, while sentiment across the broader market will need to materially improve for the day’s first major resistance level at $0.5618 to come into play.
Failure to move through to $0.52 levels could see Ripple’s XRP hit reverse later in the day, a move back through the morning low $0.5111 bringing sub-$0.50 levels and the first major support level at $0.4908 into play.
Buy & Sell Cryptocurrency Instantly
Thisarticlewas originally posted on FX Empire
• Crude Oil Price Forecast – crude oil markets settle in at high levels
• EUR/USD Daily Price Forecast – EURUSD Continues to Trade Strongly
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• The CNH: Any Chances to Recover?
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• Gold Price Futures (GC) Technical Analysis – October 3, 2018 Forecast || Brazil Gives Investment Funds Green Light to [Indirectly] Buy Bitcoin: Brazil’s securities regulator, Comissão de Valores Mobiliários (CVM), has reportedly authorized investment funds to indirectly put their money in the cryptocurrency ecosystem, through the acquisition of derivatives and foreign funds.
According to acircularissued by the Finance Ministry of Brazil, first spotted by local news outletPortal do bitcoin, funds can also invest in “other assets” traded in other jurisdictions, as long as these are regulated where they’re traded.
Per the news outlet, this means investment funds can now purchase share in a foreign fund whose portfolio consists mainly of cryptocurrencies likebitcoin,ethereum, andlitecoin.
The Ministry of Finance’s circular points out there’s room for fraud. Money laundering or other illicit activities exist in the space and, as such, funds should invest in cryptocurrency products through regulated exchanges. These platforms, it adds, should be subjected to “the supervision of regulatory agencies that have powers to restrain such illegal practices.”
It further claims funds should take certain precautions before purchasing cryptocurrencies to avoid buying tokens issued by fraudulentICOs. The circular points out six basic precautions, which include verifying whether their technology is “transparent, accessible, and verifiable by any user,” and whether the token has sufficient liquidity.
Interestingly, it also says that funds should check “whether there are arrangements that raise conflicts of interest or the concentration of excessive powers on the issuer or promoter of the cryptoasset, or the use of aggressive sales techniques.”
The government organization’s document adds it may be hard to assess the “right price” for each cryptoasset. It reads:
“One possible parameter, in this sense, is the investment in cryptoassets that contain the permanent disclosure of globally recognized price indices prepared by independent third parties.”
In a previous circular, the superintendent of institutional investor relations at CVM, Daniel Maeda, made it clear investment funds aren’t allowed to directly invest in cryptocurrencies. Investment funds that put their money in the cryptocurrency ecosystem, per the CVM, will also have to make it clear how they’ll approach hard forks and airdrops.
Notably, the Brazilian government has increasingly been supporting crypto-related businesses, at a time in which Grupo XP, the largest independent brokerage in Brazil, revealed itplans to launch a bitcoin and ethereum trading platformby the end of this year.
Brazil’s antitrust watchdog, the Administrative Council for Economic Defense (CADE), has also launched an investigation into whetherbanks are purposefully harming cryptocurrency exchangesin the country by restricting their operations.
Despite the government’s seemingly pro-cryptocurrency attitude, it also earlier this yearsent local cryptocurrency exchanges a 14-point questionnaireto learn more about their businesses and study their potential use in money laundering.
Editor’s note: Some statements in this article have been translated from Spanish.
Images from Shutterstock
The postBrazil Gives Investment Funds Green Light to [Indirectly] Buy Bitcoinappeared first onCCN.
[Social Media Buzz]
#BTCUSD Market #1H timeframe on October 4 at 05:00 (UTC) is #Bullish. #cryptocurrency #bitcoin #btc #crypto #trading #idea #report technical analysis || Current Bitcoin Price
All Forks = $7,129.67 0.12%
--
$BTC = $6,576.14 0.09%
$BCH = $520.40 0.49%
$BTG = $25.26 0.10%
$BCD = $2.00 -0.41%
$SBTC = $5.87 5.71% || Top 5 #cryptocurrencies
Alert Time: 2018-10-05 00:20:03
#Bitcoin: $6,578.688
#Ethereum: $221.994
#XRP: $0.530
#BitcoinCash: $514.657
#EOS: $5.722
#instabtc #binance ...
|
6622.48, 6588.31, 6602.95, 6652.23, 6642.64, 6585.53, 6256.24, 6274.58, 6285.99, 6290.93
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 11862.94, 11354.02, 11523.58, 11382.62, 10895.83, 10051.70, 10311.55, 10374.34, 10231.74, 10345.81, 10916.05, 10763.23, 10138.05, 10131.06, 10407.96, 10159.96, 10138.52, 10370.82, 10185.50, 9754.42, 9510.20, 9598.17, 9630.66, 9757.97, 10346.76, 10623.54, 10594.49, 10575.53, 10353.30, 10517.25, 10441.28, 10334.97, 10115.98, 10178.37, 10410.13, 10360.55, 10358.05, 10347.71, 10276.79, 10241.27, 10198.25, 10266.42, 10181.64, 10019.72, 10070.39, 9729.32, 8620.57, 8486.99, 8118.97, 8251.85, 8245.92, 8104.19, 8293.87, 8343.28, 8393.04, 8259.99, 8205.94, 8151.50, 7988.16, 8245.62, 8228.78, 8595.74, 8586.47, 8321.76, 8336.56, 8321.01, 8374.69, 8205.37, 8047.53, 8103.91, 7973.21, 7988.56, 8222.08, 8243.72, 8078.20, 7514.67, 7493.49, 8660.70, 9244.97, 9551.71, 9256.15, 9427.69, 9205.73, 9199.58, 9261.10, 9324.72, 9235.35, 9412.61, 9342.53, 9360.88.
|
[Bitcoin Technical Analysis for 2019-11-06]
Volume: 23133895765, RSI (14-day): 59.68, 50-day EMA: 8974.91, 200-day EMA: 8713.27
[Wider Market Context]
Gold Price: 1490.20, Gold RSI: 47.93
Oil Price: 56.35, Oil RSI: 55.11
[Recent News (last 7 days)]
US Congress Weighs Bill Spelling Out CFTC’s Crypto Derivatives Oversight: The U.S. Congress will soon vote on a bill providing new information about the Commodity Futures Trading Commission’s (CFTC) authority over the cryptocurrency derivatives markets.
A provision in the2019 CFTC Reauthorization Actclarifies how the regulator would collect information on digital commodities contracts and commodity swaps. The bill is heading to the House of Representatives for a floor vote after being passed unanimously by the House Agriculture Committee, which oversees the CFTC.
If passed, the bill would be the first to place Congressionally-mandated, digital commodity-specific requirements on the CFTC. What’s more, according to the provision’s writer, Rep. Sean Patrick Maloney (D.-NY), it has already become the first crypto derivatives legislation in history to make it past committee.
Related:ATM Coin Founders Ordered to Pay $4.25 Million for Fraud
“It’s time for Congress to get smart about crypto and create an integrated approach to regulating digital currencies,” Maloney said in a statement. “This provision is an essential first step in our efforts to close the gap in regulation of crypto-assets in the derivatives market, fight manipulation and detect fraud.”
The provision itself is short, saying the CFTC will “adopt rules detailing the content and availability of trade and trader data and other information the board of trade must be able to access” from contract markets underpinned by digital commodities.
A nearly-identical subsequent paragraph places the same requirements on swap execution facilities.
In response to a request for comment, a CFTC spokesperson sent CoinDesk a statement by Chairman Heath Tarbert, who said he commended the Agriculture Committee on passing bipartisan legislation.
Related:SEC, CFTC Charge XBT Corp. With Selling Unregistered Swaps for Bitcoin
“The sound regulation of our derivatives markets, which see more than $4 trillion in notional activity each day, is critical to the health of the U.S. economy and the pocketbook of every American,” he said, adding:
“I look forward to working with members of both parties in both chambers to see a bill through to completion.”
Digital commodity section o…byCoinDeskon Scribd
CFTF Chair Heath Tarbertimage via CoinDesk archives
• US Financial Regulators Join UK FCA’s ‘Global Sandbox’
• CFTC Makes Its Fintech, Blockchain Research Lab a Full-Fledged Office || US Congress Weighs Bill Spelling Out CFTC’s Crypto Derivatives Oversight: The U.S. Congress will soon vote on a bill providing new information about the Commodity Futures Trading Commission’s (CFTC) authority over the cryptocurrency derivatives markets. A provision in the 2019 CFTC Reauthorization Act clarifies how the regulator would collect information on digital commodities contracts and commodity swaps. The bill is heading to the House of Representatives for a floor vote after being passed unanimously by the House Agriculture Committee, which oversees the CFTC. If passed, the bill would be the first to place Congressionally-mandated, digital commodity-specific requirements on the CFTC. What’s more, according to the provision’s writer, Rep. Sean Patrick Maloney (D.-NY), it has already become the first crypto derivatives legislation in history to make it past committee. Related: ATM Coin Founders Ordered to Pay $4.25 Million for Fraud “It’s time for Congress to get smart about crypto and create an integrated approach to regulating digital currencies,” Maloney said in a statement. “This provision is an essential first step in our efforts to close the gap in regulation of crypto-assets in the derivatives market, fight manipulation and detect fraud.” The provision itself is short, saying the CFTC will “adopt rules detailing the content and availability of trade and trader data and other information the board of trade must be able to access” from contract markets underpinned by digital commodities. A nearly-identical subsequent paragraph places the same requirements on swap execution facilities. In response to a request for comment, a CFTC spokesperson sent CoinDesk a statement by Chairman Heath Tarbert, who said he commended the Agriculture Committee on passing bipartisan legislation. Related: SEC, CFTC Charge XBT Corp. With Selling Unregistered Swaps for Bitcoin “The sound regulation of our derivatives markets, which see more than $4 trillion in notional activity each day, is critical to the health of the U.S. economy and the pocketbook of every American,” he said, adding: Story continues “I look forward to working with members of both parties in both chambers to see a bill through to completion.” Digital commodity section o… by CoinDesk on Scribd CFTF Chair Heath Tarbert image via CoinDesk archives Related Stories US Financial Regulators Join UK FCA’s ‘Global Sandbox’ CFTC Makes Its Fintech, Blockchain Research Lab a Full-Fledged Office || Cryptocurrency Bank Vanished, Leaving Customers in a $16M Hole: Photo Illustration by Sarah Rogers/The Daily Beast / Photos Getty Three months after trying to withdraw money from a Canadian cryptocurrency bank called Einstein Exchange, Reddit user LezzBeFriendz received a terse message: Stop emailing or we’ll suspend your account. “As you have been told several times by several of my team members, by constantly emailing in you are further slowing down our processing times and causing further delays in your withdrawals,” read the Oct. 15 message from Einstein Exchange. “Please stop continuously emailing in, it is adding to our backlog. We will email you with any updates or when your pending withdrawals have been processed. Please be aware that constantly contacting support via chat and email will result in your account being disabled/blocked on our platform.” The message was a red flag for Einstein Exchange’s customers—and it turns out that law-enforcement had some concerns, too. Einstein Exchange billed itself as a trustworthy alternative to other cryptocurrency exchanges, where customers lost millions to various scams and hacks . But now Canadian authorities have accused the bank of vanishing with $16 million in investors’ money and locking their offices. Cryptocurrency, a form of digital money, works without centralized banks. The system can be a perk and curse. Although cryptocurrency is harder to trace and more volatile than traditional currency (sometimes leading to huge gains for investors), it can also be a pain for everyday investors to buy and trade. To streamline the process, an industry of cryptocurrency trading companies have offered bank-like services, where customers can theoretically deposit and withdraw their digital money. Porn Site Stole French Karate Teacher’s Identity in Cryptocurrency Hustle But unlike a good bank, Einstein Exchange wouldn’t let customers cash out, Canadian authorities say. A Vancouver-based customer who claimed to have lost $7,000 in the exchange told The Daily Beast he’d invested because the company had physical offices near him, unlike other companies without brick-and-mortar locations. Story continues “They had an office where I could deposit funds into my account in person, and not have to wait for a few days,” the customer said. “They also had no fees involved with depositing funds unlike some other exchanges.” He said he asked to withdraw his funds on Sept. 9, two months before Einstein Exchange’s website went dark. “I was contacting them through email and live chat asking when the hold on my withdrawal request will be complete. They kept telling me they have a backlog of transaction requests and they need to manually process them,” he said. “The reason I gave them so much time is because I met a couple of employees in person when I deposited my cash. It all seemed normal at their office, which was over a couple of months ago. Then, they stopped the live chat support. I sent them a couple of emails but did not get a reply.” In a Nov. 1 filing, the British Columbia Securities Commission claimed Einstein Exchange suddenly shut down without returning more than $16 million in customers’ money (including nearly five times more U.S. dollars than Canadian, suggesting the exchange was popular stateside). When a BCSC investigator visited the company’s Vancouver headquarters, he discovered the offices on lockdown. None of Einstein Exchanges’s phone numbers were operational, according to the filing. When the investigator reached out to Einstein Exchange’s lawyers to ask where the money had gone, the attorneys claimed they no longer represented the company. Einstein Exchange’s website went dark shortly thereafter. The investigation confirmed a rumor that had been growing on Reddit for weeks: Einstein Exchange had cut and run. The company used to allow clients to stroll into its offices for withdrawals, like they might in a conventional bank. But last Wednesday, a Redditor posted a picture from the building’s lobby . The elevator to the offices was locked and covered with a piece of printer paper asking customers to make appointments via email. (The company did not return The Daily Beast’s requests for comment at that email address.) According to the Redditor who posted the picture, Einstein Exchange had been on the lam since at least mid-November “I was told by a worker in another company in the building that the sign had been up for two weeks and that the person had not seen anyone of the Einstein company around for at least that amount of time,” the Redditor claimed. Redditors who claimed to have invested thousands in the exchange began speculating that they’d been played. “Most likely exit scamming,” one wrote two weeks ago , before the BCSC investigation. “They are not even meeting any customers in person now. It says to make an appointment through email. Used to be able to [walk] into the office and meet with an employee.” One customer, Vancouver technologist Scott Nelson, filed suit against the company’s owner two weeks ago, CBC News reported . Nelson claimed he’d banked 50 Bitcoin (roughly $468,000 U.S. dollars) in the exchange, but that the company “repeatedly blamed technical issues” when he tried to withdraw his money. Another investor, the Hong Kong company Sino Allied, filed a lawsuit over what they claimed was a $1 million cryptocurrency purchase gone bad. Cryptocurrency Company That Scammed Investors Was Run by Fake People Complaints of missing money were common with Einstein Exchange. But previously, the company had dismissed them as evidence of a booming business. Last January, when cryptocurrency prices skyrocketed, Einstein Exchange claimed to see a surge of business—and with it, a backlog of orders. Customers accused Einstein Exchange was hoarding their money. “This company is shady and doesn’t seem to care about their customers,” one told the Vancouver Sun at the time . “There seems to be no hope in getting my money back.” Michael Gokturk, the exchange’s founder, told the outlet he was “heartbroken” to hear complaints, and blamed the missing money on too many customers. (Nevermind that Einstein Exchange promised wait times of one minute or less.) The controversy was the second in recent years for Gokturk, who was involved in a bitter board battle at his previous company. In a series of warring press releases , he and company rivals accused each other of deceit. “Gokturk relentlessly makes false promises,” one 2017 press release from a trio of rivals read. (One of those competitors is now suing Gokturk for defamation.) This month, the BCSC placed Einstein Exchange in a receivership, in a bid to protect whatever of the $16 million in customer funds remain. Some Einstein Exchange customers on Facebook and Reddit have publicly mulled filing a class action suit against the company. But not all are optimistic about seeing their money again. The Vancouver investor who claimed to have lost $7,000 described the exchange as “all done and gone. It seems like they were playing some sort of a Ponzi scheme using new user funds to pay out some customers only so they could keep this fraud going for as long as they could.” Read more at The Daily Beast. Get our top stories in your inbox every day. Sign up now! Daily Beast Membership: Beast Inside goes deeper on the stories that matter to you. Learn more. || Cryptocurrency Bank Vanished, Leaving Customers in a $16M Hole: Photo Illustration by Sarah Rogers/The Daily Beast / Photos Getty Three months after trying to withdraw money from a Canadian cryptocurrency bank called Einstein Exchange, Reddit user LezzBeFriendz received a terse message: Stop emailing or we’ll suspend your account. “As you have been told several times by several of my team members, by constantly emailing in you are further slowing down our processing times and causing further delays in your withdrawals,” read the Oct. 15 message from Einstein Exchange. “Please stop continuously emailing in, it is adding to our backlog. We will email you with any updates or when your pending withdrawals have been processed. Please be aware that constantly contacting support via chat and email will result in your account being disabled/blocked on our platform.” The message was a red flag for Einstein Exchange’s customers—and it turns out that law-enforcement had some concerns, too. Einstein Exchange billed itself as a trustworthy alternative to other cryptocurrency exchanges, where customers lost millions to various scams and hacks . But now Canadian authorities have accused the bank of vanishing with $16 million in investors’ money and locking their offices. Cryptocurrency, a form of digital money, works without centralized banks. The system can be a perk and curse. Although cryptocurrency is harder to trace and more volatile than traditional currency (sometimes leading to huge gains for investors), it can also be a pain for everyday investors to buy and trade. To streamline the process, an industry of cryptocurrency trading companies have offered bank-like services, where customers can theoretically deposit and withdraw their digital money. Porn Site Stole French Karate Teacher’s Identity in Cryptocurrency Hustle But unlike a good bank, Einstein Exchange wouldn’t let customers cash out, Canadian authorities say. A Vancouver-based customer who claimed to have lost $7,000 in the exchange told The Daily Beast he’d invested because the company had physical offices near him, unlike other companies without brick-and-mortar locations. Story continues “They had an office where I could deposit funds into my account in person, and not have to wait for a few days,” the customer said. “They also had no fees involved with depositing funds unlike some other exchanges.” He said he asked to withdraw his funds on Sept. 9, two months before Einstein Exchange’s website went dark. “I was contacting them through email and live chat asking when the hold on my withdrawal request will be complete. They kept telling me they have a backlog of transaction requests and they need to manually process them,” he said. “The reason I gave them so much time is because I met a couple of employees in person when I deposited my cash. It all seemed normal at their office, which was over a couple of months ago. Then, they stopped the live chat support. I sent them a couple of emails but did not get a reply.” In a Nov. 1 filing, the British Columbia Securities Commission claimed Einstein Exchange suddenly shut down without returning more than $16 million in customers’ money (including nearly five times more U.S. dollars than Canadian, suggesting the exchange was popular stateside). When a BCSC investigator visited the company’s Vancouver headquarters, he discovered the offices on lockdown. None of Einstein Exchanges’s phone numbers were operational, according to the filing. When the investigator reached out to Einstein Exchange’s lawyers to ask where the money had gone, the attorneys claimed they no longer represented the company. Einstein Exchange’s website went dark shortly thereafter. The investigation confirmed a rumor that had been growing on Reddit for weeks: Einstein Exchange had cut and run. The company used to allow clients to stroll into its offices for withdrawals, like they might in a conventional bank. But last Wednesday, a Redditor posted a picture from the building’s lobby . The elevator to the offices was locked and covered with a piece of printer paper asking customers to make appointments via email. (The company did not return The Daily Beast’s requests for comment at that email address.) According to the Redditor who posted the picture, Einstein Exchange had been on the lam since at least mid-November “I was told by a worker in another company in the building that the sign had been up for two weeks and that the person had not seen anyone of the Einstein company around for at least that amount of time,” the Redditor claimed. Redditors who claimed to have invested thousands in the exchange began speculating that they’d been played. “Most likely exit scamming,” one wrote two weeks ago , before the BCSC investigation. “They are not even meeting any customers in person now. It says to make an appointment through email. Used to be able to [walk] into the office and meet with an employee.” One customer, Vancouver technologist Scott Nelson, filed suit against the company’s owner two weeks ago, CBC News reported . Nelson claimed he’d banked 50 Bitcoin (roughly $468,000 U.S. dollars) in the exchange, but that the company “repeatedly blamed technical issues” when he tried to withdraw his money. Another investor, the Hong Kong company Sino Allied, filed a lawsuit over what they claimed was a $1 million cryptocurrency purchase gone bad. Cryptocurrency Company That Scammed Investors Was Run by Fake People Complaints of missing money were common with Einstein Exchange. But previously, the company had dismissed them as evidence of a booming business. Last January, when cryptocurrency prices skyrocketed, Einstein Exchange claimed to see a surge of business—and with it, a backlog of orders. Customers accused Einstein Exchange was hoarding their money. “This company is shady and doesn’t seem to care about their customers,” one told the Vancouver Sun at the time . “There seems to be no hope in getting my money back.” Michael Gokturk, the exchange’s founder, told the outlet he was “heartbroken” to hear complaints, and blamed the missing money on too many customers. (Nevermind that Einstein Exchange promised wait times of one minute or less.) The controversy was the second in recent years for Gokturk, who was involved in a bitter board battle at his previous company. In a series of warring press releases , he and company rivals accused each other of deceit. “Gokturk relentlessly makes false promises,” one 2017 press release from a trio of rivals read. (One of those competitors is now suing Gokturk for defamation.) This month, the BCSC placed Einstein Exchange in a receivership, in a bid to protect whatever of the $16 million in customer funds remain. Some Einstein Exchange customers on Facebook and Reddit have publicly mulled filing a class action suit against the company. But not all are optimistic about seeing their money again. The Vancouver investor who claimed to have lost $7,000 described the exchange as “all done and gone. It seems like they were playing some sort of a Ponzi scheme using new user funds to pay out some customers only so they could keep this fraud going for as long as they could.” Read more at The Daily Beast. Get our top stories in your inbox every day. Sign up now! Daily Beast Membership: Beast Inside goes deeper on the stories that matter to you. Learn more. || WATCH: What Are the Main Takeaways From Deribit’s $1.3 Million Flash-Crash?: Delphi Digital Co-Founder Yan Liberman joined CoinDesk’s Brad Keoun on Monday, Nov. 4, to talk about last week’s flash crash on Deribit, a Netherlands-based cryptocurrency exchange, and the outlook for bitcoin.
Related:Bitcoin Keeps Failing at This Key Price Hurdle
(The following is an edited transcript.)
Brad Keoun:We’re here today with Yan Liberman. He’s co-founder of Delphi Digital, which is a research firm founded in August 2018 focusing on cryptocurrency markets. Previously, Yan was an associate with Deutsche Bank and also an equity research associate with Bloomberg LP. He first dipped his toes into the crypto markets a few years ago. And loved it so much that he decided to start his own research shop. Yan, thank you so much for joining us today. We want to first start with some of the news in this market that came late last week. We had some pretty serious glitches on some of the bigger cryptocurrency exchanges. Can you tell us, from your perspective, what happened there?
Yan Liberman:Sure, it seems like there was a mispricing with the Deribit index. Which caused the index price to shoot down about 2000 points to 7200. And because all the derivatives contracts are priced off of that index, it caused this massive flood of liquidations where, you know, a lot of longs got liquidated because the price tanked. And so because of this massive liquidation, they have to do about $1.3 million worth of reimbursements for all those.
BK:What about that $1.3 million? That’s a lot of money to pay for what appears to just be a snafu. What do you think about that?
Related:The ‘Bitcoin Rich List’ Has Grown 30% in the Last Year, But Why?
YL:Yeah, it is. And they’re actually also paying it off their balance sheet. Not, you know, through their insurance fund. Which makes it considerably more painful in that respect.
BK:And what does that say? I mean, does that show how competitive this market is, for the business of exchanges, or does it show how profitable this industry is?
YL:I think it’s a combination of all that. You have to realize that there’s a lot of value, and in signaling that you do value your customers. And so by giving confidence to future customers knowing that, you know, even if some kind of glitch happens, the reversals will take place. And so the immediate monetary cost is huge, but I think the long-term value and then the signal that provides certainly makes it worth it. And I’m guessing that, you know, they kind of thought about it the same way.
BK:Is that something that traders really value? I mean on the one hand I’ve been on one of these Deribit Telegram group chats and people are pretty upset. But is that something you think will help to maintain customer loyalty?
YL:I think so. I mean, it’s hard to judge completely on a case-by-case basis. I’m sure there are other factors like liquidity and just execution and things of that nature, rules, also dictate where customers go. But I definitely think it adds a a strong element of confidence, and it also proves that you know they’re doing well enough that they can support that. And so I think it definitely makes sense. There’s a lot of value, and I’m sure their customers kind of feel the same way.
BK:Now Yan, Delphi Digital and your team there have just published your monthly outlook report. A lot of people have various predictions for how high bitcoin could go. And I’m just curious, based on the past couple weeks of trading and maybe looking at some of the technical indicators, have we received any new information on whether bitcoin prices could go a lot lower?
YL:I don’t think we’ll see a dip below that low-7’s level. We haven’t really seen any long-term sellers, which would normally, you know, represent some capitulation. When that starts to happen, you really need a lot of new money to offset all that selling. So most of the recent price action has been dictated by short-term holders and traders. What we see with bitcoin is price begets volume begets price, and this is a very cyclical situation. What we can’t really account for is this momentary influx of demand that can come from a wide variety of sources, and whenever that happens, you have all the individual traders now that have a lot of cash on the sidelines and just basically looking at it to get the best entry possible. That’s where we will start to see these really, really aggressive moves up. And there are a decent amount of shorts that exists in the space just because you have higher convexity on a short trade. That can often act as fuel for short squeezes, and you’ll see huge liquidations kind of going the other way. So I think we’ve certainly bottomed.
Image via YouTube.
• Bitcoin Outshines Gold for First Time Since June
• Bitcoin’s Defense of Major Support May Fuel Price Bounce to $9,600 || WATCH: What Are the Main Takeaways From Deribit’s $1.3 Million Flash-Crash?: Delphi Digital Co-Founder Yan Liberman joined CoinDesk’s Brad Keoun on Monday, Nov. 4, to talk about last week’s flash crash on Deribit, a Netherlands-based cryptocurrency exchange, and the outlook for bitcoin. Related: Bitcoin Keeps Failing at This Key Price Hurdle (The following is an edited transcript.) Brad Keoun: We’re here today with Yan Liberman. He’s co-founder of Delphi Digital, which is a research firm founded in August 2018 focusing on cryptocurrency markets. Previously, Yan was an associate with Deutsche Bank and also an equity research associate with Bloomberg LP. He first dipped his toes into the crypto markets a few years ago. And loved it so much that he decided to start his own research shop. Yan, thank you so much for joining us today. We want to first start with some of the news in this market that came late last week. We had some pretty serious glitches on some of the bigger cryptocurrency exchanges. Can you tell us, from your perspective, what happened there? Yan Liberman: Sure, it seems like there was a mispricing with the Deribit index. Which caused the index price to shoot down about 2000 points to 7200. And because all the derivatives contracts are priced off of that index, it caused this massive flood of liquidations where, you know, a lot of longs got liquidated because the price tanked. And so because of this massive liquidation, they have to do about $1.3 million worth of reimbursements for all those. BK: What about that $1.3 million? That’s a lot of money to pay for what appears to just be a snafu. What do you think about that? Related: The ‘Bitcoin Rich List’ Has Grown 30% in the Last Year, But Why? YL: Yeah, it is. And they’re actually also paying it off their balance sheet. Not, you know, through their insurance fund. Which makes it considerably more painful in that respect. BK: And what does that say? I mean, does that show how competitive this market is, for the business of exchanges, or does it show how profitable this industry is? Story continues YL: I think it’s a combination of all that. You have to realize that there’s a lot of value, and in signaling that you do value your customers. And so by giving confidence to future customers knowing that, you know, even if some kind of glitch happens, the reversals will take place. And so the immediate monetary cost is huge, but I think the long-term value and then the signal that provides certainly makes it worth it. And I’m guessing that, you know, they kind of thought about it the same way. BK: Is that something that traders really value? I mean on the one hand I’ve been on one of these Deribit Telegram group chats and people are pretty upset. But is that something you think will help to maintain customer loyalty? YL: I think so. I mean, it’s hard to judge completely on a case-by-case basis. I’m sure there are other factors like liquidity and just execution and things of that nature, rules, also dictate where customers go. But I definitely think it adds a a strong element of confidence, and it also proves that you know they’re doing well enough that they can support that. And so I think it definitely makes sense. There’s a lot of value, and I’m sure their customers kind of feel the same way. BK: Now Yan, Delphi Digital and your team there have just published your monthly outlook report. A lot of people have various predictions for how high bitcoin could go. And I’m just curious, based on the past couple weeks of trading and maybe looking at some of the technical indicators, have we received any new information on whether bitcoin prices could go a lot lower? YL: I don’t think we’ll see a dip below that low-7’s level. We haven’t really seen any long-term sellers, which would normally, you know, represent some capitulation. When that starts to happen, you really need a lot of new money to offset all that selling. So most of the recent price action has been dictated by short-term holders and traders. What we see with bitcoin is price begets volume begets price, and this is a very cyclical situation. What we can’t really account for is this momentary influx of demand that can come from a wide variety of sources, and whenever that happens, you have all the individual traders now that have a lot of cash on the sidelines and just basically looking at it to get the best entry possible. That’s where we will start to see these really, really aggressive moves up. And there are a decent amount of shorts that exists in the space just because you have higher convexity on a short trade. That can often act as fuel for short squeezes, and you’ll see huge liquidations kind of going the other way. So I think we’ve certainly bottomed. Image via YouTube. Related Stories Bitcoin Outshines Gold for First Time Since June Bitcoin’s Defense of Major Support May Fuel Price Bounce to $9,600 || Bitcoin, Ethereum & Ripple - American Wrap: Bitcoin Technical Analysis: BTC/USD The Big Barrier Of $9100 - 9500 Is Being Tested
• Bitcoin price is trading in negative territory, down some 1.45% in the second half of the session.
• BTC/USD price action is further narrowing within a pennant structure, subject to a breakout.
• Big supply area is seen running from $9100-9500, ahead of the psychological $10,000 mark.
Ethereum Technical Analysis: ETH/USD Must Break Down $200
• Ethereum price is trading in the green, up 2.15% the session on Tuesday.
• ETH/USD has offered little in terms of volatility over the last 11 sessions, as the price consolidates.
• A strong barrier of resistance is observed at the psychological $200 mark, preventing further upside pressure.
Ripple's XRP Technical Analysis: XRP/USD Bulls Having Another Go At $0.3000
• Ripple's XRP price is trading with the green by some 0.65% in the session on Tuesday.
• XRP/USD running towards its second consecutive session in the green.
• Should the bulls break down 0.3000, it would likely open the door to a fresh wave of selling pressure.
Image Sourced fromPixabay
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• NEO, Ripple & Litecoin - European Wrap
• Bitcoin, IOTA & Ripple - European Wrap
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin, Ethereum & Ripple - American Wrap: Bitcoin Technical Analysis: BTC/USD The Big Barrier Of $9100 - 9500 Is Being Tested Bitcoin price is trading in negative territory, down some 1.45% in the second half of the session. BTC/USD price action is further narrowing within a pennant structure, subject to a breakout. Big supply area is seen running from $9100-9500, ahead of the psychological $10,000 mark. Ethereum Technical Analysis: ETH/USD Must Break Down $200 Ethereum price is trading in the green, up 2.15% the session on Tuesday. ETH/USD has offered little in terms of volatility over the last 11 sessions, as the price consolidates. A strong barrier of resistance is observed at the psychological $200 mark, preventing further upside pressure. Ripple's XRP Technical Analysis: XRP/USD Bulls Having Another Go At $0.3000 Ripple's XRP price is trading with the green by some 0.65% in the session on Tuesday. XRP/USD running towards its second consecutive session in the green. Should the bulls break down 0.3000, it would likely open the door to a fresh wave of selling pressure. Image Sourced from Pixabay 0 See more from Benzinga Bitcoin, Ethereum & Ripple - American Wrap NEO, Ripple & Litecoin - European Wrap Bitcoin, IOTA & Ripple - European Wrap © 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin, Ethereum & Ripple - American Wrap: Bitcoin Technical Analysis: BTC/USD The Big Barrier Of $9100 - 9500 Is Being Tested
• Bitcoin price is trading in negative territory, down some 1.45% in the second half of the session.
• BTC/USD price action is further narrowing within a pennant structure, subject to a breakout.
• Big supply area is seen running from $9100-9500, ahead of the psychological $10,000 mark.
Ethereum Technical Analysis: ETH/USD Must Break Down $200
• Ethereum price is trading in the green, up 2.15% the session on Tuesday.
• ETH/USD has offered little in terms of volatility over the last 11 sessions, as the price consolidates.
• A strong barrier of resistance is observed at the psychological $200 mark, preventing further upside pressure.
Ripple's XRP Technical Analysis: XRP/USD Bulls Having Another Go At $0.3000
• Ripple's XRP price is trading with the green by some 0.65% in the session on Tuesday.
• XRP/USD running towards its second consecutive session in the green.
• Should the bulls break down 0.3000, it would likely open the door to a fresh wave of selling pressure.
Image Sourced fromPixabay
0
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• Bitcoin, Ethereum & Ripple - American Wrap
• NEO, Ripple & Litecoin - European Wrap
• Bitcoin, IOTA & Ripple - European Wrap
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Huawei to work with People’s Bank of China on blockchain technology: In an official announcement released yesterday on Chinese messaging platform WeChat, multinational technology company Huawei shared its plans to work with the People’s Bank of China (PBoC) on digital asset integration and financial research. In a meeting on November 4, the Digital Currency Research Institute – part of the PBoC – signed a memorandum of cooperation with Huawei while attending the 27th China International Finance Exhibition, held in Shenzhen. Notable members attending the exhibition included PBoC vice president Fan Yifei as well as Huawei chairman Xu Zhijun. Although few details were included in the announcement on what the memorandum would entail, it’s likely that the PBoC and Huawei will be jointly contributing to Beijing’s new push for better blockchain financial and legal infrastructure . Building a new financial ecosystem Huawei attended the event to promote its Kunpeng Industry Ecosystem, a distributed computing initiative based on the company’s self-developed chip technology. The PBoC Clearing Center and Liquidation Center also signed agreements with Huawei at the same event. The announcement stated that together with recent innovations in 5G and AI technology, Huawei is committed to building a “solid digital financial base” for Chinese users, which may explain the multiple areas of focus with the PBoC. Today, the financial innovation forum, also led by Huawei, is being held in Shenzhen. The forum, entitled “Building a new open economy”, is being hosted as part of the Huawei Financial Open Innovation Alliance. The alliance focuses on integrating bleeding-edge technologies into existing financial infrastructure. China’s latest spotlight on blockchain It’s been a busy few months for the Chinese blockchain sector with sweeping changes in government sentiment towards digital assets. President Xi Jinping voiced his support for blockchain technology last month, emphasising the role decentralised systems could play in Chinese financial infrastructure . Beijing has taken a measured approach to blockchain technology, asking the Chinese public to focus on “ Blockchain, not Bitcoin ” and exploring the launch of a national digital currency. With the recent escalation of the trade war between Washington DC and Beijing, Chinese companies such as Huawei are placing more emphasis on developing infrastructure within East Asian nations. The endorsement of blockchain technology by Beijing may be the latest development in the growing ‘tech war’ between the US and China. The post Huawei to work with People’s Bank of China on blockchain technology appeared first on Coin Rivet . View comments || Huawei to work with People’s Bank of China on blockchain technology: In an official announcement released yesterday on Chinese messaging platform WeChat, multinational technology company Huawei shared its plans to work with the People’s Bank of China (PBoC) on digital asset integration and financial research. In a meeting on November 4, the Digital Currency Research Institute – part of the PBoC – signed a memorandum of cooperation with Huawei while attending the 27th China International Finance Exhibition, held in Shenzhen. Notable members attending the exhibition included PBoC vice president Fan Yifei as well as Huawei chairman Xu Zhijun. Although few details were included in the announcement on what the memorandum would entail, it’s likely that the PBoC and Huawei will be jointly contributing to Beijing’s new push for better blockchain financial and legal infrastructure . Building a new financial ecosystem Huawei attended the event to promote its Kunpeng Industry Ecosystem, a distributed computing initiative based on the company’s self-developed chip technology. The PBoC Clearing Center and Liquidation Center also signed agreements with Huawei at the same event. The announcement stated that together with recent innovations in 5G and AI technology, Huawei is committed to building a “solid digital financial base” for Chinese users, which may explain the multiple areas of focus with the PBoC. Today, the financial innovation forum, also led by Huawei, is being held in Shenzhen. The forum, entitled “Building a new open economy”, is being hosted as part of the Huawei Financial Open Innovation Alliance. The alliance focuses on integrating bleeding-edge technologies into existing financial infrastructure. China’s latest spotlight on blockchain It’s been a busy few months for the Chinese blockchain sector with sweeping changes in government sentiment towards digital assets. President Xi Jinping voiced his support for blockchain technology last month, emphasising the role decentralised systems could play in Chinese financial infrastructure . Beijing has taken a measured approach to blockchain technology, asking the Chinese public to focus on “ Blockchain, not Bitcoin ” and exploring the launch of a national digital currency. With the recent escalation of the trade war between Washington DC and Beijing, Chinese companies such as Huawei are placing more emphasis on developing infrastructure within East Asian nations. The endorsement of blockchain technology by Beijing may be the latest development in the growing ‘tech war’ between the US and China. The post Huawei to work with People’s Bank of China on blockchain technology appeared first on Coin Rivet . View comments || How Arweave's Permaweb cheaply hosts sites & apps forever: What if you could pay now to store something online permanently? You could preserve a website against censorship, save legal contracts or offer an app even after your company fails. That's the promise of Arweave 's Permaweb. The startup has built a new type of blockchain that relies on Moore's Law-style declining data storage costs. Users pay for a few hundred years upfront (about half a cent per megabyte), and the interest accrued by the excess payment will perpetually cover the costs of shrinking storage prices. The Permaweb quietly launched last June. More than 100 permanent apps have been built on Arweave's infrastructure, including an email client in the last six months, while 50,000 objects were stored on the Permaweb in October alone. As long as some node operators keep hosting the data on unused hard drive space, they keep getting paid, and the sites, apps or files remain available. Instead of needing some special blockchain browser to access what's stored, the Permaweb can be accessed through traditional web browsers and URLs. Arweave founder Sam Williams The potential of the Permaweb has attracted $5 million in funding led by Andreessen Horowitz's a16z Crypto, and joined by other top blockchain investors Union Square Ventures and Multicoin Capital, which have exchanged the cash for tokens from Arweave. Those tokens, and the rest Arweave is sitting on, could become increasingly valuable if the Permaweb becomes popular. Arweaves mission is to become the new Library of Alexandria," Arweave founder Sam Williams writes, "but invulnerable to the pitfalls of centralised points of failure, ensuring that humanitys shared knowledge and history is available to all future generations." Filling Orwell's memory hole The idea spawned from a slew of PhD dropouts trying to address the fake news problem. They figured if sites or articles could be stored permanently in their original form, they couldn't be changed or eradicated by a future despot. The team discovered blockchains could handle this at small scale. But to decentralize large amounts of data, they developed a special kind of blockchain where miners are rewarded for storing a random old block from the chain, not just the most recent one. That meant the more of the total blocks they stored, the more they'd stand to earn. After going through Techstars Berlin and recruiting some of their accelerator-mates, Arweave raised money from 1kx, and now Arrington XRP Capital (TechCrunchs founders fund), a16z Crypto, USV, and Multicoin. Arweave launched the Permaweb mid last year. Story continues Those who want to store something download a free Chrome, Firefox or Brave browser extension, fund their wallet, and make a one-time payment. For example, here's a permanently hosted forum that won't disappear like many online communities have over the years. While pricier than alternatives like AWS in the short-term, the Permaweb could theoretically keep files alive forever. Williams says that data storage costs have declined around 30% per year for a while, but the decentralized network would still be able to cover costs as long as that rate doesn't fall lower than 0.5%. "If we dropped below 0.5% storage cost decline, then really, really bad things will have happened to humans." And even then, today's payments would cover 200 years of storage. Another benefit is that users of applications can choose to use the original version of a Perma app instead of an updated one. That way if a developer polluted later versions with ads or privacy invasions, users could rely on the old one. An important concern is that the Permaweb could be used to enable piracy. But Williams tells me the majority of node operators have to vote to approve hosting a file, so they could refuse copyrighted music or revenge porn. And anyways, torrenting is free and so likely more appealing to pirates. We'll see if other players try to crash into the market with a similar concept and trigger a perma pricing war. But Williams claims Bitcoin, Ethereum and EOS can't do this type of storage, while Archive.org, The Wayback Machine and Perma.cc are focused on academic uses for shallow web preservation. Arweave likens itself to an Uber for storage, matching users needing to save files with those with excess storage capacity. But it acts as if there's no middleman like Uber taking a cut. Instead, the startup will sell tokens as necessary to stay funded until the network is sufficiently decentralized and runs itself. "A lot of crypto projects are long on white papers but short on code. Arweave was the opposite," says Union Square Ventures partner Albert Wenger. His fund tried out the Permaweb by storing the National Oceanic and Atmospheric Administration's ongoing measurements of carbon dioxide -- something climate change deniers might want to suppress. The goal was always to stop misinformation. Williams concludes, "We think that we're closing what Orwell called the memory hole so people can't change what was said, so everyone can see it that way in the future without the possibility of redaction or censorship." View comments || How Arweave's Permaweb cheaply hosts sites & apps forever: What if youcould pay now to store something online permanently? You could preserve a website against censorship, save legal contracts or offer an app even after your company fails. That's the promise ofArweave's Permaweb.
The startup has built a new type of blockchain that relies on Moore's Law-style declining data storage costs. Users pay for a few hundred years upfront (about half a cent per megabyte), and the interest accrued by the excess payment will perpetually cover the costs of shrinking storage prices.
The Permaweb quietly launched last June. More than 100 permanent apps have been built onArweave'sinfrastructure, including an email client in the last six months, while 50,000 objects were stored on the Permaweb in October alone. As long as some node operators keep hosting the data on unused hard drive space, they keep getting paid, and the sites, apps or files remain available. Instead of needing some special blockchain browser to access what's stored, the Permaweb can be accessed through traditional web browsers and URLs.
Arweave founder Sam Williams
The potential of the Permaweb has attracted $5 million in funding led byAndreessen Horowitz'sa16z Crypto, and joined by other top blockchain investorsUnion Square Venturesand Multicoin Capital, which have exchanged the cash for tokens from Arweave. Those tokens, and the rest Arweave is sitting on, could become increasingly valuable if the Permaweb becomes popular.
“Arweave’s mission is to become the new Library of Alexandria," Arweave founder Sam Williams writes, "but invulnerable to the pitfalls of centralised points of failure, ensuring that humanity’s shared knowledge and history is available to all future generations."
The idea spawned from a slew of PhD dropouts trying to address the fake news problem. They figured if sites or articles could be stored permanently in their original form, they couldn't be changed or eradicated by a future despot.
The team discovered blockchains could handle this at small scale. But to decentralize large amounts of data, they developed a special kind of blockchain where miners are rewarded for storing a random old block from the chain, not just the most recent one. That meant the more of the total blocks they stored, the more they'd stand to earn.
After going through Techstars Berlin and recruiting some of their accelerator-mates, Arweave raised money from 1kx, and now Arrington XRP Capital (TechCrunch’s founder’s fund), a16z Crypto, USV, and Multicoin.Arweavelaunched the Permaweb mid last year.
Those who want to store something download a free Chrome, Firefox or Brave browser extension, fund their wallet, and make a one-time payment. For example, here's apermanently hosted forumthat won't disappear like many online communities have over the years.
While pricier than alternatives like AWS in the short-term, the Permaweb could theoretically keep files alive forever. Williams says that data storage costs have declined around 30% per year for a while, but the decentralized network would still be able to cover costs as long as that rate doesn't fall lower than 0.5%. "If we dropped below 0.5% storage cost decline, then really, really bad things will have happened to humans." And even then, today's payments would cover 200 years of storage.
Another benefit is that users of applications can choose to use the original version of a Perma app instead of an updated one. That way if a developer polluted later versions with ads or privacy invasions, users could rely on the old one.
An important concern is that the Permaweb could be used to enable piracy. But Williams tells me the majority of node operators have to vote to approve hosting a file, so they could refuse copyrighted music or revenge porn. And anyways, torrenting is free and so likely more appealing to pirates. We'll see if other players try to crash into the market with a similar concept and trigger a perma pricing war. But Williams claims Bitcoin, Ethereum and EOS can't do this type of storage, while Archive.org, The Wayback Machine and Perma.cc are focused on academic uses for shallow web preservation.
Arweave likens itself to an Uber for storage, matching users needing to save files with those with excess storage capacity. But it acts as if there's no middleman like Uber taking a cut. Instead, the startup will sell tokens as necessary to stay funded until the network is sufficiently decentralized and runs itself.
"A lot of crypto projects are long on white papers but short on code. Arweave was the opposite," says Union Square Ventures partner Albert Wenger. His fund tried out the Permaweb by storing the National Oceanic and Atmospheric Administration's ongoing measurements of carbon dioxide -- something climate change deniers might want to suppress.
The goal was always to stop misinformation. Williams concludes, "We think that we're closing what Orwell called the memory hole so people can't change what was said, so everyone can see it that way in the future without the possibility of redaction or censorship." || Ether on Lightning Is the Latest Bridge Crossing Cryptos Great Divide: Ethereum developers are using the Lightning payments network to build bridges into the bitcoin ecosystem. The venture-backed crypto startup Radar, best known for its decentralized exchange (DEX) relayers for 0x , just launched a service called RedShift , which allows people to pay a lightning invoice from an ethereum wallet. Radar product lead Brandon Curtis told CoinDesk: Related: Bitcoin Keeps Failing at This Key Price Hurdle There are some people out there who want to be bitcoin maximalists or only work on ethereum things. But I think theres a large, silent majority of us that are interested in multiple chains, in multiple assets, and want to build things that bridge between them. MetaMask wallet users with an in-browser widget can simply add a second widget to their browsers and paste a lightning invoice into the ethereum wallet, like a normal wallet address. On the back end, Radar will swap the ether for bitcoin and manage channels so the recipient is paid in bitcoin. This widget will eventually connect the user to a pool of market makers beyond Radar, Curtis said, and work for other ethereum-based tokens as well. Our number one request from [DEX] users and market makers was somehow adding the ability to trade bitcoin, Curtis said. [Bitcoin has] more liquidity and just a lot of holders, users, a lot of interest. Radar may see the move as a competitive differentiator as it jockeys for usage in the DEX space. Currently, IDEX and Kyber Network are the leading DEXs in terms of trading volume, according to Etherscan statistics . Building bridges Related: The Bitcoin Rich List Has Grown 30% in the Last Year, But Why? Radar is now among a handful of projects working to connect various cryptocurrency ecosystems. Indeed, the Cross-Chain Working Group is already building a system for wrapped bitcoin tokens that can be used on the ethereum blockchain. Plus, the Electronic Coin Company is working on bridges for zcash into the ethereum network, according to ECCs VP of marketing, Josh Swihart. Story continues Likewise, Arwen CEO Sharon Goldberg told CoinDesk her startups atomic swap and settlement service for centralized exchanges like KuCoin now offers ethereum mainnet capabilities. You can take some bitcoin, buy some ETH, and do that settlement without losing custody, she said. The way were doing it is free of any third party. We dont have any pegs, or any of the complexity were seeing from some of the other projects. Youre actually introducing new counterparty risk with those types of things. Whether startups focus on sidechains, lightning or other layered protocols like Arwen, Radars Curtis said that bitcoin is still the best form of cryptographic money, due to open questions about how ethereum development will play out. However, from his perspective, bridges that allow flows of value into bitcoin from more experimental assets can add more value to the bitcoin ecosystem by opening it up to new users. Right now, the hardest part about lightning is the onboarding process, Curtis said, adding: With tools like RedShift, we can allow people who already have digital assets to tap into the [lightning] network without all that setup. Team photo courtesy of Radar Relay Related Stories Bitcoin Outshines Gold for First Time Since June Regulated ETH Futures? Not So Fast || Ether on Lightning Is the Latest Bridge Crossing Crypto’s Great Divide: Ethereum developers are using the Lightning payments network to build bridges into the bitcoin ecosystem.
The venture-backed crypto startup Radar, best known for itsdecentralized exchange (DEX) relayersfor0x, just launched a service calledRedShift, which allows people to pay a lightning invoice from an ethereum wallet.
Radar product lead Brandon Curtis told CoinDesk:
Related:Bitcoin Keeps Failing at This Key Price Hurdle
MetaMask wallet users with an in-browser widget can simply add a second widget to their browsers and paste a lightning invoice into the ethereum wallet, like a normal wallet address. On the back end, Radar will swap the ether for bitcoin and manage channels so the recipient is paid in bitcoin. This widget will eventually connect the user to a pool of market makers beyond Radar, Curtis said, and work for other ethereum-based tokens as well.
“Our number one request from [DEX] users and market makers was somehow adding the ability to trade bitcoin,” Curtis said. “[Bitcoin has] more liquidity and just a lot of holders, users, a lot of interest.”
Radar may see the move as a competitive differentiator as it jockeys for usage in the DEX space. Currently, IDEX and Kyber Network are the leading DEXs in terms of trading volume, according toEtherscan statistics.
Related:The ‘Bitcoin Rich List’ Has Grown 30% in the Last Year, But Why?
Radar is now among a handful of projects working to connect various cryptocurrency ecosystems.
Indeed, theCross-Chain Working Groupis already building a system for wrapped bitcoin tokens that can be used on the ethereum blockchain. Plus, the Electronic Coin Company is working onbridges for zcashinto the ethereum network, according to ECC’s VP of marketing, Josh Swihart.
Likewise,ArwenCEO Sharon Goldberg told CoinDesk her startup’satomic swapand settlement service for centralized exchanges like KuCoin now offersethereum mainnetcapabilities.
“You can take some bitcoin, buy some ETH, and do that settlement without losing custody,” she said. “The way we’re doing it is free of any third party. We don’t have any pegs, or any of the complexity we’re seeing from some of the other projects. You’re actually introducing new counterparty risk with those types of things.”
Whether startups focus on sidechains, lightning or other layered protocols like Arwen, Radar’s Curtis said that bitcoin is still the best form of cryptographic money, due to open questions about howethereum developmentwill play out. However, from his perspective, bridges that allow flows of value into bitcoin from more experimental assets can add more value to the bitcoin ecosystem by opening it up to new users.
“Right now, the hardest part about lightning is the onboarding process,” Curtis said, adding:
“With tools like RedShift, we can allow people who already have digital assets to tap into the [lightning] network without all that setup.”
Team photo courtesy ofRadar Relay
• Bitcoin Outshines Gold for First Time Since June
• Regulated ETH Futures? Not So Fast || Coinbase Legal Chief Says Private Sector Should Build US Digital Dollar: Coinbase’s legal chief is calling for private sector leadership in developing America’s digital currency. Brian Brooks, in a Fortune essay published Monday, argued private corporations are best positioned to build a much-debated digital U.S. dollar, and that the government should stand back and let them, doing little, if anything, to regulate their underlying blockchains. “The best path forward is one that harnesses our country’s remarkable capacity for innovation and also reflects government’s historical practice of setting broad guide rails for private innovation within the financial system,” Brooks said. “… But there is no more need for the government to control the blockchain policy of stablecoin issuers than there is for the government to dictate the technology used by privately-owned commercial and investment banks.” Related: Bitcoin Price Slides 2% After Deribit, Coinbase Flash Crash Essentially, Brooks envisions an informal public-private partnership in which private corporations leave monetary control to the federal government, and the government, in turn, secedes management of the technological infrastructure to them: “In short: the private sector should build the technology, and the public sector should set monetary policy.” His approach differs from the Facebook-led Libra project, which the social media giant first announced this past summer. U.S. lawmakers and regulators alike have balked at the company’s plans to develop a global stablecoin governed by a Switzerland-based council dubbed the Libra Association, claiming the cryptocurrency would be beyond regulators’ jurisdiction. Further, the project’s plans to back the stablecoin with a basket of global currencies could, conceivably, strip America’s federal reserve of monetary control. Related: Ex-Official Trolls Libra, Says China Likely to Issue Digital Currency First In October, Federal Reserve governor Lael Brainard said global digital currency projects like Libra could destabilize the world’s central banks. Story continues Brooks contrasted Libra’s approach with USDC (the stablecoin issued by Coinbase and Circle) and other similar tokens, asserting instead that dollar-backed digital currencies pose no threat whatsoever to central bank control. If the Fed-controlled dollar backs the private sector minted stablecoin, then, he pointed out, the fed still controls the stablecoin’s underlying monetary policy. As Brooks sees it, the government’s best action would be taking little, if any. Other than ensuring that varied stablecoin projects – Libra and Coinbase’s USDC, among others – hold the fiat reserves they claim to, he called for a hands-off approach to private innovation. Brooks did not immediately respond to requests for additional comment. Dollars image via Shutterstock Related Stories ‘Hell No’: Jack Dorsey Says Twitter Won’t Be Joining Libra Association CEO: Coinbase Has Earned $2 Billion in Transaction Fees Since 2012 || Coinbase Legal Chief Says Private Sector Should Build US Digital Dollar: Coinbase’s legal chief is calling for private sector leadership in developing America’s digital currency.
Brian Brooks, in aFortune essaypublished Monday, argued private corporations are best positioned to build a much-debated digital U.S. dollar, and that the government should stand back and let them, doing little, if anything, to regulate their underlying blockchains.
“The best path forward is one that harnesses our country’s remarkable capacity for innovation and also reflects government’s historical practice of setting broad guide rails for private innovation within the financial system,” Brooks said. “… But there is no more need for the government to control the blockchain policy of stablecoin issuers than there is for the government to dictate the technology used by privately-owned commercial and investment banks.”
Related:Bitcoin Price Slides 2% After Deribit, Coinbase Flash Crash
Essentially, Brooks envisions an informal public-private partnership in which private corporations leave monetary control to the federal government, and the government, in turn, secedes management of the technological infrastructure to them:
“In short: the private sector should build the technology, and the public sector should set monetary policy.”
His approach differs from the Facebook-led Libra project, which the social media giant first announced this past summer.
U.S. lawmakers and regulators alike have balked at the company’s plans to develop a global stablecoin governed by a Switzerland-based council dubbed the Libra Association, claiming the cryptocurrency would be beyond regulators’ jurisdiction. Further, the project’s plans to back the stablecoin with a basket of global currencies could, conceivably, strip America’s federal reserve of monetary control.
Related:Ex-Official Trolls Libra, Says China Likely to Issue Digital Currency First
In October, Federal Reserve governorLael Brainard saidglobal digital currency projects like Libra could destabilize the world’s central banks.
Brooks contrasted Libra’s approach with USDC (the stablecoin issued by Coinbase and Circle) and other similar tokens, asserting instead that dollar-backed digital currencies pose no threat whatsoever to central bank control. If the Fed-controlled dollar backs the private sector minted stablecoin, then, he pointed out, the fed still controls the stablecoin’s underlying monetary policy.
As Brooks sees it, the government’s best action would be taking little, if any. Other than ensuring that varied stablecoin projects – Libra and Coinbase’s USDC, among others – hold the fiat reserves they claim to, he called for a hands-off approach to private innovation.
Brooks did not immediately respond to requests for additional comment.
Dollarsimage via Shutterstock
• ‘Hell No’: Jack Dorsey Says Twitter Won’t Be Joining Libra Association
• CEO: Coinbase Has Earned $2 Billion in Transaction Fees Since 2012 || Did a Bitcoin whale cause the 2017 bull market?: A recent article from Bloomberg has shed light on a study that claims the 2017 bull market was fueled by one giant Bitcoin whale. The report states: A Texas academic created a stir last year by alleging that Bitcoins astronomical surge in 2017 was probably triggered by manipulation. Hes now doubling down with a striking new claim: a single market whale was likely behind the misconduct, seemingly with the power to move prices at will. I myself am of the opinion that there isnt sufficient data to back up these claims especially when you look at sources like Google Trends, which shows a completely different outlook. My goal today is to explain the papers analysis of the alleged market manipulation and why I personally believe it could be incorrect. Report conclusions A lone whale was behind Bitcoin manipulation in 2017, Texas academic says https://t.co/PEYcYxByue pic.twitter.com/ltUY0u8ZAG Bloomberg Crypto (@crypto) November 4, 2019 The two scientists who wrote the academic paper, University of Texas Professor John Griffin and Ohio State Universitys Amin Shams, claim there is one sole culprit behind the exuberant price action of late 2017: One entity on the cryptocurrency exchange Bitfinex appears capable of sending the price of Bitcoin higher when it falls below certain thresholds. The results published by the academics appear to show that there was one account responsible for most of the volume on the exchange, which seems a bit odd to me (see why below). In addition, the professors claim that years from now, people will be surprised investors handed billions of dollars to companies like Bitfinex. Bitfinex has rejected the claims, with General Counsel Stuart Hoegner arguing in a statement that the paper is foundationally flawed because it is based on an insufficient data set. Story continues What does Google Trends show? Even though Bitfinex was never audited, I find it hard to believe there was one single account responsible for most of the price action in late 2017. Just by looking at the Google Trends chart above, we can see the huge amount of interest from retail investors in the cryptocurrency market. What Google Trends clearly shows is that interest in Bitcoin peaked when the asset was near all-time highs. To me, that shows most of the buyers were retail investors wanting to sell for profit. In addition, the number of coins being traded on Bitfinex was quite limited when compared to other platforms like Binance. Its then hard to believe one account was able to push the altcoin market without touching altcoins directly. What does the exchange volume show? Even though I believe most buyers were retail investors and not institutions, the argument that one account was responsible for most of the 2017 bull market could still stand. After all, I mentioned buyers, not sellers. To have a better understanding of how the market looked back then, I decided to research the total exchange volume over the last five years. Looking at the information above courtesy of Bitcoinity you can see the total volume over the past five years per exchange. Bitfinex comes in fifth place, with a much lower volume than exchanges like OKCoin or Huobi. I carried out the same research using a number of alternative sources, and most showed similar data for the past year, at least. Hodler waves The last piece of data Im taking into account for my brief analysis is the Bitcoin UTXO age distribution chart, also known as hodler waves. What the image above courtesy of the Unchained Capital blog clearly shows is that Bitcoin users who had held BTC for over five years began to sell during the bull run. The red, yellow, and orange bands at the bottom highlight the movement of Bitcoin from an old address to a new address. When you look at late 2017, during the bull run, you can see a sudden spike. That means a bunch of hodlers probably sold, since a large number of Bitcoin went from an old address to a brand new one. An opposite view could argue hodlers were simply switching addresses. However, that seems to be unlikely. Interestingly enough, the number of hodlers continued to increase after the 2017 bull run, which shows theres a great deal of BTC users who are in the market for the long term. Dont forget that close to 40% of all BTC is locked in addresses where the coins havent moved for at least two years a clear sign the number of hodlers is increasing and the market is becoming more decentralised. In conclusion, it seems hard to believe that one single whale was responsible for most of the price action during the bull market of 2017. The post Did a Bitcoin whale cause the 2017 bull market? appeared first on Coin Rivet . || Did a Bitcoin whale cause the 2017 bull market?: A recent article from Bloomberg has shed light on a study that claims the 2017 bull market was fueled by one giant Bitcoin whale. The report states: A Texas academic created a stir last year by alleging that Bitcoins astronomical surge in 2017 was probably triggered by manipulation. Hes now doubling down with a striking new claim: a single market whale was likely behind the misconduct, seemingly with the power to move prices at will. I myself am of the opinion that there isnt sufficient data to back up these claims especially when you look at sources like Google Trends, which shows a completely different outlook. My goal today is to explain the papers analysis of the alleged market manipulation and why I personally believe it could be incorrect. Report conclusions A lone whale was behind Bitcoin manipulation in 2017, Texas academic says https://t.co/PEYcYxByue pic.twitter.com/ltUY0u8ZAG Bloomberg Crypto (@crypto) November 4, 2019 The two scientists who wrote the academic paper, University of Texas Professor John Griffin and Ohio State Universitys Amin Shams, claim there is one sole culprit behind the exuberant price action of late 2017: One entity on the cryptocurrency exchange Bitfinex appears capable of sending the price of Bitcoin higher when it falls below certain thresholds. The results published by the academics appear to show that there was one account responsible for most of the volume on the exchange, which seems a bit odd to me (see why below). In addition, the professors claim that years from now, people will be surprised investors handed billions of dollars to companies like Bitfinex. Bitfinex has rejected the claims, with General Counsel Stuart Hoegner arguing in a statement that the paper is foundationally flawed because it is based on an insufficient data set. Story continues What does Google Trends show? Even though Bitfinex was never audited, I find it hard to believe there was one single account responsible for most of the price action in late 2017. Just by looking at the Google Trends chart above, we can see the huge amount of interest from retail investors in the cryptocurrency market. What Google Trends clearly shows is that interest in Bitcoin peaked when the asset was near all-time highs. To me, that shows most of the buyers were retail investors wanting to sell for profit. In addition, the number of coins being traded on Bitfinex was quite limited when compared to other platforms like Binance. Its then hard to believe one account was able to push the altcoin market without touching altcoins directly. What does the exchange volume show? Even though I believe most buyers were retail investors and not institutions, the argument that one account was responsible for most of the 2017 bull market could still stand. After all, I mentioned buyers, not sellers. To have a better understanding of how the market looked back then, I decided to research the total exchange volume over the last five years. Looking at the information above courtesy of Bitcoinity you can see the total volume over the past five years per exchange. Bitfinex comes in fifth place, with a much lower volume than exchanges like OKCoin or Huobi. I carried out the same research using a number of alternative sources, and most showed similar data for the past year, at least. Hodler waves The last piece of data Im taking into account for my brief analysis is the Bitcoin UTXO age distribution chart, also known as hodler waves. What the image above courtesy of the Unchained Capital blog clearly shows is that Bitcoin users who had held BTC for over five years began to sell during the bull run. The red, yellow, and orange bands at the bottom highlight the movement of Bitcoin from an old address to a new address. When you look at late 2017, during the bull run, you can see a sudden spike. That means a bunch of hodlers probably sold, since a large number of Bitcoin went from an old address to a brand new one. An opposite view could argue hodlers were simply switching addresses. However, that seems to be unlikely. Interestingly enough, the number of hodlers continued to increase after the 2017 bull run, which shows theres a great deal of BTC users who are in the market for the long term. Dont forget that close to 40% of all BTC is locked in addresses where the coins havent moved for at least two years a clear sign the number of hodlers is increasing and the market is becoming more decentralised. In conclusion, it seems hard to believe that one single whale was responsible for most of the price action during the bull market of 2017. The post Did a Bitcoin whale cause the 2017 bull market? appeared first on Coin Rivet . || Did a Bitcoin whale cause the 2017 bull market?: A recent article from Bloomberg has shed light on a study that claims the 2017 bull market was fueled by one giant Bitcoin whale. The report states: A Texas academic created a stir last year by alleging that Bitcoins astronomical surge in 2017 was probably triggered by manipulation. Hes now doubling down with a striking new claim: a single market whale was likely behind the misconduct, seemingly with the power to move prices at will. I myself am of the opinion that there isnt sufficient data to back up these claims especially when you look at sources like Google Trends, which shows a completely different outlook. My goal today is to explain the papers analysis of the alleged market manipulation and why I personally believe it could be incorrect. Report conclusions A lone whale was behind Bitcoin manipulation in 2017, Texas academic says https://t.co/PEYcYxByue pic.twitter.com/ltUY0u8ZAG Bloomberg Crypto (@crypto) November 4, 2019 The two scientists who wrote the academic paper, University of Texas Professor John Griffin and Ohio State Universitys Amin Shams, claim there is one sole culprit behind the exuberant price action of late 2017: One entity on the cryptocurrency exchange Bitfinex appears capable of sending the price of Bitcoin higher when it falls below certain thresholds. The results published by the academics appear to show that there was one account responsible for most of the volume on the exchange, which seems a bit odd to me (see why below). In addition, the professors claim that years from now, people will be surprised investors handed billions of dollars to companies like Bitfinex. Bitfinex has rejected the claims, with General Counsel Stuart Hoegner arguing in a statement that the paper is foundationally flawed because it is based on an insufficient data set. Story continues What does Google Trends show? Even though Bitfinex was never audited, I find it hard to believe there was one single account responsible for most of the price action in late 2017. Just by looking at the Google Trends chart above, we can see the huge amount of interest from retail investors in the cryptocurrency market. What Google Trends clearly shows is that interest in Bitcoin peaked when the asset was near all-time highs. To me, that shows most of the buyers were retail investors wanting to sell for profit. In addition, the number of coins being traded on Bitfinex was quite limited when compared to other platforms like Binance. Its then hard to believe one account was able to push the altcoin market without touching altcoins directly. What does the exchange volume show? Even though I believe most buyers were retail investors and not institutions, the argument that one account was responsible for most of the 2017 bull market could still stand. After all, I mentioned buyers, not sellers. To have a better understanding of how the market looked back then, I decided to research the total exchange volume over the last five years. Looking at the information above courtesy of Bitcoinity you can see the total volume over the past five years per exchange. Bitfinex comes in fifth place, with a much lower volume than exchanges like OKCoin or Huobi. I carried out the same research using a number of alternative sources, and most showed similar data for the past year, at least. Hodler waves The last piece of data Im taking into account for my brief analysis is the Bitcoin UTXO age distribution chart, also known as hodler waves. What the image above courtesy of the Unchained Capital blog clearly shows is that Bitcoin users who had held BTC for over five years began to sell during the bull run. The red, yellow, and orange bands at the bottom highlight the movement of Bitcoin from an old address to a new address. When you look at late 2017, during the bull run, you can see a sudden spike. That means a bunch of hodlers probably sold, since a large number of Bitcoin went from an old address to a brand new one. An opposite view could argue hodlers were simply switching addresses. However, that seems to be unlikely. Interestingly enough, the number of hodlers continued to increase after the 2017 bull run, which shows theres a great deal of BTC users who are in the market for the long term. Dont forget that close to 40% of all BTC is locked in addresses where the coins havent moved for at least two years a clear sign the number of hodlers is increasing and the market is becoming more decentralised. In conclusion, it seems hard to believe that one single whale was responsible for most of the price action during the bull market of 2017. The post Did a Bitcoin whale cause the 2017 bull market? appeared first on Coin Rivet .
[Social Media Buzz]
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9267.56, 8804.88, 8813.58, 9055.53, 8757.79, 8815.66, 8808.26, 8708.09, 8491.99, 8550.76
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 248.53, 247.03, 252.80, 242.71, 247.53, 244.22, 247.27, 253.01, 254.32, 253.70, 260.60, 255.49, 253.18, 245.02, 243.68, 236.07, 236.55, 236.15, 224.59, 219.16, 223.83, 228.57, 222.88, 223.36, 222.60, 224.63, 235.27, 234.18, 236.46, 231.27, 226.39, 219.43, 229.29, 225.85, 225.81, 236.15, 232.08, 234.93, 240.36, 239.02, 236.12, 229.78, 237.33, 243.86, 241.83, 240.30, 242.16, 241.11, 236.38, 236.93, 237.60, 236.15, 236.80, 233.13, 231.95, 234.02, 235.34, 240.35, 238.87, 240.95, 237.11, 237.12, 237.28, 237.41, 237.10, 233.35, 230.19, 222.93, 225.80, 225.87, 224.32, 224.95, 225.62, 222.88, 228.49, 229.05, 228.80, 229.71, 229.98, 232.40, 233.54, 236.82, 250.90, 249.28, 249.01, 244.61, 245.21, 243.94, 246.99, 244.30.
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[Bitcoin Technical Analysis for 2015-06-23]
Volume: 15108700, RSI (14-day): 59.12, 50-day EMA: 237.26, 200-day EMA: 253.86
[Wider Market Context]
Gold Price: 1176.20, Gold RSI: 44.34
Oil Price: 61.01, Oil RSI: 56.73
[Recent News (last 7 days)]
European Markets Hope For Greece Deal By The End Of The Day: European markets will be holding their collective breath on Monday as Greece and its creditors attempt to make a last minute deal before the nation defaults on its International Monetary Fund loan on June 30. Greek Prime Minister Alexis Tsipras has submitted a final reform proposal which he believes includes enough concessions to satisfy the nation's eurozone creditors but still preserves the Syriza party's anti-austerity ideals. However, it remains to be seen whether or not EU officials will accept the proposal and unlock Greece's next installment of bailout money. Time Pressure With just over a week to go before Greece defaults on its IMF loan, the nation is running out of time to strike a deal with creditors. Although Athens still has eight days to scrape together funding to repay its loan, it will be a complicated (and probably time consuming) process to make arrangements to send EU bailout money to Athens. Related Link: Bookies See Greece In Eurozone Banks Crumbling The state of Greece's banks is also weighing on Tsipras as he tries to work out a deal with creditors. Nervous Greek residents have been rushing to withdraw their funds from the nation's banks, something that has made Greece's major banks nervous. Last week, the National Bank of Greece (NYSE: NBG ) warned that failure to reach a deal on Monday could create a dire situation for the bank. While the nation has not enacted any capital controls in order to minimize the banks' outflows, many worry that without an agreement on the table Greek banks will be forced to limit withdrawals in order to remain functional. See more from Benzinga Greek Drama Gives Bitcoin A Boost Greek Banks Struggle To Handle Deposit Outflows With Default Fears Rising © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || European Markets Hope For Greece Deal By The End Of The Day: European markets will be holding their collective breath on Monday as Greece and its creditors attempt to make a last minute deal before the nation defaults on its International Monetary Fund loan on June 30.
Greek Prime Minister Alexis Tsipras hassubmitteda final reform proposal which he believes includes enough concessions to satisfy the nation's eurozone creditors but still preserves the Syriza party's anti-austerity ideals.
However, it remains to be seen whether or not EU officials will accept the proposal and unlock Greece's next installment of bailout money.
Time Pressure
With just over a week to go before Greece defaults on its IMF loan, the nation is running out of time to strike a deal with creditors.
Although Athens still has eight days to scrape together funding to repay its loan, it will be a complicated (and probably time consuming) process to make arrangements to send EU bailout money to Athens.
Related Link:Bookies See Greece In Eurozone
Banks Crumbling
The state of Greece's banks is also weighing on Tsipras as he tries to work out a deal with creditors. Nervous Greek residents have been rushing to withdraw their funds from the nation's banks, something that has made Greece's major banks nervous.
Last week, theNational Bank of Greece(NYSE:NBG) warned that failure to reach a deal on Monday could create a dire situation for the bank.
While the nation has not enacted any capital controls in order to minimize the banks' outflows, many worry that without an agreement on the table Greek banks will be forced to limit withdrawals in order to remain functional.
See more from Benzinga
• Greek Drama Gives Bitcoin A Boost
• Greek Banks Struggle To Handle Deposit Outflows With Default Fears Rising
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Meet 'Dope' Breakout Shameik Moore, Who Went From YouTube Tween to Rising Star: The Sundance Film Festival favorite Dope hits theaters on Friday, and, if all goes according to plan, Americans will soon be living in Meaks World. Directed by Rick Famuyiwa ( Brown Sugar , The Wood ), Dope features 20-year-old newcomer Shameik Moore as Malcolm, a 90s hip hop-obsessed geek who hopes to escape from his rough Los Angeles neighborhood and attend Harvard. Its an unlikely jump for Malcolm, given the obstacles on the long uphill road from his humble childhood home, and in that way, Moore can certainly relate: A native of Atlanta with no real Hollywood connections, he decided to become a professional dancer once he saw the 2004 hit You Got Served , and began plotting a singing career after seeing Chris Brown in concert when he was 13 years old. All these interviews Im doing this is the kind of stuff that I was dreaming about doing when I was younger, Moore told Yahoo Movies from a hotel in L.A., where he was preparing to go on Jimmy Kimmel Live . I was praying for people to want to write about me. I wanted people to hear my music, I wanted to perform, I wanted to be on billboards. Moore belongs to the first social media generation, made up of kids who lied about their ages to join Facebook in the late aughts, when no one younger than a high school freshman could register. Young stars have been taught to establish their personal brand from day one, and once Moore began training at the We Entertain arts complex in Atlanta, he came up with Meaks World, which was a combination of a mantra, mission statement, and trademark to tie together his various creative endeavors. Meaks World is the world I created when I was 12, when I got into the industry, he said. I said, I have to do it myself. Its not going to be given to me. It has to be Meaks World. He wasnt an overnight success, but he worked hard at building a small fan base mostly via YouTube. His channel still hosts videos that stretch back six years, with everything from episodes of a webcam show called Meaks World to breakdance performances to direct appeals to Hollywood directors, like the one below: Story continues From that point in early middle school, Meaks World was built slowly, with a foundation made of mostly music video appearances and small roles in films like Joyful Noise and The Watsons Go to Birmingham . Then Famuyiwa , whod been struggling to cast the Malcolm role , noticed Moore while watching audition tapes several years ago, and flew him to L.A. for an in-person tryout. It didnt go very well, at least in their initial meeting. I got really nervous, Moore remembers. For like 98 percent of my life, Im not nervous. But as soon as Im nervous, I start shaking or something, and I lose my cool. Still, Moore says he didnt realize how badly he wilted in the spotlight until his agents called to tell him that Famuyiwa was willing to give him one more chance. Obviously, Moore nailed it the second time around, putting the rare case of nerves behind him and grabbing the part of the ambitious, conscientious, and very well-dressed Malcolm. Watch the trailer for Dope: Moore plays Malcolm as a vulnerable, but ultimately resourceful kid destined for greater things. The character who quotes N.W.A. lyrics and plays in a punk band uses his blend of street smarts and geeky know-how to unload a stash of drugs, aided by his two best friends, played by Transparents Kiersey Clemons and The Grand Budapest Hotels Tony Revolori. Theres also a girl, of course: A local (Zoë Kravitz) whom Moore tutors and eventually tries to win over. Its a nuanced role in a film that puts a fresh spin on the classic gotta get out of here coming-of-age film a 21st century Risky Business or Saturday Night Fever set in South Central. The teens deal with Bitcoin and Instagram , ogle old vinyl records and tap into the Dark Web, making Dope an earnest adventure inside a maze of zeitgeist. Its a film that takes a fresh look at a world largely written off by Hollywood, even though its just miles down the road. Dope will no doubt be Moores breakout turn, and hes long prepared for this wave of publicity. In the grand tradition of hip-hop culture, Moore has worked on establishing a sort of brand name that combines his ambition and self-regard; as he often mentions on Twitter , hed love to be known as #KingSAM. Its a hashtag monicker that he hopes becomes the catch-all identity for all of his artistic pursuits each letter in his initials carries its own meaning; the M for Moore also suggests he always leaves the audience wanting more. Why brand himself so early? Its to take control of the narrative, Moore says, before someone else can begin to write it. It makes sense from a business standpoint, as its unlikely that the news media would be quite as invested in his careers success as Moore is himself. He talks about being grateful and staying humble quite often, so he doesnt lack self-awareness. He just also knows that in an increasingly crowded media sphere with countless young social media stars and performers obsessing over their brands and follower count, he has to be overly proactive. Dope , Moore hopes, will also help launch his music career. To coincide with the films release, Moore, who worked with producer Pharrell and co-star A$AP Rocky during the films production, is dropping some new music of his own. Its not a mixtape or EP; I call it a soundtrack, he says, explaining that the tracks will be about his upbringing and life in Georgia. Its called 30058 his childhood zip code and will be available on his website . And hes got a full album that he plans to release next spring, soon after the release of The Get Down , the Netflix series on which hes currently working. While Dope s Malcolm was obsessed with 90s hip hop, the Netflix show, which is being made by Baz Luhrmann, focuses on the birth of hip hop in the 70s South Bronx. Moore gets to rap, sing and b-boy dance, and this time, he plays the bad boy, he says, teasing a very different look from his breakout role. Moore seems to have a solid game-plan, thanks in part to all the years he spent preparing to capitalize on the opportunities he hustled so hard to secure. He certainly doesnt lack for confidence, but also knows his journey to turning Hollywood into Meaks World has really only gotten started. I cant assume that people see me the way I see myself, Moore offered. I have to show them. But I cant do it in a way where its too much, where its rude. I feel like when youre a king, you lead. And I just see myself as a king, or as something more than just a regular human being. Watch Forest Whitaker talk about Dope: || Meet 'Dope' Breakout Shameik Moore, Who Went From YouTube Tween to Rising Star: The Sundance Film Festival favorite Dope hits theaters on Friday, and, if all goes according to plan, Americans will soon be living in Meaks World. Directed by Rick Famuyiwa ( Brown Sugar , The Wood ), Dope features 20-year-old newcomer Shameik Moore as Malcolm, a 90s hip hop-obsessed geek who hopes to escape from his rough Los Angeles neighborhood and attend Harvard. Its an unlikely jump for Malcolm, given the obstacles on the long uphill road from his humble childhood home, and in that way, Moore can certainly relate: A native of Atlanta with no real Hollywood connections, he decided to become a professional dancer once he saw the 2004 hit You Got Served , and began plotting a singing career after seeing Chris Brown in concert when he was 13 years old. All these interviews Im doing this is the kind of stuff that I was dreaming about doing when I was younger, Moore told Yahoo Movies from a hotel in L.A., where he was preparing to go on Jimmy Kimmel Live . I was praying for people to want to write about me. I wanted people to hear my music, I wanted to perform, I wanted to be on billboards. Moore belongs to the first social media generation, made up of kids who lied about their ages to join Facebook in the late aughts, when no one younger than a high school freshman could register. Young stars have been taught to establish their personal brand from day one, and once Moore began training at the We Entertain arts complex in Atlanta, he came up with Meaks World, which was a combination of a mantra, mission statement, and trademark to tie together his various creative endeavors. Meaks World is the world I created when I was 12, when I got into the industry, he said. I said, I have to do it myself. Its not going to be given to me. It has to be Meaks World. He wasnt an overnight success, but he worked hard at building a small fan base mostly via YouTube. His channel still hosts videos that stretch back six years, with everything from episodes of a webcam show called Meaks World to breakdance performances to direct appeals to Hollywood directors, like the one below: Story continues From that point in early middle school, Meaks World was built slowly, with a foundation made of mostly music video appearances and small roles in films like Joyful Noise and The Watsons Go to Birmingham . Then Famuyiwa , whod been struggling to cast the Malcolm role , noticed Moore while watching audition tapes several years ago, and flew him to L.A. for an in-person tryout. It didnt go very well, at least in their initial meeting. I got really nervous, Moore remembers. For like 98 percent of my life, Im not nervous. But as soon as Im nervous, I start shaking or something, and I lose my cool. Still, Moore says he didnt realize how badly he wilted in the spotlight until his agents called to tell him that Famuyiwa was willing to give him one more chance. Obviously, Moore nailed it the second time around, putting the rare case of nerves behind him and grabbing the part of the ambitious, conscientious, and very well-dressed Malcolm. Watch the trailer for Dope: Moore plays Malcolm as a vulnerable, but ultimately resourceful kid destined for greater things. The character who quotes N.W.A. lyrics and plays in a punk band uses his blend of street smarts and geeky know-how to unload a stash of drugs, aided by his two best friends, played by Transparents Kiersey Clemons and The Grand Budapest Hotels Tony Revolori. Theres also a girl, of course: A local (Zoë Kravitz) whom Moore tutors and eventually tries to win over. Its a nuanced role in a film that puts a fresh spin on the classic gotta get out of here coming-of-age film a 21st century Risky Business or Saturday Night Fever set in South Central. The teens deal with Bitcoin and Instagram , ogle old vinyl records and tap into the Dark Web, making Dope an earnest adventure inside a maze of zeitgeist. Its a film that takes a fresh look at a world largely written off by Hollywood, even though its just miles down the road. Dope will no doubt be Moores breakout turn, and hes long prepared for this wave of publicity. In the grand tradition of hip-hop culture, Moore has worked on establishing a sort of brand name that combines his ambition and self-regard; as he often mentions on Twitter , hed love to be known as #KingSAM. Its a hashtag monicker that he hopes becomes the catch-all identity for all of his artistic pursuits each letter in his initials carries its own meaning; the M for Moore also suggests he always leaves the audience wanting more. Why brand himself so early? Its to take control of the narrative, Moore says, before someone else can begin to write it. It makes sense from a business standpoint, as its unlikely that the news media would be quite as invested in his careers success as Moore is himself. He talks about being grateful and staying humble quite often, so he doesnt lack self-awareness. He just also knows that in an increasingly crowded media sphere with countless young social media stars and performers obsessing over their brands and follower count, he has to be overly proactive. Dope , Moore hopes, will also help launch his music career. To coincide with the films release, Moore, who worked with producer Pharrell and co-star A$AP Rocky during the films production, is dropping some new music of his own. Its not a mixtape or EP; I call it a soundtrack, he says, explaining that the tracks will be about his upbringing and life in Georgia. Its called 30058 his childhood zip code and will be available on his website . And hes got a full album that he plans to release next spring, soon after the release of The Get Down , the Netflix series on which hes currently working. While Dope s Malcolm was obsessed with 90s hip hop, the Netflix show, which is being made by Baz Luhrmann, focuses on the birth of hip hop in the 70s South Bronx. Moore gets to rap, sing and b-boy dance, and this time, he plays the bad boy, he says, teasing a very different look from his breakout role. Moore seems to have a solid game-plan, thanks in part to all the years he spent preparing to capitalize on the opportunities he hustled so hard to secure. He certainly doesnt lack for confidence, but also knows his journey to turning Hollywood into Meaks World has really only gotten started. I cant assume that people see me the way I see myself, Moore offered. I have to show them. But I cant do it in a way where its too much, where its rude. I feel like when youre a king, you lead. And I just see myself as a king, or as something more than just a regular human being. Watch Forest Whitaker talk about Dope: || Humanoid Robots Closer Than You Think: Robots working alongside humans and even becoming their companions may sound like something out of a science fiction movie, but Japan'sSoftBank Corp (USA)(OTC:SFTBF) is planning to make such robots a reality in the very near future.
The company has developed a robot called "Pepper" that it says will eventually become a staple in the modern world.
Pepper's Capabilities
The robot has been touted as the first to be capable of understanding human emotions. The device is able to understand facial expressions and body language in order to predict how a person is feeling, and it can express its own emotions as well.
SoftBank said Pepper will eventually be able to carry out simple tasks like household chores, but for now the robot's primary function will be communication. Pepper can provide companionship to the elderly and keep their memory sharp by asking questions.
The robot is also able to remind people to take their medication and report back to medical professionals with health data.
Related Link:The Future Of Robots
Alibaba On Board
On Thursday, SoftBankannouncedthat Chinese e-commerce firmAlibaba Group Holding Ltd(NYSE:BABA) is backing the robot by buying a 20 percent stake in the venture.
Alibaba is investing ¥14.5 billion in Pepper's development in hopes of catching the robotics wave before it comes in. Alibaba executive chairman Jack Ma said he sees robots becoming as popular as cars and airplanes in the coming years.
Price Problem
Robots like Pepper are unlikely to become the norm in average households anytime soon, as they carry an expensive price tag. Pepper will cost ¥198,000, but won't be able to run without a ¥25,000 per month contract.
Image Credit: Public Domain
See more from Benzinga
• New Study Shows Marijuana May Help Fight Cancer
• New Software Makes It Harder To Use Bitcoin For Criminal Activity
• Summer Budget Wars Begin With Defense Spending
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Humanoid Robots Closer Than You Think: Robots working alongside humans and even becoming their companions may sound like something out of a science fiction movie, but Japan's SoftBank Corp (USA) (OTC: SFTBF ) is planning to make such robots a reality in the very near future. The company has developed a robot called "Pepper" that it says will eventually become a staple in the modern world. Pepper's Capabilities The robot has been touted as the first to be capable of understanding human emotions. The device is able to understand facial expressions and body language in order to predict how a person is feeling, and it can express its own emotions as well. SoftBank said Pepper will eventually be able to carry out simple tasks like household chores, but for now the robot's primary function will be communication. Pepper can provide companionship to the elderly and keep their memory sharp by asking questions. The robot is also able to remind people to take their medication and report back to medical professionals with health data. Related Link: The Future Of Robots Alibaba On Board On Thursday, SoftBank announced that Chinese e-commerce firm Alibaba Group Holding Ltd (NYSE: BABA ) is backing the robot by buying a 20 percent stake in the venture. Alibaba is investing ¥14.5 billion in Pepper's development in hopes of catching the robotics wave before it comes in. Alibaba executive chairman Jack Ma said he sees robots becoming as popular as cars and airplanes in the coming years. Price Problem Robots like Pepper are unlikely to become the norm in average households anytime soon, as they carry an expensive price tag. Pepper will cost ¥198,000, but won't be able to run without a ¥25,000 per month contract. Image Credit: Public Domain See more from Benzinga New Study Shows Marijuana May Help Fight Cancer New Software Makes It Harder To Use Bitcoin For Criminal Activity Summer Budget Wars Begin With Defense Spending © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || New Study Shows Marijuana May Help Fight Cancer: Israel-based One World Cannabis Ltd. has developed a cannabinoid-based drug therapy that was shown to be effective in fighting multiple myeloma cells. In clinical trials, a combination of cannabidiol (CBD) and tetrahydrocannabinol (THC) was able to decrease the survival of cancerous cells, a big step for the medical marijuana community. Promising Results Multiple myeloma is a cancer of plasma cells in bone marrow and its suffers make up 1 percent of cancer patients around the world. The disease is responsible for 2 percent of the world's cancer-related deaths. The company's first basic study had promising results against the cancerous cells, and One World is planning to submit those results for an institutional board review. If approved, the company plans to explore how different CBD and THC combinations can help improve the quality of life for patients suffering from multiple myeloma cancer. Related Link: Marijuana A Promising Treatment, But Research And Development Still Limited New Delivery One World is also working on a new delivery system that would make medical marijuana easier for doctors to administer. The company has developed a cannabis dissoluble tablet that allows doctors to more closely monitor dosage, unlike current methods like smoking and ingesting edibles. Medical Marijuana Advancement The study serves as a step forward for medical marijuana, as scrutiny over the benefits of the drug has kept several states from legalizing its use. Also, providing marijuana treatments in tablet form could make cannabis-based treatments more acceptable as it gives the patient and the doctor more control over how much is being ingested and provides a healthier alternative to smoking. Image Credit: Public Domain See more from Benzinga New Software Makes It Harder To Use Bitcoin For Criminal Activity Summer Budget Wars Begin With Defense Spending Will Wal-Mart Greeters Increase The Company's Bottom Line? © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || New Study Shows Marijuana May Help Fight Cancer: Israel-based One World Cannabis Ltd. has developed a cannabinoid-based drug therapy that was shown to be effective in fighting multiple myeloma cells. In clinical trials, a combination of cannabidiol (CBD) and tetrahydrocannabinol (THC) was able to decrease the survival of cancerous cells, a big step for the medical marijuana community. Promising Results Multiple myeloma is a cancer of plasma cells in bone marrow and its suffers make up 1 percent of cancer patients around the world. The disease is responsible for 2 percent of the world's cancer-related deaths. The company's first basic study had promising results against the cancerous cells, and One World is planning to submit those results for an institutional board review. If approved, the company plans to explore how different CBD and THC combinations can help improve the quality of life for patients suffering from multiple myeloma cancer. Related Link: Marijuana A Promising Treatment, But Research And Development Still Limited New Delivery One World is also working on a new delivery system that would make medical marijuana easier for doctors to administer. The company has developed a cannabis dissoluble tablet that allows doctors to more closely monitor dosage, unlike current methods like smoking and ingesting edibles. Medical Marijuana Advancement The study serves as a step forward for medical marijuana, as scrutiny over the benefits of the drug has kept several states from legalizing its use. Also, providing marijuana treatments in tablet form could make cannabis-based treatments more acceptable as it gives the patient and the doctor more control over how much is being ingested and provides a healthier alternative to smoking. Image Credit: Public Domain See more from Benzinga New Software Makes It Harder To Use Bitcoin For Criminal Activity Summer Budget Wars Begin With Defense Spending Will Wal-Mart Greeters Increase The Company's Bottom Line? © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Europe's nine hottest tech firms right now: Europe is producing more $1-billion-dollar technology start-ups -- or "unicorns" -- than ever before, as investors pour money into the region's stars. Funding for tech firms in the region almost doubled from $2.88 billion in 2014 to $5.65 billion so far this year, according to GP Bullhound, the technology-focused investment bank. As part of London Technology Week, an awards ceremony -- The Europas -- identified some of Europe's hottest tech companies, with a panel of judges made up of venture capitalists and journalists deciding the victors. Companies were nominated across 25 different categories, including best e-commerce start-up and best entertainment start-up. Here are some of the winners. Winner: Spotify Despite being nine years old, music-streaming service Spotify won this award, as it continues to "change the music industry," according to the organizers of The Europas. The Swedish start-up recently raised a $526 million round of funding giving it a valuation of over $8 billion. Spotify has 20 million paying subscribers, and 75 million members overall. But Spotify has come under fire from those in the music industry and has been accused of paying low royalties to artists. Last year, pop star Taylor Swift pulled her whole music collection off the platform in protest. Spotify is now competing in an extremely tough market with competition from the likes of Apple Music, Jay Z's Tidal service and Google. Other nominees in the category included Shazam and Soundcloud. Winner: Deliveroo It seems that we cannot get enough of food delivery companies, and Deliveroo impressed the judges most. The London-based start-up allows people to order food from restaurants like Ping Pong and Gourmet Burger Kitchen and have it delivered. Earlier this year, Deliveroo received a $25 million round of funding from Accel Partners. Other nominees included another food service Delivery Hero and Hello Fresh. Winner: Citymapper Citymapper won three awards at The Europas including "best travel start-up" and the coveted "grand prix" prize. Story continues It's an U.K.-based urban navigation app designed to help people get around some of the world's biggest cities. Last year, Citymapper got a $10 million round of funding led by London-based Balderton Capital. Other nominees in the category included YPLan and Wallapop. Winner: Adyen Adyen is Netherlands' first "unicorn" and provides much of the back-end technology for online, mobile and in-store payment systems. Last year, the Dutch company raised a $250 million round of funding led by General Atlantic, Temasek and Index Ventures. Fintech has become an increasingly hot space, with companies looking to disrupt the businesses of major financial institutions. Other nominees in the category included money transfer service TransferWise, and peer-to-peer lending platform Funding Circle. Winner: Digital Shadows Cybersecurity has been in the headlines over the past year following a number of high-profile attacks on companies. Digital Shadows describes itself as a "cyber threat intelligence company" aimed at protecting businesses from dangerous hack attacks and data loss. The London-based start-up recently bagged $8 million in funding. Other nominees included email encryption company Whiteout Networks and security intelligence firm Cyberlytic. Winner: Blockchain Blockchain is the world's most popular bitcoin (: BTC=) wallet provider, offering storage and enabling people to buy things with the cryptocurrency. The company also provides information and data on the block chain - the public ledger of bitcoin transactions. A number of investors have questioned the future of bitcoin, claiming that the underlying block chain technology will be more important in the future. Still, this has not stopped people talking about the digital currency. Last year, Blockchain raised $30.5 million in funding, after rival Bitpay announced a $30-million funding round. Other nominees in the category included bitcoin payment processing company Bitpay, and a bitcoin transaction start-up Safello. Winner: Space Ape Games So-called "casual gamers" are set to drive $30 billion of revenues to the mobile games markets this year, according to market research firm Newzoo, and start-ups are capitalizing on this. Space Ape Games is a mobile gaming company behind popular title Samurai Seige. The British start-up raised $7 million of funding at the end of last year led by Accel Partners. Other nominees in the category included Moshi-Monster-maker Mind Candy and another mobile gamemaker, Omnidrone. Winner: Hassle.com Everything nowadays is on-demand and can be ordered from a smartphone. At The Europas, it was Hassle.com - a service that allows you to order a cleaner straight to your door - that took the prize in this category. The sharing economy refers to the swathe of start-ups that allows users to rent things owned by others, such as Airbnb or BlaBlaCar. Hassle.com raised around $6 million in a funding round last year. Other nominees in the category included ridesharing app BlaBlaCar, and parking space booking app JustPark. More From CNBC Top News and Analysis Latest News Video Personal Finance || Europe's nine hottest tech firms right now: Europe is producing more $1-billion-dollar technology start-ups --or "unicorns"-- than ever before, as investors pour money into the region's stars.
Funding for tech firms in the region almost doubled from $2.88 billion in 2014 to $5.65 billion so far this year, according to GP Bullhound, the technology-focused investment bank.
As part of London Technology Week, an awards ceremony -- The Europas -- identified some of Europe's hottest tech companies, with a panel of judges made up of venture capitalists and journalists deciding the victors.
Companies were nominated across 25 different categories, including best e-commerce start-up and best entertainment start-up.
Here are some of the winners.
Winner: Spotify
Despite being nine years old, music-streaming service Spotify won this award, as it continues to "change the music industry," according to the organizers of The Europas.
The Swedish start-up recently raised a $526 million round of funding giving it a valuation of over $8 billion. Spotify has 20 million paying subscribers, and 75 million members overall.
But Spotify has come under fire from those in the music industry and has been accused of paying low royalties to artists. Last year, pop star Taylor Swift pulled her whole music collection off the platform in protest.
Spotify is now competing in an extremely tough market with competition from the likes of Apple Music, Jay Z's Tidal service and Google.
Other nominees in the category included Shazam and Soundcloud.
Winner: Deliveroo
It seems that we cannot get enough of food delivery companies, and Deliveroo impressed the judges most.
The London-based start-up allows people to order food from restaurants like Ping Pong and Gourmet Burger Kitchen and have it delivered. Earlier this year, Deliveroo received a $25 million round of funding from Accel Partners.
Other nominees included another food service Delivery Hero and Hello Fresh.
Winner: Citymapper
Citymapper won three awards at The Europas including "best travel start-up" and the coveted "grand prix" prize.
It's an U.K.-based urban navigation app designed to help people get around some of the world's biggest cities.
Last year, Citymapper got a $10 million round of funding led by London-based Balderton Capital.
Other nominees in the category included YPLan and Wallapop.
Winner: Adyen
Adyen is Netherlands' first "unicorn" and provides much of the back-end technology for online, mobile and in-store payment systems.
Last year, the Dutch company raised a $250 million round of funding led by General Atlantic, Temasek and Index Ventures.
Fintech has become an increasingly hot space, with companies looking to disrupt the businesses of major financial institutions.
Other nominees in the category included money transfer service TransferWise, and peer-to-peer lending platform Funding Circle.
Winner: Digital Shadows
Cybersecurity has been in the headlines over the past year following a number of high-profile attacks on companies.
Digital Shadows describes itself as a "cyber threat intelligence company" aimed at protecting businesses from dangerous hack attacks and data loss.
The London-based start-up recently bagged $8 million in funding.
Other nominees included email encryption company Whiteout Networks and security intelligence firm Cyberlytic.
Winner: Blockchain
Blockchain is the world's most popular bitcoin(: BTC=)wallet provider, offering storage and enabling people to buy things with the cryptocurrency.
The company also provides information and data on the block chain - the public ledger of bitcoin transactions.
A number of investors have questioned the future of bitcoin, claiming that the underlying block chain technology will be more important in the future. Still, this has not stopped people talking about the digital currency.
Last year, Blockchain raised $30.5 million in funding, after rival Bitpay announced a $30-million funding round.
Other nominees in the category included bitcoin payment processing company Bitpay, and a bitcoin transaction start-up Safello.
Winner: Space Ape Games
So-called "casual gamers" are set to drive $30 billion of revenues to the mobile games markets this year, according to market research firm Newzoo, and start-ups are capitalizing on this.
Space Ape Games is a mobile gaming company behind popular title Samurai Seige.
The British start-up raised $7 million of funding at the end of last year led by Accel Partners.
Other nominees in the category included Moshi-Monster-maker Mind Candy and another mobile gamemaker, Omnidrone.
Winner: Hassle.com
Everything nowadays is on-demand and can be ordered from a smartphone. At The Europas, it was Hassle.com - a service that allows you to order a cleaner straight to your door - that took the prize in this category.
The sharing economy refers to the swathe of start-ups that allows users to rent things owned by others, such as Airbnb or BlaBlaCar.
Hassle.com raised around $6 million in a funding round last year.
Other nominees in the category included ridesharing app BlaBlaCar, and parking space booking app JustPark.
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• Personal Finance || Trading the rally: 5 stocks to buy: Traders saw a lot of bright spots in the market's record-breaking rally on Thursday. CNBC " Fast Money " trader Guy Adami said Thursday that two stocks in particular are attractive plays. "Palo Alto Networks (NYSE: PANW) , all time high. Look at the move in FireEye (NASDAQ: FEYE) . Proof point: there are pockets of stocks that continue to work here," Adami said. Trader Steve Grasso also eyed both stocks. "It's going one way, it's going north. These are names you have to hold your nose and just buy them," he said. Shares of Palto Alto are up about 50 percent year-to-date. FireEye stock is also up 70 percent from the beginning of the year. Trader Tim Seymour focused his attention on the transports Thursday, examining Kansas City Southern (NYSE: KSU) and CSX (NYSE: CSX) in particular. He said that Wednesday's dovish Fed statement "means the transports can continue to run." "A lot of these guys were going through pricing issues, but commodity prices are now starting to bottom. The valuations here are very interesting," he said. Read More Billionaire sees opportunities in asset bubbles Trader Brian Kelly said on Thursday that he bought shares of Microsoft (NASDAQ: MSFT) as a result of the market rally. "It has a 3 percent dividend yield. It's a big cap tech, exposed to the world, and would do well under a weaker dollar; so, for me, that's the trade you do here," he said. "That's why people, I think. were piling into the Nasdaq (NASDAQ: .NDX) ." Disclosures: Tim Seymour Tim Seymour is long AAPL, T, BAC, C, DIS, F, GE, GM, GOOGL, INTC, JCP, SUNE, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO. Brian Kelly Brian Kelly is long BABA, BBRY, BTC=, EEM, Euro, MSFT, NOC, SPY, TAN, TSL, Yen; he is short Dollar and Yuan. Today he bought MSFT, NOC, and SPY. Guy Adami Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck. Story continues Steve Grasso Steve Grasso is long AAPL, BAC, DD, DECK, EVGN, MJNA, PFE, T, TWTR, GDX firm is TWTR, AXP, AMD, AMZN, IBM, MCD his kids own EFG, EFA, EWJ, IJR, SPY. More From CNBC Top News and Analysis Latest News Video Personal Finance || Trading the rally: 5 stocks to buy: Traders saw a lot of bright spots in the market's record-breaking rally on Thursday.CNBC "Fast Money" trader Guy Adami said Thursday that two stocks in particular are attractive plays.
"Palo Alto Networks(NYSE: PANW), all time high. Look at the move in FireEye(NASDAQ: FEYE). Proof point: there are pockets of stocks that continue to work here," Adami said.
Trader Steve Grasso also eyed both stocks. "It's going one way, it's going north. These are names you have to hold your nose and just buy them," he said.
Shares of Palto Alto are up about 50 percent year-to-date. FireEye stock is also up 70 percent from the beginning of the year.
Trader Tim Seymour focused his attention on the transports Thursday, examining Kansas City Southern(NYSE: KSU)and CSX(NYSE: CSX)in particular. He said that Wednesday's dovishFedstatement "means the transports can continue to run."
"A lot of these guys were going through pricing issues, but commodity prices are now starting to bottom. The valuations here are very interesting," he said.
Read MoreBillionaire sees opportunities in asset bubbles
Trader Brian Kelly said on Thursday that he bought shares of Microsoft(NASDAQ: MSFT)as a result of the market rally.
"It has a 3 percent dividend yield. It's a big cap tech, exposed to the world, and would do well under a weaker dollar; so, for me, that's the trade you do here," he said. "That's why people, I think. were piling into the Nasdaq(NASDAQ: .NDX)."
Disclosures:
Tim Seymour
Tim Seymour is long AAPL, T, BAC, C, DIS, F, GE, GM, GOOGL, INTC, JCP, SUNE, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO.
Brian Kelly
Brian Kelly is long BABA, BBRY, BTC=, EEM, Euro, MSFT, NOC, SPY, TAN, TSL, Yen; he is short Dollar and Yuan. Today he bought MSFT, NOC, and SPY.
Guy Adami
Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.
Steve Grasso
Steve Grasso is long AAPL, BAC, DD, DECK, EVGN, MJNA, PFE, T, TWTR, GDX firm is TWTR, AXP, AMD, AMZN, IBM, MCD his kids own EFG, EFA, EWJ, IJR, SPY.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Bitcoin could shift balance of power in Greece: As Greece stumbles toward capital controls, bitcoin is once again proving its disruptive power within the global financial system. Over the past week, both the price and volume of bitcoin has been increasing (it's up 11 percent so far in June) - this is similar to the activity that occurred when Cyprus introduced capital controls in 2013. During the Cyprus crisis, citizens were not only locked out of their bank accounts but many found that some of their money was confiscated when the banks re-opened. This confiscation went by the "friendly" moniker "bail-in." In the Cyprus bail-in, any deposit above 100,000 euros were converted into Bank of Cyprus shares. Given this precedent, it is no surprise that Greeks are seeking a safe haven for their savings. If Greece does choose to leave the euro zone, it is unclear what currency the government will choose - it could choose a new drachma or it could choose an existing currency like the Russian ruble. Regardless of the fiat currency the Greek government chooses, the likelihood that Greek citizens holding paper currency will lose money in a Grexit is very high. Its only natural for citizens to seek an easy and secure alternative. Read More ECB warns Greek banks may not open on Monday Since 2013, the bitcoin ecosystem has matured and it is now easier than ever to purchase and securely store bitcoins. This makes bitcoin the ideal instrument for Greeks to use as a store of value. What is most striking about the use of bitcoin as a safe-haven asset is that doing so completely disrupts the balance of power between the government, the financial system and its citizens. Part of the European negotiating strategy with Greece has been to make conditions so bad for ordinary citizens that they force politicians to concede to onerous adjustments. So far, this tactic has failed to force Greece into a deal. I am skeptical of this tactic because Greek politicians have little to gain by accepting a deal with the European Union. Since the new government was voted in with the mandate to end austerity, it would be political suicide for them to accept a deal that continued down this path. It would also be economic suicide as further austerity measures will likely push Greece further into depression and result in an even higher debt-to-GDP ratio. Story continues Read More A bitcoin-like solution for Greece But there is also another reason this tactic may not work - it's called competition. The disruptive power of bitcoin has, for the first time in modern history, divorced the currency from the state. This disruption should not be dismissed - ordinary Greek citizens no longer have to wait and see what currency the government (either Greek or EU) will allow them to use - they are free to choose bitcoin or any other digital currency in existence. This competition among currencies is the beating heart of both capitalism and democracy and this competition removes a piece of the euro-zone leverage. Recently there has been a marked increase in volume across multiple exchanges. If this is Greek citizens converting savings into bitcoin, it could mean citizens will become indifferent to political demands. Moreover, since bitcoin can be used to purchase goods and services at over 100,000 merchants, it's unclear whether citizens will ever choose to return to a government-backed fiat currency. The implications of this reality should not be underestimated. Competition among currencies is a new phenomenon ushered in by bitcoin and the blockchain. The ultimate result of competition is to erode the power of the dominant players. This is not to say that Greece will devolve into a lawless society; on the contrary, compassion among currencies places the power back into the hands of the citizens and this is the essence of democracy. It is not lost on me that the birthplace of democracy could also be the cradle of a new balance of power. Read More Gartman: Greece would be better off defaulting Brian Kelly is founder and managing member of Brian Kelly Capital LLC, a global macro investment firm catering to high net worth individuals, family offices and institutions. He is also the creator of the BKCM Indexes, benchmarks for multi-asset money managers. He's also the author of the upcoming book, " The Bitcoin Big Bang: How Alternative Currencies Are About to Change the World ." Kelly, a CNBC contributor, often appears on " Fast Money ." Follow him on Twitter @BKBrianKelly . More From CNBC Top News and Analysis Latest News Video Personal Finance || Bitcoin could shift balance of power in Greece: AsGreecestumbles toward capital controls,bitcoinis once again proving its disruptive power within the global financial system.
Over the past week, both the price and volume of bitcoin has been increasing (it's up 11 percent so far in June) - this is similar to the activity that occurred whenCyprusintroduced capital controls in 2013. During the Cyprus crisis, citizens were not only locked out of their bank accounts but many found that some of their money was confiscated when the banks re-opened. This confiscation went by the "friendly" moniker "bail-in." In the Cyprus bail-in, any deposit above 100,000 euros were converted into Bank of Cyprus shares. Given this precedent, it is no surprise that Greeks are seeking a safe haven for their savings.
If Greece does choose to leave the euro zone, it is unclear what currency the government will choose - it could choose a new drachma or it could choose an existing currency like the Russian ruble. Regardless of the fiat currency the Greek government chooses, the likelihood that Greek citizens holding paper currency will lose money in a Grexit is very high. Its only natural for citizens to seek an easy and secure alternative.
Read MoreECB warns Greek banks may not open on Monday
Since 2013, the bitcoin ecosystem has matured and it is now easier than ever to purchase and securely store bitcoins. This makes bitcoin the ideal instrument for Greeks to use as a store of value.
What is most striking about the use of bitcoin as a safe-haven asset is that doing so completely disrupts the balance of power between the government, the financial system and its citizens. Part of the European negotiating strategy with Greece has been to make conditions so bad for ordinary citizens that they force politicians to concede to onerous adjustments. So far, this tactic has failed to force Greece into a deal. I am skeptical of this tactic because Greek politicians have little to gain by accepting a deal with the European Union. Since the new government was voted in with the mandate to end austerity, it would be political suicide for them to accept a deal that continued down this path. It would also be economic suicide as further austerity measures will likely push Greece further into depression and result in an even higher debt-to-GDP ratio.
Read MoreA bitcoin-like solution for Greece
But there is also another reason this tactic may not work - it's called competition. The disruptive power of bitcoin has, for the first time in modern history, divorced the currency from the state. This disruption should not be dismissed - ordinary Greek citizens no longer have to wait and see what currency the government (either Greek or EU) will allow them to use - they are free to choose bitcoin or any other digital currency in existence. This competition among currencies is the beating heart of both capitalism and democracy and this competition removes a piece of the euro-zone leverage.
Recently there has been a marked increase in volume across multiple exchanges. If this is Greek citizens converting savings into bitcoin, it could mean citizens will become indifferent to political demands. Moreover, since bitcoin can be used to purchase goods and services at over 100,000 merchants, it's unclear whether citizens will ever choose to return to a government-backed fiat currency. The implications of this reality should not be underestimated. Competition among currencies is a new phenomenon ushered in by bitcoin and the blockchain. The ultimate result of competition is to erode the power of the dominant players. This is not to say that Greece will devolve into a lawless society; on the contrary, compassion among currencies places the power back into the hands of the citizens and this is the essence of democracy. It is not lost on me that the birthplace of democracy could also be the cradle of a new balance of power.
Read MoreGartman: Greece would be better off defaulting
Brian Kelly is founder and managing member of Brian Kelly Capital LLC, a global macro investment firm catering to high net worth individuals, family offices and institutions. He is also the creator of the BKCM Indexes, benchmarks for multi-asset money managers. He's also the author of the upcoming book, "The Bitcoin Big Bang: How Alternative Currencies Are About to Change the World."Kelly, a CNBC contributor, often appears on "Fast Money." Follow him on Twitter@BKBrianKelly.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Bitcoin could shift balance of power in Greece: AsGreecestumbles toward capital controls,bitcoinis once again proving its disruptive power within the global financial system.
Over the past week, both the price and volume of bitcoin has been increasing (it's up 11 percent so far in June) - this is similar to the activity that occurred whenCyprusintroduced capital controls in 2013. During the Cyprus crisis, citizens were not only locked out of their bank accounts but many found that some of their money was confiscated when the banks re-opened. This confiscation went by the "friendly" moniker "bail-in." In the Cyprus bail-in, any deposit above 100,000 euros were converted into Bank of Cyprus shares. Given this precedent, it is no surprise that Greeks are seeking a safe haven for their savings.
If Greece does choose to leave the euro zone, it is unclear what currency the government will choose - it could choose a new drachma or it could choose an existing currency like the Russian ruble. Regardless of the fiat currency the Greek government chooses, the likelihood that Greek citizens holding paper currency will lose money in a Grexit is very high. Its only natural for citizens to seek an easy and secure alternative.
Read MoreECB warns Greek banks may not open on Monday
Since 2013, the bitcoin ecosystem has matured and it is now easier than ever to purchase and securely store bitcoins. This makes bitcoin the ideal instrument for Greeks to use as a store of value.
What is most striking about the use of bitcoin as a safe-haven asset is that doing so completely disrupts the balance of power between the government, the financial system and its citizens. Part of the European negotiating strategy with Greece has been to make conditions so bad for ordinary citizens that they force politicians to concede to onerous adjustments. So far, this tactic has failed to force Greece into a deal. I am skeptical of this tactic because Greek politicians have little to gain by accepting a deal with the European Union. Since the new government was voted in with the mandate to end austerity, it would be political suicide for them to accept a deal that continued down this path. It would also be economic suicide as further austerity measures will likely push Greece further into depression and result in an even higher debt-to-GDP ratio.
Read MoreA bitcoin-like solution for Greece
But there is also another reason this tactic may not work - it's called competition. The disruptive power of bitcoin has, for the first time in modern history, divorced the currency from the state. This disruption should not be dismissed - ordinary Greek citizens no longer have to wait and see what currency the government (either Greek or EU) will allow them to use - they are free to choose bitcoin or any other digital currency in existence. This competition among currencies is the beating heart of both capitalism and democracy and this competition removes a piece of the euro-zone leverage.
Recently there has been a marked increase in volume across multiple exchanges. If this is Greek citizens converting savings into bitcoin, it could mean citizens will become indifferent to political demands. Moreover, since bitcoin can be used to purchase goods and services at over 100,000 merchants, it's unclear whether citizens will ever choose to return to a government-backed fiat currency. The implications of this reality should not be underestimated. Competition among currencies is a new phenomenon ushered in by bitcoin and the blockchain. The ultimate result of competition is to erode the power of the dominant players. This is not to say that Greece will devolve into a lawless society; on the contrary, compassion among currencies places the power back into the hands of the citizens and this is the essence of democracy. It is not lost on me that the birthplace of democracy could also be the cradle of a new balance of power.
Read MoreGartman: Greece would be better off defaulting
Brian Kelly is founder and managing member of Brian Kelly Capital LLC, a global macro investment firm catering to high net worth individuals, family offices and institutions. He is also the creator of the BKCM Indexes, benchmarks for multi-asset money managers. He's also the author of the upcoming book, "The Bitcoin Big Bang: How Alternative Currencies Are About to Change the World."Kelly, a CNBC contributor, often appears on "Fast Money." Follow him on Twitter@BKBrianKelly.
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• Personal Finance || The Next $10 Bill Will Feature a Woman: The next generation of the $10 bill will have a woman on the face of it.
The new $10 bill won’t be out until 2020, but when it is released, a woman will replace Alexander Hamilton as the primary image, according to anannouncement from U.S. Treasury Secretary Jacob Lew.
The release of the new bill willhonor the 100th anniversary of the passage of the 19th Amendment, which gave women the right to vote.
The woman hasn’t been selected yet, but she will be chosen for her work building and supporting democracy. “America’s currency is a way for our nation to make a statement about who we are and what we stand for. Our paper bills—and the images of great American leaders and symbols they depict—have long been a way for us to honor our past and express our values,” Lew said.
Related:Bill Gates: Bitcoin Is 'Better Than Currency'
The $10 bill will be the first U.S. currency in more than 100 years to have a woman on it, according to Deputy Treasury Secretary Sarah Bloom Raskin.Martha Washington was on the back of the $1 Silver Certificate, alongside her husband, the first U.S. President, from 1896 through 1901.
Meanwhile,three U.S. coins in circulation have a woman on their face. Helen Keller is on the back of the Alabama quarter, Sacagawea is on the face of the dollar coin currently in production and Susan B. Anthony was on the face of the dollar coin produced from 1979 to 1981.
The final announcement of the woman to be on the front of the $10 bill will come later this year. In the meantime, the Treasury is collecting feedback from the public through meetings, roundtables and other public forums to hear who Americans would select for the new $10 bill. The Treasury is also collecting feedback on social media with the hashtag#TheNew10.The first $10 bill was issued in 1914and featured President Andrew Jackson.
Related:50 Motivational Quotes From Disruptive, Trailblazing, Inspiring Women Leaders
If you are interested to contribute your thoughts about which lady should be on the new $10 bill, keep in mind that to be depicted on a U.S. currency,a person must be deceased.
In addition to increasing the representation of women on U.S. money, paper currency has to be updated and replaced periodically tomake it harder for counterfeiters to replicate the designs. The last time the $10 bill was redesigned was about 10 years ago.
Being on the face of the $10 bill is one way to get a whole lot of face time. Post-mortem fame, but nonetheless. At the end of last year, there were 1.9 billion $10 bills in circulation and for 2015, the U.S. government ordered more than 627 million $10 notes to be printed.
Related:5 Powerful Rules for Women Entrepreneurs to Live By || Fed Meeting Suggests One Or Two Rate Hikes This Year: This week's Federal Reserve meeting served as confirmation for investors that the bank is still planning to raise interest rates some time before the end of this year.
Although the bank has promised to take a slow-and-steady approach to policy tightening, investors are beginning to batten down the hatches for fear that the hike will have a dramatic effect on markets.
Labor Key
On Wednesday, Fed Chair Janet Yellen remarked that the rate increase would be closely tied to labor market data, saying that improvement in that area of the economy was the number one driver of the bank's decision making.
Weak economic data at the start of the year had many questioning whether or not the economy would be strong enough for a rate hike, but Yellen suggested in the press conference following the meeting that data shows the nation is on track for one or two rate increases before the year is out.
When?
Most investors have placed their bets on aSeptember rate increase, though upcoming jobs data will likely play a role in analysts' predictions.
Although the bank is likely to tighten before the end of the year, Yellen has promised that the bank will move slowly and gradually so as not to upset markets.
Related Link:Fed Rate Hike Predictions All Over The Board
How To Prepare
Many worry that a rate rise will push stock values lower and wreak havoc on the bond market. While itsdifficult to tellwho the winners and losers will be when markets absorb the Fed's next move, many investors are rushing toward commodities as they are historically unaffected by policy changes.
Another good bet for investors looking to avoid a slide in their portfolio is foreign assets. As the dollar rises following policy tightening, foreign goods gain popularity which will be that will beneficial to companies in Europe and Asia.
On the other side will be US companies who have borrowed large sums to conduct share buybacks and increase dividends. The age of improving returns for shareholders is likely nearing its end as borrowing costs rise.
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• Insurers Caught In 5-Way Courtship Competition
• The Video Streaming Space Is Getting Crowded
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Fed Meeting Suggests One Or Two Rate Hikes This Year: This week's Federal Reserve meeting served as confirmation for investors that the bank is still planning to raise interest rates some time before the end of this year. Although the bank has promised to take a slow-and-steady approach to policy tightening, investors are beginning to batten down the hatches for fear that the hike will have a dramatic effect on markets. Labor Key On Wednesday, Fed Chair Janet Yellen remarked that the rate increase would be closely tied to labor market data, saying that improvement in that area of the economy was the number one driver of the bank's decision making. Weak economic data at the start of the year had many questioning whether or not the economy would be strong enough for a rate hike, but Yellen suggested in the press conference following the meeting that data shows the nation is on track for one or two rate increases before the year is out. When? Most investors have placed their bets on a September rate increase , though upcoming jobs data will likely play a role in analysts' predictions. Although the bank is likely to tighten before the end of the year, Yellen has promised that the bank will move slowly and gradually so as not to upset markets. Related Link: Fed Rate Hike Predictions All Over The Board How To Prepare Many worry that a rate rise will push stock values lower and wreak havoc on the bond market. While its difficult to tell who the winners and losers will be when markets absorb the Fed's next move, many investors are rushing toward commodities as they are historically unaffected by policy changes. Another good bet for investors looking to avoid a slide in their portfolio is foreign assets. As the dollar rises following policy tightening, foreign goods gain popularity which will be that will beneficial to companies in Europe and Asia. On the other side will be US companies who have borrowed large sums to conduct share buybacks and increase dividends. The age of improving returns for shareholders is likely nearing its end as borrowing costs rise. Story continues See more from Benzinga Bitcoin May Not Go Mainstream, But Blockchain Will Insurers Caught In 5-Way Courtship Competition The Video Streaming Space Is Getting Crowded © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin May Not Go Mainstream, But Blockchain Will: The challenges associated with using a cryptocurrency have kept much of the public from rushing to adopt bitcoin. Issues related to trust and security have plagued the digital currency after several widely publicized scams painted bitcoin as a tool for criminal activity.
However, while the general population has been slow to adopt digital currencies themselves, blockchain, the system bitcoin runs on, could have a place in everyday life.
Blockchain In Banks
Banks have been receptive to the possibility that blockchain could vastly improve their outdated systems.UBS(OTC: OUBSF) has already jumped on board the concept by setting up a research lab in London that focuses on how blockchain can be used in banking.
Related Link:"Dope" Becomes The First Movie To Allow Bitcoin Ticket Sales
Now,Banco Santander, S.A. (ADR)(NYSE:SAN) is similarly exploring how blockchain could revamp its business with a research team called Crypto 2.0. The Spanish bank believes there is potential for using blockchain to do things like facilitate international payments and develop smart contracts.
Regulation Will Weigh Down Progress
Head of Santander's fintech investment fund InnoVentures, Mariano Belinky toldBusiness Insiderthat the bank could develop a working prototype system that would facilitate real-time international payments in a matter of months, but that it would likely take much longer to pass such a system through the financial sector's strict regulations. The bank says it would also need to partner with a few like-minded banks across the globe in order to make the new system viable, but has already been in talks with several other institutions about the possibility.
See more from Benzinga
• Insurers Caught In 5-Way Courtship Competition
• The Video Streaming Space Is Getting Crowded
• Marijuana's Pesticide Problem
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin May Not Go Mainstream, But Blockchain Will: The challenges associated with using a cryptocurrency have kept much of the public from rushing to adopt bitcoin. Issues related to trust and security have plagued the digital currency after several widely publicized scams painted bitcoin as a tool for criminal activity. However, while the general population has been slow to adopt digital currencies themselves, blockchain, the system bitcoin runs on, could have a place in everyday life. Blockchain In Banks Banks have been receptive to the possibility that blockchain could vastly improve their outdated systems. UBS (OTC: OUBSF) has already jumped on board the concept by setting up a research lab in London that focuses on how blockchain can be used in banking. Related Link: "Dope" Becomes The First Movie To Allow Bitcoin Ticket Sales Now, Banco Santander, S.A. (ADR) (NYSE: SAN ) is similarly exploring how blockchain could revamp its business with a research team called Crypto 2.0. The Spanish bank believes there is potential for using blockchain to do things like facilitate international payments and develop smart contracts. Regulation Will Weigh Down Progress Head of Santander's fintech investment fund InnoVentures, Mariano Belinky told Business Insider that the bank could develop a working prototype system that would facilitate real-time international payments in a matter of months, but that it would likely take much longer to pass such a system through the financial sector's strict regulations. The bank says it would also need to partner with a few like-minded banks across the globe in order to make the new system viable, but has already been in talks with several other institutions about the possibility. See more from Benzinga Insurers Caught In 5-Way Courtship Competition The Video Streaming Space Is Getting Crowded Marijuana's Pesticide Problem © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
[Social Media Buzz]
buysellbitco.in #bitcoin price in INR, Buy : 15926.00 INR Sell : 15423.00 INR. Buy and sell bitcoin in #India using #buysellbitcoin || buysellbitco.in #bitcoin price in INR, Buy : 15772.00 INR Sell : 15288.00 INR. Buy and sell bitcoin in #India using #buysellbitcoin || buysellbitco.in #bitcoin price in INR, Buy : 15731.00 INR Sell : 15246.00 INR. Buy and sell bitcoin in #India using #buysellbitcoin || Current price: 217.85€ $BTCEUR $btc #bitcoin 2015-06-23 05:00:04 CEST || Current price: 244.64$...
|
240.51, 242.80, 243.59, 250.99, 249.01, 257.06, 263.07, 258.62, 255.41, 256.34
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 6881.96, 6880.32, 7117.21, 7429.72, 7550.90, 7569.94, 7679.87, 7795.60, 7807.06, 8801.04, 8658.55, 8864.77, 8988.60, 8897.47, 8912.65, 9003.07, 9268.76, 9951.52, 9842.67, 9593.90, 8756.43, 8601.80, 8804.48, 9269.99, 9733.72, 9328.20, 9377.01, 9670.74, 9726.58, 9729.04, 9522.98, 9081.76, 9182.58, 9209.29, 8790.37, 8906.93, 8835.05, 9181.02, 9525.75, 9439.12, 9700.41, 9461.06, 10167.27, 9529.80, 9656.72, 9800.64, 9665.53, 9653.68, 9758.85, 9771.49, 9795.70, 9870.09, 9321.78, 9480.84, 9475.28, 9386.79, 9450.70, 9538.02, 9480.25, 9411.84, 9288.02, 9332.34, 9303.63, 9648.72, 9629.66, 9313.61, 9264.81, 9162.92, 9045.39, 9143.58, 9190.85, 9137.99, 9228.33, 9123.41, 9087.30, 9132.49, 9073.94, 9375.47, 9252.28, 9428.33, 9277.97, 9278.81, 9240.35, 9276.50, 9243.61, 9243.21, 9192.84, 9132.23, 9151.39, 9159.04.
|
[Bitcoin Technical Analysis for 2020-07-18]
Volume: 12252601475, RSI (14-day): 45.72, 50-day EMA: 9213.99, 200-day EMA: 8686.80
[Wider Market Context]
None available.
[Recent News (last 7 days)]
WEI Art Collections Unveils New Multi-Million Dollar Contemporary Art Collection Commemorating Bitcoin and Ethereum: DUBAI, UAE / ACCESSWIRE / July 17, 2020 / WEI Art Collections has stayed true to the meaning of their name with a new art collection. WEI means extraordinary and WEI Art Collections is again set to excite the creative industry with their latest multi-million-dollar contemporary private art collection to celebrate blockchain technology. The new series is an unprecedented fusion of crypto-currency and art. WEI Art Collections has carved a niche for creating the finest, most extraordinary abstract, contemporary, and crypto art. With a team of talented and well-respected artists from different parts of the world, representing numerous cultural, ethnic, and racially diverse creative talent, the platform has provided art collectors as well as corporate and technology leaders with an opportunity to acquire exclusive works of art from the WEI Art Collections series. The WEI Art Collections Innovation Series is specifically put together for crypto-currency whales, art buyers, and advocates of the blockchain technology. The series also has its obvious appeal to professionals in the financial sector. The latest collection is coming at the most ideal time, with the world rapidly embracing the features and benefits of crypto-currency and blockchain technology. In the fall of 2018, billionaire and abstract contemporary art collector Adam Lindemann, amongst the world's leading art collectors, stated in an article in Bloomberg news by Katya Kazakina on November 29 as follows: "Everyone is talking about blockchain, but no one really understands it," said Lindemann, 57, referring to the technology that supports Bitcoin and other cryptocurrencies. "This is the right time to think about art and tech." As the mp3 file undeniably influenced and redefined how the world listens to music, blockchain technology is destined to be applied in numerous industries. The use of crypto-currency has become increasingly popular in recent times, with experts predicting growth to the tune of tens of trillions of dollars in the near future. The International Monetary Fund has also substantiated the claim, commenting on the advantages and stability crypto-currency values will enjoy as world economies and fiat currencies continue to falter. However, the creative industry has been seemingly silent on the subject of crypto-currency and this is where WEI Art Collections is looking to change the narrative with the WEI Art Collections Innovation Series. Story continues WEI Art Collections initially features the top three of the most prominent crypto-currencies destined for global dominance in the blockchain, global banking, and financial industries. There is also the Innovation Series 21 featuring 21 unique works, developed exclusively featuring Bitcoin. The series is developed in commemoration of Bitcoins issuance of 21 million coins.WEI Art Collections exemplifies the pinnacle of the crypto-art medium, engaging and employing emerging artists directly. The mission of WEI Art Collections is to be amongst the premier contemporary abstract and cryptography art designers/producers/collectors, featuring works that celebrate the bourgeoning field of Cryptography through the new world technology of blockchain digital assets. Owning an exclusive work from the WEI Art Collections Series will also serve as an investment that will go down in history and appreciate over time. For more information about the WEI Art Collections and how to be a part of this art world innovation please visit https:/weiartcollections.art/ Media contact Company: WEI Art Collections Contact: Jean Marquette E-mail: [email protected] Website: https://weiartcollections.art SOURCE: WEI Art Collections View source version on accesswire.com: https://www.accesswire.com/597905/WEI-Art-Collections-Unveils-New-Multi-Million-Dollar-Contemporary-Art-Collection-Commemorating-Bitcoin-and-Ethereum || WEI Art Collections Unveils New Multi-Million Dollar Contemporary Art Collection Commemorating Bitcoin and Ethereum: DUBAI, UAE / ACCESSWIRE / July 17, 2020 /WEI Art Collectionshas stayed true to the meaning of their name with a new art collection. WEI means extraordinary and WEI Art Collections is again set to excite the creative industry with their latest multi-million-dollar contemporary private art collection to celebrate blockchain technology. The new series is an unprecedented fusion of crypto-currency and art.
WEI Art Collectionshas carved a niche for creating the finest, most extraordinary abstract, contemporary, and crypto art. With a team of talented and well-respected artists from different parts of the world, representing numerous cultural, ethnic, and racially diverse creative talent, the platform has provided art collectors as well as corporate and technology leaders with an opportunity to acquire exclusive works of art from the WEI Art Collections series.
The WEI Art Collections Innovation Series is specifically put together for crypto-currency whales, art buyers, and advocates of the blockchain technology. The series also has its obvious appeal to professionals in the financial sector. The latest collection is coming at the most ideal time, with the world rapidly embracing the features and benefits of crypto-currency and blockchain technology.
In the fall of 2018, billionaire and abstract contemporary art collector Adam Lindemann, amongst the world's leading art collectors, stated in an article in Bloomberg news byKatya Kazakinaon November 29 as follows: "Everyone is talking about blockchain, but no one really understands it," said Lindemann, 57, referring to the technology that supports Bitcoin and other cryptocurrencies. "This is the right time to think about art and tech."
As the mp3 file undeniably influenced and redefined how the world listens to music, blockchain technology is destined to be applied in numerous industries. The use of crypto-currency has become increasingly popular in recent times, with experts predicting growth to the tune of tens of trillions of dollars in the near future. The International Monetary Fund has also substantiated the claim, commenting on the advantages and stability crypto-currency values will enjoy as world economies and fiat currencies continue to falter. However, the creative industry has been seemingly silent on the subject of crypto-currency and this is where WEI Art Collections is looking to change the narrative with the WEI Art Collections Innovation Series.
WEI Art Collections initially features the top three of the most prominent crypto-currencies destined for global dominance in the blockchain, global banking, and financial industries. There is also the Innovation Series 21 featuring 21 unique works, developed exclusively featuring Bitcoin. The series is developed in commemoration of Bitcoins issuance of 21 million coins.WEI Art Collections exemplifies the pinnacle of the crypto-art medium, engaging and employing emerging artists directly.
The mission of WEI Art Collections is to be amongst the premier contemporary abstract and cryptography art designers/producers/collectors, featuring works that celebrate the bourgeoning field of Cryptography through the new world technology of blockchain digital assets. Owning an exclusive work from the WEI Art Collections Series will also serve as an investment that will go down in history and appreciate over time. For more information about the WEI Art Collections and how to be a part of this art world innovation please visithttps:/weiartcollections.art/Media contactCompany: WEI Art CollectionsContact: Jean MarquetteE-mail:[email protected]:https://weiartcollections.art
SOURCE:WEI Art Collections
View source version on accesswire.com:https://www.accesswire.com/597905/WEI-Art-Collections-Unveils-New-Multi-Million-Dollar-Contemporary-Art-Collection-Commemorating-Bitcoin-and-Ethereum || WEI Art Collections Unveils New Multi-Million Dollar Contemporary Art Collection Commemorating Bitcoin and Ethereum: DUBAI, UAE / ACCESSWIRE / July 17, 2020 /WEI Art Collectionshas stayed true to the meaning of their name with a new art collection. WEI means extraordinary and WEI Art Collections is again set to excite the creative industry with their latest multi-million-dollar contemporary private art collection to celebrate blockchain technology. The new series is an unprecedented fusion of crypto-currency and art.
WEI Art Collectionshas carved a niche for creating the finest, most extraordinary abstract, contemporary, and crypto art. With a team of talented and well-respected artists from different parts of the world, representing numerous cultural, ethnic, and racially diverse creative talent, the platform has provided art collectors as well as corporate and technology leaders with an opportunity to acquire exclusive works of art from the WEI Art Collections series.
The WEI Art Collections Innovation Series is specifically put together for crypto-currency whales, art buyers, and advocates of the blockchain technology. The series also has its obvious appeal to professionals in the financial sector. The latest collection is coming at the most ideal time, with the world rapidly embracing the features and benefits of crypto-currency and blockchain technology.
In the fall of 2018, billionaire and abstract contemporary art collector Adam Lindemann, amongst the world's leading art collectors, stated in an article in Bloomberg news byKatya Kazakinaon November 29 as follows: "Everyone is talking about blockchain, but no one really understands it," said Lindemann, 57, referring to the technology that supports Bitcoin and other cryptocurrencies. "This is the right time to think about art and tech."
As the mp3 file undeniably influenced and redefined how the world listens to music, blockchain technology is destined to be applied in numerous industries. The use of crypto-currency has become increasingly popular in recent times, with experts predicting growth to the tune of tens of trillions of dollars in the near future. The International Monetary Fund has also substantiated the claim, commenting on the advantages and stability crypto-currency values will enjoy as world economies and fiat currencies continue to falter. However, the creative industry has been seemingly silent on the subject of crypto-currency and this is where WEI Art Collections is looking to change the narrative with the WEI Art Collections Innovation Series.
WEI Art Collections initially features the top three of the most prominent crypto-currencies destined for global dominance in the blockchain, global banking, and financial industries. There is also the Innovation Series 21 featuring 21 unique works, developed exclusively featuring Bitcoin. The series is developed in commemoration of Bitcoins issuance of 21 million coins.WEI Art Collections exemplifies the pinnacle of the crypto-art medium, engaging and employing emerging artists directly.
The mission of WEI Art Collections is to be amongst the premier contemporary abstract and cryptography art designers/producers/collectors, featuring works that celebrate the bourgeoning field of Cryptography through the new world technology of blockchain digital assets. Owning an exclusive work from the WEI Art Collections Series will also serve as an investment that will go down in history and appreciate over time. For more information about the WEI Art Collections and how to be a part of this art world innovation please visithttps:/weiartcollections.art/Media contactCompany: WEI Art CollectionsContact: Jean MarquetteE-mail:[email protected]:https://weiartcollections.art
SOURCE:WEI Art Collections
View source version on accesswire.com:https://www.accesswire.com/597905/WEI-Art-Collections-Unveils-New-Multi-Million-Dollar-Contemporary-Art-Collection-Commemorating-Bitcoin-and-Ethereum || Market Wrap: Derivatives, Altcoins Take Market Spotlight as Bitcoin Dozes at $9,100: Traders want a bitcoin price breakout but they aren’t sure when that will happen.
• Bitcoin(BTC) trading around $9,174 as of 20:00 UTC (4 p.m. ET). Gaining 0.64% over the previous 24 hours.
• Bitcoin’s 24-hour range: $9,054-9,184
• BTC above 10-day and 50-day moving average, a bullish signal for market technicians.
Read More:Exchanges See Drop in Volumes as Bitcoin Volatility Approaches 2020 Low
Traders are optimistic that bitcoin’s weak market, with low volumes and low volatility, can quickly change. Price movement outside of the low $9,000s territory is key, said Rupert Douglas, head of business development and institutional sales at London brokerage Koine. “This tussle between bulls and bears from $9,000 to $9,500 is a slow grind at the moment. A close outside these boundaries will likely see a sharp move either way.”
Related:Bitcoin Futures Trading Volume Slips to 3-Month Low on CME
It will take more exciting news thana Twitter hackattempting to scam social media users out of bitcoin to bring the world’s oldest cryptocurrency out of stagnation, said Jean-Baptiste Pavageau, a partner at Paris-based quantitative trading firm ExoAlpha.
Read More:Why Bitcoin Traders Couldn’t Give a Sat About the Twitter Hack
“The fact that bitcoin didn’t move because of the Twitter scam shows the importance of $9,100-$9,200 range to either consolidate the trend and move higher or invalidate the level and fall toward $8,200,” said Pavageau.
In a sleepy bitcoin sector, several analysts pointed to the crypto derivatives market as a sign the industry is still growing. “In general, the markets have come a long way and I am particularly excited about some of the new derivatives platforms that have emerged.” Mick Sherman, founder of New York-based Trading Firm Altcoin Advisors.
Related:
In particular, CME, Binance and ByBit have seen growth in open interest.
In addition, U.S. dollar-denominated open interest on Seychelles-based derivatives exchange BitMEX is around $700 million, a high not seen since the excitement surrounding May 12’s bitcoin halving, a scheduled reduction in the cryptocurrency’s new supply output that happens roughly every four years.
Read More:Bitcoin Halving 2020 Explained
“We still see a lot of interest and building momentum for derivatives and expect this to continue for some time, particularly as traditional managers seem less interested in holding the underlying but still want exposure to price movement,” said Douglas Bilyk, business development director at crypto brokerage Copper.
Derivatives might be a factor, but cryptocurrencies other than bitcoin could weigh on the market as well, Bilyk added. “We’re expecting a large bitcoin move but direction is unclear. One ‘canary in the coal mine’ might be the bullish moves in some of the blockchain development tokens these past few weeks.”
The second-largest cryptocurrency by market capitalization,ether(ETH), was up Friday, trading around $233 and climbing 0.33% in 24 hours as of 20:00 UTC (4:00 p.m. EDT).
This week, the Ethereum network experienced the most transactions in over two and a half years. On Monday, total transactions reached 1,151,834, the first time it has been that high since Jan. 18, 2018, according to data from aggregator Etherscan.
With decentralized exchanges now around $60 million in volume per day, tokens on the Ethereum network, often referred to as altcoins, are giving traders new ideas to profit within the cryptocurrency ecosystem. “I don’t see bitcoin as a clear trading opportunity right now, however there are some opportunities with altcoins that have performed really well lately.” said Alessandro Andreotti, an Italy-based bitcoin over-the-counter trader.
Read More:Crypto Custodian Curv Is Helping Institutions Dabble in DeFi
Digital assets on theCoinDesk 20are mostly in the red Friday. Notable winners as of 20:00 UTC (4:00 p.m. ET):
• stellar(XLM) + 11%
• 0x(ZRX) + 3.5%
• dogecoin(DOGE) + 3.3%
Read More:Aave’s LEND Token Is Now Up 1,600% in 2020
Notable losers as of 20:00 UTC (4:00 p.m. ET):
• basic attention token(BAT) – 2%
• chainlink(LINK) – 1.3%
• cardano(ADA) – 1%
Read More:ConsenSys Accused of Stealing Payment Startup’s Code for Rival Service
Equities:
• In Asia, the Nikkei 225 closed down 0.32% because oflosses in the industrial and real estate sectors.
• In Europe, the FTSE 100 in London ended the day in the green 0.63% as European Union leadersheld a summit to make plans for more economic stimulus.
• The U.S. S&P 500 index gained 0.30% during alightly traded session amid increasing coronavirus cases and possible fresh U.S. stimulus.
Read More:CoinDesk Quarterly Review, Q2 2020
Commodities:
• Oil is down 0.23%. Price per barrel of West Texas Intermediate crude: $40.59
• Gold is up 0.76% Friday at $1,810 per ounce
Read More:Binance Pool Poised to Grab More Bitcoin Hashrate in Russia and Asia
Treasurys:
• U.S. Treasury bonds all climbed Friday. Yields, which move in the opposite direction as price, were up most on the two-year bond, in the green 5.7%.
Read More:BlockFi Hires Former Deutsche Bank, Barclays Alum as General Counsel
• Market Wrap: Derivatives, Altcoins Take Market Spotlight as Bitcoin Dozes at $9,100
• Market Wrap: Derivatives, Altcoins Take Market Spotlight as Bitcoin Dozes at $9,100 || Market Wrap: Derivatives, Altcoins Take Market Spotlight as Bitcoin Dozes at $9,100: Traders want a bitcoin price breakout but they aren’t sure when that will happen.
• Bitcoin(BTC) trading around $9,174 as of 20:00 UTC (4 p.m. ET). Gaining 0.64% over the previous 24 hours.
• Bitcoin’s 24-hour range: $9,054-9,184
• BTC above 10-day and 50-day moving average, a bullish signal for market technicians.
Read More:Exchanges See Drop in Volumes as Bitcoin Volatility Approaches 2020 Low
Traders are optimistic that bitcoin’s weak market, with low volumes and low volatility, can quickly change. Price movement outside of the low $9,000s territory is key, said Rupert Douglas, head of business development and institutional sales at London brokerage Koine. “This tussle between bulls and bears from $9,000 to $9,500 is a slow grind at the moment. A close outside these boundaries will likely see a sharp move either way.”
Related:Bitcoin Futures Trading Volume Slips to 3-Month Low on CME
It will take more exciting news thana Twitter hackattempting to scam social media users out of bitcoin to bring the world’s oldest cryptocurrency out of stagnation, said Jean-Baptiste Pavageau, a partner at Paris-based quantitative trading firm ExoAlpha.
Read More:Why Bitcoin Traders Couldn’t Give a Sat About the Twitter Hack
“The fact that bitcoin didn’t move because of the Twitter scam shows the importance of $9,100-$9,200 range to either consolidate the trend and move higher or invalidate the level and fall toward $8,200,” said Pavageau.
In a sleepy bitcoin sector, several analysts pointed to the crypto derivatives market as a sign the industry is still growing. “In general, the markets have come a long way and I am particularly excited about some of the new derivatives platforms that have emerged.” Mick Sherman, founder of New York-based Trading Firm Altcoin Advisors.
Related:
In particular, CME, Binance and ByBit have seen growth in open interest.
In addition, U.S. dollar-denominated open interest on Seychelles-based derivatives exchange BitMEX is around $700 million, a high not seen since the excitement surrounding May 12’s bitcoin halving, a scheduled reduction in the cryptocurrency’s new supply output that happens roughly every four years.
Read More:Bitcoin Halving 2020 Explained
“We still see a lot of interest and building momentum for derivatives and expect this to continue for some time, particularly as traditional managers seem less interested in holding the underlying but still want exposure to price movement,” said Douglas Bilyk, business development director at crypto brokerage Copper.
Derivatives might be a factor, but cryptocurrencies other than bitcoin could weigh on the market as well, Bilyk added. “We’re expecting a large bitcoin move but direction is unclear. One ‘canary in the coal mine’ might be the bullish moves in some of the blockchain development tokens these past few weeks.”
The second-largest cryptocurrency by market capitalization,ether(ETH), was up Friday, trading around $233 and climbing 0.33% in 24 hours as of 20:00 UTC (4:00 p.m. EDT).
This week, the Ethereum network experienced the most transactions in over two and a half years. On Monday, total transactions reached 1,151,834, the first time it has been that high since Jan. 18, 2018, according to data from aggregator Etherscan.
With decentralized exchanges now around $60 million in volume per day, tokens on the Ethereum network, often referred to as altcoins, are giving traders new ideas to profit within the cryptocurrency ecosystem. “I don’t see bitcoin as a clear trading opportunity right now, however there are some opportunities with altcoins that have performed really well lately.” said Alessandro Andreotti, an Italy-based bitcoin over-the-counter trader.
Read More:Crypto Custodian Curv Is Helping Institutions Dabble in DeFi
Digital assets on theCoinDesk 20are mostly in the red Friday. Notable winners as of 20:00 UTC (4:00 p.m. ET):
• stellar(XLM) + 11%
• 0x(ZRX) + 3.5%
• dogecoin(DOGE) + 3.3%
Read More:Aave’s LEND Token Is Now Up 1,600% in 2020
Notable losers as of 20:00 UTC (4:00 p.m. ET):
• basic attention token(BAT) – 2%
• chainlink(LINK) – 1.3%
• cardano(ADA) – 1%
Read More:ConsenSys Accused of Stealing Payment Startup’s Code for Rival Service
Equities:
• In Asia, the Nikkei 225 closed down 0.32% because oflosses in the industrial and real estate sectors.
• In Europe, the FTSE 100 in London ended the day in the green 0.63% as European Union leadersheld a summit to make plans for more economic stimulus.
• The U.S. S&P 500 index gained 0.30% during alightly traded session amid increasing coronavirus cases and possible fresh U.S. stimulus.
Read More:CoinDesk Quarterly Review, Q2 2020
Commodities:
• Oil is down 0.23%. Price per barrel of West Texas Intermediate crude: $40.59
• Gold is up 0.76% Friday at $1,810 per ounce
Read More:Binance Pool Poised to Grab More Bitcoin Hashrate in Russia and Asia
Treasurys:
• U.S. Treasury bonds all climbed Friday. Yields, which move in the opposite direction as price, were up most on the two-year bond, in the green 5.7%.
Read More:BlockFi Hires Former Deutsche Bank, Barclays Alum as General Counsel
• Market Wrap: Derivatives, Altcoins Take Market Spotlight as Bitcoin Dozes at $9,100
• Market Wrap: Derivatives, Altcoins Take Market Spotlight as Bitcoin Dozes at $9,100 || Market Wrap: Derivatives, Altcoins Take Market Spotlight as Bitcoin Dozes at $9,100: Traders want a bitcoin price breakout but they aren’t sure when that will happen. Bitcoin (BTC) trading around $9,174 as of 20:00 UTC (4 p.m. ET). Gaining 0.64% over the previous 24 hours. Bitcoin’s 24-hour range: $9,054-9,184 BTC above 10-day and 50-day moving average, a bullish signal for market technicians. Read More: Exchanges See Drop in Volumes as Bitcoin Volatility Approaches 2020 Low Traders are optimistic that bitcoin’s weak market, with low volumes and low volatility, can quickly change. Price movement outside of the low $9,000s territory is key, said Rupert Douglas, head of business development and institutional sales at London brokerage Koine. “This tussle between bulls and bears from $9,000 to $9,500 is a slow grind at the moment. A close outside these boundaries will likely see a sharp move either way.” Related: Bitcoin Futures Trading Volume Slips to 3-Month Low on CME It will take more exciting news than a Twitter hack attempting to scam social media users out of bitcoin to bring the world’s oldest cryptocurrency out of stagnation, said Jean-Baptiste Pavageau, a partner at Paris-based quantitative trading firm ExoAlpha. Read More: Why Bitcoin Traders Couldn’t Give a Sat About the Twitter Hack “The fact that bitcoin didn’t move because of the Twitter scam shows the importance of $9,100-$9,200 range to either consolidate the trend and move higher or invalidate the level and fall toward $8,200,” said Pavageau. In a sleepy bitcoin sector, several analysts pointed to the crypto derivatives market as a sign the industry is still growing. “In general, the markets have come a long way and I am particularly excited about some of the new derivatives platforms that have emerged.” Mick Sherman, founder of New York-based Trading Firm Altcoin Advisors. Related: In particular, CME, Binance and ByBit have seen growth in open interest. In addition, U.S. dollar-denominated open interest on Seychelles-based derivatives exchange BitMEX is around $700 million, a high not seen since the excitement surrounding May 12’s bitcoin halving, a scheduled reduction in the cryptocurrency’s new supply output that happens roughly every four years. Story continues Read More: Bitcoin Halving 2020 Explained “We still see a lot of interest and building momentum for derivatives and expect this to continue for some time, particularly as traditional managers seem less interested in holding the underlying but still want exposure to price movement,” said Douglas Bilyk, business development director at crypto brokerage Copper. Derivatives might be a factor, but cryptocurrencies other than bitcoin could weigh on the market as well, Bilyk added. “We’re expecting a large bitcoin move but direction is unclear. One ‘canary in the coal mine’ might be the bullish moves in some of the blockchain development tokens these past few weeks.” Ethereum transactions highest since 2018 The second-largest cryptocurrency by market capitalization, ether (ETH), was up Friday, trading around $233 and climbing 0.33% in 24 hours as of 20:00 UTC (4:00 p.m. EDT). This week, the Ethereum network experienced the most transactions in over two and a half years. On Monday, total transactions reached 1,151,834, the first time it has been that high since Jan. 18, 2018, according to data from aggregator Etherscan. With decentralized exchanges now around $60 million in volume per day, tokens on the Ethereum network, often referred to as altcoins, are giving traders new ideas to profit within the cryptocurrency ecosystem. “I don’t see bitcoin as a clear trading opportunity right now, however there are some opportunities with altcoins that have performed really well lately.” said Alessandro Andreotti, an Italy-based bitcoin over-the-counter trader. Read More: Crypto Custodian Curv Is Helping Institutions Dabble in DeFi Other markets Digital assets on the CoinDesk 20 are mostly in the red Friday. Notable winners as of 20:00 UTC (4:00 p.m. ET): stellar (XLM) + 11% 0x (ZRX) + 3.5% dogecoin (DOGE) + 3.3% Read More: Aave’s LEND Token Is Now Up 1,600% in 2020 Notable losers as of 20:00 UTC (4:00 p.m. ET): basic attention token (BAT) – 2% chainlink (LINK) – 1.3% cardano (ADA) – 1% Read More: ConsenSys Accused of Stealing Payment Startup’s Code for Rival Service Equities: In Asia, the Nikkei 225 closed down 0.32% because of losses in the industrial and real estate sectors . In Europe, the FTSE 100 in London ended the day in the green 0.63% as European Union leaders held a summit to make plans for more economic stimulus . The U.S. S&P 500 index gained 0.30% during a lightly traded session amid increasing coronavirus cases and possible fresh U.S. stimulus . Read More: CoinDesk Quarterly Review, Q2 2020 Commodities: Oil is down 0.23%. Price per barrel of West Texas Intermediate crude: $40.59 Gold is up 0.76% Friday at $1,810 per ounce Read More: Binance Pool Poised to Grab More Bitcoin Hashrate in Russia and Asia Treasurys: U.S. Treasury bonds all climbed Friday. Yields, which move in the opposite direction as price, were up most on the two-year bond, in the green 5.7%. Read More: BlockFi Hires Former Deutsche Bank, Barclays Alum as General Counsel Related Stories Market Wrap: Derivatives, Altcoins Take Market Spotlight as Bitcoin Dozes at $9,100 Market Wrap: Derivatives, Altcoins Take Market Spotlight as Bitcoin Dozes at $9,100 || Twitter's Bitcoin hackers had almost limitless access: On Wednesday, July 15, Twitter was the target of a very public hack attack that’s still sending shockwaves across the internet. In what is a major security breach for the company, a handful of the most-followed Twitter accounts belonging to some of the world’s wealthiest individuals and companies all published a tweet asking followers to send Bitcoin with a claim offering to double their money in return. Turns out it was a coordinated social engineering attack on Twitter’s employees that allowed the perpetrators access to company admin panels. Now, the FBI has started an investigation . Just hackers burning up a 0day like it’s a fire sale Imagine getting the keys to the Twitter kingdom -- access to all the account admin panels in the world. What would you do? You could grab high-value accounts and sell them on the black market. You could extract unimaginably valuable blackmail material from DMs. Or maybe you'd wait until an event like the upcoming US election to launch an evil plan of some kind. But if you're any kind of seasoned attacker, you wouldn't blow your own cover by tweeting from the world's biggest accounts -- for a bitcoin scam. Sure, some have posited that the cryptocurrency spam tweets were a distraction for something bigger going on in the background. Maybe the attackers already did their sneaky stuff and are ready to do what's called "burning your 0day." And boy, did they burn that perfectly good 0day hot, bright, and fast. We detected what we believe to be a coordinated social engineering attack by people who successfully targeted some of our employees with access to internal systems and tools. — Twitter Support (@TwitterSupport) July 16, 2020 Twitter’s response — a worrying five hours later — was to do something few knew the company had the power to do: lock every verified account across the globe. Unfortunately this is akin to discovering a burglar is in your house because they started blasting music in your living room, and your response is to turn off all the lights. Story continues Except freezing the “blue checks” is actually worse, because many essential emergency services around the world use Twitter as a critical communication channel. Like the National Weather Service, which found itself suddenly unable to tweet weather warnings . The account freezes appeared to be a decision governed by panic. Twitter seemed to have no idea what was happening or how to stop it. And wow, do we have questions about the who, what, why, and future implications of it all. Blue checks trying to communicate through retweets pic.twitter.com/FIbBmWH4j8 — Andrew Roth (@RothTheReporter) July 15, 2020 In a tweet thread posted during and after the hack attack, Twitter wrote: “We detected what we believe to be a coordinated social engineering attack by people who successfully targeted some of our employees with access to internal systems and tools.” The verified account freeze also impacted those users’ ability to reset their passwords. We know they used this access to take control of many highly-visible (including verified) accounts and Tweet on their behalf. We’re looking into what other malicious activity they may have conducted or information they may have accessed and will share more here as we have it. — Twitter Support (@TwitterSupport) July 16, 2020 Twitter bracketed the thread with a caveat that its investigation is “ongoing.” Don’t worry the rich celebrities will be okay The compromised accounts included Jeff Bezos, Bill Gates, Elon Musk, Bill Gates, Barack Obama, Apple, Kanye West, Joe Biden, Uber, Mike Bloomberg, Floyd Mayweather, Wiz Khalifa, and others. Twitter updated its ongoing incident report support thread Thursday evening to state that 130 accounts were affected by the attack. Based on what we know right now, we believe approximately 130 accounts were targeted by the attackers in some way as part of the incident. For a small subset of these accounts, the attackers were able to gain control of the accounts and then send Tweets from those accounts. — Twitter Support (@TwitterSupport) July 17, 2020 The problem is that the tweets looked normal to anyone following Kanye or Elon Musk, who basically tweet out John McAfee-style crazy claptrap on the regular, and a significant number of people fell for the scam. As we reported yesterday , the haul equaled around $118,000 and “At the time of writing, all but $114 of that $118,000 haul has been transferred to other wallets.” That's a paltry amount of money, especially when, according to Glassdoor , the lower end of what most engineers at Twitter make $131,403 a year. This was an intrusion with enormous impact, the potential for extreme scope, and a serious amount of damage. You’d assume the attackers wanted more than what it takes to eat and sleep in the poor parts of San Francisco. But again, even though the attack began with a slightly different bitcoin scam, the perpetrators went public immediately, guaranteeing they'd be found out and shut down right away. Of course, one very strong possibility is that the attackers were just really bad at crime. Many observers immediately assumed that these high-profile accounts must have lax security standards, or don’t have two-factor enabled. However, Reuters reported that “Several users with two-factor authentication — a security procedure that helps prevent break-in attempts — said they were powerless to stop it.” Twitter 'blacklist' (Motherboard / Vice) Motherboard obtained anonymous comment from sources at Twitter who said the account takeovers were done via access to an internal account management tool; Vice published screenshots of the tool (while anyone on Twitter publishing the same screenshots got put in Twitter jail real quick). If Twitter was trying to stop the spread of those images, this is the internet after all. They spread quickly to news sites and forums. The hack’s forbidden screencaps revealed the presence of “blacklist” buttons on individual account pages. Many now want to know, is that evidence of shadowban and blacklisting we see ? Twitter users who work in and around human sexuality have for years made a case that they are being “ shadowbanned ” by Twitter, the practice of silencing accounts by hiding them in various ways. Only recently have far-right conspiracy theorists co-opted the shadowban concept to “play the [censorship] refs” in their favor. Now Twitter will be facing direct questions it has struggled to avoid confronting head-on . When reached for comment about “blacklist” buttons seen on account pages in Twitter’s compromised management tool, The company’s spokesperson did not directly address the question. Instead, they said via email, “Since July 2018 we’ve made clear that we do not shadowban.” Twitter’s rep included a boilerplate listing Twitter policy on Trends content inclusion and exclusion, content newsworthiness, trending topic hashtag exclusion policy, and search rules and restrictions . A different source told Motherboard the allegedly compromised Twitter employee was paid for their participation in the low-rent bitcoin scheme. “A Twitter spokesperson told Motherboard that the company is still investigating whether the employee hijacked the accounts themselves or gave hackers access to the tool,” Vice wrote. Turns out having an unregulated cartoon crime currency and policy conducted by planetary internet chatroom had some easily forseeable drawbacks — Pinboard (@Pinboard) July 16, 2020 Since the tool allowed account management, this confirmed early speculation that the attackers not only had the ability to change account emails and reset passwords, but that it also granted them access to the targeted users’ direct messages (DMs). That is a breathtaking problem, considering that many people — including celebrities and politicians — don’t understand that Twitter DMs are not protected with end-to-end encryption, and are not particularly secure. Senator Ed Markey (D-MA) addressed exactly that in a statement saying Twitter “must fully disclose what happened and what it is doing to ensure this never happens again”. This was in addition to Senator Josh Hawley (R-MO) firing off an angry letter to Jack Dorsey, and Senator Ron Wyden (D-OR) issuing a similar statement, adding “this is a vulnerability that has gone on too long.” U.S. Senator Ron Wyden, D-Ore., speaks at a Senate Finance Committee hearing on President Donald Trump's 2020 Trade Policy Agenda on Capitol Hill in Washington, D.C., U.S., June 17, 2020. Anna Moneymaker/Pool via REUTERS (POOL New / Reuters) Which is an interesting point to make, if the “vulnerability” in question was a paid-off employee — the vulnerability was human. That means the attack wasn’t necessarily as technical as it was a pretty capital feat of social engineering. This would most likely be a quid pro quo social engineering attack, where the human vulnerability is offered something in exchange for the access, information, or credentials the attacker wants. It’s also plausible that the attacker used pretexting, where they pretend to be a person with a legitimate need for access, relying on the victim’s trust and gullibility. (“No, I swear, I really need to get in that server closet.”) Another possibility would be baiting, or a bait-and-switch in which the attacker might trick an employee into inserting a malicious USB stick or file into a computer to compromise it. While this is certainly a huge black eye for Twitter, what might be more interesting to explore is what the attack tells us about who did this, and why. Which is something we’ll most likely find out, based on my colleague’s excellent point that bitcoin is not actually anonymous, and hiding the loot conversion trail is not trivial. Certainly not for hackers who decided to make what could have been the heist of the century into a clumsy bitcoin smash and grab -- and didn’t even ban a single Nazi in the process. || Twitter's Bitcoin hackers had almost limitless access: On Wednesday, July 15, Twitter was the target of avery public hackattack that’s still sending shockwaves across the internet. In what is a major security breach for the company, a handful of the most-followed Twitter accounts belonging to some of the world’s wealthiest individuals and companies all published a tweet asking followersto send Bitcoinwith a claim offering to double their money in return.
Turns out it was a coordinatedsocial engineeringattack on Twitter’s employees that allowed the perpetrators access to company admin panels. Now, the FBIhas started an investigation.
Just hackers burning up a 0day like it’s a fire sale
Imagine getting the keys to the Twitter kingdom -- access to all the account admin panels in the world. What would you do? You could grab high-value accounts and sell them on the black market. You could extract unimaginably valuable blackmail material from DMs. Or maybe you'd wait until an event like the upcoming US election to launch an evil plan of some kind.
But if you're any kind of seasoned attacker, you wouldn't blow your own cover by tweeting from the world's biggest accounts -- for a bitcoin scam. Sure, some have posited that the cryptocurrency spam tweets were a distraction for something bigger going on in the background. Maybe the attackers already did their sneaky stuff and are ready to do what's called "burning your 0day."
And boy, did they burn that perfectly good 0day hot, bright, and fast.
Twitter’s response — a worrying five hours later — was to do something few knew the company had the power to do: lock every verified account across the globe. Unfortunately this is akin to discovering a burglar is in your house because they started blasting music in your living room, and your response is to turn off all the lights.
Except freezing the “blue checks” is actually worse, because many essential emergency services around the world use Twitter as a critical communication channel. Like the National Weather Service, which found itself suddenlyunable to tweet weather warnings.
The account freezes appeared to be a decision governed by panic. Twitter seemed to have no idea what was happening or how to stop it. And wow, do we have questions about the who, what, why, and future implications of it all.
Ina tweet threadposted during and after the hack attack, Twitter wrote: “We detected what we believe to be a coordinated social engineering attack by people who successfully targeted some of our employees with access to internal systems and tools.”
The verified account freeze also impacted those users’ ability to reset their passwords.
Twitter bracketed the thread with a caveat that its investigation is “ongoing.”
Don’t worry the rich celebrities will be okay
The compromised accounts included Jeff Bezos, Bill Gates, Elon Musk, Bill Gates, Barack Obama, Apple, Kanye West, Joe Biden, Uber, Mike Bloomberg, Floyd Mayweather, Wiz Khalifa, and others. Twitter updated its ongoingincident report support threadThursday evening to state that130 accounts were affectedby the attack.
The problem is that the tweets looked normal to anyone following Kanye or Elon Musk, who basically tweet outJohn McAfee-style crazy claptrapon the regular, and a significant number of people fell for the scam. As wereported yesterday, the haul equaled around $118,000 and “At the time of writing, all but $114 of that $118,000 haul has been transferred to other wallets.”
That's a paltry amount of money, especially when,according to Glassdoor, the lower end of what most engineers at Twitter make $131,403 a year. This was an intrusion with enormous impact, the potential for extreme scope, and a serious amount of damage.
You’d assume the attackers wanted more than what it takes to eat and sleep in the poor parts of San Francisco. But again, even thoughthe attack beganwith a slightly different bitcoin scam, the perpetrators went public immediately, guaranteeing they'd be found out and shut down right away.
Of course, one very strong possibility is that the attackers were just really bad at crime.
Many observers immediately assumed that these high-profile accounts must have lax security standards, or don’t have two-factor enabled. However, Reutersreportedthat “Several users with two-factor authentication — a security procedure that helps prevent break-in attempts — said they were powerless to stop it.”
Motherboardobtained anonymous comment from sourcesat Twitter who said the account takeovers were done via access to an internal account management tool; Vice published screenshots of the tool (while anyone on Twitter publishing the same screenshots got put in Twitter jail real quick).
If Twitter was trying to stop the spread of those images, this is the internet after all. They spread quickly to news sites and forums. The hack’s forbidden screencaps revealed the presence of “blacklist” buttons on individual account pages. Many now want to know,is that evidence of shadowban and blacklisting we see?
Twitter users who work in and around human sexuality have for years made a case that they are being “shadowbanned” by Twitter, the practice of silencing accounts by hiding them in various ways. Only recently have far-right conspiracy theoristsco-opted the shadowban conceptto “play the [censorship] refs” in their favor. Now Twitter will be facing direct questions it has struggled toavoid confronting head-on.
When reached for comment about “blacklist” buttons seen on account pages in Twitter’s compromised management tool, The company’s spokesperson did not directly address the question. Instead, they said via email, “Since July 2018we’ve made clearthat we do not shadowban.”
Twitter’s rep included a boilerplate listing Twitter policy on Trends content inclusion and exclusion, content newsworthiness, trending topic hashtag exclusion policy, andsearch rules and restrictions.
A different source toldMotherboardthe allegedly compromised Twitter employee was paid for their participation in the low-rent bitcoin scheme. “A Twitter spokesperson toldMotherboardthat the company is still investigating whether the employee hijacked the accounts themselves or gave hackers access to the tool,” Vice wrote.
Since the tool allowed account management, this confirmed early speculation that the attackers not only had the ability to change account emails and reset passwords, but that it also granted them access to the targeted users’ direct messages (DMs). That is a breathtaking problem, considering that many people — including celebrities and politicians — don’t understand that Twitter DMs are not protected with end-to-end encryption, and are not particularly secure.
Senator Ed Markey (D-MA) addressed exactly that in a statement saying Twitter “must fully disclose what happened and what it is doing to ensure this never happens again”. This was in addition to Senator Josh Hawley (R-MO) firing off an angry letter to Jack Dorsey, and Senator Ron Wyden (D-OR) issuing a similar statement, adding “this is a vulnerability that has gone on too long.”
Which is an interesting point to make, if the “vulnerability” in question was a paid-off employee — the vulnerability was human. That means the attack wasn’t necessarily as technical as it was a pretty capital feat of social engineering. This would most likely be a quid pro quo social engineering attack, where the human vulnerability is offered something in exchange for the access, information, or credentials the attacker wants.
It’s also plausible that the attacker used pretexting, where they pretend to be a person with a legitimate need for access, relying on the victim’s trust and gullibility. (“No, I swear, I reallyneedto get in that server closet.”) Another possibility would be baiting, or a bait-and-switch in which the attacker might trick an employee into inserting a malicious USB stick or file into a computer to compromise it.
While this is certainly a huge black eye for Twitter, what might be more interesting to explore is what the attack tells us about who did this, and why. Which is something we’ll most likely find out, based on my colleague’s excellent point that bitcoin is not actually anonymous, and hiding the loot conversion trail is not trivial. Certainly not for hackers who decided to make what could have been the heist of the century into a clumsy bitcoin smash and grab -- and didn’t even ban a single Nazi in the process. || Twitter's Bitcoin hackers had almost limitless access: On Wednesday, July 15, Twitter was the target of avery public hackattack that’s still sending shockwaves across the internet. In what is a major security breach for the company, a handful of the most-followed Twitter accounts belonging to some of the world’s wealthiest individuals and companies all published a tweet asking followersto send Bitcoinwith a claim offering to double their money in return.
Turns out it was a coordinatedsocial engineeringattack on Twitter’s employees that allowed the perpetrators access to company admin panels. Now, the FBIhas started an investigation.
Just hackers burning up a 0day like it’s a fire sale
Imagine getting the keys to the Twitter kingdom -- access to all the account admin panels in the world. What would you do? You could grab high-value accounts and sell them on the black market. You could extract unimaginably valuable blackmail material from DMs. Or maybe you'd wait until an event like the upcoming US election to launch an evil plan of some kind.
But if you're any kind of seasoned attacker, you wouldn't blow your own cover by tweeting from the world's biggest accounts -- for a bitcoin scam. Sure, some have posited that the cryptocurrency spam tweets were a distraction for something bigger going on in the background. Maybe the attackers already did their sneaky stuff and are ready to do what's called "burning your 0day."
And boy, did they burn that perfectly good 0day hot, bright, and fast.
Twitter’s response — a worrying five hours later — was to do something few knew the company had the power to do: lock every verified account across the globe. Unfortunately this is akin to discovering a burglar is in your house because they started blasting music in your living room, and your response is to turn off all the lights.
Except freezing the “blue checks” is actually worse, because many essential emergency services around the world use Twitter as a critical communication channel. Like the National Weather Service, which found itself suddenlyunable to tweet weather warnings.
The account freezes appeared to be a decision governed by panic. Twitter seemed to have no idea what was happening or how to stop it. And wow, do we have questions about the who, what, why, and future implications of it all.
Ina tweet threadposted during and after the hack attack, Twitter wrote: “We detected what we believe to be a coordinated social engineering attack by people who successfully targeted some of our employees with access to internal systems and tools.”
The verified account freeze also impacted those users’ ability to reset their passwords.
Twitter bracketed the thread with a caveat that its investigation is “ongoing.”
Don’t worry the rich celebrities will be okay
The compromised accounts included Jeff Bezos, Bill Gates, Elon Musk, Bill Gates, Barack Obama, Apple, Kanye West, Joe Biden, Uber, Mike Bloomberg, Floyd Mayweather, Wiz Khalifa, and others. Twitter updated its ongoingincident report support threadThursday evening to state that130 accounts were affectedby the attack.
The problem is that the tweets looked normal to anyone following Kanye or Elon Musk, who basically tweet outJohn McAfee-style crazy claptrapon the regular, and a significant number of people fell for the scam. As wereported yesterday, the haul equaled around $118,000 and “At the time of writing, all but $114 of that $118,000 haul has been transferred to other wallets.”
That's a paltry amount of money, especially when,according to Glassdoor, the lower end of what most engineers at Twitter make $131,403 a year. This was an intrusion with enormous impact, the potential for extreme scope, and a serious amount of damage.
You’d assume the attackers wanted more than what it takes to eat and sleep in the poor parts of San Francisco. But again, even thoughthe attack beganwith a slightly different bitcoin scam, the perpetrators went public immediately, guaranteeing they'd be found out and shut down right away.
Of course, one very strong possibility is that the attackers were just really bad at crime.
Many observers immediately assumed that these high-profile accounts must have lax security standards, or don’t have two-factor enabled. However, Reutersreportedthat “Several users with two-factor authentication — a security procedure that helps prevent break-in attempts — said they were powerless to stop it.”
Motherboardobtained anonymous comment from sourcesat Twitter who said the account takeovers were done via access to an internal account management tool; Vice published screenshots of the tool (while anyone on Twitter publishing the same screenshots got put in Twitter jail real quick).
If Twitter was trying to stop the spread of those images, this is the internet after all. They spread quickly to news sites and forums. The hack’s forbidden screencaps revealed the presence of “blacklist” buttons on individual account pages. Many now want to know,is that evidence of shadowban and blacklisting we see?
Twitter users who work in and around human sexuality have for years made a case that they are being “shadowbanned” by Twitter, the practice of silencing accounts by hiding them in various ways. Only recently have far-right conspiracy theoristsco-opted the shadowban conceptto “play the [censorship] refs” in their favor. Now Twitter will be facing direct questions it has struggled toavoid confronting head-on.
When reached for comment about “blacklist” buttons seen on account pages in Twitter’s compromised management tool, The company’s spokesperson did not directly address the question. Instead, they said via email, “Since July 2018we’ve made clearthat we do not shadowban.”
Twitter’s rep included a boilerplate listing Twitter policy on Trends content inclusion and exclusion, content newsworthiness, trending topic hashtag exclusion policy, andsearch rules and restrictions.
A different source toldMotherboardthe allegedly compromised Twitter employee was paid for their participation in the low-rent bitcoin scheme. “A Twitter spokesperson toldMotherboardthat the company is still investigating whether the employee hijacked the accounts themselves or gave hackers access to the tool,” Vice wrote.
Since the tool allowed account management, this confirmed early speculation that the attackers not only had the ability to change account emails and reset passwords, but that it also granted them access to the targeted users’ direct messages (DMs). That is a breathtaking problem, considering that many people — including celebrities and politicians — don’t understand that Twitter DMs are not protected with end-to-end encryption, and are not particularly secure.
Senator Ed Markey (D-MA) addressed exactly that in a statement saying Twitter “must fully disclose what happened and what it is doing to ensure this never happens again”. This was in addition to Senator Josh Hawley (R-MO) firing off an angry letter to Jack Dorsey, and Senator Ron Wyden (D-OR) issuing a similar statement, adding “this is a vulnerability that has gone on too long.”
Which is an interesting point to make, if the “vulnerability” in question was a paid-off employee — the vulnerability was human. That means the attack wasn’t necessarily as technical as it was a pretty capital feat of social engineering. This would most likely be a quid pro quo social engineering attack, where the human vulnerability is offered something in exchange for the access, information, or credentials the attacker wants.
It’s also plausible that the attacker used pretexting, where they pretend to be a person with a legitimate need for access, relying on the victim’s trust and gullibility. (“No, I swear, I reallyneedto get in that server closet.”) Another possibility would be baiting, or a bait-and-switch in which the attacker might trick an employee into inserting a malicious USB stick or file into a computer to compromise it.
While this is certainly a huge black eye for Twitter, what might be more interesting to explore is what the attack tells us about who did this, and why. Which is something we’ll most likely find out, based on my colleague’s excellent point that bitcoin is not actually anonymous, and hiding the loot conversion trail is not trivial. Certainly not for hackers who decided to make what could have been the heist of the century into a clumsy bitcoin smash and grab -- and didn’t even ban a single Nazi in the process. || Twitter Hack May Bring Fine for Possible FTC Accord Violation: (Bloomberg) -- Twitter Inc. may face a large fine from U.S. regulators after a hack of several high-profile accounts including former President Barack Obama and Amazon.com Inc. Chief Executive Officer Jeff Bezos.
The Federal Trade Commission will review whether Twitter violated a 2010 settlement that resolved allegations that the company failed to safeguard consumer information in a 2009 hack, according to a person familiar with the matter. The 2009 incident, like the recent one, involved phony tweets from some accounts, including then President-elect Obama’s.
“As Yogi Berra used to say, this is déjà vu all over again,” said David Vladeck, a Georgetown University law professor who was director of the FTC’s Bureau of Consumer Protection at the time of the earlier hack settlement. The commission could start a new investigation or bring a complaint against Twitter for violating the terms of its existing agreement, Vladeck said.
The FTC agreement lasts 20 years, which gives the commission an opening to scrutinize whether Twitter violated the pact by misleading consumers about its security protections. The FTC doesn’t have authority to fine companies for deceiving consumers unless the company is already subject to an existing settlement. The agency last year approved a record $5 billion privacy settlement with Facebook Inc. to resolve the Cambridge Analytica data scandal. That fine stemmed from Facebook’s failure to comply with an earlier agreement with the agency.
The FTC declined to comment.
Chairman Joe Simons told the Senate in 2018 that when there is news of a data breach at a company, “then we are concerned about it and we are looking at it.”
“I’m sure that the FTC will look into it,” said Ashkan Soltani, former chief technologist for the agency who helped lead investigations into companies including Twitter. Soltani said the FTC would want to know how the hack happened and whether Twitter had adequate security.
Twitter, which declined to comment, is already facing a probe from the FBI’s San Francisco office and New York Attorney General Letitia James, who said the hack “raises serious concerns about data security and how platforms like Twitter could be used to harm public debate.”
The FTC’s case against Twitter a decade ago was the first of its kind against a social network. Twitter as part of the agreement had to have an independent auditor assess its security practices every other year for 10 years. It also needed to name an employee responsible for information security and conduct risk assessments and tests of its security controls.
Companies that violate FTC agreements tend to see fines or more enforcement actions the second time around, said Laura Jehl, global head of the privacy and cybersecurity practice at law firm McDermott Will & Emery.
“The FTC could do more” with Twitter, especially given that the company has seen other cybersecurity incidents since its settlement, Jehl said.
The latest hack was an apparent cryptocurrency scam, with compromised accounts tweeting a promise to double the money of anyone sending funds via Bitcoin within 30 minutes. In 2009, a phony Obama tweet offered more than 150,000 Twitter followers a chance to win $500 in gasoline.
Both seem to have involved hackers getting into accounts by targeting employees inside Twitter with access to internal controls.
“The insider threat problem is a really big deal for tech companies where their employees have so much access to sensitive data and processes,” Jehl said.
In January 2009, a hacker used an automated password-guessing tool to gain administrative control of Twitter. The password at the time was “a weak, lowercase, common dictionary word,” the FTC said.
The hacker then reset other passwords, letting intruders send phony tweets from accounts including Obama’s and that of Fox News.
A second breach occurred in April of that year, when a hacker was able to guess a Twitter employee’s password after compromising their personal email account.
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©2020 Bloomberg L.P. || Twitter Hack May Bring Fine for Possible FTC Accord Violation: (Bloomberg) -- Twitter Inc. may face a large fine from U.S. regulators after a hack of several high-profile accounts including former President Barack Obama and Amazon.com Inc. Chief Executive Officer Jeff Bezos. The Federal Trade Commission will review whether Twitter violated a 2010 settlement that resolved allegations that the company failed to safeguard consumer information in a 2009 hack, according to a person familiar with the matter. The 2009 incident, like the recent one, involved phony tweets from some accounts, including then President-elect Obama’s. “As Yogi Berra used to say, this is déjà vu all over again,” said David Vladeck, a Georgetown University law professor who was director of the FTC’s Bureau of Consumer Protection at the time of the earlier hack settlement. The commission could start a new investigation or bring a complaint against Twitter for violating the terms of its existing agreement, Vladeck said. The FTC agreement lasts 20 years, which gives the commission an opening to scrutinize whether Twitter violated the pact by misleading consumers about its security protections. The FTC doesn’t have authority to fine companies for deceiving consumers unless the company is already subject to an existing settlement. The agency last year approved a record $5 billion privacy settlement with Facebook Inc. to resolve the Cambridge Analytica data scandal. That fine stemmed from Facebook’s failure to comply with an earlier agreement with the agency. The FTC declined to comment. Chairman Joe Simons told the Senate in 2018 that when there is news of a data breach at a company, “then we are concerned about it and we are looking at it.” “I’m sure that the FTC will look into it,” said Ashkan Soltani, former chief technologist for the agency who helped lead investigations into companies including Twitter. Soltani said the FTC would want to know how the hack happened and whether Twitter had adequate security. Twitter, which declined to comment, is already facing a probe from the FBI’s San Francisco office and New York Attorney General Letitia James, who said the hack “raises serious concerns about data security and how platforms like Twitter could be used to harm public debate.” Story continues The FTC’s case against Twitter a decade ago was the first of its kind against a social network. Twitter as part of the agreement had to have an independent auditor assess its security practices every other year for 10 years. It also needed to name an employee responsible for information security and conduct risk assessments and tests of its security controls. Companies that violate FTC agreements tend to see fines or more enforcement actions the second time around, said Laura Jehl, global head of the privacy and cybersecurity practice at law firm McDermott Will & Emery. “The FTC could do more” with Twitter, especially given that the company has seen other cybersecurity incidents since its settlement, Jehl said. The latest hack was an apparent cryptocurrency scam, with compromised accounts tweeting a promise to double the money of anyone sending funds via Bitcoin within 30 minutes. In 2009, a phony Obama tweet offered more than 150,000 Twitter followers a chance to win $500 in gasoline. Both seem to have involved hackers getting into accounts by targeting employees inside Twitter with access to internal controls. “The insider threat problem is a really big deal for tech companies where their employees have so much access to sensitive data and processes,” Jehl said. In January 2009, a hacker used an automated password-guessing tool to gain administrative control of Twitter. The password at the time was “a weak, lowercase, common dictionary word,” the FTC said. The hacker then reset other passwords, letting intruders send phony tweets from accounts including Obama’s and that of Fox News. A second breach occurred in April of that year, when a hacker was able to guess a Twitter employee’s password after compromising their personal email account. For more articles like this, please visit us at bloomberg.com Subscribe now to stay ahead with the most trusted business news source. ©2020 Bloomberg L.P. || Twitter Hacker Is Mixing Bitcoin Loot Using a Wasabi Wallet, Elliptic Says: Funds collected by the scam that breached Twitter this week appear to be on the move, cryptocurrency tracing firm Elliptic said.
According to transaction data associated with crypto wallets used in the security breach, a total of about $123,000 was collected by the attackers. Of that about 22%, 2.89BTC, was transferred late last night to an address Elliptic said it “strongly believe[s]” is a Wasabi wallet.
• Wasabi wallets allow users to circumvent the transparency guaranteed by bitcoin’s public blockchain by mixing up the transaction trail, thus making itharder for law enforcement to follow the money.
• According to Elliptic, the firm is able to identify Wasabi wallets based on distinctive transaction patterns. While exchanges can usually identify their clients using KYC checks, which makes it possible to flag fraudsters for law enforcement, the use of a Wasabi wallet makes it harder to pin down where a client’s money came from.
• In arecent statement, Twitter saidWednesday’s security breach had targeted over 130 users, allowing attackers to gain control of user accounts and post identical messages demanding bitcoin. The firm also said it was investigating whether the attackers had accessed any non-public data on the platform.
• Twitter Hacker Is Mixing Bitcoin Loot Using a Wasabi Wallet, Elliptic Says
• Twitter Hacker Is Mixing Bitcoin Loot Using a Wasabi Wallet, Elliptic Says
• Twitter Hacker Is Mixing Bitcoin Loot Using a Wasabi Wallet, Elliptic Says
• Twitter Hacker Is Mixing Bitcoin Loot Using a Wasabi Wallet, Elliptic Says || Twitter Hacker Is Mixing Bitcoin Loot Using a Wasabi Wallet, Elliptic Says: Funds collected by the scam that breached Twitter this week appear to be on the move, cryptocurrency tracing firm Elliptic said. According to transaction data associated with crypto wallets used in the security breach, a total of about $123,000 was collected by the attackers. Of that about 22%, 2.89 BTC , was transferred late last night to an address Elliptic said it “strongly believe[s]” is a Wasabi wallet. Wasabi wallets allow users to circumvent the transparency guaranteed by bitcoin’s public blockchain by mixing up the transaction trail, thus making it harder for law enforcement to follow the money . According to Elliptic, the firm is able to identify Wasabi wallets based on distinctive transaction patterns. While exchanges can usually identify their clients using KYC checks, which makes it possible to flag fraudsters for law enforcement, the use of a Wasabi wallet makes it harder to pin down where a client’s money came from. In a recent statement, Twitter said Wednesday’s security breach had targeted over 130 users, allowing attackers to gain control of user accounts and post identical messages demanding bitcoin. The firm also said it was investigating whether the attackers had accessed any non-public data on the platform. Related Stories Twitter Hacker Is Mixing Bitcoin Loot Using a Wasabi Wallet, Elliptic Says Twitter Hacker Is Mixing Bitcoin Loot Using a Wasabi Wallet, Elliptic Says Twitter Hacker Is Mixing Bitcoin Loot Using a Wasabi Wallet, Elliptic Says Twitter Hacker Is Mixing Bitcoin Loot Using a Wasabi Wallet, Elliptic Says View comments || Twitter Hacker Is Mixing Bitcoin Loot Using a Wasabi Wallet, Elliptic Says: Funds collected by the scam that breached Twitter this week appear to be on the move, cryptocurrency tracing firm Elliptic said.
According to transaction data associated with crypto wallets used in the security breach, a total of about $123,000 was collected by the attackers. Of that about 22%, 2.89BTC, was transferred late last night to an address Elliptic said it “strongly believe[s]” is a Wasabi wallet.
• Wasabi wallets allow users to circumvent the transparency guaranteed by bitcoin’s public blockchain by mixing up the transaction trail, thus making itharder for law enforcement to follow the money.
• According to Elliptic, the firm is able to identify Wasabi wallets based on distinctive transaction patterns. While exchanges can usually identify their clients using KYC checks, which makes it possible to flag fraudsters for law enforcement, the use of a Wasabi wallet makes it harder to pin down where a client’s money came from.
• In arecent statement, Twitter saidWednesday’s security breach had targeted over 130 users, allowing attackers to gain control of user accounts and post identical messages demanding bitcoin. The firm also said it was investigating whether the attackers had accessed any non-public data on the platform.
• Twitter Hacker Is Mixing Bitcoin Loot Using a Wasabi Wallet, Elliptic Says
• Twitter Hacker Is Mixing Bitcoin Loot Using a Wasabi Wallet, Elliptic Says
• Twitter Hacker Is Mixing Bitcoin Loot Using a Wasabi Wallet, Elliptic Says
• Twitter Hacker Is Mixing Bitcoin Loot Using a Wasabi Wallet, Elliptic Says || Money Reimagined: This Isn’t Good for Bitcoin: No, blockchain doesnotfix this.
By “this” I don’t mean centrally controlled databases that are vulnerable to attack, the problem highlighted by thisweek’s massive Twitter hack.
I mean the meta problem of yet more bad publicity, with the word “bitcoin” again associated with fraud and unsavory behavior, a picture that cryptocurrency advocates will again struggle to avoid. That problem will indirectly but greatly contribute to ongoing public pressure for regulatory constraint on the cryptocurrency industry, which will impede innovation in the sector and its prospects to bring positive change to a broken financial system.
Related:Is Crypto Fintech? It Depends Who You Ask
A related problem is that Crypto Twitter is an echo chamber. It is too smart for its own good. Within that nerdy hive mind, form doesn’t matter. It’s all about substance.
You’re readingMoney Reimagined, a weekly look at the technological, economic and social events and trends that are redefining our relationship with money and transforming the global financial system. You can subscribe to this and all of CoinDesk’snewsletters here.
“Bitcoin isn’t a crime, it’s just code.”
“The hack will open eyes to the failings of a centralized system.”
Related:
“Decentralization is now inevitable.”
Oh, how I wish those sentiments, expressed repeatedly over Twitter this week, were absorbed by “normies.” Sadly, it won’t be the case.
In two consecutive tweets, Blockstack CEO Muneeb Ali laid out the challenge between what should be and what, sadly, will be.
Might the spectacular breach of Twitter’s defenses eventually convince people to abandon the centralized internet platforms that control their data? Maybe. But many in the mainstream will share the views of New York Magazine’s Josh Barro, whoargued, poorly,that the hack wouldn’t have happened if we banned cryptocurrencies.
Barro is a smart, influential columnist, respected on both sides of the political divide. It’s counterproductive to call him a would-be Communist “moron,”as this Crypto Twitter member did, alongside many others’ derogatory comments. It signals more about the critic than the criticism, helping perpetuate negative stereotypes of the crypto community.
A far better response came fromIdeo CoLab’s Ian Lee, who highlighted Barro’s error in conflating technology with a crime.
But in the age of social media, constructive nuance like that gets lost in the noise ofad hominemattacks and invective.
That’s a problem because Twitter is a powerful factor in public debate. The performance of the conversation – the form, as much as the substance – matters for how public opinion develops.
Andthatmatters because public opinion feeds into regulation, which in turn can impede innovation.
This comes amid signs U.S. regulators are focusing on some of the more innovative crypto financial engineering projects.
On Monday, news broke that the Securities and Exchange Commission and the Commodity and Futures Trading Commission had forced two separate settlements, worth $150,000 each, out of Abra Global, the crypto-based provider of synthetic digital asset products.
Abra, which counts American Express and Indian billionaire Ratan Tata among its investors, has long been seen as one of the most innovative companies in the crypto industry. It launched in 2014 with what was then a radical idea for a crypto-collateralized synthetic stablecoin enabling peer-to-peer remittances from the U.S. to the Philippines. (Abra wasn’t providing an actual token to users, but a contract giving them rights to a fixed-dollar value worth of underlying bitcoin, a deal it achieved via some sophisticated hedging techniques and by using the intermediary-free Bitcoin blockchain as the settlement layer.)
More recently, Abra took the same synthetic assets model to offer non-custodial derivative-like investment exposure to a range of assets, including both crypto tokens and traditional financial instruments. In effect, it allowed anyone in the world to place bets of any size on the direction of U.S. stocks and bonds.
That’s what got Abra into trouble. The SEC determined it was offering “security-based swaps,” which precluded it from selling to U.S. customers not classified as accredited investors. Although Abra took steps to geofence the American market from its product, the regulators found it hadn’t done enough.
The fines won’t derail Abra, which has a growing global base of customers. But the action underscores the challenges for crypto companies doing innovative things in the U.S. against what continues to be a somewhat hostile posture from the SEC. (The CFTC has generally taken a more accommodating stance toward cryptocurrency innovation. Its former chairman, Christopher Giancarlo, is now driving the charge for the U.S. government to embrace atokenized version of a digital dollar.)
In particular, there are risks for the Decentralized Finance, orDeFi, movement. Abra is not formally a DeFi provider, but its model – using underlying cryptocurrencies as collateral to assure stability and blockchains for an intermediary-free, low-friction settlement rail – shares similarities with this burgeoning industry.
There’s no reason to suggest DeFi leaders like MakerDAO and Compound are in breach of securities, derivatives or money transmission laws. But you can bet that Washington regulators now have their eyes on an industry that’s bringing services such as collateralized lending and interest rate benchmarking – traditionally the domain of highly regulated financial institutions – into a decentralized setting.
The DeFi industry was perhaps too small to matter to regulators before this. But, although the$2.6 billion in value now locked in DeFi contractsis still just a fraction of the trillions in traditional lending markets, it’s now big enough to get on regulators’ radars.
This is why the Twitter fallout matters. If “cryptocurrency” continues to be a dirty word in Washington, political pressure will come to bear on the agencies seeking to regulate the industry.
DeFi is not immune from all that.
To be sure, the industry could benefit from more smart regulation. Legal clarity and reliable protection from scammers could help expand DeFi adoption and drive progress from a speculative ecosystem to one that generates valuable credit products and risk management tools.
But if the regulatory backlash is too blunt, it could do great harm to innovation. DeFi development can and will continue offshore. But as Abra’s experience shows, the global digital economy’s borderless nature makes it hard for companies to comply with regulations everywhere even when they want to. So the regulatory risk will continue to dangle over the heads of innovators.
That’s a pity, because while participants face real risks in the freewheeling, unregulated world of DeFi, the ideas generated there offer an exciting reimagining of the financial system. Whether it ends up looking anything like the current Ethereum-based DeFi ecosystem or something else, the prospect of reducing gatekeeper friction in finance is appealing in a world where exclusion from credit often defines the difference between rich and poor.
DeFi leaders have lawyered up in a bid to stay compliant. Some of the issues they face were discussed in a DeFi regulationworkshopCoinDesk hosted during our virtual Consensus: Distributed event in May. There, Ropes & Grey attorney Marta Belcher eloquently argued that regulators may even be in breach of developers’ First Amendment constitutional rights if they constrain efforts to writing open-source code for decentralized communities.
But do not underestimate the power of Washington or the extent to which social media-infused hysteria can energize those who wield that power.
This is why the messaging around events like this Twitter attack matters. At times like this, crypto thought leaders should all try to take the high road.
CoinDesk Research covers quarterly data in crypto markets including volatility, correlation, volume and returns of the CoinDesk 20 list of crypto assets. In this report, we also cover derivatives markets, synthetic bitcoins,BTCversusETH, central bank digital currencies and the return of aging bitcoin mining equipment; and look at the relationship (or lack thereof) between online sports betting and crypto markets. Sign up todownload the free report.
A common theme here at Money Reimagined is the current financial system tends to serve those with access to financial assets while creating barriers for those on the lower rungs of society. This is a particularly important issue for assessing the impact of the Federal Reserve’s massive quantitative easing program in response to the COVID-19 crisis. I continue to believe the real risks from that program, at least for now, lie far more with asset price inflation, and its accompanying impact on income inequality, than with inflation. Global demand for dollars is just too big and the economic fallout from the pandemic too great for any monetary oversupply to unleash an accelerated increase in consumer prices.
So, it was quite impactful for me this week to discover the annotated historical charts on equality presented in a colorfully named site I’d never encountered before:WTFHappenedin1971. The reference to 1971 is, of course, the so-called “Nixon Shock,” the moment when the U.S. took the dollar off its peg to gold, abandoning the core anchor of the Bretton Woods global financial system established in 1944. It was also when the world’s central banks suddenly gained fiat monetary powers, an unimpeded capacity to create money, the very powers the Fed is now drawing on to fight the COVID-19 recession.
The classic hard money, anti-1971 argument is that central banks degrade people’s wealth by inflating the monetary base, though strong arguments are made on the other side that fiat monetary creation power enables them to better manage economic cycles, and that a contained amount of inflation is necessary to achieve that. That debate hasn’t been resolved for centuries and may never be. Perhaps it’s less controversial to talk about the unequal distribution of that monetary policy’s impact. This chart from WTFHappenedin1971 shows the effect on income equality since those monetary powers were given to central banks half a century ago.
Notably, the chart is from the Center on Budget and Policy Priorities, a think tank typically described as “progressive” and that earns a“Left” rating on the spectrum provided by AllSides.com. It’s not the only one from a left-leaning organization that’s included in The WTFHappenedin1971 site. Another from the Economic Policy Institute shows a striking divergence between productivity expansion and the relative stagnation of real wages since 1971.
In other words, a site that’s implicitly making the typically conservative argument for a return to the gold standard or to bitcoin-like hard money principles is cleverly drawing on the observations of the left to make its point. The American left typically favors government activism via money and fiscal policy to attack poverty, not strict constraints on monetary issuance.
Libertarians argue, with some validity, the left simply doesn’t see how fiat money inflation hurts the poor by eating into their buying power. But the left says that’s offset by the benefits of higher income from jobs created via monetary stimulus and easier credit.
Where might these positions align around this clear inequality divide? Around something that I see as a bigger reason to embrace decentralized, peer-to-peer cryptocurrencies than the strict scarcity function of bitcoin’s monetary policy: the excessive power of financial intermediaries. Inequality has gone hand in hand with the financialization of the American economy, where finance and financial groups have held increasing sway over the economy. That trend accelerated dramatically in the post-1971 era because of the political and economic clout that Wall Street earned for itself as the de facto agents of monetary and financial regulatory policy. Disintermediatingthatis where the real opportunities lie for crypto.
CHIMERICA. Before there were reserve-backed stablecoins liketetherandUSDC, there were currency boards. Under that rigid currency peg model, a country’s monetary authority commits to hold in reserve the full value of its currency in some other country’s currency and promises holders of the local currency to honor any redemption requests at a fixed exchange rate. Some currency boards have failed spectacularly – Argentina’s is the case par excellence – but some have been a force for stability and growth. Hong Kong’s “Linked Exchange Rate System,” which has pegged the Hong Kong dollar to the U.S. dollar since 1983, is mostly an example of success. That’s probably because, unlike Argentina’s agricultural export-driven economy, Hong Kong’s revolves around finance, which thrives on stability. Ending the peg would be extremely harmful to that economy, which is why hawks within the Trump Administration were reportedly keen to undermine it in retaliation for China’s increasing control over HK’s citizens. This week less trigger-happy souls apparently won the day asTrump ruled out taking such action.
Presumably, someone demonstrated to Trump the enormous harm such actions would have on American financial interests. The peg creates strong synchronicity between U.S. banks and the many foreign-owned banks (including U.S. subsidiaries) based in Hong Kong. Hurting them would diminish the United States’ global financial clout. It might also incentivize China to retaliate by dumping its giant holdings of U.S. Treasury bonds to accelerate the end of the dollar’s reserve currency status. However, as with U.S. interests in the Hong Kong peg, such actions by Beijing would be counter to China’s interests in financial stability. Whether they like it or not, both countries are joined at the hip by intertwined policy structures, forming what the financial historian Niall Ferguson and the economist Moritz Schularick described as“Chimerica.”
HOME SWEET BANK.If there’s a number from this past week that matters for the prospects of U.S. economic recovery, it’s 2.98 percent.That’s the record-low level to which U.S. mortgage rates droppedas the continued economic crisis and the Fed’s relentless monetary expansion efforts pushed benchmark bond yields ever lower. This powerful market shift has the potential to work as a countervailing force for economic recovery. Some 65 percent American households own their home, and there’s now an incentive for them to refinance their mortgages or take out a home equity loan, creating financial liquidity that’s much needed in these difficult times. Americans might not have direct access to the Fed stimulus dollars slushing around financial markets, but in this way they can turn the equity in their home into something of a bank.
MODELING VALUE.Valuing crypto assets has been a challenge for some time. How does one put a value on a token without an explicit return built into it, such as a promise of interest payments or dividends, or a real-world utility function such as oil or some other commodity? Well, analysts are still trying to figure that out, with multiple methodologies being applied.In this report,the first of two on crypto valuation by Coin Metrics, partners in our new Research Hub, Kevin Lu and other members of the team lay out a series of quite different approaches. All have some merit. But of course the lack of consistency makes it hard to settle on a commonly held market view. Should we be worried about that? How can something be considered valuable if there’s no consensus on how to measure that value? Never fear, says Coin Metrics, this is a process that takes time. And to back that up, they conclude with this statement: “The Dutch East India Company, founded in 1602, was the first corporate entity to issue bonds and shares to the public, and in doing so became the world’s first formally listed public company. It then took a period of over 300 years for the necessary foundational concepts to be developed until the formal discipline of equity valuation was established in the 1930s.”
Everything We Know About the Bitcoin Scam Rocking Twitter’s Most Prominent Accounts. Among Crypto Twitter dwellers, for whom the meme flow of the cryptocurrency community is like a lifeblood, Wednesday’s massive hack against the social media platform felt profoundly disorientating. CoinDesk reporter Danny Nelson’s tick-tock breakdown makes for compelling reading on how the crisis rapidly mushroomed.
Hong Kong Citizens Turn to Stablecoins to Resist National Security Law. Hong Kongers may not yet need to fear the end of their currency’s dollar peg, but many are now fearing surveillance of their HK dollar transactions after the introduction of a new security law that aims to quell opposition to the Chinese Communist Party. Our reporter David Pan discovered that a number of them appear to have found a payment solution to avoid Beijing’s prying eyes: stablecoins.
Bank of England Considering a Central Bank Digital Currency, Governor Says. The Bank of England was one of the first major central banks to explore the prospect of a digital currency after bitcoin’s invention sparked interest in such ideas. The project then went into a kind of hiatus while former Governor Mark Carney started floating even bigger ideas with his proposal for a new digital international hegemonic currency to replace the dollar’s reserve role. Now, under new Governor Andrew Bailey, a British CBDC is back on the table, as CoinDesk’s Sebastian Sinclair reports.
Five Years On, Ethereum Really Is the ‘Minecraft of Crypto-Finance’. In the 2010s, the online world-building game Minecraft enjoyed surging popularity among pre-teens and teenagers – a generation that included a young Russian-Canadian called Vitalik Buterin. This opinion piece from Camila Russo, author of the new book “The Infinite Machine,” offers a reminder of just how young Buterin was (19 years old) when he invented Ethereum.
Russian Activists Use Bitcoin, and the Kremlin Doesn’t Like It. In Russia, it often seems President Vladimir Putin controls everything – most importantly, national elections, in which he routinely earns overwhelming majorities in the popular vote. But as CoinDesk’s Anna Baydakova reports, he can’t control Bitcoin, which gives Putin’s opponents a type of freedom they otherwise struggle to obtain.
How a Digital Dollar Can Make the Financial System More Equitable. If we want digital dollars to foster a more equitable financial system, design is everything, say Patrick Murck and Linda Jeng, both lawyers at Transparent Systems. They offer a radical proposal for achieving such results: a cooperative model that puts community ownership and governance, rather than centralized or corporate control, at the core of the digital currency network.
• Money Reimagined: This Isn’t Good for Bitcoin
• Money Reimagined: This Isn’t Good for Bitcoin || Money Reimagined: This Isn’t Good for Bitcoin: No, blockchain does not fix this. By “this” I don’t mean centrally controlled databases that are vulnerable to attack, the problem highlighted by this week’s massive Twitter hack . I mean the meta problem of yet more bad publicity, with the word “bitcoin” again associated with fraud and unsavory behavior, a picture that cryptocurrency advocates will again struggle to avoid. That problem will indirectly but greatly contribute to ongoing public pressure for regulatory constraint on the cryptocurrency industry, which will impede innovation in the sector and its prospects to bring positive change to a broken financial system. Related: Is Crypto Fintech? It Depends Who You Ask A related problem is that Crypto Twitter is an echo chamber. It is too smart for its own good. Within that nerdy hive mind, form doesn’t matter. It’s all about substance. You’re reading Money Reimagined , a weekly look at the technological, economic and social events and trends that are redefining our relationship with money and transforming the global financial system. You can subscribe to this and all of CoinDesk’s newsletters here . “Bitcoin isn’t a crime, it’s just code.” “The hack will open eyes to the failings of a centralized system.” Related: “Decentralization is now inevitable.” Oh, how I wish those sentiments, expressed repeatedly over Twitter this week, were absorbed by “normies.” Sadly, it won’t be the case. In two consecutive tweets, Blockstack CEO Muneeb Ali laid out the challenge between what should be and what, sadly, will be. Might the spectacular breach of Twitter’s defenses eventually convince people to abandon the centralized internet platforms that control their data? Maybe. But many in the mainstream will share the views of New York Magazine’s Josh Barro, who argued, poorly, that the hack wouldn’t have happened if we banned cryptocurrencies. Barro is a smart, influential columnist, respected on both sides of the political divide. It’s counterproductive to call him a would-be Communist “moron,” as this Crypto Twitter member did , alongside many others’ derogatory comments. It signals more about the critic than the criticism, helping perpetuate negative stereotypes of the crypto community. A far better response came from Ideo CoLab’s Ian Lee , who highlighted Barro’s error in conflating technology with a crime. But in the age of social media, constructive nuance like that gets lost in the noise of ad hominem attacks and invective. Story continues That’s a problem because Twitter is a powerful factor in public debate. The performance of the conversation – the form, as much as the substance – matters for how public opinion develops. And that matters because public opinion feeds into regulation, which in turn can impede innovation. DeFi in the crosshairs? This comes amid signs U.S. regulators are focusing on some of the more innovative crypto financial engineering projects. On Monday, news broke that the Securities and Exchange Commission and the Commodity and Futures Trading Commission had forced two separate settlements, worth $150,000 each, out of Abra Global, the crypto-based provider of synthetic digital asset products. Abra, which counts American Express and Indian billionaire Ratan Tata among its investors, has long been seen as one of the most innovative companies in the crypto industry. It launched in 2014 with what was then a radical idea for a crypto-collateralized synthetic stablecoin enabling peer-to-peer remittances from the U.S. to the Philippines. (Abra wasn’t providing an actual token to users, but a contract giving them rights to a fixed-dollar value worth of underlying bitcoin, a deal it achieved via some sophisticated hedging techniques and by using the intermediary-free Bitcoin blockchain as the settlement layer.) More recently, Abra took the same synthetic assets model to offer non-custodial derivative-like investment exposure to a range of assets, including both crypto tokens and traditional financial instruments. In effect, it allowed anyone in the world to place bets of any size on the direction of U.S. stocks and bonds. That’s what got Abra into trouble. The SEC determined it was offering “security-based swaps,” which precluded it from selling to U.S. customers not classified as accredited investors. Although Abra took steps to geofence the American market from its product, the regulators found it hadn’t done enough. The fines won’t derail Abra, which has a growing global base of customers. But the action underscores the challenges for crypto companies doing innovative things in the U.S. against what continues to be a somewhat hostile posture from the SEC. (The CFTC has generally taken a more accommodating stance toward cryptocurrency innovation. Its former chairman, Christopher Giancarlo, is now driving the charge for the U.S. government to embrace a tokenized version of a digital dollar .) In particular, there are risks for the Decentralized Finance, or DeFi , movement. Abra is not formally a DeFi provider, but its model – using underlying cryptocurrencies as collateral to assure stability and blockchains for an intermediary-free, low-friction settlement rail – shares similarities with this burgeoning industry. There’s no reason to suggest DeFi leaders like MakerDAO and Compound are in breach of securities, derivatives or money transmission laws. But you can bet that Washington regulators now have their eyes on an industry that’s bringing services such as collateralized lending and interest rate benchmarking – traditionally the domain of highly regulated financial institutions – into a decentralized setting. The DeFi industry was perhaps too small to matter to regulators before this. But, although the $2.6 billion in value now locked in DeFi contracts is still just a fraction of the trillions in traditional lending markets, it’s now big enough to get on regulators’ radars. ‘Collateral’ damage This is why the Twitter fallout matters. If “cryptocurrency” continues to be a dirty word in Washington, political pressure will come to bear on the agencies seeking to regulate the industry. DeFi is not immune from all that. To be sure, the industry could benefit from more smart regulation. Legal clarity and reliable protection from scammers could help expand DeFi adoption and drive progress from a speculative ecosystem to one that generates valuable credit products and risk management tools. But if the regulatory backlash is too blunt, it could do great harm to innovation. DeFi development can and will continue offshore. But as Abra’s experience shows, the global digital economy’s borderless nature makes it hard for companies to comply with regulations everywhere even when they want to. So the regulatory risk will continue to dangle over the heads of innovators. That’s a pity, because while participants face real risks in the freewheeling, unregulated world of DeFi, the ideas generated there offer an exciting reimagining of the financial system. Whether it ends up looking anything like the current Ethereum-based DeFi ecosystem or something else, the prospect of reducing gatekeeper friction in finance is appealing in a world where exclusion from credit often defines the difference between rich and poor. DeFi leaders have lawyered up in a bid to stay compliant. Some of the issues they face were discussed in a DeFi regulation workshop CoinDesk hosted during our virtual Consensus: Distributed event in May. There, Ropes & Grey attorney Marta Belcher eloquently argued that regulators may even be in breach of developers’ First Amendment constitutional rights if they constrain efforts to writing open-source code for decentralized communities. But do not underestimate the power of Washington or the extent to which social media-infused hysteria can energize those who wield that power. This is why the messaging around events like this Twitter attack matters. At times like this, crypto thought leaders should all try to take the high road. CoinDesk Research covers quarterly data in crypto markets including volatility, correlation, volume and returns of the CoinDesk 20 list of crypto assets. In this report, we also cover derivatives markets, synthetic bitcoins, BTC versus ETH , central bank digital currencies and the return of aging bitcoin mining equipment; and look at the relationship (or lack thereof) between online sports betting and crypto markets. Sign up to download the free report . A history lesson A common theme here at Money Reimagined is the current financial system tends to serve those with access to financial assets while creating barriers for those on the lower rungs of society. This is a particularly important issue for assessing the impact of the Federal Reserve’s massive quantitative easing program in response to the COVID-19 crisis. I continue to believe the real risks from that program, at least for now, lie far more with asset price inflation, and its accompanying impact on income inequality, than with inflation. Global demand for dollars is just too big and the economic fallout from the pandemic too great for any monetary oversupply to unleash an accelerated increase in consumer prices. So, it was quite impactful for me this week to discover the annotated historical charts on equality presented in a colorfully named site I’d never encountered before: WTFHappenedin1971 . The reference to 1971 is, of course, the so-called “Nixon Shock,” the moment when the U.S. took the dollar off its peg to gold, abandoning the core anchor of the Bretton Woods global financial system established in 1944. It was also when the world’s central banks suddenly gained fiat monetary powers, an unimpeded capacity to create money, the very powers the Fed is now drawing on to fight the COVID-19 recession. The classic hard money, anti-1971 argument is that central banks degrade people’s wealth by inflating the monetary base, though strong arguments are made on the other side that fiat monetary creation power enables them to better manage economic cycles, and that a contained amount of inflation is necessary to achieve that. That debate hasn’t been resolved for centuries and may never be. Perhaps it’s less controversial to talk about the unequal distribution of that monetary policy’s impact. This chart from WTFHappenedin1971 shows the effect on income equality since those monetary powers were given to central banks half a century ago. Notably, the chart is from the Center on Budget and Policy Priorities, a think tank typically described as “progressive” and that earns a “Left” rating on the spectrum provided by AllSides.com . It’s not the only one from a left-leaning organization that’s included in The WTFHappenedin1971 site. Another from the Economic Policy Institute shows a striking divergence between productivity expansion and the relative stagnation of real wages since 1971. In other words, a site that’s implicitly making the typically conservative argument for a return to the gold standard or to bitcoin-like hard money principles is cleverly drawing on the observations of the left to make its point. The American left typically favors government activism via money and fiscal policy to attack poverty, not strict constraints on monetary issuance. Libertarians argue, with some validity, the left simply doesn’t see how fiat money inflation hurts the poor by eating into their buying power. But the left says that’s offset by the benefits of higher income from jobs created via monetary stimulus and easier credit. Where might these positions align around this clear inequality divide? Around something that I see as a bigger reason to embrace decentralized, peer-to-peer cryptocurrencies than the strict scarcity function of bitcoin’s monetary policy: the excessive power of financial intermediaries. Inequality has gone hand in hand with the financialization of the American economy, where finance and financial groups have held increasing sway over the economy. That trend accelerated dramatically in the post-1971 era because of the political and economic clout that Wall Street earned for itself as the de facto agents of monetary and financial regulatory policy. Disintermediating that is where the real opportunities lie for crypto. Global town hall CHIMERICA . Before there were reserve-backed stablecoins like tether and USDC , there were currency boards. Under that rigid currency peg model, a country’s monetary authority commits to hold in reserve the full value of its currency in some other country’s currency and promises holders of the local currency to honor any redemption requests at a fixed exchange rate. Some currency boards have failed spectacularly – Argentina’s is the case par excellence – but some have been a force for stability and growth. Hong Kong’s “Linked Exchange Rate System,” which has pegged the Hong Kong dollar to the U.S. dollar since 1983, is mostly an example of success. That’s probably because, unlike Argentina’s agricultural export-driven economy, Hong Kong’s revolves around finance, which thrives on stability. Ending the peg would be extremely harmful to that economy, which is why hawks within the Trump Administration were reportedly keen to undermine it in retaliation for China’s increasing control over HK’s citizens. This week less trigger-happy souls apparently won the day as Trump ruled out taking such action . Presumably, someone demonstrated to Trump the enormous harm such actions would have on American financial interests. The peg creates strong synchronicity between U.S. banks and the many foreign-owned banks (including U.S. subsidiaries) based in Hong Kong. Hurting them would diminish the United States’ global financial clout. It might also incentivize China to retaliate by dumping its giant holdings of U.S. Treasury bonds to accelerate the end of the dollar’s reserve currency status. However, as with U.S. interests in the Hong Kong peg, such actions by Beijing would be counter to China’s interests in financial stability. Whether they like it or not, both countries are joined at the hip by intertwined policy structures, forming what the financial historian Niall Ferguson and the economist Moritz Schularick described as “Chimerica. ” HOME SWEET BANK. If there’s a number from this past week that matters for the prospects of U.S. economic recovery, it’s 2.98 percent. That’s the record-low level to which U.S. mortgage rates dropped as the continued economic crisis and the Fed’s relentless monetary expansion efforts pushed benchmark bond yields ever lower. This powerful market shift has the potential to work as a countervailing force for economic recovery. Some 65 percent American households own their home, and there’s now an incentive for them to refinance their mortgages or take out a home equity loan, creating financial liquidity that’s much needed in these difficult times. Americans might not have direct access to the Fed stimulus dollars slushing around financial markets, but in this way they can turn the equity in their home into something of a bank. MODELING VALUE. Valuing crypto assets has been a challenge for some time. How does one put a value on a token without an explicit return built into it, such as a promise of interest payments or dividends, or a real-world utility function such as oil or some other commodity? Well, analysts are still trying to figure that out, with multiple methodologies being applied. In this report, the first of two on crypto valuation by Coin Metrics, partners in our new Research Hub, Kevin Lu and other members of the team lay out a series of quite different approaches. All have some merit. But of course the lack of consistency makes it hard to settle on a commonly held market view. Should we be worried about that? How can something be considered valuable if there’s no consensus on how to measure that value? Never fear, says Coin Metrics, this is a process that takes time. And to back that up, they conclude with this statement: “The Dutch East India Company, founded in 1602, was the first corporate entity to issue bonds and shares to the public, and in doing so became the world’s first formally listed public company. It then took a period of over 300 years for the necessary foundational concepts to be developed until the formal discipline of equity valuation was established in the 1930s.” Relevant reads Everything We Know About the Bitcoin Scam Rocking Twitter’s Most Prominent Accounts . Among Crypto Twitter dwellers, for whom the meme flow of the cryptocurrency community is like a lifeblood, Wednesday’s massive hack against the social media platform felt profoundly disorientating. CoinDesk reporter Danny Nelson’s tick-tock breakdown makes for compelling reading on how the crisis rapidly mushroomed. Hong Kong Citizens Turn to Stablecoins to Resist National Security Law . Hong Kongers may not yet need to fear the end of their currency’s dollar peg, but many are now fearing surveillance of their HK dollar transactions after the introduction of a new security law that aims to quell opposition to the Chinese Communist Party. Our reporter David Pan discovered that a number of them appear to have found a payment solution to avoid Beijing’s prying eyes: stablecoins. Bank of England Considering a Central Bank Digital Currency, Governor Says . The Bank of England was one of the first major central banks to explore the prospect of a digital currency after bitcoin’s invention sparked interest in such ideas. The project then went into a kind of hiatus while former Governor Mark Carney started floating even bigger ideas with his proposal for a new digital international hegemonic currency to replace the dollar’s reserve role. Now, under new Governor Andrew Bailey, a British CBDC is back on the table, as CoinDesk’s Sebastian Sinclair reports. Five Years On, Ethereum Really Is the ‘Minecraft of Crypto-Finance’ . In the 2010s, the online world-building game Minecraft enjoyed surging popularity among pre-teens and teenagers – a generation that included a young Russian-Canadian called Vitalik Buterin. This opinion piece from Camila Russo, author of the new book “The Infinite Machine,” offers a reminder of just how young Buterin was (19 years old) when he invented Ethereum. Russian Activists Use Bitcoin, and the Kremlin Doesn’t Like It . In Russia, it often seems President Vladimir Putin controls everything – most importantly, national elections, in which he routinely earns overwhelming majorities in the popular vote. But as CoinDesk’s Anna Baydakova reports, he can’t control Bitcoin, which gives Putin’s opponents a type of freedom they otherwise struggle to obtain. How a Digital Dollar Can Make the Financial System More Equitable . If we want digital dollars to foster a more equitable financial system, design is everything, say Patrick Murck and Linda Jeng, both lawyers at Transparent Systems. They offer a radical proposal for achieving such results: a cooperative model that puts community ownership and governance, rather than centralized or corporate control, at the core of the digital currency network. Related Stories Money Reimagined: This Isn’t Good for Bitcoin Money Reimagined: This Isn’t Good for Bitcoin View comments || Money Reimagined: This Isn’t Good for Bitcoin: No, blockchain doesnotfix this.
By “this” I don’t mean centrally controlled databases that are vulnerable to attack, the problem highlighted by thisweek’s massive Twitter hack.
I mean the meta problem of yet more bad publicity, with the word “bitcoin” again associated with fraud and unsavory behavior, a picture that cryptocurrency advocates will again struggle to avoid. That problem will indirectly but greatly contribute to ongoing public pressure for regulatory constraint on the cryptocurrency industry, which will impede innovation in the sector and its prospects to bring positive change to a broken financial system.
Related:Is Crypto Fintech? It Depends Who You Ask
A related problem is that Crypto Twitter is an echo chamber. It is too smart for its own good. Within that nerdy hive mind, form doesn’t matter. It’s all about substance.
You’re readingMoney Reimagined, a weekly look at the technological, economic and social events and trends that are redefining our relationship with money and transforming the global financial system. You can subscribe to this and all of CoinDesk’snewsletters here.
“Bitcoin isn’t a crime, it’s just code.”
“The hack will open eyes to the failings of a centralized system.”
Related:
“Decentralization is now inevitable.”
Oh, how I wish those sentiments, expressed repeatedly over Twitter this week, were absorbed by “normies.” Sadly, it won’t be the case.
In two consecutive tweets, Blockstack CEO Muneeb Ali laid out the challenge between what should be and what, sadly, will be.
Might the spectacular breach of Twitter’s defenses eventually convince people to abandon the centralized internet platforms that control their data? Maybe. But many in the mainstream will share the views of New York Magazine’s Josh Barro, whoargued, poorly,that the hack wouldn’t have happened if we banned cryptocurrencies.
Barro is a smart, influential columnist, respected on both sides of the political divide. It’s counterproductive to call him a would-be Communist “moron,”as this Crypto Twitter member did, alongside many others’ derogatory comments. It signals more about the critic than the criticism, helping perpetuate negative stereotypes of the crypto community.
A far better response came fromIdeo CoLab’s Ian Lee, who highlighted Barro’s error in conflating technology with a crime.
But in the age of social media, constructive nuance like that gets lost in the noise ofad hominemattacks and invective.
That’s a problem because Twitter is a powerful factor in public debate. The performance of the conversation – the form, as much as the substance – matters for how public opinion develops.
Andthatmatters because public opinion feeds into regulation, which in turn can impede innovation.
This comes amid signs U.S. regulators are focusing on some of the more innovative crypto financial engineering projects.
On Monday, news broke that the Securities and Exchange Commission and the Commodity and Futures Trading Commission had forced two separate settlements, worth $150,000 each, out of Abra Global, the crypto-based provider of synthetic digital asset products.
Abra, which counts American Express and Indian billionaire Ratan Tata among its investors, has long been seen as one of the most innovative companies in the crypto industry. It launched in 2014 with what was then a radical idea for a crypto-collateralized synthetic stablecoin enabling peer-to-peer remittances from the U.S. to the Philippines. (Abra wasn’t providing an actual token to users, but a contract giving them rights to a fixed-dollar value worth of underlying bitcoin, a deal it achieved via some sophisticated hedging techniques and by using the intermediary-free Bitcoin blockchain as the settlement layer.)
More recently, Abra took the same synthetic assets model to offer non-custodial derivative-like investment exposure to a range of assets, including both crypto tokens and traditional financial instruments. In effect, it allowed anyone in the world to place bets of any size on the direction of U.S. stocks and bonds.
That’s what got Abra into trouble. The SEC determined it was offering “security-based swaps,” which precluded it from selling to U.S. customers not classified as accredited investors. Although Abra took steps to geofence the American market from its product, the regulators found it hadn’t done enough.
The fines won’t derail Abra, which has a growing global base of customers. But the action underscores the challenges for crypto companies doing innovative things in the U.S. against what continues to be a somewhat hostile posture from the SEC. (The CFTC has generally taken a more accommodating stance toward cryptocurrency innovation. Its former chairman, Christopher Giancarlo, is now driving the charge for the U.S. government to embrace atokenized version of a digital dollar.)
In particular, there are risks for the Decentralized Finance, orDeFi, movement. Abra is not formally a DeFi provider, but its model – using underlying cryptocurrencies as collateral to assure stability and blockchains for an intermediary-free, low-friction settlement rail – shares similarities with this burgeoning industry.
There’s no reason to suggest DeFi leaders like MakerDAO and Compound are in breach of securities, derivatives or money transmission laws. But you can bet that Washington regulators now have their eyes on an industry that’s bringing services such as collateralized lending and interest rate benchmarking – traditionally the domain of highly regulated financial institutions – into a decentralized setting.
The DeFi industry was perhaps too small to matter to regulators before this. But, although the$2.6 billion in value now locked in DeFi contractsis still just a fraction of the trillions in traditional lending markets, it’s now big enough to get on regulators’ radars.
This is why the Twitter fallout matters. If “cryptocurrency” continues to be a dirty word in Washington, political pressure will come to bear on the agencies seeking to regulate the industry.
DeFi is not immune from all that.
To be sure, the industry could benefit from more smart regulation. Legal clarity and reliable protection from scammers could help expand DeFi adoption and drive progress from a speculative ecosystem to one that generates valuable credit products and risk management tools.
But if the regulatory backlash is too blunt, it could do great harm to innovation. DeFi development can and will continue offshore. But as Abra’s experience shows, the global digital economy’s borderless nature makes it hard for companies to comply with regulations everywhere even when they want to. So the regulatory risk will continue to dangle over the heads of innovators.
That’s a pity, because while participants face real risks in the freewheeling, unregulated world of DeFi, the ideas generated there offer an exciting reimagining of the financial system. Whether it ends up looking anything like the current Ethereum-based DeFi ecosystem or something else, the prospect of reducing gatekeeper friction in finance is appealing in a world where exclusion from credit often defines the difference between rich and poor.
DeFi leaders have lawyered up in a bid to stay compliant. Some of the issues they face were discussed in a DeFi regulationworkshopCoinDesk hosted during our virtual Consensus: Distributed event in May. There, Ropes & Grey attorney Marta Belcher eloquently argued that regulators may even be in breach of developers’ First Amendment constitutional rights if they constrain efforts to writing open-source code for decentralized communities.
But do not underestimate the power of Washington or the extent to which social media-infused hysteria can energize those who wield that power.
This is why the messaging around events like this Twitter attack matters. At times like this, crypto thought leaders should all try to take the high road.
CoinDesk Research covers quarterly data in crypto markets including volatility, correlation, volume and returns of the CoinDesk 20 list of crypto assets. In this report, we also cover derivatives markets, synthetic bitcoins,BTCversusETH, central bank digital currencies and the return of aging bitcoin mining equipment; and look at the relationship (or lack thereof) between online sports betting and crypto markets. Sign up todownload the free report.
A common theme here at Money Reimagined is the current financial system tends to serve those with access to financial assets while creating barriers for those on the lower rungs of society. This is a particularly important issue for assessing the impact of the Federal Reserve’s massive quantitative easing program in response to the COVID-19 crisis. I continue to believe the real risks from that program, at least for now, lie far more with asset price inflation, and its accompanying impact on income inequality, than with inflation. Global demand for dollars is just too big and the economic fallout from the pandemic too great for any monetary oversupply to unleash an accelerated increase in consumer prices.
So, it was quite impactful for me this week to discover the annotated historical charts on equality presented in a colorfully named site I’d never encountered before:WTFHappenedin1971. The reference to 1971 is, of course, the so-called “Nixon Shock,” the moment when the U.S. took the dollar off its peg to gold, abandoning the core anchor of the Bretton Woods global financial system established in 1944. It was also when the world’s central banks suddenly gained fiat monetary powers, an unimpeded capacity to create money, the very powers the Fed is now drawing on to fight the COVID-19 recession.
The classic hard money, anti-1971 argument is that central banks degrade people’s wealth by inflating the monetary base, though strong arguments are made on the other side that fiat monetary creation power enables them to better manage economic cycles, and that a contained amount of inflation is necessary to achieve that. That debate hasn’t been resolved for centuries and may never be. Perhaps it’s less controversial to talk about the unequal distribution of that monetary policy’s impact. This chart from WTFHappenedin1971 shows the effect on income equality since those monetary powers were given to central banks half a century ago.
Notably, the chart is from the Center on Budget and Policy Priorities, a think tank typically described as “progressive” and that earns a“Left” rating on the spectrum provided by AllSides.com. It’s not the only one from a left-leaning organization that’s included in The WTFHappenedin1971 site. Another from the Economic Policy Institute shows a striking divergence between productivity expansion and the relative stagnation of real wages since 1971.
In other words, a site that’s implicitly making the typically conservative argument for a return to the gold standard or to bitcoin-like hard money principles is cleverly drawing on the observations of the left to make its point. The American left typically favors government activism via money and fiscal policy to attack poverty, not strict constraints on monetary issuance.
Libertarians argue, with some validity, the left simply doesn’t see how fiat money inflation hurts the poor by eating into their buying power. But the left says that’s offset by the benefits of higher income from jobs created via monetary stimulus and easier credit.
Where might these positions align around this clear inequality divide? Around something that I see as a bigger reason to embrace decentralized, peer-to-peer cryptocurrencies than the strict scarcity function of bitcoin’s monetary policy: the excessive power of financial intermediaries. Inequality has gone hand in hand with the financialization of the American economy, where finance and financial groups have held increasing sway over the economy. That trend accelerated dramatically in the post-1971 era because of the political and economic clout that Wall Street earned for itself as the de facto agents of monetary and financial regulatory policy. Disintermediatingthatis where the real opportunities lie for crypto.
CHIMERICA. Before there were reserve-backed stablecoins liketetherandUSDC, there were currency boards. Under that rigid currency peg model, a country’s monetary authority commits to hold in reserve the full value of its currency in some other country’s currency and promises holders of the local currency to honor any redemption requests at a fixed exchange rate. Some currency boards have failed spectacularly – Argentina’s is the case par excellence – but some have been a force for stability and growth. Hong Kong’s “Linked Exchange Rate System,” which has pegged the Hong Kong dollar to the U.S. dollar since 1983, is mostly an example of success. That’s probably because, unlike Argentina’s agricultural export-driven economy, Hong Kong’s revolves around finance, which thrives on stability. Ending the peg would be extremely harmful to that economy, which is why hawks within the Trump Administration were reportedly keen to undermine it in retaliation for China’s increasing control over HK’s citizens. This week less trigger-happy souls apparently won the day asTrump ruled out taking such action.
Presumably, someone demonstrated to Trump the enormous harm such actions would have on American financial interests. The peg creates strong synchronicity between U.S. banks and the many foreign-owned banks (including U.S. subsidiaries) based in Hong Kong. Hurting them would diminish the United States’ global financial clout. It might also incentivize China to retaliate by dumping its giant holdings of U.S. Treasury bonds to accelerate the end of the dollar’s reserve currency status. However, as with U.S. interests in the Hong Kong peg, such actions by Beijing would be counter to China’s interests in financial stability. Whether they like it or not, both countries are joined at the hip by intertwined policy structures, forming what the financial historian Niall Ferguson and the economist Moritz Schularick described as“Chimerica.”
HOME SWEET BANK.If there’s a number from this past week that matters for the prospects of U.S. economic recovery, it’s 2.98 percent.That’s the record-low level to which U.S. mortgage rates droppedas the continued economic crisis and the Fed’s relentless monetary expansion efforts pushed benchmark bond yields ever lower. This powerful market shift has the potential to work as a countervailing force for economic recovery. Some 65 percent American households own their home, and there’s now an incentive for them to refinance their mortgages or take out a home equity loan, creating financial liquidity that’s much needed in these difficult times. Americans might not have direct access to the Fed stimulus dollars slushing around financial markets, but in this way they can turn the equity in their home into something of a bank.
MODELING VALUE.Valuing crypto assets has been a challenge for some time. How does one put a value on a token without an explicit return built into it, such as a promise of interest payments or dividends, or a real-world utility function such as oil or some other commodity? Well, analysts are still trying to figure that out, with multiple methodologies being applied.In this report,the first of two on crypto valuation by Coin Metrics, partners in our new Research Hub, Kevin Lu and other members of the team lay out a series of quite different approaches. All have some merit. But of course the lack of consistency makes it hard to settle on a commonly held market view. Should we be worried about that? How can something be considered valuable if there’s no consensus on how to measure that value? Never fear, says Coin Metrics, this is a process that takes time. And to back that up, they conclude with this statement: “The Dutch East India Company, founded in 1602, was the first corporate entity to issue bonds and shares to the public, and in doing so became the world’s first formally listed public company. It then took a period of over 300 years for the necessary foundational concepts to be developed until the formal discipline of equity valuation was established in the 1930s.”
Everything We Know About the Bitcoin Scam Rocking Twitter’s Most Prominent Accounts. Among Crypto Twitter dwellers, for whom the meme flow of the cryptocurrency community is like a lifeblood, Wednesday’s massive hack against the social media platform felt profoundly disorientating. CoinDesk reporter Danny Nelson’s tick-tock breakdown makes for compelling reading on how the crisis rapidly mushroomed.
Hong Kong Citizens Turn to Stablecoins to Resist National Security Law. Hong Kongers may not yet need to fear the end of their currency’s dollar peg, but many are now fearing surveillance of their HK dollar transactions after the introduction of a new security law that aims to quell opposition to the Chinese Communist Party. Our reporter David Pan discovered that a number of them appear to have found a payment solution to avoid Beijing’s prying eyes: stablecoins.
Bank of England Considering a Central Bank Digital Currency, Governor Says. The Bank of England was one of the first major central banks to explore the prospect of a digital currency after bitcoin’s invention sparked interest in such ideas. The project then went into a kind of hiatus while former Governor Mark Carney started floating even bigger ideas with his proposal for a new digital international hegemonic currency to replace the dollar’s reserve role. Now, under new Governor Andrew Bailey, a British CBDC is back on the table, as CoinDesk’s Sebastian Sinclair reports.
Five Years On, Ethereum Really Is the ‘Minecraft of Crypto-Finance’. In the 2010s, the online world-building game Minecraft enjoyed surging popularity among pre-teens and teenagers – a generation that included a young Russian-Canadian called Vitalik Buterin. This opinion piece from Camila Russo, author of the new book “The Infinite Machine,” offers a reminder of just how young Buterin was (19 years old) when he invented Ethereum.
Russian Activists Use Bitcoin, and the Kremlin Doesn’t Like It. In Russia, it often seems President Vladimir Putin controls everything – most importantly, national elections, in which he routinely earns overwhelming majorities in the popular vote. But as CoinDesk’s Anna Baydakova reports, he can’t control Bitcoin, which gives Putin’s opponents a type of freedom they otherwise struggle to obtain.
How a Digital Dollar Can Make the Financial System More Equitable. If we want digital dollars to foster a more equitable financial system, design is everything, say Patrick Murck and Linda Jeng, both lawyers at Transparent Systems. They offer a radical proposal for achieving such results: a cooperative model that puts community ownership and governance, rather than centralized or corporate control, at the core of the digital currency network.
• Money Reimagined: This Isn’t Good for Bitcoin
• Money Reimagined: This Isn’t Good for Bitcoin || Blockchain Bites: Binance’s Bitcoin Mining, ConsenSys’ Legal Trouble and Why Politicians Blame Twitter, Not Bitcoin: In the aftermath of the Twitter hack, lawmakers are targeting lax cybersecurity, not Bitcoin. Binance is looking to consolidate bitcoin mining in Russia, ConsenSys is being accused of stealing intellectual property and a celebrated comic book artist will be hawking his wares on the Ethereum blockchain. You’re reading Blockchain Bites , the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’s newsletters here . Top shelf Related: Mining Consolidation Binance is looking to consolidate more bitcoin mining hashrate to its pool in Russia and the Central Asia region. The world’s largest crypto exchange is deploying a physical server node for its pool at BitRiver, the largest bitcoin mining hosting provider in Bratsk, Russia. The move would give miner owners at BitRiver who choose to switch to Binance a better connection and direct route to its mining pool, the two firms said in an announcement Friday. In return, Binance would gain exposure and access to customers who run their machines at BitRiver, which currently operates mining facilities at a capacity of 70 megawatt (MW) out of potential capacity of 100 MW. ConsenSys Accused In a new lawsuit, Ethereum incubator ConsenSys is accused of abusing its position of trust as an investor to access trade secrets and create a rival offering. BlockCrushr, a payments app, said it received a $100,000 investment from ConsenSys and had 20 in-depth discussions with the incubator. Now, the startup says its intellectual property was misappropriated to build ConsenSys’s own payments system Daisy Payments, since rebranded to CodeFi. Plaintiffs filed two counts of misappropriating trade secrets and one count of a breach of contract, and are suing for damages. CBDC in Action A senior figure at the Bank of Thailand has confirmed it is already using a central bank digital currency (CBDC) for transactions with some businesses. Vachira Arromdee, the central bank’s assistant governor, told reporters Wednesday the bank plans to expand the use of the digital currency among large businesses, The Nation reported. It’s unclear what businesses are already using the digital currency; transactions with the Hong Kong Monetary Authority will be conducted with the CBDC from September, Arromdee confirmed. Blockchain Blueprint Beijing released a blueprint for its plans to become a blockchain hub by 2022. The 145-page details 12 potential areas for blockchain implementation, including airports, customs and small businesses, Decrypt reports. The municipal government also aims to create a fund dedicated to supporting local blockchain startups. The Block reports, “140 government services already use blockchain applications, which include data sharing, collaborative business management, and electronic certifications.” Story continues Related: Twitter Hacker Is Mixing Bitcoin Loot Using a Wasabi Wallet, Elliptic Says We’re All Comics in Crypto Noted comic book illustrator Jose Delbo is releasing limited-edition art on MakersPlace, a blockchain-powered market for rare and collectible digital art, later this month. The listing includes 250 copies of a digital comic book and a one-of-a-kind digital Superman artwork by Delbo. MakersPlace uses Ethereum to verify the artworks and provide a digital signature from Delbo, who is also hosting a chat in Decentraland. Quick bites BlockFi hires former Deutsche Bank and Barclays alum as general counsel Crypto wallet provider Sylo targets growing India market through exchange partnership Binance is not authorized to operate in Malaysia, says the country’s financial regulator ( The Block ) It’s Twitter, not Bitcoin n the aftermath of the Twitter hack, lawmakers are blaming lax cybersecurity, not Bitcoin. Following the hack, which Twitter says affected 130 accounts, Sen. Josh Hawley (R-Mo.), vocal critic of tech platforms, fired off an open letter to CEO Jack Dorsey. The event, Hawley said, “may represent not merely a coordinated set of separate hacking incidents but rather a successful attack on the security of Twitter itself.” Sen. Ron Wyden (D-Ore.) also took aim at Twitter’s architecture. In a statement, he sounded off on the fact that users’ direct messages (DMs) lack end-to-end encryption. “This is a vulnerability that has lasted for far too long, and one that is not present in other, competing platforms. If hackers gained access to users’ DMs, this breach could have a breathtaking impact for years to come,” Wyden said. Wyden revealed he had met with Dorsey privately in 2018 and discussed implementing this privacy feature. While the hack only made off with approximately $120,000, it will persist as a lasting blight on centralized internet platforms for years. In view of Twitter’s unofficial role within politics and media as the broadcaster of all broadcasts, Rep. Frank Pallone (D-N.J.) said the hack could have had “major consequences” on elections. It’s a view shared by others. “With more than 300 million users, Twitter is a primary source of news for many, making it a target for bad actors. This type of hack by con artists for financial gain can also be a tool of foreign actors and others to spread disinformation and – as we’ve witnessed – disrupt our elections,” New York Gov. Andrew Cuomo said. With a federal investigation underway, “the hack is likely to continue to ratchet up pressure on social media companies, which are already facing scrutiny over content moderation, disinformation and foreign interference,” CoinDesk reports. But that doesn’t mean we’re any closer to a decentralized alternative. As Start9 Lab’s Matt Hill put it, the hack “is yet another wake-up call. And like most wakeup calls, it will be greeted with a snooze button and a growing sense of anxiety. Market intel First Mover The notoriously volatile bitcoin slid just 0.8% to about $9,100 on Thursday, following the largest social media hack in recent memory, which involved an amateurish crypto scam. That’s in a market where it’s not uncommon for prices to swing 8% in a day. “It’s a non-event for price,” Matt Blom, head of sales and trading for the cryptocurrency firm Diginex, told First Mover in an email. The reasons for the non-event revolve around the contradictory and mostly-psychological readings of the event. Little in bitcoin was stolen, all publicity is good publicity and the hack shows how easy it is to track stolen crypto. Maybe most salient: Bitcoin is worth stealing. Opinion Your Prime Membership Should Be Tokenized Jeff Dorman, a CoinDesk columnist and chief investment officer at Arca, thinks Amazon Prime membership should be tokenized. Tokenization offers the clearest path to show digital ownership and maintain property rights, he said, but it also offers incentives for token owners to maintain, develop and propagate their platforms. In a sense, it’s the easiest way to link shareholders and users of a platform together. “This is the only path where capitalism and socialism can converge, and we’re seeing it happen in real time. Debt, equity and tokenized digital assets will all have a place in an investor’s portfolio and, more importantly, in customers’ portfolios. The lines are likely to blur as investors become active participants in the bootstrapped growth of the companies they love,” he writes. Meme police Related Stories Blockchain Bites: Binance’s Bitcoin Mining, ConsenSys’ Legal Trouble and Why Politicians Blame Twitter, Not Bitcoin Blockchain Bites: Binance’s Bitcoin Mining, ConsenSys’ Legal Trouble and Why Politicians Blame Twitter, Not Bitcoin View comments || Blockchain Bites: Binance’s Bitcoin Mining, ConsenSys’ Legal Trouble and Why Politicians Blame Twitter, Not Bitcoin: In the aftermath of the Twitter hack, lawmakers are targeting lax cybersecurity, not Bitcoin.
Binance is looking to consolidatebitcoinmining in Russia, ConsenSys is being accused of stealing intellectual property and a celebrated comic book artist will be hawking his wares on the Ethereum blockchain.
You’re readingBlockchain Bites, the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’snewsletters here.
Related:
Mining ConsolidationBinance is looking toconsolidate more bitcoin mining hashrateto its pool in Russia and the Central Asia region. The world’s largest crypto exchange is deploying a physical server node for its pool at BitRiver, the largest bitcoin mining hosting provider in Bratsk, Russia. The move would give miner owners at BitRiver who choose to switch to Binance a better connection and direct route to its mining pool, the two firms said in an announcement Friday. In return, Binance would gain exposure and access to customers who run their machines at BitRiver, which currently operates mining facilities at a capacity of 70 megawatt (MW) out of potential capacity of 100 MW.
ConsenSys AccusedIn a new lawsuit, Ethereum incubatorConsenSys is accused of abusing its position of trust as an investorto access trade secrets and create a rival offering. BlockCrushr, a payments app, said it received a $100,000 investment from ConsenSys and had 20 in-depth discussions with the incubator. Now, the startup says its intellectual property was misappropriated to build ConsenSys’s own payments system Daisy Payments, since rebranded to CodeFi. Plaintiffs filed two counts of misappropriating trade secrets and one count of a breach of contract, and are suing for damages.
CBDC in ActionA senior figure at the Bank of Thailand has confirmed it isalready using a central bank digital currency(CBDC) for transactions with some businesses. Vachira Arromdee, the central bank’s assistant governor, told reporters Wednesday the bank plans to expand the use of the digital currency among large businesses, The Nation reported. It’s unclear what businesses are already using the digital currency; transactions with the Hong Kong Monetary Authority will be conducted with the CBDC from September, Arromdee confirmed.
Blockchain BlueprintBeijing released a blueprint for its plans to become a blockchain hub by 2022. The 145-page details 12 potential areas for blockchain implementation, including airports, customs and small businesses,Decrypt reports.The municipal government also aims to create a fund dedicated to supporting local blockchain startups. The Blockreports,“140 government services already use blockchain applications, which include data sharing, collaborative business management, and electronic certifications.”
Related:Twitter Hacker Is Mixing Bitcoin Loot Using a Wasabi Wallet, Elliptic Says
We’re All Comics in CryptoNoted comic book illustratorJose Delbo is releasing limited-edition art on MakersPlace,a blockchain-powered market for rare and collectible digital art, later this month. The listing includes 250 copies of a digital comic book and a one-of-a-kind digital Superman artwork by Delbo. MakersPlace uses Ethereum to verify the artworks and provide a digital signature from Delbo, who is also hosting a chat in Decentraland.
• BlockFi hires formerDeutsche Bank and Barclays alumas general counsel
• Crypto wallet provider Sylo targetsgrowing India marketthrough exchange partnership
• Binance is not authorized to operate in Malaysia, says the country’s financial regulator (The Block)
n the aftermath of the Twitter hack, lawmakers areblaming lax cybersecurity,not Bitcoin. Following the hack, which Twitter says affected130 accounts,Sen. Josh Hawley (R-Mo.), vocal critic of tech platforms, fired off an open letter to CEO Jack Dorsey.
The event, Hawley said, “may represent not merely a coordinated set of separate hacking incidents but rather a successful attack on the security of Twitter itself.”
Sen. Ron Wyden (D-Ore.) also took aim at Twitter’s architecture. In a statement, he sounded off on the fact that users’ direct messages (DMs) lack end-to-end encryption.
“This is a vulnerability that has lasted for far too long, and one that is not present in other, competing platforms. If hackers gained access to users’ DMs, this breach could have a breathtaking impact for years to come,” Wyden said. Wyden revealed he had met with Dorsey privately in 2018 and discussed implementing this privacy feature.
While the hack only made off with approximately $120,000, it will persist as a lasting blight on centralized internet platforms for years.
In view of Twitter’s unofficial role within politics and media as the broadcaster of all broadcasts, Rep. Frank Pallone (D-N.J.) said the hack could have had “major consequences” on elections. It’s a view shared by others.
“With more than 300 million users, Twitter is a primary source of news for many, making it a target for bad actors. This type of hack by con artists for financial gain can also be a tool of foreign actors and others to spread disinformation and – as we’ve witnessed – disrupt our elections,” New York Gov. Andrew Cuomo said.
With afederal investigationunderway, “the hack is likely to continue to ratchet up pressure on social media companies, which are already facing scrutiny over content moderation, disinformation and foreign interference,” CoinDesk reports.
But that doesn’t mean we’re any closer to adecentralized alternative.As Start9 Lab’s Matt Hill put it, the hack “is yet another wake-up call. And like most wakeup calls, it will be greeted with a snooze button and a growing sense of anxiety.
First MoverThe notoriouslyvolatile bitcoin slid just 0.8%to about $9,100 on Thursday, following the largest social media hack in recent memory, which involved an amateurish crypto scam. That’s in a market where it’s not uncommon for prices to swing 8% in a day. “It’s a non-event for price,” Matt Blom, head of sales and trading for the cryptocurrency firm Diginex, told First Mover in an email. The reasons for the non-event revolve around the contradictory and mostly-psychological readings of the event. Little in bitcoin was stolen, all publicity is good publicity and the hack shows how easy it is to track stolen crypto. Maybe most salient: Bitcoin is worth stealing.
Your Prime Membership Should Be TokenizedJeff Dorman, a CoinDesk columnist and chief investment officer at Arca, thinksAmazon Prime membership should be tokenized.Tokenization offers the clearest path to show digital ownership and maintain property rights, he said, but it also offers incentives for token owners to maintain, develop and propagate their platforms. In a sense, it’s the easiest way to link shareholders and users of a platform together. “This is the only path where capitalism and socialism can converge, and we’re seeing it happen in real time. Debt, equity and tokenized digital assets will all have a place in an investor’s portfolio and, more importantly, in customers’ portfolios. The lines are likely to blur as investors become active participants in the bootstrapped growth of the companies they love,” he writes.
• Blockchain Bites: Binance’s Bitcoin Mining, ConsenSys’ Legal Trouble and Why Politicians Blame Twitter, Not Bitcoin
• Blockchain Bites: Binance’s Bitcoin Mining, ConsenSys’ Legal Trouble and Why Politicians Blame Twitter, Not Bitcoin || Blockchain Bites: Binance’s Bitcoin Mining, ConsenSys’ Legal Trouble and Why Politicians Blame Twitter, Not Bitcoin: In the aftermath of the Twitter hack, lawmakers are targeting lax cybersecurity, not Bitcoin.
Binance is looking to consolidatebitcoinmining in Russia, ConsenSys is being accused of stealing intellectual property and a celebrated comic book artist will be hawking his wares on the Ethereum blockchain.
You’re readingBlockchain Bites, the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’snewsletters here.
Related:
Mining ConsolidationBinance is looking toconsolidate more bitcoin mining hashrateto its pool in Russia and the Central Asia region. The world’s largest crypto exchange is deploying a physical server node for its pool at BitRiver, the largest bitcoin mining hosting provider in Bratsk, Russia. The move would give miner owners at BitRiver who choose to switch to Binance a better connection and direct route to its mining pool, the two firms said in an announcement Friday. In return, Binance would gain exposure and access to customers who run their machines at BitRiver, which currently operates mining facilities at a capacity of 70 megawatt (MW) out of potential capacity of 100 MW.
ConsenSys AccusedIn a new lawsuit, Ethereum incubatorConsenSys is accused of abusing its position of trust as an investorto access trade secrets and create a rival offering. BlockCrushr, a payments app, said it received a $100,000 investment from ConsenSys and had 20 in-depth discussions with the incubator. Now, the startup says its intellectual property was misappropriated to build ConsenSys’s own payments system Daisy Payments, since rebranded to CodeFi. Plaintiffs filed two counts of misappropriating trade secrets and one count of a breach of contract, and are suing for damages.
CBDC in ActionA senior figure at the Bank of Thailand has confirmed it isalready using a central bank digital currency(CBDC) for transactions with some businesses. Vachira Arromdee, the central bank’s assistant governor, told reporters Wednesday the bank plans to expand the use of the digital currency among large businesses, The Nation reported. It’s unclear what businesses are already using the digital currency; transactions with the Hong Kong Monetary Authority will be conducted with the CBDC from September, Arromdee confirmed.
Blockchain BlueprintBeijing released a blueprint for its plans to become a blockchain hub by 2022. The 145-page details 12 potential areas for blockchain implementation, including airports, customs and small businesses,Decrypt reports.The municipal government also aims to create a fund dedicated to supporting local blockchain startups. The Blockreports,“140 government services already use blockchain applications, which include data sharing, collaborative business management, and electronic certifications.”
Related:Twitter Hacker Is Mixing Bitcoin Loot Using a Wasabi Wallet, Elliptic Says
We’re All Comics in CryptoNoted comic book illustratorJose Delbo is releasing limited-edition art on MakersPlace,a blockchain-powered market for rare and collectible digital art, later this month. The listing includes 250 copies of a digital comic book and a one-of-a-kind digital Superman artwork by Delbo. MakersPlace uses Ethereum to verify the artworks and provide a digital signature from Delbo, who is also hosting a chat in Decentraland.
• BlockFi hires formerDeutsche Bank and Barclays alumas general counsel
• Crypto wallet provider Sylo targetsgrowing India marketthrough exchange partnership
• Binance is not authorized to operate in Malaysia, says the country’s financial regulator (The Block)
n the aftermath of the Twitter hack, lawmakers areblaming lax cybersecurity,not Bitcoin. Following the hack, which Twitter says affected130 accounts,Sen. Josh Hawley (R-Mo.), vocal critic of tech platforms, fired off an open letter to CEO Jack Dorsey.
The event, Hawley said, “may represent not merely a coordinated set of separate hacking incidents but rather a successful attack on the security of Twitter itself.”
Sen. Ron Wyden (D-Ore.) also took aim at Twitter’s architecture. In a statement, he sounded off on the fact that users’ direct messages (DMs) lack end-to-end encryption.
“This is a vulnerability that has lasted for far too long, and one that is not present in other, competing platforms. If hackers gained access to users’ DMs, this breach could have a breathtaking impact for years to come,” Wyden said. Wyden revealed he had met with Dorsey privately in 2018 and discussed implementing this privacy feature.
While the hack only made off with approximately $120,000, it will persist as a lasting blight on centralized internet platforms for years.
In view of Twitter’s unofficial role within politics and media as the broadcaster of all broadcasts, Rep. Frank Pallone (D-N.J.) said the hack could have had “major consequences” on elections. It’s a view shared by others.
“With more than 300 million users, Twitter is a primary source of news for many, making it a target for bad actors. This type of hack by con artists for financial gain can also be a tool of foreign actors and others to spread disinformation and – as we’ve witnessed – disrupt our elections,” New York Gov. Andrew Cuomo said.
With afederal investigationunderway, “the hack is likely to continue to ratchet up pressure on social media companies, which are already facing scrutiny over content moderation, disinformation and foreign interference,” CoinDesk reports.
But that doesn’t mean we’re any closer to adecentralized alternative.As Start9 Lab’s Matt Hill put it, the hack “is yet another wake-up call. And like most wakeup calls, it will be greeted with a snooze button and a growing sense of anxiety.
First MoverThe notoriouslyvolatile bitcoin slid just 0.8%to about $9,100 on Thursday, following the largest social media hack in recent memory, which involved an amateurish crypto scam. That’s in a market where it’s not uncommon for prices to swing 8% in a day. “It’s a non-event for price,” Matt Blom, head of sales and trading for the cryptocurrency firm Diginex, told First Mover in an email. The reasons for the non-event revolve around the contradictory and mostly-psychological readings of the event. Little in bitcoin was stolen, all publicity is good publicity and the hack shows how easy it is to track stolen crypto. Maybe most salient: Bitcoin is worth stealing.
Your Prime Membership Should Be TokenizedJeff Dorman, a CoinDesk columnist and chief investment officer at Arca, thinksAmazon Prime membership should be tokenized.Tokenization offers the clearest path to show digital ownership and maintain property rights, he said, but it also offers incentives for token owners to maintain, develop and propagate their platforms. In a sense, it’s the easiest way to link shareholders and users of a platform together. “This is the only path where capitalism and socialism can converge, and we’re seeing it happen in real time. Debt, equity and tokenized digital assets will all have a place in an investor’s portfolio and, more importantly, in customers’ portfolios. The lines are likely to blur as investors become active participants in the bootstrapped growth of the companies they love,” he writes.
• Blockchain Bites: Binance’s Bitcoin Mining, ConsenSys’ Legal Trouble and Why Politicians Blame Twitter, Not Bitcoin
• Blockchain Bites: Binance’s Bitcoin Mining, ConsenSys’ Legal Trouble and Why Politicians Blame Twitter, Not Bitcoin
[Social Media Buzz]
None available.
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9185.82, 9164.23, 9374.89, 9525.36, 9581.07, 9536.89, 9677.11, 9905.17, 10990.87, 10912.82
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 9656.72, 9800.64, 9665.53, 9653.68, 9758.85, 9771.49, 9795.70, 9870.09, 9321.78, 9480.84, 9475.28, 9386.79, 9450.70, 9538.02, 9480.25, 9411.84, 9288.02, 9332.34, 9303.63, 9648.72, 9629.66, 9313.61, 9264.81, 9162.92, 9045.39, 9143.58, 9190.85, 9137.99, 9228.33, 9123.41, 9087.30, 9132.49, 9073.94, 9375.47, 9252.28, 9428.33, 9277.97, 9278.81, 9240.35, 9276.50, 9243.61, 9243.21, 9192.84, 9132.23, 9151.39, 9159.04, 9185.82, 9164.23, 9374.89, 9525.36, 9581.07, 9536.89, 9677.11, 9905.17, 10990.87, 10912.82, 11100.47, 11111.21, 11323.47, 11759.59, 11053.61, 11246.35, 11205.89, 11747.02, 11779.77, 11601.47, 11754.05, 11675.74, 11878.11, 11410.53, 11584.93, 11784.14, 11768.87, 11865.70, 11892.80, 12254.40, 11991.23, 11758.28, 11878.37, 11592.49, 11681.83, 11664.85, 11774.60, 11366.13, 11488.36, 11323.40, 11542.50, 11506.87, 11711.51, 11680.82.
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[Bitcoin Technical Analysis for 2020-08-31]
Volume: 22285928250, RSI (14-day): 54.75, 50-day EMA: 11066.88, 200-day EMA: 9607.33
[Wider Market Context]
Gold Price: 1967.60, Gold RSI: 56.01
Oil Price: 42.61, Oil RSI: 55.01
[Recent News (last 7 days)]
Crypto Long & Short: What Changes at the Fed and the SEC Mean for Crypto: There has been no shortage of epoch-changing twists so far this year. I mean, seriously, take your pick: Even aside from the pandemic, we have riots on the streets of American cities, an alarming trade war, negative oil prices and gold briefly above $2,000/oz. These are just some of the loud, headline-grabbing changes that were once unthinkable but now form part of our new normal. A much quieter shift, but equally transformative, started to make its presence more felt on Thursday, when the chairman of the U.S. Federal Reserve, Jerome Powell, outlined a new focus for the institution: inflation will be allowed to run higher than the original 2% target “for some time” to make up for undershoots. In other words, inflation might rise in the short term, but don’t worry, we won’t raise rates. Y ou’re reading Crypto Long & Short , a newsletter that looks closely at the forces driving cryptocurrency markets. Authored by CoinDesk’s head of research, Noelle Acheson, it goes out every Sunday and offers a recap of the week – with insights and analysis – from a professional investor’s point of view. You can subscribe here . Related: Mr. Powell, If You Want Higher Inflation, Give People Money At first, the announcement seemed totally “meh” – the only surprise was that his remarks were not more remarkable. Given the colossal government debt, no one expected rates to be raised in the near future, no matter what inflation does. But, zooming out, Powell’s comments cement a radical shift in the role of arguably the most powerful central bank in the world. This is likely to influence more than just yield expectations: it could trigger a greater transformation of the Fed’s role. This will, directly and indirectly, support the work going on in crypto markets. But more on that in a minute. Origins First, let’s look at a bit of history. Related: The End of an Era? Why Bitcoin and MMT Won the Week Story continues The founding Federal Reserve Act of 1913 did not specify any macroeconomic goals – the institution’s original mandate was to provide liquidity in order to avoid financial panics. The 1946 Employment Act shifted the focus to “maximum employment,” and in 1978 a new Act added a parallel goal of “reasonable price stability.” After a decades-long drift towards focusing on that at the expense of everything else, the financial crisis of 2008 jolted the Federal Reserve into again prioritizing financial stability. That role gave it plenty of leeway as the current crisis started to unfold, and let it move into new areas that highlight its false independence. This could become increasingly significant given what Chairman Powell himself has recognized as a weakening faith in large institutions. With the buying of corporate debt, the Fed is no longer just limiting itself to the printing of money – it is now deciding where the money goes. This is political. And with initiatives such as the Main Street Lending program, it is opening itself up to an almost inevitable wave of defaults that the taxpayer will have to fund. And that’s even before you consider the pain that a higher inflation rate will unleash on a public reeling from unemployment and foreclosures. The “average” target of 2% may not sound like much, but anyone who has been grocery shopping recently knows that the reported headline increases are meaningless to daily life in a pandemic. The Fed is effectively telling them that the whopping 10% reported annual CPI increase in July for meat, the over 8% increase in the price of eggs and the over 4% increase for vegetables (to choose just some examples) aren’t important. We’re taught the Fed is independent from the government, which gives it the power to focus on the economy without political interference. But its increasingly embedded relationship with the Treasury is turning the central bank into more of a political arm. Its head is a political appointee. And its powers come from Congress, which responds to voters, who could conceivably convince Congress to make some adjustments. Let’s not forget the U.S. Federal Reserve was created just over 100 years ago – the institution is not that old, in the grand arc of history. And its influence is not written in stone. For now, its role is significant and even essential as the global economy recalibrates debt and affiliations. But things change. In place Where do crypto markets come into this? Crypto markets were born in a storm of change. In 2009, the year of the first bitcoin transaction, the role of the central bank was going through another profound transformation. The roiling markets were handing out unwelcome lessons in the hubris of assuming trends were constant and systemic institutions were immutable. Just over 10 years later, we’re in a similar situation. What we knew to be true about finance and markets is now riddled with doubt. What we assumed just couldn’t be, now is. And the central banks that we understood to be the gatekeepers to the global economy, are struggling to define their place in a rapidly evolving chaos and rebirth. Those of us working in this industry watch indicators of a new reality pop up almost weekly. Over the past few days, we saw a blockchain-based security token initiate an IPO with SEC approval, a long-standing and well-respected financial institution get involved in the launch of a crypto fund, and a state-owned energy giant partner to reduce flaring from operations through bitcoin mining. These big steps forward take their place in the march towards the profound change that everyone working in crypto has been preparing for. Whatever our role, we are working on what we think comes next in the cogs of progress. Chairman Powell’s remarks this week reminded us that so are central bankers. Progress is not just the realm of new technologies and business models, and change is not just about replacing traditional institutions with new ones. Everything evolves. If 2020 teaches us one thing, it has to be that assumptions don’t last, and that we all need to be flexible. In a world where everything is undergoing a transformation, barriers come down faster. And, as uncomfortable as it may be, change is always an opportunity, especially when it comes from unexpected areas. In our industry, it’s what we’ve been hoping for. The SEC is changing, too Central banks aren’t the only venerable institution implementing profound policy changes that will impact crypto markets. Earlier this week the U.S. Securities and Exchange Commission (SEC) approved the plan for the New York Stock Exchange to allow companies to list newly issued shares directly, rather than via an initial public offering. Previously, direct listings were allowed for shares already held by insiders. This new ruling will enable companies to raise capital on public markets without the expense of an IPO, while still meeting certain compliance rules. This is potentially a big deal for crypto markets, since a handful of well-known companies in our industry have been rumored to be contemplating a public listing. Going the direct route will make this a lighter lift for blockchain startups, give investors a regulated exposure to the crypto markets, raise the profile of the industry as a whole and give us analysts insight into the inner workings of previously opaque businesses. The SEC also broadened its definition of “accredited investor,” for the first time in 40 years, to include those that had passed the Series 7, 65 and 82 exams, regardless of their personal wealth. As a CFA, I am miffed that CFAs aren’t included (what, are we not smart enough?), but I’m taking the glass-half-full approach of focusing on the fact that change is happening, albeit slowly on some fronts. A much more significant move is the launch of the first SEC-approved security token listing. INX, a Gibraltar-based company building a crypto exchange, is issuing 130 million tokens that allow holders to receive a share in the company’s net cash flow, as well as trading discounts. The offering price is $0.90, which could net the company $117 million, making it the largest IPO in the industry to date. That in itself is pretty cool, but let’s not forget that it’s a security token . It runs on the Ethereum blockchain. And it’s been approved for public trading – even for retail investors – by the SEC. Whether the business fundamentals hold up to scrutiny or not, the issue is a phenomenal innovation, and not just because the token itself will blur traditional understanding of tradable assets. As it stands, it’s similar to equity in that holders can share in the business’ success, but without ownership rights. And it could confer operational privileges such as discounts, and possibly other features down the road, because it’s a programmable asset . What’s more, it can only be held by investors that have passed through the know-your-customer (KYC) process. It’s also a big step forward for a regulator traditionally wary of blockchain-based offerings, one better known for its punitive decisions and high access barriers than its support for new assets and business models. Anyone know what’s going on yet? Although bond yields edged up in response to the Fed’s new inflation stance, the dollar hardly reacted, and even bitcoin’s and gold’s wobbles left them pretty much where they were before Powell’s remarks. The S&P 500 hit a record high this week, having bounced back over 50% from its 2020 low in March. While gold has not managed to break its all-time high of $2,061 from earlier this month, it is still over 30% up from its March lows. For comparison, bitcoin’s price is nowhere near its all-time high, but it is almost three times its intraday low on March 12. The correlation between gold and bitcoin continues to increase, as both are yet again acting as hedges against the dollar. Speaking of which, the correlation between bitcoin and the dollar continues to head downwards. Preview(opens in a new tab) Just through pure math, a declining dollar will boost the bitcoin price denominated in dollars. But what about bitcoin in other currencies? Understandably, the performance is not as high, but it is still strong. CHAIN LINKS A filing with the SEC this week revealed that Peter Jubber, head of strategy and planning for Fidelity Investments, is the president of FD Funds GP, which is the general partner of Wise Origin Bitcoin Index Fund I, LP. TAKEAWAY: While Fidelity has not confirmed this, signs point to the fund being a Fidelity initiative, which would mean that one of the largest asset managers in the world, with almost 75 years of history, is launching a crypto fund. Let that sink in. Blockchain investment firm Digital Currency Group (parent of CoinDesk) has expanded into the bitcoin mining industry with a subsidiary called Foundry which provides cryptocurrency miners and equipment makers with financing and market intelligence. TAKEAWAY: This is yet another sign that the cryptocurrency mining industry is rapidly maturing, which should bring new investment, greater geographical diversification and innovative market products that should add liquidity and resilience to an integral part of the ecosystem. And speaking of a changing crypto mining industry, listed multinational petroleum giant Equinor (formerly Statoil, 67% owned by the Norwegian government) is moving to significantly reduce natural gas flaring by mining cryptocurrency, according to screenshots from Equinor’s intranet received by Arcane Research Friday. TAKEAWAY: The firm will apparently do this via a partnership with Colorado-based Crusoe Energy Systems, which uses digital flare mitigation technology to convert waste natural gas that would be otherwise released into the atmosphere into electricity at the well site that can mine cryptocurrency at low cost. Nasdaq-listed cryptocurrency mining company Marathon Patent Group has signed a letter of intent to acquire the mining-as-a-service company Fastblock Mining in an all-stock deal. After deploying Fastblock’s 3,304 ASIC miners, Marathon’s mining power will increase by 208 petahash per second, and its overall cost to mine bitcoin will drop from $7,400 per BTC to $3,600 per BTC due to Fastblock’s low electricity cost. TAKEAWAY: Lower mining costs not only give the operation a good cushion should the bitcoin price fall, but they also afford it considerable upside if the bitcoin price rallies. While listed companies generally have company risk on top of market risk, they can provide an alternative way to gain exposure to crypto prices for investors that don’t want to bother with crypto exchanges and custody. The average daily volume of physically settled bitcoin derivatives on Bakkt, a U.S.-based crypto derivatives exchange backed by the parent of the NYSE, has reached record levels this month, signaling growing institutional interest in spot bitcoin transactions. TAKEAWAY: Bakkt’s futures with physical delivery allow investors to take ownership of bitcoin via a regulated exchange. Spot exchanges may be licensed, but they are not regulated since spot crypto does not yet have a regulator. Derivatives do. And many institutions are limited to transacting on regulated venues. Nic Carter looks at the protocol architecture of Bitcoin and Ethereum, and the role of fees in each. TAKEAWAY: This is especially relevant given the soaring fees on Ethereum, which throws into question its goal to be a widespread, high-throughput application platform (although the upcoming shift to Eth 2.0 aims to support this). Bitcoin’s relatively high fees also have a role in shaping its narrative (more store-of-value than decentralized payment system) and technological development (sidechains and lighter data structures). Antigua and Barbuda-based crypto exchange FTX has launched a futures index for the top 100 liquidity pools on Uniswap, the largest decentralized exchange by traded volume. And Binance , the world’s largest crypto exchange by volume, plans to offer fully synthetic derivatives based on a decentralized finance index. TAKEAWAY: You’ve heard me say this before: the innovation in terms of new types of assets in crypto markets is phenomenal. Here you have products that allows traders to use centralized crypto exchanges to access the performance of markets native to decentralized platforms, with leverage. Ribbit Capital, an investor with a $2.6 billion portfolio of fintech startups including cryptocurrency and blockchain ventures (and a founding member of the Libra Association), filed a prospectus with the SEC for a $350 million IPO for a special-purpose acquisition company (SPAC) called Ribbit LEAP. TAKEAWAY: Ribbit LEAP does not yet have a business, but it intends to find one with which to merge, and could end up being an efficient public listing route for a crypto business looking to raise capital. As Nathaniel Whittemore explains in this great podcast episode, SPACs are not cheaper than IPOs, but they are more agile, which could become important if indeed we are heading into a bull market. In other words, with a SPAC, crypto businesses can raise funds faster, taking advantage of rising hype. Podcast episodes worth listening to: How Much Should We Fear Post-Crisis Debt or Inflation? Feat. Adam Tooze – Nathaniel Whittemore, The Breakdown Everything You Need to Know About Jerome Powell’s Jackson Hole Speech – Nathaniel Whittemore, The Breakdown Dick Bove (Odeon Capital) on the banking sector and the future of dollar dominance – Matt Walsh, On The Brink Jason Furman on Productivity, Competition, and Growth – Tyler Cowen, Conversations with Tyler Zachary Kelman (Kelman Law) on the FATF, Bitcoin, and the International Order – Nick Carter, On The Brink Related Stories Crypto Long & Short: What Changes at the Fed and the SEC Mean for Crypto Crypto Long & Short: What Changes at the Fed and the SEC Mean for Crypto || Crypto Long & Short: What Changes at the Fed and the SEC Mean for Crypto: There has been no shortage of epoch-changing twists so far this year. I mean, seriously, take your pick: Even aside from the pandemic, we have riots on the streets of American cities, an alarming trade war, negative oil prices and gold briefly above $2,000/oz. These are just some of the loud, headline-grabbing changes that were once unthinkable but now form part of our new normal. A much quieter shift, but equally transformative, started to make its presence more felt on Thursday, when the chairman of the U.S. Federal Reserve, Jerome Powell, outlined a new focus for the institution: inflation will be allowed to run higher than the original 2% target “for some time” to make up for undershoots. In other words, inflation might rise in the short term, but don’t worry, we won’t raise rates. Y ou’re reading Crypto Long & Short , a newsletter that looks closely at the forces driving cryptocurrency markets. Authored by CoinDesk’s head of research, Noelle Acheson, it goes out every Sunday and offers a recap of the week – with insights and analysis – from a professional investor’s point of view. You can subscribe here . Related: Mr. Powell, If You Want Higher Inflation, Give People Money At first, the announcement seemed totally “meh” – the only surprise was that his remarks were not more remarkable. Given the colossal government debt, no one expected rates to be raised in the near future, no matter what inflation does. But, zooming out, Powell’s comments cement a radical shift in the role of arguably the most powerful central bank in the world. This is likely to influence more than just yield expectations: it could trigger a greater transformation of the Fed’s role. This will, directly and indirectly, support the work going on in crypto markets. But more on that in a minute. Origins First, let’s look at a bit of history. Related: The End of an Era? Why Bitcoin and MMT Won the Week Story continues The founding Federal Reserve Act of 1913 did not specify any macroeconomic goals – the institution’s original mandate was to provide liquidity in order to avoid financial panics. The 1946 Employment Act shifted the focus to “maximum employment,” and in 1978 a new Act added a parallel goal of “reasonable price stability.” After a decades-long drift towards focusing on that at the expense of everything else, the financial crisis of 2008 jolted the Federal Reserve into again prioritizing financial stability. That role gave it plenty of leeway as the current crisis started to unfold, and let it move into new areas that highlight its false independence. This could become increasingly significant given what Chairman Powell himself has recognized as a weakening faith in large institutions. With the buying of corporate debt, the Fed is no longer just limiting itself to the printing of money – it is now deciding where the money goes. This is political. And with initiatives such as the Main Street Lending program, it is opening itself up to an almost inevitable wave of defaults that the taxpayer will have to fund. And that’s even before you consider the pain that a higher inflation rate will unleash on a public reeling from unemployment and foreclosures. The “average” target of 2% may not sound like much, but anyone who has been grocery shopping recently knows that the reported headline increases are meaningless to daily life in a pandemic. The Fed is effectively telling them that the whopping 10% reported annual CPI increase in July for meat, the over 8% increase in the price of eggs and the over 4% increase for vegetables (to choose just some examples) aren’t important. We’re taught the Fed is independent from the government, which gives it the power to focus on the economy without political interference. But its increasingly embedded relationship with the Treasury is turning the central bank into more of a political arm. Its head is a political appointee. And its powers come from Congress, which responds to voters, who could conceivably convince Congress to make some adjustments. Let’s not forget the U.S. Federal Reserve was created just over 100 years ago – the institution is not that old, in the grand arc of history. And its influence is not written in stone. For now, its role is significant and even essential as the global economy recalibrates debt and affiliations. But things change. In place Where do crypto markets come into this? Crypto markets were born in a storm of change. In 2009, the year of the first bitcoin transaction, the role of the central bank was going through another profound transformation. The roiling markets were handing out unwelcome lessons in the hubris of assuming trends were constant and systemic institutions were immutable. Just over 10 years later, we’re in a similar situation. What we knew to be true about finance and markets is now riddled with doubt. What we assumed just couldn’t be, now is. And the central banks that we understood to be the gatekeepers to the global economy, are struggling to define their place in a rapidly evolving chaos and rebirth. Those of us working in this industry watch indicators of a new reality pop up almost weekly. Over the past few days, we saw a blockchain-based security token initiate an IPO with SEC approval, a long-standing and well-respected financial institution get involved in the launch of a crypto fund, and a state-owned energy giant partner to reduce flaring from operations through bitcoin mining. These big steps forward take their place in the march towards the profound change that everyone working in crypto has been preparing for. Whatever our role, we are working on what we think comes next in the cogs of progress. Chairman Powell’s remarks this week reminded us that so are central bankers. Progress is not just the realm of new technologies and business models, and change is not just about replacing traditional institutions with new ones. Everything evolves. If 2020 teaches us one thing, it has to be that assumptions don’t last, and that we all need to be flexible. In a world where everything is undergoing a transformation, barriers come down faster. And, as uncomfortable as it may be, change is always an opportunity, especially when it comes from unexpected areas. In our industry, it’s what we’ve been hoping for. The SEC is changing, too Central banks aren’t the only venerable institution implementing profound policy changes that will impact crypto markets. Earlier this week the U.S. Securities and Exchange Commission (SEC) approved the plan for the New York Stock Exchange to allow companies to list newly issued shares directly, rather than via an initial public offering. Previously, direct listings were allowed for shares already held by insiders. This new ruling will enable companies to raise capital on public markets without the expense of an IPO, while still meeting certain compliance rules. This is potentially a big deal for crypto markets, since a handful of well-known companies in our industry have been rumored to be contemplating a public listing. Going the direct route will make this a lighter lift for blockchain startups, give investors a regulated exposure to the crypto markets, raise the profile of the industry as a whole and give us analysts insight into the inner workings of previously opaque businesses. The SEC also broadened its definition of “accredited investor,” for the first time in 40 years, to include those that had passed the Series 7, 65 and 82 exams, regardless of their personal wealth. As a CFA, I am miffed that CFAs aren’t included (what, are we not smart enough?), but I’m taking the glass-half-full approach of focusing on the fact that change is happening, albeit slowly on some fronts. A much more significant move is the launch of the first SEC-approved security token listing. INX, a Gibraltar-based company building a crypto exchange, is issuing 130 million tokens that allow holders to receive a share in the company’s net cash flow, as well as trading discounts. The offering price is $0.90, which could net the company $117 million, making it the largest IPO in the industry to date. That in itself is pretty cool, but let’s not forget that it’s a security token . It runs on the Ethereum blockchain. And it’s been approved for public trading – even for retail investors – by the SEC. Whether the business fundamentals hold up to scrutiny or not, the issue is a phenomenal innovation, and not just because the token itself will blur traditional understanding of tradable assets. As it stands, it’s similar to equity in that holders can share in the business’ success, but without ownership rights. And it could confer operational privileges such as discounts, and possibly other features down the road, because it’s a programmable asset . What’s more, it can only be held by investors that have passed through the know-your-customer (KYC) process. It’s also a big step forward for a regulator traditionally wary of blockchain-based offerings, one better known for its punitive decisions and high access barriers than its support for new assets and business models. Anyone know what’s going on yet? Although bond yields edged up in response to the Fed’s new inflation stance, the dollar hardly reacted, and even bitcoin’s and gold’s wobbles left them pretty much where they were before Powell’s remarks. The S&P 500 hit a record high this week, having bounced back over 50% from its 2020 low in March. While gold has not managed to break its all-time high of $2,061 from earlier this month, it is still over 30% up from its March lows. For comparison, bitcoin’s price is nowhere near its all-time high, but it is almost three times its intraday low on March 12. The correlation between gold and bitcoin continues to increase, as both are yet again acting as hedges against the dollar. Speaking of which, the correlation between bitcoin and the dollar continues to head downwards. Preview(opens in a new tab) Just through pure math, a declining dollar will boost the bitcoin price denominated in dollars. But what about bitcoin in other currencies? Understandably, the performance is not as high, but it is still strong. CHAIN LINKS A filing with the SEC this week revealed that Peter Jubber, head of strategy and planning for Fidelity Investments, is the president of FD Funds GP, which is the general partner of Wise Origin Bitcoin Index Fund I, LP. TAKEAWAY: While Fidelity has not confirmed this, signs point to the fund being a Fidelity initiative, which would mean that one of the largest asset managers in the world, with almost 75 years of history, is launching a crypto fund. Let that sink in. Blockchain investment firm Digital Currency Group (parent of CoinDesk) has expanded into the bitcoin mining industry with a subsidiary called Foundry which provides cryptocurrency miners and equipment makers with financing and market intelligence. TAKEAWAY: This is yet another sign that the cryptocurrency mining industry is rapidly maturing, which should bring new investment, greater geographical diversification and innovative market products that should add liquidity and resilience to an integral part of the ecosystem. And speaking of a changing crypto mining industry, listed multinational petroleum giant Equinor (formerly Statoil, 67% owned by the Norwegian government) is moving to significantly reduce natural gas flaring by mining cryptocurrency, according to screenshots from Equinor’s intranet received by Arcane Research Friday. TAKEAWAY: The firm will apparently do this via a partnership with Colorado-based Crusoe Energy Systems, which uses digital flare mitigation technology to convert waste natural gas that would be otherwise released into the atmosphere into electricity at the well site that can mine cryptocurrency at low cost. Nasdaq-listed cryptocurrency mining company Marathon Patent Group has signed a letter of intent to acquire the mining-as-a-service company Fastblock Mining in an all-stock deal. After deploying Fastblock’s 3,304 ASIC miners, Marathon’s mining power will increase by 208 petahash per second, and its overall cost to mine bitcoin will drop from $7,400 per BTC to $3,600 per BTC due to Fastblock’s low electricity cost. TAKEAWAY: Lower mining costs not only give the operation a good cushion should the bitcoin price fall, but they also afford it considerable upside if the bitcoin price rallies. While listed companies generally have company risk on top of market risk, they can provide an alternative way to gain exposure to crypto prices for investors that don’t want to bother with crypto exchanges and custody. The average daily volume of physically settled bitcoin derivatives on Bakkt, a U.S.-based crypto derivatives exchange backed by the parent of the NYSE, has reached record levels this month, signaling growing institutional interest in spot bitcoin transactions. TAKEAWAY: Bakkt’s futures with physical delivery allow investors to take ownership of bitcoin via a regulated exchange. Spot exchanges may be licensed, but they are not regulated since spot crypto does not yet have a regulator. Derivatives do. And many institutions are limited to transacting on regulated venues. Nic Carter looks at the protocol architecture of Bitcoin and Ethereum, and the role of fees in each. TAKEAWAY: This is especially relevant given the soaring fees on Ethereum, which throws into question its goal to be a widespread, high-throughput application platform (although the upcoming shift to Eth 2.0 aims to support this). Bitcoin’s relatively high fees also have a role in shaping its narrative (more store-of-value than decentralized payment system) and technological development (sidechains and lighter data structures). Antigua and Barbuda-based crypto exchange FTX has launched a futures index for the top 100 liquidity pools on Uniswap, the largest decentralized exchange by traded volume. And Binance , the world’s largest crypto exchange by volume, plans to offer fully synthetic derivatives based on a decentralized finance index. TAKEAWAY: You’ve heard me say this before: the innovation in terms of new types of assets in crypto markets is phenomenal. Here you have products that allows traders to use centralized crypto exchanges to access the performance of markets native to decentralized platforms, with leverage. Ribbit Capital, an investor with a $2.6 billion portfolio of fintech startups including cryptocurrency and blockchain ventures (and a founding member of the Libra Association), filed a prospectus with the SEC for a $350 million IPO for a special-purpose acquisition company (SPAC) called Ribbit LEAP. TAKEAWAY: Ribbit LEAP does not yet have a business, but it intends to find one with which to merge, and could end up being an efficient public listing route for a crypto business looking to raise capital. As Nathaniel Whittemore explains in this great podcast episode, SPACs are not cheaper than IPOs, but they are more agile, which could become important if indeed we are heading into a bull market. In other words, with a SPAC, crypto businesses can raise funds faster, taking advantage of rising hype. Podcast episodes worth listening to: How Much Should We Fear Post-Crisis Debt or Inflation? Feat. Adam Tooze – Nathaniel Whittemore, The Breakdown Everything You Need to Know About Jerome Powell’s Jackson Hole Speech – Nathaniel Whittemore, The Breakdown Dick Bove (Odeon Capital) on the banking sector and the future of dollar dominance – Matt Walsh, On The Brink Jason Furman on Productivity, Competition, and Growth – Tyler Cowen, Conversations with Tyler Zachary Kelman (Kelman Law) on the FATF, Bitcoin, and the International Order – Nick Carter, On The Brink Related Stories Crypto Long & Short: What Changes at the Fed and the SEC Mean for Crypto Crypto Long & Short: What Changes at the Fed and the SEC Mean for Crypto || After Math: 15-Minute COVID tests and 27,000 not-so-great scots: Congratulations on making it through another seven days as the world burns around us — in California’s case, quite literally — so let’s take a look at some of the top headlines from the week that was. tik (Engadget) TikTok CEO Kevin Mayer quits just three months after taking the job The short form social media platform’s woes continued this week. While Walmart joined the bidding frenzy, TikTok’s recently acquired CEO, former Disney bigwig Kevin Mayer, announced that he is leaving the company after just three months. abbot (Engadget) Abbott's 15-minute, $5 COVID-19 test gets FDA authorization This new rapid COVID test from Abbot promises to diagnose people for the virus in just 15 minutes, rather than the 15 or so days current testing systems require. The government has already put in an order for 150 million of the tests but seeing how well the Trump administration has handled the pandemic so far, rest assured they’ll find a way to shoot themselves (and the CDC) in the foot over this. nukes (Engadget) It takes an estimated seven nuclear plants to power our bitcoin mining What, you thought Bitcoin was just pulled from the internet’s ether? No, it takes electricity and lots of it in order to mine the digital currency. Current estimates put the practice’s global power usage at just over 7 gigawatts. shipment (Engadget) Global smartphone shipments tanked by 20.4 percent due to the pandemic Even though the COVID quarantines have us stuck inside and glued to our phones more than ever, the pandemic has not been kind to cellphone manufacturers. A recently released study found that global handset shipments have dropped by more than a fifth since March. Apple, unsurprisingly, appears to be none the worse for wear. dunning kruger (Engadget) A US teen wrote 27,000 Wikipedia entries in a language they don't speak Oh my dear Dunning Kruger . I get that countless people on the internet see themselves as self-styled experts in various fields but this takes the cake. A teenager living in North Carolina didn’t let a little detail like having no functional understanding of the Scottish language stop them from authoring more than 27,000 articles — 49 percent of Wikipedia’s entire collection on the subject — on the subject. || After Math: 15-Minute COVID tests and 27,000 not-so-great scots: Congratulations on making it through another seven days as the world burns around us — in California’s case, quite literally — so let’s take a look at some of the top headlines from the week that was. tik (Engadget) TikTok CEO Kevin Mayer quits just three months after taking the job The short form social media platform’s woes continued this week. While Walmart joined the bidding frenzy, TikTok’s recently acquired CEO, former Disney bigwig Kevin Mayer, announced that he is leaving the company after just three months. abbot (Engadget) Abbott's 15-minute, $5 COVID-19 test gets FDA authorization This new rapid COVID test from Abbot promises to diagnose people for the virus in just 15 minutes, rather than the 15 or so days current testing systems require. The government has already put in an order for 150 million of the tests but seeing how well the Trump administration has handled the pandemic so far, rest assured they’ll find a way to shoot themselves (and the CDC) in the foot over this. nukes (Engadget) It takes an estimated seven nuclear plants to power our bitcoin mining What, you thought Bitcoin was just pulled from the internet’s ether? No, it takes electricity and lots of it in order to mine the digital currency. Current estimates put the practice’s global power usage at just over 7 gigawatts. shipment (Engadget) Global smartphone shipments tanked by 20.4 percent due to the pandemic Even though the COVID quarantines have us stuck inside and glued to our phones more than ever, the pandemic has not been kind to cellphone manufacturers. A recently released study found that global handset shipments have dropped by more than a fifth since March. Apple, unsurprisingly, appears to be none the worse for wear. dunning kruger (Engadget) A US teen wrote 27,000 Wikipedia entries in a language they don't speak Oh my dear Dunning Kruger . I get that countless people on the internet see themselves as self-styled experts in various fields but this takes the cake. A teenager living in North Carolina didn’t let a little detail like having no functional understanding of the Scottish language stop them from authoring more than 27,000 articles — 49 percent of Wikipedia’s entire collection on the subject — on the subject. || IRS memo: Cryptocurrency earned from a microtasking job is taxable income: An Internal Revenue Service memo written in late June and published on August 28 states that cryptocurrency earned from microtasks conducted on crowdsourcing platforms is considered taxable income. The memo was written in response to a query from the U.S. agency's Small Business/Self Employed Division. While the document itself focuses on what may ultimately constitute a minor element of the tax authority's oversight of crypto-related income, it nonetheless offers a window into the depth of the IRS's thought process in this area. As stated, the memo explores this question: "Is convertible virtual currency received by an individual for performing a microtask through a crowdsourcing or similar platform taxable income?" The answer is yes, according to the memo's author, Ronald Goldstein of the Income Tax and Accounting Division, who wrote: "Yes, a taxpayer who receives convertible virtual currency in exchange for performing a microtask through a crowdsourcing platform has received consideration in exchange for performing a service, and the convertible virtual currency received is taxable as ordinary income." Goldstein notes that there are a variety of microtasks for which a user or contributor might be paid, citing how "a firm may offer to pay workers in units of Bitcoin or other convertible virtual currency if the worker processes data or reviews images" as one example. "Other examples include an offer of convertible virtual currency in exchange for downloading a particular app from an app store and leaving a positive review including a comment, downloading games and reaching certain milestones, completing online quizzes and surveys, or registering accounts with various online services. These types of microtasks may provide individuals with “rewards” in the form of convertible virtual currency. The value of convertible virtual currency paid in exchange for a single microtask often is a small amount that may be less than $1," he went on to write. Story continues And as he later notes: "Section 61(a)(1) provides that, except as otherwise provided by law, gross income means all income from whatever source derived, including compensation for services. Under § 61, all gains or undeniable accessions to wealth, clearly realized, over which a taxpayer has complete dominion, are included in gross income." "A taxpayer who performs a task through a crowdsourcing platform, including a microtask, has performed a service for the party that requested the task with the expectation that he or she will receive compensation. If the taxpayer receives convertible virtual currency for performing the task, regardless of the value and the manner in which it is received, then the taxpayer has been compensated with property," Goldstein continued. The IRS has considered bitcoin and other cryptocurrencies to be a form of taxable property since 2014 . The memo's release came several days after word spread that the IRS had begun issuing letters to U.S. taxpayers who may have failed to report their cryptocurrency transactions correctly. The IRS first sent letters of this kind to U.S.-based crypto owners in 2019. The full memo can be found below: 202035011 by MichaelPatrickMcSweeney on Scribd © 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || IRS memo: Cryptocurrency earned from a microtasking job is taxable income: An Internal Revenue Service memo written in late June and published on August 28 states that cryptocurrency earned from microtasks conducted on crowdsourcing platforms is considered taxable income.
Thememowas written in response to a query from the U.S. agency's Small Business/Self Employed Division. While the document itself focuses on what may ultimately constitute a minor element of the tax authority's oversight of crypto-related income, it nonetheless offers a window into the depth of the IRS's thought process in this area.
As stated, the memo explores this question: "Is convertible virtual currency received by an individual for performing a microtask through a crowdsourcing or similar platform taxable income?"
The answer is yes, according to the memo's author, Ronald Goldstein of the Income Tax and Accounting Division, who wrote:
"Yes, a taxpayer who receives convertible virtual currency in exchange for performing a microtask through a crowdsourcing platform has received consideration in exchange for performing a service, and the convertible virtual currency received is taxable as ordinary income."
Goldstein notes that there are a variety of microtasks for which a user or contributor might be paid, citing how "a firm may offer to pay workers in units of Bitcoin or other convertible virtual currency if the worker processes data or reviews images" as one example.
"Other examples include an offer of convertible virtual currency in exchange for downloading a particular app from an app store and leaving a positive review including a comment, downloading games and reaching certain milestones, completing online quizzes and surveys, or registering accounts with various online services. These types of microtasks may provide individuals with “rewards” in the form of convertible virtual currency. The value of convertible virtual currency paid in exchange for a single microtask often is a small amount that may be less than $1," he went on to write.
And as he later notes: "Section 61(a)(1) provides that, except as otherwise provided by law, gross income means all income from whatever source derived, including compensation for services. Under § 61, all gains or undeniable accessions to wealth, clearly realized, over which a taxpayer has complete dominion, are included in gross income."
"A taxpayer who performs a task through a crowdsourcing platform, including a microtask, has performed a service for the party that requested the task with the expectation that he or she will receive compensation. If the taxpayer receives convertible virtual currency for performing the task, regardless of the value and the manner in which it is received, then the taxpayer has been compensated with property," Goldstein continued. The IRS has considered bitcoin and other cryptocurrencies to be a form of taxable propertysince 2014.
The memo's release came several days after word spread that the IRS had begun issuinglettersto U.S. taxpayers who may have failed to report their cryptocurrency transactions correctly. The IRS first sent letters of this kind to U.S.-based crypto owners in 2019.
The full memo can be found below:
202035011byMichaelPatrickMcSweeneyon Scribd
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || The Case for $500,000 Bitcoin: The Winklevoss brothers make an argument that, in the long run, bitcoin is the only good safe haven.
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
This episode is sponsored byCrypto.com,BitstampandNexo.io.
Related:Huobi Futures to Launch Options Trading This Week, Joining Throng Challenging Deribit
This week’s episode of Long Reads Sunday is areading of the latest essayfrom Tyler and Cameron Winklevoss.
The essay looks systematically at the problems of the slate of current store-of-value assets, including the U.S. dollar, oil and gold.
The brothers argue why those assets have, or are starting to have, value in their safe haven function, whilebitcoinis on the rise.
See also:Is Asteroid Mining Really Our Best Argument for Bitcoin Over Gold?
Related:Bitcoin News Roundup for Aug. 31, 2020
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
• The Case for $500,000 Bitcoin
• The Case for $500,000 Bitcoin || The Case for $500,000 Bitcoin: The Winklevoss brothers make an argument that, in the long run, bitcoin is the only good safe haven. For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . This episode is sponsored by Crypto.com , Bitstamp and Nexo.io . Related: Huobi Futures to Launch Options Trading This Week, Joining Throng Challenging Deribit This week’s episode of Long Reads Sunday is a reading of the latest essay from Tyler and Cameron Winklevoss. The essay looks systematically at the problems of the slate of current store-of-value assets, including the U.S. dollar, oil and gold. The brothers argue why those assets have, or are starting to have, value in their safe haven function, while bitcoin is on the rise. See also: Is Asteroid Mining Really Our Best Argument for Bitcoin Over Gold? Related: Bitcoin News Roundup for Aug. 31, 2020 For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . Related Stories The Case for $500,000 Bitcoin The Case for $500,000 Bitcoin || The Case for $500,000 Bitcoin: The Winklevoss brothers make an argument that, in the long run, bitcoin is the only good safe haven.
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
This episode is sponsored byCrypto.com,BitstampandNexo.io.
Related:Huobi Futures to Launch Options Trading This Week, Joining Throng Challenging Deribit
This week’s episode of Long Reads Sunday is areading of the latest essayfrom Tyler and Cameron Winklevoss.
The essay looks systematically at the problems of the slate of current store-of-value assets, including the U.S. dollar, oil and gold.
The brothers argue why those assets have, or are starting to have, value in their safe haven function, whilebitcoinis on the rise.
See also:Is Asteroid Mining Really Our Best Argument for Bitcoin Over Gold?
Related:Bitcoin News Roundup for Aug. 31, 2020
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
• The Case for $500,000 Bitcoin
• The Case for $500,000 Bitcoin || The Week Ahead – Brexit, COVID-19 News, and Economic Data in Focus: It’s a busy week ahead on theeconomic calendar, with 75 stats in focus in the week ending 4thSeptember. In the week prior, 47 stats had been in focus.
It’s yet another busy week ahead on the economic data front.
In the first half of the week, the focus is on August’s ISM Manufacturing PMI and ADP nonfarm employment change figures.
Following the impressive Markit survey numbers, the market’s preferred ISM survey will need to be aligned.
With sensitivity to labor market conditions remaining high, expect the ADP numbers to also influence.
It’s a busier 2ndhalf of the week.
On Thursday, the ISM Non-manufacturing PMI and weekly jobless claims figures will be key drivers.
The focus will then shift to August’s non-farm payrolls and unemployment figures.
Any weak numbers and expect risk aversion to sweep across the markets.
The Dollar Spot Index ended the week down by 0.94% to 92.371.
It’s a busy week ahead on theeconomic datafront.
On Tuesday, August manufacturing PMIs for Italy and Spain, and German unemployment figures are due out.
Finalized PMIs for France, Germany, and the Eurozone will also draw attention.
The focus will then shift to July retail sales figures for Germany on Wednesday, ahead of a busy Thursday.
August’s service sector PMIs for Italy and Spain and finalized PMIs for France, Germany, and the Eurozone will also be of interest.
Expect the Eurozone’s services and composite PMIs to be the key drivers, however.
At the end of the week, German factory order numbers for July will also influence.
Expect unemployment and retail sales figures for the Eurozone and prelim August inflation figures for member states to have a muted impact.
The EUR/USD ended the week up by 0.90% to $1.1903.
It’s a relatively quiet week ahead on theeconomic calendar. Finalized private sector PMIs for August are in focus in the week.
Any revisions to the prelim figures need to be considered. Expect the services PMI to have the greatest influence in the week.
On Friday, August’s BTC Retail Sales Monitor will also draw interest.
From the Bank of England, BoE Gov. Bailey is scheduled to speak late on Thursday.
The GBP/USD ended the week up by 2.00% to $1.3352.
It’s a busy week ahead on theeconomic calendar.
In the early part of the week, July’s RMPI will influence on Monday.
The focus will then shift to July trade figures on Thursday and August’s employment and Ivey PMI numbers on Friday.
We would expect August’s employment change figure to have the greatest significance.
The Loonie ended the week up by 0.59% to C$1.3099 against the U.S Dollar.
It’s a busy week ahead on the economic calendar.
Early in the week, 2ndquarter company gross operating profits, July private sector credit, and the AIG Manufacturing Index are in focus.
The focus will then shift to 2ndquarter GDP numbers on Wednesday.
Finally, July trade data on Thursday and retail sales figures on Friday will also draw plenty of attention.
On the economic data front, expect the GDP and retail sales figures to be the key drivers. The RBA has continued to raise uncertainty regarding consumption, which it sees as key to any economic recovery.
On the monetary policy front, the RBA is also in action on Tuesday. While the markets expect the RBA to stand pat, any forward guidance will influence. Perhaps the FED’s shift in its monetary policy framework will give members food for thought…
Following the spike in new COVID-19 cases in Victoria, there may also be the promise of more support.
The Aussie Dollar ended the week up by 2.85% to $0.7365.
It’s a quiet week ahead on the economic calendar.
Key stats include August’s business confidence figures on Monday and July building consent numbers on Tuesday.
Expect the business confidence figures to have the greatest impact in the week.
Any fall in confidence would point to a likely further pullback in business investment and hiring. Following the RBNZ’s talk of negative rates, the Kiwi will likely be sensitive to any soft numbers.
The Kiwi Dollar ended the week up by 3.09% to $0.6743.
It is a relatively busy week ahead on the economic calendar.
Prelim industrial production and retail sales figures kick start the week on Monday.
Finalized manufacturing and service sector PMIs on Tuesday and Thursday will also draw interest.
With economic data having been particularly gloomy, we’re not expecting too much influence on the Yen, however.
The Japanese Yen ended the week up by 0.41% to ¥105.37 against the U.S Dollar.
It’s a relatively busy week ahead on theeconomic datafront.
August’s NBS private sector PMI numbers are due out on Monday, ahead of the market’s preferred Caixin figures.
Expect some influence on market risk sentiment.
On Tuesday, the focus will then shift to the Caixin Manufacturing PMI ahead of Thursday’s Services PMI.
We can expect plenty of influence from the numbers. Any pullback in the PMIs and expect risk aversion to hit the markets.
The Chinese Yuan ended the week up 0.78% to CNY6.8655 against the U.S Dollar.
Just over a month remains before a framework needs to be in place. Both sides continue to dig in their heels, however. The chances of a no-deal departure remain high, with fisheries the stumbling block…
With the respective party national conventions over, the election polls will begin to draw interest. Trump continues to trail in spite of the U.S equity majors hitting record highs last week.
COVID-19 and social unrest remain key issues for Trump and the Republicans. A ramp-up in agri purchases by China will likely be well-received, however.
Trade talks delivered positive news to the markets last week. China ramped up soybean imports and stated that it would stick to the phase 1 agreement.
Trump may look to push for more, however, in a bid to narrow the gap with Biden. It remains to be seen whether China will play ball…
Thisarticlewas originally posted on FX Empire
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• Silver Weekly Price Forecast – Silver Markets Have Strong Week
• U.S Mortgage Rates Hit Reverse. Record Low Rates Continue to Drive Buyer Demand || The Week Ahead – Brexit, COVID-19 News, and Economic Data in Focus: On the Macro It’s a busy week ahead on the economic calendar , with 75 stats in focus in the week ending 4 th September. In the week prior, 47 stats had been in focus. For the Dollar: It’s yet another busy week ahead on the economic data front. In the first half of the week, the focus is on August’s ISM Manufacturing PMI and ADP nonfarm employment change figures. Following the impressive Markit survey numbers, the market’s preferred ISM survey will need to be aligned. With sensitivity to labor market conditions remaining high, expect the ADP numbers to also influence. It’s a busier 2 nd half of the week. On Thursday, the ISM Non-manufacturing PMI and weekly jobless claims figures will be key drivers. The focus will then shift to August’s non-farm payrolls and unemployment figures. Any weak numbers and expect risk aversion to sweep across the markets. The Dollar Spot Index ended the week down by 0.94% to 92.371. For the EUR : It’s a busy week ahead on the economic data front. On Tuesday, August manufacturing PMIs for Italy and Spain, and German unemployment figures are due out. Finalized PMIs for France, Germany, and the Eurozone will also draw attention. The focus will then shift to July retail sales figures for Germany on Wednesday, ahead of a busy Thursday. August’s service sector PMIs for Italy and Spain and finalized PMIs for France, Germany, and the Eurozone will also be of interest. Expect the Eurozone’s services and composite PMIs to be the key drivers, however. At the end of the week, German factory order numbers for July will also influence. Expect unemployment and retail sales figures for the Eurozone and prelim August inflation figures for member states to have a muted impact. The EUR/USD ended the week up by 0.90% to $1.1903. For the Pound: It’s a relatively quiet week ahead on the economic calendar . Finalized private sector PMIs for August are in focus in the week. Story continues Any revisions to the prelim figures need to be considered. Expect the services PMI to have the greatest influence in the week. On Friday, August’s BTC Retail Sales Monitor will also draw interest. From the Bank of England, BoE Gov. Bailey is scheduled to speak late on Thursday. The GBP/USD ended the week up by 2.00% to $1.3352. For the Loonie: It’s a busy week ahead on the economic calendar . In the early part of the week, July’s RMPI will influence on Monday. The focus will then shift to July trade figures on Thursday and August’s employment and Ivey PMI numbers on Friday. We would expect August’s employment change figure to have the greatest significance. The Loonie ended the week up by 0.59% to C$1.3099 against the U.S Dollar. Out of Asia For the Aussie Dollar: It’s a busy week ahead on the economic calendar. Early in the week, 2 nd quarter company gross operating profits, July private sector credit, and the AIG Manufacturing Index are in focus. The focus will then shift to 2 nd quarter GDP numbers on Wednesday. Finally, July trade data on Thursday and retail sales figures on Friday will also draw plenty of attention. On the economic data front, expect the GDP and retail sales figures to be the key drivers. The RBA has continued to raise uncertainty regarding consumption, which it sees as key to any economic recovery. On the monetary policy front, the RBA is also in action on Tuesday. While the markets expect the RBA to stand pat, any forward guidance will influence. Perhaps the FED’s shift in its monetary policy framework will give members food for thought… Following the spike in new COVID-19 cases in Victoria, there may also be the promise of more support. The Aussie Dollar ended the week up by 2.85% to $0.7365. For the Kiwi Dollar: It’s a quiet week ahead on the economic calendar. Key stats include August’s business confidence figures on Monday and July building consent numbers on Tuesday. Expect the business confidence figures to have the greatest impact in the week. Any fall in confidence would point to a likely further pullback in business investment and hiring. Following the RBNZ’s talk of negative rates, the Kiwi will likely be sensitive to any soft numbers. The Kiwi Dollar ended the week up by 3.09% to $0.6743. For the Japanese Yen: It is a relatively busy week ahead on the economic calendar. Prelim industrial production and retail sales figures kick start the week on Monday. Finalized manufacturing and service sector PMIs on Tuesday and Thursday will also draw interest. With economic data having been particularly gloomy, we’re not expecting too much influence on the Yen, however. The Japanese Yen ended the week up by 0.41% to ¥105.37 against the U.S Dollar. Out of China It’s a relatively busy week ahead on the economic data front. August’s NBS private sector PMI numbers are due out on Monday, ahead of the market’s preferred Caixin figures. Expect some influence on market risk sentiment. On Tuesday, the focus will then shift to the Caixin Manufacturing PMI ahead of Thursday’s Services PMI. We can expect plenty of influence from the numbers. Any pullback in the PMIs and expect risk aversion to hit the markets. The Chinese Yuan ended the week up 0.78% to CNY6.8655 against the U.S Dollar. Geo-Politics UK Politics : Just over a month remains before a framework needs to be in place. Both sides continue to dig in their heels, however. The chances of a no-deal departure remain high, with fisheries the stumbling block… U.S Politics : With the respective party national conventions over, the election polls will begin to draw interest. Trump continues to trail in spite of the U.S equity majors hitting record highs last week. COVID-19 and social unrest remain key issues for Trump and the Republicans. A ramp-up in agri purchases by China will likely be well-received, however. U.S – China Trade Talks Trade talks delivered positive news to the markets last week. China ramped up soybean imports and stated that it would stick to the phase 1 agreement. Trump may look to push for more, however, in a bid to narrow the gap with Biden. It remains to be seen whether China will play ball… This article was originally posted on FX Empire More From FXEMPIRE: The Week Ahead – Brexit, COVID-19 News, and Economic Data in Focus Gold Weekly Price Forecast – Gold Markets Show Strength Again Geopolitics, COVID-19 Updates, and Monetary Policy Drove the Markets EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 29th, 2020 Silver Weekly Price Forecast – Silver Markets Have Strong Week U.S Mortgage Rates Hit Reverse. Record Low Rates Continue to Drive Buyer Demand || The Crypto Daily – Movers and Shakers – August 30th, 2020: Bitcoin, BTC to USD, fell by 0.46% on Saturday. Partially reversing a 1.78% gain from Friday, Bitcoin ended the day at $11,492.0.
It was a mixed start to the day. Bitcoin fell to an early morning low $11,483.0 before rising to a late morning intraday high $11,606.3.
Falling short of the first major resistance level at $11,640, Bitcoin slid to a late morning intraday low $11,450.0.
Steering clear of the first major support level at $11,376, Bitcoin moved back through to $11,500 levels.
A bearish end to the day, however, saw Bitcoin slip back to sub-$11,500 levels and into the red.
The near-term bullish trend remained intact, supported by the latest move through to $12,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.
Across the rest of the majors, it was a mixed day for the majors on Saturday.
Binance Coin (-0.61%), Bitcoin Cash ABC (-0.47%), Bitcoin Cash SV (-0.78%), Litecoin (-0.71%), and Monero’s XMR (-2.06%) joined Bitcoin in the red.
It was a bullish day for the rest of the majors, however.
Cardano’s ADA rallied by 6.34% to lead the way.
EOS (+0.27%), Ethereum (+0.82%), Ripple’s XRP (+0.80%), Stellar’s Lumen (+0.59%), Tezos (+2.65%), and Tron’s TRX (+4.22%) also made gains on the day.
In the current week, the crypto total market rose to a Monday high $360.52bn before falling to a Tuesday low $329.92bn. At the time of writing, the total market cap stood at $351.97bn.
Bitcoin’s dominance rose to a Tuesday high 62.13% before falling to a Saturday low 60.69%. At the time of writing, Bitcoin’s dominance stood at 61.01%.
At the time of writing, Bitcoin was up by 1.36% to $11,648.0. A bullish start to the day saw Bitcoin rise from an early morning low $11,480.0 to a high $11,668.4.
Bitcoin broke through the first major resistance level at $11,582 early on.
Elsewhere, it was also a bullish start to the day.
At the time of writing, Tron’s TRX was up by 5.15% to lead the way.
Bitcoin would need to avoid a fall back through to sub-$11,600 levels to support a run at the second major resistance level at $11,672.
Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $11,668.4.
Barring an extended crypto rally, the second major resistance level would likely cap any upside.
In the event of a crypto breakout, Bitcoin could test resistance at $11,700 before any pullback. The third major resistance level sits at $11,829.
A fall back through to sub-$11,600 levels and the $11,516 pivot would bring the first major support level at $11,426 into play.
Barring an extended crypto sell-off, however, Bitcoin should avoid sub-$11,400 levels on the day. The second major support level sits at $11,360.
Thisarticlewas originally posted on FX Empire
• US Stock Market Overview – Stock Rise Led by Energy Shares as Nasdaq and S&P Hit Weekly All-time Highs
• The Crypto Daily – Movers and Shakers – August 30th, 2020
• U.S Mortgage Rates Hit Reverse. Record Low Rates Continue to Drive Buyer Demand
• Gold Price Prediction – Prices Rise as Consumer Spending Increases
• Natural Gas Price Fundamental Daily Forecast – Next Rally Hinges Upon Renewed LNG Demand
• Natural Gas Price Prediction – Prices Slip but Trend Remains Upward Sloping || The Crypto Daily – Movers and Shakers – August 30th, 2020: Bitcoin, BTC to USD, fell by 0.46% on Saturday. Partially reversing a 1.78% gain from Friday, Bitcoin ended the day at $11,492.0. It was a mixed start to the day. Bitcoin fell to an early morning low $11,483.0 before rising to a late morning intraday high $11,606.3. Falling short of the first major resistance level at $11,640, Bitcoin slid to a late morning intraday low $11,450.0. Steering clear of the first major support level at $11,376, Bitcoin moved back through to $11,500 levels. A bearish end to the day, however, saw Bitcoin slip back to sub-$11,500 levels and into the red. The near-term bullish trend remained intact, supported by the latest move through to $12,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend. The Rest of the Pack Across the rest of the majors, it was a mixed day for the majors on Saturday. Binance Coin (-0.61%), Bitcoin Cash ABC (-0.47%), Bitcoin Cash SV (-0.78%), Litecoin (-0.71%), and Monero’s XMR (-2.06%) joined Bitcoin in the red. It was a bullish day for the rest of the majors, however. Cardano’s ADA rallied by 6.34% to lead the way. EOS (+0.27%), Ethereum (+0.82%), Ripple’s XRP (+0.80%), Stellar’s Lumen (+0.59%), Tezos (+2.65%), and Tron’s TRX (+4.22%) also made gains on the day. In the current week, the crypto total market rose to a Monday high $360.52bn before falling to a Tuesday low $329.92bn. At the time of writing, the total market cap stood at $351.97bn. Bitcoin’s dominance rose to a Tuesday high 62.13% before falling to a Saturday low 60.69%. At the time of writing, Bitcoin’s dominance stood at 61.01%. This Morning At the time of writing, Bitcoin was up by 1.36% to $11,648.0. A bullish start to the day saw Bitcoin rise from an early morning low $11,480.0 to a high $11,668.4. Bitcoin broke through the first major resistance level at $11,582 early on. Elsewhere, it was also a bullish start to the day. Story continues At the time of writing, Tron’s TRX was up by 5.15% to lead the way. For the Bitcoin Day Ahead Bitcoin would need to avoid a fall back through to sub-$11,600 levels to support a run at the second major resistance level at $11,672. Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $11,668.4. Barring an extended crypto rally, the second major resistance level would likely cap any upside. In the event of a crypto breakout, Bitcoin could test resistance at $11,700 before any pullback. The third major resistance level sits at $11,829. A fall back through to sub-$11,600 levels and the $11,516 pivot would bring the first major support level at $11,426 into play. Barring an extended crypto sell-off, however, Bitcoin should avoid sub-$11,400 levels on the day. The second major support level sits at $11,360. This article was originally posted on FX Empire More From FXEMPIRE: US Stock Market Overview – Stock Rise Led by Energy Shares as Nasdaq and S&P Hit Weekly All-time Highs The Crypto Daily – Movers and Shakers – August 30th, 2020 U.S Mortgage Rates Hit Reverse. Record Low Rates Continue to Drive Buyer Demand Gold Price Prediction – Prices Rise as Consumer Spending Increases Natural Gas Price Fundamental Daily Forecast – Next Rally Hinges Upon Renewed LNG Demand Natural Gas Price Prediction – Prices Slip but Trend Remains Upward Sloping || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / August 29, 2020 / ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD). Real-Time Market Data is available at www.alt5pro.com and Real-Time Market Data feed is also available at www.alt5sigma.com. ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH About ALT 5 Sigma Inc. ALT 5 is a tech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance. ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers. ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services. For more information, visit www.alt5sigma.com . Contact: Andre Beauchesne Tel. 1-800-204-6203 [email protected] For more information on ALT 5 Pay, visit www.alt5pay.com. For more information on ALT 5 Pro, visit www.alt5pro.com. SOURCE: ALT 5 Sigma Inc. View source version on accesswire.com: https://www.accesswire.com/603929/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / August 29, 2020 /ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD).
Real-Time Market Data is available atwww.alt5pro.comand Real-Time Market Data feed is also available atwww.alt5sigma.com.ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH
About ALT 5 Sigma Inc.
ALT 5 is a tech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance.
ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers.
ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services.
For more information, visitwww.alt5sigma.com.
Contact:
Andre BeauchesneTel. [email protected]
For more information on ALT 5 Pay, visitwww.alt5pay.com.For more information on ALT 5 Pro, visitwww.alt5pro.com.
SOURCE:ALT 5 Sigma Inc.
View source version on accesswire.com:https://www.accesswire.com/603929/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / August 29, 2020 /ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD).
Real-Time Market Data is available atwww.alt5pro.comand Real-Time Market Data feed is also available atwww.alt5sigma.com.ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH
About ALT 5 Sigma Inc.
ALT 5 is a tech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance.
ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers.
ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services.
For more information, visitwww.alt5sigma.com.
Contact:
Andre BeauchesneTel. [email protected]
For more information on ALT 5 Pay, visitwww.alt5pay.com.For more information on ALT 5 Pro, visitwww.alt5pro.com.
SOURCE:ALT 5 Sigma Inc.
View source version on accesswire.com:https://www.accesswire.com/603929/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || Crypto Trader Besart Hoxha Shares Insights for Building a Strong Portfolio: With the rapid changes in the global economy, there has never been a better time to invest in cryptocurrencies than now. With players like Bitcoin, Litecoin, and others growing each day, the industry is facing a future where increased regulation, growing adoption rates, as well as mainstream acceptance will cause an irreversible maturation in the industry. Crypto trader Besart Hoxha underpins the need for industry know-how before entering the market to pursue profitable returns. Here are insights from the Hoxha: Besart Hoxha Q: Besart, what are some of the key things that investors must understand before entering the crypto market? A: It is essential to understand the market dynamics before creating a robust portfolio in the cryptocurrency market. As a trader, one might have one or more reasons to invest in the world, starting from supporting the technology behind a project, a belief in the social vision, or hedging net worth from fiat collapses. However, before deep-diving into the world of wallets, exchanges, and technologies, it is imperative to learn about the market and how it moves and operates because of several forces impacting it. Since few currencies are decentralized, whereas others are not, the industry showcases significant differences from the rules of traditional financial markets that involve stocks, shares, bonds, and derivatives. Q: How can one create a strong portfolio with cryptocurrency? A: Well thought out and step-by-step market research helps create a robust trading portfolio that will work wonders for a trader. Planned market research helps a trader understand the underlying technology and monetary rules behind whichever token a trader wants to invest or trade-in. It is also useful to know the business use behind each token. Q: Can you share an example? A: Bitcoins can be used as a payment method between two parties, whereas Ethereum is used to create decentralized applications and autonomous smart contracts. Such knowledge can help a trader learn the value of each asset before he starts investing in them and building his portfolio. Story continues Q: Are there any other factors that must be considered? A: Some of the other essential things to keep in mind are the number of developers on a project, how large the community is, the average trading volume (liquidity), and market capitalization. Learning about your risk tolerance level is one of the important guides to help a trader decides on the kind of cryptocurrencies that he should be investing in. Newer currencies available at lower rates showcase big returns but stand an equal chance to fizzle out in the long run. Similar digital assets come with a higher baseline level of risk due to the still unregulated nature of the market. Mainstream currencies move at slower rates and are mostly remain unchanged at their price levels. Q: How would you align cryptocurrency with the traditional financial market? A: If one must compare the cryptocurrency market with the regular financial market, then Bitcoin will emerge as the large-cap stock. Altcoins are like various small-cap and mid-cap stocks with moderate potential for growth. Thorough industry knowledge will help a trader gauge the market to help him seize the most potential opportunities that are undergirded by genuine research and knowledge rather than just emotion. Besart Hoxha believes that even after learning the market trends, a trader should never invest more than he is willing to lose. He also highlights the importance of diversifying portfolios so that one poor decision does not result in total ruin. || Crypto Trader Besart Hoxha Shares Insights for Building a Strong Portfolio: With the rapid changes in the global economy, there has never been a better time to invest in cryptocurrencies than now. With players like Bitcoin, Litecoin, and others growing each day, the industry is facing a future where increased regulation, growing adoption rates, as well as mainstream acceptance will cause an irreversible maturation in the industry. Crypto trader Besart Hoxha underpins the need for industry know-how before entering the market to pursue profitable returns. Here are insights from the Hoxha: Besart Hoxha Q: Besart, what are some of the key things that investors must understand before entering the crypto market? A: It is essential to understand the market dynamics before creating a robust portfolio in the cryptocurrency market. As a trader, one might have one or more reasons to invest in the world, starting from supporting the technology behind a project, a belief in the social vision, or hedging net worth from fiat collapses. However, before deep-diving into the world of wallets, exchanges, and technologies, it is imperative to learn about the market and how it moves and operates because of several forces impacting it. Since few currencies are decentralized, whereas others are not, the industry showcases significant differences from the rules of traditional financial markets that involve stocks, shares, bonds, and derivatives. Q: How can one create a strong portfolio with cryptocurrency? A: Well thought out and step-by-step market research helps create a robust trading portfolio that will work wonders for a trader. Planned market research helps a trader understand the underlying technology and monetary rules behind whichever token a trader wants to invest or trade-in. It is also useful to know the business use behind each token. Q: Can you share an example? A: Bitcoins can be used as a payment method between two parties, whereas Ethereum is used to create decentralized applications and autonomous smart contracts. Such knowledge can help a trader learn the value of each asset before he starts investing in them and building his portfolio. Story continues Q: Are there any other factors that must be considered? A: Some of the other essential things to keep in mind are the number of developers on a project, how large the community is, the average trading volume (liquidity), and market capitalization. Learning about your risk tolerance level is one of the important guides to help a trader decides on the kind of cryptocurrencies that he should be investing in. Newer currencies available at lower rates showcase big returns but stand an equal chance to fizzle out in the long run. Similar digital assets come with a higher baseline level of risk due to the still unregulated nature of the market. Mainstream currencies move at slower rates and are mostly remain unchanged at their price levels. Q: How would you align cryptocurrency with the traditional financial market? A: If one must compare the cryptocurrency market with the regular financial market, then Bitcoin will emerge as the large-cap stock. Altcoins are like various small-cap and mid-cap stocks with moderate potential for growth. Thorough industry knowledge will help a trader gauge the market to help him seize the most potential opportunities that are undergirded by genuine research and knowledge rather than just emotion. Besart Hoxha believes that even after learning the market trends, a trader should never invest more than he is willing to lose. He also highlights the importance of diversifying portfolios so that one poor decision does not result in total ruin. || The End of an Era? Why Bitcoin and MMT Won the Week: Fed Chair Jerome Powell tried to make it seem like the end of an era, but didnt inspire confidence in the central banks ability to lead in the era that comes next. For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . This episode is sponsored by Crypto.com , Bitstamp and Nexo.io . Related: First Mover: Huobi Takes On OKEx in Futures, Opening New Front in Chinese Rivalry On The Breakdowns Weekly Recap, NLW looks at the shifting sands of the global economy. He says Federal Reserve Chair Jerome Powells speech at Jackson Hole this week was an argument that an era that began in the 1970s is now closing. At the same time, he argues Powell did very little to provide a vision for what comes next. Instead, it is the alternative economic philosophies Modern Monetary Theory on the one side, Bitcoin on the other that are attracting people for a different vision of the future. See also: Everything You Need to Know About Jerome Powells Jackson Hole Speech This week on The Breakdown: Monday | How Much Should We Fear Post-Crisis Debt or Inflation? Feat. Adam Tooze Related: US Stocks Closing on Bigger August Gain Than Bitcoin Tuesday | An Unintended Consequence of Low Interest Rates? The Big Get Bigger Wednesday | The Battle to Get Dictators Seized Millions to 62,000 Venezuelan Health Heroes Thursday | Everything You Need to Know About Jerome Powells Jackson Hole Speech Friday | The Anxiety Index: 4 Fear Factors Shaping the Economy For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . Related Stories The End of an Era? Why Bitcoin and MMT Won the Week The End of an Era? Why Bitcoin and MMT Won the Week || The End of an Era? Why Bitcoin and MMT Won the Week: Fed Chair Jerome Powell tried to make it seem like the end of an era, but didn’t inspire confidence in the central bank’s ability to lead in the era that comes next.
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
This episode is sponsored byCrypto.com,BitstampandNexo.io.
Related:First Mover: Huobi Takes On OKEx in Futures, Opening New Front in ‘Chinese’ Rivalry
On The Breakdown’s Weekly Recap, NLW looks at the shifting sands of the global economy. He says Federal Reserve Chair Jerome Powell’s speech at Jackson Hole this week was an argument that an era that began in the 1970s is now closing.
At the same time, he argues Powell did very little to provide a vision for what comes next. Instead, it is the alternative economic philosophies – Modern Monetary Theory on the one side,Bitcoinon the other – that are attracting people for a different vision of the future.
See also:Everything You Need to Know About Jerome Powell’s Jackson Hole Speech
Monday |How Much Should We Fear Post-Crisis Debt or Inflation? Feat. Adam Tooze
Related:US Stocks Closing on Bigger August Gain Than Bitcoin
Tuesday |An Unintended Consequence of Low Interest Rates? The Big Get Bigger
Wednesday |The Battle to Get Dictator’s Seized Millions to 62,000 Venezuelan Health Heroes
Thursday |Everything You Need to Know About Jerome Powell’s Jackson Hole Speech
Friday |The Anxiety Index: 4 Fear Factors Shaping the Economy
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
• The End of an Era? Why Bitcoin and MMT Won the Week
• The End of an Era? Why Bitcoin and MMT Won the Week
[Social Media Buzz]
None available.
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11970.48, 11414.03, 10245.30, 10511.81, 10169.57, 10280.35, 10369.56, 10131.52, 10242.35, 10363.14
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 55859.80, 56704.57, 49150.54, 49716.19, 49880.54, 46760.19, 46456.06, 43537.51, 42909.40, 37002.44, 40782.74, 37304.69, 37536.63, 34770.58, 38705.98, 38402.22, 39294.20, 38436.97, 35697.61, 34616.07, 35678.13, 37332.86, 36684.93, 37575.18, 39208.77, 36894.41, 35551.96, 35862.38, 33560.71, 33472.63, 37345.12, 36702.60, 37334.40, 35552.52, 39097.86, 40218.48, 40406.27, 38347.06, 38053.50, 35787.25, 35615.87, 35698.30, 31676.69, 32505.66, 33723.03, 34662.44, 31637.78, 32186.28, 34649.64, 34434.34, 35867.78, 35040.84, 33572.12, 33897.05, 34668.55, 35287.78, 33746.00, 34235.20, 33855.33, 32877.37, 33798.01, 33520.52, 34240.19, 33155.85, 32702.03, 32822.35, 31780.73, 31421.54, 31533.07, 31796.81, 30817.83, 29807.35, 32110.69, 32313.11, 33581.55, 34292.45, 35350.19, 37337.54, 39406.94, 39995.91, 40008.42, 42235.55, 41626.20, 39974.89, 39201.95, 38152.98, 39747.50, 40869.55, 42816.50, 44555.80.
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[Bitcoin Technical Analysis for 2021-08-07]
Volume: 40030862141, RSI (14-day): 71.38, 50-day EMA: 37366.58, 200-day EMA: 38773.81
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Ethereum Burns 36% of New Coin Issuance Over 2 Days: Since the activation ofEthereum Improvement Proposal (EIP) 1559, the network has removed from circulation, or “burned,” over 5,000ETH, worth roughly $14 million. This represents 36% of total new coin issuance over the same time period.
Average fees on Ethereum have increased slightly since the upgrade went live on Thursday at 12:33 (UTC), rising from 0.003 ETH to 0.005 ETH. In addition block sizes, measured on Ethereum in units of gas, have been trending as anticipated toward the block gas target of 15 million gas.
At first glance, EIP 1559 seems to be working effectively, burning fees and pricing block space on Ethereum dynamically so that block sizes on average hit a healthy target. However, upon closer examination, there is evidence that EIP 1559 may not be so effective in its main aim to make fees on the network more predictable for users.
Related:Why Enterprises Should Build on Public Blockchains
Under EIP 1559, blocks being mined on Ethereum oscillate dramatically from being 100% full to empty. The reason for this, according to Tim Beiko, thechair of the bi-weekly All Core Developers meeting, is because the pool of transactions eligible to be included in a block gets smaller and larger depending on the minimum fee, or “base fee,” decided by the network.
“Say you have a block that raises the base fee because it’s full,” said Beiko in an interview with CoinDesk. “It’s possible that by the time the next block shows up, there’s just not been that many new transactions who are willing to pay this higher price.”
Pseudonymous Ethereum user “Face Shaver” called this a “misalignment of incentives” that can lead to a number of problems, first and foremost being a lack of fee predictability and stability for the average user.
“It’s not that easy for the average user to predict what the fee will be for the next one or two minutes,” said Shaver in an interview with CoinDesk. “If you are [trying] to get in, either in this block or the next block, the most [fee] volatility you face is ⅛ of the current base fee, but if you think of the average user as someone who is price sensitive, and so is willing to wait one, or even something like three minutes for their transaction to go through … then you have to consider what happens to the fee in next three minutes.”
Related:Solana’s ‘Wormhole’ Launches for Connecting DeFi on BSC, Terra and Ethereum
Anticipating what the optimal transaction fee on Ethereum will be in three minutes or more is just as difficult with EIP 1559 as it was before EIP 1559, according to Shaver and Beiko. EIP 1559 helps price transactions for users in the moment, but it does not help users predict or anticipate what fees will be in the next moment because the supply and demand dynamics for block space fluctuate with each block.
According to Beiko, such oscillations impacting block sizes and base fees were always expected from EIP 1559. However, Beiko argues the average user can still benefit from knowing the optimized base fee of sending a transaction on Ethereum in the moment, without having to guess or anticipate fees of future blocks.
Savvy users will be careful not to spend more in fees than absolutely necessary.
If users are confident that fees will increase during the next block, there is a financial incentive to include more transactions in the current block than the next. However, if users are confident that fees will decrease during the next block, there is a financial incentive to include more transactions in the next block than the current one.
These natural oscillations between heavy and light blocks, according to Mojtaba Tefagh, assistant professor at Sharif University of Technology, may mean the amount of gas used in each block will trend over the long term above the block gas target, which can create difficulties for network node operators responsible for propagating and maintaining transaction data.
“If the variability in block size is high, people can send more transactions, on average. So if you just adapt the extreme oscillation of alternating between a full block and also an empty block, you can spend much more gas than the target and still the [base fee] would not go up,” said Tefagh in an interview with CoinDesk. “We are incentivizing people to create volatility and as they create volatility, we let them spend more gas.”
For now, both developers and researchers like Moj are taking a wait-and-see approach to assess the full impacts of EIP 1559 on the usability of Ethereum for users and dapps.
According to blockchain analytics firm Dune Analytics,over 90% of transactionson Ethereum have not leveraged the benefits of EIP 1559 two days into the upgrade’s activation.
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• Market Wrap: Bitcoin Rallies Above $42K as Bull Market Continues || Crypto community slams 'disastrous' new amendment to Biden's big infrastructure bill: Biden’s major bipartisan infrastructure plan struck a rare chord of cooperation between Republicans and Democrats, but changes it proposes to cryptocurrency regulation are tripping up the bill. The administration intends to pay for $28 billion of its planned infrastructure spending by tightening tax compliance within the historically under-regulated arena of digital currency. That's why cryptocurrency is popping up in a bill that’s mostly about rebuilding bridges and roads. The legislation's vocal critics argue that the bill’s effort to do so is slapdash, particularly a bit that would declare anyone “responsible for and regularly providing any service effectuating transfers of digital assets” to be a broker, subject to tax reporting requirements. While that definition might be more straightforward in a traditional corner of finance, it could force cryptocurrency developers, companies and even anyone mining digital currencies to somehow collect and report information on users, something that by design isn’t even possible in a decentralized financial system. Now, a new amendment to the critical spending package is threatening to make matters even worse . Unintended consequences In a joint letter about the bill's text, Square, Coinbase, Ribbit Capital and other stakeholders warned of “financial surveillance” and unintended impacts for cryptocurrency miners and developers. The Electronic Frontier Foundation and Fight for the Future , two privacy-minded digital rights organizations, also slammed the bill. We stand with @Square , @RibbitCapital , @coincenter , and @BlockchainAssn about the digital asset provision in the infrastructure bill. And we applaud @ronWyden @senLummis @senToomey in proposing a thoughtful amendment to get the tech right. Read our official statement ↓ pic.twitter.com/YrkohsDny7 — Coinbase News (@CoinbaseNews) August 4, 2021 Following the outcry from the cryptocurrency community, a pair of influential senators proposed an amendment to clarify the new reporting rules. Finance Committee Chairman Ron Wyden (D-OR) pushed back against the bill, proposing an amendment with fellow finance committee member Pat Toomey (R-PA) that would modify the bill’s language. Story continues The amendment would establish that the new reporting "does not apply to individuals developing block chain technology and wallets," removing some of the bill's ambiguity on the issue. "By clarifying the definition of broker, our amendment will ensure non-financial intermediaries like miners, network validators, and other service providers — many of whom don’t even have the personal-identifying information needed to file a 1099 with the IRS — are not subject to the reporting requirements specified in the bipartisan infrastructure package," Toomey said. Wyoming Senator Cynthia Lummis also threw her support behind the Toomey and Wyden amendment, as did Colorado Governor Jared Polis. The Wyden-Lummis-Toomey amendment is simple. It clarifies in law what most of us already believe—that validators of distributed ledger data like miners & stakers, hardware wallet providers & software developers should NOT be required to report transaction data to the IRS. pic.twitter.com/cMtoHMehiU — Senator Cynthia Lummis (@SenLummis) August 5, 2021 "Picking winners and losers" The drama doesn't stop there. With negotiations around the bill ongoing — the text could be finalized over the weekend — a pair of senators proposed a competing amendment that isn’t winning any fans in the crypto community. That amendment, from Sen. Rob Portman (R-OH) and Mark Warner (D-VA), would exempt traditional cryptocurrency miners who participate in energy-intensive “proof of work" systems from new financial reporting requirements, while keeping those rules in place for those using a "proof of stake" system . Portman worked with the Treasury Department to author the cryptocurrency portion of the original infrastructure bill. Wow. Sen. Warner and Portman are proposing a last minute amendment competing with the Wyden-Lummis-Toomey amendment. It is a disastrous. It only excludes proof-of-work mining. And it does nothing for software devs. Ridiculous! Here is all it excludes: pic.twitter.com/FA7K6NU2s0 — Jerry Brito (@jerrybrito) August 5, 2021 Rather than requiring an investment in computing hardware (and energy bills) capable of solving increasingly complex math problems, proof of stake systems rely on participants taking a financial stake in a given project, locking away some of the cryptocurrency to generate new coins. Proof of stake is emerging as an attractive, climate-friendlier alternative that could reduce the need for heavy computing and huge amounts of energy required for proof of work mining. That makes it all the more puzzling that the latest amendment would specifically let proof of work mining off the hook. Some popular digital currencies like Cardano are already built on proof of stake. Ethereum, the second biggest cryptocurrency, is in the process of migrating from a proof of work system to proof of stake to help scale its system and reduce fees. Bitcoin is the most notable digital currency that relies on proof of work. The Warner-Portman amendment is being touted as a “compromise” but it’s not really halfway between the Wyden-Toomey amendment and the existing bill — it just introduces new problems that many crypto advocates view as a fresh existential threat to their work. Prominent members of the crypto community, including Square founder and Bitcoin booster Jack Dorsey , have thrown their support behind the Wyden-Lummis-Toomey amendment while slamming the second proposal as misguided and damaging. The executive director of Coincenter, a crypto think tank, called the Warner-Portman amendment " disastrous ." Coinbase CEO Brian Armstrong echoed that language. "At the 11th hour @MarkWarner has proposed an amendment that would decide which foundational technologies are OK and which are not in crypto," he tweeted. "... We could find ourselves with the Senate deciding which types of crypto will survive government regulation." 3/ This is the government trying to pick winners and losers in a nascent industry today, where some new technology is being developed every month. They are guaranteed to get it wrong, by writing in a few exceptions by hand today. — Brian Armstrong (@brian_armstrong) August 6, 2021 While I appreciate that my colleagues and the White House have acknowledged their original crypto tax had flaws, the Warner-Portman amendment picks winners and losers based on the type of technology employed. That’s horrible for innovation. — Senator Pat Toomey (@SenToomey) August 6, 2021 Unfortunately for the crypto community — and the promise of the proof of stake model — the White House is apparently throwing its weight behind the Warner-Portman amendment , though that could change as eleventh hour negotiations continue. The White House on crypto amendments, statement from @AndrewJBates46 : pic.twitter.com/C8sG5aM3oW — Pat Ward (@WardDPatrick) August 6, 2021 US Treasury calls for stricter cryptocurrency rules, IRS reporting for transfers over $10K || Crypto community slams 'disastrous' new amendment to Biden's big infrastructure bill: Biden’s major bipartisan infrastructure plan struck a rare chord of cooperation between Republicans and Democrats, but changes it proposes to cryptocurrency regulation are tripping up the bill. The administration intends to pay for $28 billion of its planned infrastructure spending by tightening tax compliance within the historically under-regulated arena of digital currency. That's why cryptocurrency is popping up in a bill that’s mostly about rebuilding bridges and roads. The legislation's vocal critics argue that the bill’s effort to do so is slapdash, particularly a bit that would declare anyone “responsible for and regularly providing any service effectuating transfers of digital assets” to be a broker, subject to tax reporting requirements. While that definition might be more straightforward in a traditional corner of finance, it could force cryptocurrency developers, companies and even anyone mining digital currencies to somehow collect and report information on users, something that by design isn’t even possible in a decentralized financial system. Now, a new amendment to the critical spending package is threatening to make matters even worse . Unintended consequences In a joint letter about the bill's text, Square, Coinbase, Ribbit Capital and other stakeholders warned of “financial surveillance” and unintended impacts for cryptocurrency miners and developers. The Electronic Frontier Foundation and Fight for the Future , two privacy-minded digital rights organizations, also slammed the bill. We stand with @Square , @RibbitCapital , @coincenter , and @BlockchainAssn about the digital asset provision in the infrastructure bill. And we applaud @ronWyden @senLummis @senToomey in proposing a thoughtful amendment to get the tech right. Read our official statement ↓ pic.twitter.com/YrkohsDny7 — Coinbase News (@CoinbaseNews) August 4, 2021 Following the outcry from the cryptocurrency community, a pair of influential senators proposed an amendment to clarify the new reporting rules. Finance Committee Chairman Ron Wyden (D-OR) pushed back against the bill, proposing an amendment with fellow finance committee member Pat Toomey (R-PA) that would modify the bill’s language. Story continues The amendment would establish that the new reporting "does not apply to individuals developing block chain technology and wallets," removing some of the bill's ambiguity on the issue. "By clarifying the definition of broker, our amendment will ensure non-financial intermediaries like miners, network validators, and other service providers — many of whom don’t even have the personal-identifying information needed to file a 1099 with the IRS — are not subject to the reporting requirements specified in the bipartisan infrastructure package," Toomey said. Wyoming Senator Cynthia Lummis also threw her support behind the Toomey and Wyden amendment, as did Colorado Governor Jared Polis. The Wyden-Lummis-Toomey amendment is simple. It clarifies in law what most of us already believe—that validators of distributed ledger data like miners & stakers, hardware wallet providers & software developers should NOT be required to report transaction data to the IRS. pic.twitter.com/cMtoHMehiU — Senator Cynthia Lummis (@SenLummis) August 5, 2021 "Picking winners and losers" The drama doesn't stop there. With negotiations around the bill ongoing — the text could be finalized over the weekend — a pair of senators proposed a competing amendment that isn’t winning any fans in the crypto community. That amendment, from Sen. Rob Portman (R-OH) and Mark Warner (D-VA), would exempt traditional cryptocurrency miners who participate in energy-intensive “proof of work" systems from new financial reporting requirements, while keeping those rules in place for those using a "proof of stake" system . Portman worked with the Treasury Department to author the cryptocurrency portion of the original infrastructure bill. Wow. Sen. Warner and Portman are proposing a last minute amendment competing with the Wyden-Lummis-Toomey amendment. It is a disastrous. It only excludes proof-of-work mining. And it does nothing for software devs. Ridiculous! Here is all it excludes: pic.twitter.com/FA7K6NU2s0 — Jerry Brito (@jerrybrito) August 5, 2021 Rather than requiring an investment in computing hardware (and energy bills) capable of solving increasingly complex math problems, proof of stake systems rely on participants taking a financial stake in a given project, locking away some of the cryptocurrency to generate new coins. Proof of stake is emerging as an attractive, climate-friendlier alternative that could reduce the need for heavy computing and huge amounts of energy required for proof of work mining. That makes it all the more puzzling that the latest amendment would specifically let proof of work mining off the hook. Some popular digital currencies like Cardano are already built on proof of stake. Ethereum, the second biggest cryptocurrency, is in the process of migrating from a proof of work system to proof of stake to help scale its system and reduce fees. Bitcoin is the most notable digital currency that relies on proof of work. The Warner-Portman amendment is being touted as a “compromise” but it’s not really halfway between the Wyden-Toomey amendment and the existing bill — it just introduces new problems that many crypto advocates view as a fresh existential threat to their work. Prominent members of the crypto community, including Square founder and Bitcoin booster Jack Dorsey , have thrown their support behind the Wyden-Lummis-Toomey amendment while slamming the second proposal as misguided and damaging. The executive director of Coincenter, a crypto think tank, called the Warner-Portman amendment " disastrous ." Coinbase CEO Brian Armstrong echoed that language. "At the 11th hour @MarkWarner has proposed an amendment that would decide which foundational technologies are OK and which are not in crypto," he tweeted. "... We could find ourselves with the Senate deciding which types of crypto will survive government regulation." 3/ This is the government trying to pick winners and losers in a nascent industry today, where some new technology is being developed every month. They are guaranteed to get it wrong, by writing in a few exceptions by hand today. — Brian Armstrong (@brian_armstrong) August 6, 2021 While I appreciate that my colleagues and the White House have acknowledged their original crypto tax had flaws, the Warner-Portman amendment picks winners and losers based on the type of technology employed. That’s horrible for innovation. — Senator Pat Toomey (@SenToomey) August 6, 2021 Unfortunately for the crypto community — and the promise of the proof of stake model — the White House is apparently throwing its weight behind the Warner-Portman amendment , though that could change as eleventh hour negotiations continue. The White House on crypto amendments, statement from @AndrewJBates46 : pic.twitter.com/C8sG5aM3oW — Pat Ward (@WardDPatrick) August 6, 2021 US Treasury calls for stricter cryptocurrency rules, IRS reporting for transfers over $10K || Stock Market Today: Dow Hits Record on Rousing Jobs Report: A mass of people forming an upward-pointing arrow Getty Images There were no ifs, ands or buts about it among Wall Street's experts – July's job report was good. But concerns about whether it was so good that it would affect Federal Reserve monetary policy kept a lid on parts of the market Friday. Nonfarm payrolls jumped by 943,000 in July, topping estimates by 100,000 jobs, and the unemployment rate declined to 5.4% from 5.9% in June. Better still, June's count was revised higher by 88,000 jobs to 938,000. SEE MORE Kip ETF 20: The Best Cheap ETFs You Can Buy Fed Chair Jerome Powell has said progress on the employment front is a key measuring stick for the central bank's decision about when to pare its massive monthly asset purchases. "Today's payroll numbers were significant since this was the final print before the long-awaited Jackson Hole Symposium," says Anu Gaggar, global investment strategist for Commonwealth Financial Network. "It is widely expected that the Fed will give a more concrete indication of tapering then provided it gets the 'substantial progress' it is looking for." So, was July's report enough evidence? "This number was really good, but the best part was it wasn't so strong that the Fed would have to change policy," says Ryan Detrick, chief market strategist for LPL Financial. However, some, including Rick Rieder, BlackRock's chief investment officer of global fixed income, disagree. Sign up for Kiplinger's FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice. "The Fed should move forward with its tapering program (especially in mortgages), as we appear to already be very close to maximum employment and, simultaneously, we may be at risk of witnessing an overheating in some areas," he says. Sectors hinging strongly on the economic recovery, such as financials (+2.1%) and materials (+1.5%), helped lift both the Dow Jones Industrial Average (+0.4% to 35,208) and S&P 500 (+0.2% to 4,436) to new record highs. Relative weakness in consumer discretionary (-0.7%) and technology (-0.1%) sent the Nasdaq Composite 0.4% lower to 14,835. Story continues SEE MORE Free Special Report: Kiplinger’s Top 25 Income Investments Other news in the stock market today: The small-cap Russell 2000 bested its large-cap counterparts, improving 0.5% to 2,247. Zynga ( ZNGA ) ended the week on a sour note, plummeting 18.2% after earnings. The FarmVille creator reported higher-than-anticipated earnings of 2 cents per share and revenue of $720 million in its second quarter. However, the company's $711.9 million in bookings for the three-month period, as well as its current-quarter outlook, both fell short of analysts' estimates. Yelp ( YELP , +5.2%) was a rosier post-earnings mover. The online review company posted an unexpected adjusted profit of 5 cents per share in Q2; revenues of $257.2 million also came in above the consensus estimate. Additionally, YELP raised its full-year guidance. U.S. crude oil futures gave back 1.2% today to end at $68.28 per barrel. On a weekly basis, black gold shed 7.7%, marking its biggest week-over-week decline since October. Gold futures fell 2.5% to settle at $1,763.10 an ounce. The CBOE Volatility Index (VIX) declined 6.1% to 16.23. Bitcoin prices jumped to their highest levels since May, gaining 5.3% to $42,844.28. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.) stock chart for 080621 YCharts The Best Picks for 2021's Second Half The way forward is hardly dreary, but it certainly doesn't get easier from here. SEE MORE 20 Dividend Stocks to Fund 20 Years of Retirement FactSet Senior Earnings Analyst John Butters' latest Earnings Insight reveals that the S&P 500 is on pace to report its highest quarterly revenue growth since FactSet started tracking the metric in 2008. Between actual sales and those estimated from companies still to report in the second quarter, the S&P 500 is signaling 24.7% revenue growth over Q2 2020 – the depths of the COVID 19 pandemic – which would shatter the 12.7% expansion recorded in Q2 2011. But more difficult comparisons for the rest of the year will bring down that rate, says Butters: "The estimated revenue growth rate for Q3 2021 is 14.4%, while the estimated revenue growth for Q4 is 11.0%." This environment is what you must consider when evaluating stocks for the next few months – and what we've kept in mind as we highlighted some of the top opportunities for the remainder of 2021. We've sliced and diced the market, evaluating growth plays and value picks alike, and exploring sectors from energy to comms . But we cap our second-half lookahead with a wide range of stocks that, for numerous reasons, appear poised to outperform over the next few months. While several of the best stocks for the rest of 2021 are piggybacking more specific trends, the overarching theme here is much the same as it was to start the year: the American economy finding its feet again. SEE MORE The 21 Best Stocks to Buy for the Rest of 2021 You may also like Your Guide to Roth Conversions 13 States That Tax Social Security Benefits 15 Home Features Today's Buyers Want Most || Stock Market Today: Dow Hits Record on Rousing Jobs Report: A mass of people forming an upward-pointing arrow Getty Images There were no ifs, ands or buts about it among Wall Street's experts – July's job report was good. But concerns about whether it was so good that it would affect Federal Reserve monetary policy kept a lid on parts of the market Friday. Nonfarm payrolls jumped by 943,000 in July, topping estimates by 100,000 jobs, and the unemployment rate declined to 5.4% from 5.9% in June. Better still, June's count was revised higher by 88,000 jobs to 938,000. SEE MORE Kip ETF 20: The Best Cheap ETFs You Can Buy Fed Chair Jerome Powell has said progress on the employment front is a key measuring stick for the central bank's decision about when to pare its massive monthly asset purchases. "Today's payroll numbers were significant since this was the final print before the long-awaited Jackson Hole Symposium," says Anu Gaggar, global investment strategist for Commonwealth Financial Network. "It is widely expected that the Fed will give a more concrete indication of tapering then provided it gets the 'substantial progress' it is looking for." So, was July's report enough evidence? "This number was really good, but the best part was it wasn't so strong that the Fed would have to change policy," says Ryan Detrick, chief market strategist for LPL Financial. However, some, including Rick Rieder, BlackRock's chief investment officer of global fixed income, disagree. Sign up for Kiplinger's FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice. "The Fed should move forward with its tapering program (especially in mortgages), as we appear to already be very close to maximum employment and, simultaneously, we may be at risk of witnessing an overheating in some areas," he says. Sectors hinging strongly on the economic recovery, such as financials (+2.1%) and materials (+1.5%), helped lift both the Dow Jones Industrial Average (+0.4% to 35,208) and S&P 500 (+0.2% to 4,436) to new record highs. Relative weakness in consumer discretionary (-0.7%) and technology (-0.1%) sent the Nasdaq Composite 0.4% lower to 14,835. Story continues SEE MORE Free Special Report: Kiplinger’s Top 25 Income Investments Other news in the stock market today: The small-cap Russell 2000 bested its large-cap counterparts, improving 0.5% to 2,247. Zynga ( ZNGA ) ended the week on a sour note, plummeting 18.2% after earnings. The FarmVille creator reported higher-than-anticipated earnings of 2 cents per share and revenue of $720 million in its second quarter. However, the company's $711.9 million in bookings for the three-month period, as well as its current-quarter outlook, both fell short of analysts' estimates. Yelp ( YELP , +5.2%) was a rosier post-earnings mover. The online review company posted an unexpected adjusted profit of 5 cents per share in Q2; revenues of $257.2 million also came in above the consensus estimate. Additionally, YELP raised its full-year guidance. U.S. crude oil futures gave back 1.2% today to end at $68.28 per barrel. On a weekly basis, black gold shed 7.7%, marking its biggest week-over-week decline since October. Gold futures fell 2.5% to settle at $1,763.10 an ounce. The CBOE Volatility Index (VIX) declined 6.1% to 16.23. Bitcoin prices jumped to their highest levels since May, gaining 5.3% to $42,844.28. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.) stock chart for 080621 YCharts The Best Picks for 2021's Second Half The way forward is hardly dreary, but it certainly doesn't get easier from here. SEE MORE 20 Dividend Stocks to Fund 20 Years of Retirement FactSet Senior Earnings Analyst John Butters' latest Earnings Insight reveals that the S&P 500 is on pace to report its highest quarterly revenue growth since FactSet started tracking the metric in 2008. Between actual sales and those estimated from companies still to report in the second quarter, the S&P 500 is signaling 24.7% revenue growth over Q2 2020 – the depths of the COVID 19 pandemic – which would shatter the 12.7% expansion recorded in Q2 2011. But more difficult comparisons for the rest of the year will bring down that rate, says Butters: "The estimated revenue growth rate for Q3 2021 is 14.4%, while the estimated revenue growth for Q4 is 11.0%." This environment is what you must consider when evaluating stocks for the next few months – and what we've kept in mind as we highlighted some of the top opportunities for the remainder of 2021. We've sliced and diced the market, evaluating growth plays and value picks alike, and exploring sectors from energy to comms . But we cap our second-half lookahead with a wide range of stocks that, for numerous reasons, appear poised to outperform over the next few months. While several of the best stocks for the rest of 2021 are piggybacking more specific trends, the overarching theme here is much the same as it was to start the year: the American economy finding its feet again. SEE MORE The 21 Best Stocks to Buy for the Rest of 2021 You may also like Your Guide to Roth Conversions 13 States That Tax Social Security Benefits 15 Home Features Today's Buyers Want Most || Market Wrap: Bitcoin Rallies Above $42K as Bull Market Continues: Bitcoin (BTC) rallied near $43,000 on Friday as short positions continue to unwind from the second quarter sell-off. The world’s largest cryptocurrency by market value is up about 1% over the past week compared to a 17% gain in ether (ETH) over the same period. Some analysts are optimistic about the broad crypto rally and see further upside, especially for ETH. On Thursday, the native currency of the Ethereum blockchain rallied past $2,600 as the network’s latest hard fork upgrade , dubbed “London,” officially went live. “A mood of optimism appears to have returned to cryptocurrency markets,” wrote Paolo Ardoino , CTO of Bitfinex, in an email to CoinDesk. “Still, the turbulence that we’ve seen in crypto markets over recent weeks is unlikely to subside.” Latest prices Related: Solana’s ‘Wormhole’ Launches for Connecting DeFi on BSC, Terra and Ethereum Cryptocurrencies: Bitcoin (BTC) $42,815 +4.53% Ether (ETH) $2,924.1 +4.57% Traditional markets: S&P 500: 4436.5 +0.17% Gold: $1761 -2.41% 10-year Treasury yield closed at 1.309%, compared with 1.219% on Thursday. “BTC is also showing strength, which is expected to carry on next week, as it broke out of a downtrend today which dated all the way back to the previous all-time highs in April,” wrote Marcus Sotiriou, trader at the U.K.-based digital asset broker GlobalBlock , in an email to CoinDesk. From a technical perspective, bitcoin’s rally above $42,000 is an encouraging sign. Friday’s strong price action is an attempt to break above the intermediate-term downtrend, which, if confirmed, could yield further upside towards $50,000 to $55,000 resistance. Related: Bitcoin Holds Support; Next Resistance at $50K “The market has been oversold for quite some time,” said Kevin Kang, founding principal of crypto hedge fund BKCoin Capital , in an interview with CoinDesk. “I think we are resuming the bull market in the coming months.” Story continues Ether bullish activity The bulk of ether options activity has been concentrated in the higher strike, longer duration calls, or bullish bets. Data provided by Switzerland-based Laevitas shows ether volumes on Deribit, the largest crypto options exchange, have increased by more than 50,000 ETH to 153,000 ETH ($424 million) in the past 24 hours. That takes it to the highest level since the end of May. On Deribit, one ether options contract represents 1 ETH. Overall, call options have registered higher activity than puts, and the most popular options have been calls expiring March 2022 with strike prices of $50,000 and $40,000, wrote CoinDesk’s Omkar Godbole. Recent bullish activity surrounding the Ethereum network upgrade contributed to ether’s outperformance relative to bitcoin, albeit with greater volatility. The chart below shows that ether tends to be more volatile than bitcoin. Bitcoin transaction volume Bitcoin’s total transfer volume (entity-adjusted) has grown to $7.48 billion a day over the past 14 days, indicating greater activity on the blockchain as the cryptocurrency’s price rises, according to Glassnode. Transactions over $1 million in size, which represent roughly 46.5% of total transaction volume, were rising, Glassnode noted. “Entity-adjustment” is a methodology Glassnode developed to measure on-chain volume that actually changed hands. “Entities are defined as a cluster of addresses that are controlled by the same network entity and are estimated through advanced heuristics and Glassnode’s proprietary clustering algorithms,” Glassnode wrote. (Read more here .) LINK, MATIC, ETH volumes rise There has been a steady increase in LINK’s volume on Coinbase, according to the exchange. The number has grown by 35% since the protocol released its smart contract kit v0.10.10 on July 25, which includes full support for Optimism. The volume in MATIC declined this week. Meanwhile, on Aug. 4, one day ahead of EIP 1559, ether’s volume outpaced that of bitcoin by 61%. Altcoin and DeFi roundup Binance Smart Chain Beats Ethereum by Some Metrics: In the latest episode of blockchain competition, Binance Smart Chain, the public blockchain supported by Binance, the world’s biggest centralized crypto exchange by trading volume, surpassed the Ethereum blockchain in daily transactions, again. BSC previously flipped Ethereum on the number of transactions because of the success of PancakeSwap, a decentralized exchange on BSC that was popular in the midst of the decentralized finance (DeFi) craze. This time, however, Binance’s success came thanks to a relatively little-known game on BSC called “CryptoBlades.” SEC Charges So-Called DeFi Company for Allegedly Fraudulent $30M Offering: The U.S. Securities and Exchange Commission (SEC) has charged what it described as a decentralized finance lender, Blockchain Credit Partners (d/b/a DeFi Money Market), and two of its top executives for raising $30 million through allegedly fraudulent offerings. The case is the agency’s first involving securities using DeFi technology, according to the SEC. Relevant news: Binance to Wind Down Hong Kong Derivatives Trading in Switch to ‘Proactive’ Compliance Stance Senator Who Wrote Controversial Crypto Tax Rule Proposes Modest Revision Janet Yellen Has Been Lobbying Against Wyden-Lummis-Toomey Crypto Amendment: Report Philipp Plein Becomes First Major Fashion Brand to Accept Crypto Payments Other markets Most digital assets on CoinDesk 20 ended higher on Friday. In fact, everything was in the green except for dollar-linked stablecoins. Notable winners of 21:00 UTC (4:00 p.m. ET): filecoin (FIL) +8.88% polkadot (DOT) +8.12% uniswap (UNI) +6.32% Related Stories Ether Erases Early Losses to Trade Above $3K Bitcoin Cools on 3-Month High as Long-Term Moving Average Looms Large || Market Wrap: Bitcoin Rallies Above $42K as Bull Market Continues: Bitcoin (BTC) rallied near $43,000 on Friday as short positions continue to unwind from the second quarter sell-off. The world’s largest cryptocurrency by market value is up about 1% over the past week compared to a 17% gain in ether (ETH) over the same period.
Some analysts are optimistic about the broad crypto rally and see further upside, especially for ETH. On Thursday, the native currency of the Ethereum blockchain rallied past $2,600 as the network’s latesthard fork upgrade, dubbed “London,” officially went live.
“A mood of optimism appears to have returned to cryptocurrency markets,” wrotePaolo Ardoino, CTO of Bitfinex, in an email to CoinDesk. “Still, the turbulence that we’ve seen in crypto markets over recent weeks is unlikely to subside.”
Related:Solana’s ‘Wormhole’ Launches for Connecting DeFi on BSC, Terra and Ethereum
Cryptocurrencies:
• Bitcoin(BTC) $42,815 +4.53%
• Ether(ETH) $2,924.1 +4.57%
Traditional markets:
• S&P 500: 4436.5 +0.17%
• Gold: $1761 -2.41%
• 10-year Treasury yield closed at 1.309%, compared with 1.219% on Thursday.
“BTC is also showing strength, which is expected to carry on next week, as it broke out of a downtrend today which dated all the way back to the previous all-time highs in April,” wrote Marcus Sotiriou, trader at the U.K.-based digital asset brokerGlobalBlock, in an email to CoinDesk.
From a technical perspective, bitcoin’s rally above $42,000 is an encouraging sign. Friday’s strong price action is an attempt to break above the intermediate-term downtrend, which, if confirmed, could yield further upside towards $50,000 to $55,000 resistance.
Related:Bitcoin Holds Support; Next Resistance at $50K
“The market has been oversold for quite some time,” said Kevin Kang, founding principal of crypto hedge fundBKCoin Capital, in an interview with CoinDesk. “I think we are resuming the bull market in the coming months.”
The bulk of ether options activity has been concentrated in the higher strike, longer duration calls, or bullish bets.
Data provided by Switzerland-based Laevitas shows ether volumes on Deribit, the largest crypto options exchange, have increased by more than 50,000 ETH to 153,000 ETH ($424 million) in the past 24 hours. That takes it to the highest level since the end of May. On Deribit, one ether options contract represents 1 ETH.
Overall, call options have registered higher activity than puts, and the most popular options have been calls expiring March 2022 with strike prices of $50,000 and $40,000,wroteCoinDesk’s Omkar Godbole.
Recent bullish activity surrounding the Ethereum network upgrade contributed to ether’s outperformance relative to bitcoin, albeit with greater volatility. The chart below shows that ether tends to be more volatile than bitcoin.
Bitcoin’s total transfer volume (entity-adjusted) has grown to $7.48 billion a day over the past 14 days, indicating greater activity on the blockchain as the cryptocurrency’s price rises, according to Glassnode.
Transactions over $1 million in size, which represent roughly 46.5% of total transaction volume, were rising, Glassnode noted.
“Entity-adjustment” is a methodology Glassnode developed to measure on-chain volume that actually changed hands. “Entities are defined as a cluster of addresses that are controlled by the same network entity and are estimated through advanced heuristics and Glassnode’s proprietary clustering algorithms,” Glassnode wrote. (Read morehere.)
There has been a steady increase inLINK’svolume on Coinbase, according to the exchange. The number has grown by 35% since the protocolreleased its smart contract kit v0.10.10on July 25, which includes full support for Optimism. The volume inMATICdeclined this week.
Meanwhile, on Aug. 4, one day ahead of EIP 1559, ether’s volume outpaced that of bitcoin by 61%.
• Binance Smart Chain Beats Ethereum by Some Metrics:In the latest episode of blockchain competition, Binance Smart Chain, the public blockchain supported by Binance, the world’s biggest centralized crypto exchange by trading volume,surpassedthe Ethereum blockchain in daily transactions, again. BSC previously flipped Ethereum on the number of transactions because of the success of PancakeSwap, a decentralized exchange on BSC that was popular in the midst of the decentralized finance (DeFi) craze. This time, however, Binance’s success came thanks to a relatively little-known game on BSC called “CryptoBlades.”
• SEC Charges So-Called DeFi Company for Allegedly Fraudulent $30M Offering:The U.S. Securities and Exchange Commission (SEC) haschargedwhat it described as a decentralized finance lender, Blockchain Credit Partners (d/b/a DeFi Money Market), and two of its top executives for raising $30 million through allegedly fraudulent offerings. The case is the agency’s first involving securities using DeFi technology, according to the SEC.
• Binance to Wind Down Hong Kong Derivatives Trading in Switch to ‘Proactive’ Compliance Stance
• Senator Who Wrote Controversial Crypto Tax Rule Proposes Modest Revision
• Janet Yellen Has Been Lobbying Against Wyden-Lummis-Toomey Crypto Amendment: Report
• Philipp Plein Becomes First Major Fashion Brand to Accept Crypto Payments
Most digital assets on CoinDesk 20 ended higher on Friday. In fact, everything was in the green except for dollar-linked stablecoins.
Notable winners of 21:00 UTC (4:00 p.m. ET):
filecoin(FIL) +8.88%
polkadot(DOT) +8.12%
uniswap(UNI) +6.32%
• Ether Erases Early Losses to Trade Above $3K
• Bitcoin Cools on 3-Month High as Long-Term Moving Average Looms Large || Market Wrap: Bitcoin Rallies Above $42K as Bull Market Continues: Bitcoin (BTC) rallied near $43,000 on Friday as short positions continue to unwind from the second quarter sell-off. The world’s largest cryptocurrency by market value is up about 1% over the past week compared to a 17% gain in ether (ETH) over the same period.
Some analysts are optimistic about the broad crypto rally and see further upside, especially for ETH. On Thursday, the native currency of the Ethereum blockchain rallied past $2,600 as the network’s latesthard fork upgrade, dubbed “London,” officially went live.
“A mood of optimism appears to have returned to cryptocurrency markets,” wrotePaolo Ardoino, CTO of Bitfinex, in an email to CoinDesk. “Still, the turbulence that we’ve seen in crypto markets over recent weeks is unlikely to subside.”
Related:Solana’s ‘Wormhole’ Launches for Connecting DeFi on BSC, Terra and Ethereum
Cryptocurrencies:
• Bitcoin(BTC) $42,815 +4.53%
• Ether(ETH) $2,924.1 +4.57%
Traditional markets:
• S&P 500: 4436.5 +0.17%
• Gold: $1761 -2.41%
• 10-year Treasury yield closed at 1.309%, compared with 1.219% on Thursday.
“BTC is also showing strength, which is expected to carry on next week, as it broke out of a downtrend today which dated all the way back to the previous all-time highs in April,” wrote Marcus Sotiriou, trader at the U.K.-based digital asset brokerGlobalBlock, in an email to CoinDesk.
From a technical perspective, bitcoin’s rally above $42,000 is an encouraging sign. Friday’s strong price action is an attempt to break above the intermediate-term downtrend, which, if confirmed, could yield further upside towards $50,000 to $55,000 resistance.
Related:Bitcoin Holds Support; Next Resistance at $50K
“The market has been oversold for quite some time,” said Kevin Kang, founding principal of crypto hedge fundBKCoin Capital, in an interview with CoinDesk. “I think we are resuming the bull market in the coming months.”
The bulk of ether options activity has been concentrated in the higher strike, longer duration calls, or bullish bets.
Data provided by Switzerland-based Laevitas shows ether volumes on Deribit, the largest crypto options exchange, have increased by more than 50,000 ETH to 153,000 ETH ($424 million) in the past 24 hours. That takes it to the highest level since the end of May. On Deribit, one ether options contract represents 1 ETH.
Overall, call options have registered higher activity than puts, and the most popular options have been calls expiring March 2022 with strike prices of $50,000 and $40,000,wroteCoinDesk’s Omkar Godbole.
Recent bullish activity surrounding the Ethereum network upgrade contributed to ether’s outperformance relative to bitcoin, albeit with greater volatility. The chart below shows that ether tends to be more volatile than bitcoin.
Bitcoin’s total transfer volume (entity-adjusted) has grown to $7.48 billion a day over the past 14 days, indicating greater activity on the blockchain as the cryptocurrency’s price rises, according to Glassnode.
Transactions over $1 million in size, which represent roughly 46.5% of total transaction volume, were rising, Glassnode noted.
“Entity-adjustment” is a methodology Glassnode developed to measure on-chain volume that actually changed hands. “Entities are defined as a cluster of addresses that are controlled by the same network entity and are estimated through advanced heuristics and Glassnode’s proprietary clustering algorithms,” Glassnode wrote. (Read morehere.)
There has been a steady increase inLINK’svolume on Coinbase, according to the exchange. The number has grown by 35% since the protocolreleased its smart contract kit v0.10.10on July 25, which includes full support for Optimism. The volume inMATICdeclined this week.
Meanwhile, on Aug. 4, one day ahead of EIP 1559, ether’s volume outpaced that of bitcoin by 61%.
• Binance Smart Chain Beats Ethereum by Some Metrics:In the latest episode of blockchain competition, Binance Smart Chain, the public blockchain supported by Binance, the world’s biggest centralized crypto exchange by trading volume,surpassedthe Ethereum blockchain in daily transactions, again. BSC previously flipped Ethereum on the number of transactions because of the success of PancakeSwap, a decentralized exchange on BSC that was popular in the midst of the decentralized finance (DeFi) craze. This time, however, Binance’s success came thanks to a relatively little-known game on BSC called “CryptoBlades.”
• SEC Charges So-Called DeFi Company for Allegedly Fraudulent $30M Offering:The U.S. Securities and Exchange Commission (SEC) haschargedwhat it described as a decentralized finance lender, Blockchain Credit Partners (d/b/a DeFi Money Market), and two of its top executives for raising $30 million through allegedly fraudulent offerings. The case is the agency’s first involving securities using DeFi technology, according to the SEC.
• Binance to Wind Down Hong Kong Derivatives Trading in Switch to ‘Proactive’ Compliance Stance
• Senator Who Wrote Controversial Crypto Tax Rule Proposes Modest Revision
• Janet Yellen Has Been Lobbying Against Wyden-Lummis-Toomey Crypto Amendment: Report
• Philipp Plein Becomes First Major Fashion Brand to Accept Crypto Payments
Most digital assets on CoinDesk 20 ended higher on Friday. In fact, everything was in the green except for dollar-linked stablecoins.
Notable winners of 21:00 UTC (4:00 p.m. ET):
filecoin(FIL) +8.88%
polkadot(DOT) +8.12%
uniswap(UNI) +6.32%
• Ether Erases Early Losses to Trade Above $3K
• Bitcoin Cools on 3-Month High as Long-Term Moving Average Looms Large || GLOBAL MARKETS-Wall Street muted on jobs growth as taper, Delta fears weigh: (Updates to U.S. market close)
* Wall Street likes jobs report but wary of Fed reaction
* Stocks mixed, oil declines
* Treasury yields, dollar index gain
By Lawrence Delevingne
BOSTON, Aug 6 (Reuters) - A positive jobs report drove U.S. stocks modestly higher Friday, but a parallel rise in Treasury yields signaled a downside: the good news could push the Federal Reserve to curtail its massive stimulus policies faster then expected.
Nonfarm payrolls increased by 943,000 in July after rising 938,000 in June, the Labor Department said in its closely watched employment report, pushing unemployment down to 5.4% and suggesting the economy maintained its strong momentum. Economists polled by Reuters had forecast payrolls increasing by 870,000 jobs.
"It's a number that's hard to say anything but positive things about," said Sameer Samana, a market strategist at Wells Fargo Investment Institute in St. Louis. "Especially with the Delta variant kind of perking up, it would be much more confidence-building for the market to have a very strong economy."
Still, stock gains were muted. The Dow Jones Industrial Average rose 144.39 points, or 0.41%, to 35,208.64, the S&P 500 gained 7.44 points, or 0.17%, to 4,436.54 and the Nasdaq Composite dropped 59.36 points, or 0.4%, to 14,835.76.
Some investors believe the robust jobs numbers could support the view that the Fed, faced with rising inflation and strong growth, may need to unwind its ultra-easy monetary policies sooner than expected. Such an outcome could push yields higher while denting growth stocks and other areas of the market.
"This good news brings pain for the bond market. The dollar will strengthen and yields will go up and that could cap stocks a bit," said Peter Cardillo, an economist with Spartan Capital Securities in New York.
Benchmark 10-year Treasury yields rose to 1.3019%, a week high after their U.S. close at 1.217% on Thursday. Yields have been under 2.0% since July 2019.
"We expect this to be the start of a sustained move higher in Treasury yields over the rest of the year," Mike Bell, a market strategist at J.P. Morgan Asset Management, said in an email.
Investors will now focus on the details of any taper. The Fed's annual meeting of central bankers in Jackson Hole, Wyoming, later this month is seen as offering clues to the Fed's thinking. There were already hints from policymakers this week that an interest rate increase could come in late 2022 or 2023 given the economic strength of the recovery so far.
Oil prices declined further on Friday, set for their biggest weekly loss since October after falls earlier in the week triggered by rising COVID-19 cases and a surprise build in U.S. crude stockpiles.
U.S. crude fell 1.46% to $68.08 per barrel and Brent was at $70.49, down 1.12% on the day.
The dollar's value relative to other currencies rose sharply on Friday, as the jobs report bolstered the case for faster U.S. policy tightening. The dollar index was last up about 0.528, or 0.57%, in late afternoon trading.
The stronger dollar and potential for higher yields hurt gold. Spot prices dropped 2.4% to $1,760.69 an ounce. U.S. gold futures fell 2.57% to $1,758.70 an ounce.
Bitcoin was up around 5% at $42,953, its highest price since May. Ether, the world's second largest cryptocurrency, rose to around $2927, a 4.3% gain, a day after a major software upgrade to its underlying blockchain.
(Reporting by Lawrence Delevingne in Boston Additional reporting by Caroline Valetkevitch, Medha Singh and Stephen Culp Editing by Matthew Lewis, Leslie Adler and Sonya Hepinstall) || GLOBAL MARKETS-Wall Street muted on jobs growth as taper, Delta fears weigh: (Updates to U.S. market close) * Wall Street likes jobs report but wary of Fed reaction * Stocks mixed, oil declines * Treasury yields, dollar index gain By Lawrence Delevingne BOSTON, Aug 6 (Reuters) - A positive jobs report drove U.S. stocks modestly higher Friday, but a parallel rise in Treasury yields signaled a downside: the good news could push the Federal Reserve to curtail its massive stimulus policies faster then expected. Nonfarm payrolls increased by 943,000 in July after rising 938,000 in June, the Labor Department said in its closely watched employment report, pushing unemployment down to 5.4% and suggesting the economy maintained its strong momentum. Economists polled by Reuters had forecast payrolls increasing by 870,000 jobs. "It's a number that's hard to say anything but positive things about," said Sameer Samana, a market strategist at Wells Fargo Investment Institute in St. Louis. "Especially with the Delta variant kind of perking up, it would be much more confidence-building for the market to have a very strong economy." Still, stock gains were muted. The Dow Jones Industrial Average rose 144.39 points, or 0.41%, to 35,208.64, the S&P 500 gained 7.44 points, or 0.17%, to 4,436.54 and the Nasdaq Composite dropped 59.36 points, or 0.4%, to 14,835.76. Some investors believe the robust jobs numbers could support the view that the Fed, faced with rising inflation and strong growth, may need to unwind its ultra-easy monetary policies sooner than expected. Such an outcome could push yields higher while denting growth stocks and other areas of the market. "This good news brings pain for the bond market. The dollar will strengthen and yields will go up and that could cap stocks a bit," said Peter Cardillo, an economist with Spartan Capital Securities in New York. Benchmark 10-year Treasury yields rose to 1.3019%, a week high after their U.S. close at 1.217% on Thursday. Yields have been under 2.0% since July 2019. "We expect this to be the start of a sustained move higher in Treasury yields over the rest of the year," Mike Bell, a market strategist at J.P. Morgan Asset Management, said in an email. Investors will now focus on the details of any taper. The Fed's annual meeting of central bankers in Jackson Hole, Wyoming, later this month is seen as offering clues to the Fed's thinking. There were already hints from policymakers this week that an interest rate increase could come in late 2022 or 2023 given the economic strength of the recovery so far. Story continues Oil prices declined further on Friday, set for their biggest weekly loss since October after falls earlier in the week triggered by rising COVID-19 cases and a surprise build in U.S. crude stockpiles. U.S. crude fell 1.46% to $68.08 per barrel and Brent was at $70.49, down 1.12% on the day. The dollar's value relative to other currencies rose sharply on Friday, as the jobs report bolstered the case for faster U.S. policy tightening. The dollar index was last up about 0.528, or 0.57%, in late afternoon trading. The stronger dollar and potential for higher yields hurt gold. Spot prices dropped 2.4% to $1,760.69 an ounce. U.S. gold futures fell 2.57% to $1,758.70 an ounce. Bitcoin was up around 5% at $42,953, its highest price since May. Ether, the world's second largest cryptocurrency, rose to around $2927, a 4.3% gain, a day after a major software upgrade to its underlying blockchain. (Reporting by Lawrence Delevingne in Boston Additional reporting by Caroline Valetkevitch, Medha Singh and Stephen Culp Editing by Matthew Lewis, Leslie Adler and Sonya Hepinstall) View comments || FOREX-Dollar rallies toward biggest weekly gain since June: * Dollar index jumps 0.6% * Safe havens Japanese yen and Swiss franc hit * Risk-on, higher yields boost dollar * Canadian dollar feels second blow from weak domestic jobs report * Bitcoin rises 5% (New throughout, updates prices, market activity and comments) By David Henry NEW YORK, Aug 6 (Reuters) - The dollar rose sharply on Friday, boosted by a strong U.S. jobs report toward its biggest weekly gain in seven weeks. The report showed jobs grew more than expected in July, pushing bond yields higher on the view that the Federal Reserve may act more quickly to tighten U.S. monetary policy. The dollar index against major currencies was up nearly 0.6% at 92.776 at 3:06 p.m. ET (1906 GMT). Against the safe havens of the Japanese yen and Swiss franc, the dollar had its biggest daily gains since June, reflecting a risk-on tone as well as the appeal of higher U.S. interest rates. The report on U.S. nonfarm payrolls showed jobs increased by 943,000 in July compared with the 870,000 forecast by economists polled by Reuters. The news rekindled dollar momentum, grounded in the middle of the week by statements from Fed Vice Chair Richard Clarida suggesting that conditions for hiking interest rates might be met as soon as late 2022. Fed officials have said that improving employment is critical to when they begin to pull back further on extra support they provided for the economy during the pandemic. Clarida's remarks lifted Treasury yields after five weeks of declines, while "real" yields, excluding inflation, are set to snap a six-week streak of declines. The yield on the 10-year Treasury note touched 1.3%, up from 1.18% on Monday. The greenback rose 0.9% against the Swiss franc and 0.4% on the Japanese yen, which traded at 110.215 to the dollar. The euro fell 0.6% to $1.1759, pressured early in the session by weaker than expected German industrial orders data. The British pound fell nearly 0.4% to $1.3878. In contrast to the U.S. payroll report, in Canada a domestic employment report showed far fewer jobs added in July than expected. The greenback rose 0.4% to 1.2555 Canadian dollars. Analysts have cautioned it will take more evidence than one jobs report to push U.S. yields significantly higher again. Friday's yield remained nearly one-half a percentage point lower than at the end of March. Reactions to monthly jobs reports have changed often this year in days following release of the data, strategists at Wells Fargo Securities found when they looked at the 10-year Treasury yield. Markets will next be watching for comments from Fed policymakers at the symposium of central bankers in Jackson Hole, Wyoming late this month. Big moves across exchange rates are unlikely until Fed officials signal readiness to lead other central banks in pulling back economic support, said Joseph Trevisani, senior analyst at fxstreet.com. "The Fed is pumping far more money into the U.S. economy and, by diffusion, to the rest of the world than anybody else," Trevisani said. When Fed policy makers are confident in U.S. employment gains to raise interest rates, the global economy could be strong enough to bolster riskier currencies instead of the dollar. A recent Reuters poll of strategists showed most predicting a dollar fall over the next year. "We're in the phase in the business cycle where growth and global trade are going to remain relatively solid, and that's going to provide some downside bias for the dollar," said Vasilieos Gkionakis, global head of FX strategy at Lombard Odier Group. Cryptocurrency bitcoin was up 5% to $42,870 on Friday afternoon in New York. Ether gained 3% to $2,924. ======================================================== Currency bid prices at 3:06PM (1906 GMT) Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid Previous Change Session Dollar index 92.7760 92.2670 +0.56% 3.106% +92.8440 +92.2660 Euro/Dollar $1.1759 $1.1833 -0.62% -3.75% +$1.1834 +$1.1755 Dollar/Yen 110.2150 109.7850 +0.40% +6.67% +110.3500 +109.7100 Euro/Yen 129.60 129.89 -0.22% +2.11% +129.9600 +129.5900 Dollar/Swiss 0.9150 0.9065 +0.93% +3.42% +0.9156 +0.9065 Sterling/Dollar $1.3878 $1.3927 -0.35% +1.58% +$1.3932 +$1.3862 Dollar/Canadian 1.2555 1.2501 +0.44% -1.40% +1.2581 +1.2495 Aussie/Dollar $0.7353 $0.7403 -0.70% -4.45% +$0.7406 +$0.7347 Euro/Swiss 1.0759 1.0728 +0.29% -0.46% +1.0763 +1.0721 Euro/Sterling 0.8472 0.8495 -0.27% -5.20% +0.8501 +0.8471 NZ $0.7011 $0.7060 -0.69% -2.37% +$0.7062 +$0.7003 Dollar/Dollar Dollar/Norway 8.8835 8.8200 +0.78% +3.51% +8.8900 +8.8210 Euro/Norway 10.4471 10.4307 +0.16% -0.19% +10.4585 +10.4053 Dollar/Sweden 8.6678 8.6103 +0.04% +5.75% +8.6724 +8.6061 Euro/Sweden 10.1926 10.1886 +0.04% +1.15% +10.2013 +10.1605 (Reporting by David Henry in New York, Sujata Rao and Ritvik Carvalho in London, and Tom Westbrook in Singapore Editing by Andrew Heavens and David Holmes) || FOREX-Dollar rallies toward biggest weekly gain since June: * Dollar index jumps 0.6% * Safe havens Japanese yen and Swiss franc hit * Risk-on, higher yields boost dollar * Canadian dollar feels second blow from weak domestic jobs report * Bitcoin rises 5% (New throughout, updates prices, market activity and comments) By David Henry NEW YORK, Aug 6 (Reuters) - The dollar rose sharply on Friday, boosted by a strong U.S. jobs report toward its biggest weekly gain in seven weeks. The report showed jobs grew more than expected in July, pushing bond yields higher on the view that the Federal Reserve may act more quickly to tighten U.S. monetary policy. The dollar index against major currencies was up nearly 0.6% at 92.776 at 3:06 p.m. ET (1906 GMT). Against the safe havens of the Japanese yen and Swiss franc, the dollar had its biggest daily gains since June, reflecting a risk-on tone as well as the appeal of higher U.S. interest rates. The report on U.S. nonfarm payrolls showed jobs increased by 943,000 in July compared with the 870,000 forecast by economists polled by Reuters. The news rekindled dollar momentum, grounded in the middle of the week by statements from Fed Vice Chair Richard Clarida suggesting that conditions for hiking interest rates might be met as soon as late 2022. Fed officials have said that improving employment is critical to when they begin to pull back further on extra support they provided for the economy during the pandemic. Clarida's remarks lifted Treasury yields after five weeks of declines, while "real" yields, excluding inflation, are set to snap a six-week streak of declines. The yield on the 10-year Treasury note touched 1.3%, up from 1.18% on Monday. The greenback rose 0.9% against the Swiss franc and 0.4% on the Japanese yen, which traded at 110.215 to the dollar. The euro fell 0.6% to $1.1759, pressured early in the session by weaker than expected German industrial orders data. The British pound fell nearly 0.4% to $1.3878. In contrast to the U.S. payroll report, in Canada a domestic employment report showed far fewer jobs added in July than expected. The greenback rose 0.4% to 1.2555 Canadian dollars. Analysts have cautioned it will take more evidence than one jobs report to push U.S. yields significantly higher again. Friday's yield remained nearly one-half a percentage point lower than at the end of March. Reactions to monthly jobs reports have changed often this year in days following release of the data, strategists at Wells Fargo Securities found when they looked at the 10-year Treasury yield. Markets will next be watching for comments from Fed policymakers at the symposium of central bankers in Jackson Hole, Wyoming late this month. Big moves across exchange rates are unlikely until Fed officials signal readiness to lead other central banks in pulling back economic support, said Joseph Trevisani, senior analyst at fxstreet.com. "The Fed is pumping far more money into the U.S. economy and, by diffusion, to the rest of the world than anybody else," Trevisani said. When Fed policy makers are confident in U.S. employment gains to raise interest rates, the global economy could be strong enough to bolster riskier currencies instead of the dollar. A recent Reuters poll of strategists showed most predicting a dollar fall over the next year. "We're in the phase in the business cycle where growth and global trade are going to remain relatively solid, and that's going to provide some downside bias for the dollar," said Vasilieos Gkionakis, global head of FX strategy at Lombard Odier Group. Cryptocurrency bitcoin was up 5% to $42,870 on Friday afternoon in New York. Ether gained 3% to $2,924. ======================================================== Currency bid prices at 3:06PM (1906 GMT) Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid Previous Change Session Dollar index 92.7760 92.2670 +0.56% 3.106% +92.8440 +92.2660 Euro/Dollar $1.1759 $1.1833 -0.62% -3.75% +$1.1834 +$1.1755 Dollar/Yen 110.2150 109.7850 +0.40% +6.67% +110.3500 +109.7100 Euro/Yen 129.60 129.89 -0.22% +2.11% +129.9600 +129.5900 Dollar/Swiss 0.9150 0.9065 +0.93% +3.42% +0.9156 +0.9065 Sterling/Dollar $1.3878 $1.3927 -0.35% +1.58% +$1.3932 +$1.3862 Dollar/Canadian 1.2555 1.2501 +0.44% -1.40% +1.2581 +1.2495 Aussie/Dollar $0.7353 $0.7403 -0.70% -4.45% +$0.7406 +$0.7347 Euro/Swiss 1.0759 1.0728 +0.29% -0.46% +1.0763 +1.0721 Euro/Sterling 0.8472 0.8495 -0.27% -5.20% +0.8501 +0.8471 NZ $0.7011 $0.7060 -0.69% -2.37% +$0.7062 +$0.7003 Dollar/Dollar Dollar/Norway 8.8835 8.8200 +0.78% +3.51% +8.8900 +8.8210 Euro/Norway 10.4471 10.4307 +0.16% -0.19% +10.4585 +10.4053 Dollar/Sweden 8.6678 8.6103 +0.04% +5.75% +8.6724 +8.6061 Euro/Sweden 10.1926 10.1886 +0.04% +1.15% +10.2013 +10.1605 (Reporting by David Henry in New York, Sujata Rao and Ritvik Carvalho in London, and Tom Westbrook in Singapore Editing by Andrew Heavens and David Holmes) || Chainlink Integrates Weather Data From the Google Cloud: Chainlink, a leading provider of data feeds to blockchain-based smart contracts, has now fully added decentralized weather data from the Google Cloud.
• Google Cloud and Chainlink have been collaborating since 2019 to allow Chainlink to incorporate Google Cloud data.
• Chainlink pipes in data from Google Cloud’s Big Query, which hosts weather data from the U.S. National Oceanic and Atmospheric Administration (NOAA) and other sources.
• “The reason weather data is important is because it powers decentralized insurance around weather,” Chainlink co-founder Sergey Nazarov told CoinDesk.
• The Google integration with Chainlink uses an oracle node that continuously sends data from the outside world into the Chainlink network, where it is then merged and made available in aggregated form for blockchain applications.
• “Unexpected adverse weather events lead to economic losses across a wide range of industries, and these events are becoming more common as we experience climate change,” noted Allen Day, a Google spokesperson, in ablog post.
• Earlier this week, Swisscom, Switzerland’s largest telecommunications provider,launcheda Chainlink oracle node to provide data for decentralized finance (DeFi).
• Market Wrap: Bitcoin Rallies Above $42K as Bull Market Continues
• Chainlink Unveils Crypto ‘Keepers’ and Anti-Fraud Blockchain Bridges
• Telecoms Giant Swisscom Launches Chainlink Node for DeFi Data
• Aave, Chainlink Lead Altcoin Rally as Bitcoin Soars Most in 6 Weeks || Chainlink Integrates Weather Data From the Google Cloud: Chainlink, a leading provider of data feeds to blockchain-based smart contracts, has now fully added decentralized weather data from the Google Cloud. Google Cloud and Chainlink have been collaborating since 2019 to allow Chainlink to incorporate Google Cloud data. Chainlink pipes in data from Google Clouds Big Query, which hosts weather data from the U.S. National Oceanic and Atmospheric Administration (NOAA) and other sources. The reason weather data is important is because it powers decentralized insurance around weather, Chainlink co-founder Sergey Nazarov told CoinDesk. The Google integration with Chainlink uses an oracle node that continuously sends data from the outside world into the Chainlink network, where it is then merged and made available in aggregated form for blockchain applications. Unexpected adverse weather events lead to economic losses across a wide range of industries, and these events are becoming more common as we experience climate change, noted Allen Day, a Google spokesperson, in a blog post. Earlier this week, Swisscom, Switzerlands largest telecommunications provider, launched a Chainlink oracle node to provide data for decentralized finance (DeFi). Related Stories Market Wrap: Bitcoin Rallies Above $42K as Bull Market Continues Chainlink Unveils Crypto Keepers and Anti-Fraud Blockchain Bridges Telecoms Giant Swisscom Launches Chainlink Node for DeFi Data Aave, Chainlink Lead Altcoin Rally as Bitcoin Soars Most in 6 Weeks || What Warren Buffett Misses About Valuing Digital Assets: Related: The US Senate Goes to War Over Crypto Taxation Low price/high cashflows = good fundamental value investment Related Stories The Node: I Don’t Understand Bitcoin Maximalism Challenges of Dealing With Cryptocurrencies in Israel || What Warren Buffett Misses About Valuing Digital Assets: Related:The US Senate Goes to War Over Crypto Taxation
• The Node: I Don’t Understand Bitcoin Maximalism
• Challenges of Dealing With Cryptocurrencies in Israel || COIN Shareholder Reminder: Kessler Topaz Meltzer & Check, LLP Reminds Shareholders of Coinbase Global Inc. of Deadline in Securities Fraud Class Action Lawsuit: Radnor, Pennsylvania--(Newsfile Corp. - August 6, 2021) - The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed against Coinbase Global Inc. (NASDAQ: COIN) ("Coinbase") on behalf of those who purchased or acquired CoinbaseClass A common stock pursuant and/or traceable to the registration statement and prospectus (collectively, the "Offering Materials") for the resale of up to 114,850,769 shares of its Class A common stock, whereby Coinbase began trading as a public company on or around April 14, 2021 (the "Offering").
Deadline Reminder: Investors who purchased or acquired Coinbase Class A common stockpursuant and/or traceable to the Offering may,no later than September 20, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453; toll free at (844) 887-9500; via e-mail [email protected];orclickhttps://www.ktmc.com/coinbase-global-class-action-lawsuit?utm_source=PR&utm_medium=Link&utm_campaign=coinbase
According to the complaint, Coinbase "powers the cryptoeconomy," offering a "trusted platform" for sending and receiving Bitcoin and other digital assets built using blockchain technology to approximately 43 million retail users, 7,000 institutions, and 115,000 ecosystem partners in over 100 countries.
On April 14, 2021, Coinbase filed its prospectus on a Form 424B4, which forms part of the registration statement. Coinbase registered for the resale of up to 114,850,769 shares of its Class A common stock by registered shareholders. According to the registration statement, the resale of Coinbase's stock was not underwritten by any investment bank and the registered stockholders would purportedly elect whether or not to sell their shares. Such sales, if any, would be brokerage transactions on the NASDAQ, and Coinbase would purportedly not receive any proceeds from the sale of shares of Class A common stock by the registered stockholders. Thus, Coinbase's operations would continue to be financed with cash flow from operating activities and net proceeds from the sale of convertible preferred stock. As of December 31, 2020, Coinbase had cash and cash equivalents of $1.1 billion, exclusive of restricted cash and customer custodial funds.
The complaint alleges that one month later, the high-flying promise of Coinbase came to a screaming halt, as Coinbase conceded the need to raise capital and revealed performance issues that prevented users' ability to trade cryptocurrencies. On May 17, 2021, Coinbase announced its plans to raise about $1.25 billion via a convertible bond sale. Then, on May 19, 2021, Coinbase revealed technical problems, including "delays . . . due to network congestion" affecting those who want to get their money out.
Following this news, Coinbase's share price fell $23.44 per share, nearly 10%, over two consecutive trading sessions, to close at $224.80 per share on May 19, 2021. By the time the complaint was filed, Coinbase stock traded as low as $208.00 per share, a decline from its April 14, 2021 opening price of $381.00 per share.
The complaint alleges that the Offering Materials were false and misleading and omitted to state that, at the time of the Offering: (1) Coinbase required a sizeable cash injection; (2) Coinbase's platform was susceptible to service-level disruptions, which were increasingly likely to occur as Coinbase scaled its services to a larger user base; and (3) as a result of the foregoing, the defendants' positive statements about Coinbase's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
Coinbase investors may,no later than September 20, 2021, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visitwww.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLPJames Maro, Jr., Esq.280 King of Prussia RoadRadnor, PA 19087(844) 887-9500 (toll free)[email protected]
To view the source version of this press release, please visithttps://www.newsfilecorp.com/release/92336 || COIN Shareholder Reminder: Kessler Topaz Meltzer & Check, LLP Reminds Shareholders of Coinbase Global Inc. of Deadline in Securities Fraud Class Action Lawsuit: Radnor, Pennsylvania--(Newsfile Corp. - August 6, 2021) - The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed against Coinbase Global Inc. (NASDAQ: COIN) ("Coinbase") on behalf of those who purchased or acquired Coinbase Class A common stock pursuant and/or traceable to the registration statement and prospectus (collectively, the "Offering Materials") for the resale of up to 114,850,769 shares of its Class A common stock, whereby Coinbase began trading as a public company on or around April 14, 2021 (the "Offering") . Deadline Reminder: Investors who purchased or acquired Coinbase Class A common stock pursuant and/or traceable to the Offering may, no later than September 20, 2021 , seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453; toll free at (844) 887-9500; via e-mail at [email protected] ; or click https://www.ktmc.com/coinbase-global-class-action-lawsuit?utm_source=PR&utm_medium=Link&utm_campaign=coinbase According to the complaint, Coinbase "powers the cryptoeconomy," offering a "trusted platform" for sending and receiving Bitcoin and other digital assets built using blockchain technology to approximately 43 million retail users, 7,000 institutions, and 115,000 ecosystem partners in over 100 countries. On April 14, 2021, Coinbase filed its prospectus on a Form 424B4, which forms part of the registration statement. Coinbase registered for the resale of up to 114,850,769 shares of its Class A common stock by registered shareholders. According to the registration statement, the resale of Coinbase's stock was not underwritten by any investment bank and the registered stockholders would purportedly elect whether or not to sell their shares. Such sales, if any, would be brokerage transactions on the NASDAQ, and Coinbase would purportedly not receive any proceeds from the sale of shares of Class A common stock by the registered stockholders. Thus, Coinbase's operations would continue to be financed with cash flow from operating activities and net proceeds from the sale of convertible preferred stock. As of December 31, 2020, Coinbase had cash and cash equivalents of $1.1 billion, exclusive of restricted cash and customer custodial funds. Story continues The complaint alleges that one month later, the high-flying promise of Coinbase came to a screaming halt, as Coinbase conceded the need to raise capital and revealed performance issues that prevented users' ability to trade cryptocurrencies. On May 17, 2021, Coinbase announced its plans to raise about $1.25 billion via a convertible bond sale. Then, on May 19, 2021, Coinbase revealed technical problems, including "delays . . . due to network congestion" affecting those who want to get their money out. Following this news, Coinbase's share price fell $23.44 per share, nearly 10%, over two consecutive trading sessions, to close at $224.80 per share on May 19, 2021. By the time the complaint was filed, Coinbase stock traded as low as $208.00 per share, a decline from its April 14, 2021 opening price of $381.00 per share. The complaint alleges that the Offering Materials were false and misleading and omitted to state that, at the time of the Offering: (1) Coinbase required a sizeable cash injection; (2) Coinbase's platform was susceptible to service-level disruptions, which were increasingly likely to occur as Coinbase scaled its services to a larger user base; and (3) as a result of the foregoing, the defendants' positive statements about Coinbase's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis. Coinbase investors may, no later than September 20, 2021 , seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com . CONTACT: Kessler Topaz Meltzer & Check, LLP James Maro, Jr., Esq. 280 King of Prussia Road Radnor, PA 19087 (844) 887-9500 (toll free) [email protected] To view the source version of this press release, please visit https://www.newsfilecorp.com/release/92336 || Bitcoin Surges Above $43K for First Time Since May: The price ofbitcoinrose above $43,000 for the first time since May.
As of press time, the largest cryptocurrency by market value was changing hands at around $42,901, up 4.9% over the past 24 hours.
The latest rally took bitcoin’s year-to-date return to 48%, far exceeding the Standard & Poor’s 18% gain.
Related:Bitcoin Holds Support; Next Resistance at $50K
Cryptocurrency traders and analyst say arisk-taking moodhas returned to digital-asset markets after a bear market that saw prices fall below $30,000 from an all-time high in April near $65,000.
• Bitcoin Cools on 3-Month High as Long-Term Moving Average Looms Large
• Crypto Long & Short: How Do You Measure Relative Value in Crypto?
• Market Wrap: Bitcoin Rallies Above $42K as Bull Market Continues || Bitcoin Surges Above $43K for First Time Since May: The price of bitcoin rose above $43,000 for the first time since May. As of press time, the largest cryptocurrency by market value was changing hands at around $42,901, up 4.9% over the past 24 hours. The latest rally took bitcoins year-to-date return to 48%, far exceeding the Standard & Poors 18% gain. Related: Bitcoin Holds Support; Next Resistance at $50K Cryptocurrency traders and analyst say a risk-taking mood has returned to digital-asset markets after a bear market that saw prices fall below $30,000 from an all-time high in April near $65,000. Related Stories Bitcoin Cools on 3-Month High as Long-Term Moving Average Looms Large Crypto Long & Short: How Do You Measure Relative Value in Crypto? Market Wrap: Bitcoin Rallies Above $42K as Bull Market Continues
[Social Media Buzz]
None available.
|
43798.12, 46365.40, 45585.03, 45593.64, 44428.29, 47793.32, 47096.95, 47047.00, 46004.48, 44695.36
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 224.63, 235.27, 234.18, 236.46, 231.27, 226.39, 219.43, 229.29, 225.85, 225.81, 236.15, 232.08, 234.93, 240.36, 239.02, 236.12, 229.78, 237.33, 243.86, 241.83, 240.30, 242.16, 241.11, 236.38, 236.93, 237.60, 236.15, 236.80, 233.13, 231.95, 234.02, 235.34, 240.35, 238.87, 240.95, 237.11, 237.12, 237.28, 237.41, 237.10, 233.35, 230.19, 222.93, 225.80, 225.87, 224.32, 224.95, 225.62, 222.88, 228.49, 229.05, 228.80, 229.71, 229.98, 232.40, 233.54, 236.82, 250.90, 249.28, 249.01, 244.61, 245.21, 243.94, 246.99, 244.30, 240.51, 242.80, 243.59, 250.99, 249.01, 257.06, 263.07, 258.62, 255.41, 256.34, 260.89, 271.91, 269.03, 266.21, 270.79, 269.23, 284.89, 293.11, 310.87, 292.05, 287.46, 285.83, 278.09, 279.47, 274.90.
|
[Bitcoin Technical Analysis for 2015-07-18]
Volume: 25187100, RSI (14-day): 53.51, 50-day EMA: 259.55, 200-day EMA: 257.33
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Washington D.C. Celebrates Marijuana Legalization With Growing Competition: Five months ago, Washington D.C. relaxed its regulations governing the recreational use of marijuana despite arguments from the nation's lawmakers. The district has since held several events to take advantage of the new rules and this year's state fare is even incorporating pot into the festivities. Growing Contest A state fair conjures up images of homemade apple pies and prize-winning livestock, but in Washington D.C., the event will also include a marijuana growing competition. Fair organizers will give out a "Best Bud" award for the best specimen of a marijuana plant. The contest will run alongside other D.C. favorites like the knit and crochet contest, the pickled food contest and the homebrew contest. Related Link: Surprising Study Shows Lax Marijuana Laws May Benefit America's Youth Embracing Marijuana Rules The fair, set to take place in September, says its inclusion of a marijuana growing competition is an important step toward embracing the district's new laws. Not only will the contest underscore D.C.'s new freedom, but it will give home-growers a chance to show off their talent for sustaining what can be a difficult to grow plant. Judging The plants will be judged rigorously in four categories including appearance, odor, touch and growing method. However, the plants will not be judged on their potency and judges will not sample any of the entries. D.C. law prohibits anyone from smoking in public spaces, and the fair is planning to uphold that law by banning marijuana use on the premises. See more from Benzinga Bitcoin Makes A Musical Debut Starbucks Hopes To Blend In With The Locals Hacking Concerns Give New Life To Cybersecurity Field © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Washington D.C. Celebrates Marijuana Legalization With Growing Competition: Five months ago, Washington D.C. relaxed its regulations governing the recreational use of marijuana despite arguments from the nation's lawmakers. The district has since held several events to take advantage of the new rules and this year's state fare is evenincorporating potinto the festivities.
Growing Contest
A state fair conjures up images of homemade apple pies and prize-winning livestock, but in Washington D.C., the event will also include a marijuana growing competition. Fair organizers will give out a "Best Bud" award for the best specimen of a marijuana plant. The contest will run alongside other D.C. favorites like the knit and crochet contest, the pickled food contest and the homebrew contest.
Related Link:Surprising Study Shows Lax Marijuana Laws May Benefit America's Youth
Embracing Marijuana Rules
The fair, set to take place in September, says its inclusion of a marijuana growing competition is an important step toward embracing the district's new laws. Not only will the contest underscore D.C.'s new freedom, but it will give home-growers a chance to show off their talent for sustaining what can be a difficult to grow plant.
Judging
The plants will be judged rigorously in four categories including appearance, odor, touch and growing method. However, the plants will not be judged on their potency and judges will not sample any of the entries. D.C. law prohibits anyone from smoking in public spaces, and the fair is planning to uphold that law by banning marijuana use on the premises.
See more from Benzinga
• Bitcoin Makes A Musical Debut
• Starbucks Hopes To Blend In With The Locals
• Hacking Concerns Give New Life To Cybersecurity Field
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || C&W Unveils the 'New' Flow and Creates History in Barbados: BRIDGETOWN, BARBADOS--(Marketwired - Jul 16, 2015) - Telecoms history was made in Barbados today as Cable & Wireless Communications (C&W) officially launched its retail brand, Flow, for its newly combined consumer group. The 'new' Flow will deliver a compelling set of quad play products and services via its Fibre to the Home (FTTH) infrastructure set to reach 100% of Barbados homes by year end. This will make Barbados the first country in the world to have 100% FTTH coverage. "We are pleased to usher in a new culture of innovation and technical excellence, backed by major investments in our Fibre to the Home infrastructure," said John Reid, President of C&W Consumer Group. With our combined strengths, Barbados consumers will have access to the most technologically advanced quad play products in the region, through our mobile, video, landline and broadband services. Reid also said that the foundation of the new Flow brand strategy was consistent with the positive characteristics of the Caribbean. "We are driven by all that is positive in the Caribbean," he said. "The people, the passion, and the drive to succeed. Against that backdrop, we commit to continue our focus on innovation, technical excellence and great customer service." Flow also unveiled plans to become #1 for customer experience in Barbados and the region. According to Niall Sheehy, the Country Manager for Flow Barbados, "Flow will realise this bold vision by making significant changes across our operations to drive an outstanding customer experience, which will extend beyond the obvious frontline transactions." Sheehy said that, "In all departments and in each role the goal will be to put the customer first in every aspect of our business." The 'unveil' of the new brand, follows the announcement in March by C&W to merge its operations with Columbus International. C&W will follow this inaugural launch throughout the Caribbean on a phased, country-by-country basis over the next twelve months. Story continues About Cable & Wireless Communications: Cable & Wireless Communications Plc (CWC) is a full service communications and entertainment provider, operating in the Caribbean and Latin America. With annual sales of over $2.4 billion, it operates both mobile and fixed networks, supported by submarine and terrestrial optical fibre backhaul capacity. Through the acquisition of Columbus International Inc. on 31 March 2015, CWC now delivers superior high-speed mobile data, broadband and TV/video services. It has leading market positions in Mobile, Fixed Line, Broadband and TV consumer offers. Through its business division, CWC provides data centre hosting, domestic and international managed network services, and customised IT service solutions, utilising cloud technology to serve business and government customers. The company also operates a state-of-the-art subsea fibre optic cable network that spans more than 42,000 km -- the most extensive in the region -- as well as 38,000 km of terrestrial fibre providing wholesale and carrier backhaul capacity. CWC has more than 7,500 employees serving over 6 million customers (Mobile 3.8m; Fixed Line 1.1m; TV 430k and Broadband 650k) as well as over 125k corporate clients across 42 countries. The Company's leading brands include: LIME and Flow in the Caribbean; BTC in The Bahamas; Mas Movil in Panama; C&W Business and C&W Networks. CWC is the market leader in most products offered and territories served. It is a major contributor to local communities through its corporate social responsibility programmes. Cable & Wireless Communications' shares are quoted on the London Stock Exchange under the ticker CWC. The company is headquartered in London with its operational hub located in Miami, within close proximity to the Caribbean and Latin America. For more information visit: http://www.cwc.com . || C&W Unveils the 'New' Flow and Creates History in Barbados: BRIDGETOWN, BARBADOS--(Marketwired - Jul 16, 2015) - Telecoms history was made in Barbados today as Cable & Wireless Communications (C&W) officially launched its retail brand, Flow, for its newly combined consumer group. The 'new' Flow will deliver a compelling set of quad play products and services via its Fibre to the Home (FTTH) infrastructure set to reach 100% of Barbados homes by year end. This will make Barbados the first country in the world to have 100% FTTH coverage.
"We are pleased to usher in a new culture of innovation and technical excellence, backed by major investments in our Fibre to the Home infrastructure," said John Reid, President of C&W Consumer Group. With our combined strengths, Barbados consumers will have access to the most technologically advanced quad play products in the region, through our mobile, video, landline and broadband services.
Reid also said that the foundation of the new Flow brand strategy was consistent with the positive characteristics of the Caribbean. "We are driven by all that is positive in the Caribbean," he said. "The people, the passion, and the drive to succeed. Against that backdrop, we commit to continue our focus on innovation, technical excellence and great customer service."
Flow also unveiled plans to become #1 for customer experience in Barbados and the region. According to Niall Sheehy, the Country Manager for Flow Barbados, "Flow will realise this bold vision by making significant changes across our operations to drive an outstanding customer experience, which will extend beyond the obvious frontline transactions." Sheehy said that, "In all departments and in each role the goal will be to put the customer first in every aspect of our business."
The 'unveil' of the new brand, follows the announcement in March by C&W to merge its operations with Columbus International. C&W will follow this inaugural launch throughout the Caribbean on a phased, country-by-country basis over the next twelve months.
About Cable & Wireless Communications:
Cable & Wireless Communications Plc (CWC) is a full service communications and entertainment provider, operating in the Caribbean and Latin America. With annual sales of over $2.4 billion, it operates both mobile and fixed networks, supported by submarine and terrestrial optical fibre backhaul capacity. Through the acquisition of Columbus International Inc. on 31 March 2015, CWC now delivers superior high-speed mobile data, broadband and TV/video services. It has leading market positions in Mobile, Fixed Line, Broadband and TV consumer offers.
Through its business division, CWC provides data centre hosting, domestic and international managed network services, and customised IT service solutions, utilising cloud technology to serve business and government customers.
The company also operates a state-of-the-art subsea fibre optic cable network that spans more than 42,000 km -- the most extensive in the region -- as well as 38,000 km of terrestrial fibre providing wholesale and carrier backhaul capacity.
CWC has more than 7,500 employees serving over 6 million customers (Mobile 3.8m; Fixed Line 1.1m; TV 430k and Broadband 650k) as well as over 125k corporate clients across 42 countries. The Company's leading brands include: LIME and Flow in the Caribbean; BTC in The Bahamas; Mas Movil in Panama; C&W Business and C&W Networks. CWC is the market leader in most products offered and territories served. It is a major contributor to local communities through its corporate social responsibility programmes.
Cable & Wireless Communications' shares are quoted on the London Stock Exchange under the ticker CWC. The company is headquartered in London with its operational hub located in Miami, within close proximity to the Caribbean and Latin America. For more information visit:http://www.cwc.com. || Caribbean's Next Top Model Returns to the Catwalk With Flow TV Partnership: BRIDGETOWN, BARBADOS--(Marketwired - Jul 16, 2015) - It was a night of exciting news as C&W unveiled its new consumer brand in Barbados and Wendy Fitzwilliam, Miss Universe 1998, announced a mutually beneficial partnership with the 'new' Flow to air the second season of the reality show 'Caribbean's Next Top Model.' "We're absolutely excited to be working with Flow to bring Caribbean's Next Top Model back for a second season. We are resolute in our desire to showcase brand Caribbean and this partnership makes it possible to build on our first season and bring the show back to our fans in a much more interactive way," said Wendy Fitzwilliam at the launch. The regionally based reality show is tied to the successful original production -- America's Next Top Model -- owned by CBS International and created by former top model and television producer Tyra Banks and follows the stories of young women seeking to launch a career in the competitive world of modelling. Fitzwilliam stated, "We know that there are many young women in the Caribbean who have big dreams of success in fashion. The fashion and beauty industries have been impacted by the talent of women with Caribbean roots for quite some time, from history makers such as Grace Jones and Naomi Campbell to relative newcomers such as Barbadian model Lene Hall, the face of Prescriptives by Esteé Lauder and Puerto Rican supermodel Joan Smalls. CNTM," she says "provides an additional opportunity for more Caribbean women to be represented within the international fashion industry. The success of this show will impact more than individuals and models it will also highlight the Caribbean fashion and beauty industries, content development in the Caribbean and more." John Reid, President of the C&W Consumer Group noted that the partnership was a perfect fit for Flow, now positioned as a Caribbean brand "driven by all that is positive in the Caribbean, the people, the passion, the drive to succeed, innovation and positive vibes." He noted that Flow will also use its quad play technology to ensure that viewers have access across multiple channels so that they can access the programme when they want and how they want. "Flow customers," he explained, "will be able to access Caribbean Next Top Model before other viewers on Flow TV, via the Flow on Demand platform at their convenience. They can even access information about the programme on their smart phones and other mobile devices." Story continues Caribbean's Next Top Model is produced by Wendy Fitzwilliam and her sister Dionyse Fitzwilliam, who is the show's Executive Producer. Casting calls for the second season are currently being held in Barbados, Cayman Islands, Jamaica and Trinidad and Tobago. The casting calls are also being facilitated online to make it more accessible for potential participants throughout the region. The first show will be aired in October. About Cable & Wireless Communications: Cable & Wireless Communications Plc (CWC) is a full service communications and entertainment provider, operating in the Caribbean and Latin America. With annual sales of over $2.4 billion, it operates both mobile and fixed networks, supported by submarine and terrestrial optical fibre backhaul capacity. Through the acquisition of Columbus International Inc. on 31 March 2015, CWC now delivers superior high-speed mobile data, broadband and TV/video services. It has leading market positions in Mobile, Fixed Line, Broadband and TV consumer offers. Through its business division, CWC provides data centre hosting, domestic and international managed network services, and customised IT service solutions, utilising cloud technology to serve business and government customers. The company also operates a state-of-the-art subsea fibre optic cable network that spans more than 42,000 km -- the most extensive in the region -- as well as 38,000 km of terrestrial fibre providing wholesale and carrier backhaul capacity. CWC has more than 7,500 employees serving over 6 million customers (Mobile 3.8m; Fixed Line 1.1m; TV 430k and Broadband 650k) as well as over 125k corporate clients across 42 countries. The Company's leading brands include; LIME and Flow in the Caribbean; BTC in The Bahamas; Mas Movil in Panama; C&W Business and C&W Networks. CWC is the market leader in most products offered and territories served. It is a major contributor to local communities through its corporate social responsibility programmes. Cable & Wireless Communications' shares are quoted on the London Stock Exchange under the ticker CWC. The company is headquartered in London with its operational hub located in Miami, within close proximity to the Caribbean and Latin America. For more information visit: http://www.cwc.com . || Caribbean's Next Top Model Returns to the Catwalk With Flow TV Partnership: BRIDGETOWN, BARBADOS--(Marketwired - Jul 16, 2015) - It was a night of exciting news as C&W unveiled its new consumer brand in Barbados and Wendy Fitzwilliam, Miss Universe 1998, announced a mutually beneficial partnership with the 'new' Flow to air the second season of the reality show 'Caribbean's Next Top Model.'
"We're absolutely excited to be working with Flow to bring Caribbean's Next Top Model back for a second season. We are resolute in our desire to showcase brand Caribbean and this partnership makes it possible to build on our first season and bring the show back to our fans in a much more interactive way," said Wendy Fitzwilliam at the launch.
The regionally based reality show is tied to the successful original production -- America's Next Top Model -- owned by CBS International and created by former top model and television producer Tyra Banks and follows the stories of young women seeking to launch a career in the competitive world of modelling.
Fitzwilliam stated, "We know that there are many young women in the Caribbean who have big dreams of success in fashion. The fashion and beauty industries have been impacted by the talent of women with Caribbean roots for quite some time, from history makers such as Grace Jones and Naomi Campbell to relative newcomers such as Barbadian model Lene Hall, the face of Prescriptives by Esteé Lauder and Puerto Rican supermodel Joan Smalls. CNTM," she says "provides an additional opportunity for more Caribbean women to be represented within the international fashion industry. The success of this show will impact more than individuals and models it will also highlight the Caribbean fashion and beauty industries, content development in the Caribbean and more."
John Reid, President of the C&W Consumer Group noted that the partnership was a perfect fit for Flow, now positioned as a Caribbean brand "driven by all that is positive in the Caribbean, the people, the passion, the drive to succeed, innovation and positive vibes." He noted that Flow will also use its quad play technology to ensure that viewers have access across multiple channels so that they can access the programme when they want and how they want. "Flow customers," he explained, "will be able to access Caribbean Next Top Model before other viewers on Flow TV, via the Flow on Demand platform at their convenience. They can even access information about the programme on their smart phones and other mobile devices."
Caribbean's Next Top Model is produced by Wendy Fitzwilliam and her sister Dionyse Fitzwilliam, who is the show's Executive Producer. Casting calls for the second season are currently being held in Barbados, Cayman Islands, Jamaica and Trinidad and Tobago. The casting calls are also being facilitated online to make it more accessible for potential participants throughout the region. The first show will be aired in October.
About Cable & Wireless Communications:
Cable & Wireless Communications Plc (CWC) is a full service communications and entertainment provider, operating in the Caribbean and Latin America. With annual sales of over $2.4 billion, it operates both mobile and fixed networks, supported by submarine and terrestrial optical fibre backhaul capacity. Through the acquisition of Columbus International Inc. on 31 March 2015, CWC now delivers superior high-speed mobile data, broadband and TV/video services. It has leading market positions in Mobile, Fixed Line, Broadband and TV consumer offers.
Through its business division, CWC provides data centre hosting, domestic and international managed network services, and customised IT service solutions, utilising cloud technology to serve business and government customers.
The company also operates a state-of-the-art subsea fibre optic cable network that spans more than 42,000 km -- the most extensive in the region -- as well as 38,000 km of terrestrial fibre providing wholesale and carrier backhaul capacity.
CWC has more than 7,500 employees serving over 6 million customers (Mobile 3.8m; Fixed Line 1.1m; TV 430k and Broadband 650k) as well as over 125k corporate clients across 42 countries. The Company's leading brands include; LIME and Flow in the Caribbean; BTC in The Bahamas; Mas Movil in Panama; C&W Business and C&W Networks. CWC is the market leader in most products offered and territories served. It is a major contributor to local communities through its corporate social responsibility programmes.
Cable & Wireless Communications' shares are quoted on the London Stock Exchange under the ticker CWC. The company is headquartered in London with its operational hub located in Miami, within close proximity to the Caribbean and Latin America. For more information visit:http://www.cwc.com. || US$160M C&W Investment for Barbados: BRIDGETOWN, BARBADOS--(Marketwired - Jul 16, 2015) - C&W is investing US$160M in Barbados as the Company rolls out its new retail brand Flow on the island as part of its merger with Columbus Communications. Barbados is the first country to launch the newly combined retail brand. Niall Sheehy, Country Manager of the 'new' Flow, revealed a number of significant developments for Barbados. "What we have today is the product of two legacies working in unison to meet our customers' needs," said Sheehy. Under the new consumer brand Flow, the company has combined the strengths of the former LIME and Flow organisations and is positioning Barbados as the first country in the world with 100% Fibre-to-the-Home (FTTH) broadband connectivity. The FTTH network will allow the Company to bring new and cutting edge services to its customers. As a start, customers will receive telephone (mobile and landline) video, audio, television and just about any other kind of digital data stream using Flow's comprehensive FTTH broadband connection. Sheehy indicated that the consumers will benefit from bundling of products, new and exciting apps and the ability to access products and services from a variety of platforms, via its network. Sheehy also outlined other aspects of the company's investments in Barbados as the Company rolls out its new consumer brand. "We have already moved into our new corporate home in Warrens (formerly the Orange Mall) and on August 1, we will officially transition from our Customer Care Centre at SkyMall to a new retail store under the Flow brand. This new retail outlet will serve as the touch-point for all our products and services of the combined entity," he said. "Customers will still be able to access a full Flow Customer Service Centre at Windsor Lodge (formerly LIME)," added Sheehy. "These changes are part of a wider plan to ensure that our newly combined company meets our stated goal of putting the customer at the heart of what we do." Story continues Sheehy also informed that the company is currently transitioning all of its products and services to the Flow brand. He noted that the transition phase will take some time, during which customers may still see communications using the former LIME and Flow brands. About Cable & Wireless Communications: Cable & Wireless Communications Plc (CWC) is a full service communications and entertainment provider, operating in the Caribbean and Latin America. With annual sales of over $2.4 billion, it operates both mobile and fixed networks, supported by submarine and terrestrial optical fibre backhaul capacity. Through the acquisition of Columbus International Inc. on 31 March 2015, CWC now delivers superior high-speed mobile data, broadband and TV/video services. It has leading market positions in Mobile, Fixed Line, Broadband and TV consumer offers. Through its business division, CWC provides data centre hosting, domestic and international managed network services, and customised IT service solutions, utilising cloud technology to serve business and government customers. The company also operates a state-of-the-art subsea fibre optic cable network that spans more than 42,000 km -- the most extensive in the region -- as well as 38,000 km of terrestrial fibre providing wholesale and carrier backhaul capacity. CWC has more than 7,500 employees serving over 6 million customers (Mobile 3.8m; Fixed Line 1.1m; TV 430k and Broadband 650k) as well as over 125k corporate clients across 42 countries. The Company's leading brands include; LIME and Flow in the Caribbean; BTC in The Bahamas; Mas Movil in Panama; C&W Business and C&W Networks. CWC is the market leader in most products offered and territories served. It is a major contributor to local communities through its corporate social responsibility programmes. Cable & Wireless Communications' shares are quoted on the London Stock Exchange under the ticker CWC. The company is headquartered in London with its operational hub located in Miami, within close proximity to the Caribbean and Latin America. For more information visit: http://www.cwc.com . || US$160M C&W Investment for Barbados: BRIDGETOWN, BARBADOS--(Marketwired - Jul 16, 2015) - C&W is investing US$160M in Barbados as the Company rolls out its new retail brand Flow on the island as part of its merger with Columbus Communications. Barbados is the first country to launch the newly combined retail brand. Niall Sheehy, Country Manager of the 'new' Flow, revealed a number of significant developments for Barbados.
"What we have today is the product of two legacies working in unison to meet our customers' needs," said Sheehy. Under the new consumer brand Flow, the company has combined the strengths of the former LIME and Flow organisations and is positioning Barbados as the first country in the world with 100% Fibre-to-the-Home (FTTH) broadband connectivity.
The FTTH network will allow the Company to bring new and cutting edge services to its customers. As a start, customers will receive telephone (mobile and landline) video, audio, television and just about any other kind of digital data stream using Flow's comprehensive FTTH broadband connection. Sheehy indicated that the consumers will benefit from bundling of products, new and exciting apps and the ability to access products and services from a variety of platforms, via its network.
Sheehy also outlined other aspects of the company's investments in Barbados as the Company rolls out its new consumer brand. "We have already moved into our new corporate home in Warrens (formerly the Orange Mall) and on August 1, we will officially transition from our Customer Care Centre at SkyMall to a new retail store under the Flow brand.
This new retail outlet will serve as the touch-point for all our products and services of the combined entity," he said. "Customers will still be able to access a full Flow Customer Service Centre at Windsor Lodge (formerly LIME)," added Sheehy. "These changes are part of a wider plan to ensure that our newly combined company meets our stated goal of putting the customer at the heart of what we do."
Sheehy also informed that the company is currently transitioning all of its products and services to the Flow brand. He noted that the transition phase will take some time, during which customers may still see communications using the former LIME and Flow brands.
About Cable & Wireless Communications:
Cable & Wireless Communications Plc (CWC) is a full service communications and entertainment provider, operating in the Caribbean and Latin America. With annual sales of over $2.4 billion, it operates both mobile and fixed networks, supported by submarine and terrestrial optical fibre backhaul capacity. Through the acquisition of Columbus International Inc. on 31 March 2015, CWC now delivers superior high-speed mobile data, broadband and TV/video services. It has leading market positions in Mobile, Fixed Line, Broadband and TV consumer offers.
Through its business division, CWC provides data centre hosting, domestic and international managed network services, and customised IT service solutions, utilising cloud technology to serve business and government customers.
The company also operates a state-of-the-art subsea fibre optic cable network that spans more than 42,000 km -- the most extensive in the region -- as well as 38,000 km of terrestrial fibre providing wholesale and carrier backhaul capacity.
CWC has more than 7,500 employees serving over 6 million customers (Mobile 3.8m; Fixed Line 1.1m; TV 430k and Broadband 650k) as well as over 125k corporate clients across 42 countries. The Company's leading brands include; LIME and Flow in the Caribbean; BTC in The Bahamas; Mas Movil in Panama; C&W Business and C&W Networks. CWC is the market leader in most products offered and territories served. It is a major contributor to local communities through its corporate social responsibility programmes.
Cable & Wireless Communications' shares are quoted on the London Stock Exchange under the ticker CWC. The company is headquartered in London with its operational hub located in Miami, within close proximity to the Caribbean and Latin America. For more information visit:http://www.cwc.com. || Trading Google earnings: 3 stocks to buy: Google (NASDAQ: GOOGL) shares spiked following a strong quarterly earnings report Thursday, and CNBC "Fast Money" traders jumped on the bandwagon with investors. "I think the stock's got real runway here. I think it can turn and go a lot higher," said trader David Seaburg. The Internet giant's stock surged more than 10 percent in extended trading as second-quarter profit of $6.99 per share topped analysts' expectations. Though revenue fell slightly short of expectations and crucial ad metrics were mixed, markets cheered signs of expense control and strong signs for the YouTube video platform. "I thought it was undervalued before. This is not a crazy valuation here," said trader Karen Finerman, who owns Google stock. Read More Google shares jump as profits handily beat expectations Google seems primed to move higher, and investors should hold it with $600 per share as a floor, said trader Guy Adami. It closed the regular session above $601 before the after-hours spike. Trader Brian Kelly added that he saw positive signs in financial discipline and YouTube, but he would wait for a pullback to buy Google shares. A post-earnings spike in Netflix (NASDAQ: NFLX) shares, among other names, helped push the Nasdaq Composite (NASDAQ: .IXIC) to a record close Thursday. Looking forward in the technology sector, Kelly sees upside in Microsoft (NASDAQ: MSFT) . Read More Overseas growth is driving Netflix stock surge: Analyst Adami also noted that Facebook (NASDAQ: FB) looks to be "breaking out." The stock has gone about 16 percent higher this year. Disclosures: Brian Kelly Brian Kelly is long BBRY, BTC=; ITB, TAN, TLT, TSL and euro. He is short yuan and yen. Today he bought ITB. Karen Finerman Karen is long BABA, BAC, C, FINL, FL, GOOG, GOOGL, JPM, KORS, M, URI, BABA puts and URI calls. She is short SPY. Her firm is long ANTM, AAPL, BAC, C, DIS, FBT, FINL, FL, GILD, GOOG, GOOGL, GPS, IBB, JPM, KORS, M, SUNE, URI, XBI, KORS call spreads, URI calls, KORS puts and SPY put spreads. Her firm is short IWM, SPY and MDY. Karen Finerman is on the board of GrafTech International. Story continues Guy Adami Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck. More From CNBC Top News and Analysis Latest News Video Personal Finance || Trading Google earnings: 3 stocks to buy: Google(NASDAQ: GOOGL)shares spiked following a strong quarterly earnings report Thursday, and CNBC"Fast Money"traders jumped on the bandwagon with investors.
"I think the stock's got real runway here. I think it can turn and go a lot higher," said trader David Seaburg.
The Internet giant's stock surged more than 10 percent in extended trading as second-quarter profit of $6.99 per share topped analysts' expectations. Though revenue fell slightly short of expectations and crucial ad metrics were mixed, markets cheered signs of expense control and strong signs for the YouTube video platform.
"I thought it was undervalued before. This is not a crazy valuation here," said trader Karen Finerman, who owns Google stock.
Read MoreGoogle shares jump as profits handily beat expectations
Google seems primed to move higher, and investors should hold it with $600 per share as a floor, said trader Guy Adami. It closed the regular session above $601 before the after-hours spike.
Trader Brian Kelly added that he saw positive signs in financial discipline and YouTube, but he would wait for a pullback to buy Google shares.
A post-earnings spike in Netflix(NASDAQ: NFLX)shares, among other names, helped push the Nasdaq Composite(NASDAQ: .IXIC)to a record close Thursday. Looking forward in the technology sector, Kelly sees upside in Microsoft(NASDAQ: MSFT).
Read MoreOverseas growth is driving Netflix stock surge: Analyst
Adami also noted that Facebook(NASDAQ: FB)looks to be "breaking out." The stock has gone about 16 percent higher this year.
Disclosures:
Brian Kelly
Brian Kelly is long BBRY, BTC=; ITB, TAN, TLT, TSL and euro. He is short yuan and yen. Today he bought ITB.
Karen Finerman
Karen is long BABA, BAC, C, FINL, FL, GOOG, GOOGL, JPM, KORS, M, URI, BABA puts and URI calls. She is short SPY. Her firm is long ANTM, AAPL, BAC, C, DIS, FBT, FINL, FL, GILD, GOOG, GOOGL, GPS, IBB, JPM, KORS, M, SUNE, URI, XBI, KORS call spreads, URI calls, KORS puts and SPY put spreads. Her firm is short IWM, SPY and MDY. Karen Finerman is on the board of GrafTech International.
Guy Adami
Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Bitnet and BlockCypher Announce Deal to Remove Risk in Accepting Bitcoin: BELFAST, UNITED KINGDOM and SAN FRANCISCO, CA--(Marketwired - Jul 16, 2015) -Bitnet, an enterprise bitcoin payments processor, today announced that they have selectedBlockCypher, a blockchain web services company, as a key data provider to help Bitnet mitigate the risk for merchants in accepting bitcoin payments.
Bitnet's new 'Instant Approval' service addresses the challenge faced by merchants of waiting for bitcoin transactions to be confirmed on the blockchain. This process can take over an hour if merchants require guarantees from their payment processor that transactions will be settled.
Drawing on the long industry experience of their team in managing online payment risk for merchants, Bitnet has built a solution that calculates the probability of whether a bitcoin transaction will ultimately confirm on the blockchain. Significantly, Bitnet takes financial liability for that decision. The 'Instant Approval' service relies on a number of data points, crucial to which are BlockCypher's double-spend detection and transaction propagation metrics.
The new 'Instant Approval' service enables merchants to accept bitcoin within their existing checkout flows that are typically built around accepting card payments, where authorizations that guarantee funds are provided within seconds.
"We are delighted to work with Bitnet," said Catheryne Nicholson, CEO at BlockCypher. "Their expertise in the intricacies of enterprise payments can unlock bitcoin's potential in very large-scale industries that experience a high volume of chargebacks."
"One of the biggest challenges for merchants wanting to accept bitcoin is how to accommodate the delayed confirmation times into their 'real-time' checkout flows and still be assured of being funded," said Seamus Cushley, VP Product at Bitnet. "We partnered with BlockCypher to provide key data for our 'Instant Approval' service due to their best-in-class metrics and enterprise service."
The two companies have been collaborating for the last six months to make this deal happen. It's an example of the philosophy both companies share of working together to collectively further the Bitcoin ecosystem, also echoed in Bitnet's core values: "If you want to travel fast, travel alone. If you want to travel far, travel together. Let's do this together."
About Bitnet:Bitnet provides a digital commerce platform enabling enterprise-scale merchants to accept bitcoin payments. Bitnet's engineering, product, and business development team helped build and manage the world's largest payment gateway, CyberSource, which was sold to the world's largest payment network, Visa, for $2 billion in 2010. Bitnet has offices in San Francisco, California; Belfast, Northern Ireland; and Singapore. For more information visithttps://www.bitnet.io.
About BlockCypher:BlockCypher helps companies easily build reliable block chain applications, exposing simple web APIs for developers to build on. BlockCypher runs multiple block chains on the same infrastructure, including their own block chain. BlockCypher provides a cloud-optimized enterprise-grade block chain platform with no single point of failure, linear scaling, and uptimes >99.99%. BlockCypher's office is in Redwood City, California. For more information, visithttp://www.blockcypher.com. || Bitnet and BlockCypher Announce Deal to Remove Risk in Accepting Bitcoin: BELFAST, UNITED KINGDOM and SAN FRANCISCO, CA--(Marketwired - Jul 16, 2015) - Bitnet , an enterprise bitcoin payments processor, today announced that they have selected BlockCypher , a blockchain web services company, as a key data provider to help Bitnet mitigate the risk for merchants in accepting bitcoin payments. Bitnet's new 'Instant Approval' service addresses the challenge faced by merchants of waiting for bitcoin transactions to be confirmed on the blockchain. This process can take over an hour if merchants require guarantees from their payment processor that transactions will be settled. Drawing on the long industry experience of their team in managing online payment risk for merchants, Bitnet has built a solution that calculates the probability of whether a bitcoin transaction will ultimately confirm on the blockchain. Significantly, Bitnet takes financial liability for that decision. The 'Instant Approval' service relies on a number of data points, crucial to which are BlockCypher's double-spend detection and transaction propagation metrics. The new 'Instant Approval' service enables merchants to accept bitcoin within their existing checkout flows that are typically built around accepting card payments, where authorizations that guarantee funds are provided within seconds. "We are delighted to work with Bitnet," said Catheryne Nicholson, CEO at BlockCypher. "Their expertise in the intricacies of enterprise payments can unlock bitcoin's potential in very large-scale industries that experience a high volume of chargebacks." "One of the biggest challenges for merchants wanting to accept bitcoin is how to accommodate the delayed confirmation times into their 'real-time' checkout flows and still be assured of being funded," said Seamus Cushley, VP Product at Bitnet. "We partnered with BlockCypher to provide key data for our 'Instant Approval' service due to their best-in-class metrics and enterprise service." The two companies have been collaborating for the last six months to make this deal happen. It's an example of the philosophy both companies share of working together to collectively further the Bitcoin ecosystem, also echoed in Bitnet's core values: "If you want to travel fast, travel alone. If you want to travel far, travel together. Let's do this together." About Bitnet: Bitnet provides a digital commerce platform enabling enterprise-scale merchants to accept bitcoin payments. Bitnet's engineering, product, and business development team helped build and manage the world's largest payment gateway, CyberSource, which was sold to the world's largest payment network, Visa, for $2 billion in 2010. Bitnet has offices in San Francisco, California; Belfast, Northern Ireland; and Singapore. For more information visit https://www.bitnet.io . About BlockCypher: BlockCypher helps companies easily build reliable block chain applications, exposing simple web APIs for developers to build on. BlockCypher runs multiple block chains on the same infrastructure, including their own block chain. BlockCypher provides a cloud-optimized enterprise-grade block chain platform with no single point of failure, linear scaling, and uptimes >99.99%. BlockCypher's office is in Redwood City, California. For more information, visit http://www.blockcypher.com . || Bitnet and BlockCypher Announce Deal to Remove Risk in Accepting Bitcoin: BELFAST, UNITED KINGDOM and SAN FRANCISCO, CA--(Marketwired - Jul 16, 2015) -Bitnet, an enterprise bitcoin payments processor, today announced that they have selectedBlockCypher, a blockchain web services company, as a key data provider to help Bitnet mitigate the risk for merchants in accepting bitcoin payments.
Bitnet's new 'Instant Approval' service addresses the challenge faced by merchants of waiting for bitcoin transactions to be confirmed on the blockchain. This process can take over an hour if merchants require guarantees from their payment processor that transactions will be settled.
Drawing on the long industry experience of their team in managing online payment risk for merchants, Bitnet has built a solution that calculates the probability of whether a bitcoin transaction will ultimately confirm on the blockchain. Significantly, Bitnet takes financial liability for that decision. The 'Instant Approval' service relies on a number of data points, crucial to which are BlockCypher's double-spend detection and transaction propagation metrics.
The new 'Instant Approval' service enables merchants to accept bitcoin within their existing checkout flows that are typically built around accepting card payments, where authorizations that guarantee funds are provided within seconds.
"We are delighted to work with Bitnet," said Catheryne Nicholson, CEO at BlockCypher. "Their expertise in the intricacies of enterprise payments can unlock bitcoin's potential in very large-scale industries that experience a high volume of chargebacks."
"One of the biggest challenges for merchants wanting to accept bitcoin is how to accommodate the delayed confirmation times into their 'real-time' checkout flows and still be assured of being funded," said Seamus Cushley, VP Product at Bitnet. "We partnered with BlockCypher to provide key data for our 'Instant Approval' service due to their best-in-class metrics and enterprise service."
The two companies have been collaborating for the last six months to make this deal happen. It's an example of the philosophy both companies share of working together to collectively further the Bitcoin ecosystem, also echoed in Bitnet's core values: "If you want to travel fast, travel alone. If you want to travel far, travel together. Let's do this together."
About Bitnet:Bitnet provides a digital commerce platform enabling enterprise-scale merchants to accept bitcoin payments. Bitnet's engineering, product, and business development team helped build and manage the world's largest payment gateway, CyberSource, which was sold to the world's largest payment network, Visa, for $2 billion in 2010. Bitnet has offices in San Francisco, California; Belfast, Northern Ireland; and Singapore. For more information visithttps://www.bitnet.io.
About BlockCypher:BlockCypher helps companies easily build reliable block chain applications, exposing simple web APIs for developers to build on. BlockCypher runs multiple block chains on the same infrastructure, including their own block chain. BlockCypher provides a cloud-optimized enterprise-grade block chain platform with no single point of failure, linear scaling, and uptimes >99.99%. BlockCypher's office is in Redwood City, California. For more information, visithttp://www.blockcypher.com. || Is Iran's Nuclear Agreement A Done Deal?: While it may seem like the hardest negotiations are over, the nuclear agreement made between Iranian officials and Western diplomats was only the beginning.
Now the deal will be scrutinized around the world as the U.S. and its allies debate whether or not the agreement's benefits outweigh the risks.
Republican Majority
One arena where the deal islikely to face a lot of oppositionis U.S. Congress. As Republicans represent the majority in both the Senate and the House, there could be a lot of pushback against the nuclear deal during Congress' 60 day review period.
However, in order to completely overturn the deal and ensure that it is not passed, Republicans would need to gain support from many of Congress' Democrats.
Since the bill represents a major policy aim for Obama, who is backed by the Democrats, Republicans are unlikely to get the votes they need to kill the deal.
Related Link:Is Russia Next To Adopt Bitcoin?
Middle Eastern Worries
The U.S. isn't the only place the deal faces opposition. In the Middle East, many of the U.S.' allies worry that the deal will give Iran too much power.
While Iranian officials have promised to curb the nation's nuclear activities in accordance with new restrictions laid out in the agreement, Israeli Prime Minister Benjamin Netanyahu said that the financial power that relaxed sanctions will give Iran will spell disaster for the region.
Netanyahu said he plans to lobby against the deal as he believes it will allow Iran to provide financial support to its allies, namely Syria.
See more from Benzinga
• Greece Receives Bailout Deal: Now What?
• Can Greece's Latest Reform Proposal Be Trusted?
• Greece To Plead Its Case At A Last-Chance Summit
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Is Iran's Nuclear Agreement A Done Deal?: While it may seem like the hardest negotiations are over, the nuclear agreement made between Iranian officials and Western diplomats was only the beginning. Now the deal will be scrutinized around the world as the U.S. and its allies debate whether or not the agreement's benefits outweigh the risks. Republican Majority One arena where the deal is likely to face a lot of opposition is U.S. Congress. As Republicans represent the majority in both the Senate and the House, there could be a lot of pushback against the nuclear deal during Congress' 60 day review period. However, in order to completely overturn the deal and ensure that it is not passed, Republicans would need to gain support from many of Congress' Democrats. Since the bill represents a major policy aim for Obama, who is backed by the Democrats, Republicans are unlikely to get the votes they need to kill the deal. Related Link: Is Russia Next To Adopt Bitcoin? Middle Eastern Worries The U.S. isn't the only place the deal faces opposition. In the Middle East, many of the U.S.' allies worry that the deal will give Iran too much power. While Iranian officials have promised to curb the nation's nuclear activities in accordance with new restrictions laid out in the agreement, Israeli Prime Minister Benjamin Netanyahu said that the financial power that relaxed sanctions will give Iran will spell disaster for the region. Netanyahu said he plans to lobby against the deal as he believes it will allow Iran to provide financial support to its allies, namely Syria. See more from Benzinga Greece Receives Bailout Deal: Now What? Can Greece's Latest Reform Proposal Be Trusted? Greece To Plead Its Case At A Last-Chance Summit © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Pot Breathalyzer To Make Marijuana Legalization Safer: With marijuana becoming legal in more and more states across the U.S., concerns about road safety have taken center stage.
As regulations regarding how much alcohol can be safely consumed before driving have been hammered into the public eye for years, many worry that newly legalized pot rules need to be paid the same attention.
However, in order for law enforcement agencies to uphold the rules governing marijuana consumption while driving, an easy system to test the amount of cannabis a driver has ingested is necessary.
For that reason, many companies are working to come up with a device that can detect marijuana the way that traditional breathalyzers measure a driver's alcohol level.
Prototype
Cannabix Technologies Inc., a Canadian-based firm, says it isnearing the final stagesof developing a ‘pot breathalyzer". The device is still only a prototype, but once it becomes available for widespread use, it could revolutionize the way that police enforce marijuana laws.
Related Link:Senate Considers Giving Marijuana Businesses Access To Banks
Will It Be Accurate Enough?
While the advent of a pot breathalyzer would be a major step forward for marijuana legalization, experts say it won't be accurate enough to be used on its own at first. The device would detect whether or not a person has THC, the psychoactive ingredient in cannabis, in their system, but probably wouldn't be able to tell just how much.
More Research Needed
So far, there has been no consensus regarding what amount of THC, if any, is safe for drivers. In Washington and Montana, drivers must have less than 5 nanograms/milliliter, though Pennsylvania allows just 1 ng/ml and some other states don't allow any amount of THC at all.
See more from Benzinga
• Is Russia Next To Adopt Bitcoin?
• Cloudminr Hacking Scandal Reignites Skepticism Over Bitcoin
• Can Marijuana Fight America's Drug Addiction?
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Pot Breathalyzer To Make Marijuana Legalization Safer: With marijuana becoming legal in more and more states across the U.S., concerns about road safety have taken center stage. As regulations regarding how much alcohol can be safely consumed before driving have been hammered into the public eye for years, many worry that newly legalized pot rules need to be paid the same attention. However, in order for law enforcement agencies to uphold the rules governing marijuana consumption while driving, an easy system to test the amount of cannabis a driver has ingested is necessary. For that reason, many companies are working to come up with a device that can detect marijuana the way that traditional breathalyzers measure a driver's alcohol level. Prototype Cannabix Technologies Inc., a Canadian-based firm, says it is nearing the final stages of developing a ‘pot breathalyzer". The device is still only a prototype, but once it becomes available for widespread use, it could revolutionize the way that police enforce marijuana laws. Related Link: Senate Considers Giving Marijuana Businesses Access To Banks Will It Be Accurate Enough? While the advent of a pot breathalyzer would be a major step forward for marijuana legalization, experts say it won't be accurate enough to be used on its own at first. The device would detect whether or not a person has THC, the psychoactive ingredient in cannabis, in their system, but probably wouldn't be able to tell just how much. More Research Needed So far, there has been no consensus regarding what amount of THC, if any, is safe for drivers. In Washington and Montana, drivers must have less than 5 nanograms/milliliter, though Pennsylvania allows just 1 ng/ml and some other states don't allow any amount of THC at all. See more from Benzinga Is Russia Next To Adopt Bitcoin? Cloudminr Hacking Scandal Reignites Skepticism Over Bitcoin Can Marijuana Fight America's Drug Addiction? © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Is Russia Next To Adopt Bitcoin?: This week, Russian President Vladimir Putingave his opinionon bitcoin to the public for the first time. Putin hasn't been open about his view on cryptocurrencies in the past, but on Russia 24, the nation's domestic TV network, Putin was optimistic about bitcoin's future possibilities.
Putin Commends Bank Of Russia
Putin remarked that the Bank of Russia's efforts to explore applications for bitcoin have been beneficial and that the nation may find future use for the technology. In his view, cryptocurrencies still have major reliability issues, but the technology they run on may be useful to facilitate transactions down the road.
Related Link:Wedbush Predicts A Bright Future For Bitcoin
Still Reliability Issues
In his interview, he underlined the problems that bitcoin presents, saying that the fact that the currency isn't backed by anything represents a major issue with adopting cryptocurrencies. Though he said the nation isn't planning to reject cryptocurrencies, the issues related to using them can't be overlooked.
Not A No
Cryptocurrency enthusiasts took Putin's comments as a positive sign for the direction of digital currencies. Although he did not make any definitive statements regarding the Russian government's stance on using the currency, he appeared optimistic about the possibility of using blockchain in order to keep track of accounting records. Many had expected Putin to take a more firm stance against cryptocurrencies, so the fact that he didn't announce that they would be prohibited was considered a win.
See more from Benzinga
• Cloudminr Hacking Scandal Reignites Skepticism Over Bitcoin
• Can Marijuana Fight America's Drug Addiction?
• The Big Business Behind Fantasy Sports
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Is Russia Next To Adopt Bitcoin?: This week, Russian President Vladimir Putin gave his opinion on bitcoin to the public for the first time. Putin hasn't been open about his view on cryptocurrencies in the past, but on Russia 24, the nation's domestic TV network, Putin was optimistic about bitcoin's future possibilities. Putin Commends Bank Of Russia Putin remarked that the Bank of Russia's efforts to explore applications for bitcoin have been beneficial and that the nation may find future use for the technology. In his view, cryptocurrencies still have major reliability issues, but the technology they run on may be useful to facilitate transactions down the road. Related Link: Wedbush Predicts A Bright Future For Bitcoin Still Reliability Issues In his interview, he underlined the problems that bitcoin presents, saying that the fact that the currency isn't backed by anything represents a major issue with adopting cryptocurrencies. Though he said the nation isn't planning to reject cryptocurrencies, the issues related to using them can't be overlooked. Not A No Cryptocurrency enthusiasts took Putin's comments as a positive sign for the direction of digital currencies. Although he did not make any definitive statements regarding the Russian government's stance on using the currency, he appeared optimistic about the possibility of using blockchain in order to keep track of accounting records. Many had expected Putin to take a more firm stance against cryptocurrencies, so the fact that he didn't announce that they would be prohibited was considered a win. See more from Benzinga Cloudminr Hacking Scandal Reignites Skepticism Over Bitcoin Can Marijuana Fight America's Drug Addiction? The Big Business Behind Fantasy Sports © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || Is Russia Next To Adopt Bitcoin?: This week, Russian President Vladimir Putingave his opinionon bitcoin to the public for the first time. Putin hasn't been open about his view on cryptocurrencies in the past, but on Russia 24, the nation's domestic TV network, Putin was optimistic about bitcoin's future possibilities.
Putin Commends Bank Of Russia
Putin remarked that the Bank of Russia's efforts to explore applications for bitcoin have been beneficial and that the nation may find future use for the technology. In his view, cryptocurrencies still have major reliability issues, but the technology they run on may be useful to facilitate transactions down the road.
Related Link:Wedbush Predicts A Bright Future For Bitcoin
Still Reliability Issues
In his interview, he underlined the problems that bitcoin presents, saying that the fact that the currency isn't backed by anything represents a major issue with adopting cryptocurrencies. Though he said the nation isn't planning to reject cryptocurrencies, the issues related to using them can't be overlooked.
Not A No
Cryptocurrency enthusiasts took Putin's comments as a positive sign for the direction of digital currencies. Although he did not make any definitive statements regarding the Russian government's stance on using the currency, he appeared optimistic about the possibility of using blockchain in order to keep track of accounting records. Many had expected Putin to take a more firm stance against cryptocurrencies, so the fact that he didn't announce that they would be prohibited was considered a win.
See more from Benzinga
• Cloudminr Hacking Scandal Reignites Skepticism Over Bitcoin
• Can Marijuana Fight America's Drug Addiction?
• The Big Business Behind Fantasy Sports
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
[Social Media Buzz]
1 BTC = 278.00 USD at https://bleutrade.com/exchange/BTC/USD … #bitcoin #btc #Bleutrade || One Bitcoin now worth $281.73@bitstamp. High $283.00. Low $273.52. Market Cap $4.010 Billion #bitcoin || Current price: 278.27$ $BTCUSD $btc #bitcoin 2015-07-18 03:00:04 EDT || One Bitcoin now worth $278.10@bitstamp. High $283.00. Low $275.36. Market Cap $3.958 Billion #bitcoin || Only $499.95 (Save $50.00) for AntMiner S2 1TH/s BTC miner. Plug in and start mining now! @ BitcoinWare! - http://eepurl.com/...
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273.61, 278.98, 275.83, 277.22, 276.05, 288.28, 288.70, 292.69, 293.62, 294.43
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 438.64, 436.57, 442.40, 454.98, 455.65, 417.27, 422.82, 422.28, 432.98, 426.62, 430.57, 434.33, 433.44, 430.01, 433.09, 431.96, 429.11, 458.05, 453.23, 447.61, 447.99, 448.43, 435.69, 432.37, 430.31, 364.33, 387.54, 382.30, 387.17, 380.15, 420.23, 410.26, 382.49, 387.49, 402.97, 391.73, 392.15, 394.97, 380.29, 379.47, 378.26, 368.77, 373.06, 374.45, 369.95, 389.59, 386.55, 376.52, 376.62, 373.45, 376.03, 381.65, 379.65, 384.26, 391.86, 407.23, 400.18, 407.49, 416.32, 422.37, 420.79, 437.16, 438.80, 437.75, 420.74, 424.95, 424.54, 432.15, 432.52, 433.50, 437.70, 435.12, 423.99, 421.65, 410.94, 400.57, 407.71, 414.32, 413.97, 414.86, 417.13, 421.69, 411.62, 414.07, 416.44, 416.83, 417.01, 420.62, 409.55, 410.44.
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[Bitcoin Technical Analysis for 2016-03-19]
Volume: 58423000, RSI (14-day): 46.13, 50-day EMA: 412.24, 200-day EMA: 368.53
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Bitcoin finds room in small funds; large institutions still on sidelines: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Digital currency bitcoin has found favour among smaller investors, thanks to the availability of funds designed to invest in it, but remains a niche among the larger investing community. Investors at some family offices, smaller mutual funds, and traders at hedge funds say bitcoin has helped returns and demonstrated a low correlation with other asset classes. Hopes that bitcoin would become a broadly used alternative to other currencies helped buoy its price to more than $1,000 (£692) in December 2013, when its market capitalisation was $13 billion. But the market cap has retreated since then, to about $6.4 billion as of Thursday. Early enthusiasts for the crypto-currency were drawn to its revolutionary ideals of transparency and a lack of central or official control. The risks of dealing in bitcoin were laid bare in 2013 when Tokyo-based exchange Mt Gox collapsed after admitting it had lost the equivalent of hundreds of millions of dollars of investor funds. The currency's earlier ties to gambling and criminal websites did not endear it to traditional investors. Jeremy Millar, founder and managing partner at Ledger Partners in London, estimated that 50 to 90 percent of bitcoin's current $6.4 billion market cap is held by near-institutional money such as individuals at hedge funds and family offices. That has not changed over the last two years. He does not have an estimate for institutional investment holdings of bitcoin. But he said they are likely to be insignificant, compared with the smaller investors who have fewer restrictions about fund allocation. "What is clear though is that over the last two years, bitcoin has emerged from its 'hacktivist' origins to a more institutionalized ecosystem which includes the participation of hedge funds, traders, and professional investors," said Millar. BITCOIN IN PORTFOLIOS Funds dedicated to investing in bitcoin are relatively small. The largest is the Pantera Bitcoin Fund, a $160 million hedge fund founded by Dan Morehead, formerly of Tiger Management, available to institutions and individuals who invest $50,000 or more. Story continues According to a Pantera Bitcoin Fund brochure, the fund was launched in July 2013, a period when bitcoin traded at around $65. On Thursday, it traded at $418.80, a gain of more than 500 percent from July 2013. The firm did not comment on fund performance or its investors. The majority of the Pantera Fund's investors are family offices and high net worth individuals, said two people familiar with the fund. The Grayscale Bitcoin Investment Trust, with assets of more than $60 million, is another vehicle for investors. GBTC is backed by bitcoin advocate Barry Silbert and his Digital Currency Group. It is the only publicly traded U.S. security in the over-the-counter market invested in bitcoin. Volume is thin, with a few thousand shares traded daily, according to Thomson Reuters data. Antonis Polemitis, managing director at Ledra Capital in New York, a family office specializing in education and technology, said that on average, clients have allocated 1 to 3 percent of their portfolios to bitcoin. "A lot of people will take that bet with 1 percent of their assets," he said. "A 1 percent loss does not change anyone's life in any way. If it goes up 10 times, then you get to feel very smart." Some investment managers say having bitcoin in portfolios has helped performance. ARK Invest, which manages four exchange-traded funds with $240 million in assets, holds GBTC in its $12 million Next Generation Internet ETF and the $7 million ARK Innovation ETF. Chris Burniske, analyst and blockchain products lead at ARK Invest in New York, said since investing in September 2015, GBTC has contributed 67 basis points to the Next Generation Internet ETF's return and 62 basis points to the ARK Innovation ETF. For 2015, the Next Generation ETF posted a 15.29 percent return, while the Innovation ETF had 3.76 percent gains. For Kingsbridge Wealth Management, a multifamily office in Las Vegas with $150 million in assets, GBTC has become a great diversifier because so far it has had a low correlation with other asset classes, said David Dunn, the firm's founder and chief investment officer. The firm has about $1.7 million invested in bitcoin and its underlying technology, the blockchain, Dunn said. (Editing by David Gaffen and Matthew Lewis) || Bitcoin finds room in small funds; large institutions still on sidelines: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Digital currency bitcoin has found favour among smaller investors, thanks to the availability of funds designed to invest in it, but remains a niche among the larger investing community. Investors at some family offices, smaller mutual funds, and traders at hedge funds say bitcoin has helped returns and demonstrated a low correlation with other asset classes. Hopes that bitcoin would become a broadly used alternative to other currencies helped buoy its price to more than $1,000 (£692) in December 2013, when its market capitalisation was $13 billion. But the market cap has retreated since then, to about $6.4 billion as of Thursday. Early enthusiasts for the crypto-currency were drawn to its revolutionary ideals of transparency and a lack of central or official control. The risks of dealing in bitcoin were laid bare in 2013 when Tokyo-based exchange Mt Gox collapsed after admitting it had lost the equivalent of hundreds of millions of dollars of investor funds. The currency's earlier ties to gambling and criminal websites did not endear it to traditional investors. Jeremy Millar, founder and managing partner at Ledger Partners in London, estimated that 50 to 90 percent of bitcoin's current $6.4 billion market cap is held by near-institutional money such as individuals at hedge funds and family offices. That has not changed over the last two years. He does not have an estimate for institutional investment holdings of bitcoin. But he said they are likely to be insignificant, compared with the smaller investors who have fewer restrictions about fund allocation. "What is clear though is that over the last two years, bitcoin has emerged from its 'hacktivist' origins to a more institutionalized ecosystem which includes the participation of hedge funds, traders, and professional investors," said Millar. BITCOIN IN PORTFOLIOS Funds dedicated to investing in bitcoin are relatively small. The largest is the Pantera Bitcoin Fund, a $160 million hedge fund founded by Dan Morehead, formerly of Tiger Management, available to institutions and individuals who invest $50,000 or more. Story continues According to a Pantera Bitcoin Fund brochure, the fund was launched in July 2013, a period when bitcoin traded at around $65. On Thursday, it traded at $418.80, a gain of more than 500 percent from July 2013. The firm did not comment on fund performance or its investors. The majority of the Pantera Fund's investors are family offices and high net worth individuals, said two people familiar with the fund. The Grayscale Bitcoin Investment Trust, with assets of more than $60 million, is another vehicle for investors. GBTC is backed by bitcoin advocate Barry Silbert and his Digital Currency Group. It is the only publicly traded U.S. security in the over-the-counter market invested in bitcoin. Volume is thin, with a few thousand shares traded daily, according to Thomson Reuters data. Antonis Polemitis, managing director at Ledra Capital in New York, a family office specializing in education and technology, said that on average, clients have allocated 1 to 3 percent of their portfolios to bitcoin. "A lot of people will take that bet with 1 percent of their assets," he said. "A 1 percent loss does not change anyone's life in any way. If it goes up 10 times, then you get to feel very smart." Some investment managers say having bitcoin in portfolios has helped performance. ARK Invest, which manages four exchange-traded funds with $240 million in assets, holds GBTC in its $12 million Next Generation Internet ETF and the $7 million ARK Innovation ETF. Chris Burniske, analyst and blockchain products lead at ARK Invest in New York, said since investing in September 2015, GBTC has contributed 67 basis points to the Next Generation Internet ETF's return and 62 basis points to the ARK Innovation ETF. For 2015, the Next Generation ETF posted a 15.29 percent return, while the Innovation ETF had 3.76 percent gains. For Kingsbridge Wealth Management, a multifamily office in Las Vegas with $150 million in assets, GBTC has become a great diversifier because so far it has had a low correlation with other asset classes, said David Dunn, the firm's founder and chief investment officer. The firm has about $1.7 million invested in bitcoin and its underlying technology, the blockchain, Dunn said. (Editing by David Gaffen and Matthew Lewis) || Bitcoin finds room in small funds; large institutions still on sidelines: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Digital currency bitcoin has found favour among smaller investors, thanks to the availability of funds designed to invest in it, but remains a niche among the larger investing community. Investors at some family offices, smaller mutual funds, and traders at hedge funds say bitcoin has helped returns and demonstrated a low correlation with other asset classes. Hopes that bitcoin would become a broadly used alternative to other currencies helped buoy its price to more than $1,000 (£692) in December 2013, when its market capitalisation was $13 billion. But the market cap has retreated since then, to about $6.4 billion as of Thursday. Early enthusiasts for the crypto-currency were drawn to its revolutionary ideals of transparency and a lack of central or official control. The risks of dealing in bitcoin were laid bare in 2013 when Tokyo-based exchange Mt Gox collapsed after admitting it had lost the equivalent of hundreds of millions of dollars of investor funds. The currency's earlier ties to gambling and criminal websites did not endear it to traditional investors. Jeremy Millar, founder and managing partner at Ledger Partners in London, estimated that 50 to 90 percent of bitcoin's current $6.4 billion market cap is held by near-institutional money such as individuals at hedge funds and family offices. That has not changed over the last two years. He does not have an estimate for institutional investment holdings of bitcoin. But he said they are likely to be insignificant, compared with the smaller investors who have fewer restrictions about fund allocation. "What is clear though is that over the last two years, bitcoin has emerged from its 'hacktivist' origins to a more institutionalized ecosystem which includes the participation of hedge funds, traders, and professional investors," said Millar. BITCOIN IN PORTFOLIOS Funds dedicated to investing in bitcoin are relatively small. The largest is the Pantera Bitcoin Fund, a $160 million hedge fund founded by Dan Morehead, formerly of Tiger Management, available to institutions and individuals who invest $50,000 or more. Story continues According to a Pantera Bitcoin Fund brochure, the fund was launched in July 2013, a period when bitcoin traded at around $65. On Thursday, it traded at $418.80, a gain of more than 500 percent from July 2013. The firm did not comment on fund performance or its investors. The majority of the Pantera Fund's investors are family offices and high net worth individuals, said two people familiar with the fund. The Grayscale Bitcoin Investment Trust, with assets of more than $60 million, is another vehicle for investors. GBTC is backed by bitcoin advocate Barry Silbert and his Digital Currency Group. It is the only publicly traded U.S. security in the over-the-counter market invested in bitcoin. Volume is thin, with a few thousand shares traded daily, according to Thomson Reuters data. Antonis Polemitis, managing director at Ledra Capital in New York, a family office specializing in education and technology, said that on average, clients have allocated 1 to 3 percent of their portfolios to bitcoin. "A lot of people will take that bet with 1 percent of their assets," he said. "A 1 percent loss does not change anyone's life in any way. If it goes up 10 times, then you get to feel very smart." Some investment managers say having bitcoin in portfolios has helped performance. ARK Invest, which manages four exchange-traded funds with $240 million in assets, holds GBTC in its $12 million Next Generation Internet ETF and the $7 million ARK Innovation ETF. Chris Burniske, analyst and blockchain products lead at ARK Invest in New York, said since investing in September 2015, GBTC has contributed 67 basis points to the Next Generation Internet ETF's return and 62 basis points to the ARK Innovation ETF. For 2015, the Next Generation ETF posted a 15.29 percent return, while the Innovation ETF had 3.76 percent gains. For Kingsbridge Wealth Management, a multifamily office in Las Vegas with $150 million in assets, GBTC has become a great diversifier because so far it has had a low correlation with other asset classes, said David Dunn, the firm's founder and chief investment officer. The firm has about $1.7 million invested in bitcoin and its underlying technology, the blockchain, Dunn said. (Editing by David Gaffen and Matthew Lewis) || Bitcoin finds room in small funds; large institutions still on sidelines: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Digital currency bitcoin has found favor among smaller investors, thanks to the availability of funds designed to invest in it, but remains a niche among the larger investing community.
Investors at some family offices, smaller mutual funds, and traders at hedge funds say bitcoin has helped returns and demonstrated a low correlation with other asset classes.
Hopes that bitcoin would become a broadly used alternative to other currencies helped buoy its price to more than $1,000 in December 2013, when its market capitalization was $13 billion.
But the market cap has retreated since then, to about $6.4 billion as of Thursday.
Early enthusiasts for the crypto-currency were drawn to its revolutionary ideals of transparency and a lack of central or official control. The risks of dealing in bitcoin were laid bare in 2013 when Tokyo-based exchange Mt Gox collapsed after admitting it had lost the equivalent of hundreds of millions of dollars of investor funds.
The currency's earlier ties to gambling and criminal websites did not endear it to traditional investors.
Jeremy Millar, founder and managing partner at Ledger Partners in London, estimated that 50 to 90 percent of bitcoin's current $6.4 billion market cap is held by near-institutional money such as individuals at hedge funds and family offices. That has not changed over the last two years.
He does not have an estimate for institutional investment holdings of bitcoin. But he said they are likely to be insignificant, compared with the smaller investors who have fewer restrictions about fund allocation.
"What is clear though is that over the last two years, bitcoin has emerged from its 'hacktivist' origins to a more institutionalized ecosystem which includes the participation of hedge funds, traders, and professional investors," said Millar.
BITCOIN IN PORTFOLIOS
Funds dedicated to investing in bitcoin are relatively small. The largest is the Pantera Bitcoin Fund, a $160 million hedge fund founded by Dan Morehead, formerly of Tiger Management, available to institutions and individuals who invest $50,000 or more.
According to a Pantera Bitcoin Fund brochure, the fund was launched in July 2013, a period when bitcoin (BTC=BTSP) traded at around $65. On Thursday, it traded at $418.80, a gain of more than 500 percent from July 2013. The firm did not comment on fund performance or its investors.
The majority of the Pantera Fund's investors are family offices and high net worth individuals, said two people familiar with the fund.
The Grayscale Bitcoin Investment Trust, with assets of more than $60 million, is another vehicle for investors. GBTC is backed by bitcoin advocate Barry Silbert and his Digital Currency Group.
It is the only publicly traded U.S. security in the over-the-counter market invested in bitcoin. Volume is thin, with a few thousand shares traded daily, according to Thomson Reuters data.
Antonis Polemitis, managing director at Ledra Capital in New York, a family office specializing in education and technology, said that on average, clients have allocated 1 to 3 percent of their portfolios to bitcoin.
"A lot of people will take that bet with 1 percent of their assets," he said. "A 1 percent loss does not change anyone's life in any way. If it goes up 10 times, then you get to feel very smart."
Some investment managers say having bitcoin in portfolios has helped performance.
ARK Invest, which manages four exchange-traded funds with $240 million in assets, holds GBTC in its $12 million Next Generation Internet ETF and the $7 million ARK Innovation ETF.
Chris Burniske, analyst and blockchain products lead at ARK Invest in New York, said since investing in September 2015, GBTC has contributed 67 basis points to the Next Generation Internet ETF's return and 62 basis points to the ARK Innovation ETF.
For 2015, the Next Generation ETF posted a 15.29 percent return, while the Innovation ETF had 3.76 percent gains.
For Kingsbridge Wealth Management, a multifamily office in Las Vegas with $150 million in assets, GBTC has become a great diversifier because so far it has had a low correlation with other asset classes, said David Dunn, the firm's founder and chief investment officer. The firm has about $1.7 million invested in bitcoin and its underlying technology, the blockchain, Dunn said.
(Editing by David Gaffen and Matthew Lewis) || Bitcoin finds room in small funds; large institutions still on sidelines: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Digital currency bitcoin has found favor among smaller investors, thanks to the availability of funds designed to invest in it, but remains a niche among the larger investing community.
Investors at some family offices, smaller mutual funds, and traders at hedge funds say bitcoin has helped returns and demonstrated a low correlation with other asset classes.
Hopes that bitcoin would become a broadly used alternative to other currencies helped buoy its price to more than $1,000 in December 2013, when its market capitalization was $13 billion.
But the market cap has retreated since then, to about $6.4 billion as of Thursday.
Early enthusiasts for the crypto-currency were drawn to its revolutionary ideals of transparency and a lack of central or official control. The risks of dealing in bitcoin were laid bare in 2013 when Tokyo-based exchange Mt Gox collapsed after admitting it had lost the equivalent of hundreds of millions of dollars of investor funds.
The currency's earlier ties to gambling and criminal websites did not endear it to traditional investors.
Jeremy Millar, founder and managing partner at Ledger Partners in London, estimated that 50 to 90 percent of bitcoin's current $6.4 billion market cap is held by near-institutional money such as individuals at hedge funds and family offices. That has not changed over the last two years.
He does not have an estimate for institutional investment holdings of bitcoin. But he said they are likely to be insignificant, compared with the smaller investors who have fewer restrictions about fund allocation.
"What is clear though is that over the last two years, bitcoin has emerged from its 'hacktivist' origins to a more institutionalized ecosystem which includes the participation of hedge funds, traders, and professional investors," said Millar.
BITCOIN IN PORTFOLIOS
Funds dedicated to investing in bitcoin are relatively small. The largest is the Pantera Bitcoin Fund, a $160 million hedge fund founded by Dan Morehead, formerly of Tiger Management, available to institutions and individuals who invest $50,000 or more.
According to a Pantera Bitcoin Fund brochure, the fund was launched in July 2013, a period when bitcoin <BTC=BTSP> traded at around $65. On Thursday, it traded at $418.80, a gain of more than 500 percent from July 2013. The firm did not comment on fund performance or its investors.
The majority of the Pantera Fund's investors are family offices and high net worth individuals, said two people familiar with the fund.
The Grayscale Bitcoin Investment Trust, with assets of more than $60 million, is another vehicle for investors. GBTC is backed by bitcoin advocate Barry Silbert and his Digital Currency Group.
It is the only publicly traded U.S. security in the over-the-counter market invested in bitcoin. Volume is thin, with a few thousand shares traded daily, according to Thomson Reuters data.
Antonis Polemitis, managing director at Ledra Capital in New York, a family office specializing in education and technology, said that on average, clients have allocated 1 to 3 percent of their portfolios to bitcoin.
"A lot of people will take that bet with 1 percent of their assets," he said. "A 1 percent loss does not change anyone's life in any way. If it goes up 10 times, then you get to feel very smart."
Some investment managers say having bitcoin in portfolios has helped performance.
ARK Invest, which manages four exchange-traded funds with $240 million in assets, holds GBTC in its $12 million Next Generation Internet ETF and the $7 million ARK Innovation ETF.
Chris Burniske, analyst and blockchain products lead at ARK Invest in New York, said since investing in September 2015, GBTC has contributed 67 basis points to the Next Generation Internet ETF's return and 62 basis points to the ARK Innovation ETF.
For 2015, the Next Generation ETF posted a 15.29 percent return, while the Innovation ETF had 3.76 percent gains.
For Kingsbridge Wealth Management, a multifamily office in Las Vegas with $150 million in assets, GBTC has become a great diversifier because so far it has had a low correlation with other asset classes, said David Dunn, the firm's founder and chief investment officer. The firm has about $1.7 million invested in bitcoin and its underlying technology, the blockchain, Dunn said.
(Editing by David Gaffen and Matthew Lewis) || Bitcoin finds room in small funds; large institutions still on sidelines: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Digital currency bitcoin has found favor among smaller investors, thanks to the availability of funds designed to invest in it, but remains a niche among the larger investing community. Investors at some family offices, smaller mutual funds, and traders at hedge funds say bitcoin has helped returns and demonstrated a low correlation with other asset classes. Hopes that bitcoin would become a broadly used alternative to other currencies helped buoy its price to more than $1,000 in December 2013, when its market capitalization was $13 billion. But the market cap has retreated since then, to about $6.4 billion as of Thursday. Early enthusiasts for the crypto-currency were drawn to its revolutionary ideals of transparency and a lack of central or official control. The risks of dealing in bitcoin were laid bare in 2013 when Tokyo-based exchange Mt Gox collapsed after admitting it had lost the equivalent of hundreds of millions of dollars of investor funds. The currency's earlier ties to gambling and criminal websites did not endear it to traditional investors. Jeremy Millar, founder and managing partner at Ledger Partners in London, estimated that 50 to 90 percent of bitcoin's current $6.4 billion market cap is held by near-institutional money such as individuals at hedge funds and family offices. That has not changed over the last two years. He does not have an estimate for institutional investment holdings of bitcoin. But he said they are likely to be insignificant, compared with the smaller investors who have fewer restrictions about fund allocation. "What is clear though is that over the last two years, bitcoin has emerged from its 'hacktivist' origins to a more institutionalized ecosystem which includes the participation of hedge funds, traders, and professional investors," said Millar. BITCOIN IN PORTFOLIOS Funds dedicated to investing in bitcoin are relatively small. The largest is the Pantera Bitcoin Fund, a $160 million hedge fund founded by Dan Morehead, formerly of Tiger Management, available to institutions and individuals who invest $50,000 or more. Story continues According to a Pantera Bitcoin Fund brochure, the fund was launched in July 2013, a period when bitcoin (BTC=BTSP) traded at around $65. On Thursday, it traded at $418.80, a gain of more than 500 percent from July 2013. The firm did not comment on fund performance or its investors. The majority of the Pantera Fund's investors are family offices and high net worth individuals, said two people familiar with the fund. The Grayscale Bitcoin Investment Trust, with assets of more than $60 million, is another vehicle for investors. GBTC is backed by bitcoin advocate Barry Silbert and his Digital Currency Group. It is the only publicly traded U.S. security in the over-the-counter market invested in bitcoin. Volume is thin, with a few thousand shares traded daily, according to Thomson Reuters data. Antonis Polemitis, managing director at Ledra Capital in New York, a family office specializing in education and technology, said that on average, clients have allocated 1 to 3 percent of their portfolios to bitcoin. "A lot of people will take that bet with 1 percent of their assets," he said. "A 1 percent loss does not change anyone's life in any way. If it goes up 10 times, then you get to feel very smart." Some investment managers say having bitcoin in portfolios has helped performance. ARK Invest, which manages four exchange-traded funds with $240 million in assets, holds GBTC in its $12 million Next Generation Internet ETF and the $7 million ARK Innovation ETF. Chris Burniske, analyst and blockchain products lead at ARK Invest in New York, said since investing in September 2015, GBTC has contributed 67 basis points to the Next Generation Internet ETF's return and 62 basis points to the ARK Innovation ETF. For 2015, the Next Generation ETF posted a 15.29 percent return, while the Innovation ETF had 3.76 percent gains. For Kingsbridge Wealth Management, a multifamily office in Las Vegas with $150 million in assets, GBTC has become a great diversifier because so far it has had a low correlation with other asset classes, said David Dunn, the firm's founder and chief investment officer. The firm has about $1.7 million invested in bitcoin and its underlying technology, the blockchain, Dunn said. (Editing by David Gaffen and Matthew Lewis) || Bitcoin finds room in small funds; large institutions still on sidelines: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Digital currency bitcoin has found favor among smaller investors, thanks to the availability of funds designed to invest in it, but remains a niche among the larger investing community. Investors at some family offices, smaller mutual funds, and traders at hedge funds say bitcoin has helped returns and demonstrated a low correlation with other asset classes. Hopes that bitcoin would become a broadly used alternative to other currencies helped buoy its price to more than $1,000 in December 2013, when its market capitalization was $13 billion. But the market cap has retreated since then, to about $6.4 billion as of Thursday. Early enthusiasts for the crypto-currency were drawn to its revolutionary ideals of transparency and a lack of central or official control. The risks of dealing in bitcoin were laid bare in 2013 when Tokyo-based exchange Mt Gox collapsed after admitting it had lost the equivalent of hundreds of millions of dollars of investor funds. The currency's earlier ties to gambling and criminal websites did not endear it to traditional investors. Jeremy Millar, founder and managing partner at Ledger Partners in London, estimated that 50 to 90 percent of bitcoin's current $6.4 billion market cap is held by near-institutional money such as individuals at hedge funds and family offices. That has not changed over the last two years. He does not have an estimate for institutional investment holdings of bitcoin. But he said they are likely to be insignificant, compared with the smaller investors who have fewer restrictions about fund allocation. "What is clear though is that over the last two years, bitcoin has emerged from its 'hacktivist' origins to a more institutionalized ecosystem which includes the participation of hedge funds, traders, and professional investors," said Millar. BITCOIN IN PORTFOLIOS Funds dedicated to investing in bitcoin are relatively small. The largest is the Pantera Bitcoin Fund, a $160 million hedge fund founded by Dan Morehead, formerly of Tiger Management, available to institutions and individuals who invest $50,000 or more. Story continues According to a Pantera Bitcoin Fund brochure, the fund was launched in July 2013, a period when bitcoin <BTC=BTSP> traded at around $65. On Thursday, it traded at $418.80, a gain of more than 500 percent from July 2013. The firm did not comment on fund performance or its investors. The majority of the Pantera Fund's investors are family offices and high net worth individuals, said two people familiar with the fund. The Grayscale Bitcoin Investment Trust, with assets of more than $60 million, is another vehicle for investors. GBTC is backed by bitcoin advocate Barry Silbert and his Digital Currency Group. It is the only publicly traded U.S. security in the over-the-counter market invested in bitcoin. Volume is thin, with a few thousand shares traded daily, according to Thomson Reuters data. Antonis Polemitis, managing director at Ledra Capital in New York, a family office specializing in education and technology, said that on average, clients have allocated 1 to 3 percent of their portfolios to bitcoin. "A lot of people will take that bet with 1 percent of their assets," he said. "A 1 percent loss does not change anyone's life in any way. If it goes up 10 times, then you get to feel very smart." Some investment managers say having bitcoin in portfolios has helped performance. ARK Invest, which manages four exchange-traded funds with $240 million in assets, holds GBTC in its $12 million Next Generation Internet ETF and the $7 million ARK Innovation ETF. Chris Burniske, analyst and blockchain products lead at ARK Invest in New York, said since investing in September 2015, GBTC has contributed 67 basis points to the Next Generation Internet ETF's return and 62 basis points to the ARK Innovation ETF. For 2015, the Next Generation ETF posted a 15.29 percent return, while the Innovation ETF had 3.76 percent gains. For Kingsbridge Wealth Management, a multifamily office in Las Vegas with $150 million in assets, GBTC has become a great diversifier because so far it has had a low correlation with other asset classes, said David Dunn, the firm's founder and chief investment officer. The firm has about $1.7 million invested in bitcoin and its underlying technology, the blockchain, Dunn said. (Editing by David Gaffen and Matthew Lewis) || Bitcoin finds room in small funds; large institutions still on sidelines: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Digital currency bitcoin has found favor among smaller investors, thanks to the availability of funds designed to invest in it, but remains a niche among the larger investing community.
Investors at some family offices, smaller mutual funds, and traders at hedge funds say bitcoin has helped returns and demonstrated a low correlation with other asset classes.
Hopes that bitcoin would become a broadly used alternative to other currencies helped buoy its price to more than $1,000 in December 2013, when its market capitalization was $13 billion.
But the market cap has retreated since then, to about $6.4 billion as of Thursday.
Early enthusiasts for the crypto-currency were drawn to its revolutionary ideals of transparency and a lack of central or official control. The risks of dealing in bitcoin were laid bare in 2013 when Tokyo-based exchange Mt Gox collapsed after admitting it had lost the equivalent of hundreds of millions of dollars of investor funds.
The currency's earlier ties to gambling and criminal websites did not endear it to traditional investors.
Jeremy Millar, founder and managing partner at Ledger Partners in London, estimated that 50 to 90 percent of bitcoin's current $6.4 billion market cap is held by near-institutional money such as individuals at hedge funds and family offices. That has not changed over the last two years.
He does not have an estimate for institutional investment holdings of bitcoin. But he said they are likely to be insignificant, compared with the smaller investors who have fewer restrictions about fund allocation.
"What is clear though is that over the last two years, bitcoin has emerged from its 'hacktivist' origins to a more institutionalized ecosystem which includes the participation of hedge funds, traders, and professional investors," said Millar.
BITCOIN IN PORTFOLIOS
Funds dedicated to investing in bitcoin are relatively small. The largest is the Pantera Bitcoin Fund, a $160 million hedge fund founded by Dan Morehead, formerly of Tiger Management, available to institutions and individuals who invest $50,000 or more.
According to a Pantera Bitcoin Fund brochure, the fund was launched in July 2013, a period when bitcoin (BTC=BTSP) traded at around $65. On Thursday, it traded at $418.80, a gain of more than 500 percent from July 2013. The firm did not comment on fund performance or its investors.
The majority of the Pantera Fund's investors are family offices and high net worth individuals, said two people familiar with the fund.
The Grayscale Bitcoin Investment Trust, with assets of more than $60 million, is another vehicle for investors. GBTC is backed by bitcoin advocate Barry Silbert and his Digital Currency Group.
It is the only publicly traded U.S. security in the over-the-counter market invested in bitcoin. Volume is thin, with a few thousand shares traded daily, according to Thomson Reuters data.
Antonis Polemitis, managing director at Ledra Capital in New York, a family office specializing in education and technology, said that on average, clients have allocated 1 to 3 percent of their portfolios to bitcoin.
"A lot of people will take that bet with 1 percent of their assets," he said. "A 1 percent loss does not change anyone's life in any way. If it goes up 10 times, then you get to feel very smart."
Some investment managers say having bitcoin in portfolios has helped performance.
ARK Invest, which manages four exchange-traded funds with $240 million in assets, holds GBTC in its $12 million Next Generation Internet ETF and the $7 million ARK Innovation ETF.
Chris Burniske, analyst and blockchain products lead at ARK Invest in New York, said since investing in September 2015, GBTC has contributed 67 basis points to the Next Generation Internet ETF's return and 62 basis points to the ARK Innovation ETF.
For 2015, the Next Generation ETF posted a 15.29 percent return, while the Innovation ETF had 3.76 percent gains.
For Kingsbridge Wealth Management, a multifamily office in Las Vegas with $150 million in assets, GBTC has become a great diversifier because so far it has had a low correlation with other asset classes, said David Dunn, the firm's founder and chief investment officer. The firm has about $1.7 million invested in bitcoin and its underlying technology, the blockchain, Dunn said.
(Editing by David Gaffen and Matthew Lewis) || Bitcoin finds room in small funds; large institutions still on sidelines: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Digital currency bitcoin has found favor among smaller investors, thanks to the availability of funds designed to invest in it, but remains a niche among the larger investing community.
Investors at some family offices, smaller mutual funds, and traders at hedge funds say bitcoin has helped returns and demonstrated a low correlation with other asset classes.
Hopes that bitcoin would become a broadly used alternative to other currencies helped buoy its price to more than $1,000 in December 2013, when its market capitalization was $13 billion.
But the market cap has retreated since then, to about $6.4 billion as of Thursday.
Early enthusiasts for the crypto-currency were drawn to its revolutionary ideals of transparency and a lack of central or official control. The risks of dealing in bitcoin were laid bare in 2013 when Tokyo-based exchange Mt Gox collapsed after admitting it had lost the equivalent of hundreds of millions of dollars of investor funds.
The currency's earlier ties to gambling and criminal websites did not endear it to traditional investors.
Jeremy Millar, founder and managing partner at Ledger Partners in London, estimated that 50 to 90 percent of bitcoin's current $6.4 billion market cap is held by near-institutional money such as individuals at hedge funds and family offices. That has not changed over the last two years.
He does not have an estimate for institutional investment holdings of bitcoin. But he said they are likely to be insignificant, compared with the smaller investors who have fewer restrictions about fund allocation.
"What is clear though is that over the last two years, bitcoin has emerged from its 'hacktivist' origins to a more institutionalized ecosystem which includes the participation of hedge funds, traders, and professional investors," said Millar.
BITCOIN IN PORTFOLIOS
Funds dedicated to investing in bitcoin are relatively small. The largest is the Pantera Bitcoin Fund, a $160 million hedge fund founded by Dan Morehead, formerly of Tiger Management, available to institutions and individuals who invest $50,000 or more.
According to a Pantera Bitcoin Fund brochure, the fund was launched in July 2013, a period when bitcoin <BTC=BTSP> traded at around $65. On Thursday, it traded at $418.80, a gain of more than 500 percent from July 2013. The firm did not comment on fund performance or its investors.
The majority of the Pantera Fund's investors are family offices and high net worth individuals, said two people familiar with the fund.
The Grayscale Bitcoin Investment Trust, with assets of more than $60 million, is another vehicle for investors. GBTC is backed by bitcoin advocate Barry Silbert and his Digital Currency Group.
It is the only publicly traded U.S. security in the over-the-counter market invested in bitcoin. Volume is thin, with a few thousand shares traded daily, according to Thomson Reuters data.
Antonis Polemitis, managing director at Ledra Capital in New York, a family office specializing in education and technology, said that on average, clients have allocated 1 to 3 percent of their portfolios to bitcoin.
"A lot of people will take that bet with 1 percent of their assets," he said. "A 1 percent loss does not change anyone's life in any way. If it goes up 10 times, then you get to feel very smart."
Some investment managers say having bitcoin in portfolios has helped performance.
ARK Invest, which manages four exchange-traded funds with $240 million in assets, holds GBTC in its $12 million Next Generation Internet ETF and the $7 million ARK Innovation ETF.
Chris Burniske, analyst and blockchain products lead at ARK Invest in New York, said since investing in September 2015, GBTC has contributed 67 basis points to the Next Generation Internet ETF's return and 62 basis points to the ARK Innovation ETF.
For 2015, the Next Generation ETF posted a 15.29 percent return, while the Innovation ETF had 3.76 percent gains.
For Kingsbridge Wealth Management, a multifamily office in Las Vegas with $150 million in assets, GBTC has become a great diversifier because so far it has had a low correlation with other asset classes, said David Dunn, the firm's founder and chief investment officer. The firm has about $1.7 million invested in bitcoin and its underlying technology, the blockchain, Dunn said.
(Editing by David Gaffen and Matthew Lewis) || Bitcoin finds room in small funds; large institutions still on sidelines: By Gertrude Chavez-Dreyfuss NEW YORK, March 18 (Reuters) - Digital currency bitcoin has found favor among smaller investors, thanks to the availability of funds designed to invest in it, but remains a niche among the larger investing community. Investors at some family offices, smaller mutual funds, and traders at hedge funds say bitcoin has helped returns and demonstrated a low correlation with other asset classes. Hopes that bitcoin would become a broadly used alternative to other currencies helped buoy its price to more than $1,000 in December 2013, when its market capitalization was $13 billion. But the market cap has retreated since then, to about $6.4 billion as of Thursday. Early enthusiasts for the crypto-currency were drawn to its revolutionary ideals of transparency and a lack of central or official control. The risks of dealing in bitcoin were laid bare in 2013 when Tokyo-based exchange Mt Gox collapsed after admitting it had lost the equivalent of hundreds of millions of dollars of investor funds. The currency's earlier ties to gambling and criminal websites did not endear it to traditional investors. Jeremy Millar, founder and managing partner at Ledger Partners in London, estimated that 50 to 90 percent of bitcoin's current $6.4 billion market cap is held by near-institutional money such as individuals at hedge funds and family offices. That has not changed over the last two years. He does not have an estimate for institutional investment holdings of bitcoin. But he said they are likely to be insignificant, compared with the smaller investors who have fewer restrictions about fund allocation. "What is clear though is that over the last two years, bitcoin has emerged from its 'hacktivist' origins to a more institutionalized ecosystem which includes the participation of hedge funds, traders, and professional investors," said Millar. BITCOIN IN PORTFOLIOS Funds dedicated to investing in bitcoin are relatively small. The largest is the Pantera Bitcoin Fund, a $160 million hedge fund founded by Dan Morehead, formerly of Tiger Management, available to institutions and individuals who invest $50,000 or more. According to a Pantera Bitcoin Fund brochure, the fund was launched in July 2013, a period when bitcoin traded at around $65. On Thursday, it traded at $418.80, a gain of more than 500 percent from July 2013. The firm did not comment on fund performance or its investors. The majority of the Pantera Fund's investors are family offices and high net worth individuals, said two people familiar with the fund. The Grayscale Bitcoin Investment Trust, with assets of more than $60 million, is another vehicle for investors. GBTC is backed by bitcoin advocate Barry Silbert and his Digital Currency Group. Story continues It is the only publicly traded U.S. security in the over-the-counter market invested in bitcoin. Volume is thin, with a few thousand shares traded daily, according to Thomson Reuters data. Antonis Polemitis, managing director at Ledra Capital in New York, a family office specializing in education and technology, said that on average, clients have allocated 1 to 3 percent of their portfolios to bitcoin. "A lot of people will take that bet with 1 percent of their assets," he said. "A 1 percent loss does not change anyone's life in any way. If it goes up 10 times, then you get to feel very smart." Some investment managers say having bitcoin in portfolios has helped performance. ARK Invest, which manages four exchange-traded funds with $240 million in assets, holds GBTC in its $12 million Next Generation Internet ETF and the $7 million ARK Innovation ETF. Chris Burniske, analyst and blockchain products lead at ARK Invest in New York, said since investing in September 2015, GBTC has contributed 67 basis points to the Next Generation Internet ETF's return and 62 basis points to the ARK Innovation ETF. For 2015, the Next Generation ETF posted a 15.29 percent return, while the Innovation ETF had 3.76 percent gains. For Kingsbridge Wealth Management, a multifamily office in Las Vegas with $150 million in assets, GBTC has become a great diversifier because so far it has had a low correlation with other asset classes, said David Dunn, the firm's founder and chief investment officer. The firm has about $1.7 million invested in bitcoin and its underlying technology, the blockchain, Dunn said. (Editing by David Gaffen and Matthew Lewis) View comments || Bitcoin finds room in small funds; large institutions still on sidelines: By Gertrude Chavez-Dreyfuss
NEW YORK, March 18 (Reuters) - Digital currency bitcoin has found favor among smaller investors, thanks to the availability of funds designed to invest in it, but remains a niche among the larger investing community.
Investors at some family offices, smaller mutual funds, and traders at hedge funds say bitcoin has helped returns and demonstrated a low correlation with other asset classes.
Hopes that bitcoin would become a broadly used alternative to other currencies helped buoy its price to more than $1,000 in December 2013, when its market capitalization was $13 billion.
But the market cap has retreated since then, to about $6.4 billion as of Thursday.
Early enthusiasts for the crypto-currency were drawn to its revolutionary ideals of transparency and a lack of central or official control. The risks of dealing in bitcoin were laid bare in 2013 when Tokyo-based exchange Mt Gox collapsed after admitting it had lost the equivalent of hundreds of millions of dollars of investor funds.
The currency's earlier ties to gambling and criminal websites did not endear it to traditional investors.
Jeremy Millar, founder and managing partner at Ledger Partners in London, estimated that 50 to 90 percent of bitcoin's current $6.4 billion market cap is held by near-institutional money such as individuals at hedge funds and family offices. That has not changed over the last two years.
He does not have an estimate for institutional investment holdings of bitcoin. But he said they are likely to be insignificant, compared with the smaller investors who have fewer restrictions about fund allocation.
"What is clear though is that over the last two years, bitcoin has emerged from its 'hacktivist' origins to a more institutionalized ecosystem which includes the participation of hedge funds, traders, and professional investors," said Millar.
BITCOIN IN PORTFOLIOS
Funds dedicated to investing in bitcoin are relatively small. The largest is the Pantera Bitcoin Fund, a $160 million hedge fund founded by Dan Morehead, formerly of Tiger Management, available to institutions and individuals who invest $50,000 or more.
According to a Pantera Bitcoin Fund brochure, the fund was launched in July 2013, a period when bitcoin traded at around $65. On Thursday, it traded at $418.80, a gain of more than 500 percent from July 2013. The firm did not comment on fund performance or its investors.
The majority of the Pantera Fund's investors are family offices and high net worth individuals, said two people familiar with the fund.
The Grayscale Bitcoin Investment Trust, with assets of more than $60 million, is another vehicle for investors. GBTC is backed by bitcoin advocate Barry Silbert and his Digital Currency Group.
It is the only publicly traded U.S. security in the over-the-counter market invested in bitcoin. Volume is thin, with a few thousand shares traded daily, according to Thomson Reuters data.
Antonis Polemitis, managing director at Ledra Capital in New York, a family office specializing in education and technology, said that on average, clients have allocated 1 to 3 percent of their portfolios to bitcoin.
"A lot of people will take that bet with 1 percent of their assets," he said. "A 1 percent loss does not change anyone's life in any way. If it goes up 10 times, then you get to feel very smart."
Some investment managers say having bitcoin in portfolios has helped performance.
ARK Invest, which manages four exchange-traded funds with $240 million in assets, holds GBTC in its $12 million Next Generation Internet ETF and the $7 million ARK Innovation ETF.
Chris Burniske, analyst and blockchain products lead at ARK Invest in New York, said since investing in September 2015, GBTC has contributed 67 basis points to the Next Generation Internet ETF's return and 62 basis points to the ARK Innovation ETF.
For 2015, the Next Generation ETF posted a 15.29 percent return, while the Innovation ETF had 3.76 percent gains.
For Kingsbridge Wealth Management, a multifamily office in Las Vegas with $150 million in assets, GBTC has become a great diversifier because so far it has had a low correlation with other asset classes, said David Dunn, the firm's founder and chief investment officer. The firm has about $1.7 million invested in bitcoin and its underlying technology, the blockchain, Dunn said.
(Editing by David Gaffen and Matthew Lewis) || Bitcoin finds room in small funds; large institutions still on sidelines: By Gertrude Chavez-Dreyfuss
NEW YORK, March 18 (Reuters) - Digital currency bitcoin has found favor among smaller investors, thanks to the availability of funds designed to invest in it, but remains a niche among the larger investing community.
Investors at some family offices, smaller mutual funds, and traders at hedge funds say bitcoin has helped returns and demonstrated a low correlation with other asset classes.
Hopes that bitcoin would become a broadly used alternative to other currencies helped buoy its price to more than $1,000 in December 2013, when its market capitalization was $13 billion.
But the market cap has retreated since then, to about $6.4 billion as of Thursday.
Early enthusiasts for the crypto-currency were drawn to its revolutionary ideals of transparency and a lack of central or official control. The risks of dealing in bitcoin were laid bare in 2013 when Tokyo-based exchange Mt Gox collapsed after admitting it had lost the equivalent of hundreds of millions of dollars of investor funds.
The currency's earlier ties to gambling and criminal websites did not endear it to traditional investors.
Jeremy Millar, founder and managing partner at Ledger Partners in London, estimated that 50 to 90 percent of bitcoin's current $6.4 billion market cap is held by near-institutional money such as individuals at hedge funds and family offices. That has not changed over the last two years.
He does not have an estimate for institutional investment holdings of bitcoin. But he said they are likely to be insignificant, compared with the smaller investors who have fewer restrictions about fund allocation.
"What is clear though is that over the last two years, bitcoin has emerged from its 'hacktivist' origins to a more institutionalized ecosystem which includes the participation of hedge funds, traders, and professional investors," said Millar.
BITCOIN IN PORTFOLIOS
Funds dedicated to investing in bitcoin are relatively small. The largest is the Pantera Bitcoin Fund, a $160 million hedge fund founded by Dan Morehead, formerly of Tiger Management, available to institutions and individuals who invest $50,000 or more.
According to a Pantera Bitcoin Fund brochure, the fund was launched in July 2013, a period when bitcoin traded at around $65. On Thursday, it traded at $418.80, a gain of more than 500 percent from July 2013. The firm did not comment on fund performance or its investors.
The majority of the Pantera Fund's investors are family offices and high net worth individuals, said two people familiar with the fund.
The Grayscale Bitcoin Investment Trust, with assets of more than $60 million, is another vehicle for investors. GBTC is backed by bitcoin advocate Barry Silbert and his Digital Currency Group.
It is the only publicly traded U.S. security in the over-the-counter market invested in bitcoin. Volume is thin, with a few thousand shares traded daily, according to Thomson Reuters data.
Antonis Polemitis, managing director at Ledra Capital in New York, a family office specializing in education and technology, said that on average, clients have allocated 1 to 3 percent of their portfolios to bitcoin.
"A lot of people will take that bet with 1 percent of their assets," he said. "A 1 percent loss does not change anyone's life in any way. If it goes up 10 times, then you get to feel very smart."
Some investment managers say having bitcoin in portfolios has helped performance.
ARK Invest, which manages four exchange-traded funds with $240 million in assets, holds GBTC in its $12 million Next Generation Internet ETF and the $7 million ARK Innovation ETF.
Chris Burniske, analyst and blockchain products lead at ARK Invest in New York, said since investing in September 2015, GBTC has contributed 67 basis points to the Next Generation Internet ETF's return and 62 basis points to the ARK Innovation ETF.
For 2015, the Next Generation ETF posted a 15.29 percent return, while the Innovation ETF had 3.76 percent gains.
For Kingsbridge Wealth Management, a multifamily office in Las Vegas with $150 million in assets, GBTC has become a great diversifier because so far it has had a low correlation with other asset classes, said David Dunn, the firm's founder and chief investment officer. The firm has about $1.7 million invested in bitcoin and its underlying technology, the blockchain, Dunn said.
(Editing by David Gaffen and Matthew Lewis) || Chinese hackers behind U.S. ransomware attacks - security firms: By Joseph Menn REUTERS - Hackers using tactics and tools previously associated with Chinese government-supported computer network intrusions have joined the booming cyber crime industry of ransomware, four security firms that investigated attacks on U.S. companies said. Ransomware, which involves encrypting a target's computer files and then demanding payment to unlock them, has generally been considered the domain of run-of-the-mill cyber criminals. But executives of the security firms have seen a level of sophistication in at least a half dozen cases over the last three months akin to those used in state-sponsored attacks, including techniques to gain entry and move around the networks, as well as the software used to manage intrusions. "It is obviously a group of skilled of operators that have some amount of experience conducting intrusions," said Phil Burdette, who heads an incident response team at Dell SecureWorks. Burdette said his team was called in on three cases in as many months where hackers spread ransomware after exploiting known vulnerabilities in application servers. From there, the hackers tricked more than 100 computers in each of the companies into installing the malicious programs. The victims included a transportation company and a technology firm that had 30 percent of its machines captured. Security firms Attack Research, InGuardians and G-C Partners, said they had separately investigated three other similar ransomware attacks since December. Although they cannot be positive, the companies concluded that all were the work of a known advanced threat group from China, Attack Research Chief Executive Val Smith told Reuters. The ransomware attacks have not previously been reported. None of the companies that were victims of the hackers agreed to be identified publicly. Asked about the allegations, China's Foreign Ministry said on Tuesday that if they were made with a "serious attitude" and reliable proof, China would treat the matter seriously. But ministry spokesman Lu Kang said China did not have time to respond to what he called "rumours and speculation" about the country's online activities. The security companies investigating the advanced ransomware intrusions have various theories about what is behind them, but they do not have proof and they have not come to any firm conclusions. Most of the theories flow from the possibility that the Chinese government has reduced its support for economic espionage, which it pledged to oppose in an agreement with the United States late last year. Some U.S. companies have reported a decline in Chinese hacking since the agreement. Smith said some government hackers or contractors could be out of work or with reduced work and looking to supplement their income via ransomware. It is also possible, Burdette said, that companies which had been penetrated for trade secrets or other reasons in the past were now being abandoned as China backs away, and that spies or their associates were taking as much as they could on the way out. In one of Dell's cases, the means of access by the team spreading ransomware was established in 2013. The cyber security experts could not completely rule out more prosaic explanations, such as the possibility that ordinary criminals had improved their skills and bought tools previously used only by governments. Dell said that some of the malicious software had been associated by other security firms with a group dubbed Codoso, which has a record of years of attacks of interest to the Chinese government, including those on U.S. defense companies and sites that draw Chinese minorities. PAYMENT IN BITCOIN Ransomware has been around for years, spread by some of the same people that previously installed fake antivirus programs on home computers and badgered the victims into paying to remove imaginary threats. In the past two years, better encryption techniques have often made it impossible for victims to regain access to their files without cooperation from the hackers. Many ransomware payments are made in the virtual currency Bitcoin and remain secret, but institutions including a Los Angeles hospital have gone public about ransomware attacks. Ransomware operators generally set modest prices that many victims are willing to pay, and they usually do decrypt the files, which ensures that victims will post positively online about the transaction, making the next victims who research their predicament more willing to pay. Security software companies have warned that because the aggregate payoffs for ransomware gangs are increasing, more criminals will shift to it from credit card theft and other complicated scams. The involvement of more sophisticated hackers also promises to intensify the threat. InGuardians CEO Jimmy Alderson said one of the cases his company investigated appeared to have been launched with online credentials stolen six months earlier in a suspected espionage hack of the sort typically called an Advanced Persistent Threat, or APT. "The tactics of getting access to these networks are APT tactics, but instead of going further in to sit and listen stealthily, they are used for smash-and-grab," Alderson said. (Reporting by Joseph Menn in San Francisco; Additional reporting by Megha Rajagopalan in BEIJING; Editing by Jonathan Weber and Clarence Fernandez) View comments || Chinese hackers behind U.S. ransomware attacks - security firms: By Joseph Menn REUTERS - Hackers using tactics and tools previously associated with Chinese government-supported computer network intrusions have joined the booming cyber crime industry of ransomware, four security firms that investigated attacks on U.S. companies said. Ransomware, which involves encrypting a target's computer files and then demanding payment to unlock them, has generally been considered the domain of run-of-the-mill cyber criminals. But executives of the security firms have seen a level of sophistication in at least a half dozen cases over the last three months akin to those used in state-sponsored attacks, including techniques to gain entry and move around the networks, as well as the software used to manage intrusions. "It is obviously a group of skilled of operators that have some amount of experience conducting intrusions," said Phil Burdette, who heads an incident response team at Dell SecureWorks. Burdette said his team was called in on three cases in as many months where hackers spread ransomware after exploiting known vulnerabilities in application servers. From there, the hackers tricked more than 100 computers in each of the companies into installing the malicious programs. The victims included a transportation company and a technology firm that had 30 percent of its machines captured. Security firms Attack Research, InGuardians and G-C Partners, said they had separately investigated three other similar ransomware attacks since December. Although they cannot be positive, the companies concluded that all were the work of a known advanced threat group from China, Attack Research Chief Executive Val Smith told Reuters. The ransomware attacks have not previously been reported. None of the companies that were victims of the hackers agreed to be identified publicly. Asked about the allegations, China's Foreign Ministry said on Tuesday that if they were made with a "serious attitude" and reliable proof, China would treat the matter seriously. But ministry spokesman Lu Kang said China did not have time to respond to what he called "rumours and speculation" about the country's online activities. The security companies investigating the advanced ransomware intrusions have various theories about what is behind them, but they do not have proof and they have not come to any firm conclusions. Most of the theories flow from the possibility that the Chinese government has reduced its support for economic espionage, which it pledged to oppose in an agreement with the United States late last year. Some U.S. companies have reported a decline in Chinese hacking since the agreement. Smith said some government hackers or contractors could be out of work or with reduced work and looking to supplement their income via ransomware. It is also possible, Burdette said, that companies which had been penetrated for trade secrets or other reasons in the past were now being abandoned as China backs away, and that spies or their associates were taking as much as they could on the way out. In one of Dell's cases, the means of access by the team spreading ransomware was established in 2013. The cyber security experts could not completely rule out more prosaic explanations, such as the possibility that ordinary criminals had improved their skills and bought tools previously used only by governments. Dell said that some of the malicious software had been associated by other security firms with a group dubbed Codoso, which has a record of years of attacks of interest to the Chinese government, including those on U.S. defense companies and sites that draw Chinese minorities. PAYMENT IN BITCOIN Ransomware has been around for years, spread by some of the same people that previously installed fake antivirus programs on home computers and badgered the victims into paying to remove imaginary threats. In the past two years, better encryption techniques have often made it impossible for victims to regain access to their files without cooperation from the hackers. Many ransomware payments are made in the virtual currency Bitcoin and remain secret, but institutions including a Los Angeles hospital have gone public about ransomware attacks. Ransomware operators generally set modest prices that many victims are willing to pay, and they usually do decrypt the files, which ensures that victims will post positively online about the transaction, making the next victims who research their predicament more willing to pay. Security software companies have warned that because the aggregate payoffs for ransomware gangs are increasing, more criminals will shift to it from credit card theft and other complicated scams. The involvement of more sophisticated hackers also promises to intensify the threat. InGuardians CEO Jimmy Alderson said one of the cases his company investigated appeared to have been launched with online credentials stolen six months earlier in a suspected espionage hack of the sort typically called an Advanced Persistent Threat, or APT. "The tactics of getting access to these networks are APT tactics, but instead of going further in to sit and listen stealthily, they are used for smash-and-grab," Alderson said. (Reporting by Joseph Menn in San Francisco; Additional reporting by Megha Rajagopalan in BEIJING; Editing by Jonathan Weber and Clarence Fernandez) View comments || Exclusive: Chinese hackers behind U.S. ransomware attacks - security firms: By Joseph Menn (Reuters) - Hackers using tactics and tools previously associated with Chinese government-supported computer network intrusions have joined the booming cyber crime industry of ransomware, four security firms that investigated attacks on U.S. companies said. Ransomware, which involves encrypting a target's computer files and then demanding payment to unlock them, has generally been considered the domain of run-of-the-mill cyber criminals. But executives of the security firms have seen a level of sophistication in at least a half dozen cases over the last three months akin to those used in state-sponsored attacks, including techniques to gain entry and move around the networks, as well as the software used to manage intrusions. "It is obviously a group of skilled of operators that have some amount of experience conducting intrusions," said Phil Burdette, who heads an incident response team at Dell SecureWorks. Burdette said his team was called in on three cases in as many months where hackers spread ransomware after exploiting known vulnerabilities in application servers. From there, the hackers tricked more than 100 computers in each of the companies into installing the malicious programs. The victims included a transportation company and a technology firm that had 30 percent of its machines captured. Security firms Attack Research, InGuardians and G-C Partners, said they had separately investigated three other similar ransomware attacks since December. Although they cannot be positive, the companies concluded that all were the work of a known advanced threat group from China, Attack Research Chief Executive Val Smith told Reuters. The ransomware attacks have not previously been reported. None of the companies that were victims of the hackers agreed to be identified publicly. Asked about the allegations, China's Foreign Ministry said on Tuesday that if they were made with a "serious attitude" and reliable proof, China would treat the matter seriously. But ministry spokesman Lu Kang said China did not have time to respond to what he called "rumors and speculation" about the country's online activities. The security companies investigating the advanced ransomware intrusions have various theories about what is behind them, but they do not have proof and they have not come to any firm conclusions. Most of the theories flow from the possibility that the Chinese government has reduced its support for economic espionage, which it pledged to oppose in an agreement with the United States late last year. Some U.S. companies have reported a decline in Chinese hacking since the agreement. Smith said some government hackers or contractors could be out of work or with reduced work and looking to supplement their income via ransomware. It is also possible, Burdette said, that companies which had been penetrated for trade secrets or other reasons in the past were now being abandoned as China backs away, and that spies or their associates were taking as much as they could on the way out. In one of Dell's cases, the means of access by the team spreading ransomware was established in 2013. The cyber security experts could not completely rule out more prosaic explanations, such as the possibility that ordinary criminals had improved their skills and bought tools previously used only by governments. Dell said that some of the malicious software had been associated by other security firms with a group dubbed Codoso, which has a record of years of attacks of interest to the Chinese government, including those on U.S. defense companies and sites that draw Chinese minorities. PAYMENT IN BITCOIN Ransomware has been around for years, spread by some of the same people that previously installed fake antivirus programs on home computers and badgered the victims into paying to remove imaginary threats. In the past two years, better encryption techniques have often made it impossible for victims to regain access to their files without cooperation from the hackers. Many ransomware payments are made in the virtual currency Bitcoin and remain secret, but institutions including a Los Angeles hospital have gone public about ransomware attacks. Ransomware operators generally set modest prices that many victims are willing to pay, and they usually do decrypt the files, which ensures that victims will post positively online about the transaction, making the next victims who research their predicament more willing to pay. Security software companies have warned that because the aggregate payoffs for ransomware gangs are increasing, more criminals will shift to it from credit card theft and other complicated scams. The involvement of more sophisticated hackers also promises to intensify the threat. InGuardians CEO Jimmy Alderson said one of the cases his company investigated appeared to have been launched with online credentials stolen six months earlier in a suspected espionage hack of the sort typically called an Advanced Persistent Threat, or APT. "The tactics of getting access to these networks are APT tactics, but instead of going further in to sit and listen stealthily, they are used for smash-and-grab," Alderson said. (Reporting by Joseph Menn in San Francisco; Additional reporting by Megha Rajagopalan in BEIJING; Editing by Jonathan Weber and Clarence Fernandez) || Exclusive: Chinese hackers behind U.S. ransomware attacks - security firms: By Joseph Menn (Reuters) - Hackers using tactics and tools previously associated with Chinese government-supported computer network intrusions have joined the booming cyber crime industry of ransomware, four security firms that investigated attacks on U.S. companies said. Ransomware, which involves encrypting a target's computer files and then demanding payment to unlock them, has generally been considered the domain of run-of-the-mill cyber criminals. But executives of the security firms have seen a level of sophistication in at least a half dozen cases over the last three months akin to those used in state-sponsored attacks, including techniques to gain entry and move around the networks, as well as the software used to manage intrusions. "It is obviously a group of skilled of operators that have some amount of experience conducting intrusions," said Phil Burdette, who heads an incident response team at Dell SecureWorks. Burdette said his team was called in on three cases in as many months where hackers spread ransomware after exploiting known vulnerabilities in application servers. From there, the hackers tricked more than 100 computers in each of the companies into installing the malicious programs. The victims included a transportation company and a technology firm that had 30 percent of its machines captured. Security firms Attack Research, InGuardians and G-C Partners, said they had separately investigated three other similar ransomware attacks since December. Although they cannot be positive, the companies concluded that all were the work of a known advanced threat group from China, Attack Research Chief Executive Val Smith told Reuters. The ransomware attacks have not previously been reported. None of the companies that were victims of the hackers agreed to be identified publicly. Asked about the allegations, China's Foreign Ministry said on Tuesday that if they were made with a "serious attitude" and reliable proof, China would treat the matter seriously. But ministry spokesman Lu Kang said China did not have time to respond to what he called "rumors and speculation" about the country's online activities. The security companies investigating the advanced ransomware intrusions have various theories about what is behind them, but they do not have proof and they have not come to any firm conclusions. Most of the theories flow from the possibility that the Chinese government has reduced its support for economic espionage, which it pledged to oppose in an agreement with the United States late last year. Some U.S. companies have reported a decline in Chinese hacking since the agreement. Smith said some government hackers or contractors could be out of work or with reduced work and looking to supplement their income via ransomware. It is also possible, Burdette said, that companies which had been penetrated for trade secrets or other reasons in the past were now being abandoned as China backs away, and that spies or their associates were taking as much as they could on the way out. In one of Dell's cases, the means of access by the team spreading ransomware was established in 2013. The cyber security experts could not completely rule out more prosaic explanations, such as the possibility that ordinary criminals had improved their skills and bought tools previously used only by governments. Dell said that some of the malicious software had been associated by other security firms with a group dubbed Codoso, which has a record of years of attacks of interest to the Chinese government, including those on U.S. defense companies and sites that draw Chinese minorities. PAYMENT IN BITCOIN Ransomware has been around for years, spread by some of the same people that previously installed fake antivirus programs on home computers and badgered the victims into paying to remove imaginary threats. In the past two years, better encryption techniques have often made it impossible for victims to regain access to their files without cooperation from the hackers. Many ransomware payments are made in the virtual currency Bitcoin and remain secret, but institutions including a Los Angeles hospital have gone public about ransomware attacks. Ransomware operators generally set modest prices that many victims are willing to pay, and they usually do decrypt the files, which ensures that victims will post positively online about the transaction, making the next victims who research their predicament more willing to pay. Security software companies have warned that because the aggregate payoffs for ransomware gangs are increasing, more criminals will shift to it from credit card theft and other complicated scams. The involvement of more sophisticated hackers also promises to intensify the threat. InGuardians CEO Jimmy Alderson said one of the cases his company investigated appeared to have been launched with online credentials stolen six months earlier in a suspected espionage hack of the sort typically called an Advanced Persistent Threat, or APT. "The tactics of getting access to these networks are APT tactics, but instead of going further in to sit and listen stealthily, they are used for smash-and-grab," Alderson said. (Reporting by Joseph Menn in San Francisco; Additional reporting by Megha Rajagopalan in BEIJING; Editing by Jonathan Weber and Clarence Fernandez) View comments || Exclusive: Chinese hackers behind U.S. ransomware attacks - security firms: By Joseph Menn (Reuters) - Hackers using tactics and tools previously associated with Chinese government-supported computer network intrusions have joined the booming cyber crime industry of ransomware, four security firms that investigated attacks on U.S. companies said. Ransomware, which involves encrypting a target's computer files and then demanding payment to unlock them, has generally been considered the domain of run-of-the-mill cyber criminals. But executives of the security firms have seen a level of sophistication in at least a half dozen cases over the last three months akin to those used in state-sponsored attacks, including techniques to gain entry and move around the networks, as well as the software used to manage intrusions. “It is obviously a group of skilled of operators that have some amount of experience conducting intrusions,” said Phil Burdette, who heads an incident response team at Dell SecureWorks. Burdette said his team was called in on three cases in as many months where hackers spread ransomware after exploiting known vulnerabilities in application servers. From there, the hackers tricked more than 100 computers in each of the companies into installing the malicious programs. The victims included a transportation company and a technology firm that had 30 percent of its machines captured. Security firms Attack Research, InGuardians and G-C Partners, said they had separately investigated three other similar ransomware attacks since December. Although they cannot be positive, the companies concluded that all were the work of a known advanced threat group from China, Attack Research Chief Executive Val Smith told Reuters. The ransomware attacks have not previously been reported. None of the companies that were victims of the hackers agreed to be identified publicly. The security companies investigating the advanced ransomware intrusions have various theories about what is behind them, but they do not have proof and they have not come to any firm conclusions. Story continues Most of the theories flow from the possibility that the Chinese government has reduced its support for economic espionage, which it pledged to oppose in an agreement with the United States late last year. Some U.S. companies have reported a decline in Chinese hacking since the agreement. Smith said some government hackers or contractors could be out of work or with reduced work and looking to supplement their income via ransomware. It is also possible, Burdette said, that companies which had been penetrated for trade secrets or other reasons in the past were now being abandoned as China backs away, and that spies or their associates were taking as much as they could on the way out. In one of Dell’s cases, the means of access by the team spreading ransomware was established in 2013. The cyber security experts could not completely rule out more prosaic explanations, such as the possibility that ordinary criminals had improved their skills and bought tools previously used only by governments. Dell said that some of the malicious software had been associated by other security firms with a group dubbed Codoso, which has a record of years of attacks of interest to the Chinese government, including those on U.S. defense companies and sites that draw Chinese minorities. PAYMENT IN BITCOIN Ransomware has been around for years, spread by some of the same people that previously installed fake antivirus programs on home computers and badgered the victims into paying to remove imaginary threats. In the past two years, better encryption techniques have often made it impossible for victims to regain access to their files without cooperation from the hackers. Many ransomware payments are made in the virtual currency Bitcoin and remain secret, but institutions including a Los Angeles hospital have gone public about ransomware attacks. Ransomware operators generally set modest prices that many victims are willing to pay, and they usually do decrypt the files, which ensures that victims will post positively online about the transaction, making the next victims who research their predicament more willing to pay. Security software companies have warned that because the aggregate payoffs for ransomware gangs are increasing, more criminals will shift to it from credit card theft and other complicated scams. The involvement of more sophisticated hackers also promises to intensify the threat. InGuardians CEO Jimmy Alderson said one of the cases his company investigated appeared to have been launched with online credentials stolen six months earlier in a suspected espionage hack of the sort typically called an Advanced Persistent Threat, or APT. “The tactics of getting access to these networks are APT tactics, but instead of going further in to sit and listen stealthily, they are used for smash-and-grab,” Alderson said. (Reporting by Joseph Menn in San Francisco; editing by Jonathan Weber and Grant McCool) || Exclusive: Chinese hackers behind U.S. ransomware attacks - security firms: By Joseph Menn (Reuters) - Hackers using tactics and tools previously associated with Chinese government-supported computer network intrusions have joined the booming cyber crime industry of ransomware, four security firms that investigated attacks on U.S. companies said. Ransomware, which involves encrypting a target's computer files and then demanding payment to unlock them, has generally been considered the domain of run-of-the-mill cyber criminals. But executives of the security firms have seen a level of sophistication in at least a half dozen cases over the last three months akin to those used in state-sponsored attacks, including techniques to gain entry and move around the networks, as well as the software used to manage intrusions. “It is obviously a group of skilled of operators that have some amount of experience conducting intrusions,” said Phil Burdette, who heads an incident response team at Dell SecureWorks. Burdette said his team was called in on three cases in as many months where hackers spread ransomware after exploiting known vulnerabilities in application servers. From there, the hackers tricked more than 100 computers in each of the companies into installing the malicious programs. The victims included a transportation company and a technology firm that had 30 percent of its machines captured. Security firms Attack Research, InGuardians and G-C Partners, said they had separately investigated three other similar ransomware attacks since December. Although they cannot be positive, the companies concluded that all were the work of a known advanced threat group from China, Attack Research Chief Executive Val Smith told Reuters. The ransomware attacks have not previously been reported. None of the companies that were victims of the hackers agreed to be identified publicly. The security companies investigating the advanced ransomware intrusions have various theories about what is behind them, but they do not have proof and they have not come to any firm conclusions. Story continues Most of the theories flow from the possibility that the Chinese government has reduced its support for economic espionage, which it pledged to oppose in an agreement with the United States late last year. Some U.S. companies have reported a decline in Chinese hacking since the agreement. Smith said some government hackers or contractors could be out of work or with reduced work and looking to supplement their income via ransomware. It is also possible, Burdette said, that companies which had been penetrated for trade secrets or other reasons in the past were now being abandoned as China backs away, and that spies or their associates were taking as much as they could on the way out. In one of Dell’s cases, the means of access by the team spreading ransomware was established in 2013. The cyber security experts could not completely rule out more prosaic explanations, such as the possibility that ordinary criminals had improved their skills and bought tools previously used only by governments. Dell said that some of the malicious software had been associated by other security firms with a group dubbed Codoso, which has a record of years of attacks of interest to the Chinese government, including those on U.S. defense companies and sites that draw Chinese minorities. PAYMENT IN BITCOIN Ransomware has been around for years, spread by some of the same people that previously installed fake antivirus programs on home computers and badgered the victims into paying to remove imaginary threats. In the past two years, better encryption techniques have often made it impossible for victims to regain access to their files without cooperation from the hackers. Many ransomware payments are made in the virtual currency Bitcoin and remain secret, but institutions including a Los Angeles hospital have gone public about ransomware attacks. Ransomware operators generally set modest prices that many victims are willing to pay, and they usually do decrypt the files, which ensures that victims will post positively online about the transaction, making the next victims who research their predicament more willing to pay. Security software companies have warned that because the aggregate payoffs for ransomware gangs are increasing, more criminals will shift to it from credit card theft and other complicated scams. The involvement of more sophisticated hackers also promises to intensify the threat. InGuardians CEO Jimmy Alderson said one of the cases his company investigated appeared to have been launched with online credentials stolen six months earlier in a suspected espionage hack of the sort typically called an Advanced Persistent Threat, or APT. “The tactics of getting access to these networks are APT tactics, but instead of going further in to sit and listen stealthily, they are used for smash-and-grab,” Alderson said. (Reporting by Joseph Menn in San Francisco; editing by Jonathan Weber and Grant McCool) || Exclusive: Chinese hackers behind U.S. ransomware attacks - security firms: By Joseph Menn
(Reuters) - Hackers using tactics and tools previously associated with Chinese government-supported computer network intrusions have joined the booming cyber crime industry of ransomware, four security firms that investigated attacks on U.S. companies said.
Ransomware, which involves encrypting a target's computer files and then demanding payment to unlock them, has generally been considered the domain of run-of-the-mill cyber criminals.
But executives of the security firms have seen a level of sophistication in at least a half dozen cases over the last three months akin to those used in state-sponsored attacks, including techniques to gain entry and move around the networks, as well as the software used to manage intrusions.
“It is obviously a group of skilled of operators that have some amount of experience conducting intrusions,” said Phil Burdette, who heads an incident response team at Dell SecureWorks.
Burdette said his team was called in on three cases in as many months where hackers spread ransomware after exploiting known vulnerabilities in application servers. From there, the hackers tricked more than 100 computers in each of the companies into installing the malicious programs.
The victims included a transportation company and a technology firm that had 30 percent of its machines captured.
Security firms Attack Research, InGuardians and G-C Partners, said they had separately investigated three other similar ransomware attacks since December.
Although they cannot be positive, the companies concluded that all were the work of a known advanced threat group from China, Attack Research Chief Executive Val Smith told Reuters.
The ransomware attacks have not previously been reported. None of the companies that were victims of the hackers agreed to be identified publicly.
The security companies investigating the advanced ransomware intrusions have various theories about what is behind them, but they do not have proof and they have not come to any firm conclusions.
Most of the theories flow from the possibility that the Chinese government has reduced its support for economic espionage, which it pledged to oppose in an agreement with the United States late last year. Some U.S. companies have reported a decline in Chinese hacking since the agreement.
Smith said some government hackers or contractors could be out of work or with reduced work and looking to supplement their income via ransomware.
It is also possible, Burdette said, that companies which had been penetrated for trade secrets or other reasons in the past were now being abandoned as China backs away, and that spies or their associates were taking as much as they could on the way out. In one of Dell’s cases, the means of access by the team spreading ransomware was established in 2013.
The cyber security experts could not completely rule out more prosaic explanations, such as the possibility that ordinary criminals had improved their skills and bought tools previously used only by governments.
Dell said that some of the malicious software had been associated by other security firms with a group dubbed Codoso, which has a record of years of attacks of interest to the Chinese government, including those on U.S. defense companies and sites that draw Chinese minorities.
PAYMENT IN BITCOIN
Ransomware has been around for years, spread by some of the same people that previously installed fake antivirus programs on home computers and badgered the victims into paying to remove imaginary threats.
In the past two years, better encryption techniques have often made it impossible for victims to regain access to their files without cooperation from the hackers. Many ransomware payments are made in the virtual currency Bitcoin and remain secret, but institutions including a Los Angeles hospital have gone public about ransomware attacks.
Ransomware operators generally set modest prices that many victims are willing to pay, and they usually do decrypt the files, which ensures that victims will post positively online about the transaction, making the next victims who research their predicament more willing to pay.
Security software companies have warned that because the aggregate payoffs for ransomware gangs are increasing, more criminals will shift to it from credit card theft and other complicated scams.
The involvement of more sophisticated hackers also promises to intensify the threat.
InGuardians CEO Jimmy Alderson said one of the cases his company investigated appeared to have been launched with online credentials stolen six months earlier in a suspected espionage hack of the sort typically called an Advanced Persistent Threat, or APT.
“The tactics of getting access to these networks are APT tactics, but instead of going further in to sit and listen stealthily, they are used for smash-and-grab,” Alderson said.
(Reporting by Joseph Menn in San Francisco; editing by Jonathan Weber and Grant McCool) || Exclusive: Chinese hackers behind U.S. ransomware attacks - security firms: By Joseph Menn (Reuters) - Hackers using tactics and tools previously associated with Chinese government-supported computer network intrusions have joined the booming cyber crime industry of ransomware, four security firms that investigated attacks on U.S. companies said. Ransomware, which involves encrypting a target's computer files and then demanding payment to unlock them, has generally been considered the domain of run-of-the-mill cyber criminals. But executives of the security firms have seen a level of sophistication in at least a half dozen cases over the last three months akin to those used in state-sponsored attacks, including techniques to gain entry and move around the networks, as well as the software used to manage intrusions. “It is obviously a group of skilled of operators that have some amount of experience conducting intrusions,” said Phil Burdette, who heads an incident response team at Dell SecureWorks. Burdette said his team was called in on three cases in as many months where hackers spread ransomware after exploiting known vulnerabilities in application servers. From there, the hackers tricked more than 100 computers in each of the companies into installing the malicious programs. The victims included a transportation company and a technology firm that had 30 percent of its machines captured. Security firms Attack Research, InGuardians and G-C Partners, said they had separately investigated three other similar ransomware attacks since December. Although they cannot be positive, the companies concluded that all were the work of a known advanced threat group from China, Attack Research Chief Executive Val Smith told Reuters. The ransomware attacks have not previously been reported. None of the companies that were victims of the hackers agreed to be identified publicly. The security companies investigating the advanced ransomware intrusions have various theories about what is behind them, but they do not have proof and they have not come to any firm conclusions. Story continues Most of the theories flow from the possibility that the Chinese government has reduced its support for economic espionage, which it pledged to oppose in an agreement with the United States late last year. Some U.S. companies have reported a decline in Chinese hacking since the agreement. Smith said some government hackers or contractors could be out of work or with reduced work and looking to supplement their income via ransomware. It is also possible, Burdette said, that companies which had been penetrated for trade secrets or other reasons in the past were now being abandoned as China backs away, and that spies or their associates were taking as much as they could on the way out. In one of Dell’s cases, the means of access by the team spreading ransomware was established in 2013. The cyber security experts could not completely rule out more prosaic explanations, such as the possibility that ordinary criminals had improved their skills and bought tools previously used only by governments. Dell said that some of the malicious software had been associated by other security firms with a group dubbed Codoso, which has a record of years of attacks of interest to the Chinese government, including those on U.S. defense companies and sites that draw Chinese minorities. PAYMENT IN BITCOIN Ransomware has been around for years, spread by some of the same people that previously installed fake antivirus programs on home computers and badgered the victims into paying to remove imaginary threats. In the past two years, better encryption techniques have often made it impossible for victims to regain access to their files without cooperation from the hackers. Many ransomware payments are made in the virtual currency Bitcoin and remain secret, but institutions including a Los Angeles hospital have gone public about ransomware attacks. Ransomware operators generally set modest prices that many victims are willing to pay, and they usually do decrypt the files, which ensures that victims will post positively online about the transaction, making the next victims who research their predicament more willing to pay. Security software companies have warned that because the aggregate payoffs for ransomware gangs are increasing, more criminals will shift to it from credit card theft and other complicated scams. The involvement of more sophisticated hackers also promises to intensify the threat. InGuardians CEO Jimmy Alderson said one of the cases his company investigated appeared to have been launched with online credentials stolen six months earlier in a suspected espionage hack of the sort typically called an Advanced Persistent Threat, or APT. “The tactics of getting access to these networks are APT tactics, but instead of going further in to sit and listen stealthily, they are used for smash-and-grab,” Alderson said. (Reporting by Joseph Menn in San Francisco; editing by Jonathan Weber and Grant McCool)
[Social Media Buzz]
Bitstamp: $405.09/BTC - last trade of USD/BTC at https://www.bitstamp.net/ (high: 409.95, low: 404.00) #bitcoin #BTC http://bitcoinautotrade.com || One Bitcoin now worth $408.00@bitstamp. High $415.49. Low $403.34. Market Cap $6.256 Billion #bitcoin || Average Bitcoin market price is: USD 405.00, EUR 359.37 || In the last 10 mins, there were arb opps spanning 15 exchange pair(s), yielding profits ranging between $0.00 and $99.67 #bitcoin #btc || #EuroCoin #EUC $ 0.000078 (-5.51 %) 0.00000019 B...
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413.76, 413.31, 418.09, 418.04, 416.39, 417.18, 417.95, 426.77, 424.23, 416.52
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 2757.18, 2875.34, 2718.26, 2710.67, 2804.73, 2895.89, 3252.91, 3213.94, 3378.94, 3419.94, 3342.47, 3381.28, 3650.62, 3884.71, 4073.26, 4325.13, 4181.93, 4376.63, 4331.69, 4160.62, 4193.70, 4087.66, 4001.74, 4100.52, 4151.52, 4334.68, 4371.60, 4352.40, 4382.88, 4382.66, 4579.02, 4565.30, 4703.39, 4892.01, 4578.77, 4582.96, 4236.31, 4376.53, 4597.12, 4599.88, 4228.75, 4226.06, 4122.94, 4161.27, 4130.81, 3882.59, 3154.95, 3637.52, 3625.04, 3582.88, 4065.20, 3924.97, 3905.95, 3631.04, 3630.70, 3792.40, 3682.84, 3926.07, 3892.35, 4200.67, 4174.73, 4163.07, 4338.71, 4403.74, 4409.32, 4317.48, 4229.36, 4328.41, 4370.81, 4426.89, 4610.48, 4772.02, 4781.99, 4826.48, 5446.91, 5647.21, 5831.79, 5678.19, 5725.59, 5605.51, 5590.69, 5708.52, 6011.45, 6031.60, 6008.42, 5930.32, 5526.64, 5750.80, 5904.83, 5780.90.
|
[Bitcoin Technical Analysis for 2017-10-27]
Volume: 1710130048, RSI (14-day): 61.63, 50-day EMA: 4899.76, 200-day EMA: 3409.94
[Wider Market Context]
Gold Price: 1268.50, Gold RSI: 39.58
Oil Price: 53.90, Oil RSI: 67.64
[Recent News (last 7 days)]
Expedia Inc (EXPE) Shares Sink After Hours on Q3 2017 Earnings Miss: Expedia Inc(NASDAQ:EXPE) shares plummeted after the bell as the company unveiled its third-quarter results.
For the period, the travel services websiteposted earningsof $2.51 per share, missing the analysts’ consensus estimate of $2.62 per share. Quarterly revenue came in at $2.97 billion, gaining 15% year-over-year but falling below the Wall Street projection of $2.98 billion.
Gross bookingswere light for the quarter, gaining 11% year-over-year to $22.2 billion, marking a $2.1 billion growth compared to the year ago period. This was the first quarter in which Expedia no longer had the services of former CEO Dara Khosrowshahi, who left to take charge ofUber.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
The company owns the likes ofHotels.comandOrbitz. Part of the reason why bookings underwhelmed was due to extreme weather circumstances, including the various hurricanes and natural disasters that struck the U.S. during the period.
Expedia said it predicts a “negative impact of approximately $15 million to $20 million from the recent natural disasters” as these storms discouraged travelers from leaving their home. Former CFO Mark Okerstrom is the new company boss.
He pointed at other tragedies that affected the company’s business as well, both overseas and in the U.S. He mentioned both the terrorist activity in Barcelona and the tragic shooting in Las Vegas.
“Aside from that, when we look at the macro environment it still looks reasonably solid and a lot of the trends that we have seen for some time now look to be continuing,” said Okerstrom.
EXPE stock fell 14.5% after hours.
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The postExpedia Inc (EXPE) Shares Sink After Hours on Q3 2017 Earnings Missappeared first onInvestorPlace. || Expedia Inc (EXPE) Shares Sink After Hours on Q3 2017 Earnings Miss: Expedia Inc (NASDAQ: EXPE ) shares plummeted after the bell as the company unveiled its third-quarter results. Expedia Inc (EXPE) For the period, the travel services website posted earnings of $2.51 per share, missing the analysts’ consensus estimate of $2.62 per share. Quarterly revenue came in at $2.97 billion, gaining 15% year-over-year but falling below the Wall Street projection of $2.98 billion. Gross bookings were light for the quarter, gaining 11% year-over-year to $22.2 billion, marking a $2.1 billion growth compared to the year ago period. This was the first quarter in which Expedia no longer had the services of former CEO Dara Khosrowshahi, who left to take charge of Uber . InvestorPlace - Stock Market News, Stock Advice & Trading Tips The company owns the likes of Hotels.com and Orbitz . Part of the reason why bookings underwhelmed was due to extreme weather circumstances, including the various hurricanes and natural disasters that struck the U.S. during the period. Expedia said it predicts a “negative impact of approximately $15 million to $20 million from the recent natural disasters” as these storms discouraged travelers from leaving their home. Former CFO Mark Okerstrom is the new company boss. He pointed at other tragedies that affected the company’s business as well, both overseas and in the U.S. He mentioned both the terrorist activity in Barcelona and the tragic shooting in Las Vegas. “Aside from that, when we look at the macro environment it still looks reasonably solid and a lot of the trends that we have seen for some time now look to be continuing,” said Okerstrom. EXPE stock fell 14.5% after hours. More From InvestorPlace 5 Bitcoin Stocks to Buy for Low-Risk Cryptocurrency Profits 7 Stocks to Buy Before the Holidays Walt Disney Co (DIS) Stock Is Due for a Big Turnaround The post Expedia Inc (EXPE) Shares Sink After Hours on Q3 2017 Earnings Miss appeared first on InvestorPlace . || Stock market outlook, October 27: Friday will bring investors to the end of a busy week for earnings and the biggest economic news of the week. In the morning, the U.S. government will release the first estimate of GDP growth in the third quarter of 2017. Expectations from Wall Street economists are that growth hit an annualized rate of 2.6% during the quarter. This would be down from the 3.1% pace of growth seen in the second three months of the year but still better than the 1.6% pace we saw in 2016. Ian Shepherdson, an economist at Pantheon Macro, said in a note on Thursday that Friday’s GDP figures should show some softening in consumption — which accounts for most of GDP growth — due to Hurricanes Harvey and Irma, but that this should be offset by faster inventory building. U.S. economic growth will be the big story in markets on Friday. REUTERS/Darrin Zammit Lupi Shepherdson notes, however, that like all GDP reports these numbers need to be regarded with some skepticism as the average revision from the first to last estimate for a quarter’s growth is 1.1% since 1993. The data are also subject to revision forever. The earnings calendar is also busy, with the morning featuring results from big energy and big pharma companies. Headline earnings expected Friday include ExxonMobil ( XOM ), Chevron ( CVX ), Phillips 66 ( PSX ), AbbVie ( ABBV ), Merck ( MRK ), and Shire ( SHPG ). Investors will also be digesting the flood of big-time tech earnings we saw after the market close on Thursday, with Amazon ( AMZN ) shares shooting higher by 7.5% to $1,046 per share after earnings beat estimates. Also higher on Thursday afternoon was Google parent-company Alphabet ( GOOG , GOOGL ), up almost 3% to north of $1,000 per share after results beat estimates . Microsoft ( MSFT ) shares were also higher by almost 4% to a new record high after results . Other notable movers after hours were Baidu ( BIDU ), down 9% after giving weak guidance , and Mattel ( MAT ), down as much as 19% after suspending its dividend. GDP and taxes Back in August, we noted that strong second-quarter GDP figures weakened the Trump administration’s primary case for the need for tax reform, which is that it would kickstart economic growth. Story continues Friday’s number is expected to show a slight slowing from the prior quarter but still an improvement from 2016. That once again makes one ask the question — what is tax reform really for? On Thursday, the House passed a procedural hurdle on the road to tax reform and while there is clearly work to be done on a number of specifics, the likelihood that a tax package gets through at some point appears to be going up. President Donald Trump speaks during an event in the East Room of the White House, Thursday, Oct. 26, 2017, in Washington. (AP Photo/Evan Vucci) Now, certainly all tax payers would like to pay lower taxes. But taxes also pay for services that we as citizens enjoy — Medicare and Social Security among them — and helps provide services for those of us who are less fortunate. Initially, a lower tax rate makes both of these more challenging, even if faster growth results from the cut. Moreover, as we highlighted earlier this year , research shows that an uptick in economic growth doesn’t follow from lower taxes the way some suggest. And in the late 1990s, tax rates were actually increasing alongside economic growth. On Wednesday at Yahoo Finance’s All Markets Summit , Marriott ( MAR ) CEO Arne Sorenson said that the business community “has tended to overstate the impact of tax reduction on investment in their business.” Which is a way of saying that tax cuts will accrue to existing shareholders and do little to change the course of a company’s strategy. And without a change in corporate views on investment, economic growth is not going to accelerate. So if tax cuts aren’t going to change corporate thinking that wholesale and economic growth is picking up independent of this policy change, one wonders what tax reform will do for the economy. Or won’t. — Myles Udland is a writer at Yahoo Finance. Follow him on Twitter @MylesUdland Read more from Myles here: TOM LEE: Bitcoin is an important asset for investors to own Wall Street can’t stop talking about Bitcoin Why a new Federal Reserve chair won’t rattle markets Warren Buffett likes the stock market because of the bond market America’s shortage of workers is about to get ‘much worse’ || GDP — What you need to know in markets on Friday: Friday will bring investors to the end of a busy week for earnings and the biggest economic news of the week.
In the morning, the U.S. government will release the first estimate of GDP growth in the third quarter of 2017.
Expectations from Wall Street economists are that growth hit an annualized rate of 2.6% during the quarter. This would be down from the 3.1% pace of growth seen in the second three months of the year but still better than the 1.6% pace we saw in 2016.
Ian Shepherdson, an economist at Pantheon Macro, said in a note on Thursday that Friday’s GDP figures should show some softening in consumption — which accounts for most of GDP growth — due to Hurricanes Harvey and Irma, but that this should be offset by faster inventory building.
Shepherdson notes, however, that like all GDP reports these numbers need to be regarded with some skepticism as the average revision from the first to last estimate for a quarter’s growth is 1.1% since 1993. The data are also subject to revision forever.
The earnings calendar is also busy, with the morning featuring results from big energy and big pharma companies.
Headline earnings expected Friday include ExxonMobil (XOM), Chevron (CVX), Phillips 66 (PSX), AbbVie (ABBV), Merck (MRK), and Shire (SHPG).
Investors will also be digesting the flood of big-time tech earnings we saw after the market close on Thursday, with Amazon (AMZN)shares shooting higherby 7.5% to $1,046 per share after earnings beat estimates.
Also higher on Thursday afternoon was Google parent-company Alphabet (GOOG,GOOGL), up almost 3% to north of $1,000 per shareafter results beat estimates. Microsoft (MSFT) shares were also higher by almost 4% to anew record high after results.
Other notable movers after hours were Baidu (BIDU),down 9% after giving weak guidance, and Mattel (MAT),down as much as 19%after suspending its dividend.
Back in August,we notedthat strong second-quarter GDP figures weakened the Trump administration’s primary case for the need for tax reform, which is that it would kickstart economic growth.
Friday’s number is expected to show a slight slowing from the prior quarter but still an improvement from 2016. That once again makes one ask the question — what is tax reform really for?
On Thursday, the Housepassed a procedural hurdleon the road to tax reform and while there is clearly work to be done on a number of specifics, the likelihood that a tax package gets through at some point appears to be going up.
Now, certainly all tax payers would like to pay lower taxes. But taxes also pay for services that we as citizens enjoy — Medicare and Social Security among them — and helps provide services for those of us who are less fortunate. Initially, a lower tax rate makes both of these more challenging, even if faster growth results from the cut.
Moreover,as we highlighted earlier this year, research shows that an uptick in economic growth doesn’t follow from lower taxes the way some suggest. And in the late 1990s,tax rates were actuallyincreasingalongside economic growth.
On Wednesday atYahoo Finance’s All Markets Summit, Marriott (MAR) CEO Arne Sorensonsaid that the business community“has tended to overstate the impact of tax reduction on investment in their business.” Which is a way of saying that tax cuts will accrue to existing shareholders and do little to change the course of a company’s strategy. And without a change in corporate views on investment, economic growth is not going to accelerate.
So if tax cuts aren’t going to change corporate thinking that wholesale and economic growth is picking up independent of this policy change, one wonders what tax reformwilldo for the economy. Or won’t.
—
Myles Udland is a writer at Yahoo Finance. Follow him on Twitter@MylesUdland
Read more from Myles here:
• TOM LEE: Bitcoin is an important asset for investors to own
• Wall Street can’t stop talking about Bitcoin
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• America’s shortage of workers is about to get ‘much worse’ || Alphabet Inc (GOOGL) Q3 2017 Hardware and Cloud Revenue Surges Y/Y: Alphabet Inc(NASDAQ:GOOG,NASDAQ:GOOGL) impressed analysts with its third-quarter results, which saw its cloud business grow considerably.
The company’s earnings continue to be a strong point as the company heads towards the end of the fiscal year, raking in $9.57 per share in profit, topping Wall Street’s consensus estimate of $8.34 per share. In the year-ago mark, the company earned $7.25 per share in an adjusted basis.
The Google parent company also unveiled revenue of $27.77 billion, beating the mark that analysts were calling for of $27.2 billion. The figure was also better than the year-ago revenue by 24%.
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Alphabet’s Other revenues, including hardware and cloud services, surged to $3.4 billion, beating the year-ago figure of $2.43 billion. The company added more than 8,000 workers, many of which were added to its cloud business, which grew the most among the company’s segments.
The company invested heavily on its Google Cloud data centers, its content for YouTube, as well as hardware-related costs. Alphabet intends on investing more in these areas byadding more engineers.
“You’re clearly entering an era where you’re going to have different types of computing experiences,” Google CEO Sundar Pichai said during the conference call with analysts in regards to the need to add more technical and sales workers to the company. “To do so to do that and to stitch it all across, I think it’s important that we thoughtfully put our opinion forward.”
GOOG stock popped 2.8% after hours, while GOOGL shares gained 3.3% after the bell.
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The postAlphabet Inc (GOOGL) Q3 2017 Hardware and Cloud Revenue Surges Y/Yappeared first onInvestorPlace. || Alphabet Inc (GOOGL) Q3 2017 Hardware and Cloud Revenue Surges Y/Y: Alphabet Inc (NASDAQ: GOOG ,NASDAQ: GOOGL ) impressed analysts with its third-quarter results, which saw its cloud business grow considerably. Alphabet (GOOGL) The company’s earnings continue to be a strong point as the company heads towards the end of the fiscal year, raking in $9.57 per share in profit, topping Wall Street’s consensus estimate of $8.34 per share. In the year-ago mark, the company earned $7.25 per share in an adjusted basis. The Google parent company also unveiled revenue of $27.77 billion, beating the mark that analysts were calling for of $27.2 billion. The figure was also better than the year-ago revenue by 24%. InvestorPlace - Stock Market News, Stock Advice & Trading Tips Alphabet’s Other revenues, including hardware and cloud services, surged to $3.4 billion, beating the year-ago figure of $2.43 billion. The company added more than 8,000 workers, many of which were added to its cloud business, which grew the most among the company’s segments. The company invested heavily on its Google Cloud data centers, its content for YouTube, as well as hardware-related costs. Alphabet intends on investing more in these areas by adding more engineers . “You’re clearly entering an era where you’re going to have different types of computing experiences,” Google CEO Sundar Pichai said during the conference call with analysts in regards to the need to add more technical and sales workers to the company. “To do so to do that and to stitch it all across, I think it’s important that we thoughtfully put our opinion forward.” GOOG stock popped 2.8% after hours, while GOOGL shares gained 3.3% after the bell. More From InvestorPlace 5 Bitcoin Stocks to Buy for Low-Risk Cryptocurrency Profits 7 Stocks to Buy Before the Holidays Walt Disney Co (DIS) Stock Is Due for a Big Turnaround The post Alphabet Inc (GOOGL) Q3 2017 Hardware and Cloud Revenue Surges Y/Y appeared first on InvestorPlace . || Amazon.com, Inc. (AMZN) Q3 2017 Revenue Jumps 34%: Amazon.com, Inc. (NASDAQ: AMZN ) posted its third-quarter results Thursday afternoon. Amazon.com, Inc. (AMZN) Source: Shutterstock The company reported its earnings after the market closed , which saw AMZN shares soar on the e-commerce retailer’s impressive results . Earnings came in at 52 cents per share, which was in line with the year-ago mark. Revenue was a strong point for Amazon, coming in at $43.7 billion, ahead of the $42.19 billion that analysts were calling for, and ahead of the year-ago mark by 34%. One of the most important elements of the period was the acquisition of Whole Foods, which saw the retailer take over a segment of the grocery industry. InvestorPlace - Stock Market News, Stock Advice & Trading Tips Prime Day was important for the company as it helped retail growth to increase, especially in international markets, according to the company’s CFO. Amazon Web Services is the strongest segment of the retailer, growing 42% year-over-year and amounting to 11% of the company’s total revenue. The cloud computing unit is also growing at a fast rate for the retailer, surging to $4.6 billion in the period, ahead of the $3.2 billion from a year ago. Amazon predicts that it will rake in between $56 billion and $60.5 billion in sales during its fourth quarter, which marks a growth of between 28% and 38% for the period. The forecast is fueled by the Whole Foods acquisition, as well as a favorable foreign exchange rate. Operating income is slated to be between $300 million and $1.65 billion, compared with $1.3 billion in the year-ago quarter. AMZN shares soared 7.6% after the bell. More From InvestorPlace 5 Bitcoin Stocks to Buy for Low-Risk Cryptocurrency Profits 7 Stocks to Buy Before the Holidays Walt Disney Co (DIS) Stock Is Due for a Big Turnaround The post Amazon.com, Inc. (AMZN) Q3 2017 Revenue Jumps 34% appeared first on InvestorPlace . || Amazon.com, Inc. (AMZN) Q3 2017 Revenue Jumps 34%: Amazon.com, Inc.(NASDAQ:AMZN) posted its third-quarter results Thursday afternoon.
Source: Shutterstock
The company reported its earningsafter the market closed, which saw AMZN shares soar on the e-commerce retailer’simpressive results. Earnings came in at 52 cents per share, which was in line with the year-ago mark.
Revenue was a strong point for Amazon, coming in at $43.7 billion, ahead of the $42.19 billion that analysts were calling for, and ahead of the year-ago mark by 34%. One of the most important elements of the period was the acquisition of Whole Foods, which saw the retailer take over a segment of the grocery industry.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Prime Day was important for the company as it helped retail growth to increase, especially in international markets, according to the company’s CFO. Amazon Web Services is the strongest segment of the retailer, growing 42% year-over-year and amounting to 11% of the company’s total revenue.
The cloud computing unit is also growing at a fast rate for the retailer, surging to $4.6 billion in the period, ahead of the $3.2 billion from a year ago.
Amazon predicts that it will rake in between $56 billion and $60.5 billion in sales during its fourth quarter, which marks a growth of between 28% and 38% for the period. The forecast is fueled by the Whole Foods acquisition, as well as a favorable foreign exchange rate.
Operating income is slated to be between $300 million and $1.65 billion, compared with $1.3 billion in the year-ago quarter.
AMZN shares soared 7.6% after the bell.
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The postAmazon.com, Inc. (AMZN) Q3 2017 Revenue Jumps 34%appeared first onInvestorPlace. || Microsoft Corporation (MSFT) Q1 2018 Earnings Top Expectations: Microsoft Corporation (NASDAQ: MSFT ) posted its first-quarter results after the bell Thursday. Microsoft Corporation Source: Shutterstock The tech giant kicked off its fiscal 2018 with an impressive three months, including earnings of 84 cents per share on an adjusted basis. Analysts polled by Thomson Reuters were calling for earnings of 72 cents per share, on an adjusted basis. Microsoft also unveiled revenue of $24.54 billion, which was nearly $1 billion more than the $23.56 billion that Wall Street had projected, according to Thomson Reuters. InvestorPlace - Stock Market News, Stock Advice & Trading Tips One of the most notable achievements of the quarter was to top the company’s goal of a $20 billion in annualized revenue run rate for its commercial cloud business. This includes the Azure cloud, subscriptions of Office 365, as well as Dynamic 365 apps for customer relationship management and enterprise resource planning. The figure came in at $20.4 billion for the quarter. Another strong point was Microsoft’s Surface hardware revenue, which surged 12% for the quarter after the Surface Laptop was introduced in June. Search ad revenue increased by 15% thanks to higher search volume, as well as more revenue per search. A weaker point in the quarter was gaming revenue, which slipped 1%, ahead of the launch of the Xbox One X on Nov.7. Microsoft predicts that it will bring in 83 cents per share in earnings for its current quarter on an adjusted basis. Meanwhile, revenue is slated to come in at $28.15 billion. MSFT stock grew 3.7% after hours. More From InvestorPlace 5 Bitcoin Stocks to Buy for Low-Risk Cryptocurrency Profits 7 Stocks to Buy Before the Holidays Walt Disney Co (DIS) Stock Is Due for a Big Turnaround The post Microsoft Corporation (MSFT) Q1 2018 Earnings Top Expectations appeared first on InvestorPlace . || Microsoft Corporation (MSFT) Q1 2018 Earnings Top Expectations: Microsoft Corporation (NASDAQ: MSFT ) posted its first-quarter results after the bell Thursday. Microsoft Corporation Source: Shutterstock The tech giant kicked off its fiscal 2018 with an impressive three months, including earnings of 84 cents per share on an adjusted basis. Analysts polled by Thomson Reuters were calling for earnings of 72 cents per share, on an adjusted basis. Microsoft also unveiled revenue of $24.54 billion, which was nearly $1 billion more than the $23.56 billion that Wall Street had projected, according to Thomson Reuters. InvestorPlace - Stock Market News, Stock Advice & Trading Tips One of the most notable achievements of the quarter was to top the company’s goal of a $20 billion in annualized revenue run rate for its commercial cloud business. This includes the Azure cloud, subscriptions of Office 365, as well as Dynamic 365 apps for customer relationship management and enterprise resource planning. The figure came in at $20.4 billion for the quarter. Another strong point was Microsoft’s Surface hardware revenue, which surged 12% for the quarter after the Surface Laptop was introduced in June. Search ad revenue increased by 15% thanks to higher search volume, as well as more revenue per search. A weaker point in the quarter was gaming revenue, which slipped 1%, ahead of the launch of the Xbox One X on Nov.7. Microsoft predicts that it will bring in 83 cents per share in earnings for its current quarter on an adjusted basis. Meanwhile, revenue is slated to come in at $28.15 billion. MSFT stock grew 3.7% after hours. More From InvestorPlace 5 Bitcoin Stocks to Buy for Low-Risk Cryptocurrency Profits 7 Stocks to Buy Before the Holidays Walt Disney Co (DIS) Stock Is Due for a Big Turnaround The post Microsoft Corporation (MSFT) Q1 2018 Earnings Top Expectations appeared first on InvestorPlace . || Warren Buffett: Bitcoin is a 'real bubble': Count billionaire investor Warren Buffett among bitcoin’s skeptics. The “Oracle of Omaha” reportedly told attendees of a Q-and-A session in Omaha, Nebraska earlier this month that the popular cryptocurrency’s exploding value is a bubble waiting to burst.
“People get excited from big price movements and Wall Street accommodates,” Buffett said, according toMarketWatch.
Bitcoin, which allows individuals to compensate each other for goods and services without traditional banking methods, currently trades at nearly $5,900. However, it is not backed by any government and its value has fluctuated wildly in recent years.
“You can’t value bitcoin because it’s not a value-producing asset,” Buffett told MarketWatch. He said that it is impossible to say how far bitcoin’s value will rise, adding that there is a “real bubble in that sort of thing.”
The world’s top business leaders remain divided about bitcoin’s long-term value. JPMorgan Chase CEO Jamie Dimon said last month that the currency is a “fraud” that “isn’t going to work.”
“You can't have a business where people can invent a currency out of thin air and think that people who are buying it are really smart,” he said, according to Reuters.
Separately, Silicon Valley billionaire Peter Thiel defended bitcoin this week, telling FOX Business that it is “very underestimated” as a currency.
“It’s like a reserve form of money. It’s like gold and it’s just a store of value. You don’t actually need to use it to make payment,” Thiel told Maria Bartiromo during an interview at a conference in Riyadh, Saudi Arabia.
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• 3 Innovative Stocks for October || Warren Buffett: Bitcoin is a 'real bubble': Count billionaire investor Warren Buffett among bitcoin’s skeptics. The “Oracle of Omaha” reportedly told attendees of a Q-and-A session in Omaha, Nebraska earlier this month that the popular cryptocurrency’s exploding value is a bubble waiting to burst. “People get excited from big price movements and Wall Street accommodates,” Buffett said, according to MarketWatch . Bitcoin, which allows individuals to compensate each other for goods and services without traditional banking methods, currently trades at nearly $5,900. However, it is not backed by any government and its value has fluctuated wildly in recent years. “You can’t value bitcoin because it’s not a value-producing asset,” Buffett told MarketWatch. He said that it is impossible to say how far bitcoin’s value will rise, adding that there is a “real bubble in that sort of thing.” The world’s top business leaders remain divided about bitcoin’s long-term value. JPMorgan Chase CEO Jamie Dimon said last month that the currency is a “fraud” that “isn’t going to work.” “You can't have a business where people can invent a currency out of thin air and think that people who are buying it are really smart,” he said, according to Reuters. Separately, Silicon Valley billionaire Peter Thiel defended bitcoin this week, telling FOX Business that it is “very underestimated” as a currency. “It’s like a reserve form of money. It’s like gold and it’s just a store of value. You don’t actually need to use it to make payment,” Thiel told Maria Bartiromo during an interview at a conference in Riyadh, Saudi Arabia. Related Articles Asian shares push higher, tracking upbeat Wall St session How Alphabet's Waymo Will Teach its Self-Driving Cars About Snow 3 Innovative Stocks for October || Warren Buffett: Bitcoin is a 'real bubble': Count billionaire investor Warren Buffett among bitcoin’s skeptics. The “Oracle of Omaha” reportedly told attendees of a Q-and-A session in Omaha, Nebraska earlier this month that the popular cryptocurrency’s exploding value is a bubble waiting to burst.
“People get excited from big price movements and Wall Street accommodates,” Buffett said, according toMarketWatch.
Bitcoin, which allows individuals to compensate each other for goods and services without traditional banking methods, currently trades at nearly $5,900. However, it is not backed by any government and its value has fluctuated wildly in recent years.
“You can’t value bitcoin because it’s not a value-producing asset,” Buffett told MarketWatch. He said that it is impossible to say how far bitcoin’s value will rise, adding that there is a “real bubble in that sort of thing.”
The world’s top business leaders remain divided about bitcoin’s long-term value. JPMorgan Chase CEO Jamie Dimon said last month that the currency is a “fraud” that “isn’t going to work.”
“You can't have a business where people can invent a currency out of thin air and think that people who are buying it are really smart,” he said, according to Reuters.
Separately, Silicon Valley billionaire Peter Thiel defended bitcoin this week, telling FOX Business that it is “very underestimated” as a currency.
“It’s like a reserve form of money. It’s like gold and it’s just a store of value. You don’t actually need to use it to make payment,” Thiel told Maria Bartiromo during an interview at a conference in Riyadh, Saudi Arabia.
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• 3 Innovative Stocks for October || Banks are more secure than bitcoin, BofA CEO Moynihan says: The head of a major U.S. bank said Thursday that the anonymous nature of digital currencies like bitcoin (Exchange: BTC=) is what authorities should be most concerned about, and that banks offer more security. Bank of America (NYSE: BAC) CEO Brian Moynihan pointed out that while major financial institutions send trillions of dollars digitally all the time, cryptocurrencies don't clearly disclose who is involved in a transaction. "There ought to be a hard look at the policy of anonymous currencies, because the ability to track information of money flowing is one we use seriously against terrorism and as [a tool] against improper, illegal behavior," Moynihan said on CNBC's " Fast Money Halftime Report ." “What our banking system does for this country and the world is we track all this money and the data can be found and then you can do things to find people," he said.Many people associate bitcoin with illegal activity since it was a major currency for online marketplaces that sold illicit drugs and supported money laundering. BlackRock (NYSE: BLK) CEO Larry Fink earlier this month called bitcoin an "index of money laundering."Bitcoin transactions are encrypted and recorded in a permanent, online ledger called the blockchain. Users identify themselves with a public address of numbers and letters in order to receive payments. However, if a user stays with the same public address, intelligence agencies can potentially connect fund flows with an individual. A U.S. Homeland Security official and cryptocurrency analysts told CNBC in August that law enforcement is getting better at tracking down illegal activity in bitcoin , causing some to turn to more encrypted digital currencies. The head of a major U.S. bank said Thursday that the anonymous nature of digital currencies like bitcoin (Exchange: BTC=) is what authorities should be most concerned about, and that banks offer more security. Bank of America (NYSE: BAC) CEO Brian Moynihan pointed out that while major financial institutions send trillions of dollars digitally all the time, cryptocurrencies don't clearly disclose who is involved in a transaction. "There ought to be a hard look at the policy of anonymous currencies, because the ability to track information of money flowing is one we use seriously against terrorism and as [a tool] against improper, illegal behavior," Moynihan said on CNBC's " Fast Money Halftime Report ." “What our banking system does for this country and the world is we track all this money and the data can be found and then you can do things to find people," he said. Many people associate bitcoin with illegal activity since it was a major currency for online marketplaces that sold illicit drugs and supported money laundering. BlackRock (NYSE: BLK) CEO Larry Fink earlier this month called bitcoin an "index of money laundering." Bitcoin transactions are encrypted and recorded in a permanent, online ledger called the blockchain. Users identify themselves with a public address of numbers and letters in order to receive payments. However, if a user stays with the same public address, intelligence agencies can potentially connect fund flows with an individual. A U.S. Homeland Security official and cryptocurrency analysts told CNBC in August that law enforcement is getting better at tracking down illegal activity in bitcoin , causing some to turn to more encrypted digital currencies.More From CNBC
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• Despite prospect of tax cuts, stocks of high-tax companies lag the market || Banks are more secure than bitcoin, BofA CEO Moynihan says: The head of a major U.S. bank said Thursday that the anonymous nature of digital currencies like bitcoin (Exchange: BTC=) is what authorities should be most concerned about, and that banks offer more security. Bank of America (NYSE: BAC) CEO Brian Moynihan pointed out that while major financial institutions send trillions of dollars digitally all the time, cryptocurrencies don't clearly disclose who is involved in a transaction. "There ought to be a hard look at the policy of anonymous currencies, because the ability to track information of money flowing is one we use seriously against terrorism and as [a tool] against improper, illegal behavior," Moynihan said on CNBC's " Fast Money Halftime Report ." “What our banking system does for this country and the world is we track all this money and the data can be found and then you can do things to find people," he said.Many people associate bitcoin with illegal activity since it was a major currency for online marketplaces that sold illicit drugs and supported money laundering. BlackRock (NYSE: BLK) CEO Larry Fink earlier this month called bitcoin an "index of money laundering."Bitcoin transactions are encrypted and recorded in a permanent, online ledger called the blockchain. Users identify themselves with a public address of numbers and letters in order to receive payments. However, if a user stays with the same public address, intelligence agencies can potentially connect fund flows with an individual. A U.S. Homeland Security official and cryptocurrency analysts told CNBC in August that law enforcement is getting better at tracking down illegal activity in bitcoin , causing some to turn to more encrypted digital currencies. The head of a major U.S. bank said Thursday that the anonymous nature of digital currencies like bitcoin (Exchange: BTC=) is what authorities should be most concerned about, and that banks offer more security. Bank of America (NYSE: BAC) CEO Brian Moynihan pointed out that while major financial institutions send trillions of dollars digitally all the time, cryptocurrencies don't clearly disclose who is involved in a transaction. "There ought to be a hard look at the policy of anonymous currencies, because the ability to track information of money flowing is one we use seriously against terrorism and as [a tool] against improper, illegal behavior," Moynihan said on CNBC's " Fast Money Halftime Report ." “What our banking system does for this country and the world is we track all this money and the data can be found and then you can do things to find people," he said. Many people associate bitcoin with illegal activity since it was a major currency for online marketplaces that sold illicit drugs and supported money laundering. BlackRock (NYSE: BLK) CEO Larry Fink earlier this month called bitcoin an "index of money laundering." Bitcoin transactions are encrypted and recorded in a permanent, online ledger called the blockchain. Users identify themselves with a public address of numbers and letters in order to receive payments. However, if a user stays with the same public address, intelligence agencies can potentially connect fund flows with an individual. A U.S. Homeland Security official and cryptocurrency analysts told CNBC in August that law enforcement is getting better at tracking down illegal activity in bitcoin , causing some to turn to more encrypted digital currencies. More From CNBC Stocks rise after Twitter and Ford earnings beat the Street Stocks making the biggest moves premarket: CMCSA, TWTR, F, LUV, DNKN, QSR, BWLD & more Despite prospect of tax cuts, stocks of high-tax companies lag the market || EUR/USD Daily Technical Analysis for October 27, 2017: The EUR/USD tumbled on Thursday following the dovish commentary from the ECB, following their decision to keep rates unchanged and to extend their QE for 9-months until September. The ECB reduced the amount of QE from 60 billion per month to 30 billion a month which increases the QE by 270 billion.
TheEUR/USDtumbled through trendline support which is now seen as resistance near a downward sloping trend line which coincides with the 10-day moving average at 1.1780. Support is now seen near the October lows at 1.1670, and then again the 100-day moving average at 1.1239. Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. This occurs as the MACD line (the 12-day exponential moving average minus the 26-day exponential moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line).
ECB extends QE for 9 months at EUR 30 billion. This is down from currently EUR 60 billion, but the ECB also maintained the option of extending in size or duration if needed, so there still is no firm end to QE and the easing bias on asset purchases remains in place as we expected. All in all pretty much in line with expectations and maintaining an overall dovish stance, despite the fact that monthly asset purchases will be halved form next year. That still adds a further EUR 270 billion to the central bank’s balance sheet and with no firm commitment to an end date for asset purchases. Rates were of course also kept on hold and the central bank repeated again that rates will remain at low levels well past the end of asset purchases, which should exclude rates before early 2019 at the earliest, although with survey data this week.
U.S. initial jobless claims rose 10k to 233k in the week ended October 21 after dropping 21k to 223k in the prior week which was revised from 222k, which was a 40 year low. That left the 4-week moving average at 239.5k versus 248.5k which was revised from 248.25k. Continuing claims fell 3k to 1,893k in the October 14 week following an 8k decline to 1,896k which was revised from 1,888k. The BLS said claims were estimated by South Carolina and the Virgin Islands.
U.S. Advance trade deficit widened to -$64.1 billion in September from -$63.3 billion in August which was revised from -$62.9 billion. Exports rose 0.7% to $129.6 billion from a revised $128.7 billion which was $128.9 billion, while imports rebounded 0.9% to $193.7 billion from $192.0 billion which was revised from $191.8 billion. Advance wholesale inventories rose 0.3% to $609.1 billion from a revised $607.4 billion which was $608.4 billion, while advance retail inventories declined 1.0% to $618.0 billion versus $624.3 billion which was revised from $625 billion.
The central government in Madrid re-affirmed today that it won’t allow independence for Catalonia to go ahead as the Catalan leaders prepare to address the regional parliament in Barcelona. In Madrid meanwhile, the Senate begins a two-day vote on the implementation of Article 155, that would allow Madrid to take over direct control in Catalonia. And while this looks as though a clash is inevitable, reports suggest that there may be a way out, as Puigdemont is apparently mulling the idea of early elections if Madrid doesn’t push Article 155 through parliament.
Eurozone M3 money supply growth accelerated slightly in September, with the annual rate nudging up to 5.1% year over year from 5.0% year over year in the previous month. At the same time lending to non-financial corporations rose 1.5% year over year, up from 1.4% year over year in August, while the growth rate for lending to households remained steady at 3.1% year over year.
German GfK consumer confidence fell back for a second month with the November projection and the headline reading unexpectedly dropped to 10.7 from 10.8, against expectations for a steady number. The full breakdown for October showed price expectations falling further into negative territory, while business expectations jumped higher. Despite this income expectations fell back, which suggests wages are still sluggish, despite the tight labor market. The willingness to buy improved nevertheless, which confirms that consumption trends remain robust and continue to underpin domestic demand and overall growth.
Thisarticlewas originally posted on FX Empire
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• Bitcoin Blockchain Forks and Bitcoin2X || EUR/USD Daily Technical Analysis for October 27, 2017: The EUR/USD tumbled on Thursday following the dovish commentary from the ECB, following their decision to keep rates unchanged and to extend their QE for 9-months until September. The ECB reduced the amount of QE from 60 billion per month to 30 billion a month which increases the QE by 270 billion. Technicals The EUR/USD tumbled through trendline support which is now seen as resistance near a downward sloping trend line which coincides with the 10-day moving average at 1.1780. Support is now seen near the October lows at 1.1670, and then again the 100-day moving average at 1.1239. Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. This occurs as the MACD line (the 12-day exponential moving average minus the 26-day exponential moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line). eur-102617a ECB extends QE for 9 months at EUR 30 billion. This is down from currently EUR 60 billion, but the ECB also maintained the option of extending in size or duration if needed, so there still is no firm end to QE and the easing bias on asset purchases remains in place as we expected. All in all pretty much in line with expectations and maintaining an overall dovish stance, despite the fact that monthly asset purchases will be halved form next year. That still adds a further EUR 270 billion to the central bank’s balance sheet and with no firm commitment to an end date for asset purchases. Rates were of course also kept on hold and the central bank repeated again that rates will remain at low levels well past the end of asset purchases, which should exclude rates before early 2019 at the earliest, although with survey data this week. Jobless Claims Rose U.S. initial jobless claims rose 10k to 233k in the week ended October 21 after dropping 21k to 223k in the prior week which was revised from 222k, which was a 40 year low. That left the 4-week moving average at 239.5k versus 248.5k which was revised from 248.25k. Continuing claims fell 3k to 1,893k in the October 14 week following an 8k decline to 1,896k which was revised from 1,888k. The BLS said claims were estimated by South Carolina and the Virgin Islands. Story continues The U.S. Trade Deficit Widened U.S. Advance trade deficit widened to -$64.1 billion in September from -$63.3 billion in August which was revised from -$62.9 billion. Exports rose 0.7% to $129.6 billion from a revised $128.7 billion which was $128.9 billion, while imports rebounded 0.9% to $193.7 billion from $192.0 billion which was revised from $191.8 billion. Advance wholesale inventories rose 0.3% to $609.1 billion from a revised $607.4 billion which was $608.4 billion, while advance retail inventories declined 1.0% to $618.0 billion versus $624.3 billion which was revised from $625 billion. Spain facing critical end to the week The central government in Madrid re-affirmed today that it won’t allow independence for Catalonia to go ahead as the Catalan leaders prepare to address the regional parliament in Barcelona. In Madrid meanwhile, the Senate begins a two-day vote on the implementation of Article 155, that would allow Madrid to take over direct control in Catalonia. And while this looks as though a clash is inevitable, reports suggest that there may be a way out, as Puigdemont is apparently mulling the idea of early elections if Madrid doesn’t push Article 155 through parliament. Eurozone Money Supply Accelerated Eurozone M3 money supply growth accelerated slightly in September, with the annual rate nudging up to 5.1% year over year from 5.0% year over year in the previous month. At the same time lending to non-financial corporations rose 1.5% year over year, up from 1.4% year over year in August, while the growth rate for lending to households remained steady at 3.1% year over year. German Consumer Confidence Contracted German GfK consumer confidence fell back for a second month with the November projection and the headline reading unexpectedly dropped to 10.7 from 10.8, against expectations for a steady number. The full breakdown for October showed price expectations falling further into negative territory, while business expectations jumped higher. Despite this income expectations fell back, which suggests wages are still sluggish, despite the tight labor market. The willingness to buy improved nevertheless, which confirms that consumption trends remain robust and continue to underpin domestic demand and overall growth. This article was originally posted on FX Empire More From FXEMPIRE: E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – October 26, 2017 Forecast Bitcoin aims for new all time highs. EURUSD waits with trading signal for the ECB Market Snapshot – ECB Extends QE, Disappoints Euro Bulls Technical Update For USD/CAD, GBP/CAD, CAD/JPY & NZD/CAD: 26.10.2017 Midday Forex Snapshot – October 26, 2017 Bitcoin Blockchain Forks and Bitcoin2X || 'A Real Bubble': Billionaire Warren Buffett Doubles Down on Bitcoin Doubt: Billionaire investor Warren Buffett joined the ranks of those who believe the market for bitcoin is in bubble territory. According to MarketWatch , Buffett touched on the subject during an annual question-and-answer session held in Omaha earlier this month. While Buffett focused on a range of topics, he honed in on the cryptocurrency market during his remarks. "People get excited from big price movements, and Wall Street accommodates," he was quoted as saying. Describing bitcoin as a "real bubble," according to the publication, Buffett also criticized the idea of applying a value to bitcoin. He told attendees: "You cant value bitcoin because its not a value-producing asset." Buffett's comments came amidst a significant month for bitcoin's price, according to CoinDesk data. After fluctuating around $4,300 at the beginning of October, the price surged to more than $6,100 less than a week ago. That Buffett would take a harsh stance toward bitcoin is perhaps unsurprising, given that, in 2014, he advocated that investors stay away from bitcoin entirely. "It's a mirage basically," he was quoted as saying at the time. Nor is Buffett the only market observer to issue remarks around the market's recent developments. Earlier this week, Saudi Prince Al-Waleed bin Talal said that he expects bitcoin to fail . Others, however, have adopted a different approach. On Oct. 24, New York University's "Dean of Valuation," Aswath Damodaran, argued that bitcoin is a true currency and not a fraud in a new blog post. Warren Buffett image via Krista Kennell / Shutterstock Related Stories Legg Mason's Bill Miller: Buffett is Wrong About Bitcoin Warren Buffett Urges Investors to 'Stay Away' from Bitcoin Warren Buffett: Bitcoin is Not a Currency || 'A Real Bubble': Billionaire Warren Buffett Doubles Down on Bitcoin Doubt: Billionaire investor Warren Buffett joined the ranks of those who believe the market for bitcoin is in bubble territory.
According to MarketWatch, Buffett touched on the subject during an annual question-and-answer session held in Omaha earlier this month. While Buffett focused on a range of topics, he honed in on the cryptocurrency market during his remarks.
"People get excited from big price movements, and Wall Street accommodates," he was quoted as saying. Describing bitcoin as a "real bubble," according to the publication, Buffett also criticized the idea of applying a value to bitcoin.
He told attendees:
"You can’t value bitcoin because it’s not a value-producing asset."
Buffett's comments came amidst a significant month for bitcoin's price, according to CoinDesk data. After fluctuating around $4,300 at the beginning of October, the pricesurgedto more than $6,100 less than a week ago.
That Buffett would take a harsh stance toward bitcoin is perhaps unsurprising, given that, in 2014,he advocatedthat investors stay away from bitcoin entirely.
"It's a mirage basically," he was quoted as saying at the time.
Nor is Buffett the only market observer to issue remarks around the market's recent developments. Earlier this week, Saudi Prince Al-Waleed bin Talal said that heexpects bitcoin to fail.
Others, however, have adopted a different approach. On Oct. 24, New York University's "Dean of Valuation," Aswath Damodaran, argued thatbitcoin is a true currencyand not a fraud in a new blog post.
Warren Buffettimage via Krista Kennell / Shutterstock
• Legg Mason's Bill Miller: Buffett is Wrong About Bitcoin
• Warren Buffett Urges Investors to 'Stay Away' from Bitcoin
• Warren Buffett: Bitcoin is Not a Currency || 'A Real Bubble': Billionaire Warren Buffett Doubles Down on Bitcoin Doubt: Billionaire investor Warren Buffett joined the ranks of those who believe the market for bitcoin is in bubble territory.
According to MarketWatch, Buffett touched on the subject during an annual question-and-answer session held in Omaha earlier this month. While Buffett focused on a range of topics, he honed in on the cryptocurrency market during his remarks.
"People get excited from big price movements, and Wall Street accommodates," he was quoted as saying. Describing bitcoin as a "real bubble," according to the publication, Buffett also criticized the idea of applying a value to bitcoin.
He told attendees:
"You can’t value bitcoin because it’s not a value-producing asset."
Buffett's comments came amidst a significant month for bitcoin's price, according to CoinDesk data. After fluctuating around $4,300 at the beginning of October, the pricesurgedto more than $6,100 less than a week ago.
That Buffett would take a harsh stance toward bitcoin is perhaps unsurprising, given that, in 2014,he advocatedthat investors stay away from bitcoin entirely.
"It's a mirage basically," he was quoted as saying at the time.
Nor is Buffett the only market observer to issue remarks around the market's recent developments. Earlier this week, Saudi Prince Al-Waleed bin Talal said that heexpects bitcoin to fail.
Others, however, have adopted a different approach. On Oct. 24, New York University's "Dean of Valuation," Aswath Damodaran, argued thatbitcoin is a true currencyand not a fraud in a new blog post.
Warren Buffettimage via Krista Kennell / Shutterstock
• Legg Mason's Bill Miller: Buffett is Wrong About Bitcoin
• Warren Buffett Urges Investors to 'Stay Away' from Bitcoin
• Warren Buffett: Bitcoin is Not a Currency
[Social Media Buzz]
10/28 10:00現在
#Bitcoin : 659,225円↑
#NEM #XEM : 22.69円↑
#Monacoin : 386.5円↑
#Ethereum : 33,865円↑
#Zaif : 0.5円↓ || 3hours ranking 10/27 18:00～21:00
↓BTC_NXC ↑BTC_BCH ↑BTC_VTC ↓BTC_STORJ ↑BTC_OMNI pic.twitter.com/63SL0mAREV || BTC Price: 5765.00$,
BTC Today High : 5999.00$,
BTC All Time High : 6070.00$
ETH Price: 294.99$ #bitcoin #BTC $BTC #ETH $ETHpic.twitter.com/YTiuUZuqIh || 2017-10-28 5:00~6:00のBitcoin市場は反騰だったみたいだね。
変化率は0.0317%
7:00までは反騰になる?
直近の市場の平均Bitcoinの価格は651057.0円
#ビットコイン
#bitcoin
#AI ...
|
5753.09, 6153.85, 6130.53, 6468.40, 6767.31, 7078.50, 7207.76, 7379.95, 7407.41, 7022.76
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 46091.39, 46391.42, 44883.91, 45201.46, 46063.27, 44963.07, 47092.49, 48176.35, 47783.36, 47267.52, 48278.36, 47260.22, 42843.80, 40693.68, 43574.51, 44895.10, 42839.75, 42716.59, 43208.54, 42235.73, 41034.54, 41564.36, 43790.89, 48116.94, 47711.49, 48199.95, 49112.90, 51514.81, 55361.45, 53805.98, 53967.85, 54968.22, 54771.58, 57484.79, 56041.06, 57401.10, 57321.52, 61593.95, 60892.18, 61553.62, 62026.08, 64261.99, 65992.84, 62210.17, 60692.27, 61393.62, 60930.84, 63039.82, 60363.79, 58482.39, 60622.14, 62227.96, 61888.83, 61318.96, 61004.41, 63226.40, 62970.05, 61452.23, 61125.68, 61527.48, 63326.99, 67566.83, 66971.83, 64995.23, 64949.96, 64155.94, 64469.53, 65466.84, 63557.87, 60161.25, 60368.01, 56942.14, 58119.58, 59697.20, 58730.48, 56289.29, 57569.07, 56280.43, 57274.68, 53569.77, 54815.08, 57248.46, 57806.57, 57005.43, 57229.83, 56477.82, 53598.25, 49200.70, 49368.85, 50582.62.
|
[Bitcoin Technical Analysis for 2021-12-06]
Volume: 37707308001, RSI (14-day): 35.31, 50-day EMA: 57037.56, 200-day EMA: 50091.18
[Wider Market Context]
Gold Price: 1777.50, Gold RSI: 43.01
Oil Price: 69.49, Oil RSI: 38.56
[Recent News (last 7 days)]
First Mover Asia: Bitcoin, Altcoins Regain Ground After Early Weekend Spiral; Trading Volume Levels Off After an Intense Saturday: Good morning. Here’s what’s happening this morning:
Market moves:Investors bought up bitcoin quickly after Saturday’s sharp sell-off. Trading volume spiked on Saturday, although by Sunday it had leveled off as traders await Monday’s opening of equity markets.
Technician’s take:BTC buying has been weak despite short-term oversold signals. ETH is also taking a breather and has not yet confirmed a breakout relative to bitcoin.
Catch the latest episodesofCoinDesk TVfor insightful interviews with crypto industry leaders and analysis.
Bitcoin (BTC): $49,179 +0.2%
Ether (ETH): $4,153 +1.4%
S&P 500: $4,538 -0.8%
Dow Jones Industrial Average: $34,580 -0.1%
Nasdaq: $15,085 -1.9%
Gold: $1,784 +.06%
Bitcoin slowly recovered to the $49,000 level over the weekend after dropping nearly $10,000 in roughly an hour to as low as around $42,000 early Saturday. The precipitous decline came in response toa broader sell-offacross financial markets, which have been spooked by the omicron coronavirus variant.
Saturday’s sudden decline marks bitcoin’s biggest price drop since aMay sell-offwhen bitcoin slumped from over $43,000 to under $32,000 over a 24-hour period, a nearly 27% decline.
The trading volume of roughly $20 billion on Saturday across 11 major centralized exchanges reached high levels, according to data compiled by CoinDesk, although by Sunday the volume had dropped sharply as traders and investors await the opening of traditional markets.
But unlike the aftermath of the May drop, investors this time have bought up bitcoin quickly. Some, including El Salvador,announcedthat they have bought “the dip” following the price slump. At the time of publication, bitcoin was trading at $49,179, 0.2% in the past 24 hours, according toCoinDesk data. Ether was at $4,153, up 1.4%.
Other cryptocurrencies also fell sharply on Saturday. But many of these altcoins, led by ether, have been showing more resilience compared to bitcoin. Over the past week, ether’s price was down 3.7% versus bitcoin’s 14.6% drop-off. How cryptos perform in the days ahead is difficult to predict.
Bitcoin Drops Below $56K as Momentum Slows, Support at $53K
Prior to early Saturday’s massive sell-off,Bitcoin (BTC)sellers were active the previous day, pushing the cryptocurrency toward the bottom of its weeklong price range. Lower support at about $53,000 could stabilize the current pullback.
Upsidemomentumwas starting to slow on the daily and weekly price charts, which means upside could be limited toward $60,000 resistance. For now, the intermediate-term uptrend remains intact given the upward sloping 100-day moving average.
Further, the relative strength index (RSI) on the daily chart was just below neutral territory, although buying was weak following an oversold reading on Nov. 26.
Also, on a relative basis, ether was poised to outperform bitcoin if a breakout above 0.08 in the ETH/BTC ratio is confirmed next week. Charts still show significant resistance, which preceded downturns in ETH/BTC during the 2018 crypto bear market.
How all of the above evolves remains to be seen once equity markets that have been jittery as the omicron variant of the COVID-19 virus spreads globally reopen on Monday.
8 a.m. HKT/SGT (12 a.m. UTC): Australia TD Securities inflation (Nov. MoM/YoY)
3 p.m. HKT/SGT (7 a.m. UTC): Germany Deutsche Bank factory orders (Oct. MoM/YoY)
5 p.m. HKT/SGT (9 a.m. UTC): Italy National Institute of Statistics retail sales (Oct. MoM/YoY
7:30 p.m. HKT/SGT (11:30 a.m. UTC): Speech by Ben Broadbent, Bank of England deputy governor for monetary policy
In case you missed it, here are the most recent episodes of“First Mover”onCoinDesk TV:
US Job Growth Disappoints in November While Omicron COVID-19 Variant Now Detected in 5 States, Messari CEO Reflects on the Year in Crypto and More
“First Mover” hosts spoke with Messari CEO Ryan Selkis for his view on the crypto space in the year 2021 as well as the outlook for 2022 after his firm released its annual “Crypto Theses.” Bitcoin was rangebound. Horizon Fintex President Mark Elenowitz shared his market insights. Plus, what’s the Indian government’s plan with crypto regulation, and how does that impact its own CBDC rollout? WazirX CEO Nischal Shetty shared his take.
How Bitcoin Set Itself Up for This Sell-Off:Conditions like what we had over the past few weeks usually set the stage for a big move in one direction or the other.
Crypto Exchange Bitmart Hacked With Losses Estimated at $196M:Bitmart’s CEO has confirmed what the company is calling a “security breach.”
FTX to Seek $1.5B in New Funding Round at $32B Valuation: Report:The company’s CEO Sam Bankman-Fried will ask investors to purchase shares in its U.S. affiliate,FTX.US, at an $8 billion valuation.
Crypto Lender Celsius Admits Losses in $120M BadgerDAO Hack:However, the company didn’t specify the amount it lost.
Blockchain.com to Introduce NFT Marketplace as Interest Booms:The company has opened a waiting list for the new platform, which will allow users to buy, sell and store NFTs.
Universal Stablecoins, the End of Cash and CBDCs: 5 Predictions for the Future of Money:Decentralized and centralized finance will blur together, El Salvador will be a reality check, and cash and CBDCs will fade away.
Jack Dorsey Takes Square Deep Down the Bitcoin Rabbit Hole:The payments giant’s name change to Block caps off a transformational year.
Ethereum in 2022: What Is Money in the Metaverse?:DeFi, NFTs, stablecoins – most of it started on Ethereum. What about next year? This post is part of CoinDesk’s Future of Money Week.
Today’s crypto explainer:How to Set Up a Bitcoin Miner
Other voices:A Normie’s Guide to Becoming a Crypto Person(New York Magazine) || First Mover Asia: Bitcoin, Altcoins Regain Ground After Early Weekend Spiral; Trading Volume Levels Off After an Intense Saturday: Good morning. Here’s what’s happening this morning:
Market moves:Investors bought up bitcoin quickly after Saturday’s sharp sell-off. Trading volume spiked on Saturday, although by Sunday it had leveled off as traders await Monday’s opening of equity markets.
Technician’s take:BTC buying has been weak despite short-term oversold signals. ETH is also taking a breather and has not yet confirmed a breakout relative to bitcoin.
Catch the latest episodesofCoinDesk TVfor insightful interviews with crypto industry leaders and analysis.
Bitcoin (BTC): $49,179 +0.2%
Ether (ETH): $4,153 +1.4%
S&P 500: $4,538 -0.8%
Dow Jones Industrial Average: $34,580 -0.1%
Nasdaq: $15,085 -1.9%
Gold: $1,784 +.06%
Bitcoin slowly recovered to the $49,000 level over the weekend after dropping nearly $10,000 in roughly an hour to as low as around $42,000 early Saturday. The precipitous decline came in response toa broader sell-offacross financial markets, which have been spooked by the omicron coronavirus variant.
Saturday’s sudden decline marks bitcoin’s biggest price drop since aMay sell-offwhen bitcoin slumped from over $43,000 to under $32,000 over a 24-hour period, a nearly 27% decline.
The trading volume of roughly $20 billion on Saturday across 11 major centralized exchanges reached high levels, according to data compiled by CoinDesk, although by Sunday the volume had dropped sharply as traders and investors await the opening of traditional markets.
But unlike the aftermath of the May drop, investors this time have bought up bitcoin quickly. Some, including El Salvador,announcedthat they have bought “the dip” following the price slump. At the time of publication, bitcoin was trading at $49,179, 0.2% in the past 24 hours, according toCoinDesk data. Ether was at $4,153, up 1.4%.
Other cryptocurrencies also fell sharply on Saturday. But many of these altcoins, led by ether, have been showing more resilience compared to bitcoin. Over the past week, ether’s price was down 3.7% versus bitcoin’s 14.6% drop-off. How cryptos perform in the days ahead is difficult to predict.
Bitcoin Drops Below $56K as Momentum Slows, Support at $53K
Prior to early Saturday’s massive sell-off,Bitcoin (BTC)sellers were active the previous day, pushing the cryptocurrency toward the bottom of its weeklong price range. Lower support at about $53,000 could stabilize the current pullback.
Upsidemomentumwas starting to slow on the daily and weekly price charts, which means upside could be limited toward $60,000 resistance. For now, the intermediate-term uptrend remains intact given the upward sloping 100-day moving average.
Further, the relative strength index (RSI) on the daily chart was just below neutral territory, although buying was weak following an oversold reading on Nov. 26.
Also, on a relative basis, ether was poised to outperform bitcoin if a breakout above 0.08 in the ETH/BTC ratio is confirmed next week. Charts still show significant resistance, which preceded downturns in ETH/BTC during the 2018 crypto bear market.
How all of the above evolves remains to be seen once equity markets that have been jittery as the omicron variant of the COVID-19 virus spreads globally reopen on Monday.
8 a.m. HKT/SGT (12 a.m. UTC): Australia TD Securities inflation (Nov. MoM/YoY)
3 p.m. HKT/SGT (7 a.m. UTC): Germany Deutsche Bank factory orders (Oct. MoM/YoY)
5 p.m. HKT/SGT (9 a.m. UTC): Italy National Institute of Statistics retail sales (Oct. MoM/YoY
7:30 p.m. HKT/SGT (11:30 a.m. UTC): Speech by Ben Broadbent, Bank of England deputy governor for monetary policy
In case you missed it, here are the most recent episodes of“First Mover”onCoinDesk TV:
US Job Growth Disappoints in November While Omicron COVID-19 Variant Now Detected in 5 States, Messari CEO Reflects on the Year in Crypto and More
“First Mover” hosts spoke with Messari CEO Ryan Selkis for his view on the crypto space in the year 2021 as well as the outlook for 2022 after his firm released its annual “Crypto Theses.” Bitcoin was rangebound. Horizon Fintex President Mark Elenowitz shared his market insights. Plus, what’s the Indian government’s plan with crypto regulation, and how does that impact its own CBDC rollout? WazirX CEO Nischal Shetty shared his take.
How Bitcoin Set Itself Up for This Sell-Off:Conditions like what we had over the past few weeks usually set the stage for a big move in one direction or the other.
Crypto Exchange Bitmart Hacked With Losses Estimated at $196M:Bitmart’s CEO has confirmed what the company is calling a “security breach.”
FTX to Seek $1.5B in New Funding Round at $32B Valuation: Report:The company’s CEO Sam Bankman-Fried will ask investors to purchase shares in its U.S. affiliate,FTX.US, at an $8 billion valuation.
Crypto Lender Celsius Admits Losses in $120M BadgerDAO Hack:However, the company didn’t specify the amount it lost.
Blockchain.com to Introduce NFT Marketplace as Interest Booms:The company has opened a waiting list for the new platform, which will allow users to buy, sell and store NFTs.
Universal Stablecoins, the End of Cash and CBDCs: 5 Predictions for the Future of Money:Decentralized and centralized finance will blur together, El Salvador will be a reality check, and cash and CBDCs will fade away.
Jack Dorsey Takes Square Deep Down the Bitcoin Rabbit Hole:The payments giant’s name change to Block caps off a transformational year.
Ethereum in 2022: What Is Money in the Metaverse?:DeFi, NFTs, stablecoins – most of it started on Ethereum. What about next year? This post is part of CoinDesk’s Future of Money Week.
Today’s crypto explainer:How to Set Up a Bitcoin Miner
Other voices:A Normie’s Guide to Becoming a Crypto Person(New York Magazine) || First Mover Asia: Bitcoin, Altcoins Regain Ground After Early Weekend Spiral; Trading Volume Levels Off After an Intense Saturday: Good morning. Here’s what’s happening this morning:
Market moves:Investors bought up bitcoin quickly after Saturday’s sharp sell-off. Trading volume spiked on Saturday, although by Sunday it had leveled off as traders await Monday’s opening of equity markets.
Technician’s take:BTC buying has been weak despite short-term oversold signals. ETH is also taking a breather and has not yet confirmed a breakout relative to bitcoin.
Catch the latest episodesofCoinDesk TVfor insightful interviews with crypto industry leaders and analysis.
Bitcoin (BTC): $49,179 +0.2%
Ether (ETH): $4,153 +1.4%
S&P 500: $4,538 -0.8%
Dow Jones Industrial Average: $34,580 -0.1%
Nasdaq: $15,085 -1.9%
Gold: $1,784 +.06%
Bitcoin slowly recovered to the $49,000 level over the weekend after dropping nearly $10,000 in roughly an hour to as low as around $42,000 early Saturday. The precipitous decline came in response toa broader sell-offacross financial markets, which have been spooked by the omicron coronavirus variant.
Saturday’s sudden decline marks bitcoin’s biggest price drop since aMay sell-offwhen bitcoin slumped from over $43,000 to under $32,000 over a 24-hour period, a nearly 27% decline.
The trading volume of roughly $20 billion on Saturday across 11 major centralized exchanges reached high levels, according to data compiled by CoinDesk, although by Sunday the volume had dropped sharply as traders and investors await the opening of traditional markets.
But unlike the aftermath of the May drop, investors this time have bought up bitcoin quickly. Some, including El Salvador,announcedthat they have bought “the dip” following the price slump. At the time of publication, bitcoin was trading at $49,179, 0.2% in the past 24 hours, according toCoinDesk data. Ether was at $4,153, up 1.4%.
Other cryptocurrencies also fell sharply on Saturday. But many of these altcoins, led by ether, have been showing more resilience compared to bitcoin. Over the past week, ether’s price was down 3.7% versus bitcoin’s 14.6% drop-off. How cryptos perform in the days ahead is difficult to predict.
Bitcoin Drops Below $56K as Momentum Slows, Support at $53K
Prior to early Saturday’s massive sell-off,Bitcoin (BTC)sellers were active the previous day, pushing the cryptocurrency toward the bottom of its weeklong price range. Lower support at about $53,000 could stabilize the current pullback.
Upsidemomentumwas starting to slow on the daily and weekly price charts, which means upside could be limited toward $60,000 resistance. For now, the intermediate-term uptrend remains intact given the upward sloping 100-day moving average.
Further, the relative strength index (RSI) on the daily chart was just below neutral territory, although buying was weak following an oversold reading on Nov. 26.
Also, on a relative basis, ether was poised to outperform bitcoin if a breakout above 0.08 in the ETH/BTC ratio is confirmed next week. Charts still show significant resistance, which preceded downturns in ETH/BTC during the 2018 crypto bear market.
How all of the above evolves remains to be seen once equity markets that have been jittery as the omicron variant of the COVID-19 virus spreads globally reopen on Monday.
8 a.m. HKT/SGT (12 a.m. UTC): Australia TD Securities inflation (Nov. MoM/YoY)
3 p.m. HKT/SGT (7 a.m. UTC): Germany Deutsche Bank factory orders (Oct. MoM/YoY)
5 p.m. HKT/SGT (9 a.m. UTC): Italy National Institute of Statistics retail sales (Oct. MoM/YoY
7:30 p.m. HKT/SGT (11:30 a.m. UTC): Speech by Ben Broadbent, Bank of England deputy governor for monetary policy
In case you missed it, here are the most recent episodes of“First Mover”onCoinDesk TV:
US Job Growth Disappoints in November While Omicron COVID-19 Variant Now Detected in 5 States, Messari CEO Reflects on the Year in Crypto and More
“First Mover” hosts spoke with Messari CEO Ryan Selkis for his view on the crypto space in the year 2021 as well as the outlook for 2022 after his firm released its annual “Crypto Theses.” Bitcoin was rangebound. Horizon Fintex President Mark Elenowitz shared his market insights. Plus, what’s the Indian government’s plan with crypto regulation, and how does that impact its own CBDC rollout? WazirX CEO Nischal Shetty shared his take.
How Bitcoin Set Itself Up for This Sell-Off:Conditions like what we had over the past few weeks usually set the stage for a big move in one direction or the other.
Crypto Exchange Bitmart Hacked With Losses Estimated at $196M:Bitmart’s CEO has confirmed what the company is calling a “security breach.”
FTX to Seek $1.5B in New Funding Round at $32B Valuation: Report:The company’s CEO Sam Bankman-Fried will ask investors to purchase shares in its U.S. affiliate,FTX.US, at an $8 billion valuation.
Crypto Lender Celsius Admits Losses in $120M BadgerDAO Hack:However, the company didn’t specify the amount it lost.
Blockchain.com to Introduce NFT Marketplace as Interest Booms:The company has opened a waiting list for the new platform, which will allow users to buy, sell and store NFTs.
Universal Stablecoins, the End of Cash and CBDCs: 5 Predictions for the Future of Money:Decentralized and centralized finance will blur together, El Salvador will be a reality check, and cash and CBDCs will fade away.
Jack Dorsey Takes Square Deep Down the Bitcoin Rabbit Hole:The payments giant’s name change to Block caps off a transformational year.
Ethereum in 2022: What Is Money in the Metaverse?:DeFi, NFTs, stablecoins – most of it started on Ethereum. What about next year? This post is part of CoinDesk’s Future of Money Week.
Today’s crypto explainer:How to Set Up a Bitcoin Miner
Other voices:A Normie’s Guide to Becoming a Crypto Person(New York Magazine) || First Mover Asia: Bitcoin, Altcoins Regain Ground After Early Weekend Spiral; Trading Volume Levels Off After an Intense Saturday: Good morning. Here’s what’s happening this morning: Market moves: Investors bought up bitcoin quickly after Saturday’s sharp sell-off. Trading volume spiked on Saturday, although by Sunday it had leveled off as traders await Monday’s opening of equity markets. Technician’s take: BTC buying has been weak despite short-term oversold signals. ETH is also taking a breather and has not yet confirmed a breakout relative to bitcoin. Catch the latest episodes of CoinDesk TV for insightful interviews with crypto industry leaders and analysis. Prices Bitcoin ( BTC ): $49,179 +0.2% Ether ( ETH ): $4,153 +1.4% Markets S&P 500: $4,538 -0.8% Dow Jones Industrial Average: $34,580 -0.1% Nasdaq: $15,085 -1.9% Gold: $1,784 +.06% Market moves Bitcoin slowly recovered to the $49,000 level over the weekend after dropping nearly $10,000 in roughly an hour to as low as around $42,000 early Saturday. The precipitous decline came in response to a broader sell-off across financial markets, which have been spooked by the omicron coronavirus variant. Saturday’s sudden decline marks bitcoin’s biggest price drop since a May sell-off when bitcoin slumped from over $43,000 to under $32,000 over a 24-hour period, a nearly 27% decline. BTC/USD pair four-hour price chart on Coinbase. Source: TradingView The trading volume of roughly $20 billion on Saturday across 11 major centralized exchanges reached high levels, according to data compiled by CoinDesk, although by Sunday the volume had dropped sharply as traders and investors await the opening of traditional markets. Source: CoinDesk/CryptoCompare But unlike the aftermath of the May drop, investors this time have bought up bitcoin quickly. Some, including El Salvador, announced that they have bought “the dip” following the price slump. At the time of publication, bitcoin was trading at $49,179, 0.2% in the past 24 hours, according to CoinDesk data . Ether was at $4,153, up 1.4%. Other cryptocurrencies also fell sharply on Saturday. But many of these altcoins, led by ether, have been showing more resilience compared to bitcoin. Over the past week, ether’s price was down 3.7% versus bitcoin’s 14.6% drop-off. How cryptos perform in the days ahead is difficult to predict. Story continues Technician’s take Bitcoin Drops Below $56K as Momentum Slows, Support at $53K Bitcoin daily price chart (Damanick Dantes/CoinDesk, TradingView) Prior to early Saturday’s massive sell-off, Bitcoin (BTC) sellers were active the previous day, pushing the cryptocurrency toward the bottom of its weeklong price range. Lower support at about $53,000 could stabilize the current pullback. Upside momentum was starting to slow on the daily and weekly price charts, which means upside could be limited toward $60,000 resistance. For now, the intermediate-term uptrend remains intact given the upward sloping 100-day moving average. Further, the relative strength index ( RSI ) on the daily chart was just below neutral territory, although buying was weak following an oversold reading on Nov. 26. Also, on a relative basis, ether was poised to outperform bitcoin if a breakout above 0.08 in the ETH/BTC ratio is confirmed next week. Charts still show significant resistance, which preceded downturns in ETH/BTC during the 2018 crypto bear market. How all of the above evolves remains to be seen once equity markets that have been jittery as the omicron variant of the COVID-19 virus spreads globally reopen on Monday. ETH/BTC price ratio (Damanick Dantes/CoinDesk, TradingView) Important events 8 a.m. HKT/SGT (12 a.m. UTC): Australia TD Securities inflation (Nov. MoM/YoY) 3 p.m. HKT/SGT (7 a.m. UTC): Germany Deutsche Bank factory orders (Oct. MoM/YoY) 5 p.m. HKT/SGT (9 a.m. UTC): Italy National Institute of Statistics retail sales (Oct. MoM/YoY 7:30 p.m. HKT/SGT (11:30 a.m. UTC): Speech by Ben Broadbent, Bank of England deputy governor for monetary policy CoinDesk TV In case you missed it, here are the most recent episodes of “First Mover” on CoinDesk TV : US Job Growth Disappoints in November While Omicron COVID-19 Variant Now Detected in 5 States, Messari CEO Reflects on the Year in Crypto and More “First Mover” hosts spoke with Messari CEO Ryan Selkis for his view on the crypto space in the year 2021 as well as the outlook for 2022 after his firm released its annual “Crypto Theses.” Bitcoin was rangebound. Horizon Fintex President Mark Elenowitz shared his market insights. Plus, what’s the Indian government’s plan with crypto regulation, and how does that impact its own CBDC rollout? WazirX CEO Nischal Shetty shared his take. Latest headlines How Bitcoin Set Itself Up for This Sell-Off: Conditions like what we had over the past few weeks usually set the stage for a big move in one direction or the other. Crypto Exchange Bitmart Hacked With Losses Estimated at $196M: Bitmart’s CEO has confirmed what the company is calling a “security breach.” FTX to Seek $1.5B in New Funding Round at $32B Valuation: Report: The company’s CEO Sam Bankman-Fried will ask investors to purchase shares in its U.S. affiliate, FTX.US , at an $8 billion valuation. Crypto Lender Celsius Admits Losses in $120M BadgerDAO Hack: However, the company didn’t specify the amount it lost. Blockchain.com to Introduce NFT Marketplace as Interest Booms: The company has opened a waiting list for the new platform, which will allow users to buy, sell and store NFTs. Longer reads Universal Stablecoins, the End of Cash and CBDCs: 5 Predictions for the Future of Money: Decentralized and centralized finance will blur together, El Salvador will be a reality check, and cash and CBDCs will fade away. Jack Dorsey Takes Square Deep Down the Bitcoin Rabbit Hole: The payments giant’s name change to Block caps off a transformational year. Ethereum in 2022: What Is Money in the Metaverse?: DeFi, NFTs, stablecoins – most of it started on Ethereum. What about next year? This post is part of CoinDesk’s Future of Money Week. Today’s crypto explainer: How to Set Up a Bitcoin Miner Other voices: A Normie’s Guide to Becoming a Crypto Person (New York Magazine) || First Mover Asia: Bitcoin, Altcoins Regain Ground After Early Weekend Spiral; Trading Volume Levels Off After an Intense Saturday: Good morning. Here’s what’s happening this morning:
Market moves:Investors bought up bitcoin quickly after Saturday’s sharp sell-off. Trading volume spiked on Saturday, although by Sunday it had leveled off as traders await Monday’s opening of equity markets.
Technician’s take:BTC buying has been weak despite short-term oversold signals. ETH is also taking a breather and has not yet confirmed a breakout relative to bitcoin.
Catch the latest episodesofCoinDesk TVfor insightful interviews with crypto industry leaders and analysis.
Bitcoin (BTC): $49,179 +0.2%
Ether (ETH): $4,153 +1.4%
S&P 500: $4,538 -0.8%
Dow Jones Industrial Average: $34,580 -0.1%
Nasdaq: $15,085 -1.9%
Gold: $1,784 +.06%
Bitcoin slowly recovered to the $49,000 level over the weekend after dropping nearly $10,000 in roughly an hour to as low as around $42,000 early Saturday. The precipitous decline came in response toa broader sell-offacross financial markets, which have been spooked by the omicron coronavirus variant.
Saturday’s sudden decline marks bitcoin’s biggest price drop since aMay sell-offwhen bitcoin slumped from over $43,000 to under $32,000 over a 24-hour period, a nearly 27% decline.
The trading volume of roughly $20 billion on Saturday across 11 major centralized exchanges reached high levels, according to data compiled by CoinDesk, although by Sunday the volume had dropped sharply as traders and investors await the opening of traditional markets.
But unlike the aftermath of the May drop, investors this time have bought up bitcoin quickly. Some, including El Salvador,announcedthat they have bought “the dip” following the price slump. At the time of publication, bitcoin was trading at $49,179, 0.2% in the past 24 hours, according toCoinDesk data. Ether was at $4,153, up 1.4%.
Other cryptocurrencies also fell sharply on Saturday. But many of these altcoins, led by ether, have been showing more resilience compared to bitcoin. Over the past week, ether’s price was down 3.7% versus bitcoin’s 14.6% drop-off. How cryptos perform in the days ahead is difficult to predict.
Bitcoin Drops Below $56K as Momentum Slows, Support at $53K
Prior to early Saturday’s massive sell-off,Bitcoin (BTC)sellers were active the previous day, pushing the cryptocurrency toward the bottom of its weeklong price range. Lower support at about $53,000 could stabilize the current pullback.
Upsidemomentumwas starting to slow on the daily and weekly price charts, which means upside could be limited toward $60,000 resistance. For now, the intermediate-term uptrend remains intact given the upward sloping 100-day moving average.
Further, the relative strength index (RSI) on the daily chart was just below neutral territory, although buying was weak following an oversold reading on Nov. 26.
Also, on a relative basis, ether was poised to outperform bitcoin if a breakout above 0.08 in the ETH/BTC ratio is confirmed next week. Charts still show significant resistance, which preceded downturns in ETH/BTC during the 2018 crypto bear market.
How all of the above evolves remains to be seen once equity markets that have been jittery as the omicron variant of the COVID-19 virus spreads globally reopen on Monday.
8 a.m. HKT/SGT (12 a.m. UTC): Australia TD Securities inflation (Nov. MoM/YoY)
3 p.m. HKT/SGT (7 a.m. UTC): Germany Deutsche Bank factory orders (Oct. MoM/YoY)
5 p.m. HKT/SGT (9 a.m. UTC): Italy National Institute of Statistics retail sales (Oct. MoM/YoY
7:30 p.m. HKT/SGT (11:30 a.m. UTC): Speech by Ben Broadbent, Bank of England deputy governor for monetary policy
In case you missed it, here are the most recent episodes of“First Mover”onCoinDesk TV:
US Job Growth Disappoints in November While Omicron COVID-19 Variant Now Detected in 5 States, Messari CEO Reflects on the Year in Crypto and More
“First Mover” hosts spoke with Messari CEO Ryan Selkis for his view on the crypto space in the year 2021 as well as the outlook for 2022 after his firm released its annual “Crypto Theses.” Bitcoin was rangebound. Horizon Fintex President Mark Elenowitz shared his market insights. Plus, what’s the Indian government’s plan with crypto regulation, and how does that impact its own CBDC rollout? WazirX CEO Nischal Shetty shared his take.
How Bitcoin Set Itself Up for This Sell-Off:Conditions like what we had over the past few weeks usually set the stage for a big move in one direction or the other.
Crypto Exchange Bitmart Hacked With Losses Estimated at $196M:Bitmart’s CEO has confirmed what the company is calling a “security breach.”
FTX to Seek $1.5B in New Funding Round at $32B Valuation: Report:The company’s CEO Sam Bankman-Fried will ask investors to purchase shares in its U.S. affiliate,FTX.US, at an $8 billion valuation.
Crypto Lender Celsius Admits Losses in $120M BadgerDAO Hack:However, the company didn’t specify the amount it lost.
Blockchain.com to Introduce NFT Marketplace as Interest Booms:The company has opened a waiting list for the new platform, which will allow users to buy, sell and store NFTs.
Universal Stablecoins, the End of Cash and CBDCs: 5 Predictions for the Future of Money:Decentralized and centralized finance will blur together, El Salvador will be a reality check, and cash and CBDCs will fade away.
Jack Dorsey Takes Square Deep Down the Bitcoin Rabbit Hole:The payments giant’s name change to Block caps off a transformational year.
Ethereum in 2022: What Is Money in the Metaverse?:DeFi, NFTs, stablecoins – most of it started on Ethereum. What about next year? This post is part of CoinDesk’s Future of Money Week.
Today’s crypto explainer:How to Set Up a Bitcoin Miner
Other voices:A Normie’s Guide to Becoming a Crypto Person(New York Magazine) || European Equities German Factory Orders and COVID-19 News in Focus: Economic Calendar Monday, 6 th December German Factory Orders (MoM) (Oct) German IHS Markit Construction PMI (Nov) Tuesday, 7 th December German Industrial Production (MoM) (Oct) German ZEW Current Conditions (Dec) German ZEW Economic Sentiment (Dec) Eurozone GDP (QoQ) (Q3) Eurozone GDP (YoY) (Q3) Eurozone ZEW Economic Sentiment (Dec) Wednesday, 8 th December French Non-Farm Payrolls (QoQ) (Q3) Thursday, 9 th December German Trade Balance (Oct) Friday, 10 th December German CPI (MoM) (Nov) Final The Majors It was a bearish end to the week for the European majors on Friday. The DAX30 and EuroStoxx600 fell by 0.61% and by 0.57% respectively, with the CAC40 ending the day down by 0.44%. In spite of relatively upbeat economic data from the Eurozone, the majors struggled amidst market concerns over the Omicron strain. Uncertainty over vaccine efficacy and whether symptoms will be more severe than other strains weighed on risk sentiment. Later in the session, disappointing NFP numbers from the U.S added to the market angst on the day. The Stats It was a busy Eurozone economic calendar. Member state and Eurozone private sector PMIs and Eurozone retail sales were in focus. Member States For Spain, the services PMI rose from 56.6 to 59.8 versus a forecasted 58.8. Service sector activity in Italy also improved, with the PMI up from 52.4 to 55.9. Economists had forecast a rise to 54.8. For France, the services PMI rose from 56.6 to 57.4, which was down from a prelim 58.2. Germany’s services PMI increased from 52.4 to 52.7 which was down from a prelim 53.4. The Eurozone For the Eurozone, the services PMI increased from 54.6 to 55.9, which was down from a prelim 56.6. As a result, the Composite PMI rose from 54.2 to 55.4, which was down from a prelim 55.8. According to the November survey , In spite of the pickup in private sector activity, service sector growth masked the second-softest increase in manufacturing production since its recovery began in Jul-2020. New business continued to rise in November, though the rate of increase was the weakest since April. Significantly, a downward trend continued since July. Job growth accelerated across the private sector, as firms looked to boost capacities and address rising backlogs. Price pressures remained widespread, however. Both input costs and output charge inflation reached new survey highs. Business confidence weakened to a 10-month low, the declined attributed to service providers. Story continues By Country Ireland registered the largest rate of expansion, with a 7-month low composite PMI of 59.3. Germany ranked at the bottom of the table, with a 2-month high composite PMI of 52.2. Retail Sales For the euro area, retail sales rose by 0.2% in October, after having fallen by 0.4%% in September. Economists had forecast a 0.2% rise. According to Eurostat , Sales of automotive fuels increased by 1.3% and by 0.4% for non-food products. Food, drinks, & tobacco sales fell by 0.1%. Slovenia (+13.0%) and Portugal (+2.3%) recorded the largest increases in sales. Latvia (-5.4%), Austria (-2.8%), and Estonia (-2.6%) recorded the largest decreases compared with Sep-2021. Compared with October 2020, retail sales rose by 1.4%. Automotive fuel sales increased by 8.5%, and nonfood products by 2.5%. Food, drinks, & tobacco sales fell by 1.2%, however. From the U.S Nonfarm payrolls and service sector PMI numbers delivered mixed results for the markets. In November, nonfarm payrolls increased by just 210k following a 546k increase in October. While the participation rate rose from 61.6% to 61.8%, however, the unemployment rate fell from 4.6% to 4.2%. For the services sector, the ISM Non-Manufacturing PMI rose from 66.7 to 69.1, which was market positive. The Market Movers For the DAX: It was a bearish day for the auto sector on Friday. Continental led the way down once more, sliding by 3.98%, with BMW ending the day down by 1.28%. Daimler and Volkswagen fell by 1.11% and by 1.06% respectively It was also a bearish day for the banks. Deutsche Bank slid by 1.92%, with Commerzbank falling by 0.30%. From the CAC , it was a relatively bearish day for the banks. Soc Gen and BNP Paribas saw losses of 0.53% and 0.50% respectively, with Credit Agricole falling by 0.41%. The French auto sector also had a bearish session. Stellantis NV and Renault ended the day down by 1.16% and by 1.10% respectively. Air France-KLM slipped by 0.61%, with Airbus SE sliding by 2.52%. On the VIX Index It was a back into the green for the VIX on Friday. Partially reversing a 10.19% fall from Thursday, the VIX rose by 9.73% to end the day at 30.67. The NASDAQ slid by 1.92%, with the Dow and the S&P500 seeing losses of 0.17% and 0.84% respectively. The Day Ahead It’s a relatively busy day ahead on the Eurozone’s economic calendar . German factory orders and construction PMI numbers are due out early in the European session. Expect factory orders to be key. With no major stats from the U.S to consider later in the day, however, expect central bank chatter and COVID-19 news updates to be key. The Futures In the futures markets, at the time of writing, the Dow Mini was up by 59 points. For a look at all of today’s economic events, check out our economic calendar . This article was originally posted on FX Empire More From FXEMPIRE: NZD/USD Forex Technical Analysis – Strong Short-Sellers Targeting More-Than-One-Year Low at .6589 The Crypto Daily – Movers and Shakers – December 6th, 2021 Shiba Inu Coin – Daily Tech Analysis – December 6th, 2021 ASX200: A Quiet Economic Calendar Leaves COVID-19 and U.S Futures to Influence Bitcoin and Ethereum – Weekly Technical Analysis – December 6th, 2021 The Crypto Daily – Movers and Shakers – December 5th, 2021 || European Equities German Factory Orders and COVID-19 News in Focus: German Factory Orders (MoM) (Oct)
German IHS Markit Construction PMI (Nov)
German Industrial Production (MoM) (Oct)
German ZEW Current Conditions (Dec)
German ZEW Economic Sentiment (Dec)
Eurozone GDP (QoQ) (Q3)
Eurozone GDP (YoY) (Q3)
Eurozone ZEW Economic Sentiment (Dec)
French Non-Farm Payrolls (QoQ) (Q3)
German Trade Balance (Oct)
German CPI (MoM) (Nov) Final
It was a bearish end to the week for the European majors on Friday.
The DAX30 and EuroStoxx600 fell by 0.61% and by 0.57% respectively, with the CAC40 ending the day down by 0.44%.
In spite of relatively upbeat economic data from the Eurozone, the majors struggled amidst market concerns over the Omicron strain. Uncertainty over vaccine efficacy and whether symptoms will be more severe than other strains weighed on risk sentiment.
Later in the session, disappointing NFP numbers from the U.S added to the market angst on the day.
It was a busy Eurozone economic calendar. Member state and Eurozone private sector PMIs and Eurozone retail sales were in focus.
For Spain, the services PMI rose from 56.6 to 59.8 versus a forecasted 58.8.
Service sector activity in Italy also improved, with the PMI up from 52.4 to 55.9. Economists had forecast a rise to 54.8.
For France, the services PMI rose from 56.6 to 57.4, which was down from a prelim 58.2.
Germany’s services PMI increased from 52.4 to 52.7 which was down from a prelim 53.4.
For the Eurozone, the services PMI increased from 54.6 to 55.9, which was down from a prelim 56.6.
As a result, the Composite PMI rose from 54.2 to 55.4, which was down from a prelim 55.8.
According to theNovember survey,
• In spite of the pickup in private sector activity, service sector growth masked the second-softest increase in manufacturing production since its recovery began in Jul-2020.
• New business continued to rise in November, though the rate of increase was the weakest since April. Significantly, a downward trend continued since July.
• Job growth accelerated across the private sector, as firms looked to boost capacities and address rising backlogs.
• Price pressures remained widespread, however. Both input costs and output charge inflation reached new survey highs.
• Business confidence weakened to a 10-month low, the declined attributed to service providers.
By Country
• Ireland registered the largest rate of expansion, with a 7-month low composite PMI of 59.3.
• Germany ranked at the bottom of the table, with a 2-month high composite PMI of 52.2.
For the euro area, retail sales rose by 0.2% in October, after having fallen by 0.4%% in September. Economists had forecast a 0.2% rise.
According toEurostat,
• Sales of automotive fuels increased by 1.3% and by 0.4% for non-food products.
• Food, drinks, & tobacco sales fell by 0.1%.
• Slovenia (+13.0%) and Portugal (+2.3%) recorded the largest increases in sales.
• Latvia (-5.4%), Austria (-2.8%), and Estonia (-2.6%) recorded the largest decreases compared with Sep-2021.
• Compared with October 2020, retail sales rose by 1.4%.
• Automotive fuel sales increased by 8.5%, and nonfood products by 2.5%. Food, drinks, & tobacco sales fell by 1.2%, however.
Nonfarm payrolls and service sector PMI numbers delivered mixed results for the markets.
In November, nonfarm payrolls increased by just 210k following a 546k increase in October. While the participation rate rose from 61.6% to 61.8%, however, the unemployment rate fell from 4.6% to 4.2%.
For the services sector, the ISM Non-Manufacturing PMI rose from 66.7 to 69.1, which was market positive.
For the DAX:It was a bearish day for the auto sector on Friday.Continentalled the way down once more, sliding by 3.98%, withBMWending the day down by 1.28%.DaimlerandVolkswagenfell by 1.11% and by 1.06% respectively
It was also a bearish day for the banks.Deutsche Bankslid by 1.92%, withCommerzbankfalling by 0.30%.
From the CAC, it was a relatively bearish day for the banks.Soc GenandBNP Paribassaw losses of 0.53% and 0.50% respectively, withCredit Agricolefalling by 0.41%.
The French auto sector also had a bearish session.Stellantis NVandRenaultended the day down by 1.16% and by 1.10% respectively.
Air France-KLMslipped by 0.61%, withAirbus SEsliding by 2.52%.
It was a back into the green for theVIXon Friday.
Partially reversing a 10.19% fall from Thursday, the VIX rose by 9.73% to end the day at 30.67.
The NASDAQ slid by 1.92%, with the Dow and the S&P500 seeing losses of 0.17% and 0.84% respectively.
It’s a relatively busy day ahead on the Eurozone’seconomic calendar. German factory orders and construction PMI numbers are due out early in the European session.
Expect factory orders to be key.
With no major stats from the U.S to consider later in the day, however, expect central bank chatter and COVID-19 news updates to be key.
In the futures markets, at the time of writing, the Dow Mini was up by 59 points.
For a look at all of today’s economic events, check out oureconomic calendar.
Thisarticlewas originally posted on FX Empire
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• The Crypto Daily – Movers and Shakers – December 5th, 2021 || E-mini S&P 500 Index (ES) Futures Technical Analysis – Reaction to 4549.25 Pivot Sets Early Tone: December E-mini S&P 500 Index futures took a dive on Friday, primarily led by weakness in the technology sector. The catalyst behind the selling pressure were mixed jobs data, uncertainty around the Omicron coronavirus variant and the path of the Federal Reserve’s policy tightening. On Friday, December E-mini S&P 500 Index futures settled at 4537.50, down 38.25 or -0.84%. The S&P 500 ETF Trust (SPY) finished at 453.43, down 3.97 or -0.87%. The S&P 500 technology index slid 1.9%, leading losses among the 11 major sectors. Shares of Apple Inc , Meta Platforms , Google-owner Alphabet Inc , Amazon.com Inc , Microsoft Corp , Nvidia Corp and Tesla Inc fell between 1.4% and 6.1% to weigh the most on the S&P 500. Daily December E-mini S&P 500 Index Daily Swing Chart Technical Analysis The main trend is down according to the daily swing chart. A trade through 4492.00 will signal a resumption of the downtrend. A move through 4717.00 will change the main trend to up. The minor trend is also down. A trade through 4606.50 will change the minor trend to up. This will shift momentum to the upside. The short-term range is 4260.00 to 4740.50. Its retracement zone at 4500.25 to 4443.50 is potential support. This zone stopped the selling at 4492.00 on Friday. The long-term support zone is 4428.75 to 4355.25. The combination of these two zones creates a support cluster at 4443.50 to 4428.75. The new minor range is 4606.50 to 4492.00. The index closed on the weak side of its pivot at 4549.25. The second minor range is 4740.50 to 4492.00. Its 50% level at 4616.25 is another potential upside target. Daily Swing Chart Technical Forecast The direction of the December E-mini S&P 500 Index early Monday is likely to be determined by trader reaction to 4549.25. Bearish Scenario A sustained move under 4549.25 will indicate the presence of sellers. If this creates enough downside momentum then look for a break into 4500.25, followed by 4492.00. Taking out 4492.00 will indicate the selling pressure is getting stronger. This could trigger a further break into 4443.50 – 4428.75. The latter is a potential trigger point for an acceleration into 4355.25. Story continues Bullish Scenario A sustained move over 4549.25 will signal the presence of buyers. This could trigger an acceleration to the upside with 4606.50 the next target. Taking out this level will shift momentum to the upside. The pivot at 4616.25 is a potential trigger point for an acceleration to the upside with the next major targets a pair of main tops at 4717.00 and 4740.50. For a look at all of today’s economic events, check out our economic calendar . This article was originally posted on FX Empire More From FXEMPIRE: Shiba Inu Coin – Daily Tech Analysis – December 6th, 2021 USD/JPY Forex Technical Analysis – Strengthens Over 113.173, Weakens Under 112.538 E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Strong Over 34641, Weak Under 34553 Best Stocks, Crypto, and ETFs to Watch – Bitcoin, GameStop, Costco and SPY in Focus Shiba Inu Coin – Daily Tech Analysis – December 5th, 2021 Bitcoin and Ethereum – Weekly Technical Analysis – December 6th, 2021 || E-mini S&P 500 Index (ES) Futures Technical Analysis – Reaction to 4549.25 Pivot Sets Early Tone: December E-mini S&P 500 Index futures took a dive on Friday, primarily led by weakness in the technology sector. The catalyst behind the selling pressure were mixed jobs data, uncertainty around the Omicron coronavirus variant and the path of the Federal Reserve’s policy tightening.
On Friday,December E-mini S&P 500 Index futuressettled at 4537.50, down 38.25 or -0.84%. TheS&P 500 ETF Trust (SPY)finished at 453.43, down 3.97 or -0.87%.
The S&P 500 technology index slid 1.9%, leading losses among the 11 major sectors. Shares ofApple Inc,Meta Platforms,Google-owner Alphabet Inc,Amazon.com Inc,Microsoft Corp,Nvidia CorpandTesla Incfell between 1.4% and 6.1% to weigh the most on the S&P 500.
The main trend is down according to the daily swing chart. A trade through 4492.00 will signal a resumption of the downtrend. A move through 4717.00 will change the main trend to up.
The minor trend is also down. A trade through 4606.50 will change the minor trend to up. This will shift momentum to the upside.
The short-term range is 4260.00 to 4740.50. Its retracement zone at 4500.25 to 4443.50 is potential support. This zone stopped the selling at 4492.00 on Friday.
The long-term support zone is 4428.75 to 4355.25.
The combination of these two zones creates a support cluster at 4443.50 to 4428.75.
The new minor range is 4606.50 to 4492.00. The index closed on the weak side of its pivot at 4549.25.
The second minor range is 4740.50 to 4492.00. Its 50% level at 4616.25 is another potential upside target.
The direction of the December E-mini S&P 500 Index early Monday is likely to be determined by trader reaction to 4549.25.
A sustained move under 4549.25 will indicate the presence of sellers. If this creates enough downside momentum then look for a break into 4500.25, followed by 4492.00.
Taking out 4492.00 will indicate the selling pressure is getting stronger. This could trigger a further break into 4443.50 – 4428.75. The latter is a potential trigger point for an acceleration into 4355.25.
A sustained move over 4549.25 will signal the presence of buyers. This could trigger an acceleration to the upside with 4606.50 the next target. Taking out this level will shift momentum to the upside.
The pivot at 4616.25 is a potential trigger point for an acceleration to the upside with the next major targets a pair of main tops at 4717.00 and 4740.50.
For a look at all of today’s economic events, check out oureconomic calendar.
Thisarticlewas originally posted on FX Empire
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• Bitcoin and Ethereum – Weekly Technical Analysis – December 6th, 2021 || E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – May Have Found Support; 16152.75 New Upside Target: December E-mini NASDAQ-100 Index futures plunged on Friday, leaving it down for the week for its fifth-worst week of the year. Adisappointing jobs reportto end the week coupled with omicron concerns led to the Friday meltdown.
Additionally, earlier in the week Federal Reserve Chairman Jerome Powell indicated that the central bank is so concerned about escalating inflation pressures that it could begin tapering its bond buying designed to boost the economy.
On Friday,December E-mini NASDAQ-100 Index futuressettled at 15717.75, down 270.75 or -1.72%.Invesco QQQ Trust Series 1 (QQQ)finished at 383.20, down $6.71 or -1.72%.
Shares ofApple Inc,Meta Platforms,Google-owner Alphabet Inc,Amazon.com Inc,Microsoft Corp,Nvidia CorpandTesla Incfell between 1.4% and 6.1% to weigh the most on the S&P 500.
The main trend is down according to the daily swing chart. A trade through 15538.00 will signal a resumption of the downtrend. A trade through 15273.75 will reaffirm the downtrend.
The minor trend is also down. A trade through 16121.75 will change the minor trend to up. This will shift momentum to the upside.
The key support is a series of retracement levels at 15676.50, 15567.50, 15419.00 and 15284.50. This area stopped the selling at 15538.00 on Friday.
The minor range is 16767.50 to 15538.00. Its 50% level at 16152.75 is the nearest upside target.
On the downside, the major target zone is 14841.25 to 14386.75.
The direction of the December E-mini NASDAQ-100 Index early Monday is likely to be determined by trader reaction to 15676.50.
A sustained move over 15676.50 will indicate the presence of buyers. If this is able to generate enough upside momentum then look for a move into 15997.25, followed by 16152.75.
Although momentum shifts to up on a move through 16121.75, the trigger point for an acceleration to the upside is 16152.75. This could lead to a surge into 16456.25.
A sustained move under 15676.50 will signal the presence of sellers. This could trigger a labored break into a series of potential support levels at 15567.50, 15538.00, 15419.00, 15284.50 and 15273.75.
The main bottom at 15273.75 is a potential trigger point for an acceleration to the downside with 14841.25 to 14386.50 the next major downside target zone. This area represents value so look for aggressive buyers to show up on a test of this area.
For a look at all of today’s economic events, check out oureconomic calendar.
Thisarticlewas originally posted on FX Empire
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• Bitcoin and Ethereum – Weekly Technical Analysis – December 6th, 2021 || Gold Price Futures (GC) Technical Analysis – Strengthens Over $1790.80, Weakens Under $1781.00: Gold futures jumped on Friday as a dip in U.S. Treasury yields boosted the precious metal’s appeal. A flat U.S. Dollar Index likely limited gold’s range. Despite uncertainty over the impact of the Omicron coronavirus variant, gold has showed little reaction to the news. Instead trader have been more reactive to hawkish comments from Federal Reserve Chair Jerome Powell earlier in the week. On Friday, February Comex gold futures settled at $1783.90, up $21.20 or +1.20%. The SPDR Gold Shares (GLD) ETF finished at $166.63, up $1.39 or +0.84%. The U.S. 10-year bond yield dropped below 1.4% for the first time since September, reducing the opportunity cost of holding non-interest bearing gold. The catalyst behind the drop in yields was a mixed U.S. jobs report. Data on Friday showed U.S. employment growth slowed considerably in November, but the unemployment rate plunged to a 21-month low of 4.2%, suggesting the labor market was rapidly tightening. The Fed’s Powell told Congress policymakers look likely to accelerate the wind down of their bond-buying program when they meet on December 14-15. Daily February Comex Gold Daily Swing Chart Technical Analysis The main trend is up according to the daily swing chart, however, momentum has been trending lower since the formation of the closing price reversal top on November 16. A trade through $1761.00 will change the main trend to down. A move through $1881.90 will signal a resumption of the uptrend. This is highly unlikely, but due to the prolonged move down in terms of price and time, traders should watch for a closing price reversal bottom. The minor trend is down. A trade through $1819.30 will change the minor trend to up. This will shift momentum to the upside. The new minor bottom is $1762.20. The main support is a long-term retracement zone at $1781.00 to $1757.10. The market found support inside this zone on Thursday at $1762.20. The minor range is $1819.30 to $1762.20. Its 50% level at $1790.80 is the first upside target. Story continues The second minor range is $1881.90 to $1762.20. If the minor trend changes to up then its 50% level at $1822.10 will become the next upside target. Short-Term Outlook The direction of the February Comex gold futures contract on Monday is likely to be determined by trader reaction to $1781.00. Bullish Scenario A sustained move over $1781.00 will indicate the presence of buyers. This could lead to a quick test of $1790.80. If $1790.80 is taken out by strong buying volume then look for a potential acceleration to the upside with the next major target zone $1819.30 – $1822.10. Bearish Scenario A sustained move under $1781.00 will signal the presence of sellers. This could trigger a break into a support cluster at $1762.20, $1761.00 and $1757.10. The Fibonacci level at $1757.10 is a potential trigger point for an acceleration to the downside with the next major target the main bottom at $1723.70. For a look at all of today’s economic events, check out our economic calendar . This article was originally posted on FX Empire More From FXEMPIRE: Best Stocks, Crypto, and ETFs to Watch – Bitcoin, GameStop, Costco and SPY in Focus The Crypto Daily – Movers and Shakers – December 5th, 2021 The Crypto Daily – Movers and Shakers – December 6th, 2021 E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Strong Over 34641, Weak Under 34553 These Warning Signs Point to More Weakness Ahead in The Stock Market Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 6th, 2021 || E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – May Have Found Support; 16152.75 New Upside Target: December E-mini NASDAQ-100 Index futures plunged on Friday, leaving it down for the week for its fifth-worst week of the year. A disappointing jobs report to end the week coupled with omicron concerns led to the Friday meltdown. Additionally, earlier in the week Federal Reserve Chairman Jerome Powell indicated that the central bank is so concerned about escalating inflation pressures that it could begin tapering its bond buying designed to boost the economy. On Friday, December E-mini NASDAQ-100 Index futures settled at 15717.75, down 270.75 or -1.72%. Invesco QQQ Trust Series 1 (QQQ) finished at 383.20, down $6.71 or -1.72%. Shares of Apple Inc , Meta Platforms , Google-owner Alphabet Inc , Amazon.com Inc , Microsoft Corp , Nvidia Corp and Tesla Inc fell between 1.4% and 6.1% to weigh the most on the S&P 500. Daily December E-mini NASDAQ-100 Index Daily Swing Chart Technical Analysis The main trend is down according to the daily swing chart. A trade through 15538.00 will signal a resumption of the downtrend. A trade through 15273.75 will reaffirm the downtrend. The minor trend is also down. A trade through 16121.75 will change the minor trend to up. This will shift momentum to the upside. The key support is a series of retracement levels at 15676.50, 15567.50, 15419.00 and 15284.50. This area stopped the selling at 15538.00 on Friday. The minor range is 16767.50 to 15538.00. Its 50% level at 16152.75 is the nearest upside target. On the downside, the major target zone is 14841.25 to 14386.75. Daily Swing Chart Technical Forecast The direction of the December E-mini NASDAQ-100 Index early Monday is likely to be determined by trader reaction to 15676.50. Bullish Scenario A sustained move over 15676.50 will indicate the presence of buyers. If this is able to generate enough upside momentum then look for a move into 15997.25, followed by 16152.75. Although momentum shifts to up on a move through 16121.75, the trigger point for an acceleration to the upside is 16152.75. This could lead to a surge into 16456.25. Bearish Scenario A sustained move under 15676.50 will signal the presence of sellers. This could trigger a labored break into a series of potential support levels at 15567.50, 15538.00, 15419.00, 15284.50 and 15273.75. The main bottom at 15273.75 is a potential trigger point for an acceleration to the downside with 14841.25 to 14386.50 the next major downside target zone. This area represents value so look for aggressive buyers to show up on a test of this area. For a look at all of today’s economic events, check out our economic calendar . This article was originally posted on FX Empire Story continues More From FXEMPIRE: U.S Mortgage Rates Continue to Hold Above the 3% Mark in Spite of Omicron Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 6th, 2021 Shiba Inu to Burn Some Coins and Enter the Metaverse Space European Equities German Factory Orders and COVID-19 News in Focus ARK Innovation ETF Dips Amid Tech and Crypto Market Selloff Bitcoin and Ethereum – Weekly Technical Analysis – December 6th, 2021 View comments || Gold Price Futures (GC) Technical Analysis – Strengthens Over $1790.80, Weakens Under $1781.00: Gold futures jumped on Friday as a dip in U.S. Treasury yields boosted the precious metal’s appeal. A flat U.S. Dollar Index likely limited gold’s range. Despite uncertainty over the impact of the Omicron coronavirus variant, gold has showed little reaction to the news. Instead trader have been more reactive to hawkish comments from Federal Reserve Chair Jerome Powell earlier in the week. On Friday, February Comex gold futures settled at $1783.90, up $21.20 or +1.20%. The SPDR Gold Shares (GLD) ETF finished at $166.63, up $1.39 or +0.84%. The U.S. 10-year bond yield dropped below 1.4% for the first time since September, reducing the opportunity cost of holding non-interest bearing gold. The catalyst behind the drop in yields was a mixed U.S. jobs report. Data on Friday showed U.S. employment growth slowed considerably in November, but the unemployment rate plunged to a 21-month low of 4.2%, suggesting the labor market was rapidly tightening. The Fed’s Powell told Congress policymakers look likely to accelerate the wind down of their bond-buying program when they meet on December 14-15. Daily February Comex Gold Daily Swing Chart Technical Analysis The main trend is up according to the daily swing chart, however, momentum has been trending lower since the formation of the closing price reversal top on November 16. A trade through $1761.00 will change the main trend to down. A move through $1881.90 will signal a resumption of the uptrend. This is highly unlikely, but due to the prolonged move down in terms of price and time, traders should watch for a closing price reversal bottom. The minor trend is down. A trade through $1819.30 will change the minor trend to up. This will shift momentum to the upside. The new minor bottom is $1762.20. The main support is a long-term retracement zone at $1781.00 to $1757.10. The market found support inside this zone on Thursday at $1762.20. The minor range is $1819.30 to $1762.20. Its 50% level at $1790.80 is the first upside target. Story continues The second minor range is $1881.90 to $1762.20. If the minor trend changes to up then its 50% level at $1822.10 will become the next upside target. Short-Term Outlook The direction of the February Comex gold futures contract on Monday is likely to be determined by trader reaction to $1781.00. Bullish Scenario A sustained move over $1781.00 will indicate the presence of buyers. This could lead to a quick test of $1790.80. If $1790.80 is taken out by strong buying volume then look for a potential acceleration to the upside with the next major target zone $1819.30 – $1822.10. Bearish Scenario A sustained move under $1781.00 will signal the presence of sellers. This could trigger a break into a support cluster at $1762.20, $1761.00 and $1757.10. The Fibonacci level at $1757.10 is a potential trigger point for an acceleration to the downside with the next major target the main bottom at $1723.70. For a look at all of today’s economic events, check out our economic calendar . This article was originally posted on FX Empire More From FXEMPIRE: Best Stocks, Crypto, and ETFs to Watch – Bitcoin, GameStop, Costco and SPY in Focus The Crypto Daily – Movers and Shakers – December 5th, 2021 The Crypto Daily – Movers and Shakers – December 6th, 2021 E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Strong Over 34641, Weak Under 34553 These Warning Signs Point to More Weakness Ahead in The Stock Market Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 6th, 2021 || E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Strong Over 34641, Weak Under 34553: December E-mini Dow Jones Industrial Average futures closed lower on Friday, weighed down by a mixed U.S. labor market report, fear of tighter Fed policy and uncertainty around the Omicron coronavirus variant. Due to its limited technology stock exposure, the market avoided a steep sell-off unlike the other broad-based indexes.
On Friday,December E-mini Dow Jones Industrial Average futuressettled at 34566, down 56 or -0.16%.
Wall Street opened higher after the Labor Department’s report showednonfarm payrollsincreased less than expected in November, but theunemployment ratedropped to 4.2%, the lowest since February 2020, and wages increased further.
The main trend is down according to the daily swing chart. A trade through 33928 will signal a resumption of the downtrend.
A move through 36238 will change the main trend to up. This is highly unlikely, but due to the prolonged move up in terms of price and time, there is room for a normal 50% to 61.8% retracement of the current downtrend.
The minor trend is also down. A trade through 35900 will change the minor trend to up. This will shift momentum to the upside.
The main support zone is 34641 to 34214. The nearest resistance is a retracement zone at 34553 to 34915. These zones combine to form a price cluster at 34641 to 34553.
The E-mini Dow has been straddling this area for four sessions, suggesting traders may be forming a support zone inside 34915 to 34214.
The new minor range is 36446 to 33928. Its retracement zone at 35187 to 35484 is the primary upside target. Since the main trend is down, sellers could come in on a test of this area.
The direction of the December E-mini Dow Jones Industrial Average early Monday is likely to be determined by trader reaction to 34641 and 34553.
A sustained move over 34641 will indicate the presence of buyers. If this move creates enough upside momentum then look for a labored rally into a series of retracement levels at 34915, 35187 and 35484.
A sustained move under 34553 will signal the presence of sellers. If this move generates enough downside momentum then look for the selling to possibly extend into the Fibonacci level at 34214, followed by last week’s low at 33928.
For a look at all of today’s economic events, check out oureconomic calendar.
Thisarticlewas originally posted on FX Empire
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• The Crypto Daily – Movers and Shakers – December 6th, 2021 || E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Strong Over 34641, Weak Under 34553: December E-mini Dow Jones Industrial Average futures closed lower on Friday, weighed down by a mixed U.S. labor market report, fear of tighter Fed policy and uncertainty around the Omicron coronavirus variant. Due to its limited technology stock exposure, the market avoided a steep sell-off unlike the other broad-based indexes. On Friday, December E-mini Dow Jones Industrial Average futures settled at 34566, down 56 or -0.16%. Wall Street opened higher after the Labor Department’s report showed nonfarm payrolls increased less than expected in November, but the unemployment rate dropped to 4.2%, the lowest since February 2020, and wages increased further. Daily December E-mini Dow Jones Industrial Average Daily Swing Chart Technical Analysis The main trend is down according to the daily swing chart. A trade through 33928 will signal a resumption of the downtrend. A move through 36238 will change the main trend to up. This is highly unlikely, but due to the prolonged move up in terms of price and time, there is room for a normal 50% to 61.8% retracement of the current downtrend. The minor trend is also down. A trade through 35900 will change the minor trend to up. This will shift momentum to the upside. The main support zone is 34641 to 34214. The nearest resistance is a retracement zone at 34553 to 34915. These zones combine to form a price cluster at 34641 to 34553. The E-mini Dow has been straddling this area for four sessions, suggesting traders may be forming a support zone inside 34915 to 34214. The new minor range is 36446 to 33928. Its retracement zone at 35187 to 35484 is the primary upside target. Since the main trend is down, sellers could come in on a test of this area. Daily Swing Chart Technical Forecast The direction of the December E-mini Dow Jones Industrial Average early Monday is likely to be determined by trader reaction to 34641 and 34553. Bullish Scenario A sustained move over 34641 will indicate the presence of buyers. If this move creates enough upside momentum then look for a labored rally into a series of retracement levels at 34915, 35187 and 35484. Story continues Bearish Scenario A sustained move under 34553 will signal the presence of sellers. If this move generates enough downside momentum then look for the selling to possibly extend into the Fibonacci level at 34214, followed by last week’s low at 33928. For a look at all of today’s economic events, check out our economic calendar . This article was originally posted on FX Empire More From FXEMPIRE: NZD/USD Forex Technical Analysis – Strong Short-Sellers Targeting More-Than-One-Year Low at .6589 Shiba Inu Coin – Daily Tech Analysis – December 5th, 2021 Economic Data Puts the EUR in Focus, while COVID-19 Will Remain a Key Driver Price of Gold Fundamental Daily Forecast – Rangebound Due to Rising Short-Term, Falling Long-Term Yields Bitcoin and Ethereum – Weekly Technical Analysis – December 6th, 2021 The Crypto Daily – Movers and Shakers – December 6th, 2021 || NZD/USD Forex Technical Analysis – Strong Short-Sellers Targeting More-Than-One-Year Low at .6589: The New Zealand Dollar fell sharply on Friday, pressured by a stronger U.S. Dollar and weaker Chinese economic data. The U.S. Dollar was mostly steady despite a plunge in U.S. Treasury yields as investors made portfolio adjustments to mixed U.S. employment data and hawkish comments from Fed Chair Jerome Powell earlier in the week. On Friday, the NZD/USD settled at .6747, down 0.0072 or -1.05%. Weaker-than-expected China Caixin Composite and Services PMI indices , signs that economic activity is slowing in the world’s second largest economy, spooked Kiwi traders into selling early in the session. Later in the session, the U.S. Dollar rose against the New Zealand Dollar after the U.S. jobs report showed solid details that suggested the Fed’s plan to accelerate tapering of its asset purchases and to hike rates next year remained intact. Daily NZD/USD Daily Swing Chart Technical Analysis The main trend is down according to the daily swing chart. A trade through .6741 will signal a resumption of the downtrend. A move through .6868 will change the main trend to up. The first minor range is .6868 to .6741. Its 50% level or pivot at .6805 is potential resistance. The second pivot price resistance is .6897. The short-term retracement zone at .6980 to .7036 is controlling the near-term direction of the NZD/USD. Short-Term Outlook The direction of the NZD/USD early Monday is likely to be determined by trader reaction to .6747. Bearish Scenario A sustained move under .6747 will indicate the presence of sellers. Taking out .6741 will signal a resumption of the downtrend. This price is a potential trigger point for an acceleration to the downside with the November 2, 2020 main bottom at .6589 the next likely downside target. Bullish Scenario A sustained move over .6747 will signal the presence of buyers. If this creates enough upside momentum then look for a surge into the minor pivot at .6805. Taking out .6805 will indicate the buying is getting stronger. This could trigger an extension of the rally into the main top at .6868. Story continues Taking out .6868 will change the main trend up. This could trigger a further rally into the next pivot at .6897. Side Notes Taking out .6741 then turning higher for the session will put the NZD/USD in a position to post a closing price reversal bottom. This won’t change the trend, but if confirmed, it could trigger the start of a 2 to 3 day counter-trend retracement. For a look at all of today’s economic events, check out our economic calendar . This article was originally posted on FX Empire More From FXEMPIRE: Shiba Inu Coin – Daily Tech Analysis – December 5th, 2021 The Week Ahead: Central Banks and COVID-19 in Focus alongside a busy Economic Calendar E-mini S&P 500 Index (ES) Futures Technical Analysis – Reaction to 4549.25 Pivot Sets Early Tone Bitcoin and Ethereum – Weekly Technical Analysis – December 6th, 2021 U.S Mortgage Rates Continue to Hold Above the 3% Mark in Spite of Omicron Shiba Inu Coin – Daily Tech Analysis – December 6th, 2021 || NZD/USD Forex Technical Analysis – Strong Short-Sellers Targeting More-Than-One-Year Low at .6589: The New Zealand Dollar fell sharply on Friday, pressured by a stronger U.S. Dollar and weaker Chinese economic data. The U.S. Dollar was mostly steady despite a plunge in U.S. Treasury yields as investors made portfolio adjustments to mixed U.S. employment data and hawkish comments from Fed Chair Jerome Powell earlier in the week.
On Friday, theNZD/USDsettled at .6747, down 0.0072 or -1.05%.
Weaker-than-expectedChina Caixin CompositeandServices PMI indices, signs that economic activity is slowing in the world’s second largest economy, spooked Kiwi traders into selling early in the session.
Later in the session, the U.S. Dollar rose against the New Zealand Dollar after theU.S. jobs reportshowed solid details that suggested the Fed’s plan to accelerate tapering of its asset purchases and to hike rates next year remained intact.
The main trend is down according to the daily swing chart. A trade through .6741 will signal a resumption of the downtrend. A move through .6868 will change the main trend to up.
The first minor range is .6868 to .6741. Its 50% level or pivot at .6805 is potential resistance. The second pivot price resistance is .6897.
The short-term retracement zone at .6980 to .7036 is controlling the near-term direction of the NZD/USD.
The direction of the NZD/USD early Monday is likely to be determined by trader reaction to .6747.
A sustained move under .6747 will indicate the presence of sellers. Taking out .6741 will signal a resumption of the downtrend. This price is a potential trigger point for an acceleration to the downside with the November 2, 2020 main bottom at .6589 the next likely downside target.
A sustained move over .6747 will signal the presence of buyers. If this creates enough upside momentum then look for a surge into the minor pivot at .6805.
Taking out .6805 will indicate the buying is getting stronger. This could trigger an extension of the rally into the main top at .6868.
Taking out .6868 will change the main trend up. This could trigger a further rally into the next pivot at .6897.
Taking out .6741 then turning higher for the session will put the NZD/USD in a position to post a closing price reversal bottom. This won’t change the trend, but if confirmed, it could trigger the start of a 2 to 3 day counter-trend retracement.
For a look at all of today’s economic events, check out oureconomic calendar.
Thisarticlewas originally posted on FX Empire
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• Shiba Inu Coin – Daily Tech Analysis – December 6th, 2021 || Crude Oil Price Update – Holding $65.83 Could Trigger Near-Term Rally into $70.83 – $72.81: U.S. West Texas Intermediate crude oil futures inched lower on Friday after giving back earlier gains. The U.S. benchmark ended little changed after wiping out gains of more than $2.00 per barrel on growing concerns that rising Delta and Omicron coronavirus cases could lead to renewed demand destruction. Comments from President Joe Biden suggesting China would release more oil from its Strategic Petroleum Reserve (SPR) also spooked weak longs into selling. On Friday, January WTI crude oil futures settled at $66.26, down $0.24 or -0.36%. The United States Oil Fund (USO) ETF finished at $48.00, down $0.29 or -0.60%. Crude oil prices edged higher early in the session after producer group OPEC+ said it could review its policy to hike output at short notice if a rising number of pandemic lockdowns chokes off demand. Daily January WTI Crude Oil Daily Swing Chart Technical Analysis The main trend is down according to the daily swing chart, however, momentum is trending higher following the confirmation of Thursday’s closing price reversal bottom. A trade through $62.43 will negate the chart pattern and signal a resumption of the downtrend. A move through $79.23 will change the main trend to up. The minor trend is also down. The new minor bottom is $62.43. The minor range is $62.43 to $69.22. Its retracement zone at $65.83 to $65.02 is potential support. The short-term range is $79.23 to $62.43. Its retracement zone at $70.83 to $72.81 is the primary upside target. On the downside, support is a pair of 50% levels at $61.04 and $57.93. Short-Term Outlook The direction of the January WTI crude oil futures contract early Monday is likely to be determined by trader reaction to $65.83 and $65.02. Bullish Scenario A sustained move over $65.83 will indicate the presence of buyers. The buying will come from aggressive counter-trend buyers trying to form a potentially bullish secondary higher bottom. If this move is able to generate enough upside momentum then look for a retest of Friday’s high at $69.22. Overtaking this level will indicate the buying is getting stronger with $70.83 – $72.81 the next likely target area. Since the main trend is down, sellers could come in on the first test of this zone. They are going to try to form a secondary lower top. Story continues Bearish Scenario A sustained move under $65.02 will signal the presence of sellers. If this generates enough downside momentum then look for a retest of last week’s low at $62.43. If this fails then look for the selling to possibly extend the move into at least $61.04 to $60.77. For a look at all of today’s economic events, check out our economic calendar . This article was originally posted on FX Empire More From FXEMPIRE: Bitcoin and Ethereum – Weekly Technical Analysis – December 6th, 2021 Price of Gold Fundamental Daily Forecast – Rangebound Due to Rising Short-Term, Falling Long-Term Yields Shiba Inu Coin – Daily Tech Analysis – December 6th, 2021 Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 6th, 2021 The Crypto Daily – Movers and Shakers – December 6th, 2021 These Warning Signs Point to More Weakness Ahead in The Stock Market || Crude Oil Price Update – Holding $65.83 Could Trigger Near-Term Rally into $70.83 – $72.81: U.S. West Texas Intermediate crude oil futures inched lower on Friday after giving back earlier gains. The U.S. benchmark ended little changed after wiping out gains of more than $2.00 per barrel on growing concerns that rising Delta and Omicron coronavirus cases could lead to renewed demand destruction. Comments from President Joe Biden suggesting China would release more oil from its Strategic Petroleum Reserve (SPR) also spooked weak longs into selling. On Friday, January WTI crude oil futures settled at $66.26, down $0.24 or -0.36%. The United States Oil Fund (USO) ETF finished at $48.00, down $0.29 or -0.60%. Crude oil prices edged higher early in the session after producer group OPEC+ said it could review its policy to hike output at short notice if a rising number of pandemic lockdowns chokes off demand. Daily January WTI Crude Oil Daily Swing Chart Technical Analysis The main trend is down according to the daily swing chart, however, momentum is trending higher following the confirmation of Thursday’s closing price reversal bottom. A trade through $62.43 will negate the chart pattern and signal a resumption of the downtrend. A move through $79.23 will change the main trend to up. The minor trend is also down. The new minor bottom is $62.43. The minor range is $62.43 to $69.22. Its retracement zone at $65.83 to $65.02 is potential support. The short-term range is $79.23 to $62.43. Its retracement zone at $70.83 to $72.81 is the primary upside target. On the downside, support is a pair of 50% levels at $61.04 and $57.93. Short-Term Outlook The direction of the January WTI crude oil futures contract early Monday is likely to be determined by trader reaction to $65.83 and $65.02. Bullish Scenario A sustained move over $65.83 will indicate the presence of buyers. The buying will come from aggressive counter-trend buyers trying to form a potentially bullish secondary higher bottom. If this move is able to generate enough upside momentum then look for a retest of Friday’s high at $69.22. Overtaking this level will indicate the buying is getting stronger with $70.83 – $72.81 the next likely target area. Since the main trend is down, sellers could come in on the first test of this zone. They are going to try to form a secondary lower top. Story continues Bearish Scenario A sustained move under $65.02 will signal the presence of sellers. If this generates enough downside momentum then look for a retest of last week’s low at $62.43. If this fails then look for the selling to possibly extend the move into at least $61.04 to $60.77. For a look at all of today’s economic events, check out our economic calendar . This article was originally posted on FX Empire More From FXEMPIRE: Bitcoin and Ethereum – Weekly Technical Analysis – December 6th, 2021 Price of Gold Fundamental Daily Forecast – Rangebound Due to Rising Short-Term, Falling Long-Term Yields Shiba Inu Coin – Daily Tech Analysis – December 6th, 2021 Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 6th, 2021 The Crypto Daily – Movers and Shakers – December 6th, 2021 These Warning Signs Point to More Weakness Ahead in The Stock Market || El Salvador's plan to power Bitcoin by volcano 'will end in environmental disaster': Aerial view of energy extraction at the La Geo Geothermal Power Plant - Alex Pena/Getty Images The grandiose plans of El Salvador s millennial president Nayib Bukele to power the worlds first Bitcoin city by volcano have been ridiculed by the countrys leading environmentalist. Mr Bukele unveiled the project last month , proposing to issue bonds worth 300,000 Bitcoins, equivalent to £12 billion, to fund the building of a city at the base of Conchagua, a volcano beside the Pacific Ocean. The idea is that tapping into the mountains geothermal power will solve one of the biggest challenges facing cryptocurrencies - the vast, unsustainable levels of energy required to power the computers that encrypt transactions. But the troubled Central American nation, which often suffers power cuts, should first focus on meeting the existing electricity needs of its population of six million, Ricardo Navarro, a winner of the Goldman Prize - the green movements equivalent of the Nobel - told The Telegraph . Geothermal still costs more than oil, otherwise we would already be using more of it. What will end up happening is that we will just be buying more oil, warned Mr Navarro, who heads the El Salvadoran Center of Appropriate Technology, a local think tank. He would usually support climate-friendly geothermal energy, but said the policy was misguided. Talking about building this city beside a volcano is like thinking you are rich because you live next to a bank. Geothermal energy doesnt need volcanoes. It needs groundwater, steam. But we already have problems with not enough water in El Salvador. Currently, El Salvador imports roughly one quarter of its energy, with the rest coming from hydroelectric dams, geothermal and oil plants. The city will be in the shape of the round Bitcoin logo and, according to the president, feature everything from museums to an airport. Other than VAT, residents will pay no taxes. The ambitious plans have excited cryptocurrency advocates. Samson Mow, of tech company Blockstream, went so far as to claim that it would make the troubled Central American nation, plagued by poverty and one of the worlds highest murder rates, the financial centre of the world. Story continues El Salvador became the first country in the world to accept Bitcoin as legal tender this year. But some have accused Mr Bukele, 40, of using cryptocurrencies as a smokescreen to deflect attention from his failings as a president. The move came shortly after the United States put several of Bukeles closest allies on a corruption blacklist. Meanwhile, his promises of badly needed jobs, including Amazon opening a regional headquarters in El Salvador and Lufthansa launching a new airport, have failed to materialise. Nevertheless, depending on the time frame - something the president has not made clear - his Bitcoin city plans could work, says Marit Brommer, executive director of the Germany-based International Geothermal Association. El Salvador is known for its geothermal potential. But if he is promising anything in the next six months, that would not be feasible, she said. Geothermal has a long lead time. We need to identify the resources, do modelling, drill wells. It would likely take at least two or three years, and probably longer before you could generate any electricity. It has been calculated that global cryptocurrency transactions already consume more electricity each year than the Netherlands.
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50700.09, 50504.80, 47672.12, 47243.30, 49362.51, 50098.34, 46737.48, 46612.63, 48896.72, 47665.43
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 261.64, 263.44, 269.46, 266.27, 274.02, 276.50, 281.65, 283.68, 285.30, 293.79, 304.62, 313.86, 328.02, 314.17, 325.43, 361.19, 403.42, 411.56, 386.35, 374.47, 386.48, 373.37, 380.26, 336.82, 311.08, 338.15, 336.75, 332.91, 320.17, 330.75, 335.09, 334.59, 326.15, 322.02, 326.93, 324.54, 323.05, 320.05, 328.21, 352.68, 358.04, 357.38, 371.29, 377.32, 362.49, 359.19, 361.05, 363.18, 388.95, 388.78, 395.54, 415.56, 417.56, 415.48, 451.94, 435.00, 433.76, 444.18, 465.32, 454.93, 456.08, 463.62, 462.32, 442.68, 438.64, 436.57, 442.40, 454.98, 455.65, 417.27, 422.82, 422.28, 432.98, 426.62, 430.57, 434.33, 433.44, 430.01, 433.09, 431.96, 429.11, 458.05, 453.23, 447.61, 447.99, 448.43, 435.69, 432.37, 430.31, 364.33.
|
[Bitcoin Technical Analysis for 2016-01-15]
Volume: 153351008, RSI (14-day): 27.23, 50-day EMA: 414.09, 200-day EMA: 334.63
[Wider Market Context]
Gold Price: 1091.50, Gold RSI: 53.82
Oil Price: 29.42, Oil RSI: 26.44
[Recent News (last 7 days)]
Here's a sign that PayPal is embracing Bitcoin: PayPal was the hot new thing in payments when it launched in 1998, but in the era of digital currency, crowdfunding, micro-crowdfunding, and peer-to-peer lending, most people no longer see the company that way. So its newest board appointment is an effort to embrace the new landscape in digital payments. To that end, PayPal ( PYPL ) has named Wences Casares to its board of directors, the company announced on Wednesday. Casares is founder and CEO of Xapo, a wallet provider for the digital currency bitcoin, and before Xapo he founded Lemon, another digital wallet company. He is an unusual addition to a board that includes executives from AT&T ( T ), the American Red Cross, Enzon Pharmaceuticals ( ENZN ), and eBay ( EBAY ) cofounder Pierre Omidyar. It's likely a sign that PayPal is ready to embrace bitcoin and its technology. That's especially interesting considering that it is a company some bitcoin entrepreneurs often point to as "Web 1.0" and too slow because of its transfer delays and fees. One of the biggest selling points of bitcoin is the ability to send money to another country with little or no delay, and a fractional fee. "We’ve entered a period of unprecedented disruption in payments and financial services driven by the mass adoption of mobile technology and the digitization of cash," said PayPal CEO Dan Schulman in a statement . "Wences’ long and successful track record as international fintech entrepreneur with a focus on next-generation payment and crypto-currency is a perfect fit for PayPal at this time." PayPal declined to comment beyond the press release. Casares does not come without controversy. He is a serial entrepreneur who founded an Argentinian brokerage in 1997 and sold it to Banco Santander in 2000 for $750 million. Then he founded a Chilean videogame developer in 2002 and sold it to Activision ( ATVI ) in 2006. But he is currently being sued by LifeLock ( LOCK ), a $1.3 billion public company that offers online-identity protection. Story continues In December 2013 LifeLock acquired Casares's company Lemon for $42.6 million. In a lawsuit filed in August 2014, LifeLock says Casares built and launched Xapo, his current company, while working at Lemon, "developed by Lemon employees, in Lemon’s facilities, on Lemon’s computers, and on Lemon’s dime.” Casares and four Xapo employees (each of whom previously worked at Lemon) are named as defendants in LifeLock's suit. The company wants him to pay back “the value of the Xapo product attributable to Defendants’ misrepresentations, omissions, breaches of duty, and other wrongful conduct.” It does not specify an amount it is seeking, but assessing damages would involve placing a value on Xapo. Meanwhile, Casares has fought back, filing a cross-complaint of his own this past July, alleging poor management by LifeLock. (And LifeLock itself was forced to pay a $12 million fine to the FTC this past summer for false advertising of its product.) Some in the bitcoin community believe that LifeLock is upset that it overpaid for Lemon, while Casares has moved on to Xapo, which has raised $40 million in venture capital and might have more promise than Lemon ever did. What does all of this legal drama have to do with PayPal? Perhaps nothing—but if Casares is found guilty of the civil fraud that LifeLock alleges, it would be bad for not just Xapo, but now PayPal as well. Moreover, Fortune reported last year that some of Xapo's investors are angry that they were never made aware of the ongoing litigation against Casares. So PayPal has taken a risk in appointing Casares to its board, not only because of his current legal situation, but on a broader scale it has more strongly associated itself with bitcoin, an industry that is not without its negative headlines. (Just this week, Ross Ulbricht, the mastermind of Silk Road, the online drug marketplace that used bitcoin as its form of payment, appealed his recent life sentence.) Just over one year ago, PayPal made partnerships with some prominent bitcoin startups, like BitPay and Coinbase, but the noise of that move has since died down. PayPal now might want to explore a larger form of implementation around bitcoin, or it is intrigued by its underlying technology, the bitcoin blockchain, a public, decentralized ledger that records every single bitcoin transaction. Financial heavyweights like JPMorgan and Nasdaq have both expressed interest in harnessing the blockchain. Or maybe PayPal wants to buy Xapo. || Here's a sign that PayPal is embracing Bitcoin: PayPal was the hot new thing in payments when it launched in 1998, but in the era of digital currency, crowdfunding, micro-crowdfunding, and peer-to-peer lending, most people no longer see the company that way. So its newest board appointment is an effort to embrace the new landscape in digital payments.
To that end, PayPal (PYPL) has named Wences Casares to its board of directors, the company announced on Wednesday. Casares is founder and CEO of Xapo, a wallet provider for the digital currency bitcoin, and before Xapo he founded Lemon, another digital wallet company. He is an unusual addition to a board that includes executives from AT&T (T), the American Red Cross, Enzon Pharmaceuticals (ENZN), and eBay (EBAY) cofounder Pierre Omidyar.
It's likely a sign that PayPal is ready to embrace bitcoin and its technology. That's especially interesting considering that it is a company some bitcoin entrepreneurs often point to as "Web 1.0" and too slow because of its transfer delays and fees. One of the biggest selling points of bitcoin is the ability to send money to another country with little or no delay, and a fractional fee.
"We’ve entered a period of unprecedented disruption in payments and financial services driven by the mass adoption of mobile technology and the digitization of cash," said PayPal CEO Dan Schulmanin a statement. "Wences’ long and successful track record as international fintech entrepreneur with a focus on next-generation payment and crypto-currency is a perfect fit for PayPal at this time." PayPal declined to comment beyond the press release.
Casares does not come without controversy. He is a serial entrepreneur who founded an Argentinian brokerage in 1997 and sold it to Banco Santander in 2000 for $750 million. Then he founded a Chilean videogame developer in 2002 and sold it to Activision (ATVI) in 2006. But he is currently being sued by LifeLock (LOCK), a $1.3 billion public company that offers online-identity protection.
In December 2013 LifeLock acquired Casares's company Lemon for $42.6 million. In a lawsuit filed in August 2014, LifeLock says Casares built and launched Xapo, his current company, while working at Lemon, "developed by Lemon employees, in Lemon’s facilities, on Lemon’s computers, and on Lemon’s dime.” Casares and four Xapo employees (each of whom previously worked at Lemon) are named as defendants in LifeLock's suit. The company wants him to pay back “the value of the Xapo product attributable to Defendants’ misrepresentations, omissions, breaches of duty, and other wrongful conduct.” It does not specify an amount it is seeking, but assessing damages would involve placing a value on Xapo.
Meanwhile, Casares has fought back, filing a cross-complaint of his own this past July, alleging poor management by LifeLock. (And LifeLock itself was forced to pay a $12 million fine to the FTC this past summer for false advertising of its product.) Some in the bitcoin community believe that LifeLock is upset that it overpaid for Lemon, while Casares has moved on to Xapo, which has raised $40 million in venture capital and might have more promise than Lemon ever did.
What does all of this legal drama have to do with PayPal? Perhaps nothing—but if Casares is found guilty of the civil fraud that LifeLock alleges, it would be bad for not just Xapo, but now PayPal as well. Moreover, Fortunereported last yearthat some of Xapo's investors are angry that they were never made aware of the ongoing litigation against Casares.
So PayPal has taken a risk in appointing Casares to its board, not only because of his current legal situation, but on a broader scale it has more strongly associated itself with bitcoin, an industry that is not without its negative headlines. (Just this week, Ross Ulbricht, the mastermind of Silk Road, the online drug marketplace that used bitcoin as its form of payment, appealed his recent life sentence.) Just over one year ago, PayPal made partnerships with some prominent bitcoin startups, like BitPay and Coinbase, but the noise of that move has since died down.
PayPal now might want to explore a larger form of implementation around bitcoin, or it is intrigued by its underlying technology, the bitcoin blockchain, a public, decentralized ledger that records every single bitcoin transaction. Financial heavyweights like JPMorgan and Nasdaq have both expressed interest in harnessing the blockchain.
Or maybe PayPal wants to buy Xapo. || Here's a sign that PayPal is embracing Bitcoin: PayPal was the hot new thing in payments when it launched in 1998, but in the era of digital currency, crowdfunding, micro-crowdfunding, and peer-to-peer lending, most people no longer see the company that way. So its newest board appointment is an effort to embrace the new landscape in digital payments.
To that end, PayPal (PYPL) has named Wences Casares to its board of directors, the company announced on Wednesday. Casares is founder and CEO of Xapo, a wallet provider for the digital currency bitcoin, and before Xapo he founded Lemon, another digital wallet company. He is an unusual addition to a board that includes executives from AT&T (T), the American Red Cross, Enzon Pharmaceuticals (ENZN), and eBay (EBAY) cofounder Pierre Omidyar.
It's likely a sign that PayPal is ready to embrace bitcoin and its technology. That's especially interesting considering that it is a company some bitcoin entrepreneurs often point to as "Web 1.0" and too slow because of its transfer delays and fees. One of the biggest selling points of bitcoin is the ability to send money to another country with little or no delay, and a fractional fee.
"We’ve entered a period of unprecedented disruption in payments and financial services driven by the mass adoption of mobile technology and the digitization of cash," said PayPal CEO Dan Schulmanin a statement. "Wences’ long and successful track record as international fintech entrepreneur with a focus on next-generation payment and crypto-currency is a perfect fit for PayPal at this time." PayPal declined to comment beyond the press release.
Casares does not come without controversy. He is a serial entrepreneur who founded an Argentinian brokerage in 1997 and sold it to Banco Santander in 2000 for $750 million. Then he founded a Chilean videogame developer in 2002 and sold it to Activision (ATVI) in 2006. But he is currently being sued by LifeLock (LOCK), a $1.3 billion public company that offers online-identity protection.
In December 2013 LifeLock acquired Casares's company Lemon for $42.6 million. In a lawsuit filed in August 2014, LifeLock says Casares built and launched Xapo, his current company, while working at Lemon, "developed by Lemon employees, in Lemon’s facilities, on Lemon’s computers, and on Lemon’s dime.” Casares and four Xapo employees (each of whom previously worked at Lemon) are named as defendants in LifeLock's suit. The company wants him to pay back “the value of the Xapo product attributable to Defendants’ misrepresentations, omissions, breaches of duty, and other wrongful conduct.” It does not specify an amount it is seeking, but assessing damages would involve placing a value on Xapo.
Meanwhile, Casares has fought back, filing a cross-complaint of his own this past July, alleging poor management by LifeLock. (And LifeLock itself was forced to pay a $12 million fine to the FTC this past summer for false advertising of its product.) Some in the bitcoin community believe that LifeLock is upset that it overpaid for Lemon, while Casares has moved on to Xapo, which has raised $40 million in venture capital and might have more promise than Lemon ever did.
What does all of this legal drama have to do with PayPal? Perhaps nothing—but if Casares is found guilty of the civil fraud that LifeLock alleges, it would be bad for not just Xapo, but now PayPal as well. Moreover, Fortunereported last yearthat some of Xapo's investors are angry that they were never made aware of the ongoing litigation against Casares.
So PayPal has taken a risk in appointing Casares to its board, not only because of his current legal situation, but on a broader scale it has more strongly associated itself with bitcoin, an industry that is not without its negative headlines. (Just this week, Ross Ulbricht, the mastermind of Silk Road, the online drug marketplace that used bitcoin as its form of payment, appealed his recent life sentence.) Just over one year ago, PayPal made partnerships with some prominent bitcoin startups, like BitPay and Coinbase, but the noise of that move has since died down.
PayPal now might want to explore a larger form of implementation around bitcoin, or it is intrigued by its underlying technology, the bitcoin blockchain, a public, decentralized ledger that records every single bitcoin transaction. Financial heavyweights like JPMorgan and Nasdaq have both expressed interest in harnessing the blockchain.
Or maybe PayPal wants to buy Xapo. || Now You Can Play The Lottery With Bitcoin: While bitcoin has faced several obstacles in its journey toward mainstream adoption, the cryptocurrency appears to be starting the New Year off on the right foot. Not only has bitcoin seen its value increase steadily over the past three months, but the coin has gained some fame, as merchants continue to adopt the cryptocurrency as a valid form of payment. The latest place consumers can find use for their bitcoins is the lottery, which has gotten a lot of attention recently due to its $1.6 billion Powerball Jackpot prize.
Bitcoin Payment
Mobile lottery ticket app Jackpocket has integrated bitcoin as a payment option within the app, meaning that people can purchase their Powerball tickets using the cryptocurrency. On Wednesday, the app announced its bitcoin addition, which garnered a lot of attention for the coin, as the Powerball Jackpot also reached a record high on the same day.
Related Link:UPDATE: Winning Powerball Tickets Sold In California, Florida, Tennessee --ABC News
Bullish On Bitcoin
For Jackpocket, the move was a great way to reach another demographic of lottery players and represents the company's faith in bitcoin's success. Jackpocket CEO Peter Sullivanannouncedthe decision to incorporate bitcoin into the app saying that he and his team are "very bullish on cryptocurrencies and the blockchain in general."
Speedy Transactions
Not only will bitcoin add to Jackpocket's pool of potential users, but Sullivan says he hopes it will help speed up transaction times and reduce glitches. Heavy volumes of users trying to buy tickets have been hindered by regulations, according to Sullivan, and those issues have strained the app's relationship with credit card processors and banks.
Related Link:No Luck On Winning Powerball? Learn The Skill Of Trading
More Customers
It remains to be seen whether many Jackpocket users will use the bitcoin payment option, but Sullivan is hoping it will attract more affluent customers who have experience with technology, a group he says is likely to buy more tickets.
Image Credit: Public Domain
See more from Benzinga
• Google Is Seeking Autonomous Car Partnerships
• U.S. Automakers Struggle With Skeptical Investors
• Netflix Continues To Deliver On Promises That 2016 Will Be A Big Year
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Now You Can Play The Lottery With Bitcoin: While bitcoin has faced several obstacles in its journey toward mainstream adoption, the cryptocurrency appears to be starting the New Year off on the right foot. Not only has bitcoin seen its value increase steadily over the past three months, but the coin has gained some fame, as merchants continue to adopt the cryptocurrency as a valid form of payment. The latest place consumers can find use for their bitcoins is the lottery, which has gotten a lot of attention recently due to its $1.6 billion Powerball Jackpot prize. Bitcoin Payment Mobile lottery ticket app Jackpocket has integrated bitcoin as a payment option within the app, meaning that people can purchase their Powerball tickets using the cryptocurrency. On Wednesday, the app announced its bitcoin addition, which garnered a lot of attention for the coin, as the Powerball Jackpot also reached a record high on the same day. Related Link: UPDATE: Winning Powerball Tickets Sold In California, Florida, Tennessee --ABC News Bullish On Bitcoin For Jackpocket, the move was a great way to reach another demographic of lottery players and represents the company's faith in bitcoin's success. Jackpocket CEO Peter Sullivan announced the decision to incorporate bitcoin into the app saying that he and his team are "very bullish on cryptocurrencies and the blockchain in general." Speedy Transactions Not only will bitcoin add to Jackpocket's pool of potential users, but Sullivan says he hopes it will help speed up transaction times and reduce glitches. Heavy volumes of users trying to buy tickets have been hindered by regulations, according to Sullivan, and those issues have strained the app's relationship with credit card processors and banks. Related Link: No Luck On Winning Powerball? Learn The Skill Of Trading More Customers It remains to be seen whether many Jackpocket users will use the bitcoin payment option, but Sullivan is hoping it will attract more affluent customers who have experience with technology, a group he says is likely to buy more tickets. Story continues Image Credit: Public Domain See more from Benzinga Google Is Seeking Autonomous Car Partnerships U.S. Automakers Struggle With Skeptical Investors Netflix Continues To Deliver On Promises That 2016 Will Be A Big Year © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Now You Can Play The Lottery With Bitcoin: While bitcoin has faced several obstacles in its journey toward mainstream adoption, the cryptocurrency appears to be starting the New Year off on the right foot. Not only has bitcoin seen its value increase steadily over the past three months, but the coin has gained some fame, as merchants continue to adopt the cryptocurrency as a valid form of payment. The latest place consumers can find use for their bitcoins is the lottery, which has gotten a lot of attention recently due to its $1.6 billion Powerball Jackpot prize.
Bitcoin Payment
Mobile lottery ticket app Jackpocket has integrated bitcoin as a payment option within the app, meaning that people can purchase their Powerball tickets using the cryptocurrency. On Wednesday, the app announced its bitcoin addition, which garnered a lot of attention for the coin, as the Powerball Jackpot also reached a record high on the same day.
Related Link:UPDATE: Winning Powerball Tickets Sold In California, Florida, Tennessee --ABC News
Bullish On Bitcoin
For Jackpocket, the move was a great way to reach another demographic of lottery players and represents the company's faith in bitcoin's success. Jackpocket CEO Peter Sullivanannouncedthe decision to incorporate bitcoin into the app saying that he and his team are "very bullish on cryptocurrencies and the blockchain in general."
Speedy Transactions
Not only will bitcoin add to Jackpocket's pool of potential users, but Sullivan says he hopes it will help speed up transaction times and reduce glitches. Heavy volumes of users trying to buy tickets have been hindered by regulations, according to Sullivan, and those issues have strained the app's relationship with credit card processors and banks.
Related Link:No Luck On Winning Powerball? Learn The Skill Of Trading
More Customers
It remains to be seen whether many Jackpocket users will use the bitcoin payment option, but Sullivan is hoping it will attract more affluent customers who have experience with technology, a group he says is likely to buy more tickets.
Image Credit: Public Domain
See more from Benzinga
• Google Is Seeking Autonomous Car Partnerships
• U.S. Automakers Struggle With Skeptical Investors
• Netflix Continues To Deliver On Promises That 2016 Will Be A Big Year
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || 4 stocks to watch if market falls even more: U.S. stocks dropped Wednesday, continuing a rough start to the year for investors. "Fast Money" traders picked through the battered markets for names that could have potential ahead. The S&P 500 (INDEX: .SPX) slid 2.5 percent Wednesday and has lost 7.5 percent of its value this year. But opportunities still exist amid the weakness, traders said. Investors may want to avoid U.S. multinational companies that have significant exposure to a stronger dollar, contended trader Dan Nathan. Instead, he looked to the Utilities Select Sector SPDR Fund (NYSE Arca: XLU) , which he has previously described as a defensive play with the benefit of a dividend yield. Nathan has a stake in the fund as well as the PowerShares DB US Dollar Index Bullish Fund (NYSE Arca: UUP) , which he said could continue to rise with strength in the dollar. Trader Karen Finerman, meanwhile, pointed to U.S. consumers stocks that have endured recent losses. She owns Macy's (NYSE: M) shares, which have fallen 41 percent in the last year in trading that she described as "ridiculously overdone." The stock has climbed more than 10 percent already this year. Finerman also said that Home Depot (NYSE: HD) would look appealing on a price dip. The stock has fallen 8 percent this year. Disclosures: Pete Najarian Long AAPL, BAC, BKE, BMY, BP, DIS, DISCA, FOXA, GE, KO, MRK, PEP, PFE, he is long calls A, AAL, ABX, BAC, CHS, CMI, COP, DAL, EMR, GDX, GE, HAIN, HUN, LC, MOS, MSFT, NRF, NRG, PNR, POT, UAL, VZ, WYNN, YDKN, ZIOP, he is long puts FCX, MRO Dan Nathan Long MCD Feb Put Spread, long PFE buy-write, long TWTR March Risk Reversal, long UUP March call, long XLU Feb Call spread, long PYPL Jan Risk Reversal, long M Jan16 call spread, long NTAP Jan risk reversal, long QCOM feb calls, short SPY, long UUP, long WMT puts, long INTC JAN 32 puts. Brian Kelly Brian Kelly is long BBRY, Bitcoin, GDX, GLD, Hong Kong Dollar, TLT, US Dollar; he is short British Pound, Euro, Canadian Dollar, GSG, EEM, EWC, EWH, SPY, DB Story continues Karen Finerman Karen is long BAC, C, FL, GOOG, GOOGL, JPM, KORS, KORS call spreads, M, SEDG, SPY calls, URI. She is short SPY. Her firm is long ANTM, AAPL, BAC, C, FL, FL calls, GOOG, GOOGL, JPM, KORS, LYV, M, MA, MOH, PLCE, URI, URI long puts, WFM, her firm is short IWM, MDY, SPY. Karen Finerman is on the board of GrafTech International. More From CNBC Top News and Analysis Latest News Video Personal Finance || 4 stocks to watch if market falls even more: U.S. stocks dropped Wednesday, continuing a rough start to the year for investors. "Fast Money" traders picked through the battered markets for names that could have potential ahead.
The S&P 500(INDEX: .SPX)slid 2.5 percent Wednesday and has lost 7.5 percent of its value this year. But opportunities still exist amid the weakness, traders said.
Investors may want to avoid U.S. multinational companies that have significant exposure to a stronger dollar, contended trader Dan Nathan. Instead, he looked to the Utilities Select Sector SPDR Fund(NYSE Arca: XLU), which he has previously described as a defensive play with the benefit of a dividend yield.
Nathan has a stake in the fund as well as the PowerShares DB US Dollar Index Bullish Fund(NYSE Arca: UUP), which he said could continue to rise with strength in the dollar.
Trader Karen Finerman, meanwhile, pointed to U.S. consumers stocks that have endured recent losses. She owns Macy's(NYSE: M)shares, which have fallen 41 percent in the last year in trading that she described as "ridiculously overdone."
The stock has climbed more than 10 percent already this year.
Finerman also said that Home Depot(NYSE: HD)would look appealing on a price dip. The stock has fallen 8 percent this year.
Disclosures:
Pete Najarian
Long AAPL, BAC, BKE, BMY, BP, DIS, DISCA, FOXA, GE, KO, MRK, PEP, PFE, he is long calls A, AAL, ABX, BAC, CHS, CMI, COP, DAL, EMR, GDX, GE, HAIN, HUN, LC, MOS, MSFT, NRF, NRG, PNR, POT, UAL, VZ, WYNN, YDKN, ZIOP, he is long puts FCX, MRO
Dan Nathan
Long MCD Feb Put Spread, long PFE buy-write, long TWTR March Risk Reversal, long UUP March call, long XLU Feb Call spread, long PYPL Jan Risk Reversal, long M Jan16 call spread, long NTAP Jan risk reversal, long QCOM feb calls, short SPY, long UUP, long WMT puts, long INTC JAN 32 puts.
Brian Kelly
Brian Kelly is long BBRY, Bitcoin, GDX, GLD, Hong Kong Dollar, TLT, US Dollar; he is short British Pound, Euro, Canadian Dollar, GSG, EEM, EWC, EWH, SPY, DB
Karen Finerman
Karen is long BAC, C, FL, GOOG, GOOGL, JPM, KORS, KORS call spreads, M, SEDG, SPY calls, URI. She is short SPY. Her firm is long ANTM, AAPL, BAC, C, FL, FL calls, GOOG, GOOGL, JPM, KORS, LYV, M, MA, MOH, PLCE, URI, URI long puts, WFM, her firm is short IWM, MDY, SPY. Karen Finerman is on the board of GrafTech International.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || You say advertising, I say block that malware: The real reason online advertising is doomed and adblockers thrive? Its malware epidemic is unacknowledged, and out of control.
The Forbes 30 Under 30 list came out this week and it featured a prominent security researcher. Other researchers were pleased to see one of their own getting positive attention, and visited the site in droves to view the list.
On arrival, like a growing number of websites, Forbes asked readers to turn off ad blockers in order to view the article. After doing so, visitors were immediately served with pop-under malware, primed to infect their computers, and likely silently steal passwords, personal data and banking information. Or, as is popular worldwide with these malware "exploit kits," lock up their hard drives in exchange for Bitcoin ransom.
One researcher commented on Twitter that the situation was "ironic" -- and while it's certainly another variant ofhackenfreude, ironic isn't exactly the word I'd use to describe what happened.
That's because this situation spotlights what happened in 2015 to billions -- yep, billions -- of people who were victims of virus-infected ads which were spread via ad networks like germs from a sneeze across the world's most popular websites.
Less than a month ago, a bogus banner ad was found serving malvertising to visitors of video site DailyMotion. After discovering it, security companyMalwarebytescontacted the online ad platform the bad ad was coming through, Atomx. The company blamed a "rogue" advertiser on the WWPromoter network.
It was estimated the adware broadcast through DailyMotion put 128 million people at risk. To be specific, it was from the notorious malware family called "Angler Exploit Kit." Remember this name, because I'm pretty sure we're going to be getting to know it a whole lot better in 2016.
Last August, Angler struck MSN.com with -- you guessed it -- another drive-by malvertising campaign. It was the same campaign that had infected Yahoo visitors back in July (an estimated 6.9 billion visits per month, it'sconsideredthe biggest malvertising attack so far).
October saw Angler targeting Daily Mail visitors through poisoned ads as well (monthly ad impressions64.4 million). Only last month, Angler's malicious ads hit visitors to Reader's Digest (210K readers;ad impressions 1.7M). That attack sat unattended after being in the press, and was fixed only after a week of public outcry.
It's crazy to consider what a perfect marriage this is, between the advertisers and the criminals pushing the exploit kits. They have alotin common.
Both try to trick us into giving them something we don't want to. We've recently learned that both entities surveil and track us beyond what we're OK with. And both are hard to get rid of. You know, like those gross toenail and skin condition ad-banners found at the bottom of every cheapo blog you've ever seen, forever burned into the "can't unsee" section of your brain.
It actually makes business sense to think about malware attacks like an advertiser. You want to deliver your infection to, and scrape those dollars from, every little reader out there. You need a targeted delivery system, with the widest distribution, and as many clueless middlemen as possible.
It's easy to want to blame Reader's Digest, or Yahoo, or Forbes, or Daily Mail, or any of these sites for screwing viewers by serving them malicious ads and not telling them, or not helping them with the cleanup afterward. And it's a hell of a lot easier when they've compelled us to turn off our ad blockers to simply see what brought us to their site.
But the problem is coming through them, from the ad networks themselves. The same ones, it should be mentioned, who control the Faustian bargains made by bartering and selling our information.
What should the websites do? The ad networks clearly don't have a handle on this at all, giving us one more reason to use ad blockers. They're practically the most popular malware delivery systems on Earth, and they're making the websites they do business with into the same poisonous monster. I don't even want to think about what it all means for the security practices of the ad companies handling our tracking data or the sites we visit hosting these pathogens.
So, to my friend on theForbes 30 Under 30 list-- a malware researcher, which I'll concede is actually ironic -- I'm sorry I won't be seeing your time in that particular spotlight. What we need is a word for the fact that ad blockers have become our first line of defense against a malware epidemic. Especially during a time when the sites we visit are begging, pleading, demanding and practically tricking us into turning off Ad Block Plus.
[Image credit: Getty Images] || You say advertising, I say block that malware: The real reason online advertising is doomed and adblockers thrive? Its malware epidemic is unacknowledged, and out of control. The Forbes 30 Under 30 list came out this week and it featured a prominent security researcher. Other researchers were pleased to see one of their own getting positive attention, and visited the site in droves to view the list. On arrival, like a growing number of websites, Forbes asked readers to turn off ad blockers in order to view the article. After doing so, visitors were immediately served with pop-under malware, primed to infect their computers, and likely silently steal passwords, personal data and banking information. Or, as is popular worldwide with these malware "exploit kits," lock up their hard drives in exchange for Bitcoin ransom. One researcher commented on Twitter that the situation was "ironic" -- and while it's certainly another variant of hackenfreude , ironic isn't exactly the word I'd use to describe what happened. The @Forbes website held content until I disabled Ad Blocker. I did so and was immediately given pop-under malware. pic.twitter.com/eDVRAA9ZSu — Brian Baskin (@bbaskin) January 4, 2016 That's because this situation spotlights what happened in 2015 to billions -- yep, billions -- of people who were victims of virus-infected ads which were spread via ad networks like germs from a sneeze across the world's most popular websites. Less than a month ago, a bogus banner ad was found serving malvertising to visitors of video site DailyMotion. After discovering it, security company Malwarebytes contacted the online ad platform the bad ad was coming through, Atomx. The company blamed a "rogue" advertiser on the WWPromoter network. It was estimated the adware broadcast through DailyMotion put 128 million people at risk. To be specific, it was from the notorious malware family called "Angler Exploit Kit." Remember this name, because I'm pretty sure we're going to be getting to know it a whole lot better in 2016. Story continues Last August, Angler struck MSN.com with -- you guessed it -- another drive-by malvertising campaign. It was the same campaign that had infected Yahoo visitors back in July (an estimated 6.9 billion visits per month, it's considered the biggest malvertising attack so far). October saw Angler targeting Daily Mail visitors through poisoned ads as well (monthly ad impressions 64.4 million ). Only last month, Angler's malicious ads hit visitors to Reader's Digest (210K readers; ad impressions 1.7M ). That attack sat unattended after being in the press, and was fixed only after a week of public outcry. It's crazy to consider what a perfect marriage this is, between the advertisers and the criminals pushing the exploit kits. They have a lot in common. pop-up ads coming out of laptop screen with a spring Both try to trick us into giving them something we don't want to. We've recently learned that both entities surveil and track us beyond what we're OK with. And both are hard to get rid of. You know, like those gross toenail and skin condition ad-banners found at the bottom of every cheapo blog you've ever seen, forever burned into the "can't unsee" section of your brain. It actually makes business sense to think about malware attacks like an advertiser. You want to deliver your infection to, and scrape those dollars from, every little reader out there. You need a targeted delivery system, with the widest distribution, and as many clueless middlemen as possible. It's easy to want to blame Reader's Digest, or Yahoo, or Forbes, or Daily Mail, or any of these sites for screwing viewers by serving them malicious ads and not telling them, or not helping them with the cleanup afterward. And it's a hell of a lot easier when they've compelled us to turn off our ad blockers to simply see what brought us to their site. But the problem is coming through them, from the ad networks themselves. The same ones, it should be mentioned, who control the Faustian bargains made by bartering and selling our information. What should the websites do? The ad networks clearly don't have a handle on this at all, giving us one more reason to use ad blockers. They're practically the most popular malware delivery systems on Earth, and they're making the websites they do business with into the same poisonous monster. I don't even want to think about what it all means for the security practices of the ad companies handling our tracking data or the sites we visit hosting these pathogens. So, to my friend on the Forbes 30 Under 30 list -- a malware researcher, which I'll concede is actually ironic -- I'm sorry I won't be seeing your time in that particular spotlight. What we need is a word for the fact that ad blockers have become our first line of defense against a malware epidemic. Especially during a time when the sites we visit are begging, pleading, demanding and practically tricking us into turning off Ad Block Plus. [Image credit: Getty Images] || Interest In Bitcoin Mining Returns: While markets around the world suffered significant turbulence this week, bitcoinclimbed6 percent.
The cryptocurrency is well known for its wild swings in valuation, but many say the digital currency is back on a more stable path and could prove a worthwhile investment in the New Year. In 2015, bitcoin fell as low, as $183 as confidence in the cryptocurrency's staying power waned. However, on Thursday, bitcoin was trading at $429, a significant increase.
Mining Returns
With bitcoin on the upswing, bitcoin mining has begun togain popularityonce again, according to Bloomberg.
Related Link:Mike Tyson Dives Deeper Into Bitcoin
When cryptocurrencies were first introduced, miners set up their computers to solve complex problems and be rewarded with the release of new coins. As the value of bitcoin went up, so did the profitability of bitcoin mining. However, last year as bitcoin prices plummeted, the number of miners significantly declined as the cost to buy hardware and pay electric bills to run the machines outweighed the rewards.
Now that bitcoin has made its way higher, mining efforts are increasing – especially among those who bought the necessary hardware last year, but haven't been able to make use of it.
A Risky Business
While mining is gaining popularity once again, many caution that bitcoin's price isn't the only factor that drives profitability for miners. This year, bitcoin's software will reduce the number of coins that miners receive for mining activities by half, something that could have an impact on the time it takes to recoup investment costs.
Not only that, but bitcoin's price is far from stable. In past years, bitcoin's wild swings in value have proven that it is difficult to predict whether the cryptocurrency will be able to continue trading at current levels, making investing in mining equipment a bit of a gamble.
Image Credit: Public Domain
See more from Benzinga
• Should Investors Be Worried About Apple?
• CES Paints Worrying Picture For Telecoms
• Netflix Gains On Expansion News, But Some Still Wary
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Interest In Bitcoin Mining Returns: While markets around the world suffered significant turbulence this week, bitcoin climbed 6 percent. The cryptocurrency is well known for its wild swings in valuation, but many say the digital currency is back on a more stable path and could prove a worthwhile investment in the New Year. In 2015, bitcoin fell as low, as $183 as confidence in the cryptocurrency's staying power waned. However, on Thursday, bitcoin was trading at $429, a significant increase. Mining Returns With bitcoin on the upswing, bitcoin mining has begun to gain popularity once again, according to Bloomberg. Related Link: Mike Tyson Dives Deeper Into Bitcoin When cryptocurrencies were first introduced, miners set up their computers to solve complex problems and be rewarded with the release of new coins. As the value of bitcoin went up, so did the profitability of bitcoin mining. However, last year as bitcoin prices plummeted, the number of miners significantly declined as the cost to buy hardware and pay electric bills to run the machines outweighed the rewards. Now that bitcoin has made its way higher, mining efforts are increasing – especially among those who bought the necessary hardware last year, but haven't been able to make use of it. A Risky Business While mining is gaining popularity once again, many caution that bitcoin's price isn't the only factor that drives profitability for miners. This year, bitcoin's software will reduce the number of coins that miners receive for mining activities by half, something that could have an impact on the time it takes to recoup investment costs. Not only that, but bitcoin's price is far from stable. In past years, bitcoin's wild swings in value have proven that it is difficult to predict whether the cryptocurrency will be able to continue trading at current levels, making investing in mining equipment a bit of a gamble. Image Credit: Public Domain See more from Benzinga Should Investors Be Worried About Apple? CES Paints Worrying Picture For Telecoms Netflix Gains On Expansion News, But Some Still Wary © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Interest In Bitcoin Mining Returns: While markets around the world suffered significant turbulence this week, bitcoinclimbed6 percent.
The cryptocurrency is well known for its wild swings in valuation, but many say the digital currency is back on a more stable path and could prove a worthwhile investment in the New Year. In 2015, bitcoin fell as low, as $183 as confidence in the cryptocurrency's staying power waned. However, on Thursday, bitcoin was trading at $429, a significant increase.
Mining Returns
With bitcoin on the upswing, bitcoin mining has begun togain popularityonce again, according to Bloomberg.
Related Link:Mike Tyson Dives Deeper Into Bitcoin
When cryptocurrencies were first introduced, miners set up their computers to solve complex problems and be rewarded with the release of new coins. As the value of bitcoin went up, so did the profitability of bitcoin mining. However, last year as bitcoin prices plummeted, the number of miners significantly declined as the cost to buy hardware and pay electric bills to run the machines outweighed the rewards.
Now that bitcoin has made its way higher, mining efforts are increasing – especially among those who bought the necessary hardware last year, but haven't been able to make use of it.
A Risky Business
While mining is gaining popularity once again, many caution that bitcoin's price isn't the only factor that drives profitability for miners. This year, bitcoin's software will reduce the number of coins that miners receive for mining activities by half, something that could have an impact on the time it takes to recoup investment costs.
Not only that, but bitcoin's price is far from stable. In past years, bitcoin's wild swings in value have proven that it is difficult to predict whether the cryptocurrency will be able to continue trading at current levels, making investing in mining equipment a bit of a gamble.
Image Credit: Public Domain
See more from Benzinga
• Should Investors Be Worried About Apple?
• CES Paints Worrying Picture For Telecoms
• Netflix Gains On Expansion News, But Some Still Wary
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || 6 trades to watch in an uncertain market: After U.S. stocks followed global markets lower Thursday, "Fast Money" traders outlined what they deemed safe plays to ride out uncertainty.
Major averages each closed down more than 2 percent, after a brief Chinese trading session in which a 7 percent drop in the CSI300 triggered a halt. Traders looked to longer-term plays that could offer protection through volatility.
Market Vectors Gold Miners ETF(NYSE Arca: GDX)
The price of gold(CEC:Commodities Exchange Centre: @GC.1), a traditional "safe haven" asset, climbed Thursday amid the uncertainty in stock and oil markets. The Market Vectors Gold Miners ETF rose more than 4 percent for the day.
Both traders Guy Adami and Brian Kelly said gold likely has more upside ahead.
iShares 20+ Year Treasury Bond ETF(NYSE Arca: TLT)
U.S. Treasury prices rose in choppy trading Thursday amid a flight to safer assets, sending yields lower. In that environment, the iShares 20+ Year Treasury Bond ETF could make a good play, said Adami and trader Dan Nathan.
Utilities Select Sector SPDR Fund(NYSE Arca: XLU)
Utilities offer a place to "hide" in current markets, said trader Steve Grasso. Nathan also identified them as a defensive play because of their dividend yields.
They looked to the Utilities Select Sector SPDR Fund, which fell slightly on Thursday.
Retail
Shares of department store chain Macy's(NYSE: M)climbed about 2 percent Thursday in the wake of a restructuring announcement. Adami believes the stock can rise even more.
Grasso also outlined possible strength in American Eagle Outfitters(NYSE: AEO).
Verizon(NYSE: VZ)
Nathan also saw Verizon as a possible play for investors looking for yield.
Disclosures:
Dan Nathan
Dan Nathan is long MCD Feb Put Spread, Long PFE buy-write, long TWTR March Risk Reversal, long UUP March call, long XLU Feb Call spread, long PYPL Jan Risk Reversal, long M Jan16 call spread, long NTAP Jan risk reversal, long QCOM feb calls, short SPY, Long UUP, long WMT puts
Steve Grasso
Steve Grasso is long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, KBH, MJNA, MBLY, MU, OLN, PFE, PHM, T, TWTR, GDX firm is long APC, CXO, OXY, BP, CVX, MCD, RIG, AMZN kids own EFA, EFG, EWJ, IJR, SPY
Brian Kelly
Brian Kelly is long BBRY, Bitcoin, GDX, GLD, Hong Kong Dollar, TLT, US Dollar; he is short British Pound, Euro, Yuan, Canadian Dollar, GSG, EEM, EWC, EWH, KRE, SPY, DB
Guy Adami
Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || 6 trades to watch in an uncertain market: After U.S. stocks followed global markets lower Thursday, "Fast Money" traders outlined what they deemed safe plays to ride out uncertainty. Major averages each closed down more than 2 percent, after a brief Chinese trading session in which a 7 percent drop in the CSI300 triggered a halt. Traders looked to longer-term plays that could offer protection through volatility. Market Vectors Gold Miners ETF (NYSE Arca: GDX) The price of gold (CEC:Commodities Exchange Centre: @GC.1) , a traditional "safe haven" asset, climbed Thursday amid the uncertainty in stock and oil markets. The Market Vectors Gold Miners ETF rose more than 4 percent for the day. Both traders Guy Adami and Brian Kelly said gold likely has more upside ahead. iShares 20+ Year Treasury Bond ETF (NYSE Arca: TLT) U.S. Treasury prices rose in choppy trading Thursday amid a flight to safer assets, sending yields lower. In that environment, the iShares 20+ Year Treasury Bond ETF could make a good play, said Adami and trader Dan Nathan. Utilities Select Sector SPDR Fund (NYSE Arca: XLU) Utilities offer a place to "hide" in current markets, said trader Steve Grasso. Nathan also identified them as a defensive play because of their dividend yields. They looked to the Utilities Select Sector SPDR Fund, which fell slightly on Thursday. Retail Shares of department store chain Macy's (NYSE: M) climbed about 2 percent Thursday in the wake of a restructuring announcement. Adami believes the stock can rise even more. Grasso also outlined possible strength in American Eagle Outfitters (NYSE: AEO) . Verizon (NYSE: VZ) Nathan also saw Verizon as a possible play for investors looking for yield. Disclosures: Dan Nathan Dan Nathan is long MCD Feb Put Spread, Long PFE buy-write, long TWTR March Risk Reversal, long UUP March call, long XLU Feb Call spread, long PYPL Jan Risk Reversal, long M Jan16 call spread, long NTAP Jan risk reversal, long QCOM feb calls, short SPY, Long UUP, long WMT puts Story continues Steve Grasso Steve Grasso is long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, KBH, MJNA, MBLY, MU, OLN, PFE, PHM, T, TWTR, GDX firm is long APC, CXO, OXY, BP, CVX, MCD, RIG, AMZN kids own EFA, EFG, EWJ, IJR, SPY Brian Kelly Brian Kelly is long BBRY, Bitcoin, GDX, GLD, Hong Kong Dollar, TLT, US Dollar; he is short British Pound, Euro, Yuan, Canadian Dollar, GSG, EEM, EWC, EWH, KRE, SPY, DB Guy Adami Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. More From CNBC Top News and Analysis Latest News Video Personal Finance
[Social Media Buzz]
LIVE: Profit = $93.50 (4.57 %). BUY B5.28 @ $400.00 (#VirCurex). SELL @ $402.66 (#HitBTC) #bitcoin #btc - http://www.projectcoin.org || Actually an over-rated book. Nothing compared to Bravo Two Zero by Andy McNab.
https://t.co/NDEx9aQ0XY || In the last 10 mins, there were arb opps spanning 15 exchange pair(s), yielding profits ranging between $0.00 and $274.59 #bitcoin #btc || #RDD / #BTC on the exchanges:
Cryptsy: 0.00000005
Bittrex: 0.00000005
Average $2.0E-5 per #reddcoin
10:00:01 || 1 #bi...
|
387.54, 382.30, 387.17, 380.15, 420.23, 410.26, 382.49, 387.49, 402.97, 391.73
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 9439.12, 9700.41, 9461.06, 10167.27, 9529.80, 9656.72, 9800.64, 9665.53, 9653.68, 9758.85, 9771.49, 9795.70, 9870.09, 9321.78, 9480.84, 9475.28, 9386.79, 9450.70, 9538.02, 9480.25, 9411.84, 9288.02, 9332.34, 9303.63, 9648.72, 9629.66, 9313.61, 9264.81, 9162.92, 9045.39, 9143.58, 9190.85, 9137.99, 9228.33, 9123.41, 9087.30, 9132.49, 9073.94, 9375.47, 9252.28, 9428.33, 9277.97, 9278.81, 9240.35, 9276.50, 9243.61, 9243.21, 9192.84, 9132.23, 9151.39, 9159.04, 9185.82, 9164.23, 9374.89, 9525.36, 9581.07, 9536.89, 9677.11, 9905.17, 10990.87, 10912.82, 11100.47, 11111.21, 11323.47, 11759.59, 11053.61, 11246.35, 11205.89, 11747.02, 11779.77, 11601.47, 11754.05, 11675.74, 11878.11, 11410.53, 11584.93, 11784.14, 11768.87, 11865.70, 11892.80, 12254.40, 11991.23, 11758.28, 11878.37, 11592.49, 11681.83, 11664.85, 11774.60, 11366.13, 11488.36.
|
[Bitcoin Technical Analysis for 2020-08-26]
Volume: 22466660958, RSI (14-day): 51.16, 50-day EMA: 10957.68, 200-day EMA: 9507.48
[Wider Market Context]
Gold Price: 1940.70, Gold RSI: 52.00
Oil Price: 43.39, Oil RSI: 62.56
[Recent News (last 7 days)]
Retired con artist on how to avoid a COVID-19 scam, and why seniors are the biggest target: Image credit: HomeEquity Bank Ninety-one per cent of older Canadians believe they are the most vulnerable group that scammers target, according to a new Ipsos survey. The world’s most famous con man turned fraud expert says nothing is better than education to put a stop to it. Frank Abagnale, who was portrayed by Leonardo DiCaprio in the movie Catch Me If You Can , is part of a video campaign , spearheaded by HomeEquity Bank, to teach Canadians how to identify a scam and how to avoid falling victim to one. Ipsos said 52 per cent of older Canadians polled (55 and older) say they’ve been the target of a scam and 72 per cent of those surveyed say there has been an increase in COVID-19 related scams since the start of the pandemic. The poll added that one in three Canadians admitted to falling victim to a scam, and Abagnale hopes that the new video series will help Canadians understand how to spot a scam and not be the victim. Ipsos surveyed 1,000 people aged 18 and over across the country online. The survey was conducted on behalf of HomeEquity Bank, which wanted to better understand older Canadians’ attitudes towards scams, and fraud. Yahoo Finance Canada talked to Abagnale to get his tips for skirting the scammers. The following interview has been edited for length and clarity. Q: What are scammers looking for and who do they target? A: Last year, the AARP, the American Association of Retired People in the United States, commissioned me to write a book about all the scams and they wanted me to cover every single scam. Both millennials, seniors financial scams, Bitcoin, etc. And so I wrote Scam Me If You Can . When doing the research for the book what was most amazing to me is I found that millennials are often scammed more often than seniors, but seniors lose more money because they have more money. During COVID we have seen, for example in the United States, an increase of 350 per cent of all of these scams. Basically, first of all, you have all of these people sitting at home, all of these people on their computer spending a great deal of time and scam artists follow the headline so whatever is going on at that moment that's the scams they come up with. Story continues And when you research them and you look back, you find that basically they're all the same and they've been around for more than 50 years. [The scammers] just changed the pitch. So now, [with] COVID they're selling you vaccines, telling you they have treatments or selling... whatever it is that they can sell, of course, they'd never deliver. And people are a little anxious and people are a little desperate and they're a little scared and they play on the fear and, and so on. I think a big difference today is that 50 years ago you were dealing with a domestic criminal who basically had to see you face to face in order to scam you. Today you're dealing with criminals all over the world who can be sitting in their kitchen on their laptop with a cup of coffee in Moscow and scam you just as well as the guy next door. The internet has made it so much easier and you can reach so many people and there's no emotion involved. You could say that in the old days the common man or woman had a little bit of concern, they may have wanted to rip someone off but say oh I don’t want to take all their money, they were a little bit compassionate about it. Today, these people never see you, you never see them, there is zero compassion. They'll take you for every penny. Unfortunately, many times they pick on the elderly and it's very simple to do. Q: How can I avoid a scam? A: I've always believed to this day that education is the most powerful tool for fighting crime. If I explained to you these scams and I tell you how they work, then when you get that phone call, you get that email, you immediately say alright I already know this, I've read about this, I understand how this works. Unfortunately, we see very little of this. So I was amazed that it was a bank that was really simply wanting to help educate their customers. I thought that brought tremendous value as a bank that they were concerned about their customers to go spend the money and took the time to create this campaign to make them aware. The most important thing to do is to educate your customers and educate people on how not to fall victim to these crimes. Q: What are the red flags in a scam? A: There are two red flags, they have to be there for the scam to work, and the red flag is very simple. At some point in the scam, I'm going to ask you for money, and I'm going to tell you it has to be immediate and you have to give me a credit card over the phone, you have to give me your bank account number, you have to go down to Walmart and give me a green card and call me back with the number on the back. It has to be right this moment. The other red flag is that at some point I'm going to ask you for information, so I'm going to ask you what your social security number is, your date of birth, your mother's maiden name, your bank account number, your credit card number, the number on the back of your credit card. That has to happen at some point. Q: What is the most common mistake people make that scam artists take advantage of? A: If you tell me on Facebook, where you were born, and your date of birth, that is 98 per cent of me having the ability to steal your identity, those are what we call keys. And if I have those two keys, I've basically got your identity. So I tell people never to say on Facebook where you were born, or your date of birth, otherwise you're simply saying to someone come steal my identity. Q: How can I get my money back if I’ve been scammed? A: It's very unfortunate but it's been my experience that once you lose your money, you're probably never going to get your money back. You know, we may end up catching the person, or they may end up going to jail, but you’re probably never going to see your money. And in most cases, these people are in Russia, they're in China, they're in India, they're in Jamaica. We don't really have the jurisdiction to go down and arrest them or extradite them, and sometimes $1 amount is not worth that for them to pursue it. So I tell people once you lose your money you're probably not going to get your money back and that's why it's so important not to risk your money. The safest form of payment that exists, and whether it's Canada or the United States is your credit card. I tell people I don't own a debit card, I do everything on a credit card. I even get cash out of the ATM on my credit card, or I use strictly a bank ATM card, not a debit card. And the reason is, if I get caught up in some roofing scams or fixing my house [scam] and turns out they never do the work, I can always go back to my credit card company, and most of the time get reinstated. If I got my Visa statement today and it said there were $8,000 in airline tickets and I didn't pay the bill yet, I simply tell the credit card company I didn't buy these tickets. I don't know anything about them. But if you're taken out of my account, trying to convince the bank that it wasn't me, the bank says they will have to investigate. One of the ways I minimize my risk from that is simply to basically use a credit card and never use a debit card. Download the Yahoo Finance app, available for Apple and Android and sign up for the Yahoo Finance Canada Weekly Brief. || Retired con artist explains how to avoid a COVID-19 scam, and why seniors are the biggest target: Ninety-one per cent of older Canadians believe they are the most vulnerable group that scammers target, according to a new Ipsos survey. The world’s most famous con man turned fraud expert says nothing is better than education to put a stop to it.
Frank Abagnale, who was portrayed by Leonardo DiCaprio in the movieCatch Me If You Can, ispart of a video campaign, spearheaded by HomeEquity Bank, to teach Canadians how to identify a scam and how to avoid falling victim to one.
Ipsos said 52 per cent of older Canadians polled (55 and older) say they’ve been the target of a scam and 72 per cent of those surveyed say there has been an increase in COVID-19 related scams since the start of the pandemic.
The poll added that one in three Canadians admitted to falling victim to a scam, and Abagnale hopes that the new video series will help Canadians understand how to spot a scam and not be the victim.
Ipsos surveyed 1,000 people aged 18 and over across the country online. The survey was conducted on behalf of HomeEquity Bank, which wanted to better understand older Canadians’ attitudes towards scams, and fraud.
Yahoo Finance Canadatalked to Abagnale to get his tips for skirting the scammers.
The following interview has been edited for length and clarity.
A:Last year, the AARP, the American Association of Retired People in the United States, commissioned me to write a book about all the scams and they wanted me to cover every single scam. Both millennials, seniors financial scams, Bitcoin, etc. And so I wroteScam Me If You Can.
When doing the research for the book what was most amazing to me is I found that millennials are often scammed more often than seniors, but seniors lose more money because they have more money.
During COVID we have seen, for example in the United States, an increase of 350 per cent of all of these scams. Basically, first of all, you have all of these people sitting at home, all of these people on their computer spending a great deal of time and scam artists follow the headline so whatever is going on at that moment that's the scams they come up with.
And when you research them and you look back, you find that basically they're all the same and they've been around for more than 50 years. [The scammers] just changed the pitch.
So now, [with] COVID they're selling you vaccines, telling you they have treatments or selling... whatever it is that they can sell, of course, they'd never deliver. And people are a little anxious and people are a little desperate and they're a little scared and they play on the fear and, and so on.
I think a big difference today is that 50 years ago you were dealing with a domestic criminal who basically had to see you face to face in order to scam you. Today you're dealing with criminals all over the world who can be sitting in their kitchen on their laptop with a cup of coffee in Moscow and scam you just as well as the guy next door.
The internet has made it so much easier and you can reach so many people and there's no emotion involved. You could say that in the old days the common man or woman had a little bit of concern, they may have wanted to rip someone off but say oh I don’t want to take all their money, they were a little bit compassionate about it. Today, these people never see you, you never see them, there is zero compassion.
They'll take you for every penny. Unfortunately, many times they pick on the elderly and it's very simple to do.
A:I've always believed to this day that education is the most powerful tool for fighting crime. If I explained to you these scams and I tell you how they work, then when you get that phone call, you get that email, you immediately say alright I already know this, I've read about this, I understand how this works. Unfortunately, we see very little of this.
So I was amazed that it was a bank that was really simply wanting to help educate their customers. I thought that brought tremendous value as a bank that they were concerned about their customers to go spend the money and took the time to create this campaign to make them aware.
The most important thing to do is to educate your customers and educate people on how not to fall victim to these crimes.
A:There are two red flags, they have to be there for the scam to work, and the red flag is very simple. At some point in the scam, I'm going to ask you for money, and I'm going to tell you it has to be immediate and you have to give me a credit card over the phone, you have to give me your bank account number, you have to go down to Walmart and give me a green card and call me back with the number on the back. It has to be right this moment.
The other red flag is that at some point I'm going to ask you for information, so I'm going to ask you what your social security number is, your date of birth, your mother's maiden name, your bank account number, your credit card number, the number on the back of your credit card. That has to happen at some point.
A:If you tell me on Facebook, where you were born, and your date of birth, that is 98 per cent of me having the ability to steal your identity, those are what we call keys. And if I have those two keys, I've basically got your identity. So I tell people never to say on Facebook where you were born, or your date of birth, otherwise you're simply saying to someone come steal my identity.
A:It's very unfortunate but it's been my experience that once you lose your money, you're probably never going to get your money back. You know, we may end up catching the person, or they may end up going to jail, but you’re probably never going to see your money. And in most cases, these people are in Russia, they're in China, they're in India, they're in Jamaica.
We don't really have the jurisdiction to go down and arrest them or extradite them, and sometimes $1 amount is not worth that for them to pursue it. So I tell people once you lose your money you're probably not going to get your money back and that's why it's so important not to risk your money.
The safest form of payment that exists, and whether it's Canada or the United States is your credit card. I tell people I don't own a debit card, I do everything on a credit card. I even get cash out of the ATM on my credit card, or I use strictly a bank ATM card, not a debit card. And the reason is, if I get caught up in some roofing scams or fixing my house [scam] and turns out they never do the work, I can always go back to my credit card company, and most of the time get reinstated.
If I got my Visa statement today and it said there were $8,000 in airline tickets and I didn't pay the bill yet, I simply tell the credit card company I didn't buy these tickets. I don't know anything about them. But if you're taken out of my account, trying to convince the bank that it wasn't me, the bank says they will have to investigate.
One of the ways I minimize my risk from that is simply to basically use a credit card and never use a debit card.
Download the Yahoo Finance app, available forAppleandAndroidand sign up for theYahoo Finance Canada Weekly Brief. || Decentralized exchange dYdX launches LINK perpetual contracts: Decentralized exchange dYdX has launched perpetual contracts tied to Chainlink's LINK token. The LINK-USD contracts offer up to 8x leverage and are cash-settled in USDC stablecoin. Like dYdX's other perpetual contracts tied to bitcoin (BTC) and ether (ETH) , LINK contracts are not available in the U.S. dYdX said it chose LINK for its third perpetual contract because the token is most traded in the decentralized finance (DeFi) market. The exchange will support more tokens, including DeFi coins, in the future based on trading volumes, senior growth associate Corey Miller told The Block. The DEX is targeting to launch one or two new contracts per month, said Miller. "Once our L2 [Layer-2] is live, we will be able to launch them on a shorter time horizon," said Miller. dYdX recently partnered with StarkWare to integrate the firm's Layer-2 scaling technology into its perpetual contract offerings. dYdX is backed by investors like a16z, Polychain, and 1confirmation. The firm has raised $12 million in funding to date since its founding in 2017. © 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. View comments || Decentralized exchange dYdX launches LINK perpetual contracts: Decentralized exchange dYdX has launched perpetual contracts tied to Chainlink's LINK token.
TheLINK-USD contractsoffer up to 8x leverage and are cash-settled in USDC stablecoin. Like dYdX's other perpetual contracts tied tobitcoin (BTC)andether (ETH), LINK contracts are not available in the U.S.
dYdX said it chose LINK for its third perpetual contract because the token is most traded in the decentralized finance (DeFi) market. The exchange will support more tokens, including DeFi coins, in the future based on trading volumes, senior growth associate Corey Miller told The Block.
The DEX is targeting to launch one or two new contracts per month, said Miller. "Once our L2 [Layer-2] is live, we will be able to launch them on a shorter time horizon," said Miller. dYdX recentlypartneredwith StarkWare to integrate the firm's Layer-2 scaling technology into its perpetual contract offerings.
dYdX is backed by investors like a16z, Polychain, and 1confirmation. The firm has raised $12 million in funding to date since its founding in 2017.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || Latest Bitcoin price and analysis (BTC to USD): Bitcoin is enduring a troubling period of bearish pressure after re-testing the $11,430 level of support for the second time in three days. The previous touch of this support prompted a 3.14% bounce to the upside, although failure to achieve a high above $12,000 and even $11,900 demonstrates bullish exhaustion. If Bitcoin begins to trade beneath this level of support it will likely cause a sharp drop to $11,150, which may be extended depending how many long positions get put into liquidation across derivatives exchanges. Breaking below this level would also suggest that Bitcoin has undergone a trend reversal, which means the local high of $12,500 will remain untested until a bullish catalyst or news event drives it back to the upside. Key levels of support to look out for to the downside are at $10,920 and $10,550, although there is a slight possibility that Bitcoin will fill the gap on its CME Futures contract down at $9,400. BTCUSD by TradingView However, for the time being Bitcoin continues to trade around the $11,430 level of support, if it can bounce from here back to the $11,900 region it would indicate that buyers are keen on supporting the price, which would pave the way for a longer period of consolidation. Key triggers to the upside remain at both $12,050 and $12,500, if Bitcoin can break above these with an influx of trade volume it could well be on track to form a new all-time high by the end of the year as it would undoubtedly confirm a cryptocurrency bull market. For more news, guides and cryptocurrency analysis, click here . Bitcoin pricing Current live BTC pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents: US Dollar – BTCtoUSD British Pound Sterling – BTCtoGBP Japanese Yen – BTCtoJPY Euro – BTCtoEUR Australian Dollar – BTCtoAUD Russian Rouble – BTCtoRUB Story continues About Bitcoin In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are. The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins. More BTC news and information If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started. As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not. Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. || Latest Bitcoin price and analysis (BTC to USD): Bitcoin is enduring a troubling period of bearish pressure after re-testing the $11,430 level of support for the second time in three days. The previous touch of this support prompted a 3.14% bounce to the upside, although failure to achieve a high above $12,000 and even $11,900 demonstrates bullish exhaustion. If Bitcoin begins to trade beneath this level of support it will likely cause a sharp drop to $11,150, which may be extended depending how many long positions get put into liquidation across derivatives exchanges. Breaking below this level would also suggest that Bitcoin has undergone a trend reversal, which means the local high of $12,500 will remain untested until a bullish catalyst or news event drives it back to the upside. Key levels of support to look out for to the downside are at $10,920 and $10,550, although there is a slight possibility that Bitcoin will fill the gap on its CME Futures contract down at $9,400. BTCUSD by TradingView However, for the time being Bitcoin continues to trade around the $11,430 level of support, if it can bounce from here back to the $11,900 region it would indicate that buyers are keen on supporting the price, which would pave the way for a longer period of consolidation. Key triggers to the upside remain at both $12,050 and $12,500, if Bitcoin can break above these with an influx of trade volume it could well be on track to form a new all-time high by the end of the year as it would undoubtedly confirm a cryptocurrency bull market. For more news, guides and cryptocurrency analysis, click here . Bitcoin pricing Current live BTC pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents: US Dollar – BTCtoUSD British Pound Sterling – BTCtoGBP Japanese Yen – BTCtoJPY Euro – BTCtoEUR Australian Dollar – BTCtoAUD Russian Rouble – BTCtoRUB Story continues About Bitcoin In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are. The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins. More BTC news and information If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started. As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not. Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. || Latest Bitcoin price and analysis (BTC to USD): Bitcoin is enduring a troubling period of bearish pressure after re-testing the $11,430 level of support for the second time in three days. The previous touch of this support prompted a 3.14% bounce to the upside, although failure to achieve a high above $12,000 and even $11,900 demonstrates bullish exhaustion. If Bitcoin begins to trade beneath this level of support it will likely cause a sharp drop to $11,150, which may be extended depending how many long positions get put into liquidation across derivatives exchanges. Breaking below this level would also suggest that Bitcoin has undergone a trend reversal, which means the local high of $12,500 will remain untested until a bullish catalyst or news event drives it back to the upside. Key levels of support to look out for to the downside are at $10,920 and $10,550, although there is a slight possibility that Bitcoin will fill the gap on its CME Futures contract down at $9,400. BTCUSD by TradingView However, for the time being Bitcoin continues to trade around the $11,430 level of support, if it can bounce from here back to the $11,900 region it would indicate that buyers are keen on supporting the price, which would pave the way for a longer period of consolidation. Key triggers to the upside remain at both $12,050 and $12,500, if Bitcoin can break above these with an influx of trade volume it could well be on track to form a new all-time high by the end of the year as it would undoubtedly confirm a cryptocurrency bull market. For more news, guides and cryptocurrency analysis, click here . Bitcoin pricing Current live BTC pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents: US Dollar – BTCtoUSD British Pound Sterling – BTCtoGBP Japanese Yen – BTCtoJPY Euro – BTCtoEUR Australian Dollar – BTCtoAUD Russian Rouble – BTCtoRUB Story continues About Bitcoin In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are. The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins. More BTC news and information If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started. As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not. Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. || Wave of Bitcoin-Seeking Bomb Threats Sparks Probe by Austrian Police: Austrian police say they are investigating a surge in bomb threat extortion attempts after numerous companies received bitcoin-seeking blackmail emails Tuesday morning.
• Companies got an email ultimatum: pay $20,000 inbitcoinin the next 80 hours or risk detonation of a hidden plastic explosive. Instructions on how to buy bitcoin were also included in the email, according toAustrian media.
• Austria’s Federal Criminal Police responded with vehicle patrols in Vienna and Tyrol but found no evidence of bombs. They assume the anonymous senders are international.
• Police saidbitcoin bomb threats are a “well-known mass phenomenon,” even if Tuesday’s reports represented an unusual uptick.
• The incident is a stark reminder of cryptocurrency’s appeal to criminals, owing to the irreversibility of transactions and the absence of any third party who can veto them. The flip side is the public audibility of blockchains can help law enforcement track down perpetrators after the fact.
• Wave of Bitcoin-Seeking Bomb Threats Sparks Probe by Austrian Police
• Wave of Bitcoin-Seeking Bomb Threats Sparks Probe by Austrian Police
• Wave of Bitcoin-Seeking Bomb Threats Sparks Probe by Austrian Police
• Wave of Bitcoin-Seeking Bomb Threats Sparks Probe by Austrian Police || Wave of Bitcoin-Seeking Bomb Threats Sparks Probe by Austrian Police: Austrian police say they are investigating a surge in bomb threat extortion attempts after numerous companies received bitcoin-seeking blackmail emails Tuesday morning.
• Companies got an email ultimatum: pay $20,000 inbitcoinin the next 80 hours or risk detonation of a hidden plastic explosive. Instructions on how to buy bitcoin were also included in the email, according toAustrian media.
• Austria’s Federal Criminal Police responded with vehicle patrols in Vienna and Tyrol but found no evidence of bombs. They assume the anonymous senders are international.
• Police saidbitcoin bomb threats are a “well-known mass phenomenon,” even if Tuesday’s reports represented an unusual uptick.
• The incident is a stark reminder of cryptocurrency’s appeal to criminals, owing to the irreversibility of transactions and the absence of any third party who can veto them. The flip side is the public audibility of blockchains can help law enforcement track down perpetrators after the fact.
• Wave of Bitcoin-Seeking Bomb Threats Sparks Probe by Austrian Police
• Wave of Bitcoin-Seeking Bomb Threats Sparks Probe by Austrian Police
• Wave of Bitcoin-Seeking Bomb Threats Sparks Probe by Austrian Police
• Wave of Bitcoin-Seeking Bomb Threats Sparks Probe by Austrian Police || Wave of Bitcoin-Seeking Bomb Threats Sparks Probe by Austrian Police: Austrian police say they are investigating a surge in bomb threat extortion attempts after numerous companies received bitcoin-seeking blackmail emails Tuesday morning. Companies got an email ultimatum: pay $20,000 in bitcoin in the next 80 hours or risk detonation of a hidden plastic explosive. Instructions on how to buy bitcoin were also included in the email, according to Austrian media . Austria’s Federal Criminal Police responded with vehicle patrols in Vienna and Tyrol but found no evidence of bombs. They assume the anonymous senders are international. Police said bitcoin bomb threats are a “well-known mass phenomenon,” even if Tuesday’s reports represented an unusual uptick. The incident is a stark reminder of cryptocurrency’s appeal to criminals, owing to the irreversibility of transactions and the absence of any third party who can veto them. The flip side is the public audibility of blockchains can help law enforcement track down perpetrators after the fact. Related Stories Wave of Bitcoin-Seeking Bomb Threats Sparks Probe by Austrian Police Wave of Bitcoin-Seeking Bomb Threats Sparks Probe by Austrian Police Wave of Bitcoin-Seeking Bomb Threats Sparks Probe by Austrian Police Wave of Bitcoin-Seeking Bomb Threats Sparks Probe by Austrian Police || Binance Exchange to List Paxos’ Gold-Backed Cryptocurrency: A gold-backed digital asset created by Paxos will soon launch for trading on cryptocurrency exchange Binance.
• From Aug. 26, Binance customers will be able to trade PAX Gold (PAXG) against the exchange’s own stablecoin BUSD and exchange token Binance coin (BNB), as well asbitcoin(BTC).
• PAX Gold “will offer [its] users an easy and safe opportunity to gain exposure to real, regulated gold,” said Rich Teo, Paxos co-founder and CEO Asia.
• A New York-based crypto exchange and stablecoin issuer, Paxos launched the gold-backed stablecoinlast September.
• Each Ethereum-based token has the legal title to an ounce of physical gold stored in the Brink’s London vault, though traders can own as little as $1 worth.
• Binance’s decision to add support for PAXG comes nearly three weeks after gold’s price reached a record high of $2,075 per ounce.
• The historical inflation hedge has rallied by 27% this year and analysts at Goldman Sachs expect prices to rise further to $2,300 in the next 12 months.
• “Gold is an asset that has had enduring value from generation to generation. With PAX Gold now on Binance, investors can easily get and trade gold with the click of a button,” said Changpeng “CZ” Zhao, CEO of Binance.
• Pax Goldhas been approvedby the New York Department of Financial Services.
• Also announced Tuesday, CF Benchmarks has launched a benchmark price index for Pax Gold against the U.S. dollar.
• The index will provide a daily settlement and spot rate, refreshed every second, according to an announcement.
• With the traditional gold markets only operating on weekdays, PAXG “opens new opportunities for financial markets,” said Sui Chung, CF Benchmarks CEO.
Also read:Binance.US Expands Into Florida, Eyeing Millions of Potential New Traders
• Binance Exchange to List Paxos’ Gold-Backed Cryptocurrency
• Binance Exchange to List Paxos’ Gold-Backed Cryptocurrency
• Binance Exchange to List Paxos’ Gold-Backed Cryptocurrency
• Binance Exchange to List Paxos’ Gold-Backed Cryptocurrency || Binance Exchange to List Paxos Gold-Backed Cryptocurrency: A gold-backed digital asset created by Paxos will soon launch for trading on cryptocurrency exchange Binance. From Aug. 26, Binance customers will be able to trade PAX Gold (PAXG) against the exchanges own stablecoin BUSD and exchange token Binance coin (BNB), as well as bitcoin (BTC). PAX Gold will offer [its] users an easy and safe opportunity to gain exposure to real, regulated gold, said Rich Teo, Paxos co-founder and CEO Asia. A New York-based crypto exchange and stablecoin issuer, Paxos launched the gold-backed stablecoin last September . Each Ethereum-based token has the legal title to an ounce of physical gold stored in the Brinks London vault, though traders can own as little as $1 worth. Binances decision to add support for PAXG comes nearly three weeks after golds price reached a record high of $2,075 per ounce. The historical inflation hedge has rallied by 27% this year and analysts at Goldman Sachs expect prices to rise further to $2,300 in the next 12 months. Gold is an asset that has had enduring value from generation to generation. With PAX Gold now on Binance, investors can easily get and trade gold with the click of a button, said Changpeng CZ Zhao, CEO of Binance. Pax Gold has been approved by the New York Department of Financial Services. Also announced Tuesday, CF Benchmarks has launched a benchmark price index for Pax Gold against the U.S. dollar. The index will provide a daily settlement and spot rate, refreshed every second, according to an announcement. With the traditional gold markets only operating on weekdays, PAXG opens new opportunities for financial markets, said Sui Chung, CF Benchmarks CEO. Also read: Binance.US Expands Into Florida, Eyeing Millions of Potential New Traders Related Stories Binance Exchange to List Paxos Gold-Backed Cryptocurrency Binance Exchange to List Paxos Gold-Backed Cryptocurrency Binance Exchange to List Paxos Gold-Backed Cryptocurrency Binance Exchange to List Paxos Gold-Backed Cryptocurrency || World's First Hybrid Synthetic Asset Protocol of Stocks - Movedefi Review: HONG KONG, CHINA / ACCESSWIRE / August 25, 2020 /Movedefi is a decentralized protocol issuing synthetic assets. Through the protocol, users can mint, hold and trade a variety of derivative products focusing on world stocks but also include fiat, equities and crypto currencies such as BTC. It allows users to go long and short direction for their investments on the platform. Movedefi also brings automated asset management to crypto, users can buy a token that represents a portfolio of assets managed according to that strategy.
Movedefi plays an important role to the decentralized finance system. Its synthetic asset, Demoves, are collateralized by Movedefi Network Token (MOVE) which helps build liquidity to Demoves and provide value. Movedefi is making advanced trading strategies and trading of world stocks with cryptocurrency accessible to everyone.
Through Movedefi, you can also buy binary options, which depend on the outcome of a "yes or no" proposition.
Like many DeFi ecosystems, users can earn incentives by providing liquidity and capital to Movedefi. You can check our rewards page to stay updated on the latest incentives.
Background
Cryptocurrency-collateralized synthetic currency models powered by smart contracts can have enormous implications in the traditional finance industry. Decentralization grants open-access to a global community of investors. Before products like Movedefi, Synthetix became available, only a select few institutional investors could access the global derivatives market.
With cryptocurrency synthetic Stocks platforms Movedefi opening the doors to derivatives for thousands of new investors, only time will tell what kind of impact a potential flood of new cryptocurrency-collateralized derivative contracts will have on the traditional financial landscape.
Movedefi Founded in Hong Kong and led by Adam Cole Jacobs who is very experienced in Fintech. Other team members include COO, Evan R. Kubes, CMO Josiah Crombie and CSO Daniel Bokun. Movedefi team now is focusing on Asia and European markets to provide their services and will further expand to other countries if needed.
"We look forward to the day when anyone with access to the internet and digital money can gain access to any financial market, creating a safe, permissionless marketplace for stock trading." Said Adam Cole Jacobs - CEO of Movedefi.
"Movedefi will be an easy-to-use, professional, and trusted platform that is designed for worldwide stock traders."
Why is Movedefi Important?
With Movedefi, crypto traders can access the derivatives and other traditional financial assets markets in a decentralized and trustless manner, exploiting the massive market opportunity which has a size of hundreds of trillions of dollars.
You can trade US stocks like Google or Apple with cryptocurrency at Movedfi without dealing with complicated process. Additionally, you can easily manage your portfolio in one ecosystem with cryptocurrency.
All in all, Movedefi provides cryptocurrency traders a space to access derivatives and traditional assets trading without dealing with a middle person. By providing liquidity and capital to Movedefi, anyone can earn a small fee from the huge potential market.
How Does it Work?
Movedefi Network consists of 2 assets which are MOVE (native token) and Demoves (the synthetic asset).
Users can block MOVE as collateral to mint Demoves such as mUSD. The number of Demoves mintable is in proportion to the value of MOVE blocked. Demoves are open to everyone in the world for different usage including investment, trading or even remittance.
The main Demove minted is the native stable coin, mUSD. It offers users the possibility to trade with any other Demoves on Movedefi exchange.
By collateralizing MOVE, stakers can earn rewards on the Movedefi exchanges based on the fees incurred. As Demoves are only traded on Movedefi exchange, the more Demoves are minted, the more rewards MOVE stakers can earn from the trading fees.
As of today, the minimum collateralization ratio for Demoves is 650%. Put it simply, if it drops below 650%, token holder will not be able to earn the fees until the ratio goes back above 650%. This is to ensure that all Demoves are over collateralized at a good ratio to maintain price stability of Demoves.
Also, there will be different applications adopting the Movedefi protocol to make minting and trading Demoves as convenient as possible.
Mintr
Users mint Demoves through the dApp Mintr. Mintr also supports the burning of Demoves, collateralization ratio management, rewards earning, unlocking tokens and more.
To connect to Mint, a web3 wallet is necessary. Users can use MetaMask, Ledger, Trezor, and even Coinbase wallet to connect to Mintr and perform the actions mentioned above.
Movedefi Exchange
To buy and sell Demoves, users can use a web3 wallet and perform the action at Move.Exchange.
Now, the fee for Demoves exchanges is 0.30% (excluding gas fee). The fee is dynamic depend on the network usage, and is distributed to MOVE holders who are providing liquidity to Demoves.
MOVE Token
Minting Demoves require staking MOVE token as collateral. By staking MOVE into Movedefi, users can earn the fees generated from the transactions at Movedefi Exchange. The current fee is 0.30% for trades of Demoves.
To reclaim the MOVE staked, users must repay the Demoves minted via the burning system.
Conclusion
Movedefi offers a decentralized platform for DeFi users to access the derivatives market with a variety of advanced trading strategies, exploiting the massive market opportunity which has a size of hundreds of trillions of dollars.
For those of you interested Movedefi, you can follow them on Twitter (@movedefi) and visit their websitehttps://www.movedefi.com/.
contact person:
Daniel Wong+852 9790 [email protected]
SOURCE:Movedefi
View source version on accesswire.com:https://www.accesswire.com/603242/Worlds-First-Hybrid-Synthetic-Asset-Protocol-of-Stocks--Movedefi-Review || World's First Hybrid Synthetic Asset Protocol of Stocks - Movedefi Review: HONG KONG, CHINA / ACCESSWIRE / August 25, 2020 / Movedefi is a decentralized protocol issuing synthetic assets. Through the protocol, users can mint, hold and trade a variety of derivative products focusing on world stocks but also include fiat, equities and crypto currencies such as BTC. It allows users to go long and short direction for their investments on the platform. Movedefi also brings automated asset management to crypto, users can buy a token that represents a portfolio of assets managed according to that strategy. Movedefi plays an important role to the decentralized finance system. Its synthetic asset, Demoves, are collateralized by Movedefi Network Token (MOVE) which helps build liquidity to Demoves and provide value. Movedefi is making advanced trading strategies and trading of world stocks with cryptocurrency accessible to everyone. Through Movedefi, you can also buy binary options, which depend on the outcome of a "yes or no" proposition. Like many DeFi ecosystems, users can earn incentives by providing liquidity and capital to Movedefi. You can check our rewards page to stay updated on the latest incentives. Background Cryptocurrency-collateralized synthetic currency models powered by smart contracts can have enormous implications in the traditional finance industry. Decentralization grants open-access to a global community of investors. Before products like Movedefi, Synthetix became available, only a select few institutional investors could access the global derivatives market. With cryptocurrency synthetic Stocks platforms Movedefi opening the doors to derivatives for thousands of new investors, only time will tell what kind of impact a potential flood of new cryptocurrency-collateralized derivative contracts will have on the traditional financial landscape. Movedefi Founded in Hong Kong and led by Adam Cole Jacobs who is very experienced in Fintech. Other team members include COO, Evan R. Kubes, CMO Josiah Crombie and CSO Daniel Bokun. Movedefi team now is focusing on Asia and European markets to provide their services and will further expand to other countries if needed. Story continues "We look forward to the day when anyone with access to the internet and digital money can gain access to any financial market, creating a safe, permissionless marketplace for stock trading." Said Adam Cole Jacobs - CEO of Movedefi. "Movedefi will be an easy-to-use, professional, and trusted platform that is designed for worldwide stock traders." Why is Movedefi Important? With Movedefi, crypto traders can access the derivatives and other traditional financial assets markets in a decentralized and trustless manner, exploiting the massive market opportunity which has a size of hundreds of trillions of dollars. You can trade US stocks like Google or Apple with cryptocurrency at Movedfi without dealing with complicated process. Additionally, you can easily manage your portfolio in one ecosystem with cryptocurrency. All in all, Movedefi provides cryptocurrency traders a space to access derivatives and traditional assets trading without dealing with a middle person. By providing liquidity and capital to Movedefi, anyone can earn a small fee from the huge potential market. How Does it Work? Movedefi Network consists of 2 assets which are MOVE (native token) and Demoves (the synthetic asset). Users can block MOVE as collateral to mint Demoves such as mUSD. The number of Demoves mintable is in proportion to the value of MOVE blocked. Demoves are open to everyone in the world for different usage including investment, trading or even remittance. The main Demove minted is the native stable coin, mUSD. It offers users the possibility to trade with any other Demoves on Movedefi exchange. By collateralizing MOVE, stakers can earn rewards on the Movedefi exchanges based on the fees incurred. As Demoves are only traded on Movedefi exchange, the more Demoves are minted, the more rewards MOVE stakers can earn from the trading fees. As of today, the minimum collateralization ratio for Demoves is 650%. Put it simply, if it drops below 650%, token holder will not be able to earn the fees until the ratio goes back above 650%. This is to ensure that all Demoves are over collateralized at a good ratio to maintain price stability of Demoves. Also, there will be different applications adopting the Movedefi protocol to make minting and trading Demoves as convenient as possible. Mintr Users mint Demoves through the dApp Mintr. Mintr also supports the burning of Demoves, collateralization ratio management, rewards earning, unlocking tokens and more. To connect to Mint, a web3 wallet is necessary. Users can use MetaMask, Ledger, Trezor, and even Coinbase wallet to connect to Mintr and perform the actions mentioned above. Movedefi Exchange To buy and sell Demoves, users can use a web3 wallet and perform the action at Move.Exchange. Now, the fee for Demoves exchanges is 0.30% (excluding gas fee). The fee is dynamic depend on the network usage, and is distributed to MOVE holders who are providing liquidity to Demoves. MOVE Token Minting Demoves require staking MOVE token as collateral. By staking MOVE into Movedefi, users can earn the fees generated from the transactions at Movedefi Exchange. The current fee is 0.30% for trades of Demoves. To reclaim the MOVE staked, users must repay the Demoves minted via the burning system. Conclusion Movedefi offers a decentralized platform for DeFi users to access the derivatives market with a variety of advanced trading strategies, exploiting the massive market opportunity which has a size of hundreds of trillions of dollars. For those of you interested Movedefi, you can follow them on Twitter (@movedefi) and visit their website https://www.movedefi.com/ . contact person: Daniel Wong +852 9790 8900 [email protected] SOURCE: Movedefi View source version on accesswire.com: https://www.accesswire.com/603242/Worlds-First-Hybrid-Synthetic-Asset-Protocol-of-Stocks--Movedefi-Review || First Mover: Ether Price Swings Make Bitcoin Look Tame as DeFi Speculation Spreads: The explosive growth of decentralized finance, or DeFi, on the Ethereum blockchain has brought unwanted attention to the recent surge in congestion on the network, with a resulting jump in transaction fees.
There’s another consequence for crypto traders: Rising volatility in prices forether, the blockchain’s native cryptocurrency. That’s especially true when ether’s volatility is compared with that ofbitcoin.
You’re readingFirst Mover, CoinDesk’s daily markets newsletter. Assembled by the CoinDesk Markets Team and edited by Bradley Keoun, First Mover starts your day with the most up-to-date sentiment around crypto markets, which of course never close, putting in context every wild swing in bitcoin and more. We follow the money so you don’t have to. You cansubscribe here.
Related:Market Wrap: Bitcoin Dips to $11.1K; Ether Mining Difficulty at Year High
The three-month spread between ether’s implied volatility and bitcoin’s has increased to 29%, the highest in six months, according to data source Skew. As recently as June 28, the spread was as low of -2.8%, meaning bitcoin had the higher implied volatility at that point.
Volatility often carries a negative connotation because traders often consider it a barometer of risk. In this case the rising spread appears to indicate a wide range of expectations in how DeFi might ultimately affect usage of the Ethereum network and demand for the ether.
“Ether’s rising volatility is a byproduct of its own success,” Denis Vinokourov, head of research at Bequant, a London-based cryptocurrency exchange and institutional brokerage, said in a Telegram chat. “Success comes with risks, the need to hedge.”
Implied volatility represents the market’s expectations of how volatile or risky an asset would be over a specific period. It’s not necessarily bullish or bearish: Heightened implied volatility simply means that future price swings might lie ahead.
Related:Forthcoming Yield Farming Project Dispenses With Governance
“Investors are focused on DeFi and mindful of a potential big move in ETH,” Emmanuel Goh, CEO of the crypto-derivatives data firm Skew, told CoinDesk in a Telegram chat.
DeFi tokens have been among the hottest performers in cryptocurrency markets this year, with steep rallies in Chainlink’sLINKand the Kyber Network’s KNC. The open-source lending protocol Aave’s LEND token has risen more than 30-fold.
The Ethereum network’s recent spell of congestion has pushed the average transaction fee to record highs above $6.
The heightened volatility expectations might also be an indication of how volatile prices have been this year for ether itself. The second-largest cryptocurrency has tripled, gaining on bitcoin, which is up a respectable 64%.
Demand for options, or the need to hedge, tends to pick up with price rallies and major fundamental developments, and implied volatilities are primarily driven by the net buying pressure for options contracts like price calls and puts.
This is what success looks like right now for Ethereum.
– Omkar Godbole, Markets Reporter
Despite the recent pullback in bitcoin prices, analysts are still bullish in the long term, with Federal Reserve Chair Jerome Powell expected to bolster inflation expectations in a highly anticipated speech Thursday.
• “Powell has previously stated that he doesn’t think inflation is a significant risk and is prepared to see it overshoot to meet his objectives,” Charlie Morris, chief investment officer at ByteTree Asset Management, told CoinDesk in a WhatsApp chat.
• “The major impact for crypto out of this symposium would be a change in monetary policy and further depreciation of the dollar, which could propel bitcoin higher,” said Matthew Dibb, co-founder of Stack.
• Multiple rejections above $12,000 seen over the past three weeks have put brakes on the rally from July lows below $9,000.
• A deeper pullback may be seen if the immediate support at $11,000 is breached, according to analysts at Stack, a provider of cryptocurrency trackers and index futures.
• The 10-year breakeven rate, which measures the inflation expectations, has risen to pre-Covid levels above 1.6% from the low of 0.5% observed during the March crash.
• Bitcoin has pretty much tracked inflation expectations higher over the past five months, while the dollar index has declined by nearly 10%.
• The cryptocurrency has witnessed bigger year-to-date gains in the U.S. dollar terms, compared to the rally seen in terms of other currencies like the euro and the Japanese yen.
• The data suggests bitcoin’s recent rally has been primarily fueled by the broad-based sell-off in the dollar.
– Omkar Godbole, Markets Reporter
S&P 500 forward P/E multiple now at 25.98, highest since dot-com era (WSJ)
Gold ETFs now hold more gold than every central bank except Federal Reserve (BNN Bloomberg)
Nouriel Roubini sees “no clear alternative currency” to replace USD as reserve currency (MarketWatch)
Money-market yields so close to negative that BlackRock, Fidelity cut fees (WSJ)
HSBC, ABN, Credit Suisse, UBS cutting back as margins shrink, loan losses swell (WSJ)
Central banks in countries with large populations of off-the-books workers are moving faster on digital currencies (Bank for International Settlements)A recent paper by the Bank for International Settlements looks at the economic reasoning behind central bank digital currencies and how they may be shaped for future implementation via mainstream adoption.
Boston Fed evaluating 30-40 blockchain networks for digital dollar (CoinDesk)The Federal Reserve Bank of Boston, one of 12 regional Federal Reserve banks operating under the U.S. central bank, is evaluating more than 30 different blockchain networks to determine if they would support a digital dollar.
Bitcoin addresses with >1K BTC hits record high, suggesting growing institutional interest (CoinDesk)There are more than 2,000 addresses holding over 1,000 bitcoin, potentially reflecting increased interest from institutions and high-net-worth investors.
Bitstamp to migrate customer accounts from London to Luxembourg (CoinDesk)Cryptocurrency exchange Bitstamp told CoinDesk it will migrate its customer accounts from its London-based Bitstamp Limited to its entity in Luxembourg.
– Sebastian Sinclair, Reporter
• First Mover: Ether Price Swings Make Bitcoin Look Tame as DeFi Speculation Spreads
• First Mover: Ether Price Swings Make Bitcoin Look Tame as DeFi Speculation Spreads || First Mover: Ether Price Swings Make Bitcoin Look Tame as DeFi Speculation Spreads: The explosive growth of decentralized finance, or DeFi, on the Ethereum blockchain has brought unwanted attention to the recent surge in congestion on the network, with a resulting jump in transaction fees.
There’s another consequence for crypto traders: Rising volatility in prices forether, the blockchain’s native cryptocurrency. That’s especially true when ether’s volatility is compared with that ofbitcoin.
You’re readingFirst Mover, CoinDesk’s daily markets newsletter. Assembled by the CoinDesk Markets Team and edited by Bradley Keoun, First Mover starts your day with the most up-to-date sentiment around crypto markets, which of course never close, putting in context every wild swing in bitcoin and more. We follow the money so you don’t have to. You cansubscribe here.
Related:Market Wrap: Bitcoin Dips to $11.1K; Ether Mining Difficulty at Year High
The three-month spread between ether’s implied volatility and bitcoin’s has increased to 29%, the highest in six months, according to data source Skew. As recently as June 28, the spread was as low of -2.8%, meaning bitcoin had the higher implied volatility at that point.
Volatility often carries a negative connotation because traders often consider it a barometer of risk. In this case the rising spread appears to indicate a wide range of expectations in how DeFi might ultimately affect usage of the Ethereum network and demand for the ether.
“Ether’s rising volatility is a byproduct of its own success,” Denis Vinokourov, head of research at Bequant, a London-based cryptocurrency exchange and institutional brokerage, said in a Telegram chat. “Success comes with risks, the need to hedge.”
Implied volatility represents the market’s expectations of how volatile or risky an asset would be over a specific period. It’s not necessarily bullish or bearish: Heightened implied volatility simply means that future price swings might lie ahead.
Related:Forthcoming Yield Farming Project Dispenses With Governance
“Investors are focused on DeFi and mindful of a potential big move in ETH,” Emmanuel Goh, CEO of the crypto-derivatives data firm Skew, told CoinDesk in a Telegram chat.
DeFi tokens have been among the hottest performers in cryptocurrency markets this year, with steep rallies in Chainlink’sLINKand the Kyber Network’s KNC. The open-source lending protocol Aave’s LEND token has risen more than 30-fold.
The Ethereum network’s recent spell of congestion has pushed the average transaction fee to record highs above $6.
The heightened volatility expectations might also be an indication of how volatile prices have been this year for ether itself. The second-largest cryptocurrency has tripled, gaining on bitcoin, which is up a respectable 64%.
Demand for options, or the need to hedge, tends to pick up with price rallies and major fundamental developments, and implied volatilities are primarily driven by the net buying pressure for options contracts like price calls and puts.
This is what success looks like right now for Ethereum.
– Omkar Godbole, Markets Reporter
Despite the recent pullback in bitcoin prices, analysts are still bullish in the long term, with Federal Reserve Chair Jerome Powell expected to bolster inflation expectations in a highly anticipated speech Thursday.
• “Powell has previously stated that he doesn’t think inflation is a significant risk and is prepared to see it overshoot to meet his objectives,” Charlie Morris, chief investment officer at ByteTree Asset Management, told CoinDesk in a WhatsApp chat.
• “The major impact for crypto out of this symposium would be a change in monetary policy and further depreciation of the dollar, which could propel bitcoin higher,” said Matthew Dibb, co-founder of Stack.
• Multiple rejections above $12,000 seen over the past three weeks have put brakes on the rally from July lows below $9,000.
• A deeper pullback may be seen if the immediate support at $11,000 is breached, according to analysts at Stack, a provider of cryptocurrency trackers and index futures.
• The 10-year breakeven rate, which measures the inflation expectations, has risen to pre-Covid levels above 1.6% from the low of 0.5% observed during the March crash.
• Bitcoin has pretty much tracked inflation expectations higher over the past five months, while the dollar index has declined by nearly 10%.
• The cryptocurrency has witnessed bigger year-to-date gains in the U.S. dollar terms, compared to the rally seen in terms of other currencies like the euro and the Japanese yen.
• The data suggests bitcoin’s recent rally has been primarily fueled by the broad-based sell-off in the dollar.
– Omkar Godbole, Markets Reporter
S&P 500 forward P/E multiple now at 25.98, highest since dot-com era (WSJ)
Gold ETFs now hold more gold than every central bank except Federal Reserve (BNN Bloomberg)
Nouriel Roubini sees “no clear alternative currency” to replace USD as reserve currency (MarketWatch)
Money-market yields so close to negative that BlackRock, Fidelity cut fees (WSJ)
HSBC, ABN, Credit Suisse, UBS cutting back as margins shrink, loan losses swell (WSJ)
Central banks in countries with large populations of off-the-books workers are moving faster on digital currencies (Bank for International Settlements)A recent paper by the Bank for International Settlements looks at the economic reasoning behind central bank digital currencies and how they may be shaped for future implementation via mainstream adoption.
Boston Fed evaluating 30-40 blockchain networks for digital dollar (CoinDesk)The Federal Reserve Bank of Boston, one of 12 regional Federal Reserve banks operating under the U.S. central bank, is evaluating more than 30 different blockchain networks to determine if they would support a digital dollar.
Bitcoin addresses with >1K BTC hits record high, suggesting growing institutional interest (CoinDesk)There are more than 2,000 addresses holding over 1,000 bitcoin, potentially reflecting increased interest from institutions and high-net-worth investors.
Bitstamp to migrate customer accounts from London to Luxembourg (CoinDesk)Cryptocurrency exchange Bitstamp told CoinDesk it will migrate its customer accounts from its London-based Bitstamp Limited to its entity in Luxembourg.
– Sebastian Sinclair, Reporter
• First Mover: Ether Price Swings Make Bitcoin Look Tame as DeFi Speculation Spreads
• First Mover: Ether Price Swings Make Bitcoin Look Tame as DeFi Speculation Spreads || First Mover: Ether Price Swings Make Bitcoin Look Tame as DeFi Speculation Spreads: Market moves The explosive growth of decentralized finance, or DeFi, on the Ethereum blockchain has brought unwanted attention to the recent surge in congestion on the network, with a resulting jump in transaction fees. There’s another consequence for crypto traders: Rising volatility in prices for ether , the blockchain’s native cryptocurrency. That’s especially true when ether’s volatility is compared with that of bitcoin . You’re reading First Mover , CoinDesk’s daily markets newsletter. Assembled by the CoinDesk Markets Team and edited by Bradley Keoun, First Mover starts your day with the most up-to-date sentiment around crypto mar kets, which of course never close, putting in context every wild swing in bitcoin and more. We follow the money so you don’t have to. You can subscribe here . Related: Market Wrap: Bitcoin Dips to $11.1K; Ether Mining Difficulty at Year High The three-month spread between ether’s implied volatility and bitcoin’s has increased to 29%, the highest in six months, according to data source Skew. As recently as June 28, the spread was as low of -2.8%, meaning bitcoin had the higher implied volatility at that point. Volatility often carries a negative connotation because traders often consider it a barometer of risk. In this case the rising spread appears to indicate a wide range of expectations in how DeFi might ultimately affect usage of the Ethereum network and demand for the ether. “Ether’s rising volatility is a byproduct of its own success,” Denis Vinokourov, head of research at Bequant, a London-based cryptocurrency exchange and institutional brokerage, said in a Telegram chat. “Success comes with risks, the need to hedge.” Implied volatility represents the market’s expectations of how volatile or risky an asset would be over a specific period. It’s not necessarily bullish or bearish: Heightened implied volatility simply means that future price swings might lie ahead. Story continues Related: Forthcoming Yield Farming Project Dispenses With Governance “Investors are focused on DeFi and mindful of a potential big move in ETH,” Emmanuel Goh, CEO of the crypto-derivatives data firm Skew, told CoinDesk in a Telegram chat. DeFi tokens have been among the hottest performers in cryptocurrency markets this year, with steep rallies in Chainlink’s LINK and the Kyber Network’s KNC. The open-source lending protocol Aave’s LEND token has risen more than 30-fold. The Ethereum network’s recent spell of congestion has pushed the average transaction fee to record highs above $6. The heightened volatility expectations might also be an indication of how volatile prices have been this year for ether itself. The second-largest cryptocurrency has tripled, gaining on bitcoin, which is up a respectable 64%. Demand for options, or the need to hedge, tends to pick up with price rallies and major fundamental developments, and implied volatilities are primarily driven by the net buying pressure for options contracts like price calls and puts. This is what success looks like right now for Ethereum. – Omkar Godbole, Markets Reporter Bitcoin watch Despite the recent pullback in bitcoin prices, analysts are still bullish in the long term, with Federal Reserve Chair Jerome Powell expected to bolster inflation expectations in a highly anticipated speech Thursday. “Powell has previously stated that he doesn’t think inflation is a significant risk and is prepared to see it overshoot to meet his objectives,” Charlie Morris, chief investment officer at ByteTree Asset Management, told CoinDesk in a WhatsApp chat. “The major impact for crypto out of this symposium would be a change in monetary policy and further depreciation of the dollar, which could propel bitcoin higher,” said Matthew Dibb, co-founder of Stack. Multiple rejections above $12,000 seen over the past three weeks have put brakes on the rally from July lows below $9,000. A deeper pullback may be seen if the immediate support at $11,000 is breached, according to analysts at Stack, a provider of cryptocurrency trackers and index futures. The 10-year breakeven rate, which measures the inflation expectations, has risen to pre-Covid levels above 1.6% from the low of 0.5% observed during the March crash. Bitcoin has pretty much tracked inflation expectations higher over the past five months, while the dollar index has declined by nearly 10%. The cryptocurrency has witnessed bigger year-to-date gains in the U.S. dollar terms, compared to the rally seen in terms of other currencies like the euro and the Japanese yen. The data suggests bitcoin’s recent rally has been primarily fueled by the broad-based sell-off in the dollar. – Omkar Godbole, Markets Reporter Analogs The latest on the economy and traditional finance S&P 500 forward P/E multiple now at 25.98, highest since dot-com era (WSJ) Gold ETFs now hold more gold than every central bank except Federal Reserve (BNN Bloomberg) Nouriel Roubini sees “no clear alternative currency” to replace USD as reserve currency (MarketWatch) Money-market yields so close to negative that BlackRock, Fidelity cut fees (WSJ) HSBC, ABN, Credit Suisse, UBS cutting back as margins shrink, loan losses swell (WSJ) Tweet of the Day What’s Hot Central banks in countries with large populations of off-the-books workers are moving faster on digital currencies (Bank for International Settlements) A recent paper by the Bank for International Settlements looks at the economic reasoning behind central bank digital currencies and how they may be shaped for future implementation via mainstream adoption. Boston Fed evaluating 30-40 blockchain networks for digital dollar (CoinDesk) The Federal Reserve Bank of Boston, one of 12 regional Federal Reserve banks operating under the U.S. central bank, is evaluating more than 30 different blockchain networks to determine if they would support a digital dollar. Bitcoin addresses with >1K BTC hits record high, suggesting growing institutional interest (CoinDesk) There are more than 2,000 addresses holding over 1,000 bitcoin, potentially reflecting increased interest from institutions and high-net-worth investors. Bitstamp to migrate customer accounts from London to Luxembourg (CoinDesk) Cryptocurrency exchange Bitstamp told CoinDesk it will migrate its customer accounts from its London-based Bitstamp Limited to its entity in Luxembourg. – Sebastian Sinclair, Reporter Related Stories First Mover: Ether Price Swings Make Bitcoin Look Tame as DeFi Speculation Spreads First Mover: Ether Price Swings Make Bitcoin Look Tame as DeFi Speculation Spreads || Aave Becomes Second DeFi Project to Overtake MakerDAO for Most Crypto Deposited: Decentralized finance (DeFi) credit market Aave has pulled ahead of stablecoin mint MakerDAO for the title of most collateral staked on Ethereum, according to DeFi Pulse . Aave now has $1.47 billion worth of different crypto assets staked for credit lines, while MakerDAO has $1.45 billion in total value locked (TVL). “Reaching the highest TVL was possible due to the wide range of developers building on top of Aave who are expressing their innovation in DeFi,” Stani Kulechov, Aave CEO, told CoinDesk. “This innovation has sparked interest from institutions [that] are now dipping their toes into Aave.” Related: First Mover: Ether Price Swings Make Bitcoin Look Tame as DeFi Speculation Spreads Read more: What Is Yield Farming? The Rocket Fuel of DeFi, Explained This is only the second time a project has had more “total value locked” (TVL) than MakerDAO, as measured by DeFi Pulse. On June 20, fueled by a yield farming rush spurred on by the initial distribution of its governance token COMP, Compound took the lead for collateral locked up until late July. For context, though, when MakerDAO and Compound switched positions, each had about $480 million in TVL. MakerDAO now has well over twice the collateral locked up as it had then. In the recent surge of interest in DeFi, four projects have now broken $1 billion in assets as measured by DeFi Pulse at different times: MakerDAO, Compound, Aave and Curve. Fertile soil Related: DeFi Aggregator Bella Protocol Announces $4M Seed Round Founded as EthLend, Aave was conceived as a peer-to-peer crypto lender, funded by a 2017 initial coin offering that raised $16.2 million, according to Messari . It later pivoted to the pooled lending approach it uses today. With creative new communities of yield farmers coming up with wild schemes , Aave has proven to be a key financial backbone of some projects, as Devin Walsh of CoinFund explained to CoinDesk. In particular, she noted that Curve and Yearn Finance rely on Aave. “Stablecoin deposits into either of those protocols will ultimately be deposited into Aave’s money markets. Both Yearn and Curve’s yield farming programs have contributed to the massive spike in TVL over the past few weeks and in particular over the past week,” she wrote in an email. Story continues Read more: Five Years In, DeFi Now Defines Ethereum Another relevant project is Opium, which announced Saturday it had created a credit default swap (CDS) on the Aave protocol. A CDS is a type of contract that insures the buyer against a third party defaulting on a loan. These instruments are best known for their role in the 2008 financial crisis , though they arguably provide markets an early warning signal of credit problems. Aave has announced a governance token distribution plan, but it has not yet taken effect. So while liquidity mining is coming to the protocol, it’s not driving the current surge. Related Stories Aave Becomes Second DeFi Project to Overtake MakerDAO for Most Crypto Deposited Aave Becomes Second DeFi Project to Overtake MakerDAO for Most Crypto Deposited || Aave Becomes Second DeFi Project to Overtake MakerDAO for Most Crypto Deposited: Decentralized finance (DeFi) credit market Aave has pulled ahead of stablecoin mint MakerDAO for the title of most collateral staked on Ethereum, accordingto DeFi Pulse.
Aave now has $1.47 billion worth of different crypto assets staked for credit lines, while MakerDAO has $1.45 billion in total value locked (TVL).
“Reaching the highest TVL was possible due to the wide range of developers building on top of Aave who are expressing their innovation in DeFi,” Stani Kulechov, Aave CEO, told CoinDesk. “This innovation has sparked interest from institutions [that] are now dipping their toes into Aave.”
Related:First Mover: Ether Price Swings Make Bitcoin Look Tame as DeFi Speculation Spreads
Read more:What Is Yield Farming? The Rocket Fuel of DeFi, Explained
This is only the second time a project has had more “total value locked” (TVL) than MakerDAO, as measured by DeFi Pulse. On June 20, fueled by a yield farming rush spurred on by the initial distribution of its governance token COMP, Compound took the lead for collateral locked up until late July.
For context, though, when MakerDAO and Compound switched positions, each had about $480 million in TVL. MakerDAO now has well over twice the collateral locked up as it had then.
In the recent surge of interest in DeFi, four projects have now broken $1 billion in assets as measured by DeFi Pulse at different times: MakerDAO, Compound, Aave and Curve.
Related:DeFi Aggregator Bella Protocol Announces $4M Seed Round
Founded as EthLend, Aave was conceived as a peer-to-peer crypto lender, funded by a 2017 initial coin offering that raised $16.2 million, accordingto Messari. It later pivoted to the pooled lending approach it uses today.
With creativenew communitiesof yield farmers coming up withwild schemes, Aave has proven to be a key financial backbone of some projects, as Devin Walsh of CoinFund explained to CoinDesk.
In particular, she noted that Curve and Yearn Finance rely on Aave. “Stablecoin deposits into either of those protocols will ultimately be deposited into Aave’s money markets. Both Yearn and Curve’s yield farming programs have contributed to the massive spike in TVL over the past few weeks and in particular over the past week,” she wrote in an email.
Read more:Five Years In, DeFi Now Defines Ethereum
Another relevant project is Opium, which announced Saturday it had created acredit default swap (CDS)on the Aave protocol. A CDS is a type of contract that insures the buyer against a third party defaulting on a loan. These instruments are best known for theirrole in the 2008 financial crisis, though they arguably provide markets anearly warning signalof credit problems.
Aave has announceda governance token distributionplan, but it has not yet taken effect. So while liquidity mining is coming to the protocol, it’s not driving the current surge.
• Aave Becomes Second DeFi Project to Overtake MakerDAO for Most Crypto Deposited
• Aave Becomes Second DeFi Project to Overtake MakerDAO for Most Crypto Deposited || Market Wrap: Bitcoin Hits $11.8K; Ethereum Gas at All-Time High: The bitcoin market is experiencing low volume Monday but ether continues to fuel DeFi’s growth.
• Bitcoin(BTC) trading around $11,737 as of 20:00 UTC (4 p.m. ET). Gaining 0.34% over the previous 24 hours.
• Bitcoin’s 24-hour range: $11,592-$11,823.
• BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.
Read More:Leveraged Funds Take Record Bearish Positions in Bitcoin Futures
Bitcoin’s price opened the week heading higher, hitting $11,823 on Monday before dipping lower. “Bitcoin has settled into a consolidation position at $11,700,” said Daniel Koehler, liquidity manager at cryptocurrency exchanges OKCoin. “It appears that traders are waiting for better fills at $11,000,” he added.
Related:First Mover: Ether Price Swings Make Bitcoin Look Tame as DeFi Speculation Spreads
Darius Sit, managing partner of quantitative trading firm QCP Capital, expects the final full week of August to be quieter than earlier in the month, when the world’s oldest cryptocurrency hit a 2020 high of $12,485 on spot exchanges like Coinbase.
Read More:Bitcoin Surges Past $12,000 to New 2020 High
“One thing we were looking at is that August tends to be a weak month for both BTC and ETH,” said Sit. “So if that seasonality plays out, this last week of August might see some weakness.”
Spot volumes on major BTC/USD exchanges Monday are low. For Luxembourg-based Bitstamp, for example, it was just $27 million, well below its $91 million daily average.
Related:Blockchain Project Qtum Moves to Boost Network Participation With Offline Staking
Interestingly, there are more addresses now with 1,000 or more bitcoin than ever before. The count of those onthe “Bitcoin Rich List” has reached a high of 2,190. Those addresses hold nearly 7.87 million BTC, the equivalent of $92.2 billion.
Nonetheless, many stakeholders who are usually bullish are expecting some retrenchment from bitcoin’s price gains, including Rupert Douglas, head of institutional trading for digital asset broker Koine. “We’ve come a long way quickly. I wouldn’t be surprised by a pause or a pullback,” Douglas said. OKcoin’s Koehler echoed that sentiment. “Momentum is still signaling bullish, but it’s unclear if we should test the $10,000 breakout area before moving higher,” said.
Douglas also notedether(ETH) continues to steal bitcoin’s spotlight. “Overall, ETH is stronger and I think will continue to outperform BTC,” he said.
Read More:Marathon Brings New Bitcoin Mining Rigs Online
Ether, the second-largest cryptocurrency by market capitalization, was up Monday, trading around $401 and climbing 2.1% in 24 hours as of 20:00 UTC (4:00 p.m. ET).
Read More:Ether Volatility Now Highest in Six Months Compared With Bitcoin’s
The amount of “gas” used, denoted in gwei, worth 0.000000001 ether on the Ethereum network, hit an all-time high Sunday, reaching 79,294,213,632 gwei, according to aggregator Glassnode. A unit of measure to execute operations on the network, gas is used within Ethereum to conduct transactions or use smart contracts. The record amount of gas used is viewed as a sign that Ethereum’s utility for decentralized finance, or DeFi, is higher than ever.
However, George Clayton, managing partner of Cryptanalysis CapitaI, has concerns whether Ethereum’s heavy usage can be sustained given that average fees for using the network have gone as high as $6.68 in August. “I think the gas issue is leaving Ethereum vulnerable,” he said, “vulnerable to competing smart contract public blockchains. Something has to give.”
Digital assets on theCoinDesk 20are mostly green Monday. Notable winners as of 20:00 UTC (4:00 p.m. ET):
• tezos(XYT) + 5.5%
• bitcoin sv(BSV) + 3.7%
• monero(XMR) + 2.4%
Read More:Binance Taps DeFi Excitement to ‘Fuel’ Expansion Strategy in India
Notable losers as of 20:00 UTC (4:00 p.m. ET):
• qtum(QTUM) – 5.3%
• basic attention token(BAT) – 4.2%
• decred(DCR) – 3.1%
Read More:Anything-Goes Token Market Repudiates Rich-Only Venture Capital Club
Equities:
• Asia’s Nikkei 225 ended the day up 0.28%,led by Nintendo, which rose 4.79%. Concerns over the health of Japan’s prime minister damped sentiment.
• Europe’s FTSE 100 closed in the green 1.7% asoptimism for a coronavirus vaccine treatment boosted the index.
• The United States’ S&P 500 gained 0.80%,hitting an all-time high thanks to stocks in the tech and travel sectors.
Read More:No Collateral Required: How Aave Brought Unsecured Borrowing to DeFi
Commodities:
• Oil is up 0.29%. Price per barrel of West Texas Intermediate crude: $42.39.
• Gold was in the red 0.64% and at $1,926 as of press time.
Read More:Leveraged Funds Take Record Bearish Positions in Bitcoin Futures
Treasurys:
• U.S. Treasury bonds all climbed Monday. Yields, which move in the opposite direction as price, were up most on the two-year, in the green 8.4%.
Read More:Over $1M in Ryuk Ransomware Bitcoin Was ‘Cashed Out’ on Binance: Report
• Market Wrap: Bitcoin Hits $11.8K; Ethereum Gas at All-Time High
• Market Wrap: Bitcoin Hits $11.8K; Ethereum Gas at All-Time High
[Social Media Buzz]
None available.
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11323.40, 11542.50, 11506.87, 11711.51, 11680.82, 11970.48, 11414.03, 10245.30, 10511.81, 10169.57
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 1596.71, 1723.35, 1755.36, 1787.13, 1848.57, 1724.24, 1804.91, 1808.91, 1738.43, 1734.45, 1839.09, 1888.65, 1987.71, 2084.73, 2041.20, 2173.40, 2320.42, 2443.64, 2304.98, 2202.42, 2038.87, 2155.80, 2255.61, 2175.47, 2286.41, 2407.88, 2488.55, 2515.35, 2511.81, 2686.81, 2863.20, 2732.16, 2805.62, 2823.81, 2947.71, 2958.11, 2659.63, 2717.02, 2506.37, 2464.58, 2518.56, 2655.88, 2548.29, 2589.60, 2721.79, 2689.10, 2705.41, 2744.91, 2608.72, 2589.41, 2478.45, 2552.45, 2574.79, 2539.32, 2480.84, 2434.55, 2506.47, 2564.06, 2601.64, 2601.99, 2608.56, 2518.66, 2571.34, 2518.44, 2372.56, 2337.79, 2398.84, 2357.90, 2233.34, 1998.86, 1929.82, 2228.41, 2318.88, 2273.43, 2817.60, 2667.76, 2810.12, 2730.40, 2754.86, 2576.48, 2529.45, 2671.78, 2809.01, 2726.45, 2757.18, 2875.34, 2718.26, 2710.67, 2804.73, 2895.89.
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[Bitcoin Technical Analysis for 2017-08-04]
Volume: 1002120000, RSI (14-day): 59.45, 50-day EMA: 2542.51, 200-day EMA: 1879.94
[Wider Market Context]
Gold Price: 1258.30, Gold RSI: 55.00
Oil Price: 49.58, Oil RSI: 61.96
[Recent News (last 7 days)]
Coinbase to Let Users Withdraw Bitcoin Cash After Outcry: The world’s most popular digital currency exchange, Coinbase, reversed course on Thursday and announced it would accept a new bitcoin offshoot that was issued to every bitcoin owner.
The reversal comes after days of tumult asangry Coinbase customersdemanded to know why the company had not released their new currency, called Bitcoin Cash, to them. The exchange rate for the currency, which began trading on August 1, briefly reached $700 on Wednesday and is currently tradingaround $400.
Coinbase announced the decision in ablog post, explaining it wanted to first ensure the company could safely support Bitcoin Cash before developing technology to support it. The exchange said it would start supporting Bitcoin cash begining on Jan. 1, 2018.
Over the last several days, we’ve examined all of the relevant issues and have decided to work on adding support for bitcoin cash for Coinbase customers.We made this decision based on factors such as the security of the network, customer demand, trading volumes, and regulatory considerations.We are planning to have support for bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time.
While the decision to support Bitcoin Cash may placate some Coinbase customers, others are likely to question why the company will take months to do so, even as other digital exchanges support the new currency.
It’s also unclear how Coinbase’s announcement will affecta campaignby a group of customers who had vowed to file a class action lawsuit if the company did not permit them to withdraw their Bitcoin Cash.
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In the days preceding the arrival of Bitcoin Coin cash, Coinbase made clear it did not intend to support the new currency and advised customers who objected to the policy to withdraw their bitcoins. This position, however, appeared to trigger a stampede of withdrawals, akin to a bank run, that led many customers to complain about long delays in getting access to their funds.
Meanwhile, reports suggest a large percentage of Coinbase’s customer base elected to leave prior to August 1, which is when a so-calledforkin bitcoin’s underlying software took place that gave rise to Bitcoin Cash. A graph published by analytics company BlockSeer suggests customers withdrew over half of the $1 worth billion bitcoins stored in Coinbase’s “vault” storage service:
It’s unclear how many of the departing Coinbase customers elected to cash out their bitcoins into dollars or instead to transfer it to other digital wallet services where they would be eligible to receive the Bitcoin Cash immediately. One such company, London-based Blockchain, suggested most customers chose the latter course.
“It’s been a record week for Blockchain,” said a spokesperson for the company.
An earlier version of this story incorrectly suggested customers had withdrawn half of 1 billion bitcoins, not $1 billion worth of bitcoin. || Coinbase to Let Users Withdraw Bitcoin Cash After Outcry: The world’s most popular digital currency exchange, Coinbase, reversed course on Thursday and announced it would accept a new bitcoin offshoot that was issued to every bitcoin owner.
The reversal comes after days of tumult asangry Coinbase customersdemanded to know why the company had not released their new currency, called Bitcoin Cash, to them. The exchange rate for the currency, which began trading on August 1, briefly reached $700 on Wednesday and is currently tradingaround $400.
Coinbase announced the decision in ablog post, explaining it wanted to first ensure the company could safely support Bitcoin Cash before developing technology to support it. The exchange said it would start supporting Bitcoin cash begining on Jan. 1, 2018.
Over the last several days, we’ve examined all of the relevant issues and have decided to work on adding support for bitcoin cash for Coinbase customers.We made this decision based on factors such as the security of the network, customer demand, trading volumes, and regulatory considerations.We are planning to have support for bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time.
While the decision to support Bitcoin Cash may placate some Coinbase customers, others are likely to question why the company will take months to do so, even as other digital exchanges support the new currency.
It’s also unclear how Coinbase’s announcement will affecta campaignby a group of customers who had vowed to file a class action lawsuit if the company did not permit them to withdraw their Bitcoin Cash.
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In the days preceding the arrival of Bitcoin Coin cash, Coinbase made clear it did not intend to support the new currency and advised customers who objected to the policy to withdraw their bitcoins. This position, however, appeared to trigger a stampede of withdrawals, akin to a bank run, that led many customers to complain about long delays in getting access to their funds.
Meanwhile, reports suggest a large percentage of Coinbase’s customer base elected to leave prior to August 1, which is when a so-calledforkin bitcoin’s underlying software took place that gave rise to Bitcoin Cash. A graph published by analytics company BlockSeer suggests customers withdrew over half of the $1 worth billion bitcoins stored in Coinbase’s “vault” storage service:
It’s unclear how many of the departing Coinbase customers elected to cash out their bitcoins into dollars or instead to transfer it to other digital wallet services where they would be eligible to receive the Bitcoin Cash immediately. One such company, London-based Blockchain, suggested most customers chose the latter course.
“It’s been a record week for Blockchain,” said a spokesperson for the company.
An earlier version of this story incorrectly suggested customers had withdrawn half of 1 billion bitcoins, not $1 billion worth of bitcoin. || Coinbase to Let Users Withdraw Bitcoin Cash After Outcry: The world’s most popular digital currency exchange, Coinbase, reversed course on Thursday and announced it would accept a new bitcoin offshoot that was issued to every bitcoin owner. The reversal comes after days of tumult as angry Coinbase customers demanded to know why the company had not released their new currency, called Bitcoin Cash, to them. The exchange rate for the currency, which began trading on August 1, briefly reached $700 on Wednesday and is currently trading around $400 . Coinbase announced the decision in a blog post , explaining it wanted to first ensure the company could safely support Bitcoin Cash before developing technology to support it. The exchange said it would start supporting Bitcoin cash begining on Jan. 1, 2018. Over the last several days, we’ve examined all of the relevant issues and have decided to work on adding support for bitcoin cash for Coinbase customers. We made this decision based on factors such as the security of the network, customer demand, trading volumes, and regulatory considerations.We are planning to have support for bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time. While the decision to support Bitcoin Cash may placate some Coinbase customers, others are likely to question why the company will take months to do so, even as other digital exchanges support the new currency. It’s also unclear how Coinbase’s announcement will affect a campaign by a group of customers who had vowed to file a class action lawsuit if the company did not permit them to withdraw their Bitcoin Cash. Get Data Sheet , Fortune’s technology newsletter. In the days preceding the arrival of Bitcoin Coin cash, Coinbase made clear it did not intend to support the new currency and advised customers who objected to the policy to withdraw their bitcoins. This position, however, appeared to trigger a stampede of withdrawals, akin to a bank run, that led many customers to complain about long delays in getting access to their funds. Story continues Meanwhile, reports suggest a large percentage of Coinbase’s customer base elected to leave prior to August 1, which is when a so-called fork in bitcoin’s underlying software took place that gave rise to Bitcoin Cash. A graph published by analytics company BlockSeer suggests customers withdrew over half of the $1 worth billion bitcoins stored in Coinbase’s “vault” storage service: Prior to the Bitcoin Cash fork, this is what the Coinbase cold storage balance looks like based on our analysis. pic.twitter.com/yZrsvir9rh — BlockSeer (@BlockSeer) August 1, 2017 It’s unclear how many of the departing Coinbase customers elected to cash out their bitcoins into dollars or instead to transfer it to other digital wallet services where they would be eligible to receive the Bitcoin Cash immediately. One such company, London-based Blockchain, suggested most customers chose the latter course. “It’s been a record week for Blockchain,” said a spokesperson for the company. An earlier version of this story incorrectly suggested customers had withdrawn half of 1 billion bitcoins, not $1 billion worth of bitcoin. || A Coinbase investor says the platform might reverse its bitcoin cash ban in the next few days: (Barry Schuler, pictured in 2001, when he was still CEO and chairman of America Online.Manny Ceneta/Getty Images)
Coinbase has spent much of this weekin the weedsover its decision not to accept the newly minted digital currency bitcoin cash. But the company could reverse that decision in the next few days, an investor told Business Insider.
"I think the company will be in a position to make an announcement in the next few days, and one could be supporting bitcoin cash in due course,"said Barry Schuler, a partner with DFJ, an investor in Coinbase."Currently, they're evaluating the activity — how the blockchain matures, if there's the appropriate level of mining activity. It's very important that there's liquidity."
Liquidity — the ability to convert an asset into cash — is an important factor for Coinbase because of its overall strategy to only trade currencies which are established and stable.
A spokesperson for Coinbase said that the company would "have an update on thislater today," but it is unclear whether this will include a final decision or just more information on the company's decision-making process.
On Tuesday, however, Coinbase CEO Brian Armstrong wrote that the company was agnostic to which currencies its users trade and that it was not opposed to adding new assets in the future.
"Our goal is to be the safest, most trusted and compliant, and easiest to use," Armstrong wrote on Twitter. "Not the first to market with new assets. Especially at scale, it takes time to ensure any new asset we add is well tested and secure."
Users were forewarned that they would need to move their bitcoin off of Coinbase if they wanted to use bitcoin cash, and many did, leading to reported wait times of 12 hours for some traders over the weekend.
Bitcoin cash started out with zero value when it was first established on Tuesday, but has quickly shot up to a high of $691.94 on Wednesday. As with many new digital currencies, it's still rather unstable, and currently sits around $397.
Read more about Coinbase and its initial decision not to accept bitcoin cash.
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• Facebook bought an AI startup that could turn its middling virtual assistant into a Siri killer || A Coinbase investor says the platform might reverse its bitcoin cash ban in the next few days: Barry Schuler (Barry Schuler, pictured in 2001, when he was still CEO and chairman of America Online.Manny Ceneta/Getty Images) Coinbase has spent much of this week in the weeds over its decision not to accept the newly minted digital currency bitcoin cash. But the company could reverse that decision in the next few days, an investor told Business Insider. "I think the company will be in a position to make an announcement in the next few days, and one could be supporting bitcoin cash in due course," said Barry Schuler, a partner with DFJ, an investor in Coinbase. " Currently, they're evaluating the activity — how the blockchain matures, if there's the appropriate level of mining activity. It's very important that there's liquidity." Liquidity — the ability to convert an asset into cash — is an important factor for Coinbase because of its overall strategy to only trade currencies which are established and stable. A spokesperson for Coinbase said that the company would "have an update on this later today," but it is unclear whether this will include a final decision or just more information on the company's decision-making process. On Tuesday, however, Coinbase CEO Brian Armstrong wrote that the company was agnostic to which currencies its users trade and that it was not opposed to adding new assets in the future. "Our goal is to be the safest, most trusted and compliant, and easiest to use," Armstrong wrote on Twitter. "Not the first to market with new assets. Especially at scale, it takes time to ensure any new asset we add is well tested and secure." Users were forewarned that they would need to move their bitcoin off of Coinbase if they wanted to use bitcoin cash, and many did, leading to reported wait times of 12 hours for some traders over the weekend. Bitcoin cash started out with zero value when it was first established on Tuesday, but has quickly shot up to a high of $691.94 on Wednesday. As with many new digital currencies, it's still rather unstable, and currently sits around $397. Story continues Read more about Coinbase and its initial decision not to accept bitcoin cash. NOW WATCH: This machine can produce 300 bricks a minute More From Business Insider Tons of Coinbase users fled the platform after it rejected bitcoin cash — now the $1 billion startup is in the center of a raging storm 6 things to watch out for in Apple's earnings today Facebook bought an AI startup that could turn its middling virtual assistant into a Siri killer || One of Silicon Valley's most influential young investors, Sam Altman, is getting political: Sam Altman says he doesn't want to run for office. "I think I have the greatest job in Silicon Valley," said Altman, the leader of Y Combinator, Silicon Valley's most prominent start-up incubator. "And I think there are people who will be much better than me at being politicians," he told CNBC. Instead, Altman is hoping to spearhead change through a progressive policy initiative called The United Slate. Altman, who won't disclose how much money he's spending on the initiative, is focusing on California and tackling issues like housing, health care and transportation. Ultimately, he hopes to recruit a slate of candidates for state offices to push forth that agenda. Here are some of the subjects he talked about: Soaring housing costs: Altman supports a tax on foreign buyers and wants to curb regulations that make it tougher to build more houses. Altman hopes to run a ballot initiative on housing, and says the consequences of not tackling the problem could be dire. "I think if we don't solve the housing crisis, we will continue to perpetuate the greatest economic inequality that I have certainly ever seen," said Altman. Sexual harassment: Poor treatment of women in Silicon Valley has made a lot of headlines lately, with high-profile examples involving Uber and 500 Startups. Altman believes in order for the culture to change, HR programs need to be emboldened to enforce rules. "I think we need, and this sounds so obvious to say that it's almost ridiculous, we just need Silicon Valley to treat female founders with respect. That shouldn't be a controversial statement that should be absolute minimum table-stakes," said Altman. "But, you've got to enforce that so you do need channels for people to report problems they face and you do need organizations to take actions for their own programs." Artificial intelligence: Altman's biggest passion these days is artificial intelligence. Altman co-chairs Open AI with Elon Musk and believes artificial intelligence will transform life as we know it, calling it "the most important technological development in human history." Still, he believes there needs to be safeguards in place to shield people from the risks of automation. "It's important that that not just belong to one person and just be used for one person once. But this is something that all of us should benefit from," says Altman. Trump: Altman — a Hillary Clinton supporter during the presidential campaign — has remained outspoken on national politics as well. Upon news of Anthony Scaramucci stepping down as White House communications director after 10 days on the job, Altman tweeted: "If you elect a reality TV star as President, you can't be surprised when you get a reality TV show." Story continues Tweet here While Altman says he stands by that tweet, he still remains hopeful during the Trump administration. "He's our president, he's my president, he's your president. I want him to succeed. I want him to well on behalf of all Americans. I do think that, you know, they will hopefully make some progress towards a more pro-growth environment. And I do think economic growth is important for the success of everybody." More From CNBC Apple owns $52.6 billion in US Treasurys — more than many major countries Microsoft is testing a feature to let you control parts of Windows 10 with your eyes 'Bitcoin cash' potential limited, but a looming catalyst could help it take off View comments || One of Silicon Valley's most influential young investors, Sam Altman, is getting political: Sam Altman says he doesn't want to run for office.
"I think I have the greatest job in Silicon Valley," said Altman, the leader of Y Combinator, Silicon Valley's most prominent start-up incubator.
"And I think there are people who will be much better than me at being politicians," he told CNBC.
Instead, Altman is hoping to spearhead change through a progressive policy initiative called The United Slate.
Altman, who won't disclose how much money he's spending on the initiative, is focusing on California and tackling issues like housing, health care and transportation. Ultimately, he hopes to recruit a slate of candidates for state offices to push forth that agenda.
Here are some of the subjects he talked about:
Soaring housing costs:Altman supports a tax on foreign buyers and wants to curb regulations that make it tougher to build more houses. Altman hopes to run a ballot initiative on housing, and says the consequences of not tackling the problem could be dire.
"I think if we don't solve the housing crisis, we will continue to perpetuate the greatest economic inequality that I have certainly ever seen," said Altman.
Sexual harassment:Poor treatment of women in Silicon Valley has made a lot of headlines lately, with high-profile examples involving Uber and 500 Startups. Altman believes in order for the culture to change, HR programs need to be emboldened to enforce rules.
"I think we need, and this sounds so obvious to say that it's almost ridiculous, we just need Silicon Valley to treat female founders with respect. That shouldn't be a controversial statement that should be absolute minimum table-stakes," said Altman. "But, you've got to enforce that so you do need channels for people to report problems they face and you do need organizations to take actions for their own programs."
Artificial intelligence:Altman's biggest passion these days is artificial intelligence. Altman co-chairs Open AI with Elon Musk and believes artificial intelligence will transform life as we know it, calling it "the most important technological development in human history." Still, he believes there needs to be safeguards in place to shield people from the risks of automation.
"It's important that that not just belong to one person and just be used for one person once. But this is something that all of us should benefit from," says Altman.
Trump:Altman — a Hillary Clinton supporter during the presidential campaign — has remained outspoken on national politics as well. Upon news of Anthony Scaramucci stepping down as White House communications director after 10 days on the job, Altman tweeted: "If you elect a reality TV star as President, you can't be surprised when you get a reality TV show."
While Altman says he stands by that tweet, he still remains hopeful during the Trump administration. "He's our president, he's my president, he's your president. I want him to succeed. I want him to well on behalf of all Americans. I do think that, you know, they will hopefully make some progress towards a more pro-growth environment. And I do think economic growth is important for the success of everybody."
More From CNBC
• Apple owns $52.6 billion in US Treasurys — more than many major countries
• Microsoft is testing a feature to let you control parts of Windows 10 with your eyes
• 'Bitcoin cash' potential limited, but a looming catalyst could help it take off || Tons of Coinbase users fled the platform after it rejected bitcoin cash — now the $1 billion startup is in the center of a raging storm: Brian Armstrong Coinbase (Coinbase cofounder Brian Armstrong.Anthony Harvey/Getty Images for TechCrunch) The digital currency startup Coinbase saw an exodus of users this week after announcing that it wouldn't support bitcoin cash, the new digital currency established Tuesday. Bitcoin cash is a bitcoin offshoot created as a means of dealing with disagreements in the community over how the technology behind the currency should run. But investors don't seem worried about this exodus harming Coinbase's potential unicorn status. The world of cryptocurrency is not exactly a calm place. And for Coinbase, one of the hottest and most valuable startups in the sector, this week's remarkable news around bitcoin put the company in the center of a raging storm. The big offense for Coinbase, which operates a platform for buying and selling cryptocurrencies like bitcoin, was its decision not to support bitcoin cash — the new cryptocurrency that was spun out of bitcoin this week. Many Coinbase users unleashed their wrath, accusing the company of being everything from a scam to a tool for the National Security Agency. Some threatened to sue. The $1 billion startup also lost users in droves, with 12-hour wait times over the weekend as users scrambled to transfer their bitcoins to competitors that would support bitcoin cash. The angry reaction, and the risk of a big loss of customers, raised questions about the future of what has been one of the crypto world's biggest success stories. For now, though, Coinbase's backers aren't sweating it. And they say they don't anticipate the drama having much of an effect on the startup, which has been raising money on terms that would value it at roughly $1 billion . Barry Schuler (Coinbase investor Barry Schuler.Manny Ceneta/Getty Images) "There's no one on the board or any investor who doesn't completely back the point of view that we should err on the side of safety and trust," said Barry Schuler, a partner with DFJ, an investor in Coinbase. "From an investor's point of view, we invested in Coinbase because they have made a voluntary commitment to be regulated," Schuler said, "and to focus on being trusted and safe — as safe as you can be in an experimental environment like this." Story continues Though Coinbase didn't participate in Tuesday's currency launch, Schuler said Coinbase could change its policy as early as next week, depending on how bitcoin cash matures. Another Coinbase investor, Fueled founder Rameet Chawla, even suggested that Coinbase may increase the strength of the original bitcoin down the line by establishing faith in the legacy currency. That's because Coinbase's conservative approach may make cryptocurrency more accessible to potential users who are afraid to dabble in technologically complex digital currencies. "They're a huge net positive on bitcoin, making it really easy on people who are not early adopters," Chawla said. Mass exodus of coinbase users With 9 million users and $20 billion exchanged, Coinbase has its hands on a lot of the digital currency floating around. And while investors support Coinbase's decision to sit out the initial bitcoin split, many customers felt betrayed by the company. A scan of the Coinbase community forums shows a host of angry topics such as "What if Coinbase is NSA tool to destroy BTC (bitcoin cash)?" and "Dear Coinbase, if you not release my funds in 1h I am going to sue you." Coinbase wouldn't disclose how many users withdrew bitcoins in anticipation of bitcoin cash's arrival. But things looked rough. Coinbase users experienced delays of about 12 hours on withdrawals over the weekend because of the number of people moving bitcoins. Rameet Chawla Fueled (Fueled founder Rameet Chawla doesn't seem worried about long-term harm to Coinbase.Rameet Chawla) Despite this, sources close to the situation said the company expected to see many people return to Coinbase while simultaneously storing newly acquired bitcoin cash in a different digital wallet. "Ultimately, Coinbase is an exchange for buying bitcoin, but people are free to use their own wallets and take control of their wallets anyway they want," Chawla said. The 'hard fork' The introduction Tuesday of bitcoin cash was known as the "hard fork." It resulted in a cloned currency with different technological protocols from those of the original bitcoin. The fork was a means of dealing with disagreements in the bitcoin community over how to evolve the technology to handle increased demand. The hard fork followed a process similar to cell division in biology, in that the two currencies were the same at the point of division but will pursue different paths moving forward. Users storing their bitcoin in a digital wallet that accepts bitcoin cash on Tuesday found themselves with a bitcoin cash coin for every bitcoin they had at the time of duplication. Bitcoin and bitcoin cash do not have the same value, however, so duplication is not the same as a doubling in worth. Why Coinbase sat out on bitcoin cash In a statement on Twitter on Tuesday, Coinbase CEO Brian Armstrong wrote that the company was agnostic to which currencies its users trade and that it was not opposed to adding new assets in the future. "Our goal is to be the safest, most trusted and compliant, and easiest to use," Armstrong wrote. "Not the first to market with new assets. Especially at scale, it takes time to ensure any new asset we add is well tested and secure." Generally speaking, Coinbase isn't quick to take on new currencies. Founded in 2012, the exchange still trades only bitcoin, ether , and litcoin — all digital currencies the team has deemed stable and technically secure enough for an amateur investor to put money into. We have made this decision because it is hard to predict how long the alternative version of bitcoin will survive and if Bitcoin Cash will have future market value. So it was of little surprise to those close to the company when it issued a statement last week advising that customers who want to access both bitcoin and bitcoin cash would need to withdrawal from Coinbase by this past Monday. "We have no plans to support the Bitcoin Cash fork." David Farmer, the director of business development at Coinbase, wrote. "We have made this decision because it is hard to predict how long the alternative version of bitcoin will survive and if Bitcoin Cash will have future market value." Users were irked because Coinbase's decision not to accept bitcoin cash meant that anyone with bitcoin stored in Coinbase's digital wallet would not receive what many saw as free bitcoin cash. Others were concerned that Coinbase would secretly keep the bitcoin cash that was generated Tuesday. In a statement last Friday, however, the company denied that this would happen. "Coinbase would not keep the bitcoin cash associated with customer bitcoin balances for ourselves," the company posted on Twitter. Investors like Schuler, however, saw the Coinbase's trepidation as part of its core business strategy. "The whole cryptocurrency-blockchain space is a bit like the Wild West right now — just like the beginning of the internet," Schuler said. "But slowly and surely, it's becoming institutionalized. Coinbase represents that — being legitimate and offering as much trust and safety as possible." NOW WATCH: This cell phone doesn't have a battery and never needs to be charged More From Business Insider Voice activated speakers, like Amazon Echo and Google Home, are pumping new life into Pandora's business Pandora topped Q2 revenue targets and its stock just had a wild rebound Amazon wants to continue testing grocery stores without human cashiers when it owns Whole Foods || Tons of Coinbase users fled the platform after it rejected bitcoin cash — now the $1 billion startup is in the center of a raging storm: Brian Armstrong Coinbase (Coinbase cofounder Brian Armstrong.Anthony Harvey/Getty Images for TechCrunch) The digital currency startup Coinbase saw an exodus of users this week after announcing that it wouldn't support bitcoin cash, the new digital currency established Tuesday. Bitcoin cash is a bitcoin offshoot created as a means of dealing with disagreements in the community over how the technology behind the currency should run. But investors don't seem worried about this exodus harming Coinbase's potential unicorn status. The world of cryptocurrency is not exactly a calm place. And for Coinbase, one of the hottest and most valuable startups in the sector, this week's remarkable news around bitcoin put the company in the center of a raging storm. The big offense for Coinbase, which operates a platform for buying and selling cryptocurrencies like bitcoin, was its decision not to support bitcoin cash — the new cryptocurrency that was spun out of bitcoin this week. Many Coinbase users unleashed their wrath, accusing the company of being everything from a scam to a tool for the National Security Agency. Some threatened to sue. The $1 billion startup also lost users in droves, with 12-hour wait times over the weekend as users scrambled to transfer their bitcoins to competitors that would support bitcoin cash. The angry reaction, and the risk of a big loss of customers, raised questions about the future of what has been one of the crypto world's biggest success stories. For now, though, Coinbase's backers aren't sweating it. And they say they don't anticipate the drama having much of an effect on the startup, which has been raising money on terms that would value it at roughly $1 billion . Barry Schuler (Coinbase investor Barry Schuler.Manny Ceneta/Getty Images) "There's no one on the board or any investor who doesn't completely back the point of view that we should err on the side of safety and trust," said Barry Schuler, a partner with DFJ, an investor in Coinbase. "From an investor's point of view, we invested in Coinbase because they have made a voluntary commitment to be regulated," Schuler said, "and to focus on being trusted and safe — as safe as you can be in an experimental environment like this." Story continues Though Coinbase didn't participate in Tuesday's currency launch, Schuler said Coinbase could change its policy as early as next week, depending on how bitcoin cash matures. Another Coinbase investor, Fueled founder Rameet Chawla, even suggested that Coinbase may increase the strength of the original bitcoin down the line by establishing faith in the legacy currency. That's because Coinbase's conservative approach may make cryptocurrency more accessible to potential users who are afraid to dabble in technologically complex digital currencies. "They're a huge net positive on bitcoin, making it really easy on people who are not early adopters," Chawla said. Mass exodus of coinbase users With 9 million users and $20 billion exchanged, Coinbase has its hands on a lot of the digital currency floating around. And while investors support Coinbase's decision to sit out the initial bitcoin split, many customers felt betrayed by the company. A scan of the Coinbase community forums shows a host of angry topics such as "What if Coinbase is NSA tool to destroy BTC (bitcoin cash)?" and "Dear Coinbase, if you not release my funds in 1h I am going to sue you." Coinbase wouldn't disclose how many users withdrew bitcoins in anticipation of bitcoin cash's arrival. But things looked rough. Coinbase users experienced delays of about 12 hours on withdrawals over the weekend because of the number of people moving bitcoins. Rameet Chawla Fueled (Fueled founder Rameet Chawla doesn't seem worried about long-term harm to Coinbase.Rameet Chawla) Despite this, sources close to the situation said the company expected to see many people return to Coinbase while simultaneously storing newly acquired bitcoin cash in a different digital wallet. "Ultimately, Coinbase is an exchange for buying bitcoin, but people are free to use their own wallets and take control of their wallets anyway they want," Chawla said. The 'hard fork' The introduction Tuesday of bitcoin cash was known as the "hard fork." It resulted in a cloned currency with different technological protocols from those of the original bitcoin. The fork was a means of dealing with disagreements in the bitcoin community over how to evolve the technology to handle increased demand. The hard fork followed a process similar to cell division in biology, in that the two currencies were the same at the point of division but will pursue different paths moving forward. Users storing their bitcoin in a digital wallet that accepts bitcoin cash on Tuesday found themselves with a bitcoin cash coin for every bitcoin they had at the time of duplication. Bitcoin and bitcoin cash do not have the same value, however, so duplication is not the same as a doubling in worth. Why Coinbase sat out on bitcoin cash In a statement on Twitter on Tuesday, Coinbase CEO Brian Armstrong wrote that the company was agnostic to which currencies its users trade and that it was not opposed to adding new assets in the future. "Our goal is to be the safest, most trusted and compliant, and easiest to use," Armstrong wrote. "Not the first to market with new assets. Especially at scale, it takes time to ensure any new asset we add is well tested and secure." Generally speaking, Coinbase isn't quick to take on new currencies. Founded in 2012, the exchange still trades only bitcoin, ether , and litcoin — all digital currencies the team has deemed stable and technically secure enough for an amateur investor to put money into. We have made this decision because it is hard to predict how long the alternative version of bitcoin will survive and if Bitcoin Cash will have future market value. So it was of little surprise to those close to the company when it issued a statement last week advising that customers who want to access both bitcoin and bitcoin cash would need to withdrawal from Coinbase by this past Monday. "We have no plans to support the Bitcoin Cash fork." David Farmer, the director of business development at Coinbase, wrote. "We have made this decision because it is hard to predict how long the alternative version of bitcoin will survive and if Bitcoin Cash will have future market value." Users were irked because Coinbase's decision not to accept bitcoin cash meant that anyone with bitcoin stored in Coinbase's digital wallet would not receive what many saw as free bitcoin cash. Others were concerned that Coinbase would secretly keep the bitcoin cash that was generated Tuesday. In a statement last Friday, however, the company denied that this would happen. "Coinbase would not keep the bitcoin cash associated with customer bitcoin balances for ourselves," the company posted on Twitter. Investors like Schuler, however, saw the Coinbase's trepidation as part of its core business strategy. "The whole cryptocurrency-blockchain space is a bit like the Wild West right now — just like the beginning of the internet," Schuler said. "But slowly and surely, it's becoming institutionalized. Coinbase represents that — being legitimate and offering as much trust and safety as possible." NOW WATCH: This cell phone doesn't have a battery and never needs to be charged More From Business Insider Voice activated speakers, like Amazon Echo and Google Home, are pumping new life into Pandora's business Pandora topped Q2 revenue targets and its stock just had a wild rebound Amazon wants to continue testing grocery stores without human cashiers when it owns Whole Foods || APT Systems Inc. Announces Its Formal Entry Into the Blockchain Ecosystem: SAN FRANCISCO, CA--(Marketwired - Aug 3, 2017) - APT Systems, Inc. ( OTC PINK : APTY ), a fully reporting company in the Fintech software sector, is pleased to announce it has acquired the domain names www.cryptoassets.solutions and cryptoasset.io as part of their plan to explore opportunities in cryptocurrencies, coins, tokens and other cryptoassets. As a subsidiary of APT Systems, Inc., the new CryptoAssets brand would be uniquely positioned within the digital currency space to manage, track, chart, and assess fluctuations for key tokens and coins. CryptoAssets would offer tools that track and identify price momentum in Bitcoin (BTC) and Ethereum (ETH) tokens which have emerged as leaders in the blockchain space. Glenda Dowie, CEO of APT Systems, Inc. states, "APT Systems, Inc. holds an optimistic view for the future of blockchain technologies and believes decentralized transaction ledgers have the potential to change commerce worldwide. APT Systems, Inc. expects to be in the forefront of the management systems tracking digital assets. CryptoAssets is anticipated to track and chart major digital currencies such as Bitcoin and Ethereum as well as many others from their inception or ICO (initial coin offering)." APT Systems, Inc. is also preparing to focus some of the elements of its proprietary trading system into the digital currency and cryptoasset markets. Digital currency is an equity or coin balance that is recorded and stored electronically on a shared ledger. A complete financial market for trading cryptocurrencies continues to evolve and we look forward to being a participant in this economic adventure. About APT Systems, Inc .: APT is an acronym for Applied Proprietary Trading. The Management of APT Systems, Inc. works to deliver stock trading tools and its platform Intuitrader with a focus on handheld devices; while also strategically acquiring other compatible financial businesses which demonstrate strong growth potential. We are continuing our diligent search for software products that would enhance our operations while still watching dialogue on the proposed legislation for the Fintech National Banking Charter. Disclaimer - Forward Looking Statements: This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements; projected events in this press release may not occur due to unforeseen circumstances, various factors, and other risks identified in a company's annual report on Form 10-K and other filings made by such company. APT Systems, Inc (APTY) may opt to disseminate information about itself, including the results of its operations and financial information, via social media platforms such as Facebook, LinkedIn and Twitter. Investor Online Kit - http://www.aptsystemsinc.com/online-investor-kit-for-apt-systems-inc-apty/ On Twitter follow @APTYsys || APT Systems Inc. Announces Its Formal Entry Into the Blockchain Ecosystem: SAN FRANCISCO, CA--(Marketwired - Aug 3, 2017) - APT Systems, Inc. (OTC PINK:APTY), a fully reporting company in the Fintech software sector, is pleased to announce it has acquired the domain nameswww.cryptoassets.solutionsand cryptoasset.io as part of their plan to explore opportunities in cryptocurrencies, coins, tokens and other cryptoassets.
As a subsidiary of APT Systems, Inc., the new CryptoAssets brand would be uniquely positioned within the digital currency space to manage, track, chart, and assess fluctuations for key tokens and coins. CryptoAssets would offer tools that track and identify price momentum in Bitcoin (BTC) and Ethereum (ETH) tokens which have emerged as leaders in the blockchain space.
Glenda Dowie, CEO of APT Systems, Inc. states, "APT Systems, Inc. holds an optimistic view for the future of blockchain technologies and believes decentralized transaction ledgers have the potential to change commerce worldwide. APT Systems, Inc. expects to be in the forefront of the management systems tracking digital assets. CryptoAssets is anticipated to track and chart major digital currencies such as Bitcoin and Ethereum as well as many others from their inception or ICO (initial coin offering)."
APT Systems, Inc. is also preparing to focus some of the elements of its proprietary trading system into the digital currency and cryptoasset markets. Digital currency is an equity or coin balance that is recorded and stored electronically on a shared ledger. A complete financial market for trading cryptocurrencies continues to evolve and we look forward to being a participant in this economic adventure.
About APT Systems, Inc.: APT is an acronym for Applied Proprietary Trading. The Management of APT Systems, Inc. works to deliver stock trading tools and its platform Intuitrader with a focus on handheld devices; while also strategically acquiring other compatible financial businesses which demonstrate strong growth potential. We are continuing our diligent search for software products that would enhance our operations while still watching dialogue on the proposed legislation for the Fintech National Banking Charter.
Disclaimer - Forward Looking Statements:This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements; projected events in this press release may not occur due to unforeseen circumstances, various factors, and other risks identified in a company's annual report on Form 10-K and other filings made by such company. APT Systems, Inc (APTY) may opt to disseminate information about itself, including the results of its operations and financial information, via social media platforms such as Facebook, LinkedIn and Twitter.
Investor Online Kit -http://www.aptsystemsinc.com/online-investor-kit-for-apt-systems-inc-apty/On Twitter follow@APTYsys || Microsoft is testing a feature to let you control parts of Windows 10 with your eyes: Microsoft (NASDAQ: MSFT) is testing a Windows 10 feature that allows people to control features of the operating system with their eyes. Eye Control is aimed at "empowering people with disabilities to operate an on-screen mouse, keyboard, and text-to-speech experience using only their eyes," Microsoft said in a blog post on Wednesday. Users require eye tracking hardware by Tobii in order to try out the feature. When Eye Control is launched a box appears allowing a user to choose to control the mouse, keyboard or text-to-speech feature with their eyes. When the mouse function is selected, a user has to look at what they want to click on then select, again with their eyes, what action they want to take such as a left click or right click. Typing works in a similar way. Users need to look at letters that they want to type. But Microsoft is also trialing a feature called "shape-writing" to help people type faster with their eyes. "You can form words by dwelling at the first and last character of the word, and simply glancing at letters in between. A hint of the word predicted will appear on the last key of the word," Microsoft explained. The feature is currently in the beta testing stage for the so-called Windows 10 Insider Preview Build, which is available for select users. More From CNBC 'Bitcoin cash' potential limited, but a looming catalyst could help it take off Apple's China revenues fall 10% as analyst claims iPhone has 'gone out of fashion' China's ride-sharing giant Didi Chuxing is backing Uber's biggest rival in Europe || Microsoft is testing a feature to let you control parts of Windows 10 with your eyes: Microsoft (NASDAQ: MSFT) is testing a Windows 10 feature that allows people to control features of the operating system with their eyes. Eye Control is aimed at "empowering people with disabilities to operate an on-screen mouse, keyboard, and text-to-speech experience using only their eyes," Microsoft said in a blog post on Wednesday. Users require eye tracking hardware by Tobii in order to try out the feature. When Eye Control is launched a box appears allowing a user to choose to control the mouse, keyboard or text-to-speech feature with their eyes. When the mouse function is selected, a user has to look at what they want to click on then select, again with their eyes, what action they want to take such as a left click or right click. Typing works in a similar way. Users need to look at letters that they want to type. But Microsoft is also trialing a feature called "shape-writing" to help people type faster with their eyes. "You can form words by dwelling at the first and last character of the word, and simply glancing at letters in between. A hint of the word predicted will appear on the last key of the word," Microsoft explained. The feature is currently in the beta testing stage for the so-called Windows 10 Insider Preview Build, which is available for select users. More From CNBC 'Bitcoin cash' potential limited, but a looming catalyst could help it take off Apple's China revenues fall 10% as analyst claims iPhone has 'gone out of fashion' China's ride-sharing giant Didi Chuxing is backing Uber's biggest rival in Europe || 'Bitcoin cash' potential limited, but a catalyst could be looming for it to take off, experts say: "Bitcoin cash," the cryptocurrency created as a result of a split in the bitcoin(Exchange: BTC=-USS)blockchain, may not have long-term potential, industry insiders told CNBC, but a key event down the road could give it more backing.
To recap, the underlying bitcoin technology known as theblockchain underwent a "fork", meaning it split to create a new digital currency. This happened because the community disagreed on how to increase the capacity of the blockchain, which was struggling with record-high transaction times for bitcoin.
As a result of the split, "bitcoin cash" was created.And it has had a volatile start. It hit a high of just over $727 on Wednesday before more than halving to just over $310 in the space of a few hours, according to price tracking site Coinmarketcap.com.
Many experts said there would likely be some short-term trading activity, but have expressed doubt over the longer-term potential of "bitcoin cash".
"Over the longer term, Bcash's prospects are limited due to the relatively small size of the community maintaining its blockchain, developing its software and using the cryptocurrency," Aurelien Menant, founder and CEO of cryptocurrency exchange Gatecoin, told CNBC by email.
Menant said Gatecoin would start supporting trade with "bitcoin cash". This is in contrast to Coinbase, the world's largest bitcoin exchange, which decided not to support the new cryptocurrency.
In a Tweet on Tuesday, Coinbase CEO Brian Armstrong, said we "don't want to rush anything out," highlighting the uncertainty over "bitcoin cash's" future.
But the continuing debate over the underlying bitcoin technology continues. The fight was over how much to increase the block size of the blockchain.
To understand this, it's important to outline how transactions work. Transactions by users are gathered into "blocks" which is turned into a complex math solution. So-called miners, using high-powered computers work these solutions out to determine if the transaction is possible. Once other miners also check the puzzle is correct, the transactions are approved and the miners are rewarded in bitcoin.
Increasing the block size would boost transaction speeds. Some people wanted a solution that would dramatically increase the block size from its current 1 megabyte level. But the majority of the community have decided to increase the block size to 2 megabytes.
A full recap of what has happened can be found here. This 2MB increase is likely to come into effect in November, providing miners stick to their word and make the necessary software updates.
If this doesn't happen, then "bitcoin cash" could get a boost.
"If most miners decide that for economic reasons they prefer to mine larger blocks and commit more hashing power to Bcash, then it's likely more development work and user adoption would follow, and those conducting business with bitcoin may decide to adopt Bcash instead," Menant said.
"Yet for this to happen Bcash would need to prove that its technology can match the security features and reliability of bitcoin's software," he added, striking a note of caution.
More From CNBC
• Samsung launches a high-end dual-screened Android flip phone
• Microsoft is testing a feature to let you control parts of Windows 10 with your eyes
• Apple's China revenues fall 10% as analyst claims iPhone has 'gone out of fashion' || 'Bitcoin cash' potential limited, but a catalyst could be looming for it to take off, experts say: "Bitcoin cash," the cryptocurrency created as a result of a split in the bitcoin (Exchange: BTC=-USS) blockchain, may not have long-term potential, industry insiders told CNBC, but a key event down the road could give it more backing. To recap, the underlying bitcoin technology known as the blockchain underwent a "fork" , meaning it split to create a new digital currency. This happened because the community disagreed on how to increase the capacity of the blockchain, which was struggling with record-high transaction times for bitcoin. As a result of the split, "bitcoin cash" was created. And it has had a volatile start . It hit a high of just over $727 on Wednesday before more than halving to just over $310 in the space of a few hours, according to price tracking site Coinmarketcap.com. Many experts said there would likely be some short-term trading activity, but have expressed doubt over the longer-term potential of "bitcoin cash". "Over the longer term, Bcash's prospects are limited due to the relatively small size of the community maintaining its blockchain, developing its software and using the cryptocurrency," Aurelien Menant, founder and CEO of cryptocurrency exchange Gatecoin, told CNBC by email. Menant said Gatecoin would start supporting trade with "bitcoin cash". This is in contrast to Coinbase, the world's largest bitcoin exchange, which decided not to support the new cryptocurrency. In a Tweet on Tuesday, Coinbase CEO Brian Armstrong, said we "don't want to rush anything out," highlighting the uncertainty over "bitcoin cash's" future. TWEET But the continuing debate over the underlying bitcoin technology continues. The fight was over how much to increase the block size of the blockchain. To understand this, it's important to outline how transactions work. Transactions by users are gathered into "blocks" which is turned into a complex math solution. So-called miners, using high-powered computers work these solutions out to determine if the transaction is possible. Once other miners also check the puzzle is correct, the transactions are approved and the miners are rewarded in bitcoin. Story continues Increasing the block size would boost transaction speeds. Some people wanted a solution that would dramatically increase the block size from its current 1 megabyte level. But the majority of the community have decided to increase the block size to 2 megabytes. A full recap of what has happened can be found here . This 2MB increase is likely to come into effect in November, providing miners stick to their word and make the necessary software updates. If this doesn't happen, then "bitcoin cash" could get a boost. "If most miners decide that for economic reasons they prefer to mine larger blocks and commit more hashing power to Bcash, then it's likely more development work and user adoption would follow, and those conducting business with bitcoin may decide to adopt Bcash instead," Menant said. "Yet for this to happen Bcash would need to prove that its technology can match the security features and reliability of bitcoin's software," he added, striking a note of caution. More From CNBC Samsung launches a high-end dual-screened Android flip phone Microsoft is testing a feature to let you control parts of Windows 10 with your eyes Apple's China revenues fall 10% as analyst claims iPhone has 'gone out of fashion' || 'Bitcoin cash' potential limited, but a catalyst could be looming for it to take off, experts say: "Bitcoin cash," the cryptocurrency created as a result of a split in the bitcoin(Exchange: BTC=-USS)blockchain, may not have long-term potential, industry insiders told CNBC, but a key event down the road could give it more backing.
To recap, the underlying bitcoin technology known as theblockchain underwent a "fork", meaning it split to create a new digital currency. This happened because the community disagreed on how to increase the capacity of the blockchain, which was struggling with record-high transaction times for bitcoin.
As a result of the split, "bitcoin cash" was created.And it has had a volatile start. It hit a high of just over $727 on Wednesday before more than halving to just over $310 in the space of a few hours, according to price tracking site Coinmarketcap.com.
Many experts said there would likely be some short-term trading activity, but have expressed doubt over the longer-term potential of "bitcoin cash".
"Over the longer term, Bcash's prospects are limited due to the relatively small size of the community maintaining its blockchain, developing its software and using the cryptocurrency," Aurelien Menant, founder and CEO of cryptocurrency exchange Gatecoin, told CNBC by email.
Menant said Gatecoin would start supporting trade with "bitcoin cash". This is in contrast to Coinbase, the world's largest bitcoin exchange, which decided not to support the new cryptocurrency.
In a Tweet on Tuesday, Coinbase CEO Brian Armstrong, said we "don't want to rush anything out," highlighting the uncertainty over "bitcoin cash's" future.
But the continuing debate over the underlying bitcoin technology continues. The fight was over how much to increase the block size of the blockchain.
To understand this, it's important to outline how transactions work. Transactions by users are gathered into "blocks" which is turned into a complex math solution. So-called miners, using high-powered computers work these solutions out to determine if the transaction is possible. Once other miners also check the puzzle is correct, the transactions are approved and the miners are rewarded in bitcoin.
Increasing the block size would boost transaction speeds. Some people wanted a solution that would dramatically increase the block size from its current 1 megabyte level. But the majority of the community have decided to increase the block size to 2 megabytes.
A full recap of what has happened can be found here. This 2MB increase is likely to come into effect in November, providing miners stick to their word and make the necessary software updates.
If this doesn't happen, then "bitcoin cash" could get a boost.
"If most miners decide that for economic reasons they prefer to mine larger blocks and commit more hashing power to Bcash, then it's likely more development work and user adoption would follow, and those conducting business with bitcoin may decide to adopt Bcash instead," Menant said.
"Yet for this to happen Bcash would need to prove that its technology can match the security features and reliability of bitcoin's software," he added, striking a note of caution.
More From CNBC
• Samsung launches a high-end dual-screened Android flip phone
• Microsoft is testing a feature to let you control parts of Windows 10 with your eyes
• Apple's China revenues fall 10% as analyst claims iPhone has 'gone out of fashion' || Bitcoin struggles to fend off slump as rival Bitcoin Cash soars: Investing.com – Bitcoin traded lower on Wednesday, a day after the blockchain supporting the cryptocurrency split into two, creating a new competitor called “bitcoin cash”.
On the U.S.-based Bitfinex exchange, Bitcoin fell to $2,708.1, down $27.2 or 0.99%.
Bitcoin’s blockchain – the digital ledger which records every bitcoin transaction – split into two at 08:20 ET Tuesday, in an event know as a ‘hard fork’, creating a competing currency called “Bitcoin Cash”.
Despite a lack of support for its network, Bitcoin Cash, got off to a good start, rallying 65.54% to $389.49 according to coinmarketcap.com, as market participants defected to the newly created virtual currency.
Bitcoin Cash is worth only a fraction of bitcoin and may struggle to build on momentum as some of the biggest bitcoin wallet providers don’t have immediate plans to support Bitcoin Cash.
“As of today, we have no immediate plans to fully support the Bitcoin Cash fork within our main product," Blockchain’s Alsyon Margaret said on Sunday.
The ‘hard fork’ came after a long-term debate on how best to solve bitcoin’s scaling problem to speed up transactions on the network.
Bitcoin transactions are limited to 1-megabyte every 10 minutes - or seven transactions per second. This compares to 2,000 per second for Visa and means that at peak times bitcoin transactions can take hours to be fulfilled, inhibiting the currency.
The majority of bitcoin miners – programmers who get paid to contribute computing power to the bitcoin network – had initially pledged support for software upgrade SegWith2x, leading many to believe that the virtual currency would avert a split.
But some members of the bitcoin community, felt the proposal failed to adequately addressed the problem and launched an alternative proposal, Bitcoin Cash.
The two rival proposals - Segwit2x and Bitcoin Cash - are attempting to solve this problem in different ways.
Bitcoin Cash seeks to increase the block size to 8-megabytes whereas SegWit2X proposes moving transaction data outside of the block on a parallel track with plans to increase bitcoin’s block size later in the year.
Meanwhile, Ethereum, fell to $220.53, up 4.12%.
To stay on top of the latest moves in the crypto-space, be sure to check out:https://www.investing.com/crypto/
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Spain to extradite accused Russian bank account hacker to U.S. || Bitcoin struggles to fend off slump as rival Bitcoin Cash soars: The blockchain supporting the cryptocurrency split into two, creating a rival Bitcoin Cash Investing.com Bitcoin traded lower on Wednesday, a day after the blockchain supporting the cryptocurrency split into two, creating a new competitor called bitcoin cash. On the U.S.-based Bitfinex exchange, Bitcoin fell to $2,708.1, down $27.2 or 0.99%. Bitcoins blockchain the digital ledger which records every bitcoin transaction split into two at 08:20 ET Tuesday, in an event know as a hard fork, creating a competing currency called Bitcoin Cash. Despite a lack of support for its network, Bitcoin Cash, got off to a good start, rallying 65.54% to $389.49 according to coinmarketcap.com, as market participants defected to the newly created virtual currency. Bitcoin Cash is worth only a fraction of bitcoin and may struggle to build on momentum as some of the biggest bitcoin wallet providers dont have immediate plans to support Bitcoin Cash. As of today, we have no immediate plans to fully support the Bitcoin Cash fork within our main product," Blockchains Alsyon Margaret said on Sunday. The hard fork came after a long-term debate on how best to solve bitcoins scaling problem to speed up transactions on the network. Bitcoin transactions are limited to 1-megabyte every 10 minutes - or seven transactions per second. This compares to 2,000 per second for Visa and means that at peak times bitcoin transactions can take hours to be fulfilled, inhibiting the currency. The majority of bitcoin miners programmers who get paid to contribute computing power to the bitcoin network had initially pledged support for software upgrade SegWith2x, leading many to believe that the virtual currency would avert a split. But some members of the bitcoin community, felt the proposal failed to adequately addressed the problem and launched an alternative proposal, Bitcoin Cash. The two rival proposals - Segwit2x and Bitcoin Cash - are attempting to solve this problem in different ways. Bitcoin Cash seeks to increase the block size to 8-megabytes whereas SegWit2X proposes moving transaction data outside of the block on a parallel track with plans to increase bitcoins block size later in the year. Story continues Meanwhile, Ethereum, fell to $220.53, up 4.12%. To stay on top of the latest moves in the crypto-space, be sure to check out: https://www.investing.com/crypto/ Related Articles Brazil's Bradesco web, branch services hit by intermittent glitch Silicon Valley imitation meat startup raises $75 million Spain to extradite accused Russian bank account hacker to U.S. || Bitcoin struggles to fend off slump as rival Bitcoin Cash soars: Investing.com – Bitcoin traded lower on Wednesday, a day after the blockchain supporting the cryptocurrency split into two, creating a new competitor called “bitcoin cash”.
On the U.S.-based Bitfinex exchange, Bitcoin fell to $2,708.1, down $27.2 or 0.99%.
Bitcoin’s blockchain – the digital ledger which records every bitcoin transaction – split into two at 08:20 ET Tuesday, in an event know as a ‘hard fork’, creating a competing currency called “Bitcoin Cash”.
Despite a lack of support for its network, Bitcoin Cash, got off to a good start, rallying 65.54% to $389.49 according to coinmarketcap.com, as market participants defected to the newly created virtual currency.
Bitcoin Cash is worth only a fraction of bitcoin and may struggle to build on momentum as some of the biggest bitcoin wallet providers don’t have immediate plans to support Bitcoin Cash.
“As of today, we have no immediate plans to fully support the Bitcoin Cash fork within our main product," Blockchain’s Alsyon Margaret said on Sunday.
The ‘hard fork’ came after a long-term debate on how best to solve bitcoin’s scaling problem to speed up transactions on the network.
Bitcoin transactions are limited to 1-megabyte every 10 minutes - or seven transactions per second. This compares to 2,000 per second for Visa and means that at peak times bitcoin transactions can take hours to be fulfilled, inhibiting the currency.
The majority of bitcoin miners – programmers who get paid to contribute computing power to the bitcoin network – had initially pledged support for software upgrade SegWith2x, leading many to believe that the virtual currency would avert a split.
But some members of the bitcoin community, felt the proposal failed to adequately addressed the problem and launched an alternative proposal, Bitcoin Cash.
The two rival proposals - Segwit2x and Bitcoin Cash - are attempting to solve this problem in different ways.
Bitcoin Cash seeks to increase the block size to 8-megabytes whereas SegWit2X proposes moving transaction data outside of the block on a parallel track with plans to increase bitcoin’s block size later in the year.
Meanwhile, Ethereum, fell to $220.53, up 4.12%.
To stay on top of the latest moves in the crypto-space, be sure to check out:https://www.investing.com/crypto/
Related Articles
Brazil's Bradesco web, branch services hit by intermittent glitch
Silicon Valley imitation meat startup raises $75 million
Spain to extradite accused Russian bank account hacker to U.S. || Yes, It's Confusing: Bitcoin Forking Explained: Forks have been in the news a lot recently due to controversy in the bitcoin community.
There was the potential fork that threatened to split bitcoin into two cryptocurrencies after a lengthy “civil war” between miners and developers. That came and went with little issue.
Then there was the sudden fork that actually did permanently split the blockchain on Tuesday,spinning Bitcoin Cash out of bitcoin.
In truth, forks, or splits, in the blockchain happen constantly and usually pass with little news. But unless you actively follow cryptocurrency news, you may not even know what a fork is or why they can be so controversial.
Related Link:As Crisis Is Averted, 3 Takes On The Rise Of Bitcoin
What Is A Fork?
Simply put, a fork is when a cryptocurrency’s blockchain splits into two possible chains either because of a transaction or new rule for what makes a transaction valid.
When they occur, users have to decide which route to follow. The decision is made when a new block is added to either chain. The longer chain will become the legitimate successor to the original, while the other will be “orphaned.”
Only one chain can ultimately be correct, and so transactions that occur on an orphaned chain will be ignored and lost.
This is why miners will typically only want to work on the longer, valid chain and why cryptocurrency owners are advised not to made transactions until a fork can be resolved.
A fork happens any time two miners discover a new block at nearly the same time. These tend to resolve themselves, but can still lead to anxiety among cryptocurrency holders.
Other times, a fork is purposefully introduced so developers can change the rules used to determine a transaction’s validity.
These instances are much more controversial and have to potential to permanently split the chain with both surviving as independent currencies.
There are several specific kinds of forks — user activated, miner activated, software, git, etc. — but they all essentially fall into two categories: hard forks and soft forks.
Hard Forks
As defined by the glossary on bitcoin’s website, a hard fork is “a permanent divergence in the blockchain, commonly occur[ing] when non-upgraded nodes can’t validate blocks created by upgraded nodes that follow newer consensus rules.”
For a hard fork to be successfully implemented, every node must be upgraded to the new rules.
Problems arise when a portion of the cryptocurrency’s community opposes the changes and decides to stick with the old chain.
Theethereum blockchain’s splitinto Ethereum and Ethereum Classic is a perfect example of that occurring and two variants staying alive.
Here’s a visualization of how hard forks work:
Image: Investopedia
Soft Forks
Bitcoin’s glossary defines a soft fork as a change to a blockchain “wherein only previously valid blocks/transactions are made invalid. Since old nodes will recognise the new blocks as valid, a soft fork is backward-compatible.”
When a soft fork occurs, non-upgraded nodes will still register new transactions as valid but cannot be used to mine new blocks, as the upgraded nodes will reject them.
A soft fork requires the majority of users to support the change, otherwise the upgraded nodes could wind up being on the shortest chain and orphaned by the network.
Soft forks typically present lower risk and therefore are most commonly used to change a blockchain’s rules.
Bitcoin Improvement Protocol 91, which introduced the rule change known as Segwit2x, is an example of a major soft fork that was recently successful, with almost 100 percent of users supporting the change and the holdouts becoming orphaned.
If, however, a significant number of users are dedicated to the change but fall short of a majority, the soft fork could become a hard fork with the upgraded nodes starting a new cryptocurrency.
An example is Bitcoin Cash splitting off from bitcoin. A large group of users still unsatisfied with BIP 91 chose to launch bitcoin Cash to make the blockchain closer to digital cash than digital gold which, while tradable and valuable, is not easily spent.
Related Link:Coinbase Is Courting Serious Legal Trouble By Not Supporting Bitcoin Cash
Its proponents will have to prove in the coming weeks that the there is enough support to keep it alive and growing.
Regardless of the reason or method behind a fork, the best bet for investors who trade and use cryptocurrencies is to hold off on making any transactions until it is resolved.
Here’s a visualization of how soft forks work:
Image: Investopedia
Keep up with the latest need-to-know crypto and financial news in real-time withBenzinga Pro.
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© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
[Social Media Buzz]
Aug 04, 2017 18:30:00 UTC | 2,864.10$ | 2,436.50€ | 2,198.80£ | #Bitcoin #btc pic.twitter.com/oLQAn2wXy9 || Daftar di Luno dan dapatkan Bitcoin senilai IDR 15.000,00 ketika Anda jual atau beli, menggunakan https://www.luno.com/invite/FJ9M6 || Bitcoin - BTC
Price: $2,881.56
Change in 1h: -0.4%
Market cap: $47,513,178,372.00
Ranking: 1
#Bitcoin #BTC || + $BTC'nin Pazar günü 03:00'de gerçekleşecek kapanışının, R1 seviyesinin az üzerinde 2.900-3.050 seviyelerinde gerçekleştirmesini bekliyorum || Cu...
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3252.91, 3213.94, 3378.94, 3419.94, 3342.47, 3381.28, 3650.62, 3884.71, 4073.26, 4325.13
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 438.80, 437.75, 420.74, 424.95, 424.54, 432.15, 432.52, 433.50, 437.70, 435.12, 423.99, 421.65, 410.94, 400.57, 407.71, 414.32, 413.97, 414.86, 417.13, 421.69, 411.62, 414.07, 416.44, 416.83, 417.01, 420.62, 409.55, 410.44, 413.76, 413.31, 418.09, 418.04, 416.39, 417.18, 417.95, 426.77, 424.23, 416.52, 414.82, 416.73, 417.96, 420.87, 420.90, 421.44, 424.03, 423.41, 422.74, 420.35, 419.41, 421.56, 422.48, 425.19, 423.73, 424.28, 429.71, 430.57, 427.40, 428.59, 435.51, 441.39, 449.42, 445.74, 450.28, 458.55, 461.43, 466.09, 444.69, 449.01, 455.10, 448.32, 451.88, 444.67, 450.30, 446.72, 447.98, 459.60, 458.54, 458.55, 460.48, 450.89, 452.73, 454.77, 455.67, 455.67, 457.57, 454.16, 453.78, 454.62, 438.71, 442.68.
|
[Bitcoin Technical Analysis for 2016-05-20]
Volume: 81987904, RSI (14-day): 44.05, 50-day EMA: 442.92, 200-day EMA: 401.33
[Wider Market Context]
Gold Price: 1252.40, Gold RSI: 45.90
Oil Price: 47.75, Oil RSI: 65.46
[Recent News (last 7 days)]
Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM (IBM.N), which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programmer Vitalik Buterin. "We're very excited about Ethereum. There has been a tonne of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalisation of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. Story continues At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a licence in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM (IBM.N), which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programmer Vitalik Buterin. "We're very excited about Ethereum. There has been a tonne of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalisation of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. Story continues At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a licence in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM (IBM.N), which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programmer Vitalik Buterin. "We're very excited about Ethereum. There has been a tonne of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalisation of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. Story continues At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a licence in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programer Vitalik Buterin. "We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. Story continues At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programer Vitalik Buterin. "We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) View comments || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programer Vitalik Buterin. "We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. Story continues At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programer Vitalik Buterin. "We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. Story continues At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programer Vitalik Buterin. "We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. Story continues At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programer Vitalik Buterin. "We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) View comments || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday.
The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network.
Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programer Vitalik Buterin.
"We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum."
He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other.
Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added.
Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said.
According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million.
At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency.
White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state.
Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange.
"What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programer Vitalik Buterin. "We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) View comments || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday.
The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network.
Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programer Vitalik Buterin.
"We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum."
He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other.
Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added.
Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said.
According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million.
At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency.
White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state.
Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange.
"What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: (Adds quotes, details about ether, and byline) By Gertrude Chavez-Dreyfuss NEW YORK, May 19 (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays and UBS as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programmer Vitalik Buterin. "We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. Story continues At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: (Adds quotes, details about ether, and byline)
By Gertrude Chavez-Dreyfuss
NEW YORK, May 19 (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday.
The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays and UBS as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network.
Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programmer Vitalik Buterin.
"We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum."
He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other.
Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added.
Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said.
According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million.
At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency.
White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state.
Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange.
"What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: (Adds quotes, details about ether, and byline)
By Gertrude Chavez-Dreyfuss
NEW YORK, May 19 (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday.
The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays and UBS as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network.
Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programmer Vitalik Buterin.
"We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum."
He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other.
Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added.
Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said.
According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million.
At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency.
White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state.
Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange.
"What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: NEW YORK, May 19 (Reuters) - Bitcoin exchange Coinbase said late Thursday it will add digital currency ether on its trading platform next Tuesday.
With the launch of ether trading next week, Coinbase is also changing the name of its platform to GDAX (Global Digital Asset Exchange), said Adam White, vice president of business development and head of GDAX.
Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs.
Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum uses ether to execute peer-to-peer contracts automatically without the need for intermediaries.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: NEW YORK, May 19 (Reuters) - Bitcoin exchange Coinbase said late Thursday it will add digital currency ether on its trading platform next Tuesday. With the launch of ether trading next week, Coinbase is also changing the name of its platform to GDAX (Global Digital Asset Exchange), said Adam White, vice president of business development and head of GDAX. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum uses ether to execute peer-to-peer contracts automatically without the need for intermediaries. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: NEW YORK, May 19 (Reuters) - Bitcoin exchange Coinbase said late Thursday it will add digital currency ether on its trading platform next Tuesday.
With the launch of ether trading next week, Coinbase is also changing the name of its platform to GDAX (Global Digital Asset Exchange), said Adam White, vice president of business development and head of GDAX.
Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs.
Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum uses ether to execute peer-to-peer contracts automatically without the need for intermediaries.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || The controversy over Satoshi Nakamoto’s true identity is jeopardizing Bitcoin’s future: A new kind of wallet. Earlier in May, Australian entrepreneur Craig Wright made headlines with the claim that he was in fact the mysterious creator of Bitcoin, known as “Satoshi Nakamoto.” While Wright has yet to offer concrete public evidence to back up his claim, some in the Bitcoin community have insisted that even if Wright is Nakamoto, it doesn’t matter . This is a classic engineer’s fallacy. I say this with love—I’m an engineer myself—but it exemplifies a blinkered worldview which is both wrong and dangerous. The identity of the Bitcoin creator matters because if he or she were to come forward, they might have a real shot at finally uniting a fractious community. At the very least, the creator could provide some clarity on a host of unresolved, fundamental questions that are damaging Bitcoin’s credibility with investors and potential users alike. 20 misused English words that make smart people look silly The network is not the project is not the network It is true that Satoshi’s true identity is irrelevant to the Bitcoin network. The network was (brilliantly) designed so that its transactions require no trust or central authority. This will remain true as long as no entity controls too much of the “mining” computational power—more than one quintillion computations per second—that secures Bitcoin’s revolutionary blockchain. More than the sum of its code, the Bitcoin project has been divided by bitter disagreements. (Blockchain, for the uninitiated, is a digital platform that verifies and creates a permanent record of online transactions.) Nakamoto is believed to control 7% of all extant bitcoin, worth roughly $450 million today. That’s enough to influence Bitcoin’s spot price, but not enough to control it. But the Bitcoin network is a living, changing thing, composed of constantly evolving software. More than the sum of its code, the ongoing Bitcoin project has been divided by very public, bitter disagreements. These have at best slowed progress, and at worst dragged Bitcoin into something like a civil war. Story continues Raghuram Rajan explains why corrupt politicians win elections in India How Bitcoin is governed Final decisions regarding what software runs on the Bitcoin network are made by Bitcoin’s miners. Armed with cheap electricity and custom hardware, miners secure the blockchain and are rewarded with newly minted bitcoin. But miners do not (currently) develop new Bitcoin software; they merely choose what to adopt. This can be a fraught process. If different miners run fundamentally incompatible versions of the Bitcoin software—a situation known as a “hard fork”—then the blockchain will split in two. In theory the chain supported by the most mining power will ultimately be triumphant, but the outcome could be quite costly for those who choose the wrong side or fail to upgrade quickly. Bitcoin software is open source. Anyone can copy it, build on it, or release their own version. (Most “ altcoins ,” such as Litecoin and Dogecoin, adapt the Bitcoin code.) But in practice, for seven years, Bitcoin software was built by a small, tight-knit group of engineers—including Satoshi Nakamoto, until 2010, when he/she/they retired and vanished—whose code was universally accepted by miners. Then came 2015 . A brief and civil war Last year, the increasing popularity of the Bitcoin network began to threaten its capacity limit of roughly 7 transactions per second, and Bitcoin’s engineers fragmented into factions. One group, now known as Bitcoin Classic, wanted to immediately promote a hard fork that would double the bandwidth of the Bitcoin network. Another faction, Bitcoin Core, believed that this was too risky, and promoted a different short-term solution to the looming capacity crisis. As it turned out, however, the scuffle over capacity was only a symptom of a larger debate. To oversimplify: Bitcoin Classic and its backers believe the Bitcoin network should quickly scale to handle the same volume of transactions as mainstream platforms like Visa, regardless of the consequences. Bitcoin Core believes that Bitcoin should remain maximally decentralized and trustless, while new, more scalable solutions are developed that can handle millions of transactions per second. These solutions would be separate networks that use Bitcoin only sporadically, to settle large numbers of small transactions all at once. As it turned out, however, the scuffle over capacity was only a symptom of a larger debate. The argument was vitriolic and often very personal. Accusations of conflict of interest were flung around on Reddit like confetti. Several Bitcoin Core members are cofounders of the startup Blockstream, which has raised more than $70 million in pursuit of its vision of Bitcoin’s future. The CEO of the equally well-funded startup Coinbase threw his weight behind the hard fork strategy espoused by the Bitcoin Classic factions. One well-known developer publicly abandoned the project entirely, claiming “it has failed because the community has failed.” In the end, the miners chose Bitcoin Core’s solution rather than risk a hard fork—at least for now. But it seems unlikely that the debate has entirely ended , and its consequences were decidedly negative. Venture capitalists and tech media who once trumpeted Bitcoin as the Next Big Thing now seem far more skeptical . Data from Y Combinator indicates that the incidence of Bitcoin-related startups has plummeted over the last year. In some ways, everybody lost. It cannot be measured, and yet it exists This will not be the last Bitcoin battle, or the last stain on its public image. But the public perception of Bitcoin would certainly take another hit if, for instance, Nakamoto is revealed as Wright, whose public behavior has been inconsistent and confusing. Public perception filters into industry perception, and the attitudes held by venture capitalists and entrepreneurs alike. Simply put, the identity of the Bitcoin creator matters. Nakamoto’s secret identity has in some ways been very helpful to the Bitcoin project. Its mystery is alluring, and for those who dig deeper, the elegant brilliance of Nakamoto’s code and prose continue to inspire by example. But in the current environment, mystery may not be as helpful as clarity. If he/she/they were to reveal themselves, they could help resolve disputes before they become civil wars. As Mark Zuckerberg, who knows a thing or two about the merits of the iconic founder, says : The social capital and moral authority that comes from being the founder and having built many of the company’s key products means that on balance people trust you more and give you the benefit of the doubt more when you make tough calls. Fewer people complain and take your time to manage. Fewer people quit and slow your execution. Everything is easier with social capital. Bitcoin is an open-source project, not a company, but the same truth applies. The engineer’s fallacy is to assume that things that cannot be measured do not matter. Social capital is hard to measure, but it is extremely powerful. The attitude that technical projects are somehow beyond such human considerations is common, wrong, and dangerous. In the end, if Bitcoin ultimately fails to achieve its potential, it will be because of human failures, not technical ones. Follow Jon on Twitter at @rezendi . We welcome your comments at [email protected] . Sign up for the Quartz Daily Brief , our free daily newsletter with the world’s most important and interesting news. More stories from Quartz: The Bayer-Monsanto deal is a merger 4,000 years in the making Venmo is turning our friends into petty jerks || The controversy over Satoshi Nakamoto’s true identity is jeopardizing Bitcoin’s future: A new kind of wallet. Earlier in May, Australian entrepreneur Craig Wright made headlines with the claim that he was in fact the mysterious creator of Bitcoin, known as “Satoshi Nakamoto.” While Wright has yet to offer concrete public evidence to back up his claim, some in the Bitcoin community have insisted that even if Wright is Nakamoto, it doesn’t matter . This is a classic engineer’s fallacy. I say this with love—I’m an engineer myself—but it exemplifies a blinkered worldview which is both wrong and dangerous. The identity of the Bitcoin creator matters because if he or she were to come forward, they might have a real shot at finally uniting a fractious community. At the very least, the creator could provide some clarity on a host of unresolved, fundamental questions that are damaging Bitcoin’s credibility with investors and potential users alike. 20 misused English words that make smart people look silly The network is not the project is not the network It is true that Satoshi’s true identity is irrelevant to the Bitcoin network. The network was (brilliantly) designed so that its transactions require no trust or central authority. This will remain true as long as no entity controls too much of the “mining” computational power—more than one quintillion computations per second—that secures Bitcoin’s revolutionary blockchain. More than the sum of its code, the Bitcoin project has been divided by bitter disagreements. (Blockchain, for the uninitiated, is a digital platform that verifies and creates a permanent record of online transactions.) Nakamoto is believed to control 7% of all extant bitcoin, worth roughly $450 million today. That’s enough to influence Bitcoin’s spot price, but not enough to control it. But the Bitcoin network is a living, changing thing, composed of constantly evolving software. More than the sum of its code, the ongoing Bitcoin project has been divided by very public, bitter disagreements. These have at best slowed progress, and at worst dragged Bitcoin into something like a civil war. Story continues Raghuram Rajan explains why corrupt politicians win elections in India How Bitcoin is governed Final decisions regarding what software runs on the Bitcoin network are made by Bitcoin’s miners. Armed with cheap electricity and custom hardware, miners secure the blockchain and are rewarded with newly minted bitcoin. But miners do not (currently) develop new Bitcoin software; they merely choose what to adopt. This can be a fraught process. If different miners run fundamentally incompatible versions of the Bitcoin software—a situation known as a “hard fork”—then the blockchain will split in two. In theory the chain supported by the most mining power will ultimately be triumphant, but the outcome could be quite costly for those who choose the wrong side or fail to upgrade quickly. Bitcoin software is open source. Anyone can copy it, build on it, or release their own version. (Most “ altcoins ,” such as Litecoin and Dogecoin, adapt the Bitcoin code.) But in practice, for seven years, Bitcoin software was built by a small, tight-knit group of engineers—including Satoshi Nakamoto, until 2010, when he/she/they retired and vanished—whose code was universally accepted by miners. Then came 2015 . A brief and civil war Last year, the increasing popularity of the Bitcoin network began to threaten its capacity limit of roughly 7 transactions per second, and Bitcoin’s engineers fragmented into factions. One group, now known as Bitcoin Classic, wanted to immediately promote a hard fork that would double the bandwidth of the Bitcoin network. Another faction, Bitcoin Core, believed that this was too risky, and promoted a different short-term solution to the looming capacity crisis. As it turned out, however, the scuffle over capacity was only a symptom of a larger debate. To oversimplify: Bitcoin Classic and its backers believe the Bitcoin network should quickly scale to handle the same volume of transactions as mainstream platforms like Visa, regardless of the consequences. Bitcoin Core believes that Bitcoin should remain maximally decentralized and trustless, while new, more scalable solutions are developed that can handle millions of transactions per second. These solutions would be separate networks that use Bitcoin only sporadically, to settle large numbers of small transactions all at once. As it turned out, however, the scuffle over capacity was only a symptom of a larger debate. The argument was vitriolic and often very personal. Accusations of conflict of interest were flung around on Reddit like confetti. Several Bitcoin Core members are cofounders of the startup Blockstream, which has raised more than $70 million in pursuit of its vision of Bitcoin’s future. The CEO of the equally well-funded startup Coinbase threw his weight behind the hard fork strategy espoused by the Bitcoin Classic factions. One well-known developer publicly abandoned the project entirely, claiming “it has failed because the community has failed.” In the end, the miners chose Bitcoin Core’s solution rather than risk a hard fork—at least for now. But it seems unlikely that the debate has entirely ended , and its consequences were decidedly negative. Venture capitalists and tech media who once trumpeted Bitcoin as the Next Big Thing now seem far more skeptical . Data from Y Combinator indicates that the incidence of Bitcoin-related startups has plummeted over the last year. In some ways, everybody lost. It cannot be measured, and yet it exists This will not be the last Bitcoin battle, or the last stain on its public image. But the public perception of Bitcoin would certainly take another hit if, for instance, Nakamoto is revealed as Wright, whose public behavior has been inconsistent and confusing. Public perception filters into industry perception, and the attitudes held by venture capitalists and entrepreneurs alike. Simply put, the identity of the Bitcoin creator matters. Nakamoto’s secret identity has in some ways been very helpful to the Bitcoin project. Its mystery is alluring, and for those who dig deeper, the elegant brilliance of Nakamoto’s code and prose continue to inspire by example. But in the current environment, mystery may not be as helpful as clarity. If he/she/they were to reveal themselves, they could help resolve disputes before they become civil wars. As Mark Zuckerberg, who knows a thing or two about the merits of the iconic founder, says : The social capital and moral authority that comes from being the founder and having built many of the company’s key products means that on balance people trust you more and give you the benefit of the doubt more when you make tough calls. Fewer people complain and take your time to manage. Fewer people quit and slow your execution. Everything is easier with social capital. Bitcoin is an open-source project, not a company, but the same truth applies. The engineer’s fallacy is to assume that things that cannot be measured do not matter. Social capital is hard to measure, but it is extremely powerful. The attitude that technical projects are somehow beyond such human considerations is common, wrong, and dangerous. In the end, if Bitcoin ultimately fails to achieve its potential, it will be because of human failures, not technical ones. Follow Jon on Twitter at @rezendi . We welcome your comments at [email protected] . Sign up for the Quartz Daily Brief , our free daily newsletter with the world’s most important and interesting news. More stories from Quartz: The Bayer-Monsanto deal is a merger 4,000 years in the making Venmo is turning our friends into petty jerks
[Social Media Buzz]
LIVE: Profit = $510.18 (6.50 %). BUY B18.96 @ $420.00 (#VirCurex). SELL @ $441.15 (#Bitfinex) #bitcoin #btc - http://www.projectcoin.org || LIVE: Profit = $487.73 (6.22 %). BUY B18.96 @ $420.00 (#VirCurex). SELL @ $440.02 (#Bitfinex) #bitcoin #btc - http://www.projectcoin.org || 1 #BTC (#Bitcoin) quotes:
$442.87/$443.59 #Bitstamp
$441.71/$442.73 #BTCe
⇢$-1.88/$-0.14
$443.88/$444.00 #Coinbase
⇢$0.29/$1.13 || LIVE: Profit = $491.79 (6.27 %). BUY B18.96 @ $420.00 (#VirCurex). SELL @ $440.21 (#Bit...
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443.19, 439.32, 444.15, 445.98, 449.60, 453.38, 473.46, 530.04, 526.23, 533.86
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 8673.22, 8805.78, 8719.96, 8659.49, 8319.47, 8574.50, 8564.02, 8742.96, 8209.00, 7707.77, 7824.23, 7822.02, 8043.95, 7954.13, 7688.08, 8000.33, 7927.71, 8145.86, 8230.92, 8693.83, 8838.38, 8994.49, 9320.35, 9081.76, 9273.52, 9527.16, 10144.56, 10701.69, 10855.37, 11011.10, 11790.92, 13016.23, 11182.81, 12407.33, 11959.37, 10817.16, 10583.13, 10801.68, 11961.27, 11215.44, 10978.46, 11208.55, 11450.85, 12285.96, 12573.81, 12156.51, 11358.66, 11815.99, 11392.38, 10256.06, 10895.09, 9477.64, 9693.80, 10666.48, 10530.73, 10767.14, 10599.11, 10343.11, 9900.77, 9811.93, 9911.84, 9870.30, 9477.68, 9552.86, 9519.15, 9607.42, 10085.63, 10399.67, 10518.17, 10821.73, 10970.18, 11805.65, 11478.17, 11941.97, 11966.41, 11862.94, 11354.02, 11523.58, 11382.62, 10895.83, 10051.70, 10311.55, 10374.34, 10231.74, 10345.81, 10916.05, 10763.23, 10138.05, 10131.06, 10407.96.
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[Bitcoin Technical Analysis for 2019-08-23]
Volume: 15627023886, RSI (14-day): 47.14, 50-day EMA: 10490.97, 200-day EMA: 8292.36
[Wider Market Context]
Gold Price: 1526.60, Gold RSI: 71.62
Oil Price: 54.17, Oil RSI: 44.92
[Recent News (last 7 days)]
Digital Asset Research predicts Bitcoin will hit $60,000 in May 2020: Cryptocurrency-focused research company, Digital Asset Research, has released a new bitcoin price prediction model based on scarcity—i.e. how few bitcoins there areleft to be mined. The model estimates that Bitcoin's price could reach as high as $60,595 by May 2020, nearly six times its current value of $10,670. This would placeBitcoin'smarket capitalizationat almost $1.25 trillion.
Theprediction modelis largely based on extrapolating Bitcoin's previous price performance—into the future. Another key factor the report says will determine price is Bitcoin's block reward halvings–the next of which is due in 2020. As the reward for mining blocks is cut in half, the price of Bitcoin is due to go up.
While the report assumes that history will repeat itself almost perfectly, it did provide an interesting insight into Bitcoin's behavior of the past few years. Digital Asset Research found that the Bitcoin price tends to peak about a third of the way through each halving reward cycle—each peak beating the previous. If this were to continue, this means that Bitcoin would find its eventual ceiling sometime in September 2021–surpassing the $60,595 number it quoted originally. The report however, didn't speculate on what that upper ceiling might be to bitcoin's price.
But obviously, this would require a large inflow of money—perhaps $1 trillion—to enter the market, to boost prices. Digital Asset Research speculates that it could come from investors looking to hedge against government currencies. This has been widely discussed in crypto media, with many suggesting that a U.S.-China trade war or further geopolitical tensions in Hong Kong could drive investors towards Bitcoin. However, as we saw recently, when the Dow Jones crashed—moneycame outof the market, showing that Bitcoin might be seen as a more risky, volatile asset rather than asafe haven.
The prediction model was generated using Bitcoin market data, with additional market insight borrowed from price analyst Plan B (@100trillionUSD on Twitter), who previously highlighted the link betweenBitcoin's valueand its scarcity. Digital Asset Research plans to revise the model as new information or market functions become apparent, to improve its accuracy over time. || Digital Asset Research predicts Bitcoin will hit $60,000 in May 2020: Cryptocurrency-focused research company, Digital Asset Research, has released a new bitcoin price prediction model based on scarcity—i.e. how few bitcoins there areleft to be mined. The model estimates that Bitcoin's price could reach as high as $60,595 by May 2020, nearly six times its current value of $10,670. This would placeBitcoin'smarket capitalizationat almost $1.25 trillion.
Theprediction modelis largely based on extrapolating Bitcoin's previous price performance—into the future. Another key factor the report says will determine price is Bitcoin's block reward halvings–the next of which is due in 2020. As the reward for mining blocks is cut in half, the price of Bitcoin is due to go up.
While the report assumes that history will repeat itself almost perfectly, it did provide an interesting insight into Bitcoin's behavior of the past few years. Digital Asset Research found that the Bitcoin price tends to peak about a third of the way through each halving reward cycle—each peak beating the previous. If this were to continue, this means that Bitcoin would find its eventual ceiling sometime in September 2021–surpassing the $60,595 number it quoted originally. The report however, didn't speculate on what that upper ceiling might be to bitcoin's price.
But obviously, this would require a large inflow of money—perhaps $1 trillion—to enter the market, to boost prices. Digital Asset Research speculates that it could come from investors looking to hedge against government currencies. This has been widely discussed in crypto media, with many suggesting that a U.S.-China trade war or further geopolitical tensions in Hong Kong could drive investors towards Bitcoin. However, as we saw recently, when the Dow Jones crashed—moneycame outof the market, showing that Bitcoin might be seen as a more risky, volatile asset rather than asafe haven.
The prediction model was generated using Bitcoin market data, with additional market insight borrowed from price analyst Plan B (@100trillionUSD on Twitter), who previously highlighted the link betweenBitcoin's valueand its scarcity. Digital Asset Research plans to revise the model as new information or market functions become apparent, to improve its accuracy over time. || Digital Asset Research predicts Bitcoin will hit $60,000 in May 2020: Cryptocurrency-focused research company, Digital Asset Research, has released a new bitcoin price prediction model based on scarcityi.e. how few bitcoins there are left to be mined . The model estimates that Bitcoin's price could reach as high as $60,595 by May 2020, nearly six times its current value of $10,670. This would place Bitcoin's market capitalization at almost $1.25 trillion. The prediction model is largely based on extrapolating Bitcoin's previous price performanceinto the future. Another key factor the report says will determine price is Bitcoin's block reward halvingsthe next of which is due in 2020. As the reward for mining blocks is cut in half, the price of Bitcoin is due to go up. While the report assumes that history will repeat itself almost perfectly, it did provide an interesting insight into Bitcoin's behavior of the past few years. Digital Asset Research found that the Bitcoin price tends to peak about a third of the way through each halving reward cycleeach peak beating the previous. If this were to continue, this means that Bitcoin would find its eventual ceiling sometime in September 2021surpassing the $60,595 number it quoted originally. The report however, didn't speculate on what that upper ceiling might be to bitcoin's price. But obviously, this would require a large inflow of moneyperhaps $1 trillionto enter the market, to boost prices. Digital Asset Research speculates that it could come from investors looking to hedge against government currencies. This has been widely discussed in crypto media, with many suggesting that a U.S.-China trade war or further geopolitical tensions in Hong Kong could drive investors towards Bitcoin. However, as we saw recently, when the Dow Jones crashedmoney came out of the market, showing that Bitcoin might be seen as a more risky, volatile asset rather than a safe haven . The prediction model was generated using Bitcoin market data, with additional market insight borrowed from price analyst Plan B (@100trillionUSD on Twitter), who previously highlighted the link between Bitcoin's value and its scarcity. Digital Asset Research plans to revise the model as new information or market functions become apparent, to improve its accuracy over time. || PundiX’s Crypto Cash Registers Will Be Installed in 49 Retail Stores Across Venezuela: Venezuela’s largest department store will install blockchain-enabled cash registers in its 49 retail outlets.
The megastore operator Traki announced August 22, it will integrate Singapore-based Pundi X’s point-of-sale device, XPOS, to offer a cryptocurrency payment rail for shoppers.
Already available in 30 countries, Pundi aims to sell 100,000 XPOS devices by 2021. This is part of the firm’s plan to introduce cryptocurrencies for everyday use, through an ecosystem of financial products like its XPASS crypto debit cards and Xwallet.
Related:Despite CEO Claims, Dash Isn’t Really the ‘Most Used’ Crypto in Venezuela
“We made the XPOS with the mission of creating real-life use cases for blockchain technology, and this couldn’t be better represented than Traki shoppers paying for their daily needs with cryptocurrency,” said Pundi X CEO, Zac Cheah.
Cheah continued to say that Traki has been an early adopter of blockchain technology in Venezuela.
“At Traki, we aspire to offer the most convenient options for our customers, and cryptocurrency has proven to be an effective payment solution,” said Michael Gomez, Chief of Crypto Assets department of Traki. Of Pundi’s near-300,000 wallet users, approximately one-tenth are based in Venezuela.
The XPOS payments system supports payments in a range of cryptocurrencies includingBTC,ETH, Binance’s BNB stablecoin, as well as Pundi X’s own NPXS and NPXSXEM tokens.
Related:Samsung’s Galaxy S10 Adds Wallet App from Blockchain Phone Rival Pundi X
A period of hyperinflation and lack of liquidity has seen many Venezuelans adopt cryptocurrency as a store of value and payment option. Last year, President Nicolas Marduro launched thepetrodollar cryptocurrency, pegged to the South American nation’s vast oil reserves, as a means to sidestep economic sanctions. Maduro recentlyorderedbanks and state-owned companies to use the token.
Bitcoin, map photo via Shutterstock
• Venezuela Turned Airport Taxes Into Bitcoin to Avoid Sanctions: Report
• Venezuela’s Maduro Orders Top Bank to Make Petro Available to Public || PundiX’s Crypto Cash Registers Will Be Installed in 49 Retail Stores Across Venezuela: Venezuela’s largest department store will install blockchain-enabled cash registers in its 49 retail outlets. The megastore operator Traki announced August 22, it will integrate Singapore-based Pundi X’s point-of-sale device, XPOS, to offer a cryptocurrency payment rail for shoppers. Already available in 30 countries, Pundi aims to sell 100,000 XPOS devices by 2021. This is part of the firm’s plan to introduce cryptocurrencies for everyday use, through an ecosystem of financial products like its XPASS crypto debit cards and Xwallet. Related: Despite CEO Claims, Dash Isn’t Really the ‘Most Used’ Crypto in Venezuela “We made the XPOS with the mission of creating real-life use cases for blockchain technology, and this couldn’t be better represented than Traki shoppers paying for their daily needs with cryptocurrency,” said Pundi X CEO, Zac Cheah. Cheah continued to say that Traki has been an early adopter of blockchain technology in Venezuela. “At Traki, we aspire to offer the most convenient options for our customers, and cryptocurrency has proven to be an effective payment solution,” said Michael Gomez, Chief of Crypto Assets department of Traki. Of Pundi’s near-300,000 wallet users, approximately one-tenth are based in Venezuela. The XPOS payments system supports payments in a range of cryptocurrencies including BTC , ETH , Binance’s BNB stablecoin, as well as Pundi X’s own NPXS and NPXSXEM tokens. Related: Samsung’s Galaxy S10 Adds Wallet App from Blockchain Phone Rival Pundi X A period of hyperinflation and lack of liquidity has seen many Venezuelans adopt cryptocurrency as a store of value and payment option. Last year, President Nicolas Marduro launched the petro dollar cryptocurrency, pegged to the South American nation’s vast oil reserves, as a means to sidestep economic sanctions. Maduro recently ordered banks and state-owned companies to use the token. Bitcoin, map photo via Shutterstock Related Stories Venezuela Turned Airport Taxes Into Bitcoin to Avoid Sanctions: Report Venezuela’s Maduro Orders Top Bank to Make Petro Available to Public || Overstock Rallies After CEO Byrne's Resignation: Shares of Overstock (OSTK) rallied on Thursday after the news that founder Patrick Byrne would resign his role as CEO and his seat on the board after his comments last week about his involvement in an FBI investigation and a romantic relationship with a convicted Russian operative as well as alleging involvement of the “deep state” and referring to federal investigators as the “men in black.” Overstock shares had declined 36% after Byrne’s cryptic comments but gained back some of that ground amid rumors of a shakeup and were up as much as 16% in intraday trading on the heels of Byrne’s resignation. Overstock was founded by Byrne in 1999 as a liquidator of excess inventory from the then-new e-commerce industry and went public in 2002. Byrne became embroiled in controversy from the start, alleging that big Wall Street firms conspired to hold down the value of Overstock shares because they were cut out of the IPO when Byrne chose to sell them to the public via a Dutch auction rather than engage the services of traditional underwriters. Byrne later became engaged in a protracted battle with several large money managers over the practice of naked short selling, during which he again alleged a conspiracy that involved journalists, lawyers, Pakistani jihadists, the SEC and then-New York Attorney General Eliot Spitzer. Overstock shares mostly languished in the $12-20/share range for almost a decade until the company became one of the first large retailers to accept Bitcoin as a payment method. Overstock invested heavily in blockchain technology and was briefly known more as a “crypto” business than as a retailer of goods. In early 2018, Overstock shares his a closing high of $84.35/share before falling back to Earth with the crypto crash, trading mostly back near $20/share for the past year. Like many other enigmatic and eccentric company founders, Byrne has been viewed as a genius in the best times and a distraction in the worst. His entrepreneurial drive and creative marketing ideas made Overstock a household name and allowed the company to thrive even as competitors failed, but his willingness to engage in complicated conspiracy theories often made him the butt of jokes in the financial world and ultimately led to Thursday’s resignation. Story continues Overstock is currently a Zacks Rank #3 (HOLD) with stable revenues of roughly $1.65B a year while reporting net losses each quarter since Q1 2017. Generally, the resignation of a long-time CEO suffering public embarrassment would be viewed as a negative development, but Thursday’s rally would seem to indicate that investors believe that there remains a path forward for Overstock under new leadership. Byrne’s public statement announcing his departure expressed sadness to have to cut ties with the company he founded but said it was “for the good of the firm.” Overstock board member Jonathon Johnson will act as interim CEO during a search for a permanent replacement. It’s Illegal in 42 States, But Investors Will Make Billions Legally In addition to the companies you read about above, today you get details on the newly-legalized industry that’s tapping into a “habit” that Americans spend an estimated $150 billion on every year. That’s twice as much as they spend on marijuana, legally or otherwise. Zacks special report revealing how investors can profit from this new opportunity. As more states legalize this activity, the industry could expand by as much as 15X. Zacks’ has just released a Special Report revealing 5 top stocks to watch in this space. See these 5 “sin stocks” now>> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Overstock.com, Inc. (OSTK) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research || Overstock Rallies After CEO Byrne's Resignation: Shares of Overstock (OSTK) rallied on Thursday after the news that founder Patrick Byrne would resign his role as CEO and his seat on the board after his comments last week about his involvement in an FBI investigation and a romantic relationship with a convicted Russian operative as well as alleging involvement of the “deep state” and referring to federal investigators as the “men in black.” Overstock shares had declined 36% after Byrne’s cryptic comments but gained back some of that ground amid rumors of a shakeup and were up as much as 16% in intraday trading on the heels of Byrne’s resignation. Overstock was founded by Byrne in 1999 as a liquidator of excess inventory from the then-new e-commerce industry and went public in 2002. Byrne became embroiled in controversy from the start, alleging that big Wall Street firms conspired to hold down the value of Overstock shares because they were cut out of the IPO when Byrne chose to sell them to the public via a Dutch auction rather than engage the services of traditional underwriters. Byrne later became engaged in a protracted battle with several large money managers over the practice of naked short selling, during which he again alleged a conspiracy that involved journalists, lawyers, Pakistani jihadists, the SEC and then-New York Attorney General Eliot Spitzer. Overstock shares mostly languished in the $12-20/share range for almost a decade until the company became one of the first large retailers to accept Bitcoin as a payment method. Overstock invested heavily in blockchain technology and was briefly known more as a “crypto” business than as a retailer of goods. In early 2018, Overstock shares his a closing high of $84.35/share before falling back to Earth with the crypto crash, trading mostly back near $20/share for the past year. Like many other enigmatic and eccentric company founders, Byrne has been viewed as a genius in the best times and a distraction in the worst. His entrepreneurial drive and creative marketing ideas made Overstock a household name and allowed the company to thrive even as competitors failed, but his willingness to engage in complicated conspiracy theories often made him the butt of jokes in the financial world and ultimately led to Thursday’s resignation. Story continues Overstock is currently a Zacks Rank #3 (HOLD) with stable revenues of roughly $1.65B a year while reporting net losses each quarter since Q1 2017. Generally, the resignation of a long-time CEO suffering public embarrassment would be viewed as a negative development, but Thursday’s rally would seem to indicate that investors believe that there remains a path forward for Overstock under new leadership. Byrne’s public statement announcing his departure expressed sadness to have to cut ties with the company he founded but said it was “for the good of the firm.” Overstock board member Jonathon Johnson will act as interim CEO during a search for a permanent replacement. It’s Illegal in 42 States, But Investors Will Make Billions Legally In addition to the companies you read about above, today you get details on the newly-legalized industry that’s tapping into a “habit” that Americans spend an estimated $150 billion on every year. That’s twice as much as they spend on marijuana, legally or otherwise. Zacks special report revealing how investors can profit from this new opportunity. As more states legalize this activity, the industry could expand by as much as 15X. Zacks’ has just released a Special Report revealing 5 top stocks to watch in this space. See these 5 “sin stocks” now>> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Overstock.com, Inc. (OSTK) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research || Fake Satoshi Nakamoto appears to promote dodgy crypto project: Another wannabe Satoshi has exposed himself to the world. But we’re not convinced.
The big secret at the heart ofBitcoinis the identity of its creator, Satoshi Nakamoto. There have been many claims to the throne, from anEstonian cryptographerto outspoken Australian Craig Wright—who is currentlysuing anyonewho doesn’t believe him. However, not a single person has successfully provided cryptographic proof of identity, the gold standard in this digital age.
On Sunday, another Nakamoto sidled out of the woodwork, and he/she/it has three pieces of "proof" that will finally lay this mystery to rest, all of which are detailed in a handy blog post.
The first piece of ‘proof’ is the origin story of the name Bitcoin. According tothisSatoshi, Bitcoin’s name was derived from “Bank of Credit and Commerce International”—a company Time Magazine called the World’s sleaziest bank back in 1991. To back this up, “Nakamoto” has a piece of proof. He writes that the Bitcoin.org website was registered on August 18, 2008. And on November 18, 2008, he registered the domain “theBCCI.net”—representing the bank that gave Bitcoin its name. Nakamoto insists that because they were both registered on the 18th day of their prospective months, they are one of the same. Convinced? Ok, how about this one.
UK court strikes down Craig Wright’s Roger Ver defamation lawsuit
The second big piece of evidence focuses on the origins of the name Satoshi Nakamoto. Bear with us here.
“It has been said that numbers are bits of information that carry an intrinsic energetic quality and that by studying numerology, you can gain a better understanding of the deeper meaning and purpose underlying our experience,” the post states,convincingly. Numerology is loosely defined as, any belief in the divine or mystical relationship between a number and one or more coinciding events.
Nakamoto’s nickname was Shaiko, he says. Which is a number 24 in Chaldean numerology, a number system that originated in Babylon. And you wouldn’t believe what other name is a 24?
You guessed it, Satoshi. As the writer proudly concludes, “The names Shaikho and Satoshi are a perfect match in the Chaldean system.” Well that settles it then. But why now? Why has Satoshi suddenly decided to grace us with his presence? Cos he’s got something to shill, apparently.
The post was published on Ivy McLemore and Associates, a PR firm run by Ivy McLemore, who describes himself as a, “PR and Marketing Specialist Focused on Creating and Distributing Content to Help Clients Succeed.” Combing through the author's back catalog of posts, one such gem alleges Einstein was wrong to say compound interest was the “most powerful force in the universe”—it was thefund rating systemMcLemore was shilling.
Back to Nakamoto. Like any marketing campaign, the best has been kept till last. The third and final part will dramatically reveal not only Satoshi, but a whole new and improved version of Bitcoin called Tabula Rasa. Details are scarce but we’re promised this is what Bitcoin has always strived tobe.
So, here we have it, folks. What you’ve all been waiting for. But whateveritis, it won’t be the new Bitcoin. And this is certainly not the old Satoshi. || Fake Satoshi Nakamoto appears to promote dodgy crypto project: Another wannabe Satoshi has exposed himself to the world. But we’re not convinced. The big secret at the heart of Bitcoin is the identity of its creator, Satoshi Nakamoto. There have been many claims to the throne, from an Estonian cryptographer to outspoken Australian Craig Wright—who is currently suing anyone who doesn’t believe him. However, not a single person has successfully provided cryptographic proof of identity, the gold standard in this digital age. On Sunday, another Nakamoto sidled out of the woodwork, and he/she/it has three pieces of "proof" that will finally lay this mystery to rest, all of which are detailed in a handy blog post. Mind blown. Photo credit: Satoshi Nakamoto (or not) The first piece of ‘proof’ is the origin story of the name Bitcoin. According to this Satoshi, Bitcoin’s name was derived from “Bank of Credit and Commerce International”—a company Time Magazine called the World’s sleaziest bank back in 1991. To back this up, “Nakamoto” has a piece of proof. He writes that the Bitcoin.org website was registered on August 18, 2008. And on November 18, 2008, he registered the domain “theBCCI.net”—representing the bank that gave Bitcoin its name. Nakamoto insists that because they were both registered on the 18th day of their prospective months, they are one of the same. Convinced? Ok, how about this one. UK court strikes down Craig Wright’s Roger Ver defamation lawsuit The second big piece of evidence focuses on the origins of the name Satoshi Nakamoto. Bear with us here. “It has been said that numbers are bits of information that carry an intrinsic energetic quality and that by studying numerology, you can gain a better understanding of the deeper meaning and purpose underlying our experience,” the post states, convincingly . Numerology is loosely defined as, any belief in the divine or mystical relationship between a number and one or more coinciding events. Nakamoto’s nickname was Shaiko, he says. Which is a number 24 in Chaldean numerology, a number system that originated in Babylon. And you wouldn’t believe what other name is a 24? Story continues You guessed it, Satoshi. As the writer proudly concludes, “The names Shaikho and Satoshi are a perfect match in the Chaldean system.” Well that settles it then. But why now? Why has Satoshi suddenly decided to grace us with his presence? Cos he’s got something to shill, apparently. The post was published on Ivy McLemore and Associates, a PR firm run by Ivy McLemore, who describes himself as a, “PR and Marketing Specialist Focused on Creating and Distributing Content to Help Clients Succeed.” Combing through the author's back catalog of posts, one such gem alleges Einstein was wrong to say compound interest was the “most powerful force in the universe”—it was the fund rating system McLemore was shilling. Back to Nakamoto. Like any marketing campaign, the best has been kept till last. The third and final part will dramatically reveal not only Satoshi, but a whole new and improved version of Bitcoin called Tabula Rasa. Details are scarce but we’re promised this is what Bitcoin has always strived to be. So, here we have it, folks. What you’ve all been waiting for. But whatever it is, it won’t be the new Bitcoin. And this is certainly not the old Satoshi. || Circle CEO: Bitcoin still a safe haven asset despite recent wild ride: Bitcoinhas been on a rollercoaster ride over the last couple weeks.
But that isn’t stopping Circle CEO Jeremy Allaire fromreassuring the crypto faithfulthat Bitcoin remains an “attractive” safety blanket from global economic uncertainty.
Following President Donald Trump’s announcement late last week that$300 billion in new tariffswould strike several new products from China, Bitcoin jumped into the $11,700 range. Meanwhile, the stock markets showed signs of stress and decline—a scenario which appeared to reinforce the idea that a growing number of people may view Bitcoin as a form of “digital gold” to preserve their wealth in times of economic crisis.
Since then, the price has died down a bit as concerns regarding the trade war have begun to subside. Just yesterday, Bitcoin was trading at $10,300, a drop by roughly $1,400 since early August, though it’snow moved up to about $10,700.
But despite those sharp ups and downs, Allaire believes Bitcoin is still a “safe haven” asset: “Clearly, a non-sovereign digital asset like bitcoin is attractive to people who are interested in moving capital into a place where they can control it themselves,” he told CNBC this morning.
“That underscores a lot of interest that’s been there over time. It’s the digital gold thesis, and I think a lot of both institutional accumulators of bitcoin, individuals, very specifically individuals in jurisdictions or environments where the intense concern about capital controls are there. That’s an underlying thesis that I think has had an impact on it for the last eight years,” Allaire said.
One of his suggestions for the recent volatility is that traders are looking to cash in following steady gains. “Last week […] you saw there were a lot of holders whose broader portfolios were taking a hit,” he explained. “Obviously, Bitcoin is up over 100 percent, almost 200 percent over the past nine months or so. That’s a place to take some gains as well. Depending on the type of holder, you’re going to see slightly different behaviors during these market moves.”
The crypto industry as a whole has enjoyed some newfound attention in recent months following Facebook’s entry into the space with Libra, which also means renewed interest from lawmakers and regulators. In a recent hearing before the Senate Financial Committee, Allaire spoke of thepresent financial system, which he says hinders everyday people from access to standard capital. He said at the time that blockchain technology can tackle this challenge granted it “develops responsibly.”
In this vein, Allaire’s Circle has garnered money transmission licenses in approximately 48 states,including New York’s rigorous(some might even say “onerous”) BitLicense. Allaire has said that many companies are working hard to meet compliance needs and do what’s right, but one major problem is that applicable laws have yet to be updated to meet present conditions.
Allaire told CNBC today, however, that he believes governments around the world are now paying much closer attention, particularly the Group of Seven (G7) nations of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States:
“Crypto as an agenda item is absolutely on the docket,” he said. “It’s becoming a major topic not just because of the continued growth of things like bitcoin but also the growth in stablecoins like USD Coin and Libra.” || Circle CEO: Bitcoin still a safe haven asset despite recent wild ride: Bitcoinhas been on a rollercoaster ride over the last couple weeks.
But that isn’t stopping Circle CEO Jeremy Allaire fromreassuring the crypto faithfulthat Bitcoin remains an “attractive” safety blanket from global economic uncertainty.
Following President Donald Trump’s announcement late last week that$300 billion in new tariffswould strike several new products from China, Bitcoin jumped into the $11,700 range. Meanwhile, the stock markets showed signs of stress and decline—a scenario which appeared to reinforce the idea that a growing number of people may view Bitcoin as a form of “digital gold” to preserve their wealth in times of economic crisis.
Since then, the price has died down a bit as concerns regarding the trade war have begun to subside. Just yesterday, Bitcoin was trading at $10,300, a drop by roughly $1,400 since early August, though it’snow moved up to about $10,700.
But despite those sharp ups and downs, Allaire believes Bitcoin is still a “safe haven” asset: “Clearly, a non-sovereign digital asset like bitcoin is attractive to people who are interested in moving capital into a place where they can control it themselves,” he told CNBC this morning.
“That underscores a lot of interest that’s been there over time. It’s the digital gold thesis, and I think a lot of both institutional accumulators of bitcoin, individuals, very specifically individuals in jurisdictions or environments where the intense concern about capital controls are there. That’s an underlying thesis that I think has had an impact on it for the last eight years,” Allaire said.
One of his suggestions for the recent volatility is that traders are looking to cash in following steady gains. “Last week […] you saw there were a lot of holders whose broader portfolios were taking a hit,” he explained. “Obviously, Bitcoin is up over 100 percent, almost 200 percent over the past nine months or so. That’s a place to take some gains as well. Depending on the type of holder, you’re going to see slightly different behaviors during these market moves.”
The crypto industry as a whole has enjoyed some newfound attention in recent months following Facebook’s entry into the space with Libra, which also means renewed interest from lawmakers and regulators. In a recent hearing before the Senate Financial Committee, Allaire spoke of thepresent financial system, which he says hinders everyday people from access to standard capital. He said at the time that blockchain technology can tackle this challenge granted it “develops responsibly.”
In this vein, Allaire’s Circle has garnered money transmission licenses in approximately 48 states,including New York’s rigorous(some might even say “onerous”) BitLicense. Allaire has said that many companies are working hard to meet compliance needs and do what’s right, but one major problem is that applicable laws have yet to be updated to meet present conditions.
Allaire told CNBC today, however, that he believes governments around the world are now paying much closer attention, particularly the Group of Seven (G7) nations of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States:
“Crypto as an agenda item is absolutely on the docket,” he said. “It’s becoming a major topic not just because of the continued growth of things like bitcoin but also the growth in stablecoins like USD Coin and Libra.” || Circle CEO: Bitcoin still a safe haven asset despite recent wild ride: Bitcoin has been on a rollercoaster ride over the last couple weeks. But that isnt stopping Circle CEO Jeremy Allaire from reassuring the crypto faithful that Bitcoin remains an attractive safety blanket from global economic uncertainty. Following President Donald Trumps announcement late last week that $300 billion in new tariffs would strike several new products from China, Bitcoin jumped into the $11,700 range. Meanwhile, the stock markets showed signs of stress and declinea scenario which appeared to reinforce the idea that a growing number of people may view Bitcoin as a form of digital gold to preserve their wealth in times of economic crisis. Since then, the price has died down a bit as concerns regarding the trade war have begun to subside. Just yesterday, Bitcoin was trading at $10,300, a drop by roughly $1,400 since early August, though its now moved up to about $10,700 . Bitcoins race to outrun the quantum computer But despite those sharp ups and downs, Allaire believes Bitcoin is still a safe haven asset: Clearly, a non-sovereign digital asset like bitcoin is attractive to people who are interested in moving capital into a place where they can control it themselves, he told CNBC this morning. That underscores a lot of interest thats been there over time. Its the digital gold thesis, and I think a lot of both institutional accumulators of bitcoin, individuals, very specifically individuals in jurisdictions or environments where the intense concern about capital controls are there. Thats an underlying thesis that I think has had an impact on it for the last eight years, Allaire said. One of his suggestions for the recent volatility is that traders are looking to cash in following steady gains. Last week [
] you saw there were a lot of holders whose broader portfolios were taking a hit, he explained. Obviously, Bitcoin is up over 100 percent, almost 200 percent over the past nine months or so. Thats a place to take some gains as well. Depending on the type of holder, youre going to see slightly different behaviors during these market moves. Story continues The crypto industry as a whole has enjoyed some newfound attention in recent months following Facebooks entry into the space with Libra, which also means renewed interest from lawmakers and regulators. In a recent hearing before the Senate Financial Committee, Allaire spoke of the present financial system , which he says hinders everyday people from access to standard capital. He said at the time that blockchain technology can tackle this challenge granted it develops responsibly. In this vein, Allaires Circle has garnered money transmission licenses in approximately 48 states, including New Yorks rigorous (some might even say onerous) BitLicense. Allaire has said that many companies are working hard to meet compliance needs and do whats right, but one major problem is that applicable laws have yet to be updated to meet present conditions. Allaire told CNBC today, however, that he believes governments around the world are now paying much closer attention, particularly the Group of Seven (G7) nations of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States: Crypto as an agenda item is absolutely on the docket, he said. Its becoming a major topic not just because of the continued growth of things like bitcoin but also the growth in stablecoins like USD Coin and Libra. || Erik Finman, teen Bitcoin millionaire, plans to launch “Libra competitor”: Erik Finman, the teen who made his millions betting on bitcoin as a 12-year-old, appears to be launching a “competitor” to Facebook’s Libra project. Finman, who bills himself as “TIME’s most influential teen,” has been reaching out to high-profile Crypto Twitter pundits to elicit signups for a “huge referral program,” and claims that the Wall Street Journal and Forbes are covering the blessed event, according to a screenshot of Finman’s (presumably boilerplate) message shared with Decrypt. Yesterday, Finman reportedly invested in MetalPay, a peer-to-peer payments startup that he believes will “beat bitcoin.” Finman’s (brief) career began in 2011, when the then-12-year-old convinced his parents to let him skip college if he could transform $1,000 in cash into a cool $1 million, according to Investopedia. He ended up investing in Bitcoin when it was $12 per coin; later he also made investments in Ether. But even for TIME’s most influential teen, competing with Libra might be a longshot. Facebook has corralled a vast supporting cast of tech and finance giants to support its project, which involves issuing a digital currency from a Swiss bank account, to the chagrin of regulators. We look forward to Finman’s inevitable appearance before Congress . || Erik Finman, teen Bitcoin millionaire, plans to launch “Libra competitor”: Erik Finman, the teen whomade his millionsbetting on bitcoin as a 12-year-old, appears to be launching a “competitor” to Facebook’s Libra project.
Finman, whobills himselfas “TIME’s most influential teen,” has been reaching out to high-profile Crypto Twitter pundits to elicit signups for a “huge referral program,” and claims that the Wall Street Journal and Forbes are covering the blessed event, according to a screenshot of Finman’s (presumably boilerplate) message shared with Decrypt.
Yesterday, Finmanreportedlyinvested in MetalPay, a peer-to-peer payments startup that he believes will “beat bitcoin.”
Finman’s (brief) career began in 2011, when the then-12-year-old convinced his parents to let him skip college if he could transform $1,000 in cash into a cool $1 million,according toInvestopedia. He ended up investing in Bitcoin when it was $12 per coin; later he also made investments in Ether.
But even for TIME’s most influential teen, competing with Libra might be a longshot. Facebook has corralled a vast supporting cast of tech and finance giants to support its project, whichinvolvesissuing a digital currency from a Swiss bank account, to the chagrin of regulators.
We look forward to Finman’s inevitable appearance beforeCongress. || Erik Finman, teen Bitcoin millionaire, plans to launch “Libra competitor”: Erik Finman, the teen whomade his millionsbetting on bitcoin as a 12-year-old, appears to be launching a “competitor” to Facebook’s Libra project.
Finman, whobills himselfas “TIME’s most influential teen,” has been reaching out to high-profile Crypto Twitter pundits to elicit signups for a “huge referral program,” and claims that the Wall Street Journal and Forbes are covering the blessed event, according to a screenshot of Finman’s (presumably boilerplate) message shared with Decrypt.
Yesterday, Finmanreportedlyinvested in MetalPay, a peer-to-peer payments startup that he believes will “beat bitcoin.”
Finman’s (brief) career began in 2011, when the then-12-year-old convinced his parents to let him skip college if he could transform $1,000 in cash into a cool $1 million,according toInvestopedia. He ended up investing in Bitcoin when it was $12 per coin; later he also made investments in Ether.
But even for TIME’s most influential teen, competing with Libra might be a longshot. Facebook has corralled a vast supporting cast of tech and finance giants to support its project, whichinvolvesissuing a digital currency from a Swiss bank account, to the chagrin of regulators.
We look forward to Finman’s inevitable appearance beforeCongress. || Ethereum resurfaces above $200 but for how long?: Ethereumhas once again broken above $200, but only just. It is currently sitting at $201, up four percent for the day.
The cryptocurrency platform experienced a sharp drop in price on August 14, falling eight percent in little over an hour. Since then it remained below $200 until today.
Ethereum is still on a long term decline against Bitcoin but it has recovered slightly in the last few days from a low of 0.017 BTC to 0.018 BTC.Accordingto IntoTheBlock, the number of people trading Ethereum is now at its highest point since June 2019.
Besides Ethereum, the majority of the market is also experiencing significant gains.Bitcoinis up over two percent in the last 24 hours, while XRP,Bitcoin CashandLitecoinare up more than one percent.
Despite the positive price action, Ethereum co-founder Vitalik Buterin is more focused on the platform's scaling issues. In aninterviewwith The Toronto Star, he said it was high time for Ethereum to scale because its blockchain is "almost full." While a blockchain can't fill up in size, this refers to the challenge that people have downloading and running a full Ethereum node when the blockchain is so large.
For now, traders don't seem to be too concerned. || Ethereum resurfaces above $200 but for how long?: Ethereum has once again broken above $200, but only just. It is currently sitting at $201, up four percent for the day. The cryptocurrency platform experienced a sharp drop in price on August 14, falling eight percent in little over an hour. Since then it remained below $200 until today. Ethereum is still on a long term decline against Bitcoin but it has recovered slightly in the last few days from a low of 0.017 BTC to 0.018 BTC. According to IntoTheBlock, the number of people trading Ethereum is now at its highest point since June 2019. Besides Ethereum, the majority of the market is also experiencing significant gains. Bitcoin is up over two percent in the last 24 hours, while XRP, Bitcoin Cash and Litecoin are up more than one percent. Despite the positive price action, Ethereum co-founder Vitalik Buterin is more focused on the platform's scaling issues. In an interview with The Toronto Star, he said it was high time for Ethereum to scale because its blockchain is "almost full." While a blockchain can't fill up in size, this refers to the challenge that people have downloading and running a full Ethereum node when the blockchain is so large. For now, traders don't seem to be too concerned. || Crypto exchange BitMEX to block users from three countries: Bitcoin derivatives exchange BitMEX has restricted users of three countries from using its platform, according to a statement released today. The exchange is limiting access to users in Seychelles, Hong Kong, and Bermuda, namely because its employees and offices are situated in those locations. "The increased involvement of regulators with all the major players in the industry is not only to be expected, it is to be welcomed. It is the mission of good regulators to ensure that honest citizens are not being cheated," said the exchange. "For this reason, we have decided to restrict access to BitMEX for users in the jurisdictions in which HDR-affiliated employees and offices are located." The three countries are added to a list that includes, the US, the province of Québec in Canada, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea or Sudan; and any state, country or other jurisdiction that is embargoed by the US. BitMEX claimed that the change will "have no financial impact on the business and will affect very few people" and has reached to those that will be affected. The announcement comes as part of a larger move to "extend the transparency of our systems". BitMEX also announced it was conducting an independent audit of its insurance fund—designed to mitigate against an unexpected market crash. But 2019 hasn't been smooth sailing for the exchange. Last month, Bloomberg revealed the CFTC is probing the exchange over whether US citizens were trading on the exchange, despite it claiming it didn't serve them. Earlier this month meanwhile, we revealed how traders were fleeing the platform, taking some $500 million worth of assets with them. BitMEX didn't comment on the allegations. || Crypto exchange BitMEX to block users from three countries: Bitcoin derivatives exchange BitMEX has restricted users of three countries from using its platform, according to a statement released today. The exchange is limiting access to users in Seychelles, Hong Kong, and Bermuda, namely because its employees and offices are situated in those locations. "The increased involvement of regulators with all the major players in the industry is not only to be expected, it is to be welcomed. It is the mission of good regulators to ensure that honest citizens are not being cheated," said the exchange. "For this reason, we have decided to restrict access to BitMEX for users in the jurisdictions in which HDR-affiliated employees and offices are located." The three countries are added to a list that includes, the US, the province of Québec in Canada, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea or Sudan; and any state, country or other jurisdiction that is embargoed by the US. BitMEX claimed that the change will "have no financial impact on the business and will affect very few people" and has reached to those that will be affected. The announcement comes as part of a larger move to "extend the transparency of our systems". BitMEX also announced it was conducting an independent audit of its insurance fund—designed to mitigate against an unexpected market crash. But 2019 hasn't been smooth sailing for the exchange. Last month, Bloomberg revealed the CFTC is probing the exchange over whether US citizens were trading on the exchange, despite it claiming it didn't serve them. Earlier this month meanwhile, we revealed how traders were fleeing the platform, taking some $500 million worth of assets with them. BitMEX didn't comment on the allegations. || Metals Down After USD/CNY at New Highs, Fed Divided Decision: USD/CNY at 7.0930.
Good day FX Emperors! It is the maximum level that the USD/CNY has reached on Thursday as China warned the United States against imposing new planned tariffs.
Coincidence? We don’t believe it, the only fact is that the Yuan has been devalued 2.90% just in August and it is now trading at its highs since March 2008.
Who to blame? Donald Trump, Xi Jinping, or even the fears of a Tiananmen Square-like crackdown on Hong Kong pro-democracy protesters? Well, the market is undoubtedly complaining against the Trade war between the two countries as the principal catalyst for that price.
So, let’s be clear here. A depreciated Yuan is a problem, but it is not “The Problem.” For markets, the real concern is a further escalation in the trade war between both countries, and the recession it will bring.
Meanwhile, the 1-hour chart is showing a clear new line in the sand for theUSD/CNYat 7.080 as support. Will it last?
The fear is fueling metals, but the market situation is not clear for any direction yet as yesterday’s minutes weren’t able to clarify what the Fed is thinking about further cuts.
Gold andsilverinvestors are still waiting for clarifications about the Fed’s monetary policy as the latest FOMC minutes published on Wednesday showed a divergence of opinions on the Fed board.
Senior Market Analyst at OANDA Alfonso Esparza highlighted in a recent note to clients that the internal division showed in the minutes increased the uncertainty about the next steps that the Fed will take in regards to monetary policy.
“An important point that the minutes revealed was the insistence that the 25 bp cut is not a part of a cycle.”
On the other hand, Kansas City Fed’s Esther George showed her disagreement with Jay Powell, Fed’s Chairman. George affirmed in a recent interview with CNBC that the July rate cut was not needed.
“With this very low unemployment rate, with wages rising, with the inflation rate staying close to the Fed’s target, I think we’re in a good place relative to the mandates that we’re asked to achieve,” George said.
In this framework, metals are reluctant to take any direction, and now all eyes are on what Fed boss Jay Powell will say in his scheduled speech in Jackson Hole later this week.
Meanwhile, bonds performed another inversion with the publication of the minutes, but after George’s remarks, they recovered its natural situation and started to rise.
Goldis trading down for the second day in a row as investors are reluctant to take positions as they are waiting for Fed policy clarification. XAU/USD is negative but close to 1,500 yet.
Currently, the metal is trading at 1,496 dollar per ounce, which is 0.40% negative in the day. The unit looks supported by the 1,490 level as it has been in the last week.
According toFX Empire analyst James Hyerczyk, it looks like bond investors still fear the Fed will not be aggressive enough in its rate cutting to save the economy. So after George’s remarks, the price came a bit under pressure.
“The current price of gold reflects the market pricing in a 25-basis point rate cut in September,” Hyerczyk says. “So, Powell is going to have to show that the Fed is willing to cut further in October or December to generate another surge in gold prices.”
Technically, the bearish potential is still there with the 1,480 as significant support. Below there, gold would test the 1,440 area. However, as noted above, it is all about fundamental matters, so resistances are at 1,510, and then 1,525 and multi-year highs at 1,535.
Thisarticlewas originally posted on FX Empire
• Bitcoin: Extreme Fear or Extreme Opportunity?
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• Gold Price Forecast – Gold markets pull back only to find more buyers
• USD/JPY Price Forecast – US dollar continues to press resistance above
• Markets Turn Cautious, FOMC Less Dovish Than Expected, Manufacturing Data Mixed
• EUR/USD Price Forecast – Euro continues to show volatile trading range
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10159.96, 10138.52, 10370.82, 10185.50, 9754.42, 9510.20, 9598.17, 9630.66, 9757.97, 10346.76
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 2601.99, 2608.56, 2518.66, 2571.34, 2518.44, 2372.56, 2337.79, 2398.84, 2357.90, 2233.34, 1998.86, 1929.82, 2228.41, 2318.88, 2273.43, 2817.60, 2667.76, 2810.12, 2730.40, 2754.86, 2576.48, 2529.45, 2671.78, 2809.01, 2726.45, 2757.18, 2875.34, 2718.26, 2710.67, 2804.73, 2895.89, 3252.91, 3213.94, 3378.94, 3419.94, 3342.47, 3381.28, 3650.62, 3884.71, 4073.26, 4325.13, 4181.93, 4376.63, 4331.69, 4160.62, 4193.70, 4087.66, 4001.74, 4100.52, 4151.52, 4334.68, 4371.60, 4352.40, 4382.88, 4382.66, 4579.02, 4565.30, 4703.39, 4892.01, 4578.77, 4582.96, 4236.31, 4376.53, 4597.12, 4599.88, 4228.75, 4226.06, 4122.94, 4161.27, 4130.81, 3882.59, 3154.95, 3637.52, 3625.04, 3582.88, 4065.20, 3924.97, 3905.95, 3631.04, 3630.70, 3792.40, 3682.84, 3926.07, 3892.35, 4200.67, 4174.73, 4163.07, 4338.71, 4403.74, 4409.32.
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[Bitcoin Technical Analysis for 2017-10-02]
Volume: 1431730048, RSI (14-day): 59.99, 50-day EMA: 3931.89, 200-day EMA: 2858.01
[Wider Market Context]
Gold Price: 1272.70, Gold RSI: 36.59
Oil Price: 50.58, Oil RSI: 55.01
[Recent News (last 7 days)]
The SEC Filed Fraud Charges Against 2 'Initial Coin Offerings': In a move that should be welcomed by anyone serious about innovation in financial technology, the Securities and Exchange Commissionannounced Fridaythat it would prosecute the creator of two stock-like “ICOs,” or Initial Coin Offerings, which it alleges were sold on the basis of fraudulent claims.
ICOs use the blockchain cloud-ledger technology pioneered by Bitcoin to sell digital ‘tokens’ that are comparable to company shares. After a series of warnings, this appears to be the first time the SEC has filed fraud charges related to an asset marketed as an ICO. The SEC did not immediately respond to a request fromFortune.
The two ICOs in question were marketed as “REcoin” and “DRC,” and both were run by Maksim Zaslavskiy. REcoin was advertised as “The First Ever Cryptocurrency Backed by Real Estate,” while DRC, or Diamond Reserve Club, claimed to be backed by investments in diamonds. They were touted as full-fledged companies with staff, lawyers, and relationships with retailers.
But according to the SEC, neither scheme had “any real operations.” They made no investments on behalf of token buyers, and misrepresented their total level of investment. Nearly as bad, the SEC says the digital tokens they claimed to be selling “don’t really exist,” meaning REcoin and DRC – much like thenotorious global scamOneCoin – weren’t running on blockchains at all, and therefore weren’t even really ICOs.
Get Data Sheet,Fortune’stechnology newsletter.
The prosecution comes after a July SEC bulletinannouncingthat ICO tokens “may be securities.” That signaled that irresponsible or fraudulent sellers could be targeted for prosecution.
It’s notable that, in addition to alleged wholesale fraud, this prosecution targets an ICO that claimed to be issuing tokens linked to real-world assets. The most reputable ICOs have sold digital tokens to fund cloud-computing applications for blockchain, with hard-coded links between the tokens and the applications.
Blockchain technology shows potential in certain real-world applications, particularly fortracking supply chainsshared by multiple parties, but those are private projects based on agreements between a few players. At least right now, there are few legal or technological means to link digital tokens to offline assets in the broader marketplace.
Even if Zaslavskiy’s ICOs had been doing what they claimed, in other words, they probably would have been a bad choice for the funding model.
The SEC, though, doesn’t seem to be looking to shut down ICOs as such. The agency’s targeted and graduated approach to regulation could help scare away fraudsters, while preserving the positive features of the technology, particularly its ability to raise funds globally with little friction and few fees.
That could give the U.S. a big edge over countries, now includingChinaandSouth Korea, who have taken more draconian measures to suppress the technology. || The SEC Filed Fraud Charges Against 2 'Initial Coin Offerings': In a move that should be welcomed by anyone serious about innovation in financial technology, the Securities and Exchange Commission announced Friday that it would prosecute the creator of two stock-like “ICOs,” or Initial Coin Offerings, which it alleges were sold on the basis of fraudulent claims. ICOs use the blockchain cloud-ledger technology pioneered by Bitcoin to sell digital ‘tokens’ that are comparable to company shares. After a series of warnings, this appears to be the first time the SEC has filed fraud charges related to an asset marketed as an ICO. The SEC did not immediately respond to a request from Fortune. The two ICOs in question were marketed as “REcoin” and “DRC,” and both were run by Maksim Zaslavskiy. REcoin was advertised as “The First Ever Cryptocurrency Backed by Real Estate,” while DRC, or Diamond Reserve Club, claimed to be backed by investments in diamonds. They were touted as full-fledged companies with staff, lawyers, and relationships with retailers. But according to the SEC, neither scheme had “any real operations.” They made no investments on behalf of token buyers, and misrepresented their total level of investment. Nearly as bad, the SEC says the digital tokens they claimed to be selling “don’t really exist,” meaning REcoin and DRC – much like the notorious global scam OneCoin – weren’t running on blockchains at all, and therefore weren’t even really ICOs. Get Data Sheet , Fortune’s technology newsletter. The prosecution comes after a July SEC bulletin announcing that ICO tokens “may be securities.” That signaled that irresponsible or fraudulent sellers could be targeted for prosecution. It’s notable that, in addition to alleged wholesale fraud, this prosecution targets an ICO that claimed to be issuing tokens linked to real-world assets. The most reputable ICOs have sold digital tokens to fund cloud-computing applications for blockchain, with hard-coded links between the tokens and the applications. Blockchain technology shows potential in certain real-world applications, particularly for tracking supply chains shared by multiple parties, but those are private projects based on agreements between a few players. At least right now, there are few legal or technological means to link digital tokens to offline assets in the broader marketplace. Even if Zaslavskiy’s ICOs had been doing what they claimed, in other words, they probably would have been a bad choice for the funding model. The SEC, though, doesn’t seem to be looking to shut down ICOs as such. The agency’s targeted and graduated approach to regulation could help scare away fraudsters, while preserving the positive features of the technology, particularly its ability to raise funds globally with little friction and few fees. That could give the U.S. a big edge over countries, now including China and South Korea , who have taken more draconian measures to suppress the technology. View comments || 3 Big Stock Charts for Friday: Supervalu Inc. (SVU), Target Corporation (TGT) and TJX Companies Inc. (TJX): A retail revival appears to be in full swing: the brick-and-mortar companies are staging a technical comeback as trades and investors are migrating back into these names. In addition to many of the retail companies hitting long-term support levels, there is a seasonality story behind the bullish move. Each year, the period between Labor Day and the day after Thanksgiving sees a surge in retail stocks as traders boost value based on the combination of back to school and holiday shopping. The trend has a clear “end point” just after Thanksgiving as traders begin to “sell the news” as sales numbers trickle in after Black Friday. Today’s three big stock charts look at Supervalu Inc. (NYSE: SVU ), Target Corporation (NYSE: TGT ) and TJX Companies Inc. (NYSE: TJX ) as three companies ready to benefit from the retail revival. InvestorPlace - Stock Market News, Stock Advice & Trading Tips Supervalu Inc. (SVU) Supervalu Inc. (SVU) Supervalu shares are finally looking like they’ve hit a bottom that matches the 2013 consolidation that served as a launching pad for the stock. On a shorter-term basis, SVU stock is moving into a bullish trajectory with one test remaining. After dipping below $20 in August and early September, the grocery chain’s stock is breaking into a bullish trend as it has broken above the 50-day moving average over the last two days. Momentum on Supervalu shares is about to flash a bullish signal as the MACD and Chande Trend Meter are both on the verge of providing bullish signals for the trend investors. This will fuel a move higher as volume increases. Currently, the stock has about 17% upside potential from current prices before we hit intermediate-term resistance in the form of the 200-day moving average and the August highs. This is ample room for nimble traders to profit. Target Corporation (TGT) Target Corporation (TGT) Target is a perennial name in terms of the seasonality. The stores pop into action starting in October as shoppers get busy. Historically, TGT stock outperforms the S&P 500 58% of the time in October over the last 20 years. Story continues 10 Energy Stocks to Buy for the Rest of 2017 This year, the technical charts indicate the same expectations. Recent positive news put Target into a volatility rally that closed-in on $60 as the stock became overbought. Shares have successfully consolidated and held support as they prepare another advance. The recent consolidation included a pullback to support at the stock’s 200-day moving average. This is a sign that technical traders are actively buying the stock on dips. With a short interest ratio of nearly 8, Target shares are lining-up for a short squeeze rally that will likely be triggered with a cross above $60. TJX Companies (TJX) TJX Companies (TJX) Discount retail stores have been making strides lately as shoppers continue to hunt for bargains. Bitcoin vs. Government: It's the Technology, Stupid TJX is breaking into a strong intermediate-term bullish trend that is supported by momentum and strengthening technicals with one test to pass. Momentum indicators on TJX have moved into bullish signals as investors are now migrating into the stock. This is building bullish pressure for the stock. As of the beginning of September, TJX stock transitioned into a bullish technical outlook as it hit a seasonally strong period. Over the last 20 years, TJX has outpaced the S&P 500 63% of the time, returning an average of 2% better than the benchmark index. The stock faces a challenge as shares are in the process of breaking above potential resistance at their 200-day moving average. A move above this trendline, currently at $74.21, will open-up room for the stock to move to a target of $80. As of this writing, Johnson Research Group did not hold a position in any of the aforementioned securities. More From InvestorPlace The 10 Best Stocks of 2017 Through Q3 Top 10 Best Sector ETFs for the Rest of 2017 7 Stocks to Sell Before the Crash - And Tesla is #1! The post 3 Big Stock Charts for Friday: Supervalu Inc. (SVU), Target Corporation (TGT) and TJX Companies Inc. (TJX) appeared first on InvestorPlace . || 3 Big Stock Charts for Friday: Supervalu Inc. (SVU), Target Corporation (TGT) and TJX Companies Inc. (TJX): A retail revival appears to be in full swing: the brick-and-mortar companies are staging a technical comeback as trades and investors are migrating back into these names. In addition to many of the retail companies hitting long-term support levels, there is a seasonality story behind the bullish move.
Each year, the period between Labor Day and the day after Thanksgiving sees a surge in retail stocks as traders boost value based on the combination of back to school and holiday shopping. The trend has a clear “end point” just after Thanksgiving as traders begin to “sell the news” as sales numbers trickle in after Black Friday.
Today’s three big stock charts look atSupervalu Inc.(NYSE:SVU),Target Corporation(NYSE:TGT) andTJX Companies Inc.(NYSE:TJX) as three companies ready to benefit from the retail revival.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Supervalu shares are finally looking like they’ve hit a bottom that matches the 2013 consolidation that served as a launching pad for the stock. On a shorter-term basis, SVU stock is moving into a bullish trajectory with one test remaining.
• After dipping below $20 in August and early September, the grocery chain’s stock is breaking into a bullish trend as it has broken above the 50-day moving average over the last two days.
• Momentum on Supervalu shares is about to flash a bullish signal as the MACD and Chande Trend Meter are both on the verge of providing bullish signals for the trend investors. This will fuel a move higher as volume increases.
• Currently, the stock has about 17% upside potential from current prices before we hit intermediate-term resistance in the form of the 200-day moving average and the August highs. This is ample room for nimble traders to profit.
Target is a perennial name in terms of the seasonality. The stores pop into action starting in October as shoppers get busy. Historically, TGT stock outperforms theS&P 50058% of the time in October over the last 20 years.
• 10 Energy Stocks to Buy for the Rest of 2017
This year, the technical charts indicate the same expectations.
• Recent positive news put Target into a volatility rally that closed-in on $60 as the stock became overbought. Shares have successfully consolidated and held support as they prepare another advance.
• The recent consolidation included a pullback to support at the stock’s 200-day moving average. This is a sign that technical traders are actively buying the stock on dips.
• With a short interest ratio of nearly 8, Target shares are lining-up for a short squeeze rally that will likely be triggered with a cross above $60.
Discount retail stores have been making strides lately as shoppers continue to hunt for bargains.
• Bitcoin vs. Government: It's the Technology, Stupid
TJX is breaking into a strong intermediate-term bullish trend that is supported by momentum and strengthening technicals with one test to pass.
• Momentum indicators on TJX have moved into bullish signals as investors are now migrating into the stock. This is building bullish pressure for the stock.
• As of the beginning of September, TJX stock transitioned into a bullish technical outlook as it hit a seasonally strong period. Over the last 20 years, TJX has outpaced the S&P 500 63% of the time, returning an average of 2% better than the benchmark index.
• The stock faces a challenge as shares are in the process of breaking above potential resistance at their 200-day moving average. A move above this trendline, currently at $74.21, will open-up room for the stock to move to a target of $80.
As of this writing, Johnson Research Group did not hold a position in any of the aforementioned securities.
• The 10 Best Stocks of 2017 Through Q3
• Top 10 Best Sector ETFs for the Rest of 2017
• 7 Stocks to Sell Before the Crash - And Tesla is #1!
The post3 Big Stock Charts for Friday: Supervalu Inc. (SVU), Target Corporation (TGT) and TJX Companies Inc. (TJX)appeared first onInvestorPlace. || Roku is rocketing higher on its 2nd day of trading: A man walks past Roku's Nasdaq sign (Reuters/BRENDAN MCDERMID) Roku's stock is surging in its second day of trading, trading up 24.17% at $29.18 a share. Friday's advance comes on the heels of a 66.14% gain on Thursday, the day of the stock's initial public offering . Roku is now 108% above its IPO price of $14. Shares are rocketing higher in the midst of an increasingly competitive streaming video landscape. Many content makers are pulling their content back into siloed streaming services. Disney is the largest recent example of the trend, and the company made waves when it announced it would be pulling its movie and TV content from Netflix in favor of a proprietary streaming service. Roku's value proposition lies in the middle of these services. It acts as a middleman, allowing its users to access their variety of streaming services in one unified interface. It's competing against hardware like Amazon's FireTV and Apple's TV streaming box. The company also makes software for streaming video, which it licenses to TV makers to act as the panel's operating system. With its software, Roku is trying to get into the more lucrative advertising business. The company's IPO seems unaffected by investors' concerns over Roku's share structure , which allows the company's executives to retain control of 98% of the company, even after the public offering of shares. Click here to watch Roku trade in real time... roku stock price (Markets Insider) NOW WATCH: Bitcoin's bubble swells with a new record high More From Business Insider The woman who was forcibly dragged by police from a Southwest Airlines flight is now facing multiple charges The 13 most useful new features in iOS 11 50 must-have tech accessories under $50 || Roku is rocketing higher on its 2nd day of trading: (Reuters/BRENDAN MCDERMID)
Roku'sstock is surging in its second day of trading, trading up 24.17% at $29.18 a share.
Friday's advance comes on the heels ofa 66.14% gain on Thursday, the day of the stock's initial public offering.
Roku is now 108% above its IPO price of $14.
Shares are rocketing higher in the midst of anincreasingly competitive streaming video landscape.Many content makers are pulling their content back into siloed streaming services.Disney is the largest recent example of the trend,and the company made waves when it announced it would be pulling its movie and TV content from Netflix in favor of a proprietary streaming service.
Roku's value proposition lies in the middle of these services. It acts as a middleman, allowing its users to access their variety of streaming services in one unified interface. It's competing against hardware likeAmazon'sFireTV andApple'sTV streaming box.
The company also makes software for streaming video,which it licenses to TV makersto act as the panel's operating system. With its software, Roku is trying to get into the more lucrative advertising business.
The company's IPO seems unaffected byinvestors' concerns over Roku's share structure, which allows the company's executives to retain control of 98% of the company, even after the public offering of shares.
(Markets Insider)
NOW WATCH:Bitcoin's bubble swells with a new record high
More From Business Insider
• The woman who was forcibly dragged by police from a Southwest Airlines flight is now facing multiple charges
• The 13 most useful new features in iOS 11
• 50 must-have tech accessories under $50 || Holding Strong? Ether Prices Dip as Korea Bans ICOs: The ether-US dollar ( ETH/USD ) exchange rate fell to $278 today, a seeming response to news South Korea is joining the global backlash against the initial coin offering (ICO) funding model. News hit the wires during the Asian trading session, with word that South Korea's Financial Services Commission would ban "all forms" of ICOs echoing out across the global market nearly four weeks after China declared ICOs similarly illegal. At press time, however, the market response to Korea's news has been more tepid. Despite the fact that South Korea has emerged as a major driver of trading volume, with news its exchanges will list new cryptocurrencies effectively doubling price , treaction was minimal ether has held tightly to rangebound trading, hitting a high of $303.75 and a low of $280.59 today. Following China's ban, ether later extended losses to $200 levels. Still, over the last two weeks, prices regained poise on speculation that Chinese traders are shifting bases to Japan, South Korea and Hong Kong. Going forward, any announcement from other regional regulators could likely dampen recovery efforts. This means that while ether's rebound from $278 to $297 is encouraging, price action analysis indicates it's not out of the woods yet. 4-hour chart The chart above shows: A downside break of the triangle formation. The breakdown was on the back of stronger volumes and indicates the sell-off from the record highs above $390 may have resumed. The recovery from the low of $278 lacks substance, i.e. volumes dropped. $307 is strong resistance (confluence of 4-hour 200-MA + former head and shoulders neckline ). View The recovery from $278 to near $300 levels could be short-lived. A rejection at $300 followed by a break below $278 would open doors for a sell-off to $240 levels. On the higher side, only an end of the day close above $315 would signal bearish-to-bullish trend change. Rock climbing rope via Shutterstock Related Stories Swiss Finance Regulator Is 'Investigating ICO Procedures' Edward Snowden: Zcash Is 'Most Interesting Bitcoin Alternative' Bull Trap? Bitcoin Prices Struggle to Build Momentum Above Moving Average Zcash's Wild Ride: Prices Spike to $400, Fall to $300, But What's Next? || Holding Strong? Ether Prices Dip as Korea Bans ICOs: The ether-US dollar (ETH/USD) exchange rate fell to $278 today, a seeming response to news South Korea is joining the global backlash against the initial coin offering (ICO) funding model.
News hit the wires during the Asian trading session, with word thatSouth Korea's Financial Services Commissionwould ban "all forms" of ICOs echoing out across the global market nearly four weeks after China declared ICOs similarly illegal.
At press time, however, the market response to Korea's news has been more tepid.
Despite the fact that South Korea has emerged as a major driver of trading volume, with news its exchanges will list new cryptocurrencieseffectively doubling price, treaction was minimal – ether has held tightly to rangebound trading, hitting a high of $303.75 and a low of $280.59 today.
Following China's ban,etherlater extended losses to $200 levels.
Still, over the last two weeks, prices regained poise on speculation that Chinese traders are shifting bases to Japan, South Korea and Hong Kong.
Going forward, any announcement from other regional regulators could likely dampen recovery efforts. This means that while ether's rebound from $278 to $297 is encouraging, price action analysis indicates it's not out of the woods yet.
The chart above shows:
• A downside break of the triangle formation. The breakdown was on the back of stronger volumes and indicates the sell-off from the record highs above $390 may have resumed.
• The recovery from the low of $278 lacks substance, i.e. volumes dropped.
• $307 is strong resistance (confluence of 4-hour 200-MA +former head and shoulders neckline).
View
The recovery from $278 to near $300 levels could be short-lived. A rejection at $300 followed by a break below $278 would open doors for a sell-off to $240 levels.
On the higher side, only an end of the day close above $315 would signal bearish-to-bullish trend change.
Rock climbing ropevia Shutterstock
• Swiss Finance Regulator Is 'Investigating ICO Procedures'
• Edward Snowden: Zcash Is 'Most Interesting Bitcoin Alternative'
• Bull Trap? Bitcoin Prices Struggle to Build Momentum Above Moving Average
• Zcash's Wild Ride: Prices Spike to $400, Fall to $300, But What's Next? || RBC's CEO pushes back on suggestion bitcoin is a fraud: (Repeats Thursday story with no changes to text)
* McKay Says bitcoin "not misrepresenting itself"
* Says would ask RBC staff trading bitcoin to stop
* RBC is spending more than C$10 million annually on AI
* Expects competition to emerge from non-traditional lenders
By Matt Scuffham
TORONTO, Sept 28 (Reuters) - The chief executive of Canada's biggest lender on Thursday pushed back on a suggestion by JPMorgan Chief Executive Jamie Dimon that bitcoin is a fraud, though he said the cryptocurrency needs monitoring.
Speaking at a Reuters Newsmaker event in Toronto, Dave McKay, CEO of Royal Bank of Canada, said: "Has Bitcoin misrepresented what it is? No.
"What it's solving is a way to avoid detection in moving money in our society and transferring value from one person to another," McKay said. "I think where Jamie is probably coming from is it's helping evade the supervision of moving money and from that perspective it needs to be monitored."
While banks have largely steered clear of bitcoin since it emerged following the financial crisis, the virtual currency is supported by a range of people, including technology enthusiasts, libertarians skeptical of government monetary policy and speculators attracted by its price swings.
Dimon earlier this month said that the currency "will not work" and said he would fire any JP Morgan staff who traded it.
McKay said that if RBC staff were trading bitcoin, he would "probably ask them to stop."
RBC, however, is researching how it can utilize the distribution ledger technology that underpins bitcoin, called blockchain. RBC earlier told Reuters that it was experimenting with blockchain to help move payments between its U.S. and Canadian banks.
McKay said RBC is planning to use blockchain technology in its loyalty programs next year, the first time it has been used in a customer-facing application. He said the bank would initially use the technology in less risky areas where customers' money would not be put at risk.
"Loyalty is something where if there is an error or a problem we could recreate loyalty systems without impact on people's real money," he said, adding that blockchain could improve the speed at which people can join loyalty programs, particularly merchants.
AI INVESTMENT
McKay said the bank is spending over C$10 million ($8 million) a year on artificial intelligence (AI), which can be used to predict customer behavior and help reduce problems like credit card fraud.
RBC has set up an AI research center in Toronto with a staff of 35 to conduct pure research with massive data that the bank possesses. However, McKay said there is a scarcity of talent in AI globally, which means that RBC has to spend a significant amount to attract people with specialist knowledge.
McKay said he expects competition to emerge from non-bank companies, particularly in the money-moving side of the business.
"If you have a mass consumer franchise with a strong brand and lots of data about that consumer I think the barriers to banking are coming down to the point where I expect there to be competitors," he said.
(Reporting by Matt Scuffham; Editing by Leslie Adler) || RBC's CEO pushes back on suggestion bitcoin is a fraud: (Repeats Thursday story with no changes to text) * McKay Says bitcoin "not misrepresenting itself" * Says would ask RBC staff trading bitcoin to stop * RBC is spending more than C$10 million annually on AI * Expects competition to emerge from non-traditional lenders By Matt Scuffham TORONTO, Sept 28 (Reuters) - The chief executive of Canada's biggest lender on Thursday pushed back on a suggestion by JPMorgan Chief Executive Jamie Dimon that bitcoin is a fraud, though he said the cryptocurrency needs monitoring. Speaking at a Reuters Newsmaker event in Toronto, Dave McKay, CEO of Royal Bank of Canada, said: "Has Bitcoin misrepresented what it is? No. "What it's solving is a way to avoid detection in moving money in our society and transferring value from one person to another," McKay said. "I think where Jamie is probably coming from is it's helping evade the supervision of moving money and from that perspective it needs to be monitored." While banks have largely steered clear of bitcoin since it emerged following the financial crisis, the virtual currency is supported by a range of people, including technology enthusiasts, libertarians skeptical of government monetary policy and speculators attracted by its price swings. Dimon earlier this month said that the currency "will not work" and said he would fire any JP Morgan staff who traded it. McKay said that if RBC staff were trading bitcoin, he would "probably ask them to stop." RBC, however, is researching how it can utilize the distribution ledger technology that underpins bitcoin, called blockchain. RBC earlier told Reuters that it was experimenting with blockchain to help move payments between its U.S. and Canadian banks. McKay said RBC is planning to use blockchain technology in its loyalty programs next year, the first time it has been used in a customer-facing application. He said the bank would initially use the technology in less risky areas where customers' money would not be put at risk. Story continues "Loyalty is something where if there is an error or a problem we could recreate loyalty systems without impact on people's real money," he said, adding that blockchain could improve the speed at which people can join loyalty programs, particularly merchants. AI INVESTMENT McKay said the bank is spending over C$10 million ($8 million) a year on artificial intelligence (AI), which can be used to predict customer behavior and help reduce problems like credit card fraud. RBC has set up an AI research center in Toronto with a staff of 35 to conduct pure research with massive data that the bank possesses. However, McKay said there is a scarcity of talent in AI globally, which means that RBC has to spend a significant amount to attract people with specialist knowledge. McKay said he expects competition to emerge from non-bank companies, particularly in the money-moving side of the business. "If you have a mass consumer franchise with a strong brand and lots of data about that consumer I think the barriers to banking are coming down to the point where I expect there to be competitors," he said. (Reporting by Matt Scuffham; Editing by Leslie Adler) || Trump touts Tax plan as stocks make solid Q3 gains: Stocks are struggling to end the week on a positive note, but there were solid gains during the month of September overall. Meanwhile President Trump is expected to drum up support today for his massive tax plan. Yahoo Finance’sAlexis Christoforous,Jared Blikre,Justine Underhill,Seana Smith,Rick NewmanandDan Howleydiscuss the big stories of the day.
Today’s topics:
• Trump to promote tax plan in speech to manufacturer group Friday
• Dollar set for biggest weekly rise this year
• Breaking down consumer spending and inflation
• Hacked:Whole Foodsrestaurants and taprooms
• Tysonsoars on positive outlook, job cuts
• Volkswagencharged $2.9B to cover more emissions scandal costs
• Googleis building an Echo Show competitor: TechCrunch
• Zogenixup triple digits on successful drug test
• Global IPOs on course for the busiest year since 2007: EY
• South Korea to ban initialBitcoinofferings
• Elon Musk wants to travel anywhere on Earth within an hour
• Musk unveiled a new plan to visit Mars within a decade
• NFL players, staff link arms during Thursday’s national anthem
• SNES Classic on sale today
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TWITTER POLL:Where would you rather go with $1,000 if @elonmusk’s space travel becomes a reality?-Anywhere on Earth in 1 hour-Mars-I’ll stick to airplanes || Market Movers: Yahoo Finance breaks down early market action: Stocks are struggling to end the week on a positive note, but there were solid gains during the month of September overall. Meanwhile President Trump is expected to drum up support today for his massive tax plan. Yahoo Finances Alexis Christoforous , Jared Blikre , Justine Underhill , Seana Smith , Rick Newman and Dan Howley discuss the big stories of the day. Todays topics: Trump to promote tax plan in speech to manufacturer group Friday Dollar set for biggest weekly rise this year Breaking down consumer spending and inflation Hacked: Whole Foods restaurants and taprooms Tyson soars on positive outlook, job cuts Volkswagen charged $2.9B to cover more emissions scandal costs Google is building an Echo Show competitor: TechCrunch Zogenix up triple digits on successful drug test Global IPOs on course for the busiest year since 2007: EY South Korea to ban initial Bitcoin offerings Elon Musk wants to travel anywhere on Earth within an hour Musk unveiled a new plan to visit Mars within a decade NFL players, staff link arms during Thursdays national anthem SNES Classic on sale today Which smartphone camera is best? TWITTER POLL: Where would you rather go with $1,000 if @elonmusks space travel becomes a reality? -Anywhere on Earth in 1 hour -Mars -Ill stick to airplanes || IBM: How Bitcoin Could Make Big Blue a Big Buy: International Business Machines Corp.(NYSE:IBM) could be one of the biggest beneficiaries of Bitcoin, especially when confusion reigns on the cryptocurrency. The rise of bitcoin is no surprise to any investor who’s opened a newspaper this year. But there’s a stunning lack of understanding surrounding bitcoin, what it’s built on and how that architecture impacts companies like IBM.
First, did you know that Americans aren’t even sure about bitcoin’s legality? “Close to 11% think” it’s illegal, while another 48%aren’t sure if it’s legalor not. That right there holds back the cryptocurrency and shows just how uneducated the public is about it. That’s not necessarily a knock against the American public. But imagine how muchTesla Inc(NASDAQ:TSLA) orApple Inc(NASDAQ:AAPL) stocks would struggle if half the country wasn’t sure whether it was illegal to own them.
Source: Shutterstock
That means even less people know about what bitcoin is built on, that being blockchain.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Originally, blockchain was built for cryptocurrencies like bitcoin to exist. But since then, users have found other meaningful ways to use the platform.In some eyes, “blockchain technology created the backbone of a new type of internet.” A rather bold statement, for sure. But it highlights just how important it can be.
Bitcoin isn’t blockchain’s only application; nor are cryptocurrencies. In fact, it allows for safe, secure transactions and transfers of all different sorts. So whileJPMorgan Chase & Co.(NYSE:JPM) CEO Jamie Dimon may be busyslamming bitcoin as a fraud, his firm is surely working on ways to embrace blockchain.
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It’s not just JPM. All banks, be itBank of America Corp(NYSE:BAC),Wells Fargo & Co(NYSE:WFC) orGoldman Sachs Group Inc(NYSE:GS), stand to benefit. Blockchain is safer, faster and more secure. Why wouldn’t we embrace it?
I strongly suggest reading this article,right here. It’s not that long, but it has plenty of insightful information. Some like this:
“The Internet is great for collaboration and information exchange but when it comes to transactions and commerce it has some deep flaws…As such [blockchain] holds the potential for unleashing countless new applications…and has yet unrealized capabilities that have the potential to transform everything in the next 25 years.”
“[The blockchain] is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value and importance to humankind…We will not need to trust each other in the traditional sense, because the new platform ensures integrity.”
In a way, we’re looking at an internet rebirth. An emerging technology that, like artificial intelligence, we’re not completely sure about its potential or endgame. And that’s okay. But if an investor believes in its potential, it all comes down to one question: How can I get involved?
IBM has not made headlines for the right reasons this year. Revenue has decreased on a year-over-year basis for 21 consecutive quarters. Famed investor Warren Buffett, who runsBerkshire Hathaway Inc.(NYSE:BRK.A, NYSE:BRK.B), hasslashed his stakefrom 81 million shares to 54 million shares in the first two quarters of 2017.
Ginni Rometty became the president and CEO of IBM in January 2012 and has touted a need for constant reinvention in order for tech companies to be successful. It makes you wonder then, what she’s been doing for the last five and half years and if it will ever pay off for investors.
If you’ve tuned into any of the company’s most recent comments, management is beginning to mention blockchain more.Last quarter, they mentioned applications in the cloud and working with seven banks in Europe to launch the technology. According to areport published byIBM about a year ago, IBM said, “15% of banks worldwide expect to widely implement blockchain.” That’s according to the 200 banks surveyed. By 2020, roughly two-thirds of them “expect to have blockchain in commercial production and at scale.”
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In November 2016, Tom Rosamilia, the senior vice president of IBM Systems, spoke about various blockchain applications from IBM’s perspective. He spoke of mobile transactions in the $30 billion-per-day range. He mentionedWal-Mart Stores Inc(NYSE:WMT) and its food supply chain in China, minimizing contamination and pinpointing exactly where contaminated strands came from. Perhaps they should callChipotle Mexican Group, Inc.(NYSE:CMG). He also talks about logistics operations being improved as well.
“All of those things can be expedited, and we can take that inefficiency out of the system with blockchain,” heexplained during a global technology conferencehosted by UBS.
My one concern would be IBM’s execution. IBM has been touting Watson as a world-changing supercomputer. While it may be powerful and capable, we’ve yet to see it turn around IBM’s woes. My fear is that IBM has a chance to leverage Watson and blockchain (blockchain applications, artificial learning, the cloud and machine learning) but will ultimately drop the ball with both assets.
Click to Enlarge
I don’t think blockchain (or Watson for that matter) makes IBM a screaming buy right here, right now. It will be years before blockchain makes a notable impact, if it does at all. But from a risk/reward standpoint, IBM stock may be worthsomeattention.
For all its flaws, valuation is not one of them. IBM stock trades at just 12 times trailing earnings and 10 times forward earnings expectations. On a trailing basis, IBM stock usually trades with a price-to-earnings ratio between 11.5 and 15.5. So it’s near the bottom of that range. It also pays a 4.1% dividend yield.
We used a five-year weekly chart. Support sits between $130 and $140, so on a pullback, IBM may be a tasty one to gobble up. On one occurrence, shares did break below support and tumble down to about $115. If support holds though, IBM may be a low risk/high reward setup for blockchain and other applications of the future.
Bret Kenwell is the manager and author ofFuture Blue Chipsand is on Twitter@BretKenwell. As of this writing, Bret Kenwell did not hold a position in any of the aforementioned securities.
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The postIBM: How Bitcoin Could Make Big Blue a Big Buyappeared first onInvestorPlace. || IBM: How Bitcoin Could Make Big Blue a Big Buy: International Business Machines Corp. (NYSE: IBM ) could be one of the biggest beneficiaries of Bitcoin, especially when confusion reigns on the cryptocurrency. The rise of bitcoin is no surprise to any investor who’s opened a newspaper this year. But there’s a stunning lack of understanding surrounding bitcoin, what it’s built on and how that architecture impacts companies like IBM. ibm stock First, did you know that Americans aren’t even sure about bitcoin’s legality? “Close to 11% think” it’s illegal, while another 48% aren’t sure if it’s legal or not. That right there holds back the cryptocurrency and shows just how uneducated the public is about it. That’s not necessarily a knock against the American public. But imagine how much Tesla Inc (NASDAQ: TSLA ) or Apple Inc (NASDAQ: AAPL ) stocks would struggle if half the country wasn’t sure whether it was illegal to own them. Source: Shutterstock That means even less people know about what bitcoin is built on, that being blockchain. InvestorPlace - Stock Market News, Stock Advice & Trading Tips What Is Blockchain? Originally, blockchain was built for cryptocurrencies like bitcoin to exist. But since then, users have found other meaningful ways to use the platform. In some eyes , “blockchain technology created the backbone of a new type of internet.” A rather bold statement, for sure. But it highlights just how important it can be. Bitcoin isn’t blockchain’s only application; nor are cryptocurrencies. In fact, it allows for safe, secure transactions and transfers of all different sorts. So while JPMorgan Chase & Co. (NYSE: JPM ) CEO Jamie Dimon may be busy slamming bitcoin as a fraud , his firm is surely working on ways to embrace blockchain. 7 ‘Strong Buy’ Stocks Wall Street Is 100% Sure Of It’s not just JPM. All banks, be it Bank of America Corp (NYSE: BAC ), Wells Fargo & Co (NYSE: WFC ) or Goldman Sachs Group Inc (NYSE: GS ), stand to benefit. Blockchain is safer, faster and more secure. Why wouldn’t we embrace it? Story continues I strongly suggest reading this article, right here . It’s not that long, but it has plenty of insightful information. Some like this: “The Internet is great for collaboration and information exchange but when it comes to transactions and commerce it has some deep flaws…As such [blockchain] holds the potential for unleashing countless new applications…and has yet unrealized capabilities that have the potential to transform everything in the next 25 years.” “[The blockchain] is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value and importance to humankind…We will not need to trust each other in the traditional sense, because the new platform ensures integrity.” In a way, we’re looking at an internet rebirth. An emerging technology that, like artificial intelligence, we’re not completely sure about its potential or endgame. And that’s okay. But if an investor believes in its potential, it all comes down to one question: How can I get involved? Enter, International Business Machines IBM has not made headlines for the right reasons this year. Revenue has decreased on a year-over-year basis for 21 consecutive quarters. Famed investor Warren Buffett, who runs Berkshire Hathaway Inc. (NYSE: BRK.A , NYSE: BRK.B ), has slashed his stake from 81 million shares to 54 million shares in the first two quarters of 2017. Ginni Rometty became the president and CEO of IBM in January 2012 and has touted a need for constant reinvention in order for tech companies to be successful. It makes you wonder then, what she’s been doing for the last five and half years and if it will ever pay off for investors. If you’ve tuned into any of the company’s most recent comments, management is beginning to mention blockchain more. Last quarter , they mentioned applications in the cloud and working with seven banks in Europe to launch the technology. According to a report published by IBM about a year ago, IBM said, “15% of banks worldwide expect to widely implement blockchain.” That’s according to the 200 banks surveyed. By 2020, roughly two-thirds of them “expect to have blockchain in commercial production and at scale.” 7 Stocks to Sell Before the Crash - And Tesla is #1! In November 2016, Tom Rosamilia, the senior vice president of IBM Systems, spoke about various blockchain applications from IBM’s perspective. He spoke of mobile transactions in the $30 billion-per-day range. He mentioned Wal-Mart Stores Inc (NYSE: WMT ) and its food supply chain in China, minimizing contamination and pinpointing exactly where contaminated strands came from. Perhaps they should call Chipotle Mexican Group, Inc. (NYSE: CMG ). He also talks about logistics operations being improved as well. “All of those things can be expedited, and we can take that inefficiency out of the system with blockchain,” he explained during a global technology conference hosted by UBS. What’s the Worry, Watson? My one concern would be IBM’s execution. IBM has been touting Watson as a world-changing supercomputer. While it may be powerful and capable, we’ve yet to see it turn around IBM’s woes. My fear is that IBM has a chance to leverage Watson and blockchain (blockchain applications, artificial learning, the cloud and machine learning) but will ultimately drop the ball with both assets. Trading IBM Stock IBM stock chart Click to Enlarge I don’t think blockchain (or Watson for that matter) makes IBM a screaming buy right here, right now. It will be years before blockchain makes a notable impact, if it does at all. But from a risk/reward standpoint, IBM stock may be worth some attention. For all its flaws, valuation is not one of them. IBM stock trades at just 12 times trailing earnings and 10 times forward earnings expectations. On a trailing basis, IBM stock usually trades with a price-to-earnings ratio between 11.5 and 15.5. So it’s near the bottom of that range. It also pays a 4.1% dividend yield. We used a five-year weekly chart. Support sits between $130 and $140, so on a pullback, IBM may be a tasty one to gobble up. On one occurrence, shares did break below support and tumble down to about $115. If support holds though, IBM may be a low risk/high reward setup for blockchain and other applications of the future. Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell . As of this writing, Bret Kenwell did not hold a position in any of the aforementioned securities. More from InvestorPlace The 10 Best Stocks of 2017 Through Q3 The 10 Safest Blue-Chip Dividend Stocks for the Rest of the Year 10 Best Dow Jones Stocks to Buy for the Rest of 2017 The post IBM: How Bitcoin Could Make Big Blue a Big Buy appeared first on InvestorPlace . || IBM: How Bitcoin Could Make Big Blue a Big Buy: International Business Machines Corp.(NYSE:IBM) could be one of the biggest beneficiaries of Bitcoin, especially when confusion reigns on the cryptocurrency. The rise of bitcoin is no surprise to any investor who’s opened a newspaper this year. But there’s a stunning lack of understanding surrounding bitcoin, what it’s built on and how that architecture impacts companies like IBM.
First, did you know that Americans aren’t even sure about bitcoin’s legality? “Close to 11% think” it’s illegal, while another 48%aren’t sure if it’s legalor not. That right there holds back the cryptocurrency and shows just how uneducated the public is about it. That’s not necessarily a knock against the American public. But imagine how muchTesla Inc(NASDAQ:TSLA) orApple Inc(NASDAQ:AAPL) stocks would struggle if half the country wasn’t sure whether it was illegal to own them.
Source: Shutterstock
That means even less people know about what bitcoin is built on, that being blockchain.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Originally, blockchain was built for cryptocurrencies like bitcoin to exist. But since then, users have found other meaningful ways to use the platform.In some eyes, “blockchain technology created the backbone of a new type of internet.” A rather bold statement, for sure. But it highlights just how important it can be.
Bitcoin isn’t blockchain’s only application; nor are cryptocurrencies. In fact, it allows for safe, secure transactions and transfers of all different sorts. So whileJPMorgan Chase & Co.(NYSE:JPM) CEO Jamie Dimon may be busyslamming bitcoin as a fraud, his firm is surely working on ways to embrace blockchain.
• 7 ‘Strong Buy’ Stocks Wall Street Is 100% Sure Of
It’s not just JPM. All banks, be itBank of America Corp(NYSE:BAC),Wells Fargo & Co(NYSE:WFC) orGoldman Sachs Group Inc(NYSE:GS), stand to benefit. Blockchain is safer, faster and more secure. Why wouldn’t we embrace it?
I strongly suggest reading this article,right here. It’s not that long, but it has plenty of insightful information. Some like this:
“The Internet is great for collaboration and information exchange but when it comes to transactions and commerce it has some deep flaws…As such [blockchain] holds the potential for unleashing countless new applications…and has yet unrealized capabilities that have the potential to transform everything in the next 25 years.”
“[The blockchain] is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value and importance to humankind…We will not need to trust each other in the traditional sense, because the new platform ensures integrity.”
In a way, we’re looking at an internet rebirth. An emerging technology that, like artificial intelligence, we’re not completely sure about its potential or endgame. And that’s okay. But if an investor believes in its potential, it all comes down to one question: How can I get involved?
IBM has not made headlines for the right reasons this year. Revenue has decreased on a year-over-year basis for 21 consecutive quarters. Famed investor Warren Buffett, who runsBerkshire Hathaway Inc.(NYSE:BRK.A, NYSE:BRK.B), hasslashed his stakefrom 81 million shares to 54 million shares in the first two quarters of 2017.
Ginni Rometty became the president and CEO of IBM in January 2012 and has touted a need for constant reinvention in order for tech companies to be successful. It makes you wonder then, what she’s been doing for the last five and half years and if it will ever pay off for investors.
If you’ve tuned into any of the company’s most recent comments, management is beginning to mention blockchain more.Last quarter, they mentioned applications in the cloud and working with seven banks in Europe to launch the technology. According to areport published byIBM about a year ago, IBM said, “15% of banks worldwide expect to widely implement blockchain.” That’s according to the 200 banks surveyed. By 2020, roughly two-thirds of them “expect to have blockchain in commercial production and at scale.”
• 7 Stocks to Sell Before the Crash - And Tesla is #1!
In November 2016, Tom Rosamilia, the senior vice president of IBM Systems, spoke about various blockchain applications from IBM’s perspective. He spoke of mobile transactions in the $30 billion-per-day range. He mentionedWal-Mart Stores Inc(NYSE:WMT) and its food supply chain in China, minimizing contamination and pinpointing exactly where contaminated strands came from. Perhaps they should callChipotle Mexican Group, Inc.(NYSE:CMG). He also talks about logistics operations being improved as well.
“All of those things can be expedited, and we can take that inefficiency out of the system with blockchain,” heexplained during a global technology conferencehosted by UBS.
My one concern would be IBM’s execution. IBM has been touting Watson as a world-changing supercomputer. While it may be powerful and capable, we’ve yet to see it turn around IBM’s woes. My fear is that IBM has a chance to leverage Watson and blockchain (blockchain applications, artificial learning, the cloud and machine learning) but will ultimately drop the ball with both assets.
Click to Enlarge
I don’t think blockchain (or Watson for that matter) makes IBM a screaming buy right here, right now. It will be years before blockchain makes a notable impact, if it does at all. But from a risk/reward standpoint, IBM stock may be worthsomeattention.
For all its flaws, valuation is not one of them. IBM stock trades at just 12 times trailing earnings and 10 times forward earnings expectations. On a trailing basis, IBM stock usually trades with a price-to-earnings ratio between 11.5 and 15.5. So it’s near the bottom of that range. It also pays a 4.1% dividend yield.
We used a five-year weekly chart. Support sits between $130 and $140, so on a pullback, IBM may be a tasty one to gobble up. On one occurrence, shares did break below support and tumble down to about $115. If support holds though, IBM may be a low risk/high reward setup for blockchain and other applications of the future.
Bret Kenwell is the manager and author ofFuture Blue Chipsand is on Twitter@BretKenwell. As of this writing, Bret Kenwell did not hold a position in any of the aforementioned securities.
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The postIBM: How Bitcoin Could Make Big Blue a Big Buyappeared first onInvestorPlace. || China's bitcoin market alive and well as traders defy crackdown: By Brenda Goh
SHANGHAI (Reuters) - Weeks after Beijing banned fundraising through token launches and ordered some bitcoin exchanges to shut, casting a chill over the cryptocurrency industry, traders say that the market is far from dead.
While several exchanges have announced that they will close by the end of this month, traders have now moved to buy and sell bitcoin directly with each other on peer-to-peer marketplaces and messenger apps. Industry insiders say some overseas-based initial coin offerings (ICOs) are still being marketed.
Although the crackdown has dissuaded large swathes of less-experienced investors from participating in the trade, market participants point to the limits Chinese regulators ultimately face in controlling the industry, where many users are anonymous and difficult to track.
In the short-run, the crackdown has also created an arbitrage opportunity for investors, with the price of bitcoin in China now trading at a discount to overseas exchanges.
"They can't set rules to stop me from investing in what I want to invest in. They say you are protecting me, but as long as I think this is good, they have no way to intervene," said a Chinese bitcoin investor named Victor, who declined to give his full name citing current sensitivities.
"I can do over-the-counter trades or I'll go offshore...My wallet is my wallet. I've never registered my identification card."
The Chinese government on Sept. 4 ordered ICOs to cease and soon after ordered some cryptocurrency exchanges to shut. Over 15 exchanges, including the three largest players OkCoin, Huobi and BTCChina, have since announced that they will close their mainland businesses by the end of September.
While the clampdown caused the bitcoin price in China to tumble as much as 8 percent on the day of the announcement, it has since recovered to 24,101 yuan ($3,615.67) on Chinese exchange Huobi. On U.S. exchange Bitstamp, it (BTC=BTSP) currently trades at $4,205.
Trading has spiked generally on peer-to-peer marketplaces, according to data website Coindance. On OTC platform LocalBitcoins, China trading volumes more than doubled in the week starting Sept. 16 from the previous week to 74 million yuan. It hit an all-time-high in the week starting Sept. 23, reaching 115 million yuan in trades.
Volumes on Paxful, another smaller marketplace, also jumped to 1.7 million in the week beginning Sept. 23, up from 351,102 in the previous week, Coindance data showed.
Michael Foster, co-founder of localethereum.com, an over-the-counter marketplace for ethereum trading, said mainland China users accounted for a fifth of its 5,000 signups since it opened for registrations on Tuesday.
"The fact that bitcoin is still being traded is an indication that China isn't looking to eliminate them, but reposition things in a way to have better control over them," said Marshall Swatt, the founder of New York-based Coinsetter, a bitcoin exchange acquired by larger peer San Francisco-based Kraken in 2016.
Other Chinese cryptocurrency players said traders were also moving away from using Tencent's WeChat app, to encrypted messenger app Telegram to avoid regulatory scrutiny.
Some said they were still seeing overseas-based ICOs being marketed in China. The Sept. 4 shutdown of ICOs stipulated that Chinese citizens were not allowed to invest in ICOs. Overseas ICOs have been returning money on a voluntary basis.
"The trend of digital currency transactions moving offshore is inevitable," Zeng Danhua, the co-author of a bitcoin investment guide, told a television program filmed by Chinese financial news outlet Yicai on Wednesday.
"The regulators may have needed to shut the platforms to guard against financial risks, and there may be a bitcoin bubble, but its investment value persists."
(Additional reporting by Andrew Galbraith, Alexandra Harney and the Shanghai Newsroom; Editing by Sam Holmes) || China's bitcoin market alive and well as traders defy crackdown: By Brenda Goh SHANGHAI (Reuters) - Weeks after Beijing banned fundraising through token launches and ordered some bitcoin exchanges to shut, casting a chill over the cryptocurrency industry, traders say that the market is far from dead. While several exchanges have announced that they will close by the end of this month, traders have now moved to buy and sell bitcoin directly with each other on peer-to-peer marketplaces and messenger apps. Industry insiders say some overseas-based initial coin offerings (ICOs) are still being marketed. Although the crackdown has dissuaded large swathes of less-experienced investors from participating in the trade, market participants point to the limits Chinese regulators ultimately face in controlling the industry, where many users are anonymous and difficult to track. In the short-run, the crackdown has also created an arbitrage opportunity for investors, with the price of bitcoin in China now trading at a discount to overseas exchanges. "They can't set rules to stop me from investing in what I want to invest in. They say you are protecting me, but as long as I think this is good, they have no way to intervene," said a Chinese bitcoin investor named Victor, who declined to give his full name citing current sensitivities. "I can do over-the-counter trades or I'll go offshore...My wallet is my wallet. I've never registered my identification card." The Chinese government on Sept. 4 ordered ICOs to cease and soon after ordered some cryptocurrency exchanges to shut. Over 15 exchanges, including the three largest players OkCoin, Huobi and BTCChina, have since announced that they will close their mainland businesses by the end of September. While the clampdown caused the bitcoin price in China to tumble as much as 8 percent on the day of the announcement, it has since recovered to 24,101 yuan ($3,615.67) on Chinese exchange Huobi. On U.S. exchange Bitstamp, it (BTC=BTSP) currently trades at $4,205. Story continues Trading has spiked generally on peer-to-peer marketplaces, according to data website Coindance. On OTC platform LocalBitcoins, China trading volumes more than doubled in the week starting Sept. 16 from the previous week to 74 million yuan. It hit an all-time-high in the week starting Sept. 23, reaching 115 million yuan in trades. Volumes on Paxful, another smaller marketplace, also jumped to 1.7 million in the week beginning Sept. 23, up from 351,102 in the previous week, Coindance data showed. Michael Foster, co-founder of localethereum.com, an over-the-counter marketplace for ethereum trading, said mainland China users accounted for a fifth of its 5,000 signups since it opened for registrations on Tuesday. "The fact that bitcoin is still being traded is an indication that China isn't looking to eliminate them, but reposition things in a way to have better control over them," said Marshall Swatt, the founder of New York-based Coinsetter, a bitcoin exchange acquired by larger peer San Francisco-based Kraken in 2016. Other Chinese cryptocurrency players said traders were also moving away from using Tencent's WeChat app, to encrypted messenger app Telegram to avoid regulatory scrutiny. Some said they were still seeing overseas-based ICOs being marketed in China. The Sept. 4 shutdown of ICOs stipulated that Chinese citizens were not allowed to invest in ICOs. Overseas ICOs have been returning money on a voluntary basis. "The trend of digital currency transactions moving offshore is inevitable," Zeng Danhua, the co-author of a bitcoin investment guide, told a television program filmed by Chinese financial news outlet Yicai on Wednesday. "The regulators may have needed to shut the platforms to guard against financial risks, and there may be a bitcoin bubble, but its investment value persists." (Additional reporting by Andrew Galbraith, Alexandra Harney and the Shanghai Newsroom; Editing by Sam Holmes) || South Korea Follows China By Banning ICOs: When Chinas central bank banned initial coin offerings (ICOs) at the start of this month, the move helped trigger a crash in the value of bitcoin . The cryptocurrency has largely recovered , but enthusiasts will be on the alert again, as South Korea has now followed Chinas lead. The ICO is a new form of fundraising where, instead of a startup issuing its investors with shares, it gives them digital tokens that are sometimes connected with the new service theyre trying to sell. There are huge risks here, as many of the startups launching ICOs are getting regular people to buy into thin or implausible business plansor, worse, outright scamming them with pump-and-dump schemes . Those risks are what led China to pull the plug, and the same thought seems to have occurred to South Koreas financial regulators. The countrys Financial Services Commission (FSC) said Friday that it was banning all ICOs in the country, with a threat of stern penalties for those who continue with the fundraising method. There is a situation where money has been flooded into an unproductive and speculative direction, FSC vice chairman Kim Yong-beom said, according to Yonhap . The regulator added that virtual-currency trading needed to be closely monitored and controlled. Its worth noting that China followed up its ICO ban with a heavily rumoredthough never officially confirmed crackdown on Bitcoin exchanges . The latest news triggered a 2% fall in Bitcoins value, and a slightly larger drop in the value of Ethereum, the virtual currency thats used in many ICOs. It remains to be seen how much the Korean ban will affect sentiment in the coming days. The cryptocurrency community is certainly aware of the risks surrounding ICOs. Ethereum creator Vitalik Buterin earlier this week released a whitepaper he had co-authored regarding ways to dampen the dangerous hype that sometimes accompanies the offerings. || South Korea Follows China By Banning ICOs: WhenChina’s central bank banned initial coin offerings (ICOs)at the start of this month, the move helpedtrigger a crash in the value of bitcoin. The cryptocurrency haslargely recovered, but enthusiasts will be on the alert again, as South Korea has now followed China’s lead.
The ICO is a new form of fundraising where, instead of a startup issuing its investors with shares, it gives them digital tokens that are sometimes connected with the new service they’re trying to sell. There are huge risks here, as many of the startups launching ICOs are getting regular people to buy into thin or implausible business plans—or, worse, outrightscamming them with pump-and-dump schemes.
Those risks are what led China to pull the plug, and the same thought seems to have occurred to South Korea’s financial regulators. The country’s Financial Services Commission (FSC) said Friday thatit was banning all ICOsin the country, with a threat of “stern penalties” for those who continue with the fundraising method.
“There is a situation where money has been flooded into an unproductive and speculative direction,” FSC vice chairman Kim Yong-beom said, according toYonhap.
The regulator added that virtual-currency trading needed to be closely monitored and controlled. It’s worth noting that China followed up its ICO ban with a heavily rumored—though never officially confirmed—crackdown on Bitcoin exchanges.
The latest newstriggered a 2% fallin Bitcoin’s value, and a slightly larger drop in the value of Ethereum, the virtual currency that’s used in many ICOs. It remains to be seen how much the Korean ban will affect sentiment in the coming days.
The cryptocurrency community is certainly aware of the risks surrounding ICOs. Ethereum creatorVitalik Buterin earlier this week released a whitepaperhe had co-authored regarding ways to dampen the dangerous hype that sometimes accompanies the offerings. || Bitcoin and Ethereum Price Forecast – Hit By South Korean Ban: The bitcoin market today woke up to the news that the South Korean regulators have banned the issuing of ICOs. This brought back the spectre of a similar ban from the Chinese just a few weeks back but unlike the Chinese news, the impact on the bitcoin prices through this news has only been limited so far. South Korea had emerged as one of the biggest markets for cryptocurrencies in recent times and the bitcoin exchanges in that country had been pretty active of late, maybe due to the Chinese moving to these exchanges once the Chinese exchanges were shut down.
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Also, unlike the Chinese ban, this ban in South Korea is only for new ICOs and does not specify anything about the funds that were collected through the older ICOs. This should prove to be a bit of a relief for many but it shows the continued crackdown from several governments on the bitcoin industry which is likely to keep the bitcoin prices under pressure. So far, the prices have managed to stay above the $4000 region but it remains to be seen whether there will be a strong test of this region once the rest of the world wakes up to the news.
The Ethereum market has also been hit hard by the news and the magnitude of the fall so far has been larger in the Bitcoin market than in the ETH market. This is understandable as most of the ICOs have Ethereum as the underlying and a ban on these is likely to affect the demand for ETH. The prices have since dropped below $300 and are likely to stay weak for the short term as the market digests the news.
As for the rest of the day, as we have mentioned above, we have to wait and see how the rest of the markets wake up to the South Korean news but we believe that they are unlikely to take it kindly and this is going to keep both the ETH and the bitcoin markets under a lot of pressure during trading today.
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Thisarticlewas originally posted on FX Empire
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[Social Media Buzz]
One Bitcoin now worth $4405.53@bitstamp. High $4421.72. Low $4216.00. Market Cap $73.125 Billion #bitcoin || BTC Real Time Price: ThePriceOfBTC: $4408.00 #bitstamp;
$4445.13 #GDAX;
$4431.16 #gemini;
$4434.40 #kraken;
$4456.36 #hitbtc;
$4488.01 #cex; || $4372.42 at 17:45 UTC [24h Range: $4257.49 - $4453.00 Volume: 7659 BTC] || One Bitcoin now worth $4393.37@bitstamp. High $4419.00. Low $4216.00. Market Cap $72.916 Billion #bitcoin pic.twitter.com/Or0inn4nBy || Happy!!!
@oratamah さんが @yoshi_change...
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4317.48, 4229.36, 4328.41, 4370.81, 4426.89, 4610.48, 4772.02, 4781.99, 4826.48, 5446.91
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 376.62, 373.45, 376.03, 381.65, 379.65, 384.26, 391.86, 407.23, 400.18, 407.49, 416.32, 422.37, 420.79, 437.16, 438.80, 437.75, 420.74, 424.95, 424.54, 432.15, 432.52, 433.50, 437.70, 435.12, 423.99, 421.65, 410.94, 400.57, 407.71, 414.32, 413.97, 414.86, 417.13, 421.69, 411.62, 414.07, 416.44, 416.83, 417.01, 420.62, 409.55, 410.44, 413.76, 413.31, 418.09, 418.04, 416.39, 417.18, 417.95, 426.77, 424.23, 416.52, 414.82, 416.73, 417.96, 420.87, 420.90, 421.44, 424.03, 423.41, 422.74, 420.35, 419.41, 421.56, 422.48, 425.19, 423.73, 424.28, 429.71, 430.57, 427.40, 428.59, 435.51, 441.39, 449.42, 445.74, 450.28, 458.55, 461.43, 466.09, 444.69, 449.01, 455.10, 448.32, 451.88, 444.67, 450.30, 446.72, 447.98, 459.60.
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[Bitcoin Technical Analysis for 2016-05-06]
Volume: 72796800, RSI (14-day): 61.70, 50-day EMA: 435.47, 200-day EMA: 393.52
[Wider Market Context]
Gold Price: 1292.90, Gold RSI: 62.98
Oil Price: 44.66, Oil RSI: 61.43
[Recent News (last 7 days)]
Exclusive: Coinbase, Ripple close to landing New York bitcoin licenses - source: By Suzanne Barlyn
NEW YORK (Reuters) - New York state's financial regulator is close to approving licenses for bitcoin companies Coinbase Inc and Ripple Labs Inc, which would allow them to offer digital currency services in the state, a person familiar with the matter said on Thursday.
The New York State Department of Financial Services received applications from both companies, according to an April 28 notice published on the regulator's website. The notices, usually published after virtual currency firms have completed the regulator's paperwork, signal that the licensing process is nearly complete, according to the person familiar with the matter and other sources.
An exact time frame for approval of the licenses is not yet clear. The sources requested anonymity because they were not authorized to speak publicly.
Bitcoin is a Web-based "cryptocurrency" that enables users to move money across the world quickly and anonymously without the need for third-party verification. Despite being championed by some as the digital money of the future, it is often dismissed as a currency that is too volatile to invest in.
Last year, New York became the first U.S. state to issue extensive rules for virtual currency companies. The guidelines, aimed at consumer protection and prevention of money laundering, require companies to obtain what is known in the state as a "BitLicense."
Both Coinbase and Ripple are based in San Francisco.
"We are committed to being fully compliant with all state and federal laws and applied for the license to ensure we remain so," said a Ripple spokesman, who declined to elaborate. Coinbase declined to comment.
The four-year-old Coinbase is one of the world's largest U.S.-based bitcoin companies. Among its backers are USAA and venture capital firms Andreessen Horowitz and Ribbit Capital. Coinbase, which markets its services to consumers and merchants, has also applied for a license that would allow it to facilitate dollar transactions.
Backers of Ripple, which filed for the license under the corporate name XRP II LLC, also include Andreessen Horowitz along with Google Ventures and IDG Capital Partners. Ripple's service and currency, known as XRP, is for financial institutions and companies, such as banks, that provide liquidity for foreign exchanges.
Once approved, the licenses would add to a nascent digital currency industry taking hold in New York. On Thursday, NYDFS approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade a digital currency called ether on its bitcoin exchange.
(Additional reporting by Gertrude Chavez-Dreyfuss in New York; Editing by Lauren Tara LaCapra and Matthew Lewis) || Exclusive: Coinbase, Ripple close to landing New York bitcoin licenses - source: By Suzanne Barlyn NEW YORK (Reuters) - New York state's financial regulator is close to approving licenses for bitcoin companies Coinbase Inc and Ripple Labs Inc, which would allow them to offer digital currency services in the state, a person familiar with the matter said on Thursday. The New York State Department of Financial Services received applications from both companies, according to an April 28 notice published on the regulator's website. The notices, usually published after virtual currency firms have completed the regulator's paperwork, signal that the licensing process is nearly complete, according to the person familiar with the matter and other sources. An exact time frame for approval of the licenses is not yet clear. The sources requested anonymity because they were not authorized to speak publicly. Bitcoin is a Web-based "cryptocurrency" that enables users to move money across the world quickly and anonymously without the need for third-party verification. Despite being championed by some as the digital money of the future, it is often dismissed as a currency that is too volatile to invest in. Last year, New York became the first U.S. state to issue extensive rules for virtual currency companies. The guidelines, aimed at consumer protection and prevention of money laundering, require companies to obtain what is known in the state as a "BitLicense." Both Coinbase and Ripple are based in San Francisco. "We are committed to being fully compliant with all state and federal laws and applied for the license to ensure we remain so," said a Ripple spokesman, who declined to elaborate. Coinbase declined to comment. The four-year-old Coinbase is one of the world's largest U.S.-based bitcoin companies. Among its backers are USAA and venture capital firms Andreessen Horowitz and Ribbit Capital. Coinbase, which markets its services to consumers and merchants, has also applied for a license that would allow it to facilitate dollar transactions. Backers of Ripple, which filed for the license under the corporate name XRP II LLC, also include Andreessen Horowitz along with Google Ventures and IDG Capital Partners. Ripple's service and currency, known as XRP, is for financial institutions and companies, such as banks, that provide liquidity for foreign exchanges. Once approved, the licenses would add to a nascent digital currency industry taking hold in New York. On Thursday, NYDFS approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade a digital currency called ether on its bitcoin exchange. (Additional reporting by Gertrude Chavez-Dreyfuss in New York; Editing by Lauren Tara LaCapra and Matthew Lewis) || Exclusive: Coinbase, Ripple close to landing New York bitcoin licenses - source: By Suzanne Barlyn NEW YORK (Reuters) - New York state's financial regulator is close to approving licenses for bitcoin companies Coinbase Inc and Ripple Labs Inc, which would allow them to offer digital currency services in the state, a person familiar with the matter said on Thursday. The New York State Department of Financial Services received applications from both companies, according to an April 28 notice published on the regulator's website. The notices, usually published after virtual currency firms have completed the regulator's paperwork, signal that the licensing process is nearly complete, according to the person familiar with the matter and other sources. An exact time frame for approval of the licenses is not yet clear. The sources requested anonymity because they were not authorized to speak publicly. Bitcoin is a Web-based "cryptocurrency" that enables users to move money across the world quickly and anonymously without the need for third-party verification. Despite being championed by some as the digital money of the future, it is often dismissed as a currency that is too volatile to invest in. Last year, New York became the first U.S. state to issue extensive rules for virtual currency companies. The guidelines, aimed at consumer protection and prevention of money laundering, require companies to obtain what is known in the state as a "BitLicense." Both Coinbase and Ripple are based in San Francisco. "We are committed to being fully compliant with all state and federal laws and applied for the license to ensure we remain so," said a Ripple spokesman, who declined to elaborate. Coinbase declined to comment. The four-year-old Coinbase is one of the world's largest U.S.-based bitcoin companies. Among its backers are USAA and venture capital firms Andreessen Horowitz and Ribbit Capital. Coinbase, which markets its services to consumers and merchants, has also applied for a license that would allow it to facilitate dollar transactions. Story continues Backers of Ripple, which filed for the license under the corporate name XRP II LLC, also include Andreessen Horowitz along with Google Ventures and IDG Capital Partners. Ripple's service and currency, known as XRP, is for financial institutions and companies, such as banks, that provide liquidity for foreign exchanges. Once approved, the licenses would add to a nascent digital currency industry taking hold in New York. On Thursday, NYDFS approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade a digital currency called ether on its bitcoin exchange. (Additional reporting by Gertrude Chavez-Dreyfuss in New York; Editing by Lauren Tara LaCapra and Matthew Lewis) || Exclusive: Coinbase, Ripple close to landing New York bitcoin licenses - source: By Suzanne Barlyn NEW YORK (Reuters) - New York state's financial regulator is close to approving licenses for bitcoin companies Coinbase Inc and Ripple Labs Inc, which would allow them to offer digital currency services in the state, a person familiar with the matter said on Thursday. The New York State Department of Financial Services received applications from both companies, according to an April 28 notice published on the regulator's website. The notices, usually published after virtual currency firms have completed the regulator's paperwork, signal that the licensing process is nearly complete, according to the person familiar with the matter and other sources. An exact time frame for approval of the licenses is not yet clear. The sources requested anonymity because they were not authorized to speak publicly. Bitcoin is a Web-based "cryptocurrency" that enables users to move money across the world quickly and anonymously without the need for third-party verification. Despite being championed by some as the digital money of the future, it is often dismissed as a currency that is too volatile to invest in. Last year, New York became the first U.S. state to issue extensive rules for virtual currency companies. The guidelines, aimed at consumer protection and prevention of money laundering, require companies to obtain what is known in the state as a "BitLicense." Both Coinbase and Ripple are based in San Francisco. "We are committed to being fully compliant with all state and federal laws and applied for the license to ensure we remain so," said a Ripple spokesman, who declined to elaborate. Coinbase declined to comment. The four-year-old Coinbase is one of the world's largest U.S.-based bitcoin companies. Among its backers are USAA and venture capital firms Andreessen Horowitz and Ribbit Capital. Coinbase, which markets its services to consumers and merchants, has also applied for a license that would allow it to facilitate dollar transactions. Story continues Backers of Ripple, which filed for the license under the corporate name XRP II LLC, also include Andreessen Horowitz along with Google Ventures and IDG Capital Partners. Ripple's service and currency, known as XRP, is for financial institutions and companies, such as banks, that provide liquidity for foreign exchanges. Once approved, the licenses would add to a nascent digital currency industry taking hold in New York. On Thursday, NYDFS approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade a digital currency called ether on its bitcoin exchange. (Additional reporting by Gertrude Chavez-Dreyfuss in New York; Editing by Lauren Tara LaCapra and Matthew Lewis) || Exclusive: Coinbase, Ripple close to landing New York bitcoin licenses - source: By Suzanne Barlyn NEW YORK (Reuters) - New York state's financial regulator is close to approving licenses for bitcoin companies Coinbase Inc and Ripple Labs Inc, which would allow them to offer digital currency services in the state, a person familiar with the matter said on Thursday. The New York State Department of Financial Services received applications from both companies, according to an April 28 notice published on the regulator's website. The notices, usually published after virtual currency firms have completed the regulator's paperwork, signal that the licensing process is nearly complete, according to the person familiar with the matter and other sources. An exact time frame for approval of the licenses is not yet clear. The sources requested anonymity because they were not authorized to speak publicly. Bitcoin is a Web-based "cryptocurrency" that enables users to move money across the world quickly and anonymously without the need for third-party verification. Despite being championed by some as the digital money of the future, it is often dismissed as a currency that is too volatile to invest in. Last year, New York became the first U.S. state to issue extensive rules for virtual currency companies. The guidelines, aimed at consumer protection and prevention of money laundering, require companies to obtain what is known in the state as a "BitLicense." Both Coinbase and Ripple are based in San Francisco. "We are committed to being fully compliant with all state and federal laws and applied for the license to ensure we remain so," said a Ripple spokesman, who declined to elaborate. Coinbase declined to comment. The four-year-old Coinbase is one of the world's largest U.S.-based bitcoin companies. Among its backers are USAA and venture capital firms Andreessen Horowitz and Ribbit Capital. Coinbase, which markets its services to consumers and merchants, has also applied for a license that would allow it to facilitate dollar transactions. Backers of Ripple, which filed for the license under the corporate name XRP II LLC, also include Andreessen Horowitz along with Google Ventures and IDG Capital Partners. Ripple's service and currency, known as XRP, is for financial institutions and companies, such as banks, that provide liquidity for foreign exchanges. Once approved, the licenses would add to a nascent digital currency industry taking hold in New York. On Thursday, NYDFS approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade a digital currency called ether on its bitcoin exchange. (Additional reporting by Gertrude Chavez-Dreyfuss in New York; Editing by Lauren Tara LaCapra and Matthew Lewis) || Exclusive: Coinbase, Ripple close to landing New York bitcoin licenses - source: By Suzanne Barlyn NEW YORK (Reuters) - New York state's financial regulator is close to approving licenses for bitcoin companies Coinbase Inc and Ripple Labs Inc, which would allow them to offer digital currency services in the state, a person familiar with the matter said on Thursday. The New York State Department of Financial Services received applications from both companies, according to an April 28 notice published on the regulator's website. The notices, usually published after virtual currency firms have completed the regulator's paperwork, signal that the licensing process is nearly complete, according to the person familiar with the matter and other sources. An exact time frame for approval of the licenses is not yet clear. The sources requested anonymity because they were not authorized to speak publicly. Bitcoin is a Web-based "cryptocurrency" that enables users to move money across the world quickly and anonymously without the need for third-party verification. Despite being championed by some as the digital money of the future, it is often dismissed as a currency that is too volatile to invest in. Last year, New York became the first U.S. state to issue extensive rules for virtual currency companies. The guidelines, aimed at consumer protection and prevention of money laundering, require companies to obtain what is known in the state as a "BitLicense." Both Coinbase and Ripple are based in San Francisco. "We are committed to being fully compliant with all state and federal laws and applied for the license to ensure we remain so," said a Ripple spokesman, who declined to elaborate. Coinbase declined to comment. The four-year-old Coinbase is one of the world's largest U.S.-based bitcoin companies. Among its backers are USAA and venture capital firms Andreessen Horowitz and Ribbit Capital. Coinbase, which markets its services to consumers and merchants, has also applied for a license that would allow it to facilitate dollar transactions. Story continues Backers of Ripple, which filed for the license under the corporate name XRP II LLC, also include Andreessen Horowitz along with Google Ventures and IDG Capital Partners. Ripple's service and currency, known as XRP, is for financial institutions and companies, such as banks, that provide liquidity for foreign exchanges. Once approved, the licenses would add to a nascent digital currency industry taking hold in New York. On Thursday, NYDFS approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade a digital currency called ether on its bitcoin exchange. (Additional reporting by Gertrude Chavez-Dreyfuss in New York; Editing by Lauren Tara LaCapra and Matthew Lewis) || NY regulator approves Winklevoss bid to trade digital currency ether: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - New York state has approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade digital currency ether on its bitcoin exchange, Governor Andrew Cuomo announced on Thursday. Ether, an alternative currency that differs from bitcoin, is a token or digital asset of the Ethereum platform, a blockchain, or public ledger of all ether transactions. The platform uses ether to execute peer-to-peer contracts automatically without the need for intermediaries. The currency is often used by software developers. "With robust regulatory oversight, we are maintaining our status at the forefront of this technological revolution and ensuring that users have a safe and secure experience," Cuomo said in a statement. The approval by the New York State Department of Financial Services marks the state's first consent for a digital currency-related service beyond bitcoin. Trading on ether will begin on Monday, May 9, said Cameron Winklevoss, Gemini's co-founder and president, in an interview with Reuters. Customers will be able to store their ether from Thursday until it starts trading on the exchange on Monday. Winklevoss also said the brothers' investment firm Winklevoss Capital is a "significant" holder of ether. "We started buying ether at the beginning of the year," Winklevoss said. "Ethereum Foundation has a set number of ether that they have set aside over a period of time..(and) the proceeds from that go to the funding of the foundation and the developers to further the protocol." The Winklevoss twins chose ether to trade on their exchange because of its "unique capabilities" that are different from bitcoin. "There is a place for ether on our platform. It does what bitcoin doesn't do," Winklevoss said. "So that is the sort of criteria: that it is different enough from bitcoin and the proposition is great enough that this makes sense for us to include it in our platform." According to coinmarketcap.com, ether is trading at $9.97 on late Thursday, with a market capitalization of about $795 million, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $20 million. Ether trades on other exchanges as well, but Winklevoss said those exchanges are unregulated or unlicensed. "It's pretty clear that in the U.S. if you're an exchange, you are required at the minimum a money transmission license in each state," Winklevoss said. "Anybody who's operating an ether exchange doesn't have a license and is on borrowed time." Demand for ether has steadily increased since its launch last year. "Most of the people who work on ether right now are (software) developers developing applications for smart contracts on Ethereum and you need ether to do that," Winklevoss said. Aside from developers, British pop artist Imogen Heap has put her music on the Ethereum platform. "She (Heap) created smart contracts on Ethereum whereby if you send enough ether to the address on the contracts, you can download her songs," Winklevoss said. (Reporting by Gertrude Chavez-Dreyfuss; Editing by David Gregorio and Andrew Hay) || NY regulator approves Winklevoss bid to trade digital currency ether: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - New York state has approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade digital currency ether on its bitcoin exchange, Governor Andrew Cuomo announced on Thursday. Ether, an alternative currency that differs from bitcoin, is a token or digital asset of the Ethereum platform, a blockchain, or public ledger of all ether transactions. The platform uses ether to execute peer-to-peer contracts automatically without the need for intermediaries. The currency is often used by software developers. "With robust regulatory oversight, we are maintaining our status at the forefront of this technological revolution and ensuring that users have a safe and secure experience," Cuomo said in a statement. The approval by the New York State Department of Financial Services marks the state's first consent for a digital currency-related service beyond bitcoin. Trading on ether will begin on Monday, May 9, said Cameron Winklevoss, Gemini's co-founder and president, in an interview with Reuters. Customers will be able to store their ether from Thursday until it starts trading on the exchange on Monday. Winklevoss also said the brothers' investment firm Winklevoss Capital is a "significant" holder of ether. "We started buying ether at the beginning of the year," Winklevoss said. "Ethereum Foundation has a set number of ether that they have set aside over a period of time..(and) the proceeds from that go to the funding of the foundation and the developers to further the protocol." The Winklevoss twins chose ether to trade on their exchange because of its "unique capabilities" that are different from bitcoin. "There is a place for ether on our platform. It does what bitcoin doesn't do," Winklevoss said. "So that is the sort of criteria: that it is different enough from bitcoin and the proposition is great enough that this makes sense for us to include it in our platform." According to coinmarketcap.com, ether is trading at $9.97 on late Thursday, with a market capitalization of about $795 million, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $20 million. Ether trades on other exchanges as well, but Winklevoss said those exchanges are unregulated or unlicensed. "It's pretty clear that in the U.S. if you're an exchange, you are required at the minimum a money transmission license in each state," Winklevoss said. "Anybody who's operating an ether exchange doesn't have a license and is on borrowed time." Demand for ether has steadily increased since its launch last year. "Most of the people who work on ether right now are (software) developers developing applications for smart contracts on Ethereum and you need ether to do that," Winklevoss said. Aside from developers, British pop artist Imogen Heap has put her music on the Ethereum platform. "She (Heap) created smart contracts on Ethereum whereby if you send enough ether to the address on the contracts, you can download her songs," Winklevoss said. (Reporting by Gertrude Chavez-Dreyfuss; Editing by David Gregorio and Andrew Hay) || NY regulator approves Winklevoss bid to trade digital currency ether: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - New York state has approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade digital currency ether on its bitcoin exchange, Governor Andrew Cuomo announced on Thursday.
Ether, an alternative currency that differs from bitcoin, is a token or digital asset of the Ethereum platform, a blockchain, or public ledger of all ether transactions. The platform uses ether to execute peer-to-peer contracts automatically without the need for intermediaries. The currency is often used by software developers.
"With robust regulatory oversight, we are maintaining our status at the forefront of this technological revolution and ensuring that users have a safe and secure experience," Cuomo said in a statement.
The approval by the New York State Department of Financial Services marks the state's first consent for a digital currency-related service beyond bitcoin.
Trading on ether will begin on Monday, May 9, said Cameron Winklevoss, Gemini's co-founder and president, in an interview with Reuters. Customers will be able to store their ether from Thursday until it starts trading on the exchange on Monday.
Winklevoss also said the brothers' investment firm Winklevoss Capital is a "significant" holder of ether.
"We started buying ether at the beginning of the year," Winklevoss said. "Ethereum Foundation has a set number of ether that they have set aside over a period of time..(and) the proceeds from that go to the funding of the foundation and the developers to further the protocol."
The Winklevoss twins chose ether to trade on their exchange because of its "unique capabilities" that are different from bitcoin.
"There is a place for ether on our platform. It does what bitcoin doesn't do," Winklevoss said. "So that is the sort of criteria: that it is different enough from bitcoin and the proposition is great enough that this makes sense for us to include it in our platform."
According to coinmarketcap.com, ether is trading at $9.97 on late Thursday, with a market capitalization of about $795 million, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $20 million.
Ether trades on other exchanges as well, but Winklevoss said those exchanges are unregulated or unlicensed.
"It's pretty clear that in the U.S. if you're an exchange, you are required at the minimum a money transmission license in each state," Winklevoss said. "Anybody who's operating an ether exchange doesn't have a license and is on borrowed time."
Demand for ether has steadily increased since its launch last year.
"Most of the people who work on ether right now are (software) developers developing applications for smart contracts on Ethereum and you need ether to do that," Winklevoss said.
Aside from developers, British pop artist Imogen Heap has put her music on the Ethereum platform. "She (Heap) created smart contracts on Ethereum whereby if you send enough ether to the address on the contracts, you can download her songs," Winklevoss said.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by David Gregorio and Andrew Hay) || NY regulator approves Winklevoss bid to trade digital currency ether: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - New York state has approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade digital currency ether on its bitcoin exchange, Governor Andrew Cuomo announced on Thursday. Ether, an alternative currency that differs from bitcoin, is a token or digital asset of the Ethereum platform, a blockchain, or public ledger of all ether transactions. The platform uses ether to execute peer-to-peer contracts automatically without the need for intermediaries. The currency is often used by software developers. "With robust regulatory oversight, we are maintaining our status at the forefront of this technological revolution and ensuring that users have a safe and secure experience," Cuomo said in a statement. The approval by the New York State Department of Financial Services marks the state's first consent for a digital currency-related service beyond bitcoin. Trading on ether will begin on Monday, May 9, said Cameron Winklevoss, Gemini's co-founder and president, in an interview with Reuters. Customers will be able to store their ether from Thursday until it starts trading on the exchange on Monday. Winklevoss also said the brothers' investment firm Winklevoss Capital is a "significant" holder of ether. "We started buying ether at the beginning of the year," Winklevoss said. "Ethereum Foundation has a set number of ether that they have set aside over a period of time..(and) the proceeds from that go to the funding of the foundation and the developers to further the protocol." The Winklevoss twins chose ether to trade on their exchange because of its "unique capabilities" that are different from bitcoin. "There is a place for ether on our platform. It does what bitcoin doesn't do," Winklevoss said. "So that is the sort of criteria: that it is different enough from bitcoin and the proposition is great enough that this makes sense for us to include it in our platform." Story continues According to coinmarketcap.com, ether is trading at $9.97 on late Thursday, with a market capitalization of about $795 million, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $20 million. Ether trades on other exchanges as well, but Winklevoss said those exchanges are unregulated or unlicensed. "It's pretty clear that in the U.S. if you're an exchange, you are required at the minimum a money transmission license in each state," Winklevoss said. "Anybody who's operating an ether exchange doesn't have a license and is on borrowed time." Demand for ether has steadily increased since its launch last year. "Most of the people who work on ether right now are (software) developers developing applications for smart contracts on Ethereum and you need ether to do that," Winklevoss said. Aside from developers, British pop artist Imogen Heap has put her music on the Ethereum platform. "She (Heap) created smart contracts on Ethereum whereby if you send enough ether to the address on the contracts, you can download her songs," Winklevoss said. (Reporting by Gertrude Chavez-Dreyfuss; Editing by David Gregorio and Andrew Hay) || NY regulator approves Winklevoss bid to trade digital currency ether: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - New York state has approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade digital currency ether on its bitcoin exchange, Governor Andrew Cuomo announced on Thursday. Ether, an alternative currency that differs from bitcoin, is a token or digital asset of the Ethereum platform, a blockchain, or public ledger of all ether transactions. The platform uses ether to execute peer-to-peer contracts automatically without the need for intermediaries. The currency is often used by software developers. "With robust regulatory oversight, we are maintaining our status at the forefront of this technological revolution and ensuring that users have a safe and secure experience," Cuomo said in a statement. The approval by the New York State Department of Financial Services marks the state's first consent for a digital currency-related service beyond bitcoin. Trading on ether will begin on Monday, May 9, said Cameron Winklevoss, Gemini's co-founder and president, in an interview with Reuters. Customers will be able to store their ether from Thursday until it starts trading on the exchange on Monday. Winklevoss also said the brothers' investment firm Winklevoss Capital is a "significant" holder of ether. "We started buying ether at the beginning of the year," Winklevoss said. "Ethereum Foundation has a set number of ether that they have set aside over a period of time..(and) the proceeds from that go to the funding of the foundation and the developers to further the protocol." The Winklevoss twins chose ether to trade on their exchange because of its "unique capabilities" that are different from bitcoin. "There is a place for ether on our platform. It does what bitcoin doesn't do," Winklevoss said. "So that is the sort of criteria: that it is different enough from bitcoin and the proposition is great enough that this makes sense for us to include it in our platform." According to coinmarketcap.com, ether is trading at $9.97 on late Thursday, with a market capitalization of about $795 million, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $20 million. Ether trades on other exchanges as well, but Winklevoss said those exchanges are unregulated or unlicensed. "It's pretty clear that in the U.S. if you're an exchange, you are required at the minimum a money transmission license in each state," Winklevoss said. "Anybody who's operating an ether exchange doesn't have a license and is on borrowed time." Story continues Demand for ether has steadily increased since its launch last year. "Most of the people who work on ether right now are (software) developers developing applications for smart contracts on Ethereum and you need ether to do that," Winklevoss said. Aside from developers, British pop artist Imogen Heap has put her music on the Ethereum platform. "She (Heap) created smart contracts on Ethereum whereby if you send enough ether to the address on the contracts, you can download her songs," Winklevoss said. (Reporting by Gertrude Chavez-Dreyfuss; Editing by David Gregorio and Andrew Hay) View comments || NY regulator approves Winklevoss bid to trade digital currency ether: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - New York state has approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade digital currency ether on its bitcoin exchange, Governor Andrew Cuomo announced on Thursday. Ether, an alternative currency that differs from bitcoin, is a token or digital asset of the Ethereum platform, a blockchain, or public ledger of all ether transactions. The platform uses ether to execute peer-to-peer contracts automatically without the need for intermediaries. The currency is often used by software developers. "With robust regulatory oversight, we are maintaining our status at the forefront of this technological revolution and ensuring that users have a safe and secure experience," Cuomo said in a statement. The approval by the New York State Department of Financial Services marks the state's first consent for a digital currency-related service beyond bitcoin. Trading on ether will begin on Monday, May 9, said Cameron Winklevoss, Gemini's co-founder and president, in an interview with Reuters. Customers will be able to store their ether from Thursday until it starts trading on the exchange on Monday. Winklevoss also said the brothers' investment firm Winklevoss Capital is a "significant" holder of ether. "We started buying ether at the beginning of the year," Winklevoss said. "Ethereum Foundation has a set number of ether that they have set aside over a period of time..(and) the proceeds from that go to the funding of the foundation and the developers to further the protocol." The Winklevoss twins chose ether to trade on their exchange because of its "unique capabilities" that are different from bitcoin. "There is a place for ether on our platform. It does what bitcoin doesn't do," Winklevoss said. "So that is the sort of criteria: that it is different enough from bitcoin and the proposition is great enough that this makes sense for us to include it in our platform." Story continues According to coinmarketcap.com, ether is trading at $9.97 on late Thursday, with a market capitalization of about $795 million, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $20 million. Ether trades on other exchanges as well, but Winklevoss said those exchanges are unregulated or unlicensed. "It's pretty clear that in the U.S. if you're an exchange, you are required at the minimum a money transmission license in each state," Winklevoss said. "Anybody who's operating an ether exchange doesn't have a license and is on borrowed time." Demand for ether has steadily increased since its launch last year. "Most of the people who work on ether right now are (software) developers developing applications for smart contracts on Ethereum and you need ether to do that," Winklevoss said. Aside from developers, British pop artist Imogen Heap has put her music on the Ethereum platform. "She (Heap) created smart contracts on Ethereum whereby if you send enough ether to the address on the contracts, you can download her songs," Winklevoss said. (Reporting by Gertrude Chavez-Dreyfuss; Editing by David Gregorio and Andrew Hay) || NY regulator approves Winklevoss bid to trade digital currency ether: (Adds details on users of ether)
By Gertrude Chavez-Dreyfuss
NEW YORK, May 5 (Reuters) - New York state has approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade digital currency ether on its bitcoin exchange, Governor Andrew Cuomo announced on Thursday.
Ether, an alternative currency that differs from bitcoin, is a token or digital asset of the Ethereum platform, a blockchain, or public ledger of all ether transactions. The platform uses ether to execute peer-to-peer contracts automatically without the need for intermediaries. The currency is often used by software developers.
"With robust regulatory oversight, we are maintaining our status at the forefront of this technological revolution and ensuring that users have a safe and secure experience," Cuomo said in a statement.
The approval by the the New York State Department of Financial Services marks the state's first consent for a digital currency-related service beyond bitcoin.
Trading on ether will begin on Monday, May 9, said Cameron Winklevoss, Gemini's co-founder and president, in an interview with Reuters. Customers will be able to store their ether from Thursday until it starts trading on the exchange on Monday.
Winklevoss also said the brothers' investment firm Winklevoss Capital is a "significant" holder of ether.
"We started buying ether at the beginning of the year," Winklevoss said. "Ethereum Foundation has a set number of ether that they have set aside over a period of time..(and) the proceeds from that go to the funding of the foundation and the developers to further the protocol."
The Winklevoss twins chose ether to trade on their exchange because of its "unique capabilities" that are different from bitcoin.
"There is a place for ether on our platform. It does what bitcoin doesn't do," Winklevoss said. "So that is the sort of criteria: that it is different enough from bitcoin and the proposition is great enough that this makes sense for us to include it in our platform."
According to coinmarketcap.com, ether is trading at $9.97 on late Thursday, with a market capitalization of about $795 million, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $20 million.
Ether trades on other exchanges as well, but Winklevoss said those exchanges are unregulated or unlicensed.
"It's pretty clear that in the U.S. if you're an exchange, you are required at the minimum a money transmission license in each state," Winklevoss said. "Anybody who's operating an ether exchange doesn't have a license and is on borrowed time."
Demand for ether has steadily increased since its launch last year.
"Most of the people who work on ether right now are (software) developers developing applications for smart contracts on Ethereum and you need ether to do that," Winklevoss said.
Aside from developers, British pop artist Imogen Heap has put her music on the Ethereum platform. "She (Heap) created smart contracts on Ethereum whereby if you send enough ether to the address on the contracts, you can download her songs," Winklevoss said.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by David Gregorio and Andrew Hay) || 'I'm sorry': Craig Wright on lack of evidence he created bitcoin: By Jemima Kelly LONDON (Reuters) - Australian tech entrepreneur Craig Wright, who earlier this week said he would provide "extraordinary proof" that he was the creator of digital currency bitcoin, will not provide any further evidence, according to a post on his blog on Thursday. Although Wright did not renege on his claim to be Satoshi Nakamoto - the name, assumed to be pseudonymous, of the person or group who created the web-based currency in 2008 - the U-turn was taken by many bitcoin experts as confirmation of their suspicions that the claims were false. "I believed that I could do this. I believed that I could put the years of anonymity and hiding behind me," Wright wrote. "But, as the events of this week unfolded and I prepared to publish the proof of access to the earliest keys, I broke. I do not have the courage. I cannot." Bitcoin is a web-based "cryptocurrency" that enables users to move money across the world quickly and anonymously without the need for third-party verification. Various attempts have been made to identify its elusive creator, but Wright's claims stood out due to the high-profile endorsements they received. Lead bitcoin developer Gavin Andresen and bitcoin consultant Jon Matonis both wrote blogs on Monday endorsing Wright's claims, saying they had been shown proof by Wright that he was Nakamoto. Wright said on Thursday that Andresen and Matonis had not been deceived, but "that the world will never believe that now". "I think he's significantly less likely to be Satoshi than any other person that's been suggested," another lead bitcoin developer, Peter Todd, told Reuters, referring to others who have been suspected of being bitcoin's creator. "PLAIN FISHY" After coming under pressure to provide more credible evidence that he was bitcoin's creator, Wright had blogged on Monday that he would provide "independently verifiable documents and evidence" that would back up his claims. The post could no longer be found on his blog site. Story continues "The possibility that Wright is Satoshi will always exist, but given the amount of evidence calling that into doubt, I think one would be foolish to give that possibility much weight," said Jerry Brito, executive director of Washington, D.C.-based digital currency advocacy group Coin Center. "He's provided no cryptographic evidence verifiable by the public, and many of his answers sound plain fishy... Today's statement on his blog only further tarnishes his credibility." Wright's representatives declined to give any comments on his decision to back away from providing further evidence, but said he was still their client. They believed he was still in London, where he has been living for the past few months. Interviews with some who had done business with Wright in Australia in December, when reports by Wired and Gizmodo that he could be Nakamoto first emerged, and an inspection of documents published by the two tech news websites, painted a complex picture of Wright. They pointed to a smart but sometimes abrasive figure facing growing legal and financial problems at least in part caused by his involvement with bitcoin. Each bitcoin is currently worth around $447 (BTC=ITBT) , making the 15 million or so in circulation worth a total of around $7 billion. Wright said his failure to produce better evidence would cause "great damage to those that had supported" him, in particular Matonis and Andresen. "I can only say I'm sorry. And goodbye," Wright wrote. (Reporting by Jemima Kelly; Editing by Toby Chopra) || 'I'm sorry': Craig Wright on lack of evidence he created bitcoin: By Jemima Kelly LONDON (Reuters) - Australian tech entrepreneur Craig Wright, who earlier this week said he would provide "extraordinary proof" that he was the creator of digital currency bitcoin, will not provide any further evidence, according to a post on his blog on Thursday. Although Wright did not renege on his claim to be Satoshi Nakamoto - the name, assumed to be pseudonymous, of the person or group who created the web-based currency in 2008 - the U-turn was taken by many bitcoin experts as confirmation of their suspicions that the claims were false. "I believed that I could do this. I believed that I could put the years of anonymity and hiding behind me," Wright wrote. "But, as the events of this week unfolded and I prepared to publish the proof of access to the earliest keys, I broke. I do not have the courage. I cannot." Bitcoin is a web-based "cryptocurrency" that enables users to move money across the world quickly and anonymously without the need for third-party verification. Various attempts have been made to identify its elusive creator, but Wright's claims stood out due to the high-profile endorsements they received. Lead bitcoin developer Gavin Andresen and bitcoin consultant Jon Matonis both wrote blogs on Monday endorsing Wright's claims, saying they had been shown proof by Wright that he was Nakamoto. Wright said on Thursday that Andresen and Matonis had not been deceived, but "that the world will never believe that now". "I think he's significantly less likely to be Satoshi than any other person that's been suggested," another lead bitcoin developer, Peter Todd, told Reuters, referring to others who have been suspected of being bitcoin's creator. "PLAIN FISHY" After coming under pressure to provide more credible evidence that he was bitcoin's creator, Wright had blogged on Monday that he would provide "independently verifiable documents and evidence" that would back up his claims. The post could no longer be found on his blog site. "The possibility that Wright is Satoshi will always exist, but given the amount of evidence calling that into doubt, I think one would be foolish to give that possibility much weight," said Jerry Brito, executive director of Washington, D.C.-based digital currency advocacy group Coin Center. "He's provided no cryptographic evidence verifiable by the public, and many of his answers sound plain fishy... Today's statement on his blog only further tarnishes his credibility." Wright's representatives declined to give any comments on his decision to back away from providing further evidence, but said he was still their client. They believed he was still in London, where he has been living for the past few months. Interviews with some who had done business with Wright in Australia in December, when reports by Wired and Gizmodo that he could be Nakamoto first emerged, and an inspection of documents published by the two tech news websites, painted a complex picture of Wright. They pointed to a smart but sometimes abrasive figure facing growing legal and financial problems at least in part caused by his involvement with bitcoin. Each bitcoin is currently worth around $447 , making the 15 million or so in circulation worth a total of around $7 billion. Wright said his failure to produce better evidence would cause "great damage to those that had supported" him, in particular Matonis and Andresen. "I can only say I'm sorry. And goodbye," Wright wrote. (Reporting by Jemima Kelly; Editing by Toby Chopra) || 'I'm sorry': Craig Wright on lack of evidence he created bitcoin: By Jemima Kelly LONDON (Reuters) - Australian tech entrepreneur Craig Wright, who earlier this week said he would provide "extraordinary proof" that he was the creator of digital currency bitcoin, will not provide any further evidence, according to a post on his blog on Thursday. Although Wright did not renege on his claim to be Satoshi Nakamoto - the name, assumed to be pseudonymous, of the person or group who created the web-based currency in 2008 - the U-turn was taken by many bitcoin experts as confirmation of their suspicions that the claims were false. "I believed that I could do this. I believed that I could put the years of anonymity and hiding behind me," Wright wrote. "But, as the events of this week unfolded and I prepared to publish the proof of access to the earliest keys, I broke. I do not have the courage. I cannot." Bitcoin is a web-based "cryptocurrency" that enables users to move money across the world quickly and anonymously without the need for third-party verification. Various attempts have been made to identify its elusive creator, but Wright's claims stood out due to the high-profile endorsements they received. Lead bitcoin developer Gavin Andresen and bitcoin consultant Jon Matonis both wrote blogs on Monday endorsing Wright's claims, saying they had been shown proof by Wright that he was Nakamoto. Wright said on Thursday that Andresen and Matonis had not been deceived, but "that the world will never believe that now". "I think he's significantly less likely to be Satoshi than any other person that's been suggested," another lead bitcoin developer, Peter Todd, told Reuters, referring to others who have been suspected of being bitcoin's creator. "PLAIN FISHY" After coming under pressure to provide more credible evidence that he was bitcoin's creator, Wright had blogged on Monday that he would provide "independently verifiable documents and evidence" that would back up his claims. The post could no longer be found on his blog site. Story continues "The possibility that Wright is Satoshi will always exist, but given the amount of evidence calling that into doubt, I think one would be foolish to give that possibility much weight," said Jerry Brito, executive director of Washington, D.C.-based digital currency advocacy group Coin Center. "He's provided no cryptographic evidence verifiable by the public, and many of his answers sound plain fishy... Today's statement on his blog only further tarnishes his credibility." Wright's representatives declined to give any comments on his decision to back away from providing further evidence, but said he was still their client. They believed he was still in London, where he has been living for the past few months. Interviews with some who had done business with Wright in Australia in December, when reports by Wired and Gizmodo that he could be Nakamoto first emerged, and an inspection of documents published by the two tech news websites, painted a complex picture of Wright. They pointed to a smart but sometimes abrasive figure facing growing legal and financial problems at least in part caused by his involvement with bitcoin. Each bitcoin is currently worth around $447 (BTC=ITBT) , making the 15 million or so in circulation worth a total of around $7 billion. Wright said his failure to produce better evidence would cause "great damage to those that had supported" him, in particular Matonis and Andresen. "I can only say I'm sorry. And goodbye," Wright wrote. (Reporting by Jemima Kelly; Editing by Toby Chopra) || 'I'm sorry': Craig Wright on lack of evidence he created bitcoin: By Jemima Kelly LONDON (Reuters) - Australian tech entrepreneur Craig Wright, who earlier this week said he would provide "extraordinary proof" that he was the creator of digital currency bitcoin, will not provide any further evidence, according to a post on his blog on Thursday. Although Wright did not renege on his claim to be Satoshi Nakamoto - the name, assumed to be pseudonymous, of the person or group who created the web-based currency in 2008 - the U-turn was taken by many bitcoin experts as confirmation of their suspicions that the claims were false. "I believed that I could do this. I believed that I could put the years of anonymity and hiding behind me," Wright wrote. "But, as the events of this week unfolded and I prepared to publish the proof of access to the earliest keys, I broke. I do not have the courage. I cannot." Bitcoin is a web-based "cryptocurrency" that enables users to move money across the world quickly and anonymously without the need for third-party verification. Various attempts have been made to identify its elusive creator, but Wright's claims stood out due to the high-profile endorsements they received. Lead bitcoin developer Gavin Andresen and bitcoin consultant Jon Matonis both wrote blogs on Monday endorsing Wright's claims, saying they had been shown proof by Wright that he was Nakamoto. Wright said on Thursday that Andresen and Matonis had not been deceived, but "that the world will never believe that now". "I think he's significantly less likely to be Satoshi than any other person that's been suggested," another lead bitcoin developer, Peter Todd, told Reuters, referring to others who have been suspected of being bitcoin's creator. "PLAIN FISHY" After coming under pressure to provide more credible evidence that he was bitcoin's creator, Wright had blogged on Monday that he would provide "independently verifiable documents and evidence" that would back up his claims. The post could no longer be found on his blog site. Story continues "The possibility that Wright is Satoshi will always exist, but given the amount of evidence calling that into doubt, I think one would be foolish to give that possibility much weight," said Jerry Brito, executive director of Washington, D.C.-based digital currency advocacy group Coin Center. "He's provided no cryptographic evidence verifiable by the public, and many of his answers sound plain fishy... Today's statement on his blog only further tarnishes his credibility." Wright's representatives declined to give any comments on his decision to back away from providing further evidence, but said he was still their client. They believed he was still in London, where he has been living for the past few months. Interviews with some who had done business with Wright in Australia in December, when reports by Wired and Gizmodo that he could be Nakamoto first emerged, and an inspection of documents published by the two tech news websites, painted a complex picture of Wright. They pointed to a smart but sometimes abrasive figure facing growing legal and financial problems at least in part caused by his involvement with bitcoin. Each bitcoin is currently worth around $447 (BTC=ITBT) , making the 15 million or so in circulation worth a total of around $7 billion. Wright said his failure to produce better evidence would cause "great damage to those that had supported" him, in particular Matonis and Andresen. "I can only say I'm sorry. And goodbye," Wright wrote. (Reporting by Jemima Kelly; Editing by Toby Chopra) || 'I'm sorry': Craig Wright on lack of evidence he created bitcoin: By Jemima Kelly
LONDON (Reuters) - Australian tech entrepreneur Craig Wright, who earlier this week said he would provide "extraordinary proof" that he was the creator of digital currency bitcoin, will not provide any further evidence, according to a post on his blog on Thursday.
Although Wright did not renege on his claim to be Satoshi Nakamoto - the name, assumed to be pseudonymous, of the person or group who created the web-based currency in 2008 - the U-turn was taken by many bitcoin experts as confirmation of their suspicions that the claims were false.
"I believed that I could do this. I believed that I could put the years of anonymity and hiding behind me," Wright wrote. "But, as the events of this week unfolded and I prepared to publish the proof of access to the earliest keys, I broke. I do not have the courage. I cannot."
Bitcoin is a web-based "cryptocurrency" that enables users to move money across the world quickly and anonymously without the need for third-party verification. Various attempts have been made to identify its elusive creator, but Wright's claims stood out due to the high-profile endorsements they received.
Lead bitcoin developer Gavin Andresen and bitcoin consultant Jon Matonis both wrote blogs on Monday endorsing Wright's claims, saying they had been shown proof by Wright that he was Nakamoto. Wright said on Thursday that Andresen and Matonis had not been deceived, but "that the world will never believe that now".
"I think he's significantly less likely to be Satoshi than any other person that's been suggested," another lead bitcoin developer, Peter Todd, told Reuters, referring to others who have been suspected of being bitcoin's creator.
"PLAIN FISHY"
After coming under pressure to provide more credible evidence that he was bitcoin's creator, Wright had blogged on Monday that he would provide "independently verifiable documents and evidence" that would back up his claims. The post could no longer be found on his blog site.
"The possibility that Wright is Satoshi will always exist, but given the amount of evidence calling that into doubt, I think one would be foolish to give that possibility much weight," said Jerry Brito, executive director of Washington, D.C.-based digital currency advocacy group Coin Center.
"He's provided no cryptographic evidence verifiable by the public, and many of his answers sound plain fishy... Today's statement on his blog only further tarnishes his credibility."
Wright's representatives declined to give any comments on his decision to back away from providing further evidence, but said he was still their client. They believed he was still in London, where he has been living for the past few months.
Interviews with some who had done business with Wright in Australia in December, when reports by Wired and Gizmodo that he could be Nakamoto first emerged, and an inspection of documents published by the two tech news websites, painted a complex picture of Wright.
They pointed to a smart but sometimes abrasive figure facing growing legal and financial problems at least in part caused by his involvement with bitcoin.
Each bitcoin is currently worth around $447 (BTC=ITBT) , making the 15 million or so in circulation worth a total of around $7 billion.
Wright said his failure to produce better evidence would cause "great damage to those that had supported" him, in particular Matonis and Andresen.
"I can only say I'm sorry. And goodbye," Wright wrote.
(Reporting by Jemima Kelly; Editing by Toby Chopra) || 'I'm sorry': Craig Wright on lack of evidence he created bitcoin: By Jemima Kelly LONDON (Reuters) - Australian tech entrepreneur Craig Wright, who earlier this week said he would provide "extraordinary proof" that he was the creator of digital currency bitcoin, will not provide any further evidence, according to a post on his blog on Thursday. Although Wright did not renege on his claim to be Satoshi Nakamoto - the name, assumed to be pseudonymous, of the person or group who created the web-based currency in 2008 - the U-turn was taken by many bitcoin experts as confirmation of their suspicions that the claims were false. "I believed that I could do this. I believed that I could put the years of anonymity and hiding behind me," Wright wrote. "But, as the events of this week unfolded and I prepared to publish the proof of access to the earliest keys, I broke. I do not have the courage. I cannot." Bitcoin is a web-based "cryptocurrency" that enables users to move money across the world quickly and anonymously without the need for third-party verification. Various attempts have been made to identify its elusive creator, but Wright's claims stood out due to the high-profile endorsements they received. Lead bitcoin developer Gavin Andresen and bitcoin consultant Jon Matonis both wrote blogs on Monday endorsing Wright's claims, saying they had been shown proof by Wright that he was Nakamoto. Wright said on Thursday that Andresen and Matonis had not been deceived, but "that the world will never believe that now". "I think he's significantly less likely to be Satoshi than any other person that's been suggested," another lead bitcoin developer, Peter Todd, told Reuters, referring to others who have been suspected of being bitcoin's creator. "PLAIN FISHY" After coming under pressure to provide more credible evidence that he was bitcoin's creator, Wright had blogged on Monday that he would provide "independently verifiable documents and evidence" that would back up his claims. The post could no longer be found on his blog site. "The possibility that Wright is Satoshi will always exist, but given the amount of evidence calling that into doubt, I think one would be foolish to give that possibility much weight," said Jerry Brito, executive director of Washington, D.C.-based digital currency advocacy group Coin Center. "He's provided no cryptographic evidence verifiable by the public, and many of his answers sound plain fishy... Today's statement on his blog only further tarnishes his credibility." Wright's representatives declined to give any comments on his decision to back away from providing further evidence, but said he was still their client. They believed he was still in London, where he has been living for the past few months. Interviews with some who had done business with Wright in Australia in December, when reports by Wired and Gizmodo that he could be Nakamoto first emerged, and an inspection of documents published by the two tech news websites, painted a complex picture of Wright. They pointed to a smart but sometimes abrasive figure facing growing legal and financial problems at least in part caused by his involvement with bitcoin. Each bitcoin is currently worth around $447 , making the 15 million or so in circulation worth a total of around $7 billion. Wright said his failure to produce better evidence would cause "great damage to those that had supported" him, in particular Matonis and Andresen. "I can only say I'm sorry. And goodbye," Wright wrote. (Reporting by Jemima Kelly; Editing by Toby Chopra) || "I'm sorry" - Craig Wright on lack of evidence he created bitcoin: By Jemima Kelly LONDON (Reuters) - Australian tech entrepreneur Craig Wright, who earlier this week said he would provide "extraordinary proof" that he was the creator of digital currency bitcoin, will not provide any further evidence, according to a post on his blog on Thursday. Although Wright did not renege on his claim to be Satoshi Nakamoto - the name, assumed to be pseudonymous, of the person or group who created the web-based currency in 2008 - the U-turn was taken by many bitcoin experts as confirmation of their suspicions that the claims were false. "I believed that I could do this. I believed that I could put the years of anonymity and hiding behind me," Wright wrote. "But, as the events of this week unfolded and I prepared to publish the proof of access to the earliest keys, I broke. I do not have the courage. I cannot." Bitcoin is a web-based "cryptocurrency" that enables users to move money across the world quickly and anonymously without the need for third-party verification. Various attempts have been made to identify its elusive creator, but Wright's claims stood out due to the high-profile endorsements they received. Lead bitcoin developer Gavin Andresen and bitcoin consultant Jon Matonis both wrote blogs on Monday endorsing Wright's claims, saying they had been shown proof by Wright that he was Nakamoto. Wright said on Thursday that Andresen and Matonis had not been deceived, but "that the world will never believe that now". "I think he's significantly less likely to be Satoshi than any other person that's been suggested," another lead bitcoin developer, Peter Todd, told Reuters, referring to others who have been suspected of being bitcoin's creator. "PLAIN FISHY" After coming under pressure to provide more credible evidence that he was bitcoin's creator, Wright had blogged on Monday that he would provide "independently verifiable documents and evidence" that would back up his claims. The post could no longer be found on his blog site. Story continues "The possibility that Wright is Satoshi will always exist, but given the amount of evidence calling that into doubt, I think one would be foolish to give that possibility much weight," said Jerry Brito, executive director of Washington, D.C.-based digital currency advocacy group Coin Center. "He's provided no cryptographic evidence verifiable by the public, and many of his answers sound plain fishy... Today's statement on his blog only further tarnishes his credibility." Wright's representatives declined to give any comments on his decision to back away from providing further evidence, but said he was still their client. They believed he was still in London, where he has been living for the past few months. Interviews with some who had done business with Wright in Australia in December, when reports by Wired and Gizmodo that he could be Nakamoto first emerged, and an inspection of documents published by the two tech news websites, painted a complex picture of Wright. They pointed to a smart but sometimes abrasive figure facing growing legal and financial problems at least in part caused by his involvement with bitcoin. Each bitcoin is currently worth around $447 , making the 15 million or so in circulation worth a total of around $7 billion. Wright said his failure to produce better evidence would cause "great damage to those that had supported" him, in particular Matonis and Andresen. "I can only say I'm sorry. And goodbye," Wright wrote. (Reporting by Jemima Kelly; Editing by Toby Chopra)
[Social Media Buzz]
Average Bitcoin market price is: USD 450.00, EUR 394.53 || 1 KOBO = 0.00000800 BTC
= 0.0036 USD
= 0.7165 NGN
= 0.0538 ZAR
= 0.3610 KES
#Kobocoin 2016-05-06 12:00 pic.twitter.com/6XZhxKkTWM || Attualmente il valore del #Bitcoin è $452.00 via @Chain || Bitstamp: $449.43/BTC - last trade of USD/BTC at https://www.bitstamp.net/ (high: 450.00, low: 445.11) #bitcoin #BTC http://bitcoinautotrade.com || #TrinityCoin #TTY $ 0.000014 (1.38 %) 0.00000003 BTC (-0.00 %) || One Bitcoin now worth $...
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458.54, 458.55, 460.48, 450.89, 452.73, 454.77, 455.67, 455.67, 457.57, 454.16
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 7514.67, 7493.49, 8660.70, 9244.97, 9551.71, 9256.15, 9427.69, 9205.73, 9199.58, 9261.10, 9324.72, 9235.35, 9412.61, 9342.53, 9360.88, 9267.56, 8804.88, 8813.58, 9055.53, 8757.79, 8815.66, 8808.26, 8708.09, 8491.99, 8550.76, 8577.98, 8309.29, 8206.15, 8027.27, 7642.75, 7296.58, 7397.80, 7047.92, 7146.13, 7218.37, 7531.66, 7463.11, 7761.24, 7569.63, 7424.29, 7321.99, 7320.15, 7252.03, 7448.31, 7547.00, 7556.24, 7564.35, 7400.90, 7278.12, 7217.43, 7243.13, 7269.68, 7124.67, 7152.30, 6932.48, 6640.52, 7276.80, 7202.84, 7218.82, 7191.16, 7511.59, 7355.63, 7322.53, 7275.16, 7238.97, 7290.09, 7317.99, 7422.65, 7293.00, 7193.60, 7200.17, 6985.47, 7344.88, 7410.66, 7411.32, 7769.22, 8163.69, 8079.86, 7879.07, 8166.55, 8037.54, 8192.49, 8144.19, 8827.76, 8807.01, 8723.79, 8929.04, 8942.81, 8706.25, 8657.64.
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[Bitcoin Technical Analysis for 2020-01-20]
Volume: 26422375678, RSI (14-day): 63.02, 50-day EMA: 7949.88, 200-day EMA: 8219.47
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Decentralization Philosophy Part 1 – From Buddha to the Conquistadors: Credits for LTB#423 This episode of Let’s Talk Bitcoin! is sponsored by Brave.com and eToro.com Related: Davos Needs to Wake Up to the Ills of Centralization Original Photo by Ubaidhulla Adam on Unsplash This episode featured Adam B. Levine, Stephanie Murphy and Jonathan Mohan Music for today’s episode was provided by Jared Rubens , and general fuzz , with editing by Jonas Would you like to Sponsor a future episode of the Let’s Talk Bitcoin! show? Do you have any questions or comments? Email [email protected] Related Stories Crypto News Roundup for Jan. 17, 2020 Why ‘Crypto Dad’ Is Building the Digital Dollar Foundation || The Crypto Daily – Movers and Shakers – 19/01/20: Bitcoin rose by 0.18% on Saturday. Following on from a 1.79% gain on Friday, Bitcoin ended the day at $8,891.6. A bullish start to the day saw Bitcoin rise to an early morning intraday high $8,965.0 before hitting reverse. Falling short of the first major resistance level at $9,025.53, Bitcoin fell to a mid-morning intraday low $8,791.1. Steering clear of the first major support level at $8,699.73, Bitcoin recovered to an afternoon high $8,952.3 before easing back. Holding onto $8,800 levels was key late on. The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of the recent upward momentum. For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend. The Rest of the Pack Across the rest of the top 10 cryptos, it was a mixed day for the majors. Bitcoin Cash SV continued to see red on Saturday, sliding by 13.52% to lead the way down. Binance Coin (-1.39%), Bitcoin Cash ABC (-8.34%), EOS (-2.32%), Litecoin (-2.61%), and Monero’s XMR (-2.14%) also saw red. Ethereum (+2.67%), Ripple’s XRP (+2.02%), Stellar’s Lumen (+1.27%), and Tron’s TRX (+1.06%) joined Bitcoin in the green. While it was a mixed bag on Saturday, it’s been a bullish week for the crypto majors, Monday through Saturday. Bitcoin Cash SV led the way, rallying by 51.95%, with Stellar’s Lumen and Bitcoin Cash ABC up by 25.13% and by 24.89% respectively. Whilst the rest of the majors saw more modest gains, it was double-digit gains across the board. Through the current week, the crypto total market cap rallied from a Monday low $215.38 to a Saturday current week high $248.04bn. At the time of writing, the total market cap stood at $243.85bn. Bitcoin’s dominance moved back to 66% levels following the mixed day on Saturday. Trading volumes continued to ease back from $177bn levels hit earlier in the week. At the time of writing, 24-hr volumes stood at $125.39bn. Story continues This Morning At the time of writing, Bitcoin was up by 0.1% to $8,900.1. A mixed start to the day saw Bitcoin fall to an early morning low $8,870.1 before striking a high $8,901.4. Bitcoin left the major support and resistance levels untested early on. Elsewhere, it was yet another mixed start to the day for the crypto top 10. Binance Coin (-0.05%), Bitcoin Cash SV (-0.59%), EOS (-0.01%), Monero’s XMR (-0.49), Stellar’s Lumen (-0.07%), and Tron’s TRX (-0.34%) saw red early. It was a bullish start for the rest, with Litecoin up by 1.03% to lead the way. For the Bitcoin Day Ahead Bitcoin would need to steer clear of sub-$8,880 levels to support a run at the first major resistance level at $8,974.03. Support from the broader market would be needed, however, for Bitcoin to break back through Saturday’s high $8,965.0. Barring a broad-based extended crypto rally on the day, the first major resistance and Friday’s high $9,000 would likely continue to cap any upside. In the event of a breakout, the second major resistance level at $9,056.47 would likely come into play. Failure to steer clear of sub-$8,880 levels could see Bitcoin hit reverse. A fall back through the morning low $8,870.1 would bring the first major support level at $8,800.13 into play. Barring a crypto meltdown, however, Bitcoin should steer clear of the second major support level at $8,708.67. This article was originally posted on FX Empire More From FXEMPIRE: Silver Price Forecast – Silver Market Continues To Kill Time NZD/USD Forex Technical Analysis – Secondary Top Indicates Selling Pressure Strengthening The Weekly Wrap – Trade, the Dollar, China, and the Pound Drew Attention Gold Price Prediction – Prices Rise forming Cup and Handle Pattern Strong U.S. Economic Data Weighs on Aussie, Kiwi & Yen US Stocks: Boosted by Trade Deal, Better Economic Data, Solid Bank Earnings || The Crypto Daily – Movers and Shakers – 19/01/20: Bitcoin rose by 0.18% on Saturday. Following on from a 1.79% gain on Friday, Bitcoin ended the day at $8,891.6.
A bullish start to the day saw Bitcoin rise to an early morning intraday high $8,965.0 before hitting reverse.
Falling short of the first major resistance level at $9,025.53, Bitcoin fell to a mid-morning intraday low $8,791.1.
Steering clear of the first major support level at $8,699.73, Bitcoin recovered to an afternoon high $8,952.3 before easing back.
Holding onto $8,800 levels was key late on.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of the recent upward momentum.
For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.
Across the rest of the top 10 cryptos, it was a mixed day for the majors.
Bitcoin Cash SV continued to see red on Saturday, sliding by 13.52% to lead the way down.
Binance Coin (-1.39%), Bitcoin Cash ABC (-8.34%), EOS (-2.32%), Litecoin (-2.61%), and Monero’s XMR (-2.14%) also saw red.
Ethereum (+2.67%), Ripple’s XRP (+2.02%), Stellar’s Lumen (+1.27%), and Tron’s TRX (+1.06%) joined Bitcoin in the green.
While it was a mixed bag on Saturday, it’s been a bullish week for the crypto majors, Monday through Saturday.
Bitcoin Cash SV led the way, rallying by 51.95%, with Stellar’s Lumen and Bitcoin Cash ABC up by 25.13% and by 24.89% respectively.
Whilst the rest of the majors saw more modest gains, it was double-digit gains across the board.
Through the current week, the crypto total market cap rallied from a Monday low $215.38 to a Saturday current week high $248.04bn. At the time of writing, the total market cap stood at $243.85bn.
Bitcoin’s dominance moved back to 66% levels following the mixed day on Saturday. Trading volumes continued to ease back from $177bn levels hit earlier in the week. At the time of writing, 24-hr volumes stood at $125.39bn.
At the time of writing, Bitcoin was up by 0.1% to $8,900.1. A mixed start to the day saw Bitcoin fall to an early morning low $8,870.1 before striking a high $8,901.4.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was yet another mixed start to the day for the crypto top 10.
Binance Coin (-0.05%), Bitcoin Cash SV (-0.59%), EOS (-0.01%), Monero’s XMR (-0.49), Stellar’s Lumen (-0.07%), and Tron’s TRX (-0.34%) saw red early.
It was a bullish start for the rest, with Litecoin up by 1.03% to lead the way.
Bitcoin would need to steer clear of sub-$8,880 levels to support a run at the first major resistance level at $8,974.03.
Support from the broader market would be needed, however, for Bitcoin to break back through Saturday’s high $8,965.0.
Barring a broad-based extended crypto rally on the day, the first major resistance and Friday’s high $9,000 would likely continue to cap any upside.
In the event of a breakout, the second major resistance level at $9,056.47 would likely come into play.
Failure to steer clear of sub-$8,880 levels could see Bitcoin hit reverse.
A fall back through the morning low $8,870.1 would bring the first major support level at $8,800.13 into play.
Barring a crypto meltdown, however, Bitcoin should steer clear of the second major support level at $8,708.67.
Thisarticlewas originally posted on FX Empire
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• Strong U.S. Economic Data Weighs on Aussie, Kiwi & Yen
• US Stocks: Boosted by Trade Deal, Better Economic Data, Solid Bank Earnings || Bitcoin Climbs Above 9,034.6 Level, Up 0.65%: Investing.com - Bitcoin rose above the $9,034.6 threshold on Sunday. Bitcoin was trading at 9,034.6 by 20:02 (01:02 GMT) on the Investing.com Index, up 0.65% on the day. It was the largest one-day percentage gain since January 19.
The move upwards pushed Bitcoin's market cap up to $162.6B, or 64.94% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B.
Bitcoin had traded in a range of $8,893.0 to $9,034.6 in the previous twenty-four hours.
Over the past seven days, Bitcoin has seen a rise in value, as it gained 10.5%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $32.3B or 25.78% of the total volume of all cryptocurrencies. It has traded in a range of $8,068.4336 to $9,034.5566 in the past 7 days.
At its current price, Bitcoin is still down 54.53% from its all-time high of $19,870.62 set on December 17, 2017.
Ethereum was last at $177.14 on the Investing.com Index, up 2.26% on the day.
XRP was trading at $0.24633 on the Investing.com Index, a gain of 2.00%.
Ethereum's market cap was last at $19.2B or 7.68% of the total cryptocurrency market cap, while XRP's market cap totaled $10.7B or 4.26% of the total cryptocurrency market value.
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Crypto News From Japan: Jan. 13-17 in Review || Bitcoin Climbs Above 9,034.6 Level, Up 0.65%: Investing.com - Bitcoin rose above the $9,034.6 threshold on Sunday. Bitcoin was trading at 9,034.6 by 20:02 (01:02 GMT) on the Investing.com Index, up 0.65% on the day. It was the largest one-day percentage gain since January 19.
The move upwards pushed Bitcoin's market cap up to $162.6B, or 64.94% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B.
Bitcoin had traded in a range of $8,893.0 to $9,034.6 in the previous twenty-four hours.
Over the past seven days, Bitcoin has seen a rise in value, as it gained 10.5%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $32.3B or 25.78% of the total volume of all cryptocurrencies. It has traded in a range of $8,068.4336 to $9,034.5566 in the past 7 days.
At its current price, Bitcoin is still down 54.53% from its all-time high of $19,870.62 set on December 17, 2017.
Ethereum was last at $177.14 on the Investing.com Index, up 2.26% on the day.
XRP was trading at $0.24633 on the Investing.com Index, a gain of 2.00%.
Ethereum's market cap was last at $19.2B or 7.68% of the total cryptocurrency market cap, while XRP's market cap totaled $10.7B or 4.26% of the total cryptocurrency market value.
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EOS Climbs Above 3.8953 Level, Up 2%
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Crypto News From Japan: Jan. 13-17 in Review || Bitcoin Climbs Above 9,034.6 Level, Up 0.65%: Bitcoin Climbs Above 9,034.6 Level, Up 0.65% Investing.com - Bitcoin rose above the $9,034.6 threshold on Sunday. Bitcoin was trading at 9,034.6 by 20:02 (01:02 GMT) on the Investing.com Index, up 0.65% on the day. It was the largest one-day percentage gain since January 19. The move upwards pushed Bitcoin's market cap up to $162.6B, or 64.94% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B. Bitcoin had traded in a range of $8,893.0 to $9,034.6 in the previous twenty-four hours. Over the past seven days, Bitcoin has seen a rise in value, as it gained 10.5%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $32.3B or 25.78% of the total volume of all cryptocurrencies. It has traded in a range of $8,068.4336 to $9,034.5566 in the past 7 days. At its current price, Bitcoin is still down 54.53% from its all-time high of $19,870.62 set on December 17, 2017. Elsewhere in cryptocurrency trading Ethereum was last at $177.14 on the Investing.com Index, up 2.26% on the day. XRP was trading at $0.24633 on the Investing.com Index, a gain of 2.00%. Ethereum's market cap was last at $19.2B or 7.68% of the total cryptocurrency market cap, while XRP's market cap totaled $10.7B or 4.26% of the total cryptocurrency market value. Related Articles EOS Climbs Above 3.8953 Level, Up 2% WisdomTree Grows a Stablecoin Today to Nurture a Crypto ETF Tomorrow Crypto News From Japan: Jan. 13-17 in Review || Bitcoin miners made an estimated $5 billion in revenue during 2019: The world's bitcoin miners brought in an estimated $5 billion in revenue during 2019. Of that figure, $4.89 billion was in the form of block rewards that is, the 12.5 BTC generated every time a new transaction block is created. The rest some $146 million was made via transaction fees. That reward number is set to change later this year during the so-called halvening, when the per-block subsidy will drop from 12.5 BTC to 6.25 BTC. The $5 billion figure represents a decline from 2018's revenue level, when miners made an estimated $5.26 billion. By comparison, 2017's estimated revenue came in at $3.19 billion, as shown in the graph below. As noted in The Block's 2020 Research Outlook report, the revenue figure is estimated on the basis that miners sell their bitcoins immediately, which is not exactly accurate as some companies retain a portion of their mined BTC to sell at a later date. || Bitcoin miners made an estimated $5 billion in revenue during 2019: The world's bitcoin miners brought in an estimated $5 billion in revenue during 2019.
Of that figure, $4.89 billion was in the form of block rewards – that is, the 12.5 BTC generated every time a new transaction block is created. The rest – some $146 million – was made via transaction fees.
That reward number is set to change later this year during the so-called halvening, when the per-block subsidy will drop from 12.5 BTC to 6.25 BTC.
The $5 billion figure represents a decline from 2018's revenue level, when miners made an estimated $5.26 billion. By comparison, 2017's estimated revenue came in at $3.19 billion, as shown in the graph below.
As noted inThe Block's 2020 Research Outlookreport, the revenue figure is estimated on the basis that miners sell their bitcoins immediately, which is not exactly accurate as some companies retain a portion of their mined BTC to sell at a later date. || Bitcoin miners made an estimated $5 billion in revenue during 2019: The world's bitcoin miners brought in an estimated $5 billion in revenue during 2019.
Of that figure, $4.89 billion was in the form of block rewards – that is, the 12.5 BTC generated every time a new transaction block is created. The rest – some $146 million – was made via transaction fees.
That reward number is set to change later this year during the so-called halvening, when the per-block subsidy will drop from 12.5 BTC to 6.25 BTC.
The $5 billion figure represents a decline from 2018's revenue level, when miners made an estimated $5.26 billion. By comparison, 2017's estimated revenue came in at $3.19 billion, as shown in the graph below.
As noted inThe Block's 2020 Research Outlookreport, the revenue figure is estimated on the basis that miners sell their bitcoins immediately, which is not exactly accurate as some companies retain a portion of their mined BTC to sell at a later date. || The Crypto Daily – Movers and Shakers – 18/01/20: Bitcoin rose by 1.79% on Friday. Reversing a 0.99% fall from Thursday, Bitcoin ended the day at $8,875.4. A bullish morning saw Bitcoin rally from an early morning intraday low $8,674.2 to a late morning intraday high $9,000.0. Steering clear of the major support levels, Bitcoin broke through the first major resistance level at $8,847.07 and the second major resistance level at $8,973.53. Coming up against resistance at $9,000, Bitcoin slid back through the major resistance levels to an early afternoon low $8,756.9. Finding support late in the day, Bitcoin broke back through the first major resistance level to wrap up the day in the green. The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of the recent upward momentum. For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend. The Rest of the Pack Across the rest of the top 10 cryptos, it was a mixed day for the majors. Bitcoin Cash SV bucked the trend on the day, sliding by 7.71%. It was a bullish day for the rest, with Bitcoin Cash ABC (+13.58%) and Stellar’s Lumen (+13.22%) leading the way. Binance Coin (+5.87%), Litecoin (+5.79%), and Monero’s XMR (+4.78%) also saw solid gains. EOS (+1.52%), Ethereum (+3.41%), Ripple’s XRP (+3.98%), and Tron’s TRX (+1.24%) trailed the frontrunners. Through the current week, the crypto total market cap rallied from a Monday low $215.38 to a Saturday current week high $248.04bn. At the time of writing, the total market cap stood at $245.65bn. Bitcoin’s dominance eased back to 65% levels following more a more modest gain on Friday. Trading volumes fall short of $177bn levels hit earlier in the week. At the time of writing, 24-hr volumes stood at $141.63bn. This Morning At the time of writing, Bitcoin was up by 0.31% to $8,903.3. A mixed start to the day saw Bitcoin fall to an early morning low $8,846.0 before striking a high $8,965.0. Story continues Bitcoin left the major support and resistance levels untested early on. Elsewhere, it was another mixed start to the day for the crypto top 10. Binance Coin (-0.53%), Bitcoin Cash SV (-3.03%), Monero’s XMR (-0.16%), Ripple’s XRP (-0.27%), and Stellar’s Lumen (-1.71%) saw red early. Bitcoin Cash ABC (+4.95%), EOS (+0.46%), Ethereum (+0.60%), Litecoin (+0.61%), and (+ Tron’s TRX (+1.31%) found early support. For the Bitcoin Day Ahead Bitcoin would need to move back the morning high $8,965.0 to support a run at the first major resistance level at $9,025.53. Support from the broader market would be needed, however, for Bitcoin to break back through to $9,000 levels. Barring a broad-based extended crypto rally on the day, the first major resistance and Friday’s high $9,000 would likely cap any upside. Failure to break back through the morning high $8,965.0 could see Bitcoin fall into the red. A fall back through the morning low $8,846 would bring the first major support level at $8,699.73 into play. Barring a crypto meltdown, however, Bitcoin should continue to avoid sub-$8,600 levels on the day. This article was originally posted on FX Empire More From FXEMPIRE: Gold Price Forecast – Expect $1700+ After a Brief Pause Silver Price Forecast – Silver Market Continues To Kill Time European Equities: A Week in Review – 18/01/20 Gold Price Prediction – Prices Rise forming Cup and Handle Pattern Natural Gas Weekly Price Forecast – Natural Gas Breaks Two Dollars US Stock Market Overview Stocks Hit Fresh High Buoyed by Housing Starts || The Crypto Daily – Movers and Shakers – 18/01/20: Bitcoin rose by 1.79% on Friday. Reversing a 0.99% fall from Thursday, Bitcoin ended the day at $8,875.4.
A bullish morning saw Bitcoin rally from an early morning intraday low $8,674.2 to a late morning intraday high $9,000.0.
Steering clear of the major support levels, Bitcoin broke through the first major resistance level at $8,847.07 and the second major resistance level at $8,973.53.
Coming up against resistance at $9,000, Bitcoin slid back through the major resistance levels to an early afternoon low $8,756.9.
Finding support late in the day, Bitcoin broke back through the first major resistance level to wrap up the day in the green.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of the recent upward momentum.
For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.
Across the rest of the top 10 cryptos, it was a mixed day for the majors.
Bitcoin Cash SV bucked the trend on the day, sliding by 7.71%.
It was a bullish day for the rest, with Bitcoin Cash ABC (+13.58%) and Stellar’s Lumen (+13.22%) leading the way.
Binance Coin (+5.87%), Litecoin (+5.79%), and Monero’s XMR (+4.78%) also saw solid gains.
EOS (+1.52%), Ethereum (+3.41%), Ripple’s XRP (+3.98%), and Tron’s TRX (+1.24%) trailed the frontrunners.
Through the current week, the crypto total market cap rallied from a Monday low $215.38 to a Saturday current week high $248.04bn. At the time of writing, the total market cap stood at $245.65bn.
Bitcoin’s dominance eased back to 65% levels following more a more modest gain on Friday. Trading volumes fall short of $177bn levels hit earlier in the week. At the time of writing, 24-hr volumes stood at $141.63bn.
At the time of writing, Bitcoin was up by 0.31% to $8,903.3. A mixed start to the day saw Bitcoin fall to an early morning low $8,846.0 before striking a high $8,965.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was another mixed start to the day for the crypto top 10.
Binance Coin (-0.53%), Bitcoin Cash SV (-3.03%), Monero’s XMR (-0.16%), Ripple’s XRP (-0.27%), and Stellar’s Lumen (-1.71%) saw red early.
Bitcoin Cash ABC (+4.95%), EOS (+0.46%), Ethereum (+0.60%), Litecoin (+0.61%), and (+ Tron’s TRX (+1.31%) found early support.
Bitcoin would need to move back the morning high $8,965.0 to support a run at the first major resistance level at $9,025.53.
Support from the broader market would be needed, however, for Bitcoin to break back through to $9,000 levels.
Barring a broad-based extended crypto rally on the day, the first major resistance and Friday’s high $9,000 would likely cap any upside.
Failure to break back through the morning high $8,965.0 could see Bitcoin fall into the red.
A fall back through the morning low $8,846 would bring the first major support level at $8,699.73 into play. Barring a crypto meltdown, however, Bitcoin should continue to avoid sub-$8,600 levels on the day.
Thisarticlewas originally posted on FX Empire
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• US Stock Market Overview Stocks Hit Fresh High Buoyed by Housing Starts || New Hampshires proposal to accept Bitcoin for tax payments fails: New Hampshires innovative state legislation that would have allowed state agencies to accept cryptocurrencies as payment for taxes has been retracted. The state House of Representatives announced the retraction on January 8 following a motion from the General Courts Executives Departments Committee, which deemed the initiative as inexpedient to legislate. The main stumbling block for state agencies in New Hampshire was the volatility of Bitcoin and other cryptocurrencies, which could have turned into a significant expense for the state. These changes would increase Department of Revenue Administration (DRA) expenditures by an indeterminable amount in FY 2020, in anticipation of an implementation date of July 1 2020, the report states. The DRA cannot estimate if any additional revenue would be generated due to the acceptance of cryptocurrencies. The volatility of accepting cryptocurrencies could affect revenues due to tax assessments being generated in US currency. Ohio also experienced issues when trying to implement cryptocurrency tax payments into its existing system, with the initiative lasting less than a year. In November 2018, it became the first state to accept cryptocurrency for tax payments, only for the legislation to be suspended in October 2019 as the states treasurer, Robert Sprague, claimed that officials needed to ensure it was compliant with existing Ohio law. For more news, guides, and cryptocurrency analysis, click here . The post New Hampshires proposal to accept Bitcoin for tax payments fails appeared first on Coin Rivet . || New Hampshires proposal to accept Bitcoin for tax payments fails: New Hampshires innovative state legislation that would have allowed state agencies to accept cryptocurrencies as payment for taxes has been retracted. The state House of Representatives announced the retraction on January 8 following a motion from the General Courts Executives Departments Committee, which deemed the initiative as inexpedient to legislate. The main stumbling block for state agencies in New Hampshire was the volatility of Bitcoin and other cryptocurrencies, which could have turned into a significant expense for the state. These changes would increase Department of Revenue Administration (DRA) expenditures by an indeterminable amount in FY 2020, in anticipation of an implementation date of July 1 2020, the report states. The DRA cannot estimate if any additional revenue would be generated due to the acceptance of cryptocurrencies. The volatility of accepting cryptocurrencies could affect revenues due to tax assessments being generated in US currency. Ohio also experienced issues when trying to implement cryptocurrency tax payments into its existing system, with the initiative lasting less than a year. In November 2018, it became the first state to accept cryptocurrency for tax payments, only for the legislation to be suspended in October 2019 as the states treasurer, Robert Sprague, claimed that officials needed to ensure it was compliant with existing Ohio law. For more news, guides, and cryptocurrency analysis, click here . The post New Hampshires proposal to accept Bitcoin for tax payments fails appeared first on Coin Rivet . || New Hampshires proposal to accept Bitcoin for tax payments fails: New Hampshires innovative state legislation that would have allowed state agencies to accept cryptocurrencies as payment for taxes has been retracted. The state House of Representatives announced the retraction on January 8 following a motion from the General Courts Executives Departments Committee, which deemed the initiative as inexpedient to legislate. The main stumbling block for state agencies in New Hampshire was the volatility of Bitcoin and other cryptocurrencies, which could have turned into a significant expense for the state. These changes would increase Department of Revenue Administration (DRA) expenditures by an indeterminable amount in FY 2020, in anticipation of an implementation date of July 1 2020, the report states. The DRA cannot estimate if any additional revenue would be generated due to the acceptance of cryptocurrencies. The volatility of accepting cryptocurrencies could affect revenues due to tax assessments being generated in US currency. Ohio also experienced issues when trying to implement cryptocurrency tax payments into its existing system, with the initiative lasting less than a year. In November 2018, it became the first state to accept cryptocurrency for tax payments, only for the legislation to be suspended in October 2019 as the states treasurer, Robert Sprague, claimed that officials needed to ensure it was compliant with existing Ohio law. For more news, guides, and cryptocurrency analysis, click here . The post New Hampshires proposal to accept Bitcoin for tax payments fails appeared first on Coin Rivet . || Cardano Climbs 10% As Investors Gain Confidence: Investing.com - Cardano was trading at $0.045826 by 14:15 (19:15 GMT) on the Investing.com Index on Friday, up 10.07% on the day. It was the largest one-day percentage gain since January 17. The move upwards pushed Cardano's market cap up to $1.17890B, or 0.47% of the total cryptocurrency market cap. At its highest, Cardano's market cap was $23.91700B. Cardano had traded in a range of $0.041172 to $0.045826 in the previous twenty-four hours. Over the past seven days, Cardano has seen a rise in value, as it gained 24.6%. The volume of Cardano traded in the twenty-four hours to time of writing was $98.91140M or 0.07% of the total volume of all cryptocurrencies. It has traded in a range of $0.0365 to $0.0458 in the past 7 days. At its current price, Cardano is still down 96.61% from its all-time high of $1.35 set on January 4, 2018. Elsewhere in cryptocurrency trading Bitcoin was last at $8,945.1 on the Investing.com Index, up 2.83% on the day. Ethereum was trading at $173.24 on the Investing.com Index, a gain of 5.59%. Bitcoin's market cap was last at $162.06478B or 64.33% of the total cryptocurrency market cap, while Ethereum's market cap totaled $18.89802B or 7.50% of the total cryptocurrency market value. Related Articles Price Analysis Jan 17: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, ETC, TRX US SEC Charges Convict and Associates for $30M Fraudulent ICO Amid Legal Controversy, Telegram Blockchain Explorers Are Already Available || Cardano Climbs 10% As Investors Gain Confidence: Investing.com - Cardano was trading at $0.045826 by 14:15 (19:15 GMT) on the Investing.com Index on Friday, up 10.07% on the day. It was the largest one-day percentage gain since January 17.
The move upwards pushed Cardano's market cap up to $1.17890B, or 0.47% of the total cryptocurrency market cap. At its highest, Cardano's market cap was $23.91700B.
Cardano had traded in a range of $0.041172 to $0.045826 in the previous twenty-four hours.
Over the past seven days, Cardano has seen a rise in value, as it gained 24.6%. The volume of Cardano traded in the twenty-four hours to time of writing was $98.91140M or 0.07% of the total volume of all cryptocurrencies. It has traded in a range of $0.0365 to $0.0458 in the past 7 days.
At its current price, Cardano is still down 96.61% from its all-time high of $1.35 set on January 4, 2018.
Bitcoin was last at $8,945.1 on the Investing.com Index, up 2.83% on the day.
Ethereum was trading at $173.24 on the Investing.com Index, a gain of 5.59%.
Bitcoin's market cap was last at $162.06478B or 64.33% of the total cryptocurrency market cap, while Ethereum's market cap totaled $18.89802B or 7.50% of the total cryptocurrency market value.
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Amid Legal Controversy, Telegram Blockchain Explorers Are Already Available || Bitcoin battles to reclaim 2019 highs: Bitcoinis making its hottest start to a year since 2012.
The largestcryptocurrencyby market capitalization -- with a total value of $162 billion, according toCoinMarketCap.com-- has gained 23 percent so far this year, adding to its 87 percent gain in 2019.
The U.S.’ killing of Iranian Gen. Qassem Soleimani was the “spark that gave the market confidence to start the fire,” saidMati Greenspan, founder of Quantum Economics. “The kindling had in fact been building for a while.”
US, CHINA AND THE RACE FOR DIGITAL CURRENCY
Bitcoin was trading near $6,970 per digital coin -- a little less than 50 percent off its 2019 high above $12,000 -- before the killing of Soleiman, which sparked concern that the U.S. was on the verge of military conflict with the Islamic Republic. The cryptocurrency immediately surged above $7,200 and has gained more than 28 percent since the news of the general's death, trading at $8,913 as of Friday morning.
There are fundamental reasons for the gains, too, such as halving, expected this May. In halving, which happens roughly every four years, the amount of new bitcoin coin mined in each transaction is cut by 50 percent. The so-called mining that generates bitcoin involves algorithmic verification of deals in a digital open-source ledger known as blockchain.
“I honestly think this was just due to halving and we just happen to see it happening right now,” Kiana Danial, CEO of Investdiva.com and the author of “Cryptocurrency Investing for Dummies,” told FOX Business’ Maria Bartiromo.
The Chicago Mercantile Exchange’s launch of bitcoin options and a technical indicator pointing to more gains have aided the cryptocurrency's rise, too, she said. Greenspan, meanwhile, pointed to central banks loosening monetary policy. That typically devalues sovereign currencies and prompts investors to park their holdings elsewhere to retain value.
The Federal Reserve began cutting rates in the second half of 2019 and has restarted purchases of government securities to buoy short-term lending markets. The European Central Bank, the People’s Bank of China and the Bank of Japan are also in easing mode.
Greenspan believes all of the money “being created by the Fed and being pumped into the tech sector” is “trickling through to crypto market,” and that’s why riskier crypto assets are outperforming bitcoin, with some doubling or even tripling this year.
CLICK HERE TO READ MORE ON FOX BUSINESS
“It's been an incredible year for bitcoin and crypto,” he told FOX Business.
Despite bitcoin's gains, it has yet to approach its 2017 high of about $20,000, a peak followed by a precipitous slide to $3,400 the very next year, prompting increased government scrutiny. Nouriel Roubini, the economist known as Dr. Doom who accurately predicted the 2008 financial crisis, told the Senate Banking Committee in late 2018 that cryptocurrency represented the "mother of all scams."
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• Target Adds Private Bathrooms to Quell Transgender Debate || Bitcoin battles to reclaim 2019 highs: Bitcoinis making its hottest start to a year since 2012.
The largestcryptocurrencyby market capitalization -- with a total value of $162 billion, according toCoinMarketCap.com-- has gained 23 percent so far this year, adding to its 87 percent gain in 2019.
The U.S.’ killing of Iranian Gen. Qassem Soleimani was the “spark that gave the market confidence to start the fire,” saidMati Greenspan, founder of Quantum Economics. “The kindling had in fact been building for a while.”
US, CHINA AND THE RACE FOR DIGITAL CURRENCY
Bitcoin was trading near $6,970 per digital coin -- a little less than 50 percent off its 2019 high above $12,000 -- before the killing of Soleiman, which sparked concern that the U.S. was on the verge of military conflict with the Islamic Republic. The cryptocurrency immediately surged above $7,200 and has gained more than 28 percent since the news of the general's death, trading at $8,913 as of Friday morning.
There are fundamental reasons for the gains, too, such as halving, expected this May. In halving, which happens roughly every four years, the amount of new bitcoin coin mined in each transaction is cut by 50 percent. The so-called mining that generates bitcoin involves algorithmic verification of deals in a digital open-source ledger known as blockchain.
“I honestly think this was just due to halving and we just happen to see it happening right now,” Kiana Danial, CEO of Investdiva.com and the author of “Cryptocurrency Investing for Dummies,” told FOX Business’ Maria Bartiromo.
The Chicago Mercantile Exchange’s launch of bitcoin options and a technical indicator pointing to more gains have aided the cryptocurrency's rise, too, she said. Greenspan, meanwhile, pointed to central banks loosening monetary policy. That typically devalues sovereign currencies and prompts investors to park their holdings elsewhere to retain value.
The Federal Reserve began cutting rates in the second half of 2019 and has restarted purchases of government securities to buoy short-term lending markets. The European Central Bank, the People’s Bank of China and the Bank of Japan are also in easing mode.
Greenspan believes all of the money “being created by the Fed and being pumped into the tech sector” is “trickling through to crypto market,” and that’s why riskier crypto assets are outperforming bitcoin, with some doubling or even tripling this year.
CLICK HERE TO READ MORE ON FOX BUSINESS
“It's been an incredible year for bitcoin and crypto,” he told FOX Business.
Despite bitcoin's gains, it has yet to approach its 2017 high of about $20,000, a peak followed by a precipitous slide to $3,400 the very next year, prompting increased government scrutiny. Nouriel Roubini, the economist known as Dr. Doom who accurately predicted the 2008 financial crisis, told the Senate Banking Committee in late 2018 that cryptocurrency represented the "mother of all scams."
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• Canadian Solar Is Facing More Challenges Than It Appears
• Target Adds Private Bathrooms to Quell Transgender Debate || Bitcoin battles to reclaim 2019 highs: Bitcoin is making its hottest start to a year since 2012. The largest cryptocurrency by market capitalization -- with a total value of $162 billion, according to CoinMarketCap.com -- has gained 23 percent so far this year, adding to its 87 percent gain in 2019. The U.S. killing of Iranian Gen. Qassem Soleimani was the spark that gave the market confidence to start the fire, said Mati Greenspan , founder of Quantum Economics. The kindling had in fact been building for a while. US, CHINA AND THE RACE FOR DIGITAL CURRENCY Bitcoin was trading near $6,970 per digital coin -- a little less than 50 percent off its 2019 high above $12,000 -- before the killing of Soleiman, which sparked concern that the U.S. was on the verge of military conflict with the Islamic Republic. The cryptocurrency immediately surged above $7,200 and has gained more than 28 percent since the news of the general's death, trading at $8,913 as of Friday morning. There are fundamental reasons for the gains, too, such as halving, expected this May. In halving, which happens roughly every four years, the amount of new bitcoin coin mined in each transaction is cut by 50 percent. The so-called mining that generates bitcoin involves algorithmic verification of deals in a digital open-source ledger known as blockchain. I honestly think this was just due to halving and we just happen to see it happening right now, Kiana Danial, CEO of Investdiva.com and the author of Cryptocurrency Investing for Dummies, told FOX Business Maria Bartiromo. The Chicago Mercantile Exchanges launch of bitcoin options and a technical indicator pointing to more gains have aided the cryptocurrency's rise, too, she said. Greenspan, meanwhile, pointed to central banks loosening monetary policy. That typically devalues sovereign currencies and prompts investors to park their holdings elsewhere to retain value. The Federal Reserve began cutting rates in the second half of 2019 and has restarted purchases of government securities to buoy short-term lending markets. The European Central Bank, the Peoples Bank of China and the Bank of Japan are also in easing mode. Story continues Greenspan believes all of the money being created by the Fed and being pumped into the tech sector is trickling through to crypto market, and thats why riskier crypto assets are outperforming bitcoin, with some doubling or even tripling this year. CLICK HERE TO READ MORE ON FOX BUSINESS It's been an incredible year for bitcoin and crypto, he told FOX Business. Despite bitcoin's gains, it has yet to approach its 2017 high of about $20,000, a peak followed by a precipitous slide to $3,400 the very next year, prompting increased government scrutiny. Nouriel Roubini, the economist known as Dr. Doom who accurately predicted the 2008 financial crisis, told the Senate Banking Committee in late 2018 that cryptocurrency represented the "mother of all scams." Related Articles Best Buy Celebrates 50 Yrs With Saleathon; Will It Turn 60? Canadian Solar Is Facing More Challenges Than It Appears Target Adds Private Bathrooms to Quell Transgender Debate || Latest Bitcoin SV price and analysis (BSV to USD): Bitcoin SV (BSV) is currently trading at a price around $315, after pumping over 300% since the start of the year. Over the past 24 hours, BSV has maintained its positive momentum, growing around 3%. From September to October 2019, BSV pumped close to 80% before dropping around 45% in value towards the end of the year. However, the price of BSV has now spiked to a new all-time high. At the peak of its most recent rally, BSV was worth $425 per coin. Will Bitcoin SV continue to pump? If so, what are the new possible price targets for the altcoin? Bitcoin SV price chart is extremely bullish. Not only are all the EMAs pointing upwards, but BSV is currently well above target volume levels. From bottom to top, BSV pumped close to 430% in the space of 30 days. Currently, the altcoin is holding support above $303, a key volume level according to the profile. If the altcoin were to drop, the next support level would be around $225 – or 30% below the current price. Below that, strong support can be found at $194 and $135. Finally, the most support is currently found between $90 and $110. At the time of writing, BSV is sitting well above all its EMAs. The next big resistance levels are virtually non-existent, so we could see Bitcoin SV pumping towards $500 soon. In terms of volume, Bitcoin SV price was trading on average $500,000 per day in December. Since January, volume has grown massively, pumping over 600% to over $3 billion, where it currently sits. I expect BSV to continue pumping as long as volume remains the same. Altcoins have a tendency to follow the Bitcoin trend, which is quite positive at the moment. The current Bitcoin SV price trend Which #altcoins have outperformed #Bitcoin over the last 12 months? https://t.co/BqsJQDWaFq @Febrocas | #BTC — Coin Rivet (@CoinRivet) January 16, 2020 As discussed in the article above , BSV is one of the top performers vs BTC over the past year. Story continues The recent pump in BSV price has been going on since early 2019. A great deal of altcoins mooned due to the BTC pump that took the world’s largest cryptocurrency back to the $14,000 range. Added to that, news from the ongoing Wright vs Kleiman case has caused a great deal of FOMO among investors, which has no doubt provided some thrust to the recent spike. Safe trades! Current live BCH pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest BCH price. Pricing is also available in a range of different currency equivalents: US Dollar – BSVtoUSD British Pound Sterling – BSVtoGBP Japanese Yen – BSV toJPY Euro – BSV toEUR Australian Dollar – BSV toAUD Russian Rouble – BSV toRUB Bitcoin – BSV toBTC About Bitcoin SV Bitcoin SV came into existence following the Bitcoin Cash chain split on November 15 2018. It is currently the fourth-largest cryptocurrency by market cap, with each coin now worth over $300 despite trading below $100 at the turn of the year. More Bitcoin SV news and information If you want to find out more information about Bitcoin SV or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started: Bitcoin SV leapfrogs Bitcoin Cash as fourth-largest cryptocurrency By Oliver Knight – January 17, 2020 As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not. You may be interested in our range of cryptocurrency guides along with the latest cryptocurrency news . The post Latest Bitcoin SV price and analysis (BSV to USD) appeared first on Coin Rivet .
[Social Media Buzz]
None available.
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8745.89, 8680.88, 8406.52, 8445.43, 8367.85, 8596.83, 8909.82, 9358.59, 9316.63, 9508.99
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 7200.17, 6985.47, 7344.88, 7410.66, 7411.32, 7769.22, 8163.69, 8079.86, 7879.07, 8166.55, 8037.54, 8192.49, 8144.19, 8827.76, 8807.01, 8723.79, 8929.04, 8942.81, 8706.25, 8657.64, 8745.89, 8680.88, 8406.52, 8445.43, 8367.85, 8596.83, 8909.82, 9358.59, 9316.63, 9508.99, 9350.53, 9392.88, 9344.37, 9293.52, 9180.96, 9613.42, 9729.80, 9795.94, 9865.12, 10116.67, 9856.61, 10208.24, 10326.05, 10214.38, 10312.12, 9889.42, 9934.43, 9690.14, 10142.00, 9633.39, 9608.48, 9686.44, 9663.18, 9924.52, 9650.17, 9341.71, 8820.52, 8784.49, 8672.46, 8599.51, 8562.45, 8869.67, 8787.79, 8755.25, 9078.76, 9122.55, 8909.95, 8108.12, 7923.64, 7909.73, 7911.43, 4970.79, 5563.71, 5200.37, 5392.31, 5014.48, 5225.63, 5238.44, 6191.19, 6198.78, 6185.07, 5830.25, 6416.31, 6734.80, 6681.06, 6716.44, 6469.80, 6242.19, 5922.04, 6429.84.
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[Bitcoin Technical Analysis for 2020-03-30]
Volume: 37101651525, RSI (14-day): 45.81, 50-day EMA: 7381.22, 200-day EMA: 8153.05
[Wider Market Context]
Gold Price: 1622.00, Gold RSI: 54.15
Oil Price: 20.09, Oil RSI: 25.22
[Recent News (last 7 days)]
Luxury Watchmaker Breitling Adds Its First Timepieces to a Blockchain: The Breitling Top Time, pictured above, was a hand-wound chronograph from the 1960s popular with the Jet Set of the era. James Bond wore it in “Thunderball,” although his featured a miniature Geiger counter. The company has rereleased the watch, black and white “panda” face and all, to a new generation and it’s doing something a bit different this time. Instead of offering a certificate of authenticity, the company is registering each watch on a private blockchain that will follow its provenance from owner to owner. As such, it’s a rare example of an enterprise blockchain project that made its way to real-world deployment; most corporate dabbling with distributed ledgers has resulted in little more than hype. Related: Bitcoin News Roundup for March 30, 2020 “The Breitling Top Time Limited Edition will be the brand’s first watch offered with a blockchain-based digital passport, which confirms the authenticity and ownership of the watch with a single click,” the company said in a press release. Breitling is using a blockchain from valuables registrar Arianee , a French company whose aim is to build “perpetual relationships between brands and owners.” The solution ties the watch’s warranty to the watch itself and not to any paper trail, allowing owners to have their pieces serviced by authorized dealers based on the watch’s digital signature. The Arianee blockchain combines permissioned and permissionless elements through its use of a consensus mechanism it’s calling “proof-of-authority.” It is permissionless in the sense that users who want to sell products to one another can interact with the blockchain, but the verifying of the ledger and issuance of tokens is controlled by the participating businesses. Breitling, founded in 1884, is being a good sport about the project, saying the system allows users to “engage with the brand anonymously” and take part in “new online services ranging from advanced clienteling to a revolutionary care program.” Related: Old Rivals Oracle and IBM Want Their Blockchains to Talk to Each Other The watch nerd will note that the Top Time has a linear scale on its bezel instead of a tachymeter . This is called a decimal scale and was offered on some watches in the 1960s. It was, apparently , used for scientific timings, splitting each minute into 100 sections rather than the usual 60. The watch costs $4,990, or about 80 percent of the current price of one bitcoin . Breitling, one of the first manufacturers to offer online sales , is shipping the Top Time this month. Related Stories Microsoft, EY and ConsenSys Tout New Way for Big Biz to Use Public Ethereum Hyperledger Conference Shows Where Blockchain Can Fight Global Warming View comments || Luxury Watchmaker Breitling Adds Its First Timepieces to a Blockchain: The Breitling Top Time, pictured above, was a hand-wound chronograph from the 1960s popular with the Jet Set of the era. James Bond wore it in “Thunderball,” although his featured a miniature Geiger counter.
The company has rereleased the watch, black and white “panda” face and all, to a new generation and it’s doing something a bit different this time. Instead of offering a certificate of authenticity, the company is registering each watch on a private blockchain that will follow its provenance from owner to owner.
As such, it’s a rare example of an enterprise blockchain project that made its way to real-world deployment; most corporate dabbling with distributed ledgers has resulted in little more than hype.
Related:Bitcoin News Roundup for March 30, 2020
“The Breitling Top Time Limited Edition will be the brand’s first watch offered with a blockchain-based digital passport, which confirms the authenticity and ownership of the watch with a single click,” the company said in a press release.
Breitling is using a blockchain from valuables registrarArianee, a French company whose aim is to build “perpetual relationships between brands and owners.” The solution ties the watch’s warranty to the watch itself and not to any paper trail, allowing owners to have their pieces serviced by authorized dealers based on the watch’s digital signature.
TheArianee blockchaincombines permissioned and permissionless elements through its use of a consensus mechanism it’s calling “proof-of-authority.” It is permissionless in the sense that users who want to sell products to one another can interact with the blockchain, but the verifying of the ledger and issuance of tokens is controlled by the participating businesses.
Breitling, founded in 1884, is being a good sport about the project, saying the system allows users to “engage with the brand anonymously” and take part in “new online services ranging from advanced clienteling to a revolutionary care program.”
Related:Old Rivals Oracle and IBM Want Their Blockchains to Talk to Each Other
The watch nerd will note that the Top Time has a linear scale on its bezel instead of atachymeter. This is called a decimal scale and was offered on some watches in the 1960s. It was,apparently, used for scientific timings, splitting each minute into 100 sections rather than the usual 60.
The watch costs $4,990, or about 80 percent of the currentprice of one bitcoin. Breitling, one of the first manufacturers tooffer online sales, is shipping the Top Time this month.
• Microsoft, EY and ConsenSys Tout New Way for Big Biz to Use Public Ethereum
• Hyperledger Conference Shows Where Blockchain Can Fight Global Warming || The Klein Law Firm Reminds Investors of Class Actions on Behalf of Shareholders of HPQ, CAN and ANAB: NEW YORK, NY / ACCESSWIRE / March 29, 2020 / The Klein Law Firm announces that class action complaints have been filed on behalf of shareholders of the following companies. There is no cost to participate in the suit. If you suffered a loss, you have until the lead plaintiff deadline to request that the court appoint you as lead plaintiff. HP Inc. ( HPQ ) Class Period: February 23, 2017 to October 3, 2019 Lead Plaintiff Deadline: April 20, 2020 According to the filed complaint, defendants knew that HP's "four-box" model for measuring its supplies business was severely deficient and not a strong predictor of supplies demand and outcomes because HP lacked telemetry data from its commercial printers and had to use unreliable and stagnant market share data to develop assumptions for the four-box model. The complaint further alleges that defendants knew the lack of telemetry data for commercial printing was a critical shortcoming of the four-box model because HP possessed telemetry data on its personal printing side and knew it was a necessary element for an accurate understanding of the supplies channel. As a result, the supplies inventory in the Company’s channel exceeded demand by at least $100 million and HP’s supplies revenue growth was grossly inflated. Learn about your recoverable losses in HPQ : http://www.kleinstocklaw.com/pslra-1/hp-inc-loss-submission-form?id=5840&from=1 Canaan Inc. ( CAN ) Class Period: publicly traded securities of Canaan, including its American Depository Shares pursuant and/or traceable to the Company's registration statement and related prospectus issued in connection with the Company's November 20, 2019 initial public offering. Lead Plaintiff Deadline: May 4, 2020 The complaint alleges that during the class period Canaan Inc. made materially false and/or misleading statements and/or failed to disclose that: (1) the purported "strategic cooperation" was actually a transaction with a related party; (2) the company's financial health was worse than what was actually reported; (3) the company had recently removed numerous distributors from its website just prior to the initial public offering, many of which were small or suspicious businesses; and (4) several of the Company's largest Chinese clients in prior years were clients who were not in the Bitcoin mining industry and, thus, would likely not be repeat customers. Story continues Learn about your recoverable losses in CAN : http://www.kleinstocklaw.com/pslra-1/canaan-inc-loss-submission-form?id=5840&from=1 AnaptysBio, Inc. ( ANAB ) Class Period: October 10, 2017 to November 7, 2019 Lead Plaintiff Deadline: May 26, 2020 The ANAB lawsuit alleges AnaptysBio, Inc. made materially false and/or misleading statements and/or failed to disclose during the class period that: (i) AnaptysBio failed to disseminate important data from the Company’s Phase 2a trial in atopic dermatitis, including the timing and extent of patients’ use of topical corticosteroids as a rescue therapy during the study and whether any of the patients that utilized rescue therapy were classified as responders at a given time;and (ii) the Company's statements omitted key information from the Company’s Phase 2a trial in peanut allergy, including patients’ average cumulative peanut dose tolerated at day 14 after the administration of etokimab or placebo as well as whether the Company’s decision to exclude 20% of the patients enrolled in the study from the interim analysis due to their mild symptoms was retrospective; and (ii) as a result of the foregoing, Defendants’ positive statements about the efficacy and prospects of AnaptysBio’s lead drug asset in the treatment of atopic dermatitis and peanut allergy were materially false and/or misleading and/or lacked a reasonable basis. Learn about your recoverable losses in ANAB : http://www.kleinstocklaw.com/pslra-1/anaptysbio-inc-loss-submission-form?id=5840&from=1 Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. If you suffered a loss during the class period and wish to obtain additional information, please contact J. Klein, Esq. by telephone at 212-616-4899 or visit the webpages provided. J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes. CONTACT: J. Klein, Esq. Empire State Building 350 Fifth Avenue 59th Floor New York, NY 10118 [email protected] Telephone: (212) 616-4899 Fax: (347) 558-9665 www.kleinstocklaw.com SOURCE: The Klein Law Firm View source version on accesswire.com: https://www.accesswire.com/583053/The-Klein-Law-Firm-Reminds-Investors-of-Class-Actions-on-Behalf-of-Shareholders-of-HPQ-CAN-and-ANAB || The Klein Law Firm Reminds Investors of Class Actions on Behalf of Shareholders of HPQ, CAN and ANAB: NEW YORK, NY / ACCESSWIRE / March 29, 2020 /The Klein Law Firm announces that class action complaints have been filed on behalf of shareholders of the following companies. There is no cost to participate in the suit.If you suffered a loss, you have until the lead plaintiff deadline to request that the court appoint you as lead plaintiff.
HP Inc. (HPQ)Class Period:February 23, 2017 to October 3, 2019Lead Plaintiff Deadline:April 20, 2020
According to the filed complaint, defendants knew that HP's "four-box" model for measuring its supplies business was severely deficient and not a strong predictor of supplies demand and outcomes because HP lacked telemetry data from its commercial printers and had to use unreliable and stagnant market share data to develop assumptions for the four-box model. The complaint further alleges that defendants knew the lack of telemetry data for commercial printing was a critical shortcoming of the four-box model because HP possessed telemetry data on its personal printing side and knew it was a necessary element for an accurate understanding of the supplies channel. As a result, the supplies inventory in the Company’s channel exceeded demand by at least $100 million and HP’s supplies revenue growth was grossly inflated.
Learn about your recoverable losses in HPQ:http://www.kleinstocklaw.com/pslra-1/hp-inc-loss-submission-form?id=5840&from=1
Canaan Inc. (CAN)Class Period:publicly traded securities of Canaan, including its American Depository Shares pursuant and/or traceable to the Company's registration statement and related prospectus issued in connection with the Company's November 20, 2019 initial public offering.Lead Plaintiff Deadline:May 4, 2020
The complaint alleges that during the class period Canaan Inc. made materially false and/or misleading statements and/or failed to disclose that: (1) the purported "strategic cooperation" was actually a transaction with a related party; (2) the company's financial health was worse than what was actually reported; (3) the company had recently removed numerous distributors from its website just prior to the initial public offering, many of which were small or suspicious businesses; and (4) several of the Company's largest Chinese clients in prior years were clients who were not in the Bitcoin mining industry and, thus, would likely not be repeat customers.
Learn about your recoverable losses in CAN:http://www.kleinstocklaw.com/pslra-1/canaan-inc-loss-submission-form?id=5840&from=1
AnaptysBio, Inc. (ANAB)Class Period:October 10, 2017 to November 7, 2019Lead Plaintiff Deadline:May 26, 2020
The ANAB lawsuit alleges AnaptysBio, Inc. made materially false and/or misleading statements and/or failed to disclose during the class period that: (i) AnaptysBio failed to disseminate important data from the Company’s Phase 2a trial in atopic dermatitis, including the timing and extent of patients’ use of topical corticosteroids as a rescue therapy during the study and whether any of the patients that utilized rescue therapy were classified as responders at a given time;and (ii) the Company's statements omitted key information from the Company’s Phase 2a trial in peanut allergy, including patients’ average cumulative peanut dose tolerated at day 14 after the administration of etokimab or placebo as well as whether the Company’s decision to exclude 20% of the patients enrolled in the study from the interim analysis due to their mild symptoms was retrospective; and (ii) as a result of the foregoing, Defendants’ positive statements about the efficacy and prospects of AnaptysBio’s lead drug asset in the treatment of atopic dermatitis and peanut allergy were materially false and/or misleading and/or lacked a reasonable basis.
Learn about your recoverable losses in ANAB:http://www.kleinstocklaw.com/pslra-1/anaptysbio-inc-loss-submission-form?id=5840&from=1
Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. If you suffered a loss during the class period and wish to obtain additional information, please contact J. Klein, Esq. by telephone at 212-616-4899 or visit the webpages provided.
J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:J. Klein, Esq.Empire State Building350 Fifth Avenue59th FloorNew York, NY [email protected]: (212) 616-4899Fax: (347) 558-9665www.kleinstocklaw.com
SOURCE:The Klein Law Firm
View source version on accesswire.com:https://www.accesswire.com/583053/The-Klein-Law-Firm-Reminds-Investors-of-Class-Actions-on-Behalf-of-Shareholders-of-HPQ-CAN-and-ANAB || How MakerDAO’s Stablecoin Survived the Crash, Smart Contract Bugs and Full Decentralization: The best Sundays are for long reads and deep conversations. Last week the Let’s Talk Bitcoin! Show gathered to discuss how the MakerDAO DeFi stablecoin actually works and what happened during the sudden, precipitous drop in crypto prices earlier this month. Listen/subscribe to the CoinDesk Podcast feed for unique perspectives and fresh daily insight with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , IHeartRadio or RSS . In the aftermath of the so-called “Black Thursday” crash from several weeks ago, MakerDAO’s “DAI” ethereum-backed dollar-pegged stablecoin came untethered and was, for a time at least, functionally insolvent. In the aftermath, holders of the MKR token, which allows holders to participate in governance decisions opted to do a couple of things, including adding the centralized stablecoin USDC to the list of acceptable collateral, which drew both condemnations mostly around centralized risk being added to the system and praise for making the system more robust against sudden ETH collateral price crashes. Related: USD Stablecoins Are Surging, but Zero Interest Rates Complicate Business Model And now most recently, the Maker Foundation, which had held some centralized control over the protocol completed their long-planned exit with all authorities now transferred to the holders of MKR tokens, removing both a point of control that had been used as a safety check and a point of risk in that centralized control can be co-opted and used to disrupt a system as we’ve seen in other examples. On today’s show we’re digging into: What is Decentralized Finance (DeFi)? How does decentralized finance differ from traditional banking? Fractional reserve versus over-collateralized loans Liberty Dollars’s missing collateral and USDC’s risky name MakerDAO, DAI dollar-pegged stablecoins and how this DeFi stablecoin actually works SDAI (Single Collateral DAI) vs. DAI (Multi Collateral DAI) Smart contract “vaults” Lending money to yourself: 150 percent, 300 percent, insurance and auctions What happened on “Black Thursday” as the price of ether dropped more than 50 percent What happened when transaction fees went through the roof A bug in the collateral auction smart contract A surprising crash: As the system became functionally insolvent the price of the dollar-pegged stablecoin actually went up Oasis.app vaults are transparent and pretty interesting, take a look ! Loaning yourself money using your ether (at interest) How MakerDAO’s approach differs from SALT Lending The other half of the DAI system: saving vault smart contracts DAI Saving Rate (DSR) and the new certificate of deposit The reward for using MKR tokens to administer a good system Can savings vaults be liquidated? Smart contract risks, consensus risks, systemic risks and response time risks Sponsors: eToro.com and Purse.io What specifically went wrong with the auction smart contracts? Recapitalizing the system by diluting MKR governance stakeholders Even with bugs, market mechanisms to fill the solvency hole seemed to work better than government bailout equivalents Completing the transition from foundation-overseen to full tokenized governance Decentralization transition – A necessary step or a natural one? Single-collateral vs. Multi-collateral stablecoins Why would a decentralized stablecoin want to allow a centralized stablecoin for collateral? External political risks vs. internal technological risks “Life finds a way” and DeFi’s natural circuit breakers (also Mt. Gox) Whats the point of putting USDC in to get DAI out? How does DeFi stablecoin insurance work? A modular ecosystem How DeFi and traditional finance are similar DeFi vs. 2nd layer protocols Story continues See also: Bailouts, Bitcoin, Disruption, Failures and Hope Credits Related: Disruption, Money and a World of Change, Feat. Niall Ferguson Hosts: Adam B. Levine, Andreas M. Antonopoulos, Jonathan Mohan & Stephanie Murphy Sponsors: eToro.com and Purse.io Music: Jared Rubens and GurtyBeats Editing: Jonas Listen/subscribe to the CoinDesk Podcast feed for unique perspectives and fresh daily insight with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , IHeartRadio or RSS . Related Stories Corporate Socialism to Dying for the Dow: 7 Themes That Defined the Week Bitcoin News Roundup for March 27, 2020 || How MakerDAO’s Stablecoin Survived the Crash, Smart Contract Bugs and Full Decentralization: The best Sundays are for long reads and deep conversations. Last week theLet’s Talk Bitcoin! Showgathered to discuss how the MakerDAO DeFi stablecoin actually works and what happened during the sudden, precipitous drop in crypto prices earlier this month.
Listen/subscribe to the CoinDesk Podcast feed for unique perspectives and fresh daily insight withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,IHeartRadioorRSS.
In the aftermath of the so-called “Black Thursday” crash from several weeks ago, MakerDAO’s “DAI” ethereum-backed dollar-pegged stablecoin came untethered and was, for a time at least, functionally insolvent. In the aftermath, holders of the MKR token, which allows holders to participate in governance decisions opted to do a couple of things, including adding the centralized stablecoin USDC to the list of acceptable collateral, which drew both condemnations mostly around centralized risk being added to the system and praise for making the system more robust against sudden ETH collateral price crashes.
Related:USD Stablecoins Are Surging, but Zero Interest Rates Complicate Business Model
And now most recently, the Maker Foundation, which had held some centralized control over the protocol completed their long-planned exit with all authorities now transferred to the holders of MKR tokens, removing both a point of control that had been used as a safety check and a point of risk in that centralized control can be co-opted and used to disrupt a system as we’ve seen in other examples.
On today’s show we’re digging into:
• What is Decentralized Finance (DeFi)?
• How does decentralized finance differ from traditional banking?
• Fractional reserve versus over-collateralized loans
• Liberty Dollars’s missing collateral and USDC’s risky name
• MakerDAO, DAI dollar-pegged stablecoins and how this DeFi stablecoin actually works
• SDAI (Single Collateral DAI) vs. DAI (Multi Collateral DAI)
• Smart contract “vaults”
• Lending money to yourself: 150 percent, 300 percent, insurance and auctions
• What happened on “Black Thursday” as the price of ether dropped more than 50 percent
• What happened when transaction fees went through the roof
• A bug in the collateral auction smart contract
• A surprising crash: As the system became functionally insolvent the price of the dollar-pegged stablecoin actually went up
• Oasis.app vaults are transparent and pretty interesting,take a look!
• Loaning yourself money using your ether (at interest)
• How MakerDAO’s approach differs from SALT Lending
• The other half of the DAI system: saving vault smart contracts
• DAI Saving Rate (DSR) and the new certificate of deposit
• The reward for using MKR tokens to administer a good system
• Can savings vaults be liquidated?
• Smart contract risks, consensus risks, systemic risks and response time risks
• Sponsors:eToro.comandPurse.io
• What specifically went wrong with the auction smart contracts?
• Recapitalizing the system by diluting MKR governance stakeholders
• Even with bugs, market mechanisms to fill the solvency hole seemed to work better than government bailout equivalents
• Completing the transition from foundation-overseen to full tokenized governance
• Decentralization transition – A necessary step or a natural one?
• Single-collateral vs. Multi-collateral stablecoins
• Why would a decentralized stablecoin want to allow a centralized stablecoin for collateral?
• External political risks vs. internal technological risks
• “Life finds a way” and DeFi’s natural circuit breakers (also Mt. Gox)
• Whats the point of putting USDC in to get DAI out?
• How does DeFi stablecoin insurance work?
• A modular ecosystem
• How DeFi and traditional finance are similar
• DeFi vs. 2nd layer protocols
See also:Bailouts, Bitcoin, Disruption, Failures and Hope
Credits
Related:Disruption, Money and a World of Change, Feat. Niall Ferguson
Hosts: Adam B. Levine, Andreas M. Antonopoulos, Jonathan Mohan & Stephanie Murphy
Sponsors:eToro.comandPurse.io
Music: Jared Rubens andGurtyBeats
Editing: Jonas
Listen/subscribe to the CoinDesk Podcast feed for unique perspectives and fresh daily insight withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,IHeartRadioorRSS.
• Corporate Socialism to Dying for the Dow: 7 Themes That Defined the Week
• Bitcoin News Roundup for March 27, 2020 || Telegram Ruling Closes Another Door to Legally-Compliant Token Sales: Related: Telegram Hopes It Can Still Sell Tokens to Non-US Investors After Court Ruling By implication, it also ruled against every blockchain project financed through forward contracts to deliver tokens. Related Stories Dont Apply 2008 Thinking to Todays Crisis Bitcoin Is a Safe Haven for a Worse Storm Than This || Telegram Ruling Closes Another Door to Legally-Compliant Token Sales: Related:Telegram Hopes It Can Still Sell Tokens to Non-US Investors After Court Ruling
By implication, it also ruled against every blockchain project financed through forward contracts to deliver tokens.
• Don’t Apply 2008 Thinking to Today’s Crisis
• Bitcoin Is a Safe Haven for a Worse Storm Than This || Bitcoin Dips Below 6,093.4 Level, Down 2%: Investing.com - Bitcoin fell bellow the $6,093.4 level on Sunday. Bitcoin was trading at 6,093.4 by 13:23 (17:23 GMT) on the Investing.com Index, down 2.31% on the day. It was the largest one-day percentage loss since March 27.
The move downwards pushed Bitcoin's market cap down to $111.9B, or 0.00% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B.
Bitcoin had traded in a range of $6,076.9 to $6,258.8 in the previous twenty-four hours.
Over the past seven days, Bitcoin has seen a stagnation in value, as it only moved 1.58%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $29.3B or 0.00% of the total volume of all cryptocurrencies. It has traded in a range of $5,710.7993 to $6,930.2427 in the past 7 days.
At its current price, Bitcoin is still down 69.33% from its all-time high of $19,870.62 set on December 17, 2017.
Ethereum was last at $128.04 on the Investing.com Index, down 0.26% on the day.
XRP was trading at $0.17075 on the Investing.com Index, a loss of 0.38%.
Ethereum's market cap was last at $14.2B or 0.00% of the total cryptocurrency market cap, while XRP's market cap totaled $7.5B or 0.00% of the total cryptocurrency market value.
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Venezuela’s Struggling Internet Could Make Crypto Trading Tough || Bitcoin Dips Below 6,093.4 Level, Down 2%: Investing.com - Bitcoin fell bellow the $6,093.4 level on Sunday. Bitcoin was trading at 6,093.4 by 13:23 (17:23 GMT) on the Investing.com Index, down 2.31% on the day. It was the largest one-day percentage loss since March 27.
The move downwards pushed Bitcoin's market cap down to $111.9B, or 0.00% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B.
Bitcoin had traded in a range of $6,076.9 to $6,258.8 in the previous twenty-four hours.
Over the past seven days, Bitcoin has seen a stagnation in value, as it only moved 1.58%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $29.3B or 0.00% of the total volume of all cryptocurrencies. It has traded in a range of $5,710.7993 to $6,930.2427 in the past 7 days.
At its current price, Bitcoin is still down 69.33% from its all-time high of $19,870.62 set on December 17, 2017.
Ethereum was last at $128.04 on the Investing.com Index, down 0.26% on the day.
XRP was trading at $0.17075 on the Investing.com Index, a loss of 0.38%.
Ethereum's market cap was last at $14.2B or 0.00% of the total cryptocurrency market cap, while XRP's market cap totaled $7.5B or 0.00% of the total cryptocurrency market value.
Related Articles
Book Review - CoinGecko’s ‘How to DeFi’
Cardano Dips Below 0.028957 Level, Down 0.69%
Venezuela’s Struggling Internet Could Make Crypto Trading Tough || Bitcoin Dips Below 6,093.4 Level, Down 2%: Investing.com - Bitcoin fell bellow the $6,093.4 level on Sunday. Bitcoin was trading at 6,093.4 by 13:23 (17:23 GMT) on the Investing.com Index, down 2.31% on the day. It was the largest one-day percentage loss since March 27. The move downwards pushed Bitcoin's market cap down to $111.9B, or 0.00% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B. Bitcoin had traded in a range of $6,076.9 to $6,258.8 in the previous twenty-four hours. Over the past seven days, Bitcoin has seen a stagnation in value, as it only moved 1.58%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $29.3B or 0.00% of the total volume of all cryptocurrencies. It has traded in a range of $5,710.7993 to $6,930.2427 in the past 7 days. At its current price, Bitcoin is still down 69.33% from its all-time high of $19,870.62 set on December 17, 2017. Elsewhere in cryptocurrency trading Ethereum was last at $128.04 on the Investing.com Index, down 0.26% on the day. XRP was trading at $0.17075 on the Investing.com Index, a loss of 0.38%. Ethereum's market cap was last at $14.2B or 0.00% of the total cryptocurrency market cap, while XRP's market cap totaled $7.5B or 0.00% of the total cryptocurrency market value. Related Articles Book Review - CoinGeckos How to DeFi Cardano Dips Below 0.028957 Level, Down 0.69% Venezuelas Struggling Internet Could Make Crypto Trading Tough || Cardano Dips Below 0.028957 Level, Down 0.69%: Investing.com - Cardano fell bellow the $0.028957 level on Sunday. Cardano was trading at 0.028957 by 13:19 (17:19 GMT) on the Investing.com Index, down 0.69% on the day. It was the largest one-day percentage loss since March 28. The move downwards pushed Cardano's market cap down to $754.95829M, or 0.00% of the total cryptocurrency market cap. At its highest, Cardano's market cap was $23.91700B. Cardano had traded in a range of $0.028871 to $0.029954 in the previous twenty-four hours. Over the past seven days, Cardano has seen a rise in value, as it gained 4.29%. The volume of Cardano traded in the twenty-four hours to time of writing was $77.38347M or 0.00% of the total volume of all cryptocurrencies. It has traded in a range of $0.0266 to $0.0314 in the past 7 days. At its current price, Cardano is still down 97.86% from its all-time high of $1.35 set on January 4, 2018. Elsewhere in cryptocurrency trading Bitcoin was last at $6,093.9 on the Investing.com Index, down 2.30% on the day. Ethereum was trading at $128.00 on the Investing.com Index, a loss of 0.29%. Bitcoin's market cap was last at $111.93836B or 0.00% of the total cryptocurrency market cap, while Ethereum's market cap totaled $14.18592B or 0.00% of the total cryptocurrency market value. Related Articles Book Review - CoinGecko’s ‘How to DeFi’ Bitcoin Dips Below 6,093.4 Level, Down 2% Venezuela’s Struggling Internet Could Make Crypto Trading Tough View comments || Cardano Dips Below 0.028957 Level, Down 0.69%: Investing.com - Cardano fell bellow the $0.028957 level on Sunday. Cardano was trading at 0.028957 by 13:19 (17:19 GMT) on the Investing.com Index, down 0.69% on the day. It was the largest one-day percentage loss since March 28.
The move downwards pushed Cardano's market cap down to $754.95829M, or 0.00% of the total cryptocurrency market cap. At its highest, Cardano's market cap was $23.91700B.
Cardano had traded in a range of $0.028871 to $0.029954 in the previous twenty-four hours.
Over the past seven days, Cardano has seen a rise in value, as it gained 4.29%. The volume of Cardano traded in the twenty-four hours to time of writing was $77.38347M or 0.00% of the total volume of all cryptocurrencies. It has traded in a range of $0.0266 to $0.0314 in the past 7 days.
At its current price, Cardano is still down 97.86% from its all-time high of $1.35 set on January 4, 2018.
Bitcoin was last at $6,093.9 on the Investing.com Index, down 2.30% on the day.
Ethereum was trading at $128.00 on the Investing.com Index, a loss of 0.29%.
Bitcoin's market cap was last at $111.93836B or 0.00% of the total cryptocurrency market cap, while Ethereum's market cap totaled $14.18592B or 0.00% of the total cryptocurrency market value.
Related Articles
Book Review - CoinGecko’s ‘How to DeFi’
Bitcoin Dips Below 6,093.4 Level, Down 2%
Venezuela’s Struggling Internet Could Make Crypto Trading Tough || Russia busts card fraud ring that included an infamous hacker: Russia tends to turn a blind eye to some fraudsters and hackers , but it just clamped down on a particularly large group. Investigators have charged at least 25 people involved in a credit card fraud ring that included a notorious hacker. While Russian authorities didn't provide a formal list of those caught in the bust, records and security blogger Andrey Sporov have revealed that one of those arrsted was Alexey Stroganov, also known as "Flint." As a Krebs on Security source said, Stroganov apparently had a stake in "almost every major [card] hack" from the past 10 years, and sent "hundreds of millions of dollars" through the seized cryptocurrency exchange BTC-e. Stroganov was caught back in 2006 and sentenced to six years in prison alongside his associate Gerasim Selivanov, but the two were set free after two years. Selivanov was also arrested as part of this week's bust. While it's unclear why officials chose to act now, cybercrime discussion forum members believe Stroganov and crew were arrested because they committed a cardinal sin in Russia: they targeted people within the country. While authorities are frequently tolerant of cybercriminals targeting the US (and orchestrate hacks themselves ), they may have reached a breaking point with a fraudster on their own soil. It's not certain that the hacker will get a long sentence. We wouldn't count on this deterring other crime rings, even those targeting Russia. However, it could disrupt attempts to swipe your financial info -- if just for a little while. || Ethereum Dips Below 129.52 Level, Down 1%: Investing.com - Ethereum fell bellow the $129.52 level on Sunday. Ethereum was trading at 129.52 by 03:22 (07:22 GMT) on the Investing.com Index, down 1.09% on the day. It was the largest one-day percentage loss since March 26. The move downwards pushed Ethereum's market cap down to $14.33B, or 0.00% of the total cryptocurrency market cap. At its highest, Ethereum's market cap was $135.58B. Ethereum had traded in a range of $128.93 to $131.74 in the previous twenty-four hours. Over the past seven days, Ethereum has seen a drop in value, as it lost 2.93%. The volume of Ethereum traded in the twenty-four hours to time of writing was $11.00B or 0.00% of the total volume of all cryptocurrencies. It has traded in a range of $120.1977 to $142.8971 in the past 7 days. At its current price, Ethereum is still down 90.90% from its all-time high of $1,423.20 set on January 13, 2018. Elsewhere in cryptocurrency trading Bitcoin was last at $6,166.9 on the Investing.com Index, up 0.05% on the day. XRP was trading at $0.17412 on the Investing.com Index, a gain of 2.40%. Bitcoin's market cap was last at $113.29B or 0.00% of the total cryptocurrency market cap, while XRP's market cap totaled $7.65B or 0.00% of the total cryptocurrency market value. Related Articles India Crypto Renaissance: Industry Sees Rebirth as RBI Crypto Ban Lifts Network of Fake Bitcoin QR Code Generators Stole $45,000 in March Blockchain Jobs Continue to Rise Despite Global Recession || Ethereum Dips Below 129.52 Level, Down 1%: Investing.com - Ethereum fell bellow the $129.52 level on Sunday. Ethereum was trading at 129.52 by 03:22 (07:22 GMT) on the Investing.com Index, down 1.09% on the day. It was the largest one-day percentage loss since March 26.
The move downwards pushed Ethereum's market cap down to $14.33B, or 0.00% of the total cryptocurrency market cap. At its highest, Ethereum's market cap was $135.58B.
Ethereum had traded in a range of $128.93 to $131.74 in the previous twenty-four hours.
Over the past seven days, Ethereum has seen a drop in value, as it lost 2.93%. The volume of Ethereum traded in the twenty-four hours to time of writing was $11.00B or 0.00% of the total volume of all cryptocurrencies. It has traded in a range of $120.1977 to $142.8971 in the past 7 days.
At its current price, Ethereum is still down 90.90% from its all-time high of $1,423.20 set on January 13, 2018.
Bitcoin was last at $6,166.9 on the Investing.com Index, up 0.05% on the day.
XRP was trading at $0.17412 on the Investing.com Index, a gain of 2.40%.
Bitcoin's market cap was last at $113.29B or 0.00% of the total cryptocurrency market cap, while XRP's market cap totaled $7.65B or 0.00% of the total cryptocurrency market value.
Related Articles
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Blockchain Jobs Continue to Rise Despite Global Recession || The Crypto Daily – Movers and Shakers -29/03/20: Bitcoin fell by 1.91% on Saturday. Following on from a 5.66% slide on Friday, Bitcoin ended the day at $6,250.0.
A bearish start to the day saw Bitcoin fall to an early morning low $6,068.4 before finding support.
Bitcoin fell through the 23.6% FIB of $6,300 and the first major support level at $6,130.20 before recovering to $6,300 levels.
The recovery was brief, however, with Bitcoin sliding to a late afternoon intraday low $6,050.0.
Bitcoin fell back through the 23.6% FIB of $6,300 and the first major support level at $6,130.20.
Late in the day, Bitcoin hit a high $6,301.2 before falling easing back to end the day in the deep red.
The 23.6% FIB pinned Bitcoin back late on.
The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.
For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.
Across the rest of the top 10 cryptos, it was a mixed day for the majors.
Cardano’s ADA (+3.49%), EOS (+0.64%), Litecoin (+1.94%), Ripple’s XRP (+1.72%), and Tron’s TRX (+2.81%) ended the day in the green.
It was bearish for the rest of the pack, with Bitcoin Cash SV falling by 3.80% to lead the way down.
Binance Coin (-1.29%), Bitcoin Cash ABC (-1.92%), Ethereum (-0.16%), Monero’s XMR (-0.04%), Stellar’s Lumen (-0.52%), and Tezos (-1.38%) also saw red.
Through the current week, the crypto total market cap rose from a Monday low $163.00bn to a Wednesday high $191.26bn. At the time of writing, the total market cap stood at $174.92bn.
Bitcoin’s dominance hit 66% levels on Monday before falling to 62% levels. Bitcoin saw its dominance recover, however, to hover at around the 66% mark mid-week before sliding back. At the time of writing, Bitcoin’s dominance stood at 64.9%.
Trading volumes jumped from $130bn levels on Monday to $168.2bn levels on Tuesday before easing back to sub-$110bn levels on Thursday. At the time of writing, 24-hr volumes stood at $112.59bn.
At the time of writing, Bitcoin was down by 0.69% to $6,206.8. A bearish start to the day saw Bitcoin rise to an early morning high $6,280.0 before falling to a low $6,189.1.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was also a bearish start to the day. Tron’s TRX and Stellar’s Lumen fell by 1.52% and by 1.31% respectively to lead the way down early on.
Bitcoin would need to move through to $6,230 levels to bring the first major resistance level at $6,397.93 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from the 23.6% FIB of $6,300.
Barring a broad-based crypto rebound, the 23.6% FIB would likely leave Bitcoin short of the first major resistance level.
Failure to move through to $6,230 levels could see Bitcoin fall deeper into the red.
A fall back through to the morning low $6,181.1 would bring the first major support level at $6,076.03 into play.
Barring an extended crypto sell-off, however, Bitcoin should continue to steer well clear of the second major support level at $5,902.07.
Thisarticlewas originally posted on FX Empire
• U.S Mortgage Rates Hit Reverse as Applications Fall and the FED Delivers Stability
• European Equities: A Week in Review – 28/03/20
• USD/JPY Forex Technical Analysis – Major Support Cluster at 106.706 to 106.450
• Gold Price Futures (GC) Technical Analysis – Needs to Hold $1610.50 – $1580.40 to Sustain the Rally
• EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 29/03/20
• Is Gold Mirroring 1999 to 2011 Again? || The Crypto Daily – Movers and Shakers -29/03/20: Bitcoin fell by 1.91% on Saturday. Following on from a 5.66% slide on Friday, Bitcoin ended the day at $6,250.0. A bearish start to the day saw Bitcoin fall to an early morning low $6,068.4 before finding support. Bitcoin fell through the 23.6% FIB of $6,300 and the first major support level at $6,130.20 before recovering to $6,300 levels. The recovery was brief, however, with Bitcoin sliding to a late afternoon intraday low $6,050.0. Bitcoin fell back through the 23.6% FIB of $6,300 and the first major support level at $6,130.20. Late in the day, Bitcoin hit a high $6,301.2 before falling easing back to end the day in the deep red. The 23.6% FIB pinned Bitcoin back late on. The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000. For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend. The Rest of the Pack Across the rest of the top 10 cryptos, it was a mixed day for the majors. Cardano’s ADA (+3.49%), EOS (+0.64%), Litecoin (+1.94%), Ripple’s XRP (+1.72%), and Tron’s TRX (+2.81%) ended the day in the green. It was bearish for the rest of the pack, with Bitcoin Cash SV falling by 3.80% to lead the way down. Binance Coin (-1.29%), Bitcoin Cash ABC (-1.92%), Ethereum (-0.16%), Monero’s XMR (-0.04%), Stellar’s Lumen (-0.52%), and Tezos (-1.38%) also saw red. Through the current week, the crypto total market cap rose from a Monday low $163.00bn to a Wednesday high $191.26bn. At the time of writing, the total market cap stood at $174.92bn. Bitcoin’s dominance hit 66% levels on Monday before falling to 62% levels. Bitcoin saw its dominance recover, however, to hover at around the 66% mark mid-week before sliding back. At the time of writing, Bitcoin’s dominance stood at 64.9%. Trading volumes jumped from $130bn levels on Monday to $168.2bn levels on Tuesday before easing back to sub-$110bn levels on Thursday. At the time of writing, 24-hr volumes stood at $112.59bn. Story continues This Morning At the time of writing, Bitcoin was down by 0.69% to $6,206.8. A bearish start to the day saw Bitcoin rise to an early morning high $6,280.0 before falling to a low $6,189.1. Bitcoin left the major support and resistance levels untested early on. Elsewhere, it was also a bearish start to the day. Tron’s TRX and Stellar’s Lumen fell by 1.52% and by 1.31% respectively to lead the way down early on. For the Bitcoin Day Ahead Bitcoin would need to move through to $6,230 levels to bring the first major resistance level at $6,397.93 into play. Support from the broader market would be needed, however, for Bitcoin to break out from the 23.6% FIB of $6,300. Barring a broad-based crypto rebound, the 23.6% FIB would likely leave Bitcoin short of the first major resistance level. Failure to move through to $6,230 levels could see Bitcoin fall deeper into the red. A fall back through to the morning low $6,181.1 would bring the first major support level at $6,076.03 into play. Barring an extended crypto sell-off, however, Bitcoin should continue to steer well clear of the second major support level at $5,902.07. This article was originally posted on FX Empire More From FXEMPIRE: U.S Mortgage Rates Hit Reverse as Applications Fall and the FED Delivers Stability European Equities: A Week in Review – 28/03/20 USD/JPY Forex Technical Analysis – Major Support Cluster at 106.706 to 106.450 Gold Price Futures (GC) Technical Analysis – Needs to Hold $1610.50 – $1580.40 to Sustain the Rally EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 29/03/20 Is Gold Mirroring 1999 to 2011 Again? || Bitcoin remains correlated to the equity market amid the ongoing financial crisis: Amid the current financial crisis, bitcoin has yet to prove itself to be the safe-haven asset that many claim it to be. In fact, research by The Block shows that bitcoin has been relatively correlated to the equity market. The correlation between bitcoin and the S&P 500 index started out negative at the beginning of the year. Going into March, however, it entered into the positive range and reached a high of 0.32. The contract between the negative correlation in Jan. and the positive one in March. both statistically significant shows an interesting development. The correlation can disappear just as quickly as it showed up, said The Block researcher Larry Cermak. But there is no indication of that as of yet. || Bitcoin remains correlated to the equity market amid the ongoing financial crisis: Amid the current financial crisis, bitcoin has yet to prove itself to be the “safe-haven” asset that many claim it to be. In fact,researchby The Block shows that bitcoin has been relatively correlated to the equity market.
The correlation between bitcoin and the S&P 500 index started out negative at the beginning of the year. Going into March, however, it entered into the positive range and reached a high of 0.32. The contract between the negative correlation in Jan. and the positive one in March. – both statistically significant – shows an interesting development.
“The correlation can disappear just as quickly as it showed up,” said The Block researcher Larry Cermak. “But there is no indication of that as of yet.”
[Social Media Buzz]
None available.
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6438.64, 6606.78, 6793.62, 6733.39, 6867.53, 6791.13, 7271.78, 7176.41, 7334.10, 7302.09
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 49546.15, 47706.12, 48960.79, 46942.22, 49058.67, 48902.40, 48829.83, 47054.98, 47166.69, 48847.03, 49327.72, 50025.38, 49944.62, 51753.41, 52633.54, 46811.13, 46091.39, 46391.42, 44883.91, 45201.46, 46063.27, 44963.07, 47092.49, 48176.35, 47783.36, 47267.52, 48278.36, 47260.22, 42843.80, 40693.68, 43574.51, 44895.10, 42839.75, 42716.59, 43208.54, 42235.73, 41034.54, 41564.36, 43790.89, 48116.94, 47711.49, 48199.95, 49112.90, 51514.81, 55361.45, 53805.98, 53967.85, 54968.22, 54771.58, 57484.79, 56041.06, 57401.10, 57321.52, 61593.95, 60892.18, 61553.62, 62026.08, 64261.99, 65992.84, 62210.17, 60692.27, 61393.62, 60930.84, 63039.82, 60363.79, 58482.39, 60622.14, 62227.96, 61888.83, 61318.96, 61004.41, 63226.40, 62970.05, 61452.23, 61125.68, 61527.48, 63326.99, 67566.83, 66971.83, 64995.23, 64949.96, 64155.94, 64469.53, 65466.84, 63557.87, 60161.25, 60368.01, 56942.14, 58119.58, 59697.20.
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[Bitcoin Technical Analysis for 2021-11-20]
Volume: 30624264863, RSI (14-day): 45.95, 50-day EMA: 59052.55, 200-day EMA: 49223.30
[Wider Market Context]
None available.
[Recent News (last 7 days)]
$47M Ethereum Bid For US Constitution Loses, but Spotlights Crypto Education in the Process: BackyardProduction / iStock.com The United States Constitution guarantees a lot of things, but buying an original print of the document with cryptocurrency isn’t one of them. A group of crypto investors calling itself ConstitutionDAO found that out this week when it failed in its bid to buy a rare copy of the Constitution . Find: 8 Best Cryptocurrencies To Invest In for 2021 Explore: Cryptocurrency Predictions for 2022 However, the group did succeed in other ways — namely, raising the profile of the crypto community and pushing it even further into the financial mainstream. ConstitutionDAO (short for decentralized autonomous organization) claimed to have crowdfunded roughly $47 million worth of Ethereum to buy an early copy of the Constitution, which was being auctioned off by Sotheby’s. Media reports of the amount varied, with CNN reporting that the group raised closer to $40 million. In any event, it fell short of the winning bid of $41 million Thursday. The final price was $43.2 million, CNN reported, which included fees and a buyer’s premium. Related: Crypto Alert: Valkyrie To Launch DeFi Fund on Nov. 22 as CEO Cites ‘Massive Opportunity in the Space’ ConstitutionDAO broke the news in a Thursday night tweet: pic.twitter.com/6GVxlkvJbj — ConstitutionDAO (,) (@ConstitutionDAO) November 19, 2021 “While this wasn’t the outcome we hoped for, we still made history tonight with ConstitutionDAO,” the post read, in part. “This is the largest crowdfund for a physical object that we are aware of — crypto or fiat. We are so incredibly grateful to have done this together with you all and are still in shock that we even got this far. Sotheby’s has never worked with a DAO community before. We broke records for the most money crowdfunded in less than 72 hours.” In the process, the group garnered a whole lot of internet attention and, as it said, “ educated an entire cohort of people around the world…about the possibilities of web3.” Story continues ConstitutionDAO said it had 17,437 donors and a median donation size of $206.26. Those who donated will get a refund of their pro rata amount, minus fees. See: Tinder and Bumble Enter the Metaverse — How Crypto and NFTs Could Become Essential to Virtual Dating Apps Crypto Comprehension Study: 98% of People Don’t Grasp Basics of Bitcoin, Stablecoins or NFTs If its bid had been successful, ConstitutionDAO planned to determine the document’s future by vote based on governance tokens passed out to contributors and distributed through the Ethereum blockchain, the Verge reported. More From GOBankingRates Find Out Who Made GOBankingRates’ Best Credit Cards Lists and Get Helpful Tips 5 Things Most Americans Don’t Know About Social Security How To Use a Credit Card Like a Pro This Holiday Season How To Refinance a Mortgage This article originally appeared on GOBankingRates.com : $47M Ethereum Bid For US Constitution Loses, but Spotlights Crypto Education in the Process || $47M Ethereum Bid For US Constitution Loses, but Spotlights Crypto Education in the Process: The United States Constitution guarantees a lot of things, but buying an original print of the document with cryptocurrency isn’t one of them. A group of crypto investors calling itself ConstitutionDAO found that out this week when it failed in itsbid to buy a rare copy of the Constitution.
Find:8 Best Cryptocurrencies To Invest In for 2021Explore:Cryptocurrency Predictions for 2022
However, the group did succeed in other ways — namely, raising the profile of the crypto community and pushing it even further into the financial mainstream.
ConstitutionDAO (short for decentralized autonomous organization) claimed to have crowdfunded roughly $47 million worth of Ethereum to buy an early copy of the Constitution, which was being auctioned off by Sotheby’s. Media reports of the amount varied, with CNN reporting that the group raised closer to $40 million.
In any event, it fell short of the winning bid of $41 million Thursday. The final price was $43.2 million, CNN reported, which included fees and a buyer’s premium.
Related: Crypto Alert:Valkyrie To Launch DeFi Fund on Nov. 22 as CEO Cites ‘Massive Opportunity in the Space’
ConstitutionDAO broke the news in a Thursday night tweet:
“While this wasn’t the outcome we hoped for, we still made history tonight with ConstitutionDAO,” the post read, in part. “This is the largest crowdfund for a physical object that we are aware of — crypto or fiat. We are so incredibly grateful to have done this together with you all and are still in shock that we even got this far. Sotheby’s has never worked with a DAO community before. We broke records for the most money crowdfunded in less than 72 hours.”
In the process, the group garnered a whole lot of internet attention and, as it said, “educated an entire cohort of peoplearound the world…about the possibilities of web3.”
ConstitutionDAO said it had 17,437 donors and a median donation size of $206.26. Those who donated will get a refund of their pro rata amount, minus fees.
See:Tinder and Bumble Enter the Metaverse — How Crypto and NFTs Could Become Essential to Virtual Dating AppsCrypto Comprehension Study:98% of People Don’t Grasp Basics of Bitcoin, Stablecoins or NFTs
If its bid had been successful, ConstitutionDAO planned to determine the document’s future by vote based on governance tokens passed out to contributors and distributed through the Ethereum blockchain, the Verge reported.
More From GOBankingRates
• Find Out Who Made GOBankingRates’ Best Credit Cards Lists and Get Helpful Tips
• 5 Things Most Americans Don’t Know About Social Security
• How To Use a Credit Card Like a Pro This Holiday Season
• How To Refinance a Mortgage
This article originally appeared onGOBankingRates.com:$47M Ethereum Bid For US Constitution Loses, but Spotlights Crypto Education in the Process || The Invesco Dynamic Software ETF has Underperformed this Year: The Invesco Dynamic Software ETF has performed poorly since the start of the year despite the tech sector performing excellently. PSJ Down by 3% YTD The Invesco Dynamic Software ETF ( PSJ ) has been around since 2005 and is a smart beta exchange-traded fund. The fund provides investors with broad exposure to the Technology ETFs category of the US stock market. PSJ is a fund managed by Invesco, and it has nearly $450 million in assets under management, making it one of the average-sized ETFs in the technology sector. Before fees and expenses, PSJ intends to match the performance of the Dynamic Software Intellidex Index This index comprises stocks in the software sector and is designed to provide capital appreciation by evaluating companies based on various investment merit criteria such as stock valuation, fundamental growth, risk factors and investment timeliness. Since the start of the year, PSJ has performed poorly. The ETF’s price is down by more than 3% over the past 11 months, and its price could sink lower over the coming weeks. PSJ Could Sink Lower Soon PSJ has annual operating expenses of 0.56%, which is on par with most of the funds in this space. However, the fund has underperformed since the start of the year. At press time, PSJ is trading at $148.41, up by 0.28% over the past 24 hours. PSJ ETF chart. Source: FXEMPIRE The ETF has its heaviest allocation in the information technology sector (roughly 52%), with telecom and healthcare rounding up the top three. PSJ invests mostly in leading software companies such as Hubspot Inc. ( HUBS ), Intuit Inc. ( INTU ) and Microsoft Corp ( MSFT ). Despite investing in some of the leading software companies, PSJ has underperformed in recent months. The fund’s trading price could slip below the $140 level over the coming weeks if the current market trend is maintained. PSJ has a beta of 0.97 and a standard deviation of 28.14% for the trailing three-year period. As such, it is a high-risk ETF in the software sector of the US equity market. Story continues This article was originally posted on FX Empire More From FXEMPIRE: Silver Price Prediction – Prices Slide on Dollar Strength Bitcoin Could Dip Lower After Slipping Below $58k S&P 500 Weekly Price Forecast – S&P 500 Continues Slow Grind Higher Gold Price Prediction – Prices Slide as Dollar Trends Higher Apple’s Reported Entry Into Autonomous Vehicle Sector to Push AAPL Higher E-mini S&P 500 Index (ES) Futures Technical Analysis – Close Under 4701.50 Forms Daily Reversal Top || The Invesco Dynamic Software ETF has Underperformed this Year: The Invesco Dynamic Software ETF has performed poorly since the start of the year despite the tech sector performing excellently.
The Invesco Dynamic Software ETF (PSJ) has been around since 2005 and is a smart beta exchange-traded fund. The fund provides investors with broad exposure to the Technology ETFs category of the US stock market.
PSJis a fund managed by Invesco, and it has nearly $450 million in assets under management, making it one of the average-sized ETFs in the technology sector. Before fees and expenses, PSJ intends to match the performance of the Dynamic Software Intellidex Index
This index comprises stocks in the software sector and is designed to provide capital appreciation by evaluating companies based on various investment merit criteria such as stock valuation, fundamental growth, risk factors and investment timeliness.
Since the start of the year,PSJhas performed poorly. The ETF’s price is down by more than 3% over the past 11 months, and its price could sink lower over the coming weeks.
PSJ has annual operating expenses of 0.56%, which is on par with most of the funds in this space. However, the fund has underperformed since the start of the year. At press time, PSJ is trading at $148.41, up by 0.28% over the past 24 hours.
The ETF has its heaviest allocation in the information technology sector (roughly 52%), with telecom and healthcare rounding up the top three.PSJinvests mostly in leading software companies such as Hubspot Inc. (HUBS), Intuit Inc. (INTU) and Microsoft Corp (MSFT).
Despite investing in some of the leading software companies,PSJhas underperformed in recent months. The fund’s trading price could slip below the $140 level over the coming weeks if the current market trend is maintained.
PSJhas a beta of 0.97 and a standard deviation of 28.14% for the trailing three-year period. As such, it is a high-risk ETF in the software sector of the US equity market.
Thisarticlewas originally posted on FX Empire
• Silver Price Prediction – Prices Slide on Dollar Strength
• Bitcoin Could Dip Lower After Slipping Below $58k
• S&P 500 Weekly Price Forecast – S&P 500 Continues Slow Grind Higher
• Gold Price Prediction – Prices Slide as Dollar Trends Higher
• Apple’s Reported Entry Into Autonomous Vehicle Sector to Push AAPL Higher
• E-mini S&P 500 Index (ES) Futures Technical Analysis – Close Under 4701.50 Forms Daily Reversal Top || 7 Solid Stocks to Buy for Multifold Returns in 2022: With ample liquidity in the financial system, 2021 has been a banner year for wealth creation. Be it equities or cryptocurrency, multifold returns over just a few months or even weeks have been frequent. Of course, there have been speculative stocks to buy among the top performers. However, I prefer to focus on non-speculative stories that can deliver robust returns. A good example in 2021 has been Marathon Digital (NASDAQ: MARA ). With wider acceptance of cryptocurrencies and rising Bitcoin price, the company focused on aggressive mining expansion and its stock has surged by 430% year-to-date. Lucid Group (NASDAQ: LCID ) stock is similarly higher by 350% for the year as the company starts deliveries of its first electric vehicle. InvestorPlace - Stock Market News, Stock Advice & Trading Tips Intermediate market corrections are always healthy. However, I believe that positive sentiment is likely to sustain for the markets. I will not be surprised if dozens of stocks deliver multi-fold returns in 2022. 6 Mega-Cap Stocks That Make Great Stocking Stuffers Here are 7 solid stocks to buy for multifold returns in 2022: Roblox Corporation (NYSE: RBLX ) Nio (NYSE: NIO ) Riot Blockchain (NASDAQ: RIOT ) Argo Blockchain (NASDAQ: ARBK ) Hive Blockchain (NASDAQ: HIVE ) Borr Drilling (NYSE: BORR ) Sundial Growers (NASDAQ: SNDL ) While there are several attractive investment themes, I am overweight on cryptocurrency related stocks in this discussion. Even with the recent correction in cryptocurrencies, the medium-term outlook is bullish. 7 Solid stocks to Buy for Multifold Returns in 2022: Roblox Corporation (RBLX) Roblox sign logo at headquarters Source: Michael Vi / Shutterstock.com It took only one trading session for RBLX stock to surge from $77 to new highs of $110. I believe that RBLX is likely to be among the hot stocks for 2022. Roblox is a favored name among metaverse stocks, which will be a key investment theme in the coming year. For Q2 2021, Roblox reported revenue growth of 102% to $509.3 million. Over the same period, the companys free cash flow was $170.6 million. Considering its robust growth trajectory, Roblox is a potential cash flow machine. Story continues Its also worth noting that as of Q3 2021, the company reported $1.9 billion in cash and equivalents. Additionally, Roblox raised proceeds of $1.0 billion from a recent senior note offering. The company therefore has a strong buffer for international expansion. From an industry perspective, the metaverse market was worth $47.7 billion in 2020. Through 2028, the market is likely to grow at a CAGR of 43.3% . Clearly, Roblox has a big addressable market and revenue growth will sustain in the coming years. With these factors in consideration, RBLX stock is among the top stocks to buy for 2022. I would not be surprised if the stock is among the top performers as the metaverse theme gains traction. Nio (NIO) A Nio (NIO) sign outside of the company's facilities in Shanghai, China. Source: Andy Feng / Shutterstock.com In the past 12-months, Tesla (NASDAQ: TSLA ) has surged by over 150%. During the same period, Nio stock has declined 12%. Even with strong quarterly numbers, Nio stock remains depressed. A key reason is broader negative sentiment toward Chinese stocks. Plus Nio has pursued equity dilution, which has kept the stock sideways. However, a strong break-out rally is likely and Nio stock might be an outperformer in 2022. One reason to be bullish on Nio stock is the launch of new models. The company plans to launch three new electric vehicles in 2022 based on its Nio Technology Platform 2.0. The new model launch will ensure vehicle delivery growth remains robust. Another reason to be bullish on Nio is international expansion. The company has already launched in Norway and its likely to enter more European markets in 2022. Its worth noting that as of Q3 2021, Nio reported $7.3 billion in cash and equivalents. Therefore, there is ample financial flexibility for investment towards international expansion and new product innovation. Nio also reported 18% vehicle margin for Q3 2021 . As deliveries continue to increase, operating leverage is likely to ensure EBITDA margin expansion. 6 Mega-Cap Stocks That Make Great Stocking Stuffers Overall, the electric vehicle industry has a multiyear tailwind and Nio is among the top stocks to buy. Riot Blockchain (RIOT) An abstract concept image for blockchain and cryptocurrencies. Source: Shutterstock Over a 12-month period, Marathon Digital has surged by over 3,200%. During the same period, RIOT stock trended higher by 1,100%. Both companies have aggressive mining expansion plans and Riot stock looks attractive on a relative basis. In terms of expansion, Riot currently has a hashing capacity of 2.2EH/s; in the coming year, the company expects to expand hashing capacity to 7.7EH/s . Thats a more than three-folds increase in mining capacity, so Riot is positioned for strong growth in 2022. Just to put things into perspective, Riot reported EBITDA of $28.8 million for Q2 2021, with a hashing capacity of 2.07EH/s. Coupling upside in Bitcoin with growth in hashing capacity, the company is positioned for quarterly EBITDA in excess of $100 million by Q4 2022. As the number of Bitcoin on the companys balance sheet increases, the company will have the financial flexibility to pursue further growth. Overall, the best part of the rally for RIOT stock might still be due. If the overall sentiment remains positive for cryptocurrencies, the stock is poised to deliver multi-fold returns from current levels. Argo Blockchain (ARBK) Image of two glowing blue chains shaking hands. representing sto platforms Source: LuckyStep/ShutterStock.com I strongly believe that 2022 will be another big year for cryptocurrencies. Wider adoption continues and will support crypto prices heading higher. At the same time, inflation remains a concern and Bitcoin is increasingly considered an effective hedge given the limited supply of BTC-USD. For Q3 2021, Argo Blockchain mined 597 Bitcoin and Bitcoin equivalents. As a result, the company increased its total Bitcoin holdings to 1,836. In September 2021, the company also ordered 20,000 Bitmain Antminer S19J Pro machines. For Q3 2021, the companys hash rate capacity was 1.075 ex-hash. With this acquisition, the capacity is expected to increase to 3.7 ex-hash by Q2 2022 . Therefore, there is clear growth visibility for the Argo. Its also worth noting that the company recently pursued a senior note offering of $40 million. Proceeds from the offering are likely to be used for purchase of mining machines. Additionally, the company will pursue complementary businesses in the cryptocurrency and blockchain technology industries. 6 Mega-Cap Stocks That Make Great Stocking Stuffers It therefore seems very likely that Argo Blockchain will diversify beyond mining in coming years. With emerging use cases in the cryptocurrency industry, there is ample scope for long-term growth. Hive Blockchain (HIVE) An image of a hand holding a cell phone with several visualizations of digital building blocks floating above it. representing sto platforms Source: Marko Aliaksandr/ShutterStock.com In the last month, HIVE stock surged by nearly 50%, no surprise given the rally in Bitcoin and Ethereum. I believe that HIVE stock has more juice for the next few quarters. I would consider Hive Blockchain a diversified company involved in the mining of Bitcoin and Ethereum. Through the acquisition of miners, the company has been accelerating revenue growth. However, the best part of growth is yet to come. For the fiscal year ended March 2021, Hive reported revenue of $66.7 million. On a year-over-year basis, revenue surged by 128%. An important point to note is that the companys revenue for Q4 2021 was $33.4 million , compared to $13.7 million in Q3 2021. Even if the last quarter revenue is annualized Hive is positioned for revenue of $130 million for 2022. However, with the deployment of more miners, the company is on-track for revenue in excess of $200 million. This is likely to keep stock sentiment positive. Its also worth noting that for Q4 2021, the company reported mining income of $33.4 million and gross mining margin of $27.7 million. Considering the uptrend in Bitcoin and Ethereum, it seems likely that margins will remain robust. Borr Drilling (BORR) miniature oil barrel and oil well figures on top of stack of money Source: Shutterstock The sentiment remains positive for oil, with Bank of America (NYSE: BAC ) expecting crude to touch $100 per barrel in a colder-than-usual winter scenario. Oil and gas stocks have therefore remained firm. BORR stock traded at lows of 57 cents in August 2021. Currently, the stock has more than doubled to $1.30. It seems that the rally is likely to sustain considering the outlook for oil. As an overview, Borr Drilling is an offshore drilling rig services company. The company has 17 operational rigs with six of those available for contracting and an additional five rigs under construction. There are two reasons to be bullish in terms of revenue and EBITDA. First, the idle rigs are likely to be contracted should market conditions remain positive. At the same time, new rigs will add to the revenue upside potential. Furthermore, with favorable market conditions, its likely that the day-rates will continue to trend higher. This will translate into EBITDA margin expansion in 2022 and beyond. 6 Mega-Cap Stocks That Make Great Stocking Stuffers As a matter of fact, Borr Drilling turned adjusted EBITDA positive in Q2 2021. For the most recent quarter, adjusted EBITDA accelerated to $20 million. This implies a more than fivefold growth in EBITDA on a quarterly basis. Sundial Growers (SNDL) sndl stock Sundial Growers company logo icon on website Source: Postmodern Studio / Shutterstock.com SNDL stock is another notable name among penny stocks that can deliver multifold returns in 2022. Investors should know that after an extended period of sideways to lower movement, SNDL stock is already on a breakout. The catalyst for the recent rally was strong numbers for Q3 2021. Sundial also announced a share buyback program. For the quarter, Sundial reported $14.4 million in revenue and $10.5 million in adjusted EBITDA. A key to strong EBITDA is the companys investment operations. Sundial has already invested $489 million and expects investment income in excess of $20 million for 2021. Further, the company has $571 million in cash to be deployed for investments and potential acquisitions. As the cannabis industry grows, Sundial is well positioned for sustained upside in investment income. Another point to note is that the company already has the largest cannabis retail network in Canada. The companys own cannabis brands are likely to witness growth with more retail visibility. In terms of stock price action, Sundial recently announced a share buyback program of 100 million Canadian dollars . This is likely to support the upside in the coming months. On the date of publication, Faisal Humayun did not have (either directly or indirectly) any positions in any of the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines . Faisal Humayun is a senior research analyst with 12 years of industry experience in the field of credit research, equity research and financial modelling. Faisal has authored over 1,500 stock specific articles with focus on the technology, energy and commodities sector. Missing required attributes. Please edit. The post 7 Solid Stocks to Buy for Multifold Returns in 2022 appeared first on InvestorPlace . || 7 Solid Stocks to Buy for Multifold Returns in 2022: With ample liquidity in the financial system, 2021 has been a banner year for wealth creation. Be it equities or cryptocurrency, multifold returns over just a few months or even weeks have been frequent.
Of course, there have been speculative stocks to buy among the top performers. However, I prefer to focus on non-speculative stories that can deliver robust returns.
A good example in 2021 has beenMarathon Digital(NASDAQ:MARA). With wider acceptance of cryptocurrencies and rising Bitcoin price, the company focused on aggressive mining expansion and its stock has surged by 430% year-to-date.Lucid Group(NASDAQ:LCID) stock is similarly higher by 350% for the year as the company starts deliveries of its first electric vehicle.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Intermediate market corrections are always healthy. However, I believe that positive sentiment is likely to sustain for the markets. I will not be surprised if dozens of stocks deliver multi-fold returns in 2022.
• 6 Mega-Cap Stocks That Make Great Stocking Stuffers
Here are 7 solid stocks to buy for multifold returns in 2022:
• Roblox Corporation(NYSE:RBLX)
• Nio(NYSE:NIO)
• Riot Blockchain(NASDAQ:RIOT)
• Argo Blockchain(NASDAQ:ARBK)
• Hive Blockchain(NASDAQ:HIVE)
• Borr Drilling(NYSE:BORR)
• Sundial Growers(NASDAQ:SNDL)
While there are several attractive investment themes, I am overweight on cryptocurrency related stocks in this discussion. Even with the recent correction in cryptocurrencies, the medium-term outlook is bullish.
Source: Michael Vi / Shutterstock.com
It took only one trading session for RBLX stock to surge from $77 to new highs of $110. I believe that RBLX is likely to be among the hot stocks for 2022. Roblox is a favored name among metaverse stocks, which will be a key investment theme in the coming year.
For Q2 2021, Roblox reported revenue growth of 102% to $509.3 million. Over the same period, the company’s free cash flow was $170.6 million. Considering its robust growth trajectory, Roblox is a potential cash flow machine.
It’s also worth noting that as of Q3 2021, the company reported $1.9 billion in cash and equivalents. Additionally, Roblox raised proceeds of $1.0 billion from a recent senior note offering. The company therefore has a strong buffer for international expansion.
From an industry perspective, the metaverse market was worth $47.7 billion in 2020. Through 2028, the market islikely to grow at a CAGR of 43.3%. Clearly, Roblox has a big addressable market and revenue growth will sustain in the coming years.
With these factors in consideration, RBLX stock is among the top stocks to buy for 2022. I would not be surprised if the stock is among the top performers as the metaverse theme gains traction.
Source: Andy Feng / Shutterstock.com
In the past 12-months,Tesla(NASDAQ:TSLA) has surged by over 150%. During the same period, Nio stock has declined 12%. Even with strong quarterly numbers, Nio stock remains depressed.
A key reason is broader negative sentiment toward Chinese stocks. Plus Nio has pursued equity dilution, which has kept the stock sideways. However, a strong break-out rally is likely and Nio stock might be an outperformer in 2022.
One reason to be bullish on Nio stock is the launch of new models. The company plans to launchthree new electric vehicles in 2022based on its Nio Technology Platform 2.0. The new model launch will ensure vehicle delivery growth remains robust.
Another reason to be bullish on Nio is international expansion. The company has already launched in Norway and it’s likely to enter more European markets in 2022.
It’s worth noting that as of Q3 2021, Nio reported $7.3 billion in cash and equivalents. Therefore, there is ample financial flexibility for investment towards international expansion and new product innovation.
Nio also reported18% vehicle margin for Q3 2021. As deliveries continue to increase, operating leverage is likely to ensure EBITDA margin expansion.
• 6 Mega-Cap Stocks That Make Great Stocking Stuffers
Overall, the electric vehicle industry has a multiyear tailwind and Nio is among the top stocks to buy.
Source: Shutterstock
Over a 12-month period, Marathon Digital has surged by over 3,200%. During the same period, RIOT stock trended higher by 1,100%. Both companies have aggressive mining expansion plans and Riot stock looks attractive on a relative basis.
In terms of expansion, Riot currently has a hashing capacity of 2.2EH/s; in the coming year, the company expects toexpand hashing capacity to 7.7EH/s. That’s a more than three-folds increase in mining capacity, so Riot is positioned for strong growth in 2022.
Just to put things into perspective, Riotreported EBITDA of $28.8 millionfor Q2 2021, with a hashing capacity of 2.07EH/s. Coupling upside in Bitcoin with growth in hashing capacity, the company is positioned for quarterly EBITDA in excess of $100 million by Q4 2022.
As the number of Bitcoin on the company’s balance sheet increases, the company will have the financial flexibility to pursue further growth.
Overall, the best part of the rally for RIOT stock might still be due. If the overall sentiment remains positive for cryptocurrencies, the stock is poised to deliver multi-fold returns from current levels.
Source: LuckyStep/ShutterStock.com
I strongly believe that 2022 will be another big year for cryptocurrencies. Wider adoption continues and will support crypto prices heading higher. At the same time, inflation remains a concern and Bitcoin is increasingly considered an effective hedge given the limited supply of BTC-USD.
For Q3 2021, Argo Blockchain mined 597 Bitcoin and Bitcoin equivalents. As a result, the company increased its total Bitcoin holdings to 1,836.
In September 2021, the company also ordered 20,000 Bitmain Antminer S19J Pro machines. For Q3 2021, the company’s hash rate capacity was 1.075 ex-hash. With this acquisition, the capacity isexpected to increase to 3.7 ex-hash by Q2 2022. Therefore, there is clear growth visibility for the Argo.
It’s also worth noting that the company recently pursued a senior note offering of $40 million. Proceeds from the offering are likely to be used for purchase of mining machines. Additionally, the company will pursue “complementary businesses in the cryptocurrencyand blockchain technology industries.”
• 6 Mega-Cap Stocks That Make Great Stocking Stuffers
It therefore seems very likely that Argo Blockchain will diversify beyond mining in coming years. With emerging use cases in the cryptocurrency industry, there is ample scope for long-term growth.
Source: Marko Aliaksandr/ShutterStock.com
In the last month, HIVE stock surged by nearly 50%, no surprise given the rally in Bitcoin and Ethereum. I believe that HIVE stock has more juice for the next few quarters.
I would consider Hive Blockchain a diversified company involved in the mining of Bitcoin and Ethereum. Through the acquisition of miners, the company has been accelerating revenue growth.
However, the best part of growth is yet to come. For the fiscal year ended March 2021, Hive reported revenue of $66.7 million. On a year-over-year basis, revenue surged by 128%.
An important point to note is that the company’srevenue for Q4 2021 was $33.4 million, compared to $13.7 million in Q3 2021. Even if the last quarter revenue is annualized Hive is positioned for revenue of $130 million for 2022.
However, with the deployment of more miners, the company is on-track for revenue in excess of $200 million. This is likely to keep stock sentiment positive.
It’s also worth noting that for Q4 2021, the company reported mining income of $33.4 million and gross mining margin of $27.7 million. Considering the uptrend in Bitcoin and Ethereum, it seems likely that margins will remain robust.
Source: Shutterstock
The sentiment remains positive for oil, withBank of America(NYSE:BAC) expectingcrude to touch $100 per barrelin a colder-than-usual winter scenario. Oil and gas stocks have therefore remained firm.
BORR stock traded at lows of 57 cents in August 2021. Currently, the stock has more than doubled to $1.30. It seems that the rally is likely to sustain considering the outlook for oil.
As an overview, Borr Drilling is an offshore drilling rig services company. The company has 17 operational rigs with six of those available for contracting and an additional five rigs under construction.
There are two reasons to be bullish in terms of revenue and EBITDA.
First, the idle rigs are likely to be contracted should market conditions remain positive. At the same time, new rigs will add to the revenue upside potential.
Furthermore, with favorable market conditions, it’s likely that the day-rates will continue to trend higher. This will translate into EBITDA margin expansion in 2022 and beyond.
• 6 Mega-Cap Stocks That Make Great Stocking Stuffers
As a matter of fact, Borr Drilling turned adjusted EBITDA positive in Q2 2021. For the most recent quarter, adjusted EBITDA accelerated to $20 million. This impliesa more than fivefold growth in EBITDAon a quarterly basis.
Source: Postmodern Studio / Shutterstock.com
SNDL stock is another notable name among penny stocks that can deliver multifold returns in 2022. Investors should know that after an extended period of sideways to lower movement, SNDL stock is already on a breakout.
The catalyst for the recent rally was strong numbers for Q3 2021. Sundial also announced a share buyback program. For the quarter, Sundial reported $14.4 million in revenue and $10.5 million in adjusted EBITDA.
A key to strong EBITDA is the company’s investment operations.Sundial has already invested $489 millionand expects investment income in excess of $20 million for 2021.
Further, the company has $571 million in cash to be deployed for investments and potential acquisitions. As the cannabis industry grows, Sundial is well positioned for sustained upside in investment income.
Another point to note is that the company already has the largest cannabis retail network in Canada. The company’s own cannabis brands are likely to witness growth with more retail visibility.
In terms of stock price action, Sundial recently announced ashare buyback program of 100 million Canadian dollars. This is likely to support the upside in the coming months.
On the date of publication,Faisal Humayundid not have (either directly or indirectly) any positions in any of the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines.
Faisal Humayun is a senior research analyst with 12 years of industry experience in the field of credit research, equity research and financial modelling. Faisal has authored over 1,500 stock specific articles with focus on the technology, energy and commodities sector.
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The post7 Solid Stocks to Buy for Multifold Returns in 2022appeared first onInvestorPlace. || 3 Moonshot Cryptos Set to Change the World: This article is excerpted from Tom Yeung’s Moonshot Investor newsletter. To make sure you don’t miss any of Tom’s potential 100x picks,subscribe to his mailing list here.
Source: Shutterstock
On Tuesday,Pancake Games(CCC:GCAKE-USD),Tiger King(CCC:TKING-USD) andPawthereum(CCC:PAWTH-USD) collectively lost 55% of their value.
The common thread? These (mostly) zero-value tokens are much like a massive version of Netflix’s hit showSquid Game. Only instead of 456 contestants, the cryptocurrencies vying for the cash prize number in the hundreds of thousands.
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Collectibles aren’t always intrinsically worthless. Fine wine can be uncorked and consumed if you find yourself stranded on a deserted island. (Ideally, the source would also have left their antique boat collection behind). But much like a stamp collection or a seventeenth-century Rembrandt, crypto tokens aren’t particularly valuable unless someone else is willing to trade you for it.
Bitcoin’s recent decline highlights such problems. Of the top 10 trending coins on crypto aggregation site CoinMarketCap in early November, eight have seen losses in the double digits. That’s a big part of the reason whyMoonshothas only ever recommended two meme tokens (Our picks generally have significant real-world utility).
Declining 4x faster than BTC on average
As Bitcoin continues its taper-tantrum slide, the meme token landscape will start looking more like an episode ofSquid Gameplaying out on a desert island. When an asset class relies on trading, a sudden collapse in buyers will leave millions holding the bag.
Instead, meaningful utility tokens will take over. And long-term crypto investors should consider the tokens that are set to change the world.
Source: Catalyst Labs / Shutterstock
The meme coin “desert island” problem stems from the simple fact that these popularity-driven tokens aren’t particularly useful. Despite frequent promises to “help build your next-gen projects to life [sic]” or “reduce world poverty with binance smart chain [sic],” most of these meme favorites serve one purpose:
To transfer wealth from one party to another.
For every million dollars investors earn from tokens likeShiba Inu(CCC:SHIB-USD), an equal number of dollars must generally come from somewhere else. These “meme coins” alone don’t have the ability to magic U.S. currency out of thin air.*
That’s why experienced crypto investors tend to rely on arbitrage strategies.
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“You’re not as exposed to the whims of the market,” explained Proxima Capital co-founder Oliver Chalk toBloomberg News. “It’s not going to be as flashy as the long-exposure funds that pull hundreds of percent per annum… but at least it avoids all the stress of the up and down.”
Essentially, the pros treat crypto much like municipal bond arbitrage, focusing on leveraging small yield mispricings rather than trying to find the “next big thing.”
*Though crypto lending can theoretically create a money-multiplying effect, academics generally agree that mining costs outweigh these gains.
Fortunately, some promising cryptocurrenciesdohave the potential to make an impact. These Moonshots — often backed by big-name financial firms — tackle real-life problems with blockchain solutions.
I’ve already written about several of these Moonshots. DeFi tokens likeBinance Token(CCC:BNB-USD) grease the wheels of token finance, while ambitious projects likeChainlink(CCC:LINK-USD) andTerra(CCC:LUNA-USD) bridge the gap between real-world information and on-chain transactions.
From an investment standpoint, these cryptocurrencies have performed reasonably well. The three tokens have averaged a 21% gain since my recommendation two months ago in“The 5 DeFi Tokens That Could Change Finance As We Know It.”
But what about cryptocurrencies that aretrulygroundbreaking? These are the coins that will not only change finance, but alter the world we live in. These are the cryptocurrencies that long-term buyers need to consider.
Source: Catalyst Labs / Shutterstock.com
The crypto community has long overlookedHedera Hashgraph(CCC:HBAR-USD), a protocol backed by three dozen businesses includingAlphabet(NASDAQ:GOOG, NASDAQ:GOOGL),IBM(NYSE:IBM) and theTata Group. Perhaps it’s the protocol’s awkward name, or that few crypto investors want to be seen in the same room as the Big Blue dinosaur.
But HBAR is the tool thatwillbring blockchain technology to enterprises. In fact, it already has.
In January, the U.K. National Health Service (NHS) used tech developed by software firmEverywareto track Covid-19 vaccine temperatures. Everyware, in turn, used blockchain technology provided by Hedera Hashgraph to secure the data.
Hedera provides a way for companies to use blockchain technology without having to create a protocol or mining community from scratch (imagine the hassle of finding a thousand fresh crypto miners every time you launch a new project).
HBAR’s business backing also gives it credibility. Few blue-chip companies would willingly create a document verification system onTron(CCC:TRX-USD), a cryptocurrency the founder himself referred to as a “sh*tcoin.” But trusting your data to a coin that Google itself backs? As the old saying goes, “nobody gets fired for buying IBM.”
As more companies adopt blockchain as a form of secure data storage, CTOs worldwide will ask themselves, “How on earth did we live without Hedera?”
When Crypto.com announced it had acquired the naming rights to L.A.’s Staples Center, my first thought was, “here we go again.” Investors with long memories might recall the late 1990s, when fast-growing firms pasted their names on everything from L.A’s Kodak Theater to the Houston Astro’s Enron Field.
But worrying parallels aside, Crypto.com is already changing the world. As previously covered in theMoonshot Investor, the company’s app now ranks No. 1 in Finance on the Google App store, beating out bothPayPal(NASDAQ:PYPL) and Google Pay for the top spot. On the Apple Store, Crypto.com runs a respectable No. 2 behindSquare’s(NYSE:SQ) Cash App.
This matters. Crypto.com has built a loyal following of investors looking for:
• Cryptocurrency trading.The popular app hosts over 420 different cryptocurrencies, twice as many asCoinbase(NASDAQ:COIN) does.
• Payment alternatives.Crypto.com offers a credit card that allows cardholders to net staking rewards.
• Non-bank savings.The site awards up to 12% in stablecoin USDC, plus another potential 2% in CRO awards.
In a sense, Crypto.com is turning into the company I once hopedRobinhood(NASDAQ:HOOD) would become. It’s quickly leapfrogging Square and PayPal in creating a crypto payments ecosystem that could replace traditional finance. At its current rate of growth, CRO could become a de-facto currency for many Americans in the years to come.
Finally, my No. 1 crypto pick of 2021 deserves another mention.
It’s been a strange year for the world’s second-largest cryptocurrency. Despite Ethereum’s 450% rise, most investors seem preoccupied with finding “Ethereum Killers” to buy instead.
But investors looking for a world-changing cryptocurrency shouldn’t settle forSolana(CCC:SOL-USD),Cardano(CCC:ADA-USD) or evenAlgorand(CCC:ALGO-USD). There’s no replacing the “king of NFTs” in the fast-growing world of tokenization.
The concept of “tokenization” is simple enough — even if, according to the internet, no one seems to know what NFTs are. By assigning a distinct identification tag to an asset (say, an image file of a rock…) you allow these assets to get traded for real-life money.
But the potential applications for tokenization are far greater than first meets the eye. For example, if a group of governments wanted to create a tokenized version of carbon credits, it’s far easier (and likely more secure) to create a system on the Ethereum chain than it is to start from scratch. The same could be said forRocket Leaguecredits, Broadway show tickets and anything else buyers may want to trade.
Ethereum’s developers have also been moving ahead with a “Proof of Stake” rollout. Rather than rely on expensive mining, Ethereum “2.0” will essentially bring the protocol up to speed with third-generation cryptocurrencies. Cardano and Solana’s edge will essentially disappear.
Every venture capitalist knows ideas are cheap. Business strategies are routinely “borrowed” and popular products eventually inspire a slew of counterfeits. That’s why VC firms typically consider a team’s performance as well as their business ideas.
The same is true for non-meme cryptocurrencies.
Let’s go back tocarbon creditsfor a moment. As efforts to combat climate change ramp up, any platform that simplifies the process will become worth its weight in gold (or carbon, perhaps).
Unfortunately, great business ideas don’t always come with strong execution.Climatecoin’spromising start in 2018 ended with the token fizzling out, andMoss Token(CCC:MCO3-USD) seems to have taken the wrong cues from its predecessor.
Then there’sFirst Carbon Corp, a Vancouver-based firm that believes it can solve the problem with NFTs. Could the company succeed? Possibly. But like the best venture capital firms, crypto investors should wait for the first blushes of success before jumping in. When it comes to finding Moonshots, it’s best to avoid playing a game where thousands of contestants are competing for one winning spot.
P.S. Do you want to hear more about cryptocurrencies? Penny stocks? Options? Leave me a note [email protected] connect with me onLinkedInand let me know what you’d like to see.
Thomas Yeung is an expert when it comes to finding fast-paced growth opportunities on Reddit. He recommended Dogecoin before it skyrocketed over 8,000%, Ripple before it flew up more than 480% and Cardano before it soared 460%. Now, in a new report, he’s naming 17 of his favorite Reddit penny stocks.Claim your FREE COPY here!
On the date of publication, Tom Yeung did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Tom Yeung, CFA, is a registered investment advisor on a mission to bring simplicity to the world of investing.
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The post3 Moonshot Cryptos Set to Change the Worldappeared first onInvestorPlace. || 3 Moonshot Cryptos Set to Change the World: This article is excerpted from Tom Yeung’s Moonshot Investor newsletter. To make sure you don’t miss any of Tom’s potential 100x picks, subscribe to his mailing list here . The Cryptocurrency Squid Game Continues Cryptocurrency: Pile of cryptos and altcoins represented as physical coins Source: Shutterstock On Tuesday, Pancake Games (CCC: GCAKE-USD ), Tiger King (CCC: TKING-USD ) and Pawthereum (CCC: PAWTH-USD ) collectively lost 55% of their value. The common thread? These (mostly) zero-value tokens are much like a massive version of Netflix’s hit show Squid Game . Only instead of 456 contestants, the cryptocurrencies vying for the cash prize number in the hundreds of thousands. InvestorPlace - Stock Market News, Stock Advice & Trading Tips Collectibles aren’t always intrinsically worthless. Fine wine can be uncorked and consumed if you find yourself stranded on a deserted island. (Ideally, the source would also have left their antique boat collection behind). But much like a stamp collection or a seventeenth-century Rembrandt, crypto tokens aren’t particularly valuable unless someone else is willing to trade you for it. Bitcoin’s recent decline highlights such problems. Of the top 10 trending coins on crypto aggregation site CoinMarketCap in early November, eight have seen losses in the double digits. That’s a big part of the reason why Moonshot has only ever recommended two meme tokens (Our picks generally have significant real-world utility). A chart showing the two-week returns of the top 10 trending crypto coins on Nov. 4. Declining 4x faster than BTC on average As Bitcoin continues its taper-tantrum slide, the meme token landscape will start looking more like an episode of Squid Game playing out on a desert island. When an asset class relies on trading, a sudden collapse in buyers will leave millions holding the bag. Instead, meaningful utility tokens will take over. And long-term crypto investors should consider the tokens that are set to change the world. An illustration of an astronaut wearing headphones sitting on a small planet with the text "The Big Read" next to them. Source: Catalyst Labs / Shutterstock How Can Crypto Change the World? The meme coin “desert island” problem stems from the simple fact that these popularity-driven tokens aren’t particularly useful. Despite frequent promises to “help build your next-gen projects to life [sic]” or “reduce world poverty with binance smart chain [sic],” most of these meme favorites serve one purpose: Story continues To transfer wealth from one party to another. For every million dollars investors earn from tokens like Shiba Inu (CCC: SHIB-USD ), an equal number of dollars must generally come from somewhere else. These “meme coins” alone don’t have the ability to magic U.S. currency out of thin air.* That’s why experienced crypto investors tend to rely on arbitrage strategies. 6 Mega-Cap Stocks That Make Great Stocking Stuffers “You’re not as exposed to the whims of the market,” explained Proxima Capital co-founder Oliver Chalk to Bloomberg News . “It’s not going to be as flashy as the long-exposure funds that pull hundreds of percent per annum… but at least it avoids all the stress of the up and down.” Essentially, the pros treat crypto much like municipal bond arbitrage, focusing on leveraging small yield mispricings rather than trying to find the “next big thing.” *Though crypto lending can theoretically create a money-multiplying effect, academics generally agree that mining costs outweigh these gains. Step by Step Fortunately, some promising cryptocurrencies do have the potential to make an impact. These Moonshots — often backed by big-name financial firms — tackle real-life problems with blockchain solutions. I’ve already written about several of these Moonshots. DeFi tokens like Binance Token (CCC: BNB-USD ) grease the wheels of token finance, while ambitious projects like Chainlink (CCC: LINK-USD ) and Terra (CCC: LUNA-USD ) bridge the gap between real-world information and on-chain transactions. From an investment standpoint, these cryptocurrencies have performed reasonably well. The three tokens have averaged a 21% gain since my recommendation two months ago in “The 5 DeFi Tokens That Could Change Finance As We Know It.” But what about cryptocurrencies that are truly groundbreaking? These are the coins that will not only change finance, but alter the world we live in. These are the cryptocurrencies that long-term buyers need to consider. An illustration of an astronaut holding onto three balllons. Source: Catalyst Labs / Shutterstock.com 3 Moonshot Cryptos Set to Change the World: Hedera Hashgraph (HBAR) The crypto community has long overlooked Hedera Hashgraph (CCC: HBAR-USD ), a protocol backed by three dozen businesses including Alphabet (NASDAQ: GOOG , NASDAQ: GOOGL ), IBM (NYSE: IBM ) and the Tata Group . Perhaps it’s the protocol’s awkward name, or that few crypto investors want to be seen in the same room as the Big Blue dinosaur. But HBAR is the tool that will bring blockchain technology to enterprises. In fact, it already has. In January, the U.K. National Health Service (NHS) used tech developed by software firm Everyware to track Covid-19 vaccine temperatures. Everyware, in turn, used blockchain technology provided by Hedera Hashgraph to secure the data. Hedera provides a way for companies to use blockchain technology without having to create a protocol or mining community from scratch (imagine the hassle of finding a thousand fresh crypto miners every time you launch a new project). HBAR’s business backing also gives it credibility. Few blue-chip companies would willingly create a document verification system on Tron (CCC: TRX-USD ), a cryptocurrency the founder himself referred to as a “sh*tcoin.” But trusting your data to a coin that Google itself backs? As the old saying goes, “nobody gets fired for buying IBM.” As more companies adopt blockchain as a form of secure data storage, CTOs worldwide will ask themselves, “How on earth did we live without Hedera?” Crypto.com (CRO) When Crypto.com announced it had acquired the naming rights to L.A.’s Staples Center, my first thought was, “here we go again.” Investors with long memories might recall the late 1990s, when fast-growing firms pasted their names on everything from L.A’s Kodak Theater to the Houston Astro’s Enron Field. But worrying parallels aside, Crypto.com is already changing the world. As previously covered in the Moonshot Investor , the company’s app now ranks No. 1 in Finance on the Google App store, beating out both PayPal (NASDAQ: PYPL ) and Google Pay for the top spot. On the Apple Store, Crypto.com runs a respectable No. 2 behind Square’s (NYSE: SQ ) Cash App. This matters. Crypto.com has built a loyal following of investors looking for: Cryptocurrency trading. The popular app hosts over 420 different cryptocurrencies, twice as many as Coinbase (NASDAQ: COIN ) does. Payment alternatives. Crypto.com offers a credit card that allows cardholders to net staking rewards. Non-bank savings. The site awards up to 12% in stablecoin USDC, plus another potential 2% in CRO awards. In a sense, Crypto.com is turning into the company I once hoped Robinhood (NASDAQ: HOOD ) would become. It’s quickly leapfrogging Square and PayPal in creating a crypto payments ecosystem that could replace traditional finance. At its current rate of growth, CRO could become a de-facto currency for many Americans in the years to come. Ethereum (ETH) Finally, my No. 1 crypto pick of 2021 deserves another mention. It’s been a strange year for the world’s second-largest cryptocurrency. Despite Ethereum’s 450% rise, most investors seem preoccupied with finding “Ethereum Killers” to buy instead. But investors looking for a world-changing cryptocurrency shouldn’t settle for Solana (CCC: SOL-USD ), Cardano (CCC: ADA-USD ) or even Algorand (CCC: ALGO-USD ). There’s no replacing the “king of NFTs” in the fast-growing world of tokenization. Tokenization: Finance’s Next Frontier The concept of “tokenization” is simple enough — even if, according to the internet, no one seems to know what NFTs are. By assigning a distinct identification tag to an asset (say, an image file of a rock…) you allow these assets to get traded for real-life money. But the potential applications for tokenization are far greater than first meets the eye. For example, if a group of governments wanted to create a tokenized version of carbon credits, it’s far easier (and likely more secure) to create a system on the Ethereum chain than it is to start from scratch. The same could be said for Rocket League credits, Broadway show tickets and anything else buyers may want to trade. No “Ethereum Killer” on the Horizon Ethereum’s developers have also been moving ahead with a “Proof of Stake” rollout. Rather than rely on expensive mining, Ethereum “2.0” will essentially bring the protocol up to speed with third-generation cryptocurrencies. Cardano and Solana’s edge will essentially disappear. “World-Changing” vs. Marketing Fluff Every venture capitalist knows ideas are cheap. Business strategies are routinely “borrowed” and popular products eventually inspire a slew of counterfeits. That’s why VC firms typically consider a team’s performance as well as their business ideas. The same is true for non-meme cryptocurrencies. Let’s go back to carbon credits for a moment. As efforts to combat climate change ramp up, any platform that simplifies the process will become worth its weight in gold (or carbon, perhaps). Unfortunately, great business ideas don’t always come with strong execution. Climatecoin’s promising start in 2018 ended with the token fizzling out, and Moss Token (CCC: MCO3-USD ) seems to have taken the wrong cues from its predecessor. Then there’s First Carbon Corp , a Vancouver-based firm that believes it can solve the problem with NFTs. Could the company succeed? Possibly. But like the best venture capital firms, crypto investors should wait for the first blushes of success before jumping in. When it comes to finding Moonshots, it’s best to avoid playing a game where thousands of contestants are competing for one winning spot. P.S. Do you want to hear more about cryptocurrencies? Penny stocks? Options? Leave me a note at [email protected] or connect with me on LinkedIn and let me know what you’d like to see. FREE REPORT: 17 Reddit Penny Stocks to Buy Now Thomas Yeung is an expert when it comes to finding fast-paced growth opportunities on Reddit. He recommended Dogecoin before it skyrocketed over 8,000%, Ripple before it flew up more than 480% and Cardano before it soared 460%. Now, in a new report, he’s naming 17 of his favorite Reddit penny stocks. Claim your FREE COPY here! On the date of publication, Tom Yeung did not have (either directly or indirectly) any positions in the securities mentioned in this article. Tom Yeung, CFA, is a registered investment advisor on a mission to bring simplicity to the world of investing. More From InvestorPlace Stock Prodigy Who Found NIO at $2… Says Buy THIS Now Man Who Called Black Monday: “Prepare Now.” #1 EV Stock Still Flying Under the Radar Interested in Crypto? Read This First... The post 3 Moonshot Cryptos Set to Change the World appeared first on InvestorPlace . || Crypto Alert: Valkyrie To Launch DeFi Fund on Nov. 22 as CEO Cites ‘Massive Opportunity in the Space’: Crypto firm Valkyrie Investments — whichrecently launched the second Bitcoin-futures exchange traded fund (ETF), is launching a decentralized finance (DeFi) fund November 22, “off the back of client demand.”
Find:8 Best Cryptocurrencies To Invest In for 2021Explore:Bitcoin-Linked ETFs Are Booming — Could Bitcoin Funds Be the Next ‘Holy Grail’?
The Valkyrie On-Chain DeFi fund will invest in Ethereum, Avalanche, Solana, Binance Smart Chain, Magic and Fantom, among other protocols,ValkyrieCEO Leah Wald told GOBankingRates. The fund was co-founded by Wes Cowan, head of DeFi at Valkyrie, and Will McDonough, vice chairman at Valkyrie, who was previously Tom Brady’s business manager.
DeFi protocols have been around for several years, but usage began to accelerate in the middle of 2020, according to a Goldman Sachs report sent to GOBankingRates. DeFi, a system grounded in cryptocurrency technology, includes many of the same products and services found in the traditional financial system — including credit and lending, trading and exchange, derivatives, and insurance — but no centralized intermediaries, Goldman Sachs’ co-head of Global FX, Rates & EM Strategy Zach Pandl and FX analyst Isabella Rosenberg wrote in the report.
Growth in the market preceded last year’s surge in the price of Bitcoin, and probably contributed to renewed interest in cryptocurrencies generally. Since then, the DeFi ecosystem has expanded dramatically and total value locked — a measure of the market value of crypto assets deposited in DeFi protocols — has increased to nearly $100 billion today from less than $10 billion in the first half of 2020, according to the report.
More investors are becoming aware of the benefits many protocols provide, from staking and lending to yield farming and more, Wald said, adding that the firm sees “a massive opportunity in this space.”
Related:Newest Marcus by Goldman Sachs Promotions, Bonuses, Offers and Coupons: November 2021
The growth likely is a product of yield and speculative activity, according to the Goldman Sachs report. “But user adoption may also relate to longer-running trends including digitalization, globalization and declining trust in centralized institutions,” the report noted.
“Overall, the innovations in DeFi show potential for adoption and disruption in existing financial systems. They also demonstrate a compelling use case for blockchains and cryptocurrency technology that should help support market valuations for these assets over time,” according to the report.
Wald explained that they chose the protocols thanks to the firm’s proprietary software it developed to analyze on-chain data.
Asked how this fund is different from competitors’ DeFi funds, Wald explained that Valkyrie is not a passively managed fund “that just holds DeFi tokens and doesn’t actually take advantage of the DeFi on-chain ecosystem.”
More:Understanding the Metaverse and How it Relates to Cryptocurrency
“The Valkyrie Onchain DeFi fund, in addition to investing in the DeFi tokens, holds our assets on-chain,” she said. “This allows us to participate in the upside, while gaining additional yield from lending, liquidity pools, farming & staking in the on-chain DeFi ecosystem. We get the appreciation plus the compounded yield generated from on-chain DeFi participation. In addition to investing in DeFi tokens, the fund will hold assets on-chain.”
The fund will be available to accredited investors in the U.S. and the majority of international countries.
In terms of risks associated with the space, Wald says they are the same as any other digital asset strategy. “Protocols can be volatile, but we see that as a positive rather than a disadvantage,” she stated. “Volatility is opportunity.”
Last month, the firm launched the Valkyrie Bitcoin Strategy, which is trading on the Nasdaq exchange under the ticker “BTF.”
See:10 Best ETFs To Buy for Long-Term GrowthLearn:What Is the Next Big Cryptocurrency To Explode in 2021?
Valkyrie’s ETF aims to solely track the value of Chicago Mercantile Exchange (CME) Bitcoin futures, according to Valkyrie. Bitcoin futures, which areagreements to buy or sell an asset in the future at a specific price, are fully regulated in the U.S. on the CME. The goal of the fund — which does not invest directly in Bitcoin — is to track the value of these products in a liquid basket of securities. “By doing so, BTF provides exposure to a wider audience of investors, advisors and more, without the pitfalls and hurdles typically associated with investing directly in crypto assets,” the company said in a statement.
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This article originally appeared onGOBankingRates.com:Crypto Alert: Valkyrie To Launch DeFi Fund on Nov. 22 as CEO Cites ‘Massive Opportunity in the Space’ || Crypto Alert: Valkyrie To Launch DeFi Fund on Nov. 22 as CEO Cites ‘Massive Opportunity in the Space’: Chinnapong / Getty Images Crypto firm Valkyrie Investments — which recently launched the second Bitcoin-futures exchange traded fund (ETF) , is launching a decentralized finance (DeFi) fund November 22, “off the back of client demand.” Find: 8 Best Cryptocurrencies To Invest In for 2021 Explore: Bitcoin-Linked ETFs Are Booming — Could Bitcoin Funds Be the Next ‘Holy Grail’? The Valkyrie On-Chain DeFi fund will invest in Ethereum, Avalanche, Solana, Binance Smart Chain, Magic and Fantom, among other protocols, Valkyrie CEO Leah Wald told GOBankingRates. The fund was co-founded by Wes Cowan, head of DeFi at Valkyrie, and Will McDonough, vice chairman at Valkyrie, who was previously Tom Brady’s business manager. DeFi protocols have been around for several years, but usage began to accelerate in the middle of 2020, according to a Goldman Sachs report sent to GOBankingRates. DeFi, a system grounded in cryptocurrency technology, includes many of the same products and services found in the traditional financial system — including credit and lending, trading and exchange, derivatives, and insurance — but no centralized intermediaries, Goldman Sachs’ co-head of Global FX, Rates & EM Strategy Zach Pandl and FX analyst Isabella Rosenberg wrote in the report. Growth in the market preceded last year’s surge in the price of Bitcoin, and probably contributed to renewed interest in cryptocurrencies generally. Since then, the DeFi ecosystem has expanded dramatically and total value locked — a measure of the market value of crypto assets deposited in DeFi protocols — has increased to nearly $100 billion today from less than $10 billion in the first half of 2020, according to the report. More investors are becoming aware of the benefits many protocols provide, from staking and lending to yield farming and more, Wald said, adding that the firm sees “a massive opportunity in this space.” Related: Newest Marcus by Goldman Sachs Promotions, Bonuses, Offers and Coupons: November 2021 Story continues The growth likely is a product of yield and speculative activity, according to the Goldman Sachs report. “But user adoption may also relate to longer-running trends including digitalization, globalization and declining trust in centralized institutions,” the report noted. “Overall, the innovations in DeFi show potential for adoption and disruption in existing financial systems. They also demonstrate a compelling use case for blockchains and cryptocurrency technology that should help support market valuations for these assets over time,” according to the report. Wald explained that they chose the protocols thanks to the firm’s proprietary software it developed to analyze on-chain data. Asked how this fund is different from competitors’ DeFi funds, Wald explained that Valkyrie is not a passively managed fund “that just holds DeFi tokens and doesn’t actually take advantage of the DeFi on-chain ecosystem.” More: Understanding the Metaverse and How it Relates to Cryptocurrency “The Valkyrie Onchain DeFi fund, in addition to investing in the DeFi tokens, holds our assets on-chain,” she said. “This allows us to participate in the upside, while gaining additional yield from lending, liquidity pools, farming & staking in the on-chain DeFi ecosystem. We get the appreciation plus the compounded yield generated from on-chain DeFi participation. In addition to investing in DeFi tokens, the fund will hold assets on-chain.” The fund will be available to accredited investors in the U.S. and the majority of international countries. In terms of risks associated with the space, Wald says they are the same as any other digital asset strategy. “Protocols can be volatile, but we see that as a positive rather than a disadvantage,” she stated. “ Volatility is opportunity .” Last month, the firm launched the Valkyrie Bitcoin Strategy, which is trading on the Nasdaq exchange under the ticker “BTF.” See: 10 Best ETFs To Buy for Long-Term Growth Learn: What Is the Next Big Cryptocurrency To Explode in 2021? Valkyrie’s ETF aims to solely track the value of Chicago Mercantile Exchange (CME) Bitcoin futures, according to Valkyrie. Bitcoin futures, which are agreements to buy or sell an asset in the future at a specific price , are fully regulated in the U.S. on the CME. The goal of the fund — which does not invest directly in Bitcoin — is to track the value of these products in a liquid basket of securities. “By doing so, BTF provides exposure to a wider audience of investors, advisors and more, without the pitfalls and hurdles typically associated with investing directly in crypto assets,” the company said in a statement. More From GOBankingRates Find Out Who Made GOBankingRates’ Best Credit Cards Lists and Get Helpful Tips 5 Things Most Americans Don’t Know About Social Security How To Use a Credit Card Like a Pro This Holiday Season How To Refinance a Mortgage This article originally appeared on GOBankingRates.com : Crypto Alert: Valkyrie To Launch DeFi Fund on Nov. 22 as CEO Cites ‘Massive Opportunity in the Space’ || Square Releases White Paper Detailing Protocol for a Decentralized Bitcoin Exchange: Payments giant Square released a white paper on Friday detailing a new decentralized protocol for exchanging digital and other assets known as tbDEX. The tbDEX protocol facilitates decentralized networks of exchange between assets by providing a framework for establishing social trust, utilizing decentralized identity (DID) and verifiable credentials (VCs) to establish the provenance of identity in the real world, the company wrote in the papers abstract. In a post introducing the protocol , a TBD developer wrote that the tbDEX protocol aims to create ubiquitous and accessible on-ramps and off-ramps that allow the average individual to benefit from crypto innovation. TBD has published the white paper in GitHub so that the community can contribute. Square CEO Jack Dorsey, whos also the CEO of Twitter, announced the companys plan to create an open developer platform for a decentralized bitcoin exchange back in August. He noted that TBD, Squares new division focused on developing non-custodial and decentralized financial services, would be building the exchange. Mike Brock, who heads strategic development at Square, is leading the new project. Brock has previously tweeted that this is the problem were going to solve: make it easy to fund a non-custodial wallet anywhere in the world through a platform to build on- and off-ramps into bitcoin. You can think about this as a decentralize[d] exchange for fiat. We made a white paper. https://t.co/ffvYGjQQ7T TBD (@TBD54566975) November 19, 2021 UPDATE (Nov. 19, 21:56 UTC): Adds info on GitHub in third bullet point. || Square Releases White Paper Detailing Protocol for a Decentralized Bitcoin Exchange: Payments giantSquare released a white paperon Friday detailing a new decentralized protocol for exchanging digital and other assets known as tbDEX.
• “The tbDEX protocol facilitates decentralized networks of exchange between assets by providing a framework for establishing social trust, utilizing decentralized identity (DID) and verifiable credentials (VCs) to establish the provenance of identity in the real world,” the company wrote in the paper’s abstract.
• In apost introducing the protocol, a TBD developer wrote that “the tbDEX protocol aims to create ubiquitous and accessible on-ramps and off-ramps that allow the average individual to benefit from crypto innovation.”
• TBD haspublished the white paper in GitHubso that the community can contribute.
• Square CEO Jack Dorsey, who’s also the CEO of Twitter, announced the company’splan to create an open developer platform for a decentralized bitcoin exchangeback in August. He noted that TBD, Square’s new division focused on developing non-custodial and decentralized financial services, would be building the exchange.
• Mike Brock, who heads strategic development at Square, is leading the new project. Brock has previously tweeted that “this is the problem we’re going to solve: make it easy to fund a non-custodial wallet anywhere in the world through a platform to build on- and off-ramps into bitcoin. You can think about this as a decentralize[d] exchange for fiat.”
UPDATE (Nov. 19, 21:56 UTC):Adds info on GitHub in third bullet point. || Square Releases White Paper Detailing Protocol for a Decentralized Bitcoin Exchange: Payments giantSquare released a white paperon Friday detailing a new decentralized protocol for exchanging digital and other assets known as tbDEX.
• “The tbDEX protocol facilitates decentralized networks of exchange between assets by providing a framework for establishing social trust, utilizing decentralized identity (DID) and verifiable credentials (VCs) to establish the provenance of identity in the real world,” the company wrote in the paper’s abstract.
• In apost introducing the protocol, a TBD developer wrote that “the tbDEX protocol aims to create ubiquitous and accessible on-ramps and off-ramps that allow the average individual to benefit from crypto innovation.”
• TBD haspublished the white paper in GitHubso that the community can contribute.
• Square CEO Jack Dorsey, who’s also the CEO of Twitter, announced the company’splan to create an open developer platform for a decentralized bitcoin exchangeback in August. He noted that TBD, Square’s new division focused on developing non-custodial and decentralized financial services, would be building the exchange.
• Mike Brock, who heads strategic development at Square, is leading the new project. Brock has previously tweeted that “this is the problem we’re going to solve: make it easy to fund a non-custodial wallet anywhere in the world through a platform to build on- and off-ramps into bitcoin. You can think about this as a decentralize[d] exchange for fiat.”
UPDATE (Nov. 19, 21:56 UTC):Adds info on GitHub in third bullet point. || Market Wrap: Bitcoin Underperforms Altcoins as Sell-Off Pauses: Bitcoin held steady around $57,000 on Friday after a near-10% decline over the past week. The cryptocurrency is roughly flat over the past 24 hours, compared with a 5% rise in ether and an 8% rise in Solana’s SOL token over the same period. “Market sentiment seems short-term bearish/sideways – people are shorting BTC in the perpetual futures market ,” Ki Young Ju, CEO of CryptoQuant, wrote in a blog post on Friday. Analysts pointed to rising leverage as a possible sign of froth in the crypto market, which forced some traders to liquidate long positions earlier this week. From a technical perspective, bitcoin’s long-term uptrend remains intact so long as support above $53,000 holds. Latest prices Bitcoin (BTC): $57,828, -0.52% Ether (ETH): $4,272, +5.01% S&P 500: $4,697, -0.14% Gold: $1,846, -0.68% 10-year Treasury yield closed at 1.53% Off the peak The chart below shows BTC’s drawdown, or percentage decline from peak to trough. Currently, bitcoin is down about 13% from an all-time high of around $69,000. A slight drawdown is typical after a price reaches an all-time high, although losses can exceed 10%-15% even within a bull market. Over the long term, bitcoin remains vulnerable to deep corrections along a broader uptrend. Still, drawdowns appear to be limited around 50% to 60% before a price recovery occurs. Bitcoin drawdown (CoinDesk, Koyfin) Some analysts view the current drawdown as a warning sign of further downside in BTC’s price. “A drop in total capitalization of another 5% would signal the onset of a bear market, assuming cryptocurrencies live by the same laws of psychology that underpin technical analysis,” Alex Kuptsikevich, an analyst at FxPro , wrote in an email to CoinDesk. “The sell-off in cryptocurrencies from the May peaks ended only after the market lost more than half its valuation. The odds have significantly increased that the bears are aiming to sell the rate down to the $48K level, although there are still a few significant stops along the way,” Kuptsikevich wrote. Story continues Bitcoin holders unmoved For now, blockchain data shows steady demand for bitcoin. “Even after a near 20% correction of the all-time high, long-term BTC holders do not appear to be spending their coins in panic,” Glassnode, a crypto data firm, tweeted on Friday. “After peaking at 13.5M BTC, long-term holders have only distributed 100K BTC over the last month, representing just 0.7% of their total holdings,” Glassnode wrote. Still, long-term holders could eventually react to a potential down move in BTC’s price. Bitcoin long-term holder supply (Glassnode) Altcoin roundup Layer 1 tokens outperform ETH: The rise of alternative layer 1 ecosystems have been a key theme this year, with several networks including Terra, Avalanche and Solana seeing a boom in usage as the multi-chain thesis takes shape,” Delphi Digital , a crypto research firm wrote in a Friday note. “LUNA (Terra), AVAX and SOL have performed remarkably well against ETH, especially as the market picked up in the second half of the year, according to Delphi. Macy’s Thanksgiving Day parade gets in on NFT craze with collectible balloons: The famed New York City parade’s 95th run will feature an NFT collection in partnership with the Make-A-Wish Foundation, CoinDesk’s Eli Tan reported . Binance fully integrates Ethereum scaler Arbitrum One: Binance has completed the integration of Arbitrum One mainnet, a way of expanding on the Ethereum network, and is allowing users to deposit ether via Arbitrum One Layer 2, the exchange announced on Nov. 19. Relevant news Blockchain Tech Has Evolved Enough to Meet Some Demands of Financial Markets: RBC Report Chinese Local Government Warns of Digital Yuan Fraud Norway Considers Backing Swedish Crypto Mining Ban Proposal, Hints Minister Crypto Could Destabilize Nations, Undermine Dollar’s Reserve Currency Status, Hillary Clinton Says Other markets Most digital assets in the CoinDesk 20 ended the day higher. Notable winners as of 21:00 UTC (4:00 p.m. ET): Stellar (XLM): +6.89% Aave (AAVE): +5.11% Polygon (MATIC): +4.92% Notable losers: Algorand (ALGO): -3.74% || Market Wrap: Bitcoin Underperforms Altcoins as Sell-Off Pauses: Bitcoin held steady around $57,000 on Friday after a near-10% decline over the past week. The cryptocurrency is roughly flat over the past 24 hours, compared with a 5% rise in ether and an 8% rise in Solana’s SOL token over the same period. “Market sentiment seems short-term bearish/sideways – people are shorting BTC in the perpetual futures market ,” Ki Young Ju, CEO of CryptoQuant, wrote in a blog post on Friday. Analysts pointed to rising leverage as a possible sign of froth in the crypto market, which forced some traders to liquidate long positions earlier this week. From a technical perspective, bitcoin’s long-term uptrend remains intact so long as support above $53,000 holds. Latest prices Bitcoin (BTC): $57,828, -0.52% Ether (ETH): $4,272, +5.01% S&P 500: $4,697, -0.14% Gold: $1,846, -0.68% 10-year Treasury yield closed at 1.53% Off the peak The chart below shows BTC’s drawdown, or percentage decline from peak to trough. Currently, bitcoin is down about 13% from an all-time high of around $69,000. A slight drawdown is typical after a price reaches an all-time high, although losses can exceed 10%-15% even within a bull market. Over the long term, bitcoin remains vulnerable to deep corrections along a broader uptrend. Still, drawdowns appear to be limited around 50% to 60% before a price recovery occurs. Bitcoin drawdown (CoinDesk, Koyfin) Some analysts view the current drawdown as a warning sign of further downside in BTC’s price. “A drop in total capitalization of another 5% would signal the onset of a bear market, assuming cryptocurrencies live by the same laws of psychology that underpin technical analysis,” Alex Kuptsikevich, an analyst at FxPro , wrote in an email to CoinDesk. “The sell-off in cryptocurrencies from the May peaks ended only after the market lost more than half its valuation. The odds have significantly increased that the bears are aiming to sell the rate down to the $48K level, although there are still a few significant stops along the way,” Kuptsikevich wrote. Story continues Bitcoin holders unmoved For now, blockchain data shows steady demand for bitcoin. “Even after a near 20% correction of the all-time high, long-term BTC holders do not appear to be spending their coins in panic,” Glassnode, a crypto data firm, tweeted on Friday. “After peaking at 13.5M BTC, long-term holders have only distributed 100K BTC over the last month, representing just 0.7% of their total holdings,” Glassnode wrote. Still, long-term holders could eventually react to a potential down move in BTC’s price. Bitcoin long-term holder supply (Glassnode) Altcoin roundup Layer 1 tokens outperform ETH: The rise of alternative layer 1 ecosystems have been a key theme this year, with several networks including Terra, Avalanche and Solana seeing a boom in usage as the multi-chain thesis takes shape,” Delphi Digital , a crypto research firm wrote in a Friday note. “LUNA (Terra), AVAX and SOL have performed remarkably well against ETH, especially as the market picked up in the second half of the year, according to Delphi. Macy’s Thanksgiving Day parade gets in on NFT craze with collectible balloons: The famed New York City parade’s 95th run will feature an NFT collection in partnership with the Make-A-Wish Foundation, CoinDesk’s Eli Tan reported . Binance fully integrates Ethereum scaler Arbitrum One: Binance has completed the integration of Arbitrum One mainnet, a way of expanding on the Ethereum network, and is allowing users to deposit ether via Arbitrum One Layer 2, the exchange announced on Nov. 19. Relevant news Blockchain Tech Has Evolved Enough to Meet Some Demands of Financial Markets: RBC Report Chinese Local Government Warns of Digital Yuan Fraud Norway Considers Backing Swedish Crypto Mining Ban Proposal, Hints Minister Crypto Could Destabilize Nations, Undermine Dollar’s Reserve Currency Status, Hillary Clinton Says Other markets Most digital assets in the CoinDesk 20 ended the day higher. Notable winners as of 21:00 UTC (4:00 p.m. ET): Stellar (XLM): +6.89% Aave (AAVE): +5.11% Polygon (MATIC): +4.92% Notable losers: Algorand (ALGO): -3.74% || Market Wrap: Bitcoin Underperforms Altcoins as Sell-Off Pauses: Bitcoin held steady around $57,000 on Friday after a near-10% decline over the past week. The cryptocurrency is roughly flat over the past 24 hours, compared with a 5% rise in ether and an 8% rise in Solana’s SOL token over the same period. “Market sentiment seems short-term bearish/sideways – people are shorting BTC in the perpetual futures market ,” Ki Young Ju, CEO of CryptoQuant, wrote in a blog post on Friday. Analysts pointed to rising leverage as a possible sign of froth in the crypto market, which forced some traders to liquidate long positions earlier this week. From a technical perspective, bitcoin’s long-term uptrend remains intact so long as support above $53,000 holds. Latest prices Bitcoin (BTC): $57,828, -0.52% Ether (ETH): $4,272, +5.01% S&P 500: $4,697, -0.14% Gold: $1,846, -0.68% 10-year Treasury yield closed at 1.53% Off the peak The chart below shows BTC’s drawdown, or percentage decline from peak to trough. Currently, bitcoin is down about 13% from an all-time high of around $69,000. A slight drawdown is typical after a price reaches an all-time high, although losses can exceed 10%-15% even within a bull market. Over the long term, bitcoin remains vulnerable to deep corrections along a broader uptrend. Still, drawdowns appear to be limited around 50% to 60% before a price recovery occurs. Bitcoin drawdown (CoinDesk, Koyfin) Some analysts view the current drawdown as a warning sign of further downside in BTC’s price. “A drop in total capitalization of another 5% would signal the onset of a bear market, assuming cryptocurrencies live by the same laws of psychology that underpin technical analysis,” Alex Kuptsikevich, an analyst at FxPro , wrote in an email to CoinDesk. “The sell-off in cryptocurrencies from the May peaks ended only after the market lost more than half its valuation. The odds have significantly increased that the bears are aiming to sell the rate down to the $48K level, although there are still a few significant stops along the way,” Kuptsikevich wrote. Story continues Bitcoin holders unmoved For now, blockchain data shows steady demand for bitcoin. “Even after a near 20% correction of the all-time high, long-term BTC holders do not appear to be spending their coins in panic,” Glassnode, a crypto data firm, tweeted on Friday. “After peaking at 13.5M BTC, long-term holders have only distributed 100K BTC over the last month, representing just 0.7% of their total holdings,” Glassnode wrote. Still, long-term holders could eventually react to a potential down move in BTC’s price. Bitcoin long-term holder supply (Glassnode) Altcoin roundup Layer 1 tokens outperform ETH: The rise of alternative layer 1 ecosystems have been a key theme this year, with several networks including Terra, Avalanche and Solana seeing a boom in usage as the multi-chain thesis takes shape,” Delphi Digital , a crypto research firm wrote in a Friday note. “LUNA (Terra), AVAX and SOL have performed remarkably well against ETH, especially as the market picked up in the second half of the year, according to Delphi. Macy’s Thanksgiving Day parade gets in on NFT craze with collectible balloons: The famed New York City parade’s 95th run will feature an NFT collection in partnership with the Make-A-Wish Foundation, CoinDesk’s Eli Tan reported . Binance fully integrates Ethereum scaler Arbitrum One: Binance has completed the integration of Arbitrum One mainnet, a way of expanding on the Ethereum network, and is allowing users to deposit ether via Arbitrum One Layer 2, the exchange announced on Nov. 19. Relevant news Blockchain Tech Has Evolved Enough to Meet Some Demands of Financial Markets: RBC Report Chinese Local Government Warns of Digital Yuan Fraud Norway Considers Backing Swedish Crypto Mining Ban Proposal, Hints Minister Crypto Could Destabilize Nations, Undermine Dollar’s Reserve Currency Status, Hillary Clinton Says Other markets Most digital assets in the CoinDesk 20 ended the day higher. Notable winners as of 21:00 UTC (4:00 p.m. ET): Stellar (XLM): +6.89% Aave (AAVE): +5.11% Polygon (MATIC): +4.92% Notable losers: Algorand (ALGO): -3.74% || Why This Investor Bought Coinbase Stock Following Pullback: Coinbase Global Inc(NASDAQ:COIN) traded lower last week after reporting weak third-quarter financial results.
What Happened:Coinbase reported quarterly earnings of $1.62 per share, which beat the estimate of $1.56 per share. The company reported quarterly revenue of $1.24 billion, which came in below the estimate of $1.57 billion.
Coinbase said verified users grew to 73 million in the third quarter, while monthly transacting users were 7.4 million. Trading volume was $327 billion, down from $462 billion in the second quarter.
"We believe that retail MTUs and total trading volume will be higher in Q4 as compared to Q3," Coinbase said in a letter to shareholders.
Why It Matters:Hightower Advisors'Stephanie Linktook advantage of the pullback and bought Coinbase shares. The company guided higher in its earnings report and she said it was largely ignored.
"I thought that 10% dip last week was a buying opportunity," Link said Friday on CNBC's "Fast Money Halftime Report."
Coinbase is the largest and most secure cryptocurrency exchange, and the company is the leader in the crypto industry, Link said: "I think 25 times earnings for the industry leader is a good buy."
The total addressable market is "huge" and is expected to triple by 2030, she said.
See Also:Someone Just Sent M In Bitcoin Into Coinbase
"It's hard to ignore companies that are investing in crypto," Link said.
It's not justPayPal Holdings Inc(NASDAQ:PYPL),Square Inc(NYSE:SQ) andTesla Inc(NASDAQ:TSLA) that are investing in crypto, she said, adding that other big name companies doing so includeCoca-Cola Co(NYSE:KO),Starbucks Corp(NASDAQ:SBUX),Visa Inc(NYSE:V) andExpedia Group Inc(NASDAQ:EXPE).
"That's very telling," Link said. "So I wanted to have some exposure."
COIN Price Action:Coinbase has traded as high as $429.54 and as low as $208 since its direct listing on April 14.
The stock was up 2.78% at $332.55 at the close Friday.
Photo: courtesy of Coinbase.
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• Is It Time To Buy Coinbase Stock? This Trader Thinks So
• Why Coinbase Shares Are Falling Today
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Why This Investor Bought Coinbase Stock Following Pullback: Coinbase Global Inc (NASDAQ: COIN ) traded lower last week after reporting weak third-quarter financial results. What Happened: Coinbase reported quarterly earnings of $1.62 per share, which beat the estimate of $1.56 per share. The company reported quarterly revenue of $1.24 billion, which came in below the estimate of $1.57 billion. Coinbase said verified users grew to 73 million in the third quarter, while monthly transacting users were 7.4 million. Trading volume was $327 billion, down from $462 billion in the second quarter. "We believe that retail MTUs and total trading volume will be higher in Q4 as compared to Q3," Coinbase said in a letter to shareholders. Why It Matters: Hightower Advisors' Stephanie Link took advantage of the pullback and bought Coinbase shares. The company guided higher in its earnings report and she said it was largely ignored. "I thought that 10% dip last week was a buying opportunity," Link said Friday on CNBC's "Fast Money Halftime Report." Coinbase is the largest and most secure cryptocurrency exchange, and the company is the leader in the crypto industry, Link said: "I think 25 times earnings for the industry leader is a good buy." The total addressable market is "huge" and is expected to triple by 2030, she said. See Also: Someone Just Sent M In Bitcoin Into Coinbase "It's hard to ignore companies that are investing in crypto," Link said. It's not just PayPal Holdings Inc (NASDAQ: PYPL ), Square Inc (NYSE: SQ ) and Tesla Inc (NASDAQ: TSLA ) that are investing in crypto, she said, adding that other big name companies doing so include Coca-Cola Co (NYSE: KO ), Starbucks Corp (NASDAQ: SBUX ), Visa Inc (NYSE: V ) and Expedia Group Inc (NASDAQ: EXPE ). "That's very telling," Link said. "So I wanted to have some exposure." COIN Price Action: Coinbase has traded as high as $429.54 and as low as $208 since its direct listing on April 14. Story continues The stock was up 2.78% at $332.55 at the close Friday. Photo: courtesy of Coinbase. See more from Benzinga Click here for options trades from Benzinga Is It Time To Buy Coinbase Stock? This Trader Thinks So Why Coinbase Shares Are Falling Today © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || After Being Foiled by a Billionaire, ConstitutionDAO Faces Lingering Questions: As the dust settles on one of the most ambitious crypto experiments in recent memory, a host of questions remain unanswered – starting with the fate of over $49 million in donations. On Thursday night, auction house Sotheby’s played host to an unusual bidder: ConstitutionDAO, an ad-hoc group of over 17,000 donors who pitched in to collectively buy a rare print of the Constitution of the United States. While the bidding ended at $43.2 million – below the $49.5 million the decentralized autonomous organization (DAO) raised – the predicted cost associated with insurance, storage, auction fees and transport, among other overhead, prevented the DAO from bidding higher. A DAO is a group of people on the internet using various tools to exercise governance decisions in a variety of areas. According to a Wall Street Journal report on Friday, billionaire hedge fund manager Ken Griffin was able to outmatch the group. Read more: ‘I Think We’re Doing This’: Inside One DAO’s $20M Plot to Purchase the US Constitution Nonetheless, multiple observers hailed the attempt as a remarkable display of DAOs as coordination tools – the entire project was conceived and executed in under a week in a process that insiders referred to as a company in “hyper-growth.” “This is a group of people that were strangers on Thursday, rallying together with a mission to buy a copy of the Constitution,” said Metaversal CEO Yossi Hasson in an interview with CoinDesk on Friday morning. Hasson was the DAO’s largest contributor at 1,000 ETH ($4.2 million). Despite the grand ambitions, however, the group fell short and a host of questions remain: Who gets the money raised? What happens to the thwarted governance tokens for the DAO? And, perhaps most importantly, what’s next for what could be the start of a crowdfunding movement? Who won? While speculation swirled the night of the auction that another crypto outfit might be responsible for outbidding ConstitutionDAO – maybe even another DAO like Flamingo or Pleasr – it was revealed Friday afternoon that the winner was hedge fund billionaire Ken Griffin. Story continues The Citadel founder claimed in February that he “doesn’t know how to think” about cryptocurrencies like bitcoin, and as a result doesn’t think about them at all. Read more: Citadel CEO Ken Griffin Says He ‘Doesn’t Know How to Think’ About Bitcoin Later in the year, however – as prices exploded across the industry – he referred to crypto as a “jihadist call” against the U.S. dollar. The 53-year-old reportedly intends to donate the document to a museum. PEOPLE in doubt The DAO raised funds via Juicebox, an Ethereum-based community fundraising tool. In exchange for ETH donations, individuals received PEOPLE, an ERC-20 token that would have granted owners governance powers in the ConstitutionDAO, which would have managed a LLC that actually owned the document. Some donors appeared to be speculating on the price of PEOPLE appreciating on an auction win, and indeed PEOPLE briefly rallied on decentralized exchanges after donations closed, but the token has since crashed on the news that the DAO lost the auction. The ETH donors will be able to claim their funds pro rata (minus gas fees) and, per the official Discord, more information about the return will be released today. It is unclear if users will exchange PEOPLE for ETH, or if donating addresses will simply be able to claim the funds they added. Crypto exchange FTX also reportedly assisted the DAO in converting the donated ETH to cash; it’s unclear if the conversion rate at the time of the auction and the time of the return could impact how much of a refund donors receive. Gas fees may prove to be a significant barrier to certain donors getting their money back regardless of the return method, however. The raise was a feat of crowdfunding, featuring over 17,000 donators – many of them new Ethereum addresses – and a median donation of just over $200. I wondered how many people are transacting with crypto for the first time because of @ConstitutionDAO . . . @DuneAnalytics answered my question with this chart: https://t.co/HsuMHNNu1b This is what change looks like . . . and it could last long after the auction today. https://t.co/ueGFv1BBwF pic.twitter.com/YM0TZX04tl — Alison McCauley (@unblockedfuture) November 18, 2021 Donating and claiming a refund could eat into well over half of the median donation, and some observers have suggested using a layer 2, or companion, system to ensure smaller donors get a larger cut of their funds back, but details have yet to be released. A DAO a day In the wake of ConstitutionDAO’s just-short-of-the-finish-line effort, semi-serious knockoffs and copycats hoping to ape their success currently abound. Twitter gags have focused on buying a variety of professional basketball teams, amusement park SeaWorld, abandoned shopping malls for the purpose of converting them to paintball arenas, Sotheby’s itself (in order to prevent an injustice like the loss Thursday night from happening again) and a private jet that flies nonstop between New York and Los Angeles. We should form a DAO to rename every Ken Griffin building to Peter Griffin — Luiz DT (@dgntec) November 19, 2021 Members of the DAO itself are mulling their next move as well. There’s a fledgling movement in social media channels to identify and pursue an alternative piece to purchase in lieu of returning funds, but so far the effort hasn’t grown legs. The people really don’t want @ConstitutionDAO to quit. pic.twitter.com/s4PNCwsCJg — weisser.eth (📜, 📜) (@julianweisser) November 19, 2021 While no one project has shown signs of life, it seems unlikely that the trend of flashmob DAOs would simply disappear – Google searches for “DAO” are at a high for the year. The concept has not enjoyed this much mainstream attention since the failure of The DAO , an early investment experiment whose collapse led to the creation of Ethereum Classic. The next major DAO push could simply be another auction away. || After Being Foiled by a Billionaire, ConstitutionDAO Faces Lingering Questions: As the dust settles on one of the most ambitious crypto experiments in recent memory, a host of questions remain unanswered – starting with the fate of over $49 million in donations.
On Thursday night, auction house Sotheby’s played host to an unusual bidder: ConstitutionDAO, an ad-hoc group of over 17,000 donors who pitched in to collectively buy a rare print of the Constitution of the United States.
While the bidding ended at $43.2 million – below the $49.5 million the decentralized autonomous organization (DAO) raised – the predicted cost associated with insurance, storage, auction fees and transport, among other overhead, prevented the DAO from bidding higher. A DAO is a group of people on the internet using various tools to exercise governance decisions in a variety of areas.
According to a Wall Street Journalreporton Friday, billionaire hedge fund manager Ken Griffin was able to outmatch the group.
Read more:‘I Think We’re Doing This’: Inside One DAO’s $20M Plot to Purchase the US Constitution
Nonetheless, multiple observers hailed the attempt as a remarkable display of DAOs as coordination tools – the entire project was conceived and executed in under a week in a process that insiders referred to as a company in “hyper-growth.”
“This is a group of people that were strangers on Thursday, rallying together with a mission to buy a copy of the Constitution,” said Metaversal CEO Yossi Hasson in an interview with CoinDesk on Friday morning. Hasson was the DAO’s largest contributor at 1,000 ETH ($4.2 million).
Despite the grand ambitions, however, the group fell short and a host of questions remain: Who gets the money raised? What happens to the thwarted governance tokens for the DAO? And, perhaps most importantly, what’s next for what could be the start of a crowdfunding movement?
While speculation swirled the night of the auction that another crypto outfit might be responsible for outbidding ConstitutionDAO – maybe even another DAO like Flamingo or Pleasr – it was revealed Friday afternoon that the winner was hedge fund billionaire Ken Griffin.
The Citadel founder claimed in February that he “doesn’t know how to think” about cryptocurrencies like bitcoin, and as a result doesn’t think about them at all.
Read more:Citadel CEO Ken Griffin Says He ‘Doesn’t Know How to Think’ About Bitcoin
Later in the year, however – as prices exploded across the industry – he referred to crypto as a “jihadist call” against the U.S. dollar.
The 53-year-old reportedly intends to donate the document to a museum.
The DAO raised funds via Juicebox, an Ethereum-based community fundraising tool. In exchange for ETH donations, individuals received PEOPLE, an ERC-20 token that would have granted owners governance powers in the ConstitutionDAO, which would have managed a LLC that actually owned the document.
Some donors appeared to be speculating on the price of PEOPLE appreciating on an auction win, and indeed PEOPLE briefly rallied on decentralizedexchangesafter donations closed, but the token has since crashed on the news that the DAO lost the auction.
The ETH donors will be able to claim their funds pro rata (minus gas fees) and, per the official Discord, more information about the return will be released today. It is unclear if users will exchange PEOPLE for ETH, or if donating addresses will simply be able to claim the funds they added.
Crypto exchange FTX also reportedly assisted the DAO in converting the donated ETH to cash; it’s unclear if the conversion rate at the time of the auction and the time of the return could impact how much of a refund donors receive.
Gas fees may prove to be a significant barrier to certain donors getting their money back regardless of the return method, however.
The raise was a feat of crowdfunding, featuring over 17,000 donators – many of them new Ethereum addresses – and a median donation of just over $200.
Donating and claiming a refund could eat into well over half of the median donation, and some observers havesuggestedusing a layer 2, or companion, system to ensure smaller donors get a larger cut of their funds back, but details have yet to be released.
In the wake of ConstitutionDAO’s just-short-of-the-finish-line effort, semi-serious knockoffs and copycats hoping to ape their success currently abound.
Twitter gags have focused on buying a variety of professional basketball teams, amusement park SeaWorld, abandoned shopping malls for the purpose of converting them to paintball arenas, Sotheby’s itself (in order to prevent an injustice like the loss Thursday night from happening again) and a private jet that flies nonstop between New York and Los Angeles.
Members of the DAO itself are mulling their next move as well.
There’s a fledgling movement in social media channels to identify and pursue an alternative piece to purchase in lieu of returning funds, but so far the effort hasn’t grown legs.
While no one project has shown signs of life, it seems unlikely that the trend of flashmob DAOs would simply disappear – Google searches for “DAO” are at a high for the year.
The concept has not enjoyed this much mainstream attention since the failure ofThe DAO, an early investment experiment whose collapse led to the creation of Ethereum Classic.
The next major DAO push could simply be another auction away.
[Social Media Buzz]
None available.
|
58730.48, 56289.29, 57569.07, 56280.43, 57274.68, 53569.77, 54815.08, 57248.46, 57806.57, 57005.43
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 3653.53, 3632.07, 3616.88, 3620.81, 3629.79, 3673.84, 3915.71, 3947.09, 3999.82, 3954.12, 4005.53, 4142.53, 3810.43, 3882.70, 3854.36, 3851.05, 3854.79, 3859.58, 3864.42, 3847.18, 3761.56, 3896.38, 3903.94, 3911.48, 3901.13, 3963.31, 3951.60, 3905.23, 3909.16, 3906.72, 3924.37, 3960.91, 4048.73, 4025.23, 4032.51, 4071.19, 4087.48, 4029.33, 4023.97, 4035.83, 4022.17, 3963.07, 3985.08, 4087.07, 4069.11, 4098.37, 4106.66, 4105.40, 4158.18, 4879.88, 4973.02, 4922.80, 5036.68, 5059.82, 5198.90, 5289.77, 5204.96, 5324.55, 5064.49, 5089.54, 5096.59, 5167.72, 5067.11, 5235.56, 5251.94, 5298.39, 5303.81, 5337.89, 5314.53, 5399.37, 5572.36, 5464.87, 5210.52, 5279.35, 5268.29, 5285.14, 5247.35, 5350.73, 5402.70, 5505.28, 5768.29, 5831.17, 5795.71, 5746.81, 5829.50, 5982.46, 6174.53, 6378.85, 7204.77, 6972.37.
|
[Bitcoin Technical Analysis for 2019-05-12]
Volume: 27773333680, RSI (14-day): 79.35, 50-day EMA: 5326.68, 200-day EMA: 4940.94
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Bitcoin Price Will Triple to $20,000 by 2021: Investment Bank Canaccord: ByCCN: Bitcoin is 2019’sbest-performing assetthanks to the massive rise in the price of the cryptocurrency, and a growing chorus on Wall Street proclaims that BTC’s terrific momentum won’t be dying out anytime soon.
Bitcoin price has breached the $6,000 mark and is on its way higher | Source: CoinMarketCap
Canaccord Genuity, an investment banking and wealth management company based out of Vancouver, published aresearch notepredicting that the price will gradually climb back to $20,000 by March 2021.
“Bitcoin has started to form the spring 2019 bottom we began mentioning last year, although a close look at the chart suggests the recovery may be slightly ahead of itself. Looking ahead, if bitcoin were to continue following the same trend, the implication is a slow climb back toward its all-time high of ~$20,000, theoretically reaching that level in March 2021.”
Canaccord analysts based their bullishbitcoin priceforecast on key variables that indicate an uptick in demand.
The first is BTC’s daily estimated transaction volume, which has shot up to $801 million so far in May, compared to $743 million in April and $521 million in March. This is the highest daily estimated transaction value of bitcoin since November 2018.
Don’t be surprised if the number goes higher as we are still in the second week of May, and global economic tensions could boost bitcoin demand and price.
Read the full story on CCN.com. || Bitcoin Price Will Triple to $20,000 by 2021: Investment Bank Canaccord: Canadian investment bank and wealth manager Canaccord Genuity predicts that the bitcoin price will hit a new record high in 2021. | Source: Shutterstock By CCN : Bitcoin is 2019s best-performing asset thanks to the massive rise in the price of the cryptocurrency, and a growing chorus on Wall Street proclaims that BTCs terrific momentum wont be dying out anytime soon. bitcoin price Bitcoin price has breached the $6,000 mark and is on its way higher | Source: CoinMarketCap Canaccord Genuity , an investment banking and wealth management company based out of Vancouver, published a research note predicting that the price will gradually climb back to $20,000 by March 2021. Bitcoin has started to form the spring 2019 bottom we began mentioning last year, although a close look at the chart suggests the recovery may be slightly ahead of itself. Looking ahead, if bitcoin were to continue following the same trend, the implication is a slow climb back toward its all-time high of ~$20,000, theoretically reaching that level in March 2021. Canaccord: Data Indicates Rising Demand for BTC Canaccord analysts based their bullish bitcoin price forecast on key variables that indicate an uptick in demand. The first is BTCs daily estimated transaction volume, which has shot up to $801 million so far in May, compared to $743 million in April and $521 million in March. This is the highest daily estimated transaction value of bitcoin since November 2018. Dont be surprised if the number goes higher as we are still in the second week of May, and global economic tensions could boost bitcoin demand and price. Read the full story on CCN.com . || Bitcoin Price Will Triple to $20,000 by 2021: Investment Bank Canaccord: ByCCN: Bitcoin is 2019’sbest-performing assetthanks to the massive rise in the price of the cryptocurrency, and a growing chorus on Wall Street proclaims that BTC’s terrific momentum won’t be dying out anytime soon.
Bitcoin price has breached the $6,000 mark and is on its way higher | Source: CoinMarketCap
Canaccord Genuity, an investment banking and wealth management company based out of Vancouver, published aresearch notepredicting that the price will gradually climb back to $20,000 by March 2021.
“Bitcoin has started to form the spring 2019 bottom we began mentioning last year, although a close look at the chart suggests the recovery may be slightly ahead of itself. Looking ahead, if bitcoin were to continue following the same trend, the implication is a slow climb back toward its all-time high of ~$20,000, theoretically reaching that level in March 2021.”
Canaccord analysts based their bullishbitcoin priceforecast on key variables that indicate an uptick in demand.
The first is BTC’s daily estimated transaction volume, which has shot up to $801 million so far in May, compared to $743 million in April and $521 million in March. This is the highest daily estimated transaction value of bitcoin since November 2018.
Don’t be surprised if the number goes higher as we are still in the second week of May, and global economic tensions could boost bitcoin demand and price.
Read the full story on CCN.com. || $1 Million Bitcoin Scavenger Hunt Attracts 60,000 Digital Sleuths (And New Investors): Nothing brings bitcoiners together like a quest peppered with cryptographic clues. According to Satoshi’s Treasure co-creator Eric Meltzer of Primitive Ventures, so far nearly 60,000 people have signed up for notifications related to the international scavenger hunt for $1 million worth of bitcoin. On Saturday, at the Magical Crypto Conference in New York, Melzter and the team revealed yet another clue: A series of cryptic images and other hints hidden on business cards distributed at the event. GoTenna Partners With Blockstream Satellite to Make Using Bitcoin Without an Internet Connection Simpler And, as revealed exclusively to CoinDesk, a group of veteran crypto investors have pledged an undisclosed amount to fund future games and campaigns. These sponsors include Naval Ravikant, Balaji Srinivasan, Mark Pincus, Andrew Lee, IDEO CoLabs Ventures, Nic Carter, Matt Walsh, Meltem Demirors, Li Xiaolai, Jehan Chu and Sam Engelbardt. “I’d say Satoshi’s Treasure is so exciting because it’s the pure joy of a treasure hunt,” Carter told CoinDesk. “It’s global and anyone can participate.” Meanwhile, many have formed online teams to collect the 400 key fragments required to move the prize from the game’s bitcoin wallet, Meltzer said. Yet even the dynamics of these teams highlight how bitcoiners are unique compared to other online gaming communities. For example, software engineer John Cantrell cracked the code for one of the first key fragments then promptly detailed on both Twitter and GitHub how he managed to do it. “For me, it’s really all about education,” Cantrell told CoinDesk. Bitcoin Price Hits 8-Month High Close to $7K Since then, Cantrell also joined several teams and created a free tool called Ordo to help teams organize clues and fairly credit contributions to the hunt, which will come in handy for any winning team looking to divvy up the loot. Cantrell said so far the largest team using Ordo appears to have 600 members. Another large team, called the Magellan Clan, told CoinDesk via email it has 100 members from 30 countries. It even made a unique token to reward people beyond the team who provide tips. With so many players flocking to Satoshi’s Treasure, Cantrell isn’t the only one making tools and services for other players. The 18-person ToshiCiphers clan, for example, has launched a merchandise store for teams looking to make shirts and other swag. ToshiCiphers clan member Devon Kramer told CoinDesk they’ve had four orders for custom shirts so far. While many players in this game were, like Cantrell, already bitcoin veterans, some gamers have been attracted to Satoshi’s Treasure by the collaborative play, rather than the prize itself. Clues are spread both around the physical world and online, requiring a wide range of skills and languages for teams to be competitive. Story continues “We have a couple of people who are new to cryptocurrency, didn’t know much about blockchain, but they were brought in by the hunt,” Kramer said. Kramer’s teammate, who goes by Yann, added: “I think we are playing the first Great game of the Augmented Reality Era.” Satoshi’s Treasure hunters image via Eric Meltzer Related Stories What’s Holding Back Bitcoin in Venezuela? This Group Is Investigating As Bitcoin Continues Its Climb, Top Crypto Assets Tease Breakouts View comments || $1 Million Bitcoin Scavenger Hunt Attracts 60,000 Digital Sleuths (And New Investors): Nothing brings bitcoiners together like a quest peppered with cryptographic clues.
According toSatoshi’s Treasureco-creator Eric Meltzer of Primitive Ventures, so far nearly 60,000 people have signed up for notifications related to the international scavenger hunt for $1 million worth of bitcoin.
On Saturday, at the Magical Crypto Conference in New York, Melzter and the team revealed yet another clue: A series of cryptic images and other hints hidden on business cards distributed at the event.
GoTenna Partners With Blockstream Satellite to Make Using Bitcoin Without an Internet Connection Simpler
And, as revealed exclusively to CoinDesk, a group of veteran crypto investors have pledged an undisclosed amount to fund future games and campaigns. These sponsors include Naval Ravikant, Balaji Srinivasan, Mark Pincus, Andrew Lee, IDEO CoLabs Ventures, Nic Carter, Matt Walsh, Meltem Demirors, Li Xiaolai, Jehan Chu and Sam Engelbardt.
“I’d say Satoshi’s Treasure is so exciting because it’s the pure joy of a treasure hunt,” Carter told CoinDesk. “It’s global and anyone can participate.”
Meanwhile, many have formed online teams to collect the 400 key fragments required to move the prize from the game’s bitcoin wallet, Meltzer said. Yet even the dynamics of these teams highlight how bitcoiners are unique compared to other online gaming communities. For example, software engineer John Cantrell cracked the code for one of the first key fragments then promptly detailed on both Twitter and GitHub how he managed to do it.
“For me, it’s really all about education,” Cantrell told CoinDesk.
Bitcoin Price Hits 8-Month High Close to $7K
Since then, Cantrell also joined several teams and created a free tool calledOrdoto help teams organize clues and fairly credit contributions to the hunt, which will come in handy for any winning team looking to divvy up the loot.
Cantrell said so far the largest team using Ordo appears to have 600 members.
Another large team, called the Magellan Clan, told CoinDesk via email it has 100 members from 30 countries. It even made aunique tokento reward people beyond the team who provide tips.
With so many players flocking to Satoshi’s Treasure, Cantrell isn’t the only one making tools and services for other players.
The 18-person ToshiCiphers clan, for example, has launched amerchandise storefor teams looking to make shirts and other swag. ToshiCiphers clan member Devon Kramer told CoinDesk they’ve had four orders for custom shirts so far.
While many players in this game were, like Cantrell, already bitcoin veterans, some gamers have been attracted to Satoshi’s Treasure by the collaborative play, rather than the prize itself. Clues are spread both around the physical world and online, requiring a wide range of skills and languages for teams to be competitive.
“We have a couple of people who are new to cryptocurrency, didn’t know much about blockchain, but they were brought in by the hunt,” Kramer said.
Kramer’s teammate, who goes by Yann, added:
“I think we are playing the first Great game of the Augmented Reality Era.”
Satoshi’s Treasure hunters image via Eric Meltzer
• What’s Holding Back Bitcoin in Venezuela? This Group Is Investigating
• As Bitcoin Continues Its Climb, Top Crypto Assets Tease Breakouts || $1 Million Bitcoin Scavenger Hunt Attracts 60,000 Digital Sleuths (And New Investors): Nothing brings bitcoiners together like a quest peppered with cryptographic clues.
According toSatoshi’s Treasureco-creator Eric Meltzer of Primitive Ventures, so far nearly 60,000 people have signed up for notifications related to the international scavenger hunt for $1 million worth of bitcoin.
On Saturday, at the Magical Crypto Conference in New York, Melzter and the team revealed yet another clue: A series of cryptic images and other hints hidden on business cards distributed at the event.
GoTenna Partners With Blockstream Satellite to Make Using Bitcoin Without an Internet Connection Simpler
And, as revealed exclusively to CoinDesk, a group of veteran crypto investors have pledged an undisclosed amount to fund future games and campaigns. These sponsors include Naval Ravikant, Balaji Srinivasan, Mark Pincus, Andrew Lee, IDEO CoLabs Ventures, Nic Carter, Matt Walsh, Meltem Demirors, Li Xiaolai, Jehan Chu and Sam Engelbardt.
“I’d say Satoshi’s Treasure is so exciting because it’s the pure joy of a treasure hunt,” Carter told CoinDesk. “It’s global and anyone can participate.”
Meanwhile, many have formed online teams to collect the 400 key fragments required to move the prize from the game’s bitcoin wallet, Meltzer said. Yet even the dynamics of these teams highlight how bitcoiners are unique compared to other online gaming communities. For example, software engineer John Cantrell cracked the code for one of the first key fragments then promptly detailed on both Twitter and GitHub how he managed to do it.
“For me, it’s really all about education,” Cantrell told CoinDesk.
Bitcoin Price Hits 8-Month High Close to $7K
Since then, Cantrell also joined several teams and created a free tool calledOrdoto help teams organize clues and fairly credit contributions to the hunt, which will come in handy for any winning team looking to divvy up the loot.
Cantrell said so far the largest team using Ordo appears to have 600 members.
Another large team, called the Magellan Clan, told CoinDesk via email it has 100 members from 30 countries. It even made aunique tokento reward people beyond the team who provide tips.
With so many players flocking to Satoshi’s Treasure, Cantrell isn’t the only one making tools and services for other players.
The 18-person ToshiCiphers clan, for example, has launched amerchandise storefor teams looking to make shirts and other swag. ToshiCiphers clan member Devon Kramer told CoinDesk they’ve had four orders for custom shirts so far.
While many players in this game were, like Cantrell, already bitcoin veterans, some gamers have been attracted to Satoshi’s Treasure by the collaborative play, rather than the prize itself. Clues are spread both around the physical world and online, requiring a wide range of skills and languages for teams to be competitive.
“We have a couple of people who are new to cryptocurrency, didn’t know much about blockchain, but they were brought in by the hunt,” Kramer said.
Kramer’s teammate, who goes by Yann, added:
“I think we are playing the first Great game of the Augmented Reality Era.”
Satoshi’s Treasure hunters image via Eric Meltzer
• What’s Holding Back Bitcoin in Venezuela? This Group Is Investigating
• As Bitcoin Continues Its Climb, Top Crypto Assets Tease Breakouts || GoTenna Partners With Blockstream Satellite to Make Using Bitcoin Without an Internet Connection Simpler: Sending bitcoin transactions without an internet connection just got a little bit easier.
Announced at the Magical Crypto Conference on Saturday in New York City, Blockstream Satellite and goTenna are integrating their technologies to make it easier to send bitcoin transactions with technology used to onboard people without direct internet connections.
Blockstream Satellite is a network of satellites deployed so that people across most of the planet can download a bitcoin full node, the most secure portal to the bitcoin network, even without an internet connection. That is, as long as they have a satellite receiver with Blockstream Satellite’s specific software installed.
Bitcoin Price Hits 8-Month High Close to $7K
goTenna is a startup exploring technology that allows users to connect with others without the internet — to send text messages to others, for example. Instead, they have formed their own “mesh network” for sending messages. The limitation is that a user needs to connect to someone close-by, within a mile, to send a transaction.
As oflate last year, the goTenna device also connects to their bitcoin wallet on an Android phone that users can put bitcoin in and then use to send bitcoin transactions without an internet connection – as long as they’re able to connect to another goTenna user that has an internet connection.
goTenna explained in a statement:
“What this means for users is that they will be able to receive blockchain data via a satellite and send signed bitcoin transactions out via the goTenna Mesh network without a direct internet connection.”
What’s Holding Back Bitcoin in Venezuela? This Group Is Investigating
“The goTenna app is that it lets you send signed bitcoin transactions over our mesh network. If you’re local provider is censoring you or your connection is down for some reason, maybe due to a natural disaster, you can still get it to the internet,” said goTenna decentralized applications engineer Richard Myers in an interview with CoinDesk, adding that it also provides a more private way of sending bitcoin transactions.
This integration is part of a larger effort to make it easier for people to send offline transactions if they need to. It also makes Blockstream Satellite, which perhaps sounds more like a sci-fi project than a thing that will actually help people, a bit more useful.
“The need for this technology might not be in New York City, but other parts of the world. It could be useful there instead of centralized internet providers,” said Myers, adding that right now, users can send transactions with Blockstream Satellite using other technologies, such as high-frequency radio, but these technologies generally requires “more specialized knowledge.”
This technology gives users one other option that Myers argues is easier. “It lowers the bar for who can do this kind of wizardry,” he said.
Image via goTenna
• As Bitcoin Continues Its Climb, Top Crypto Assets Tease Breakouts
• All of It Dark, All of It P2P: After the Binance Hack, Bitcoin Doesn’t Cut It || GoTenna Partners With Blockstream Satellite to Make Using Bitcoin Without an Internet Connection Simpler: Sending bitcoin transactions without an internet connection just got a little bit easier. Announced at the Magical Crypto Conference on Saturday in New York City, Blockstream Satellite and goTenna are integrating their technologies to make it easier to send bitcoin transactions with technology used to onboard people without direct internet connections. Blockstream Satellite is a network of satellites deployed so that people across most of the planet can download a bitcoin full node, the most secure portal to the bitcoin network, even without an internet connection. That is, as long as they have a satellite receiver with Blockstream Satellites specific software installed. Bitcoin Price Hits 8-Month High Close to $7K goTenna is a startup exploring technology that allows users to connect with others without the internet to send text messages to others, for example. Instead, they have formed their own mesh network for sending messages. The limitation is that a user needs to connect to someone close-by, within a mile, to send a transaction. As of late last year , the goTenna device also connects to their bitcoin wallet on an Android phone that users can put bitcoin in and then use to send bitcoin transactions without an internet connection as long as theyre able to connect to another goTenna user that has an internet connection. goTenna explained in a statement: What this means for users is that they will be able to receive blockchain data via a satellite and send signed bitcoin transactions out via the goTenna Mesh network without a direct internet connection. Whats Holding Back Bitcoin in Venezuela? This Group Is Investigating The goTenna app is that it lets you send signed bitcoin transactions over our mesh network. If youre local provider is censoring you or your connection is down for some reason, maybe due to a natural disaster, you can still get it to the internet, said goTenna decentralized applications engineer Richard Myers in an interview with CoinDesk, adding that it also provides a more private way of sending bitcoin transactions. Story continues This integration is part of a larger effort to make it easier for people to send offline transactions if they need to. It also makes Blockstream Satellite, which perhaps sounds more like a sci-fi project than a thing that will actually help people, a bit more useful. The n eed for this technology might not be in New York City, but other parts of the world. It could be useful there instead of centralized internet providers, said Myers, adding that right now, users can send transactions with Blockstream Satellite using other technologies, such as high-frequency radio, but these technologies generally requires more specialized knowledge. This technology gives users one other option that Myers argues is easier. It lowers the bar for who can do this kind of wizardry, he said. Image via goTenna Related Stories As Bitcoin Continues Its Climb, Top Crypto Assets Tease Breakouts All of It Dark, All of It P2P: After the Binance Hack, Bitcoin Doesnt Cut It || GoTenna Partners With Blockstream Satellite to Make Using Bitcoin Without an Internet Connection Simpler: Sending bitcoin transactions without an internet connection just got a little bit easier.
Announced at the Magical Crypto Conference on Saturday in New York City, Blockstream Satellite and goTenna are integrating their technologies to make it easier to send bitcoin transactions with technology used to onboard people without direct internet connections.
Blockstream Satellite is a network of satellites deployed so that people across most of the planet can download a bitcoin full node, the most secure portal to the bitcoin network, even without an internet connection. That is, as long as they have a satellite receiver with Blockstream Satellite’s specific software installed.
Bitcoin Price Hits 8-Month High Close to $7K
goTenna is a startup exploring technology that allows users to connect with others without the internet — to send text messages to others, for example. Instead, they have formed their own “mesh network” for sending messages. The limitation is that a user needs to connect to someone close-by, within a mile, to send a transaction.
As oflate last year, the goTenna device also connects to their bitcoin wallet on an Android phone that users can put bitcoin in and then use to send bitcoin transactions without an internet connection – as long as they’re able to connect to another goTenna user that has an internet connection.
goTenna explained in a statement:
“What this means for users is that they will be able to receive blockchain data via a satellite and send signed bitcoin transactions out via the goTenna Mesh network without a direct internet connection.”
What’s Holding Back Bitcoin in Venezuela? This Group Is Investigating
“The goTenna app is that it lets you send signed bitcoin transactions over our mesh network. If you’re local provider is censoring you or your connection is down for some reason, maybe due to a natural disaster, you can still get it to the internet,” said goTenna decentralized applications engineer Richard Myers in an interview with CoinDesk, adding that it also provides a more private way of sending bitcoin transactions.
This integration is part of a larger effort to make it easier for people to send offline transactions if they need to. It also makes Blockstream Satellite, which perhaps sounds more like a sci-fi project than a thing that will actually help people, a bit more useful.
“The need for this technology might not be in New York City, but other parts of the world. It could be useful there instead of centralized internet providers,” said Myers, adding that right now, users can send transactions with Blockstream Satellite using other technologies, such as high-frequency radio, but these technologies generally requires “more specialized knowledge.”
This technology gives users one other option that Myers argues is easier. “It lowers the bar for who can do this kind of wizardry,” he said.
Image via goTenna
• As Bitcoin Continues Its Climb, Top Crypto Assets Tease Breakouts
• All of It Dark, All of It P2P: After the Binance Hack, Bitcoin Doesn’t Cut It || Barron's Picks And Pans: Community Health, GM, JB Hunt, Uber, UPS And More: • This weekend'sBarron'scover story offers seven dividend stock picks for volatile times.
• Other featured articles have picks from the Sohn Conference and examine a little-known key to better stock performance.
• Also, a disappointing initial public offering, two bargain transport plays, and soaring whiskey stocks.
This weekend's Barron's cover story, "7 Dividend Stocks for Volatile Times Ahead" by Lawrence C. Strauss suggests lower interest rates and market uncertainty make income plays likeMicrosoft Corporation(NASDAQ:MSFT) andNextEra Energy Inc(NYSE:NEE) more appealing now.
Andrew Bary's "Uber Starts in Reverse" points out thatUber Technologies Inc(NYSE:UBER) shares disappointed on their trading debut. The article also asks whether other unicorns will be led to the slaughter of the public markets.
In "UPS Stock Is Poised to Deliver. Here's Why.," Andrew Bary makes a case that, with its free cash flow expected to improve and a safe dividend, shares of undervaluedUnited Parcel Service, Inc.(NYSE:UPS) should start to revive and this is a good entry point for investors.
Shares of the intermodal transport companyJ B Hunt Transport Services Inc(NASDAQ:JBHT) have slumped, according to "J.B. Hunt Stock Is a Bargain Play in Intermodal Shipping" by Leslie P. Norton. But improvements in the railroad system should help increase volumes.
In Bill Alpert's "U.S. Whiskey Stocks Have Soared. Beware the Bourbon Bubble." see why Barron's believes companies such asBrown-Forman Corporation(NASDAQ:BR-A) have thrived. Do millennials get all the credit?
See Also: Bitcoin Bull Market Is Back
"General Motors Stock Looks Like a Buy — and Not Just Because of Cruise" by Al Root points out that leading U.S. automakerGeneral Motors Company(NYSE:GM) is executing well, but you wouldn't know it from the stock price.
In "Hedge Funds' Health-Care Picks and Pans," Avi Salzman indicates that the 2019 Sohn Conference featured buys and shorts in the health care arena, includingCommunity Health Systems(NYSE:CYH), as well as lots of talk on policy trends.
Since 1990, companies that spend more on this one thing have outperformed the S&P 500 handily. So says Ben Levisohn's "A Little-Known Key to Better Stock Performance." See what that means for the likes ofJuniper Networks, Inc.(NYSE:JNPR).
Also in this week's Barron's:
• The unexpected return of tariffs
• When index funds hurt investors
• How market darling stocks might be vulnerable
• What Facebook's cryptocurrency could look like
• Whether it is time to invest in South Africa
• Places to retire abroad on the cheap
• Closing America's skills gap
See more from Benzinga
• Notable Insider Buys This Past Week: ADM, Biogen, Grubhub and More
• Barron's On: Investing For The Coming Wave Of Millennial Spending
• Benzinga's Bulls & Bears Of The Week: Apple, Disney, GE, Sprint And More
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Barron's Picks And Pans: Community Health, GM, JB Hunt, Uber, UPS And More: This weekend's Barron's cover story offers seven dividend stock picks for volatile times. Other featured articles have picks from the Sohn Conference and examine a little-known key to better stock performance. Also, a disappointing initial public offering, two bargain transport plays, and soaring whiskey stocks. This weekend's Barron's cover story, " 7 Dividend Stocks for Volatile Times Ahead " by Lawrence C. Strauss suggests lower interest rates and market uncertainty make income plays like Microsoft Corporation (NASDAQ: MSFT ) and NextEra Energy Inc (NYSE: NEE ) more appealing now. Andrew Bary's " Uber Starts in Reverse " points out that Uber Technologies Inc (NYSE: UBER ) shares disappointed on their trading debut. The article also asks whether other unicorns will be led to the slaughter of the public markets. In " UPS Stock Is Poised to Deliver. Here's Why. ," Andrew Bary makes a case that, with its free cash flow expected to improve and a safe dividend, shares of undervalued United Parcel Service, Inc. (NYSE: UPS ) should start to revive and this is a good entry point for investors. Shares of the intermodal transport company J B Hunt Transport Services Inc (NASDAQ: JBHT ) have slumped, according to "J.B. Hunt Stock Is a Bargain Play in Intermodal Shipping" by Leslie P. Norton. But improvements in the railroad system should help increase volumes. In Bill Alpert's "U.S. Whiskey Stocks Have Soared. Beware the Bourbon Bubble." see why Barron's believes companies such as Brown-Forman Corporation (NASDAQ: BR-A ) have thrived. Do millennials get all the credit? See Also: Bitcoin Bull Market Is Back "General Motors Stock Looks Like a Buy — and Not Just Because of Cruise" by Al Root points out that leading U.S. automaker General Motors Company (NYSE: GM ) is executing well, but you wouldn't know it from the stock price. In "Hedge Funds' Health-Care Picks and Pans," Avi Salzman indicates that the 2019 Sohn Conference featured buys and shorts in the health care arena, including Community Health Systems (NYSE: CYH ), as well as lots of talk on policy trends. Since 1990, companies that spend more on this one thing have outperformed the S&P 500 handily. So says Ben Levisohn's "A Little-Known Key to Better Stock Performance." See what that means for the likes of Juniper Networks, Inc. (NYSE: JNPR ). Also in this week's Barron's: The unexpected return of tariffs When index funds hurt investors How market darling stocks might be vulnerable What Facebook's cryptocurrency could look like Whether it is time to invest in South Africa Places to retire abroad on the cheap Closing America's skills gap Story continues See more from Benzinga Notable Insider Buys This Past Week: ADM, Biogen, Grubhub and More Barron's On: Investing For The Coming Wave Of Millennial Spending Benzinga's Bulls & Bears Of The Week: Apple, Disney, GE, Sprint And More © 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || HTC Says Its Next Smartphone Will Run a Full Bitcoin Node: Mobile phone manufacturer HTC wants to let its smartphone customers plug into the bitcoin blockchain.
Speaking on Saturday at the Magical Crypto Conference in New York, HTC’s Phil Chen revealed a new low-cost version of its blockchain phone, the EXODUS 1s, announcing that the device will be capable of acting as a full node for the bitcoin network, meaning customers will store the entire blockchain’s data on their devices.
The company will also provide a software development kit (SDK) available for its Zion Vault, HTC’s crypto wallet app, and eventually plans to open-source the code behind its social key recovery mechanism.
HTC Plans to Launch Another Blockchain Phone This Year, Exec Says
Phil Chen, HTC’s decentralized chief officer, told CoinDesk that the company is targeting a release by the end of Q3.
“[The 1s is] going to be a lot cheaper, it will be a lot more accessible,” he said. The device will retail for between $250 and $300.
Specifications have not yet been released for the device.
The 1s will be based on the HTC EXODUS 1, which was announced atCoinDesk’s Consensus 2018and released later in the year. While customers could initially onlypurchase the devicewith crypto, HTC opened upfiat payment optionsin February.
New $50 Million Venture Fund Eyes Global Blockchain Adoption
The most striking promise of the 1s will be its ability to run a full bitcoin node. Chen explained that the company saw that as “a really important piece of the pie” for the bitcoin ecosystem.
“We think that’s foundational to the whole decentralized internet and just the whole fundamental premise,” he said. “If you don’t own your keys, you don’t own your bitcoin, you don’t own your crypto.”
The EXODUS 1 was designed to let users maintain their own private keys, which in turn formed the basis for this next move, Chen said.
He believes that from a technological standpoint, smartphones today are physically capable of handling the effort, noting that computing chips and storage media are constantly becoming cheaper and more efficient.
“We expect that phones will be powerful enough,” he contended, adding:
“The bitcoin blockchain is about 200 [gigabytes], and it’s growing about 60 gigs per year. And those numbers are reasonable to hold on a smartphone. Imagine the iPod with 256 gigs … of course the music fan wants to keep the whole music library but the crypto fan wants to keep the whole bitcoin blockchain.”
By letting users run full nodes, HTC is giving them the ability to verify data themselves, he said.
“[You can] be a part of the bitcoin revolution by contributing to the security of the whole network,” said Chen.
That being said, the EXODUS 1s will still be capable of conducting normal smartphone operations, with room for music, videos, pictures, apps and dapps.
HTC plans to support the bitcoin blockchain at launch, but Chen did not rule out adding support for other networks. The chief considerations include how much memory and bandwidth other networks would require, he explained.
“I think running light nodes, like ethereum for example, is definitely doable, [but] it all depends on the spec,” he said.
The company also plans to focus on public blockchains, which Chen believes are far easier to support than private networks. That said, HTC is not planning on adding support for any other networks explicitly at this time.
“I see bitcoin as one of the most important if not the most important blockchains,” he said. “We definitely want to support that first and given what bitcoin stands for, open, neutral, censorship-resistance.”
He also noted that bitcoin is “the most proven” network, and supporting it was at least a little symbolic as well.
Once HTC is able to launch the 1s, Chen expects that his team will be able to apply the experience from supporting a bitcoin node to other networks.
Its new 1s falls in line with HTC’s goal of contributing to the broader crypto ecosystem.
Demand from the EXODUS has been “in track” with HTC’s expectations, Chen said. However, the company is still soliciting feedback from the community. To that end, HTC is publishing its Zion Vault SDK for developers and ultimately plans to make its social key recovery mechanism available for other wallets to utilize (though there is no set timeline for this last part).
The company is also continuing to support its existing EXODUS 1 product, adding an Etherscan widget for customers to explore the ethereum blockchain and support for further non-fungible tokens.
Chen said the company would continue to develop products for the line, targeting a user-focused experience.
“I think people who really care about the public blockchain space see the role we play in this ecosystem. We’ve gotten a lot of support from developers and we’re very authentic about empowering developers,” he said.
Image viaMagical Crypto Conference
• Sirin Labs Lays Off 25% of Staff Amid Poor Blockchain Phone Sales
• New iPhone-Controlled Crypto Vault Promises ‘Bank-Grade’ Security || HTC Says Its Next Smartphone Will Run a Full Bitcoin Node: Mobile phone manufacturer HTC wants to let its smartphone customers plug into the bitcoin blockchain. Speaking on Saturday at the Magical Crypto Conference in New York, HTC’s Phil Chen revealed a new low-cost version of its blockchain phone, the EXODUS 1s, announcing that the device will be capable of acting as a full node for the bitcoin network, meaning customers will store the entire blockchain’s data on their devices. The company will also provide a software development kit (SDK) available for its Zion Vault, HTC’s crypto wallet app, and eventually plans to open-source the code behind its social key recovery mechanism. HTC Plans to Launch Another Blockchain Phone This Year, Exec Says Phil Chen, HTC’s decentralized chief officer, told CoinDesk that the company is targeting a release by the end of Q3. “[The 1s is] going to be a lot cheaper, it will be a lot more accessible,” he said. The device will retail for between $250 and $300. Specifications have not yet been released for the device. The 1s will be based on the HTC EXODUS 1, which was announced at CoinDesk’s Consensus 2018 and released later in the year. While customers could initially only purchase the device with crypto, HTC opened up fiat payment options in February. Full node New $50 Million Venture Fund Eyes Global Blockchain Adoption The most striking promise of the 1s will be its ability to run a full bitcoin node. Chen explained that the company saw that as “a really important piece of the pie” for the bitcoin ecosystem. “We think that’s foundational to the whole decentralized internet and just the whole fundamental premise,” he said. “If you don’t own your keys, you don’t own your bitcoin, you don’t own your crypto.” The EXODUS 1 was designed to let users maintain their own private keys, which in turn formed the basis for this next move, Chen said. He believes that from a technological standpoint, smartphones today are physically capable of handling the effort, noting that computing chips and storage media are constantly becoming cheaper and more efficient. “We expect that phones will be powerful enough,” he contended, adding: “The bitcoin blockchain is about 200 [gigabytes], and it’s growing about 60 gigs per year. And those numbers are reasonable to hold on a smartphone. Imagine the iPod with 256 gigs … of course the music fan wants to keep the whole music library but the crypto fan wants to keep the whole bitcoin blockchain.” By letting users run full nodes, HTC is giving them the ability to verify data themselves, he said. “[You can] be a part of the bitcoin revolution by contributing to the security of the whole network,” said Chen. Story continues That being said, the EXODUS 1s will still be capable of conducting normal smartphone operations, with room for music, videos, pictures, apps and dapps. Other blockchains? HTC plans to support the bitcoin blockchain at launch, but Chen did not rule out adding support for other networks. The chief considerations include how much memory and bandwidth other networks would require, he explained. “I think running light nodes, like ethereum for example, is definitely doable, [but] it all depends on the spec,” he said. The company also plans to focus on public blockchains, which Chen believes are far easier to support than private networks. That said, HTC is not planning on adding support for any other networks explicitly at this time. “I see bitcoin as one of the most important if not the most important blockchains,” he said. “We definitely want to support that first and given what bitcoin stands for, open, neutral, censorship-resistance.” He also noted that bitcoin is “the most proven” network, and supporting it was at least a little symbolic as well. Once HTC is able to launch the 1s, Chen expects that his team will be able to apply the experience from supporting a bitcoin node to other networks. Ecosystem construction Its new 1s falls in line with HTC’s goal of contributing to the broader crypto ecosystem. Demand from the EXODUS has been “in track” with HTC’s expectations, Chen said. However, the company is still soliciting feedback from the community. To that end, HTC is publishing its Zion Vault SDK for developers and ultimately plans to make its social key recovery mechanism available for other wallets to utilize (though there is no set timeline for this last part). The company is also continuing to support its existing EXODUS 1 product, adding an Etherscan widget for customers to explore the ethereum blockchain and support for further non-fungible tokens. Chen said the company would continue to develop products for the line, targeting a user-focused experience. “I think people who really care about the public blockchain space see the role we play in this ecosystem. We’ve gotten a lot of support from developers and we’re very authentic about empowering developers,” he said. Image via Magical Crypto Conference Related Stories Sirin Labs Lays Off 25% of Staff Amid Poor Blockchain Phone Sales New iPhone-Controlled Crypto Vault Promises ‘Bank-Grade’ Security View comments || HTC will release a cheaper blockchain phone later this year: HTC is dead serious about its foray into crypto-phones. Today, the Taiwanese company announced the Exodus 1s, a cheaper version of the Exodus flagship that was launched last year. We don't know much about the mid-range device beyond its price -- somewhere in the $250 to $300 region, according to a spokesperson -- and its release date, which is currently slated for "the end of Q3." The basic specs, including its processor, display and camera setup, are all a mystery for now. HTC has revealed one tantalizing detail, though: the phone will double as a full node. That means the device can act as one of the distributed points that validate and relay transactions on the Bitcoin blockchain. It won't be able to mine any cryptocurrency, but Phil Chen, Decentralized Chief Officer at HTC, told Engadget it has "partners to announce that will offer hash rates to do so." HTC hopes the phone will appeal to people who are curious about cryptocurrency and want to support public blockchains. "There is a shortage of full nodes in the network," Chen explained. "By taking a more long-term, ecosystem perspective as a device manufacturer we believe we can help grow this network for application developers which in turn would benefit everyone using Bitcoin. There's a sense of being my brother's keeper here for running a full node. " The Bitcoin ledger is currently over 200GB. HTC says it will be possible to store a smaller "pruned version" on the phone itself. The full blockchain, meanwhile, will need to be stored on a separate SD card. The original Exodus will gain the same node functionality "around the same time," according to Chen, but will also require a dedicated SD card to host the full blockchain and run the necessary software. The node functionality will, presumably, take a toll on both the Exodus 1 and 1s' performance. Chen said users should operate the node over a Wi-Fi connection and admitted that power consumption will be "beyond normal operating levels." Story continues "There are a number of different design elements that need to be taken into account to be able to handle this," he added. The Exodus 1s, like its predecessor, will support HTC's Zion wallet app. The software can be used to store, send and request a number of cryptocurrencies including Bitcoin, Ether and Litecoin, as well as Ethereum-based ERC-20 and ERC-721 tokens. Today, HTC is releasing the Zion Vault SDK on GitHub so developers can tinker with and hopefully improve the software. "We understand it takes a community to ensure strength and security, so it's important to the Exodus team that our community has the best tools available to them," the company said. The question, of course, is whether there's a market for crypto-centric devices. HTC is in a tough spot financially, and it's difficult to imagine the Exodus 1 or 1s turning its business around. || HTC Says Its Next Smartphone Will Run a Full Bitcoin Node: Mobile phone manufacturer HTC wants to let its smartphone customers plug into the bitcoin blockchain.
Speaking on Saturday at the Magical Crypto Conference in New York, HTC’s Phil Chen revealed a new low-cost version of its blockchain phone, the EXODUS 1s, announcing that the device will be capable of acting as a full node for the bitcoin network, meaning customers will store the entire blockchain’s data on their devices.
The company will also provide a software development kit (SDK) available for its Zion Vault, HTC’s crypto wallet app, and eventually plans to open-source the code behind its social key recovery mechanism.
HTC Plans to Launch Another Blockchain Phone This Year, Exec Says
Phil Chen, HTC’s decentralized chief officer, told CoinDesk that the company is targeting a release by the end of Q3.
“[The 1s is] going to be a lot cheaper, it will be a lot more accessible,” he said. The device will retail for between $250 and $300.
Specifications have not yet been released for the device.
The 1s will be based on the HTC EXODUS 1, which was announced atCoinDesk’s Consensus 2018and released later in the year. While customers could initially onlypurchase the devicewith crypto, HTC opened upfiat payment optionsin February.
New $50 Million Venture Fund Eyes Global Blockchain Adoption
The most striking promise of the 1s will be its ability to run a full bitcoin node. Chen explained that the company saw that as “a really important piece of the pie” for the bitcoin ecosystem.
“We think that’s foundational to the whole decentralized internet and just the whole fundamental premise,” he said. “If you don’t own your keys, you don’t own your bitcoin, you don’t own your crypto.”
The EXODUS 1 was designed to let users maintain their own private keys, which in turn formed the basis for this next move, Chen said.
He believes that from a technological standpoint, smartphones today are physically capable of handling the effort, noting that computing chips and storage media are constantly becoming cheaper and more efficient.
“We expect that phones will be powerful enough,” he contended, adding:
“The bitcoin blockchain is about 200 [gigabytes], and it’s growing about 60 gigs per year. And those numbers are reasonable to hold on a smartphone. Imagine the iPod with 256 gigs … of course the music fan wants to keep the whole music library but the crypto fan wants to keep the whole bitcoin blockchain.”
By letting users run full nodes, HTC is giving them the ability to verify data themselves, he said.
“[You can] be a part of the bitcoin revolution by contributing to the security of the whole network,” said Chen.
That being said, the EXODUS 1s will still be capable of conducting normal smartphone operations, with room for music, videos, pictures, apps and dapps.
HTC plans to support the bitcoin blockchain at launch, but Chen did not rule out adding support for other networks. The chief considerations include how much memory and bandwidth other networks would require, he explained.
“I think running light nodes, like ethereum for example, is definitely doable, [but] it all depends on the spec,” he said.
The company also plans to focus on public blockchains, which Chen believes are far easier to support than private networks. That said, HTC is not planning on adding support for any other networks explicitly at this time.
“I see bitcoin as one of the most important if not the most important blockchains,” he said. “We definitely want to support that first and given what bitcoin stands for, open, neutral, censorship-resistance.”
He also noted that bitcoin is “the most proven” network, and supporting it was at least a little symbolic as well.
Once HTC is able to launch the 1s, Chen expects that his team will be able to apply the experience from supporting a bitcoin node to other networks.
Its new 1s falls in line with HTC’s goal of contributing to the broader crypto ecosystem.
Demand from the EXODUS has been “in track” with HTC’s expectations, Chen said. However, the company is still soliciting feedback from the community. To that end, HTC is publishing its Zion Vault SDK for developers and ultimately plans to make its social key recovery mechanism available for other wallets to utilize (though there is no set timeline for this last part).
The company is also continuing to support its existing EXODUS 1 product, adding an Etherscan widget for customers to explore the ethereum blockchain and support for further non-fungible tokens.
Chen said the company would continue to develop products for the line, targeting a user-focused experience.
“I think people who really care about the public blockchain space see the role we play in this ecosystem. We’ve gotten a lot of support from developers and we’re very authentic about empowering developers,” he said.
Image viaMagical Crypto Conference
• Sirin Labs Lays Off 25% of Staff Amid Poor Blockchain Phone Sales
• New iPhone-Controlled Crypto Vault Promises ‘Bank-Grade’ Security || HTC will release a cheaper blockchain phone later this year: HTC is dead serious about its foray into crypto-phones. Today, the Taiwanese company announced the Exodus 1s, a cheaper version ofthe Exodus flagshipthat was launched last year. We don't know much about the mid-range device beyond its price -- somewhere in the $250 to $300 region, according to a spokesperson -- and its release date, which is currently slated for "the end of Q3." The basic specs, including its processor, display and camera setup, are all a mystery for now.
HTC has revealed one tantalizing detail, though: the phone will double as a full node. That means the device can act as one of the distributed points that validate and relay transactions on the Bitcoin blockchain. It won't be able to mine any cryptocurrency, but Phil Chen, Decentralized Chief Officer at HTC, told Engadget it has "partners to announce that will offer hash rates to do so." HTC hopes the phone will appeal to people who are curious about cryptocurrency and want to support public blockchains.
"There is a shortage of full nodes in the network," Chen explained. "By taking a more long-term, ecosystem perspective as a device manufacturer we believe we can help grow this network for application developers which in turn would benefit everyone using Bitcoin. There's a sense of being my brother's keeper here for running a full node. "
The Bitcoin ledger is currently over 200GB. HTC says it will be possible to store a smaller "pruned version" on the phone itself. The full blockchain, meanwhile, will need to be stored on a separate SD card. The original Exodus will gain the same node functionality "around the same time," according to Chen, but will also require a dedicated SD card to host the full blockchain and run the necessary software. The node functionality will, presumably, take a toll on both the Exodus 1 and 1s' performance. Chen said users should operate the node over a Wi-Fi connection and admitted that power consumption will be "beyond normal operating levels."
"There are a number of different design elements that need to be taken into account to be able to handle this," he added.
The Exodus 1s, like its predecessor, will support HTC's Zion wallet app. The software can be used to store, send and request a number of cryptocurrencies including Bitcoin, Ether and Litecoin, as well as Ethereum-based ERC-20 and ERC-721 tokens. Today, HTC is releasing the Zion Vault SDK on GitHub so developers can tinker with and hopefully improve the software. "We understand it takes a community to ensure strength and security, so it's important to the Exodus team that our community has the best tools available to them," the company said.
The question, of course, is whether there's a market for crypto-centric devices. HTC is in a tough spot financially, and it's difficult to imagine the Exodus 1 or 1s turning its business around. || Bitcoin Jesus Preaches Libertarian Gospel of Crypto & Crack Cocaine: Roger Ver, better known as By CCN : Roger Ver took to YouTube to read another letter from Ross Ulbricht, creator of the first darknet market using Bitcoin . The libertarian idealist used the opportunity to rail against the war on drugs. Roger Ver Reads Letter from Silk Road Founder Ross Ulbricht Roger Ver once nicknamed Bitcoin Jesus for his rabid crypto evangelism is more recently best known as a major proponent of Bitcoin Cash , which he views as remaining more faithful to the vision of Satoshi Nakamoto than Bitcoin. Ross Ulbricht , meanwhile, is currently serving a life sentence in federal prison for his role in providing a safe place for people to buy and sell drugs online. Some have argued that Silk Road created the first real demand for Bitcoin, which was the only currency used on the website. Ver makes a habit of sharing the letters Ulbricht writes him, and he has been one of Ulbrichts most vocal and generous supporters. The letter thanks Ver for his continued support and notes that he is organizing a benefit concert soon in Los Angeles. Bitcoin Jesus: You Absolutely Have the Right to Smoke Crack After reading the letter, Roger Ver unleashed an emotional monologue about the war on drugs, of which he believes Ross Ulbricht is an unfortunate victim. He presented a boilerplate libertarian stance that drugs should not be illegal, in any form. Read the full story on CCN.com . || ‘Bitcoin Jesus’ Preaches Libertarian Gospel of Crypto & Crack Cocaine: ByCCN: Roger Ver took to YouTube to read another letter from Ross Ulbricht, creator of the first darknet market usingBitcoin. The libertarian idealist used the opportunity to rail against the war on drugs.
Roger Ver– once nicknamed “Bitcoin Jesus” for his rabid crypto evangelism – is more recently best known as a major proponent ofBitcoin Cash, which he views as remaining more faithful to the vision ofSatoshi Nakamotothan Bitcoin.
Ross Ulbricht, meanwhile, is currently serving a life sentence in federal prison for his role in providing a safe place for people to buy and sell drugs online. Some have argued thatSilk Roadcreated the first real demand for Bitcoin, which was the only currency used on the website.
Ver makes a habit of sharing the letters Ulbricht writes him, and he has been one of Ulbricht’s most vocal and generous supporters. The letter thanks Ver for his continued support and notes that he is organizing a benefit concert soon in Los Angeles.
After reading the letter, Roger Ver unleashed an emotional monologue about the war on drugs, of which he believes Ross Ulbricht is an unfortunate victim.
He presented a boilerplate libertarian stance that drugs should not be illegal, in any form.
Read the full story on CCN.com. || ‘Bitcoin Jesus’ Preaches Libertarian Gospel of Crypto & Crack Cocaine: ByCCN: Roger Ver took to YouTube to read another letter from Ross Ulbricht, creator of the first darknet market usingBitcoin. The libertarian idealist used the opportunity to rail against the war on drugs.
Roger Ver– once nicknamed “Bitcoin Jesus” for his rabid crypto evangelism – is more recently best known as a major proponent ofBitcoin Cash, which he views as remaining more faithful to the vision ofSatoshi Nakamotothan Bitcoin.
Ross Ulbricht, meanwhile, is currently serving a life sentence in federal prison for his role in providing a safe place for people to buy and sell drugs online. Some have argued thatSilk Roadcreated the first real demand for Bitcoin, which was the only currency used on the website.
Ver makes a habit of sharing the letters Ulbricht writes him, and he has been one of Ulbricht’s most vocal and generous supporters. The letter thanks Ver for his continued support and notes that he is organizing a benefit concert soon in Los Angeles.
After reading the letter, Roger Ver unleashed an emotional monologue about the war on drugs, of which he believes Ross Ulbricht is an unfortunate victim.
He presented a boilerplate libertarian stance that drugs should not be illegal, in any form.
Read the full story on CCN.com. || 5 Things to Know About Facebooks Cryptocurrency Ambitions: Facebook (NASDAQ: FB) is building a cryptocurrency payment platform for its social network, according to The Wall Street Journal . The platform, codenamed Project Libra, will reportedly let users use digital coins to make purchases on Facebook and third-party sites. This isn't the first time we've heard about Facebook's cryptocurrency ambitions. In late 2018, it tested out an internally developed cryptocurrency for peer-to-peer money transfers on WhatsApp in India. In February, The New York Times claimed that Facebook was "hoping to succeed where bitcoin failed," and that the unification of WhatsApp, Messenger, and Instagram's messaging platforms could enable crypto payments across all three platforms. Here are five new things investors should know about Facebook's push into the crypto market. 1. It will use "stablecoins" Facebook's cryptocurrency will reportedly be a "stablecoin." Stablecoins are cryptocurrencies that are pegged to a stable asset like the U.S. dollar or a commodity (like gold) to minimize volatility. That's a smart move, since the prices of many other cryptocurrencies (like bitcoin and ethereum) fluctuate wildly. The price of bitcoin, for example, bounced between nearly $14,000 in late 2017 and about $3,000 at the beginning of this year. That volatile price might make it attractive to traders, but it also makes it impractical for traditional payments. Stacks of physical cryptocurrency coins. Image source: Getty Images. 2. It could challenge PayPal, Apple, Google, Amazon, and Square Facebook finished last quarter with 2.38 billion monthly active users. If it launches a unified currency for all those users, its coin could theoretically become the most widely used currency in the world. If Facebook tethers more third-party websites, apps, and stores to that platform, it could challenge payment platforms like PayPal (NASDAQ: PYPL) , Apple ( NASDAQ: AAPL ) Pay, Alphabet 's Google Pay, Amazon (NASDAQ: AMZN) Pay, and Square (NYSE: SQ) . Story continues David Marcus, PayPal's former president, currently leads Facebook's blockchain group (which is developing the cryptocurrency), and about 20% of the unit's 50 employees came from PayPal. That reunion suggests that Facebook plans to leverage its massive network of users to disrupt the market for online payments. 3. It would complement the company's other e-commerce ambitions A "Facebook coin" could tie together the company's fragmented payment and e-commerce efforts, which include peer-to-peer payments on Messenger, in-app checkouts for purchases on Instagram , interactive live videos that let merchants sell their products, and the Craigslist-like Facebook Marketplace. Facebook only offers these services in select markets, but launching a single currency for all its users worldwide could expand their reach and form the foundations of a stable e-commerce ecosystem. Facebook could also nurture the growth of its payments service by charging transaction fees or adding a slight margin to its coin purchases. A woman makes a purchase with her smartphone. Image source: Getty Images. If that business grew, it would reduce Facebook's dependence on ads by boosting the weight of its oft-overlooked "payments and other fees" business. That segment generated just $165 million in revenue (1% of its top line) last quarter. 4. It could pay its users and offer merchants discounts Facebook could reportedly reward users with crypto coins for viewing ads, or distribute them as loyalty points for interacting with content or buying products across its platforms. This strategy would be similar to Amazon's offer of free "Amazon Coins" for users who purchased certain Android apps, games, or in-game items. However, the Amazon Coin isn't a blockchain-powered cryptocurrency -- it's a simple virtual currency with a fixed value of $5 per coin. Facebook could also reward merchants for accepting more Facebook coin payments. For example, if a user clicks through a Facebook ad and completes a purchase with the coins, the retailer can use those coins to buy additional ads at a discount. 5. Visa and Mastercard might be interested Facebook's plans could potentially disrupt traditional credit card companies like Visa (NYSE: V) and Mastercard (NYSE: MA) . However, Facebook is reportedly in talks with both companies, which might want to become investors -- or even partners -- in the platform. That's logical, because Facebook would need a physical debit card partner to expand into brick-and-mortar stores. PayPal partnered with Visa to offer a physical debit card, and Square forged a similar partnership with Mastercard. Apple also recently introduced the physical Apple Card to expand Apple Pay into more stores. A promising plan, but plenty of hurdles Facebook's plan still faces lots of hurdles. For instance, established platforms like PayPal have a big lead, and Amazon and Google both struggled to catch up. Apple fared better thanks to its loyal base of hardware users, but it still controls a smaller slice of the market than PayPal. Facebook's reputation, which was tarnished by privacy and security debacles over the past year, could also prevent users from adopting its cryptocurrency offering. Facebook's plan sounds promising, but investors shouldn't count on it to reduce the company's dependence on advertising revenue anytime soon. More From The Motley Fool Crypto, Blockchain & Bitcoin Articles John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to its CEO, Mark Zuckerberg, is a member of The Motley Fool's board of directors. Leo Sun owns shares of Amazon, Apple, Facebook, and Square. The Motley Fool owns shares of and recommends Alphabet (A shares), Alphabet (C shares), Amazon, Apple, Facebook, Mastercard, PayPal Holdings, Square, and Visa. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool has a disclosure policy .
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Alert Time: 2019-05-13 03:30:04
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7814.92, 7994.42, 8205.17, 7884.91, 7343.90, 7271.21, 8197.69, 7978.31, 7963.33, 7680.07
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 35287.78, 33746.00, 34235.20, 33855.33, 32877.37, 33798.01, 33520.52, 34240.19, 33155.85, 32702.03, 32822.35, 31780.73, 31421.54, 31533.07, 31796.81, 30817.83, 29807.35, 32110.69, 32313.11, 33581.55, 34292.45, 35350.19, 37337.54, 39406.94, 39995.91, 40008.42, 42235.55, 41626.20, 39974.89, 39201.95, 38152.98, 39747.50, 40869.55, 42816.50, 44555.80, 43798.12, 46365.40, 45585.03, 45593.64, 44428.29, 47793.32, 47096.95, 47047.00, 46004.48, 44695.36, 44801.19, 46717.58, 49339.18, 48905.49, 49321.65, 49546.15, 47706.12, 48960.79, 46942.22, 49058.67, 48902.40, 48829.83, 47054.98, 47166.69, 48847.03, 49327.72, 50025.38, 49944.62, 51753.41, 52633.54, 46811.13, 46091.39, 46391.42, 44883.91, 45201.46, 46063.27, 44963.07, 47092.49, 48176.35, 47783.36, 47267.52, 48278.36, 47260.22, 42843.80, 40693.68, 43574.51, 44895.10, 42839.75, 42716.59, 43208.54, 42235.73, 41034.54, 41564.36, 43790.89, 48116.94.
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[Bitcoin Technical Analysis for 2021-10-01]
Volume: 42850641582, RSI (14-day): 58.02, 50-day EMA: 44777.62, 200-day EMA: 41973.24
[Wider Market Context]
Gold Price: 1757.00, Gold RSI: 45.87
Oil Price: 75.88, Oil RSI: 67.11
[Recent News (last 7 days)]
How a bitcoin court case in Japan may create crypto millionaires: A bankruptcy case in Japan will conclude next month where $6bn (£4bn) worth of bitcoin(BTC)could be distributed to thousands of recipients across the globe. The resolution of the Mt. Gox bitcoin exchange insolvency case could create a multitude of new bitcoin millionaires. This is because many of the 36,800 Mt. Gox creditors, who have been waiting almost a decade for reimbursement, have pay-out claims in the hundreds or the thousands of bitcoin.
Mt. Gox is based in Japan and was once the world’s largest bitcoin exchange handling 70% of global transactions. The company filed for bankruptcy after a series of hacks in 2014 that saw 850,000 bitcoin disappear – nearly 2% of the total amount of bitcoin that will ever exist. However, 200,000 BTC have since been recovered and will be returned to the creditors at either 2014 fiat currency prices or as bitcoin, depending on whether a civil rehabilitation plan is passed.
Since bitcoin has soared in value by more than 100 times since the 2014 bankruptcy, the creditors favour payouts in BTC. So, the exchange’s creditors are hoping that a majority of yes votes, agreeing with this civil rehabilitation plan, are filed at the Japanese court by the online deadline of 8 October, and the in-person deadline of 20 October.
The magnitude of a possible $6bn bitcoin payout has led crypto-analysts to warn of a possible market shock where recipients dump their newly acquired bitcoin en masse after taking back ownership of their coins.
“With thousands of bitcoin and bitcoin cash billed to enter into the market through Mt. Gox, there remain fears that the overall impact on price will be brutal when the exchange’s holders liquidate their positions," Konstantin Anissimov, executive director atCEX.IO, told Yahoo Finance.
His views are echoed by bitcoin pioneer Max Keiser. “The possibility of a Mt. Gox related bitcoin dump is weighing on the price right now.”
After 20 October there will be an announcement from Nobuaki Kobayashi, the trustee to the Mt. Gox bankruptcy, on a timeline for paying creditors if the civil rehabilitation plan is accepted. However, if the Japanese court’s plan is not passed, then chief executive of Mt. Gox Mark Karpeles and the company’s shareholders will suddenly become extremely wealthy individuals. The alternative to the civil rehabilitation plan is to settle each creditor’s claim using the price of bitcoin at the time of bankruptcy in 2014 – $450 per coin.
This will see Karpeles, and the other main shareholder Jed McCaleb, a crypto pioneer who developed the Ripple protocol, receive the remaining surplus bitcoin after creditors have been paid off at these low 2014 prices. This surplus has been estimated to amount to $5.1bn in bitcoin using today's spot price figures.
Speaking to Yahoo! Finance, Karpeles illustrated what would happen if the civil rehabilitation plan fails, stating that “the process will return to the 2014 bankruptcy which means that excess funds will be paid to shareholders, which includes the bankrupt entity Tibanne (88%) and Jed McCaleb (12%)”.
The excess $5.1bn in bitcoin would then be shared between Tibanne, the company that owns Mt. Gox headed by Karpeles and McCaleb.
However, Karpeles has a solution for creditors if this is the eventuality. He said that he could “file for Mt. Gox to not be in bankruptcy anymore and perform distribution to creditors directly from Mt. Gox” or “revive Mt. Gox not as an exchange, but something else that could benefit creditors”.
Many Mt. Gox creditors are confident that there will be a majority of yes votes. This view is echoed by Karpeles. “I do not expect the civil rehabilitation to fail,” he said. The vote is the conclusion of nearly a decade of legal wrangling in Japan over reimbursement of the recovered Mt. Gox bitcoin assets. In that time, many creditors may have changed email addresses and remain unaware of the need to vote to become reimbursed in bitcoin.
A minimum threshold of 50% of votes is required in order for the proposal to pass. The coordinator of a creditor group calledMt. Gox Legalhas implored all creditors to cast their vote before the 8 October deadline. He said: "The chance to finally recover something from the Mt. Gox debacle is now, and the way is to approve the civil rehabilitation plan in the ongoing vote."
One Mt. Gox creditor described how “it would be devastating to the 30,000 plus creditors and an indictment of the Japanese civil rehabilitation process if it does not pass, as the amount of money could be life-changing”.
He added: "A majority of the funds would go to the Mt. Gox estate, Mark Karpeles, and some of the proceeds may go to the Japanese government. Both of these options are unacceptable and hopefully will not happen.”
The Mt. Gox Legal coordinator explained how the Japanese government could seize ownership of unclaimed assets. “If the civil rehabilitation plan passes and distributions are made, any claim that remains unclaimed will be converted to Japanese yen and placed in an asset holding facility provided by the Japanese court. Any unclaimed claims remaining in the facility after 10 years will be given to the Japanese government.”
The court verdict will not end Mt. Gox saga. There are still 650,000 bitcoin at large and the trustee’s attention could be brought to asset recovery efforts focussed on the remaining amount.
|| Crude Oil Price Update – Struggling at Current Price Levels; Needs to Hold $74.54 to Rebuild Upside Momentum: U.S. West Texas Intermediate crude oil futures inched higher on Thursday after recovering from early session weakness. The market was driven lower on the opening by worries over a strengthening U.S. Dollar and rising U.S. supply. Crude oil futures bounced from their intraday low on the news China may be looking to buy crude oil and other energy products in order to sustain its economic recovery in the wake of shortages and a housing crisis. On Thursday, December WTI crude oil settled at $74.70, up $0.20 or +0.27%. The China news was a surprise and short-sellers covered aggressively, however, the dollar is still strong and U.S. production is rising. The next move in WTI crude oil is likely to be determined by OPEC+. OPEC and its allies are meeting to determine production levels for October. Crude oil could weaken if they decide to raise production levels. Daily December WTI Crude Oil Daily Swing Chart Technical Analysis The main trend is up according to the daily swing chart. However, momentum shifted to the downside when sellers confirmed the September 28 closing price reversal top. A trade through $76.26 will negate the closing price reversal top and signal a resumption of the uptrend. The main trend will change to down if the selling is strong enough to take out the last main bottom at $69.05. The minor range is $76.26 to $72.82. The market closed slightly above the minor pivot at $74.54. The short-term range is $69.05 to $76.26. Its retracement zone at $72.66 to $71.80 is potential support. Daily Swing Chart Technical Forecast The direction of the December WTI crude oil futures contract on Friday is likely to be determined by trader reaction to $74.54. Bullish Scenario A sustained move over $74.54 will indicate the presence of buyers. If this move creates enough upside momentum then look for a drive into the $76.26 main top. Taking out this level could extend the rally into the next main top at $76.98. Bearish Scenario A sustained move under $74.54 will signal the presence of sellers. This could trigger a sharp intraday break into a series of potential support levels at $72.82, $72.66 and $71.80. Since the main trend is up, buyers could come in on a test of this area. Story continues If $71.80 fails as support then look out to the downside. For a look at all of today’s economic events, check out our economic calendar . This article was originally posted on FX Empire More From FXEMPIRE: Natural Gas Price Fundamental Daily Forecast – LNG Demand, Global Supply Worries Outweigh Robust EIA Report European Equities: A Month in Review – September 2021 U.S Dollar On A Rampage, Currency Markets Brace For Interest Rates Surge Bitcoin Moves Higher After Powell’s Comments AUD/USD Forex Technical Analysis – .7243 Pivot Capping Gains with .7106 Next Major Downside Target USD/CAD Exchange Rate Prediction – The Loonie Gains Traction Following Greenback Surge || Crude Oil Price Update – Struggling at Current Price Levels; Needs to Hold $74.54 to Rebuild Upside Momentum: U.S. West Texas Intermediate crude oil futures inched higher on Thursday after recovering from early session weakness. The market was driven lower on the opening by worries over a strengthening U.S. Dollar and rising U.S. supply.
Crude oil futures bounced from their intraday low on the news China may be looking to buy crude oil and other energy products in order to sustain its economic recovery in the wake of shortages and a housing crisis.
On Thursday,December WTI crude oilsettled at $74.70, up $0.20 or +0.27%.
The China news was a surprise and short-sellers covered aggressively, however, the dollar is still strong and U.S. production is rising. The next move in WTI crude oil is likely to be determined by OPEC+.
OPEC and its allies are meeting to determine production levels for October. Crude oil could weaken if they decide to raise production levels.
The main trend is up according to the daily swing chart. However, momentum shifted to the downside when sellers confirmed the September 28 closing price reversal top.
A trade through $76.26 will negate the closing price reversal top and signal a resumption of the uptrend.
The main trend will change to down if the selling is strong enough to take out the last main bottom at $69.05.
The minor range is $76.26 to $72.82. The market closed slightly above the minor pivot at $74.54.
The short-term range is $69.05 to $76.26. Its retracement zone at $72.66 to $71.80 is potential support.
The direction of the December WTI crude oil futures contract on Friday is likely to be determined by trader reaction to $74.54.
A sustained move over $74.54 will indicate the presence of buyers. If this move creates enough upside momentum then look for a drive into the $76.26 main top. Taking out this level could extend the rally into the next main top at $76.98.
A sustained move under $74.54 will signal the presence of sellers. This could trigger a sharp intraday break into a series of potential support levels at $72.82, $72.66 and $71.80. Since the main trend is up, buyers could come in on a test of this area.
If $71.80 fails as support then look out to the downside.
For a look at all of today’s economic events, check out oureconomic calendar.
Thisarticlewas originally posted on FX Empire
• Natural Gas Price Fundamental Daily Forecast – LNG Demand, Global Supply Worries Outweigh Robust EIA Report
• European Equities: A Month in Review – September 2021
• U.S Dollar On A Rampage, Currency Markets Brace For Interest Rates Surge
• Bitcoin Moves Higher After Powell’s Comments
• AUD/USD Forex Technical Analysis – .7243 Pivot Capping Gains with .7106 Next Major Downside Target
• USD/CAD Exchange Rate Prediction – The Loonie Gains Traction Following Greenback Surge || Bitcoin rises 5.2% to $43,717: (Reuters) - Bitcoin was up 5.23% at $43,716.97 as of 22:08 GMT on Thursday, adding $2,174.07 to its previous close. The world's biggest and best-known cryptocurrency has gained 57.6% from the year's low of $27,734 on Jan. 4. Ether, the coin linked to the ethereum blockchain network, rose 5.26% to $3,001.48, adding $150.08 to its previous close. (Reporting by Nishit Jogi in Bengaluru; Editing by Vinay Dwivedi) || Bitcoin rises 5.2% to $43,717: (Reuters) - Bitcoin was up 5.23% at $43,716.97 as of 22:08 GMT on Thursday, adding $2,174.07 to its previous close. The world's biggest and best-known cryptocurrency has gained 57.6% from the year's low of $27,734 on Jan. 4. Ether, the coin linked to the ethereum blockchain network, rose 5.26% to $3,001.48, adding $150.08 to its previous close. (Reporting by Nishit Jogi in Bengaluru; Editing by Vinay Dwivedi) || Bitcoin rises 5.2% to $43,717: (Reuters) - Bitcoin was up 5.23% at $43,716.97 as of 22:08 GMT on Thursday, adding $2,174.07 to its previous close. The world's biggest and best-known cryptocurrency has gained 57.6% from the year's low of $27,734 on Jan. 4. Ether, the coin linked to the ethereum blockchain network, rose 5.26% to $3,001.48, adding $150.08 to its previous close. (Reporting by Nishit Jogi in Bengaluru; Editing by Vinay Dwivedi) || Bitcoin ETFs: What Investors Should Know: • (4:30) - Breaking Down The Current Bitcoin ETF Filings
• (8:45) - Futures Backed vs. Physically Backed Bitcoin ETF: Which Is More Attractive?
• (15:25) - Understanding The Approval Timeline: Who Will Be The First Available?
• (18:50) - Evolve ETFs Success In Canada: Bitcoin ETF (EBIT)
• (29:00) - Which Type of Bitcoin ETF Is Best For Your Portfolio?
• (32:35) - Understanding The Difference Between Bitcoin and Ethereum?
• (36:40) - What Impact Will China’s Cryptocurrency Regulations Have On The Market?
• [email protected]
In this episode of ETF Spotlight, we focus on bitcoin ETFs, which may get regulatory approval in the US soon. It has been eight years since the Winklevoss brothers first applied for a bitcoin ETF. Many ETF providers have since filed for a crypto ETF, but the SEC has denied all those requests. A bitcoin ETF may finally become a reality this year.
In the first part of this episode, my guest is James Seyffart, ETF Research Analyst at Bloomberg Intelligence. We talk about the state of bitcoin ETF filings and why an ETF could be approved in October.
In the second part, I speak with Raj Lala, CEO at Canadian ETF provider Evolve ETFs. Evolve currently offers three crypto ETFs. We discuss how these ETFs work.
The bitcoin market capitalization now exceeds $800 billion and some public companies like Tesla TSLA and MicroStrategy MSTR hold it on their balance sheets. While the digital currency can be easily bought on platforms like PayPal PYPL, Coinbase COIN and Robinhood HOOD, many investors prefer an ETF that would help them hold bitcoin safely and conveniently in their brokerage accounts.
In the absence of an ETF, investor use product like the Grayscale Bitcoin Trust GBTC that can trade at a significant discount or premium to their NAV.
SEC Chair Gary Gensler has signaled his preference for ETFs that invest in futures. Futures based products are not as efficient as the physical based products in general as derivatives add another layer of complexity, with the need to rollover. They also are not very good at tracking spot prices.
Canadian regulators have approved several cryptocurrency ETFs that are trading smoothly.
Evolve offers a bitcoin ETF EBIT, an ether ETF ETHR and just this week, they launched a multi-cryptocurrency ETF.
Raj believes bitcoin acts as a store of value and that’s why it is called digital gold, whereas ether has become an essential building block for digital finance.
Tune in to the podcast to learn more.
Make sure to be on the lookout for the next edition of the ETF Spotlight and remember to subscribe! If you have any comments or questions, please email [email protected].
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportTesla, Inc. (TSLA) : Free Stock Analysis ReportMicroStrategy Incorporated (MSTR) : Free Stock Analysis ReportPayPal Holdings, Inc. (PYPL) : Free Stock Analysis ReportGrayscale Bitcoin Trust (GBTC): ETF Research ReportsCoinbase Global, Inc. (COIN) : Free Stock Analysis ReportRobinhood Markets, Inc. (HOOD) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research || Bitcoin ETFs: What Investors Should Know: • (4:30) - Breaking Down The Current Bitcoin ETF Filings
• (8:45) - Futures Backed vs. Physically Backed Bitcoin ETF: Which Is More Attractive?
• (15:25) - Understanding The Approval Timeline: Who Will Be The First Available?
• (18:50) - Evolve ETFs Success In Canada: Bitcoin ETF (EBIT)
• (29:00) - Which Type of Bitcoin ETF Is Best For Your Portfolio?
• (32:35) - Understanding The Difference Between Bitcoin and Ethereum?
• (36:40) - What Impact Will China’s Cryptocurrency Regulations Have On The Market?
• [email protected]
In this episode of ETF Spotlight, we focus on bitcoin ETFs, which may get regulatory approval in the US soon. It has been eight years since the Winklevoss brothers first applied for a bitcoin ETF. Many ETF providers have since filed for a crypto ETF, but the SEC has denied all those requests. A bitcoin ETF may finally become a reality this year.
In the first part of this episode, my guest is James Seyffart, ETF Research Analyst at Bloomberg Intelligence. We talk about the state of bitcoin ETF filings and why an ETF could be approved in October.
In the second part, I speak with Raj Lala, CEO at Canadian ETF provider Evolve ETFs. Evolve currently offers three crypto ETFs. We discuss how these ETFs work.
The bitcoin market capitalization now exceeds $800 billion and some public companies like Tesla TSLA and MicroStrategy MSTR hold it on their balance sheets. While the digital currency can be easily bought on platforms like PayPal PYPL, Coinbase COIN and Robinhood HOOD, many investors prefer an ETF that would help them hold bitcoin safely and conveniently in their brokerage accounts.
In the absence of an ETF, investor use product like the Grayscale Bitcoin Trust GBTC that can trade at a significant discount or premium to their NAV.
SEC Chair Gary Gensler has signaled his preference for ETFs that invest in futures. Futures based products are not as efficient as the physical based products in general as derivatives add another layer of complexity, with the need to rollover. They also are not very good at tracking spot prices.
Canadian regulators have approved several cryptocurrency ETFs that are trading smoothly.
Evolve offers a bitcoin ETF EBIT, an ether ETF ETHR and just this week, they launched a multi-cryptocurrency ETF.
Raj believes bitcoin acts as a store of value and that’s why it is called digital gold, whereas ether has become an essential building block for digital finance.
Tune in to the podcast to learn more.
Make sure to be on the lookout for the next edition of the ETF Spotlight and remember to subscribe! If you have any comments or questions, please email [email protected].
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportTesla, Inc. (TSLA) : Free Stock Analysis ReportMicroStrategy Incorporated (MSTR) : Free Stock Analysis ReportPayPal Holdings, Inc. (PYPL) : Free Stock Analysis ReportGrayscale Bitcoin Trust (GBTC): ETF Research ReportsCoinbase Global, Inc. (COIN) : Free Stock Analysis ReportRobinhood Markets, Inc. (HOOD) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research || Bitcoin ETFs: What Investors Should Know: (4:30) - Breaking Down The Current Bitcoin ETF Filings (8:45) - Futures Backed vs. Physically Backed Bitcoin ETF: Which Is More Attractive? (15:25) - Understanding The Approval Timeline: Who Will Be The First Available? (18:50) - Evolve ETFs Success In Canada: Bitcoin ETF (EBIT) (29:00) - Which Type of Bitcoin ETF Is Best For Your Portfolio? (32:35) - Understanding The Difference Between Bitcoin and Ethereum? (36:40) - What Impact Will Chinas Cryptocurrency Regulations Have On The Market? [email protected] In this episode of ETF Spotlight, we focus on bitcoin ETFs, which may get regulatory approval in the US soon. It has been eight years since the Winklevoss brothers first applied for a bitcoin ETF. Many ETF providers have since filed for a crypto ETF, but the SEC has denied all those requests. A bitcoin ETF may finally become a reality this year. In the first part of this episode, my guest is James Seyffart, ETF Research Analyst at Bloomberg Intelligence. We talk about the state of bitcoin ETF filings and why an ETF could be approved in October. In the second part, I speak with Raj Lala, CEO at Canadian ETF provider Evolve ETFs. Evolve currently offers three crypto ETFs. We discuss how these ETFs work. The bitcoin market capitalization now exceeds $800 billion and some public companies like Tesla TSLA and MicroStrategy MSTR hold it on their balance sheets. While the digital currency can be easily bought on platforms like PayPal PYPL, Coinbase COIN and Robinhood HOOD, many investors prefer an ETF that would help them hold bitcoin safely and conveniently in their brokerage accounts. In the absence of an ETF, investor use product like the Grayscale Bitcoin Trust GBTC that can trade at a significant discount or premium to their NAV. SEC Chair Gary Gensler has signaled his preference for ETFs that invest in futures. Futures based products are not as efficient as the physical based products in general as derivatives add another layer of complexity, with the need to rollover. They also are not very good at tracking spot prices. Story continues Canadian regulators have approved several cryptocurrency ETFs that are trading smoothly. Evolve offers a bitcoin ETF EBIT, an ether ETF ETHR and just this week, they launched a multi-cryptocurrency ETF. Raj believes bitcoin acts as a store of value and thats why it is called digital gold, whereas ether has become an essential building block for digital finance. Tune in to the podcast to learn more. Make sure to be on the lookout for the next edition of the ETF Spotlight and remember to subscribe! If you have any comments or questions, please email [email protected]. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Tesla, Inc. (TSLA) : Free Stock Analysis Report MicroStrategy Incorporated (MSTR) : Free Stock Analysis Report PayPal Holdings, Inc. (PYPL) : Free Stock Analysis Report Grayscale Bitcoin Trust (GBTC): ETF Research Reports Coinbase Global, Inc. (COIN) : Free Stock Analysis Report Robinhood Markets, Inc. (HOOD) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research || What Crackdown? Chinese Investors Still Buying Bitcoin: This article was originally published onETFTrends.com.
Even after the People’s Bank of Chinadeclared all crypto transactions illegal, some Chinese crypto holders seem eager to keep buying crypto.
According to aBloombergreport, while the crackdown could keep newcomers from accessing cryptos, those who already hold cryptos see an opportunity to buy at lower prices.
Stephen, a Shanghai-based investor, told Bloomberg that “These policies are not new to us, so we view them as a buy signal.” According to the source, Bitcoin can be bought via centralized and over the counter exchanges, even as some exchanges begin to shut out users from mainland China.
Those who have not weathered crypto crackdowns, however, might not react the same way as more seasoned crypto investors. “People new to crypto might feel scared. Some of them will quit,” Stephen said.
Although mining and trading cryptos in China is effectively banned, it would be difficult to enforce an outright ban on holding digital assets.
Some crypto investors are finding workarounds because of this, such as the digital wallet online game MetaMask, which is designed to buy and sell NFTs, but can also be used to hold and trade cryptos.
Although Bitcoin initially took a hit after news of China’s decision, it has quickly rebounded, settling into the high $43k range for most of this week.
Some experts even believe thatBitcoin could benefit from Chinese crypto bansas China isolates itself from what could be a major monetary system in the future.
Meanwhile, the fate of crypto in the U.S. is still unclear, as regulators and policy makers struggle to create clear regulatory guidance for the emerging digital asset market. However, as numerous U.S. agencies have declared crypto regulationan urgent and pressing issuein the past few months, it is likely that U.S. regulators will soon provide some clarity.
For more news, information, and strategy, visit theCrypto Channel.
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READ MORE AT ETFTRENDS.COM > || What Crackdown? Chinese Investors Still Buying Bitcoin: This article was originally published onETFTrends.com.
Even after the People’s Bank of Chinadeclared all crypto transactions illegal, some Chinese crypto holders seem eager to keep buying crypto.
According to aBloombergreport, while the crackdown could keep newcomers from accessing cryptos, those who already hold cryptos see an opportunity to buy at lower prices.
Stephen, a Shanghai-based investor, told Bloomberg that “These policies are not new to us, so we view them as a buy signal.” According to the source, Bitcoin can be bought via centralized and over the counter exchanges, even as some exchanges begin to shut out users from mainland China.
Those who have not weathered crypto crackdowns, however, might not react the same way as more seasoned crypto investors. “People new to crypto might feel scared. Some of them will quit,” Stephen said.
Although mining and trading cryptos in China is effectively banned, it would be difficult to enforce an outright ban on holding digital assets.
Some crypto investors are finding workarounds because of this, such as the digital wallet online game MetaMask, which is designed to buy and sell NFTs, but can also be used to hold and trade cryptos.
Although Bitcoin initially took a hit after news of China’s decision, it has quickly rebounded, settling into the high $43k range for most of this week.
Some experts even believe thatBitcoin could benefit from Chinese crypto bansas China isolates itself from what could be a major monetary system in the future.
Meanwhile, the fate of crypto in the U.S. is still unclear, as regulators and policy makers struggle to create clear regulatory guidance for the emerging digital asset market. However, as numerous U.S. agencies have declared crypto regulationan urgent and pressing issuein the past few months, it is likely that U.S. regulators will soon provide some clarity.
For more news, information, and strategy, visit theCrypto Channel.
POPULAR ARTICLES AND RESOURCES FROM ETFTRENDS.COM
• SPY ETF Quote
• VOO ETF Quote
• QQQ ETF Quote
• VTI ETF Quote
• JNUG ETF Quote
• Top 34 Gold ETFs
• Top 34 Oil ETFs
• Top 57 Financials ETFs
• AllianzIM Launches New Buffered Outcome ETF, SIXO
• Innovator Announces New Upside Caps for October and Quarterly Defined Outcome ETFs™
• The October Series of Structured Outcome Strategy Pacer ETFs Has Launched
• Innovator Launches Six New ETFs
• Natural Gas ETFs Surge as China Tries to Avert an Energy Crisis
READ MORE AT ETFTRENDS.COM > || What Crackdown? Chinese Investors Still Buying Bitcoin: This article was originally published on ETFTrends.com. Even after the People’s Bank of China declared all crypto transactions illegal , some Chinese crypto holders seem eager to keep buying crypto. According to a Bloomberg report, while the crackdown could keep newcomers from accessing cryptos, those who already hold cryptos see an opportunity to buy at lower prices. Stephen, a Shanghai-based investor, told Bloomberg that “These policies are not new to us, so we view them as a buy signal.” According to the source, Bitcoin can be bought via centralized and over the counter exchanges, even as some exchanges begin to shut out users from mainland China. Those who have not weathered crypto crackdowns, however, might not react the same way as more seasoned crypto investors. “People new to crypto might feel scared. Some of them will quit,” Stephen said. Although mining and trading cryptos in China is effectively banned, it would be difficult to enforce an outright ban on holding digital assets. Some crypto investors are finding workarounds because of this, such as the digital wallet online game MetaMask, which is designed to buy and sell NFTs, but can also be used to hold and trade cryptos. Although Bitcoin initially took a hit after news of China’s decision, it has quickly rebounded, settling into the high $43k range for most of this week. Some experts even believe that Bitcoin could benefit from Chinese crypto bans as China isolates itself from what could be a major monetary system in the future. Meanwhile, the fate of crypto in the U.S. is still unclear, as regulators and policy makers struggle to create clear regulatory guidance for the emerging digital asset market. However, as numerous U.S. agencies have declared crypto regulation an urgent and pressing issue in the past few months, it is likely that U.S. regulators will soon provide some clarity. For more news, information, and strategy, visit the Crypto Channel . POPULAR ARTICLES AND RESOURCES FROM ETFTRENDS.COM Story continues SPY ETF Quote VOO ETF Quote QQQ ETF Quote VTI ETF Quote JNUG ETF Quote Top 34 Gold ETFs Top 34 Oil ETFs Top 57 Financials ETFs AllianzIM Launches New Buffered Outcome ETF, SIXO Innovator Announces New Upside Caps for October and Quarterly Defined Outcome ETFs™ The October Series of Structured Outcome Strategy Pacer ETFs Has Launched Innovator Launches Six New ETFs Natural Gas ETFs Surge as China Tries to Avert an Energy Crisis READ MORE AT ETFTRENDS.COM > || Crypto, Stocks or Real Estate? Where To Put $10,000 Right Now: simonapilolla / Getty Images/iStockphoto If you have $10,000 to invest, three of the hottest options right now are cryptocurrency, stocks and real estate. While all three of these areas have been on fire for most of the past year or more, they are each incredibly different types of investments. If you’re looking for the best place to put $10,000 right now, the right answer for you will largely depend on the type of investor you are. Here’s a look at the characteristics and performance of each of these investments to help you decide which might be the best for you. Helpful: Smart Ways To Invest Your Money During a Time of Economic Recovery Find Out: Why It’s Never a Bad Idea To Invest In Apple and These Other Companies Cryptocurrency Cryptocurrency has been one of the hottest investments over the past two years, and it isn’t showing any sign of slowing down. Yet, crypto is the very epitome of a “boom or bust” asset class. If the proponents behind Bitcoin and other cryptocurrencies are correct, digital currency will go mainstream across the globe, driving prices to further unfathomable highs. However, if you believe billionaire investors like Warren Buffett, cryptocurrencies may well trade down to zero. Buffett has famously said that Bitcoin is “probably rat poison squared,” claimed that it “does not meet the test of a currency” and even that it’s “disgusting and contrary to the interests of civilization.” Whichever side of the argument you fall on, it’s important to note that cryptocurrency is a highly speculative asset and that if you plan on investing $10,000, you should be prepared to lose it. Comparing Dogecoin, Baby Doge and Shiba Inu: Is There One To Watch? Stocks The stock market as a whole is a solid long-term investment. However, the emphasis is on “long term.” If you’re only planning to invest your $10,000 for a few years or less, the stock market might be an investment you should avoid. Not only are short-term market movements unpredictable, but in August, the S&P 500 recently sat right about at its all-time high. Additionally, as of August, there hadn’t been a 5% sell-off in the S&P 500 since last October. In other words, if you’re looking for a short-term gain in the stock market, you might want to hold off, as risk is currently elevated. However, if you’re a true long-term investor, your $10,000 could turn into $50,000 or more after 20 years, with average long-term market returns. Story continues Read: 10 Growth Stocks To Invest In Now Stocks vs. Bonds: How To Choose the Best Investments Real Estate The real estate market is yet another asset class that has taken off over the past year. According to the St. Louis Fed, the median sale price of a home in the U.S. hit $374,900 in the second quarter of 2021, the highest on record. But unlike the housing bubble of 2008, the fundamentals behind higher home prices are solid. Americans have been spending more time than ever working from home, millennials are becoming home buyers, mortgage interest rates are at all-time lows and available home inventory is at all-time lows. The combination of all of these factors could continue to keep real estate prices climbing. A $10,000 investment won’t get you much in terms of owning a specific property, but you can buy one of countless real estate investment trusts to get indirect ownership of real estate. Research: 9 Safe Investments With the Highest Returns Which One Is Best for You? Each of these investments has pros and cons and different risk profiles. Before you choose which is the best investment for you, talk with your financial advisor and get a clear picture of your investment objectives and risk tolerance, along with your investment time horizon. In a nutshell, cryptocurrency offers high risk and high reward, stocks are a good long-term investment but risky over the short run and real estate investment trusts generally provide consistent income with the potential for long-term capital gains. More From GOBankingRates 5 Things Most Americans Don't Know About Social Security The Secrets Behind These 10 Popular Costco Products Social Security Benefits Might Get Cut Early -- What Does It Mean for You? When Social Security Runs Out: What the Program Will Look Like in 2035 Last updated: Sept. 29, 2021 This article originally appeared on GOBankingRates.com : Crypto, Stocks or Real Estate? Where To Put $10,000 Right Now || Crypto, Stocks or Real Estate? Where To Put $10,000 Right Now: simonapilolla / Getty Images/iStockphoto If you have $10,000 to invest, three of the hottest options right now are cryptocurrency, stocks and real estate. While all three of these areas have been on fire for most of the past year or more, they are each incredibly different types of investments. If you’re looking for the best place to put $10,000 right now, the right answer for you will largely depend on the type of investor you are. Here’s a look at the characteristics and performance of each of these investments to help you decide which might be the best for you. Helpful: Smart Ways To Invest Your Money During a Time of Economic Recovery Find Out: Why It’s Never a Bad Idea To Invest In Apple and These Other Companies Cryptocurrency Cryptocurrency has been one of the hottest investments over the past two years, and it isn’t showing any sign of slowing down. Yet, crypto is the very epitome of a “boom or bust” asset class. If the proponents behind Bitcoin and other cryptocurrencies are correct, digital currency will go mainstream across the globe, driving prices to further unfathomable highs. However, if you believe billionaire investors like Warren Buffett, cryptocurrencies may well trade down to zero. Buffett has famously said that Bitcoin is “probably rat poison squared,” claimed that it “does not meet the test of a currency” and even that it’s “disgusting and contrary to the interests of civilization.” Whichever side of the argument you fall on, it’s important to note that cryptocurrency is a highly speculative asset and that if you plan on investing $10,000, you should be prepared to lose it. Comparing Dogecoin, Baby Doge and Shiba Inu: Is There One To Watch? Stocks The stock market as a whole is a solid long-term investment. However, the emphasis is on “long term.” If you’re only planning to invest your $10,000 for a few years or less, the stock market might be an investment you should avoid. Not only are short-term market movements unpredictable, but in August, the S&P 500 recently sat right about at its all-time high. Additionally, as of August, there hadn’t been a 5% sell-off in the S&P 500 since last October. In other words, if you’re looking for a short-term gain in the stock market, you might want to hold off, as risk is currently elevated. However, if you’re a true long-term investor, your $10,000 could turn into $50,000 or more after 20 years, with average long-term market returns. Story continues Read: 10 Growth Stocks To Invest In Now Stocks vs. Bonds: How To Choose the Best Investments Real Estate The real estate market is yet another asset class that has taken off over the past year. According to the St. Louis Fed, the median sale price of a home in the U.S. hit $374,900 in the second quarter of 2021, the highest on record. But unlike the housing bubble of 2008, the fundamentals behind higher home prices are solid. Americans have been spending more time than ever working from home, millennials are becoming home buyers, mortgage interest rates are at all-time lows and available home inventory is at all-time lows. The combination of all of these factors could continue to keep real estate prices climbing. A $10,000 investment won’t get you much in terms of owning a specific property, but you can buy one of countless real estate investment trusts to get indirect ownership of real estate. Research: 9 Safe Investments With the Highest Returns Which One Is Best for You? Each of these investments has pros and cons and different risk profiles. Before you choose which is the best investment for you, talk with your financial advisor and get a clear picture of your investment objectives and risk tolerance, along with your investment time horizon. In a nutshell, cryptocurrency offers high risk and high reward, stocks are a good long-term investment but risky over the short run and real estate investment trusts generally provide consistent income with the potential for long-term capital gains. More From GOBankingRates 5 Things Most Americans Don't Know About Social Security The Secrets Behind These 10 Popular Costco Products Social Security Benefits Might Get Cut Early -- What Does It Mean for You? When Social Security Runs Out: What the Program Will Look Like in 2035 Last updated: Sept. 29, 2021 This article originally appeared on GOBankingRates.com : Crypto, Stocks or Real Estate? Where To Put $10,000 Right Now || Stock Market Today: S&P 500 Snaps Seven-Month Win Streak: stock market selloff concept Getty Images It was a volatile day of trading to end a tough month for stocks as investors digested an onslaught of headlines. In economic news, weekly jobless claims came in higher than expected (362,000 actual vs. 335,000 estimate), while the final reading on second-quarter gross domestic product (GDP) was upwardly revised to 6.7% from 6.6%. SEE MORE Best Online Brokers, 2021 Additionally, the House and Senate passed a temporary spending bill that will fund the government through Dec. 3. The bill is expected to be signed by President Biden in order to avoid a government shutdown beginning at midnight tonight. The measure does not address the debt ceiling, which Congress will need to either raise or suspend by Oct. 18 in order for the U.S. to avoid defaulting on its financial obligations. Sign up for Kiplinger's FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice. After opening in positive territory, the Dow Jones Industrial Average was down 1.6% to 33,843 by the close, while the S&P 500 Index gave back 1.2% to 4,307. The Nasdaq Composite slipped 0.4% to 14,448. For September, the Dow was down 4.3%, its worst month since October 2020. The S&P 500 was off 4.8% – snapping its seven-month winning streak and marking its biggest monthly loss since March 2020 – and the Nasdaq shed 5.3%. And for the quarter, the Dow was off 1.9% and the Nasdaq slipped 0.4%. The S&P 500 eked out a 0.2% quarterly gain. Other news in the stock market today: The small-cap Russell 2000 slumped 0.9% to 2,204. Bed Bath & Beyond ( BBBY ) stock plunged 22.1% in the wake of the homegoods retailer's second-quarter earnings report. BBBY reported adjusted earnings per share and revenue well below consensus estimates (4 cents, $1.99 billion actual vs. 52 cents, $2.06 billion expected) and cut its current-quarter and full-year guidance. CEO Mark Tritton cited slowing traffic, the Delta variant of COVID-19 and supply chain issues as "disruptive forces" that impacted the results. CFRA analyst Kenneth Leon downgraded BBBY stock to Hold from Buy, saying "We think the three-year transformation plan is likely to take longer before we see major uptrend in performance." CarMax ( KMX , -12.6%) was another post-earnings loser. While the used car retailer beat on the top line ($7.99 billion actual vs. $6.91 billion expected), its adjusted earnings of $1.72 per share fell short of the $1.88 per share analysts were expecting. KMX also said pre-owned car sales rose a slimmer-than-anticipated 6.2% in the three-month period. The results prompted CFRA analyst Garrett Nelson to cut his rating on the stock to Hold from Buy, explaining "Cost pressures lead us to a more cautious recommendation on the shares." U.S. crude oil futures rose 0.3% to end at $75.03 per barrel. Gold futures jumped 2% to settle at $1,757.00 an ounce. The CBOE Volatility Index (VIX) rose 2.6% to 23.14. Bitcoin prices jumped 5.7% to $43,534.56 . (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.) Story continues stock price chart 093021 YCharts What to Do About Rising Rates It's certainly been a September to remember for stocks. One major headline investors had to contend with was a big spike in the 10-year Treasury yield, which ended the month hovering near its highest level since June. "The big jump in yields happened after the Federal Reserve meeting where Jay Powell made the case for a taper announcement to happen this fall – most likely at the November meeting," says Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. "It seems likely that yields will move higher between now and year end." SEE MORE Hedge Funds' 25 Top Blue-Chip Stocks to Buy Now If that's the case, there are several options for investors looking to position their portfolios for higher interest rates – including with value stocks and financials . And for a broader list of the best stocks for rising rates , check out this list of 10 names we put together for you. SEE MORE 7 Bond Funds to Anchor Your Retirement Portfolio You may also like Retirees Likely to Receive Significant Bump in Social Security Benefits in 2022 5 Top Dividend Aristocrats to Beef Up Your Portfolio What Is the Social Security COLA? || Stock Market Today: S&P 500 Snaps Seven-Month Win Streak: stock market selloff concept Getty Images It was a volatile day of trading to end a tough month for stocks as investors digested an onslaught of headlines. In economic news, weekly jobless claims came in higher than expected (362,000 actual vs. 335,000 estimate), while the final reading on second-quarter gross domestic product (GDP) was upwardly revised to 6.7% from 6.6%. SEE MORE Best Online Brokers, 2021 Additionally, the House and Senate passed a temporary spending bill that will fund the government through Dec. 3. The bill is expected to be signed by President Biden in order to avoid a government shutdown beginning at midnight tonight. The measure does not address the debt ceiling, which Congress will need to either raise or suspend by Oct. 18 in order for the U.S. to avoid defaulting on its financial obligations. Sign up for Kiplinger's FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice. After opening in positive territory, the Dow Jones Industrial Average was down 1.6% to 33,843 by the close, while the S&P 500 Index gave back 1.2% to 4,307. The Nasdaq Composite slipped 0.4% to 14,448. For September, the Dow was down 4.3%, its worst month since October 2020. The S&P 500 was off 4.8% – snapping its seven-month winning streak and marking its biggest monthly loss since March 2020 – and the Nasdaq shed 5.3%. And for the quarter, the Dow was off 1.9% and the Nasdaq slipped 0.4%. The S&P 500 eked out a 0.2% quarterly gain. Other news in the stock market today: The small-cap Russell 2000 slumped 0.9% to 2,204. Bed Bath & Beyond ( BBBY ) stock plunged 22.1% in the wake of the homegoods retailer's second-quarter earnings report. BBBY reported adjusted earnings per share and revenue well below consensus estimates (4 cents, $1.99 billion actual vs. 52 cents, $2.06 billion expected) and cut its current-quarter and full-year guidance. CEO Mark Tritton cited slowing traffic, the Delta variant of COVID-19 and supply chain issues as "disruptive forces" that impacted the results. CFRA analyst Kenneth Leon downgraded BBBY stock to Hold from Buy, saying "We think the three-year transformation plan is likely to take longer before we see major uptrend in performance." CarMax ( KMX , -12.6%) was another post-earnings loser. While the used car retailer beat on the top line ($7.99 billion actual vs. $6.91 billion expected), its adjusted earnings of $1.72 per share fell short of the $1.88 per share analysts were expecting. KMX also said pre-owned car sales rose a slimmer-than-anticipated 6.2% in the three-month period. The results prompted CFRA analyst Garrett Nelson to cut his rating on the stock to Hold from Buy, explaining "Cost pressures lead us to a more cautious recommendation on the shares." U.S. crude oil futures rose 0.3% to end at $75.03 per barrel. Gold futures jumped 2% to settle at $1,757.00 an ounce. The CBOE Volatility Index (VIX) rose 2.6% to 23.14. Bitcoin prices jumped 5.7% to $43,534.56 . (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.) Story continues stock price chart 093021 YCharts What to Do About Rising Rates It's certainly been a September to remember for stocks. One major headline investors had to contend with was a big spike in the 10-year Treasury yield, which ended the month hovering near its highest level since June. "The big jump in yields happened after the Federal Reserve meeting where Jay Powell made the case for a taper announcement to happen this fall – most likely at the November meeting," says Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. "It seems likely that yields will move higher between now and year end." SEE MORE Hedge Funds' 25 Top Blue-Chip Stocks to Buy Now If that's the case, there are several options for investors looking to position their portfolios for higher interest rates – including with value stocks and financials . And for a broader list of the best stocks for rising rates , check out this list of 10 names we put together for you. SEE MORE 7 Bond Funds to Anchor Your Retirement Portfolio You may also like Retirees Likely to Receive Significant Bump in Social Security Benefits in 2022 5 Top Dividend Aristocrats to Beef Up Your Portfolio What Is the Social Security COLA? || First-Ever NFT that incorporates the history of Ethereum: Flippening Otters is the first collection of NFTs, which details the history of Ethereum and all the phases it has gone through, ending in the much anticipated “Flippening”.
Ethereum enthusiasts coined the term “The Flippening”, referring to a potential future event where the market capitalization of Ethereum surpasses that of Bitcoin. The market capitalization of each cryptocurrency is calculated as:
Circulating Supply of Cryptocurrency * Price of Cryptocurrency
Although the price of Ethereum and the price of Bitcoin fluctuate significantly throughout the years, both cryptocurrencies have experienced significant growth and gained a lot of attention recently. While the first-ever cryptocurrency, Bitcoin, is still the leading cryptocurrency in terms of market capitalization, Ethereum gained ground in a lot of different aspects, such as serving as a platform for programmable smart contracts, non-fungible tokens (NFTs), and decentralized finance applications (DeFi). According to the data from Coinmarketcap, on June 13th of 2017, the market capitalization of Ethereum was 85% of that of Bitcoins, the closest point to the so-called Flippening.
The collection ofFlippening Ottersconsists of 10,000 unique items, also known as NFTs, each one representing a point in time in the history of Ethereum. It depicts all the official timeline of Ethereum along with key events in the history of Ethereum all the way until today, using the publicly available block numbers.
This is the first project that makes an attempt to bridge all the phases that the popular cryptocurrency has gone through, making it an incredibly fun storytelling NFT Collection. The Otters are separated into 7 Species, excluding the Genesis Otter and The Great Flippening Otter.
“There are a lot of NFT launches every day. But they all focus on the design and art angle. We are a group of enthusiasts of Ethereum and its technical capabilities. We strongly believe that Ethereum is why the entire crypto ecosystem is thriving today. Therefore we want to be pioneers by combining the history of Ethereum with some cool NFTs.” said Raul, co-founder of the Flippening Otters project.
The NFT collection starts with the Genesis Otter, which came out of nowhere on July 30th, 2015. This alludes to block #0 in Ethereum, otherwise known as the Genesis block. This is followed by the “Wise Otters” who were early investors and early believers of the cryptocurrency. Flippening Otters have mentioned that some of them represent real investors, but haven’t disclosed the names yet.
The next species to appear is the “Settler Otters”, referring to Ethereum’s second phase “Homestead” implemented on block number 1150000. This was the first production release of Ethereum, as since Genesis the network was in beta and was allowed only for testing and scripting.
It then follows through different historic moments of Ethereum: the DAO fork, the Byzantium, Constantinople, and Istanbul upgrades, the DeFi summer in 2020 and the Ethereum 2.0. The complete timeline of these species can be found on the website.
The collection was originally planned to consist of 2200 generated Flippening Otters, but due to popular demand, the project stated that they increased this to 10,000 total items and will not mint any more Flippening Otters after this. They will mint 9,999 Flippening Otters first, and the very special last otter to be minted will be “The Great Flippening Otter”, which will be auto-minted on the exact block that the Flippening happens. It will be gifted to a random wallet that owns any of the other Flippening Otters.
This articleFirst-Ever NFT that incorporates the history of Ethereumappeared first onBreezyScroll.
Read more onBreezyScroll. || First-Ever NFT that incorporates the history of Ethereum: Otters NFT Flippening Otters is the first collection of NFTs, which details the history of Ethereum and all the phases it has gone through, ending in the much anticipated “Flippening”. Ethereum enthusiasts coined the term “The Flippening”, referring to a potential future event where the market capitalization of Ethereum surpasses that of Bitcoin. The market capitalization of each cryptocurrency is calculated as: Circulating Supply of Cryptocurrency * Price of Cryptocurrency Although the price of Ethereum and the price of Bitcoin fluctuate significantly throughout the years, both cryptocurrencies have experienced significant growth and gained a lot of attention recently. While the first-ever cryptocurrency, Bitcoin, is still the leading cryptocurrency in terms of market capitalization, Ethereum gained ground in a lot of different aspects, such as serving as a platform for programmable smart contracts, non-fungible tokens (NFTs), and decentralized finance applications (DeFi). According to the data from Coinmarketcap, on June 13th of 2017, the market capitalization of Ethereum was 85% of that of Bitcoins, the closest point to the so-called Flippening. The collection of Flippening Otters consists of 10,000 unique items, also known as NFTs, each one representing a point in time in the history of Ethereum. It depicts all the official timeline of Ethereum along with key events in the history of Ethereum all the way until today, using the publicly available block numbers. This is the first project that makes an attempt to bridge all the phases that the popular cryptocurrency has gone through, making it an incredibly fun storytelling NFT Collection. The Otters are separated into 7 Species, excluding the Genesis Otter and The Great Flippening Otter. “There are a lot of NFT launches every day. But they all focus on the design and art angle. We are a group of enthusiasts of Ethereum and its technical capabilities. We strongly believe that Ethereum is why the entire crypto ecosystem is thriving today. Therefore we want to be pioneers by combining the history of Ethereum with some cool NFTs.” said Raul, co-founder of the Flippening Otters project. Story continues The NFT collection starts with the Genesis Otter, which came out of nowhere on July 30 th , 2015. This alludes to block #0 in Ethereum, otherwise known as the Genesis block. This is followed by the “Wise Otters” who were early investors and early believers of the cryptocurrency. Flippening Otters have mentioned that some of them represent real investors, but haven’t disclosed the names yet. The next species to appear is the “Settler Otters”, referring to Ethereum’s second phase “Homestead” implemented on block number 1150000. This was the first production release of Ethereum, as since Genesis the network was in beta and was allowed only for testing and scripting. It then follows through different historic moments of Ethereum: the DAO fork, the Byzantium, Constantinople, and Istanbul upgrades, the DeFi summer in 2020 and the Ethereum 2.0. The complete timeline of these species can be found on the website. The collection was originally planned to consist of 2200 generated Flippening Otters, but due to popular demand, the project stated that they increased this to 10,000 total items and will not mint any more Flippening Otters after this. They will mint 9,999 Flippening Otters first, and the very special last otter to be minted will be “The Great Flippening Otter”, which will be auto-minted on the exact block that the Flippening happens. It will be gifted to a random wallet that owns any of the other Flippening Otters. This article First-Ever NFT that incorporates the history of Ethereum appeared first on BreezyScroll . Read more on BreezyScroll . || BTC On-Chain Analysis: Exchange Balances Continue Drying Up: BeInCrypto – A look at on-chain indicators for Bitcoin (BTC), more specifically those related to exchanges and institutional investors. After a brief period in May in which exchange balances were increasing, they have started to dry up once more and reached a yearly low on Sept 26. BTC Exchange balance The total amount of BTC that is held on exchange wallets has been steadily moving downwards since March 2020, when an all-time high of 3,118,057 BTC (black arrow) was held in such addresses. This story was seen first on BeInCrypto Join our Telegram Group and get trading signals, a free trading course and more stories like this on BeInCrypto || BTC On-Chain Analysis: Exchange Balances Continue Drying Up: BeInCrypto –
A look at on-chain indicators forBitcoin(BTC), more specifically those related to exchanges and institutional investors.
After a brief period in May in which exchange balances were increasing, they have started to dry up once more and reached a yearly low on Sept 26.
BTC Exchange balance
The total amount of BTC that is held on exchange wallets has been steadily moving downwards since March 2020, when an all-time high of 3,118,057 BTC (black arrow) was held in such addresses.
This storywas seen first onBeInCryptoJoin our Telegram Groupand get trading signals, a free trading course and more stories likethisonBeInCrypto
[Social Media Buzz]
None available.
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47711.49, 48199.95, 49112.90, 51514.81, 55361.45, 53805.98, 53967.85, 54968.22, 54771.58, 57484.79
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 8336.56, 8321.01, 8374.69, 8205.37, 8047.53, 8103.91, 7973.21, 7988.56, 8222.08, 8243.72, 8078.20, 7514.67, 7493.49, 8660.70, 9244.97, 9551.71, 9256.15, 9427.69, 9205.73, 9199.58, 9261.10, 9324.72, 9235.35, 9412.61, 9342.53, 9360.88, 9267.56, 8804.88, 8813.58, 9055.53, 8757.79, 8815.66, 8808.26, 8708.09, 8491.99, 8550.76, 8577.98, 8309.29, 8206.15, 8027.27, 7642.75, 7296.58, 7397.80, 7047.92, 7146.13, 7218.37, 7531.66, 7463.11, 7761.24, 7569.63, 7424.29, 7321.99, 7320.15, 7252.03, 7448.31, 7547.00, 7556.24, 7564.35, 7400.90, 7278.12, 7217.43, 7243.13, 7269.68, 7124.67, 7152.30, 6932.48, 6640.52, 7276.80, 7202.84, 7218.82, 7191.16, 7511.59, 7355.63, 7322.53, 7275.16, 7238.97, 7290.09, 7317.99, 7422.65, 7293.00, 7193.60, 7200.17, 6985.47, 7344.88, 7410.66, 7411.32, 7769.22, 8163.69, 8079.86, 7879.07.
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[Bitcoin Technical Analysis for 2020-01-09]
Volume: 24045990466, RSI (14-day): 59.61, 50-day EMA: 7596.65, 200-day EMA: 8179.21
[Wider Market Context]
Gold Price: 1551.70, Gold RSI: 69.88
Oil Price: 59.56, Oil RSI: 46.14
[Recent News (last 7 days)]
Travis Kling on Bitcoin as a Safe Haven Asset: The conversation about whether bitcoin is a safe haven asset continues in the wake of Iranian missile strikes, which saw the price of BTC both surge and retrace in parallel with crude and gold. To help explain what’s going on, we feature comments from Ikigai Asset Management’s Travis Kling.
Also in today’s episode, we look at newly published priorities from the SEC around crypto including investor suitability, trading practices and compliance program effectiveness. We also discuss former Bakkt CEO and now U.S. Senator Kelly Loeffler’s appointment to the committee that oversees the CFTC. Is it a conflict of interest, something good for the crypto industry or both?
Topics discussed:
Related:MARKETS DAILY: Geopolitical Impacts and Cars Paying Cars in Crypto?
Bitcoin as a safe haven asset as it follows crude and gold after Iran missile strikes
Related Story:Bitcoin Hits New 2020 High Above $8,400 After Iranian Missile Attack
Related Story:Travis Kling Twitter Charts
SEC publishes 2020 crypto priorities
Related:Bitcoin Price Will Be Golden in 2020 Thanks to Limited Supply, Increasing Use: Bloomberg Report
Related Story:Former Bakkt CEO to Help Oversee CFTC in Congress
Kelly Loefller appointed to committee overseeing CFTC
Related Story:SEC Examination Office Gets Specific About Crypto Priorities in 2020
• Former Bakkt CEO to Help Oversee CFTC in Congress
• Bitcoin May Follow Gold With Significant Price Breakout || Travis Kling on Bitcoin as a Safe Haven Asset: The conversation about whether bitcoin is a safe haven asset continues in the wake of Iranian missile strikes, which saw the price of BTC both surge and retrace in parallel with crude and gold. To help explain whats going on, we feature comments from Ikigai Asset Managements Travis Kling. Also in todays episode, we look at newly published priorities from the SEC around crypto including investor suitability, trading practices and compliance program effectiveness. We also discuss former Bakkt CEO and now U.S. Senator Kelly Loefflers appointment to the committee that oversees the CFTC. Is it a conflict of interest, something good for the crypto industry or both? Topics discussed: Related: MARKETS DAILY: Geopolitical Impacts and Cars Paying Cars in Crypto? Bitcoin as a safe haven asset as it follows crude and gold after Iran missile strikes Related Story: Bitcoin Hits New 2020 High Above $8,400 After Iranian Missile Attack Related Story: Travis Kling Twitter Charts SEC publishes 2020 crypto priorities Related: Bitcoin Price Will Be Golden in 2020 Thanks to Limited Supply, Increasing Use: Bloomberg Report Related Story: Former Bakkt CEO to Help Oversee CFTC in Congress Kelly Loefller appointed to committee overseeing CFTC Related Story: SEC Examination Office Gets Specific About Crypto Priorities in 2020 Related Stories Former Bakkt CEO to Help Oversee CFTC in Congress Bitcoin May Follow Gold With Significant Price Breakout || Travis Kling on Bitcoin as a Safe Haven Asset: The conversation about whether bitcoin is a safe haven asset continues in the wake of Iranian missile strikes, which saw the price of BTC both surge and retrace in parallel with crude and gold. To help explain what’s going on, we feature comments from Ikigai Asset Management’s Travis Kling.
Also in today’s episode, we look at newly published priorities from the SEC around crypto including investor suitability, trading practices and compliance program effectiveness. We also discuss former Bakkt CEO and now U.S. Senator Kelly Loeffler’s appointment to the committee that oversees the CFTC. Is it a conflict of interest, something good for the crypto industry or both?
Topics discussed:
Related:MARKETS DAILY: Geopolitical Impacts and Cars Paying Cars in Crypto?
Bitcoin as a safe haven asset as it follows crude and gold after Iran missile strikes
Related Story:Bitcoin Hits New 2020 High Above $8,400 After Iranian Missile Attack
Related Story:Travis Kling Twitter Charts
SEC publishes 2020 crypto priorities
Related:Bitcoin Price Will Be Golden in 2020 Thanks to Limited Supply, Increasing Use: Bloomberg Report
Related Story:Former Bakkt CEO to Help Oversee CFTC in Congress
Kelly Loefller appointed to committee overseeing CFTC
Related Story:SEC Examination Office Gets Specific About Crypto Priorities in 2020
• Former Bakkt CEO to Help Oversee CFTC in Congress
• Bitcoin May Follow Gold With Significant Price Breakout || Vulture Investor Is Looking to Buy QuadrigaCX Creditors’ Claims: A New York investment firm wants to buy claims from former QuadrigaCX users – provided there’s enough interest from creditors entitled to assets held by the infamous exchange.
Argo Partners is opening a dialogue with creditors ofQuadrigaCX, which collapsed nearly a year ago following the death ofits founder and CEO Gerald Cotten, in hopes of gauging how many individuals will sell stakes in its remaining funds.
Creditors who don’t want to wait for court-appointed bankruptcy trustee Ernst & Young (EY) to sort through the claims and liquidate assets can potentially sell their rights and cash out early, Zeeshan Aziz, who co-manages Argo’s trading desk, told CoinDesk.
Related:‘Request for Exhumation’: QuadrigaCX Creditors Ask for Proof That Cotten Is Dead
Argo has a team dedicated to buying claims against companies which file for bankruptcy, he said.
Aziz noted that Quadriga is still early in its unwinding, and there are a number of challenges that his company will have to sort through. It doesn’t know how many creditors have made claims, how large these claims are or even what the actual return might be.
“Typically when Argo is buying claims – as an example Toys ’R’ Us – all creditors we would buy claims from, their information is public,” he said. “Toys ‘R’ Us tells us exactly who they owe money to and how much they owe.”
Argo, which put up a page indicating its interest in Quadriga claims last year, is no stranger to the crypto space. The companyalso sought to purchase claimsfrom Mt Gox creditors.
Related:Canadian Government-Assisted Bitcoin Miner Files for Bankruptcy Owing Millions
Aziz wants to educate Quadriga’s creditors about its process and create a market for claims.
Regardless of how many claims it can gather, Argo would have to spend the same amount of resources in following the case and ensuring a return, so it hopes to acquire a large volume rather than a few small claims.
The two largest unknowns are the total number of creditors and how much they will receive from Quadriga.
EY has been investigating QuadrigaCX’s finances since it was first appointed by the Nova Scotia Supreme Court as a monitor to the exchange, finding the exchange has roughly$28 million CAD($21 million USD) in assets. The firm has not yet revealed the number of claims it has received from creditors.
The auditor reported that Cotten used corporate and client funds for personal acquisitions, including several properties and luxury vehicles. These properties were passed to Cotten’s widow, Jennifer Robertson, as part of his estate.
In 2019, Robertson agreed to liquidate a majority of these properties, which EY estimated would raise $12 million CAD ($9 million USD). A tenant of one such property told CoinDesk via email last month thatOpen Door Property Managementhad been retained by EY to sell off the facilities.
While posts on Reddit expressed concern that tenants might be evicted following the sales, Open Door told CoinDesk that under Nova Scotia law at least, the new owners would have to provide a minimum 60-day notice period.
It does not appear that the properties have been sold yet, and Aziz said the real estate is likely to move slowly.
It is also unclear how much the creditors may receive from Quadriga’s supposed crypto holdings, said Jonathan Maruri, who co-manages Argo’s trading team. While Robertson reported that Quadriga held more than $180 million CAD worth of crypto at the time of the exchange’s collapse, EY’s investigation indicates that most of this is gone, with some assets held at other exchanges or by third-party payment vendors.
Trying to recover the lost cryptos might end up eating into the cash on hand, Maruri said.
“Do they [EY] offset the cost of finding them? That’s a pretty hard question for us to answer. Because this stuff is new, there’s not a lot of crypto bankruptcies … We’ve got a collective 100-plus years of experience analyzing bankruptcies and no one knows [how to approach this],” he said.
Aziz said he is not willing to disclose how much Argo might pay for a claim at this time, but Argo would pay each creditor some small percent in an up front purchase.
Should more funds be returned to creditors – and subsequently paid out to the stakeholders – Aziz said a proportion would be split with the creditors in addition to the upfront payment.
Creditors would benefit either way, Aziz said, as they would be able to stop following the case but would still be eligible for a larger payout.
But, Aziz noted, any claims Argo purchases would be heavily discounted compared to what creditors might be eligible for when EY concludes its unwinding of the exchange.
• Canadian Fund Manager 3iQ Files Prospectus for Bitcoin Fund IPO
• Canada’s Einstein Exchange No Longer Has Bulk of Users’ Claimed CA$16M: Receiver || Vulture Investor Is Looking to Buy QuadrigaCX Creditors’ Claims: A New York investment firm wants to buy claims from former QuadrigaCX users – provided there’s enough interest from creditors entitled to assets held by the infamous exchange. Argo Partners is opening a dialogue with creditors of QuadrigaCX , which collapsed nearly a year ago following the death of its founder and CEO Gerald Cotten , in hopes of gauging how many individuals will sell stakes in its remaining funds. Creditors who don’t want to wait for court-appointed bankruptcy trustee Ernst & Young (EY) to sort through the claims and liquidate assets can potentially sell their rights and cash out early, Zeeshan Aziz, who co-manages Argo’s trading desk, told CoinDesk. Related: ‘Request for Exhumation’: QuadrigaCX Creditors Ask for Proof That Cotten Is Dead Argo has a team dedicated to buying claims against companies which file for bankruptcy, he said. Aziz noted that Quadriga is still early in its unwinding, and there are a number of challenges that his company will have to sort through. It doesn’t know how many creditors have made claims, how large these claims are or even what the actual return might be. “Typically when Argo is buying claims – as an example Toys ’R’ Us – all creditors we would buy claims from, their information is public,” he said. “Toys ‘R’ Us tells us exactly who they owe money to and how much they owe.” Argo, which put up a page indicating its interest in Quadriga claims last year, is no stranger to the crypto space. The company also sought to purchase claims from Mt Gox creditors. Related: Canadian Government-Assisted Bitcoin Miner Files for Bankruptcy Owing Millions Aziz wants to educate Quadriga’s creditors about its process and create a market for claims. Regardless of how many claims it can gather, Argo would have to spend the same amount of resources in following the case and ensuring a return, so it hopes to acquire a large volume rather than a few small claims. Liquidations The two largest unknowns are the total number of creditors and how much they will receive from Quadriga. Story continues EY has been investigating QuadrigaCX’s finances since it was first appointed by the Nova Scotia Supreme Court as a monitor to the exchange, finding the exchange has roughly $28 million CAD ($21 million USD) in assets. The firm has not yet revealed the number of claims it has received from creditors. The auditor reported that Cotten used corporate and client funds for personal acquisitions, including several properties and luxury vehicles. These properties were passed to Cotten’s widow, Jennifer Robertson, as part of his estate. In 2019, Robertson agreed to liquidate a majority of these properties, which EY estimated would raise $12 million CAD ($9 million USD). A tenant of one such property told CoinDesk via email last month that Open Door Property Management had been retained by EY to sell off the facilities. While posts on Reddit expressed concern that tenants might be evicted following the sales, Open Door told CoinDesk that under Nova Scotia law at least, the new owners would have to provide a minimum 60-day notice period. It does not appear that the properties have been sold yet, and Aziz said the real estate is likely to move slowly. Upside splits It is also unclear how much the creditors may receive from Quadriga’s supposed crypto holdings, said Jonathan Maruri, who co-manages Argo’s trading team. While Robertson reported that Quadriga held more than $180 million CAD worth of crypto at the time of the exchange’s collapse, EY’s investigation indicates that most of this is gone, with some assets held at other exchanges or by third-party payment vendors. Trying to recover the lost cryptos might end up eating into the cash on hand, Maruri said. “Do they [EY] offset the cost of finding them? That’s a pretty hard question for us to answer. Because this stuff is new, there’s not a lot of crypto bankruptcies … We’ve got a collective 100-plus years of experience analyzing bankruptcies and no one knows [how to approach this],” he said. Aziz said he is not willing to disclose how much Argo might pay for a claim at this time, but Argo would pay each creditor some small percent in an up front purchase. Should more funds be returned to creditors – and subsequently paid out to the stakeholders – Aziz said a proportion would be split with the creditors in addition to the upfront payment. Creditors would benefit either way, Aziz said, as they would be able to stop following the case but would still be eligible for a larger payout. But, Aziz noted, any claims Argo purchases would be heavily discounted compared to what creditors might be eligible for when EY concludes its unwinding of the exchange. Related Stories Canadian Fund Manager 3iQ Files Prospectus for Bitcoin Fund IPO Canada’s Einstein Exchange No Longer Has Bulk of Users’ Claimed CA$16M: Receiver || Vienna’s ANON Summit 2020 looks set to draw a large crowd: Following the success of last year’s event, the ANON Summit is coming back to Vienna for its second edition. The comprehensive two-day technology conference will take place on April 15-16 in the picturesque Austrian capital and is expected to draw a large crowd. Organisers are projecting that more than 2,000 attendees and 100 speakers will gather to discuss the most salient issues in the blockchain and emerging technologies space. Among the confirmed speakers so far are none other than the legendary author of Mastering Bitcoin Andreas Antonopoulos , Kraken’s Head of Banking Maximilian Marenbach, and the EU Commissioner for Innovation and Youth Mariya Gabriel. Interoperability is the key to mass adoption This year’s summit will focus on the much-debated issue of interoperability and how different technologies and organisations can work better together. Industry influencers, entrepreneurs, investors, representatives of key corporations, and government officials will educate, enlighten, debate, and strike up important discussions over two separate stages. Informative keynotes, lively panels, educational workshops, and plenty of breakout sessions will all complement the programme as ANON Summit 2020 looks to “bridge the gap” between the traditional and tech sectors. To get an idea of what attendees can expect to get out of the ANON Summit, check out the highlights from last year’s edition below: The conference’s goal this year is to unite large corporations with young start-ups – complementing experience with innovation. Besides the action on stage, there will be ample opportunities to network. ANON Summit 2020 will provide attendees with a “state-of-the-art” networking tool, as well as a dedicated networking area in which one-on-one meetings can be arranged, allowing delegates to get down to business and build long-lasting partnerships. “This year’s message is innovation through collaboration,” said Daniel Lenikus, co-organiser of the event. Story continues “We have created ANON Summit intending to become a platform to facilitate partnerships and encourage conversation.” ANON Summit 2020 will also cover AI and IoT With the theme of the conference being interoperability, it makes sense that the ANON Summit should shine a light on artificial intelligence (AI) and Internet of Things (IoT) technologies as well. Not only does this cast a wider net for potential delegates, but it showcases Austria as a country primed and open for the business of the future. “We want to show the possibilities of the three technologies. Not only each one on its own, but especially in conjunction with each other,” Lenikus commented. For those who attended the conference last year, 2020 will not disappoint. And for new guests, you can expect to find a thriving and educational event divided into two different tracks: digital currencies and assets and the interoperability of technologies in mobility, energy, banking, and finance. This year’s summit will also feature a €100,000 pitch challenge, which is sure to draw the attention of many hopeful projects. To find out more about the event, visit its official website or click on this link to purchase tickets. You can receive 10% off by signing up to the official newsletter. If you were looking for an additional excuse to visit one of Europe’s most stunning cities in the spring, ANON Summit 2020 might just be right up your street. The post Vienna’s ANON Summit 2020 looks set to draw a large crowd appeared first on Coin Rivet . || Vienna’s ANON Summit 2020 looks set to draw a large crowd: Following the success of last year’s event, the ANON Summit is coming back to Vienna for its second edition. The comprehensive two-day technology conference will take place on April 15-16 in the picturesque Austrian capital and is expected to draw a large crowd. Organisers are projecting that more than 2,000 attendees and 100 speakers will gather to discuss the most salient issues in the blockchain and emerging technologies space. Among the confirmed speakers so far are none other than the legendary author of Mastering Bitcoin Andreas Antonopoulos , Kraken’s Head of Banking Maximilian Marenbach, and the EU Commissioner for Innovation and Youth Mariya Gabriel. Interoperability is the key to mass adoption This year’s summit will focus on the much-debated issue of interoperability and how different technologies and organisations can work better together. Industry influencers, entrepreneurs, investors, representatives of key corporations, and government officials will educate, enlighten, debate, and strike up important discussions over two separate stages. Informative keynotes, lively panels, educational workshops, and plenty of breakout sessions will all complement the programme as ANON Summit 2020 looks to “bridge the gap” between the traditional and tech sectors. To get an idea of what attendees can expect to get out of the ANON Summit, check out the highlights from last year’s edition below: The conference’s goal this year is to unite large corporations with young start-ups – complementing experience with innovation. Besides the action on stage, there will be ample opportunities to network. ANON Summit 2020 will provide attendees with a “state-of-the-art” networking tool, as well as a dedicated networking area in which one-on-one meetings can be arranged, allowing delegates to get down to business and build long-lasting partnerships. “This year’s message is innovation through collaboration,” said Daniel Lenikus, co-organiser of the event. Story continues “We have created ANON Summit intending to become a platform to facilitate partnerships and encourage conversation.” ANON Summit 2020 will also cover AI and IoT With the theme of the conference being interoperability, it makes sense that the ANON Summit should shine a light on artificial intelligence (AI) and Internet of Things (IoT) technologies as well. Not only does this cast a wider net for potential delegates, but it showcases Austria as a country primed and open for the business of the future. “We want to show the possibilities of the three technologies. Not only each one on its own, but especially in conjunction with each other,” Lenikus commented. For those who attended the conference last year, 2020 will not disappoint. And for new guests, you can expect to find a thriving and educational event divided into two different tracks: digital currencies and assets and the interoperability of technologies in mobility, energy, banking, and finance. This year’s summit will also feature a €100,000 pitch challenge, which is sure to draw the attention of many hopeful projects. To find out more about the event, visit its official website or click on this link to purchase tickets. You can receive 10% off by signing up to the official newsletter. If you were looking for an additional excuse to visit one of Europe’s most stunning cities in the spring, ANON Summit 2020 might just be right up your street. The post Vienna’s ANON Summit 2020 looks set to draw a large crowd appeared first on Coin Rivet . || A Russian Nuclear Plant Is Renting Space to Energy-Hungry Bitcoin Miners: UDOMLYA, Russia – A state-owned nuclear power plant in Russia may soon fuel a bitcoin mining hub.
Late last month, Rosatom State Atomic Energy Corporation opened a mining farm near the Kalinin nuclear plant in Udomlya, 200 miles northwest of Moscow. The company spent more than $4.8 million building the 30-megawatt facility, according to Sergei Nemchenkov, the head of data centers and digital products at Rosenergoatom, a Rosatom subsidiary.
Rosenergoatom isn’t planning to mine itself, Nemchenkov said. Rather, it will capitalize on the opportunity to sell additional electricity to heavy users and rent space for their equipment, similar to a data center the firm built near the plant.
Related:Why Harvard Research on a Low-Profit Tezos Attack Matters for Proof-of-Stake
“Both data centers and miners are large energy consumers with a stable demand,” Nemchenkov said. “For us, it’s a way to diversify.”
Rosatom is the first big government-related entity to embrace miners in Russia, the world’s eleventh-largest economy, according to the IMF and the World Bank. And with plans to eventually open 240 megawatts or more of its power from several locations to the industry, the company could become a notable player on the global market.
To put that number in perspective, Chinese mining giant Bitmain’s facility under construction inRockdale, Texas, is expected to start with a capacity of 25 to 50 megawatts and eventually expand to 300 megawatts.Anotherfacility being built in the same town would start at 300 MW and eventually go up to 1 gigawatt; both are claiming the title of world’s largest.
The Kalinin plant (built in 1974 and named after a statesman who was the formal head of the Soviet state from 1919 until 1946) is another example of miners in Russia nesting close to old industrial sites, like the abandoned factories in Siberia that areattractingminers from all over the world.
Related:SBI, GMO to Rent Capacity at Massive Bitcoin Mine in Texas: Report
In Udomlya, a rectangular field of about 215,000 square feet is expected to fit up to 30 containers, each with room for almost 400 individual mining computers.
Electricity for miners will cost 4 to 5 cents per kilowatt-hour – not the cheapest price you can find around the globe, as rates lower than 4 cents can be found in some regions of China and Kazakhstan.
But Rosenergoatom wants to market the project, first of all, as a legitimate, reputable way to mine cryptocurrency, right on the energy producer’s property.
“It’s a totally white deal,” Nemchenkov said.
To find clients, Rosenergoatom partnered with ECOS-M, a mining hotel firm that serves as an intermediary between the venue and miners. Founded in 2017 in Armenia, ECOS-M started by building a mining venue near the country’s Hrazdan thermal power plant.
So far, ECOS-M has set up two containers in Hrazdan, but hopes to expand significantly as the potential capacity of the site is up to 200 megawatts, ECOS-M managing partner Ilya Goldberg said.
But the partnership with Rosenergoatom, which he says is “very comfortable” for ECOS-M, is even more promising.
If ECOS-M manages to fill the field in Udomlya fast, Rosenergoatom will open other venues for mining, said Nemchenkov.
“This is the company we’re planning to go a long way with,” he said.
According to the memorandum of understanding (MOU) signed by ECOS-M and Rosenergoatom in February, in addition to Udomlya, four more Rosatom venues might be filed with miners in the coming years, two of them in Siberia, one in the northern region of Murmansk and one in the Kaliningrad exclave in the West.
One of these venues, located in the Siberian town of Seversk, is an especially ambitious project, Nemchenkov said: With a potential capacity up to 200 megawatts, the site is expected to fit 84 containers for one megawatt each at the beginning, after construction is finished, tentatively scheduled for late 2021.
Some 130 more megawatts of available electricity are waiting for miners near the Kolskaya and Baltic nuclear power plants and Angarsk Electrolysis Chemical Plant, according to the MOU.
For Rosenergoatom, building mining venues for rent is a by-product of the company’s ambition to become a large data center provider.
The political situation is conducive to this business: in early December, Russiapasseda law prohibiting storage of Russian citizens’ personal data abroad.
This means any company dealing with Russians’ personal data will have to store it on servers inside Russia or pay up to $290,000 in fines and get blocked in the country. Anotherlaw, passed in 2016, requires all telecom companies to store their clients’ communication data for up to three years, further stimulating demand for storage.
The data center in Udomlya has a backup diesel generator, which ensured uninterrupted service for clients during a briefoutageat the Kalinin power station last year caused by ashort circuitin a transformer outside the plant, Nemchenkov said.
While the mining field doesn’t have such generators, an outage there in extreme conditions would only last one or two minutes, he said.
Rosenergoatom seems serious about working with miners: According to Nemchenkov, there will be an option to hire the nuclear giant’s personnel to take care of the mining containers and leverage its engineering and industrial safety expertise. It might also provide the metal containers in the future, Nemchenkov said.
However, the infrastructure the company is building can serve various use cases, Nemchenkov said. If one day Russia bans crypto, or mining in particular, the venue can be upgraded and turned into a normal data center, he said.
“For the time being, we can host miners. If the mining story is over, we can host something else,” Nemchenkov said.
• Bitcoin Mining Power Hits Fresh All-Time High
• Lawsuit Shows How a Public Firm’s $80M Bet on Bitcoin Miners Went Terribly Wrong || A Russian Nuclear Plant Is Renting Space to Energy-Hungry Bitcoin Miners: UDOMLYA, Russia – A state-owned nuclear power plant in Russia may soon fuel a bitcoin mining hub.
Late last month, Rosatom State Atomic Energy Corporation opened a mining farm near the Kalinin nuclear plant in Udomlya, 200 miles northwest of Moscow. The company spent more than $4.8 million building the 30-megawatt facility, according to Sergei Nemchenkov, the head of data centers and digital products at Rosenergoatom, a Rosatom subsidiary.
Rosenergoatom isn’t planning to mine itself, Nemchenkov said. Rather, it will capitalize on the opportunity to sell additional electricity to heavy users and rent space for their equipment, similar to a data center the firm built near the plant.
Related:Why Harvard Research on a Low-Profit Tezos Attack Matters for Proof-of-Stake
“Both data centers and miners are large energy consumers with a stable demand,” Nemchenkov said. “For us, it’s a way to diversify.”
Rosatom is the first big government-related entity to embrace miners in Russia, the world’s eleventh-largest economy, according to the IMF and the World Bank. And with plans to eventually open 240 megawatts or more of its power from several locations to the industry, the company could become a notable player on the global market.
To put that number in perspective, Chinese mining giant Bitmain’s facility under construction inRockdale, Texas, is expected to start with a capacity of 25 to 50 megawatts and eventually expand to 300 megawatts.Anotherfacility being built in the same town would start at 300 MW and eventually go up to 1 gigawatt; both are claiming the title of world’s largest.
The Kalinin plant (built in 1974 and named after a statesman who was the formal head of the Soviet state from 1919 until 1946) is another example of miners in Russia nesting close to old industrial sites, like the abandoned factories in Siberia that areattractingminers from all over the world.
Related:SBI, GMO to Rent Capacity at Massive Bitcoin Mine in Texas: Report
In Udomlya, a rectangular field of about 215,000 square feet is expected to fit up to 30 containers, each with room for almost 400 individual mining computers.
Electricity for miners will cost 4 to 5 cents per kilowatt-hour – not the cheapest price you can find around the globe, as rates lower than 4 cents can be found in some regions of China and Kazakhstan.
But Rosenergoatom wants to market the project, first of all, as a legitimate, reputable way to mine cryptocurrency, right on the energy producer’s property.
“It’s a totally white deal,” Nemchenkov said.
To find clients, Rosenergoatom partnered with ECOS-M, a mining hotel firm that serves as an intermediary between the venue and miners. Founded in 2017 in Armenia, ECOS-M started by building a mining venue near the country’s Hrazdan thermal power plant.
So far, ECOS-M has set up two containers in Hrazdan, but hopes to expand significantly as the potential capacity of the site is up to 200 megawatts, ECOS-M managing partner Ilya Goldberg said.
But the partnership with Rosenergoatom, which he says is “very comfortable” for ECOS-M, is even more promising.
If ECOS-M manages to fill the field in Udomlya fast, Rosenergoatom will open other venues for mining, said Nemchenkov.
“This is the company we’re planning to go a long way with,” he said.
According to the memorandum of understanding (MOU) signed by ECOS-M and Rosenergoatom in February, in addition to Udomlya, four more Rosatom venues might be filed with miners in the coming years, two of them in Siberia, one in the northern region of Murmansk and one in the Kaliningrad exclave in the West.
One of these venues, located in the Siberian town of Seversk, is an especially ambitious project, Nemchenkov said: With a potential capacity up to 200 megawatts, the site is expected to fit 84 containers for one megawatt each at the beginning, after construction is finished, tentatively scheduled for late 2021.
Some 130 more megawatts of available electricity are waiting for miners near the Kolskaya and Baltic nuclear power plants and Angarsk Electrolysis Chemical Plant, according to the MOU.
For Rosenergoatom, building mining venues for rent is a by-product of the company’s ambition to become a large data center provider.
The political situation is conducive to this business: in early December, Russiapasseda law prohibiting storage of Russian citizens’ personal data abroad.
This means any company dealing with Russians’ personal data will have to store it on servers inside Russia or pay up to $290,000 in fines and get blocked in the country. Anotherlaw, passed in 2016, requires all telecom companies to store their clients’ communication data for up to three years, further stimulating demand for storage.
The data center in Udomlya has a backup diesel generator, which ensured uninterrupted service for clients during a briefoutageat the Kalinin power station last year caused by ashort circuitin a transformer outside the plant, Nemchenkov said.
While the mining field doesn’t have such generators, an outage there in extreme conditions would only last one or two minutes, he said.
Rosenergoatom seems serious about working with miners: According to Nemchenkov, there will be an option to hire the nuclear giant’s personnel to take care of the mining containers and leverage its engineering and industrial safety expertise. It might also provide the metal containers in the future, Nemchenkov said.
However, the infrastructure the company is building can serve various use cases, Nemchenkov said. If one day Russia bans crypto, or mining in particular, the venue can be upgraded and turned into a normal data center, he said.
“For the time being, we can host miners. If the mining story is over, we can host something else,” Nemchenkov said.
• Bitcoin Mining Power Hits Fresh All-Time High
• Lawsuit Shows How a Public Firm’s $80M Bet on Bitcoin Miners Went Terribly Wrong || A Russian Nuclear Plant Is Renting Space to Energy-Hungry Bitcoin Miners: UDOMLYA, Russia A state-owned nuclear power plant in Russia may soon fuel a bitcoin mining hub. Late last month, Rosatom State Atomic Energy Corporation opened a mining farm near the Kalinin nuclear plant in Udomlya, 200 miles northwest of Moscow. The company spent more than $4.8 million building the 30-megawatt facility, according to Sergei Nemchenkov, the head of data centers and digital products at Rosenergoatom, a Rosatom subsidiary. Rosenergoatom isnt planning to mine itself, Nemchenkov said. Rather, it will capitalize on the opportunity to sell additional electricity to heavy users and rent space for their equipment, similar to a data center the firm built near the plant. Related: Why Harvard Research on a Low-Profit Tezos Attack Matters for Proof-of-Stake Both data centers and miners are large energy consumers with a stable demand, Nemchenkov said. For us, its a way to diversify. Rosatom is the first big government-related entity to embrace miners in Russia, the worlds eleventh-largest economy, according to the IMF and the World Bank. And with plans to eventually open 240 megawatts or more of its power from several locations to the industry, the company could become a notable player on the global market. To put that number in perspective, Chinese mining giant Bitmains facility under construction in Rockdale , Texas, is expected to start with a capacity of 25 to 50 megawatts and eventually expand to 300 megawatts. Another facility being built in the same town would start at 300 MW and eventually go up to 1 gigawatt; both are claiming the title of worlds largest. The Kalinin plant (built in 1974 and named after a statesman who was the formal head of the Soviet state from 1919 until 1946) is another example of miners in Russia nesting close to old industrial sites, like the abandoned factories in Siberia that are attracting miners from all over the world. Related: SBI, GMO to Rent Capacity at Massive Bitcoin Mine in Texas: Report Story continues In Udomlya, a rectangular field of about 215,000 square feet is expected to fit up to 30 containers, each with room for almost 400 individual mining computers. Field for a mining farm near the Kalinin nuclear power plant in Udomlya, Tver Region, Russia/Anna Baydakova for CoinDesk Electricity for miners will cost 4 to 5 cents per kilowatt-hour not the cheapest price you can find around the globe, as rates lower than 4 cents can be found in some regions of China and Kazakhstan. But Rosenergoatom wants to market the project, first of all, as a legitimate, reputable way to mine cryptocurrency, right on the energy producers property. Its a totally white deal, Nemchenkov said. Big ambitions To find clients, Rosenergoatom partnered with ECOS-M, a mining hotel firm that serves as an intermediary between the venue and miners. Founded in 2017 in Armenia, ECOS-M started by building a mining venue near the countrys Hrazdan thermal power plant. So far, ECOS-M has set up two containers in Hrazdan, but hopes to expand significantly as the potential capacity of the site is up to 200 megawatts, ECOS-M managing partner Ilya Goldberg said. But the partnership with Rosenergoatom, which he says is very comfortable for ECOS-M, is even more promising. If ECOS-M manages to fill the field in Udomlya fast, Rosenergoatom will open other venues for mining, said Nemchenkov. This is the company were planning to go a long way with, he said. According to the memorandum of understanding (MOU) signed by ECOS-M and Rosenergoatom in February, in addition to Udomlya, four more Rosatom venues might be filed with miners in the coming years, two of them in Siberia, one in the northern region of Murmansk and one in the Kaliningrad exclave in the West. One of these venues, located in the Siberian town of Seversk, is an especially ambitious project, Nemchenkov said: With a potential capacity up to 200 megawatts, the site is expected to fit 84 containers for one megawatt each at the beginning, after construction is finished, tentatively scheduled for late 2021. Some 130 more megawatts of available electricity are waiting for miners near the Kolskaya and Baltic nuclear power plants and Angarsk Electrolysis Chemical Plant, according to the MOU. Backup plans For Rosenergoatom, building mining venues for rent is a by-product of the companys ambition to become a large data center provider. The political situation is conducive to this business: in early December, Russia passed a law prohibiting storage of Russian citizens personal data abroad. This means any company dealing with Russians personal data will have to store it on servers inside Russia or pay up to $290,000 in fines and get blocked in the country. Another law , passed in 2016, requires all telecom companies to store their clients communication data for up to three years, further stimulating demand for storage. The data center in Udomlya has a backup diesel generator, which ensured uninterrupted service for clients during a brief outage at the Kalinin power station last year caused by a short circuit in a transformer outside the plant, Nemchenkov said. While the mining field doesnt have such generators, an outage there in extreme conditions would only last one or two minutes, he said. Rosenergoatom seems serious about working with miners: According to Nemchenkov, there will be an option to hire the nuclear giants personnel to take care of the mining containers and leverage its engineering and industrial safety expertise. It might also provide the metal containers in the future, Nemchenkov said. However, the infrastructure the company is building can serve various use cases, Nemchenkov said. If one day Russia bans crypto, or mining in particular, the venue can be upgraded and turned into a normal data center, he said. For the time being, we can host miners. If the mining story is over, we can host something else, Nemchenkov said. Related Stories Bitcoin Mining Power Hits Fresh All-Time High Lawsuit Shows How a Public Firms $80M Bet on Bitcoin Miners Went Terribly Wrong || MARKETS DAILY: Geopolitical Impacts and Cars Paying Cars in Crypto?: With geopolitical events reverberating and bitcoin continuing its upward trend, CoinDesk’s Markets Daily is back with news and analysis.
No time to listen? scroll down for the complete episode transcript…
• Crypto Markets, Industry and International News Roundup
• Cars paying each other for right of way? WithSony getting into "Mobility“,a very early bitcoin use-casehas re-emerged.
• Anew reportout this week on liquidity in crypto markets: What it means, why it matters and where it’s heading
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Related:Hamstringing an Industry With Compliance Costs
Transcript:
Adam B. Levine:
On today’s episode, International and Industry News Roundup, Cars paying each other for right of way and a new report on Crypto Liquidity.
Related:MARKETS DAILY: Are Governments Feeling the FOMO?
It’s Jan. 8, 2020, and you’re listening to Markets Daily, I’m Adam B. Levine, editor of Podcasts here at CoinDesk, along with our senior markets reporter, Brad Keoun, to give you a concise daily briefing on crypto markets and some of the most important news developments in the sector over the past 24 hours.
NEWS ROUNDUP
Brad Keoun: Bitcoin’s price has hit a seven-week high of $8,463 during Asian hours after Iran launched missile attacks at two U.S. military bases in Iraq. So far, no casualties have been reported.
Trade is off a bit in the past several hours as Iran’s foreign minister said it had concluded its attacks and that it did not seek an escalation of war. But markets were also keeping an eye on the crash of a Ukraine International Airlines flight that took off from Tehran early Wednesday, killing more than 170 people. Iranian news services have reported the crash was due to technical failure by the Boeing plane.
For crypto markets, investors are continuing to watch to see if bitcoin’s correlation with gold, a typical safe-haven asset in times of geopolitical and economic turmoil, will continue to strengthen.
Adam:Bloomberg Intelligence Senior Commodity Strategist Mike McGlone writes in a Crypto Outlook report that bitcoin is “winning the adoption race” partly because of its store-of-value properties, at a time when the market environment favors independent quasi-currencies.
He predicts bitcoin prices could track upward with gold this year, potentially edging toward last year’s high around $14,000.
The first-born crypto is winning as it evolves into a digital version of gold, McGlone writes.
Brad:And in news on what could be the world’s biggest bitcoin mine, Whinstone’s planned $150 million facility in Rockdale, Texas, has reportedly signed up two Japanese corporate customers.
SBI Holdings and GMO have agreed to rent mining capacity at the facility, with operations set to start in the coming months, Bloomberg News reports.
CoinDesk reported in November that the bitcoin mine would have an initial power usage of 300 megawatts, expanding to 1 gigawatt, dwarfing a nearby facility built by Bitmain, the giant Chinese maker of bitcoin-mining computers.
Adam:Turning to regulatory news, a unit of the U.S. Securities and Exchange devoted to inspections and examinations has released its list of top priorities for 2020, and digital assets are ranked as an “area of concern.”
The SEC office says it wants to address the investment suitability of digital assets, along with trading practices, fund safety, pricing and the effectiveness of compliance programs.
The SEC office noted that the market for digital assets has grown rapidly, and might present risks for retail investors who don’t understand the differences between crypto and more traditional financial products.
Brad:And finally, crypto is coming to the courtroom.
CoinDesk’s Paddy Baker reports that the Swiss-based crypto project Aragon has started recruiting jurors ahead of its planned launch of a new decentralized court system.
Starting on Tuesday, participants in the Aragon project could exchange their ANT tokens for newly minted Aragon Network Juror Tokens that can then be used to sign up to serve as jurors in disputes adjudicated in Aragon’s courtroom.
Jurors who serve are eligible for rewards paid out in – you guessed it, more tokens.
FEATURE – Cars Paying Cars
Adam:Turning to today’s featured segment, we’re talking Sony, cars and crypto. The CoinDesk team has been in Las Vegas all week for the annual Consumer Electronics Show – better known as CES. Here’s what we know, according to CoinDesk Editor John Biggs.
There is aschool of thoughtthat believes the future of cryptocurrency and blockchain happens whenrobots begin paying robots. These robots might be cleaning our houses, taking care of our elders or driving us around. Cryptocurrency becomes the value transfer medium in this scenario and all of the sensors, computers and systems associated with washing our floors or getting us around connect to the worldwide internet of value and, in the end, supplant most payment methods.
Car manufacturers probably won’t play ball. Car sales and car manufacturers depend on a few things, the primary one being that a human will buy an expensive hunk of steel and spend quite a while behind the wheel. Sony and Apple and Intel and countless mobility startups aren’t harnessed to that antiquated notion. To them, cars are computers.
So, it did not go unnoticed when…
Sony announced a car – a real, physical vehicle with wheels and seats. Obviously, this car, called the Vision-S, is a prototype and you probably won’t be going down to Best Buy to pick up some USB-C cables and a new Sony whip. But the simple fact remains that an electronics and software company is moving into real-world mobility.
The Sony car is packed with sensors – lidar, radar and cameras – and 360-degree audio with a huge, wraparound screen to entertain the driver. It is, in short, the beginning of a car-creation model that pulls the industry out of the 1900s and into the 2000s.
The electric vehicle is built on Sony’s own platform, which it plans to use in multiple body configurations. It has a reported zero-to-60-mph time of 4.8 seconds, according toCar and Driver, and a max speed of 149 mph. It’s a real car with real power.
We know very little about Sony’s future car plans and the concept model is far from ready for the market. But eventually, this car and many like it will be communicating with each other wirelessly and negotiating traffic automatically. Your wallet will take a hit if you want to get somewhere faster — your car will pay another car to get ahead of them — and you’ll spend or even earn if you can spare a few more minutes on the road. Roads themselves will request tolls for maintenance and, as we sit in relative comfort, we’ll be making requests for applications, educational materials and entertainment. And, if Facebook, Apple and Amazon have their way, we won’t be swiping a credit card.
All of this assumes Sony and Apple and Google and Amazon are all thinking the same thing. Thus far, itseems they are. They are computing companies. Computing is built on open standards, and anything traditional car manufacturers do to prevent that openness will earn them a spot outside of the network. The new driverless, self-negotiating cars will also face driver resistance. Maybe we’ll have a future where petulant car lovers boast they are both “rolling coal” and “rolling meat” by driving their antiquated vehicles manufactured before, say, 2025. But anything that stands in front of the onslaught of driverless, constantly negotiating vehicles will be run over.
In the end, maybe this Sony car is a random pop on the future’s horizon. Or maybe it’s something else: the beginning of a firework show that will truly take this extremely nascent technology mainstream. All we can say right now is people are excited about what’s to come.
SPOTLIGHT– Crypto Liquidity
Adam: And now, for today’s spotlight, we’re looking at the evolving concept of liquidity, in the rapidly evolving cryptocurrency markets.
Brad:That’s right, Adam, today we want to highlight a really smart report out this week from our colleagues on the ColnDesk Research team, Noelle Acheson and Galen Moore, looking at liquidity in crypto markets.
Liquidity is one of those market terms that gets tossed around frequently by analysts, and crypto markets have idiosyncrasies that make liquidity an even more complicated subject than in traditional markets.
In this context, the authors looked at liquidity as a measure of, generally speaking, how easily a given crypto asset can be bought or sold in a reasonably large quantity without moving the price much.
Bitcoin, the oldest cryptocurrency and the largest by market value around $150 billion, is by far the most liquid, according to the authors, and most crypto investors can enter and exit a reasonably sized position with relative ease.
Yet, as we have often seen, a large order can whiplash the price.
One key issue is that these markets are quite fragmented, with a handful of large exchanges operating in several jurisdictions, alongside medium-size regional exchanges and hundreds of other niche exchanges geared toward specific types of traders.
That spreads trading volumes across a range of venues, diluting the liquidity.
The contrast is with traditional financial markets, where there tend to be fewer exchanges to choose from, so there’s less liquidity dilution.
A more diluted trading volume makes it harder to execute a large order without affecting the price.
To place a big order without moving the price, a client may need to use various exchanges, resulting in higher costs, and that could serve as a barrier for some investors from accumulating a large trading position.
A thriving over-the-counter, or OTC, market has sprung up to solve these problems, but there’s not an abundance of reliable data on how much volume these OTC desks account for.
Another key aspect of liquidity in crypto markets is the role of stablecoins, or digital assets like Tether whose price is pegged to government-issued currencies such as the U.S. dollar.
These stablecoins can be moved rapidly from exchange to exchange, allowing investors to reduce the balances they have to hold at individual exchanges, and thus reducing their cost of capital.
The authors conclude that the unusually fragmented structure of crypto markets thins order books, increasing the cost of trading by requiring traders to execute across a range of exchanges or by pushing large orders onto the OTC market.
But they make the point that crypto infrastructure is evolving rapidly to overcome liquidity obstacles.
Those could include market consolidation as well as the growing use of prime brokers, which cater to hedge funds with brokerage services and trading loans, as well as with enhanced data reporting and metrics analysis.
There’s also the possibility that simply the entry of more money into crypto markets might do the trick.
According to the report, more liquidity could come from greater mainstream interest in crypto assets, perhaps triggered by the upcoming “bitcoin halving” in May or by the emergence of liquid derivative markets for a broader range of investors.
This could bring fresh demand for cryptocurrencies, accelerate the compression of trading bid-offer spreads and trigger the introduction of further liquidity-enhancing measures.
What’s more, growing liquidity generally tends to reduce volatility, which in turn might lead to even more liquidity.
OUTTRO
Adam:Join us again on Thursday for the next Markets Daily from CoinDesk. To make sure you never miss an episode, you can subscribe to Markets daily on Apple Podcasts, Spotify, Google Podcasts, and just about any other place you’d like to listen. If you’re enjoying the show, we really appreciate you leaving a review. And if you have any thoughts or comments, [email protected]
• Taking the TON Out of Telegram
• MARKETS DAILY: Who Should Be Allowed to Invest? || MARKETS DAILY: Geopolitical Impacts and Cars Paying Cars in Crypto?: With geopolitical events reverberating and bitcoin continuing its upward trend, CoinDesk’s Markets Daily is back with news and analysis. No time to listen? scroll down for the complete episode transcript… Crypto Markets, Industry and International News Roundup Cars paying each other for right of way? With Sony getting into "Mobility “, a very early bitcoin use-case has re-emerged. A new report out this week on liquidity in crypto markets: What it means, why it matters and where it’s heading More ways to Listen or Subscribe: Related: Hamstringing an Industry With Compliance Costs Transcript: Adam B. Levine: On today’s episode, International and Industry News Roundup, Cars paying each other for right of way and a new report on Crypto Liquidity . Related: MARKETS DAILY: Are Governments Feeling the FOMO? It’s Jan. 8, 2020, and you’re listening to Markets Daily, I’m Adam B. Levine, editor of Podcasts here at CoinDesk, along with our senior markets reporter, Brad Keoun, to give you a concise daily briefing on crypto markets and some of the most important news developments in the sector over the past 24 hours. NEWS ROUNDUP Brad Keoun : Bitcoin’s price has hit a seven-week high of $8,463 during Asian hours after Iran launched missile attacks at two U.S. military bases in Iraq. So far, no casualties have been reported. Trade is off a bit in the past several hours as Iran’s foreign minister said it had concluded its attacks and that it did not seek an escalation of war. But markets were also keeping an eye on the crash of a Ukraine International Airlines flight that took off from Tehran early Wednesday, killing more than 170 people. Iranian news services have reported the crash was due to technical failure by the Boeing plane. For crypto markets, investors are continuing to watch to see if bitcoin’s correlation with gold, a typical safe-haven asset in times of geopolitical and economic turmoil, will continue to strengthen. Adam: Bloomberg Intelligence Senior Commodity Strategist Mike McGlone writes in a Crypto Outlook report that bitcoin is “winning the adoption race” partly because of its store-of-value properties, at a time when the market environment favors independent quasi-currencies. He predicts bitcoin prices could track upward with gold this year, potentially edging toward last year’s high around $14,000. The first-born crypto is winning as it evolves into a digital version of gold, McGlone writes. Brad: And in news on what could be the world’s biggest bitcoin mine, Whinstone’s planned $150 million facility in Rockdale, Texas, has reportedly signed up two Japanese corporate customers. Story continues SBI Holdings and GMO have agreed to rent mining capacity at the facility, with operations set to start in the coming months, Bloomberg News reports. CoinDesk reported in November that the bitcoin mine would have an initial power usage of 300 megawatts, expanding to 1 gigawatt, dwarfing a nearby facility built by Bitmain, the giant Chinese maker of bitcoin-mining computers. Adam: Turning to regulatory news, a unit of the U.S. Securities and Exchange devoted to inspections and examinations has released its list of top priorities for 2020, and digital assets are ranked as an “area of concern.” The SEC office says it wants to address the investment suitability of digital assets, along with trading practices, fund safety, pricing and the effectiveness of compliance programs. The SEC office noted that the market for digital assets has grown rapidly, and might present risks for retail investors who don’t understand the differences between crypto and more traditional financial products. Brad: And finally, crypto is coming to the courtroom. CoinDesk’s Paddy Baker reports that the Swiss-based crypto project Aragon has started recruiting jurors ahead of its planned launch of a new decentralized court system. Starting on Tuesday, participants in the Aragon project could exchange their ANT tokens for newly minted Aragon Network Juror Tokens that can then be used to sign up to serve as jurors in disputes adjudicated in Aragon’s courtroom. Jurors who serve are eligible for rewards paid out in – you guessed it, more tokens. FEATURE – Cars Paying Cars Adam: Turning to today’s featured segment, we’re talking Sony, cars and crypto. The CoinDesk team has been in Las Vegas all week for the annual Consumer Electronics Show – better known as CES. Here’s what we know, according to CoinDesk Editor John Biggs. There is a school of thought that believes the future of cryptocurrency and blockchain happens when robots begin paying robots . These robots might be cleaning our houses, taking care of our elders or driving us around. Cryptocurrency becomes the value transfer medium in this scenario and all of the sensors, computers and systems associated with washing our floors or getting us around connect to the worldwide internet of value and, in the end, supplant most payment methods. Car manufacturers probably won’t play ball. Car sales and car manufacturers depend on a few things, the primary one being that a human will buy an expensive hunk of steel and spend quite a while behind the wheel. Sony and Apple and Intel and countless mobility startups aren’t harnessed to that antiquated notion. To them, cars are computers. So, it did not go unnoticed when… Sony announced a car – a real, physical vehicle with wheels and seats. Obviously, this car, called the Vision-S, is a prototype and you probably won’t be going down to Best Buy to pick up some USB-C cables and a new Sony whip. But the simple fact remains that an electronics and software company is moving into real-world mobility. The Sony car is packed with sensors – lidar, radar and cameras – and 360-degree audio with a huge, wraparound screen to entertain the driver. It is, in short, the beginning of a car-creation model that pulls the industry out of the 1900s and into the 2000s. The electric vehicle is built on Sony’s own platform, which it plans to use in multiple body configurations. It has a reported zero-to-60-mph time of 4.8 seconds, according to Car and Driver , and a max speed of 149 mph. It’s a real car with real power. We know very little about Sony’s future car plans and the concept model is far from ready for the market. But eventually, this car and many like it will be communicating with each other wirelessly and negotiating traffic automatically. Your wallet will take a hit if you want to get somewhere faster — your car will pay another car to get ahead of them — and you’ll spend or even earn if you can spare a few more minutes on the road. Roads themselves will request tolls for maintenance and, as we sit in relative comfort, we’ll be making requests for applications, educational materials and entertainment. And, if Facebook, Apple and Amazon have their way, we won’t be swiping a credit card. All of this assumes Sony and Apple and Google and Amazon are all thinking the same thing. Thus far, it seems they are . They are computing companies. Computing is built on open standards, and anything traditional car manufacturers do to prevent that openness will earn them a spot outside of the network. The new driverless, self-negotiating cars will also face driver resistance. Maybe we’ll have a future where petulant car lovers boast they are both “rolling coal” and “rolling meat” by driving their antiquated vehicles manufactured before, say, 2025. But anything that stands in front of the onslaught of driverless, constantly negotiating vehicles will be run over. In the end, maybe this Sony car is a random pop on the future’s horizon. Or maybe it’s something else: the beginning of a firework show that will truly take this extremely nascent technology mainstream. All we can say right now is people are excited about what’s to come. SPOTLIGHT – Crypto Liquidity Adam: And now, for today’s spotlight, we’re looking at the evolving concept of liquidity, in the rapidly evolving cryptocurrency markets. Brad: That’s right, Adam, today we want to highlight a really smart report out this week from our colleagues on the ColnDesk Research team, Noelle Acheson and Galen Moore, looking at liquidity in crypto markets. Liquidity is one of those market terms that gets tossed around frequently by analysts, and crypto markets have idiosyncrasies that make liquidity an even more complicated subject than in traditional markets. In this context, the authors looked at liquidity as a measure of, generally speaking, how easily a given crypto asset can be bought or sold in a reasonably large quantity without moving the price much. Bitcoin, the oldest cryptocurrency and the largest by market value around $150 billion, is by far the most liquid, according to the authors, and most crypto investors can enter and exit a reasonably sized position with relative ease. Yet, as we have often seen, a large order can whiplash the price. One key issue is that these markets are quite fragmented, with a handful of large exchanges operating in several jurisdictions, alongside medium-size regional exchanges and hundreds of other niche exchanges geared toward specific types of traders. That spreads trading volumes across a range of venues, diluting the liquidity. The contrast is with traditional financial markets, where there tend to be fewer exchanges to choose from, so there’s less liquidity dilution. A more diluted trading volume makes it harder to execute a large order without affecting the price. To place a big order without moving the price, a client may need to use various exchanges, resulting in higher costs, and that could serve as a barrier for some investors from accumulating a large trading position. A thriving over-the-counter, or OTC, market has sprung up to solve these problems, but there’s not an abundance of reliable data on how much volume these OTC desks account for. Another key aspect of liquidity in crypto markets is the role of stablecoins, or digital assets like Tether whose price is pegged to government-issued currencies such as the U.S. dollar. These stablecoins can be moved rapidly from exchange to exchange, allowing investors to reduce the balances they have to hold at individual exchanges, and thus reducing their cost of capital. The authors conclude that the unusually fragmented structure of crypto markets thins order books, increasing the cost of trading by requiring traders to execute across a range of exchanges or by pushing large orders onto the OTC market. But they make the point that crypto infrastructure is evolving rapidly to overcome liquidity obstacles. Those could include market consolidation as well as the growing use of prime brokers, which cater to hedge funds with brokerage services and trading loans, as well as with enhanced data reporting and metrics analysis. There’s also the possibility that simply the entry of more money into crypto markets might do the trick. According to the report, more liquidity could come from greater mainstream interest in crypto assets, perhaps triggered by the upcoming “bitcoin halving” in May or by the emergence of liquid derivative markets for a broader range of investors. This could bring fresh demand for cryptocurrencies, accelerate the compression of trading bid-offer spreads and trigger the introduction of further liquidity-enhancing measures. What’s more, growing liquidity generally tends to reduce volatility, which in turn might lead to even more liquidity. OUTTRO Adam: Join us again on Thursday for the next Markets Daily from CoinDesk. To make sure you never miss an episode, you can subscribe to Markets daily on Apple Podcasts, Spotify, Google Podcasts, and just about any other place you’d like to listen. If you’re enjoying the show, we really appreciate you leaving a review. And if you have any thoughts or comments, email [email protected] Related Stories Taking the TON Out of Telegram MARKETS DAILY: Who Should Be Allowed to Invest? View comments || Trump Speaks, Supporting Riskier Assets. Did Iran, China and Russia Listen?: The U.S President spoke on Wednesday, responding to the missile strike on U.S occupied bases in Iraq. While the threat of further measures against Iran was laid out, an olive branch was also extended. There may be some wishful thinking, however, for the U.S to expect both China and Russia to align with the request of the U.S to step back from the Iranian regime. Both nations have a long-standing relationship with Iran and are unlikely to follow the requests of the U.S President. Trump also called on NATO to take a greater interest and involvement, while also calling on the likes of Britain, Germany and others to support the U.S. Few want to get embroiled in a military campaign in the Middle East that could deteriorate into a full-blown proxy war. The Reaction The markets reacted favorably to the Trump address. There will have been fears of severe measures in response to Wednesdays attacks. Olive branches abound and talk of a desire to reach an agreement with Iran to allow the nation to prosper was key. We saw the Dow bounce by more than 120 points in response to Trumps comments. Commodity currencies also found support, with the Aussie Dollar reversing losses from earlier in the day. For those looking at the cryptos, Bitcoin hit reverse in response to the speech. Bitcoin had surged to $8,400 levels this week as the threat of conflict in the Middle East peaked. Trumps speech led to a sharp pullback to sub-$8,100 levels. Interestingly, it was one of the few occasions in recent times that Bitcoin had become a safe haven. It was perhaps unsurprising when considering the possible ramifications of all-out war in the Middle East
Whats next? With the olive branch now extended, it now rests with Irans supreme leader to respond to Trumps speech. Iran has cranked up its uranium enrichment program and has promised severe retaliation to the U.S attack last Friday. Wednesdays missile attacks on selected bases will unlikely cut it for the Iranians and for the Revolutionary guard. Story continues The face has been saved, however, and Trumps olive branch could be considered a diplomatic victory for Khamenei. One thing is certain, Iran will likely play along with the diplomatic goal of peace and prosperity. After all, the country has been under the cosh since the U.S reintroduced sanctions. The population would be somewhat irked if the government failed to take advantage of what is currently on offer. For the U.S, it could be game, set, and match. If Iran brushes aside the offering, uprisings within the country may well create social and economic unrest. It would even offer the U.S an opportunity to, once more, meddle in Irans future
For all concerned, whatever the outcome, few would like either side to escalate beyond the events of the last week
This article was originally posted on FX Empire More From FXEMPIRE: EUR/USD Price Forecast Euro Drifts Lower Crude Oil Price Forecast Crude Oil Markets Get Hammered GBP/JPY Price Forecast British Pound Shows Support Against Yen Silver Price Forecast Silver Markets Shoot Higher But Give Back Gains E-mini S&P 500 Index (ES) Futures Technical Analysis Holding 3222.25 Support Ahead of Trump Speech GBP/USD Price Forecast British Pound Building Momentum For Next Move || Trump Speaks, Supporting Riskier Assets. Did Iran, China and Russia Listen?: The U.S President spoke on Wednesday, responding to the missile strike on U.S occupied bases in Iraq.
While the threat of further measures against Iran was laid out, an olive branch was also extended.
There may be some wishful thinking, however, for the U.S to expect both China and Russia to align with the request of the U.S to step back from the Iranian regime.
Both nations have a long-standing relationship with Iran and are unlikely to follow the requests of the U.S President.
Trump also called on NATO to take a greater interest and involvement, while also calling on the likes of Britain, Germany and others to support the U.S.
Few want to get embroiled in a military campaign in the Middle East that could deteriorate into a full-blown proxy war.
The markets reacted favorably to the Trump address. There will have been fears of severe measures in response to Wednesday’s attacks.
Olive branches abound and talk of a desire to reach an agreement with Iran to allow the nation to prosper was key.
We saw the Dow bounce by more than 120 points in response to Trump’s comments.
Commodity currencies also found support, with the Aussie Dollar reversing losses from earlier in the day.
For those looking at the cryptos, Bitcoin hit reverse in response to the speech. Bitcoin had surged to $8,400 levels this week as the threat of conflict in the Middle East peaked. Trump’s speech led to a sharp pullback to sub-$8,100 levels.
Interestingly, it was one of the few occasions in recent times that Bitcoin had become a safe haven. It was perhaps unsurprising when considering the possible ramifications of all-out war in the Middle East…
With the olive branch now extended, it now rests with Iran’s supreme leader to respond to Trump’s speech.
Iran has cranked up its uranium enrichment program and has promised severe retaliation to the U.S attack last Friday.
Wednesday’s missile attacks on selected bases will unlikely cut it for the Iranians and for the Revolutionary guard.
‘The face’ has been saved, however, and Trump’s olive branch could be considered a diplomatic victory for Khamenei.
One thing is certain, Iran will likely play along with the diplomatic goal of peace and prosperity. After all, the country has been under the cosh since the U.S reintroduced sanctions.
The population would be somewhat irked if the government failed to take advantage of what is currently on offer.
For the U.S, it could be game, set, and match. If Iran brushes aside the offering, uprisings within the country may well create social and economic unrest. It would even offer the U.S an opportunity to, once more, meddle in Iran’s future…
For all concerned, whatever the outcome, few would like either side to escalate beyond the events of the last week…
Thisarticlewas originally posted on FX Empire
• EUR/USD Price Forecast – Euro Drifts Lower
• Crude Oil Price Forecast – Crude Oil Markets Get Hammered
• GBP/JPY Price Forecast – British Pound Shows Support Against Yen
• Silver Price Forecast – Silver Markets Shoot Higher But Give Back Gains
• E-mini S&P 500 Index (ES) Futures Technical Analysis – Holding 3222.25 Support Ahead of Trump Speech
• GBP/USD Price Forecast – British Pound Building Momentum For Next Move || Oil, gold fall and stocks rise as Trump says Iran 'standing down': The price of oil fell sharply on Wednesday after US president Donald Trump said Iran was “standing down”. In an address to the nation, Trump said Iran was backing off after a missile attack on US bases in Iraq overnight. The president said this was a “very good thing for the world”. President Donald Trump delivers a statement about Iran at the White House in Washington, US, on 8 January. Photo: Kevin Lamarque/Reuters Oil had been drifting lower over the day and fell sharply on the president’s comments. Crude ( CL=F ) was down 4.4% to $59.90 (£45.52) per barrel at 5pm UK time and Brent ( BZ=F ) was down 3.8% to $65.64 per barrel. Oil had rallied sharply in the days prior, amid fears about a possible conflict between the US and China that could disrupt supply. ‘Safe haven’ assets favoured by investors in uncertain times also sold off on Wednesday. Gold ( GC=F ) fell 1% to $1,558.40 an ounce and bitcoin ( BTC-USD ), which had been over 2% up on the dollar earlier in the day, dropped to trade flat against the greenback. US stocks rallied. The S&P 500 ( ^GPSC ), Dow Jones ( ^DJI ), and NASDAQ ( ^IXIC ) were all up 0.7% a piece shortly after the speech. “The statement was in keeping with [Trump’s] tweet in response to the retaliatory attacks carried out by Iran overnight and for now investors can breathe a big sigh of relief,” said David Cheetham, a market analyst at trading platform XTB. “It may be a little presumptuous to assume this is the end of the matter, with tensions no doubt set to linger, but the avoidance of any hints at further military action have calmed the market’s nerves.” Tensions between the US and Iran have ratcheted up in recent weeks and reached boiling point last Friday after a US airstrike killed one of Iran’s most prominent generals. Iran’s leader pledged “revenge” in the wake of the attack. However, Iran’s foreign minister said Wednesday on Twitter Iran was not planning any further action following the missile attacks on US-Iraqi bases. Despite signs of a de-escalation of military tensions, Trump said on Wednesday the US would be imposing additional “punishing” economic sanctions on Iran until the country “changes its behaviour”. || Oil, gold fall and stocks rise as Trump says Iran 'standing down': The price of oil fell sharply on Wednesday after US president Donald Trump said Iran was “standing down”. In an address to the nation, Trump said Iran was backing off after a missile attack on US bases in Iraq overnight. The president said this was a “very good thing for the world”. President Donald Trump delivers a statement about Iran at the White House in Washington, US, on 8 January. Photo: Kevin Lamarque/Reuters Oil had been drifting lower over the day and fell sharply on the president’s comments. Crude ( CL=F ) was down 4.4% to $59.90 (£45.52) per barrel at 5pm UK time and Brent ( BZ=F ) was down 3.8% to $65.64 per barrel. Oil had rallied sharply in the days prior, amid fears about a possible conflict between the US and China that could disrupt supply. ‘Safe haven’ assets favoured by investors in uncertain times also sold off on Wednesday. Gold ( GC=F ) fell 1% to $1,558.40 an ounce and bitcoin ( BTC-USD ), which had been over 2% up on the dollar earlier in the day, dropped to trade flat against the greenback. US stocks rallied. The S&P 500 ( ^GPSC ), Dow Jones ( ^DJI ), and NASDAQ ( ^IXIC ) were all up 0.7% a piece shortly after the speech. “The statement was in keeping with [Trump’s] tweet in response to the retaliatory attacks carried out by Iran overnight and for now investors can breathe a big sigh of relief,” said David Cheetham, a market analyst at trading platform XTB. “It may be a little presumptuous to assume this is the end of the matter, with tensions no doubt set to linger, but the avoidance of any hints at further military action have calmed the market’s nerves.” Tensions between the US and Iran have ratcheted up in recent weeks and reached boiling point last Friday after a US airstrike killed one of Iran’s most prominent generals. Iran’s leader pledged “revenge” in the wake of the attack. However, Iran’s foreign minister said Wednesday on Twitter Iran was not planning any further action following the missile attacks on US-Iraqi bases. Despite signs of a de-escalation of military tensions, Trump said on Wednesday the US would be imposing additional “punishing” economic sanctions on Iran until the country “changes its behaviour”. || Crypto lender BlockFi adds support for USDC and Litecoin: Crypto lender BlockFi has added support for USD Coin (USDC) and Litecoin (LTC) across all of its offerings. Announced Wednesday, users of BlockFi Interest Accounts (BIA) can now deposit these two currencies to either earn monthly compounding interest on them or take out U.S. dollar-denominated loans against the crypto collateral. The company offers an initial interest rate of 8.6% for USDC and 3.8% for LTC, according to a press statement shared with The Block. The two coins were also added to BlockFi’s new trading platform. Launched in Dec. 2019, BlockFi Trading allows users to trade between the following cryptocurrencies: Bitcoin, Ether, Gemini Dollar, and now, USDC and LTC. BlockFi has seen significant growth since its founding in 2017. Its valuation doubled in a roughly two-month period, as The Block previously reported, and BlockFi founder Zac Prince said last month that the platform was seeing 1-2% daily growth across key performance indicators. BlockFi raised $18.3 million in a Series A funding round last summer. Editor's Note: This report has been amended to clarify information about BlockFi's valuation. || Crypto lender BlockFi adds support for USDC and Litecoin: Crypto lender BlockFi has added support for USD Coin (USDC) and Litecoin (LTC) across all of its offerings.
Announced Wednesday, users of BlockFi Interest Accounts (BIA) can now deposit these two currencies to either earn monthly compounding interest on them or take out U.S. dollar-denominated loans against the crypto collateral. The company offers an initial interest rate of 8.6% for USDC and 3.8% for LTC, according to a press statement shared with The Block.
The two coins were also added to BlockFi’s new trading platform.Launchedin Dec. 2019, BlockFi Trading allows users to trade between the following cryptocurrencies: Bitcoin, Ether, Gemini Dollar, and now, USDC and LTC.
BlockFi has seen significant growth since its founding in 2017. Its valuationdoubledin a roughly two-month period, as The Block previously reported, and BlockFi founder Zac Princesaid last month that the platform was seeing 1-2% daily growth across key performance indicators. BlockFiraised$18.3 million in a Series A funding round last summer.
Editor's Note:This report has been amended to clarify information about BlockFi's valuation. || Bitcoin Climbs Above 8,083.1 Level, Up 2%: Investing.com - Bitcoin rose above the $8,083.1 threshold on Wednesday. Bitcoin was trading at 8,083.1 by 13:30 (18:30 GMT) on the Investing.com Index, up 1.73% on the day. It was the largest one-day percentage gain since January 7.
The move upwards pushed Bitcoin's market cap up to $147.8B, or 67.47% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B.
Bitcoin had traded in a range of $8,044.9 to $8,436.4 in the previous twenty-four hours.
Over the past seven days, Bitcoin has seen a rise in value, as it gained 12.66%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $32.3B or 32.11% of the total volume of all cryptocurrencies. It has traded in a range of $6,884.0640 to $8,436.4355 in the past 7 days.
At its current price, Bitcoin is still down 59.32% from its all-time high of $19,870.62 set on December 17, 2017.
Ethereum was last at $139.03 on the Investing.com Index, down 2.69% on the day.
XRP was trading at $0.20662 on the Investing.com Index, a loss of 2.46%.
Ethereum's market cap was last at $15.4B or 7.01% of the total cryptocurrency market cap, while XRP's market cap totaled $9.1B or 4.14% of the total cryptocurrency market value.
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Decentralized Aragon Court Now Onboards Jurors to Settle Real Cases || Bitcoin Climbs Above 8,083.1 Level, Up 2%: Investing.com - Bitcoin rose above the $8,083.1 threshold on Wednesday. Bitcoin was trading at 8,083.1 by 13:30 (18:30 GMT) on the Investing.com Index, up 1.73% on the day. It was the largest one-day percentage gain since January 7.
The move upwards pushed Bitcoin's market cap up to $147.8B, or 67.47% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B.
Bitcoin had traded in a range of $8,044.9 to $8,436.4 in the previous twenty-four hours.
Over the past seven days, Bitcoin has seen a rise in value, as it gained 12.66%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $32.3B or 32.11% of the total volume of all cryptocurrencies. It has traded in a range of $6,884.0640 to $8,436.4355 in the past 7 days.
At its current price, Bitcoin is still down 59.32% from its all-time high of $19,870.62 set on December 17, 2017.
Ethereum was last at $139.03 on the Investing.com Index, down 2.69% on the day.
XRP was trading at $0.20662 on the Investing.com Index, a loss of 2.46%.
Ethereum's market cap was last at $15.4B or 7.01% of the total cryptocurrency market cap, while XRP's market cap totaled $9.1B or 4.14% of the total cryptocurrency market value.
Related Articles
Crypto Tax Reporting Failures Can Be Expensive, Even Criminal
Monero's Triptych Research Could Vastly Improve Its Anonymity
Decentralized Aragon Court Now Onboards Jurors to Settle Real Cases
[Social Media Buzz]
None available.
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8166.55, 8037.54, 8192.49, 8144.19, 8827.76, 8807.01, 8723.79, 8929.04, 8942.81, 8706.25
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 281.60, 282.61, 281.23, 285.22, 281.88, 278.58, 279.58, 261.00, 265.08, 264.47, 270.39, 266.38, 264.08, 265.68, 261.55, 258.51, 257.98, 211.08, 226.68, 235.35, 232.57, 230.39, 228.17, 210.49, 221.61, 225.83, 224.77, 231.40, 229.78, 228.76, 230.06, 228.12, 229.28, 227.18, 230.30, 235.02, 239.84, 239.85, 243.61, 238.17, 238.48, 240.11, 235.23, 230.51, 230.64, 230.30, 229.09, 229.81, 232.98, 231.49, 231.21, 227.09, 230.62, 230.28, 234.53, 235.14, 234.34, 232.76, 239.14, 236.69, 236.06, 237.55, 237.29, 238.73, 238.26, 240.38, 246.06, 242.97, 242.30, 243.93, 244.94, 247.05, 245.31, 249.51, 251.99, 254.32, 262.87, 270.64, 261.64, 263.44, 269.46, 266.27, 274.02, 276.50, 281.65, 283.68, 285.30, 293.79, 304.62, 313.86.
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[Bitcoin Technical Analysis for 2015-10-29]
Volume: 64495900, RSI (14-day): 86.29, 50-day EMA: 258.70, 200-day EMA: 254.18
[Wider Market Context]
Gold Price: 1147.20, Gold RSI: 45.90
Oil Price: 46.06, Oil RSI: 51.32
[Recent News (last 7 days)]
Cryptocurrency Trader Launches Super Deal for Bitcoin Sellers: WILMINGTON, DE--(Marketwired - October 28, 2015) -Miners Center Inc. (www.minerscenter.com) is now offering 12% to 13% above the market value for Bitcoin, and now is the time to take advantage. With the rise in popularity of Bitcoin commerce, many online firms are finding creative new ways to take advantage of this valuable virtual resource. However, none are more market-savvy than Miners Center, an up-and-coming financial world star that is taking e-commerce by storm.
For those not in the know, Bitcoin is the premier virtual currency that is being used online for a variety of purposes, including electronics purchases, travel, and a growing number of online businesses. It allows spenders to take advantage of the convenience and flexibility of online currency, invest, and grow their finances in a totally new way. Miners Center is offering unprecedented returns on user investments with their new offer.
Emilian Tourey, the CEO of Miners Center, commented: "We are happy that with this promotional offer we will be able to help the Bitcoin community. By riding on this next wave of digital technology, we hope to become a major leader of the Bitcoin community, and offer exceptional deals for all Bitcoin purchases. It's about staying in-step with the times, and we know that Bitcoin is a wise investment and are confident that it can take us to the top."
A visit towww.minerscenter.comreveals a cleanly-designed website that is easy to use, making Bitcoin transactions quick and easy. Users only need to enter their email address, and bank or PayPal information and they will be ready to take advantage of this new promotional offer.
Aside from the main page, they also offer a news section and frequently asked questions, which can help new users discover the relevance and importance of Bitcoin, and the subtleties of the trading process. Any further questions on the website can be answered in real time by staff.
Rates are updated constantly, following current market trends, for the most accurate information. Combined with knowledgeable staff and a regularly updated news page, this gives Miners Center the edge over competitors in the field by offering a depth of market knowledge that is unrivaled.
Miners Center is currently purchasing Bitcoins so any interested sellers should visit their website as soon as possible for the best deals. For more information, visit,www.minerscenter.com.
Image Available:http://www.marketwire.com/library/MwGo/2015/10/28/11G069537/Images/Bitcoin-648633992982.jpg || Cryptocurrency Trader Launches Super Deal for Bitcoin Sellers: WILMINGTON, DE--(Marketwired - October 28, 2015) -Miners Center Inc. (www.minerscenter.com) is now offering 12% to 13% above the market value for Bitcoin, and now is the time to take advantage. With the rise in popularity of Bitcoin commerce, many online firms are finding creative new ways to take advantage of this valuable virtual resource. However, none are more market-savvy than Miners Center, an up-and-coming financial world star that is taking e-commerce by storm.
For those not in the know, Bitcoin is the premier virtual currency that is being used online for a variety of purposes, including electronics purchases, travel, and a growing number of online businesses. It allows spenders to take advantage of the convenience and flexibility of online currency, invest, and grow their finances in a totally new way. Miners Center is offering unprecedented returns on user investments with their new offer.
Emilian Tourey, the CEO of Miners Center, commented: "We are happy that with this promotional offer we will be able to help the Bitcoin community. By riding on this next wave of digital technology, we hope to become a major leader of the Bitcoin community, and offer exceptional deals for all Bitcoin purchases. It's about staying in-step with the times, and we know that Bitcoin is a wise investment and are confident that it can take us to the top."
A visit towww.minerscenter.comreveals a cleanly-designed website that is easy to use, making Bitcoin transactions quick and easy. Users only need to enter their email address, and bank or PayPal information and they will be ready to take advantage of this new promotional offer.
Aside from the main page, they also offer a news section and frequently asked questions, which can help new users discover the relevance and importance of Bitcoin, and the subtleties of the trading process. Any further questions on the website can be answered in real time by staff.
Rates are updated constantly, following current market trends, for the most accurate information. Combined with knowledgeable staff and a regularly updated news page, this gives Miners Center the edge over competitors in the field by offering a depth of market knowledge that is unrivaled.
Miners Center is currently purchasing Bitcoins so any interested sellers should visit their website as soon as possible for the best deals. For more information, visit,www.minerscenter.com.
Image Available:http://www.marketwire.com/library/MwGo/2015/10/28/11G069537/Images/Bitcoin-648633992982.jpg || Cryptocurrency Trader Launches Super Deal for Bitcoin Sellers: WILMINGTON, DE --(Marketwired - October 28, 2015) - Miners Center Inc. ( www.minerscenter.com ) is now offering 12% to 13% above the market value for Bitcoin, and now is the time to take advantage. With the rise in popularity of Bitcoin commerce, many online firms are finding creative new ways to take advantage of this valuable virtual resource. However, none are more market-savvy than Miners Center, an up-and-coming financial world star that is taking e-commerce by storm. For those not in the know, Bitcoin is the premier virtual currency that is being used online for a variety of purposes, including electronics purchases, travel, and a growing number of online businesses. It allows spenders to take advantage of the convenience and flexibility of online currency, invest, and grow their finances in a totally new way. Miners Center is offering unprecedented returns on user investments with their new offer. Emilian Tourey, the CEO of Miners Center, commented: "We are happy that with this promotional offer we will be able to help the Bitcoin community. By riding on this next wave of digital technology, we hope to become a major leader of the Bitcoin community, and offer exceptional deals for all Bitcoin purchases. It's about staying in-step with the times, and we know that Bitcoin is a wise investment and are confident that it can take us to the top." A visit to www.minerscenter.com reveals a cleanly-designed website that is easy to use, making Bitcoin transactions quick and easy. Users only need to enter their email address, and bank or PayPal information and they will be ready to take advantage of this new promotional offer. Aside from the main page, they also offer a news section and frequently asked questions, which can help new users discover the relevance and importance of Bitcoin, and the subtleties of the trading process. Any further questions on the website can be answered in real time by staff. Rates are updated constantly, following current market trends, for the most accurate information. Combined with knowledgeable staff and a regularly updated news page, this gives Miners Center the edge over competitors in the field by offering a depth of market knowledge that is unrivaled. Miners Center is currently purchasing Bitcoins so any interested sellers should visit their website as soon as possible for the best deals. For more information, visit, www.minerscenter.com . Image Available: http://www.marketwire.com/library/MwGo/2015/10/28/11G069537/Images/Bitcoin-648633992982.jpg || NatGas Investing Not For Faint Of Heart: Commodities have been doing horribly; that's not news to anyone. But in a space where prices have continually sunk to new lows across the board, one commodity has managed to outdo them all―natural gas. The worst-performing commodity of the year, natural gas, is down 30 percent in 2015. Due to the ill effects of roll costs from contango, the United States Natural Gas Fund (UNG | B-94) has done even worse, losing 35 percent of its value. At the same time, equities tied to natural gas have been decimated year-to-date, with the First Trust ISE-Revere Natural Gas ETF (FCG | B-95) losing a whopping 46 percent. YTD Returns For Natural Gas Futures, UNG, FCG Unrelenting Production Growth The problem for natural gas is simply that the country has too much of it. Despite the fact that prices are close to the lowest levels in more than a decade below $2/mmbtu, production hasn't flinched. According to the latest data from the Energy Information Administration, output in the U.S. stood at a near-record 81.7 billion cubic feet/day as of last week, up 3 percent from a year ago. U.S. Lower 48 Natural Gas Production (bcf/d) To many, that statistic is confounding. Drilling activity in the energy patch collapsed during the past year due to the simultaneous decline in oil and natural gas prices. Surely that would impact production. At least for oil, it is having an impact. Output of crude in the U.S. is down more than 5 percent from its peak levels. For natural gas, the story is obviously very different. Large natural gas producers like Range Resources and Southwestern Energy continue to report all-time-high production levels, while calling for more growth in the future. The only takeaway is that the marginal cost of natural gas production is much lower than anyone had imagined. Demand Disappoints On the other side of equation is demand, and it's been somewhat disappointing. Industrial demand is actually down marginally this year in spite of the growing economy. Story continues On the other hand, electric power demand has surged, rising nearly 20 percent year-over-year through July. However, the increase is a reflection of significant amounts of coal-to-gas switching and not something that will be repeated year after year. Because natural gas prices are currently so low, when possible, utilities have switched from burning coal to burning gas. The move has decimated the coal industry, which simply can't compete with relatively clean and abundant natural gas. The largest coal producers in the U.S., such as Peabody Energy and Arch Coal, are all on the verge of bankruptcy, with stock prices close to zero. (Incidentally, the two ETFs tied to the coal industry have held up better than one might expect thanks to their international exposure. The Market Vectors Coal ETF (KOL | C-5) , which holds coal producers from around the world, is down only 41 percent this year, while the GreenHaven Coal ETF (TONS | F) , which holds European coal futures contracts, is down 17.3 percent.) YTD Returns For BTU, ACI, KOL, TONS Most of the short-term switching that can be done from coal to gas has already been done. Going forward, natural gas will likely continue to take market share from coal, but at a slower pace. Inventories Bloated The combination of robust supply and a mixed demand picture has kept upside pressure on natural gas inventories. As of last week, stockpiles stood at 3,814 billion cubic feet, 12 percent higher than last year. From a seasonal perspective, inventories tend to peak around early November before steadily declining through March as the winter-heating season boosts demand. However, with weather forecasts calling for warmer-than-normal temperatures for the next couple of weeks, inventory builds could continue for a while longer. It's very likely that in the coming weeks, stockpiles will surpass the record-high of 3,929 bcf set in 2012. Long-Term Exports & Demand Given this dismal outlook for natural gas, is there any hope of a turnaround in the future? Probably not in the short term. Longer term, it's possible, but that hinges on a few factors. Any recovery will have to come from the demand side, because it certainly doesn't look like supply will be slowing down anytime soon. The biggest area of potential gains is in the electric power segment and the liquid-natural-gas export segment. As stated previously, increases in demand for power generation will be smaller than they were this year, but that's a steady source of growth that is likely to continue as utilities transition from dirty coal toward cleaner natural gas. Meanwhile, the U.S. market may get some supply relief as other countries take some of this abundant resource off its hands. In January, Cheniere Energy plans to ship its first cargoes of liquefied natural gas, kicking off a new era of U.S. natural gas exports. This is a sharp reversal from years past when the U.S. was a net importer of the fuel. From current levels around zero, exports may rise to 8.5 billion cubic feet per day by 2019, according to Charles Blanchard, an analyst at Bloomberg New Energy Finance. That represents about 10 percent of current production, and in combination with demand gains in the power sector, could be enough to fuel a meaningful rebound in prices. Playing The Bounce If that happens, natural gas equities will surely follow suit―though it could take a few years for this bullish scenario to develop. The aforementioned FCG, an equal-weighted exchange-traded fund comprising natural gas producers, is the best pure-play ETF on the market. With a basket of equities, an investor doesn't have to contend with the hazards of holding futures, which will take a big bite out of an ETF’s returns like UNG over longer time periods. FCG could certainly decline further from here―it's been a falling knife until now. In a worst-case scenario, the natural gas market could remain mired at low levels for years, as it did in the 1990s. That's the risk an investor has to contend with. But buying into one of the most hated commodities in the market is a high-risk/high-reward bet, best suited for only the most daring investors. Contact Sumit Roy at [email protected] . Recommended Stories High MLP Yields Depend On Oil 2016 Oil: What's In Store? Gundlach: Sell Junk Bonds, Buy India Bitcoin Rally Benefiting ETFs NatGas Investing Not For Faint Of Heart Permalink | © Copyright 2015 ETF.com. All rights reserved || NatGas Investing Not For Faint Of Heart: Commodities have been doing horribly; that's not news to anyone. But in a space where prices have continually sunk to new lows across the board, one commodity has managed to outdo them all―natural gas.
The worst-performing commodity of the year, natural gas, is down 30 percent in 2015. Due to the ill effects of roll costs from contango, theUnited States Natural Gas Fund (UNG | B-94)has done even worse, losing 35 percent of its value.
At the same time, equities tied to natural gas have been decimated year-to-date, with theFirst Trust ISE-Revere Natural Gas ETF (FCG | B-95)losing a whopping 46 percent.
YTD Returns For Natural Gas Futures, UNG, FCG
Unrelenting Production Growth
The problem for natural gas is simply that the country has too much of it. Despite the fact that prices are close to the lowest levels in more than a decade below $2/mmbtu, production hasn't flinched. According to the latest data from the Energy Information Administration, output in the U.S. stood at a near-record 81.7 billion cubic feet/day as of last week, up 3 percent from a year ago.
U.S. Lower 48 Natural Gas Production (bcf/d)
To many, that statistic is confounding. Drilling activity in the energy patch collapsed during the past year due to the simultaneous decline in oil and natural gas prices. Surely that would impact production.
At least for oil, it is having an impact. Output of crude in the U.S. is down more than 5 percent from its peak levels. For natural gas, the story is obviously very different.
Large natural gas producers like Range Resources and Southwestern Energy continue to report all-time-high production levels, while calling for more growth in the future. The only takeaway is that the marginal cost of natural gas production is much lower than anyone had imagined.
Demand Disappoints
On the other side of equation is demand, and it's been somewhat disappointing. Industrial demand is actually down marginally this year in spite of the growing economy.
On the other hand, electric power demand has surged, rising nearly 20 percent year-over-year through July. However, the increase is a reflection of significant amounts of coal-to-gas switching and not something that will be repeated year after year.
Because natural gas prices are currently so low, when possible, utilities have switched from burning coal to burning gas. The move has decimated the coal industry, which simply can't compete with relatively clean and abundant natural gas. The largest coal producers in the U.S., such as Peabody Energy and Arch Coal, are all on the verge of bankruptcy, with stock prices close to zero.
(Incidentally, the two ETFs tied to the coal industry have held up better than one might expect thanks to their international exposure. TheMarket Vectors Coal ETF (KOL | C-5), which holds coal producers from around the world, is downonly41 percent this year, while theGreenHaven Coal ETF (TONS | F), which holds European coal futures contracts, is down 17.3 percent.)
YTD Returns For BTU, ACI, KOL, TONS
Most of the short-term switching that can be done from coal to gas has already been done. Going forward, natural gas will likely continue to take market share from coal, but at a slower pace.
Inventories Bloated
The combination of robust supply and a mixed demand picture has kept upside pressure on natural gas inventories. As of last week, stockpiles stood at 3,814 billion cubic feet, 12 percent higher than last year.
From a seasonal perspective, inventories tend to peak around early November before steadily declining through March as the winter-heating season boosts demand.
However, with weather forecasts calling for warmer-than-normal temperatures for the next couple of weeks, inventory builds could continue for a while longer. It's very likely that in the coming weeks, stockpiles will surpass the record-high of 3,929 bcf set in 2012.
Long-Term Exports & DemandGiven this dismal outlook for natural gas, is there any hope of a turnaround in the future? Probably not in the short term. Longer term, it's possible, but that hinges on a few factors. Any recovery will have to come from the demand side, because it certainly doesn't look like supply will be slowing down anytime soon.
The biggest area of potential gains is in the electric power segment and the liquid-natural-gas export segment. As stated previously, increases in demand for power generation will be smaller than they were this year, but that's a steady source of growth that is likely to continue as utilities transition from dirty coal toward cleaner natural gas.
Meanwhile, the U.S. market may get some supply relief as other countries take some of this abundant resource off its hands. In January, Cheniere Energy plans to ship its first cargoes of liquefied natural gas, kicking off a new era of U.S. natural gas exports. This is a sharp reversal from years past when the U.S. was a net importer of the fuel.
From current levels around zero, exports may rise to 8.5 billion cubic feet per day by 2019, according to Charles Blanchard, an analyst at Bloomberg New Energy Finance. That represents about 10 percent of current production, and in combination with demand gains in the power sector, could be enough to fuel a meaningful rebound in prices.
Playing The Bounce
If that happens, natural gas equities will surely follow suit―though it could take a few years for this bullish scenario to develop. The aforementioned FCG, an equal-weighted exchange-traded fund comprising natural gas producers, is the best pure-play ETF on the market.
With a basket of equities, an investor doesn't have to contend with the hazards of holding futures, which will take a big bite out of an ETF’s returns like UNG over longer time periods.
FCG could certainly decline further from here―it's been a falling knife until now. In a worst-case scenario, the natural gas market could remain mired at low levels for years, as it did in the 1990s.
That's the risk an investor has to contend with. But buying into one of the most hated commodities in the market is a high-risk/high-reward bet, best suited for only the most daring investors.
Contact Sumit Roy [email protected].
Recommended Stories
• High MLP Yields Depend On Oil
• 2016 Oil: What's In Store?
• Gundlach: Sell Junk Bonds, Buy India
• Bitcoin Rally Benefiting ETFs
• NatGas Investing Not For Faint Of Heart
Permalink| © Copyright 2015ETF.com.All rights reserved || Consumer growth lagging as mobile payments battle rages on: The battle over the future of consumer payments raged on at the Money 20/20 conference in Las Vegas this week, just without consumers, most of whom seem quite content to keep swiping their credit cards or handing over cash instead of adopting the latest in mobile payment technology. JPMorgan Chase ( JPM ) announced that it would offer its own smartphone-based payments service to compete head on with Apple ( AAPL ), Google ( GOOGL ), Samsung and others. Scheduled to arrive in the middle of next year, Chase Pay will be available for all 94 million of the bank's credit and debit card customers. And Chase has signed on a huge array of retailers -- from Walmart ( WMT ) to CVS Health ( CVS ) and Target ( TGT ) — that haven't supported other programs. Samsung said 14 more banks had joined its payments service including Chase, SunTrust Banks ( STI ) and PNC Financial Services ( PNC ). It didn't disclose how many U.S. customers had signed up for the service in its first month but said participating consumers made an average of eight transactions. The company said three out of four transactions used Samsung's unique magnetic secure transmission, or MST, technology, which works at almost any checkout terminal by mimicking an ordinary credit card swipe. "We are seeing early signs of customer adoption and we are very, very encouraged by that," Thomas Ko, general manager of Samsung Pay, told the conference on Wednesday. Apple didn't speak at the conference. Meanwhile, Sridhar Ramaswamy, senior vice president at Google overseeing Android Pay, offered few details on the early performance of that service, revealing only that "millions" of users have signed up for Android Pay since the program launched Sept. 10. When it comes to convenince, cash and credit rule Despite all the talk of mobile payments, consumers are still sticking with their more traditional forms of payment. Two thirds of consumers used cash on a daily basis, 59% used a debit card and 50% used a credit card, according to a survey by Accenture. Only 8% said they used Apple Pay or Google Pay, the prior name of Android Pay, "regularly," while 16% said they used PayPal. Story continues Less than 1% of transactions used Apple Pay at American Eagle Outfitters ( AEO ), an early Apple supporter, Joe Megibow, American Eagle's chief digital officer, revealed on Monday. The reasons are fairly obvious — cash and credit cards are quick and convenient ways to pay that are accepted almost everywhere. Some mobile payments systems work only at a small fraction of all stores, others work with only certain credit cards and none are as convenient as a traditional credit card yet. "We're still plagued by how is this really different in the end from plastic," Greg Weed, director of research at Phoenix Marketing, said. Asked what they'd like to see added to mobile payments services, 64% of consumers said they want to be able to redeem loyalty or rewards program points at the time of purchase, Weed said. And 52% said they wanted the ability to view discounts and deals while at a specific store. All of the announced services have pledged to include loyalty and rewards programs but very few have been offered so far. Consumers are "looking for something beyond the digitization of the swipe," Brian Mooney, CEO of the Merchant Customer Exchange, said. The three year old group, formed by leading retailers, is piloting its own payments app, called CurrentC, which intends to integrate loyalty and rewards programs. Mooney didn't say when the long-delayed service would be generally available but the group is also partnering with Chase's new service. The evolution of Bitcoin Amid all the excitement around digital payments, there was still plenty of talk about the financial world's favorite cryptocurrency, bitcoin. But unlike past years, entrepreneurs are now focused less on bitcoin as a replacement for buying and selling goods and more on the digital currency's infrastructure for securely recording all kinds of dealings. Every bitcoin transaction is recorded in a public ledger known as the blockchain. Nasdaq ( NDAQ ) announced that its pilot using the blockchain to record private stock transactions was a success . The exchange said it had signed up six clients, including messaging service Tango and data security specialist Vera, to use the transaction system as the basis for actual private trades in their shares. Some entrepreneurs are looking to add considerably more transactions onto the block chain, particularly the trillions of dollars per day of trades in public stocks and bonds. The current system makes traders wait three days for transactions to formally settle, but some at the Money conference said a blockchain-based solution could complete deals in a fraction of the time and with improved security and transparency. Three day settlement is "silly, it's downright dumb," famed venture capitalist Vinod Kholsa, who has backed numerous financial technology and bitcoin related start ups, said. || Consumer growth lagging as mobile payments battle rages on: The battle over the future of consumer payments raged on at the Money 20/20 conference in Las Vegas this week, just without consumers, most of whom seem quite content to keep swiping their credit cards or handing over cash instead of adopting the latest in mobile payment technology.
JPMorgan Chase (JPM) announced thatit would offer its own smartphone-based payments serviceto compete head on with Apple (AAPL), Google (GOOGL), Samsung and others. Scheduled to arrive in the middle of next year, Chase Pay will be available for all 94 million of the bank's credit and debit card customers. And Chase has signed on a huge array of retailers -- from Walmart (WMT) to CVS Health (CVS) and Target (TGT) — that haven't supported other programs.Samsung said14 more banks had joined its payments serviceincluding Chase, SunTrust Banks (STI) and PNC Financial Services (PNC). It didn't disclose how many U.S. customers had signed up for the service in its first month but said participating consumers made an average of eight transactions. The company said three out of four transactions used Samsung's unique magnetic secure transmission, or MST, technology, which works at almost any checkout terminal by mimicking an ordinary credit card swipe.
"We are seeing early signs of customer adoption and we are very, very encouraged by that," Thomas Ko, general manager of Samsung Pay, told the conference on Wednesday.Apple didn't speak at the conference. Meanwhile, Sridhar Ramaswamy, senior vice president at Google overseeing Android Pay, offered few details on the early performance of that service, revealing only that "millions" of users have signed up for Android Pay since the program launched Sept. 10.
When it comes to convenince, cash and credit ruleDespite all the talk of mobile payments, consumers are still sticking with their more traditional forms of payment. Two thirds of consumers used cash on a daily basis, 59% used a debit card and 50% used a credit card, according to a survey by Accenture. Only 8% said they used Apple Pay or Google Pay, the prior name of Android Pay, "regularly," while 16% said they used PayPal.
Less than 1% of transactions used Apple Payat American Eagle Outfitters (AEO), an early Apple supporter, Joe Megibow, American Eagle's chief digital officer, revealed on Monday.The reasons are fairly obvious — cash and credit cards are quick and convenient ways to pay that are accepted almost everywhere. Some mobile payments systems work only at a small fraction of all stores, others work with only certain credit cards and none are as convenient as a traditional credit card yet. "We're still plagued by how is this really different in the end from plastic," Greg Weed, director of research at Phoenix Marketing, said.Asked what they'd like to see added to mobile payments services, 64% of consumers said they want to be able to redeem loyalty or rewards program points at the time of purchase, Weed said. And 52% said they wanted the ability to view discounts and deals while at a specific store. All of the announced services have pledged to include loyalty and rewards programs but very few have been offered so far.
Consumers are "looking for something beyond the digitization of the swipe," Brian Mooney, CEO of the Merchant Customer Exchange, said. The three year old group, formed by leading retailers, is piloting its own payments app, called CurrentC, which intends to integrate loyalty and rewards programs. Mooney didn't say when the long-delayed service would be generally available but the group is also partnering with Chase's new service.
The evolution of BitcoinAmid all the excitement around digital payments, there was still plenty of talk about the financial world's favorite cryptocurrency, bitcoin. But unlike past years, entrepreneurs are now focused less on bitcoin as a replacement for buying and selling goods and more on the digital currency's infrastructure for securely recording all kinds of dealings.
Every bitcoin transaction is recorded in a public ledger known as the blockchain.Nasdaq (NDAQ) announced that its pilot using the blockchain to record private stock transactionswas a success. The exchange said it had signed up six clients, including messaging service Tango and data security specialist Vera, to use the transaction system as the basis for actual private trades in their shares.Some entrepreneurs are looking to add considerably more transactions onto the block chain, particularly the trillions of dollars per day of trades in public stocks and bonds. The current system makes traders wait three days for transactions to formally settle, but some at the Money conference said a blockchain-based solution could complete deals in a fraction of the time and with improved security and transparency.Three day settlement is "silly, it's downright dumb," famed venture capitalist Vinod Kholsa, who has backed numerous financial technology and bitcoin related start ups, said. || Mobile Attacks More Vicious Than Ever, New Blue Coat Report Shows: SUNNYVALE, CA--(Marketwired - Oct 28, 2015) - As mobile devices become more deeply woven into the fabric of our personal and work lives, cyber criminals are taking increasingly vicious and disturbingly personal shots at us, according to the 2015 State of Mobile Malware Report from Blue Coat Systems, Inc. , a market leader in enterprise security. Cyber blackmail (mobile ransomware attacks) leads the way as a top malware type in 2015, along with the stealthy insertion of spyware on devices that allows attackers to profile behavior and online habits. The new Blue Coat report, available here , describes the latest trends and vulnerabilities in mobile malware, provides advice for strengthening corporate defenses and educating mobile device users, and offers predictions about the future of mobile threats. "As we sleep, exercise, work and shop with our mobile devices, cyber criminals are waiting to take advantage of the data these devices collect, as evidenced by the types of malware and attacks we're seeing," said Dr. Hugh Thompson, CTO and senior vice president, Blue Coat. "The implications of this nefarious activity certainly carry over to corporate IT as organizations rapidly adopt cloud-based, mobile versions of enterprise applications, opening up another avenue for attackers. A holistic and strategic approach to managing risk must extend the perimeter to mobile and cloud environments -- based on a realistic, accurate look at the problem -- and deploy advanced protections that can prioritize and remediate sophisticated, emerging and unknown threats." Summary of Findings: Pornography returned as the number one threat vector after dropping to number two last year. The three top types of malware in this year's report are Ransomware, Potentially Unwanted Software (PUS), and Information Leakage. The mobile threat landscape is becoming more active. Get Your Cyber Flu Shot: Top Infection Vectors of 2015 1 Pornography Porn isn't just back on top -- it's bigger than ever -- jumping from 16.55 percent in 2014 to over 36 percent this year. That is, when we see a mobile user's traffic heading to a malicious site, 36 percent of the time that user is following a link from a porn site. To put this in some perspective: when porn led the pack in the 2013 report, it was with a market share of just 22.16 percent. 3 WebAds Dropped from almost 20 percent last year (2014) to less than five percent this year. These include both malvertising attacks and sites that host Trojan horse apps designed to appeal to porn site visitors. Blue Coat has also tracked and defined suspicious WebAd networks that are heavily involved in malware, scams, Potentially Unwanted Software (PUS), and other shady activities. Bitcoin Payment Now or Lose Your Smartphone Contents: Top Malware Types of 2015 1 Ransomware The world of mobile ransomware has grown dramatically over the past year. While some varieties that run on Android devices cause little damage beyond convincing victims to pay the cyber hostage-taker, many have adopted more sophisticated approaches common to ransomware in the Windows environment. With the increased performance capabilities of modern smartphones, it was only a matter of time before more advanced cryptographic ransomware, such as SimpleLocker, started showing up on mobile devices. These threats render music files, photographs, videos, and other document types unreadable -- while typically demanding an untraceable form of payment such as Bitcoin -- and employing a strict time limit for payment before the files become permanently inaccessible to the owner. 2 Potentially Unwanted Software Generally, this class of program exhibits behavior typical of "adware" or "spyware" -- spying on users' on-line activity and personal data -- or serving extra ads. Blue Coat researchers have seen a major shift in the volume of such software in the traditional malware space -- and this is also true of the mobile space -- as the number of junk mobile apps hosted on sites the researchers classify in this category has been rising steadily. This type of mobile app, notable for its dubious utility, frequently finds its way onto a mobile device through the use of deceptive advertising, or other social engineering attacks designed to deceive the victim into installing the unwanted program. 3 Information Leakage Most people are unaware that apps on their mobile device may be watching them -- and reporting out -- on a 24x7x365 basis. This information leakage is usually a minor drip, showing the version of their phone's operating system, the manufacturer, the specific app or browser being used, and similar information. Complicating matters is the fact that there are typically no included system tools available for users to see or know what data is going out of their devices. Whether on an Android or iOS device, leaky data is often openly revealed in the "User Agent" string. The Future of Mobile Security: With no signs of slowing down, the market for mobile devices is booming. Anticipating that millions more of these devices will hit the street in the coming years, Blue Coat makes the following observations and predictions about the future of this trend. Story continues 1 Mobile payment systems Mobile payment systems are set to grow, and services including contactless payment methods will incorporate additional security features, such as biometrics or two-factor authentication. 2 Support for traditional PC and mobile platforms There are already too many mobile devices vulnerable to a host of threats in use. These devices will almost certainly not receive needed OS updates, and that will drive a market in security solutions that can support both traditional PC and mobile platforms. 3 OTA updates to vulnerable devices Mobile carriers and handset makers are already working on plans to fast-track critical OTA updates to vulnerable devices, but the work is slow and it may be some time before this segment of the mobile market matures. To download the Blue Coat Mobile Malware report, including tips for staying safe and advice for strengthening corporate defenses, please visit: www.bluecoat.com/mobile-malware About Blue Coat Systems Blue Coat is a leader in advanced enterprise security, protecting 15,000 organizations every day, including 88 of the 100 largest global companies. Through the Blue Coat Security Platform, Blue Coat unites network, security and cloud, providing customers with maximum protection against advanced threats, while minimizing impact on network performance and enabling cloud applications and services. Blue Coat was acquired by Bain Capital in March 2015. For additional information, please visit www.bluecoat.com . Blue Coat and the Blue Coat logo are registered trademarks or trademarks of Blue Coat Systems, Inc. or its affiliates in the United States and certain other countries. All other trademarks mentioned in this document are the property of their respective owners. || Mobile Attacks More Vicious Than Ever, New Blue Coat Report Shows: SUNNYVALE, CA--(Marketwired - Oct 28, 2015) - As mobile devices become more deeply woven into the fabric of our personal and work lives, cyber criminals are taking increasingly vicious and disturbingly personal shots at us, according to the2015 State of Mobile Malware ReportfromBlue Coat Systems, Inc., a market leader in enterprise security. Cyber blackmail (mobile ransomware attacks) leads the way as a top malware type in 2015, along with the stealthy insertion of spyware on devices that allows attackers to profile behavior and online habits. The new Blue Coat report,available here, describes the latest trends and vulnerabilities in mobile malware, provides advice for strengthening corporate defenses and educating mobile device users, and offers predictions about the future of mobile threats.
"As we sleep, exercise, work and shop with our mobile devices, cyber criminals are waiting to take advantage of the data these devices collect, as evidenced by the types of malware and attacks we're seeing," said Dr. Hugh Thompson, CTO and senior vice president, Blue Coat. "The implications of this nefarious activity certainly carry over to corporate IT as organizations rapidly adopt cloud-based, mobile versions of enterprise applications, opening up another avenue for attackers. A holistic and strategic approach to managing risk must extend the perimeter to mobile and cloud environments -- based on a realistic, accurate look at the problem -- and deploy advanced protections that can prioritize and remediate sophisticated, emerging and unknown threats."
Summary of Findings:
• Pornography returned as the number one threat vector after dropping to number two last year.
• The three top types of malware in this year's report are Ransomware, Potentially Unwanted Software (PUS), and Information Leakage.
• The mobile threat landscape is becoming more active.
Get Your Cyber Flu Shot: Top Infection Vectors of 2015
[{"1": "3", "": "", "Pornography": "WebAds", "Porn isn't just back on top -- it's bigger than ever -- jumping from 16.55 percent in 2014 to over 36 percent this year. That is, when we see a mobile user's traffic heading to a malicious site, 36 percent of the time that user is following a link from a porn site. To put this in some perspective: when porn led the pack in the 2013 report, it was with a market share of just 22.16 percent.": "Dropped from almost 20 percent last year (2014) to less than five percent this year. These include both malvertising attacks and sites that host Trojan horse apps designed to appeal to porn site visitors. Blue Coat has also tracked and defined suspicious WebAd networks that are heavily involved in malware, scams, Potentially Unwanted Software (PUS), and other shady activities."}]
Bitcoin Payment Now or Lose Your Smartphone Contents: Top Malware Types of 2015
[{"1": "2", "": "", "Ransomware": "Potentially Unwanted Software", "The world of mobile ransomware has grown dramatically over the past year. While some varieties that run on Android devices cause little damage beyond convincing victims to pay the cyber hostage-taker, many have adopted more sophisticated approaches common to ransomware in the Windows environment. With the increased performance capabilities of modern smartphones, it was only a matter of time before more advanced cryptographic ransomware, such as SimpleLocker, started showing up on mobile devices. These threats render music files, photographs, videos, and other document types unreadable -- while typically demanding an untraceable form of payment such as Bitcoin -- and employing a strict time limit for payment before the files become permanently inaccessible to the owner.": "Generally, this class of program exhibits behavior typical of \"adware\" or \"spyware\" -- spying on users' on-line activity and personal data -- or serving extra ads. Blue Coat researchers have seen a major shift in the volume of such software in the traditional malware space -- and this is also true of the mobile space -- as the number of junk mobile apps hosted on sites the researchers classify in this category has been rising steadily. This type of mobile app, notable for its dubious utility, frequently finds its way onto a mobile device through the use of deceptive advertising, or other social engineering attacks designed to deceive the victim into installing the unwanted program."}, {"1": "3", "": "", "Ransomware": "Information Leakage", "The world of mobile ransomware has grown dramatically over the past year. While some varieties that run on Android devices cause little damage beyond convincing victims to pay the cyber hostage-taker, many have adopted more sophisticated approaches common to ransomware in the Windows environment. With the increased performance capabilities of modern smartphones, it was only a matter of time before more advanced cryptographic ransomware, such as SimpleLocker, started showing up on mobile devices. These threats render music files, photographs, videos, and other document types unreadable -- while typically demanding an untraceable form of payment such as Bitcoin -- and employing a strict time limit for payment before the files become permanently inaccessible to the owner.": "Most people are unaware that apps on their mobile device may be watching them -- and reporting out -- on a 24x7x365 basis. This information leakage is usually a minor drip, showing the version of their phone's operating system, the manufacturer, the specific app or browser being used, and similar information. Complicating matters is the fact that there are typically no included system tools available for users to see or know what data is going out of their devices. Whether on an Android or iOS device, leaky data is often openly revealed in the \"User Agent\" string."}]
The Future of Mobile Security:
With no signs of slowing down, the market for mobile devices is booming. Anticipating that millions more of these devices will hit the street in the coming years, Blue Coat makes the following observations and predictions about the future of this trend.
[{"1": "2", "": "", "Mobile payment systems": "Support for traditional PC and mobile platforms", "Mobile payment systems are set to grow, and services including contactless payment methods will incorporate additional security features, such as biometrics or two-factor authentication.": "There are already too many mobile devices vulnerable to a host of threats in use. These devices will almost certainly not receive needed OS updates, and that will drive a market in security solutions that can support both traditional PC and mobile platforms."}, {"1": "3", "": "", "Mobile payment systems": "OTA updates to vulnerable devices", "Mobile payment systems are set to grow, and services including contactless payment methods will incorporate additional security features, such as biometrics or two-factor authentication.": "Mobile carriers and handset makers are already working on plans to fast-track critical OTA updates to vulnerable devices, but the work is slow and it may be some time before this segment of the mobile market matures."}]
To download the Blue Coat Mobile Malware report, including tips for staying safe and advice for strengthening corporate defenses, please visit:www.bluecoat.com/mobile-malware
About Blue Coat SystemsBlue Coat is a leader in advanced enterprise security, protecting 15,000 organizations every day, including 88 of the 100 largest global companies. Through the Blue Coat Security Platform, Blue Coat unites network, security and cloud, providing customers with maximum protection against advanced threats, while minimizing impact on network performance and enabling cloud applications and services. Blue Coat was acquired by Bain Capital in March 2015. For additional information, please visitwww.bluecoat.com.
Blue Coat and the Blue Coat logo are registered trademarks or trademarks of Blue Coat Systems, Inc. or its affiliates in the United States and certain other countries. All other trademarks mentioned in this document are the property of their respective owners. || Zenith Receives Approval for Onshore Oil Production in Azerbaijan: This press release is not to be distributed to U.S. newswire services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities law.
CALGARY, Alberta, Oct. 28, 2015 (GLOBE NEWSWIRE) --Zenith Energy Ltd.("Zenith"or the"Company") (ZEE.V) is pleased to announce that the Company has received a Presidential Decree in Azerbaijan to acquire three producing onshore oil fields.
As reported several times in quarterly MD&A filings, the Company has been in negotiations for the last 15 months with our counterparty in Azerbaijan, SOCAR (State Oil Company of Azerbaijan Republic).
Approval by Presidential Decree at the end of negotiations is required for a contract with SOCAR according to the internal process under the Laws of the Republic of Azerbaijan. The Presidential Decree has just been signed by the President of the Republic of Azerbaijan and this event triggers the Company`s obligation for continuing disclosure. Some additional procedural steps will be implemented before the hand-over of the fields to Zenith.
The three fields have a compounded acreage of 642.4 square kilometres, and produce ~315 barrels of crude oil per day at present, although they have produced larger quantities previously (Source: SOCAR, State Oil Company of Azerbaijan Republic). Gas is also produced, but in low quantity, and is used at the site. The fields are named Muradkanly, Yafarli and Zardob. Zenith will be the operator of the concession and will have an 80% interest, while the local state party will retain 20%. The license will have a duration of 25 years. Zenith`s technical personnel have already been allowed access to the fields to inspect the current operation and evaluate the existing infrastructure.
Due to the confidential nature of negotiations, economic details of the acquisition will be released at a later date. The contract will also be subject to regulatory approval in Canada.
As reported in Zenith`s press release from September 25, 2015, the Company has opened an office in Baku, the capital of Azerbaijan. This corporate office is a two and a half hour drive from the operational office presently used to manage the producing fields, which are in the southern region of Azerbaijan.
Similar to Zenith`s activity in other countries, the Company will create a wholly-owned subsidiary fully dedicated to this project. This strategy has proven to attract significant local expertise and enabled the Company to effectively integrate new methods, technologies and personnel. Azerbaijani management familiar with the properties will initially be supplemented by new technical and operational personnel from Zenith, however the Company will also begin to actively identify international management and specialists willing to relocate to Azerbaijan as part of its strategy to grow domestic production.
An internationally recognized independent reservoir engineering firm is currently preparing a 51-101 National Instrument report to evaluate the remaining reserves and the expected productivity potential of the three fields.
Andrea Cattaneo, President and CEO of Zenith Energy comments: "This acquisition represents Zenith`s first investment into a country that management has held in high regard and is the culmination of over 15 months of negotiations and due diligence with local authorities."
About Azerbaijan
Azerbaijan is located at the crossroads of Western Asia and Eastern Europe. After gaining independence in 1991, Azerbaijan became a member of the International Monetary Fund, the World Bank, the European Bank for Reconstruction and Development, the Islamic Development Bank and the Asian Development Bank. Azerbaijan is one of the birthplaces of the oil industry, with trade dating back as early as the 3rd and 4th centuries. The world`s first paraffin factory was opened in the country in 1823 and the first oil well was drilled in 1847. In the 1870s, the region experienced the first true oil boom with oil drilling beginning on a massive scale highlighted by the Vermishevsky oil gusher on June 13, 1872 which produced an estimated 2600 barrels per day during its first three months. Several cycles of oil development have occurred within the country, and after gaining independence in 1991, Azerbaijan started to attract significant foreign investment.
On September 20th, 1994, after three and a half years of arduous negotiations, Azerbaijan and a Consortium of foreign oil companies signed a production sharing contract to develop Azerbaijan`s Caspian oil reserves. This contract was later named the Contract of the Century due to its tremendous importance. Thirteen companies from eight countries participated in the signing of the Contract of the Century.
Azerbaijan`s development as a supplier of petroleum to Europe continued to evolve with the national strategy to develop infrastructure including the BTC (Baku-Tbilisi-Ceyhan) pipeline, officially opened on July 13, 2006. The BTC pipeline transports crude 1,769 km from the offshore Azeri-Chirag-Guneshli oil fields in the Caspian Sea to the Mediterranean Sea. Possessing the capacity to transport more than one million barrels per day, this pipeline is the second longest in the world and pumps oil from the Sangachal Terminal near Baku (Azerbaijan), through Tbilisi (the Georgian Capital) to Ceyhan, a port on the south-eastern Mediterranean coast of Turkey.
Azerbaijan is estimated to hold proven reserves of 14.748 billion barrels (2 billion tonnes) of crude oil and condensate and an additional reserve of 2.55 trillion cubic meters (90 Tcf) of natural gas. (Source: SOCAR, State Oil Company of Azerbaijan Republic).
Wholly located within the South Caspian Sea basin, Azerbaijan is one of the region`s most strategic energy export openings to the west, and an increasingly important supplier of natural gas to Europe via the country`s existing and proposed pipeline network.
Companies working in Azerbaijan include, among others, these majors: BP, Statoil, SAIPEM, ExxonMobil, ITOCHU, Chevron, Petronas, TOTAL, LUKOIL, TPAO and GDF SUEZ.
About Zenith Energy Ltd.
Zenith focuses on the acquisition and further development of proven onshore oil and gas fields where production has declined over time, but which are capable of increased productivity following an injection of capital and optimization through its corporate engineering and technical expertise. To maximize shareholder value, Zenith targets acquisitions of production opportunities that offer strong logistics and close proximity to refineries and pipelines. Zenith`s management and directors have extensive international and governmental experience and possess the technical knowledge to execute this strategy.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward-looking statements and information concerning (i) the Company`s goal of acquiring producing properties in Azerbaijan, (ii) the current and future production potential of the properties, (iii) the revenue associated with production and (iv) the pricing and profitability of oil and gas production. The forward-looking statements and information are based on certain key expectations and assumptions made by Zenith, including the ability to execute its strategy and realize its growth opportunities including its ability to finance and execute its plans. Although Zenith believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because Zenith can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties, include, but are not limited to, Zenith being unable to finance or realize growth opportunities. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. Zenith undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
CONTACT: For further information, please contact:Jose Ramon Lopez PortilloChairman of the BoardAndrea CattaneoCEO & PresidentEmail: [email protected]: (587) 437-1984Telefax: (403) 775-4474
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.Source: Zenith Energy Ltd. via GlobeNewswireHUG#1961969 || Sub-zero interest rates have floor nearby, albeit a shaky one: By Mike Dolan
LONDON (Reuters) - Zero is clearly not the floor for central bank interest rates, but there's still a lower limit nearby, however shaky it may be.
For anyone assuming official interest rates would not or could not go below zero, it's been a sobering year. Four central banks in Europe have broken the taboo and are experimenting with the slightly puzzling concept of negative interest rates.
The European Central Bank as well as the Swiss, Swedish and Danish central banks all now employ negative deposit rates - charging their commercial banks for holding reserves on deposit as yet another way of forcing them to lend more.
Even though this upside-down world of negative rates appears to many to be just a technical quirk in the banking system, households and firms may start to wonder whether negative rates will spread to them given the obvious reluctance of central bankers to admit a floor and draw the line here.
ECB chief Mario Draghi electrified markets last week by holding out the prospect of yet another cut in the ECB's deposit rate of minus 0.2 percent as it battles to get flat lining euro-zone inflation back up to its target of near 2 percent.
Whether negative rates excite or terrify you, most economists reckon there's a limit. They insist a so-called 'lower bound' for rates - only debated in academic circles between the 1930s Depression and the credit crash of 2008 - is still a major and worrying constraint on monetary policy and that the floor is likely just a little below where we are now.
For all the wonkish detail, it's no pinpoint science.
Bank of England studies put the limit about minus 0.5 percent, for example. That's below the current ECB rate, though not as deep as the Swiss National Bank's minus 0.75 percent.
National variations clearly apply, however. The BoE itself has, until recently at least, declined to cut its rates below 0.5 percent - due to the plethora of UK mortgage rates that track the policy rate but also because UK banks have typically never charged customers for current accounts.
But the argument for an interest rate floor that's just slightly negative is relatively simple.
If banks are charged ever larger penalties for depositing reserves with the central bank, the assumption is they will simply transfer the money into physical cash, which even at zero interest would still give them a better return. And their tolerance for negative rates is estimated to be the additional cost of securely stashing those crisp notes away in private vaults.
"The source of the zero lower bound constraint lies in the unrestricted convertibility into cash of reserve accounts at the central bank," according to the annual 'Geneva Report' on the world economy from the UK-based think tank Centre for Economic Policy Research.
But the report - authored by former BoE policymaker Charles Bean, former New York Federal Reserve economist Christian Broda, former Japanese financial diplomat Takatoshi Ito and former Fed governor Randall Kroszner - said the relatively high security cost of holding vast quantities of banknotes meant that this switching doesn't happen immediately that rates go below zero.
"Banks are more likely to decide that it will be worth investing in setting up such secure facilities if central bank deposit rates are likely to be negative frequently and for substantial periods," they wrote, adding the "true floor" is probably close to BoE calculations of minus 0.5 percent.
This is no stone floor, however. Reviewing the report, SNB Vice Chairman Fritz Zurbruegg said "the tipping point is not clearly defined; markets and businesses are very innovative."
BLUFF?
But if the zero bound does exist and it's at least close to where we are right now, what happens if inflation still won't rise back to target and further easing is needed? Was Mario Draghi just bluffing by saying he could do whatever it takes?
Facing the risk of a deflationary trap, more bond buying and quantitative easing can at least try to push down long-term borrowing rates. But there are practical and political limits here too on what and just how much bonds to buy, while the benchmark 10-year German bund already yields less than 0.50 percent.
Others suggest inflation targets could be raised to provoke a change in expectations and underline central bank determination. But if you're struggling to get inflation from zero to 2 percent, will it be any easier getting it to 4?
That leaves more radical moves to overcome the lower bound.
One includes getting rid of physical cash altogether to prevent banks switching into it - a plausible idea given the rise of card payments and electronic money. Another proposal involves abandoning the automatic 1-for-1 exchange between cash and reserves. One more alternative suggests banknotes would have to be stamped periodically to retain their legal tender.
Spotlighting Bitcoin's emergence, BoE chief economist Andy Haldane said last month that some form of digital money wallets could be the future for new government-backed currency too and have the advantage of being able to absorb negative rates.
"Perhaps central bank money is ripe for its own great technological leap forward, prompted by the pressing demands of the zero lower bound," he said.
But, even if switching can be avoided, deeply negative rates may cause more problems than they solve by damaging bank balance sheets and stability, fueling increases in risky lending or leading to unintended consequences of banks recouping costs through higher mortgage or corporate lending rates - as seen in Switzerland. Deeply negative interest rates for a protracted period will also create distortions in asset markets.
Together these fears may act as powerfully as any limit on just how negative rates can go.
(Editing by Hugh Lawson) || Sub-zero interest rates have floor nearby, albeit a shaky one: By Mike Dolan LONDON (Reuters) - Zero is clearly not the floor for central bank interest rates, but there's still a lower limit nearby, however shaky it may be. For anyone assuming official interest rates would not or could not go below zero, it's been a sobering year. Four central banks in Europe have broken the taboo and are experimenting with the slightly puzzling concept of negative interest rates. The European Central Bank as well as the Swiss, Swedish and Danish central banks all now employ negative deposit rates - charging their commercial banks for holding reserves on deposit as yet another way of forcing them to lend more. Even though this upside-down world of negative rates appears to many to be just a technical quirk in the banking system, households and firms may start to wonder whether negative rates will spread to them given the obvious reluctance of central bankers to admit a floor and draw the line here. ECB chief Mario Draghi electrified markets last week by holding out the prospect of yet another cut in the ECB's deposit rate of minus 0.2 percent as it battles to get flat lining euro-zone inflation back up to its target of near 2 percent. Whether negative rates excite or terrify you, most economists reckon there's a limit. They insist a so-called 'lower bound' for rates - only debated in academic circles between the 1930s Depression and the credit crash of 2008 - is still a major and worrying constraint on monetary policy and that the floor is likely just a little below where we are now. For all the wonkish detail, it's no pinpoint science. Bank of England studies put the limit about minus 0.5 percent, for example. That's below the current ECB rate, though not as deep as the Swiss National Bank's minus 0.75 percent. National variations clearly apply, however. The BoE itself has, until recently at least, declined to cut its rates below 0.5 percent - due to the plethora of UK mortgage rates that track the policy rate but also because UK banks have typically never charged customers for current accounts. Story continues But the argument for an interest rate floor that's just slightly negative is relatively simple. If banks are charged ever larger penalties for depositing reserves with the central bank, the assumption is they will simply transfer the money into physical cash, which even at zero interest would still give them a better return. And their tolerance for negative rates is estimated to be the additional cost of securely stashing those crisp notes away in private vaults. "The source of the zero lower bound constraint lies in the unrestricted convertibility into cash of reserve accounts at the central bank," according to the annual 'Geneva Report' on the world economy from the UK-based think tank Centre for Economic Policy Research. But the report - authored by former BoE policymaker Charles Bean, former New York Federal Reserve economist Christian Broda, former Japanese financial diplomat Takatoshi Ito and former Fed governor Randall Kroszner - said the relatively high security cost of holding vast quantities of banknotes meant that this switching doesn't happen immediately that rates go below zero. "Banks are more likely to decide that it will be worth investing in setting up such secure facilities if central bank deposit rates are likely to be negative frequently and for substantial periods," they wrote, adding the "true floor" is probably close to BoE calculations of minus 0.5 percent. This is no stone floor, however. Reviewing the report, SNB Vice Chairman Fritz Zurbruegg said "the tipping point is not clearly defined; markets and businesses are very innovative." BLUFF? But if the zero bound does exist and it's at least close to where we are right now, what happens if inflation still won't rise back to target and further easing is needed? Was Mario Draghi just bluffing by saying he could do whatever it takes? Facing the risk of a deflationary trap, more bond buying and quantitative easing can at least try to push down long-term borrowing rates. But there are practical and political limits here too on what and just how much bonds to buy, while the benchmark 10-year German bund already yields less than 0.50 percent. Others suggest inflation targets could be raised to provoke a change in expectations and underline central bank determination. But if you're struggling to get inflation from zero to 2 percent, will it be any easier getting it to 4? That leaves more radical moves to overcome the lower bound. One includes getting rid of physical cash altogether to prevent banks switching into it - a plausible idea given the rise of card payments and electronic money. Another proposal involves abandoning the automatic 1-for-1 exchange between cash and reserves. One more alternative suggests banknotes would have to be stamped periodically to retain their legal tender. Spotlighting Bitcoin's emergence, BoE chief economist Andy Haldane said last month that some form of digital money wallets could be the future for new government-backed currency too and have the advantage of being able to absorb negative rates. "Perhaps central bank money is ripe for its own great technological leap forward, prompted by the pressing demands of the zero lower bound," he said. But, even if switching can be avoided, deeply negative rates may cause more problems than they solve by damaging bank balance sheets and stability, fueling increases in risky lending or leading to unintended consequences of banks recouping costs through higher mortgage or corporate lending rates - as seen in Switzerland. Deeply negative interest rates for a protracted period will also create distortions in asset markets. Together these fears may act as powerfully as any limit on just how negative rates can go. (Editing by Hugh Lawson) || Bitcoin firm raises funding from Bain, New York Life, MasterCard: By Gertrude Chavez-Dreyfuss NEW YORK, Oct 27 (Reuters) - Digital Currency Group, a holding firm focused on investing and developing businesses that deal in bitcoin and other cryptocurrencies, has raised funding from some of the biggest U.S. financial names, founder and chief executive officer Barry Silbert said on Tuesday. Bain Capital Ventures, the Boston-based venture capital unit of private equity firm Bain Capital, credit card company MasterCard, insurance giant New York Life Insurance Company, and Canadian bank CIBC were four of the company's new investors. The holding company (DCG) is currently building and supporting the largest early-stage investment portfolio in digital currencies and the blockchain, the underlying technology behind bitcoin. Silbert, a prominent bitcoin advocate and investor, declined to disclose the amount of funding raised from the new investors. The other investors in DCG include a range of venture capital firms and family offices such as FirstMark Capital, Novel TMT, Oak HC/FT, RRE Ventures, Solon Mack Capital, and Transamerica Ventures. Bain, CIBC, New York Life, Mastercard, FirstMark, Novel, Oak, and Transamerica are investing in bitcoin for the first time, Silbert said. Structuring DCG as a company and not a fund is a strategic business decisions, Silbert said, and the business model is similar to that of Berkshire Hathaway, founded by billionaire investor Warren Buffett. "Setting it up this way gives us flexibility," said Silbert, in an email to Reuters. "We can start companies, invest in companies, buy companies, etc and it gives us patient, permanent capital." There is therefore no need to raise a bunch of different funds with different investors, he said, adding that this gives the company the opportunity to go public down the road. DCG was formed this year with the merger of two SecondMarket Solutions companies: Genesis Global Trading, a bitcoin over-the-counter trading firm, and Grayscale Investments, a digital currency asset management firm that manages the publicly-traded Bitcoin Investment Trust. Story continues SecondMarket, an entity that has helped private companies facilitate trading in their shares, was founded by Silbert. It was acquired last week by Nasdaq Private Market. Financial terms were not provided. Silbert has invested in some of the biggest bitcoin companies: Coinbase, BitPay, Circle, itBit, Ripple, Xapo, and Coinsetter. Bitcoin is a virtual currency bought and sold on a peer-to-peer network independent of central control. The digital currency is used for retail purchases and investments. Other virtual currencies include litecoin and dogecoin. One bitcoin is currently worth around $296.01 on the BitStamp platform. (Reporting by Gertrude Chavez-Dreyfuss; Editing by David Gregorio) || Bitcoin firm raises funding from Bain, New York Life, MasterCard: By Gertrude Chavez-Dreyfuss
NEW YORK, Oct 27 (Reuters) - Digital Currency Group, a holding firm focused on investing and developing businesses that deal in bitcoin and other cryptocurrencies, has raised funding from some of the biggest U.S. financial names, founder and chief executive officer Barry Silbert said on Tuesday.
Bain Capital Ventures, the Boston-based venture capital unit of private equity firm Bain Capital, credit card company MasterCard, insurance giant New York Life Insurance Company, and Canadian bank CIBC were four of the company's new investors.
The holding company (DCG) is currently building and supporting the largest early-stage investment portfolio in digital currencies and the blockchain, the underlying technology behind bitcoin.
Silbert, a prominent bitcoin advocate and investor, declined to disclose the amount of funding raised from the new investors.
The other investors in DCG include a range of venture capital firms and family offices such as FirstMark Capital, Novel TMT, Oak HC/FT, RRE Ventures, Solon Mack Capital, and Transamerica Ventures.
Bain, CIBC, New York Life, Mastercard, FirstMark, Novel, Oak, and Transamerica are investing in bitcoin for the first time, Silbert said.
Structuring DCG as a company and not a fund is a strategic business decisions, Silbert said, and the business model is similar to that of Berkshire Hathaway, founded by billionaire investor Warren Buffett.
"Setting it up this way gives us flexibility," said Silbert, in an email to Reuters. "We can start companies, invest in companies, buy companies, etc and it gives us patient, permanent capital."
There is therefore no need to raise a bunch of different funds with different investors, he said, adding that this gives the company the opportunity to go public down the road.
DCG was formed this year with the merger of two SecondMarket Solutions companies: Genesis Global Trading, a bitcoin over-the-counter trading firm, and Grayscale Investments, a digital currency asset management firm that manages the publicly-traded Bitcoin Investment Trust.
SecondMarket, an entity that has helped private companies facilitate trading in their shares, was founded by Silbert. It was acquired last week by Nasdaq Private Market. Financial terms were not provided.
Silbert has invested in some of the biggest bitcoin companies: Coinbase, BitPay, Circle, itBit, Ripple, Xapo, and Coinsetter.
Bitcoin is a virtual currency bought and sold on a peer-to-peer network independent of central control. The digital currency is used for retail purchases and investments. Other virtual currencies include litecoin and dogecoin.
One bitcoin is currently worth around $296.01 on the BitStamp platform.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by David Gregorio) || Bitcoin firm raises funding from Bain, New York Life, MasterCard: By Gertrude Chavez-Dreyfuss
NEW YORK, Oct 27 (Reuters) - Digital Currency Group, a holding firm focused on investing and developing businesses that deal in bitcoin and other cryptocurrencies, has raised funding from some of the biggest U.S. financial names, founder and chief executive officer Barry Silbert said on Tuesday.
Bain Capital Ventures, the Boston-based venture capital unit of private equity firm Bain Capital, credit card company MasterCard, insurance giant New York Life Insurance Company, and Canadian bank CIBC were four of the company's new investors.
The holding company (DCG) is currently building and supporting the largest early-stage investment portfolio in digital currencies and the blockchain, the underlying technology behind bitcoin.
Silbert, a prominent bitcoin advocate and investor, declined to disclose the amount of funding raised from the new investors.
The other investors in DCG include a range of venture capital firms and family offices such as FirstMark Capital, Novel TMT, Oak HC/FT, RRE Ventures, Solon Mack Capital, and Transamerica Ventures.
Bain, CIBC, New York Life, Mastercard, FirstMark, Novel, Oak, and Transamerica are investing in bitcoin for the first time, Silbert said.
Structuring DCG as a company and not a fund is a strategic business decisions, Silbert said, and the business model is similar to that of Berkshire Hathaway, founded by billionaire investor Warren Buffett.
"Setting it up this way gives us flexibility," said Silbert, in an email to Reuters. "We can start companies, invest in companies, buy companies, etc and it gives us patient, permanent capital."
There is therefore no need to raise a bunch of different funds with different investors, he said, adding that this gives the company the opportunity to go public down the road.
DCG was formed this year with the merger of two SecondMarket Solutions companies: Genesis Global Trading, a bitcoin over-the-counter trading firm, and Grayscale Investments, a digital currency asset management firm that manages the publicly-traded Bitcoin Investment Trust.
SecondMarket, an entity that has helped private companies facilitate trading in their shares, was founded by Silbert. It was acquired last week by Nasdaq Private Market. Financial terms were not provided.
Silbert has invested in some of the biggest bitcoin companies: Coinbase, BitPay, Circle, itBit, Ripple, Xapo, and Coinsetter.
Bitcoin is a virtual currency bought and sold on a peer-to-peer network independent of central control. The digital currency is used for retail purchases and investments. Other virtual currencies include litecoin and dogecoin.
One bitcoin is currently worth around $296.01 on the BitStamp platform.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by David Gregorio) || How To Invest In The Blockchain Boom: ROCHESTER, NY / ACCESSWIRE / October 27, 2015 / In 2014, Marc Andreessen, the famous Silicon Valley's venture capitalist, listed blockchain technology as the most important invention since the Internet itself. And if watching where savvy institutional investors place their bets is any indication of future potential, it looks like he may be right. Blockchain technology is arguably the hottest trend in modern finance. According to CoinDesk nearly 200 VC firms have invested more than $800 Million dollars in blockchain companies since 2012. Startups and VC's aren't the only ones all excited about blockchain either, well established mainstream companies are also investing heavily in Blockchain technology projects as well. Just last month 13 more banks joined a coalition lead by Goldman Sachs, JPMorgan, Credit Suisse, and Barclays of banks looking to take blockchain technology to the mainstream financial sector. These are big banks like Bank of America, BNY Mellon, Mitsubishi , UFJ Financial Group, Citi, Commerzbank, Deutsche Bank, HSBC, Morgan Stanley, National Australia Bank, Royal Bank of Canada, SEB, Societe Generale, and Toronto-Dominion Bank With so much buzz around betting on blockchain, it's no wonder that Main Street investors are now asking themselves how they can join Wall Street and Silicon Valley and invest in this technology in order to enjoy a piece of the profits from this 'next tech revolution'. Investing in Blockchain How you invest in Blockchain depends on how much risk you're looking to take and what kind of upside you are looking to reap. For conservative investors, the lower risk play is investing in the stocks of any of the major financial services companies that are increasingly experimenting with blockchain technology to improve the services they are able to offer clients at the same time as reducing costs because improving the customer experience and reducing costs is a sure fire way to improve earnings which will ultimately bring in buyers over the long haul. Story continues However, if you are willing to accept more risk in exchange for higher returns, invest in more pure Blockchain technology plays, like BTCS, Inc. (BTCS), Hashing Space Corporation (HSHSE), or Global Arena Holding, Inc. (GAHC). Of the bunch, we have our eye on Global Arena Holding Inc. GAHC. Global Arena Holding, Inc. announced Monday they have acquired a stake in New York City's Blockchain Technologies Corporation ("BTC"). BTC is a blockchain and cryptocurrency software technology company and startup accelerator with several startups and patents already in place. One of the startups in the accelerator is Blockchain Apparatus LLC., who is creating a voting application based on blockchain technology. This is very interesting because GAHC already operates in the voting space and their subsidiary would be the perfect vehicle to roll out this new technology to market giving GAHC a big leg up on the competition. Investing in Global Arena Holding Inc. may be a smart strategy because with one investment in GAHC you get multiple kicks at the cat. If any one of the Blockchain Technology portfolio companies hits it big GAHC shareholders will benefit as well. For more information about the blockchain, click here: http://globalarenaholding.com/blockchain-news/the-beginners-guide-to-blockchain/ Legal Disclaimer/Disclosure: This is a sponsored article. This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. No information in this Report should be construed as individualized investment advice. For The Full Disclaimer, click here http://capitalgainsreport.com/disclaimer/ SOURCE: CapitalGainsReport.com || How To Invest In The Blockchain Boom: ROCHESTER, NY / ACCESSWIRE / October 27, 2015 /In 2014, Marc Andreessen, the famous Silicon Valley's venture capitalist, listed blockchain technology as the most important invention since the Internet itself.
And if watching where savvy institutional investors place their bets is any indication of future potential, it looks like he may be right.
Blockchain technology is arguably the hottest trend in modern finance. According to CoinDesknearly 200 VC firms have invested more than $800 Million dollars in blockchain companies since 2012.
Startups and VC's aren't the only ones all excited about blockchain either, well established mainstream companies are also investing heavily in Blockchain technology projects as well.
Just last month 13 more banks joined a coalition lead byGoldman Sachs, JPMorgan, Credit Suisse, and Barclaysof banks looking to take blockchain technology to the mainstream financial sector. These are big banks like Bank of America, BNY Mellon, Mitsubishi , UFJ Financial Group, Citi, Commerzbank, Deutsche Bank, HSBC, Morgan Stanley, National Australia Bank, Royal Bank of Canada, SEB, Societe Generale, and Toronto-Dominion Bank
With so much buzz around betting on blockchain, it's no wonder that Main Street investors are now asking themselves how they can join Wall Street and Silicon Valley and invest in this technology in order to enjoy a piece of the profits from this 'next tech revolution'.
Investing in Blockchain
How you invest in Blockchain depends on how much risk you're looking to take and what kind of upside you are looking to reap.
For conservative investors, the lower risk play is investing in the stocks of any of the major financial services companies that are increasingly experimenting with blockchain technology to improve the services they are able to offer clients at the same time as reducing costs because improving the customer experience and reducing costs is a sure fire way to improve earnings which will ultimately bring in buyers over the long haul.
However, if you are willing to accept more risk in exchange for higher returns, invest in more pure Blockchain technology plays, likeBTCS, Inc. (BTCS), Hashing Space Corporation (HSHSE), or Global Arena Holding, Inc. (GAHC).
Of the bunch, we have our eye onGlobal Arena Holding Inc. GAHC.
Global Arena Holding, Inc.announced Monday they have acquired a stake in New York City's Blockchain Technologies Corporation ("BTC"). BTC is a blockchain and cryptocurrency software technology company and startup accelerator with several startups and patents already in place.
One of the startups in the accelerator is Blockchain Apparatus LLC., who is creating a voting application based on blockchain technology. This is very interesting becauseGAHCalready operates in the voting space and their subsidiary would be the perfect vehicle to roll out this new technology to market givingGAHCa big leg up on the competition.
Investing inGlobal Arena Holding Inc.may be a smart strategy because with one investment inGAHCyou get multiple kicks at the cat. If any one of the Blockchain Technology portfolio companies hits it bigGAHCshareholders will benefit as well.
For more information about the blockchain, click here:http://globalarenaholding.com/blockchain-news/the-beginners-guide-to-blockchain/
Legal Disclaimer/Disclosure:This is a sponsored article. This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. No information in this Report should be construed as individualized investment advice. For The Full Disclaimer, click herehttp://capitalgainsreport.com/disclaimer/
SOURCE:CapitalGainsReport.com || No one seems to want to be New Yorks top banking regulator: New York Governor Andrew Cuomo addresses the media before participating as an honorary grand marshall in the West Indian Day Parade in Brooklyn, New York September 7, 2015. REUTERS/Andrew Kelly (Thomson Reuters) New York Governor Andrew Cuomo addresses the media before participating as an honorary grand marshall in the West Indian Day Parade in Brooklyn, New York The regime change at the New York Department of Financial Services is far from over. Acting DFS superintendent Anthony Albanese is quitting , according to a report from The Wall Street Journal. His departure comes as New York Governor Andrew Cuomo's search to replace Benjamin Lawsky drags on. Lawsky quit earlier this year , relinquishing his role to Albanese temporarily. The Journal report says Cuomos staff has sought to exert more control over DFS in the months since Lawsky departed. Albanese downplayed that speaking with the Journal, saying his role and tenure was always intended to be a temporary position to help smooth the transition process. With his exit, and no new superintendent known, its not clear how the transition process is working. Throughout Lawsky's tenure as head of DFS, he aggressively pursued cases on Wall Street and earned a reputation for cracking down on illegal behavior. By the time Lawsky left, the DFS had issued a staggering $6 billion in fines to financial services firms over a four-year span. Business Insider reached out to the governor's office and to the DFS; neither provided comment by publication time. NOW WATCH: The CEO who raised the price of a life-saving pill by 5000% has totally caved More From Business Insider New York Just Released Its Bitcoin License, And They're Going To Change The Face Of Digital Currencies In The US Wall Street will be surprised to hear what New York's ex-banking regulator just said about regulators Former NY financial watchdog counters criticism on bitcoin work || No one seems to want to be New York’s top banking regulator: (Thomson Reuters)New York Governor Andrew Cuomo addresses the media before participating as an honorary grand marshall in the West Indian Day Parade in Brooklyn, New York
The regime change at the New York Department of Financial Services is far from over.
Acting DFS superintendent Anthony Albanese is quitting, according to a report from The Wall Street Journal.
His departure comes as New York Governor Andrew Cuomo's search to replace Benjamin Lawsky drags on.Lawsky quit earlier this year, relinquishing his role to Albanese temporarily.
The Journal report says Cuomo’s staff has sought to exert more control over DFS in the months since Lawsky departed. Albanese downplayed that speaking with the Journal, saying his role and tenure “was always intended to be a temporary position to help smooth the transition process.”
With his exit, and no new superintendent known, it’s not clear how the transition process is working.
Throughout Lawsky's tenure as head of DFS, he aggressively pursued cases on Wall Street and earned a reputation for cracking down on illegal behavior.
By the time Lawsky left, the DFS had issued a staggering$6 billion in finesto financial services firms over a four-year span.
Business Insider reached out to the governor's office and to the DFS; neither provided comment by publication time.
NOW WATCH:The CEO who raised the price of a life-saving pill by 5000% has totally caved
More From Business Insider
• New York Just Released Its Bitcoin License, And They're Going To Change The Face Of Digital Currencies In The US
• Wall Street will be surprised to hear what New York's ex-banking regulator just said about regulators
• Former NY financial watchdog counters criticism on bitcoin work || Global Arena Holding Sub Buys Into Blockchain With BTC Purchase: NEW YORK, NY--(Marketwired - Oct 26, 2015) -Global Arena Holding, Inc.(the "Company") (OTC PINK:GAHC), announced today, that the Company has officially secured, with an initial investment, six blockchain startups, five provisional patents, one non-provisional patent and the expertise of Mr. Nick Spanos, through its subsidiary's acquisition of Blockchain Technologies Corporation ("BTC").
As noted in the Company'sForm 8-K Filing, GAHI Acquisition Corporation ("GAHI") has formally initiated the acquisition of BTC with an initial investment into the technology firm,solidifying the Company's entry into the Blockchain. Mr. Matthews and Nick Spanos (BTC's President), commenced this acquisition effort during the 2nd Quarter of 2015. During the 3rd Quarter, the Companysecured the initial capitalrequired to start formal execution of theAgreement and Plan of Mergerbetween GAHI and BTC.
As a result, the Company has a tenable accumulation of up to 30% of BTC in this initial transaction, having (i) acquired a 10% stake of BTC through a cash and stock deal, and, (ii) secured a right to acquire an existing position held by a third party BTC debtholder which is convertible into an additional 20% stake of BTC. As this dealsolidifies the Company's entry into the Blockchain, BTC is expected to ultimately merge with GAHI, leaving GAHI as the surviving entity.
"It is now official!" said Mr. John Matthews, CEO of the Company. "Through this deal, we have nowsolidified the Company's entry into the Blockchain. What makes this foray even more exciting is that Global Election Services ("GES") nowhas complete accessto Nick Spanos and his expert knowledge of the blockchain. This givesMs. Maralin Falikthe ability toleverage the power of the blockchain, through vertical applications developed by BTC -- and enhance the rapid expansion of our election services business."
Management believes that the Company is now well positioned to make significant contributions to the ongoing development of whatMarc Andreessensuggests, could be the most important invention since the Internet itself. And with BTC under its umbrella, the Company intends to leverage its new competitive advantage, "using thisdistributed consensus model, to influence and create vertical blockchain applications that will prove both useful to the world and lucrative to Global Arena Holding," concluded Matthews.
For a message from the CEO expanding on this opportunity, visit:http://wp.me/p6Nf5M-CX
About Blockchain Technologies Corporation
Blockchain Technologies Corporation ("BTC") is a technology company which leverages the underlying crypto technology of Bitcoin [Blockchain] and the blockchain'sdistributed consensus model. BTC, which acts as a seed accelerator for blockchain related opportunities, currently features six blockchain startups, five provisional patents and one non-provisional patent, specific to the crypto technology.
For more information visit:http://blockchaintechcorp.com/
About Global Arena Holding
The Company trades on the OTC Pink Sheets under the ticker symbol GAHC. The Company has been publicly traded since 2011 and holds a number of interests, including Global Elections Services, Inc. and GAHI Acquisition Corp. The Company focuses on acquiring technologies, patents and companies having the ability to leverage the blockchain crypto technology.
For more information visit:http://globalarenaholding.com
Twitter:www.twitter.com/GlobalArenaGAHCFacebook:www.facebook.com/GlobalArenaHoldingGAHCLinkedIn:www.linkedin.com/pub/global-arena-holding/107/86a/a7Google+:http://tinyurl.com/GlobalArenaHolding
Safe Harbor Statement
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release contains statements that are forward-looking, such as statements related to the future anticipated direction of the industry, plans for future expansion, various business development activities, planned or required capital expenditures, future funding sources, anticipated sales growth, and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by, or on behalf of, the company. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, and other risks and uncertainties described in the Company's periodic filings with the Securities and Exchange Commission.
[Social Media Buzz]
LIVE: Profit = $676.03 (1.35 %). BUY B167.67 @ $298.37 (#BTCe). SELL @ $303.00 (#Bitfinex) #bitcoin #btc - … pic.twitter.com/0WAe8kztA0 || #RDD / #BTC on the exchanges:
Cryptsy: Error
Bittrex: 0.00000004
Average $1.3E-5 per #reddcoin
18:00:01 || 1 #BTC (#Bitcoin) quotes:
$312.77/$313.18 #Bitstamp
$306.00/$306.34 #BTCe
⇢$-7.18/$-6.43
$313.06/$313.68 #Coinbase
⇢$-0.12/$0.91 || Current price: 315.87$ $BTCUSD $btc #bitcoin 2015-10-29 19:00:11 EDT || #RDD / #BTC on the exchanges:
Cryptsy: 0.00000003
...
|
328.02, 314.17, 325.43, 361.19, 403.42, 411.56, 386.35, 374.47, 386.48, 373.37
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 427.40, 428.59, 435.51, 441.39, 449.42, 445.74, 450.28, 458.55, 461.43, 466.09, 444.69, 449.01, 455.10, 448.32, 451.88, 444.67, 450.30, 446.72, 447.98, 459.60, 458.54, 458.55, 460.48, 450.89, 452.73, 454.77, 455.67, 455.67, 457.57, 454.16, 453.78, 454.62, 438.71, 442.68, 443.19, 439.32, 444.15, 445.98, 449.60, 453.38, 473.46, 530.04, 526.23, 533.86, 531.39, 536.92, 537.97, 569.19, 572.73, 574.98, 585.54, 576.60, 581.65, 574.63, 577.47, 606.73, 672.78, 704.38, 685.56, 694.47, 766.31, 748.91, 756.23, 763.78, 737.23, 666.65, 596.12, 623.98, 665.30, 665.12, 629.37, 655.28, 647.00, 639.89, 673.34, 676.30, 703.70, 658.66, 683.66, 670.63, 677.33, 640.56, 666.52, 650.96, 649.36, 647.66, 664.55, 654.47, 658.08, 663.26.
|
[Bitcoin Technical Analysis for 2016-07-15]
Volume: 81673104, RSI (14-day): 52.09, 50-day EMA: 625.26, 200-day EMA: 497.72
[Wider Market Context]
Gold Price: 1326.50, Gold RSI: 54.82
Oil Price: 45.95, Oil RSI: 46.31
[Recent News (last 7 days)]
Understanding What Bitcoin & Gold Have In Common in Financial Markets: DailyFX.com -
Talking Points:
• Is It Time To Take Bitcoin Seriously?
• How Can Understanding Bitcoin Help Traders Interested In The Direction of Spot Gold?
• Following BTC/USD
“I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.”
-Satoshi Nakamoto, November 1, 2008
To receive Tyler’s analysis directly via email, pleaseSIGN UP HERE
The cryptocurrency Bitcoin appears to be back in a big way. Calling Bitcoin (Trading View Ticker: BTCUSD) a cryptocurrency can be enough to make most people turn the page in search of a lighter read. However, a quick introduction can help you see how this innovative coin that is now ~7.5 years old has gone from a coder’s coin and known by only a few hobbyists to an asset class in a class of itself.
Is It Time To Take Bitcoin Seriously?
Only a handful of people have been following Bitcoin since the creator, Satoshi Nakamoto introduced and explained how and why Bitcoin could work first introduced the digital asset on the cryptography mail archive. However, now many people have at least heard of the Bitcoin though few fully grasp the implications of both commerce and financial markets if Bitcoin can hit the proverbial ‘Tipping Point.'
Regardless of whether or not we’ve hit the tipping point, it is worth taking Bitcoin seriously as it has not only stood the test of time, but the technology that is underlying BTC, the blockchain, has garnered the attention of Goldman Sachs, Citibank, JPMorgan, BNP Paribas and many more as the ‘Next Big Thing’ in Financial Markets. Developed markets with some of the most distraught monetary managers like Brazil have recently seen Bitcoin Trading surpass Gold trading per Cryptocoin News.
Make no mistake; some will call Bitcoin a fad who will fade away into the oblivion of Financial Innovation in a similar fate of Adjustable Rate Mortgages, while others will say the Bitcoin has and will continue to change everything. While I lay to closer to the ‘Change Everything’ extreme, it has yet to be fully adopted, and likely will not be fully adopted as a replacement of fiat currency for multiple reasons.
At the top of the list for reasons a developed economy would refuse to adopt Bitcoin over the local currency is that the global amount of BTC is fixed at 21 million bitcoins, with ~14 million in existence today. That means if the economy is to grow, the government would need to spend less, and save more in order to buy BTC to build the economy or tax citizens on the BTC they hold, which is inherently difficult. However, it would be an unlikely event to see governments willingly give-up the desire to print and tax in hopes of re-election.
How Can Understanding Bitcoin Help Traders of Spot Gold?
This section could have easily been titled, how I came to respect Bitcoin. It is hard to say that we’ll look back on the creation of the Bitcoin in the same light as the Guttenberg press or the Internet, it’s fair to say that it inspires the same ‘Animal Spirits’ that causes Gold (CFD: XAUUSD) to go bid when investors look for a haven asset as a store of value.
It doesn’t appear to be coincidence when that Bitcoin came onto the seen as banks were being bailed out as the initial or genesis block with the first transaction referenced a Times article dated 03/01/2009 titled, ‘Chancellor on Brink of Second Bailout for Banks.’ A few days later the source code of Bitcoin was released by Satoshi.
Either way, the spirit behind buying gold and buying bitcoin appears to be very similar. In a ‘doomsday scenario’ where you desire an asset to hold value while other fiat-priced assets are plummeting in value, BTC like Gold is ideal for bartering. The difference is that BTC can allow bartering to be done digitally thanks to the blockchain (more on that in a later post for the geeks out there like myself), whereas gold would most likely be bartered face-to-face in the event of an economic collapse.
As you can see on the chart above, this mutual symbiotic relationship can be seen with an overlay of Gold (CFD: XAUUSD) and BTCUSD. As a note, FXCM does not provide liquidity for Bitcoin, but its development and price direction can be invaluable for seeing another market in the same spirit as Gold that can enhance your analysis on precious metals.
[Warning: A Bit of Technical Info Ahead]
One last note before moving on (kudos for reading this far), Bitcoin’s network and maintenance is what sets it apart from fiat currencies, and places it in a similar league as precious metals such as Gold. First, the ledger, known as the blockchain is considered trustless in that it must be verified my multiple nodes called miners that verify, validate Bitcoin transactions. Typically, this is done by a bank, which acts as a one trusted third-party (see opening quote from Satoshi,) whereas Bitcoin utilizes a distributed network of miners to confirm transactions so there cannot be a single point of failure or misuse as we’ve seen with Rogue Traders or Bank Executives cheating out bondholders/ equity holders. Lastly, the base algorithm is cryptographic and is known as an asymmetric encryption that allows public and private keys to validate a transaction that is then validated by the network.
In this manner, Bitcoin is allowed to act as a digital barter currency without the need for banks and helps to accomplish what Gold has accomplished for millennia by acting as a store of value in bad times and good times, and accepted at all times if the price is right.
[You May Now Turn-Off Your Hard Thinking Cap]
Following BTC/USD
Lucky you, DailyFX will begin covering Bitcoin. Historically, we’ve covered Bitcoinin relation to sharp price increases in the wake of Brexit or the Eurozone crisis, or the Yuan Devaluation. However, given the correlation of XAUUSD & BTCUSD and the rising popularity of BTCUSD, we felt you’d be interested in learning more about the development of this pseudo-currency / neo-haven asset as it turns toward its awkward growth years of potential adaptability into everyday utilization.
If you’re interested in seeing price trends of Bitcoin, the best place to keep an eye on these moves throughout the day is theDailyFX Chart Pagewhere you can keep an eye on BTCUSD or BTCEUR if you wish. However, if you’re keeping an eye on BTC trends in the desire to get a better understanding on the price direction of Gold, it’s likely best to look at BTCUSD. Both BTCUSD & Gold (CFD: XAUUSD) are priced in US Dollar so that a big move in the US Dollar can heavily influence both assets.
Thank you for your time, and we look forward to providing you with more information on this new type of currency where a desire for haven digital assets and technology meet.
Happy Trading & Please Let Me Know If You Have Any Questions
T.Y.
original source
DailyFXprovides forex news and technical analysis on the trends that influence the global currency markets.Learn forex trading with a free practice account and trading charts fromFXCM. || Understanding What Bitcoin & Gold Have In Common in Financial Markets: DailyFX.com - Talking Points: Is It Time To Take Bitcoin Seriously? How Can Understanding Bitcoin Help Traders Interested In The Direction of Spot Gold? Following BTC/USD “I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.” -Satoshi Nakamoto, November 1, 2008 To receive Tyler’s analysis directly via email, please SIGN UP HERE The cryptocurrency Bitcoin appears to be back in a big way. Calling Bitcoin ( Trading View Ticker: BTCUSD ) a cryptocurrency can be enough to make most people turn the page in search of a lighter read. However, a quick introduction can help you see how this innovative coin that is now ~7.5 years old has gone from a coder’s coin and known by only a few hobbyists to an asset class in a class of itself. Understanding What Bitcoin & Gold Have In Common in Financial Markets Is It Time To Take Bitcoin Seriously? Only a handful of people have been following Bitcoin since the creator, Satoshi Nakamoto introduced and explained how and why Bitcoin could work first introduced the digital asset on the cryptography mail archive. However, now many people have at least heard of the Bitcoin though few fully grasp the implications of both commerce and financial markets if Bitcoin can hit the proverbial ‘Tipping Point.' Regardless of whether or not we’ve hit the tipping point, it is worth taking Bitcoin seriously as it has not only stood the test of time, but the technology that is underlying BTC, the blockchain, has garnered the attention of Goldman Sachs, Citibank, JPMorgan, BNP Paribas and many more as the ‘Next Big Thing’ in Financial Markets. Developed markets with some of the most distraught monetary managers like Brazil have recently seen Bitcoin Trading surpass Gold trading per Cryptocoin News. Make no mistake; some will call Bitcoin a fad who will fade away into the oblivion of Financial Innovation in a similar fate of Adjustable Rate Mortgages, while others will say the Bitcoin has and will continue to change everything. While I lay to closer to the ‘Change Everything’ extreme, it has yet to be fully adopted, and likely will not be fully adopted as a replacement of fiat currency for multiple reasons. Story continues At the top of the list for reasons a developed economy would refuse to adopt Bitcoin over the local currency is that the global amount of BTC is fixed at 21 million bitcoins, with ~14 million in existence today. That means if the economy is to grow, the government would need to spend less, and save more in order to buy BTC to build the economy or tax citizens on the BTC they hold, which is inherently difficult. However, it would be an unlikely event to see governments willingly give-up the desire to print and tax in hopes of re-election. How Can Understanding Bitcoin Help Traders of Spot Gold? Understanding What Bitcoin & Gold Have In Common in Financial Markets This section could have easily been titled, how I came to respect Bitcoin. It is hard to say that we’ll look back on the creation of the Bitcoin in the same light as the Guttenberg press or the Internet, it’s fair to say that it inspires the same ‘Animal Spirits’ that causes Gold (CFD: XAUUSD) to go bid when investors look for a haven asset as a store of value. It doesn’t appear to be coincidence when that Bitcoin came onto the seen as banks were being bailed out as the initial or genesis block with the first transaction referenced a Times article dated 03/01/2009 titled, ‘Chancellor on Brink of Second Bailout for Banks.’ A few days later the source code of Bitcoin was released by Satoshi. Either way, the spirit behind buying gold and buying bitcoin appears to be very similar. In a ‘doomsday scenario’ where you desire an asset to hold value while other fiat-priced assets are plummeting in value, BTC like Gold is ideal for bartering. The difference is that BTC can allow bartering to be done digitally thanks to the blockchain (more on that in a later post for the geeks out there like myself), whereas gold would most likely be bartered face-to-face in the event of an economic collapse. As you can see on the chart above, this mutual symbiotic relationship can be seen with an overlay of Gold (CFD: XAUUSD) and BTCUSD. As a note, FXCM does not provide liquidity for Bitcoin, but its development and price direction can be invaluable for seeing another market in the same spirit as Gold that can enhance your analysis on precious metals. [Warning: A Bit of Technical Info Ahead] One last note before moving on (kudos for reading this far), Bitcoin’s network and maintenance is what sets it apart from fiat currencies, and places it in a similar league as precious metals such as Gold. First, the ledger, known as the blockchain is considered trustless in that it must be verified my multiple nodes called miners that verify, validate Bitcoin transactions. Typically, this is done by a bank, which acts as a one trusted third-party (see opening quote from Satoshi,) whereas Bitcoin utilizes a distributed network of miners to confirm transactions so there cannot be a single point of failure or misuse as we’ve seen with Rogue Traders or Bank Executives cheating out bondholders/ equity holders. Lastly, the base algorithm is cryptographic and is known as an asymmetric encryption that allows public and private keys to validate a transaction that is then validated by the network. In this manner, Bitcoin is allowed to act as a digital barter currency without the need for banks and helps to accomplish what Gold has accomplished for millennia by acting as a store of value in bad times and good times, and accepted at all times if the price is right. [You May Now Turn-Off Your Hard Thinking Cap] Following BTC/USD Understanding What Bitcoin & Gold Have In Common in Financial Markets Lucky you, DailyFX will begin covering Bitcoin. Historically , we’ve covered Bitcoin in relation to sharp price increases in the wake of Brexit or the Eurozone crisis, or the Yuan Devaluation. However, given the correlation of XAUUSD & BTCUSD and the rising popularity of BTCUSD, we felt you’d be interested in learning more about the development of this pseudo-currency / neo-haven asset as it turns toward its awkward growth years of potential adaptability into everyday utilization. If you’re interested in seeing price trends of Bitcoin, the best place to keep an eye on these moves throughout the day is the DailyFX Chart Page where you can keep an eye on BTCUSD or BTCEUR if you wish. However, if you’re keeping an eye on BTC trends in the desire to get a better understanding on the price direction of Gold, it’s likely best to look at BTCUSD. Both BTCUSD & Gold (CFD: XAUUSD) are priced in US Dollar so that a big move in the US Dollar can heavily influence both assets. Thank you for your time, and we look forward to providing you with more information on this new type of currency where a desire for haven digital assets and technology meet. Happy Trading & Please Let Me Know If You Have Any Questions T.Y. original source DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. Learn forex trading with a free practice account and trading charts from FXCM . || Understanding What Bitcoin & Gold Have In Common in Financial Markets: DailyFX.com -
Talking Points:
• Is It Time To Take Bitcoin Seriously?
• How Can Understanding Bitcoin Help Traders Interested In The Direction of Spot Gold?
• Following BTC/USD
“I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.”
-Satoshi Nakamoto, November 1, 2008
To receive Tyler’s analysis directly via email, pleaseSIGN UP HERE
The cryptocurrency Bitcoin appears to be back in a big way. Calling Bitcoin (Trading View Ticker: BTCUSD) a cryptocurrency can be enough to make most people turn the page in search of a lighter read. However, a quick introduction can help you see how this innovative coin that is now ~7.5 years old has gone from a coder’s coin and known by only a few hobbyists to an asset class in a class of itself.
Is It Time To Take Bitcoin Seriously?
Only a handful of people have been following Bitcoin since the creator, Satoshi Nakamoto introduced and explained how and why Bitcoin could work first introduced the digital asset on the cryptography mail archive. However, now many people have at least heard of the Bitcoin though few fully grasp the implications of both commerce and financial markets if Bitcoin can hit the proverbial ‘Tipping Point.'
Regardless of whether or not we’ve hit the tipping point, it is worth taking Bitcoin seriously as it has not only stood the test of time, but the technology that is underlying BTC, the blockchain, has garnered the attention of Goldman Sachs, Citibank, JPMorgan, BNP Paribas and many more as the ‘Next Big Thing’ in Financial Markets. Developed markets with some of the most distraught monetary managers like Brazil have recently seen Bitcoin Trading surpass Gold trading per Cryptocoin News.
Make no mistake; some will call Bitcoin a fad who will fade away into the oblivion of Financial Innovation in a similar fate of Adjustable Rate Mortgages, while others will say the Bitcoin has and will continue to change everything. While I lay to closer to the ‘Change Everything’ extreme, it has yet to be fully adopted, and likely will not be fully adopted as a replacement of fiat currency for multiple reasons.
At the top of the list for reasons a developed economy would refuse to adopt Bitcoin over the local currency is that the global amount of BTC is fixed at 21 million bitcoins, with ~14 million in existence today. That means if the economy is to grow, the government would need to spend less, and save more in order to buy BTC to build the economy or tax citizens on the BTC they hold, which is inherently difficult. However, it would be an unlikely event to see governments willingly give-up the desire to print and tax in hopes of re-election.
How Can Understanding Bitcoin Help Traders of Spot Gold?
This section could have easily been titled, how I came to respect Bitcoin. It is hard to say that we’ll look back on the creation of the Bitcoin in the same light as the Guttenberg press or the Internet, it’s fair to say that it inspires the same ‘Animal Spirits’ that causes Gold (CFD: XAUUSD) to go bid when investors look for a haven asset as a store of value.
It doesn’t appear to be coincidence when that Bitcoin came onto the seen as banks were being bailed out as the initial or genesis block with the first transaction referenced a Times article dated 03/01/2009 titled, ‘Chancellor on Brink of Second Bailout for Banks.’ A few days later the source code of Bitcoin was released by Satoshi.
Either way, the spirit behind buying gold and buying bitcoin appears to be very similar. In a ‘doomsday scenario’ where you desire an asset to hold value while other fiat-priced assets are plummeting in value, BTC like Gold is ideal for bartering. The difference is that BTC can allow bartering to be done digitally thanks to the blockchain (more on that in a later post for the geeks out there like myself), whereas gold would most likely be bartered face-to-face in the event of an economic collapse.
As you can see on the chart above, this mutual symbiotic relationship can be seen with an overlay of Gold (CFD: XAUUSD) and BTCUSD. As a note, FXCM does not provide liquidity for Bitcoin, but its development and price direction can be invaluable for seeing another market in the same spirit as Gold that can enhance your analysis on precious metals.
[Warning: A Bit of Technical Info Ahead]
One last note before moving on (kudos for reading this far), Bitcoin’s network and maintenance is what sets it apart from fiat currencies, and places it in a similar league as precious metals such as Gold. First, the ledger, known as the blockchain is considered trustless in that it must be verified my multiple nodes called miners that verify, validate Bitcoin transactions. Typically, this is done by a bank, which acts as a one trusted third-party (see opening quote from Satoshi,) whereas Bitcoin utilizes a distributed network of miners to confirm transactions so there cannot be a single point of failure or misuse as we’ve seen with Rogue Traders or Bank Executives cheating out bondholders/ equity holders. Lastly, the base algorithm is cryptographic and is known as an asymmetric encryption that allows public and private keys to validate a transaction that is then validated by the network.
In this manner, Bitcoin is allowed to act as a digital barter currency without the need for banks and helps to accomplish what Gold has accomplished for millennia by acting as a store of value in bad times and good times, and accepted at all times if the price is right.
[You May Now Turn-Off Your Hard Thinking Cap]
Following BTC/USD
Lucky you, DailyFX will begin covering Bitcoin. Historically, we’ve covered Bitcoinin relation to sharp price increases in the wake of Brexit or the Eurozone crisis, or the Yuan Devaluation. However, given the correlation of XAUUSD & BTCUSD and the rising popularity of BTCUSD, we felt you’d be interested in learning more about the development of this pseudo-currency / neo-haven asset as it turns toward its awkward growth years of potential adaptability into everyday utilization.
If you’re interested in seeing price trends of Bitcoin, the best place to keep an eye on these moves throughout the day is theDailyFX Chart Pagewhere you can keep an eye on BTCUSD or BTCEUR if you wish. However, if you’re keeping an eye on BTC trends in the desire to get a better understanding on the price direction of Gold, it’s likely best to look at BTCUSD. Both BTCUSD & Gold (CFD: XAUUSD) are priced in US Dollar so that a big move in the US Dollar can heavily influence both assets.
Thank you for your time, and we look forward to providing you with more information on this new type of currency where a desire for haven digital assets and technology meet.
Happy Trading & Please Let Me Know If You Have Any Questions
T.Y.
original source
DailyFXprovides forex news and technical analysis on the trends that influence the global currency markets.Learn forex trading with a free practice account and trading charts fromFXCM. || These are the most common misconceptions about the fintech industry: (Shutterstock)
The fintech industry promises to shake up the financial world, but the public might have some misconceptions about just how that will happen.
Fintech is surely disruptive and revolutionary, but is it truly a group of startups threatening to destroy traditional financial institutions as we know them? Not according toTradestreaming, which has compiled a list of the biggest misconceptions about the fintech industry.
1) Wall Street will not fall because of it.
The public's distrust for Wall Street and legacy financial players has reached unprecedented levels, but don't expect fintech to ride in like a white knight and change all that.
The finance world is losing some jobs and financial apps are growing in popularity, but these apps are nowhere close to a real threat to taking the place of banks in our economy. Instead, thefintech companiesare helping legacy players evolve.
2) Banks are not being replaced.
Brick-and-mortar banks are becoming less important, particularly among millennials, but they are far from dead and buried.A recent report from the The Institute of International Finance discovered that compliance and regulatory activities can cost banks $1 billion per year, which means it's far too difficult, expensive, and labor intensive for startups to compete with banks head-to-head.
As a result,fintech companieshave decided to compliment banks rather than fight them.
3)Fintech startupsare flashy.
The word "startup" conjures images of Silicon Valley, flowing cash, and fame. Butfintech startupsare anything but sexy, as these companies spend significant time and money to figure out ways to deal with state and federal regulations. Tradestreaming notes that an estimated 10-15% of total human capital costs go toward compliance.
Along with that, they must work tirelessly to bring on new clients, a challenge unto itself.
4) Fintech is not the ultimate equalizer.
Many view fintechs as an equalizer that gives powerful technology to the unbanked and underbanked, which in turn closes opportunity gaps. If everyone has access to cutting-edge financial technology, then the rich and elite wouldn't hold all the cards, right?
That's only true to a degree, as some apps have provided automated tools (such as robo-advisors) for the common man, but these tools typically only go as far the amount of money you pay for them.
Yet even with all these misconceptions, we’ve still entered the most profound era of change for financial services companies since the 1970s brought us index mutual funds, discount brokers and ATMs.
This change will create surprising winners and stunned losers among some of the most powerful names in the financial world: The most contentious conflicts (and partnerships) will be between startups that are completely reengineering decades-old practices, traditional power players who are furiously trying to adapt with their own innovations, and total disruption of established technology & processes:
• Traditional Retail Banks vs. Online-Only Banks:Traditional retail banks provide a valuable service, but online-only banks can offer many of the same services with higher rates and lower fees
• Traditional Lenders vs. Peer-to-Peer Marketplaces: P2P lending marketplaces are growing much faster than traditional lenders—only time will tell if the banks strategy of creating their own small loan networks will be successful
• Traditional Asset Managers vs. Robo-Advisors: Robo-advisors likeBettermentoffer lower fees, lower minimums and solid returns to investors, but the much larger traditional asset managers are creating their own robo-products while providing the kind of handholding that high net worth clients are willing to pay handsomely for.
As you can see, this very fluid environment is creating winners and losers before your eyes…and it’s also creating the potential for new cost savings or growth opportunities for both you and your company.
After months of researching and reporting this important trend, Evan Bakker, research analyst forBI Intelligence, Business Insider's premium research service, has put togetheran essential report on the fintech ecosystemthat explains the new landscape, identifies the ripest areas for disruption, and highlights the some of the most exciting new companies. These new players have the potential to become the next Visa, Paypal or Charles Schwab because they have the potential to transform important areas of the financial services industry like:
• Retail banking
• Lending and Financing
• Payments and Transfers
• Wealth and Asset Management
• Markets and Exchanges
• Insurance
• Blockchain Transactions
If you work in any of these sectors, it’s important for you to understand how the fintech revolution will change your business and possibly even your career. And if you’re employed in any part of the digital economy, you’ll want to know how you can exploit these new technologies to make your employer more efficient, flexible and profitable.
Among the big picture insights you'll get fromThe Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry:
• Why financial technology is so disruptive to financial services—it will soon change the nature of almost every financial activity, from banking to payments to wealth management.
• The basic conflict will be between old firms and new—startups are re-imagining financial services processes from top to bottom, while incumbent financial services firms are trying to keep up with new products of their own.
• Both sides face serious obstacles—traditional banks and financial services firms are investing heavily in innovation, but leveraging their investments is difficult with so much invested in legacy systems and profit centers.
• Meanwhile, startups are struggling to navigate a rapidly-changing regulatory landscape and must scale up quickly with limited resources.
• The blockchain is a wild card that could completely overhaul financial services. Both major banks and startups around the world are exploring the technology behind the blockchain, which stores and records Bitcoin transactions. This technology could lower the cost of many financial activities to near-zero and could wipe away many traditional banking activities completely.
This exclusive report also:
• Explains the main growth drivers of the exploding fintech ecosystem.
• Frames the challenges and opportunities faced by incumbents and startups.
• Breaks down global and regionalfintech investments, including which regions are the most significant and which are poised for the highest growth.
• Reveals which two financial services are garnering the most investment, and are therefore likely to be transformed first and fastest by fintech
• Explains why blockchain technology is critically important to banks and startups, and assesses which players stand to gain the most from it.
• Explores the financial sectors facing disruption and breaks them down in terms of investments, vulnerabilities and growth opportunities.
• And much more.
The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industryis how you get the full story on the fintech revolution.
To get your copy of this invaluable guide to the fintech revolution, choose one of these options:
1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >>START A MEMBERSHIP
2. Purchase the report and download it immediately from our research store. >>BUY THE REPORT
The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the fast-moving world of financial technology.
More From Business Insider
• Bitcoin may be headed for a bubble
• Seedrs bets on secondary market
• Lending Club may have hit a dead end || These are the most common misconceptions about the fintech industry: FintechShapingtheFuture (Shutterstock) The fintech industry promises to shake up the financial world, but the public might have some misconceptions about just how that will happen. Fintech is surely disruptive and revolutionary, but is it truly a group of startups threatening to destroy traditional financial institutions as we know them? Not according to Tradestreaming , which has compiled a list of the biggest misconceptions about the fintech industry. 1) Wall Street will not fall because of it. The public's distrust for Wall Street and legacy financial players has reached unprecedented levels, but don't expect fintech to ride in like a white knight and change all that. The finance world is losing some jobs and financial apps are growing in popularity, but these apps are nowhere close to a real threat to taking the place of banks in our economy. Instead, the fintech companies are helping legacy players evolve. 2) Banks are not being replaced. Brick-and-mortar banks are becoming less important, particularly among millennials, but they are far from dead and buried. A recent report from the The Institute of International Finance discovered that compliance and regulatory activities can cost banks $1 billion per year, which means it's far too difficult, expensive, and labor intensive for startups to compete with banks head-to-head. As a result, fintech companies have decided to compliment banks rather than fight them. 3) Fintech startups are flashy. The word "startup" conjures images of Silicon Valley, flowing cash, and fame. But fintech startups are anything but sexy, as these companies spend significant time and money to figure out ways to deal with state and federal regulations. Tradestreaming notes that an estimated 10-15% of total human capital costs go toward compliance. Along with that, they must work tirelessly to bring on new clients, a challenge unto itself. 4) Fintech is not the ultimate equalizer. Many view fintechs as an equalizer that gives powerful technology to the unbanked and underbanked, which in turn closes opportunity gaps. If everyone has access to cutting-edge financial technology, then the rich and elite wouldn't hold all the cards, right? Story continues That's only true to a degree, as some apps have provided automated tools (such as robo-advisors) for the common man, but these tools typically only go as far the amount of money you pay for them. Yet even with all these misconceptions, we’ve still entered the most profound era of change for financial services companies since the 1970s brought us index mutual funds, discount brokers and ATMs. This change will create surprising winners and stunned losers among some of the most powerful names in the financial world: The most contentious conflicts (and partnerships) will be between startups that are completely reengineering decades-old practices, traditional power players who are furiously trying to adapt with their own innovations, and total disruption of established technology & processes: Traditional Retail Banks vs. Online-Only Banks: Traditional retail banks provide a valuable service, but online-only banks can offer many of the same services with higher rates and lower fees Traditional Lenders vs. Peer-to-Peer Marketplaces : P2P lending marketplaces are growing much faster than traditional lenders—only time will tell if the banks strategy of creating their own small loan networks will be successful Traditional Asset Managers vs. Robo-Advisors : Robo-advisors like Betterment offer lower fees, lower minimums and solid returns to investors, but the much larger traditional asset managers are creating their own robo-products while providing the kind of handholding that high net worth clients are willing to pay handsomely for. As you can see, this very fluid environment is creating winners and losers before your eyes…and it’s also creating the potential for new cost savings or growth opportunities for both you and your company. After months of researching and reporting this important trend, Evan Bakker, research analyst for BI Intelligence , Business Insider's premium research service, has put together an essential report on the fintech ecosystem that explains the new landscape, identifies the ripest areas for disruption, and highlights the some of the most exciting new companies. These new players have the potential to become the next Visa, Paypal or Charles Schwab because they have the potential to transform important areas of the financial services industry like: Retail banking Lending and Financing Payments and Transfers Wealth and Asset Management Markets and Exchanges Insurance Blockchain Transactions If you work in any of these sectors, it’s important for you to understand how the fintech revolution will change your business and possibly even your career. And if you’re employed in any part of the digital economy, you’ll want to know how you can exploit these new technologies to make your employer more efficient, flexible and profitable. Among the big picture insights you'll get from The Fintech Ecosystem Report : Measuring the effects of technology on the entire financial services industry: Why financial technology is so disruptive to financial services—it will soon change the nature of almost every financial activity, from banking to payments to wealth management. The basic conflict will be between old firms and new—startups are re-imagining financial services processes from top to bottom, while incumbent financial services firms are trying to keep up with new products of their own. Both sides face serious obstacles—traditional banks and financial services firms are investing heavily in innovation, but leveraging their investments is difficult with so much invested in legacy systems and profit centers. Meanwhile, startups are struggling to navigate a rapidly-changing regulatory landscape and must scale up quickly with limited resources. The blockchain is a wild card that could completely overhaul financial services. Both major banks and startups around the world are exploring the technology behind the blockchain, which stores and records Bitcoin transactions. This technology could lower the cost of many financial activities to near-zero and could wipe away many traditional banking activities completely. This exclusive report also: Explains the main growth drivers of the exploding fintech ecosystem. Frames the challenges and opportunities faced by incumbents and startups. Breaks down global and regional fintech investments , including which regions are the most significant and which are poised for the highest growth. Reveals which two financial services are garnering the most investment, and are therefore likely to be transformed first and fastest by fintech Explains why blockchain technology is critically important to banks and startups, and assesses which players stand to gain the most from it. Explores the financial sectors facing disruption and breaks them down in terms of investments, vulnerabilities and growth opportunities. And much more. The Fintech Ecosystem Report : Measuring the effects of technology on the entire financial services industry is how you get the full story on the fintech revolution. To get your copy of this invaluable guide to the fintech revolution, choose one of these options: Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP Purchase the report and download it immediately from our research store. >> BUY THE REPORT The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the fast-moving world of financial technology. More From Business Insider Bitcoin may be headed for a bubble Seedrs bets on secondary market Lending Club may have hit a dead end || O’Leary’s O’Shares Seeks Big Additions to its ETF Lineup: O’Shares Investments, the exchange traded funds issuer founded by “Shark Tank” personality Kevin O’Leary, is looking to make significant additions to its ETF lineup.
A filing with the Securities and Exchange Commission indicates O’Shares is looking to add as many as 17 ETFs to its stable.
Related:More Shank Tank ETFs
“All the proposed offerings have ‘quality’ in the name and would employ a passive investing approach. The investable universe of these funds includes emerging-market equities, small-cap U.S. stocks, preferred shares, and even corporate credit,” reports Luke Kawa for Bloomberg.
Trending on ETF Trends
SolidX Reveals Plan to Launch a Bitcoin ETF
A Big Day for ETFs as 5 Sponsors Launch New Products
AdvisorShares, Cornerstone Roll Out Active Small-Cap ETF
Tech ETFs with Exposure to Hardware, Internet Segments
Oil ETFs That Hand More Control to Traders
The O’Shares FTSE US Quality Dividend ETF (OUSA) , the first O’Shares ETF, has enjoyed rapid success. Just about a year old, OUSA has over $240 million in assets under management.
The O’Shares FTSE US Quality Dividend ETF cements O’Leary’s dividend commitment. OUSA tracks the FTSE US Qual / Vol / Yield Factor Index, an expansion of FTSE Russell’s FTSE Global Factor Index Series. The index seizes on three prominent themes in the ETF community: Dividends along with the low volatility and quality factors.
In August 2015, O’Shares launched the O’Shares FTSE Europe Quality Dividend ETF (OEUR) and the O’Shares FTSE Asia Pacific Quality Dividend ETF (OASI) . OEUR tracks the FTSE Europe Qual / Vol / Yield Factor 5% Capped Index. OASI follows the FTSE Asia Pacific Qual / Vol / Yield Factor 5% Capped Index.
Related:Advantages of Quality Dividend ETFs
“O’Leary’s celebrity status and the application of smart-beta strategies to fixed income could help the Canadian businessman differentiate himself and attract assets in what’s becoming a crowded ETF space, with roughly 60 issuers in the U.S.,” according to Bloomberg.
Click hereto read the full story on ETF Trends. || OLearys OShares Seeks Big Additions to its ETF Lineup: OShares Investments, the exchange traded funds issuer founded by Shark Tank personality Kevin OLeary, is looking to make significant additions to its ETF lineup. A filing with the Securities and Exchange Commission indicates OShares is looking to add as many as 17 ETFs to its stable. Related: More Shank Tank ETFs All the proposed offerings have quality in the name and would employ a passive investing approach. The investable universe of these funds includes emerging-market equities, small-cap U.S. stocks, preferred shares, and even corporate credit, reports Luke Kawa for Bloomberg. Trending on ETF Trends SolidX Reveals Plan to Launch a Bitcoin ETF A Big Day for ETFs as 5 Sponsors Launch New Products AdvisorShares, Cornerstone Roll Out Active Small-Cap ETF Tech ETFs with Exposure to Hardware, Internet Segments Oil ETFs That Hand More Control to Traders The OShares FTSE US Quality Dividend ETF ( OUSA ) , the first OShares ETF, has enjoyed rapid success. Just about a year old, OUSA has over $240 million in assets under management. The OShares FTSE US Quality Dividend ETF cements OLearys dividend commitment. OUSA tracks the FTSE US Qual / Vol / Yield Factor Index, an expansion of FTSE Russells FTSE Global Factor Index Series. The index seizes on three prominent themes in the ETF community: Dividends along with the low volatility and quality factors. In August 2015, OShares launched the OShares FTSE Europe Quality Dividend ETF ( OEUR ) and the OShares FTSE Asia Pacific Quality Dividend ETF ( OASI ) . OEUR tracks the FTSE Europe Qual / Vol / Yield Factor 5% Capped Index. OASI follows the FTSE Asia Pacific Qual / Vol / Yield Factor 5% Capped Index. Related: Advantages of Quality Dividend ETFs OLearys celebrity status and the application of smart-beta strategies to fixed income could help the Canadian businessman differentiate himself and attract assets in whats becoming a crowded ETF space, with roughly 60 issuers in the U.S., according to Bloomberg. Click here to read the full story on ETF Trends. || Bitcoin Buying Service Launches with Market-Beating Rates: NEW YORK, NY / ACCESSWIRE / July 13, 2016 / Selling bitcoins has just been made more profitable with the launch of a new website from PowerBTC.com . The recently revamped service offers to buy the crypto currency with one very simple advantage - a guarantee that they will pay a significantly higher price than the exchange rate of the day. The platform charges no transaction fees, making the market-beating offer even more attractive to those with bitcoin assets to trade. PowerBTC.com can guarantee this higher payment as they have established relationships with bulk bitcoin buyers, and need volume to feed their clients' hunger for the digital currency. They aim to make the selling process as simple and transparent as possible, not requiring any lengthy registration process, nor storing any personal information about their customers. Funds are delivered direct within 48 hours of purchase using Paypal, Western Union, or bank transfer, with the promise of complete privacy and anonymity. Tom Clark , CEO of PowerBTC.com, said, "We believe we are the best buyers for your bitcoin assets, whether you're a dedicated miner or a savvy trader. Not only do we offer better-than-market rates, but we deliver your funds in US Dollars direct with no strings attached, no need for registration, and a guarantee of complete privacy." Bitcoin has long been the most high-profile crypto currency, but its technological origins have often made it appear inaccessible to the mainstream investor. Talk of mining and exchanges can be off-putting, but PowerBTC.com aim to simplify the whole process of realizing bitcoin value by offering a no-frills, easy to use way of turning coins into solid cash. The service is not limited to new entrants to the blockchain arena, however, as the ease of converting a digital wallet into conventional currency at market-beating rates will appeal to even the most hardcore of bitcoin miners. The Key PowerBTC.com Features: All bitcoins purchased at significantly above market rates. No commissions or fees charged, just a clear and transparent buying price: what you see is what you get. Simple selling process with no registration or account required. Easy international payment in US Dollars via PayPal, Western Union, or bank transfer. Full anonymity guarantee with no personal details stored, and a safe and secure online platform. SOURCE: PowerBTC LLC || Bitcoin Buying Service Launches with Market-Beating Rates: NEW YORK, NY / ACCESSWIRE / July 13, 2016 /Selling bitcoins has just been made more profitable with the launch of a new website fromPowerBTC.com. The recently revamped service offers to buy the crypto currency with one very simple advantage - a guarantee that they will pay a significantly higher price than the exchange rate of the day.
The platform charges no transaction fees, making the market-beating offer even more attractive to those with bitcoin assets to trade.
PowerBTC.com can guarantee this higher payment as they have established relationships with bulk bitcoin buyers, and need volume to feed their clients' hunger for the digital currency. They aim to make the selling process as simple and transparent as possible, not requiring any lengthy registration process, nor storing any personal information about their customers. Funds are delivered direct within 48 hours of purchase using Paypal, Western Union, or bank transfer, with the promise of complete privacy and anonymity.
Tom Clark , CEO of PowerBTC.com, said, "We believe we are the best buyers for your bitcoin assets, whether you're a dedicated miner or a savvy trader. Not only do we offer better-than-market rates, but we deliver your funds in US Dollars direct with no strings attached, no need for registration, and a guarantee of complete privacy."
Bitcoin has long been the most high-profile crypto currency, but its technological origins have often made it appear inaccessible to the mainstream investor. Talk of mining and exchanges can be off-putting, but PowerBTC.com aim to simplify the whole process of realizing bitcoin value by offering a no-frills, easy to use way of turning coins into solid cash. The service is not limited to new entrants to the blockchain arena, however, as the ease of converting a digital wallet into conventional currency at market-beating rates will appeal to even the most hardcore of bitcoin miners.
The Key PowerBTC.com Features:
• All bitcoins purchased at significantly above market rates.
• No commissions or fees charged, just a clear and transparent buying price: what you see is what you get.
• Simple selling process with no registration or account required.
• Easy international payment in US Dollars via PayPal, Western Union, or bank transfer.
• Full anonymity guarantee with no personal details stored, and a safe and secure online platform.
SOURCE:PowerBTC LLC || Bitcoin Buying Service Launches with Market-Beating Rates: NEW YORK, NY / ACCESSWIRE / July 13, 2016 /Selling bitcoins has just been made more profitable with the launch of a new website fromPowerBTC.com. The recently revamped service offers to buy the crypto currency with one very simple advantage - a guarantee that they will pay a significantly higher price than the exchange rate of the day.
The platform charges no transaction fees, making the market-beating offer even more attractive to those with bitcoin assets to trade.
PowerBTC.com can guarantee this higher payment as they have established relationships with bulk bitcoin buyers, and need volume to feed their clients' hunger for the digital currency. They aim to make the selling process as simple and transparent as possible, not requiring any lengthy registration process, nor storing any personal information about their customers. Funds are delivered direct within 48 hours of purchase using Paypal, Western Union, or bank transfer, with the promise of complete privacy and anonymity.
Tom Clark , CEO of PowerBTC.com, said, "We believe we are the best buyers for your bitcoin assets, whether you're a dedicated miner or a savvy trader. Not only do we offer better-than-market rates, but we deliver your funds in US Dollars direct with no strings attached, no need for registration, and a guarantee of complete privacy."
Bitcoin has long been the most high-profile crypto currency, but its technological origins have often made it appear inaccessible to the mainstream investor. Talk of mining and exchanges can be off-putting, but PowerBTC.com aim to simplify the whole process of realizing bitcoin value by offering a no-frills, easy to use way of turning coins into solid cash. The service is not limited to new entrants to the blockchain arena, however, as the ease of converting a digital wallet into conventional currency at market-beating rates will appeal to even the most hardcore of bitcoin miners.
The Key PowerBTC.com Features:
• All bitcoins purchased at significantly above market rates.
• No commissions or fees charged, just a clear and transparent buying price: what you see is what you get.
• Simple selling process with no registration or account required.
• Easy international payment in US Dollars via PayPal, Western Union, or bank transfer.
• Full anonymity guarantee with no personal details stored, and a safe and secure online platform.
SOURCE:PowerBTC LLC || Traders say it might be time to buy into tech after NASDAQ hits 2016 highs: The "Fast Money" traders are keeping an eye on the big tech names, after the technology-heavy NASDAQ(NASDAQ: .IXIC)saw its highest levels of the year on Tuesday.
Trader Pete Najarian said that technology and biotechnology companies could help drive the NASDAQ higher, especially if giants like Microsoft(NASDAQ: MSFT)and Apple(NASDAQ: AAPL)start participating in the rally.
Trader Dan Nathan said he likes PayPal(NASDAQ: PYPL)because of "interesting secular things going on in e-payments." Another stock he likes is JD.com(NASDAQ: JD), even though the "fundamentals haven't been fantastic." Nathan said that JD is a company is well-positioned.
Trader Brian Kelly said that he is less confident in tech's potential.
"If you're buying into tech and you're buying into dividend stocks, you just need to know that you're buying into a bubble. That doesn't mean that it can't go higher. Bubbles go on for a long time, a lot longer than most people can stay short them," Kelly said.
He said he would rather look at securities outside the United States, especially in Japan.
"To me, what happened in Japan over the last couple days could be game changing, so I would look towards Japan," Kelly said, adding that in particular he would look at the WisdomTree Japan Hedged Equity Fund(NYSE Arca: DXJ).
Disclosures:
PETE NAJARIAN
Long stock: AAPL, BAC, BMY, CSCO, DIS, DISCA, GE, KMI, KMI.A, KO, LUX, MRK, PEP, PFE, SAVE, VIAB, ZIOP Long Calls: AAL, AKS, AMJ, CHK, CLF, CNX, CSX, DAL, EGO, GSAT, HBAN, HOG, INTC, KGC, LLY, MT, MU, NLNK, P, SBUX, SLV, SLW, SVU, TMUS, WLL, XLE, YELP. Long Puts: BID, CS,GM, NAV, NLY
TIM SEYMOUR
Tim Seymour is long APC, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM and short: SPY, XRT. His firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM
BRIAN KELLY
Brian Kelly is long Bitcoin, DXJ, GLD, MOS, POT, SLV, XME, US Dollar UUP; he is short WTI crude, Swiss franc, euro and Japanese yen.
DAN NATHAN
Dan Nathan is Long JD Aug call spread, Long PFE, Long TWTR, BABA Aug put spread, IWM long Sept put, XLF long Aug put spread, XLK long Sept Put spread, FXI long Aug put spread, SMH long Aug put spread, long PYPL call calendar, long C Aug put spread, XOP Sept put spread, TGT long Aug calls, TSLA long Aug put, SPY long Sept put spread, BAC long Sept puts.
More From CNBC
• Top News and Analysis
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• Personal Finance || Traders say it might be time to buy into tech after NASDAQ hits 2016 highs: The " Fast Money " traders are keeping an eye on the big tech names, after the technology-heavy NASDAQ (NASDAQ: .IXIC) saw its highest levels of the year on Tuesday. Trader Pete Najarian said that technology and biotechnology companies could help drive the NASDAQ higher, especially if giants like Microsoft (NASDAQ: MSFT) and Apple (NASDAQ: AAPL) start participating in the rally. Trader Dan Nathan said he likes PayPal (NASDAQ: PYPL) because of "interesting secular things going on in e-payments." Another stock he likes is JD.com (NASDAQ: JD) , even though the "fundamentals haven't been fantastic." Nathan said that JD is a company is well-positioned. Trader Brian Kelly said that he is less confident in tech's potential. "If you're buying into tech and you're buying into dividend stocks, you just need to know that you're buying into a bubble. That doesn't mean that it can't go higher. Bubbles go on for a long time, a lot longer than most people can stay short them," Kelly said. He said he would rather look at securities outside the United States, especially in Japan. "To me, what happened in Japan over the last couple days could be game changing, so I would look towards Japan," Kelly said, adding that in particular he would look at the WisdomTree Japan Hedged Equity Fund (NYSE Arca: DXJ) . Disclosures: PETE NAJARIAN Long stock: AAPL, BAC, BMY, CSCO, DIS, DISCA, GE, KMI, KMI.A, KO, LUX, MRK, PEP, PFE, SAVE, VIAB, ZIOP Long Calls: AAL, AKS, AMJ, CHK, CLF, CNX, CSX, DAL, EGO, GSAT, HBAN, HOG, INTC, KGC, LLY, MT, MU, NLNK, P, SBUX, SLV, SLW, SVU, TMUS, WLL, XLE, YELP. Long Puts: BID, CS,GM, NAV, NLY TIM SEYMOUR Tim Seymour is long APC, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM and short: SPY, XRT. His firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM Story continues BRIAN KELLY Brian Kelly is long Bitcoin, DXJ, GLD, MOS, POT, SLV, XME, US Dollar UUP; he is short WTI crude, Swiss franc, euro and Japanese yen. DAN NATHAN Dan Nathan is Long JD Aug call spread, Long PFE, Long TWTR, BABA Aug put spread, IWM long Sept put, XLF long Aug put spread, XLK long Sept Put spread, FXI long Aug put spread, SMH long Aug put spread, long PYPL call calendar, long C Aug put spread, XOP Sept put spread, TGT long Aug calls, TSLA long Aug put, SPY long Sept put spread, BAC long Sept puts. More From CNBC Top News and Analysis Latest News Video Personal Finance || U.S. tech company files bitcoin ETF application with SEC: By Gertrude Chavez-Dreyfuss and Nikhil Subba NEW YORK (Reuters) - SolidX Partners Inc, a U.S. technology company that provides blockchain services, on Tuesday filed an application with the Securities and Exchange Commission to launch an exchange-traded product that tracks the price of bitcoin. Blockchain is the technology that powers bitcoin, the digital currency. SolidX provides blockchain-based software relating to the recording of digital records, transfer of assets, and identity, according to its website. The ETF product will be called SolidX Bitcoin Trust and will list on the New York Stock Exchange under the ticker symbol XBTC upon regulatory approval, SolidX Partners said on Tuesday. SolidX is the second company to file for a bitcoin exchange-traded product with the U.S. regulator. The Winklevoss Bitcoin Trust, owned by brothers Cameron and Tyler Winklevoss, filed the first bitcoin ETF application three years ago. In its SEC filing, SolidX said it will provide investors with exposure to the daily change of the U.S. dollar price of bitcoin. The value of bitcoin will be based on the price tracked by XBX, an index created by TradeBlock, a financial services company. Bitcoin is a digital asset launched in 2009 that can be transferred among parties through the internet without the use of a central administrator or clearing agency. Its blockchain has gained global popularity due to its perceived usefulness in recording and keeping track of assets across practically all industries. The exact size of the offering was not disclosed, but based on the filing, the company said the ETF will issue a basket of 10,000 shares. Bank of New York Mellon has been tapped as the custodian of the cash held by SolidX Bitcoin Trust, while SolidX Partners will be responsible for the ETF's bitcoin holdings. SolidX, in its ETF filing, said the bitcoin it will hold will be insured. The insurance will cover the loss of bitcoin through theft, destruction, or computer fraud. Story continues Bitcoin's value has been highly volatile, having peaked at over $1,200 in late 2013 before crashing after the collapse of the Mt. Gox bitcoin exchange. It has since recovered, hitting a more than two-year high of nearly $780 in the run-up to the British referendum on whether the country should leave the European Union. On Tuesday, bitcoin traded at $662.44 on the Bitstamp platform. (Reporting by Gertrude Chavez-Dreyfuss in New York and Nikhil Subba in Bengaluru; Editing by Sriraj Kalluvila and Chris Reese) || U.S. tech company files bitcoin ETF application with SEC: By Gertrude Chavez-Dreyfuss and Nikhil Subba
NEW YORK (Reuters) - SolidX Partners Inc, a U.S. technology company that provides blockchain services, on Tuesday filed an application with the Securities and Exchange Commission to launch an exchange-traded product that tracks the price of bitcoin.
Blockchain is the technology that powers bitcoin, the digital currency. SolidX provides blockchain-based software relating to the recording of digital records, transfer of assets, and identity, according to its website.
The ETF product will be called SolidX Bitcoin Trust and will list on the New York Stock Exchange under the ticker symbol XBTC upon regulatory approval, SolidX Partners said on Tuesday.
SolidX is the second company to file for a bitcoin exchange-traded product with the U.S. regulator. The Winklevoss Bitcoin Trust, owned by brothers Cameron and Tyler Winklevoss, filed the first bitcoin ETF application three years ago.
In its SEC filing, SolidX said it will provide investors with exposure to the daily change of the U.S. dollar price of bitcoin. The value of bitcoin will be based on the price tracked by XBX, an index created by TradeBlock, a financial services company.
Bitcoin is a digital asset launched in 2009 that can be transferred among parties through the internet without the use of a central administrator or clearing agency. Its blockchain has gained global popularity due to its perceived usefulness in recording and keeping track of assets across practically all industries.
The exact size of the offering was not disclosed, but based on the filing, the company said the ETF will issue a basket of 10,000 shares.
Bank of New York Mellon has been tapped as the custodian of the cash held by SolidX Bitcoin Trust, while SolidX Partners will be responsible for the ETF's bitcoin holdings.
SolidX, in its ETF filing, said the bitcoin it will hold will be insured. The insurance will cover the loss of bitcoin through theft, destruction, or computer fraud.
Bitcoin's value has been highly volatile, having peaked at over $1,200 in late 2013 before crashing after the collapse of the Mt. Gox bitcoin exchange.
It has since recovered, hitting a more than two-year high of nearly $780 in the run-up to the British referendum on whether the country should leave the European Union. On Tuesday, bitcoin traded at $662.44 on the Bitstamp platform.
(Reporting by Gertrude Chavez-Dreyfuss in New York and Nikhil Subba in Bengaluru; Editing by Sriraj Kalluvila and Chris Reese) || U.S. tech company files bitcoin ETF application with SEC: By Gertrude Chavez-Dreyfuss and Nikhil Subba NEW YORK (Reuters) - SolidX Partners Inc, a U.S. technology company that provides blockchain services, on Tuesday filed an application with the Securities and Exchange Commission to launch an exchange-traded product that tracks the price of bitcoin. Blockchain is the technology that powers bitcoin, the digital currency. SolidX provides blockchain-based software relating to the recording of digital records, transfer of assets, and identity, according to its website. The ETF product will be called SolidX Bitcoin Trust and will list on the New York Stock Exchange under the ticker symbol XBTC upon regulatory approval, SolidX Partners said on Tuesday. SolidX is the second company to file for a bitcoin exchange-traded product with the U.S. regulator. The Winklevoss Bitcoin Trust, owned by brothers Cameron and Tyler Winklevoss, filed the first bitcoin ETF application three years ago. In its SEC filing, SolidX said it will provide investors with exposure to the daily change of the U.S. dollar price of bitcoin. The value of bitcoin will be based on the price tracked by XBX, an index created by TradeBlock, a financial services company. Bitcoin is a digital asset launched in 2009 that can be transferred among parties through the internet without the use of a central administrator or clearing agency. Its blockchain has gained global popularity due to its perceived usefulness in recording and keeping track of assets across practically all industries. The exact size of the offering was not disclosed, but based on the filing, the company said the ETF will issue a basket of 10,000 shares. Bank of New York Mellon has been tapped as the custodian of the cash held by SolidX Bitcoin Trust, while SolidX Partners will be responsible for the ETF's bitcoin holdings. SolidX, in its ETF filing, said the bitcoin it will hold will be insured. The insurance will cover the loss of bitcoin through theft, destruction, or computer fraud. Story continues Bitcoin's value has been highly volatile, having peaked at over $1,200 in late 2013 before crashing after the collapse of the Mt. Gox bitcoin exchange. It has since recovered, hitting a more than two-year high of nearly $780 in the run-up to the British referendum on whether the country should leave the European Union. On Tuesday, bitcoin traded at $662.44 on the Bitstamp platform. (Reporting by Gertrude Chavez-Dreyfuss in New York and Nikhil Subba in Bengaluru; Editing by Sriraj Kalluvila and Chris Reese) || U.S. tech company files bitcoin ETF application with SEC: By Gertrude Chavez-Dreyfuss and Nikhil Subba NEW YORK (Reuters) - SolidX Partners Inc, a U.S. technology company that provides blockchain services, on Tuesday filed an application with the Securities and Exchange Commission to launch an exchange-traded product that tracks the price of bitcoin. Blockchain is the technology that powers bitcoin, the digital currency. SolidX provides blockchain-based software relating to the recording of digital records, transfer of assets, and identity, according to its website. The ETF product will be called SolidX Bitcoin Trust and will list on the New York Stock Exchange under the ticker symbol XBTC upon regulatory approval, SolidX Partners said on Tuesday. SolidX is the second company to file for a bitcoin exchange-traded product with the U.S. regulator. The Winklevoss Bitcoin Trust, owned by brothers Cameron and Tyler Winklevoss, filed the first bitcoin ETF application three years ago. In its SEC filing, SolidX said it will provide investors with exposure to the daily change of the U.S. dollar price of bitcoin. The value of bitcoin will be based on the price tracked by XBX, an index created by TradeBlock, a financial services company. Bitcoin is a digital asset launched in 2009 that can be transferred among parties through the internet without the use of a central administrator or clearing agency. Its blockchain has gained global popularity due to its perceived usefulness in recording and keeping track of assets across practically all industries. The exact size of the offering was not disclosed, but based on the filing, the company said the ETF will issue a basket of 10,000 shares. Bank of New York Mellon has been tapped as the custodian of the cash held by SolidX Bitcoin Trust, while SolidX Partners will be responsible for the ETF's bitcoin holdings. SolidX, in its ETF filing, said the bitcoin it will hold will be insured. The insurance will cover the loss of bitcoin through theft, destruction, or computer fraud. Story continues Bitcoin's value has been highly volatile, having peaked at over $1,200 in late 2013 before crashing after the collapse of the Mt. Gox bitcoin exchange. It has since recovered, hitting a more than two-year high of nearly $780 in the run-up to the British referendum on whether the country should leave the European Union. On Tuesday, bitcoin traded at $662.44 on the Bitstamp platform. (Reporting by Gertrude Chavez-Dreyfuss in New York and Nikhil Subba in Bengaluru; Editing by Sriraj Kalluvila and Chris Reese) || U.S. tech company files bitcoin ETF application with SEC: (Adds byline, details on insurance, custodian bank, background on bitcoin, SolidX) By Gertrude Chavez-Dreyfuss and Nikhil Subba NEW YORK, July 12 (Reuters) - SolidX Partners Inc, a U.S. technology company that provides blockchain services, on Tuesday filed an application with the Securities and Exchange Commission to launch an exchange-traded product that tracks the price of bitcoin. Blockchain is the technology that powers bitcoin, the digital currency. SolidX provides blockchain-based software relating to the recording of digital records, transfer of assets, and identity, according to its website. The ETF product will be called SolidX Bitcoin Trust and will list on the New York Stock Exchange under the ticker symbol XBTC upon regulatory approval, SolidX Partners said on Tuesday. SolidX is the second company to file for a bitcoin exchange-traded product with the U.S. regulator. The Winklevoss Bitcoin Trust, owned by brothers Cameron and Tyler Winklevoss, filed the first bitcoin ETF application three years ago. In its SEC filing, SolidX said it will provide investors with exposure to the daily change of the U.S. dollar price of bitcoin. The value of bitcoin will be based on the price tracked by XBX, an index created by TradeBlock, a financial services company. Bitcoin is a digital asset launched in 2009 that can be transferred among parties through the internet without the use of a central administrator or clearing agency. Its blockchain has gained global popularity due to its perceived usefulness in recording and keeping track of assets across practically all industries. The exact size of the offering was not disclosed, but based on the filing, the company said the ETF will issue a basket of 10,000 shares. Bank of New York Mellon has been tapped as the custodian of the cash held by SolidX Bitcoin Trust, while SolidX Partners will be responsible for the ETF's bitcoin holdings. SolidX, in its ETF filing, said the bitcoin it will hold will be insured. The insurance will cover the loss of bitcoin through theft, destruction, or computer fraud. Story continues Bitcoin's value has been highly volatile, having peaked at over $1,200 in late 2013 before crashing after the collapse of the Mt. Gox bitcoin exchange. It has since recovered, hitting a more than two-year high of nearly $780 in the run-up to the British referendum on whether the country should leave the European Union. On Tuesday, bitcoin traded at $662.44 on the Bitstamp platform. (Reporting by Gertrude Chavez-Dreyfuss in New York and Nikhil Subba in Bengaluru; Editing by Sriraj Kalluvila and Chris Reese) || U.S. tech company files bitcoin ETF application with SEC: (Adds byline, details on insurance, custodian bank, background on bitcoin, SolidX)
By Gertrude Chavez-Dreyfuss and Nikhil Subba
NEW YORK, July 12 (Reuters) - SolidX Partners Inc, a U.S. technology company that provides blockchain services, on Tuesday filed an application with the Securities and Exchange Commission to launch an exchange-traded product that tracks the price of bitcoin.
Blockchain is the technology that powers bitcoin, the digital currency. SolidX provides blockchain-based software relating to the recording of digital records, transfer of assets, and identity, according to its website.
The ETF product will be called SolidX Bitcoin Trust and will list on the New York Stock Exchange under the ticker symbol XBTC upon regulatory approval, SolidX Partners said on Tuesday.
SolidX is the second company to file for a bitcoin exchange-traded product with the U.S. regulator. The Winklevoss Bitcoin Trust, owned by brothers Cameron and Tyler Winklevoss, filed the first bitcoin ETF application three years ago.
In its SEC filing, SolidX said it will provide investors with exposure to the daily change of the U.S. dollar price of bitcoin. The value of bitcoin will be based on the price tracked by XBX, an index created by TradeBlock, a financial services company.
Bitcoin is a digital asset launched in 2009 that can be transferred among parties through the internet without the use of a central administrator or clearing agency. Its blockchain has gained global popularity due to its perceived usefulness in recording and keeping track of assets across practically all industries.
The exact size of the offering was not disclosed, but based on the filing, the company said the ETF will issue a basket of 10,000 shares.
Bank of New York Mellon has been tapped as the custodian of the cash held by SolidX Bitcoin Trust, while SolidX Partners will be responsible for the ETF's bitcoin holdings.
SolidX, in its ETF filing, said the bitcoin it will hold will be insured. The insurance will cover the loss of bitcoin through theft, destruction, or computer fraud.
Bitcoin's value has been highly volatile, having peaked at over $1,200 in late 2013 before crashing after the collapse of the Mt. Gox bitcoin exchange.
It has since recovered, hitting a more than two-year high of nearly $780 in the run-up to the British referendum on whether the country should leave the European Union. On Tuesday, bitcoin traded at $662.44 on the Bitstamp platform.
(Reporting by Gertrude Chavez-Dreyfuss in New York and Nikhil Subba in Bengaluru; Editing by Sriraj Kalluvila and Chris Reese) || SolidX files to launch bitcoin exchange-traded product: July 12 (Reuters) - SolidX Partners Inc, a blockchain technology company, filed with the U.S. Securities and Exchange Commission to launch an exchange-traded product that tracks the price of bitcoins.
SolidX Bitcoin Trust will list on the New York Stock Exchange under the ticker symbol XBTC upon regulatory approval, SolidX Partners said on Tuesday.
SolidX is the second company to file for a bitcoin exchange-traded product with the U.S. regulators.
The Winklevoss Bitcoin Trust, owned by brothers Cameron and Tyler Winklevoss, filed an application for a bitcoin ETF three years ago.
Last month, the brothers filed to switch the listing of their proposed bitcoin ETF to BATS Global Markets from Nasdaq.
If approved by the SEC, the Winklevoss ETF would be the first bitcoin ETF issued by a U.S. entity.
(Reporting by Nikhil Subba in Bengaluru; Editing by Sriraj Kalluvila) || SolidX files to launch bitcoin exchange-traded product: July 12 (Reuters) - SolidX Partners Inc, a blockchain technology company, filed with the U.S. Securities and Exchange Commission to launch an exchange-traded product that tracks the price of bitcoins. SolidX Bitcoin Trust will list on the New York Stock Exchange under the ticker symbol XBTC upon regulatory approval, SolidX Partners said on Tuesday. SolidX is the second company to file for a bitcoin exchange-traded product with the U.S. regulators. The Winklevoss Bitcoin Trust, owned by brothers Cameron and Tyler Winklevoss, filed an application for a bitcoin ETF three years ago. Last month, the brothers filed to switch the listing of their proposed bitcoin ETF to BATS Global Markets from Nasdaq. If approved by the SEC, the Winklevoss ETF would be the first bitcoin ETF issued by a U.S. entity. (Reporting by Nikhil Subba in Bengaluru; Editing by Sriraj Kalluvila)
[Social Media Buzz]
1 #bitcoin 1947 TL, 652.335 $, 596.97 €, GBP, 40400.00 RUR, 70499 ¥, CNH, CAD #btc || 1 KOBO = 0.00001395 BTC
= 0.0093 USD
= 2.6412 NGN
= 0.1333 ZAR
= 0.9402 KES
#Kobocoin 2016-07-15 23:00 pic.twitter.com/bHcsNpjqMu || $658.46 at 03:00 UTC [24h Range: $650.01 - $664.93 Volume: 2440 BTC] || #BTA Price: Bittrex 0.00001458 BTC YoBit 0.00001500 BTC Bleutrade 0.00001424 BTC #BTAprice 2016-07-15 13:00 pic.twitter.com/KiuWzdpqie || 1 BTC Price: BTC-e 651.89 USD Bitstamp 664.19 USD Coinbase...
|
660.77, 679.46, 673.11, 672.86, 665.68, 665.01, 650.62, 655.56, 661.28, 654.10
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 902.20, 908.59, 911.20, 902.83, 907.68, 777.76, 804.83, 823.98, 818.41, 821.80, 831.53, 907.94, 886.62, 899.07, 895.03, 921.79, 924.67, 921.01, 892.69, 901.54, 917.59, 919.75, 921.59, 919.50, 920.38, 970.40, 989.02, 1011.80, 1029.91, 1042.90, 1027.34, 1038.15, 1061.35, 1063.07, 994.38, 988.67, 1004.45, 999.18, 990.64, 1004.55, 1007.48, 1027.44, 1046.21, 1054.42, 1047.87, 1079.98, 1115.30, 1117.44, 1166.72, 1173.68, 1143.84, 1165.20, 1179.97, 1179.97, 1222.50, 1251.01, 1274.99, 1255.15, 1267.12, 1272.83, 1223.54, 1150.00, 1188.49, 1116.72, 1175.83, 1221.38, 1231.92, 1240.00, 1249.61, 1187.81, 1100.23, 973.82, 1036.74, 1054.23, 1120.54, 1049.14, 1038.59, 937.52, 972.78, 966.72, 1045.77, 1047.15, 1039.97, 1026.43, 1071.79, 1080.50, 1102.17, 1143.81, 1133.25, 1124.78.
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[Bitcoin Technical Analysis for 2017-04-05]
Volume: 414784000, RSI (14-day): 54.14, 50-day EMA: 1082.89, 200-day EMA: 910.15
[Wider Market Context]
Gold Price: 1245.40, Gold RSI: 55.37
Oil Price: 51.15, Oil RSI: 57.04
[Recent News (last 7 days)]
Jamaican Shamique Simms Is the New Caribbean's Next Top Model: MIAMI, FL--(Marketwired - Apr 4, 2017) - Shamique Simms is the Caribbean's Next Top Model (CaribeNTM) 2017. The finale of CaribeNTM took place on Monday April 3 rd and this year's competition ended in dramatic fashion, as two contestants tied for second place -- Samantha West from Trinidad and Nkechi Vaughn Guyana. It was, however, the 5 foot 9 Jamaican who won the judges over with her grace and natural beauty, as well as her ability to work the camera no matter the setting or theme. This season's competition was held against the backdrop of the enchanting 'spice isle' of Grenada, and whether she was covering herself with oil for the infamous ' jab jab' shoot or getting artistic in an underwater shoot , Simms' versatility and raw modelling talent led her to the top position. Along with the title of being the Caribbean's Next Top Model, Shamique was also awarded US$25,000 in cash; an international modelling agency contract with Mint Model Management, NY; a cover feature and editorial spread in SHE Caribbean magazine; and the latest generation iPhone from Flow . "Flow congratulates Shamique on her much deserved big win," said Wendy McDonald, Senior Director Communications, for the Caribbean. "Last year we welcomed the opportunity to partner with CaribeNTM as we saw this as a unique platform to provide exposure of young Caribbean talent both in front of and behind the camera. For us this is not just a competition but it is an investment in the development of the Caribbean fashion industry and our capacity to create local content that is on par with international standards. Additionally, it provides our viewers with unmatched access to local and regional content." The third season of The Caribbean's Next Top Model, presented by Flow , premiered on January 30 th exclusively on Flow 1 with 17 fresh-faced ladies from all across the Caribbean. This season, Flow customers were able to watch the drama unfold 'on the go' for the first time via the Flow ToGo app or watch and re-watch any episode via Flow On Demand , ensuring they never missed a moment of the excitement. Story continues Congratulating the winner, as well as each of the participants, the CaribeNTM co- executive producer, host, judge and former Miss Universe Wendy Fitzwilliam said: "Shamique competed amongst our toughest field of aspiring models yet, and always maintained her focus throughout the competition. More than any other participant, Shamique entered the competition with a clear understanding of what is required of her in the modelling industry. She consistently grew throughout the competition and it is this combination of preparedness and dogmatic perseverance with respect to her diet, fitness, mental strength and positive outlook that gave this "chocolate" beauty, as she was fondly called by her fellow models, the edge." While there is only one winner, Flow would like to congratulate all the participants and finalists of Season 3 of the Caribbean's Next Top Model. Editors' Note : Caribbean's Next Top Model (#CaribeNTM) is produced Starfish Media Ltd. and hosted by Miss Universe 1998, Wendy Fitzwilliam. It is a reality television competition based on the original production America's Next Top Model, and the America's Next Top Model format, created by Tyra Banks and licensed by CBS International. It follows the stories of aspiring young women seeking to launch a career in the competitive world of modelling. Fitzwilliam hosts Caribbean's Next Top Model as head judge, accompanied by judges: international photographer, Pedro Virgil and Caribbean fashion pundit extraordinaire, Socrates McKinney . For Season 3, CaribeNTM combed more than 30 Caribbean territories and narrowed more than two hundred (200) applicants down to seventeen (17). About C&W Communications C&W is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, C&W provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers. C&W also operates a state-of-the-art submarine fiber network -- the most extensive in the region. Learn more at www.cwc.com , or follow C&W on LinkedIn , Facebook or Twitter . About Liberty Global Liberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enable us to develop market-leading products delivered through next generation networks that connect our 25 million customers who subscribe to over 50 million television, broadband internet and telephony services. We also serve over 10 million mobile subscribers and offer WiFi service across 5 million access points. Liberty Global's businesses are comprised of two stocks: the Liberty Global Group ( NASDAQ : LBTYA ) ( NASDAQ : LBTYB ) ( NASDAQ : LBTYK ) for our European operations, and the LiLAC Group ( NASDAQ : LILA ) and ( NASDAQ : LILAK ) ( OTC PINK : LILAB ), which consists of our operations in Latin America and the Caribbean. The Liberty Global Group operates in 11 European countries under the consumer brands Virgin Media, Unitymedia, Telenet and UPC. The Liberty Global Group also owns 50% of VodafoneZiggo, a Dutch joint venture, which has 4 million customers, 10 million fixed-line subscribers and 5 million mobile subscribers. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil and BTC. In addition, the LiLAC Group operates a sub-sea fiber network throughout the region in over 30 markets. For more information, please visit www.libertyglobal.com . Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=3126367 Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=3126384 || Jamaican Shamique Simms Is the New Caribbean's Next Top Model: MIAMI, FL--(Marketwired - Apr 4, 2017) - Shamique Simms is theCaribbean's Next Top Model(CaribeNTM) 2017. The finale of CaribeNTM took place on Monday April 3rdand this year's competition ended in dramatic fashion, as two contestants tied for second place -- Samantha West from Trinidad and Nkechi Vaughn Guyana.
It was, however, the 5 foot 9 Jamaican who won the judges over with her grace and natural beauty, as well as her ability to work the camera no matter the setting or theme. This season's competition was held against the backdrop of the enchanting 'spice isle' of Grenada, and whether she was covering herself with oil for the infamous 'jab jab' shootor getting artistic in anunderwater shoot, Simms' versatility and raw modelling talent led her to the top position.
Along with the title of being the Caribbean's Next Top Model, Shamique was also awarded US$25,000 in cash; an international modelling agency contract with Mint Model Management, NY; a cover feature and editorial spread in SHE Caribbean magazine; and the latest generation iPhone fromFlow.
"Flow congratulates Shamique on her much deserved big win," said Wendy McDonald, Senior Director Communications, for the Caribbean. "Last year we welcomed the opportunity to partner with CaribeNTM as we saw this as a unique platform to provide exposure of young Caribbean talent both in front of and behind the camera. For us this is not just a competition but it is an investment in the development of the Caribbean fashion industry and our capacity to create local content that is on par with international standards. Additionally, it provides our viewers with unmatched access to local and regional content."
The third season of The Caribbean's Next Top Model, presented byFlow, premiered on January 30thexclusively onFlow 1with 17 fresh-faced ladies from all across the Caribbean. This season, Flow customers were able to watch the drama unfold 'on the go' for the first time via theFlow ToGoapp or watch and re-watch any episode viaFlow On Demand, ensuring they never missed a moment of the excitement.
Congratulating the winner, as well as each of the participants, the CaribeNTM co- executive producer, host, judge and former Miss Universe Wendy Fitzwilliam said: "Shamique competed amongst our toughest field of aspiring models yet, and always maintained her focus throughout the competition. More than any other participant, Shamique entered the competition with a clear understanding of what is required of her in the modelling industry. She consistently grew throughout the competition and it is this combination of preparedness and dogmatic perseverance with respect to her diet, fitness, mental strength and positive outlook that gave this "chocolate" beauty, as she was fondly called by her fellow models, the edge."
While there is only one winner, Flow would like to congratulate all the participants and finalists of Season 3 of the Caribbean's Next Top Model.
Editors' Note:
Caribbean's Next Top Model (#CaribeNTM) is produced Starfish Media Ltd. and hosted by Miss Universe 1998,Wendy Fitzwilliam. Itis a reality television competition based on the original production America's Next Top Model, and the America's Next Top Model format, created by Tyra Banks and licensed by CBS International. It follows the stories of aspiring young women seeking to launch a career in the competitive world of modelling. Fitzwilliam hosts Caribbean's Next Top Model as head judge, accompanied by judges: international photographer,Pedro Virgiland Caribbean fashion pundit extraordinaire,Socrates McKinney. For Season 3, CaribeNTM combed more than 30 Caribbean territories and narrowed more than two hundred (200) applicants down to seventeen (17).
About C&W Communications
C&W is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, C&W provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers.
C&W also operates a state-of-the-art submarine fiber network -- the most extensive in the region.
Learn more atwww.cwc.com, or follow C&W onLinkedIn,FacebookorTwitter.
About Liberty Global
Liberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enable us to develop market-leading products delivered through next generation networks that connect our 25 million customers who subscribe to over 50 million television, broadband internet and telephony services. We also serve over 10 million mobile subscribers and offer WiFi service across 5 million access points.
Liberty Global's businesses are comprised of two stocks: the Liberty Global Group (NASDAQ:LBTYA) (NASDAQ:LBTYB) (NASDAQ:LBTYK) for our European operations, and the LiLAC Group (NASDAQ:LILA) and (NASDAQ:LILAK) (OTC PINK:LILAB), which consists of our operations in Latin America and the Caribbean.
The Liberty Global Group operates in 11 European countries under the consumer brands Virgin Media, Unitymedia, Telenet and UPC. The Liberty Global Group also owns 50% of VodafoneZiggo, a Dutch joint venture, which has 4 million customers, 10 million fixed-line subscribers and 5 million mobile subscribers. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil and BTC. In addition, the LiLAC Group operates a sub-sea fiber network throughout the region in over 30 markets.
For more information, please visitwww.libertyglobal.com.
Image Available:http://www2.marketwire.com/mw/frame_mw?attachid=3126367Image Available:http://www2.marketwire.com/mw/frame_mw?attachid=3126384 || $BITCF's COINQX Publishes Frequently Asked Questions Regarding Its AltCoin (ALT) ICO Active Crowdsale: VANCOUVER, BC / ACCESSWIRE / April 3, 2017 /First Bitcoin Capital Corp (OTC PINK: BITCF) answers the below listed frequently asked questions in order to assist interested parties to better understand the nature and procedures to participate in its first Initial Coin Offering (ICO) sometimes also referenced to as an Initial Token Offering (ITO).
The timing of our first ICO precedes the new game changing events in Japan. Bitcoin has now gained the recognition of a mainstream currency along the lines of the world's fiat currencies. The historic event follows the implementation of a new law in Japan which categorizes Bitcoin as a legal payment option within the country. The much-awaited law went into effect on the first day of April 2017. "The new law defines Bitcoin and other virtual currency as a form of payment method, not a legally-recognized currency.Bitcoinwill continue to be treated as an asset unless there are future revisions or directives to Japanese tax law." With the new law's implementation, Bitcoin exchanges will also come under additional regulatory scrutiny. The recognition of cryptocurrency as a legal tender also means the applicability of regulations governing banks and financial institutions to cryptocurrency exchange platforms. They will be required to comply with strict anti-money laundering (AML) and Know Your Customer (KYC) requirements, along with annual audits. Other requirements include meeting the stated capital and cyber security requirements to ensure consumer protection.
The recognition of Bitcoin and other cryptocurrencies as legal payment instruments is good news for the global cryptocurrency ecosystem. Adoption of cryptocurrency is expected to increase among people, which will certainly, in turn, drive demand and price.
First Bitcoin Capital Corp releases the following FAQ regarding its newest cryptocurrency, ALT:
AltCoin FAQ
Altcoin (ALT) gives you the joint benefits of open blockchaintechnologywhile speculating on the booming cryptocurrency markets by ALT being aptly named for best branding to capture maximum market share.
How does AltCoin work and What are its Specs? AltCoin exists on The Bitcoin Blockchain through the Omni Protocol. The Omni Protocol is open source software that interfaces with blockchains to allow for the issuance and exchange of cryptocurrency tokens, in our case, "AltCoin". The AltCoin is being offered via an ICO purchasable via Tether (USDT) the most popular Omni protocol currency that trades on par with and is 100% backed by USD. The process of buying and transferring Tether will be more fully explained below with links to exchanges where available. For those unfamiliar with trading on crypto exchanges, GoCoin may be the most convenient solution to acquiring USDT with USD.
How do I acquire AltCoin during the ICO?
Once owning Tether in your private wallet and while the ICO is running you simply need to send from your Omni Wallet atomniwallet.org-Tether (USDT) to the AltCoin issuer address as follows:
1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS
Just copy and paste that address into the send to address and as long as the ICO is running the sender's Omni Wallet will automatically be credited with Altcoin (1 for 1 currently) plus a 20% bonus. This bonus will decease until the ICO is closed at which time post ICO received Tether will be manually returned to the sender if intended for the ICO. To check the current bonus percentages and verify that the ICO continues to be open, visit:
https://www.omniwallet.org/assets/details/149
Can I acquire ALT outside the ICO?
AltCoin has already begun trading on the Cryptopia Exchange where ALT trades in the secondary market. In other words, someone who bought in the ICO already sent some ALT to that exchange where those ALT now trade against Bitcoin (BTC). At time of this writing, the ALT is trading at a premium over the ICO. We expect ALT to be listed on many more exchanges as soon as the ICO is completed to be paired with many different fiat and cryptocurrencies.
Can Omni Protocol coins already be traded against ALT?
Tether has pathed the way, making it technologically simple for ALT to be traded and paired with USDT and other currencies on those exchanges already trading USDT. Markets can now be initiated and paired with ALT against other Omni protocol currencies such as OMNI, TESLA, PRES, HILL, USDT, GARY, BURN, BOND, XBU via:http://omnichest.info/mdexmarket.aspx?market=149.
How Can I monitor ALT issuances to learn the total issued and what will be that total?
It will not be known until the ICO is completed at the end of April 2017 how many AltCoins have been issued and that will depend on the popularity of this new coin. To monitor the total coins issued and transferred into the secondary markets, please see:http://omnichest.info/lookupsp.aspx?sp=149. In order to help find Altcoin (ALT) in the Omnichest numbering system search #149 while Tether (USDT) is searchable via #31. To monitor the Crowdsales of the ICO see Issuer's Omni Wallet here:http://omnichest.info/lookupadd.aspx?address=1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS.
Once the ICO is complete there will be no further ALT issued or created, meaning that the fewer the ICO buyers the more scarce the currency.
Use of proceeds?
The USDT proceeds received by the Issuer,www.Coinqx.com, a cryptocurrency exchange (where ALT will soon be listed) and a subsidiary ofFirst BitcoinCapital Corp (stock symbol BITCF) will be used to build outwww.Altcoinmarketcap.comwhere AltCoin (ALT) will be accepted so that owners of ALT will be able to use this new currency to advertise their goods and services. The USDT received will also be used for building walls of support in secondary trading of ALT and otherwise develop the issuer, its affiliates and for speculative trading in ALT and other cryptocurrencies. Should the proceeds not be sufficient to bringAltCoinMarketCap.cominto full production, the Issuer and its parent company are dedicated to utilizing other resources to turn this website into the go to place for all things cryptocurrency. We plan to roll outAltCoinMarketCap.combefore closing of this ICO.
Why Does Issuer earn 10% of each Issuance of ALT?
The 10% premium that the Issuer receives is earned in exchange for creating and issuing ALT and will be used and held for both short and long term capital gains. From our research, this is a very low amount and competitors often are more generous to themselves leaving a smaller percentage to be owned by the public.
Is AltCoin a Security?
ALT is not a security. The holders of AltCoin will be paid neither interest payments nor dividends nor will they own any property directly or indirectly in any asset or income source. ALT is merely a tokenized cryptocurrency not unlike Bitcoin. Each ALT acquired by speculators and end users will be the sole and separate personal property of the person or entity receiving ALT.
What is the relationship between AltCoin and AltCoinMarketCap.com?
While the intended use of ALT is as a forward-service receipt for ad-clicks purchased from AltCoinMarketCap.com based on the traffic that site may generate, it also may be used by holders in any legal transaction between willing participants. We estimate that the cpc for advertising on this new site will be low at first yet rise over time. Why will AltcoinMarketCap be a better Advertising Venue than, say, its obvious competitors CoinMarketCap.com or other sites? What these competitors lack is social activities and participation by the public. AltCoinMarketCap.com will engage the cryptocurrency enthusiasts allowing them to up vote and down vote coins based on their good and bad qualities as well as including social media attributes allowing interaction between those who login which will attract the public as they witness these events. The site name, data base and social interactions have been designed to place www.Altcoinmarket.com at the top of the search engines for key terms such as Altcoin, etc.
How does Tether work?
Tethers also exists on blockchains through the Omni Protocol. The Omni Protocol is open source software that interfaces with blockchains and allows for the issuance and redemption of cryptocurrency as managed tokens, in their case, "tethers". Tether Platform currencies are 100% backed by actual fiat currency assets in their reserve account. Tethers are redeemable and exchangeable pursuant to Tether Limited's terms of service. The conversion rate is 1 tether USD₮ equals 1 USD. The Tether Platform is fully reserved when the sum of all USDT in circulation is greater than or equal to the balance of fiat currency held in their reserve. Through its Transparency page, anyone can view both numbers in near real-time making Tether a stable and safe medium of exchange to acquire AltCoin in its ICO. For a more detailed technical explanation of how the Tether Platform works, please download the Tether white paper.
What real-world currencies does Tether support? Tether initially supports US Dollars (USD), Euros (EUR), and soon Japanese Yen (JPY). Represented by ₮, tether platform currencies are denoted as USD₮, EUR₮, and JPY₮.
Who can use Tether? Tether enables businesses - including exchanges, wallets, payment processors, financial services and ATMs - to easily use fiat currencies on blockchains. Some of the largest businesses in the digital currency ecosystem have integrated tether. ALT using this same technology, it is probable that AltCoins will likewise be integrated should they become a popular cryptocurrency. View current industry supporters. Individuals can also create a Tether wallet or use tether-enabled platforms to transact with tethers.
How does Tether protect me from cryptocurrency volatility?
Because they are anchored or 'tethered' to real-world currencies. However, ALT is only initially tied to Tether through the ICO, so that when the ICO closes ALT should witness wild fluctuation not unlike those experienced by BTC, ETH, XMR, DASH, etc. Due to the potential scarcity, dependent on ALT's ICO popularity, the fluctuations of ALT could be more dramatic but should eventually stabilize so it could be used in commerce. Tethers are new assets that move across the Bitcoin blockchain just as easily as other digital currencies. Tether currencies are not money, but are digital tokens formatted to work on blockchains. Tethers hold their value at 1:1 to the underlying assets with the typical price of one USD equal to one USDT on various exchanges. Rarely does USDT trade at a premium or discount from the USD, except on exchanges where trading is sporadic.
How do I know my Tether is secure? Tether is built on top of the revolutionary and cryptographically secure open blockchain technology and adheres to strict security and global government laws and regulations. All tethers are pegged at one-to-one with matching fiat currency (e.g., 1 USD₮ = 1 USD) and are backed 100% by actual assets in the Tether master reserve account. As a fully transparent company, Tether.io publishes a real-time record of all value held and transferred in and out of their reserve account. Tethers can be securely stored, sent and received across the blockchain and are redeemable for cash (the underlying asset) pursuant to Tether Limited's terms of service.
Where can I use Tether? Tether is currently in Beta although it has already ascended to one of the world's top cryptocurrencies with volume in the tens of millions daily. They want to make Tether usable anywhere, where you can use digital currencies and in many places where digital currencies are not currently accepted. AltCoin maybe the first ICO to accept USDT, and does so exclusively.
Are Tether and ALT transparent?
Yes. Both the ALT and USDT are built on the same platform, to be fully transparent always and is regularly audited. Unlike ALT and other cryptocurrencies very tether is backed 100% by its original currency.
How much does Tether cost to use? Tether has almost zero conversion fees, charges no commissions and offers topmarketexchange rates. Sending between Tether.to wallets is always free. When sending from your Tether.to wallet to an external tether-enabled wallet, Tether.io says they will absorb all Blockchain fees. Fees occurred when sending tethers outside of their wallet are outside their control.
Do I have to go through the KYC process? Going through the Tether "know your customer" (KYC) form and approval process is required to issue and redeem USD₮, EUR₮, and soon JPY₮, however this is not required to acquire USDT on many exchanges or to open an Omni Wallet where USDT and ALT may be received, sent and owned together and seen in the same wallet along with BTC and other Omni protocol assets. There is no KYC process for acquiring ALT using your USDT.
In what countries and states does, Tether have limited functionality? Tether is committed to operating in a secure and transparent way, while adhering to all government compliance and regulations .For this reason Tether does not operate in countries and U.S. states that do not regulate virtual currencies. Current countries with limited functionality:Afghanistan, Albania, Algeria, Angola, Cambodia, Democratic People's Republic of Korea, Ecuador, Guyana, Indonesia, Iran, Iraq, Lao People's Democratic Republic, Myanmar, Namibia, Nicaragua, Pakistan, Papua New Guinea, Sudan, Syrian Arab Republic, Uganda, Yemen, Zimbabwe.
Current U.S. states with limited functionality: Delaware, Georgia, Hawaii, Idaho, Kentucky, Ohio, Tennessee, Virginia, Washington, Wisconsin, Wyoming
List of exchanges where Tether can be purchased:
https://tether.to/why-use-tether/
Forward-Looking Statements
Certain statements contained in this FAQ may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this business plan represent the Company's views as of the date of this release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the release of this "FAQ". Such forward-looking statements are risks that are detailed in the Company's filings, which are on file atwww.OTCMarkets.com.
The statements about Tether (USDT) are based on representation made by Tether and while we accept those statements as true, we cannot take responsibility for any loses that speculators and investors may incur (while buying, selling, trading or transferring Tether (USDT)) that is beyond our control. Our only responsibility is to deliver ALT against our receipt of USDT during the time the ALT ICO is running, and to return USDT to those whom inadvertently send USDT to us after the closing of the ICO.
Contact us via:[email protected] visithttp://www.bitcoincapitalcorp.com
SOURCE:First Bitcoin Capital Corp. || Now I Get It: Bitcoin: Man, if anything needs the now I get it treatment, its Bitcoin . You hear about it all the time in financial and technical circles but most people really dont grasp it. Bitcoin is an alternative kind of currency. Its entirely digitaltheres no paper money, theres no coins, nothing physical, not even a plastic card for your wallet. Your bitcoins are stored on your computer or your phone. If your hard drive crashes without a backup, you lose your bitcoins. This arrangement has some stunning advantages over traditional currency or credit cards: Between buyer and seller, theres no bank or credit-card company involved, no middleman who can charge fees. The entire Bitcoin banking system is a global peer-to-peer network, running Bitcoin software. When you buy something from someone in another country, theres no waiting to convert currenciesand again, no fees. All transactions are essentially anonymous, which is super convenient if youre a drug dealer or arms dealer. Theres a whole lot of really cool, really complicated math involved in Bitcoin, designed to keep it secure and to prevent Bitcoin inflation. For example: the complete record of all Bitcoin transactionsa massive digital ledger called the blockchain is stored on all Bitcoin users computers, rather than being held by a central authority. Bitcoin was born in 2009, the proposal of an anonymously written white paper. Theres no government to decide when to print new money in this case, so new bitcoins are minedcreatedthrough a complex scheme you can read about here . In essence, anyone can create new bitcoins, but dont think youll get rich that way. The job requires massive, expensive, high-horsepower computers that must slog through gigantic calculations to mine new money. The complexity of the math involved is adjusted so that its just barely profitable to mine bitcoins, and so that only a few bitcoins come into existence every 10 minutes. This production will stop when there are 21 million bitcoins on earth, which is supposed to happen around 2140 . After thatthats all the bitcoins therell ever be. So how do you get bitcoins? Same way you get euros or yen or pesos: You buy it with traditional currency like dollars. You can use online exchanges like Bitstamp and Coinbase . At this writing, one bitcoin costs about $1,078. What to do with bitcoins When you get a Bitcoin addresssomething like an email addressyou also get a complex password known as a private key, which you need to access your stash. At that point, you can transfer money to other people by sending it to their Bitcoin addresses. Story continues You can also pay for goods and services at some merchants, like Subway and Xbox; theyre delighted when that happens, because they dont lose 3% of the transaction in credit-card fees. But in the big picture, the list of places that accept Bitcoin is fairly small. And you dont get any particular benefit by paying for something this way. Bitcoin as an investment The good news is that since Bitcoins creation eight years ago, its value has gone up by quite a bitfrom well under a penny to over $1,000 per bitcoin today. The bad news is that its value is incredibly volatile. Remember this past January, when it dropped by a fifth in a day? Good times. Should you dive in? So: Bitcoin is fascinating, but its not very useful, at least not to most people. Some people love it, for sure, like investors with a taste for risk, tech-savvy early adopters, technically-minded libertarians, and criminals. But keep in mind that there are lots of exciting ways to lose all your bitcoins. Like if your hard drive crashes without a backup, and you lose your private key. Or if you get a Bitcoin virus, of which there are now many . Or if your Bitcoin exchange goes out of business, which has happened plenty; in fact, 18 of the first 40 exchanges had gone under as of 2013, taking all their clients money with them. Remember, this whole thing is largely unregulated. If you buy something with a credit card and you get ripped off, you can call an 800 number and the credit-card company will get your money back. But if you get ripped off with a Bitcoin transaction
sorry! You voted for no middleman, remember? In the meantime, for most people, Bitcoin is a fascinating development thats a worthy topic of studyjust not for ownership. More from David Pogue: The Fitbit Alta HR band is the least dorky fitness band you can buy David Pogues search for the worlds best air-travel app David Pogue tested 47 pill-reminder apps to find the best one The little-known iPhone feature that lets blind people see with their fingers I paid $3,000 for my MacBook Pro and got emotional whiplash Heres the real money-maker for the Internet of Things David Pogue, tech columnist for Yahoo Finance, welcomes non-toxic comments in the Comments below. On the web, hes davidpogue.com . On Twitter, hes @pogue . On email, hes [email protected]. You can read all his articles here , or you can sign up to get his columns by email . View comments || Now I Get It: Bitcoin: Man, if anything needs the “now I get it” treatment, it’sBitcoin. You hear about it all the time infinancial and technical circles—but most people really don’t grasp it.
Bitcoin is an alternative kind of currency. It’s entirely digital—there’s no paper money, there’s no coins, nothing physical, not even a plastic card for your wallet. Your bitcoins are stored on your computer or your phone. If your hard drive crashes without a backup, you lose your bitcoins.
This arrangement has some stunning advantages over traditional currency or credit cards:
• Between buyer and seller, there’s no bank or credit-card company involved, no middleman who can charge fees. The entire Bitcoin banking system is a global peer-to-peer network, running Bitcoin software.
• When you buy something from someone in another country, there’s no waiting to convert currencies—and again, no fees.
• All transactions areessentiallyanonymous, which is super convenient if you’re a drug dealer or arms dealer.
There’s a whole lot of really cool, really complicated math involved in Bitcoin, designed to keep it secure and to prevent Bitcoin inflation.
For example: the complete record of all Bitcoin transactions—a massive digital ledger called theblockchain—is stored on all Bitcoin users’ computers, rather than being held by a central authority.
Bitcoin was born in 2009, the proposal of an anonymously written white paper. There’s no government to decide when to print new money in this case, so new bitcoins are “mined”—created—through a complex scheme you can read abouthere. In essence, anyone can create new bitcoins, but don’t think you’ll get rich that way. The job requires massive, expensive, high-horsepower computers that must slog through gigantic calculations to “mine” new money. The complexity of the math involved is adjusted so that it’s just barely profitable to mine bitcoins, and so that only a few bitcoins come into existence every 10 minutes.
This production will stop when there are 21 million bitcoins on earth, which is supposed tohappen around 2140. After that—that’s all the bitcoins there’ll ever be.
So how do you get bitcoins? Same way you get euros or yen or pesos: You buy it with traditional currency like dollars. You can use online exchanges likeBitstampandCoinbase. At this writing, one bitcoin costs about $1,078.
When you get a Bitcoin address—something like an email address—you also get a complex password known as a private key, which you need to access your stash.
At that point, you can transfer money to other people by sending it to their Bitcoin addresses.
You can also pay for goods and services at some merchants, like Subway and Xbox; they’re delighted when that happens, because they don’t lose 3% of the transaction in credit-card fees. But in the big picture,the list of places that accept Bitcoinis fairly small. Andyoudon’t get any particular benefit by paying for something this way.
The good news is that since Bitcoin’s creation eight years ago, its value has gone up by quite a bit—from well under a penny to over $1,000 per bitcoin today.
The bad news is that its value is incredibly volatile. Remember this past January,when it dropped by a fifthin a day? Good times.
So: Bitcoin is fascinating, but it’s not very useful, at least not to most people. Some people love it, for sure, like investors with a taste for risk, tech-savvy early adopters, technically-minded libertarians, and criminals.
But keep in mind that there are lots of exciting ways to lose all your bitcoins. Like if your hard drive crashes without a backup, and you lose your private key. Or if you get a Bitcoin virus, of whichthere are now many. Or if your Bitcoin exchange goes out of business, which has happened plenty; in fact,18 of the first 40 exchanges had gone underas of 2013, taking all their clients’ money with them.
Remember, this whole thing is largely unregulated. If you buy something with a credit card and you get ripped off, you can call an 800 number and the credit-card company will get your money back. But if you get ripped off with a Bitcoin transaction … sorry! You voted for no middleman, remember?
In the meantime, for most people, Bitcoin is a fascinating development that’s a worthy topic of study—just not for ownership.
More from David Pogue:
The Fitbit Alta HR band is the least dorky fitness band you can buy
David Pogue’s search for the world’s best air-travel app
David Pogue tested 47 pill-reminder apps to find the best one
The little-known iPhone feature that lets blind people see with their fingers
I paid $3,000 for my MacBook Pro and got emotional whiplash
Here’s the real money-maker for the Internet of Things
David Pogue, tech columnist for Yahoo Finance, welcomes non-toxic comments in the Comments below. On the web, he’sdavidpogue.com. On Twitter, he’s@pogue. On email, he’s [email protected]. You canread all his articles here, or you can sign up toget his columns by email. || Now I Get It: Bitcoin: Man, if anything needs the “now I get it” treatment, it’sBitcoin. You hear about it all the time infinancial and technical circles—but most people really don’t grasp it.
Bitcoin is an alternative kind of currency. It’s entirely digital—there’s no paper money, there’s no coins, nothing physical, not even a plastic card for your wallet. Your bitcoins are stored on your computer or your phone. If your hard drive crashes without a backup, you lose your bitcoins.
This arrangement has some stunning advantages over traditional currency or credit cards:
• Between buyer and seller, there’s no bank or credit-card company involved, no middleman who can charge fees. The entire Bitcoin banking system is a global peer-to-peer network, running Bitcoin software.
• When you buy something from someone in another country, there’s no waiting to convert currencies—and again, no fees.
• All transactions areessentiallyanonymous, which is super convenient if you’re a drug dealer or arms dealer.
There’s a whole lot of really cool, really complicated math involved in Bitcoin, designed to keep it secure and to prevent Bitcoin inflation.
For example: the complete record of all Bitcoin transactions—a massive digital ledger called theblockchain—is stored on all Bitcoin users’ computers, rather than being held by a central authority.
Bitcoin was born in 2009, the proposal of an anonymously written white paper. There’s no government to decide when to print new money in this case, so new bitcoins are “mined”—created—through a complex scheme you can read abouthere. In essence, anyone can create new bitcoins, but don’t think you’ll get rich that way. The job requires massive, expensive, high-horsepower computers that must slog through gigantic calculations to “mine” new money. The complexity of the math involved is adjusted so that it’s just barely profitable to mine bitcoins, and so that only a few bitcoins come into existence every 10 minutes.
This production will stop when there are 21 million bitcoins on earth, which is supposed tohappen around 2140. After that—that’s all the bitcoins there’ll ever be.
So how do you get bitcoins? Same way you get euros or yen or pesos: You buy it with traditional currency like dollars. You can use online exchanges likeBitstampandCoinbase. At this writing, one bitcoin costs about $1,078.
When you get a Bitcoin address—something like an email address—you also get a complex password known as a private key, which you need to access your stash.
At that point, you can transfer money to other people by sending it to their Bitcoin addresses.
You can also pay for goods and services at some merchants, like Subway and Xbox; they’re delighted when that happens, because they don’t lose 3% of the transaction in credit-card fees. But in the big picture,the list of places that accept Bitcoinis fairly small. Andyoudon’t get any particular benefit by paying for something this way.
The good news is that since Bitcoin’s creation eight years ago, its value has gone up by quite a bit—from well under a penny to over $1,000 per bitcoin today.
The bad news is that its value is incredibly volatile. Remember this past January,when it dropped by a fifthin a day? Good times.
So: Bitcoin is fascinating, but it’s not very useful, at least not to most people. Some people love it, for sure, like investors with a taste for risk, tech-savvy early adopters, technically-minded libertarians, and criminals.
But keep in mind that there are lots of exciting ways to lose all your bitcoins. Like if your hard drive crashes without a backup, and you lose your private key. Or if you get a Bitcoin virus, of whichthere are now many. Or if your Bitcoin exchange goes out of business, which has happened plenty; in fact,18 of the first 40 exchanges had gone underas of 2013, taking all their clients’ money with them.
Remember, this whole thing is largely unregulated. If you buy something with a credit card and you get ripped off, you can call an 800 number and the credit-card company will get your money back. But if you get ripped off with a Bitcoin transaction … sorry! You voted for no middleman, remember?
In the meantime, for most people, Bitcoin is a fascinating development that’s a worthy topic of study—just not for ownership.
More from David Pogue:
The Fitbit Alta HR band is the least dorky fitness band you can buy
David Pogue’s search for the world’s best air-travel app
David Pogue tested 47 pill-reminder apps to find the best one
The little-known iPhone feature that lets blind people see with their fingers
I paid $3,000 for my MacBook Pro and got emotional whiplash
Here’s the real money-maker for the Internet of Things
David Pogue, tech columnist for Yahoo Finance, welcomes non-toxic comments in the Comments below. On the web, he’sdavidpogue.com. On Twitter, he’s@pogue. On email, he’s [email protected]. You canread all his articles here, or you can sign up toget his columns by email. || What You Must Know Before Subscribing to a VPN: When the U.S. Congress voted recently to overturn a Federal Communications Commission (FCC) rule requiring internet service providers (ISPs) to get a customer's permission before selling personally identifiable information, that kicked off a land rush to find virtual private network (VPN) providers to protect consumers' online privacy. There are literally hundreds of VPNs to choose from, however, and if you're not sure what these do and what they don't do, you could easily end up with a VPN that doesn't add much to your privacy except another subscription fee. The idea of a VPN is quite simple: it provides a secure (encrypted) tunnel between your device and a website, bypassing the traffic logs kept by your ISP. For example, if your ISP is in New York City, a VPN service allows you to connect with any of several servers anywhere in the world, making it look to the website that the connection is being made from one of those servers and not the ISP you use in New York. ALSO READ: Nearly 400 2017 Data Breaches Have Exposed More Than 7 Million Records Your ISP can't keep a useful log of your VPN activity because it doesn't know who requested the data or from where the requested data is coming. But your VPN knows, and that's the first thing you want to learn about any VPN provider: does the VPN keep traffic logs and, if so, what does it do with them? Some VPNs do keep traffic logs in order to provide themselves with legal protection in the event of a government request. Others keep some minimal data in order to help maintain their servers. Still others, sadly, collect the data and sell it to third parties. Because that's what you are probably trying to avoid, read the fine print and be sure to choose a service that states categorically that it does not keep logs, making sure to specify exactly the logs they don't keep. Be especially sure that the ISP does not keep activity or connection logs. ALSO READ: 14 Million Credentials Stolen from US Universities for Sale on Dark Web Story continues A good general overview of online privacy and VPNs is posted at Krebs on Security. More comprehensive tips on selecting a VPN, with more details and a comparison chart for nearly 200 VPN providers is available at That One Privacy Site. Here's a much shorter version of some of the site's guidelines: Beware of VPN review websites, which are nearly always paid reviews. Also look more carefully at affiliate VPN programs. Be aware of where the VPN service's servers are located and where in the world you will be connecting to the VPN. Check on payment methods, such as Bitcoin, cash or anonymous gift cards, that allow you to maintain your privacy. Choose a VPN that maintains its own first-party domain name server (DNS) that doesn't leak, and check it to make sure. Choose a VPN that provides an IPv6 DNS server that is only reachable through a VPN tunnel, and then test it to make sure that's true. Choose a VPN that has strong data and handshake encryption. Deciding if you want a VPN and the features of the VPN that are most important to you will take some time, and it will come with a price of around $10 a month. It's up to you to make sure you're getting the privacy protection you're paying for. Related Articles Countries Buying the Most Weapons From the US Government States Where the Most People Have Green Cards America's Happiest (and Most Miserable) States || What You Must Know Before Subscribing to a VPN: When the U.S. Congress voted recently to overturn a Federal Communications Commission (FCC) rule requiring internet service providers (ISPs) to get a customer's permission before selling personally identifiable information, that kicked off a land rush to find virtual private network (VPN) providers to protect consumers' online privacy. There are literally hundreds of VPNs to choose from, however, and if you're not sure what these do and what they don't do, you could easily end up with a VPN that doesn't add much to your privacy except another subscription fee.
The idea of a VPN is quite simple: it provides a secure (encrypted) tunnel between your device and a website, bypassing the traffic logs kept by your ISP. For example, if your ISP is in New York City, a VPN service allows you to connect with any of several servers anywhere in the world, making it look to the website that the connection is being made from one of those servers and not the ISP you use in New York.
ALSO READ:Nearly 400 2017 Data Breaches Have Exposed More Than 7 Million Records
Your ISP can't keep a useful log of your VPN activity because it doesn't know who requested the data or from where the requested data is coming. But your VPN knows, and that's the first thing you want to learn about any VPN provider: does the VPN keep traffic logs and, if so, what does it do with them?
Some VPNs do keep traffic logs in order to provide themselves with legal protection in the event of a government request. Others keep some minimal data in order to help maintain their servers. Still others, sadly, collect the data and sell it to third parties. Because that's what you are probably trying to avoid, read the fine print and be sure to choose a service that states categorically that it does not keep logs, making sure to specify exactly the logs they don't keep. Be especially sure that the ISP does not keep activity or connection logs.
ALSO READ:14 Million Credentials Stolen from US Universities for Sale on Dark Web
A good general overview of online privacy and VPNs is posted at Krebs on Security. More comprehensive tips on selecting a VPN, with more details and a comparison chart for nearly 200 VPN providers is available at That One Privacy Site. Here's a much shorter version of some of the site's guidelines:
• Beware of VPN review websites, which are nearly always paid reviews. Also look more carefully at affiliate VPN programs.
• Be aware of where the VPN service's servers are located and where in the world you will be connecting to the VPN.
• Check on payment methods, such as Bitcoin, cash or anonymous gift cards, that allow you to maintain your privacy.
• Choose a VPN that maintains its own first-party domain name server (DNS) that doesn't leak, and check it to make sure.
• Choose a VPN that provides an IPv6 DNS server that is only reachable through a VPN tunnel, and then test it to make sure that's true.
• Choose a VPN that has strong data and handshake encryption.
Deciding if you want a VPN and the features of the VPN that are most important to you will take some time, and it will come with a price of around $10 a month. It's up to you to make sure you're getting the privacy protection you're paying for.
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• America's Happiest (and Most Miserable) States || Flow's Ultimate Football Experience Attracts Top Manchester United Star: MIAMI, FL--(Marketwired - Mar 31, 2017) - When young Jamaican footballers take to the field on April 1stfor theFlow Ultimate Football Experiencethey'll be joined by Manchester United (Man Utd) Legend and fan favourite, Quinton Fortune who will share words of encouragement and guidance to the youngsters.
The tough-tackling midfielder and South African international, earned his place in the hearts of his friends, peers and supporters of Man Utd after a 6-year stint with the club. He's one of several Man Utd Legends who will be present in some of Flow's markets at the skills-based events, leading up to theFlow Ultimate Football Experience Finalin Trinidad on May 7th.
During his time at Old Trafford, Fortune displayed an honourable sense of determination and drive, despite being hampered by a string of unfortunate injuries.
As part of the club, he earned the Intercontinental Cup (1999) and the FA Community Shield (2003) before moving on to other teams.
Like many other former pro footballers, Fortune is not just a player; he's a coach, too. After his retirement in 2010, he spent time training with Man Utd's reserve team while simultaneously working towards his coaching badges, which he received in 2013.
Needless to say, Fortune -- who wore number 25 with the Reds -- brings a unique combination of playing experience and coaching acumen to the Jamaican chapter of theFlow Ultimate Football Experience. And not only will the youngsters get expert advice on ways to enhance their performance, they'll also doubtlessly get a fresh boost of energy by simply playing in the presence of one of football's best.
Flow and Manchester United's latest region-wide initiative, theFlow Ultimate Football Experienceis designed to give youngsters the chance-of-a-lifetime to participate in local talent development football camps across Flow's 15 markets. Two winners from each country will advance to the two-day skills session in T&T to experience one-on-one training with Caribbean Football Union (CFU) and Manchester United Soccer School Coaches. There, they will participate in a series of drills designed by the coaches and compete for the chance for two finalists and their coach to win a once-in-a-lifetime trip to Old Trafford in Manchester, England to seeMan Utd in a Premier League fixture.
Skilled boys and girls between the ages of 13 to 16 can register online athttps://discoverflow.co/flowmanutd.
Follow Flow Jamaica onFacebookand Twitter@FlowJamaicato track his visit to Jamaica for theFlow Ultimate Football Experience!
"Flow and Manchester United - together we are in a different league."
About C&W Communications
C&W is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, C&W provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers.
C&W also operates a state-of-the-art submarine fiber network -- the most extensive in the region.
Learn more atwww.cwc.com, or follow C&W onLinkedIn,FacebookorTwitter.
About Liberty Global
Liberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enable us to develop market-leading products delivered through next generation networks that connect our 25 million customers who subscribe to over 50 million television, broadband internet and telephony services. We also serve over 10 million mobile subscribers and offer WiFi service across 5 million access points.
Liberty Global's businesses are comprised of two stocks: the Liberty Global Group (NASDAQ:LBTYA) (NASDAQ:LBTYB) (NASDAQ:LBTYK) for our European operations, and the LiLAC Group (NASDAQ:LILA) and (NASDAQ:LILAK) (OTC PINK:LILAB), which consists of our operations in Latin America and the Caribbean.
The Liberty Global Group operates in 11 European countries under the consumer brands Virgin Media, Unitymedia, Telenet and UPC. The Liberty Global Group also owns 50% of VodafoneZiggo, a Dutch joint venture, which has 4 million customers, 10 million fixed-line subscribers and 5 million mobile subscribers. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil and BTC. In addition, the LiLAC Group operates a sub-sea fiber network throughout the region in over 30 markets.
For more information, please visitwww.libertyglobal.com.
Image Available:http://www2.marketwire.com/mw/frame_mw?attachid=3125292 || Flow's Ultimate Football Experience Attracts Top Manchester United Star: MIAMI, FL--(Marketwired - Mar 31, 2017) - When young Jamaican footballers take to the field on April 1 st for the Flow Ultimate Football Experience they'll be joined by Manchester United (Man Utd) Legend and fan favourite, Quinton Fortune who will share words of encouragement and guidance to the youngsters. The tough-tackling midfielder and South African international, earned his place in the hearts of his friends, peers and supporters of Man Utd after a 6-year stint with the club. He's one of several Man Utd Legends who will be present in some of Flow's markets at the skills-based events, leading up to the Flow Ultimate Football Experience Final in Trinidad on May 7 th . During his time at Old Trafford, Fortune displayed an honourable sense of determination and drive, despite being hampered by a string of unfortunate injuries. As part of the club, he earned the Intercontinental Cup (1999) and the FA Community Shield (2003) before moving on to other teams. Like many other former pro footballers, Fortune is not just a player; he's a coach, too. After his retirement in 2010, he spent time training with Man Utd's reserve team while simultaneously working towards his coaching badges, which he received in 2013. Needless to say, Fortune -- who wore number 25 with the Reds -- brings a unique combination of playing experience and coaching acumen to the Jamaican chapter of the Flow Ultimate Football Experience . And not only will the youngsters get expert advice on ways to enhance their performance, they'll also doubtlessly get a fresh boost of energy by simply playing in the presence of one of football's best. Flow and Manchester United's latest region-wide initiative, the Flow Ultimate Football Experience is designed to give youngsters the chance-of-a-lifetime to participate in local talent development football camps across Flow's 15 markets. Two winners from each country will advance to the two-day skills session in T&T to experience one-on-one training with Caribbean Football Union (CFU) and Manchester United Soccer School Coaches. There, they will participate in a series of drills designed by the coaches and compete for the chance for two finalists and their coach to win a once-in-a-lifetime trip to Old Trafford in Manchester, England to see Man Utd in a Premier League fixture . Story continues Skilled boys and girls between the ages of 13 to 16 can register online at https://discoverflow.co/flowmanutd . Follow Flow Jamaica on Facebook and Twitter @FlowJamaica to track his visit to Jamaica for the Flow Ultimate Football Experience ! " Flow and Manchester United - together we are in a different league ." About C&W Communications C&W is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, C&W provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers. C&W also operates a state-of-the-art submarine fiber network -- the most extensive in the region. Learn more at www.cwc.com , or follow C&W on LinkedIn , Facebook or Twitter . About Liberty Global Liberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enable us to develop market-leading products delivered through next generation networks that connect our 25 million customers who subscribe to over 50 million television, broadband internet and telephony services. We also serve over 10 million mobile subscribers and offer WiFi service across 5 million access points. Liberty Global's businesses are comprised of two stocks: the Liberty Global Group ( NASDAQ : LBTYA ) ( NASDAQ : LBTYB ) ( NASDAQ : LBTYK ) for our European operations, and the LiLAC Group ( NASDAQ : LILA ) and ( NASDAQ : LILAK ) ( OTC PINK : LILAB ), which consists of our operations in Latin America and the Caribbean. The Liberty Global Group operates in 11 European countries under the consumer brands Virgin Media, Unitymedia, Telenet and UPC. The Liberty Global Group also owns 50% of VodafoneZiggo, a Dutch joint venture, which has 4 million customers, 10 million fixed-line subscribers and 5 million mobile subscribers. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil and BTC. In addition, the LiLAC Group operates a sub-sea fiber network throughout the region in over 30 markets. For more information, please visit www.libertyglobal.com . Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=3125292 || How Sears Ruined Its CEO Eddie Lampert’s Hedge Fund: As if in sympathy with his dying retail giant, Sears CEO Eddie Lampert’s hedge fund has sunk perfectly in line with Sears’ own decline . While shares of fell nearly 55% in 2016 amid bankruptcy rumors , the assets in Lampert’s 29-year-old fund ESL Investments have dwindled a matching 55% in the same period. Sears, making up about a third of Lampert’s portfolio, was a major contributor to the the hedge fund’s shrink, but investors have also abandoned the fund recently, taking their money with them. By the end of 2016, Lampert’s fund held a mere $653 million--a sizable decline of 94% from the $16.5 billion it once managed at Sears’ peak in 2007 , according to securities filings. Lampert’s turnaround plan for Sears has so far not only failed to bring the struggling retailer back to health, but it has also been a personal disaster for the investor’s net worth. Lampert’s fund held $3.8 billion when he became CEO at the beginning of 2013, but those assets have dropped 84% since then, a Fortune analysis found--even greater than Sears’ 74% drop in the same period . Wilson’s stake in Sears, along with Sears Canada, once worth billions of dollars, is now valued at just $285 million. At least part of the reason Lampert’s losses outpaced those of Sears’ was due to the hedge funder significantly paring down stakes in his two other major holdings, and Gap . Neither or those stocks have done well since 2013, with Gap down 39% by the end of 2016, and AutoNation down 3.3%. The flagging performance has also prompted Lampert’s shareholders to pull their money out of the fund, according to the New York Times . This was not how Lampert, who has sworn his resolve to save Sears, envisioned how his investment would play out . Lampert had become a majority Sears stakeholder in 2004, and later helped engineer the company’s merger with Kmart in early 2005. By the time the merger had been completed, Lampert’s stake in Sears was worth $8.6 billion, amounting to a massive 72% of his portfolio. And that wasn’t the end of its glory days. By early 2007, those same shares had grown 29% in value to $11.1 billion--or 67% of his portfolio at the time. Story continues But when the financial recession hit Sears , as it did with other retailers, Lampert’s own fund suffered heavily. And now, the investor and CEO appears to be losing faith in the idea of ever making his money back: Sears acknowledged last week that “substantial doubt exists” in its “ability to continue as a going concern.” See original article on Fortune.com More from Fortune.com VC Fred Wilson Thinks Coinbase Is the Goldman Sachs of Bitcoin Nasdaq Stocks Are Quietly Setting New Highs Every Single Day Amazon and the Race to Be the First $1 Trillion Company Principal Financial Group Just Accused This Hedge Fund of Hiding Investments with Bernie Madoff Robots Are Replacing Humans at All These Wall Street Firms || How Sears Ruined Its CEO Eddie Lampert’s Hedge Fund: As if in sympathy with his dying retail giant, Sears CEO Eddie Lampert’s hedge fund has sunk perfectlyin line with Sears’ own decline.
While shares of fell nearly 55% in 2016amid bankruptcy rumors, the assets in Lampert’s 29-year-old fund ESL Investments have dwindled a matching 55% in the same period.
Sears, making up about a third of Lampert’s portfolio, was a major contributor to the the hedge fund’s shrink, but investors have also abandoned the fund recently, taking their money with them. By the end of 2016, Lampert’s fund held a mere $653 million--a sizable decline of 94% from the $16.5 billion it once managed atSears’ peak in 2007, according to securities filings.
Lampert’sturnaround planfor Sears has so far not only failed to bring the struggling retailer back to health, but it has also been a personal disaster for the investor’s net worth. Lampert’s fund held $3.8 billion when he became CEO at the beginning of 2013, but those assets have dropped 84% since then, aFortuneanalysis found--even greater than Sears’74% drop in the same period.
Wilson’s stake in Sears, along with Sears Canada, once worth billions of dollars, is now valued at just $285 million.
At least part of the reason Lampert’s losses outpaced those of Sears’ was due to the hedge funder significantly paring down stakes in his two other major holdings, and Gap . Neither or those stocks have done well since 2013, with Gap down 39% by the end of 2016, and AutoNation down 3.3%. The flagging performance has also prompted Lampert’s shareholders to pull their money out of the fund, according to theNew York Times.
This was not how Lampert, who hassworn his resolve to saveSears,envisioned how his investment would play out. Lampert had become a majority Sears stakeholder in 2004, and later helped engineer the company’s merger with Kmart in early 2005. By the time the merger had been completed, Lampert’s stake in Sears was worth $8.6 billion, amounting to a massive 72% of his portfolio. And that wasn’t the end of its glory days. By early 2007, those same shares had grown 29% in value to $11.1 billion--or 67% of his portfolio at the time.
Butwhen the financial recession hit Sears, as it did with other retailers, Lampert’s own fund suffered heavily. And now, the investor and CEO appears to be losing faith in the idea of ever making his money back: Searsacknowledged last week that “substantial doubt exists”in its “ability to continue as a going concern.”
See original article on Fortune.com
More from Fortune.com
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• Robots Are Replacing Humans at All These Wall Street Firms || Altcoin Crowdsale ICO Begins New Offering Under Symbol "ALT": VANCOUVER, BC / ACCESSWIRE / March 29, 2017 / First Bitcoin Capital Corp.(OTC PINK: BITCF) launched its first Initial Coin Offering (ICO) today. The Company foresees a major shift coming that will overnight witness the emergences of altcoins surpassing Bitcoin in overall market cap. Investopedia.com defines "Altcoin" as a combination of two words: "alt" and "coin"; alt being short for alternative and coin signifying currency. Thus, together they imply a category of cryptocurrency that is alternative to the digital currency, Bitcoin. In order to capitalize on the pending shift, the Company has wasted no time in launching its first ICO choosing a name to capture the maximum exposure to this emerging trend calling it "ALTcoin" bearing the symbol " ALT ." In conjunction with this new ICO (also sometimes known as ITO for Initial Token Offering), the company is preparing to launch the AltCoinMarketCap.com - website for worldwide tracking capitalization of various alternative cryptocurrencies, as a social platform for cryptocurrency enthusiasts and as a new, potential income source. Crypto Coin speculators may already begin acquiring ALT using Tether (USDT) as the medium of exchange. Early participants will automatically receive approximately 1.25 ALT for each USDT sent to the company's Omni wallet, Bitcoin address: 1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS In order to insure receipt of the ALT upon transferring USDT to the company's wallet address, speculators will need to use their own personal Omni Wallet address and not an exchange provided wallet as the exchanges may not be prepared to credit those ALT to the senders account. After 6 confirmations, the ALTcoin ( ALT ) will arrive in recipient's personal Omni Wallet. This process is fully automated and requires no manual processing by the issuer of ALT . To participate, kindly see further details at: https://www.omniwallet.org/assets/details/149 The early bird bonus originally at 25%, will be gradually reduced to 20% the second week, 15% the third week, 10% the fourth week and 5% the final, fifth week, when the ICO closes. A bonus of 10% of all coins sold will belong to The Company while the 90% will be held by the public. It is rare to find an ICO that doesn't amass a greater percentage to the issuers and organizers. Story continues Management expects to witness ALT listed on several exchanges in the immediate future, including its subsidiary, COINQX.com so that those unable to send USDT to acquire ALT may also participate and so that secondary trading may ensue. Cryptopia is the first Bitcoin exchange outside OMNIDEX to list ALT . ALT utilizes the same Omni protocol as our recently launched Bitcoin Unlimited Futures, which is now trading on 3 exchanges under the symbols XBU on OmniDEX and CoinQX and as XB on C-Cex. We chose USDT as a medium of exchange for speculators to acquire ALT since it is the most actively traded Omni asset with tens of millions of coins in daily volume, trading in 11 currencies on Poloniex cryptocurrency exchange, as well as many other exchanges such as CoinQX.com and OMNIDEX exchanges. About the company: First Bitcoin Capital is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange- www.CoinQX.com . We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges) we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies. At this time the Company owns and operates the following digital assets. www.CoinQX.com cryptocurrency exchange, registered with FINCEN. www.iCoiNEWS.com real time cryptocurrency and bitcoin news site. www.BITminer.cc providing mining pool management services. www.2016coin.org online daily election coverage and home page for $PRES, $HILL, $GARY& $BURN -commemorative presidential election coins. www.bitcannpay.com Open Loop merchant services for dispensaries. List of Omni protocol coins issued on the Bitcoin Blockchain owned by the Company: http://omnichest.info/lookupadd.aspx?address=1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS Forward-Looking Statements Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release .Such forward-looking statements are risks that are detailed in the Company's filings, which are on file at www.OTCMarkets.com . Contact us via: [email protected] or visit http://www.bitcoincapitalcorp.com SOURCE: First Bitcoin Capital Corp. || Altcoin Crowdsale ICO Begins New Offering Under Symbol "ALT": VANCOUVER, BC / ACCESSWIRE / March 29, 2017 /First Bitcoin Capital Corp.(OTC PINK: BITCF) launched its first Initial Coin Offering (ICO) today.
The Company foresees a major shift coming that will overnight witness the emergences of altcoins surpassing Bitcoin in overall market cap. Investopedia.com defines "Altcoin" as a combination of two words: "alt" and "coin"; alt being short for alternative and coin signifying currency. Thus, together they imply a category of cryptocurrency that is alternative to the digital currency, Bitcoin.
In order to capitalize on the pending shift, the Company has wasted no time in launching its first ICO choosing a name to capture the maximum exposure to this emerging trend calling it "ALTcoin" bearing the symbol "ALT." In conjunction with this new ICO (also sometimes known as ITO for Initial Token Offering), the company is preparing to launch theAltCoinMarketCap.com- website for worldwide tracking capitalization of various alternative cryptocurrencies, as a social platform for cryptocurrency enthusiasts and as a new, potential income source.
Crypto Coin speculators may already begin acquiringALTusingTether (USDT)as the medium of exchange. Early participants will automatically receive approximately 1.25ALTfor eachUSDTsent to the company's Omni wallet, Bitcoin address: 1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS
In order to insure receipt of theALTupon transferringUSDTto the company's wallet address, speculators will need to use their own personal Omni Wallet address and not an exchange provided wallet as the exchanges may not be prepared to credit thoseALTto the senders account. After 6 confirmations, the ALTcoin (ALT) will arrive in recipient's personal Omni Wallet. This process is fully automated and requires no manual processing by the issuer ofALT.
To participate, kindly see further details at:https://www.omniwallet.org/assets/details/149
The early bird bonus originally at 25%, will be gradually reduced to 20% the second week, 15% the third week, 10% the fourth week and 5% the final, fifth week, when the ICO closes. A bonus of 10% of all coins sold will belong to The Company while the 90% will be held by the public. It is rare to find an ICO that doesn't amass a greater percentage to the issuers and organizers.
Management expects to witnessALTlisted on several exchanges in the immediate future, including its subsidiary, COINQX.com so that those unable to send USDT to acquire ALT may also participate and so that secondary trading may ensue. Cryptopia is the first Bitcoin exchange outside OMNIDEX to listALT.
ALTutilizes the same Omni protocol as our recently launched Bitcoin Unlimited Futures, which is now trading on 3 exchanges under the symbols XBU on OmniDEX and CoinQX and as XB on C-Cex.
We chose USDT as a medium of exchange for speculators to acquire ALT since it is the most actively traded Omni asset with tens of millions of coins in daily volume, trading in 11 currencies on Poloniex cryptocurrency exchange, as well as many other exchanges such as CoinQX.com and OMNIDEX exchanges.
About the company:
First Bitcoin Capital is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange-www.CoinQX.com. We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges) we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies. At this time the Company owns and operates the following digital assets.
www.CoinQX.comcryptocurrency exchange, registered with FINCEN.www.iCoiNEWS.comreal time cryptocurrency and bitcoin news site.www.BITminer.ccproviding mining pool management services.www.2016coin.orgonline daily election coverage and home page for $PRES, $HILL, $GARY& $BURN -commemorative presidential election coins.www.bitcannpay.comOpen Loop merchant services for dispensaries.
List of Omni protocol coins issued on the Bitcoin Blockchain owned by the Company:http://omnichest.info/lookupadd.aspx?address=1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS
Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release .Such forward-looking statements are risks that are detailed in the Company's filings, which are on file atwww.OTCMarkets.com.
Contact us via:
[email protected] visithttp://www.bitcoincapitalcorp.com
SOURCE:First Bitcoin Capital Corp.
[Social Media Buzz]
One Bitcoin now worth $1126.71@bitstamp. High $1145.00. Low $1111.00. Market Cap $18.315 Billion #bitcoin || #Bitcoin -0.10%
Ultima: R$ 3639.79 Alta: R$ 3680.00 Baixa: R$ 3594.01
Fonte: Foxbit || #Bitcoin -1.08%
Ultima: R$ 3626.00 Alta: R$ 3727.99 Baixa: R$ 3625.99
Fonte: Foxbit || $1121.45 at 16:15 UTC [24h Range: $1111.00 - $1145.00 Volume: 6281 BTC] || 1 BTC Price: BTC-e 1118 USD Bitstamp 1130.00 USD Coinbase 1134.15 USD #btc #bitcoin 2017-04-05 06:30 pic.twitter.com/eFG98QF4Pv || #Anon...
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1182.68, 1176.90, 1175.95, 1187.87, 1187.13, 1205.01, 1200.37, 1169.28, 1167.54, 1172.52
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 8038.77, 8253.69, 8790.92, 9330.55, 9818.35, 10058.80, 9888.61, 10233.60, 10975.60, 11074.60, 11323.20, 11657.20, 11916.70, 14291.50, 17899.70, 16569.40, 15178.20, 15455.40, 16936.80, 17415.40, 16408.20, 16564.00, 17706.90, 19497.40, 19140.80, 19114.20, 17776.70, 16624.60, 15802.90, 13831.80, 14699.20, 13925.80, 14026.60, 16099.80, 15838.50, 14606.50, 14656.20, 12952.20, 14156.40, 13657.20, 14982.10, 15201.00, 15599.20, 17429.50, 17527.00, 16477.60, 15170.10, 14595.40, 14973.30, 13405.80, 13980.60, 14360.20, 13772.00, 13819.80, 11490.50, 11188.60, 11474.90, 11607.40, 12899.20, 11600.10, 10931.40, 10868.40, 11359.40, 11259.40, 11171.40, 11440.70, 11786.30, 11296.40, 10106.30, 10221.10, 9170.54, 8830.75, 9174.91, 8277.01, 6955.27, 7754.00, 7621.30, 8265.59, 8736.98, 8621.90, 8129.97, 8926.57, 8598.31, 9494.63, 10166.40, 10233.90, 11112.70, 10551.80, 11225.30, 11403.70.
|
[Bitcoin Technical Analysis for 2018-02-20]
Volume: 9926540288, RSI (14-day): 58.22, 50-day EMA: 10841.38, 200-day EMA: 8994.33
[Wider Market Context]
Gold Price: 1328.80, Gold RSI: 49.93
Oil Price: 61.90, Oil RSI: 49.08
[Recent News (last 7 days)]
Where Will Skyworks Solutions, Inc. Be in 5 Years?: Earlier this month, Skyworks Solutions, Inc. (NASDAQ: SWKS) reported another solid quarter. The analog semiconductor designer, responsible for the wireless connectivity in devices such as smartphones, wearables, and smart-home systems, saw revenue grow to $1.05 billion, a 15% increase year over year, and non-GAAP earnings per share rise to $2, a 24% increase year over year. Even better, the company's margins continue to improve, showing the company's complex chips are resisting, at least for now, the march to commodification that plagues so many other semiconductor chip makers. Skyworks Solutions Metrics 2018 Q1 2017 Q1 Change Revenue $1.052 billion $914 million 15.1% EPS (non-GAAP) $2 $1.61 24.2% Operating Margin 36.5% 35.2% 130 basis points Data source: Skyworks Solutions Inc. Yet Skyworks' stock price continues to meander. In the past six months, Skyworks shares have advanced a measly 1%, and over the past year shares are up less than 12%. Both cases represent market-lagging returns. A person in a suit holding their hand out with an Internet of Things graphic above it. Skyworks Solutions is poised to capitalize on the growth of the Internet of Things. Image source: Getty Images. The Apple supplier conundrum The share price continues to amble, even as the company excels, because Skyworks has been given the dreaded label of being an Apple, Inc. (NASDAQ: AAPL) supplier. As such, every time Apple sneezes, Skyworks is diagnosed with the flu -- as if it's a bad thing to have the world's best-selling smartphone and most-recognized brand as your best customer. To be sure, Skyworks Solutions' customer concentration risk with the world's largest smartphone manufacturers remains somewhat of a threat. But Skyworks' management is confident that its technical know-how and expertise will continue to keep it ahead of competition and keep customers, like Apple, from shopping elsewhere. In the meantime, here's a little thought experiment. Instead of looking ahead to just the next quarter or two (even though Skyworks' near-term guidance remains solid), try to imagine where Skyworks might be in five years. For just a minute, stop worrying whether iPhone sales might be down a smidge next quarter, and try to see the two huge macro trends that could drive top- and bottom-line growth at Skyworks for years. Story continues The coming generational shift to 5G The fifth generation of wireless networks, commonly referred to as 5G , is coming fast; several cities in the U.S. will see it this year. The benefits of 5G will be enormous, bringing much faster speeds to wireless connections, which will enable more mobile applications than ever before. Earlier this year, Skyworks Solutions released its Sky5 platform, a suite of solutions designed to support and enable 5G applications in mobile devices. In the company's first-quarter conference call , CEO Liam Griffin provided more color on this platform: "The deployment of our Sky5 platform accelerates our mission to enable the data-driven world, while alleviating the digital traffic jam created in current 4G networks. 5G is critical to resolving this challenge, opening entirely new lanes of spectrum. 5G will represent a significant boost in speed; up to 100 times of that 4G networks. 5G will offer extremely low latency, a requirement for mission-critical applications such as the driverless car, machine-to-machine, and robotics. 5G will also be a major catalyst to the expansive rollout of IoT, greatly expanding network capacity and improving reliability. " The great thing about the Sky5 platform is that it will still support 4G and even some 3G solutions, because it is just an addendum to Skyworks' 4G system. This means it can be placed in all devices, as extra dollar content to Skyworks, no matter which network the phone will first utilize. Asked when 5G will begin materially contributing to Skyworks top and bottom lines, Griffin replied, "And if you look out into 5G -- we'll start to see early indications of 5G in the 2019 platforms, and more so in 2020." The IoT explosion The Internet of Things (IoT) is the collective name given to the growing number of devices that are connected to each other and the cloud. Research firm IDC estimates that worldwide spending on the Internet of Things will reach about $1.4 trillion by 2021, up from an approximate $800 billion in 2017. In the company's fourth-quarter conference call, Griffin said he believes there could be 75 billion connected devices by 2025 and that mobile data usage could increase fivefold by 2021. How accurate these estimates prove to be remains to be seen. What cannot be denied is that the number of connected devices and data usage are going up -- a lot! And that's not a trend that looks like it might reverse anytime soon. As Griffin succinctly pointed out in the company's 2017 fourth-quarter conference call, "... by definition, these applications would not be possible without fast, secure, power-efficient connectivity solutions provided by Skyworks." In this quarter's conference call, Griffin called out several key design wins with customers in IoT devices, including new deals with Alphabet , Amazon.com , NetGear , and Comcast . Aim for the Sky(works) So often the noise on Wall Street only focuses on short-term concerns and problems. That's fine, but it's a shame when individual investors get caught up in that vicious cycle because, often, the best opportunities for investors are in taking a long-term outlook . With Skyworks, many people can't seem to get around the fact that iPhone sales might be slightly down over the next few months. Whether that's true or not, the long-term thesis for Skyworks Solutions remains intact and, I highly suspect, five years from now investors will be looking back at today's prices with longing and envy. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Matthew Cochrane owns shares of Alphabet (A shares), Amazon, and Skyworks Solutions. The Motley Fool owns shares of and recommends Alphabet (A shares), Alphabet (C shares), Amazon, Apple, and Skyworks Solutions. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool recommends Comcast and Netgear. The Motley Fool has a disclosure policy . || Where Will Skyworks Solutions, Inc. Be in 5 Years?: Earlier this month,Skyworks Solutions, Inc.(NASDAQ: SWKS)reportedanother solid quarter. The analog semiconductor designer, responsible for the wireless connectivity in devices such as smartphones, wearables, and smart-home systems, saw revenue grow to $1.05 billion, a 15% increase year over year, and non-GAAP earnings per share rise to $2, a 24% increase year over year.
Even better, the company's margins continue to improve, showing the company's complex chips are resisting, at least for now, the march to commodification that plagues so many other semiconductor chip makers.
[{"Skyworks Solutions Metrics": "Revenue", "2018 Q1": "$1.052 billion", "2017 Q1": "$914 million", "Change": "15.1%"}, {"Skyworks Solutions Metrics": "EPS (non-GAAP)", "2018 Q1": "$2", "2017 Q1": "$1.61", "Change": "24.2%"}, {"Skyworks Solutions Metrics": "Operating Margin", "2018 Q1": "36.5%", "2017 Q1": "35.2%", "Change": "130 basis points"}]
Data source: Skyworks Solutions Inc.
Yet Skyworks' stock price continues to meander. In the past six months, Skyworks shares have advanced a measly 1%, and over the past year shares are up less than 12%. Both cases represent market-lagging returns.
Skyworks Solutions is poised to capitalize on the growth of the Internet of Things. Image source: Getty Images.
The share price continues to amble, even as the company excels, because Skyworks has been given the dreaded label of being anApple, Inc.(NASDAQ: AAPL)supplier. As such, every time Apple sneezes, Skyworks is diagnosed with the flu -- as if it's a bad thing to have the world'sbest-selling smartphoneandmost-recognized brandas your best customer.
To be sure, Skyworks Solutions' customer concentration risk with the world's largest smartphone manufacturers remains somewhat of a threat. But Skyworks' management is confident that its technical know-how and expertise will continue to keep it ahead of competition and keep customers, like Apple, from shopping elsewhere.
In the meantime, here's a little thought experiment. Instead of looking ahead to just the next quarter or two (even though Skyworks' near-term guidance remains solid), try to imagine where Skyworks might be in five years. For just a minute, stop worrying whether iPhone sales might be down a smidge next quarter, and try to see the two huge macro trends that could drive top- and bottom-line growth at Skyworks for years.
The fifth generation of wireless networks, commonly referred to as5G, is coming fast; several cities in the U.S. will see it this year. The benefits of 5G will be enormous, bringing much faster speeds to wireless connections, which will enable more mobile applications than ever before. Earlier this year, Skyworks Solutions released its Sky5 platform, a suite of solutions designed to support and enable 5G applications in mobile devices. In the company's first-quarterconference call, CEO Liam Griffin provided more color on this platform:
"The deployment of our Sky5 platform accelerates our mission to enable the data-driven world, while alleviating the digital traffic jam created in current 4G networks. 5G is critical to resolving this challenge, opening entirely new lanes of spectrum. 5G will represent a significant boost in speed; up to 100 times of that 4G networks. 5G will offer extremely low latency, a requirement for mission-critical applications such as the driverless car, machine-to-machine, and robotics. 5G will also be a major catalyst to the expansive rollout of IoT, greatly expanding network capacity and improving reliability. "
The great thing about the Sky5 platform is that it will still support 4G and even some 3G solutions, because it is just an addendum to Skyworks' 4G system. This means it can be placed in all devices, as extra dollar content to Skyworks, no matter which network the phone will first utilize. Asked when 5G will begin materially contributing to Skyworks top and bottom lines, Griffin replied, "And if you look out into 5G -- we'll start to see early indications of 5G in the 2019 platforms, and more so in 2020."
TheInternet of Things(IoT) is the collective name given to the growing number of devices that are connected to each other and the cloud. Research firm IDCestimatesthat worldwide spending on the Internet of Things will reach about $1.4 trillion by 2021, up from an approximate $800 billion in 2017. In the company's fourth-quarter conference call, Griffin said he believes there could be 75 billion connected devices by 2025 and that mobile data usage could increase fivefold by 2021.
How accurate these estimates prove to be remains to be seen. What cannot be denied is that the number of connected devices and data usage are going up -- a lot! And that's not a trend that looks like it might reverse anytime soon. As Griffin succinctly pointed out in the company's 2017 fourth-quarter conference call, "... by definition, these applications would not be possible without fast, secure, power-efficient connectivity solutions provided by Skyworks." In this quarter's conference call, Griffin called out several key design wins with customers in IoT devices, including new deals withAlphabet,Amazon.com,NetGear, andComcast.
So often the noise on Wall Street only focuses on short-term concerns and problems. That's fine, but it's a shame when individual investors get caught up in that vicious cycle because, often, the best opportunities for investors are in taking along-term outlook. With Skyworks, many people can't seem to get around the fact that iPhone sales might be slightly down over the next few months. Whether that's true or not, the long-term thesis for Skyworks Solutions remains intact and, I highly suspect, five years from now investors will be looking back at today's prices with longing and envy.
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John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors.Matthew Cochraneowns shares of Alphabet (A shares), Amazon, and Skyworks Solutions. The Motley Fool owns shares of and recommends Alphabet (A shares), Alphabet (C shares), Amazon, Apple, and Skyworks Solutions. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool recommends Comcast and Netgear. The Motley Fool has adisclosure policy. || Disney World's Worst Park Will Be Its Best by the End of Next Year: The reinforcements are coming toDisney's(NYSE: DIS)least visited Florida theme park. Toy Story Land, Star Wars: Galaxy's Edge, and Mickey and Minnie's Runaway Railway will reshape the guest experience at Disney's Hollywood Studios, and we now know that they will all be completed by the end of 2019.
We learned over the weekend thatToy Story Land will open on June 30this year, and with Mickey and Minnie's Railway recently confirmed as a 2019 opening along with the ballyhooed 14-acreStar Wars-themed expansion, that's a total of five new rides and several more attractions that will draw guests to the park. Disney's Hollywood Studios has several shows and meet-and-greet experiences in place, but with just four operating rides at the moment, we're talking about more than doubling the number of available rides by the end of next year.
Image source: Disney.
Disney's Hollywood Studios has been dead last in attendance among Disney World's four theme parks since 2010. Disney doesn't put out official theme park attendance figures, but industry tracker Themed Entertainment Association pegs the guest count for Disney's Hollywood Studios at 10.776 million in 2016, down 0.5% from the year before. Magic Kingdom -- the busiest theme park not only in Disney World but in the world -- attracted 20.4 million visitors that year.
Disney's Hollywood Studios has become what Disney's Animal Kingdom used to be, a half-day park. Bouncing from show to show with just four rides to check out between performances can be a drag as a full-day commitment. Some of this has been by design, as Disney hasgutted a couple of rides and several attractionsin recent years. The new experiences are going up where the old attractions used to be. It's going to be worth it when the transformation is complete.
The makeover will be a game changer, and Disney knows it. The theme park giant is expanding its parking lot to make room for the inevitable spike in guests. It won't happen this year. Toy Story Land is going to be a welcome addition, introducing two new rides to a park that sorely needs them. However, the real draws will come next year when Disney World opens Star Wars: Galaxy's Edge and Disney World's first Mickey Mouse-based ride. Look out into the future and we'll have the Star Wars hotel, which Disney revealed earlier this month will connect seamlessly with Star Wars: Galaxy's Edge. There is no date for when the immersive hotel will open, but 2021 to line up with Disney World turning 50 is probably a good bet.
Disney's Hollywood Studios is hungry. It's been barren for too long. Disney hasclosed popular attractions before, but it's never taken this long to replace them. A visit to the park will be entirely different by the time the new rides and experiences are complete in 2019. Disney's Hollywood Studios should easily retake the silver to become the second most visited park in 2020, and it may just be a matter of time before it challenges the Magic Kingdom for supremacy.
Disney and its investors won't mind. Theme parks are becoming alarger contributorto Disney's revenue and operating profit at a time when its other segments are languishing. Turning its least visited park around will only help make Disney's theme parks business that much more important. Mickey Mouse and Luke Skywalker are coming, and there will be a lot of people behind them following them into Central Florida.
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Rick Munarrizowns shares of Walt Disney. The Motley Fool owns shares of and recommends Walt Disney. The Motley Fool has adisclosure policy. || Disney World's Worst Park Will Be Its Best by the End of Next Year: The reinforcements are coming to Disney 's (NYSE: DIS) least visited Florida theme park. Toy Story Land, Star Wars: Galaxy's Edge, and Mickey and Minnie's Runaway Railway will reshape the guest experience at Disney's Hollywood Studios, and we now know that they will all be completed by the end of 2019. We learned over the weekend that Toy Story Land will open on June 30 this year, and with Mickey and Minnie's Railway recently confirmed as a 2019 opening along with the ballyhooed 14-acre Star Wars -themed expansion, that's a total of five new rides and several more attractions that will draw guests to the park. Disney's Hollywood Studios has several shows and meet-and-greet experiences in place, but with just four operating rides at the moment, we're talking about more than doubling the number of available rides by the end of next year. A Star Wars as a spaceship hotel with a man and a girl looking out a big window and a woman and a boy walking around a big bed in the middle with orange blankets and pillows and a bunk bed on the side in the same colors. Image source: Disney. Wind the frog Disney's Hollywood Studios has been dead last in attendance among Disney World's four theme parks since 2010. Disney doesn't put out official theme park attendance figures, but industry tracker Themed Entertainment Association pegs the guest count for Disney's Hollywood Studios at 10.776 million in 2016, down 0.5% from the year before. Magic Kingdom -- the busiest theme park not only in Disney World but in the world -- attracted 20.4 million visitors that year. Disney's Hollywood Studios has become what Disney's Animal Kingdom used to be, a half-day park. Bouncing from show to show with just four rides to check out between performances can be a drag as a full-day commitment. Some of this has been by design, as Disney has gutted a couple of rides and several attractions in recent years. The new experiences are going up where the old attractions used to be. It's going to be worth it when the transformation is complete. The makeover will be a game changer, and Disney knows it. The theme park giant is expanding its parking lot to make room for the inevitable spike in guests. It won't happen this year. Toy Story Land is going to be a welcome addition, introducing two new rides to a park that sorely needs them. However, the real draws will come next year when Disney World opens Star Wars: Galaxy's Edge and Disney World's first Mickey Mouse-based ride. Look out into the future and we'll have the Star Wars hotel, which Disney revealed earlier this month will connect seamlessly with Star Wars: Galaxy's Edge. There is no date for when the immersive hotel will open, but 2021 to line up with Disney World turning 50 is probably a good bet. Story continues Disney's Hollywood Studios is hungry. It's been barren for too long. Disney has closed popular attractions before , but it's never taken this long to replace them. A visit to the park will be entirely different by the time the new rides and experiences are complete in 2019. Disney's Hollywood Studios should easily retake the silver to become the second most visited park in 2020, and it may just be a matter of time before it challenges the Magic Kingdom for supremacy. Disney and its investors won't mind. Theme parks are becoming a larger contributor to Disney's revenue and operating profit at a time when its other segments are languishing. Turning its least visited park around will only help make Disney's theme parks business that much more important. Mickey Mouse and Luke Skywalker are coming, and there will be a lot of people behind them following them into Central Florida. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Rick Munarriz owns shares of Walt Disney. The Motley Fool owns shares of and recommends Walt Disney. The Motley Fool has a disclosure policy . || 3 Ways to Make Sure You Don't Run Out of Money in Retirement: One of the biggest fears among workers aged 55 and older is running out of money in retirement. Considering about half of those workers don't have much in the way of retirement savings, they absolutely should be concerned their meager nest eggs won't last. It's hard to live off a retirement account with only a couple years' worth of living expenses. But there are steps you can take in your working years and as you approach retirement to ensure you never run out of money (barring a complete global economic catastrophe). Here are three simple ways to make sure you don't outspend your nest egg. A woman holding open an empty wallet Image source: Getty Images. 1. Understand safe withdrawal rates As the name suggests, a safe withdrawal rate is the rate at which you can draw down your retirement accounts with minimal risk of going bankrupt. The 4% rule is often considered a safe withdrawal rate for most, but there are several flaws with that number. The biggest problem with the 4% rule is that everyone's situation is different. What age you retire, your portfolio asset allocation, and your risk tolerance will have a major impact on how much you can "safely" withdraw every year. On top of that, economic factors will have an impact on safe withdrawal rates as well. When the market is at all-time high valuations like it is today, safe withdrawal rates go down. But if the stock market has a major correction right before you retire, your might be able to increase your safe withdrawal rate, offsetting some of the declines. Understanding how various factors will impact your safe withdrawal rate is a key step to take in determining how big your nest egg needs to be to fund your retirement. It's also key to establishing a budget in retirement instead of spending down your portfolio without a plan. 2. Invest in assets that pay you regularly If you'd rather not deal with the math of safe withdrawal rates, another option is to invest in assets that pay you to hold them. Story continues The simplest option for most investors is dividend stocks. Retirees can put together a portfolio of stocks with steadily increasing dividends and simply live off the payments those companies make to shareholders. If picking stocks is too much work, you can buy a dividend growth fund. There is a risk that dividend payments will decline or stop altogether in a market downturn or when individual companies face tough times, but the best dividend growth stocks manage to raise their dividend payment every year . Another option is investing in real estate. Real estate can be more involved as it requires sourcing deals and managing tenants. It may also require some maintenance to keep tenants happy and the property in shape. Holding a couple of rental properties in retirement, though, can ensure you have a steady flow of cash coming every month, and rents typically climb with inflation. Finally, you can buy an annuity . An annuity pays out a certain amount every month for the rest of your life in exchange for a lump sum right now. That provides a lot of stability for retirees, but it doesn't always produce the best returns. 3. Working in retirement One of the best ways to make sure your nest egg stays safe is to keep working in retirement. Side hustles aren't just for millennials; a small gig can boost both your retirement portfolio and your life span . Retirement offers an opportunity to explore your passions, and there's almost always a way to turn your passions into profits. Or if you simply want to use the skills you've perfected over your career, you can try your hand at consulting. Thanks to the internet and skills marketplaces, it's easier now than ever to find work doing what you love. A few thousand dollars in supplemental income every year can be a big boost to retirement portfolio. If you stick to the 4% safe withdrawal rate, every $1,000 in extra income is the equivalent of $25,000 in a portfolio nest egg. Start planning, stop stressing If you go into retirement with a plan for how to spend your nest egg or supplement your portfolio, it's far less likely you'll run out of money. Even if you're starting late, you can still make a plan to ensure your nest egg lasts the rest of your lifetime by the time you retire. It might require cutting back or finding a little work in retirement, but at least you won't have to worry. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This The Motley Fool has a disclosure policy . || 3 Ways to Make Sure You Don't Run Out of Money in Retirement: One of thebiggest fearsamong workers aged 55 and older is running out of money in retirement. Considering about half of those workers don't have much in the way of retirement savings, they absolutely should be concerned their meager nest eggs won't last. It's hard to live off a retirement account with only a couple years' worth of living expenses.
But there are steps you can take in your working years and as you approach retirement to ensure you never run out of money (barring a complete global economic catastrophe). Here are three simple ways to make sure you don't outspend your nest egg.
Image source: Getty Images.
As the name suggests, a safe withdrawal rate is the rate at which you can draw down your retirement accounts with minimal risk of going bankrupt. The 4% rule is often considered a safe withdrawal rate for most, but there are severalflawswith that number.
The biggest problem with the 4% rule is that everyone's situation is different. What age you retire, your portfolio asset allocation, and your risk tolerance will have a major impact on how much you can "safely" withdraw every year.
On top of that, economic factors will have an impact on safe withdrawal rates as well. When the market is at all-time high valuations like it is today, safe withdrawal rates go down. But if the stock market has a major correction right before you retire, your might be able to increase your safe withdrawal rate, offsetting some of the declines.
Understanding how various factors will impact your safe withdrawal rate is a key step to take in determining how big your nest egg needs to be to fund your retirement. It's also key to establishing a budget in retirement instead of spending down your portfolio without a plan.
If you'd rather not deal with the math of safe withdrawal rates, another option is to invest in assets that pay you to hold them.
The simplest option for most investors is dividend stocks. Retirees can put together a portfolio of stocks with steadily increasing dividends and simply live off the payments those companies make to shareholders. If picking stocks is too much work, you can buy a dividend growth fund. There is a risk that dividend payments will decline or stop altogether in a market downturn or when individual companies face tough times, but the best dividend growth stocks manage toraise their dividend payment every year.
Another option is investing in real estate. Real estate can be more involved as it requires sourcing deals and managing tenants. It may also require some maintenance to keep tenants happy and the property in shape. Holding a couple of rental properties in retirement, though, can ensure you have a steady flow of cash coming every month, and rents typically climb with inflation.
Finally, you can buy anannuity. An annuity pays out a certain amount every month for the rest of your life in exchange for a lump sum right now. That provides a lot of stability for retirees, but it doesn't always produce the best returns.
One of the best ways to make sure your nest egg stays safe is to keep working in retirement. Side hustles aren't just for millennials; a small gig can boost both your retirement portfolio andyour life span.
Retirement offers an opportunity to explore your passions, and there's almost always a way to turn your passions into profits. Or if you simply want to use the skills you've perfected over your career, you can try your hand at consulting. Thanks to the internet and skills marketplaces, it's easier now than ever to find work doing what you love.
A few thousand dollars in supplemental income every year can be a big boost to retirement portfolio. If you stick to the 4% safe withdrawal rate, every $1,000 in extra income is the equivalent of $25,000 in a portfolio nest egg.
If you go into retirement with a plan for how to spend your nest egg or supplement your portfolio, it's far less likely you'll run out of money. Even if you're starting late, you can still make a plan to ensure your nest egg lasts the rest of your lifetime by the time you retire. It might require cutting back or finding a little work in retirement, but at least you won't have to worry.
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The Motley Fool has adisclosure policy. || Iconiq Lab Closes a $1,000,000 Private Presale of Its ICNQ Token and Launches the First Batch of the Accelerator Program on February 18: FRANKFURT, GERMANY / ACCESSWIRE / February 19, 2018 / Iconiq Lab, an Initial Coin Offering and Token Sale ("ICO") Accelerator Program and FinLab AG portfolio company, has closed a private presale to institutional and private investors of its ICNQ Club Membership token in a presale led by Token-as-a-Service ("TaaS"), the first-ever tokenized closed-end fund dedicated to blockchain assets. Iconiq Lab will use the funds raised in the ICNQ presale to finance the first batch of startups for its accelerator program, which began on February 18, and cover their ICO-related expenses as they complete the 12-week program and digital roadshow as they are propelled towards their own ICO. Iconiq Lab's ICNQ club membership token is the holder's passport into the exclusive presales of the startups which graduate the accelerator program, with the associated bonuses and discounts. Only by holding ICNQ tokens in your own wallet can you invest BTC, ETH, or another liquid cryptocurrency into the presales of the startups which graduate the Iconiq Lab accelerator, a unique first-mover advantage! Iconiq Lab received 165 applications for the first batch of the program, selecting only the top five companies to be admitted. The five selected startups are: 1. BrainCities: A protocol for smart cities with an AI layer, which has use cases in many verticals. Clients currently include HP, SAP, and many more to develop further products using their AI. 2. Topl: A protocol to facilitate blockchain-secured investment in emerging markets. They already have relationships with the governments of Nigeria, Uganda, and Columbia for their platform. 3. VREO: Real-time, in-game video gaming advertising platform for real-world companies that is in talks with large gaming studios to implement their blockchain ad-technology. 4. Based Global: An entertainment startup with an engine to decentralize live events and ticketing through a unified sales framework, protecting fans and artists from scalpers and counterfeits. Story continues 5. Wunder: Created an infrastructure for managing and renting digital arts for museums, galleries, and artistic foundations. The first team in the world to digitalize art on a prior platform, ArtPlus. Iconiq Lab will sell 15,000,000 ICNQ tokens in total for a targeted fundraise of 10,500,000. The public sale is planned for Q2 2018 as Iconiq Lab explores regulatory approval from the German securities regulator, BaFin. For all Iconiq Lab updates and to join the community, join the Iconiq Lab Telegram channel: https://t.me/iconiqlabchat . "I don't know which is more exciting, the amazing investor feedback we have received in our first presale, or that our startups have finally joined us in Frankfurt for the accelerator program," says Iconiq Lab CEO, Patrick Lowry. "We are excited to launch our full token sale and accelerator program and cant wait to support our startup's ICOs. There are exciting times ahead for Iconiq Lab, its ever-growing community, and the ICNQ token holders!" Dimitro Chupryna, co-founder and Managing Partner of TaaS, said "TaaS' contribution to Iconiq Lab represents a logical development and continuation of the collaboration we began half a year ago. We are interested in the establishment of a favorable environment for smart investments in promising blockchain projects. Iconiq Lab fulfills this objective for the growth capital TaaS aims to provide. Their team of experienced VCs and investment managers has the skills to evaluate and launch successful ICOs for early-stage companies. Their business model of creating tangible and sustainable investment products in the crypto economy is something the markets sorely need." "The amazing resonance from investors in Iconiq Lab's first presale shows that topics such as ICOs, Tokenization, and blockchain technology, in general, continues to attract great interest. We are very pleased to be able to work with such a professional team as Iconiq Lab in the crypto area and look forward to supporting the ICOs from the startups which are part of the first batch of Iconiq's accelerator program," says Stefan Schütze, member of the management board of FinLab. About Iconiq Lab: Iconiq Lab is an Initial Coin Offer and Token Sale accelerator program. Iconiq Lab sources, funds, develops, and accelerates top crypto, blockchain, and tokenizable startups to their own ICO or Token Sale. Iconiq Lab launches startup's tokens supported by real-world, sustainable business solutions. Press Contact: Iconiq Lab Accelerator GmbH [email protected] https://iconiqlab.com Phone: +49 157 809 42107 About TaaS: Token-as-a-Service (TaaS) is the next generation tokenized closed-end fund actively contributing to the development of the blockchain ecosystem. Utilizing Ethereum blockchain and its Cryptographic Audit technology, TaaS offers a brand new comprehensive approach to capital raising, fund management, and auditing with full transparency for its token holders. TaaS was co-founded by blockchain pioneers Ruslan Gavrilyuk, Dmytro Chupryna, Maksym Muratov, and Konstantin Pysarenko, and employs professional managers hailing from the U.S., Ukraine, Poland, Romania, South Africa and China. TaaS generated a 61% ROA for its first fully-operational quarter (May 1 - August 1, 2017) and a 72% ROA for its second operational quarter (August 1 - October 31, 2017). During its third fully-operational quarter (November 1, 2017 - January 31, 2018) TaaS capital gains exceeded 22,2 million USD(T) equivalent. Based on the results of the third quarter, TaaS outperformed the global cryptomarket by (generated Alpha of) an est. 82% and Bitcoin by over 205%. As per its covenants, TaaS distributes 50% of capital gains to its token owners, reinvests 25% back to its portfolio and keeps 25% as a performance fee. TaaS token (TAAS) is currently traded on Bancor Network, EtherDelta, Liqui, Livecoin, Orderbook, HitBTC, and CoinExchange. Press Contact: TAASFUND Pte. LTD [email protected] https://www.taas.fund About FinLab AG: Stock market listed company FinLab AG is one of the first and largest company builders and investors focused on the Financial Services Technologies ("FinTech") sector in Europe. FinLab focuses on developing German FinTech startups and providing venture capital for their financial needs, whereby in each case the aim is a long-term participation and ongoing support of the investment. FinLab also invests globally, as part of venture rounds, in FinTech companies, primarily in the USA and Asia. Press Contact: FinLab AG: [email protected] http://www.finlab.de Phone: +49 69 719 12 80 0 SOURCE: Iconiq Lab || Iconiq Lab Closes a $1,000,000 Private Presale of Its ICNQ Token and Launches the First Batch of the Accelerator Program on February 18: FRANKFURT, GERMANY / ACCESSWIRE / February 19, 2018 /Iconiq Lab, an Initial Coin Offering and Token Sale ("ICO") Accelerator Program and FinLab AG portfolio company, has closed a private presale to institutional and private investors of its ICNQ Club Membership token in a presale led by Token-as-a-Service ("TaaS"), the first-ever tokenized closed-end fund dedicated to blockchain assets. Iconiq Lab will use the funds raised in the ICNQ presale to finance the first batch of startups for its accelerator program, which began on February 18, and cover their ICO-related expenses as they complete the 12-week program and digital roadshow as they are propelled towards their own ICO.
Iconiq Lab's ICNQ club membership token is the holder's passport into the exclusive presales of the startups which graduate the accelerator program, with the associated bonuses and discounts. Only by holding ICNQ tokens in your own wallet can you invest BTC, ETH, or another liquid cryptocurrency into the presales of the startups which graduate the Iconiq Lab accelerator, a unique first-mover advantage!
Iconiq Lab received 165 applications for the first batch of the program, selecting only the top five companies to be admitted. The five selected startups are:
1. BrainCities: A protocol for smart cities with an AI layer, which has use cases in many verticals. Clients currently include HP, SAP, and many more to develop further products using their AI.
2. Topl: A protocol to facilitate blockchain-secured investment in emerging markets. They already have relationships with the governments of Nigeria, Uganda, and Columbia for their platform.
3. VREO: Real-time, in-game video gaming advertising platform for real-world companies that is in talks with large gaming studios to implement their blockchain ad-technology.
4. Based Global: An entertainment startup with an engine to decentralize live events and ticketing through a unified sales framework, protecting fans and artists from scalpers and counterfeits.
5. Wunder: Created an infrastructure for managing and renting digital arts for museums, galleries, and artistic foundations. The first team in the world to digitalize art on a prior platform, ArtPlus.
Iconiq Lab will sell 15,000,000 ICNQ tokens in total for a targeted fundraise of €10,500,000. The public sale is planned for Q2 2018 as Iconiq Lab explores regulatory approval from the German securities regulator, BaFin. For all Iconiq Lab updates and to join the community, join the Iconiq Lab Telegram channel:https://t.me/iconiqlabchat.
"I don't know which is more exciting, the amazing investor feedback we have received in our first presale, or that our startups have finally joined us in Frankfurt for the accelerator program," says Iconiq Lab CEO, Patrick Lowry.
"We are excited to launch our full token sale and accelerator program and can’t wait to support our startup's ICOs. There are exciting times ahead for Iconiq Lab, its ever-growing community, and the ICNQ token holders!"
Dimitro Chupryna, co-founder and Managing Partner of TaaS, said "TaaS' contribution to Iconiq Lab represents a logical development and continuation of the collaboration we began half a year ago. We are interested in the establishment of a favorable environment for smart investments in promising blockchain projects. Iconiq Lab fulfills this objective for the growth capital TaaS aims to provide. Their team of experienced VCs and investment managers has the skills to evaluate and launch successful ICOs for early-stage companies. Their business model of creating tangible and sustainable investment products in the crypto economy is something the markets sorely need."
"The amazing resonance from investors in Iconiq Lab's first presale shows that topics such as ICOs, Tokenization, and blockchain technology, in general, continues to attract great interest. We are very pleased to be able to work with such a professional team as Iconiq Lab in the crypto area and look forward to supporting the ICOs from the startups which are part of the first batch of Iconiq's accelerator program," says Stefan Schütze, member of the management board of FinLab.
About Iconiq Lab:
Iconiq Lab is an Initial Coin Offer and Token Sale accelerator program. Iconiq Lab sources, funds, develops, and accelerates top crypto, blockchain, and tokenizable startups to their own ICO or Token Sale. Iconiq Lab launches startup's tokens supported by real-world, sustainable business solutions.
Press Contact:
Iconiq Lab Accelerator [email protected]://iconiqlab.comPhone: +49 157 809 42107
About TaaS:
Token-as-a-Service (TaaS) is the next generation tokenized closed-end fund actively contributing to the development of the blockchain ecosystem. Utilizing Ethereum blockchain and its Cryptographic Audit technology, TaaS offers a brand new comprehensive approach to capital raising, fund management, and auditing with full transparency for its token holders. TaaS was co-founded by blockchain pioneers Ruslan Gavrilyuk, Dmytro Chupryna, Maksym Muratov, and Konstantin Pysarenko, and employs professional managers hailing from the U.S., Ukraine, Poland, Romania, South Africa and China. TaaS generated a 61% ROA for its first fully-operational quarter (May 1 - August 1, 2017) and a 72% ROA for its second operational quarter (August 1 - October 31, 2017). During its third fully-operational quarter (November 1, 2017 - January 31, 2018) TaaS capital gains exceeded 22,2 million USD(T) equivalent. Based on the results of the third quarter, TaaS outperformed the global cryptomarket by (generated Alpha of) an est. 82% and Bitcoin by over 205%. As per its covenants, TaaS distributes 50% of capital gains to its token owners, reinvests 25% back to its portfolio and keeps 25% as a performance fee. TaaS token (TAAS) is currently traded on Bancor Network, EtherDelta, Liqui, Livecoin, Orderbook, HitBTC, and CoinExchange.
Press Contact:
TAASFUND Pte. [email protected]://www.taas.fund
About FinLab AG:
Stock market listed company FinLab AG is one of the first and largest company builders and investors focused on the Financial Services Technologies ("FinTech") sector in Europe. FinLab focuses on developing German FinTech startups and providing venture capital for their financial needs, whereby in each case the aim is a long-term participation and ongoing support of the investment. FinLab also invests globally, as part of venture rounds, in FinTech companies, primarily in the USA and Asia.
Press Contact:
FinLab AG:[email protected]://www.finlab.dePhone: +49 69 719 12 80 0
SOURCE:Iconiq Lab || A Foolish Take: How the Dow Has Performed Under Trump: The Dow Jones Industrial Average (DJINDICES: ^DJI) has traded at or near record highs throughout the presidency of Donald Trump. That has spurred frequent comments from the White House about the stock market's approval of the administration. Historically, stocks have often reacted favorably to a new person taking the seat in the Oval Office, and early success has tended to lead to good gains throughout a president's term. (Click here to enlarge.) Table of Dow performance by president. Data source: Economagic.com. Starting date is either Election Day or date taking office if not elected. Change reflects index change in Dow only with no dividends. Going back to 1896, the Dow has risen in the first 15 months after a new president's election on 15 out of 21 occasions. The gains have ranged from Theodore Roosevelt's modest 0.1% increase to Franklin D. Roosevelt's 68% jump. By this measure, President Trump ranks No. 2, with a 37.6% rise that just edges out Calvin Coolidge's 36.1% gain. Both Coolidge and FDR rank among the top three presidents in terms of Dow performance, but the biggest gains came during the Clinton administration. After an initial gain of just under 20% in the first 15 months after the election of 1992, the Dow surged, giving Clinton a total eight-year gain of 236.7%. It's far too early to tell how the Trump administration will fare throughout the extent of his presidency. Historically, though, early success has tended to carry through to the end of a president's stay in the White House. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Dan Caplinger has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || A Foolish Take: How the Dow Has Performed Under Trump: TheDow Jones Industrial Average(DJINDICES: ^DJI)has traded at or near record highs throughout the presidency of Donald Trump. That has spurred frequent comments from the White House about the stock market's approval of the administration.
Historically, stocks have often reacted favorably to a new person taking the seat in the Oval Office, and early success has tended to lead to good gains throughout a president's term. (Clickhereto enlarge.)
Data source: Economagic.com. Starting date is either Election Day or date taking office if not elected. Change reflects index change in Dow only with no dividends.
Going back to 1896, the Dow has risen in the first 15 months after a new president's election on 15 out of 21 occasions. The gains have ranged from Theodore Roosevelt's modest 0.1% increase to Franklin D. Roosevelt's 68% jump. By this measure, President Trump ranks No. 2, with a 37.6% rise that just edges out Calvin Coolidge's 36.1% gain.
Both Coolidge and FDR rank among the top three presidents in terms of Dow performance, but the biggest gains came during the Clinton administration. After an initial gain of just under 20% in the first 15 months after the election of 1992, the Dow surged, giving Clinton a total eight-year gain of 236.7%.
It's far too early to tell how the Trump administration will fare throughout the extent of his presidency. Historically, though, early success has tended to carry through to the end of a president's stay in the White House.
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Dan Caplingerhas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || Frontier Airlines Keeps Flying Its Own Route: Over the past few years, U.S. ultra-low-cost carrier Frontier Airlines has tried to carve out a new niche for itself by focusing on less-than-daily service to small and midsize cities. This strategy is allowing Frontier to grow rapidly without engaging in too many head-to-head battles with larger rival Spirit Airlines (NYSE: SAVE) . On the other hand, Frontier's entry into less popular markets is increasingly putting it into competition with legacy carriers like United Continental (NYSE: UAL) . It will be interesting to see how these new competitive dynamics impact airline industry pricing in the next year or two. Frontier announces another round of expansion Frontier Airlines has aggressive growth targets. The company plans to triple in size by 2026 or 2027. As a result, it is adding new routes at a breakneck pace. Frontier announced more than 40 new routes just in the first two weeks of this month, mainly from three key markets: Austin, Philadelphia, and Raleigh-Durham. Most of these routes will start up this spring and will operate seasonally. A Frontier Airlines plane landing on a runway Frontier Airlines has announced dozens of new routes this month. Image source: Frontier Airlines. For many of its new routes, Frontier Airlines will be the only airline offering nonstop service. The carrier believes that it can successfully operate in markets that larger airlines like United have passed over because it is willing to fly those routes just two or three times a week. Frontier is betting that plenty of travelers will prefer its low fares and nonstop flights over the flexibility offered by legacy carriers that offer more flight options via their hubs. Spirit Airlines' growth in midsize cities is different Some readers might recall that top ultra-low-cost carrier Spirit Airlines has also made a move into midsize cities in the past two years. That said, Spirit's route strategy is quite different from what Frontier Airlines is trying to do. Whereas most of Frontier's new routes will operate just two or three times a week, Spirit Airlines primarily tries to find markets where it can offer daily service. There aren't many destinations capable of attracting that much traffic from small and midsize cities. As a result, Spirit's new routes are heavily concentrated in warm-weather leisure destinations: Florida, the Caribbean, Las Vegas, Cancun, New Orleans, and Myrtle Beach. By contrast, Frontier Airlines is experimenting with niche markets that don't have lots of natural demand, such as Austin-Omaha, Raleigh/Durham-Buffalo, and Des Moines-San Francisco. The advantage of this strategy is that there is little or no nonstop competition on these routes. On the other hand, it could be harder to stimulate demand. Moreover, it's unclear whether there will be any competitive reaction by legacy carriers. Story continues A new competitive dynamic The biggest challenge faced by ultra-low-cost carriers like Spirit Airlines and Frontier Airlines in recent years has been the move by legacy carriers like United Continental to match their prices where they compete directly. United's management sees price-matching as a winning strategy -- and far better than the alternative of losing market share in its hubs. Most of Frontier Airlines' new routes won't present this kind of direct challenge to the legacy carriers. However, they could undermine an equally lucrative part of the legacy carrier business model: high-yield connecting traffic from small and midsize cities. For example, in early June, Frontier will start flying three times a week between Des Moines and San Francisco. Today, nobody offers nonstop service on this route, and traffic is dominated by the three legacy carriers, which charge high fares. Few business travelers will use Frontier because of its cramped seating and infrequent service. However, plenty of leisure travelers have flexible schedules and would choose a nonstop Frontier flight over a significantly more expensive connecting ticket on one of the legacy carriers. Individually, none of Frontier's new routes will have a material impact on rivals like United. But collectively, they will gradually skim off high-margin revenue from the legacy carriers. Thus, the legacy carriers will have to decide in the next few years whether to extend price-matching tactics to connecting routes. Their response will likely determine whether Frontier's expansion in small and midsize cities pays off. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Adam Levine-Weinberg owns shares of Spirit Airlines. The Motley Fool owns shares of and recommends Spirit Airlines. The Motley Fool has a disclosure policy . View comments || Frontier Airlines Keeps Flying Its Own Route: Over the past few years, U.S. ultra-low-cost carrier Frontier Airlines has tried to carve out a new niche for itself by focusing onless-than-daily serviceto small and midsize cities. This strategy is allowing Frontier to grow rapidly without engaging in too many head-to-head battles with larger rivalSpirit Airlines(NYSE: SAVE).
On the other hand, Frontier's entry into less popular markets is increasingly putting it into competition with legacy carriers likeUnited Continental(NYSE: UAL). It will be interesting to see how these new competitive dynamics impact airline industry pricing in the next year or two.
Frontier Airlines has aggressive growth targets. The company plans to triple in size by 2026 or 2027. As a result, it is adding new routes at a breakneck pace.
Frontier announced more than 40 new routes just in the first two weeks of this month, mainly from three key markets: Austin, Philadelphia, and Raleigh-Durham. Most of these routes will start up this spring and will operate seasonally.
Frontier Airlines has announced dozens of new routes this month. Image source: Frontier Airlines.
For many of its new routes, Frontier Airlines will be the only airline offering nonstop service. The carrier believes that it can successfully operate in markets that larger airlines like United have passed over because it is willing to fly those routes just two or three times a week. Frontier is betting that plenty of travelers will prefer its low fares and nonstop flights over the flexibility offered by legacy carriers that offer more flight options via their hubs.
Some readers might recall that top ultra-low-cost carrier Spirit Airlines has also madea move into midsize citiesin the past two years. That said, Spirit's route strategy is quite different from what Frontier Airlines is trying to do.
Whereas most of Frontier's new routes will operate just two or three times a week, Spirit Airlines primarily tries to find markets where it can offer daily service. There aren't many destinations capable of attracting that much traffic from small and midsize cities. As a result, Spirit's new routes are heavily concentrated in warm-weather leisure destinations: Florida, the Caribbean, Las Vegas, Cancun, New Orleans, and Myrtle Beach.
By contrast, Frontier Airlines is experimenting with niche markets that don't have lots of natural demand, such as Austin-Omaha, Raleigh/Durham-Buffalo, and Des Moines-San Francisco. The advantage of this strategy is that there is little or no nonstop competition on these routes. On the other hand, it could be harder to stimulate demand. Moreover, it's unclear whether there will be any competitive reaction by legacy carriers.
The biggest challenge faced by ultra-low-cost carriers like Spirit Airlines and Frontier Airlines in recent years has been the move by legacy carriers like United Continental to match their prices where they compete directly. United's management sees price-matching as a winning strategy -- and far better than the alternative of losing market share in its hubs.
Most of Frontier Airlines' new routes won't present this kind of direct challenge to the legacy carriers. However, they could undermine an equally lucrative part of the legacy carrier business model: high-yield connecting traffic from small and midsize cities.
For example, in early June, Frontier will start flying three times a week between Des Moines and San Francisco. Today, nobody offers nonstop service on this route, and traffic is dominated by the three legacy carriers, which charge high fares. Few business travelers will use Frontier because of its cramped seating and infrequent service. However, plenty of leisure travelers have flexible schedules and would choose a nonstop Frontier flight over a significantly more expensive connecting ticket on one of the legacy carriers.
Individually, none of Frontier's new routes will have a material impact on rivals like United. But collectively, they will gradually skim off high-margin revenue from the legacy carriers. Thus, the legacy carriers will have to decide in the next few years whether to extend price-matching tactics to connecting routes. Their response will likely determine whether Frontier's expansion in small and midsize cities pays off.
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Adam Levine-Weinbergowns shares of Spirit Airlines. The Motley Fool owns shares of and recommends Spirit Airlines. The Motley Fool has adisclosure policy. || 3D Systems Earnings Preview: What to Watch: 3D Systems (NYSE: DDD) is slated to report its fourth-quarter and full-year 2017 earnings after the market close on Wednesday, Feb. 28. Prime rival Stratasys is on deck to report on the same day, though before the market open. Shares of 3D Systems are up 17.5% so far in 2018 through Feb. 16, but are in the red 40.7% for the one-year period through this same date. For context, the S&P 500 has returned 18.5% over the last year, while Stratasys stock is flat. A 3D printer that has printed 3D in white plastic on top of a blue square. Image source: Getty Images. Benchmark quarterly numbers Here are the year-ago quarterly results to use as benchmarks. Revenue $165.9 million Adjusted earnings per share (EPS) $0.15 Data source: 3D Systems. For context -- though long-term investors shouldn't place too much importance on Wall Street's near-term estimates -- analysts expect 3D Systems to deliver adjusted EPS of $0.01 on revenue of $162.1 million, representing declines of 93% and 2.3%, respectively, over the year-ago quarter. 3D Systems is going into its report following a particularly tough quarter. In the third quarter , the company's year-over-year revenue dipped 2.2%, its loss per share on the basis of generally accepted accounting principles ( GAAP ) widened, and its per-share results adjusted for one-time factors turned negative from a positive in the year-ago quarter. Earnings were negatively affected by a $12.9 million inventory writedown associated with legacy products and parts, along with execution issues in the Americas and Asia-Pacific and pricing pressures in select businesses, notably metals and on-demand 3D printing. Moreover, the company withdrew its full-year 2017 guidance, citing the unpredictability stemming from the legacy product quality and reliability issues. Along with the headline numbers, here's what to focus on in the report. 1. 3D printer sales Since 2015, along with Stratasys, 3D Systems has been struggling to grow revenue from sales of 3D printers. Here's what the company's more recent 3D printer revenue picture looks like: Q3 2017: Decline of 11% year over year Q2 2017: Decline of 14% Q1 2017: Decline of 4% Full-year 2016: Decline of 21% In 2015, the main reason for the slowdown in sales was likely overcapacity in the field due to robust 3D printer sales in the preceding few years. Increased competitive pressures are now a factor. In 2016, two compelling new entrants -- HP Inc. and venture-backed Carbon -- launched fast polymer 3D printers for the enterprise market. Sales of 3D printers are central to 3D Systems' razor-and-blade-like business model because they drive sales of high-margin print materials, as well as maintenance contracts. Story continues 2. Figure 4 outlook On the second-quarter earnings call, CEO Vyomesh Joshi said, "And I believe that [by] the fourth quarter, we will have revenue in the Figure 4 technology." However, on last quarter's call, he said that the company plans to launch its Figure 4 platform during the first half of 2018. So investors should't expect to see any revenue in the fourth-quarter results from Figure 4 sales. Figure 4 is a modular and scalable stereolithography (SLA) 3D printing system designed for the production of polymer parts. 3D Systems claims that it's up to 50 times faster than conventional SLA 3D printing systems, and that the underlying technology opens up a wide range of materials possibilities. A slight pushback in the timeline is no matter. Joshi has always maintained that the "significant" revenue from Figure 4 would come in 2018. As we'll be two months into the year when its fourth-quarter results are released, investors should expect an update as to the launch and outlook. Figure 4 is extremely important to the company's long-term success. This system is 3D Systems' entry into the speedy 3D printer ranks, and meant as competition to the 3D printing systems that HP and Carbon have launched. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Beth McKenna has no position in any of the stocks mentioned. The Motley Fool recommends 3D Systems and Stratasys. The Motley Fool has a disclosure policy . View comments || 3D Systems Earnings Preview: What to Watch: 3D Systems(NYSE: DDD)is slated to report its fourth-quarter and full-year 2017 earnings after the market close on Wednesday, Feb. 28. Prime rivalStratasysis on deck to report on the same day, though before the market open.
Shares of 3D Systems are up 17.5% so far in 2018 through Feb. 16, but are in the red 40.7% for the one-year period through this same date. For context, theS&P 500has returned 18.5% over the last year, while Stratasys stock is flat.
Image source: Getty Images.
Here are the year-ago quarterly results to use as benchmarks.
[{"Revenue": "Adjusted earnings per share (EPS)", "$165.9 million": "$0.15"}]
Data source: 3D Systems.
For context -- though long-term investors shouldn't place too much importance on Wall Street's near-term estimates -- analysts expect 3D Systems to deliver adjusted EPS of $0.01 on revenue of $162.1 million, representing declines of 93% and 2.3%, respectively, over the year-ago quarter.
3D Systems is going into its report following a particularly tough quarter. In thethird quarter, the company's year-over-year revenue dipped 2.2%, its loss per share on the basis of generally accepted accounting principles (GAAP) widened, and its per-share results adjusted for one-time factors turned negative from a positive in the year-ago quarter. Earnings were negatively affected by a $12.9 million inventory writedown associated with legacy products and parts, along with execution issues in the Americas and Asia-Pacific and pricing pressures in select businesses, notably metals and on-demand 3D printing. Moreover, the company withdrew its full-year 2017 guidance, citing the unpredictability stemming from the legacy product quality and reliability issues.
Along with the headline numbers, here's what to focus on in the report.
Since 2015, along with Stratasys, 3D Systems has been struggling to grow revenue from sales of 3D printers. Here's what the company's more recent 3D printer revenue picture looks like:
• Q3 2017: Decline of 11% year over year
• Q2 2017: Decline of 14%
• Q1 2017: Decline of 4%
• Full-year 2016: Decline of 21%
In 2015, the main reason for the slowdown in sales was likely overcapacity in the field due to robust 3D printer sales in the preceding few years. Increased competitive pressures are now a factor. In 2016, two compelling new entrants --HP Inc.and venture-backed Carbon -- launched fast polymer 3D printers for the enterprise market.
Sales of 3D printers are central to 3D Systems'razor-and-blade-like business modelbecause they drive sales of high-margin print materials, as well as maintenance contracts.
On the second-quarter earnings call, CEO Vyomesh Joshi said, "And I believe that [by] the fourth quarter, we will have revenue in the Figure 4 technology." However, on last quarter's call, he said that the company plans to launch its Figure 4 platform during the first half of 2018. So investors should't expect to see any revenue in the fourth-quarter results from Figure 4 sales. Figure 4 is a modular and scalable stereolithography (SLA) 3D printing system designed for the production of polymer parts. 3D Systems claims that it's up to 50 times faster than conventional SLA 3D printing systems, and that the underlying technology opens up a wide range of materials possibilities.
A slight pushback in the timeline is no matter. Joshi has always maintained that the "significant" revenue from Figure 4 would come in 2018. As we'll be two months into the year when its fourth-quarter results are released, investors should expect an update as to the launch and outlook. Figure 4 is extremely important to the company's long-term success. This system is 3D Systems' entry into the speedy 3D printer ranks, and meant as competition to the 3D printing systems that HP and Carbon have launched.
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Beth McKennahas no position in any of the stocks mentioned. The Motley Fool recommends 3D Systems and Stratasys. The Motley Fool has adisclosure policy. || 3 Exclusive Features Apple, Inc. Could Bring to a 2018 iPhone X Plus: Later this year, Apple (NASDAQ: AAPL) is expected to launch a successor to the current iPhone X as well as a version of that successor with a larger display -- I'll refer to it as the iPhone X Plus. Apple has traditionally endowed the Plus versions of its iPhone models with exclusive features -- both software and hardware -- that make good use of the increased bill of materials and increased screen size of the larger devices. Here are three features that Apple could bring to this year's upcoming iPhone X Plus that could help push customers to buy the bigger, more expensive device. Apple's iPhone X lineup. Image source: Apple. 1. Apple Pencil support Analyst Jun Zhang with Rosenblatt Securities recently said that he expects Apple's iPhone X Plus to include support for a next-generation Apple Pencil. The Apple Pencil is currently an accessory that's exclusive to Apple's iPad Pro line of tablets, but a hypothetical iPhone X Plus would have a jumbo-sized display. Considering the success of Samsung 's Galaxy Note series for which an included stylus (marketed as an S-Pen) is a huge selling point, an iPhone X Plus-compatible Apple Pencil makes a lot of sense. Not only would Apple Pencil support in the iPhone X Plus allow Apple to potentially gain market share among current Galaxy Note users, but it'd be a great selling point for iPhone customers who have been tempted by the Galaxy Note series but haven't wanted to move away from the Apple iOS ecosystem. 2. ProMotion display The current iPad Pro models incorporate what Apple calls ProMotion displays. These are screens that can refresh their contents at up to 120 times per second and can also scale back that refresh rate to as low as 24 times per second, to save power, if the content on the screen doesn't require a higher refresh rate (think movies). Although Apple's iPhone X was rumored to include a ProMotion display, this feature didn't make it into the final product. The iPhone X's display can only refresh its contents at a rate of 60 times per second and cannot change based on the content. Story continues Ideally, Apple should bring this technology to the successor to the current iPhone X and the larger iPhone X Plus -- higher refresh-rate displays significantly improve the user experience. But if such a feature is too expensive to implement or draws too much power, it could be a candidate to be an exclusive feature on the iPhone X Plus. That will be more expensive than, and have a larger battery than, the next-generation iPhone X. 3. Sharper screen The current iPhone X has a display with a pixel density of 458 pixels per inch. The display is quite sharp (something that I can confirm from my experience with the device), but Apple's bigger iPhone models tend to have sharper displays than their smaller counterparts. According to KGI Securities analyst Ming-Chi Kuo, the upcoming iPhone X Plus will have a display that sports a pixel density of between 480 pixels per inch and 500 pixels per inch. That means it'll be sharper than the display found on the current iPhone X as well as the display on the direct successor to the iPhone X. A sharper display isn't a game-changing selling point, but if it can be combined with features like the ones above, then that's something iPhone customers who demand the best may ultimately be able to appreciate and be willing to pay a premium for. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Ashraf Eassa has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Apple. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool has a disclosure policy . || 3 Exclusive Features Apple, Inc. Could Bring to a 2018 iPhone X Plus: Later this year,Apple(NASDAQ: AAPL)is expected to launch a successor to the current iPhone X as well as a version of that successor with a larger display -- I'll refer to it as the iPhone X Plus. Apple has traditionally endowed the Plus versions of its iPhone models with exclusive features -- bothsoftwareand hardware -- that make good use of the increased bill of materials and increased screen size of the larger devices.
Here are three features that Apple could bring to this year's upcoming iPhone X Plus that could help push customers to buy the bigger, more expensive device.
Image source: Apple.
Analyst Jun Zhang with Rosenblatt Securities recently said that he expects Apple's iPhone X Plus to include support for a next-generation Apple Pencil.
The Apple Pencil is currently an accessory that's exclusive to Apple's iPad Pro line of tablets, but a hypothetical iPhone X Plus would have a jumbo-sized display. Considering the success ofSamsung's Galaxy Note series for which an included stylus (marketed as an S-Pen) is a huge selling point, an iPhone X Plus-compatible Apple Pencil makes a lot of sense.
Not only would Apple Pencil support in the iPhone X Plus allow Apple to potentially gain market share among current Galaxy Note users, but it'd be a great selling point for iPhone customers who have been tempted by the Galaxy Note series but haven't wanted to move away from the Apple iOS ecosystem.
The current iPad Pro models incorporate what Apple calls ProMotion displays. These are screens that can refresh their contents at up to 120 times per second and can also scale back that refresh rate to as low as 24 times per second, to save power, if the content on the screen doesn't require a higher refresh rate (think movies).
Although Apple's iPhone X wasrumoredto include a ProMotion display, this feature didn't make it into the final product. The iPhone X's display can only refresh its contents at a rate of 60 times per second and cannot change based on the content.
Ideally, Apple should bring this technology to the successor to the current iPhone X and the larger iPhone X Plus -- higher refresh-rate displays significantly improve the user experience. But if such a feature is too expensive to implement or draws too much power, it could be a candidate to be an exclusive feature on the iPhone X Plus. That will be more expensive than, and have a larger battery than, the next-generation iPhone X.
The current iPhone X has a display with a pixel density of 458 pixels per inch. The display is quite sharp (something that I can confirm from my experience with the device), but Apple's bigger iPhone models tend to have sharper displays than their smaller counterparts.
According to KGI Securities analyst Ming-Chi Kuo, the upcoming iPhone X Plus will have a display that sports a pixel density of between 480 pixels per inch and 500 pixels per inch. That means it'll be sharper than the display found on the current iPhone X as well as the display on the direct successor to the iPhone X.
A sharper display isn't a game-changing selling point, but if it can be combined with features like the ones above, then that's something iPhone customers who demand the best may ultimately be able to appreciate and be willing to pay a premium for.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Ashraf Eassahas no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Apple. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool has adisclosure policy. || Bitcoin is back over $11,000: It took Bitcoin more than two weeks to recover the ground it lost in early February when the most popular cryptocurrency in the world plunged below $6,000 for the first time since November. Bitcoin is nowhere near its record highs from mid-December when it hit almost $20,000, but the digital coin is finally trading above $11,000 again. Then again, theres no predicting the crypto market. And because Bitcoin is on the rise, all other digital coins are slightly up or holding steady in trading on Monday. So what happened? Don't Miss : Its crazy how much better the Fire TV Stick and Roku Stick are with this simple $20 accessory The crypto world is still riding a wave of positive news, which includes the White Houses official comments on the matter. Trumps government isnt ready to regulate Bitcoin yet, but its keeping an eye on it. I think were still absolutely studying and understanding what the good ideas and bad ideas in that space are, special assistant to the president and White House cybersecurity coordinator Rob Joyce said at the Munich Security Conference in Germany last week. So, I dont think its close. That doesnt mean regulation fears will subside anytime soon. As CNBC reports, Joyce also said that the government is worried about cryptocurrencies being used in illegal ways. We are worried. There are benefits to the bitcoin concept digital cash, digital currencies, Joyce said. But at the same time, if you look at the way bitcoin works after there is a criminal act that takes place, you cant rewind the clock and take back that currency. One country thats very crypto-friendly, Switzerland, just came out with guidelines for initial coin offerings (ICO), which became a popular method of raising money last year with the help of cryptocurrency. Using ICOs, companies dont have to adhere to the guidelines that surround VC and angel capital when they raise money. The Swiss Financial Market Supervisory Authority (FINMA) published ICO guidelines late last week to regulate ICOs. The application of blockchain technology has innovative potential within and far beyond the financial markets, FINMA CEO Mark Branson said. However, blockchain-based projects conducted analogously to regulated activities cannot simply circumvent the tried and tested regulatory framework. Our balanced approach to handling ICO projects and inquiries allows legitimate innovators to navigate the regulatory landscape and so launch their projects in a way consistent with our laws protecting investors and the integrity of the financial system. Story continues One of the main banks in the Netherlands also announced late last week that itll use blockchain technology to replace escrow accounts. With this new service, every individual client of the non-bank organization gets a bank account with the ABN AMRO Clearing Bank (AACB) via the blockchain, the press release reads. That way, fund flows between the organization and its clients are included in payment processes under regular supervision, guaranteeing the required transparency. This blockchain method drastically reduces administrative costs for the organization by eliminating escrow account management costs. Not all banks are happy with the Bitcoin surge. The Polish Central Bank (NFB) was just caught redhanded and admitted it paid a YouTuber to attack digital coins online. The bank also invested in Google and Facebook campaigns for the same purpose, according to NewsBTC . Finally, theres news about Tether, which just created 86 million EURT and 60.1 million USDT both based on the Ethereum, Finance Magnets reports. Tether faced intense criticism lately, for lack of transparency regarding its business model and the way its issuing tokens. Tether coins are supposed to be backed up by fiat currency. Therefore every USDT token should be valued at $1. The currency allows users to seamless trade coins online, by converting money to USDT or EURT rather than fiat coins. BGR Top Deals: Its crazy how much better the Fire TV Stick and Roku Stick are with this simple $20 accessory This best-selling Crock-Pot slow cooker somehow costs less than $10 on Amazon Trending Right Now: Huge Galaxy S9 and S9+ leak drops a week before Samsungs official announcement Dog food recall: Here are all the brands and products being withdrawn Latest leak may have uncovered the Galaxy S9s most exciting secret See the original version of this article on BGR.com View comments || Bitcoin is back over $11,000: It took Bitcoin more than two weeks to recover the ground it lost in early February when the most popular cryptocurrency in the world plunged below $6,000 for the first time since November. Bitcoin is nowhere near its record highs from mid-December when it hit almost $20,000, but the digital coin is finally trading above $11,000 again. Then again, theres no predicting the crypto market. And because Bitcoin is on the rise, all other digital coins are slightly up or holding steady in trading on Monday. So what happened? Don't Miss : Its crazy how much better the Fire TV Stick and Roku Stick are with this simple $20 accessory The crypto world is still riding a wave of positive news, which includes the White Houses official comments on the matter. Trumps government isnt ready to regulate Bitcoin yet, but its keeping an eye on it. I think were still absolutely studying and understanding what the good ideas and bad ideas in that space are, special assistant to the president and White House cybersecurity coordinator Rob Joyce said at the Munich Security Conference in Germany last week. So, I dont think its close. That doesnt mean regulation fears will subside anytime soon. As CNBC reports, Joyce also said that the government is worried about cryptocurrencies being used in illegal ways. We are worried. There are benefits to the bitcoin concept digital cash, digital currencies, Joyce said. But at the same time, if you look at the way bitcoin works after there is a criminal act that takes place, you cant rewind the clock and take back that currency. One country thats very crypto-friendly, Switzerland, just came out with guidelines for initial coin offerings (ICO), which became a popular method of raising money last year with the help of cryptocurrency. Using ICOs, companies dont have to adhere to the guidelines that surround VC and angel capital when they raise money. The Swiss Financial Market Supervisory Authority (FINMA) published ICO guidelines late last week to regulate ICOs. The application of blockchain technology has innovative potential within and far beyond the financial markets, FINMA CEO Mark Branson said. However, blockchain-based projects conducted analogously to regulated activities cannot simply circumvent the tried and tested regulatory framework. Our balanced approach to handling ICO projects and inquiries allows legitimate innovators to navigate the regulatory landscape and so launch their projects in a way consistent with our laws protecting investors and the integrity of the financial system. Story continues One of the main banks in the Netherlands also announced late last week that itll use blockchain technology to replace escrow accounts. With this new service, every individual client of the non-bank organization gets a bank account with the ABN AMRO Clearing Bank (AACB) via the blockchain, the press release reads. That way, fund flows between the organization and its clients are included in payment processes under regular supervision, guaranteeing the required transparency. This blockchain method drastically reduces administrative costs for the organization by eliminating escrow account management costs. Not all banks are happy with the Bitcoin surge. The Polish Central Bank (NFB) was just caught redhanded and admitted it paid a YouTuber to attack digital coins online. The bank also invested in Google and Facebook campaigns for the same purpose, according to NewsBTC . Finally, theres news about Tether, which just created 86 million EURT and 60.1 million USDT both based on the Ethereum, Finance Magnets reports. Tether faced intense criticism lately, for lack of transparency regarding its business model and the way its issuing tokens. Tether coins are supposed to be backed up by fiat currency. Therefore every USDT token should be valued at $1. The currency allows users to seamless trade coins online, by converting money to USDT or EURT rather than fiat coins. BGR Top Deals: Its crazy how much better the Fire TV Stick and Roku Stick are with this simple $20 accessory This best-selling Crock-Pot slow cooker somehow costs less than $10 on Amazon Trending Right Now: Huge Galaxy S9 and S9+ leak drops a week before Samsungs official announcement Dog food recall: Here are all the brands and products being withdrawn Latest leak may have uncovered the Galaxy S9s most exciting secret See the original version of this article on BGR.com View comments || Bitcoin is back over $11,000: It took Bitcoin more than two weeks to recover the ground it lost in early February when the most popular cryptocurrency in the world plunged below $6,000 for the first time since November. Bitcoin is nowhere near its record highs from mid-December when it hit almost $20,000, but the digital coin is finally trading above $11,000 again. Then again, theres no predicting the crypto market. And because Bitcoin is on the rise, all other digital coins are slightly up or holding steady in trading on Monday. So what happened? Don't Miss : Its crazy how much better the Fire TV Stick and Roku Stick are with this simple $20 accessory The crypto world is still riding a wave of positive news, which includes the White Houses official comments on the matter. Trumps government isnt ready to regulate Bitcoin yet, but its keeping an eye on it. I think were still absolutely studying and understanding what the good ideas and bad ideas in that space are, special assistant to the president and White House cybersecurity coordinator Rob Joyce said at the Munich Security Conference in Germany last week. So, I dont think its close. That doesnt mean regulation fears will subside anytime soon. As CNBC reports, Joyce also said that the government is worried about cryptocurrencies being used in illegal ways. We are worried. There are benefits to the bitcoin concept digital cash, digital currencies, Joyce said. But at the same time, if you look at the way bitcoin works after there is a criminal act that takes place, you cant rewind the clock and take back that currency. One country thats very crypto-friendly, Switzerland, just came out with guidelines for initial coin offerings (ICO), which became a popular method of raising money last year with the help of cryptocurrency. Using ICOs, companies dont have to adhere to the guidelines that surround VC and angel capital when they raise money. The Swiss Financial Market Supervisory Authority (FINMA) published ICO guidelines late last week to regulate ICOs. The application of blockchain technology has innovative potential within and far beyond the financial markets, FINMA CEO Mark Branson said. However, blockchain-based projects conducted analogously to regulated activities cannot simply circumvent the tried and tested regulatory framework. Our balanced approach to handling ICO projects and inquiries allows legitimate innovators to navigate the regulatory landscape and so launch their projects in a way consistent with our laws protecting investors and the integrity of the financial system. Story continues One of the main banks in the Netherlands also announced late last week that itll use blockchain technology to replace escrow accounts. With this new service, every individual client of the non-bank organization gets a bank account with the ABN AMRO Clearing Bank (AACB) via the blockchain, the press release reads. That way, fund flows between the organization and its clients are included in payment processes under regular supervision, guaranteeing the required transparency. This blockchain method drastically reduces administrative costs for the organization by eliminating escrow account management costs. Not all banks are happy with the Bitcoin surge. The Polish Central Bank (NFB) was just caught redhanded and admitted it paid a YouTuber to attack digital coins online. The bank also invested in Google and Facebook campaigns for the same purpose, according to NewsBTC . Finally, theres news about Tether, which just created 86 million EURT and 60.1 million USDT both based on the Ethereum, Finance Magnets reports. Tether faced intense criticism lately, for lack of transparency regarding its business model and the way its issuing tokens. Tether coins are supposed to be backed up by fiat currency. Therefore every USDT token should be valued at $1. The currency allows users to seamless trade coins online, by converting money to USDT or EURT rather than fiat coins. BGR Top Deals: Its crazy how much better the Fire TV Stick and Roku Stick are with this simple $20 accessory This best-selling Crock-Pot slow cooker somehow costs less than $10 on Amazon Trending Right Now: Huge Galaxy S9 and S9+ leak drops a week before Samsungs official announcement Dog food recall: Here are all the brands and products being withdrawn Latest leak may have uncovered the Galaxy S9s most exciting secret See the original version of this article on BGR.com View comments || Charlie Munger on investing today: Buffett and Munger have been critics of fees charged to investors by fund managers. Warren Buffett’s right-hand man, Charlie Munger, the vice chairman of Berkshire Hathaway ( BRK-A , BRK-B ), said they had an “easier world” than the young investors of today face. “I don’t think you’re going to get the kind of results we got by just doing what we did,” Munger, 94, said at the Daily Journal’s ( DJCO ) annual meeting in Los Angeles last week. He added that’s not to say that what their investment style won’t be useful, it’s just that the “prospects are worse.” “There’s a rule of fishing that’s a very good rule. And the first rule of fishing is ‘fish where the fish are.’ And the second rule of fishing is ‘don’t forget the first rule,'” Munger said. “Investing is the same thing. And some places have lots of fish and you don’t have to be that good of a fisherman to do pretty well. Other places are so heavily fished that no matter how good a fisherman you are, you aren’t going to do very well.” He added that there’s “an awful lot of places” in the second category, but young investors shouldn’t be discouraged. “Life is a long game. There are easy stretches, hard stretches, and good opportunities, and bad opportunities. And, the right way to go about life is to take it as comes and do the best you can, and if you live to an old age, you will get your full share of good opportunities, which will be two in total, maybe the will be your full share, but seize one of the two, and you will be alright,” he said. ‘Delusional’ fees One area, in particular, that Munger criticized was the fee structure charged by active managers today. Their chances of doing well for clients has shrunk, making it difficult to justify the high fees that they charge. “It’s so hard to get big advantages when buying securities, particularly when you’re doing it by the billion. And you add the burden of very high fees and think that by working hard and reading up on sell-side research, you’re going to do well. It’s delusional. It’s not good to face the world in a delusional way.” Story continues Munger said that’s why Buffett recently won his famed bet against the hedge funds . Like Munger, Buffett has been a critic of the hedge fund industry’s fees. Typically, hedge funds are known to charge investors fees known as “2-and-20”, meaning 2% of assets and 20% of profits. Those fees can vary with some being lower and others being as high as 3% and 30%. Buffett argues that investors, both small and large, would be better off putting money in low-cost index funds, like those offered by Jack Bogle’s Vanguard . A decade ago, Buffett made a $1 million bet (for charity) that active management professionals (hedge funds), as a group, would underperform the returns achieved by “by rank amateurs who simply sat still.” The bet was to last ten years and Buffett picked a low-cost Vanguard S&P fund as his contender. Hedge fund manager Ted Seides, the co-manager of Protégé Partners, a funds-of-funds that allocates to hedge funds, took the “Oracle of Omaha” on. For Seides’ part in the bet, Seides picked five funds-of-funds to go up against Buffett’s Vanguard S&P index fund. “They bet on a bunch of terribly selected bunch of geniuses charging very high fees. Of course, high fees will just kill you,” Munger said. Julia La Roche is a finance reporter at Yahoo Finance. Follow her on Twitter. Tony James: Millennials face a retirement crisis Munger: It’s time for regulators to ‘let up’ on Wells Fargo Meet the 3 people spearheading the new Amazon-JPMorgan-Berkshire Hathaway healthcare venture Munger: Part of GE’s problem is how it promotes its executives Munger: Bitcoin is ‘poison’ and the government needs to ‘step on it hard’
[Social Media Buzz]
Call Number 125799, BTC coin pair (2018-02-20 00:01:03) increased by 5%. Time Since Called: 0 Days, 3 Hours, 19 Minutes || 2018/02/21 05:00
#Binance 格安コイン
1位 #IOST 0.00000390 BTC(4.45円)
2位 #TRX 0.00000415 BTC(4.74円)
3位 #FUN 0.00000515 BTC(5.88円)
4位 #POE 0.00000611 BTC(6.97円)
5位 #TNB 0.00000619 BTC(7.06円)
#仮想通貨 #アルトコイン #草コイン || 1 Bitcoin ( #BTC )
Dollar: 11,430.00$
1 Bitcoin Cash ( #BCH )
Dollar: 1,523.00$
1 Ethereum ( #ETH )
Dollar: 948.89$
1 Ripple ( #XRP )
Dollar: 1.10800$
...
|
10690.40, 10005.00, 10301.10, 9813.07, 9664.73, 10366.70, 10725.60, 10397.90, 10951.00, 11086.40
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 10938.27, 10462.26, 10538.46, 10246.19, 10760.07, 10692.72, 10750.72, 10775.27, 10709.65, 10844.64, 10784.49, 10619.45, 10575.97, 10549.33, 10669.58, 10793.34, 10604.41, 10668.97, 10915.69, 11064.46, 11296.36, 11384.18, 11555.36, 11425.90, 11429.51, 11495.35, 11322.12, 11358.10, 11483.36, 11742.04, 11916.33, 12823.69, 12965.89, 12931.54, 13108.06, 13031.17, 13075.25, 13654.22, 13271.29, 13437.88, 13546.52, 13781.00, 13737.11, 13550.49, 13950.30, 14133.71, 15579.85, 15565.88, 14833.75, 15479.57, 15332.32, 15290.90, 15701.34, 16276.34, 16317.81, 16068.14, 15955.59, 16716.11, 17645.41, 17804.01, 17817.09, 18621.31, 18642.23, 18370.00, 18364.12, 19107.46, 18732.12, 17150.62, 17108.40, 17717.41, 18177.48, 19625.84, 18803.00, 19201.09, 19445.40, 18699.77, 19154.23, 19345.12, 19191.63, 18321.14, 18553.92, 18264.99, 18058.90, 18803.66, 19142.38, 19246.64, 19417.08, 21310.60, 22805.16, 23137.96.
|
[Bitcoin Technical Analysis for 2020-12-18]
Volume: 40387896275, RSI (14-day): 77.41, 50-day EMA: 17670.43, 200-day EMA: 13310.96
[Wider Market Context]
Gold Price: 1885.70, Gold RSI: 57.69
Oil Price: 49.10, Oil RSI: 75.41
[Recent News (last 7 days)]
Sure, Bitcoin’s Price Is Cool, but Bitcoin’s Technology Is Hot: Bitcoin is back in the news.
Asa wave of institutionalliquiditypours into Bitcoin’s markets, even some of its staunchestcritics are finding it hard to dismissthe 12-year-old asset as its price surges to new all-time highs.
At the very least, these past three years have proven thatBitcoinis certainly not dead. At the most, it gives credence to the investment thesis of its most bullish proponents: that it is one of the most revolutionary technologies of its time.
Related:First Mover: Bitcoin Rally Stalls as 'DeFi Summer' Proves Endless
But what makesbitcoinso unlike any other investment (or cryptocurrency) that blue-chip insurance funds, hedge funds and asset managers are now comfortable with buying it?
Read more:Over $20K? Why Is Bitcoin Worth Anything at All?
Bitcoin is a synthesis ofdecades of cryptographic technology and researchwith numerousprecursorsandfalse startsthat predate it. For all of its predecessors, Bitcoin was the first attempt at digital cash that laid out a (more or less) completely decentralized system.
For those of you who are new, here’s what that means and the technical features that make bitcoin such a standout.
Related:Deribit's New Options Allow Bitcoin Traders to Bet on Rally to $100K
Contrary to common misconception, Bitcoin transactions aren’t kept secret or encrypted – in fact, they’re quite public.
But Bitcoin’ssystem is built on public-key cryptography, a branch of computer science that uses complex math (via a system of digital keys) to encode data and keep it hidden from those who don’t have the right key to decode it.
Read more:What Is Bitcoin?
With Bitcoin, users have a public key (from which they can create public addresses to receive bitcoin) and a private key; as their names suggest, the former is meant to be shared while the latter must be kept secret (if revealed, your bitcoin can be stolen, but more on that later).
The private key is what gives you a claim to the bitcoin you own. Technically speaking, wallets store private keys and not “bitcoin.” Every bitcoin exists on the blockchain – wallets just hold the keys that give users access to them.
You need your private key to approve transactions, and you need someone else’s public address to send a transaction.
If you’re familiar with PGP encryption, you may see how Bitcoin transactions are similar. The same principles that make encrypted communications so secure are baked into Bitcoin’s code, except instead of messages, Bitcoin’s design secures the bitcoin currency.
Factoid:Bitcoin with a capital “B” refers to the Bitcoin technology or protocol. We use bitcoin with a lowercase “b” when we are referring to the digital currency.
Like sending an encrypted message, Bitcoin transactions are peer-to-peer and (because of the mining process, which we’ll cover later) they can’t be obstructed by anyone.
Because bitcoin can be sent as freely as a message, Bitcoin is inclusive.
When Satoshi Nakamoto, Bitcoin’s creator, designed the system, he made it “permissionless,” meaning anyone can use Bitcoin to hold and transfer value. He also designed it to be “censorship resistant,” meaning no one can block you from joining the network and making transactions. Nobody can freeze the funds in your wallet, and no one can stop you from making a transaction with Bitcoin.
Because of the way bitcoin transactions are processed, no central party has control over your payments. Unlike PayPal, Venmo, or any other electronic transfer, bitcoin payments are made directly between the payer and recipient, thanks to the cryptography we touched on above.
The foundation of this system, Bitcoin Core, is an open source software which is an all-in-one wallet and server for the Bitcoin network. Anyone with the proper hardware can download and run Bitcoin’s software; it keeps a copy of the Bitcoin blockchain’s transaction ledger and broadcasts transactions to other servers in the network.
“Running a full node,”as this is called, is the ultimate exercise in Bitcoin control because you can fully audit the Bitcoin ledger yourself and broadcast your own transactions.
Even without running a full node, Bitcoin users can use the network at their will when they use a wallet that lets them control their own private keys, though this means that they are trusting someone else’s network node to broadcast their transactions for them.
The Bitcoin blockchain – the digital ledger which stores a record of all the network’s transactions – is immutable. It cannot be altered by a central party, and nobody can cheat the network to spend coins they don’t own.
Bitcoin transactions are processed into the ledger by a global network of “miners,” individuals and collectiveswho run machines to “mine”(maintain) the Bitcoin blockchain. Miners receive bitcoin as a reward for mining in the form of a “block reward,” a payout that goes to the miner(s) who finds the next block in the blockchain’s sequence and records the latest pending transactions in it.
Read more:How Do Bitcoin Transactions Work?
If you’ve know anything about mining, you probably know that it requires *a lot* of energy because mining competition is fierce. When you take bitcoin’s price into account, this makes sense – they’re not giving these things away for free!
This competition and energy expenditure helps secure the network. Miners are incentivized to process transactions and not interfere with the transaction ledger – otherwise, they risk their payday and, in the case of the big mining firms, tens of millions of dollars in hardware and operational expenses.
If a miner did want to cheat, the only way to alter Bitcoin transactions that have been recorded in the blockchain is to perform more work than roughly half of all other miners in the network – and the older the transaction, the longer you will have to work. To give you an idea of how much energy you’d need to attack Bitcoin, the network annually consumes, on average, as much electricity as a nation the size of Austria or Switzerland.
Read more:How Bitcoin Mining Works
So altering a transaction from, say, three years ago would require several hundreds of millions of dollars. Rollbacks are not theoretically impossible, but when you factor in the cost to mine with Bitcoin mining’s decentralization, they’re highly improbable (and have never happened in Bitcoin’s existence).
Of course, bitcoin can be stolen or seized if you’re not careful.
But if you take the right precautions, you can make your coins practically impervious to seizure, because so long as you keep your private key (or, the password that controls your bitcoin) in your custody and away from the eyes of others,your coins are in your complete control.
Read more:Unconfiscatable? Using Bitcoin to Resist Police Extortion in Nigeria
For increased security, you can set up “multi-signature” wallets that distribute access to your funds across multiple devices. Some wallets even include safety features like dummy passwords you can enter to show a blank account if you are at risk of being extorted, for example.
You can even memorize your private key in the form of a 12-to-24 word seed phrase, destroy the wallet associated with it, and store your bitcoin in your brain. When you want to access them again, you can download just about any Bitcoin wallet (all the good ones support these “seed phrases”), plug your seed phrase in, and you can access the bitcoin in your “brainwallet.”
You can also store your seed phrase on a piece of paper or (more to the taste of hardcore Bitcoiners) on metal sheets to protect them from the elements, or you can encrypt it on a USB drive and store it in an airgapped laptop – a computer that is never connected to the internet.
It’s even possible to send a bitcoin transaction without being connected to the internet via satellites and mesh networks.
Read more:GoTenna Partners With Blockstream Satellite to Make Using Bitcoin Without an Internet Connection Simpler
Bitcoin is both a peer-to-peer payment network and a personal digital bank. Its economy is driven by consumers who purchase bitcoin, miners who process transactions and mint new bitcoin for circulation, node operators who audit the network and broadcast transactions, businesses who build on bitcoin and everyone in between.
This economy is also self-regulated. Every four years, a self-executing mechanism cuts the number of bitcoin that is minted via mining in half. This reward will eventually dwindle until the last bitcoin is mined over one hundred years from now. This “halving cycle” ensures that Bitcoin’s supply will never exceed 21 million and makes its inflation rate predictable.
Satoshi Nakamoto titled the Bitcoin white paper “Bitcoin: A Peer-to-Peer Electronic Cash System.” In the strictest since, Bitcoin *is* digital cash that you can spend as freely as physical cash, but some have taken this branding by Bitcoin’s creator as a signal that bitcoin is primarily meant to be used as a currency.
Bitcoin can be used this way, and new scaling technologies like the Lightning Network are providing infrastructure to process these transactions in faster, cheaper ways.
Read more:What Is Bitcoin’s Lightning Network?
But Bitcoin doesn’t care what you use it for, ultimately. Companies includingSquareandMicroStrategyare using it as a treasury for their company’s savings. At the same time, everything that makes Bitcoin censorship resistant and permissionless makes it an attractive donation source for dissidents protesting abusive governments, or a financial lifeline for citizens living in financially sanctioned (and economically battered) countries.
Yes, Bitcoin’s technology makes it attractive for criminals, but that’s only a small fraction of the network’s real users. (Criminals use cash, too, after all!) And since all bitcoin transactions are public, sometimes it’s easier than not to pin illicit transactions on their transactors. Of course, there are alsoprivacy-preserving technologiestomake your blockchain footprint less traceable.
Bitcoin’s core technology is rooted in principles of user freedom and financial liberty. Branching from this is a plethora of softwares, wallets, protocols and other dodads that developers are working on to make bitcoin more functional and sustainable for the long haul.
The rabbit hole is deep. If you’re ready to dive in and learn more,we’ve got you covered.
• Sure, Bitcoin’s Price Is Cool, but Bitcoin’s Technology Is Hot
• Sure, Bitcoin’s Price Is Cool, but Bitcoin’s Technology Is Hot || Sure, Bitcoin’s Price Is Cool, but Bitcoin’s Technology Is Hot: Bitcoin is back in the news.
Asa wave of institutionalliquiditypours into Bitcoin’s markets, even some of its staunchestcritics are finding it hard to dismissthe 12-year-old asset as its price surges to new all-time highs.
At the very least, these past three years have proven thatBitcoinis certainly not dead. At the most, it gives credence to the investment thesis of its most bullish proponents: that it is one of the most revolutionary technologies of its time.
Related:First Mover: Bitcoin Rally Stalls as 'DeFi Summer' Proves Endless
But what makesbitcoinso unlike any other investment (or cryptocurrency) that blue-chip insurance funds, hedge funds and asset managers are now comfortable with buying it?
Read more:Over $20K? Why Is Bitcoin Worth Anything at All?
Bitcoin is a synthesis ofdecades of cryptographic technology and researchwith numerousprecursorsandfalse startsthat predate it. For all of its predecessors, Bitcoin was the first attempt at digital cash that laid out a (more or less) completely decentralized system.
For those of you who are new, here’s what that means and the technical features that make bitcoin such a standout.
Related:Deribit's New Options Allow Bitcoin Traders to Bet on Rally to $100K
Contrary to common misconception, Bitcoin transactions aren’t kept secret or encrypted – in fact, they’re quite public.
But Bitcoin’ssystem is built on public-key cryptography, a branch of computer science that uses complex math (via a system of digital keys) to encode data and keep it hidden from those who don’t have the right key to decode it.
Read more:What Is Bitcoin?
With Bitcoin, users have a public key (from which they can create public addresses to receive bitcoin) and a private key; as their names suggest, the former is meant to be shared while the latter must be kept secret (if revealed, your bitcoin can be stolen, but more on that later).
The private key is what gives you a claim to the bitcoin you own. Technically speaking, wallets store private keys and not “bitcoin.” Every bitcoin exists on the blockchain – wallets just hold the keys that give users access to them.
You need your private key to approve transactions, and you need someone else’s public address to send a transaction.
If you’re familiar with PGP encryption, you may see how Bitcoin transactions are similar. The same principles that make encrypted communications so secure are baked into Bitcoin’s code, except instead of messages, Bitcoin’s design secures the bitcoin currency.
Factoid:Bitcoin with a capital “B” refers to the Bitcoin technology or protocol. We use bitcoin with a lowercase “b” when we are referring to the digital currency.
Like sending an encrypted message, Bitcoin transactions are peer-to-peer and (because of the mining process, which we’ll cover later) they can’t be obstructed by anyone.
Because bitcoin can be sent as freely as a message, Bitcoin is inclusive.
When Satoshi Nakamoto, Bitcoin’s creator, designed the system, he made it “permissionless,” meaning anyone can use Bitcoin to hold and transfer value. He also designed it to be “censorship resistant,” meaning no one can block you from joining the network and making transactions. Nobody can freeze the funds in your wallet, and no one can stop you from making a transaction with Bitcoin.
Because of the way bitcoin transactions are processed, no central party has control over your payments. Unlike PayPal, Venmo, or any other electronic transfer, bitcoin payments are made directly between the payer and recipient, thanks to the cryptography we touched on above.
The foundation of this system, Bitcoin Core, is an open source software which is an all-in-one wallet and server for the Bitcoin network. Anyone with the proper hardware can download and run Bitcoin’s software; it keeps a copy of the Bitcoin blockchain’s transaction ledger and broadcasts transactions to other servers in the network.
“Running a full node,”as this is called, is the ultimate exercise in Bitcoin control because you can fully audit the Bitcoin ledger yourself and broadcast your own transactions.
Even without running a full node, Bitcoin users can use the network at their will when they use a wallet that lets them control their own private keys, though this means that they are trusting someone else’s network node to broadcast their transactions for them.
The Bitcoin blockchain – the digital ledger which stores a record of all the network’s transactions – is immutable. It cannot be altered by a central party, and nobody can cheat the network to spend coins they don’t own.
Bitcoin transactions are processed into the ledger by a global network of “miners,” individuals and collectiveswho run machines to “mine”(maintain) the Bitcoin blockchain. Miners receive bitcoin as a reward for mining in the form of a “block reward,” a payout that goes to the miner(s) who finds the next block in the blockchain’s sequence and records the latest pending transactions in it.
Read more:How Do Bitcoin Transactions Work?
If you’ve know anything about mining, you probably know that it requires *a lot* of energy because mining competition is fierce. When you take bitcoin’s price into account, this makes sense – they’re not giving these things away for free!
This competition and energy expenditure helps secure the network. Miners are incentivized to process transactions and not interfere with the transaction ledger – otherwise, they risk their payday and, in the case of the big mining firms, tens of millions of dollars in hardware and operational expenses.
If a miner did want to cheat, the only way to alter Bitcoin transactions that have been recorded in the blockchain is to perform more work than roughly half of all other miners in the network – and the older the transaction, the longer you will have to work. To give you an idea of how much energy you’d need to attack Bitcoin, the network annually consumes, on average, as much electricity as a nation the size of Austria or Switzerland.
Read more:How Bitcoin Mining Works
So altering a transaction from, say, three years ago would require several hundreds of millions of dollars. Rollbacks are not theoretically impossible, but when you factor in the cost to mine with Bitcoin mining’s decentralization, they’re highly improbable (and have never happened in Bitcoin’s existence).
Of course, bitcoin can be stolen or seized if you’re not careful.
But if you take the right precautions, you can make your coins practically impervious to seizure, because so long as you keep your private key (or, the password that controls your bitcoin) in your custody and away from the eyes of others,your coins are in your complete control.
Read more:Unconfiscatable? Using Bitcoin to Resist Police Extortion in Nigeria
For increased security, you can set up “multi-signature” wallets that distribute access to your funds across multiple devices. Some wallets even include safety features like dummy passwords you can enter to show a blank account if you are at risk of being extorted, for example.
You can even memorize your private key in the form of a 12-to-24 word seed phrase, destroy the wallet associated with it, and store your bitcoin in your brain. When you want to access them again, you can download just about any Bitcoin wallet (all the good ones support these “seed phrases”), plug your seed phrase in, and you can access the bitcoin in your “brainwallet.”
You can also store your seed phrase on a piece of paper or (more to the taste of hardcore Bitcoiners) on metal sheets to protect them from the elements, or you can encrypt it on a USB drive and store it in an airgapped laptop – a computer that is never connected to the internet.
It’s even possible to send a bitcoin transaction without being connected to the internet via satellites and mesh networks.
Read more:GoTenna Partners With Blockstream Satellite to Make Using Bitcoin Without an Internet Connection Simpler
Bitcoin is both a peer-to-peer payment network and a personal digital bank. Its economy is driven by consumers who purchase bitcoin, miners who process transactions and mint new bitcoin for circulation, node operators who audit the network and broadcast transactions, businesses who build on bitcoin and everyone in between.
This economy is also self-regulated. Every four years, a self-executing mechanism cuts the number of bitcoin that is minted via mining in half. This reward will eventually dwindle until the last bitcoin is mined over one hundred years from now. This “halving cycle” ensures that Bitcoin’s supply will never exceed 21 million and makes its inflation rate predictable.
Satoshi Nakamoto titled the Bitcoin white paper “Bitcoin: A Peer-to-Peer Electronic Cash System.” In the strictest since, Bitcoin *is* digital cash that you can spend as freely as physical cash, but some have taken this branding by Bitcoin’s creator as a signal that bitcoin is primarily meant to be used as a currency.
Bitcoin can be used this way, and new scaling technologies like the Lightning Network are providing infrastructure to process these transactions in faster, cheaper ways.
Read more:What Is Bitcoin’s Lightning Network?
But Bitcoin doesn’t care what you use it for, ultimately. Companies includingSquareandMicroStrategyare using it as a treasury for their company’s savings. At the same time, everything that makes Bitcoin censorship resistant and permissionless makes it an attractive donation source for dissidents protesting abusive governments, or a financial lifeline for citizens living in financially sanctioned (and economically battered) countries.
Yes, Bitcoin’s technology makes it attractive for criminals, but that’s only a small fraction of the network’s real users. (Criminals use cash, too, after all!) And since all bitcoin transactions are public, sometimes it’s easier than not to pin illicit transactions on their transactors. Of course, there are alsoprivacy-preserving technologiestomake your blockchain footprint less traceable.
Bitcoin’s core technology is rooted in principles of user freedom and financial liberty. Branching from this is a plethora of softwares, wallets, protocols and other dodads that developers are working on to make bitcoin more functional and sustainable for the long haul.
The rabbit hole is deep. If you’re ready to dive in and learn more,we’ve got you covered.
• Sure, Bitcoin’s Price Is Cool, but Bitcoin’s Technology Is Hot
• Sure, Bitcoin’s Price Is Cool, but Bitcoin’s Technology Is Hot || Sure, Bitcoins Price Is Cool, but Bitcoins Technology Is Hot: Bitcoin is back in the news. As a wave of institutional liquidity pours into Bitcoins markets , even some of its staunchest critics are finding it hard to dismiss the 12-year-old asset as its price surges to new all-time highs. At the very least, these past three years have proven that Bitcoin is certainly not dead. At the most, it gives credence to the investment thesis of its most bullish proponents: that it is one of the most revolutionary technologies of its time. Related: First Mover: Bitcoin Rally Stalls as 'DeFi Summer' Proves Endless But what makes bitcoin so unlike any other investment (or cryptocurrency) that blue-chip insurance funds, hedge funds and asset managers are now comfortable with buying it? Read more: Over $20K? Why Is Bitcoin Worth Anything at All? Bitcoin is a synthesis of decades of cryptographic technology and research with numerous precursors and false starts that predate it. For all of its predecessors, Bitcoin was the first attempt at digital cash that laid out a (more or less) completely decentralized system. For those of you who are new, heres what that means and the technical features that make bitcoin such a standout. Fact #1: Bitcoin is cryptographic money Related: Deribit's New Options Allow Bitcoin Traders to Bet on Rally to $100K Contrary to common misconception, Bitcoin transactions arent kept secret or encrypted in fact, theyre quite public. But Bitcoins system is built on public-key cryptography , a branch of computer science that uses complex math (via a system of digital keys) to encode data and keep it hidden from those who dont have the right key to decode it. Read more: What Is Bitcoin? With Bitcoin, users have a public key (from which they can create public addresses to receive bitcoin) and a private key; as their names suggest, the former is meant to be shared while the latter must be kept secret (if revealed, your bitcoin can be stolen, but more on that later). Story continues The private key is what gives you a claim to the bitcoin you own. Technically speaking, wallets store private keys and not bitcoin. Every bitcoin exists on the blockchain wallets just hold the keys that give users access to them. You need your private key to approve transactions, and you need someone elses public address to send a transaction. If youre familiar with PGP encryption, you may see how Bitcoin transactions are similar. The same principles that make encrypted communications so secure are baked into Bitcoins code, except instead of messages, Bitcoins design secures the bitcoin currency. Factoid: Bitcoin with a capital B refers to the Bitcoin technology or protocol. We use bitcoin with a lowercase b when we are referring to the digital currency. Like sending an encrypted message, Bitcoin transactions are peer-to-peer and (because of the mining process, which well cover later) they cant be obstructed by anyone. Fact #2: Bitcoin is permissionless and censorship resistant Because bitcoin can be sent as freely as a message, Bitcoin is inclusive. When Satoshi Nakamoto, Bitcoins creator, designed the system, he made it permissionless, meaning anyone can use Bitcoin to hold and transfer value. He also designed it to be censorship resistant, meaning no one can block you from joining the network and making transactions. Nobody can freeze the funds in your wallet, and no one can stop you from making a transaction with Bitcoin. Because of the way bitcoin transactions are processed, no central party has control over your payments. Unlike PayPal, Venmo, or any other electronic transfer, bitcoin payments are made directly between the payer and recipient, thanks to the cryptography we touched on above. The foundation of this system, Bitcoin Core, is an open source software which is an all-in-one wallet and server for the Bitcoin network. Anyone with the proper hardware can download and run Bitcoins software; it keeps a copy of the Bitcoin blockchains transaction ledger and broadcasts transactions to other servers in the network. Running a full node, as this is called, is the ultimate exercise in Bitcoin control because you can fully audit the Bitcoin ledger yourself and broadcast your own transactions. Even without running a full node, Bitcoin users can use the network at their will when they use a wallet that lets them control their own private keys, though this means that they are trusting someone elses network node to broadcast their transactions for them. Fact #3: Bitcoin transactions are forever The Bitcoin blockchain the digital ledger which stores a record of all the networks transactions is immutable. It cannot be altered by a central party, and nobody can cheat the network to spend coins they dont own. Bitcoin transactions are processed into the ledger by a global network of miners, individuals and collectives who run machines to mine (maintain) the Bitcoin blockchain. Miners receive bitcoin as a reward for mining in the form of a block reward, a payout that goes to the miner(s) who finds the next block in the blockchains sequence and records the latest pending transactions in it. Read more: How Do Bitcoin Transactions Work? If youve know anything about mining, you probably know that it requires *a lot* of energy because mining competition is fierce. When you take bitcoins price into account, this makes sense theyre not giving these things away for free! This competition and energy expenditure helps secure the network. Miners are incentivized to process transactions and not interfere with the transaction ledger otherwise, they risk their payday and, in the case of the big mining firms, tens of millions of dollars in hardware and operational expenses. If a miner did want to cheat, the only way to alter Bitcoin transactions that have been recorded in the blockchain is to perform more work than roughly half of all other miners in the network and the older the transaction, the longer you will have to work. To give you an idea of how much energy youd need to attack Bitcoin, the network annually consumes, on average, as much electricity as a nation the size of Austria or Switzerland. Read more: How Bitcoin Mining Works So altering a transaction from, say, three years ago would require several hundreds of millions of dollars. Rollbacks are not theoretically impossible, but when you factor in the cost to mine with Bitcoin minings decentralization, theyre highly improbable (and have never happened in Bitcoins existence). Fact #4: Bitcoin is (practically) unconfiscatible Of course, bitcoin can be stolen or seized if youre not careful. But if you take the right precautions, you can make your coins practically impervious to seizure, because so long as you keep your private key (or, the password that controls your bitcoin) in your custody and away from the eyes of others,your coins are in your complete control. Read more: Unconfiscatable? Using Bitcoin to Resist Police Extortion in Nigeria For increased security, you can set up multi-signature wallets that distribute access to your funds across multiple devices. Some wallets even include safety features like dummy passwords you can enter to show a blank account if you are at risk of being extorted, for example. You can even memorize your private key in the form of a 12-to-24 word seed phrase, destroy the wallet associated with it, and store your bitcoin in your brain. When you want to access them again, you can download just about any Bitcoin wallet (all the good ones support these seed phrases), plug your seed phrase in, and you can access the bitcoin in your brainwallet . You can also store your seed phrase on a piece of paper or (more to the taste of hardcore Bitcoiners) on metal sheets to protect them from the elements, or you can encrypt it on a USB drive and store it in an airgapped laptop a computer that is never connected to the internet. Its even possible to send a bitcoin transaction without being connected to the internet via satellites and mesh networks. Read more: GoTenna Partners With Blockstream Satellite to Make Using Bitcoin Without an Internet Connection Simpler Fact #5: Bitcoin is a decentralized, digital monetary system Bitcoin is both a peer-to-peer payment network and a personal digital bank. Its economy is driven by consumers who purchase bitcoin, miners who process transactions and mint new bitcoin for circulation, node operators who audit the network and broadcast transactions, businesses who build on bitcoin and everyone in between. This economy is also self-regulated. Every four years, a self-executing mechanism cuts the number of bitcoin that is minted via mining in half. This reward will eventually dwindle until the last bitcoin is mined over one hundred years from now. This halving cycle ensures that Bitcoins supply will never exceed 21 million and makes its inflation rate predictable. Satoshi Nakamoto titled the Bitcoin white paper Bitcoin: A Peer-to-Peer Electronic Cash System. In the strictest since, Bitcoin *is* digital cash that you can spend as freely as physical cash, but some have taken this branding by Bitcoins creator as a signal that bitcoin is primarily meant to be used as a currency. Bitcoin can be used this way, and new scaling technologies like the Lightning Network are providing infrastructure to process these transactions in faster, cheaper ways. Read more: What Is Bitcoins Lightning Network? But Bitcoin doesnt care what you use it for, ultimately. Companies including Square and MicroStrategy are using it as a treasury for their companys savings. At the same time, everything that makes Bitcoin censorship resistant and permissionless makes it an attractive donation source for dissidents protesting abusive governments, or a financial lifeline for citizens living in financially sanctioned (and economically battered) countries. Yes, Bitcoins technology makes it attractive for criminals, but thats only a small fraction of the networks real users. (Criminals use cash, too, after all!) And since all bitcoin transactions are public, sometimes its easier than not to pin illicit transactions on their transactors. Of course, there are also privacy-preserving technologies to make your blockchain footprint less traceable . Bitcoins core technology is rooted in principles of user freedom and financial liberty. Branching from this is a plethora of softwares, wallets, protocols and other dodads that developers are working on to make bitcoin more functional and sustainable for the long haul. The rabbit hole is deep. If youre ready to dive in and learn more, weve got you covered. Related Stories Sure, Bitcoins Price Is Cool, but Bitcoins Technology Is Hot Sure, Bitcoins Price Is Cool, but Bitcoins Technology Is Hot || When Will Bitcoin Hit $25,000?: Every week, Benzinga conducts a sentiment survey to find out what traders are most excited about, interested in or thinking about as they manage and build their personal portfolios . We surveyed a group of over 200 investors on when they think Bitcoin will reach $25,000. Bitcoin Prediction 2021 Bitcoin flirted with its 2017 highs of $19,850 a couple of weeks ago before pulling back. The cryptocurrency took out those levels on Wednesday and was trading at around $22,900 at the time of publication. During the pandemic, Bitcoin prices hit lows of $3,600 back in March. Since then, Bitcoin is up over 400%. This gain makes Bitcoin one of the best-performing assets since the market recovery began. Also of note: the 2020 rally has finally made all the buyers during the 2017 bubble profitable on their trades. So what do Benzinga readers think will happen next? About 50.2% of traders and investors believe Bitcoin prices will reach $25,000 by Dec. 25. About 18% said Bitcoin will reach $25,000 in February 2021, while 17.8% believe the $25,000 mark will be reached sometime in January 2021. Only 13.6% of traders think Bitcoin will never reach the $25,000 price point. This survey was conducted by Benzinga in December 2020 and included the responses of a diverse population of adults 18 or older. Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from over 200 adults. See more from Benzinga Click here for options trades from Benzinga Will Alibaba Or Jumia Stock Grow More By 2022? Thinking About Buying Stock In Roku, XpresSpa, Rite Aid Or Triterras? © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || When Will Bitcoin Hit $25,000?: Every week, Benzinga conducts a sentiment survey to find out what traders are most excited about, interested in or thinking about as they manage and build their personalportfolios.
We surveyed a group of over 200 investors on when they think Bitcoin will reach $25,000.
Bitcoin Prediction 2021
Bitcoinflirted with its 2017 highs of $19,850 a couple of weeks ago before pulling back. The cryptocurrencytook out those levels on Wednesdayand was trading at around $22,900 at the time of publication.
During the pandemic, Bitcoin prices hit lows of $3,600 back in March. Since then, Bitcoin is up over 400%. This gain makes Bitcoin one of the best-performing assets since the market recovery began.
Also of note: the 2020 rally has finally made all the buyers during the 2017 bubble profitable on their trades. So what do Benzinga readers think will happen next?
About 50.2% of traders and investors believe Bitcoin prices will reach $25,000 by Dec. 25.
About 18% said Bitcoin will reach $25,000 in February 2021, while 17.8% believe the $25,000 mark will be reached sometime in January 2021.
Only 13.6% of traders think Bitcoin will never reach the $25,000 price point.
This survey was conducted by Benzinga in December 2020 and included the responses of a diverse population of adults 18 or older.
Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from over 200 adults.
See more from Benzinga
• Click here for options trades from Benzinga
• Will Alibaba Or Jumia Stock Grow More By 2022?
• Thinking About Buying Stock In Roku, XpresSpa, Rite Aid Or Triterras?
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || When Will Bitcoin Hit $25,000?: Every week, Benzinga conducts a sentiment survey to find out what traders are most excited about, interested in or thinking about as they manage and build their personalportfolios.
We surveyed a group of over 200 investors on when they think Bitcoin will reach $25,000.
Bitcoin Prediction 2021
Bitcoinflirted with its 2017 highs of $19,850 a couple of weeks ago before pulling back. The cryptocurrencytook out those levels on Wednesdayand was trading at around $22,900 at the time of publication.
During the pandemic, Bitcoin prices hit lows of $3,600 back in March. Since then, Bitcoin is up over 400%. This gain makes Bitcoin one of the best-performing assets since the market recovery began.
Also of note: the 2020 rally has finally made all the buyers during the 2017 bubble profitable on their trades. So what do Benzinga readers think will happen next?
About 50.2% of traders and investors believe Bitcoin prices will reach $25,000 by Dec. 25.
About 18% said Bitcoin will reach $25,000 in February 2021, while 17.8% believe the $25,000 mark will be reached sometime in January 2021.
Only 13.6% of traders think Bitcoin will never reach the $25,000 price point.
This survey was conducted by Benzinga in December 2020 and included the responses of a diverse population of adults 18 or older.
Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from over 200 adults.
See more from Benzinga
• Click here for options trades from Benzinga
• Will Alibaba Or Jumia Stock Grow More By 2022?
• Thinking About Buying Stock In Roku, XpresSpa, Rite Aid Or Triterras?
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Diginex Stock Pops On Bitcoin Strength: Former SPAC Is First Publicly Traded Blockchain: The market is increasing the valuation of stocks associated withbitcoinand cryptocurrency. One former SPAC is seeing new highs Thursday on this strength.
About Diginex:Former SPACDiginex Ltd(NASDAQ:EQOS) is a digital asset financial services and advisory company. The company offers a cryptocurrency exchange and OTC trading operations with its Equos.io and Diginex platforms.
Diginexwent publicwith the SPAC 8i Enterprises, formerly "JFK" on the Nasdaq. The deal made Diginex the first full digital asset ecosystem comprising a cryptocurrency exchange to be listed on the Nasdaq.
The SPAC deal valued the company at $276 million.
At the time, Diginexhadthree main services with advisory, markets and asset management.
“Equos is differentiated from many other exchanges in that it focuses on solving many of the infrastructure and product issues that current traders are dealing with on incumbent platforms,” the company said.
Related Link:8 Stocks To Play Bitcoin’s Resurgence
Diginex's Growth Trajectory:Diginexsaidrecently it anticipates launching its first derivative product, a bitcoin perpetual futures contract, this month. The new offering is a futures contract with no expiry. An Ethereum perpetual future offering is also expected soon.
Diginex expects the new products to bring “meaningful volume growth” to the exchange.
“As we roll out a much-improved version of the perpetual futures product, this is just the beginning of our roadmap around the derivative product set,” the companysaid.
The company’s recent strategic roadmap includes making digital assets more accessible for institutions and individuals.
Growth could also come from expansion in the U.S.
“While we are currently targeting the sizable market opportunities in Asia and Europe, our long-term goal is to make our innovative products available to U.S. investors as well.”
Diginex said its unique level of transparency and government regulation as an SEC-approved public company could make it attractive going forward.
EQOS Price Action:Shares of Diginex hit a new 52-week high of $13.75 Thursday. The stock closed the session 9.57% higher at $10.65.
See more from Benzinga
• Click here for options trades from Benzinga
• Coinbase Files For IPO With Bitcoin At All-Time Highs
• Exclusive: New SPAC ETF Creator On SPACs, Management Teams, Top Holdings
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Diginex Stock Pops On Bitcoin Strength: Former SPAC Is First Publicly Traded Blockchain: The market is increasing the valuation of stocks associated with bitcoin and cryptocurrency. One former SPAC is seeing new highs Thursday on this strength. About Diginex: Former SPAC Diginex Ltd (NASDAQ: EQOS ) is a digital asset financial services and advisory company. The company offers a cryptocurrency exchange and OTC trading operations with its Equos.io and Diginex platforms. Diginex went public with the SPAC 8i Enterprises, formerly "JFK" on the Nasdaq. The deal made Diginex the first full digital asset ecosystem comprising a cryptocurrency exchange to be listed on the Nasdaq. The SPAC deal valued the company at $276 million. At the time, Diginex had three main services with advisory, markets and asset management. Equos is differentiated from many other exchanges in that it focuses on solving many of the infrastructure and product issues that current traders are dealing with on incumbent platforms, the company said. Related Link: 8 Stocks To Play Bitcoins Resurgence Diginex's Growth Trajectory: Diginex said recently it anticipates launching its first derivative product, a bitcoin perpetual futures contract, this month. The new offering is a futures contract with no expiry. An Ethereum perpetual future offering is also expected soon. Diginex expects the new products to bring meaningful volume growth to the exchange. As we roll out a much-improved version of the perpetual futures product, this is just the beginning of our roadmap around the derivative product set, the company said . The companys recent strategic roadmap includes making digital assets more accessible for institutions and individuals. Growth could also come from expansion in the U.S. While we are currently targeting the sizable market opportunities in Asia and Europe, our long-term goal is to make our innovative products available to U.S. investors as well. Diginex said its unique level of transparency and government regulation as an SEC-approved public company could make it attractive going forward. Story continues EQOS Price Action: Shares of Diginex hit a new 52-week high of $13.75 Thursday. The stock closed the session 9.57% higher at $10.65. See more from Benzinga Click here for options trades from Benzinga Coinbase Files For IPO With Bitcoin At All-Time Highs Exclusive: New SPAC ETF Creator On SPACs, Management Teams, Top Holdings © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Diginex Stock Pops On Bitcoin Strength: Former SPAC Is First Publicly Traded Blockchain: The market is increasing the valuation of stocks associated withbitcoinand cryptocurrency. One former SPAC is seeing new highs Thursday on this strength.
About Diginex:Former SPACDiginex Ltd(NASDAQ:EQOS) is a digital asset financial services and advisory company. The company offers a cryptocurrency exchange and OTC trading operations with its Equos.io and Diginex platforms.
Diginexwent publicwith the SPAC 8i Enterprises, formerly "JFK" on the Nasdaq. The deal made Diginex the first full digital asset ecosystem comprising a cryptocurrency exchange to be listed on the Nasdaq.
The SPAC deal valued the company at $276 million.
At the time, Diginexhadthree main services with advisory, markets and asset management.
“Equos is differentiated from many other exchanges in that it focuses on solving many of the infrastructure and product issues that current traders are dealing with on incumbent platforms,” the company said.
Related Link:8 Stocks To Play Bitcoin’s Resurgence
Diginex's Growth Trajectory:Diginexsaidrecently it anticipates launching its first derivative product, a bitcoin perpetual futures contract, this month. The new offering is a futures contract with no expiry. An Ethereum perpetual future offering is also expected soon.
Diginex expects the new products to bring “meaningful volume growth” to the exchange.
“As we roll out a much-improved version of the perpetual futures product, this is just the beginning of our roadmap around the derivative product set,” the companysaid.
The company’s recent strategic roadmap includes making digital assets more accessible for institutions and individuals.
Growth could also come from expansion in the U.S.
“While we are currently targeting the sizable market opportunities in Asia and Europe, our long-term goal is to make our innovative products available to U.S. investors as well.”
Diginex said its unique level of transparency and government regulation as an SEC-approved public company could make it attractive going forward.
EQOS Price Action:Shares of Diginex hit a new 52-week high of $13.75 Thursday. The stock closed the session 9.57% higher at $10.65.
See more from Benzinga
• Click here for options trades from Benzinga
• Coinbase Files For IPO With Bitcoin At All-Time Highs
• Exclusive: New SPAC ETF Creator On SPACs, Management Teams, Top Holdings
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Stock Market Today: With Eyes Only for Stimulus, Investors Keep Buying: Stocks continued their broad but modest gains Thursday as the promise of COVID stimulus aid helped overshadow troubling economic signals. Senate Majority Leader Mitch McConnell said it was "highly likely" that both stimulus and funding negotiations would continue through the weekend – a nearly $1 trillion deal appears imminent. And it's none too soon: Jobless claims climbed to 885,000 last week, up from 862,000 previously and the highest such figure since early September. SEE MORE The 21 Best ETFs to Buy for a Prosperous 2021 Barclays' Michael Gapen and Chun Yao also highlighted deterioration in small business data provided by local-commerce platform Womply: "We view the decline in the number of small businesses open and drop in net revenue in November as consistent with other high-frequency data that suggest momentum in U.S. economic activity is slowing into year-end." The Dow Jones Industrial Average gained 0.5% to a record 30,303, led by Johnson & Johnson ( JNJ , +2.6%) and Nike ( NKE , +1.6%); the latter reports quarterly earnings Friday morning. Other action in the stock market today: The S&P 500 climbed 0.6% to a new high of 3,722. The Nasdaq Composite also closed at record highs, finishing up 0.8% to 12,764. The small-cap Russell 2000 jumped 1.3% to a fresh high of 1,978. Gold futures closed at $1,890.40 per ounce, a 1.7% improvement. U.S. crude oil futures improved by 0.9% to $48.33 per barrel. stock chart for 121720 The Case for Value Value stocks might have hiccupped a bit of late, but they're still enjoying a solid quarter. The Russell 1000 Value Index has outperformed the Russell 1000 Growth Index by roughly five percentage points since Oct. 1. SEE MORE 7 Top Bitcoin, Cryptocurrency and Blockchain Stocks While value has served up several head fakes over the past decade-plus, "We believe it's the very beginning of a change in the environment," says Eli Salzmann, portfolio manager of Neuberger Berman Large Cap Value Fund ( NPRTX ). "With both monetary and fiscal stimulus being pumped into the system and a post-pandemic environment on the horizon, we think the economic clock is resetting back to early cycle, and that tends to favor value over growth." Story continues If so, that's great news for broader value stocks and value funds alike. But Salzmann adds that "we also believe that inflation and interest rates will be higher in the medium term versus where they are today, and that has tended to benefit value sectors such as Financials, Industrials and Materials." Industrial stocks had a particularly forgettable spring, and, even after a vigorous comeback in recent months, it greatly trails the broader market with 9% returns in 2020. But not to worry – a number of strategists agree with Salzmann that the sector will have its day in 2021. These five industrial stocks might fly under the radar of many investors, but their outlooks are bright as the new year nears. SEE MORE The 21 Best Stocks to Buy for 2021 || Stock Market Today: With Eyes Only for Stimulus, Investors Keep Buying: Stocks continued their broad but modest gains Thursday as the promise of COVID stimulus aid helped overshadow troubling economic signals. Senate Majority Leader Mitch McConnell said it was "highly likely" that both stimulus and funding negotiations would continue through the weekend – a nearly $1 trillion deal appears imminent. And it's none too soon: Jobless claims climbed to 885,000 last week, up from 862,000 previously and the highest such figure since early September. SEE MORE The 21 Best ETFs to Buy for a Prosperous 2021 Barclays' Michael Gapen and Chun Yao also highlighted deterioration in small business data provided by local-commerce platform Womply: "We view the decline in the number of small businesses open and drop in net revenue in November as consistent with other high-frequency data that suggest momentum in U.S. economic activity is slowing into year-end." The Dow Jones Industrial Average gained 0.5% to a record 30,303, led by Johnson & Johnson ( JNJ , +2.6%) and Nike ( NKE , +1.6%); the latter reports quarterly earnings Friday morning. Other action in the stock market today: The S&P 500 climbed 0.6% to a new high of 3,722. The Nasdaq Composite also closed at record highs, finishing up 0.8% to 12,764. The small-cap Russell 2000 jumped 1.3% to a fresh high of 1,978. Gold futures closed at $1,890.40 per ounce, a 1.7% improvement. U.S. crude oil futures improved by 0.9% to $48.33 per barrel. stock chart for 121720 The Case for Value Value stocks might have hiccupped a bit of late, but they're still enjoying a solid quarter. The Russell 1000 Value Index has outperformed the Russell 1000 Growth Index by roughly five percentage points since Oct. 1. SEE MORE 7 Top Bitcoin, Cryptocurrency and Blockchain Stocks While value has served up several head fakes over the past decade-plus, "We believe it's the very beginning of a change in the environment," says Eli Salzmann, portfolio manager of Neuberger Berman Large Cap Value Fund ( NPRTX ). "With both monetary and fiscal stimulus being pumped into the system and a post-pandemic environment on the horizon, we think the economic clock is resetting back to early cycle, and that tends to favor value over growth." Story continues If so, that's great news for broader value stocks and value funds alike. But Salzmann adds that "we also believe that inflation and interest rates will be higher in the medium term versus where they are today, and that has tended to benefit value sectors such as Financials, Industrials and Materials." Industrial stocks had a particularly forgettable spring, and, even after a vigorous comeback in recent months, it greatly trails the broader market with 9% returns in 2020. But not to worry – a number of strategists agree with Salzmann that the sector will have its day in 2021. These five industrial stocks might fly under the radar of many investors, but their outlooks are bright as the new year nears. SEE MORE The 21 Best Stocks to Buy for 2021 || GLOBAL MARKETS-Stocks surge on stimulus hopes; dollar depressed: (Adds U.S. close, updated prices throughout) * U.S. indices close at record highs * MSCI all-country world index strikes all-time high * Oil touches 9-month high * Dollar hits two-year low * Brexit hopes boosts sterling By Matt Scuffham NEW YORK, Dec 17 (Reuters) - Global stocks hit record highs on Thursday, fueled by growing optimism that deals will be reached over a fresh U.S. stimulus package and a post-Brexit trade deal between the United Kingdom and the European Union. From stocks to safe-haven gold and volatile bitcoin, financial assets were in festive mood. Bitcoin hit another all-time high after first shattering the $20,000 level on Wednesday. Oil also climbed, touching a nine-month high, with strong Asian demand adding to positive sentiment. The U.S. dollar was the day's standout loser, as the general risk-on mood sent the safe haven currency to 2-1/2-year lows against major peers. U.S. congressional negotiators were "closing in on" a $900 billion COVID-19 aid bill expected to include $600-$700 stimulus checks to individuals, lawmakers said on Wednesday. Progress on a stimulus package overshadowed continued concerns over the economic impact of the pandemic, highlighted by U.S. weekly jobless claims hitting a three-month high on Thursday and weak U.S. retail sales data on Wednesday. All the major U.S. indices closed at record highs. The Dow Jones Industrial Average rose 0.49% to end at 30,301.79 points, while the S&P 500 .SPX gained 0.57% to 3,722.43. The Nasdaq Composite climbed 0.84% to 12,764. "Wall Street is completely focused on stimulus talks and ignored deteriorating U.S. economic data," said Edward Moya, senior market analyst at OANDA in New York. The dollar index, which tracks the greenback versus a basket of six currencies, fell 0.599 points or 0.66%, to 89.851. "The dollar is reflecting the amount of debt that the U.S. is assuming and that's probably going to increase as we continue to battle the pandemic," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. Story continues U.S. Federal Reserve Chairman Jerome Powell vowed on Wednesday to keep pouring cash into markets until the U.S. economic recovery is secure. Bond traders, however, were disappointed he did not extend the Fed's purchase program deeper down the yield curve, and U.S. Treasuries sold off at longer tenors, but others took it as a signal the bank will have their back. The MSCI world stock index reached a new high, rising 4.74 points or 0.74%, to 641.84. European stocks and the euro rallied for the fourth straight session as investors built up positions in riskier assets, anticipating a sharp economic recovery in 2021 backed by wider vaccine rollouts and ultra-easy monetary policy. Europe's broad FTSEurofirst 300 index added 0.23%, at 1,533. The British pound hit May 2018 highs on hopes of a post-Brexit trade deal. Sterling maintained gains despite senior British minister Michael Gove putting the chances of securing a trade deal with the EU at less than 50%. The euro was last up 0.54% at $1.2263. Brent crude futures settled up 42 cents at $51.50 a barrel, and touched a session high of $51.90. U.S. West Texas Intermediate (WTI) crude futures rose by 54 cents to $48.36 a barrel, with a session high of $48.59. Both benchmarks hit their highest since early March. Gold prices rose to a one-month peak. Spot gold prices rose $20.1179 or 1.08 percent, to $1,884.26 an ounce. U.S. gold futures settled up 1.7% at $1,890.40. Better-than-expected labor data in Australia pushed the Aussie as high as $0.7624, its strongest since mid-2018. The Aussie is also riding high on surging prices for iron ore and a mood that has pushed currencies in Malaysia, Singapore, Thailand, Taiwan, Sweden and Norway to milestone peaks. The kiwi rose to its strongest since early 2018 after New Zealand's economic growth beat expectations. MSCI's broadest index of Asia-Pacific shares outside Japan rose 4.29 points or 0.66 percent,%. The yen was last down 0.36 percent, at $103.1100. (Reporting by Matt Scuffham, Editing by Nick Zieminski) || GLOBAL MARKETS-Stocks surge on stimulus hopes; dollar depressed: (Adds U.S. close, updated prices throughout)
* U.S. indices close at record highs
* MSCI all-country world index strikes all-time high
* Oil touches 9-month high
* Dollar hits two-year low
* Brexit hopes boosts sterling
By Matt Scuffham
NEW YORK, Dec 17 (Reuters) - Global stocks hit record highs on Thursday, fueled by growing optimism that deals will be reached over a fresh U.S. stimulus package and a post-Brexit trade deal between the United Kingdom and the European Union.
From stocks to safe-haven gold and volatile bitcoin, financial assets were in festive mood. Bitcoin hit another all-time high after first shattering the $20,000 level on Wednesday.
Oil also climbed, touching a nine-month high, with strong Asian demand adding to positive sentiment.
The U.S. dollar was the day's standout loser, as the general risk-on mood sent the safe haven currency to 2-1/2-year lows against major peers.
U.S. congressional negotiators were "closing in on" a $900 billion COVID-19 aid bill expected to include $600-$700 stimulus checks to individuals, lawmakers said on Wednesday.
Progress on a stimulus package overshadowed continued concerns over the economic impact of the pandemic, highlighted by U.S. weekly jobless claims hitting a three-month high on Thursday and weak U.S. retail sales data on Wednesday.
All the major U.S. indices closed at record highs.
The Dow Jones Industrial Average rose 0.49% to end at 30,301.79 points, while the S&P 500 .SPX gained 0.57% to 3,722.43. The Nasdaq Composite climbed 0.84% to 12,764.
"Wall Street is completely focused on stimulus talks and ignored deteriorating U.S. economic data," said Edward Moya, senior market analyst at OANDA in New York.
The dollar index, which tracks the greenback versus a basket of six currencies, fell 0.599 points or 0.66%, to 89.851.
"The dollar is reflecting the amount of debt that the U.S. is assuming and that's probably going to increase as we continue to battle the pandemic," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.
U.S. Federal Reserve Chairman Jerome Powell vowed on Wednesday to keep pouring cash into markets until the U.S. economic recovery is secure.
Bond traders, however, were disappointed he did not extend the Fed's purchase program deeper down the yield curve, and U.S. Treasuries sold off at longer tenors, but others took it as a signal the bank will have their back.
The MSCI world stock index reached a new high, rising 4.74 points or 0.74%, to 641.84.
European stocks and the euro rallied for the fourth straight session as investors built up positions in riskier assets, anticipating a sharp economic recovery in 2021 backed by wider vaccine rollouts and ultra-easy monetary policy.
Europe's broad FTSEurofirst 300 index added 0.23%, at 1,533.
The British pound hit May 2018 highs on hopes of a post-Brexit trade deal. Sterling maintained gains despite senior British minister Michael Gove putting the chances of securing a trade deal with the EU at less than 50%.
The euro was last up 0.54% at $1.2263.
Brent crude futures settled up 42 cents at $51.50 a barrel, and touched a session high of $51.90. U.S. West Texas Intermediate (WTI) crude futures rose by 54 cents to $48.36 a barrel, with a session high of $48.59.
Both benchmarks hit their highest since early March.
Gold prices rose to a one-month peak.
Spot gold prices rose $20.1179 or 1.08 percent, to $1,884.26 an ounce. U.S. gold futures settled up 1.7% at $1,890.40.
Better-than-expected labor data in Australia pushed the Aussie as high as $0.7624, its strongest since mid-2018.
The Aussie is also riding high on surging prices for iron ore and a mood that has pushed currencies in Malaysia, Singapore, Thailand, Taiwan, Sweden and Norway to milestone peaks.
The kiwi rose to its strongest since early 2018 after New Zealand's economic growth beat expectations.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 4.29 points or 0.66 percent,%.
The yen was last down 0.36 percent, at $103.1100.
(Reporting by Matt Scuffham, Editing by Nick Zieminski) || Market Wrap: Bitcoin Pushes Past $23.7K While Crypto Locked in DeFi at All-Time High: Bitcoin hits a new high at $23,770 on higher-than normal volume; DeFi’s total value locked has also hit a record on the strength of ether.
• Bitcoin(BTC) trading around $22,818 as of 21:00 UTC (4 p.m. ET). Gaining 9% over the previous 24 hours.
• Bitcoin’s 24-hour range: $20,756-$23,770 (CoinDesk 20)
• BTC below its 10-hour moving average but well above the 50-hour on the hourly chart, a bullish-to-sideways signal for market technicians.
The price of bitcoin continued its rise to all-time highs, going up to $23,770 as of press time in a highly bullish run that had lots of volume-fueled momentum.
Read More:Bitcoin Drops Nearly 7% After Setting New Record High of $23,770
Related:First Mover: Bitcoin Rally Stalls as 'DeFi Summer' Proves Endless
The $23,800 level may be a spot of exhaustion for the world’s oldest cryptocurrency, according to Constantin Kogan, partner at financial firm Wave Financial. “There’s some strong selling resistance at $23,800. Let’s see if bitcoin can break it,” Kogan told CoinDesk.
Volumes on Thursday were higher than on Wednesday, with the eight major exchanges tracked by the CoinDesk 20 seeing over $3.5 billion in volume so far as of press time versus $2.9 billion the day previous.
“Breaking the $20,000 psychological barrier was a strong bullish signal allowing bitcoin to set a new record high,” said Elie Le Rest, partner at crypto quant trading firm ExoAlpha. However, Le Rest cautioned about crypto’s classic gyrations possibly affecting the market. “Volatility is very high and small pullbacks have been witnessed along the way.”
Indeed, bitcoin’s 30-day volatility has been picking up and will be something to watch over the balance of December.
Related:Deribit's New Options Allow Bitcoin Traders to Bet on Rally to $100K
“Traders should be careful and on the lookout for stronger pullbacks, especially with year-end approaching and traders looking to close their 2020 profit-and-loss,” added LeRest.
Chris Thomas, head of digital assets Swissquote Bank concurred, saying the most recent move feels too strong for his taste. “I’m just waiting for a few big sellers to come back to the market and take profits,” Thomas said. “Let’s look ahead to the next few weeks. Institutional volumes will drop significantly through Christmas so the market will be driven by retail until early January.”
“This should cause us to keep the high volatility, but we’ve got to also be aware there may be a chance of testing $20,000 to the downside,” added Thomas.
Read More:Coinbase Files With SEC in Preparation for Landmark Public Offering
Henrik Kugelberg, a crypto over-the-counter trader, noted “fear of missing out” or FOMO as a factor playing into the market’s fervor. “There is of course an element of FOMO in this but the fundamentals are stable as pyramids,” Kugelberg said. “I have said $30,000 before summer but by the looks of this, that might be a very low bid.”
The second-largest cryptocurrency by market capitalization,ether(ETH) was up Thursday trading around $640 and climbing 2.7% in 24 hours as of 21:00 UTC (4:00 p.m. ET).
The amount of crypto “locked” in decentralized finance, or DeFi, is at $16 billion as of press time, increasing over 2,200% from the $690 million locked at the start of 2020.
Meanwhile, the amount of ether locked in DeFi is going up, over 7.1 million ETH total.
Yet the amount of bitcoin locked in DeFi has actually fallen during the market’s price run, down to 142,652 BTC.
Nicholas Pelecanos, head of trading for blockchain ecosystem provider NEM, told CoinDesk many investors continue to overlook the Ethereum network and its alternative assets, also known as altcoins.
“While bitcoin has largely dominated the narrative, I believe investors should look to altcoins that have tremendous amounts of development in both the core technology and usership, yet are still a fair way off their all-time highs,” said Pelecanos. “I am expecting to see the price of these altcoins, such as ETH and XEM, rally hard when the BTC price inevitably slows down.”
Digital assets on theCoinDesk 20are mostly green Thursday. Notable winners as of 21:00 UTC (4:00 p.m. ET):
• xrp(XRP) + 14%
• litecoin(LTC) + 13%
• stellar(XLM) + 5.5%
In addition, prices for COMP, the governance token for the Ethereum-based lending protocol Compound, jumped on the news that Compound Labs will build a new blockchain to provide money market services across multiple networks.
As CoinDesk reported, the new blockchaincould be significantbecause those new supported assets won’t be limited to blockchains – it is designed to also support the forthcoming and rumored central bank digital currencies. Like Compound v1, the new blockchain will also be governed by the COMP token. Once it goes live, it will add more value to COMP holders. At the time of writing, prices for COMP were traded at $167.14, up 9.43% in the past 24 hours, according toMessari.
Notable losers:
• orchid(OXT) – 2%
• algorand(ALGO) – 1.8%
• omg network(OMG) – 1%
Equities:
• Asia’s Nikkei 225 ended the day climbing 0.18%,led higher by gains in Fujitsu Ltd., Mitsubishi Materials Corp. and Softbank Group Corp, all up 4% or more Thursday.
• The FTSE 100 in Europe closed down 0.30%after the Bank of England announced it would keep interest rates at 0.10%.
• The S&P 500 in the United States gained 0.60% asoptimism towards more government stimulus before the end of 2020 boosted the index.
Read More:Robinhood Pays SEC $65M to Settle Allegations It Misled Customers
Commodities:
• Oil was up 1.1%. Price per barrel of West Texas Intermediate crude: $48.40.
• Gold was in the green 1.1% and at $1,884 as of press time.
Treasurys:
• The 10-year U.S. Treasury bond yield climbed Thursday jumping to 0.933 and in the green 1.2%.
• Market Wrap: Bitcoin Pushes Past $23.7K While Crypto Locked in DeFi at All-Time High
• Market Wrap: Bitcoin Pushes Past $23.7K While Crypto Locked in DeFi at All-Time High || Market Wrap: Bitcoin Pushes Past $23.7K While Crypto Locked in DeFi at All-Time High: Bitcoin hits a new high at $23,770 on higher-than normal volume; DeFi’s total value locked has also hit a record on the strength of ether.
• Bitcoin(BTC) trading around $22,818 as of 21:00 UTC (4 p.m. ET). Gaining 9% over the previous 24 hours.
• Bitcoin’s 24-hour range: $20,756-$23,770 (CoinDesk 20)
• BTC below its 10-hour moving average but well above the 50-hour on the hourly chart, a bullish-to-sideways signal for market technicians.
The price of bitcoin continued its rise to all-time highs, going up to $23,770 as of press time in a highly bullish run that had lots of volume-fueled momentum.
Read More:Bitcoin Drops Nearly 7% After Setting New Record High of $23,770
Related:First Mover: Bitcoin Rally Stalls as 'DeFi Summer' Proves Endless
The $23,800 level may be a spot of exhaustion for the world’s oldest cryptocurrency, according to Constantin Kogan, partner at financial firm Wave Financial. “There’s some strong selling resistance at $23,800. Let’s see if bitcoin can break it,” Kogan told CoinDesk.
Volumes on Thursday were higher than on Wednesday, with the eight major exchanges tracked by the CoinDesk 20 seeing over $3.5 billion in volume so far as of press time versus $2.9 billion the day previous.
“Breaking the $20,000 psychological barrier was a strong bullish signal allowing bitcoin to set a new record high,” said Elie Le Rest, partner at crypto quant trading firm ExoAlpha. However, Le Rest cautioned about crypto’s classic gyrations possibly affecting the market. “Volatility is very high and small pullbacks have been witnessed along the way.”
Indeed, bitcoin’s 30-day volatility has been picking up and will be something to watch over the balance of December.
Related:Deribit's New Options Allow Bitcoin Traders to Bet on Rally to $100K
“Traders should be careful and on the lookout for stronger pullbacks, especially with year-end approaching and traders looking to close their 2020 profit-and-loss,” added LeRest.
Chris Thomas, head of digital assets Swissquote Bank concurred, saying the most recent move feels too strong for his taste. “I’m just waiting for a few big sellers to come back to the market and take profits,” Thomas said. “Let’s look ahead to the next few weeks. Institutional volumes will drop significantly through Christmas so the market will be driven by retail until early January.”
“This should cause us to keep the high volatility, but we’ve got to also be aware there may be a chance of testing $20,000 to the downside,” added Thomas.
Read More:Coinbase Files With SEC in Preparation for Landmark Public Offering
Henrik Kugelberg, a crypto over-the-counter trader, noted “fear of missing out” or FOMO as a factor playing into the market’s fervor. “There is of course an element of FOMO in this but the fundamentals are stable as pyramids,” Kugelberg said. “I have said $30,000 before summer but by the looks of this, that might be a very low bid.”
The second-largest cryptocurrency by market capitalization,ether(ETH) was up Thursday trading around $640 and climbing 2.7% in 24 hours as of 21:00 UTC (4:00 p.m. ET).
The amount of crypto “locked” in decentralized finance, or DeFi, is at $16 billion as of press time, increasing over 2,200% from the $690 million locked at the start of 2020.
Meanwhile, the amount of ether locked in DeFi is going up, over 7.1 million ETH total.
Yet the amount of bitcoin locked in DeFi has actually fallen during the market’s price run, down to 142,652 BTC.
Nicholas Pelecanos, head of trading for blockchain ecosystem provider NEM, told CoinDesk many investors continue to overlook the Ethereum network and its alternative assets, also known as altcoins.
“While bitcoin has largely dominated the narrative, I believe investors should look to altcoins that have tremendous amounts of development in both the core technology and usership, yet are still a fair way off their all-time highs,” said Pelecanos. “I am expecting to see the price of these altcoins, such as ETH and XEM, rally hard when the BTC price inevitably slows down.”
Digital assets on theCoinDesk 20are mostly green Thursday. Notable winners as of 21:00 UTC (4:00 p.m. ET):
• xrp(XRP) + 14%
• litecoin(LTC) + 13%
• stellar(XLM) + 5.5%
In addition, prices for COMP, the governance token for the Ethereum-based lending protocol Compound, jumped on the news that Compound Labs will build a new blockchain to provide money market services across multiple networks.
As CoinDesk reported, the new blockchaincould be significantbecause those new supported assets won’t be limited to blockchains – it is designed to also support the forthcoming and rumored central bank digital currencies. Like Compound v1, the new blockchain will also be governed by the COMP token. Once it goes live, it will add more value to COMP holders. At the time of writing, prices for COMP were traded at $167.14, up 9.43% in the past 24 hours, according toMessari.
Notable losers:
• orchid(OXT) – 2%
• algorand(ALGO) – 1.8%
• omg network(OMG) – 1%
Equities:
• Asia’s Nikkei 225 ended the day climbing 0.18%,led higher by gains in Fujitsu Ltd., Mitsubishi Materials Corp. and Softbank Group Corp, all up 4% or more Thursday.
• The FTSE 100 in Europe closed down 0.30%after the Bank of England announced it would keep interest rates at 0.10%.
• The S&P 500 in the United States gained 0.60% asoptimism towards more government stimulus before the end of 2020 boosted the index.
Read More:Robinhood Pays SEC $65M to Settle Allegations It Misled Customers
Commodities:
• Oil was up 1.1%. Price per barrel of West Texas Intermediate crude: $48.40.
• Gold was in the green 1.1% and at $1,884 as of press time.
Treasurys:
• The 10-year U.S. Treasury bond yield climbed Thursday jumping to 0.933 and in the green 1.2%.
• Market Wrap: Bitcoin Pushes Past $23.7K While Crypto Locked in DeFi at All-Time High
• Market Wrap: Bitcoin Pushes Past $23.7K While Crypto Locked in DeFi at All-Time High || Market Wrap: Bitcoin Pushes Past $23.7K While Crypto Locked in DeFi at All-Time High: Bitcoin hits a new high at $23,770 on higher-than normal volume; DeFi’s total value locked has also hit a record on the strength of ether. Bitcoin (BTC) trading around $22,818 as of 21:00 UTC (4 p.m. ET). Gaining 9% over the previous 24 hours. Bitcoin’s 24-hour range: $20,756-$23,770 (CoinDesk 20) BTC below its 10-hour moving average but well above the 50-hour on the hourly chart, a bullish-to-sideways signal for market technicians. The price of bitcoin continued its rise to all-time highs, going up to $23,770 as of press time in a highly bullish run that had lots of volume-fueled momentum. Read More: Bitcoin Drops Nearly 7% After Setting New Record High of $23,770 Related: First Mover: Bitcoin Rally Stalls as 'DeFi Summer' Proves Endless The $23,800 level may be a spot of exhaustion for the world’s oldest cryptocurrency, according to Constantin Kogan, partner at financial firm Wave Financial. “There’s some strong selling resistance at $23,800. Let’s see if bitcoin can break it,” Kogan told CoinDesk. Volumes on Thursday were higher than on Wednesday, with the eight major exchanges tracked by the CoinDesk 20 seeing over $3.5 billion in volume so far as of press time versus $2.9 billion the day previous. “Breaking the $20,000 psychological barrier was a strong bullish signal allowing bitcoin to set a new record high,” said Elie Le Rest, partner at crypto quant trading firm ExoAlpha. However, Le Rest cautioned about crypto’s classic gyrations possibly affecting the market. “Volatility is very high and small pullbacks have been witnessed along the way.” Indeed, bitcoin’s 30-day volatility has been picking up and will be something to watch over the balance of December. Related: Deribit's New Options Allow Bitcoin Traders to Bet on Rally to $100K “Traders should be careful and on the lookout for stronger pullbacks, especially with year-end approaching and traders looking to close their 2020 profit-and-loss,” added LeRest. Story continues Chris Thomas, head of digital assets Swissquote Bank concurred, saying the most recent move feels too strong for his taste. “I’m just waiting for a few big sellers to come back to the market and take profits,” Thomas said. “Let’s look ahead to the next few weeks. Institutional volumes will drop significantly through Christmas so the market will be driven by retail until early January.” “This should cause us to keep the high volatility, but we’ve got to also be aware there may be a chance of testing $20,000 to the downside,” added Thomas. Read More: Coinbase Files With SEC in Preparation for Landmark Public Offering Henrik Kugelberg, a crypto over-the-counter trader, noted “fear of missing out” or FOMO as a factor playing into the market’s fervor. “There is of course an element of FOMO in this but the fundamentals are stable as pyramids,” Kugelberg said. “I have said $30,000 before summer but by the looks of this, that might be a very low bid.” Ethereum network locked value at all-time high The second-largest cryptocurrency by market capitalization, ether (ETH) was up Thursday trading around $640 and climbing 2.7% in 24 hours as of 21:00 UTC (4:00 p.m. ET). The amount of crypto “locked” in decentralized finance, or DeFi, is at $16 billion as of press time, increasing over 2,200% from the $690 million locked at the start of 2020. Meanwhile, the amount of ether locked in DeFi is going up, over 7.1 million ETH total. Yet the amount of bitcoin locked in DeFi has actually fallen during the market’s price run, down to 142,652 BTC. Nicholas Pelecanos, head of trading for blockchain ecosystem provider NEM, told CoinDesk many investors continue to overlook the Ethereum network and its alternative assets, also known as altcoins. “While bitcoin has largely dominated the narrative, I believe investors should look to altcoins that have tremendous amounts of development in both the core technology and usership, yet are still a fair way off their all-time highs,” said Pelecanos. “I am expecting to see the price of these altcoins, such as ETH and XEM, rally hard when the BTC price inevitably slows down.” Other markets Digital assets on the CoinDesk 20 are mostly green Thursday. Notable winners as of 21:00 UTC (4:00 p.m. ET): xrp (XRP) + 14% litecoin (LTC) + 13% stellar (XLM) + 5.5% In addition, prices for COMP, the governance token for the Ethereum-based lending protocol Compound, jumped on the news that Compound Labs will build a new blockchain to provide money market services across multiple networks. As CoinDesk reported, the new blockchain could be significant because those new supported assets won’t be limited to blockchains – it is designed to also support the forthcoming and rumored central bank digital currencies. Like Compound v1, the new blockchain will also be governed by the COMP token. Once it goes live, it will add more value to COMP holders. At the time of writing, prices for COMP were traded at $167.14, up 9.43% in the past 24 hours, according to Messari . Notable losers: orchid (OXT) – 2% algorand (ALGO) – 1.8% omg network (OMG) – 1% Equities: Asia’s Nikkei 225 ended the day climbing 0.18%, led higher by gains in Fujitsu Ltd., Mitsubishi Materials Corp. and Softbank Group Corp, all up 4% or more Thursday. The FTSE 100 in Europe closed down 0.30% after the Bank of England announced it would keep interest rates at 0.10% . The S&P 500 in the United States gained 0.60% as optimism towards more government stimulus before the end of 2020 boosted the index . Read More: Robinhood Pays SEC $65M to Settle Allegations It Misled Customers Commodities: Oil was up 1.1%. Price per barrel of West Texas Intermediate crude: $48.40. Gold was in the green 1.1% and at $1,884 as of press time. Treasurys: The 10-year U.S. Treasury bond yield climbed Thursday jumping to 0.933 and in the green 1.2%. Related Stories Market Wrap: Bitcoin Pushes Past $23.7K While Crypto Locked in DeFi at All-Time High Market Wrap: Bitcoin Pushes Past $23.7K While Crypto Locked in DeFi at All-Time High || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / December 17, 2020 / ALT 5 Sigma Inc. an emerging leader in blockchain-powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD). Real-Time Market Data is available at www.alt5pro.com and Real-Time Market Data feed is also available at www.alt5sigma.com ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH Market Summary Thursday, December 17 2020 at 4:00:00 PM Digital Asset Pair Price 24hr Chg 7d Chg 24/hr Volume MarketCap Bitcoin BTC/USD $22,642.82 $0.09 $0.23 $70,805 M $420,560 M Ethereum ETH/USD $640.49 $0.03 $0.14 $25,011 M $72,934 M XRP XRP/USD $0.59 $0.14 $0.02 $21,631 M $26,748 M Litecoin LTC/USD $101.25 $0.13 $0.35 $10,978 M $6,694 M Bitcoin Cash BCH/USD $308.69 $0.03 $0.16 $5,138 M $5,742 M Stellar XLM/USD $0.19 $0.06 $0.14 $1,724 M $4,122 M Bitcoin SV BSV/USD $179.61 $0.02 $0.08 $822 M $3,341 M EOS EOS/USD $3.06 $0.02 $0.11 $3,995 M $2,874 M Monero XMR/USD $157.86 $0.03 $0.19 $1,375 M $2,808 M Dash DASH/USD $107.52 $0.05 $0.15 $730 M $1,061 M About ALT 5 Sigma Inc. ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance. ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker-Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers. ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services. For more information, visit www.alt5sigma.com . Story continues Contact: Andre Beauchesne Tel. 1-800-204-6203 [email protected] For more information on ALT 5 Pay, visit www.alt5pay.com For more information on ALT 5 Pro, visit www.alt5pro.com SOURCE: ALT 5 Sigma Inc View source version on accesswire.com: https://www.accesswire.com/621457/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / December 17, 2020 / ALT 5 Sigma Inc. an emerging leader in blockchain-powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD). Real-Time Market Data is available at www.alt5pro.com and Real-Time Market Data feed is also available at www.alt5sigma.com ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH Market Summary Thursday, December 17 2020 at 4:00:00 PM Digital Asset Pair Price 24hr Chg 7d Chg 24/hr Volume MarketCap Bitcoin BTC/USD $22,642.82 $0.09 $0.23 $70,805 M $420,560 M Ethereum ETH/USD $640.49 $0.03 $0.14 $25,011 M $72,934 M XRP XRP/USD $0.59 $0.14 $0.02 $21,631 M $26,748 M Litecoin LTC/USD $101.25 $0.13 $0.35 $10,978 M $6,694 M Bitcoin Cash BCH/USD $308.69 $0.03 $0.16 $5,138 M $5,742 M Stellar XLM/USD $0.19 $0.06 $0.14 $1,724 M $4,122 M Bitcoin SV BSV/USD $179.61 $0.02 $0.08 $822 M $3,341 M EOS EOS/USD $3.06 $0.02 $0.11 $3,995 M $2,874 M Monero XMR/USD $157.86 $0.03 $0.19 $1,375 M $2,808 M Dash DASH/USD $107.52 $0.05 $0.15 $730 M $1,061 M About ALT 5 Sigma Inc. ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance. ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker-Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers. ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services. For more information, visit www.alt5sigma.com . Story continues Contact: Andre Beauchesne Tel. 1-800-204-6203 [email protected] For more information on ALT 5 Pay, visit www.alt5pay.com For more information on ALT 5 Pro, visit www.alt5pro.com SOURCE: ALT 5 Sigma Inc View source version on accesswire.com: https://www.accesswire.com/621457/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / December 17, 2020 / ALT 5 Sigma Inc. an emerging leader in blockchain-powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD). Real-Time Market Data is available at www.alt5pro.com and Real-Time Market Data feed is also available at www.alt5sigma.com ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH Market Summary Thursday, December 17 2020 at 4:00:00 PM Digital Asset Pair Price 24hr Chg 7d Chg 24/hr Volume MarketCap Bitcoin BTC/USD $22,642.82 $0.09 $0.23 $70,805 M $420,560 M Ethereum ETH/USD $640.49 $0.03 $0.14 $25,011 M $72,934 M XRP XRP/USD $0.59 $0.14 $0.02 $21,631 M $26,748 M Litecoin LTC/USD $101.25 $0.13 $0.35 $10,978 M $6,694 M Bitcoin Cash BCH/USD $308.69 $0.03 $0.16 $5,138 M $5,742 M Stellar XLM/USD $0.19 $0.06 $0.14 $1,724 M $4,122 M Bitcoin SV BSV/USD $179.61 $0.02 $0.08 $822 M $3,341 M EOS EOS/USD $3.06 $0.02 $0.11 $3,995 M $2,874 M Monero XMR/USD $157.86 $0.03 $0.19 $1,375 M $2,808 M Dash DASH/USD $107.52 $0.05 $0.15 $730 M $1,061 M About ALT 5 Sigma Inc. ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance. ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker-Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers. ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services. For more information, visit www.alt5sigma.com . Story continues Contact: Andre Beauchesne Tel. 1-800-204-6203 [email protected] For more information on ALT 5 Pay, visit www.alt5pay.com For more information on ALT 5 Pro, visit www.alt5pro.com SOURCE: ALT 5 Sigma Inc View source version on accesswire.com: https://www.accesswire.com/621457/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || Coinbase Files For IPO With Bitcoin At All-Time Highs: Cryptocurrency exchange Coinbase confirmed Thursday it filed for an IPO.
What Happened:Coinbaseannouncedin a blog post it has confidentially submitted its registration for an IPO by filing its S-1.
Coinbase last raised funds in 2018 at an $8 billionvaluation. The company was valued at $1.6 billion in2017.
Investors in the company include Tiger Global, Andreessen Horowitz, New York Stock Exchange, BBVA and formerCitigroup(NYSE:C) CEO Vikram Pandit.
Why It’s Important:The IPO of Coinbase comes as Bitcoin prices hit all-time highs and crossed $20,000 on Wednesday.
This would mark the first major U.S. cryptocurrency exchange to go public and could be a landmark victory of bringing cryptocurrency more mainstream.
The company’s platformsaw connection problemsdue to congestion on Wednesday, which could show the strong demand from Coinbase users.
In July,Reuters saidCoinbase was considering a direct listing over a traditional IPO. Coinbase had also been linked to several large SPACs recently.
Shares of Bitcoin trade at $23,286 at the time of writing.
See Also:Will Bitcoin 'Rise 50% And Possibly Double' In 2021? These Pros Think So
Benzinga’s Take:The company to watch could beBanco Bilbao Vizcaya Argentaria(NYSE:BBVA), whose BBVA arm began investing in Coinbase back in2015.
“We need to better understand the industry and understand how merchants and consumers are interacting with bitcoin,” BBVA Ventures Executive Director Jay Reinemann toldCoinDeskat the time.
The 2015 roundvaluedCoinbase at $400 million. With the listing expected to price above the $8 billion valuation from its last round and see strong demand with the rise of Bitcoin, this funding could pay off nicely for BBVA.
See more from Benzinga
• Click here for options trades from Benzinga
• Exclusive: New SPAC ETF Creator On SPACs, Management Teams, Top Holdings
• The 'Most Ridiculous IPO' Of 2020? Citron Hits DoorDash With Target
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
[Social Media Buzz]
None available.
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23869.83, 23477.29, 22803.08, 23783.03, 23241.35, 23735.95, 24664.79, 26437.04, 26272.29, 27084.81
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 44963.07, 47092.49, 48176.35, 47783.36, 47267.52, 48278.36, 47260.22, 42843.80, 40693.68, 43574.51, 44895.10, 42839.75, 42716.59, 43208.54, 42235.73, 41034.54, 41564.36, 43790.89, 48116.94, 47711.49, 48199.95, 49112.90, 51514.81, 55361.45, 53805.98, 53967.85, 54968.22, 54771.58, 57484.79, 56041.06, 57401.10, 57321.52, 61593.95, 60892.18, 61553.62, 62026.08, 64261.99, 65992.84, 62210.17, 60692.27, 61393.62, 60930.84, 63039.82, 60363.79, 58482.39, 60622.14, 62227.96, 61888.83, 61318.96, 61004.41, 63226.40, 62970.05, 61452.23, 61125.68, 61527.48, 63326.99, 67566.83, 66971.83, 64995.23, 64949.96, 64155.94, 64469.53, 65466.84, 63557.87, 60161.25, 60368.01, 56942.14, 58119.58, 59697.20, 58730.48, 56289.29, 57569.07, 56280.43, 57274.68, 53569.77, 54815.08, 57248.46, 57806.57, 57005.43, 57229.83, 56477.82, 53598.25, 49200.70, 49368.85, 50582.62, 50700.09, 50504.80, 47672.12, 47243.30, 49362.51.
|
[Bitcoin Technical Analysis for 2021-12-11]
Volume: 25775869261, RSI (14-day): 37.13, 50-day EMA: 55589.53, 200-day EMA: 50042.10
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Hillicon Valley — Presented by Connected Commerce Council — New cyber vulnerability raises concerns: Today is Friday. Welcome to Hillicon Valley, detailing all you need to know about tech and cyber news from Capitol Hill to Silicon Valley. Subscribe here: thehill.com/newsletter-signup . Follow The Hill's cyber reporter, Maggie Miller ( @magmill95 ), and tech team, Chris Mills Rodrigo ( @millsrodrigo ) and Rebecca Klar ( @rebeccaklar_ ), for more coverage. Ladies and gentlemen, the weekend! As you begin to celebrate your down time, cybersecurity teams are hard at work across the nation in response to a massive new vulnerability being exploited by malicious hackers, with federal officials in the U.S. and around the world stressing the need for companies to immediately take action. Meanwhile, cyber experts from across various fields met Friday to discuss potential recommendations to protect the U.S. from cyber threats, and Meta launched a virtual world app as part of its "metaverse" plan. Let's jump into the news. Cyber teams, say goodbye to your weekend Cyber terror, hackers, hacking, CIA Officials and cyber experts on Friday sounded the alarm about a critical logging vulnerability that could potentially impact thousands of organizations. Many are racing to implement patches before hackers can exploit the opening. This seems concerning: The vulnerability in an Apache logging framework, known as "Log4j," that could allow hackers to obtain access to targeted systems remotely sent experts running to update systems. Apache put out a security advisory warning of the threat and recommending steps to help organizations protect themselves. "It does feel like the internet is on fire today, anyone and everyone who is involved in the world of internet security is digging in right now trying to understand the implications of this new vulnerability," Joe Sullivan, the chief security officer at Cloudflare, a website infrastructure and security company, told The Hill in an interview Friday. The vulnerability was already seen Friday to have far-reaching implications. Story continues High-profile victims: The online game Minecraft, which is owned by Microsoft, announced that its Java Edition was vulnerable to exploitation and recommended immediate steps users should take to address security concerns. Researchers at data security platform LunaSec found evidence that Steam and Apple's iCloud were also impacted, while Palo Alto Networks noted in a blog post that Twitter, Amazon and Chinese web giant Baidu were also being attacked. The Cybersecurity and Infrastructure Security Agency (CISA) put out an alert telling impacted organizations to "immediately" implement mitigations to protect against the vulnerability. "A remote attacker could exploit this vulnerability to take control of an affected system," the CISA alert read. "Log4j is an open-source, Java-based logging utility widely used by enterprise applications and cloud services." Read more here . A MESSAGE FROM CONNECTED COMMERCE COUNCIL Congress is considering sweeping antitrust legislation that could hurt the digital economy - and put small businesses at risk. Learn more at connectedcouncil.org Little more action, please Nominee for Director of the Cybersecurity and Infrastructure Security Agency Jen Easterly Top officials at the Department of Homeland Security (DHS) on Friday urged a newly established advisory committee composed of experts from across sectors to propose solutions to help tackle the growing wave of cyberattacks faced by the nation. First meeting: The Cybersecurity Advisory Committee, established by DHS's Cybersecurity and Infrastructure Security Agency (CISA) earlier this month, met in a hybrid format both in McLean, Va., and remotely for the first time Friday. It discussed strengthening the nation's basic cybersecurity practices and concerns about disinformation, among other issues. CISA Director Jen Easterly made clear at the top of the almost three-hour meeting that she hoped the advisory committee would "create action" and help move the nation forward in cybersecurity. "At the end of the day, this is really about implementing those things that will help CISA truly be the nation's cyber defense agency, that is what the American people need, and that is what the American people deserve," Easterly said. "I am not looking for a 20 page white paper, I am looking for short papers from each of the subcommittees that give a series of recommendations that we can go ahead and implement." DHS Deputy Secretary John Tien made similar comments, telling committee members that "your voices, your thoughts, your brainpower are going to have to help us identify the gaps, the vulnerabilities, and also provide us some thoughts on solutions." Read more here . MEET ME IN THE METAVERSE Meta launched its virtual world app on Friday as the company pushes forward with plans to create a "metaverse." The Horizon Worlds app is available for users over 18 with a Quest 2 headset, the device sold by Meta subsidiary Oculus. For users with the nearly $300 headset, access to Horizon World will be free, the company said. On Horizon, users can explore worlds created by other users and help build more. The company also said it is launching a laser tag game in the app and creating templates for users to build their own games. Meta's flagship platform Facebook has faced years of criticism over content moderation and handling of hate speech. In the Friday announcement, the company said it wants Horizon Worlds "to be a safe and respectful environment," and users have to follow the company's Conduct in VR Policy. Read more here . INSTACART SHAKE UP The president of Instacart announced on Friday that she will step down at the end of the year, just three months after she took the tech company's top job. In a Facebook post, Carolyn Everson, the president of the digital app service that delivers groceries to customers, explained she wanted a break to reflect on her life and where she wanted to go next. "My birthday present to myself is a real break while I dream up what's next. Yes - this time, I will be taking time," wrote Everson, who will turn 50 soon. "I know our time is short on this Earth and I know I want to keep making a difference and keep focusing on enlightened leadership and the importance of building strong cultures for people to thrive personally and professionally." Everson was a former Facebook executive, serving as the advertising chief for the company, now called Meta, for a decade. Read more . New cyber reporting policy The White House is seen from South Lawn prior to an event on Monday, November 15, 2021. A new policy recently rolled out by the White House gives certain federal agencies as little as 24 hours to assess the impact of a cyberattack and report the attack if it rises to a major level of concern. CNN, which obtained a copy of the memo issued by the White House National Security Council (NSC), reported the policy applies to national security and intelligence agencies, including the FBI, and gives some of the agencies only 24 hours to report a cyberattack they assess to be "a national security concern" to the White House. A U.S. official told The Hill on Friday the memo is "a process and a common methodology to help the USG speak with one voice - nothing more and nothing less. It gives the NSC the framework to make an initial assessment of whether a cyber incident rises to the level of a national security concern. In many incidents, that assessment will change with time." "Throughout the year, we have worked to refine and strengthen the federal government's response to all cyber incidents in a more uniform, whole-of-government way," the official said. "That continues to be our goal - we learn from every incident and refine our incident management approach to get faster and better each time." Read more here . A MESSAGE FROM CONNECTED COMMERCE COUNCIL Congress is considering sweeping antitrust legislation that could hurt the digital economy - and put small businesses at risk. Learn more at connectedcouncil.org STUDY: BITCOIN BENEFITS ALT-RIGHT The increase in Bitcoin's value over the last few years has made several prominent white nationalists rich, according to a Southern Poverty Law Center study. The legal nonprofit identified over 600 far-right extremists with cryptocurrency holdings. Several prominent white supremacists, like Andrew Auernheimer and Andrew Anglin of the Daily Stormer and racial pseudoscientist Stefan Molyneux, were early adopters of Bitcoin, providing them with significant windfalls. Tens of millions of dollars worth of value have been accumulated by far right figures overall through cryptocurrency holdings, the SPLC's investigation through blockchain analysis software found. Read more . 'EASILY ACCESSIBLE' EXTREMISM Instagram is a hotbed for white supremacist messaging, extremism and hateful content, according to new research from the Anti-Defamation League (ADL). Researchers with the ADL's Center for Extremism found hundreds of accounts sharing white supremacist and neo-Nazi content, including posts from members of the Atomwaffen Division, a neo-Nazi group pushing for a race war in order to prevent what they see as the cultural displacement of the white race. Joanna Mendelson, the associate director for the Center for Extremism, told The Hill she has "observed an increase in extremists returning back to some of these mainstream spaces that historically they have been removed from." This leads to a "social impact that can be devastating on our society," Mendelson said. "The ease in which they can access, recruit and radicalize is so much simpler when you are on mainstream platforms." Read more here . $50M E-CIGARETTE SETTLEMENT Former e-cigarette maker agreed to a more than $50 million settlement in Massachusetts over marketing its products to minors. The office of Attorney General Maura Healey announced the $51 million settlement with Eonsmoke and its co-owners, saying the company was not verifying the age of customers online from 2015 to 2018 and was marketing to minors using social media in violation of Massachusetts' consumer protection law. Co-owners Gregory Grishayev and Michael Tolmach will be paying $750,000 of the settlement. "Eonsmoke coordinated a campaign that intentionally targeted young people and sold dangerous and addictive vaping products directly to minors through their website," Healey said in a statement. "We were the first to take action against this company and its owners, and today we are holding them accountable and permanently stopping them from conducting these illegal practices in our state." Read more here . BITS AND PIECES An op-ed to chew on: Congress will make your car spy on you Lighter click: MY Prime Minister Notable links from around the web: Telehealth app Doxy.me is fixing a leak that exposed patient data to Facebook, Google (CyberScoop / Tonya Riley) Racists and Taliban supporters have flocked to Twitter's new audio service after executives ignored warnings (Washington Post / Elizabeth Dwoskin, Will Oremus, Craig Timberg and Nitasha Tiku) Uber blocks transgender drivers from signing up: 'They didn't believe me' (The Los Angeles Times / Suhauna Hussain) Losing a Street Fight to Elon Musk (The AP (Alex Pareene) Newsletter) One last thing: More bad news for NSO Group The Biden administration announced an initiative Friday to tighten rules surrounding the exports of certain technologies that have been used by authoritarian governments and bad actors for repression. The move comes on the heels of the administration's sanctioning of the private Israeli spy-ware company NSO Group in November for "malicious cyber activities." The initiative was announced during the president's "Summit for Democracy," a first-ever virtual conference bringing together more than 100 democratic countries in an effort to address rising authoritarianism and efforts to strengthen democracy. A senior administration official said the Export Controls and Human Rights Initiative is an outgrowth of the sanctions targeting NSO and other private groups whose "end users are using" such technology to violate human rights. Read more here . That's it for today, thanks for reading. Check out The Hill's technology and cybersecurity pages for the latest news and coverage. We'll see you Monday. || Hillicon Valley — Presented by Connected Commerce Council — New cyber vulnerability raises concerns: Today is Friday. Welcome to Hillicon Valley, detailing all you need to know about tech and cyber news from Capitol Hill to Silicon Valley. Subscribe here: thehill.com/newsletter-signup . Follow The Hill's cyber reporter, Maggie Miller ( @magmill95 ), and tech team, Chris Mills Rodrigo ( @millsrodrigo ) and Rebecca Klar ( @rebeccaklar_ ), for more coverage. Ladies and gentlemen, the weekend! As you begin to celebrate your down time, cybersecurity teams are hard at work across the nation in response to a massive new vulnerability being exploited by malicious hackers, with federal officials in the U.S. and around the world stressing the need for companies to immediately take action. Meanwhile, cyber experts from across various fields met Friday to discuss potential recommendations to protect the U.S. from cyber threats, and Meta launched a virtual world app as part of its "metaverse" plan. Let's jump into the news. Cyber teams, say goodbye to your weekend Cyber terror, hackers, hacking, CIA Officials and cyber experts on Friday sounded the alarm about a critical logging vulnerability that could potentially impact thousands of organizations. Many are racing to implement patches before hackers can exploit the opening. This seems concerning: The vulnerability in an Apache logging framework, known as "Log4j," that could allow hackers to obtain access to targeted systems remotely sent experts running to update systems. Apache put out a security advisory warning of the threat and recommending steps to help organizations protect themselves. "It does feel like the internet is on fire today, anyone and everyone who is involved in the world of internet security is digging in right now trying to understand the implications of this new vulnerability," Joe Sullivan, the chief security officer at Cloudflare, a website infrastructure and security company, told The Hill in an interview Friday. The vulnerability was already seen Friday to have far-reaching implications. Story continues High-profile victims: The online game Minecraft, which is owned by Microsoft, announced that its Java Edition was vulnerable to exploitation and recommended immediate steps users should take to address security concerns. Researchers at data security platform LunaSec found evidence that Steam and Apple's iCloud were also impacted, while Palo Alto Networks noted in a blog post that Twitter, Amazon and Chinese web giant Baidu were also being attacked. The Cybersecurity and Infrastructure Security Agency (CISA) put out an alert telling impacted organizations to "immediately" implement mitigations to protect against the vulnerability. "A remote attacker could exploit this vulnerability to take control of an affected system," the CISA alert read. "Log4j is an open-source, Java-based logging utility widely used by enterprise applications and cloud services." Read more here . A MESSAGE FROM CONNECTED COMMERCE COUNCIL Congress is considering sweeping antitrust legislation that could hurt the digital economy - and put small businesses at risk. Learn more at connectedcouncil.org Little more action, please Nominee for Director of the Cybersecurity and Infrastructure Security Agency Jen Easterly Top officials at the Department of Homeland Security (DHS) on Friday urged a newly established advisory committee composed of experts from across sectors to propose solutions to help tackle the growing wave of cyberattacks faced by the nation. First meeting: The Cybersecurity Advisory Committee, established by DHS's Cybersecurity and Infrastructure Security Agency (CISA) earlier this month, met in a hybrid format both in McLean, Va., and remotely for the first time Friday. It discussed strengthening the nation's basic cybersecurity practices and concerns about disinformation, among other issues. CISA Director Jen Easterly made clear at the top of the almost three-hour meeting that she hoped the advisory committee would "create action" and help move the nation forward in cybersecurity. "At the end of the day, this is really about implementing those things that will help CISA truly be the nation's cyber defense agency, that is what the American people need, and that is what the American people deserve," Easterly said. "I am not looking for a 20 page white paper, I am looking for short papers from each of the subcommittees that give a series of recommendations that we can go ahead and implement." DHS Deputy Secretary John Tien made similar comments, telling committee members that "your voices, your thoughts, your brainpower are going to have to help us identify the gaps, the vulnerabilities, and also provide us some thoughts on solutions." Read more here . MEET ME IN THE METAVERSE Meta launched its virtual world app on Friday as the company pushes forward with plans to create a "metaverse." The Horizon Worlds app is available for users over 18 with a Quest 2 headset, the device sold by Meta subsidiary Oculus. For users with the nearly $300 headset, access to Horizon World will be free, the company said. On Horizon, users can explore worlds created by other users and help build more. The company also said it is launching a laser tag game in the app and creating templates for users to build their own games. Meta's flagship platform Facebook has faced years of criticism over content moderation and handling of hate speech. In the Friday announcement, the company said it wants Horizon Worlds "to be a safe and respectful environment," and users have to follow the company's Conduct in VR Policy. Read more here . INSTACART SHAKE UP The president of Instacart announced on Friday that she will step down at the end of the year, just three months after she took the tech company's top job. In a Facebook post, Carolyn Everson, the president of the digital app service that delivers groceries to customers, explained she wanted a break to reflect on her life and where she wanted to go next. "My birthday present to myself is a real break while I dream up what's next. Yes - this time, I will be taking time," wrote Everson, who will turn 50 soon. "I know our time is short on this Earth and I know I want to keep making a difference and keep focusing on enlightened leadership and the importance of building strong cultures for people to thrive personally and professionally." Everson was a former Facebook executive, serving as the advertising chief for the company, now called Meta, for a decade. Read more . New cyber reporting policy The White House is seen from South Lawn prior to an event on Monday, November 15, 2021. A new policy recently rolled out by the White House gives certain federal agencies as little as 24 hours to assess the impact of a cyberattack and report the attack if it rises to a major level of concern. CNN, which obtained a copy of the memo issued by the White House National Security Council (NSC), reported the policy applies to national security and intelligence agencies, including the FBI, and gives some of the agencies only 24 hours to report a cyberattack they assess to be "a national security concern" to the White House. A U.S. official told The Hill on Friday the memo is "a process and a common methodology to help the USG speak with one voice - nothing more and nothing less. It gives the NSC the framework to make an initial assessment of whether a cyber incident rises to the level of a national security concern. In many incidents, that assessment will change with time." "Throughout the year, we have worked to refine and strengthen the federal government's response to all cyber incidents in a more uniform, whole-of-government way," the official said. "That continues to be our goal - we learn from every incident and refine our incident management approach to get faster and better each time." Read more here . A MESSAGE FROM CONNECTED COMMERCE COUNCIL Congress is considering sweeping antitrust legislation that could hurt the digital economy - and put small businesses at risk. Learn more at connectedcouncil.org STUDY: BITCOIN BENEFITS ALT-RIGHT The increase in Bitcoin's value over the last few years has made several prominent white nationalists rich, according to a Southern Poverty Law Center study. The legal nonprofit identified over 600 far-right extremists with cryptocurrency holdings. Several prominent white supremacists, like Andrew Auernheimer and Andrew Anglin of the Daily Stormer and racial pseudoscientist Stefan Molyneux, were early adopters of Bitcoin, providing them with significant windfalls. Tens of millions of dollars worth of value have been accumulated by far right figures overall through cryptocurrency holdings, the SPLC's investigation through blockchain analysis software found. Read more . 'EASILY ACCESSIBLE' EXTREMISM Instagram is a hotbed for white supremacist messaging, extremism and hateful content, according to new research from the Anti-Defamation League (ADL). Researchers with the ADL's Center for Extremism found hundreds of accounts sharing white supremacist and neo-Nazi content, including posts from members of the Atomwaffen Division, a neo-Nazi group pushing for a race war in order to prevent what they see as the cultural displacement of the white race. Joanna Mendelson, the associate director for the Center for Extremism, told The Hill she has "observed an increase in extremists returning back to some of these mainstream spaces that historically they have been removed from." This leads to a "social impact that can be devastating on our society," Mendelson said. "The ease in which they can access, recruit and radicalize is so much simpler when you are on mainstream platforms." Read more here . $50M E-CIGARETTE SETTLEMENT Former e-cigarette maker agreed to a more than $50 million settlement in Massachusetts over marketing its products to minors. The office of Attorney General Maura Healey announced the $51 million settlement with Eonsmoke and its co-owners, saying the company was not verifying the age of customers online from 2015 to 2018 and was marketing to minors using social media in violation of Massachusetts' consumer protection law. Co-owners Gregory Grishayev and Michael Tolmach will be paying $750,000 of the settlement. "Eonsmoke coordinated a campaign that intentionally targeted young people and sold dangerous and addictive vaping products directly to minors through their website," Healey said in a statement. "We were the first to take action against this company and its owners, and today we are holding them accountable and permanently stopping them from conducting these illegal practices in our state." Read more here . BITS AND PIECES An op-ed to chew on: Congress will make your car spy on you Lighter click: MY Prime Minister Notable links from around the web: Telehealth app Doxy.me is fixing a leak that exposed patient data to Facebook, Google (CyberScoop / Tonya Riley) Racists and Taliban supporters have flocked to Twitter's new audio service after executives ignored warnings (Washington Post / Elizabeth Dwoskin, Will Oremus, Craig Timberg and Nitasha Tiku) Uber blocks transgender drivers from signing up: 'They didn't believe me' (The Los Angeles Times / Suhauna Hussain) Losing a Street Fight to Elon Musk (The AP (Alex Pareene) Newsletter) One last thing: More bad news for NSO Group The Biden administration announced an initiative Friday to tighten rules surrounding the exports of certain technologies that have been used by authoritarian governments and bad actors for repression. The move comes on the heels of the administration's sanctioning of the private Israeli spy-ware company NSO Group in November for "malicious cyber activities." The initiative was announced during the president's "Summit for Democracy," a first-ever virtual conference bringing together more than 100 democratic countries in an effort to address rising authoritarianism and efforts to strengthen democracy. A senior administration official said the Export Controls and Human Rights Initiative is an outgrowth of the sanctions targeting NSO and other private groups whose "end users are using" such technology to violate human rights. Read more here . That's it for today, thanks for reading. Check out The Hill's technology and cybersecurity pages for the latest news and coverage. We'll see you Monday. || ETFs to Bet on Popular Investment Themes of 2021: This years headlines were mostly dominated by pandemic-related updates, leaving investors in a continuous quest for good options for putting their money in. Amid the pandemic-related concerns, thematic investing continues to be a popular trend. Meanwhile, the discovery of variants like Delta and Omicron made investors increasingly apprehensive about another round of lockdowns in 2021. Presently, market participants remain concerned about the uncertainty surrounding the pandemic and the Federal Reserves decision to speed up the tapering prices or hike the interest rates sooner. Against this backdrop, lets take a look at some of the themes that are trending in the investment world: Blockchain and Cryptocurrency Blockchain came into the limelight as the underlying technology for the most popular cryptocurrency Bitcoin. An article on Investors Business Daily has defined blockchain technology as a shared public ledger, also known as a distributed database, which tracks and records transactions in a transparent and tamper-proof way. The estimates for the uptake of this technology are mind-boggling. Deutsche Bank expects blockchain systems to record transactions for about 10% of worldwide GDP by 2027. Cryptocurrency also ruled the headlines as investors kept on tracking the major movements in some digital coins like Bitcoins, Ethereum, Dogecoin and many others. Notable events ranging from the IPO of the biggest cryptocurrency trading platform, Coinbase Global, Inc. (COIN), to El Salvador accepting Bitcoin as legal tender to the launch of the first bitcoin futures ETF in the United States, all highlight the growing popularity of cryptocurrencies. Here are some options for investors to consider to join the trend, one of them being the ProShares Bitcoin Strategy ETF BITO. Those aiming to have an indirect exposure can consider ETFs with exposure to Coinbase. Coinbase has exposure to funds, including VanEck Digital Transformation ETF DAPP and Simplify Volt Fintech Disruption ETF (VFIN). Blockchain ETFs like Amplify Transformational Data Sharing ETF BLOK may also be tracked by investors (read: Should You Invest in Bitcoin ETFs Now?). Story continues Meme Stock Frenzy Meme stocks caught investor attention due to hype on social media and online forums like Reddit, WallStreetBets and Robinhood, instead of focus on the company fundamentals, leading to a surge in trading volumes and share price. Thus, these are considered speculative trades. Meme stocks are triggered by small traders who cause a short squeeze on the stock. Some popular meme names of 2021 are videogame retailer GameStop (GME), movie theater operator AMC Entertainment Holdings (AMC) and Blackberry (BB). In order to ride the meme stocks frenzy, Tuttle Capital Management introduced The Fear of Missing Out ETF FOMO in 2021 that could lower the risk of investing in a single stock. FOMO ETF offers investors a new tool for leveraging the retail trading boom by investing in all the buzziest meme stocks and funds. Clean Energy ETFs Alternative energy includes any energy source that acts as a replacement for conventional and non-renewable fossil fuels. This space has been in the spotlight of late for many reasons. Increasingly, large corporations are making or promising investments to gain a carbon-neutral status. Favorable government initiatives and federal policies, including tax incentives to encourage installation, have continued to accelerate global market growth for clean energy in 2021. Moreover, despite turbulences stemming from the coronavirus pandemic, both solar and wind energies have been dominating the global renewable space. President Joe Biden is expected to talk about climate emergencies on global platforms and ensure that the United States will achieve 100% clean energy economy and net-zero emissions, at least by 2050. Moreover, he pledged to reduce the U.S. greenhouse gas emissions to half by 2030, as stated in a Yahoo Finance article. Thus, investors can consider the following ETFs, such as iShares Global Clean Energy ETF ICLN, Invesco Solar ETF TAN, First Trust NASDAQ Clean Edge Green Energy Index Fund (QCLN) and ALPS Clean Energy ETF (ACES) (read: Best ETFs for the Infrastructure Boom & Megatrends). Digital Payment ETFs The world is gradually moving toward digitization, increasing the dominance of technology in the financial sector. A Market Data Forecast (MDF) report also highlights the growing opportunities in the global financial technology market, which is expected to see a CAGR of 23.4% between 2021 and 2026. According to the report, the fintech space is expected to reach a market value of around $324 billion by 2026. Along with an increased interest in online shopping, customers are resorting to digital payments to clear their bills. At the same time, merchants and utility providers are increasingly advocating the same. In such a scenario, investors can check out ETFMG Prime Mobile Payments ETF IPAY, Ecofin Digital Payments Infrastructure Fund TPAY and Global X FinTech ETF (FINX) (read: A Comprehensive Guide to Fintech ETFs). AI, Robotics & Cyber Security ETFs AI is fast changing the business landscape by expanding opportunities, driving revenues and enhancing efficiencies. It helps enhance almost everything, including advertising, healthcare, robotics, retail, video streaming, gaming and urban development. We live in an era largely dominated by AI applications and technological advancements. Amid the coronavirus crisis, demand for online services increased, which led to the dominance of AI. Globally, the AI market is estimated to see a CAGR of 29%, rising from $42.8 billion in 2019 to $152.9 billion in 2023, according to an Analytics Insight article. The robotics market is flooded with opportunities as robots are being used for jobs, such as sanitizing hospitals, homes and workplaces, along with monitoring, surveying, handling, and delivering food and medicines. However, the increasing adoption of these technologies is exposing businesses, governments and organizations to cyber risks. Given the severity of the situation, Cybersecurity Ventures expects the worldwide expenditure on cybersecurity to surpass $1 trillion cumulatively from 2017 through 2021. Per a Grand View Research report, the global cybersecurity market is expected to reach $241.1 billion, witnessing a CAGR of 11% from 2019 to 2025. Accordingly, our investors can consider Global X Robotics & Artificial Intelligence ETF BOTZ, First Trust Nasdaq Artificial Intelligence and Robotics ETF ROBT, ROBO Global Robotics & Automation ETF (ROBO), iShares Robotics and Artificial Intelligence Multisector ETF (IRBO), First Trust Nasdaq Cybersecurity ETF CIBR and ETFMG Prime Cyber Security ETF (HACK). Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Invesco Solar ETF (TAN): ETF Research Reports iShares Global Clean Energy ETF (ICLN): ETF Research Reports First Trust NASDAQ Cybersecurity ETF (CIBR): ETF Research Reports Global X Robotics & Artificial Intelligence ETF (BOTZ): ETF Research Reports ETFMG Prime Mobile Payments ETF (IPAY): ETF Research Reports Amplify Transformational Data Sharing ETF (BLOK): ETF Research Reports First Trust NASDAQ Artificial Intelligence and Robotics ETF (ROBT): ETF Research Reports Ecofin Digital Payments Infrastructure Fund (TPAY): ETF Research Reports VanEck Digital Transformation ETF (DAPP): ETF Research Reports FOMO ETF (FOMO): ETF Research Reports ProShares Bitcoin Strategy ETF (BITO): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research || ETFs to Bet on Popular Investment Themes of 2021: This year’s headlines were mostly dominated by pandemic-related updates, leaving investors in a continuous quest for good options for putting their money in. Amid the pandemic-related concerns, thematic investing continues to be a popular trend.
Meanwhile, the discovery of variants like Delta and Omicron made investors increasingly apprehensive about another round of lockdowns in 2021. Presently, market participants remain concerned about the uncertainty surrounding the pandemic and the Federal Reserve’s decision to speed up the tapering prices or hike the interest rates sooner.
Against this backdrop, let’s take a look at some of the themes that are trending in the investment world:
Blockchain came into the limelight as the underlying technology for the most popular cryptocurrency — Bitcoin. An article on Investor’s Business Daily has defined blockchain technology as a shared public ledger, also known as a distributed database, which tracks and records transactions in a transparent and tamper-proof way.
The estimates for the uptake of this technology are mind-boggling. Deutsche Bank expects blockchain systems to record transactions for about 10% of worldwide GDP by 2027.
Cryptocurrency also ruled the headlines as investors kept on tracking the major movements in some digital coins like Bitcoins, Ethereum, Dogecoin and many others. Notable events ranging from the IPO of the biggest cryptocurrency trading platform, Coinbase Global, Inc. (COIN), to El Salvador accepting Bitcoin as legal tender to the launch of the first bitcoin futures ETF in the United States, all highlight the growing popularity of cryptocurrencies.
Here are some options for investors to consider to join the trend, one of them being theProShares Bitcoin Strategy ETFBITO. Those aiming to have an indirect exposure can consider ETFs with exposure to Coinbase. Coinbase has exposure to funds, includingVanEck Digital Transformation ETFDAPP andSimplify Volt Fintech Disruption ETF(VFIN). Blockchain ETFs likeAmplify Transformational Data Sharing ETFBLOK may also be tracked by investors (read: Should You Invest in Bitcoin ETFs Now?).
Meme stocks caught investor attention due to hype on social media and online forums like Reddit, WallStreetBets and Robinhood, instead of focus on the company fundamentals, leading to a surge in trading volumes and share price. Thus, these are considered speculative trades. Meme stocks are triggered by small traders who cause a short squeeze on the stock. Some popular meme names of 2021 are videogame retailer GameStop (GME), movie theater operator AMC Entertainment Holdings (AMC) and Blackberry (BB).
In order to ride the meme stocks frenzy, Tuttle Capital Management introducedThe Fear of Missing Out ETFFOMO in 2021 that could lower the risk of investing in a single stock. FOMO ETF offers investors a new tool for leveraging the retail trading boom by investing in all the buzziest “meme stocks” and funds.
Alternative energy includes any energy source that acts as a replacement for conventional and non-renewable fossil fuels. This space has been in the spotlight of late for many reasons. Increasingly, large corporations are making or promising investments to gain a carbon-neutral status.
Favorable government initiatives and federal policies, including tax incentives to encourage installation, have continued to accelerate global market growth for clean energy in 2021. Moreover, despite turbulences stemming from the coronavirus pandemic, both solar and wind energies have been dominating the global renewable space.
President Joe Biden is expected to talk about climate emergencies on global platforms and ensure that the United States will achieve 100% clean energy economy and net-zero emissions, at least by 2050. Moreover, he pledged to reduce the U.S. greenhouse gas emissions to half by 2030, as stated in a Yahoo Finance article.
Thus, investors can consider the following ETFs, such asiShares Global Clean Energy ETFICLN,Invesco Solar ETFTAN,First Trust NASDAQ Clean Edge Green Energy Index Fund(QCLN) andALPS Clean Energy ETF(ACES) (read: Best ETFs for the Infrastructure Boom & Megatrends).
The world is gradually moving toward digitization, increasing the dominance of technology in the financial sector. A Market Data Forecast (MDF) report also highlights the growing opportunities in the global financial technology market, which is expected to see a CAGR of 23.4% between 2021 and 2026. According to the report, the fintech space is expected to reach a market value of around $324 billion by 2026.
Along with an increased interest in online shopping, customers are resorting to digital payments to clear their bills. At the same time, merchants and utility providers are increasingly advocating the same.
In such a scenario, investors can check outETFMG Prime Mobile Payments ETFIPAY,Ecofin Digital Payments Infrastructure FundTPAY andGlobal X FinTech ETF(FINX) (read: A Comprehensive Guide to Fintech ETFs).
AI is fast changing the business landscape by expanding opportunities, driving revenues and enhancing efficiencies. It helps enhance almost everything, including advertising, healthcare, robotics, retail, video streaming, gaming and urban development.
We live in an era largely dominated by AI applications and technological advancements. Amid the coronavirus crisis, demand for online services increased, which led to the dominance of AI. Globally, the AI market is estimated to see a CAGR of 29%, rising from $42.8 billion in 2019 to $152.9 billion in 2023, according to an Analytics Insight article.
The robotics market is flooded with opportunities as robots are being used for jobs, such as sanitizing hospitals, homes and workplaces, along with monitoring, surveying, handling, and delivering food and medicines.
However, the increasing adoption of these technologies is exposing businesses, governments and organizations to cyber risks. Given the severity of the situation, Cybersecurity Ventures expects the worldwide expenditure on cybersecurity to surpass $1 trillion cumulatively from 2017 through 2021.
Per a Grand View Research report, the global cybersecurity market is expected to reach $241.1 billion, witnessing a CAGR of 11% from 2019 to 2025. Accordingly, our investors can considerGlobal X Robotics & Artificial Intelligence ETFBOTZ,First Trust Nasdaq Artificial Intelligence and Robotics ETFROBT,ROBO Global Robotics & Automation ETF(ROBO),iShares Robotics and Artificial Intelligence Multisector ETF(IRBO),First Trust Nasdaq Cybersecurity ETFCIBR andETFMG Prime Cyber Security ETF(HACK).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportInvesco Solar ETF (TAN): ETF Research ReportsiShares Global Clean Energy ETF (ICLN): ETF Research ReportsFirst Trust NASDAQ Cybersecurity ETF (CIBR): ETF Research ReportsGlobal X Robotics & Artificial Intelligence ETF (BOTZ): ETF Research ReportsETFMG Prime Mobile Payments ETF (IPAY): ETF Research ReportsAmplify Transformational Data Sharing ETF (BLOK): ETF Research ReportsFirst Trust NASDAQ Artificial Intelligence and Robotics ETF (ROBT): ETF Research ReportsEcofin Digital Payments Infrastructure Fund (TPAY): ETF Research ReportsVanEck Digital Transformation ETF (DAPP): ETF Research ReportsFOMO ETF (FOMO): ETF Research ReportsProShares Bitcoin Strategy ETF (BITO): ETF Research ReportsTo read this article on Zacks.com click here.Zacks Investment Research || Market Wrap: US Inflation at 39-Year High Fails to Buoy Bitcoin: Bitcoin’s price swung from gains to losses and back to gains on Friday after a key U.S. inflation report showed consumer prices rose in November at theirfastest pace in 39 years.
The market fluctuations left bitcoin on track for its fourth straight weekly decline, and the starry-eyed forecasts of $100,000 by year end – or even a return to last month’s all-time high of around $69,000 – are now looking far less likely.
Crypto traders had been waiting for the release of the U.S. consumer price index early Friday, because many investors see bitcoin as a potentially useful hedge against inflation. The CPI report showed that the index for all items rose 6.8% in the 12 months through November, the highest level since May 1982, when it was 6.9%. The cost-of-living increase was in line with the average forecast of economists in a Reuters survey and was higher thanOctober’s 6.2%increase.
Bitcoin climbed past $50,000 after the 8:30 a.m. ET (13:40 UTC) report, but quickly ceded those gains to trade in the red as analysts leapt to the logical conclusion – that the high inflation rate might provide ample motivation for the Federal Reserve to decide to accelerate its withdrawal of monetary stimulus at itsmeeting next week– the last scheduled gathering of 2021 for the U.S. central bank’s monetary policy committee.
“If financial markets grow nervous, the Fed may have an aggressive tightening cycle, and the first thing that gets sold is your top-performing assets and that would be cryptos for many traders,” Edward Moya, a senior markets analyst at the foreign-exchange brokerage Oanda, told CoinDesk’s Lyllah Ledesma.
By later in the day, though, bitcoin had turned up along with traditional markets as traders noted that the inflation number wasn’t as high as some economists had warned.
• Bitcoin (BTC): $48,383, +1.3%
• Ether (ETH): $4,046, -2.0%
• S&P 500: +1.0%
• Gold: $1,782, +0.4%
• 10-year Treasury yield closed at 1.489%
With bitcoin down for four straight weeks, crypto market analysts are starting to discount the likelihood of a powerful end-of-year rally similar to the 2020 moonshot.
“We may not see heavy risk taking by institutional investors in the last weeks of December for tactical reasons,” research analysts for Coinbase Institutional wrote Friday in a weekly newsletter. “As a result, cryptocurrencies may be range-bound for the remainder of December in our view.”
Crypto traders betting on the recently famous ConstitutionDAO’s PEOPLE tokens recorded over $9 million in liquidations on Friday, data from analytics toolCoinglassshows.
The plunge followed a broader decline in crypto markets that saw large-cap altcoins like solana, terra and uniswap fallby as much as 9%as of Friday morning.
Some 17,000 participants in the ConstitutionDAO raised $40 million in November to purchase a copy of the U.S. Constitution – in what was one of the largest such collective efforts involving cryptocurrencies.
The collective lost out to Ken Griffin – the founder of the Citadel hedge fund who snapped up the piece with a winning bid of $43 million, reportedly because his son told him to. ConstitutionDAO participants were later refunded their donated funds in the form of PEOPLE.
PEOPLE has no utility and offers no governance rights to holders. But that didn’t stop crypto traders from pushing the token to a market cap of $839 million, according to CoinMarketCap. And the trading frenzy is leading to losses, CoinDesk’s Shaurya Malwareported.
Read More:ConstitutionDAO Tokens (Yes They’re Still Trading) See Wild Session With $9M Liquidations
• Solana congestion calls network reliability into question:Solana’s blockchain experienced unusually slow speeds Thursday morning due to congestion. The slowdown spurred debates about centralization, communication and transparency at the ecosystem’s critical stakeholder, Solana Labs,CoinDesk’s Danny Nelsonreported.
• Polkadot, Solana and Terra drop amid crypto market sell-off:The native tokens of layer 1 blockchains Polkadot, Solana and Terra were among the biggest losers Friday morning amid a fall in the broader cryptocurrency market,CoinDesk’s Shaurya Malwareported. The solana price drop was partly driven by the congestion problem on the Solana network. Meanwhile, fundamentals remain strong for large-cap altcoins polkadot and terra, which is the native token of the Luna network.
• ConsenSys-backed Virtue Gaming launches ‘play-to-earn poker’:Virtue Gaming’s Virtue Poker is the only blockchain-based poker game of its kind licensed by the Malta Gaming Authority,CoinDesk’s Eli Tanreported. The project is looking to revive online gambling communities that have been dormant since the 2006 Unlawful Internet Gaming Enforcement Act by integrating them into the same network. The model, which incentivizes amateur players to join the platform, is designed to attract professional gamblers, who historically make the most money on platforms with large pools of non-pros.
• Why Is Bitcoin Dropping if It’s an ‘Inflation Hedge’?
• Chainalysis Blockchain Data Platform to Integrate Lightning Network
• Binance in Talks With Indonesian Heavyweights for Crypto Venture: Report
• Assembly Blockchain Receives $100M Investment From VCs, Crypto Market-Maker: Report
All the digital assets in the CoinDesk 20 ended the day lower.
Notable winners as of 21:00 UTC (4:00 p.m. ET):
• Filecoin (FIL), +7.8%
• Polygon (MATIC), +5.2%
Notable losers:
• Chainlink (LINK), -6.0%
• Stellar (XLM), -3.9% || Market Wrap: US Inflation at 39-Year High Fails to Buoy Bitcoin: Bitcoin’s price swung from gains to losses and back to gains on Friday after a key U.S. inflation report showed consumer prices rose in November at theirfastest pace in 39 years.
The market fluctuations left bitcoin on track for its fourth straight weekly decline, and the starry-eyed forecasts of $100,000 by year end – or even a return to last month’s all-time high of around $69,000 – are now looking far less likely.
Crypto traders had been waiting for the release of the U.S. consumer price index early Friday, because many investors see bitcoin as a potentially useful hedge against inflation. The CPI report showed that the index for all items rose 6.8% in the 12 months through November, the highest level since May 1982, when it was 6.9%. The cost-of-living increase was in line with the average forecast of economists in a Reuters survey and was higher thanOctober’s 6.2%increase.
Bitcoin climbed past $50,000 after the 8:30 a.m. ET (13:40 UTC) report, but quickly ceded those gains to trade in the red as analysts leapt to the logical conclusion – that the high inflation rate might provide ample motivation for the Federal Reserve to decide to accelerate its withdrawal of monetary stimulus at itsmeeting next week– the last scheduled gathering of 2021 for the U.S. central bank’s monetary policy committee.
“If financial markets grow nervous, the Fed may have an aggressive tightening cycle, and the first thing that gets sold is your top-performing assets and that would be cryptos for many traders,” Edward Moya, a senior markets analyst at the foreign-exchange brokerage Oanda, told CoinDesk’s Lyllah Ledesma.
By later in the day, though, bitcoin had turned up along with traditional markets as traders noted that the inflation number wasn’t as high as some economists had warned.
• Bitcoin (BTC): $48,383, +1.3%
• Ether (ETH): $4,046, -2.0%
• S&P 500: +1.0%
• Gold: $1,782, +0.4%
• 10-year Treasury yield closed at 1.489%
With bitcoin down for four straight weeks, crypto market analysts are starting to discount the likelihood of a powerful end-of-year rally similar to the 2020 moonshot.
“We may not see heavy risk taking by institutional investors in the last weeks of December for tactical reasons,” research analysts for Coinbase Institutional wrote Friday in a weekly newsletter. “As a result, cryptocurrencies may be range-bound for the remainder of December in our view.”
Crypto traders betting on the recently famous ConstitutionDAO’s PEOPLE tokens recorded over $9 million in liquidations on Friday, data from analytics toolCoinglassshows.
The plunge followed a broader decline in crypto markets that saw large-cap altcoins like solana, terra and uniswap fallby as much as 9%as of Friday morning.
Some 17,000 participants in the ConstitutionDAO raised $40 million in November to purchase a copy of the U.S. Constitution – in what was one of the largest such collective efforts involving cryptocurrencies.
The collective lost out to Ken Griffin – the founder of the Citadel hedge fund who snapped up the piece with a winning bid of $43 million, reportedly because his son told him to. ConstitutionDAO participants were later refunded their donated funds in the form of PEOPLE.
PEOPLE has no utility and offers no governance rights to holders. But that didn’t stop crypto traders from pushing the token to a market cap of $839 million, according to CoinMarketCap. And the trading frenzy is leading to losses, CoinDesk’s Shaurya Malwareported.
Read More:ConstitutionDAO Tokens (Yes They’re Still Trading) See Wild Session With $9M Liquidations
• Solana congestion calls network reliability into question:Solana’s blockchain experienced unusually slow speeds Thursday morning due to congestion. The slowdown spurred debates about centralization, communication and transparency at the ecosystem’s critical stakeholder, Solana Labs,CoinDesk’s Danny Nelsonreported.
• Polkadot, Solana and Terra drop amid crypto market sell-off:The native tokens of layer 1 blockchains Polkadot, Solana and Terra were among the biggest losers Friday morning amid a fall in the broader cryptocurrency market,CoinDesk’s Shaurya Malwareported. The solana price drop was partly driven by the congestion problem on the Solana network. Meanwhile, fundamentals remain strong for large-cap altcoins polkadot and terra, which is the native token of the Luna network.
• ConsenSys-backed Virtue Gaming launches ‘play-to-earn poker’:Virtue Gaming’s Virtue Poker is the only blockchain-based poker game of its kind licensed by the Malta Gaming Authority,CoinDesk’s Eli Tanreported. The project is looking to revive online gambling communities that have been dormant since the 2006 Unlawful Internet Gaming Enforcement Act by integrating them into the same network. The model, which incentivizes amateur players to join the platform, is designed to attract professional gamblers, who historically make the most money on platforms with large pools of non-pros.
• Why Is Bitcoin Dropping if It’s an ‘Inflation Hedge’?
• Chainalysis Blockchain Data Platform to Integrate Lightning Network
• Binance in Talks With Indonesian Heavyweights for Crypto Venture: Report
• Assembly Blockchain Receives $100M Investment From VCs, Crypto Market-Maker: Report
All the digital assets in the CoinDesk 20 ended the day lower.
Notable winners as of 21:00 UTC (4:00 p.m. ET):
• Filecoin (FIL), +7.8%
• Polygon (MATIC), +5.2%
Notable losers:
• Chainlink (LINK), -6.0%
• Stellar (XLM), -3.9% || Market Wrap: US Inflation at 39-Year High Fails to Buoy Bitcoin: Bitcoin’s price swung from gains to losses and back to gains on Friday after a key U.S. inflation report showed consumer prices rose in November at theirfastest pace in 39 years.
The market fluctuations left bitcoin on track for its fourth straight weekly decline, and the starry-eyed forecasts of $100,000 by year end – or even a return to last month’s all-time high of around $69,000 – are now looking far less likely.
Crypto traders had been waiting for the release of the U.S. consumer price index early Friday, because many investors see bitcoin as a potentially useful hedge against inflation. The CPI report showed that the index for all items rose 6.8% in the 12 months through November, the highest level since May 1982, when it was 6.9%. The cost-of-living increase was in line with the average forecast of economists in a Reuters survey and was higher thanOctober’s 6.2%increase.
Bitcoin climbed past $50,000 after the 8:30 a.m. ET (13:40 UTC) report, but quickly ceded those gains to trade in the red as analysts leapt to the logical conclusion – that the high inflation rate might provide ample motivation for the Federal Reserve to decide to accelerate its withdrawal of monetary stimulus at itsmeeting next week– the last scheduled gathering of 2021 for the U.S. central bank’s monetary policy committee.
“If financial markets grow nervous, the Fed may have an aggressive tightening cycle, and the first thing that gets sold is your top-performing assets and that would be cryptos for many traders,” Edward Moya, a senior markets analyst at the foreign-exchange brokerage Oanda, told CoinDesk’s Lyllah Ledesma.
By later in the day, though, bitcoin had turned up along with traditional markets as traders noted that the inflation number wasn’t as high as some economists had warned.
• Bitcoin (BTC): $48,383, +1.3%
• Ether (ETH): $4,046, -2.0%
• S&P 500: +1.0%
• Gold: $1,782, +0.4%
• 10-year Treasury yield closed at 1.489%
With bitcoin down for four straight weeks, crypto market analysts are starting to discount the likelihood of a powerful end-of-year rally similar to the 2020 moonshot.
“We may not see heavy risk taking by institutional investors in the last weeks of December for tactical reasons,” research analysts for Coinbase Institutional wrote Friday in a weekly newsletter. “As a result, cryptocurrencies may be range-bound for the remainder of December in our view.”
Crypto traders betting on the recently famous ConstitutionDAO’s PEOPLE tokens recorded over $9 million in liquidations on Friday, data from analytics toolCoinglassshows.
The plunge followed a broader decline in crypto markets that saw large-cap altcoins like solana, terra and uniswap fallby as much as 9%as of Friday morning.
Some 17,000 participants in the ConstitutionDAO raised $40 million in November to purchase a copy of the U.S. Constitution – in what was one of the largest such collective efforts involving cryptocurrencies.
The collective lost out to Ken Griffin – the founder of the Citadel hedge fund who snapped up the piece with a winning bid of $43 million, reportedly because his son told him to. ConstitutionDAO participants were later refunded their donated funds in the form of PEOPLE.
PEOPLE has no utility and offers no governance rights to holders. But that didn’t stop crypto traders from pushing the token to a market cap of $839 million, according to CoinMarketCap. And the trading frenzy is leading to losses, CoinDesk’s Shaurya Malwareported.
Read More:ConstitutionDAO Tokens (Yes They’re Still Trading) See Wild Session With $9M Liquidations
• Solana congestion calls network reliability into question:Solana’s blockchain experienced unusually slow speeds Thursday morning due to congestion. The slowdown spurred debates about centralization, communication and transparency at the ecosystem’s critical stakeholder, Solana Labs,CoinDesk’s Danny Nelsonreported.
• Polkadot, Solana and Terra drop amid crypto market sell-off:The native tokens of layer 1 blockchains Polkadot, Solana and Terra were among the biggest losers Friday morning amid a fall in the broader cryptocurrency market,CoinDesk’s Shaurya Malwareported. The solana price drop was partly driven by the congestion problem on the Solana network. Meanwhile, fundamentals remain strong for large-cap altcoins polkadot and terra, which is the native token of the Luna network.
• ConsenSys-backed Virtue Gaming launches ‘play-to-earn poker’:Virtue Gaming’s Virtue Poker is the only blockchain-based poker game of its kind licensed by the Malta Gaming Authority,CoinDesk’s Eli Tanreported. The project is looking to revive online gambling communities that have been dormant since the 2006 Unlawful Internet Gaming Enforcement Act by integrating them into the same network. The model, which incentivizes amateur players to join the platform, is designed to attract professional gamblers, who historically make the most money on platforms with large pools of non-pros.
• Why Is Bitcoin Dropping if It’s an ‘Inflation Hedge’?
• Chainalysis Blockchain Data Platform to Integrate Lightning Network
• Binance in Talks With Indonesian Heavyweights for Crypto Venture: Report
• Assembly Blockchain Receives $100M Investment From VCs, Crypto Market-Maker: Report
All the digital assets in the CoinDesk 20 ended the day lower.
Notable winners as of 21:00 UTC (4:00 p.m. ET):
• Filecoin (FIL), +7.8%
• Polygon (MATIC), +5.2%
Notable losers:
• Chainlink (LINK), -6.0%
• Stellar (XLM), -3.9% || Market Wrap: US Inflation at 39-Year High Fails to Buoy Bitcoin: Bitcoin’s price swung from gains to losses and back to gains on Friday after a key U.S. inflation report showed consumer prices rose in November at their fastest pace in 39 years . The market fluctuations left bitcoin on track for its fourth straight weekly decline, and the starry-eyed forecasts of $100,000 by year end – or even a return to last month’s all-time high of around $69,000 – are now looking far less likely. Crypto traders had been waiting for the release of the U.S. consumer price index early Friday, because many investors see bitcoin as a potentially useful hedge against inflation. The CPI report showed that the index for all items rose 6.8% in the 12 months through November, the highest level since May 1982, when it was 6.9%. The cost-of-living increase was in line with the average forecast of economists in a Reuters survey and was higher than October’s 6.2% increase. Inflation has jumped to levels not seen since the early 1980s – and the rate is rising fast. (Federal Reserve Bank of St. Louis) Bitcoin climbed past $50,000 after the 8:30 a.m. ET (13:40 UTC) report, but quickly ceded those gains to trade in the red as analysts leapt to the logical conclusion – that the high inflation rate might provide ample motivation for the Federal Reserve to decide to accelerate its withdrawal of monetary stimulus at its meeting next week – the last scheduled gathering of 2021 for the U.S. central bank’s monetary policy committee. “If financial markets grow nervous, the Fed may have an aggressive tightening cycle, and the first thing that gets sold is your top-performing assets and that would be cryptos for many traders,” Edward Moya, a senior markets analyst at the foreign-exchange brokerage Oanda, told CoinDesk’s Lyllah Ledesma. By later in the day, though, bitcoin had turned up along with traditional markets as traders noted that the inflation number wasn’t as high as some economists had warned. Latest Prices Bitcoin (BTC): $48,383, +1.3% Ether (ETH): $4,046, -2.0% S&P 500: +1.0% Gold: $1,782, +0.4% 10-year Treasury yield closed at 1.489% With bitcoin down for four straight weeks, crypto market analysts are starting to discount the likelihood of a powerful end-of-year rally similar to the 2020 moonshot. “We may not see heavy risk taking by institutional investors in the last weeks of December for tactical reasons,” research analysts for Coinbase Institutional wrote Friday in a weekly newsletter. “As a result, cryptocurrencies may be range-bound for the remainder of December in our view.” Traders of the Constitution Crypto traders betting on the recently famous ConstitutionDAO’s PEOPLE tokens recorded over $9 million in liquidations on Friday, data from analytics tool Coinglass shows. Story continues The plunge followed a broader decline in crypto markets that saw large-cap altcoins like solana, terra and uniswap fall by as much as 9% as of Friday morning. Some 17,000 participants in the ConstitutionDAO raised $40 million in November to purchase a copy of the U.S. Constitution – in what was one of the largest such collective efforts involving cryptocurrencies. The collective lost out to Ken Griffin – the founder of the Citadel hedge fund who snapped up the piece with a winning bid of $43 million, reportedly because his son told him to. ConstitutionDAO participants were later refunded their donated funds in the form of PEOPLE. PEOPLE has no utility and offers no governance rights to holders. But that didn’t stop crypto traders from pushing the token to a market cap of $839 million, according to CoinMarketCap. And the trading frenzy is leading to losses, CoinDesk’s Shaurya Malwa reported . Read More: ConstitutionDAO Tokens (Yes They’re Still Trading) See Wild Session With $9M Liquidations Altcoin roundup Solana congestion calls network reliability into question: Solana’s blockchain experienced unusually slow speeds Thursday morning due to congestion. The slowdown spurred debates about centralization, communication and transparency at the ecosystem’s critical stakeholder, Solana Labs, CoinDesk’s Danny Nelson reported . Polkadot, Solana and Terra drop amid crypto market sell-off: The native tokens of layer 1 blockchains Polkadot, Solana and Terra were among the biggest losers Friday morning amid a fall in the broader cryptocurrency market, CoinDesk’s Shaurya Malwa reported . The solana price drop was partly driven by the congestion problem on the Solana network. Meanwhile, fundamentals remain strong for large-cap altcoins polkadot and terra, which is the native token of the Luna network. ConsenSys-backed Virtue Gaming launches ‘play-to-earn poker’: Virtue Gaming’s Virtue Poker is the only blockchain-based poker game of its kind licensed by the Malta Gaming Authority, CoinDesk’s Eli Tan reported . The project is looking to revive online gambling communities that have been dormant since the 2006 Unlawful Internet Gaming Enforcement Act by integrating them into the same network. The model, which incentivizes amateur players to join the platform, is designed to attract professional gamblers, who historically make the most money on platforms with large pools of non-pros. Relevant News Why Is Bitcoin Dropping if It’s an ‘Inflation Hedge’? Chainalysis Blockchain Data Platform to Integrate Lightning Network Binance in Talks With Indonesian Heavyweights for Crypto Venture: Report Assembly Blockchain Receives $100M Investment From VCs, Crypto Market-Maker: Report Other markets All the digital assets in the CoinDesk 20 ended the day lower. Notable winners as of 21:00 UTC (4:00 p.m. ET): Filecoin (FIL), +7.8% Polygon (MATIC), +5.2% Notable losers: Chainlink (LINK), -6.0% Stellar (XLM), -3.9% View comments || Market Wrap: US Inflation at 39-Year High Fails to Buoy Bitcoin: Bitcoin’s price swung from gains to losses and back to gains on Friday after a key U.S. inflation report showed consumer prices rose in November at theirfastest pace in 39 years.
The market fluctuations left bitcoin on track for its fourth straight weekly decline, and the starry-eyed forecasts of $100,000 by year end – or even a return to last month’s all-time high of around $69,000 – are now looking far less likely.
Crypto traders had been waiting for the release of the U.S. consumer price index early Friday, because many investors see bitcoin as a potentially useful hedge against inflation. The CPI report showed that the index for all items rose 6.8% in the 12 months through November, the highest level since May 1982, when it was 6.9%. The cost-of-living increase was in line with the average forecast of economists in a Reuters survey and was higher thanOctober’s 6.2%increase.
Bitcoin climbed past $50,000 after the 8:30 a.m. ET (13:40 UTC) report, but quickly ceded those gains to trade in the red as analysts leapt to the logical conclusion – that the high inflation rate might provide ample motivation for the Federal Reserve to decide to accelerate its withdrawal of monetary stimulus at itsmeeting next week– the last scheduled gathering of 2021 for the U.S. central bank’s monetary policy committee.
“If financial markets grow nervous, the Fed may have an aggressive tightening cycle, and the first thing that gets sold is your top-performing assets and that would be cryptos for many traders,” Edward Moya, a senior markets analyst at the foreign-exchange brokerage Oanda, told CoinDesk’s Lyllah Ledesma.
By later in the day, though, bitcoin had turned up along with traditional markets as traders noted that the inflation number wasn’t as high as some economists had warned.
• Bitcoin (BTC): $48,383, +1.3%
• Ether (ETH): $4,046, -2.0%
• S&P 500: +1.0%
• Gold: $1,782, +0.4%
• 10-year Treasury yield closed at 1.489%
With bitcoin down for four straight weeks, crypto market analysts are starting to discount the likelihood of a powerful end-of-year rally similar to the 2020 moonshot.
“We may not see heavy risk taking by institutional investors in the last weeks of December for tactical reasons,” research analysts for Coinbase Institutional wrote Friday in a weekly newsletter. “As a result, cryptocurrencies may be range-bound for the remainder of December in our view.”
Crypto traders betting on the recently famous ConstitutionDAO’s PEOPLE tokens recorded over $9 million in liquidations on Friday, data from analytics toolCoinglassshows.
The plunge followed a broader decline in crypto markets that saw large-cap altcoins like solana, terra and uniswap fallby as much as 9%as of Friday morning.
Some 17,000 participants in the ConstitutionDAO raised $40 million in November to purchase a copy of the U.S. Constitution – in what was one of the largest such collective efforts involving cryptocurrencies.
The collective lost out to Ken Griffin – the founder of the Citadel hedge fund who snapped up the piece with a winning bid of $43 million, reportedly because his son told him to. ConstitutionDAO participants were later refunded their donated funds in the form of PEOPLE.
PEOPLE has no utility and offers no governance rights to holders. But that didn’t stop crypto traders from pushing the token to a market cap of $839 million, according to CoinMarketCap. And the trading frenzy is leading to losses, CoinDesk’s Shaurya Malwareported.
Read More:ConstitutionDAO Tokens (Yes They’re Still Trading) See Wild Session With $9M Liquidations
• Solana congestion calls network reliability into question:Solana’s blockchain experienced unusually slow speeds Thursday morning due to congestion. The slowdown spurred debates about centralization, communication and transparency at the ecosystem’s critical stakeholder, Solana Labs,CoinDesk’s Danny Nelsonreported.
• Polkadot, Solana and Terra drop amid crypto market sell-off:The native tokens of layer 1 blockchains Polkadot, Solana and Terra were among the biggest losers Friday morning amid a fall in the broader cryptocurrency market,CoinDesk’s Shaurya Malwareported. The solana price drop was partly driven by the congestion problem on the Solana network. Meanwhile, fundamentals remain strong for large-cap altcoins polkadot and terra, which is the native token of the Luna network.
• ConsenSys-backed Virtue Gaming launches ‘play-to-earn poker’:Virtue Gaming’s Virtue Poker is the only blockchain-based poker game of its kind licensed by the Malta Gaming Authority,CoinDesk’s Eli Tanreported. The project is looking to revive online gambling communities that have been dormant since the 2006 Unlawful Internet Gaming Enforcement Act by integrating them into the same network. The model, which incentivizes amateur players to join the platform, is designed to attract professional gamblers, who historically make the most money on platforms with large pools of non-pros.
• Why Is Bitcoin Dropping if It’s an ‘Inflation Hedge’?
• Chainalysis Blockchain Data Platform to Integrate Lightning Network
• Binance in Talks With Indonesian Heavyweights for Crypto Venture: Report
• Assembly Blockchain Receives $100M Investment From VCs, Crypto Market-Maker: Report
All the digital assets in the CoinDesk 20 ended the day lower.
Notable winners as of 21:00 UTC (4:00 p.m. ET):
• Filecoin (FIL), +7.8%
• Polygon (MATIC), +5.2%
Notable losers:
• Chainlink (LINK), -6.0%
• Stellar (XLM), -3.9% || 2 Prominent Bitcoin Core Contributors Step Away From Their Roles: Veteran open-source Bitcoin developer John Newbery announced on Friday he willtake a step backfrom his work, continuing a series of departures involving Bitcoin Core, an implementation of Bitcoin’s software that keeps the global currency running.
Newbery tweeted that he’s taking a break “for some time.” He has left his role as a director of Brink, the independent organization for funding Bitcoin’s developer community thathe launched last year. Newbery has also handed over the reins at the Bitcoin Optech newsletter and management of Bitcoin Core’s PR (pull requests).
Bitcoin Core connects to the blockchain and keeps things running, with open-source developers contributing research, peer review, testing and documentation. A small group of project maintainers can directly access Bitcoin’s code.
On Thursday, Bitcoin Core maintainer Samuel Dobsonannounced he was stepping downto focus on the end of his Ph.D. program. Dobson was a maintainer of the project’s crypto wallet and contributed to the security of the protocol.
Dobson’s departure followed the October exit of Bitcoin Core code maintainer Jonas Schnelli, whocited the stressof increasing legal risks for developers. According toBitcointalk.org, the maintainers with commit access to Bitcoin’s code currently numbers just three people: Wladimir J. van der Laan, Marco Falke and Michael Ford. There are also two people with commit access who are not maintainers – Pieter Wuille and Hennadii Stepanov. And while there are many Core developers and contributors working on Bitcoin’s code, only maintainers and those with commit access are able to merge new code with the existing Bitcoin Core code.
And earlier this year, van der Laan, who’s listed as a lead maintainer, announced he was taking more of a“background role”on the project to help decentralize it.
When reached by email, Dobson said he felt all the recent departures from the core development team were “just coincidence.”
“There are a lot of regular contributors and people are always coming and going,” Dobson wrote. “I guess it is just a season for some change.” || 2 Prominent Bitcoin Core Contributors Step Away From Their Roles: Veteran open-source Bitcoin developer John Newbery announced on Friday he willtake a step backfrom his work, continuing a series of departures involving Bitcoin Core, an implementation of Bitcoin’s software that keeps the global currency running.
Newbery tweeted that he’s taking a break “for some time.” He has left his role as a director of Brink, the independent organization for funding Bitcoin’s developer community thathe launched last year. Newbery has also handed over the reins at the Bitcoin Optech newsletter and management of Bitcoin Core’s PR (pull requests).
Bitcoin Core connects to the blockchain and keeps things running, with open-source developers contributing research, peer review, testing and documentation. A small group of project maintainers can directly access Bitcoin’s code.
On Thursday, Bitcoin Core maintainer Samuel Dobsonannounced he was stepping downto focus on the end of his Ph.D. program. Dobson was a maintainer of the project’s crypto wallet and contributed to the security of the protocol.
Dobson’s departure followed the October exit of Bitcoin Core code maintainer Jonas Schnelli, whocited the stressof increasing legal risks for developers. According toBitcointalk.org, the maintainers with commit access to Bitcoin’s code currently numbers just three people: Wladimir J. van der Laan, Marco Falke and Michael Ford. There are also two people with commit access who are not maintainers – Pieter Wuille and Hennadii Stepanov. And while there are many Core developers and contributors working on Bitcoin’s code, only maintainers and those with commit access are able to merge new code with the existing Bitcoin Core code.
And earlier this year, van der Laan, who’s listed as a lead maintainer, announced he was taking more of a“background role”on the project to help decentralize it.
When reached by email, Dobson said he felt all the recent departures from the core development team were “just coincidence.”
“There are a lot of regular contributors and people are always coming and going,” Dobson wrote. “I guess it is just a season for some change.” || 2 Prominent Bitcoin Core Contributors Step Away From Their Roles: Veteran open-source Bitcoin developer John Newbery announced on Friday he willtake a step backfrom his work, continuing a series of departures involving Bitcoin Core, an implementation of Bitcoin’s software that keeps the global currency running.
Newbery tweeted that he’s taking a break “for some time.” He has left his role as a director of Brink, the independent organization for funding Bitcoin’s developer community thathe launched last year. Newbery has also handed over the reins at the Bitcoin Optech newsletter and management of Bitcoin Core’s PR (pull requests).
Bitcoin Core connects to the blockchain and keeps things running, with open-source developers contributing research, peer review, testing and documentation. A small group of project maintainers can directly access Bitcoin’s code.
On Thursday, Bitcoin Core maintainer Samuel Dobsonannounced he was stepping downto focus on the end of his Ph.D. program. Dobson was a maintainer of the project’s crypto wallet and contributed to the security of the protocol.
Dobson’s departure followed the October exit of Bitcoin Core code maintainer Jonas Schnelli, whocited the stressof increasing legal risks for developers. According toBitcointalk.org, the maintainers with commit access to Bitcoin’s code currently numbers just three people: Wladimir J. van der Laan, Marco Falke and Michael Ford. There are also two people with commit access who are not maintainers – Pieter Wuille and Hennadii Stepanov. And while there are many Core developers and contributors working on Bitcoin’s code, only maintainers and those with commit access are able to merge new code with the existing Bitcoin Core code.
And earlier this year, van der Laan, who’s listed as a lead maintainer, announced he was taking more of a“background role”on the project to help decentralize it.
When reached by email, Dobson said he felt all the recent departures from the core development team were “just coincidence.”
“There are a lot of regular contributors and people are always coming and going,” Dobson wrote. “I guess it is just a season for some change.” || 2 Prominent Bitcoin Core Contributors Step Away From Their Roles: Veteran open-source Bitcoin developer John Newbery announced on Friday he willtake a step backfrom his work, continuing a series of departures involving Bitcoin Core, an implementation of Bitcoin’s software that keeps the global currency running.
Newbery tweeted that he’s taking a break “for some time.” He has left his role as a director of Brink, the independent organization for funding Bitcoin’s developer community thathe launched last year. Newbery has also handed over the reins at the Bitcoin Optech newsletter and management of Bitcoin Core’s PR (pull requests).
Bitcoin Core connects to the blockchain and keeps things running, with open-source developers contributing research, peer review, testing and documentation. A small group of project maintainers can directly access Bitcoin’s code.
On Thursday, Bitcoin Core maintainer Samuel Dobsonannounced he was stepping downto focus on the end of his Ph.D. program. Dobson was a maintainer of the project’s crypto wallet and contributed to the security of the protocol.
Dobson’s departure followed the October exit of Bitcoin Core code maintainer Jonas Schnelli, whocited the stressof increasing legal risks for developers. According toBitcointalk.org, the maintainers with commit access to Bitcoin’s code currently numbers just three people: Wladimir J. van der Laan, Marco Falke and Michael Ford. There are also two people with commit access who are not maintainers – Pieter Wuille and Hennadii Stepanov. And while there are many Core developers and contributors working on Bitcoin’s code, only maintainers and those with commit access are able to merge new code with the existing Bitcoin Core code.
And earlier this year, van der Laan, who’s listed as a lead maintainer, announced he was taking more of a“background role”on the project to help decentralize it.
When reached by email, Dobson said he felt all the recent departures from the core development team were “just coincidence.”
“There are a lot of regular contributors and people are always coming and going,” Dobson wrote. “I guess it is just a season for some change.” || 2 Prominent Bitcoin Core Contributors Step Away From Their Roles: Veteran open-source Bitcoin developer John Newbery announced on Friday he will take a step back from his work, continuing a series of departures involving Bitcoin Core, an implementation of Bitcoin’s software that keeps the global currency running. Newbery tweeted that he’s taking a break “for some time.” He has left his role as a director of Brink, the independent organization for funding Bitcoin’s developer community that he launched last year . Newbery has also handed over the reins at the Bitcoin Optech newsletter and management of Bitcoin Core’s PR (pull requests). Bitcoin Core connects to the blockchain and keeps things running, with open-source developers contributing research, peer review, testing and documentation. A small group of project maintainers can directly access Bitcoin’s code. On Thursday, Bitcoin Core maintainer Samuel Dobson announced he was stepping down to focus on the end of his Ph.D. program. Dobson was a maintainer of the project’s crypto wallet and contributed to the security of the protocol. Dobson’s departure followed the October exit of Bitcoin Core code maintainer Jonas Schnelli, who cited the stress of increasing legal risks for developers. According to Bitcointalk.org , the maintainers with commit access to Bitcoin’s code currently numbers just three people: Wladimir J. van der Laan, Marco Falke and Michael Ford. There are also two people with commit access who are not maintainers – Pieter Wuille and Hennadii Stepanov. And while there are many Core developers and contributors working on Bitcoin’s code, only maintainers and those with commit access are able to merge new code with the existing Bitcoin Core code. And earlier this year, van der Laan, who’s listed as a lead maintainer, announced he was taking more of a “background role” on the project to help decentralize it. When reached by email, Dobson said he felt all the recent departures from the core development team were “just coincidence.” “There are a lot of regular contributors and people are always coming and going,” Dobson wrote. “I guess it is just a season for some change.” View comments || Sax Wealth Advisors, Llc Buys Dimensional U.S. Core Equity 2 ETF, Dimensional U.S. ...: Investment company Sax Wealth Advisors, Llc ( Current Portfolio ) buys Dimensional U.S. Core Equity 2 ETF, Dimensional U.S. Targeted Value ETF, Dimensional U.S. Equity ETF, Dimensional U.S. Small Cap ETF, Vanguard Total Corporate ETF, sells SPDR Gold Shares ETF, NextEra Energy Inc, ARK Innovation ETF, PIMCO Enhanced Short Maturity Active Exchange-Trad, Carnival Corp during the 3-months ended 2021Q3, according to the most recent filings of the investment company, Sax Wealth Advisors, Llc. As of 2021Q3, Sax Wealth Advisors, Llc owns 170 stocks with a total value of $421 million. These are the details of the buys and sells. New Purchases: DFAC, DFAT, DFUS, DFAS, VTC, VUSB, TMUS, OPK, PRU, PANW, DFAI, JD, UBER, MPC, EWC, VOOG, Added Positions: IJH, PFF, AVUS, BSV, ITOT, MTUM, IJR, BIV, QUAL, VTV, USHY, VV, MRK, BRK.B, JETS, SHY, HYG, PGX, IJS, IQLT, LQD, VCIT, VUG, BMY, VWO, CSCO, USMV, VEA, PPL, IWP, GOOG, T, AMZN, ADI, MSFT, NYCB, IGSB, BAB, RWX, VYM, XLF, IWD, DFAU, AAL, WDAY, EXG, DIS, NVDA, MCD, JNJ, MO, MGK, IDV, VXF, INTC, VYMI, Reduced Positions: GLD, NEE, ARKK, MINT, IVV, DIA, DVY, CVS, PFE, PEG, VZ, BHK, EEM, HDV, TD, Sold Out: CCL, UAL, CVX, CL, VTWV, Warning! GuruFocus has detected 9 Warning Signs with ADI. Click here to check it out. AVUS 15-Year Financial Data The intrinsic value of AVUS Peter Lynch Chart of AVUS For the details of SAX WEALTH ADVISORS, LLC's stock buys and sells, go to https://www.gurufocus.com/guru/sax+wealth+advisors%2C+llc/current-portfolio/portfolio These are the top 5 holdings of SAX WEALTH ADVISORS, LLC Dimensional U.S. Core Equity 2 ETF ( DFAC ) - 1,761,042 shares, 11.11% of the total portfolio. New Position Dimensional U.S. Targeted Value ETF ( DFAT ) - 725,347 shares, 7.64% of the total portfolio. New Position Dimensional U.S. Equity ETF ( DFUS ) - 574,250 shares, 6.43% of the total portfolio. New Position iShares Core S&P Mid-Cap ETF (IJH) - 76,854 shares, 4.80% of the total portfolio. Shares added by 5.36% BTC iShares MSCI USA Quality Factor ETF (QUAL) - 134,180 shares, 4.20% of the total portfolio. Shares added by 1.73% New Purchase: Dimensional U.S. Core Equity 2 ETF (DFAC) Sax Wealth Advisors, Llc initiated holding in Dimensional U.S. Core Equity 2 ETF. The purchase prices were between $25.98 and $27.82, with an estimated average price of $27.1. The stock is now traded at around $28.700000. The impact to a portfolio due to this purchase was 11.11%. The holding were 1,761,042 shares as of 2021-09-30. New Purchase: Dimensional U.S. Targeted Value ETF (DFAT) Sax Wealth Advisors, Llc initiated holding in Dimensional U.S. Targeted Value ETF. The purchase prices were between $41.55 and $45.75, with an estimated average price of $44.23. The stock is now traded at around $46.940000. The impact to a portfolio due to this purchase was 7.64%. The holding were 725,347 shares as of 2021-09-30. Story continues New Purchase: Dimensional U.S. Equity ETF (DFUS) Sax Wealth Advisors, Llc initiated holding in Dimensional U.S. Equity ETF. The purchase prices were between $46.35 and $49.56, with an estimated average price of $48.27. The stock is now traded at around $51.300000. The impact to a portfolio due to this purchase was 6.43%. The holding were 574,250 shares as of 2021-09-30. New Purchase: Dimensional U.S. Small Cap ETF (DFAS) Sax Wealth Advisors, Llc initiated holding in Dimensional U.S. Small Cap ETF. The purchase prices were between $54.56 and $59.29, with an estimated average price of $57.56. The stock is now traded at around $60.400000. The impact to a portfolio due to this purchase was 3.65%. The holding were 267,740 shares as of 2021-09-30. New Purchase: Vanguard Total Corporate ETF (VTC) Sax Wealth Advisors, Llc initiated holding in Vanguard Total Corporate ETF. The purchase prices were between $90.72 and $92.5, with an estimated average price of $91.76. The stock is now traded at around $90.860000. The impact to a portfolio due to this purchase was 0.27%. The holding were 12,368 shares as of 2021-09-30. New Purchase: Vanguard Ultra-Short Bond ETF (VUSB) Sax Wealth Advisors, Llc initiated holding in Vanguard Ultra-Short Bond ETF. The purchase prices were between $50.02 and $50.11, with an estimated average price of $50.06. The stock is now traded at around $49.960000. The impact to a portfolio due to this purchase was 0.11%. The holding were 9,105 shares as of 2021-09-30. Added: Avantis U.S. Equity ETF (AVUS) Sax Wealth Advisors, Llc added to a holding in Avantis U.S. Equity ETF by 132.83%. The purchase prices were between $71.84 and $76.95, with an estimated average price of $75.05. The stock is now traded at around $79.500000. The impact to a portfolio due to this purchase was 0.18%. The holding were 17,658 shares as of 2021-09-30. Added: iShares Broad USD High Yield Corporate Bond ETF (USHY) Sax Wealth Advisors, Llc added to a holding in iShares Broad USD High Yield Corporate Bond ETF by 71.36%. The purchase prices were between $40.49 and $41.29, with an estimated average price of $40.89. The stock is now traded at around $41.050000. The impact to a portfolio due to this purchase was 0.07%. The holding were 16,661 shares as of 2021-09-30. Added: Vanguard Intermediate-Term Bond ETF (BIV) Sax Wealth Advisors, Llc added to a holding in Vanguard Intermediate-Term Bond ETF by 34.15%. The purchase prices were between $88.99 and $90.75, with an estimated average price of $89.99. The stock is now traded at around $88.670000. The impact to a portfolio due to this purchase was 0.07%. The holding were 13,229 shares as of 2021-09-30. Added: Merck & Co Inc (MRK) Sax Wealth Advisors, Llc added to a holding in Merck & Co Inc by 74.46%. The purchase prices were between $71.68 and $78.83, with an estimated average price of $76.11. The stock is now traded at around $72.620000. The impact to a portfolio due to this purchase was 0.06%. The holding were 8,681 shares as of 2021-09-30. Added: Vanguard Large Cap ETF (VV) Sax Wealth Advisors, Llc added to a holding in Vanguard Large Cap ETF by 67.69%. The purchase prices were between $198.51 and $211.64, with an estimated average price of $206.09. The stock is now traded at around $218.670000. The impact to a portfolio due to this purchase was 0.06%. The holding were 2,881 shares as of 2021-09-30. Added: Berkshire Hathaway Inc (BRK.B) Sax Wealth Advisors, Llc added to a holding in Berkshire Hathaway Inc by 28.05%. The purchase prices were between $272.66 and $291.28, with an estimated average price of $280.85. The stock is now traded at around $288.230000. The impact to a portfolio due to this purchase was 0.05%. The holding were 3,419 shares as of 2021-09-30. Sold Out: United Airlines Holdings Inc (UAL) Sax Wealth Advisors, Llc sold out a holding in United Airlines Holdings Inc. The sale prices were between $43.46 and $53.08, with an estimated average price of $47.19. Sold Out: Carnival Corp (CCL) Sax Wealth Advisors, Llc sold out a holding in Carnival Corp. The sale prices were between $19.72 and $26.38, with an estimated average price of $23.3. Sold Out: Chevron Corp (CVX) Sax Wealth Advisors, Llc sold out a holding in Chevron Corp. The sale prices were between $94.29 and $106.21, with an estimated average price of $99.81. Sold Out: Colgate-Palmolive Co (CL) Sax Wealth Advisors, Llc sold out a holding in Colgate-Palmolive Co. The sale prices were between $75.58 and $84.39, with an estimated average price of $79.42. Sold Out: Vanguard Russell 2000 Value Index Fund (VTWV) Sax Wealth Advisors, Llc sold out a holding in Vanguard Russell 2000 Value Index Fund. The sale prices were between $133.39 and $146.01, with an estimated average price of $140.18. Here is the complete portfolio of SAX WEALTH ADVISORS, LLC. Also check out: 1. SAX WEALTH ADVISORS, LLC's Undervalued Stocks 2. SAX WEALTH ADVISORS, LLC's Top Growth Companies, and 3. SAX WEALTH ADVISORS, LLC's High Yield stocks 4. Stocks that SAX WEALTH ADVISORS, LLC keeps buyingThis article first appeared on GuruFocus . View comments || Sax Wealth Advisors, Llc Buys Dimensional U.S. Core Equity 2 ETF, Dimensional U.S. ...: Investment companySax Wealth Advisors, Llc(Current Portfolio) buys Dimensional U.S. Core Equity 2 ETF, Dimensional U.S. Targeted Value ETF, Dimensional U.S. Equity ETF, Dimensional U.S. Small Cap ETF, Vanguard Total Corporate ETF, sells SPDR Gold Shares ETF, NextEra Energy Inc, ARK Innovation ETF, PIMCO Enhanced Short Maturity Active Exchange-Trad, Carnival Corp during the 3-months ended 2021Q3, according to the most recent filings of the investment company, Sax Wealth Advisors, Llc. As of 2021Q3, Sax Wealth Advisors, Llc owns 170 stocks with a total value of $421 million. These are the details of the buys and sells.
• New Purchases:DFAC, DFAT, DFUS, DFAS, VTC, VUSB, TMUS, OPK, PRU, PANW, DFAI, JD, UBER, MPC, EWC, VOOG,
• Added Positions:IJH, PFF, AVUS, BSV, ITOT, MTUM, IJR, BIV, QUAL, VTV, USHY, VV, MRK, BRK.B, JETS, SHY, HYG, PGX, IJS, IQLT, LQD, VCIT, VUG, BMY, VWO, CSCO, USMV, VEA, PPL, IWP, GOOG, T, AMZN, ADI, MSFT, NYCB, IGSB, BAB, RWX, VYM, XLF, IWD, DFAU, AAL, WDAY, EXG, DIS, NVDA, MCD, JNJ, MO, MGK, IDV, VXF, INTC, VYMI,
• Reduced Positions:GLD, NEE, ARKK, MINT, IVV, DIA, DVY, CVS, PFE, PEG, VZ, BHK, EEM, HDV, TD,
• Sold Out:CCL, UAL, CVX, CL, VTWV,
• Warning! GuruFocus has detected 9 Warning Signs with ADI. Click here to check it out.
• AVUS 15-Year Financial Data
• The intrinsic value of AVUS
• Peter Lynch Chart of AVUS
For the details of SAX WEALTH ADVISORS, LLC's stock buys and sells,go tohttps://www.gurufocus.com/guru/sax+wealth+advisors%2C+llc/current-portfolio/portfolio
These are the top 5 holdings of SAX WEALTH ADVISORS, LLC
1. Dimensional U.S. Core Equity 2 ETF (DFAC) - 1,761,042 shares, 11.11% of the total portfolio. New Position
2. Dimensional U.S. Targeted Value ETF (DFAT) - 725,347 shares, 7.64% of the total portfolio. New Position
3. Dimensional U.S. Equity ETF (DFUS) - 574,250 shares, 6.43% of the total portfolio. New Position
4. iShares Core S&P Mid-Cap ETF (IJH) - 76,854 shares, 4.80% of the total portfolio. Shares added by 5.36%
5. BTC iShares MSCI USA Quality Factor ETF (QUAL) - 134,180 shares, 4.20% of the total portfolio. Shares added by 1.73%
New Purchase: Dimensional U.S. Core Equity 2 ETF (DFAC)
Sax Wealth Advisors, Llc initiated holding in Dimensional U.S. Core Equity 2 ETF. The purchase prices were between $25.98 and $27.82, with an estimated average price of $27.1. The stock is now traded at around $28.700000. The impact to a portfolio due to this purchase was 11.11%. The holding were 1,761,042 shares as of 2021-09-30.
New Purchase: Dimensional U.S. Targeted Value ETF (DFAT)
Sax Wealth Advisors, Llc initiated holding in Dimensional U.S. Targeted Value ETF. The purchase prices were between $41.55 and $45.75, with an estimated average price of $44.23. The stock is now traded at around $46.940000. The impact to a portfolio due to this purchase was 7.64%. The holding were 725,347 shares as of 2021-09-30.
New Purchase: Dimensional U.S. Equity ETF (DFUS)
Sax Wealth Advisors, Llc initiated holding in Dimensional U.S. Equity ETF. The purchase prices were between $46.35 and $49.56, with an estimated average price of $48.27. The stock is now traded at around $51.300000. The impact to a portfolio due to this purchase was 6.43%. The holding were 574,250 shares as of 2021-09-30.
New Purchase: Dimensional U.S. Small Cap ETF (DFAS)
Sax Wealth Advisors, Llc initiated holding in Dimensional U.S. Small Cap ETF. The purchase prices were between $54.56 and $59.29, with an estimated average price of $57.56. The stock is now traded at around $60.400000. The impact to a portfolio due to this purchase was 3.65%. The holding were 267,740 shares as of 2021-09-30.
New Purchase: Vanguard Total Corporate ETF (VTC)
Sax Wealth Advisors, Llc initiated holding in Vanguard Total Corporate ETF. The purchase prices were between $90.72 and $92.5, with an estimated average price of $91.76. The stock is now traded at around $90.860000. The impact to a portfolio due to this purchase was 0.27%. The holding were 12,368 shares as of 2021-09-30.
New Purchase: Vanguard Ultra-Short Bond ETF (VUSB)
Sax Wealth Advisors, Llc initiated holding in Vanguard Ultra-Short Bond ETF. The purchase prices were between $50.02 and $50.11, with an estimated average price of $50.06. The stock is now traded at around $49.960000. The impact to a portfolio due to this purchase was 0.11%. The holding were 9,105 shares as of 2021-09-30.
Added: Avantis U.S. Equity ETF (AVUS)
Sax Wealth Advisors, Llc added to a holding in Avantis U.S. Equity ETF by 132.83%. The purchase prices were between $71.84 and $76.95, with an estimated average price of $75.05. The stock is now traded at around $79.500000. The impact to a portfolio due to this purchase was 0.18%. The holding were 17,658 shares as of 2021-09-30.
Added: iShares Broad USD High Yield Corporate Bond ETF (USHY)
Sax Wealth Advisors, Llc added to a holding in iShares Broad USD High Yield Corporate Bond ETF by 71.36%. The purchase prices were between $40.49 and $41.29, with an estimated average price of $40.89. The stock is now traded at around $41.050000. The impact to a portfolio due to this purchase was 0.07%. The holding were 16,661 shares as of 2021-09-30.
Added: Vanguard Intermediate-Term Bond ETF (BIV)
Sax Wealth Advisors, Llc added to a holding in Vanguard Intermediate-Term Bond ETF by 34.15%. The purchase prices were between $88.99 and $90.75, with an estimated average price of $89.99. The stock is now traded at around $88.670000. The impact to a portfolio due to this purchase was 0.07%. The holding were 13,229 shares as of 2021-09-30.
Added: Merck & Co Inc (MRK)
Sax Wealth Advisors, Llc added to a holding in Merck & Co Inc by 74.46%. The purchase prices were between $71.68 and $78.83, with an estimated average price of $76.11. The stock is now traded at around $72.620000. The impact to a portfolio due to this purchase was 0.06%. The holding were 8,681 shares as of 2021-09-30.
Added: Vanguard Large Cap ETF (VV)
Sax Wealth Advisors, Llc added to a holding in Vanguard Large Cap ETF by 67.69%. The purchase prices were between $198.51 and $211.64, with an estimated average price of $206.09. The stock is now traded at around $218.670000. The impact to a portfolio due to this purchase was 0.06%. The holding were 2,881 shares as of 2021-09-30.
Added: Berkshire Hathaway Inc (BRK.B)
Sax Wealth Advisors, Llc added to a holding in Berkshire Hathaway Inc by 28.05%. The purchase prices were between $272.66 and $291.28, with an estimated average price of $280.85. The stock is now traded at around $288.230000. The impact to a portfolio due to this purchase was 0.05%. The holding were 3,419 shares as of 2021-09-30.
Sold Out: United Airlines Holdings Inc (UAL)
Sax Wealth Advisors, Llc sold out a holding in United Airlines Holdings Inc. The sale prices were between $43.46 and $53.08, with an estimated average price of $47.19.
Sold Out: Carnival Corp (CCL)
Sax Wealth Advisors, Llc sold out a holding in Carnival Corp. The sale prices were between $19.72 and $26.38, with an estimated average price of $23.3.
Sold Out: Chevron Corp (CVX)
Sax Wealth Advisors, Llc sold out a holding in Chevron Corp. The sale prices were between $94.29 and $106.21, with an estimated average price of $99.81.
Sold Out: Colgate-Palmolive Co (CL)
Sax Wealth Advisors, Llc sold out a holding in Colgate-Palmolive Co. The sale prices were between $75.58 and $84.39, with an estimated average price of $79.42.
Sold Out: Vanguard Russell 2000 Value Index Fund (VTWV)
Sax Wealth Advisors, Llc sold out a holding in Vanguard Russell 2000 Value Index Fund. The sale prices were between $133.39 and $146.01, with an estimated average price of $140.18.
Here is the complete portfolio of SAX WEALTH ADVISORS, LLC. Also check out:1. SAX WEALTH ADVISORS, LLC's Undervalued Stocks2. SAX WEALTH ADVISORS, LLC's Top Growth Companies, and3. SAX WEALTH ADVISORS, LLC's High Yield stocks4. Stocks that SAX WEALTH ADVISORS, LLC keeps buyingThis article first appeared onGuruFocus. || GLOBAL MARKETS-Stocks rise as hot CPI data fails to unnerve investors: (Adds close of U.S. markets)
* World stocks gain, S&P 500 at record closing high
* U.S. CPI gains 6.8% year-over-year as expected
* Market expects Fed bond tapering to end in March
By Herbert Lash
NEW YORK, Dec 10 (Reuters) - The dollar weakened and a gauge of global equity markets rose higher on Friday after data showed consumer prices rose as expected in November, easing concerns the U.S. Federal Reserve would aggressively tighten monetary policy to combat inflation.
Gold rose as rising inflation lifted its safe-haven appeal, while U.S. Treasury yields were little changed in a sign some bond investors do not see interest rate hikes starting as early as next year's second quarter, as many equity investors do.
The U.S. consumer price index increased 0.8% last month after surging 0.9% in October, while it accelerated 6.8% on an annualized basis to mark the biggest year-on-year rise since June 1982.
The data failed to unnerve investors who closely watched the Labor Department report. The benchmark for U.S. equities, the S&P 500 index, closed at its 67th record high of the year, according to S&P Global.
"This data suggests that the Fed will have to tighten monetary policy more aggressively than just a couple of month ago, and the market's acceptance of that is a little surprising to me," said Michael Arone, chief investment strategist at State Street Global Advisors in Boston.
Brian Pietrangelo, managing director of Investment Strategy at Key Private Bank, said the Fed has raised interest rates four times since the 1990s and each time the market took the hikes well, with equities rising as rates move higher.
"We believe the market can handle rate increases as long as they're transparent and they're at the right pace," he said, noting he expects two or three interest rate hikes next year.
"The Fed's been pretty transparent, which is why you're seeing a positive move in the stock market today and not a lot of reaction in the bond market," Pietrangelo said.
MSCI's all-country world index rose 0.36%, to post its biggest weekly gain, up 3.05%, since early February. The broad STOXX Europe 600 index fell 0.30% on concerns the Omicron COVID-19 variant could weaken the European recovery.
The Dow Jones Industrial Average rose 0.60%, the S&P 500 gained 0.95% and the Nasdaq Composite advanced 0.73%.
Gains in information technology, led by Apple Inc , Microsoft Corp and Oracle Corp, pushed the S&P 500 and Nasdaq higher. But consumer staples was the second-biggest percentage gainer, up 2.0%, suggesting investors were carefully assessing the Fed's next move.
The dollar slid as the forex market was positioned for a higher CPI reading, analysts said.
"The FX market has been extremely long U.S. dollars for several months, so with this number coming in benign, we're almost out of events that could push the dollar materially higher before year-end," said Greg Anderson, global head of foreign exchange strategy at BMO Capital Markets.
The dollar index fell 0.157%, with the euro up 0.19% to $1.1314. The Japanese yen strengthened 0.02% versus the greenback at 113.43 per dollar.
The yield on 10-year U.S. Treasury notes fell 0.2 basis point to 1.485%.
Oil prices rose in their biggest weekly gain since late August, with market sentiment buoyed by easing concerns over the Omicron variant's impact on global economic growth and fuel demand.
Brent crude rose 73 cents to settle at $75.15 a barrel. U.S. crude settled up 73 cents at $71.67 a barrel.
U.S. gold futures gained 0.4% at $1,784.30 an ounce.
Bitcoin rose 1.51% to $48,301.91.
(Reporting by Herbert Lash; additional reporting by Sinead Carew in New York, Alun John in Hong Kong and Sujata Rao in London; editing by Barbara Lewis, Chris Reese, Dan Grebler and Marguerita Choy) || GLOBAL MARKETS-Stocks rise as hot CPI data fails to unnerve investors: (Adds close of U.S. markets) * World stocks gain, S&P 500 at record closing high * U.S. CPI gains 6.8% year-over-year as expected * Market expects Fed bond tapering to end in March By Herbert Lash NEW YORK, Dec 10 (Reuters) - The dollar weakened and a gauge of global equity markets rose higher on Friday after data showed consumer prices rose as expected in November, easing concerns the U.S. Federal Reserve would aggressively tighten monetary policy to combat inflation. Gold rose as rising inflation lifted its safe-haven appeal, while U.S. Treasury yields were little changed in a sign some bond investors do not see interest rate hikes starting as early as next year's second quarter, as many equity investors do. The U.S. consumer price index increased 0.8% last month after surging 0.9% in October, while it accelerated 6.8% on an annualized basis to mark the biggest year-on-year rise since June 1982. The data failed to unnerve investors who closely watched the Labor Department report. The benchmark for U.S. equities, the S&P 500 index, closed at its 67th record high of the year, according to S&P Global. "This data suggests that the Fed will have to tighten monetary policy more aggressively than just a couple of month ago, and the market's acceptance of that is a little surprising to me," said Michael Arone, chief investment strategist at State Street Global Advisors in Boston. Brian Pietrangelo, managing director of Investment Strategy at Key Private Bank, said the Fed has raised interest rates four times since the 1990s and each time the market took the hikes well, with equities rising as rates move higher. "We believe the market can handle rate increases as long as they're transparent and they're at the right pace," he said, noting he expects two or three interest rate hikes next year. "The Fed's been pretty transparent, which is why you're seeing a positive move in the stock market today and not a lot of reaction in the bond market," Pietrangelo said. Story continues MSCI's all-country world index rose 0.36%, to post its biggest weekly gain, up 3.05%, since early February. The broad STOXX Europe 600 index fell 0.30% on concerns the Omicron COVID-19 variant could weaken the European recovery. The Dow Jones Industrial Average rose 0.60%, the S&P 500 gained 0.95% and the Nasdaq Composite advanced 0.73%. Gains in information technology, led by Apple Inc , Microsoft Corp and Oracle Corp, pushed the S&P 500 and Nasdaq higher. But consumer staples was the second-biggest percentage gainer, up 2.0%, suggesting investors were carefully assessing the Fed's next move. The dollar slid as the forex market was positioned for a higher CPI reading, analysts said. "The FX market has been extremely long U.S. dollars for several months, so with this number coming in benign, we're almost out of events that could push the dollar materially higher before year-end," said Greg Anderson, global head of foreign exchange strategy at BMO Capital Markets. The dollar index fell 0.157%, with the euro up 0.19% to $1.1314. The Japanese yen strengthened 0.02% versus the greenback at 113.43 per dollar. The yield on 10-year U.S. Treasury notes fell 0.2 basis point to 1.485%. Oil prices rose in their biggest weekly gain since late August, with market sentiment buoyed by easing concerns over the Omicron variant's impact on global economic growth and fuel demand. Brent crude rose 73 cents to settle at $75.15 a barrel. U.S. crude settled up 73 cents at $71.67 a barrel. U.S. gold futures gained 0.4% at $1,784.30 an ounce. Bitcoin rose 1.51% to $48,301.91. (Reporting by Herbert Lash; additional reporting by Sinead Carew in New York, Alun John in Hong Kong and Sujata Rao in London; editing by Barbara Lewis, Chris Reese, Dan Grebler and Marguerita Choy) || After Major Crypto Sell-Off, Why Did DeFi Stay So Sticky?: According to the data, decentralized finance (DeFi) users might not be that degenerate after all.
Amid the dozens of introductory posts and explainers on DeFi from mainstream media outlets over the past year, a general consensus has emerged: While promising, DeFi is currently primarily utilized to speculate on crypto prices, using tools like lending platforms as a form of leverage.
Indeed, this line of thinking has been trotted out inThe New York Times,BloombergandCNBC, among dozens of others. Likewise, Twitter traders wear the badge “degen,” short for “degenerate,” with pride, adding to a consensus that the field is a wild west of gamblers and speculators.
A look under the hood shows the majority of depositors are playing it safe, however – sometimes even safer thanmeatspacefinance. DeFi is a wide swath of smart-contract-based applications that serve bank-like functions on the internet using decentralized blockchain tools.
Read more:Bitcoin Drops $9K in an Hour on Spot Market Selling; El Salvador Again Buys the Dip
Last weekend, a pullback across crypto markets ravaged spot prices and wiped out leveraged traders on centralized exchanges. Bitcoin (BTC) fell as far as $42,000 from $57,000 before a relief bounce, while ether (ETH) plummeted as low as $3,500 from $4,600.
DeFi’s closely watched total value locked (TVL) figure remained comparatively unchanged, however, dropping from $270 billion to just $260 billion, and maintaining a range the sector has held since November.
In interviews with CoinDesk, a number of industry experts said the outperformance is in part attributable to DeFi users being more cautious than some would expect – and, if DeFi were ever to experience prolonged outflows, that relative conservatism would be to blame.
For derivatives traders on centralized exchanges, last week’s dip was one of the most violent in history.
As CoinDesk reported, price action early in the week washed out over $187 million of positions. Futures open interest (OI) in particular dropped nearly 25%, wiping out $5.4 billion in OI from a $22 billion total.
Read more:Bitcoin Drops 5%, Slipping Below $50K on Leverage Washouts
Given that leverage traders and derivatives speculators were so thoroughly routed on centralized exchanges, it would be easy to assume that DeFi would suffer a similar pullback.
On-chain data, however, tells a different story.
Liquidations across DeFi’s top lending platforms, including Aave, Compound and Maker, topped just over $66 million in the trough of the pullback, according toa Dune Analytics dashboard– a tiny fraction of the space’s current $280 billion in TVL. Additionally, the liquidations account for just .01% of Aave, Compound and Maker’s combined $42.37 billion in TVL.
Ashwath Balakrishnan, director of research at investment and research firm Delphi Digital, said that part of the reason why is that DeFi loans are often even less leveraged than real-world ones.
“The loans that you see on Aave and Compound, they’re a lot more prudent than the ones you’d see even at a bank mortgage,” Balakrishnan said. “At a bank you can get a mortgage for a loan-to-value of anywhere between 60%-80% depending on your credit score. But if you look at Aave and Compound, the larger loans that go through the loan to value is between 10% and 15% to 50%. That’s playing it super safe.”
Additionally, he said that tracking users borrowing stablecoins shows the majority of loans aren’t being used to trade, but instead to provide liquidity to protocols like Curve.
“I would disagree with the notion that a lot of it is being used to margin trade or that the leverage is unhealthy,” he added.
Daniel Khoo, a researcher for analytics platform Nansen, likewise noted that during the drawdown inflows to platforms like Beta Finance and Lido’s stETH showed that DeFi yield farmers continued to work the fields in spite of market action.
Khoo told CoinDesk in an interview that DeFi TVL might outperform spot prices in part because they simply provide attractive income opportunities difficult to find in other financial products.
“The ability to earn a good yield, risk-adjusted, causes capital to be more sticky and thus TVL to be more resilient. This is often compared to parking capital in 0% interest rate savings accounts or even bonds (which might or might not have a better risk-reward ratio),” he said.
While this analysis challenges the prevailing narrative that DeFi is primarily used for leverage and speculation, experts say a prolonged drawdown in spot prices could eventually lead to a flight from DeFi and a severe reduction in TVL.
According to the pseudonymous founder of data website DeFi Llama, 0xNGMI, DeFi’s deposits have built-in resiliency due to dollar-pegged stablecoins, and users favor battle-tested smart contracts that are seen as less risky.
“There’s a tendency for crypto natives to keep their assets in crypto so if a bear market comes and most people shift their portfolios to stables, you’ll end up with a bunch of money in the hands of people comfortable with smart contracts and of which a portion of them will keep it in DeFi,” 0xNGMI said.
However, a large portion of the yield in DeFi relies on froth: depositors to Uniswap liquidity pools, for instance, make money on trade volume, and froth increases their returns.
According to pseudonymous eGirl Capital contributor CL207, eventually the returns could drift low enough that perceived smart contract risk – the fear that a platform might be hacked or exploited – will outweigh the returns, and a prolonged dip could “nuke” DeFi as users seek income elsewhere.
“I called [DeFi TVL] like some sorta alternative OI because it is direct data to show there is $ participating in some sorta play, where risk is higher than normal,” CL told CoinDesk in a Twitter message. “Futures [are] higher risk than spot, yield farming on chain [is] higher risk than just lending USDC out on FTX. Similar logic.”
It remains to be seen how acute a drawdown in TVL could be, but DeFi Llama’s 0xNGMI believes that deposits could prove sticky.
“TVL is highly correlated with time-weighted froth, and APRs will be crushed in bear, but I don’t think TVL will be reversed because there’s a barrier to adoption that only needs to be crossed once,” he said.
He compared the phenomena to depositors learning how to “bridge” to other chains over the summer – while Polygon, one of the first sidechains with a real ecosystem, took time to build up steam, Avalanche expanded rapidly as users were accustomed to bridging from Ethereum.
“I believe that also applies to putting your money on smart contracts,” he added.
Ultimately, however, these risk-reward calculations on the part of depositors are far different from the ones made by leverage or derivative traders, and DeFi’s TVL chart reflects that.
“I think this notion of DeFi as a haven of leverage is false, and it’s provably false,” said Delphi Digital’s Balakrishnan. “If you ignore the narratives from the detractors and actually look at the data, you’ll see it yourself.” || After Major Crypto Sell-Off, Why Did DeFi Stay So Sticky?: According to the data, decentralized finance (DeFi) users might not be that degenerate after all. Amid the dozens of introductory posts and explainers on DeFi from mainstream media outlets over the past year, a general consensus has emerged: While promising, DeFi is currently primarily utilized to speculate on crypto prices, using tools like lending platforms as a form of leverage. Indeed, this line of thinking has been trotted out in The New York Times , Bloomberg and CNBC , among dozens of others. Likewise, Twitter traders wear the badge “degen,” short for “degenerate,” with pride, adding to a consensus that the field is a wild west of gamblers and speculators. A look under the hood shows the majority of depositors are playing it safe, however – sometimes even safer than meatspace finance. DeFi is a wide swath of smart-contract-based applications that serve bank-like functions on the internet using decentralized blockchain tools. Read more: Bitcoin Drops $9K in an Hour on Spot Market Selling; El Salvador Again Buys the Dip Last weekend, a pullback across crypto markets ravaged spot prices and wiped out leveraged traders on centralized exchanges. Bitcoin (BTC) fell as far as $42,000 from $57,000 before a relief bounce, while ether (ETH) plummeted as low as $3,500 from $4,600. DeFi’s closely watched total value locked (TVL) figure remained comparatively unchanged, however, dropping from $270 billion to just $260 billion, and maintaining a range the sector has held since November. In interviews with CoinDesk, a number of industry experts said the outperformance is in part attributable to DeFi users being more cautious than some would expect – and, if DeFi were ever to experience prolonged outflows, that relative conservatism would be to blame. Leverage vs. income For derivatives traders on centralized exchanges, last week’s dip was one of the most violent in history. As CoinDesk reported, price action early in the week washed out over $187 million of positions. Futures open interest (OI) in particular dropped nearly 25%, wiping out $5.4 billion in OI from a $22 billion total. Read more: Bitcoin Drops 5%, Slipping Below $50K on Leverage Washouts Given that leverage traders and derivatives speculators were so thoroughly routed on centralized exchanges, it would be easy to assume that DeFi would suffer a similar pullback. On-chain data, however, tells a different story. Liquidations across DeFi’s top lending platforms, including Aave, Compound and Maker, topped just over $66 million in the trough of the pullback, according to a Dune Analytics dashboard – a tiny fraction of the space’s current $280 billion in TVL. Additionally, the liquidations account for just .01% of Aave, Compound and Maker’s combined $42.37 billion in TVL. Story continues Ashwath Balakrishnan, director of research at investment and research firm Delphi Digital, said that part of the reason why is that DeFi loans are often even less leveraged than real-world ones. “The loans that you see on Aave and Compound, they’re a lot more prudent than the ones you’d see even at a bank mortgage,” Balakrishnan said. “At a bank you can get a mortgage for a loan-to-value of anywhere between 60%-80% depending on your credit score. But if you look at Aave and Compound, the larger loans that go through the loan to value is between 10% and 15% to 50%. That’s playing it super safe.” Additionally, he said that tracking users borrowing stablecoins shows the majority of loans aren’t being used to trade, but instead to provide liquidity to protocols like Curve. “I would disagree with the notion that a lot of it is being used to margin trade or that the leverage is unhealthy,” he added. 0/ How has the recent volatility affected DeFi lending? In today’s Delphi Daily, we examined on-chain leverage, stablecoin growth, ZK-rollup’s increased usage, and Ethereum DEX aggregators. For a deeper dive 🧵👇 pic.twitter.com/pJxYxB1daK — Delphi Digital (@Delphi_Digital) December 9, 2021 Daniel Khoo, a researcher for analytics platform Nansen, likewise noted that during the drawdown inflows to platforms like Beta Finance and Lido’s stETH showed that DeFi yield farmers continued to work the fields in spite of market action. Khoo told CoinDesk in an interview that DeFi TVL might outperform spot prices in part because they simply provide attractive income opportunities difficult to find in other financial products. “The ability to earn a good yield, risk-adjusted, causes capital to be more sticky and thus TVL to be more resilient. This is often compared to parking capital in 0% interest rate savings accounts or even bonds (which might or might not have a better risk-reward ratio),” he said. Continued outperformance While this analysis challenges the prevailing narrative that DeFi is primarily used for leverage and speculation, experts say a prolonged drawdown in spot prices could eventually lead to a flight from DeFi and a severe reduction in TVL. According to the pseudonymous founder of data website DeFi Llama, 0xNGMI, DeFi’s deposits have built-in resiliency due to dollar-pegged stablecoins, and users favor battle-tested smart contracts that are seen as less risky. “There’s a tendency for crypto natives to keep their assets in crypto so if a bear market comes and most people shift their portfolios to stables, you’ll end up with a bunch of money in the hands of people comfortable with smart contracts and of which a portion of them will keep it in DeFi,” 0xNGMI said. However, a large portion of the yield in DeFi relies on froth: depositors to Uniswap liquidity pools, for instance, make money on trade volume, and froth increases their returns. According to pseudonymous eGirl Capital contributor CL207, eventually the returns could drift low enough that perceived smart contract risk – the fear that a platform might be hacked or exploited – will outweigh the returns, and a prolonged dip could “nuke” DeFi as users seek income elsewhere. Things have gotten heated on CT lately... But, what we can't forget is that we now have $0.25 trillion TVL within DeFi across all chains. This is incredible. WAGMI. pic.twitter.com/pYlEJojnNP — Jay Kurahashi-Sofue 🔺 (@jayks17) November 23, 2021 “I called [DeFi TVL] like some sorta alternative OI because it is direct data to show there is $ participating in some sorta play, where risk is higher than normal,” CL told CoinDesk in a Twitter message. “Futures [are] higher risk than spot, yield farming on chain [is] higher risk than just lending USDC out on FTX. Similar logic.” It remains to be seen how acute a drawdown in TVL could be, but DeFi Llama’s 0xNGMI believes that deposits could prove sticky. “TVL is highly correlated with time-weighted froth, and APRs will be crushed in bear, but I don’t think TVL will be reversed because there’s a barrier to adoption that only needs to be crossed once,” he said. He compared the phenomena to depositors learning how to “bridge” to other chains over the summer – while Polygon, one of the first sidechains with a real ecosystem, took time to build up steam, Avalanche expanded rapidly as users were accustomed to bridging from Ethereum. “I believe that also applies to putting your money on smart contracts,” he added. Ultimately, however, these risk-reward calculations on the part of depositors are far different from the ones made by leverage or derivative traders, and DeFi’s TVL chart reflects that. “I think this notion of DeFi as a haven of leverage is false, and it’s provably false,” said Delphi Digital’s Balakrishnan. “If you ignore the narratives from the detractors and actually look at the data, you’ll see it yourself.” View comments
[Social Media Buzz]
None available.
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50098.34, 46737.48, 46612.63, 48896.72, 47665.43, 46202.14, 46848.78, 46707.02, 46880.28, 48936.61
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 1211.67, 1210.29, 1229.08, 1222.05, 1231.71, 1207.21, 1250.15, 1265.49, 1281.08, 1317.73, 1316.48, 1321.79, 1347.89, 1421.60, 1452.82, 1490.09, 1537.67, 1555.45, 1578.80, 1596.71, 1723.35, 1755.36, 1787.13, 1848.57, 1724.24, 1804.91, 1808.91, 1738.43, 1734.45, 1839.09, 1888.65, 1987.71, 2084.73, 2041.20, 2173.40, 2320.42, 2443.64, 2304.98, 2202.42, 2038.87, 2155.80, 2255.61, 2175.47, 2286.41, 2407.88, 2488.55, 2515.35, 2511.81, 2686.81, 2863.20, 2732.16, 2805.62, 2823.81, 2947.71, 2958.11, 2659.63, 2717.02, 2506.37, 2464.58, 2518.56, 2655.88, 2548.29, 2589.60, 2721.79, 2689.10, 2705.41, 2744.91, 2608.72, 2589.41, 2478.45, 2552.45, 2574.79, 2539.32, 2480.84, 2434.55, 2506.47, 2564.06, 2601.64, 2601.99, 2608.56, 2518.66, 2571.34, 2518.44, 2372.56, 2337.79, 2398.84, 2357.90, 2233.34, 1998.86, 1929.82.
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[Bitcoin Technical Analysis for 2017-07-16]
Volume: 1182870016, RSI (14-day): 26.57, 50-day EMA: 2370.08, 200-day EMA: 1713.75
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Is through-the-air charging a hoax?: In June 2015, in my Yahoo office, I watched a demonstration of the most amazing new technology I’d seen in years: distance wireless charging. It looked like NikolaTesla’s 100-year-old dreamcoming true.
Steve Rizzone, CEO of a company called Energous (WATT), turned on what looked like a WiFi router—and several feet away, a phone in my hand started charging. The transmitter contains an array of small antennas. They focus their radio waves on your phone.
Here’s the video. And here’s what I wrote:
Your phone, tablet, smartwatch, hearing aid, and fitness band will be chargingall the time, as you go about your day. You won’t take them off. You won’t plug them in. And you’ll never worry about making it through the day on a charge.
A product’s battery life, in fact, will become irrelevant.
Rizzone said that all of this is completely safe. The transmitter is sending out RF (radio frequency) signals—the same kind transmitted by WiFi or cellphones.
We posted the story and the video. We were excited; the readers were excited.
Well, all but one.
I began to get email from an independent investor who identified himself as Todor Mitev. (We couldn’t verify his identity.) He was suspicious of the demonstration.
David: I have some questions about the Energous demo…I saw some unexplained turning on and off of the green “charging” circle of the phone display, but Steve wasn’t doing anything, so somebody else must have been controlling the transmitter…
I responded that he was no doubt seeing a continuity error in the video editing.
But that didn’t satisfy Mitev. Over the months, he kept writing, finding flaws in Energous’s public statements, critiquing its science, flagging misspellings in its filings, and insisting that I needed to dig deeper.
Mitev also sent me articles from an investing website that cast doubt on whether Energous could get FCC approval for its technology. Without that approval, it can never go on sale in the U.S. And he suggested that I’d been manipulated:
It has been about a year since the fake Energous demo. Energous is using your quote on its website (“I don’t say this often, but I think we are looking at the future of technology.” — David Pogue, Yahoo Tech). Effectively, you are facilitating the fraud perpetrated by Energous.
Facilitating fraud!? Them’s fightin’ words. No journalist wants to be anybody’s pawn.
If Energous is a hoax, I’d rather expose it than play along with it. So I decided to visit Energous’s headquarters in San Jose, California, to get to the bottom of this.
Many of Mitev’s concerns seemed nitpicky, but a few were solid. For example:
• In 2015, Rizzone told me he planned to ship Energous’s technology by the end of 2016. Now here we are, well into 2017, and still … nothing. What’s going on?
• Energous’s transmitter tracks your phone’s position in the room using Bluetooth. But if your phone is completely dead, there’s no Bluetooth. Then what?
• This one’s geeky, but important. The FCC permits wireless chargingin two categories. The first (“Part 15”) is for things like WiFi: long distances, but very weak power. The other (“Part 18”) permits more power—but only if it’s localized or contained, as in a microwave oven. Neither rule permits a product to transmit enough power to charge a phone from several feet away.
And so, for the second time, I sat down with Steve Rizzone, the CEO.
First question: Why isn’t Energous shipping anything yet?
Two reasons, Rizzone said. First, Energous has partnered with a big U.K. semiconductor company calledDialog. “They are the world leader in Bluetooth and power-management chips,” Rizzone said. “Their customers are our customers.”
Dialog will handle the operational aspects of Energous’s business: testing, supervising manufacturing, shipping, inventory, and sales. “We transferred all of our back-end operations over to Dialog. And it took time to do that,” Rizzone says.
The second reason for the delay: Energous is now working on three products. There’s “near-field,” or contact charging (like those Samsung Galaxy charging pads), midrange transmitters (three-foot range), and the original 15-foot transmitter.
“We changed our vision,” Rizzone says. “When we talked about two years ago, the near-field was not part of the vision. This is a very opportunistic, significant revenue opportunity for us. So it made sense, as a company, for us to do a slight left turn, and to move forward with this technology.”
Despite these course corrections, “we think that Dialog will be shipping chipsets to our early adopters next quarter, and those will be incorporated into consumer-facing products that we should see the end of Q3, the beginning of Q4 of this year,” Rizzone says. (Energous sells its tech to other electronics makers, which can embed it into their products.)
In other words, Energous now says it will ship this fall—2017.
What about that Part 15/Part 18 business? How will Energous get FCC approval if its technology doesn’t fit either category?
“We’ve been working for quite some time now with the UL [what used to be Underwriters Laboratories, an independent certification company] and other agencies,” Rizzone says, “to perfect a process that will allow for testing of these devices that will meet the requirements as mandated by the FCC. And we’re very close to that.”
Energous is trying to persuade the FCC that its products already fit within Part 18. Here’s the argument: Energous’s multiple antennas focus on a tiny spot in your phone. So the power is, in effect, localized, just as though it were on a charging pad.
Even so, Energous has been working with the FCC for a year to develop a testing protocol for this new world of wireless power.
“Prior to this to test, as an example, there’s [been] no way [to measure] SAR, or the amount of energy that’s being absorbed by the skin, at a distance. And so not only did we have to work with the agency, we had to work with laboratories to actually develop a mechanism to test this,” Rizzone goes on.
“It’s taken us, what, 16, 18 months to reach this point. But we have a very thorough understanding of what the expectations are for results, and the methodology to test, and we’re well down the line with actually completing these tests.”
Rizzone points out, too, that these new tests don’t just serve Energous; its rivals will be able to seek approval, too.
UPDATE: Energous’ near-field andmid-field transmitters have now received FCC certification. Sure enough—some of itsrivals have, too.
Gordon Bell, Energous’s VP of marketing, demonstrated all three of the Energous products for me: the near-, middle-, and far-field transmitters.
First, charging pads. Energous had set up sample charging pads and charging bowls; when I put specially equipped Fitbits and Bluetooth headsets on them, they began charging on contact (in fact, slightly before contact). We put two and even three of them on a single pad; they all charged at once.
This technology, Bell said, is ideal for charging phones, Bluetooth earbuds, GoPros, and so on.
So how is this any different from those Qi chargers, the ones the Samsung Galaxy can use?
“Number one, the ability to charge at a 90 degree angle,” Bell said. “And being able to move around and not have to put it in one specific location. If it jostles in the car or something, you don’t lose charging.”
Bell also said the cost for the Energous technology (both transmitter and receiver) is much lower than Qi—and the size is better, too. “Our antennas and ASICs [circuit boards] can go inside a very small, in-the-ear hearing aid. You’ve not seen that type of charging in the older wireless charging, because they just can’t get that small,” Bell said. “Imagine just taking your hearing aids out at night, putting them next to your clock radio, and you wake up the next morning, they’re fully charged. You never have to fumble around with batteries again.”
Energous’s pad also runs cooler, he says. “This is key for solutions that reside on keychains like Bluetooth trackers and car remote key fobs.”
Finally, the big one: Any gadget that can charge on the pad will also charge from the mid- and far-field transmitters, once they’re available. It’s all the same technology.
The FCC has already approved Energous’s contact-charging technology. Bell says that at least six companies have announced that they’ll incorporate it into their products, and other companies are committed but haven’t announced it yet. “You’ll see our customers including this near-field technology inside the box. We anticipate that coming before the end of this year,” Bell says.
Next, he showed me what looks like a mini TV soundbar—mounted under an iMac’s screen. “It gives you the function of charging devices [with a] two- to three-foot range. It could be in the bezel of a small television, the bezel of your computer monitor, the bezel of your laptop screen. It could also be on something that’s already on your desktop. Maybe it’s a Bluetooth speaker. It could be the front seat of your car,” he said.
He showed me a wireless keyboard and mouse. Both lit up to show that they were charging when they were within a couple of feet.
Or at least they did when an assistant turned on the transmitting power.
Energous transmitters, it turns out, are not constantly sending power. “The transmitter speaks to different devices via Bluetooth, and identifies, number one, what’s the battery level?” Bell explained. “A transmitter might say: ‘This desktop keyboard, I’m going to charge that on September 14th. And this mouse, I’m going to charge on December 8th.’ But for demo purposes, we have to manually do it.”
Bell stressed that it’s a “very, very small amount of power. We’re not charging a car, for instance. It charges over time.” But he doesn’t think consumers will care.
“It’s the same sort of thing as what we had with Ethernet versus Wi-Fi. If I told you 15 years ago that I had something really cool—compared to Ethernet, it’s super slow, and it’s going to cost a lot of money to install, and it’s not as secure as Ethernet. But Wi-Fi has the flexibility to let you roam around the room. And that’s what this does.”
Finally, I saw again the Holy Grail: the whole-room charger, with a 15-foot range, capable of charging up to 12 gadgets simultaneously. It was a box mounted above a wall TV.
“What will come to market, actually, won’t even look like that. It might be in the speaker bar underneath your TV. Or it could be on the front of a dorm-room refrigerator.”
And yes, he said, this would allow your phone to receive a charge in your pocket as you move around. “As long as you’re in that 15-foot range, you’ll be charging. Small, small amount of energy. It’s not charging super fast, like you would be plugged in the wall, but a small amount of energy, trickle charging it. And as you put it down closer or farther away, the amount of power changes.”
I asked if the charge would be stronger when you’re not handling the gadget. “Yeah, we might be able to turn the power up a little bit higher,” Bell said.
Here again, Energous says that it won’t be all charging, all the time. “For instance, the remote control for your TV. The transmitter is going to identify that, ‘maybe I’m going to charge that on August 14th. And the game controller, I’m going to charge that on September 8th. And the phone I’m going to charge every day, because they drain so fast. But my Bluetooth tracker over there, maybe I charge that on June 4th. And my fitness band I’m charging on a weekly basis.’ So it really depends on the device and the drain of the battery for the device.”
I remembered Mitev’s questions. “What if my phone is totally dead and therefore it doesn’t have Bluetooth working?”
“You might be able to set up a charging spot,” he said. “You’d have a button that’s on the transmitter; click the button, and it will send power to a specific, designed area. Maybe that’s the corner of your coffee table. And then, a couple minutes later, you have enough power to do the tracking.”
Those “itmightwork like that” responses suggest the far-field transmitter still needs some work. No wonder Energous says that it will be the last to get approved. “We anticipate products from partners in the second half of next year,” Bell says, “and we expect FCC approval ahead of that time.”
I’m glad that Mitev’s suspicions prompted me to make another visit. Because there definitely were some aspects of Energous’s presentation that I’d missed the first time around.
For example:
• Energous’s timeline was far too optimistic.
• They’re cagey about revealing power ranges and efficiency.
• The business about scheduling gadgets to be charged on certain dates seems weird and unnecessary.
• No existing FCC testing protocol will accommodate distance-charging products.
Above all, Energous has backed down from its 2015 vision of phones charging up in our pockets.
“Several watts at a distance? No,” Gordon Bell told me. “As we’ve learned a lot more, we’ve tempered that [claim] down. We talk about 5 watts at a very close distance, but not at distance anymore. It’s more of a trickle charge for a phone. Now, if you’re constantly on the phone, 15 feet from the transmitter, that’d be hard for us to increase the battery. We’d just keep it from going down.”
And sure enough: During my return visit, Energous never demonstrated its transmitters charging a phone — only low-power gadgets.
But what about Mitev? What is his deal? Why is he so aggressive in calling Energous a fraud?
When I asked him, he solved that mystery rather neatly: He’s a short-seller.
Andy Serwer, editor-in-chief of Yahoo Finance (and my boss), explains short-selling like this:
“Short-selling is betting that a stock goes down. Usually when you invest, you put money in, and you hope the stock goesup.”
It’s legal and useful, but it’s also risky. “If it doesn’t go down, you lose money. It’s a big bet, and you can lose all your money, very quickly. So it’s a dangerous game,” Serwer said.
Mitev, in other words, has “shorted” Energous stock—and now has a financial interest in making the Energous stock go down. He even admitted that he wrote some of those critical articles online—using a fake name!
(“I typically don’t use my real name because, in the past, I have received direct threats to my life when I have researched or written about frauds,” Mitev says.)
That kind of article wouldn’t have any effect on, say, Apple stock or General Motors stock. But as a public company that doesn’t yet have a shipping product, Energous is a sitting duck.
“Energous is a small company,” Serwer says. “So it’s very sensitive and small and volatile, and very susceptible to manipulations of this sort. Small investors might panic more easily. They don’t know this guy—they see him putting these articles out, and it’s scary.”
Short-sellers like Mitev try to frighten other investors out of the stock. “The stock’ll go down, you make your money, and you clear out,” Serwer says.
The whole business strikes a nerve in CEO Rizzone. “You know, short-sellers, they play a role on Wall Street. They serve a value,” he says. “But what I think is unfair about the whole thing is thatwe’reobligated to tell the truth. We have to. We can go to jail. We have to sign things every quarter. However, short-sellers are free to say whatever they want. And you have some very, very intelligent short-sellers, like Todor, who have just enough information to cobble together stories that sound convincing. But they have no idea what’s going on within the company.”
Energous isn’t the only company working on distance charging. And it’s not the only company that’s been accused of making impossible promises. All of the competitors have impressive demos, and each insists that it has the best technology. Here are some of the key players:
• PowerCast. Charles Greene, chief operating officer, told me that this technology is already the on market—for charging industrial sensors and RFID tags. Consumer products are his next goal. What PowerCast is proposing, however, isn’t much more convenient than charging pads: You have to leave your gadget in a particular spot overnight. In other words, PowerCast’s technology can’t keep our phones and smartwatches charged as we wear them. “We’re focused on applications that are off-body,” Greene says.
• WiTricity. “You will not hear me talk about showering a room with energy,” says CEO Alex Gruzen. “We’re talking about near-field”—that is, charging pads. But unlike Samsung-style Qi charging pads, WiTricity’s magnetic-resonance technology can transfer huge amounts of power—with the same charging speed and efficiency as the power cable—and permit very sloppy positioning. The company is working with “almost every automaker in the world” to make charging mats for electric cars, Gruzen says. “Just park your car, and it starts charging.” WiTricity’s tech is also in the new hybrid Dell Latitude 2785 laptop, which charges at full speed when you set it down on its mat.
• uBeam. This company’s technology uses ultrasound waves, rather than radio signals, to send power to consumer devices. Unfortunately, uBeam requires line of sight—the receiving device can’t be blocked by anything, like your body, or even your pocket. The phone can’t move around, or even change angle. (This is the technology called fraudulent in 2016 bya former engineering executive.)
• Ossia. This company, like Energous, employs an array of hundreds or thousands of antennas. With a big enough array (four “tiles”), the company says it can send your phone 1 or 2 watts from 20 feet away. The clever part is how the transmitter tracks your phone in space: The phone sends out 100 “beacon” pulses a second; the transmitter returns RF power waves along the same paths. Because the outgoing signals follow the same pathway as the beacon—even if they’ve had to bounce off walls, floor, and ceilings—there’s no line-of-sight requirement. Founder/CTO Hatem Zeine told me that they, too, have been working with the FCC and expect approval “soon.” He also says that Ossia has electronics companies already signed up as customers.
Our friend Mitev is certainly guilty of overzealousness. According to Energous executives, Mitev tried to slip into Energous’s demo hotel suites, uninvited, at the Consumer Electronics Show in both 2016 and 2017. (Mitev says that he did nothing wrong.) And writing articles under fake names seems a little shady.
But he genuinely seems to believe that he’s onto something.
“Energous is a fraud,” he told me. “The company has raised over $100 million while repeatedly misleading investors and the public. The company knows its FCC-approved devices are not commercially viable. The company also knows that its charging-at-a-distance technology has no path to regulatory approval.”
The whole concept of distance charging seems to be fraught with doubt and uncertainty, even to the experts. I askedJames Kirtley, professor of electrical engineering at MIT for his opinion. (He’s a specialist in electric power systems, 2002 Nikola Tesla prize winner, and a member of the US National Academy of Engineering.)
“I don’t like saying ‘never’ or ‘can’t work,'” he replied, “but I would be skeptical. My guess is that this sort of system, with phased-array antennae, might work, but it is probably not very efficient.
“[On the other hand,] modern radar sets use phased-array antennae, and they can indeed focus on small regions of space. I have heard of phased-array antennae generating field strength high enough to ionize regions of air (blue flames!). Of course, you would not want to do that for a cellphone charger, so much lower field strength is required. And you probably only have to deliver a watt or so to do the requisite charging. I guess the relevant question is, how much power do you have to put into it to get that one watt at the device?”
And that, of course, is information that Energous won’t divulge.
Still, if Energous really is trying to commit a hoax, it’s going to a lot of trouble. I met many of the company’s 100 employees, and saw certificates for its its27 granted patents. I toured its anechoic testing chamber, which measures radio signal as it’s sent to a phone from different angles and distances. I interviewed Marty Cooper,the father of the original cellphone, who’s an Energous board member (and knows a thing or two about wireless technologies).
And Energous says that it’s still working with its silent partner, a huge unnamed “tier one” electronics company (“it’s highly likely that you own some of this company’s products,”Rizzone told CNNback in 2015)—that has committed to putting Energous technology into “millions of devices.”
So far, the FCC has approved only Energous’s charging-pad technology. No surprise; we’ve seen that sort of thing before. We know it’s safe and doesn’t cause interference.
The real question is, will the FCC also approve the mid- and far-field transmitters?
UPDATE: In December 2017, the FCCdid indeed approve Energous’s mid-field transmitter.
“The announcement of the FCC approval, which we anticipate in the not too distant future, is going to put a lot of this to rest, because the FCC is not going to approve something that’s not safe, that’s not workable, that doesn’t have scalability,” Rizzone says. “We’re on the cusp here. We think that this will all be in the rearview mirror in the next six months or so.”
Energous is no longer promising the dawn of battery-life irrelevance, as it once did. But if distance chargers from Energous or Ossia do get FCC approval, then our phones and gizmoswilllast a lot longer on a charge. Eventually, products can be thinner and sleeker because they’ll contain smaller batteries. Entirely new classes of electronic products could be born. The charging technology could find its way into trillions of devices.
I never did manage to find out exactly how realistic through-the-air charging is, how close it is to appearing in our phones and watches. I’m not sure anybody really knows.
But this much I can tell you for sure: As one of the Earth’s billions of gadget owners, I really want through-the-air charging to become a thing—and for Todor Mitev to be wrong
Correction: The original version of this story and video included an oversimplified explanation of short selling (“It’s like buy high, sell low”); stated incorrectly that large institutional investors haven’t bought Energous stock; and misstated the FCC rule that permits Samsung’s Qi charging pads. It’s permitted under Rule 15, not Rule 18. The story and video have both been corrected.
More from David Pogue:
Electrify your existing bike in 2 minutes with these ingenious wheels
Marty Cooper, inventor of the cellphone: The next step is implantables
The David Pogue Review: Windows 10 Creators Update
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David Pogue’s search for the world’s best air-travel app
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David Pogue, tech columnist for Yahoo Finance, welcomes nontoxic comments in the comments section below. On the web, he’sdavidpogue.com. On Twitter, he’s@pogue. On email, he’s [email protected]. You canread all his articles here, or you can sign up toget his columns by email. || Is through-the-air charging a hoax?: In June 2015, in my Yahoo office, I watched a demonstration of the most amazing new technology I’d seen in years: distance wireless charging. It looked like Nikola Tesla’s 100-year-old dream coming true. Steve Rizzone, CEO of a company called Energous ( WATT ), turned on what looked like a WiFi router—and several feet away, a phone in my hand started charging. The transmitter contains an array of small antennas. They focus their radio waves on your phone. CEO Steve Rizzone (right) shows me through-the-air charging in 2015. Here’s the video . And here’s what I wrote: Your phone, tablet, smartwatch, hearing aid, and fitness band will be charging all the time , as you go about your day. You won’t take them off. You won’t plug them in. And you’ll never worry about making it through the day on a charge. A product’s battery life, in fact, will become irrelevant. Rizzone said that all of this is completely safe. The transmitter is sending out RF (radio frequency) signals—the same kind transmitted by WiFi or cellphones. The aftermath We posted the story and the video. We were excited; the readers were excited. Well, all but one. I began to get email from an independent investor who identified himself as Todor Mitev. (We couldn’t verify his identity.) He was suspicious of the demonstration. David: I have some questions about the Energous demo…I saw some unexplained turning on and off of the green “charging” circle of the phone display, but Steve wasn’t doing anything, so somebody else must have been controlling the transmitter… I responded that he was no doubt seeing a continuity error in the video editing. But that didn’t satisfy Mitev. Over the months, he kept writing, finding flaws in Energous’s public statements, critiquing its science, flagging misspellings in its filings, and insisting that I needed to dig deeper. Mitev also sent me articles from an investing website that cast doubt on whether Energous could get FCC approval for its technology. Without that approval, it can never go on sale in the U.S. And he suggested that I’d been manipulated: Story continues It has been about a year since the fake Energous demo. Energous is using your quote on its website (“I don’t say this often, but I think we are looking at the future of technology.” — David Pogue, Yahoo Tech). Effectively, you are facilitating the fraud perpetrated by Energous. Facilitating fraud!? Them’s fightin’ words. No journalist wants to be anybody’s pawn. The return visit If Energous is a hoax, I’d rather expose it than play along with it. So I decided to visit Energous’s headquarters in San Jose, California, to get to the bottom of this. 2017: Return to Energous. Many of Mitev’s concerns seemed nitpicky, but a few were solid. For example: In 2015, Rizzone told me he planned to ship Energous’s technology by the end of 2016. Now here we are, well into 2017, and still … nothing. What’s going on? Energous’s transmitter tracks your phone’s position in the room using Bluetooth. But if your phone is completely dead, there’s no Bluetooth. Then what? This one’s geeky, but important. The FCC permits wireless charging in two categories . The first (“Part 15”) is for things like WiFi: long distances, but very weak power. The other (“Part 18”) permits more power—but only if it’s localized or contained, as in a microwave oven. Neither rule permits a product to transmit enough power to charge a phone from several feet away. And so, for the second time, I sat down with Steve Rizzone, the CEO. More questions for CEO Steve Rizzone. First question: Why isn’t Energous shipping anything yet? Two reasons, Rizzone said. First, Energous has partnered with a big U.K. semiconductor company called Dialog . “They are the world leader in Bluetooth and power-management chips,” Rizzone said. “Their customers are our customers.” Dialog will handle the operational aspects of Energous’s business: testing, supervising manufacturing, shipping, inventory, and sales. “We transferred all of our back-end operations over to Dialog. And it took time to do that,” Rizzone says. The second reason for the delay: Energous is now working on three products. There’s “near-field,” or contact charging (like those Samsung Galaxy charging pads), midrange transmitters (three-foot range), and the original 15-foot transmitter. “We changed our vision,” Rizzone says. “When we talked about two years ago, the near-field was not part of the vision. This is a very opportunistic, significant revenue opportunity for us. So it made sense, as a company, for us to do a slight left turn, and to move forward with this technology.” Despite these course corrections, “we think that Dialog will be shipping chipsets to our early adopters next quarter, and those will be incorporated into consumer-facing products that we should see the end of Q3, the beginning of Q4 of this year,” Rizzone says. (Energous sells its tech to other electronics makers, which can embed it into their products.) In other words, Energous now says it will ship this fall—2017. The FCC question What about that Part 15/Part 18 business? How will Energous get FCC approval if its technology doesn’t fit either category? “We’ve been working for quite some time now with the UL [what used to be Underwriters Laboratories, an independent certification company] and other agencies,” Rizzone says, “to perfect a process that will allow for testing of these devices that will meet the requirements as mandated by the FCC. And we’re very close to that.” Energous is trying to persuade the FCC that its products already fit within Part 18. Here’s the argument: Energous’s multiple antennas focus on a tiny spot in your phone. So the power is, in effect, localized, just as though it were on a charging pad. Even so, Energous has been working with the FCC for a year to develop a testing protocol for this new world of wireless power. “Prior to this to test, as an example, there’s [been] no way [to measure] SAR, or the amount of energy that’s being absorbed by the skin, at a distance. And so not only did we have to work with the agency, we had to work with laboratories to actually develop a mechanism to test this,” Rizzone goes on. “It’s taken us, what, 16, 18 months to reach this point. But we have a very thorough understanding of what the expectations are for results, and the methodology to test, and we’re well down the line with actually completing these tests.” Rizzone points out, too, that these new tests don’t just serve Energous; its rivals will be able to seek approval, too. UPDATE: Energous’ near-field and mid-field transmitters have now received FCC certification . Sure enough—some of its rivals have, too. The charging pad Gordon Bell, Energous’s VP of marketing, demonstrated all three of the Energous products for me: the near-, middle-, and far-field transmitters. First, charging pads. Energous had set up sample charging pads and charging bowls; when I put specially equipped Fitbits and Bluetooth headsets on them, they began charging on contact (in fact, slightly before contact). We put two and even three of them on a single pad; they all charged at once. This technology, Bell said, is ideal for charging phones, Bluetooth earbuds, GoPros, and so on. The Energous near-field transmitter prototype, shown charging three things at once. So how is this any different from those Qi chargers, the ones the Samsung Galaxy can use? “Number one, the ability to charge at a 90 degree angle,” Bell said. “And being able to move around and not have to put it in one specific location. If it jostles in the car or something, you don’t lose charging.” Bell also said the cost for the Energous technology (both transmitter and receiver) is much lower than Qi—and the size is better, too. “Our antennas and ASICs [circuit boards] can go inside a very small, in-the-ear hearing aid. You’ve not seen that type of charging in the older wireless charging, because they just can’t get that small,” Bell said. “Imagine just taking your hearing aids out at night, putting them next to your clock radio, and you wake up the next morning, they’re fully charged. You never have to fumble around with batteries again.” Energous’s pad also runs cooler, he says. “This is key for solutions that reside on keychains like Bluetooth trackers and car remote key fobs.” Finally, the big one: Any gadget that can charge on the pad will also charge from the mid- and far-field transmitters, once they’re available. It’s all the same technology. The FCC has already approved Energous’s contact-charging technology. Bell says that at least six companies have announced that they’ll incorporate it into their products, and other companies are committed but haven’t announced it yet. “You’ll see our customers including this near-field technology inside the box. We anticipate that coming before the end of this year,” Bell says. The desktop transmitter Next, he showed me what looks like a mini TV soundbar—mounted under an iMac’s screen. “It gives you the function of charging devices [with a] two- to three-foot range. It could be in the bezel of a small television, the bezel of your computer monitor, the bezel of your laptop screen. It could also be on something that’s already on your desktop. Maybe it’s a Bluetooth speaker. It could be the front seat of your car,” he said. This keyboard has been rigged to light up while charging from the charging bar, which peeks out just under the Apple logo. He showed me a wireless keyboard and mouse. Both lit up to show that they were charging when they were within a couple of feet. Or at least they did when an assistant turned on the transmitting power. Energous transmitters, it turns out, are not constantly sending power. “The transmitter speaks to different devices via Bluetooth, and identifies, number one, what’s the battery level?” Bell explained. “A transmitter might say: ‘This desktop keyboard, I’m going to charge that on September 14th. And this mouse, I’m going to charge on December 8th.’ But for demo purposes, we have to manually do it.” Bell stressed that it’s a “very, very small amount of power. We’re not charging a car, for instance. It charges over time.” But he doesn’t think consumers will care. “It’s the same sort of thing as what we had with Ethernet versus Wi-Fi. If I told you 15 years ago that I had something really cool—compared to Ethernet, it’s super slow, and it’s going to cost a lot of money to install, and it’s not as secure as Ethernet. But Wi-Fi has the flexibility to let you roam around the room. And that’s what this does.” The far-field transmitter Finally, I saw again the Holy Grail: the whole-room charger, with a 15-foot range, capable of charging up to 12 gadgets simultaneously. It was a box mounted above a wall TV. The far-field transmitter (inset, lower right) is also the farthest from being ready. “What will come to market, actually, won’t even look like that. It might be in the speaker bar underneath your TV. Or it could be on the front of a dorm-room refrigerator.” And yes, he said, this would allow your phone to receive a charge in your pocket as you move around. “As long as you’re in that 15-foot range, you’ll be charging. Small, small amount of energy. It’s not charging super fast, like you would be plugged in the wall, but a small amount of energy, trickle charging it. And as you put it down closer or farther away, the amount of power changes.” I asked if the charge would be stronger when you’re not handling the gadget. “Yeah, we might be able to turn the power up a little bit higher,” Bell said. Here again, Energous says that it won’t be all charging, all the time. “For instance, the remote control for your TV. The transmitter is going to identify that, ‘maybe I’m going to charge that on August 14th. And the game controller, I’m going to charge that on September 8th. And the phone I’m going to charge every day, because they drain so fast. But my Bluetooth tracker over there, maybe I charge that on June 4th. And my fitness band I’m charging on a weekly basis.’ So it really depends on the device and the drain of the battery for the device.” I remembered Mitev’s questions. “What if my phone is totally dead and therefore it doesn’t have Bluetooth working?” “You might be able to set up a charging spot,” he said. “You’d have a button that’s on the transmitter; click the button, and it will send power to a specific, designed area. Maybe that’s the corner of your coffee table. And then, a couple minutes later, you have enough power to do the tracking.” Those “it might work like that” responses suggest the far-field transmitter still needs some work. No wonder Energous says that it will be the last to get approved. “We anticipate products from partners in the second half of next year,” Bell says, “and we expect FCC approval ahead of that time.” A scaled-back claim I’m glad that Mitev’s suspicions prompted me to make another visit. Because there definitely were some aspects of Energous’s presentation that I’d missed the first time around. For example: Energous’s timeline was far too optimistic. They’re cagey about revealing power ranges and efficiency. The business about scheduling gadgets to be charged on certain dates seems weird and unnecessary. No existing FCC testing protocol will accommodate distance-charging products. Above all, Energous has backed down from its 2015 vision of phones charging up in our pockets. “Several watts at a distance? No,” Gordon Bell told me. “As we’ve learned a lot more, we’ve tempered that [claim] down. We talk about 5 watts at a very close distance, but not at distance anymore. It’s more of a trickle charge for a phone. Now, if you’re constantly on the phone, 15 feet from the transmitter, that’d be hard for us to increase the battery. We’d just keep it from going down.” And sure enough: During my return visit, Energous never demonstrated its transmitters charging a phone — only low-power gadgets. The Mitev question But what about Mitev? What is his deal? Why is he so aggressive in calling Energous a fraud? When I asked him, he solved that mystery rather neatly: He’s a short-seller. Andy Serwer, editor-in-chief of Yahoo Finance (and my boss), explains short-selling like this: “Short-selling is betting that a stock goes down. Usually when you invest, you put money in, and you hope the stock goes up .” It’s legal and useful, but it’s also risky. “If it doesn’t go down, you lose money. It’s a big bet, and you can lose all your money, very quickly. So it’s a dangerous game,” Serwer said. Mitev, in other words, has “shorted” Energous stock—and now has a financial interest in making the Energous stock go down. He even admitted that he wrote some of those critical articles online—using a fake name! (“I typically don’t use my real name because, in the past, I have received direct threats to my life when I have researched or written about frauds,” Mitev says.) That kind of article wouldn’t have any effect on, say, Apple stock or General Motors stock. But as a public company that doesn’t yet have a shipping product, Energous is a sitting duck. “Energous is a small company,” Serwer says. “So it’s very sensitive and small and volatile, and very susceptible to manipulations of this sort. Small investors might panic more easily. They don’t know this guy—they see him putting these articles out, and it’s scary.” Short-sellers like Mitev try to frighten other investors out of the stock. “The stock’ll go down, you make your money, and you clear out,” Serwer says. The whole business strikes a nerve in CEO Rizzone. “You know, short-sellers, they play a role on Wall Street. They serve a value,” he says. “But what I think is unfair about the whole thing is that we’re obligated to tell the truth. We have to. We can go to jail. We have to sign things every quarter. However, short-sellers are free to say whatever they want. And you have some very, very intelligent short-sellers, like Todor, who have just enough information to cobble together stories that sound convincing. But they have no idea what’s going on within the company.” Distance charging in the distance? Energous isn’t the only company working on distance charging. And it’s not the only company that’s been accused of making impossible promises. All of the competitors have impressive demos, and each insists that it has the best technology. Here are some of the key players: PowerCast . Charles Greene, chief operating officer, told me that this technology is already the on market—for charging industrial sensors and RFID tags. Consumer products are his next goal. What PowerCast is proposing, however, isn’t much more convenient than charging pads: You have to leave your gadget in a particular spot overnight. In other words, PowerCast’s technology can’t keep our phones and smartwatches charged as we wear them. “We’re focused on applications that are off-body,” Greene says. WiTricity . “You will not hear me talk about showering a room with energy,” says CEO Alex Gruzen. “We’re talking about near-field”—that is, charging pads. But unlike Samsung-style Qi charging pads, WiTricity’s magnetic-resonance technology can transfer huge amounts of power—with the same charging speed and efficiency as the power cable—and permit very sloppy positioning. The company is working with “almost every automaker in the world” to make charging mats for electric cars, Gruzen says. “Just park your car, and it starts charging.” WiTricity’s tech is also in the new hybrid Dell Latitude 2785 laptop, which charges at full speed when you set it down on its mat. uBeam . This company’s technology uses ultrasound waves, rather than radio signals, to send power to consumer devices. Unfortunately, uBeam requires line of sight—the receiving device can’t be blocked by anything, like your body, or even your pocket. The phone can’t move around, or even change angle. (This is the technology called fraudulent in 2016 by a former engineering executive .) Ossia . This company, like Energous, employs an array of hundreds or thousands of antennas. With a big enough array (four “tiles”), the company says it can send your phone 1 or 2 watts from 20 feet away. The clever part is how the transmitter tracks your phone in space: The phone sends out 100 “beacon” pulses a second; the transmitter returns RF power waves along the same paths. Because the outgoing signals follow the same pathway as the beacon—even if they’ve had to bounce off walls, floor, and ceilings—there’s no line-of-sight requirement. Founder/CTO Hatem Zeine told me that they, too, have been working with the FCC and expect approval “soon.” He also says that Ossia has electronics companies already signed up as customers. Where does the truth lie? Our friend Mitev is certainly guilty of overzealousness. According to Energous executives, Mitev tried to slip into Energous’s demo hotel suites, uninvited, at the Consumer Electronics Show in both 2016 and 2017. (Mitev says that he did nothing wrong.) And writing articles under fake names seems a little shady. But he genuinely seems to believe that he’s onto something. “Energous is a fraud,” he told me. “The company has raised over $100 million while repeatedly misleading investors and the public. The company knows its FCC-approved devices are not commercially viable. The company also knows that its charging-at-a-distance technology has no path to regulatory approval.” The whole concept of distance charging seems to be fraught with doubt and uncertainty, even to the experts. I asked James Kirtley , professor of electrical engineering at MIT for his opinion. (He’s a specialist in electric power systems, 2002 Nikola Tesla prize winner, and a member of the US National Academy of Engineering.) “I don’t like saying ‘never’ or ‘can’t work,'” he replied, “but I would be skeptical. My guess is that this sort of system, with phased-array antennae, might work, but it is probably not very efficient. “[On the other hand,] modern radar sets use phased-array antennae, and they can indeed focus on small regions of space. I have heard of phased-array antennae generating field strength high enough to ionize regions of air (blue flames!). Of course, you would not want to do that for a cellphone charger, so much lower field strength is required. And you probably only have to deliver a watt or so to do the requisite charging. I guess the relevant question is, how much power do you have to put into it to get that one watt at the device?” And that, of course, is information that Energous won’t divulge. Still, if Energous really is trying to commit a hoax, it’s going to a lot of trouble. I met many of the company’s 100 employees, and saw certificates for its its 27 granted patents . I toured its anechoic testing chamber, which measures radio signal as it’s sent to a phone from different angles and distances. I interviewed Marty Cooper, the father of the original cellphone , who’s an Energous board member (and knows a thing or two about wireless technologies). And Energous says that it’s still working with its silent partner, a huge unnamed “tier one” electronics company (“it’s highly likely that you own some of this company’s products,” Rizzone told CNN back in 2015)—that has committed to putting Energous technology into “millions of devices.” So far, the FCC has approved only Energous’s charging-pad technology. No surprise; we’ve seen that sort of thing before. We know it’s safe and doesn’t cause interference. The real question is, will the FCC also approve the mid- and far-field transmitters? UPDATE: In December 2017, the FCC did indeed approve Energous’s mid-field transmitter. “The announcement of the FCC approval, which we anticipate in the not too distant future, is going to put a lot of this to rest, because the FCC is not going to approve something that’s not safe, that’s not workable, that doesn’t have scalability,” Rizzone says. “We’re on the cusp here. We think that this will all be in the rearview mirror in the next six months or so.” Energous is no longer promising the dawn of battery-life irrelevance, as it once did. But if distance chargers from Energous or Ossia do get FCC approval, then our phones and gizmos will last a lot longer on a charge. Eventually, products can be thinner and sleeker because they’ll contain smaller batteries. Entirely new classes of electronic products could be born. The charging technology could find its way into trillions of devices. I never did manage to find out exactly how realistic through-the-air charging is, how close it is to appearing in our phones and watches. I’m not sure anybody really knows. But this much I can tell you for sure: As one of the Earth’s billions of gadget owners, I really want through-the-air charging to become a thing—and for Todor Mitev to be wrong Correction: The original version of this story and video included an oversimplified explanation of short selling (“It’s like buy high, sell low”); stated incorrectly that large institutional investors haven’t bought Energous stock; and misstated the FCC rule that permits Samsung’s Qi charging pads. It’s permitted under Rule 15, not Rule 18. The story and video have both been corrected. More from David Pogue: Electrify your existing bike in 2 minutes with these ingenious wheels Marty Cooper, inventor of the cellphone: The next step is implantables The David Pogue Review: Windows 10 Creators Update Now I get it: Bitcoin David Pogue’s search for the world’s best air-travel app The little-known iPhone feature that lets blind people see with their fingers David Pogue, tech columnist for Yahoo Finance, welcomes nontoxic comments in the comments section below. On the web, he’s davidpogue.com . On Twitter, he’s @pogue . On email, he’s [email protected]. You can read all his articles here , or you can sign up to get his columns by email . || Authorities bust AlphaBay, the dark web's biggest marketplace: After the demise ofSilk Road, the role of the dark web's most notorious black marketplace was assumed by AlphaBay. ButThe Wall Street Journalreports that the site has now been shuttered, thanks to a joint law enforcement operation between the US, Canada and Thailand. One of its operators, Canadian Alexandre Cazes, was arrested in Thailand, but was found dead in his prison cell earlier this week.
AlphaBay was used to sell narcotics, stolen financial data, methods to commit internet fraud and weapons, reportedly earning millions of dollars each week. But questions linger on where exactly all of the profit has gone, with the paper reporting that the site's other founders have absconded with millions in Bitcoin.
AlphaBay was previously in the news after a vulnerability in the site's code enabled people to read private messages on the site. The revelationprompted other black markets, such as Hansa Market, to launch bug bounty programs to protect themselves against similar leaks. It's not clear if AlphaBay's flaw helped the authorities, but the move will likely encourage other sites to get better at security and privacy. || Authorities bust AlphaBay, the dark web's biggest marketplace: After the demise of Silk Road , the role of the dark web's most notorious black marketplace was assumed by AlphaBay. But The Wall Street Journal reports that the site has now been shuttered, thanks to a joint law enforcement operation between the US, Canada and Thailand. One of its operators, Canadian Alexandre Cazes, was arrested in Thailand, but was found dead in his prison cell earlier this week. AlphaBay was used to sell narcotics, stolen financial data, methods to commit internet fraud and weapons, reportedly earning millions of dollars each week. But questions linger on where exactly all of the profit has gone, with the paper reporting that the site's other founders have absconded with millions in Bitcoin. AlphaBay was previously in the news after a vulnerability in the site's code enabled people to read private messages on the site. The revelation prompted other black markets , such as Hansa Market, to launch bug bounty programs to protect themselves against similar leaks. It's not clear if AlphaBay's flaw helped the authorities, but the move will likely encourage other sites to get better at security and privacy. || A Wall Street legend is backing a bitcoin trading startup: John Mack Morgan Stanley (Former Morgan Stanley CEO John Mack.AP) Wall Street investors have been slow to embrace bitcoin, even as the cryptocurrency has soared. John Mack, the former CEO of Morgan Stanley who led the bank through the doldrums of the financial crisis, wants to change that. The 72-year-old banker — along with other members of investment fund Venture One — has invested in Omega One, a Brooklyn-based startup that wants to act as a middleman between investors trading volatile cryptocurrencies like bitcoin. The news was first reported by Bloomberg News’ Matthew Leising. As an agency broker, Omega One serves as counterparty, allowing clients like Wall Street banks to avoid the risks that come with these emerging assets while still serving clients who are interested in the space. To avoid crashing a single exchange with a large transaction, Omega claims it can split big trades across platforms. “We’re the bridge between the traditional capital markets and the crypto markets,” Omega One CTO Alex Gordon-Bradner told Bloomberg. “We will provide everything from balance sheet intermediation to a trusted counter party.” Banks seem to be more bullish on bitcoin’s underlying technology, blockchain, than they are on actual currency. BNY Mellon , for example, has set up a blockchain ledger that mirror’s the bank’s traditional system. Even Mack's former employer isn’t convinced bitcoin can function as a currency, saying it's more of a value-holding asset. Bitcoin’s price skyrocketed earlier this year to a price of over $3,000 a coin, but has fallen recently to $2,300. “I have been watching and investing in the cryptocurrency market over the last several years, and as a Venture One portfolio company, I find Omega One to be an important next step in the emergence of this new economy,” Mack said in a statement to Bloomberg. NOW WATCH: The world’s tallest single-family home is up for sale — take a look inside More From Business Insider Bitcoin is embroiled in a civil war — here's one way it can unfold MORGAN STANLEY: 'Bitcoin acceptance is virtually zero and shrinking' Ethereum has found its price floor || A Wall Street legend is backing a bitcoin trading startup: (Former Morgan Stanley CEO John Mack.AP)
Wall Street investors have been slow to embrace bitcoin, even as the cryptocurrency has soared.
John Mack, the former CEO of Morgan Stanley who led the bank through the doldrums of the financial crisis, wants to change that.
The 72-year-old banker — along with other members of investment fund Venture One — has invested in Omega One, a Brooklyn-based startup that wants to act as a middleman between investors trading volatile cryptocurrencies like bitcoin. The news wasfirst reportedby Bloomberg News’ Matthew Leising.
As an agency broker,Omega Oneserves as counterparty, allowing clients like Wall Street banks to avoid the risks that come with these emerging assets while still serving clients who are interested in the space. To avoid crashing a single exchange with a large transaction, Omegaclaimsit can split big trades across platforms.
“We’re the bridge between the traditional capital markets and the crypto markets,” Omega One CTO Alex Gordon-Bradner told Bloomberg. “We will provide everything from balance sheet intermediation to a trusted counter party.”
Banks seem to be more bullish on bitcoin’s underlying technology, blockchain, than they are on actual currency.BNY Mellon, for example, has set up a blockchain ledger that mirror’s the bank’s traditional system. Even Mack's former employerisn’t convincedbitcoin can function as a currency, saying it's more of a value-holding asset.
Bitcoin’s priceskyrocketed earlier this year to a price of over $3,000 a coin, but has fallen recently to $2,300.
“I have been watching and investing in the cryptocurrency market over the last several years, and as a Venture One portfolio company, I find Omega One to be an important next step in the emergence of this new economy,” Mack said in a statement to Bloomberg.
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(JPMorgan CEO Jamie Dimon.Thomson Reuters)
Jamie Dimon, the chief executive of JPMorgan Chase, is thinking about a lot more than his bank's earnings these days.
One a pair of calls Friday — ostensibly to discuss the Wall Street firm'sbetter-than-expected results— Dimon went off on the political gridlock in the US.
At one point, Dimon went so far as to say on a call with analysts that it was "almost an embarrassment being an American citizen traveling around the world and listening to this stupid s--- we have to deal with."
He cited recent trips to India, China, Israel, Argentina, and Ireland, saying those countries understood the importance of investing in education and infrastructure and getting tax policy right.
"It's amazing to me that every single one of these countries understands that practical policies that promote business and growth are good for the citizens of these countries for jobs and wages and that somehow, this great American free-enterprise system, we no longer get it," he said.
He was pressed on the political situation in the US on several occasions, with one Wall Street analyst asking whether clients were beginning to worry about dysfunction and a lack of progress in Washington. Dimon flipped the question, saying that the US economy had grown despite years of bad policy and that it would continue to grow regardless of the political climate. It could just grow faster.
Dimon has taken the opportunity onnumerous occasions in recent months to highlight problems in America, including itsfailing education system,stifling bureaucracy, andhigh levels of incarceration and opioid deaths. He has set out somesolutions along the way.
These issues are much bigger than quarterly results, Dimon says, and he urged journalists to see the bigger picture.
"Who cares about fixed-income trading in the last two weeks in June?" he said. "I mean seriously?"
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• DIMON: Central bankers are facing an unprecedented and potentially 'disruptive' challenge || DIMON: It's embarrassing to travel the world as an American citizen given 'the stupid s--- we have to deal with': FILE PHOTO: JP Morgan CEO Jamie Dimon speaks at a Remain in the EU campaign event attended by Britain's Chancellor of the Exchequer George Osborne (not shown) at JP Morgan's corporate centre in Bournemouth, southern Britain, June 3, 2016. REUTERS/Dylan Martinez/File Photo (JPMorgan CEO Jamie Dimon.Thomson Reuters) Jamie Dimon, the chief executive of JPMorgan Chase, is thinking about a lot more than his bank's earnings these days. One a pair of calls Friday ostensibly to discuss the Wall Street firm's better-than-expected results Dimon went off on the political gridlock in the US. At one point, Dimon went so far as to say on a call with analysts that it was "almost an embarrassment being an American citizen traveling around the world and listening to this stupid s--- we have to deal with." He cited recent trips to India, China, Israel, Argentina, and Ireland, saying those countries understood the importance of investing in education and infrastructure and getting tax policy right. "It's amazing to me that every single one of these countries understands that practical policies that promote business and growth are good for the citizens of these countries for jobs and wages and that somehow, this great American free-enterprise system, we no longer get it," he said. He was pressed on the political situation in the US on several occasions, with one Wall Street analyst asking whether clients were beginning to worry about dysfunction and a lack of progress in Washington. Dimon flipped the question, saying that the US economy had grown despite years of bad policy and that it would continue to grow regardless of the political climate. It could just grow faster. Dimon has taken the opportunity on numerous occasions in recent months to highlight problems in America , including its failing education system , stifling bureaucracy , and high levels of incarceration and opioid deaths . He has set out some solutions along the way . These issues are much bigger than quarterly results, Dimon says, and he urged journalists to see the bigger picture. "Who cares about fixed-income trading in the last two weeks in June?" he said. "I mean seriously?" NOW WATCH: TOP STRATEGIST: Bitcoin will soar to over $20,000 by cannibalizing gold More From Business Insider 'If the EU determines over time that they want to move a lot more jobs out of London into the EU, they can simply dictate that' JPMorgan launched a new tool to help fill 7,500 finance jobs in New York City DIMON: Central bankers are facing an unprecedented and potentially 'disruptive' challenge || PayPal and Apple enter major partnership: bii apple revenue and yoy growth q12017 (BI Intelligence) This story was delivered to BI Intelligence " Payments Briefing " subscribers. To learn more and subscribe, please click here . PayPal and Apple have partnered to give users the ability to use PayPal as a payment method when paying for Apple’s services, which includes the App Store, Apple Music, and iTunes, to name a few. The feature will be introduced in 12 markets, including the US and the UK, and it will be integrated with several devices across Apple’s ecosystem, including the iPhone, iPod, Apple TV, and Apple Watch. For PayPal, this has short-term and long-term implications: The immediate impact for PayPal is getting access to a massive revenue stream. Revenue from Apple services, which is mostly made up from the App Store, reached $7 billion in Q4 2016, up 18% year-over-year (YoY). Although the financial terms of this deal have not been disclosed, we can estimate the potential impact. If PayPal were to charge Apple 1.25% per transaction, which is much lower than the 2.9% fee it often charges merchants, and if PayPal accounts for a third of spend on the App Store in 2017 — which will be based on consumers spending a total of $40 billion on the iOS App Store, according to an App Annie estimate — PayPal would see $166 million in revenue for 2017. In the long run, PayPal’s partnership with Apple could give the firm an opportunity to integrate itself into Apple's future services. Over the last few years, Apple has indicated that it plans to turn its chat app, iMessage, into a robust ecosystem. The app now includes P2P payments, games, and other apps, with even more features coming in the fall with the launch of iOS 11. Although it hasn't been confirmed, it's reasonable to assume that one feature coming down the pipeline is the ability to buy products via iMessage. With PayPal already being a payment option within Apple's ecosystem, users may be more willing to use it going forward. BI Intelligence , Business Insider's premium research service, has compiled a detailed report on payments disruption that: Story continues Identifies the biggest drivers that are upending the payments industries in India, East Africa, Latin America, and Australia. Discusses what pain points digital payment services are solving. Details what specific technologies and services are being introduced that consumers are embracing, which can be leveraged by companies in these regions that are ripe for disruption. Assesses how leaders in the space can leverage these trends to either improve their capabilities or to identify which markets may be ripe for disruption and worth exploring. And much more To get the full report, subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND more than 250 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> Learn More Now You can also purchase and download the report from our research store . More From Business Insider PayPal has a new weapon in the P2P payments battle Fintech could be bigger than ATMs, PayPal, and Bitcoin combined THE CONVERSATIONAL COMMERCE REPORT: Chatbots' impact on the payments ecosystem and how merchants can capitalize on them || PayPal and Apple enter major partnership: (BI Intelligence)
This story was delivered to BI Intelligence "Payments Briefing" subscribers. To learn more and subscribe, pleaseclick here.
PayPal and Apple have partnered to give users the ability to use PayPal as a payment method when paying for Apple’s services, which includes the App Store, Apple Music, and iTunes, to name a few.
The feature will be introduced in 12 markets, including the US and the UK, and it will be integrated with several devices across Apple’s ecosystem, including the iPhone, iPod, Apple TV, and Apple Watch.
For PayPal, this has short-term and long-term implications:
• The immediate impact for PayPal is getting access to a massive revenue stream.Revenue from Apple services, which is mostly made up from the App Store, reached $7 billion in Q4 2016, up 18% year-over-year (YoY). Although the financial terms of this deal have not been disclosed, we can estimate the potential impact. If PayPal were to charge Apple 1.25% per transaction, which is much lower than the 2.9% fee it often charges merchants, and if PayPal accounts for a third of spend on the App Store in 2017 — which will be based on consumers spending a total of $40 billion on the iOS App Store, according to an App Annie estimate — PayPal would see $166 million in revenue for 2017.
• In the long run, PayPal’s partnership with Apple could give the firm an opportunity to integrate itself into Apple's future services.Over the last few years, Apple has indicated that it plans to turn its chat app, iMessage, into a robust ecosystem. The app now includes P2P payments, games, and other apps, with even more features coming in the fall with the launch of iOS 11. Although it hasn't been confirmed, it's reasonable to assume that one feature coming down the pipeline is the ability to buy products via iMessage. With PayPal already being a payment option within Apple's ecosystem, users may be more willing to use it going forward.
BI Intelligence, Business Insider's premium research service, has compileda detailed report on payments disruptionthat:
• Identifies the biggest drivers that are upending the payments industries in India, East Africa, Latin America, and Australia.
• Discusses what pain points digital payment services are solving.
• Details what specific technologies and services are being introduced that consumers are embracing, which can be leveraged by companies in these regions that are ripe for disruption.
• Assesses how leaders in the space can leverage these trends to either improve their capabilities or to identify which markets may be ripe for disruption and worth exploring.
• And much more
To get the full report, subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND more than 250 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >>Learn More Now
You can also purchase and download the report from ourresearch store.
More From Business Insider
• PayPal has a new weapon in the P2P payments battle
• Fintech could be bigger than ATMs, PayPal, and Bitcoin combined
• THE CONVERSATIONAL COMMERCE REPORT: Chatbots' impact on the payments ecosystem and how merchants can capitalize on them || First Bitcoin Capital Corp Broadens Disruption of Loyalty Industry Placing 110 Token Rewards Points on Blockchain; Launches Loyalty Coin ICO with the Symbol FLY: VANCOUVER, BC / ACCESSWIRE / July 13, 2017 /CoinQx Exchange LIMITED, a wholly owned subsidiary of FIRST BITCOIN CAPITAL CORP (OTC PINK: BITCF ) or "Company", "We", "Us" or "Our") expanded its blockchain loyalty program to include 100 of the top airlines and 10 of the top Hotel Chains using their industry codes as token symbols on the Bitcoin Blockchain for each.
The company released its 3rdInitial Coin Offering as a master loyalty coin so that all of the above mentioned 110 tokens will be exchangeable to one central coin, naming it Loyalty with the symbol FLY. In order to acquire FLY coin, anyone that sends 1 President Trump (PRES) coin to the Company's Omni Layer Bitcoin Wallet will receive 1 FLY coin into their Omni Wallet via sending PRES to: 1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrSIn order to insure receipt of the FLY coin upon transferring PRES to the company's address, be sure to log into your own personal Omni Wallet address and not an exchange provided wallet as they may not be prepared to credit those FLY to the sender's account. After 6 confirmations, the LOYALTY (FLY) coin will arrive in your personal Omni Wallet. This process is fully automated and requires no manual processing by the issuer of FLY coin. In order to save BTC fees when purchasing LOYALTY (FLY) it is best (when utilizing your personal wallet) to click on Explorer, then look for and click on Active Crowdsales, then look for and click on FLY, then look for and click on PARTICIPATAE and proceed to place the amount of PRES to send and for the fees type in .0001
The creation of FLY coin can be witnessed here:https://omniexplorer.info/lookupsp.aspx?sp=309
In order to track the maturity date of this ICO kindly see further details below, and note that the crowdsale cannot be accessed directly from the below URL rather follow the instructions above:https://www.omniwallet.org/assets/details/309
The early bird bonus of 25% reduces to 20% the second week, 15% the third week, 10% the fourth week and 5% the final, fifth week, when the ICO closes. A bonus of 10% of all coins sold will belong to The Company while the 90% will be held by the participants and the Company intends to participate as well. It is rare to find an ICO that doesn't amass a greater percentage to the issuers and organizers.
Management expects to have FLY listed on several exchanges in the immediate future, including its subsidiary, COINQX.com so that those unable to send PRES to acquire FLY may also participate and so that secondary trading may ensue.
FLY coin utilizes the same Omni protocols as our recently launchedWEEDcoin ICO, which yielded79,959,942.0324852from the Company's participation including the 6,045,726 earned WEED coins adding this asset to the Company's main wallet.
"We chose PRES as a medium of exchange for speculators to invest in FLY since it enjoys a growing popularity and trades on both C-cex.com, Livecoin.net as well as our CoinQX.com."
The reward points business for the travel industry alone is so staggering in size that according to (Maritz)
$48 Billion worth of points and airline miles are classified as unredeemed.
Already trillions of reward points have been issued and redeemed worldwide for all industries.
In order to capitalize on this booming industry, our CEO, Dr. Greg Rubin, an inventor with several patents approved by the USPTO has filed on our behalf a provisional patent that is designed to grant protection from competitors placing rewards points on a blockchain.
We have now issued many more billions of rewards points on the bitcoin blockchain to be redeemed by the future clients of a new travel agency that First Bitcoin is in the process of rolling out soon viawww.BitClassTravel.comhaving already posted a travel agency bond with the State of California.
What makes our reward points unique is that they can be bought and sold in cryptocurrency markets. We anticipate that our competitors will find their travel agencies accepting our rewards tokens in order to compete. A secondary market could emerge for this new form of reward points as digital currencies. Complete details of the usages and crypto miles issued will soon be found athttp://AIRmilesQX.com
In addition to being the first publicly trading company in the blockchain space, First Bitcoin has distinguished itself as a crypto leader capable of moving ahead of its competitors to roll out new endeavors so much so that our crypto reward tokens are already tradeable as altcoins on the OMNIDEX against some of the leading cryptocurrencies such as Tether, MaidSafeCoin, Omni, including all altcoins our subsidiary has issued on the Bitcoin Blockchain, to date. Many of these new mileage coins will be tradeable on our subsidiary cryptocurrency exchange, CoinQX.com, against more than 100 crypto and fiat currencies, including Bitcoin.
A complete list and details of these reward tokens for airline miles and hotel chains covering 110 of the largest airlines and top hotel chains is listed below:
UAE=Emirates QTR=Qatar Airways SIA=Singapore Airlines
CPA=Cathay Pacific ANA=All Nippon ETD=Etihad Airways
THY=Turkish Airlines EVA=EVA Air QFA=Qantas Airways
DLH=Lufthansa GIA=Garuda Indonesia CHH=Hainan Airlines
AXM=AirAsia KLM=Royal Dutch Airlines VRD=Virgin America
BAW=British Airways FIN=Finnair VIR=Virgin Atlantic
CRK=Hong Kong Airlines NAX=Norwegian ACA=Air Canada
CSN=China Southern AEE=Aegean Airlines MAS=Malaysia Airlines
DAL=Delta AirLines KAL=Korean Air XEIN=Aer Lingus
CAL=China Airlines EZY=EasyJet SLK=SilkAir
AFL=Aeroflot SAA=South African Airways OMA=Oman Air
KZR=Air Astana HVN=Vietnam Airlines LAN=LAN Airlines
JST=Jetstar Airways POE=Porter Airlines XAX=AirAsia
WJA=WestJet IGO=Indigo IBE=Iberia
JBU=jetBlue Airways JSA=Jetstar Asia AZU=Azul Airlines
AVA=Avianca TAM=TAM Airlines AZA=Alitalia
DAT=Brussels Airlines ASA=Alaska Airlines SCO=Scoot
SAS=Scandinavian SEY=Air Seychelles
TAP=Air Portugal TOM=Thomson Airways ALK=SriLankan Airlines
CMP=Copa Airlines AHY=Azerbaijan Airlines JAI=Jet Airways
MAU=Air Mauritius BER=Air Berlin EWG=Eurowings
EYH=Ethiopian Airlines APJ=Peach CES=China Eastern
GFA=Gulf Air ICE=Icelandair SVA=Saudi Arabian Airlines
PAL=Philippine Airlines EGF=American Eagle KQA=Kenya Airways
DTA=TAAG Angola CCA=Air China TSC=Air Transat
ANE=Air Nostrum DKH=Juneyao Airlines FJI=Fiji Airways
LOTP=LOT Polish CAW=Kulula
AMX=Aeromexico RBA=Royal Brunei Airlines GCRC=Tianjin Airlines
TGW=Tiger Airways MNO=Mango RJA=Royal Jordanian
SEJ=SpiceJet WOWN=WOW Airlines
HOTEL CHAINS Coins
SW- Starwood Hotels FS- Four Seasons Hotels RT- Accor Hotels
BW- Best Western International JJ- Jing Jiang International MC- Marriott International
HH- Hilton Worldwide IC- Intercontinental Hotels Group
CH- Choice Hotels International WY- Wyndham Hotel Group
AIRmilesQX will change forever frequent travel loyalty programs.
Many airlines offer frequent-flyer loyalty programs to encourage customers to accumulate "miles" which airline customers can redeem to purchase air travel or other rewards. Points, or miles earned though those programs are based on complex rules, like class of fare, distance, season or the amount paid. There are also many other ways to earn points. For example, credit card issuers partner with airlines and award loyalty points or miles based on customer's credit card usage. Points can be redeemed for air travel, ticket upgrades, booking hotels, car rentals, magazine subscriptions etc.
Frequent-flyer program points are in essence a type of virtual currency, but unfortunately, it was a one-way process - people could purchase points with national currencies, but were not able to exchange back into those currencies.
Airline miles programs go back to the early 70's when United Airlines began to reward loyal customers with points that could be accumulated and later could be used to pay for air travel. Their programs have evolved over the last 20 years, but it is not easy to use those programs.
When travelers actually try to book a flight, they encounter major hurdles, like blackout dates (days when award seats are limited or unavailable). Every airline program has its own policies, procedures, restrictions, etc. Also, airlines and credit card issuers are constantly changing the rules and policies. Several Airlines, for example, recently increased the minimum number of miles needed to book some of their flights.
Research published by COLLOQUY, a leading provider of loyalty marketing research in 2015 indicates that U.S. consumers hold 3.3 billion memberships in customer loyalty programs, a 26% increase over the number of memberships reported in COLLOQUY's prior census study in 2013. The 2015 Census shows that specialty store loyalty memberships now total 434 million, exceeding airline frequent flyer memberships (356 million) for the first time, placing second only to credit card reward programs, which account for 578 million memberships.
According to the U.S. Department of Transportation's Bureau of Transportation Statistics, year over year air travel increased by 5.5% from 2015 to 2016. COLLOQUY survey found that a little more than half of Americans - 55% - have taken a flight for business or leisure purposes in the past two years. And three-fourths of respondents, 75%, said their most recent flight was within the past six months.
Another noteworthy statistic is that 60% of frequent traveler miles issued today are not earned but instead purchased.
Points accumulating in loyalty programs globally are considered by some as real currencies with increasing value that has attracted the attention of criminals, according to Barry Kirk, vice president of Loyalty Solutions for Maritz Motivation Solutions. In the US alone, 3.3 billion loyalty program memberships have stored points and miles worth an estimated $48 billion, according to the Gartner Group.
BLOCKCHAIN will CHANGE customer loyalty programs forever by giving more control to rewards owners and reducing fraud through the transparency of blockchain technologies.
First Bitcoin Capital Corp trading on the OTC Markets as BITCF has developed a unique Blockchain-based airline miles platform, allowing people to buy/exchange/trade/transfer miles without any restrictions, blackout days or other cumbersome rules that airlines impose on their programs.
The following statistics may be of interest to our loyal shareholders:
2016 Travel Loyalty Statistics
• $48 billion worth of points and airline miles are unredeemed (Maritz)
• 75% of travelers are willing to share personal information, such as gender, age and email address, in exchange for tailored promotions, coupons, priority service or loyalty points (Zebra Technologies)
• 46% of loyalty program members said they like the ability to earn points on everyday spending with their airline loyalty program (Collinson Latitude)
• 47% of loyalty program members said they like the ability to earn points on everyday spending with their hotel loyalty program (Collinson Latitude)
• 29% of men have used an airline rewards program in the last three months vs. 20% of women (Vantiv)
• 75% of U.S. consumers would be open to using a site operated by a loyalty program if it allowed easy itinerary adjustments (Colloquy)
• 83% of U.S. consumers would be open to using a site operated by a loyalty program if it were easy to use (Colloquy)
• 69% of U.S. consumers would be open to using a site operated by a loyalty program if it allows for paying all travel expenses with loyalty points (Colloquy)
• 59% of U.S. consumers would be open to using a site operated by a loyalty program if it had a mobile app (Colloquy)
• Nearly 40% of "digital native" Millennials rely on mobile apps to track and redeem their rewards, while across all age groups, the use of plastic membership cards dropped by 4% during 2016 (Excentus)
• 69% of U.S. consumers would be open to using a site operated by a loyalty program if it provides info about planned travel destinations (Colloquy)
• 64% of U.S. consumers would be open to using a site operated by a loyalty program if it kept track of travel preferences (Colloquy)
• 56% of U.S. consumers would be open to using a site operated by a loyalty program if it provided personalized travel recommendations (Colloquy)
• 53% of U.S. consumers would be open to using a site operated by a loyalty program if it offered customization of in-flight amenities (Colloquy)
• 76% of business travelers said they would extend their business trips for leisure if their hotels offered discounts for additional nights or the chance to have a friend or family member join at a discounted rate (Colloquy)
• 92% of business travelers cited that ease of redemption would get their attention, 84% cited convenience of schedule holding appeal and 73% cited ability to personalize in-flight services (Colloquy)
• 81% of business travelers cited a higher level of service as having an impact on their evaluation of a loyalty program (Colloquy)
• 19% of consumers would skip their plans if they were to encounter added charges when booking with loyalty points (Colloquy)
• 40% of passengers picked their airport based on the airport loyalty program (ICLP)
• When choosing an airport, Generation X (44%) and Millennials (41%) are much more influenced by airport loyalty programs than Baby Boomers (31%) (ICLP)
• 80% of U.S. airline loyalty program members are inactive (Skift)
• 61% of travelers look for loyalty programs with a broad spectrum of rewards (Collinson Latitude)
• Major hotel chains increased loyalty program members in 2015 by 13.1% compared with 2014 (Skift)
• 71% of travelers think the value of a loyalty program decreases if it offers a limited range of rewards (Collinson Latitude)
• 77% of travel loyalty program members continued to spend with a brand and earn further points following a redemption on non-core inventory, compared to just 71% who redeemed on flights and hotels alone (Collinson Latitude)
• 42% of travelers believe that loyalty programs offering only core inventory rewards are "dated and old-fashioned" (Collinson Latitude)
• 40% of travel loyalty program members would tell friends and family about a program following a positive redemption experience (Collinson Latitude)
• 33% of travel loyalty program members would actively encourage family & friends to join the program following a positive redemption experience (Collinson Latitude)
• 48% of Millennials report loyalty programs are important when booking flights and 51% say they use them when booking hotels (Diamond Resorts)
• 39% of Millennials agree: "I don't think it's worthwhile to sign up for loyalty programs" (ADARA)
• 68% of Millennials will remain loyal to a program that offers them the most rewards (Internet Marketing)
• 75% of Millennials will remain loyal to a hotel brand even if they lost all reward points (Internet Marketing)
• 41% of Millennials joined a travel loyalty program because it was easy to use (Internet Marketing)
• Top hotels in terms of customer satisfaction: Hilton, Marriott, Hyatt (ACSI)
• Top hotel loyalty programs based on customer satisfaction: Hilton HHonors, Marriott Rewards, IHG Rewards Club (JD Power)
• 83% of highly satisfied hotel loyalty program members say they "definitely will" recommend the brand (JD Power)
• 77% of hotel loyalty program members say their program is equally as valuable as it was in 2015; 11% say their program is less valuable than the year before (JD Power)
• 40% of customers choose hotel loyalty programs based on convenience of locations (JD Power)
• 55% of the affluent middle class hold frequent flyer memberships, down from 65% in 2014 (Collinson Group)
• InterContinental Hotels Group's IHG Rewards Club is the world's largest hotel loyalty program with more than 92 million members as of December 31, 2015 (Skift)
About The Company
First Bitcoin Capital Corp is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange-www.CoinQX.com. We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges) we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies. At this time the Company owns and operates more than the following digital assets under development:
www.CoinQX.comcryptocurrency exchange, registered with FINCEN.
www.altcoinmarketcap.commarket capitalization for all cryptocurrencies with up and down voting by altcoin communities.
www.Alphabitcoinfund.comworld's first crypto ETF.
www.strain.IDcannabis strains genetic information depository on decentralized Blockchain.
www.iCoiNEWS.comreal time cryptocurrency and bitcoin news site.
www.BITminer.ccproviding mining pool management services.
www.2016coin.orgonline daily election coverage and home page for $PRES, $HILL, $GARY& $BURN -commemorative presidential election coins.
www.bitcannpay.comOpen Loop merchant services for dispensaries.
List of most Omni protocol coins issued on the Bitcoin Blockchain and owned by the Company:http://omnichest.info/lookupadd.aspx?address=1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS
Second Omni wallet owned by CoinQX reflecting our airline mileage tokens issued:http://omnichest.info/lookupadd.aspx?address=1VuF26AgLyQ4tBoGzYTWRqtDG9zCB7QXe
Third (managed) Omni wallet owned by COINQX:http://omnichest.info/lookupadd.aspx?address=1M18oycUdsXv4pKyLLiASREcRGzPu22MxK
Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company's filings, which are on file at www.OTCMarkets.com.
Contact us via:[email protected] visithttp://www.bitcoincapitalcorp.com
SOURCE:First Bitcoin Capital Corp. || First Bitcoin Capital Corp Broadens Disruption of Loyalty Industry Placing 110 Token Rewards Points on Blockchain; Launches Loyalty Coin ICO with the Symbol FLY: VANCOUVER, BC / ACCESSWIRE / July 13, 2017 /CoinQx Exchange LIMITED, a wholly owned subsidiary of FIRST BITCOIN CAPITAL CORP (OTC PINK: BITCF ) or "Company", "We", "Us" or "Our") expanded its blockchain loyalty program to include 100 of the top airlines and 10 of the top Hotel Chains using their industry codes as token symbols on the Bitcoin Blockchain for each.
The company released its 3rdInitial Coin Offering as a master loyalty coin so that all of the above mentioned 110 tokens will be exchangeable to one central coin, naming it Loyalty with the symbol FLY. In order to acquire FLY coin, anyone that sends 1 President Trump (PRES) coin to the Company's Omni Layer Bitcoin Wallet will receive 1 FLY coin into their Omni Wallet via sending PRES to: 1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrSIn order to insure receipt of the FLY coin upon transferring PRES to the company's address, be sure to log into your own personal Omni Wallet address and not an exchange provided wallet as they may not be prepared to credit those FLY to the sender's account. After 6 confirmations, the LOYALTY (FLY) coin will arrive in your personal Omni Wallet. This process is fully automated and requires no manual processing by the issuer of FLY coin. In order to save BTC fees when purchasing LOYALTY (FLY) it is best (when utilizing your personal wallet) to click on Explorer, then look for and click on Active Crowdsales, then look for and click on FLY, then look for and click on PARTICIPATAE and proceed to place the amount of PRES to send and for the fees type in .0001
The creation of FLY coin can be witnessed here:https://omniexplorer.info/lookupsp.aspx?sp=309
In order to track the maturity date of this ICO kindly see further details below, and note that the crowdsale cannot be accessed directly from the below URL rather follow the instructions above:https://www.omniwallet.org/assets/details/309
The early bird bonus of 25% reduces to 20% the second week, 15% the third week, 10% the fourth week and 5% the final, fifth week, when the ICO closes. A bonus of 10% of all coins sold will belong to The Company while the 90% will be held by the participants and the Company intends to participate as well. It is rare to find an ICO that doesn't amass a greater percentage to the issuers and organizers.
Management expects to have FLY listed on several exchanges in the immediate future, including its subsidiary, COINQX.com so that those unable to send PRES to acquire FLY may also participate and so that secondary trading may ensue.
FLY coin utilizes the same Omni protocols as our recently launchedWEEDcoin ICO, which yielded79,959,942.0324852from the Company's participation including the 6,045,726 earned WEED coins adding this asset to the Company's main wallet.
"We chose PRES as a medium of exchange for speculators to invest in FLY since it enjoys a growing popularity and trades on both C-cex.com, Livecoin.net as well as our CoinQX.com."
The reward points business for the travel industry alone is so staggering in size that according to (Maritz)
$48 Billion worth of points and airline miles are classified as unredeemed.
Already trillions of reward points have been issued and redeemed worldwide for all industries.
In order to capitalize on this booming industry, our CEO, Dr. Greg Rubin, an inventor with several patents approved by the USPTO has filed on our behalf a provisional patent that is designed to grant protection from competitors placing rewards points on a blockchain.
We have now issued many more billions of rewards points on the bitcoin blockchain to be redeemed by the future clients of a new travel agency that First Bitcoin is in the process of rolling out soon viawww.BitClassTravel.comhaving already posted a travel agency bond with the State of California.
What makes our reward points unique is that they can be bought and sold in cryptocurrency markets. We anticipate that our competitors will find their travel agencies accepting our rewards tokens in order to compete. A secondary market could emerge for this new form of reward points as digital currencies. Complete details of the usages and crypto miles issued will soon be found athttp://AIRmilesQX.com
In addition to being the first publicly trading company in the blockchain space, First Bitcoin has distinguished itself as a crypto leader capable of moving ahead of its competitors to roll out new endeavors so much so that our crypto reward tokens are already tradeable as altcoins on the OMNIDEX against some of the leading cryptocurrencies such as Tether, MaidSafeCoin, Omni, including all altcoins our subsidiary has issued on the Bitcoin Blockchain, to date. Many of these new mileage coins will be tradeable on our subsidiary cryptocurrency exchange, CoinQX.com, against more than 100 crypto and fiat currencies, including Bitcoin.
A complete list and details of these reward tokens for airline miles and hotel chains covering 110 of the largest airlines and top hotel chains is listed below:
UAE=Emirates QTR=Qatar Airways SIA=Singapore Airlines
CPA=Cathay Pacific ANA=All Nippon ETD=Etihad Airways
THY=Turkish Airlines EVA=EVA Air QFA=Qantas Airways
DLH=Lufthansa GIA=Garuda Indonesia CHH=Hainan Airlines
AXM=AirAsia KLM=Royal Dutch Airlines VRD=Virgin America
BAW=British Airways FIN=Finnair VIR=Virgin Atlantic
CRK=Hong Kong Airlines NAX=Norwegian ACA=Air Canada
CSN=China Southern AEE=Aegean Airlines MAS=Malaysia Airlines
DAL=Delta AirLines KAL=Korean Air XEIN=Aer Lingus
CAL=China Airlines EZY=EasyJet SLK=SilkAir
AFL=Aeroflot SAA=South African Airways OMA=Oman Air
KZR=Air Astana HVN=Vietnam Airlines LAN=LAN Airlines
JST=Jetstar Airways POE=Porter Airlines XAX=AirAsia
WJA=WestJet IGO=Indigo IBE=Iberia
JBU=jetBlue Airways JSA=Jetstar Asia AZU=Azul Airlines
AVA=Avianca TAM=TAM Airlines AZA=Alitalia
DAT=Brussels Airlines ASA=Alaska Airlines SCO=Scoot
SAS=Scandinavian SEY=Air Seychelles
TAP=Air Portugal TOM=Thomson Airways ALK=SriLankan Airlines
CMP=Copa Airlines AHY=Azerbaijan Airlines JAI=Jet Airways
MAU=Air Mauritius BER=Air Berlin EWG=Eurowings
EYH=Ethiopian Airlines APJ=Peach CES=China Eastern
GFA=Gulf Air ICE=Icelandair SVA=Saudi Arabian Airlines
PAL=Philippine Airlines EGF=American Eagle KQA=Kenya Airways
DTA=TAAG Angola CCA=Air China TSC=Air Transat
ANE=Air Nostrum DKH=Juneyao Airlines FJI=Fiji Airways
LOTP=LOT Polish CAW=Kulula
AMX=Aeromexico RBA=Royal Brunei Airlines GCRC=Tianjin Airlines
TGW=Tiger Airways MNO=Mango RJA=Royal Jordanian
SEJ=SpiceJet WOWN=WOW Airlines
HOTEL CHAINS Coins
SW- Starwood Hotels FS- Four Seasons Hotels RT- Accor Hotels
BW- Best Western International JJ- Jing Jiang International MC- Marriott International
HH- Hilton Worldwide IC- Intercontinental Hotels Group
CH- Choice Hotels International WY- Wyndham Hotel Group
AIRmilesQX will change forever frequent travel loyalty programs.
Many airlines offer frequent-flyer loyalty programs to encourage customers to accumulate "miles" which airline customers can redeem to purchase air travel or other rewards. Points, or miles earned though those programs are based on complex rules, like class of fare, distance, season or the amount paid. There are also many other ways to earn points. For example, credit card issuers partner with airlines and award loyalty points or miles based on customer's credit card usage. Points can be redeemed for air travel, ticket upgrades, booking hotels, car rentals, magazine subscriptions etc.
Frequent-flyer program points are in essence a type of virtual currency, but unfortunately, it was a one-way process - people could purchase points with national currencies, but were not able to exchange back into those currencies.
Airline miles programs go back to the early 70's when United Airlines began to reward loyal customers with points that could be accumulated and later could be used to pay for air travel. Their programs have evolved over the last 20 years, but it is not easy to use those programs.
When travelers actually try to book a flight, they encounter major hurdles, like blackout dates (days when award seats are limited or unavailable). Every airline program has its own policies, procedures, restrictions, etc. Also, airlines and credit card issuers are constantly changing the rules and policies. Several Airlines, for example, recently increased the minimum number of miles needed to book some of their flights.
Research published by COLLOQUY, a leading provider of loyalty marketing research in 2015 indicates that U.S. consumers hold 3.3 billion memberships in customer loyalty programs, a 26% increase over the number of memberships reported in COLLOQUY's prior census study in 2013. The 2015 Census shows that specialty store loyalty memberships now total 434 million, exceeding airline frequent flyer memberships (356 million) for the first time, placing second only to credit card reward programs, which account for 578 million memberships.
According to the U.S. Department of Transportation's Bureau of Transportation Statistics, year over year air travel increased by 5.5% from 2015 to 2016. COLLOQUY survey found that a little more than half of Americans - 55% - have taken a flight for business or leisure purposes in the past two years. And three-fourths of respondents, 75%, said their most recent flight was within the past six months.
Another noteworthy statistic is that 60% of frequent traveler miles issued today are not earned but instead purchased.
Points accumulating in loyalty programs globally are considered by some as real currencies with increasing value that has attracted the attention of criminals, according to Barry Kirk, vice president of Loyalty Solutions for Maritz Motivation Solutions. In the US alone, 3.3 billion loyalty program memberships have stored points and miles worth an estimated $48 billion, according to the Gartner Group.
BLOCKCHAIN will CHANGE customer loyalty programs forever by giving more control to rewards owners and reducing fraud through the transparency of blockchain technologies.
First Bitcoin Capital Corp trading on the OTC Markets as BITCF has developed a unique Blockchain-based airline miles platform, allowing people to buy/exchange/trade/transfer miles without any restrictions, blackout days or other cumbersome rules that airlines impose on their programs.
The following statistics may be of interest to our loyal shareholders:
2016 Travel Loyalty Statistics
• $48 billion worth of points and airline miles are unredeemed (Maritz)
• 75% of travelers are willing to share personal information, such as gender, age and email address, in exchange for tailored promotions, coupons, priority service or loyalty points (Zebra Technologies)
• 46% of loyalty program members said they like the ability to earn points on everyday spending with their airline loyalty program (Collinson Latitude)
• 47% of loyalty program members said they like the ability to earn points on everyday spending with their hotel loyalty program (Collinson Latitude)
• 29% of men have used an airline rewards program in the last three months vs. 20% of women (Vantiv)
• 75% of U.S. consumers would be open to using a site operated by a loyalty program if it allowed easy itinerary adjustments (Colloquy)
• 83% of U.S. consumers would be open to using a site operated by a loyalty program if it were easy to use (Colloquy)
• 69% of U.S. consumers would be open to using a site operated by a loyalty program if it allows for paying all travel expenses with loyalty points (Colloquy)
• 59% of U.S. consumers would be open to using a site operated by a loyalty program if it had a mobile app (Colloquy)
• Nearly 40% of "digital native" Millennials rely on mobile apps to track and redeem their rewards, while across all age groups, the use of plastic membership cards dropped by 4% during 2016 (Excentus)
• 69% of U.S. consumers would be open to using a site operated by a loyalty program if it provides info about planned travel destinations (Colloquy)
• 64% of U.S. consumers would be open to using a site operated by a loyalty program if it kept track of travel preferences (Colloquy)
• 56% of U.S. consumers would be open to using a site operated by a loyalty program if it provided personalized travel recommendations (Colloquy)
• 53% of U.S. consumers would be open to using a site operated by a loyalty program if it offered customization of in-flight amenities (Colloquy)
• 76% of business travelers said they would extend their business trips for leisure if their hotels offered discounts for additional nights or the chance to have a friend or family member join at a discounted rate (Colloquy)
• 92% of business travelers cited that ease of redemption would get their attention, 84% cited convenience of schedule holding appeal and 73% cited ability to personalize in-flight services (Colloquy)
• 81% of business travelers cited a higher level of service as having an impact on their evaluation of a loyalty program (Colloquy)
• 19% of consumers would skip their plans if they were to encounter added charges when booking with loyalty points (Colloquy)
• 40% of passengers picked their airport based on the airport loyalty program (ICLP)
• When choosing an airport, Generation X (44%) and Millennials (41%) are much more influenced by airport loyalty programs than Baby Boomers (31%) (ICLP)
• 80% of U.S. airline loyalty program members are inactive (Skift)
• 61% of travelers look for loyalty programs with a broad spectrum of rewards (Collinson Latitude)
• Major hotel chains increased loyalty program members in 2015 by 13.1% compared with 2014 (Skift)
• 71% of travelers think the value of a loyalty program decreases if it offers a limited range of rewards (Collinson Latitude)
• 77% of travel loyalty program members continued to spend with a brand and earn further points following a redemption on non-core inventory, compared to just 71% who redeemed on flights and hotels alone (Collinson Latitude)
• 42% of travelers believe that loyalty programs offering only core inventory rewards are "dated and old-fashioned" (Collinson Latitude)
• 40% of travel loyalty program members would tell friends and family about a program following a positive redemption experience (Collinson Latitude)
• 33% of travel loyalty program members would actively encourage family & friends to join the program following a positive redemption experience (Collinson Latitude)
• 48% of Millennials report loyalty programs are important when booking flights and 51% say they use them when booking hotels (Diamond Resorts)
• 39% of Millennials agree: "I don't think it's worthwhile to sign up for loyalty programs" (ADARA)
• 68% of Millennials will remain loyal to a program that offers them the most rewards (Internet Marketing)
• 75% of Millennials will remain loyal to a hotel brand even if they lost all reward points (Internet Marketing)
• 41% of Millennials joined a travel loyalty program because it was easy to use (Internet Marketing)
• Top hotels in terms of customer satisfaction: Hilton, Marriott, Hyatt (ACSI)
• Top hotel loyalty programs based on customer satisfaction: Hilton HHonors, Marriott Rewards, IHG Rewards Club (JD Power)
• 83% of highly satisfied hotel loyalty program members say they "definitely will" recommend the brand (JD Power)
• 77% of hotel loyalty program members say their program is equally as valuable as it was in 2015; 11% say their program is less valuable than the year before (JD Power)
• 40% of customers choose hotel loyalty programs based on convenience of locations (JD Power)
• 55% of the affluent middle class hold frequent flyer memberships, down from 65% in 2014 (Collinson Group)
• InterContinental Hotels Group's IHG Rewards Club is the world's largest hotel loyalty program with more than 92 million members as of December 31, 2015 (Skift)
About The Company
First Bitcoin Capital Corp is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange-www.CoinQX.com. We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges) we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies. At this time the Company owns and operates more than the following digital assets under development:
www.CoinQX.comcryptocurrency exchange, registered with FINCEN.
www.altcoinmarketcap.commarket capitalization for all cryptocurrencies with up and down voting by altcoin communities.
www.Alphabitcoinfund.comworld's first crypto ETF.
www.strain.IDcannabis strains genetic information depository on decentralized Blockchain.
www.iCoiNEWS.comreal time cryptocurrency and bitcoin news site.
www.BITminer.ccproviding mining pool management services.
www.2016coin.orgonline daily election coverage and home page for $PRES, $HILL, $GARY& $BURN -commemorative presidential election coins.
www.bitcannpay.comOpen Loop merchant services for dispensaries.
List of most Omni protocol coins issued on the Bitcoin Blockchain and owned by the Company:http://omnichest.info/lookupadd.aspx?address=1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS
Second Omni wallet owned by CoinQX reflecting our airline mileage tokens issued:http://omnichest.info/lookupadd.aspx?address=1VuF26AgLyQ4tBoGzYTWRqtDG9zCB7QXe
Third (managed) Omni wallet owned by COINQX:http://omnichest.info/lookupadd.aspx?address=1M18oycUdsXv4pKyLLiASREcRGzPu22MxK
Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company's filings, which are on file at www.OTCMarkets.com.
Contact us via:[email protected] visithttp://www.bitcoincapitalcorp.com
SOURCE:First Bitcoin Capital Corp. || First Bitcoin Capital Corp Broadens Disruption of Loyalty Industry Placing 110 Token Rewards Points on Blockchain; Launches Loyalty Coin ICO with the Symbol FLY: VANCOUVER, BC / ACCESSWIRE / July 13, 2017 / CoinQx Exchange LIMITED, a wholly owned subsidiary of FIRST BITCOIN CAPITAL CORP (OTC PINK: BITCF ) or "Company", "We", "Us" or "Our") expanded its blockchain loyalty program to include 100 of the top airlines and 10 of the top Hotel Chains using their industry codes as token symbols on the Bitcoin Blockchain for each. The company released its 3 rd Initial Coin Offering as a master loyalty coin so that all of the above mentioned 110 tokens will be exchangeable to one central coin, naming it Loyalty with the symbol FLY. In order to acquire FLY coin, anyone that sends 1 President Trump (PRES) coin to the Company's Omni Layer Bitcoin Wallet will receive 1 FLY coin into their Omni Wallet via sending PRES to: 1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrSIn order to insure receipt of the FLY coin upon transferring PRES to the company's address, be sure to log into your own personal Omni Wallet address and not an exchange provided wallet as they may not be prepared to credit those FLY to the sender's account. After 6 confirmations, the LOYALTY (FLY) coin will arrive in your personal Omni Wallet. This process is fully automated and requires no manual processing by the issuer of FLY coin. In order to save BTC fees when purchasing LOYALTY (FLY) it is best (when utilizing your personal wallet) to click on Explorer, then look for and click on Active Crowdsales, then look for and click on FLY, then look for and click on PARTICIPATAE and proceed to place the amount of PRES to send and for the fees type in .0001 The creation of FLY coin can be witnessed here: https://omniexplorer.info/lookupsp.aspx?sp=309 In order to track the maturity date of this ICO kindly see further details below, and note that the crowdsale cannot be accessed directly from the below URL rather follow the instructions above: https://www.omniwallet.org/assets/details/309 The early bird bonus of 25% reduces to 20% the second week, 15% the third week, 10% the fourth week and 5% the final, fifth week, when the ICO closes. A bonus of 10% of all coins sold will belong to The Company while the 90% will be held by the participants and the Company intends to participate as well. It is rare to find an ICO that doesn't amass a greater percentage to the issuers and organizers. Story continues Management expects to have FLY listed on several exchanges in the immediate future, including its subsidiary, COINQX.com so that those unable to send PRES to acquire FLY may also participate and so that secondary trading may ensue. FLY coin utilizes the same Omni protocols as our recently launched WEED coin ICO, which yielded 79,959,942.0324852 from the Company's participation including the 6,045,726 earned WEED coins adding this asset to the Company's main wallet. "We chose PRES as a medium of exchange for speculators to invest in FLY since it enjoys a growing popularity and trades on both C-cex.com, Livecoin.net as well as our CoinQX.com." The reward points business for the travel industry alone is so staggering in size that according to ( Maritz ) $48 Billion worth of points and airline miles are classified as unredeemed. Already trillions of reward points have been issued and redeemed worldwide for all industries. In order to capitalize on this booming industry, our CEO, Dr. Greg Rubin, an inventor with several patents approved by the USPTO has filed on our behalf a provisional patent that is designed to grant protection from competitors placing rewards points on a blockchain. We have now issued many more billions of rewards points on the bitcoin blockchain to be redeemed by the future clients of a new travel agency that First Bitcoin is in the process of rolling out soon via www.BitClassTravel.com having already posted a travel agency bond with the State of California. What makes our reward points unique is that they can be bought and sold in cryptocurrency markets. We anticipate that our competitors will find their travel agencies accepting our rewards tokens in order to compete. A secondary market could emerge for this new form of reward points as digital currencies. Complete details of the usages and crypto miles issued will soon be found at http://AIRmilesQX.com In addition to being the first publicly trading company in the blockchain space, First Bitcoin has distinguished itself as a crypto leader capable of moving ahead of its competitors to roll out new endeavors so much so that our crypto reward tokens are already tradeable as altcoins on the OMNIDEX against some of the leading cryptocurrencies such as Tether, MaidSafeCoin, Omni, including all altcoins our subsidiary has issued on the Bitcoin Blockchain, to date. Many of these new mileage coins will be tradeable on our subsidiary cryptocurrency exchange, CoinQX.com, against more than 100 crypto and fiat currencies, including Bitcoin. A complete list and details of these reward tokens for airline miles and hotel chains covering 110 of the largest airlines and top hotel chains is listed below: UAE=Emirates QTR=Qatar Airways SIA=Singapore Airlines CPA=Cathay Pacific ANA=All Nippon ETD=Etihad Airways THY=Turkish Airlines EVA=EVA Air QFA=Qantas Airways DLH=Lufthansa GIA=Garuda Indonesia CHH=Hainan Airlines AXM=AirAsia KLM=Royal Dutch Airlines VRD=Virgin America BAW=British Airways FIN=Finnair VIR=Virgin Atlantic CRK=Hong Kong Airlines NAX=Norwegian ACA=Air Canada CSN=China Southern AEE=Aegean Airlines MAS=Malaysia Airlines DAL=Delta AirLines KAL=Korean Air XEIN=Aer Lingus CAL=China Airlines EZY=EasyJet SLK=SilkAir AFL=Aeroflot SAA=South African Airways OMA=Oman Air KZR=Air Astana HVN=Vietnam Airlines LAN=LAN Airlines JST=Jetstar Airways POE=Porter Airlines XAX=AirAsia WJA=WestJet IGO=Indigo IBE=Iberia JBU=jetBlue Airways JSA=Jetstar Asia AZU=Azul Airlines AVA=Avianca TAM=TAM Airlines AZA=Alitalia DAT=Brussels Airlines ASA=Alaska Airlines SCO=Scoot SAS=Scandinavian SEY=Air Seychelles TAP=Air Portugal TOM=Thomson Airways ALK=SriLankan Airlines CMP=Copa Airlines AHY=Azerbaijan Airlines JAI=Jet Airways MAU=Air Mauritius BER=Air Berlin EWG=Eurowings EYH=Ethiopian Airlines APJ=Peach CES=China Eastern GFA=Gulf Air ICE=Icelandair SVA=Saudi Arabian Airlines PAL=Philippine Airlines EGF=American Eagle KQA=Kenya Airways DTA=TAAG Angola CCA=Air China TSC=Air Transat ANE=Air Nostrum DKH=Juneyao Airlines FJI=Fiji Airways LOTP=LOT Polish CAW=Kulula AMX=Aeromexico RBA=Royal Brunei Airlines GCRC=Tianjin Airlines TGW=Tiger Airways MNO=Mango RJA=Royal Jordanian SEJ=SpiceJet WOWN=WOW Airlines HOTEL CHAINS Coins SW- Starwood Hotels FS- Four Seasons Hotels RT- Accor Hotels BW- Best Western International JJ- Jing Jiang International MC- Marriott International HH- Hilton Worldwide IC- Intercontinental Hotels Group CH- Choice Hotels International WY- Wyndham Hotel Group AIRmilesQX will change forever frequent travel loyalty programs. Many airlines offer frequent-flyer loyalty programs to encourage customers to accumulate "miles" which airline customers can redeem to purchase air travel or other rewards. Points, or miles earned though those programs are based on complex rules, like class of fare, distance, season or the amount paid. There are also many other ways to earn points. For example, credit card issuers partner with airlines and award loyalty points or miles based on customer's credit card usage. Points can be redeemed for air travel, ticket upgrades, booking hotels, car rentals, magazine subscriptions etc. Frequent-flyer program points are in essence a type of virtual currency, but unfortunately, it was a one-way process - people could purchase points with national currencies, but were not able to exchange back into those currencies. Airline miles programs go back to the early 70's when United Airlines began to reward loyal customers with points that could be accumulated and later could be used to pay for air travel. Their programs have evolved over the last 20 years, but it is not easy to use those programs. When travelers actually try to book a flight, they encounter major hurdles, like blackout dates (days when award seats are limited or unavailable). Every airline program has its own policies, procedures, restrictions, etc. Also, airlines and credit card issuers are constantly changing the rules and policies. Several Airlines, for example, recently increased the minimum number of miles needed to book some of their flights. Research published by COLLOQUY, a leading provider of loyalty marketing research in 2015 indicates that U.S. consumers hold 3.3 billion memberships in customer loyalty programs, a 26% increase over the number of memberships reported in COLLOQUY's prior census study in 2013. The 2015 Census shows that specialty store loyalty memberships now total 434 million, exceeding airline frequent flyer memberships (356 million) for the first time, placing second only to credit card reward programs, which account for 578 million memberships. According to the U.S. Department of Transportation's Bureau of Transportation Statistics, year over year air travel increased by 5.5% from 2015 to 2016. COLLOQUY survey found that a little more than half of Americans - 55% - have taken a flight for business or leisure purposes in the past two years. And three-fourths of respondents, 75%, said their most recent flight was within the past six months. Another noteworthy statistic is that 60% of frequent traveler miles issued today are not earned but instead purchased. Points accumulating in loyalty programs globally are considered by some as real currencies with increasing value that has attracted the attention of criminals, according to Barry Kirk, vice president of Loyalty Solutions for Maritz Motivation Solutions. In the US alone, 3.3 billion loyalty program memberships have stored points and miles worth an estimated $48 billion, according to the Gartner Group. BLOCKCHAIN will CHANGE customer loyalty programs forever by giving more control to rewards owners and reducing fraud through the transparency of blockchain technologies. First Bitcoin Capital Corp trading on the OTC Markets as BITCF has developed a unique Blockchain-based airline miles platform, allowing people to buy/exchange/trade/transfer miles without any restrictions, blackout days or other cumbersome rules that airlines impose on their programs. The following statistics may be of interest to our loyal shareholders: 2016 Travel Loyalty Statistics $48 billion worth of points and airline miles are unredeemed ( Maritz ) 75% of travelers are willing to share personal information, such as gender, age and email address, in exchange for tailored promotions, coupons, priority service or loyalty points ( Zebra Technologies ) 46% of loyalty program members said they like the ability to earn points on everyday spending with their airline loyalty program ( Collinson Latitude ) 47% of loyalty program members said they like the ability to earn points on everyday spending with their hotel loyalty program ( Collinson Latitude ) 29% of men have used an airline rewards program in the last three months vs. 20% of women ( Vantiv ) 75% of U.S. consumers would be open to using a site operated by a loyalty program if it allowed easy itinerary adjustments ( Colloquy ) 83% of U.S. consumers would be open to using a site operated by a loyalty program if it were easy to use ( Colloquy ) 69% of U.S. consumers would be open to using a site operated by a loyalty program if it allows for paying all travel expenses with loyalty points ( Colloquy ) 59% of U.S. consumers would be open to using a site operated by a loyalty program if it had a mobile app ( Colloquy ) Nearly 40% of "digital native" Millennials rely on mobile apps to track and redeem their rewards, while across all age groups, the use of plastic membership cards dropped by 4% during 2016 ( Excentus ) 69% of U.S. consumers would be open to using a site operated by a loyalty program if it provides info about planned travel destinations ( Colloquy ) 64% of U.S. consumers would be open to using a site operated by a loyalty program if it kept track of travel preferences ( Colloquy ) 56% of U.S. consumers would be open to using a site operated by a loyalty program if it provided personalized travel recommendations ( Colloquy ) 53% of U.S. consumers would be open to using a site operated by a loyalty program if it offered customization of in-flight amenities ( Colloquy ) 76% of business travelers said they would extend their business trips for leisure if their hotels offered discounts for additional nights or the chance to have a friend or family member join at a discounted rate (Colloquy) 92% of business travelers cited that ease of redemption would get their attention, 84% cited convenience of schedule holding appeal and 73% cited ability to personalize in-flight services (Colloquy) 81% of business travelers cited a higher level of service as having an impact on their evaluation of a loyalty program (Colloquy) 19% of consumers would skip their plans if they were to encounter added charges when booking with loyalty points (Colloquy) 40% of passengers picked their airport based on the airport loyalty program ( ICLP ) When choosing an airport, Generation X (44%) and Millennials (41%) are much more influenced by airport loyalty programs than Baby Boomers (31%) ( ICLP ) 80% of U.S. airline loyalty program members are inactive ( Skift ) 61% of travelers look for loyalty programs with a broad spectrum of rewards ( Collinson Latitude ) Major hotel chains increased loyalty program members in 2015 by 13.1% compared with 2014 ( Skift ) 71% of travelers think the value of a loyalty program decreases if it offers a limited range of rewards ( Collinson Latitude ) 77% of travel loyalty program members continued to spend with a brand and earn further points following a redemption on non-core inventory, compared to just 71% who redeemed on flights and hotels alone ( Collinson Latitude ) 42% of travelers believe that loyalty programs offering only core inventory rewards are "dated and old-fashioned" ( Collinson Latitude ) 40% of travel loyalty program members would tell friends and family about a program following a positive redemption experience ( Collinson Latitude ) 33% of travel loyalty program members would actively encourage family & friends to join the program following a positive redemption experience ( Collinson Latitude ) 48% of Millennials report loyalty programs are important when booking flights and 51% say they use them when booking hotels ( Diamond Resorts ) 39% of Millennials agree: "I don't think it's worthwhile to sign up for loyalty programs" ( ADARA ) 68% of Millennials will remain loyal to a program that offers them the most rewards ( Internet Marketing ) 75% of Millennials will remain loyal to a hotel brand even if they lost all reward points ( Internet Marketing ) 41% of Millennials joined a travel loyalty program because it was easy to use ( Internet Marketing ) Top hotels in terms of customer satisfaction: Hilton, Marriott, Hyatt ( ACSI ) Top hotel loyalty programs based on customer satisfaction: Hilton HHonors, Marriott Rewards, IHG Rewards Club ( JD Power ) 83% of highly satisfied hotel loyalty program members say they "definitely will" recommend the brand ( JD Power ) 77% of hotel loyalty program members say their program is equally as valuable as it was in 2015; 11% say their program is less valuable than the year before ( JD Power ) 40% of customers choose hotel loyalty programs based on convenience of locations ( JD Power ) 55% of the affluent middle class hold frequent flyer memberships, down from 65% in 2014 ( Collinson Group ) InterContinental Hotels Group's IHG Rewards Club is the world's largest hotel loyalty program with more than 92 million members as of December 31, 2015 ( Skift ) About The Company First Bitcoin Capital Corp is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange- www.CoinQX.com . We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges) we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies. At this time the Company owns and operates more than the following digital assets under development: www.CoinQX.com cryptocurrency exchange, registered with FINCEN. www.altcoinmarketcap.com market capitalization for all cryptocurrencies with up and down voting by altcoin communities. www.Alphabitcoinfund.com world's first crypto ETF. www.strain.ID cannabis strains genetic information depository on decentralized Blockchain. www.iCoiNEWS.com real time cryptocurrency and bitcoin news site. www.BITminer.cc providing mining pool management services. www.2016coin.org online daily election coverage and home page for $PRES, $HILL, $GARY& $BURN -commemorative presidential election coins. www.bitcannpay.com Open Loop merchant services for dispensaries. List of most Omni protocol coins issued on the Bitcoin Blockchain and owned by the Company: http://omnichest.info/lookupadd.aspx?address=1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS Second Omni wallet owned by CoinQX reflecting our airline mileage tokens issued: http://omnichest.info/lookupadd.aspx?address=1VuF26AgLyQ4tBoGzYTWRqtDG9zCB7QXe Third (managed) Omni wallet owned by COINQX: http://omnichest.info/lookupadd.aspx?address=1M18oycUdsXv4pKyLLiASREcRGzPu22MxK Forward-Looking Statements Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company's filings, which are on file at www.OTCMarkets.com. Contact us via: [email protected] or visit http://www.bitcoincapitalcorp.com SOURCE: First Bitcoin Capital Corp. || Morgan Stanley Says Investors Shouldn’t Buy Bitcoin. They Should Spend It: Just hours before two audience members urged viewers to “Buy Bitcoin” during Federal Reserve Chair Janet Yellen’s testimony Wednesday, banking giant released a decidedly less glowing recommendation of the cryptocurrency.
The skinny of the Morgan Skinny’s analysis: Rather than buying bitcoin, owners need to be spending it.
“Bitcoin acceptance is virtually zero and shrinking,” the team of Morgan Stanley analysts led by James Faucette wrote.
The bank notes that while five online merchants out of the top 500 tracked by e-commerce analytics site Internet Retailer accepted Bitcoin last year, that figure has now shrunk to three.
Part of the problem?
“Bitcoin owners are reluctant to use the cryptocurrency given its rate of appreciation,” they wrote.
Still, it’s understandable why investors have been so hesitant about spending the cryptocurrency. Bitcoin has been on a winning streakfor the majority of this year. And it is hard to spend something when is has the potential to add $200 in a day or go from say$25 dollars to $22 millionover the course of seven years.
“The [Bitcoin] ecosystem has focused more on value speculation rather than the foot leather-eating work of increasing acceptance,” the team wrote, saying that that focus has made it “way easier to trade speculatively than convince new merchants to accept the cryptocurrency.”
As of now, Bitcoin is facing several challenges in its path toward mainstream usage. In the U.S. at least, the regulatory infrastructure for dealing withthe currency is still bare.
Still, for at least one retailer that accepts Bitcoin, the cryptocurrency is still flowing. Online furniture retailer Overstock.com said earlier this year that it now handles about 100,000 bitcoin transactions a week, up from30,000 a year earlier. And while its not being used by the major retailers noted by Morgan Stanley, it has at the very least been used bymarijuana dispensaries.
Morgan Stanley’s note comes at a time wheninvestors from BlackRock toMark Cubanare crying “bubble” on the cryptocurrency, which has breached severalall-time highs this year.
See original article on Fortune.com
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• BlackRock's Top Economist Thinks Bitcoin and Ethereum Look Like a Bubble
• Mark Karpeles, CEO of Defunct Bitcoin Exchange Mt. Gox, Pleads Not Guilty in a Japanese Court
• IRS Blinks in Bitcoin Probe, Exempts Coinbase Transactions Under $20,000 || Morgan Stanley Says Investors Shouldn’t Buy Bitcoin. They Should Spend It: Just hours before two audience members urged viewers to “ Buy Bitcoin ” during Federal Reserve Chair Janet Yellen’s testimony Wednesday, banking giant released a decidedly less glowing recommendation of the cryptocurrency. The skinny of the Morgan Skinny’s analysis: Rather than buying bitcoin, owners need to be spending it. “Bitcoin acceptance is virtually zero and shrinking,” the team of Morgan Stanley analysts led by James Faucette wrote. The bank notes that while five online merchants out of the top 500 tracked by e-commerce analytics site Internet Retailer accepted Bitcoin last year, that figure has now shrunk to three. Part of the problem? “Bitcoin owners are reluctant to use the cryptocurrency given its rate of appreciation,” they wrote. Still, it’s understandable why investors have been so hesitant about spending the cryptocurrency. Bitcoin has been on a winning streak for the majority of this year . And it is hard to spend something when is has the potential to add $200 in a day or go from say $25 dollars to $22 million over the course of seven years. “The [Bitcoin] ecosystem has focused more on value speculation rather than the foot leather-eating work of increasing acceptance,” the team wrote, saying that that focus has made it “way easier to trade speculatively than convince new merchants to accept the cryptocurrency.” As of now, Bitcoin is facing several challenges in its path toward mainstream usage. In the U.S. at least, the regulatory infrastructure for dealing with the currency is still bare . Still, for at least one retailer that accepts Bitcoin, the cryptocurrency is still flowing. Online furniture retailer Overstock.com said earlier this year that it now handles about 100,000 bitcoin transactions a week, up from 30,000 a year earlier . And while its not being used by the major retailers noted by Morgan Stanley, it has at the very least been used by marijuana dispensaries . Story continues Morgan Stanley’s note comes at a time when investors from BlackRock to Mark Cuban are crying “ bubble ” on the cryptocurrency, which has breached several all-time highs this year. See original article on Fortune.com More from Fortune.com Bitcoin Photobombers Crashed Janet Yellen's Fed Testimony--and Got Paid $10,000 Cryptocurrencies Down 23% for July. Is This the Bottom? BlackRock's Top Economist Thinks Bitcoin and Ethereum Look Like a Bubble Mark Karpeles, CEO of Defunct Bitcoin Exchange Mt. Gox, Pleads Not Guilty in a Japanese Court IRS Blinks in Bitcoin Probe, Exempts Coinbase Transactions Under $20,000 || Morgan Stanley Says Investors Shouldn’t Buy Bitcoin. They Should Spend It: Just hours before two audience members urged viewers to “Buy Bitcoin” during Federal Reserve Chair Janet Yellen’s testimony Wednesday, banking giant released a decidedly less glowing recommendation of the cryptocurrency.
The skinny of the Morgan Skinny’s analysis: Rather than buying bitcoin, owners need to be spending it.
“Bitcoin acceptance is virtually zero and shrinking,” the team of Morgan Stanley analysts led by James Faucette wrote.
The bank notes that while five online merchants out of the top 500 tracked by e-commerce analytics site Internet Retailer accepted Bitcoin last year, that figure has now shrunk to three.
Part of the problem?
“Bitcoin owners are reluctant to use the cryptocurrency given its rate of appreciation,” they wrote.
Still, it’s understandable why investors have been so hesitant about spending the cryptocurrency. Bitcoin has been on a winning streakfor the majority of this year. And it is hard to spend something when is has the potential to add $200 in a day or go from say$25 dollars to $22 millionover the course of seven years.
“The [Bitcoin] ecosystem has focused more on value speculation rather than the foot leather-eating work of increasing acceptance,” the team wrote, saying that that focus has made it “way easier to trade speculatively than convince new merchants to accept the cryptocurrency.”
As of now, Bitcoin is facing several challenges in its path toward mainstream usage. In the U.S. at least, the regulatory infrastructure for dealing withthe currency is still bare.
Still, for at least one retailer that accepts Bitcoin, the cryptocurrency is still flowing. Online furniture retailer Overstock.com said earlier this year that it now handles about 100,000 bitcoin transactions a week, up from30,000 a year earlier. And while its not being used by the major retailers noted by Morgan Stanley, it has at the very least been used bymarijuana dispensaries.
Morgan Stanley’s note comes at a time wheninvestors from BlackRock toMark Cubanare crying “bubble” on the cryptocurrency, which has breached severalall-time highs this year.
See original article on Fortune.com
More from Fortune.com
• Bitcoin Photobombers Crashed Janet Yellen's Fed Testimony--and Got Paid $10,000
• Cryptocurrencies Down 23% for July. Is This the Bottom?
• BlackRock's Top Economist Thinks Bitcoin and Ethereum Look Like a Bubble
• Mark Karpeles, CEO of Defunct Bitcoin Exchange Mt. Gox, Pleads Not Guilty in a Japanese Court
• IRS Blinks in Bitcoin Probe, Exempts Coinbase Transactions Under $20,000 || Alphabet's Nest Cam IQ recognizes burglars' faces—for a steep price: Overall, the Internet of Things revolution has been a bust.
You know—all those coffee makers, garage-door openers, and washer-dryers that we can control with apps on our phones. Only a couple of categories seem even worth messing with: internet-connected thermostats, and home security cameras.
These are tiny WiFi cameras that you can plunk around your house—and then spy from your phone, wherever you go in the world. You can see who’s at the front door, see if the baby’s awake, see if the nanny is overfeeding your kids, or monitor your home for motion when you’re not paying attention.
Two years ago, Nest, which is a part of Google parent Alphabet (GOOG,GOOGL), introduced the Nest Cam ($200), which was a tweaked-up version of the former Dropcam, which Nest had bought for $550 million. Feel free to re-read that sentence.
The Nest Cam was a fine product, soon joined by a weatherproof model, Nest Cam Outdoor. In addition to the usual function—letting you see what’s going on back at home, and alerting you when there’s motion—they also have two-way audio, so that you can yell at the room by remote control when you see something amiss. You know: “Xerxes, DOWN! Off the couch. DOWN!”
Now there’s theNest Cam IQ,which raises the price by 50% to a nose-bleedy $300. (The earlier cameras remain available.) That extra $100 buys you improved picture and sound, plus facial recognition. That is, the camera learns what people in your home look like, using the same facial algorithms found in Google Photos. At that point, it can alert you only when astrangeris poking around your house.
As with the other Nest Cams, this one is super easy to set up. You create a Nest account, plug in the camera’s 10-foot power cord, and then use your phone to scan the barcode on the bottom of the camera. Suddenly, it’s set up. Its current camera view appears right in the same Nest app that you use to control your Nest thermostats and smoke detectors.
As before, you can’t actually make the physical lens move by remote control to pan around the room, as you can on some rival products. But youcanpan and zoom—with your fingers on the screen. Since the camera’s view is 130 degrees, you can actually see the entire room at once, and then zoom and pan to any part of the room.
Better yet, the new camera is actually a 4K camera, meaning that it has four times as many pixels as high definition. That feature doesn’t help with spying on your home or playing back recordings, since all of that still takes place in 1080p hi-def. Itisuseful when you’ve zoomed in with your fingers. A special button (hidden, alas, until you tap the screen) at that point harvests the extra pixels to sharpen up the image. I’m guessing it works best if you shout “Enhance!” as you tap, like they do on TV.
The 4K sensor also makes possible Supersight, a feature that’s supposed to auto-zoom and auto-track a face as it enters the frame, with the original full-room view as an inset.
In practice, it’s more like not-so-Super Sight. Sometimes it doesn’t kick in at all. Sometimes it pans so aggressively in the direction the thief is walking that it pans right past him. Seems like it’s expecting the evildoer to move at just the right speed, or it doesn’t really work.
As before, the picture and sound are delayed by a couple of seconds. Don’t try to practice your comic timing with the folks back at home over the Nest Cam.
The clarity of the image (and the sound), on the other hand, are terrific. Thanks to night vision, you even get 15 feet of incredible clarity in total darkness.
The original Nest Cam used to go off too often, triggered by cats and dogs, cars outside the window, and so on. It became the security camera that cried wolf; you wound up ignoring the notifications, or turning them off.
The IQ still sends a lot of false positives, but the facial recognition really helps.
In the first week of using the new camera, the phone app shows you the faces of people it spots passing through the room. You’re asked, “Do you know this person?” for each one. There will be repetitions during those first days, but eventually, the app will know who’s entitled to be in your home, and who’s not.
And sure enough: the IQ now lets you know only when someoneunauthorized is in your home. It’s a brilliant, important feature.
It is not, however, a Google invention. TheNetatmo Welcomecamera was the first with facial recognition (and, soon, dog and cat recognition)—and it costs $100 less.
The subscription news
All of the spying fun you’ve read about so far is free. Unfortunately, you have to pay a monthly fee to getthe good stuff. It’s $10 a month, or $100 a year.
Here’s what that gets you:
• Continuous, 24/7 recordings of everything that’s happened in your house, going back 10 days. Either on the phone or on the Nest website, you can catch something you missed with the camcorder, like your baby’s first steps or a pet’s funny trick. Freeze the frame on whoever keeps spilling food on the couch. Settle an argument (or prolong one) by proving who brought the subject up first. (Without the subscription, you get only a three-hour rewind window.)
• Share clips of all that, or make time-lapse videos of it
• Notifications of audio events like a dog barking or people talking
• Notifications when familiar faces are spotted
• Activity zones: Up to four parts of the room that you want the camera to ignore or pay particular attention to. (Unfortunately, facial recognition doesn’t respect these zones—it’s always on—so faces on a TV trigger alerts.)
(At least standard “I’ve spotted a face!” notifications are now included. The previous Nest cameras required a subscription even for that feature.)
I’ll just say it: I can’t stand monthly subscriptions. They’re an unnecessary money gouge. Especially when you remember that you need one subscription foreach camera(although additional subscriptions are half price).
Besides, plenty of rival cameras also store your recordings online for free, or onto a memory card. And some of them have cool features that the Nest doesn’t. And none of them cost as much:
• Netgear Arlo Pro ($228):Wireless and battery powered or wired. Weatherproof. Multi-camera discounts. Seven days’ worth of footage storage online for free; 30 days’ worth for $10 a month.
• iControl Piper nv ($270): No subscription plans (records 1,000 motion-triggered clips online for free), but no continuous recording, either. Also tracks outside temp and humidity levels, and issues weather warnings. Acts as a hub for smart-home devices.
• D-Link DCS-2530L Full HD 180-Degree Wi-Fi Camera ($132):Records to a memory card, so no subscription necessary.
• Samsung SmartCam PT ($160):You can pan and tilt the camera from afar, with auto-tracking of a person in the room. Records to a memory card, so no subscription necessary. Privacy mode: When you’re home, camera aims down and shuts off.
• Netatmo Welcome ($200):Face recognition. Stores clips on a memory card (no 24/7 recording).
Make no mistake: The Nest Cam IQ is a fantastic home-security camera. Simple to set up, easy to use, super smart facial recognition, and the best picture and sound on the market. For its core function, it’s among the best home-security cameras you can buy—and buy, and buy, and buy.
Correction: This post originally stated that Nest is owned by Google. In fact, it is owned by Google parent Alphabet. The error has been corrected.
More from David Pogue:
Electrify your existing bike in 2 minutes with these ingenious wheels
Marty Cooper, inventor of the cellphone: The next step is implantables
The David Pogue Review: Windows 10 Creators Update
Now I get it: Bitcoin
David Pogue’s search for the world’s best air-travel app
The little-known iPhone feature that lets blind people see with their fingers
David Pogue, tech columnist for Yahoo Finance, welcomes nontoxic comments in the comments section below. On the web, he’sdavidpogue.com. On Twitter, he’s@pogue. On email, he’s [email protected]. You canread all his articles here, or you can sign up toget his columns by email. || Alphabet's Nest Cam IQ recognizes burglars' facesfor a steep price: Overall, the Internet of Things revolution has been a bust. You knowall those coffee makers, garage-door openers, and washer-dryers that we can control with apps on our phones. Only a couple of categories seem even worth messing with: internet-connected thermostats, and home security cameras. Meet the WiFi home security cam. These are tiny WiFi cameras that you can plunk around your houseand then spy from your phone, wherever you go in the world. You can see whos at the front door, see if the babys awake, see if the nanny is overfeeding your kids, or monitor your home for motion when youre not paying attention. Two years ago, Nest, which is a part of Google parent Alphabet ( GOOG , GOOGL ), introduced the Nest Cam ($200), which was a tweaked-up version of the former Dropcam, which Nest had bought for $550 million. Feel free to re-read that sentence. The Nest Cam was a fine product, soon joined by a weatherproof model, Nest Cam Outdoor. In addition to the usual functionletting you see whats going on back at home, and alerting you when theres motionthey also have two-way audio, so that you can yell at the room by remote control when you see something amiss. You know: Xerxes, DOWN! Off the couch. DOWN! The Nest Cam IQ has a tilting neck and a speaker on the back. Now theres the Nest Cam IQ, which raises the price by 50% to a nose-bleedy $300. (The earlier cameras remain available.) That extra $100 buys you improved picture and sound, plus facial recognition. That is, the camera learns what people in your home look like, using the same facial algorithms found in Google Photos. At that point, it can alert you only when a stranger is poking around your house. This camera doesnt waste your time when it spots family members. Whats the same As with the other Nest Cams, this one is super easy to set up. You create a Nest account, plug in the cameras 10-foot power cord, and then use your phone to scan the barcode on the bottom of the camera. Suddenly, its set up. Its current camera view appears right in the same Nest app that you use to control your Nest thermostats and smoke detectors. Story continues The cameras image shows up in the same app that controls Nest thermostats and smoke detectors. As before, you cant actually make the physical lens move by remote control to pan around the room, as you can on some rival products. But you can pan and zoomwith your fingers on the screen. Since the cameras view is 130 degrees, you can actually see the entire room at once, and then zoom and pan to any part of the room. Better yet, the new camera is actually a 4K camera, meaning that it has four times as many pixels as high definition. That feature doesnt help with spying on your home or playing back recordings, since all of that still takes place in 1080p hi-def. It is useful when youve zoomed in with your fingers. A special button (hidden, alas, until you tap the screen) at that point harvests the extra pixels to sharpen up the image. Im guessing it works best if you shout Enhance! as you tap, like they do on TV. The 4K camera pays off when you want to zoom-and-enhance. The 4K sensor also makes possible Supersight, a feature thats supposed to auto-zoom and auto-track a face as it enters the frame, with the original full-room view as an inset. SuperSight is supposed to pan and zoom to follow the intruder. In practice, its more like not-so-Super Sight. Sometimes it doesnt kick in at all. Sometimes it pans so aggressively in the direction the thief is walking that it pans right past him. Seems like its expecting the evildoer to move at just the right speed, or it doesnt really work. As before, the picture and sound are delayed by a couple of seconds. Dont try to practice your comic timing with the folks back at home over the Nest Cam. The clarity of the image (and the sound), on the other hand, are terrific. Thanks to night vision, you even get 15 feet of incredible clarity in total darkness. Notifications The original Nest Cam used to go off too often, triggered by cats and dogs, cars outside the window, and so on. It became the security camera that cried wolf; you wound up ignoring the notifications, or turning them off. The IQ still sends a lot of false positives, but the facial recognition really helps. In the first week of using the new camera, the phone app shows you the faces of people it spots passing through the room. Youre asked, Do you know this person? for each one. There will be repetitions during those first days, but eventually, the app will know whos entitled to be in your home, and whos not. During the first week with your Nest, it tries to learn your familys faces. And sure enough: the IQ now lets you know only when someone un authorized is in your home. Its a brilliant, important feature. It is not, however, a Google invention. The Netatmo Welcome camera was the first with facial recognition (and, soon, dog and cat recognition)and it costs $100 less. The subscription news All of the spying fun youve read about so far is free. Unfortunately, you have to pay a monthly fee to get the good stuff . Its $10 a month, or $100 a year. Heres what that gets you: Continuous, 24/7 recordings of everything thats happened in your house, going back 10 days. Either on the phone or on the Nest website, you can catch something you missed with the camcorder, like your babys first steps or a pets funny trick. Freeze the frame on whoever keeps spilling food on the couch. Settle an argument (or prolong one) by proving who brought the subject up first. (Without the subscription, you get only a three-hour rewind window.) Share clips of all that, or make time-lapse videos of it Notifications of audio events like a dog barking or people talking Notifications when familiar faces are spotted Activity zones: Up to four parts of the room that you want the camera to ignore or pay particular attention to. (Unfortunately, facial recognition doesnt respect these zonesits always onso faces on a TV trigger alerts.) (At least standard Ive spotted a face! notifications are now included. The previous Nest cameras required a subscription even for that feature.) Ill just say it: I cant stand monthly subscriptions. Theyre an unnecessary money gouge. Especially when you remember that you need one subscription for each camera (although additional subscriptions are half price). Besides, plenty of rival cameras also store your recordings online for free, or onto a memory card. And some of them have cool features that the Nest doesnt. And none of them cost as much: Netgear Arlo Pro ($228): Wireless and battery powered or wired. Weatherproof. Multi-camera discounts. Seven days worth of footage storage online for free; 30 days worth for $10 a month. iControl Piper nv ($270) : No subscription plans (records 1,000 motion-triggered clips online for free), but no continuous recording, either. Also tracks outside temp and humidity levels, and issues weather warnings. Acts as a hub for smart-home devices. D-Link DCS-2530L Full HD 180-Degree Wi-Fi Camera ($132): Records to a memory card, so no subscription necessary. Samsung SmartCam PT ($160): You can pan and tilt the camera from afar, with auto-tracking of a person in the room. Records to a memory card, so no subscription necessary. Privacy mode: When youre home, camera aims down and shuts off. Netatmo Welcome ($200): Face recognition. Stores clips on a memory card (no 24/7 recording). Make no mistake: The Nest Cam IQ is a fantastic home-security camera. Simple to set up, easy to use, super smart facial recognition, and the best picture and sound on the market. For its core function, its among the best home-security cameras you can buyand buy, and buy, and buy. Correction: This post originally stated that Nest is owned by Google. In fact, it is owned by Google parent Alphabet. The error has been corrected. More from David Pogue: Electrify your existing bike in 2 minutes with these ingenious wheels Marty Cooper, inventor of the cellphone: The next step is implantables The David Pogue Review: Windows 10 Creators Update Now I get it: Bitcoin David Pogues search for the worlds best air-travel app The little-known iPhone feature that lets blind people see with their fingers David Pogue, tech columnist for Yahoo Finance, welcomes nontoxic comments in the comments section below. On the web, hes davidpogue.com . On Twitter, hes @pogue . On email, hes [email protected]. You can read all his articles here , or you can sign up to get his columns by email . || Swiss private bank Falcon introduces bitcoin asset management: By Brenna Hughes Neghaiwi ZURICH (Reuters) - Wealthy clients of Swiss private bank Falcon will be able to store and trade bitcoins via their cash holdings with the bank from Wednesday, a move that signals the traction the virtual currency is gaining even in slow-changing asset management. The group's new blockchain asset management service is being offered in partnership with cryptocurrency broker Bitcoin Suisse. "We are proud to be the first-mover in the Swiss private banking area to provide blockchain asset management for our clients," Arthur Vayloyan, Falcon's global head of products and services, said in a statement. "Falcon is convinced that the time is right to enter this nascent market and it is our firm belief that this new product will fulfill our clients' future needs," he said. Bitcoin, the primary cryptocurrency, relies on "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. The first to solve the puzzle and clear the transaction is rewarded with new bitcoins. While some remain skeptical, investors have begun warming to the technology, wooed by its explosive performance and the potential that the currency can compete with gold and government-issued money as a store of value. Fidelity Investments said in May that clients with bitcoins and other virtual currencies held on digital asset exchange Coinbase would be able to see their holdings on the Fidelity website, making it one of just a handful of large financial services firms to integrate digital currencies into its website. The virtual currency hit a record of almost $3,000 last month but has fallen over 20 percent since then to $2,375 on Wednesday. Its value has still more than tripled in the last year. Falcon, one of the Swiss banks ensnared in the Malaysian corruption scandal surrounding the troubled 1MDB fund, said the new offering was part of its strategic repositioning. The Zurich-based bank said its bitcoin asset management product had regulatory approval from Swiss financial watchdog FINMA, which declined to comment on individual providers or products. "It has been a pleasure assisting Falcon in realising this new product, which is nothing less than a historic milestone for the entire crypto space," Bitcoin Suisse Chief Executive Niklas Nikolajsen said. (Reporting by Brenna Hughes Neghaiwi; Editing by Edmund Blair) || Swiss private bank Falcon introduces bitcoin asset management: By Brenna Hughes Neghaiwi
ZURICH (Reuters) - Wealthy clients of Swiss private bank Falcon will be able to store and trade bitcoins via their cash holdings with the bank from Wednesday, a move that signals the traction the virtual currency is gaining even in slow-changing asset management.
The group's new blockchain asset management service is being offered in partnership with cryptocurrency broker Bitcoin Suisse.
"We are proud to be the first-mover in the Swiss private banking area to provide blockchain asset management for our clients," Arthur Vayloyan, Falcon's global head of products and services, said in a statement.
"Falcon is convinced that the time is right to enter this nascent market and it is our firm belief that this new product will fulfill our clients' future needs," he said.
Bitcoin, the primary cryptocurrency, relies on "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. The first to solve the puzzle and clear the transaction is rewarded with new bitcoins.
While some remain skeptical, investors have begun warming to the technology, wooed by its explosive performance and the potential that the currency can compete with gold and government-issued money as a store of value.
Fidelity Investments said in May that clients with bitcoins and other virtual currencies held on digital asset exchange Coinbase would be able to see their holdings on the Fidelity website, making it one of just a handful of large financial services firms to integrate digital currencies into its website.
The virtual currency hit a record of almost $3,000 last month but has fallen over 20 percent since then to $2,375 on Wednesday. Its value has still more than tripled in the last year.
Falcon, one of the Swiss banks ensnared in the Malaysian corruption scandal surrounding the troubled 1MDB fund, said the new offering was part of its strategic repositioning.
The Zurich-based bank said its bitcoin asset management product had regulatory approval from Swiss financial watchdog FINMA, which declined to comment on individual providers or products.
"It has been a pleasure assisting Falcon in realising this new product, which is nothing less than a historic milestone for the entire crypto space," Bitcoin Suisse Chief Executive Niklas Nikolajsen said.
(Reporting by Brenna Hughes Neghaiwi; Editing by Edmund Blair)
[Social Media Buzz]
Bitcoin - BTC
Price: $2,039.03
Change in 1h: +1.59%
Market cap: $33,542,145,452.00
Ranking: 1
#Bitcoin #BTC || #Monacoin 45.3円↑[Zaif] -円↓[もなとれ]
#NEM #XEM 10.8円↑[Zaif]
#Bitcoin 216,255円↓[Zaif]
07/17 09:00
口座開設はこちらで！ https://goo.gl/31dyoO || One Bitcoin now worth $1896.51@bitstamp. High $2105.00. Low $1830.00. Market Cap $31.197 Billion #bitcoin pic.twitter.com/tFaXNXsDx0 || 9:00~10:00のBitcoin市場は急騰でした。
変化率は1.3374%
11:00までは反騰かな?
直近の市場の平均Bitcoinの価格は218524.0円
#ビットコイン
#bitcoin
#AI || Jul 16, 2017 03:...
|
2228.41, 2318.88, 2273.43, 2817.60, 2667.76, 2810.12, 2730.40, 2754.86, 2576.48, 2529.45
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 17429.50, 17527.00, 16477.60, 15170.10, 14595.40, 14973.30, 13405.80, 13980.60, 14360.20, 13772.00, 13819.80, 11490.50, 11188.60, 11474.90, 11607.40, 12899.20, 11600.10, 10931.40, 10868.40, 11359.40, 11259.40, 11171.40, 11440.70, 11786.30, 11296.40, 10106.30, 10221.10, 9170.54, 8830.75, 9174.91, 8277.01, 6955.27, 7754.00, 7621.30, 8265.59, 8736.98, 8621.90, 8129.97, 8926.57, 8598.31, 9494.63, 10166.40, 10233.90, 11112.70, 10551.80, 11225.30, 11403.70, 10690.40, 10005.00, 10301.10, 9813.07, 9664.73, 10366.70, 10725.60, 10397.90, 10951.00, 11086.40, 11489.70, 11512.60, 11573.30, 10779.90, 9965.57, 9395.01, 9337.55, 8866.00, 9578.63, 9205.12, 9194.85, 8269.81, 8300.86, 8338.35, 7916.88, 8223.68, 8630.65, 8913.47, 8929.28, 8728.47, 8879.62, 8668.12, 8495.78, 8209.40, 7833.04, 7954.48, 7165.70, 6890.52, 6973.53, 6844.23, 7083.80, 7456.11, 6853.84.
|
[Bitcoin Technical Analysis for 2018-04-04]
Volume: 4936000000, RSI (14-day): 34.39, 50-day EMA: 8919.49, 200-day EMA: 8972.49
[Wider Market Context]
Gold Price: 1335.80, Gold RSI: 53.14
Oil Price: 63.37, Oil RSI: 50.74
[Recent News (last 7 days)]
When Will Investors Return to Arcos Dorados?: In an article last August, I discussed the extraordinary arc (slight pun intended) ofArcos Dorados Holdings(NYSE: ARCO)shares over the last couple of years, in the context of the company's brush witha near-implosion from an untenable debt load.
Three business quarters later, the world's largestMcDonald's Corporation(NYSE: MCD)franchisee no longer faces an existential threat, and operating results have improved substantially. Yet even as customer traffic has picked up, investor interest has waned -- shares are down 12.5% year to date. At a price of roughly $9 per share as of this writing, Arcos' stock has stalled in its multiyear recovery toward the mid-teens level, after falling to as little as $2.20 per share in February of 2016.
ARCOdata byYCharts.
By many metrics, 2017 was an extremely successful year. On March 21st, Arcos reported on its fourth-quarter and full-year 2017 results, and it was able to showcase a full-year revenue increase of 13.3%, to $3.32 billion, as well as a nearly 63.9% leap in net income, to $129.2 million. Comparable-store sales rose handsomely, gaining 11% versus the prior year.
Better results and proactive management of resources over the last two years have reinforced Arcos' balance sheet. After restructuring debt and raising cash through property sales, as well as the refranchising (sale) of some locations to franchisees, Arcos is in a much more secure position. Thus, management recently raised targets on its capital investment plans. In a letter to shareholders, CEO Sergio Alonso announced the following:
We have now built a significant cash balance and are ahead of schedule on our plans for the current three-year period. As a result, we recently announced that we are revising our 2017 to 2019 targets to:
The company's revised investment outlook underscores that the worst is likely behind this Latin American quick service giant. And yet some quite reasonable concerns persist for shareholders. Most notably, Arcos Dorados is still dealing with the highly inflationary economies of Argentina and Venezuela.
In particular, Venezuela's runaway inflation and drastic currency depreciation against the U.S. dollar have made it difficult to easily understand Arcos Dorados' quarterly results as reported. To assist shareholders, management now routinely presents results in its earnings press releases with the disclaimer that Venezuela's results are excluded.
These releases provide break-out tables for investors to add back (and deduce) Venezuela's impact. In conference calls, management's comments are punctuated by the repeated phrase "excluding Venezuela." Of course, the company's quarterly earnings filings required by the SEC are presented on an "all-in" basis.
Even for experienced investors, to reconcile Venezuela'sEBITDAimpact, as well as its effect on revenue before and after currency translation, is a somewhat tedious and often confusing exercise. It's also a constant reminder of the volatility of individual economies throughout Latin America.
One of these volatile economies, and perhaps the most important to Arcos Dorados, is Brazil. In 2017, Arcos added 50 new restaurants, at the top of its projected range, and opened more than half of these units in Brazil. While the Brazilian economy suffered through a period of negative economic growth in 2015 and 2016, last year, the country managed a 1% increase in gross domestic product, signaling a long-awaited recovery.
Loosely translated from the Portuguese, "The Rustic Potato is Back." Image source McDonald's Brazil; a territory in the Arcos Dorados franchise system.
As CEO Alonso stated in the excerpt above, Arcos Dorados will continue to focus expansion efforts in Brazil. This is a point of concern for investors, as the company is essentially building a long-term concentration in a single country. In 2017, Brazil accounted for 45% of total company revenue, and that proportion will only increase in the coming years. Investors well remember that it was political turmoil in Brazil that caused a downgrade of the country's debt in September 2015, in turn setting off Arcos' own debt crisis.
And yet, Brazil is exactly where the company must invest to prosper. Brazil's $1.8 trillion in annual GDP makes it the world's ninth-largest economy, and its well-diversified output dwarfs that of most of its Latin American peers. In other words, a chief source of investor misgiving today may turn out to be one of Arcos' sustaining strengths in the future. But I believe it may take another few quarters of vigorous results for the market herd to embrace this strategy. It seems that a long holding period -- and a strong stomach -- are essential to weathering the volatility that characterizes this successful McDonald's franchisee.
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Asit Sharmahas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || When Will Investors Return to Arcos Dorados?: In an article last August, I discussed the extraordinary arc (slight pun intended) of Arcos Dorados Holdings (NYSE: ARCO) shares over the last couple of years, in the context of the company's brush with a near-implosion from an untenable debt load . Three business quarters later, the world's largest McDonald's Corporation (NYSE: MCD) franchisee no longer faces an existential threat, and operating results have improved substantially. Yet even as customer traffic has picked up, investor interest has waned -- shares are down 12.5% year to date. At a price of roughly $9 per share as of this writing, Arcos' stock has stalled in its multiyear recovery toward the mid-teens level, after falling to as little as $2.20 per share in February of 2016. ARCO Chart ARCO data by YCharts . A safer investment By many metrics, 2017 was an extremely successful year. On March 21st, Arcos reported on its fourth-quarter and full-year 2017 results, and it was able to showcase a full-year revenue increase of 13.3%, to $3.32 billion, as well as a nearly 63.9% leap in net income, to $129.2 million. Comparable-store sales rose handsomely, gaining 11% versus the prior year. Better results and proactive management of resources over the last two years have reinforced Arcos' balance sheet. After restructuring debt and raising cash through property sales, as well as the refranchising (sale) of some locations to franchisees, Arcos is in a much more secure position. Thus, management recently raised targets on its capital investment plans. In a letter to shareholders, CEO Sergio Alonso announced the following: We have now built a significant cash balance and are ahead of schedule on our plans for the current three-year period. As a result, we recently announced that we are revising our 2017 to 2019 targets to: -- Open at least 200 new restaurants, up from 180 previously, mostly in Brazil. -- Reinvest at least $390 million in existing restaurants, up from $292 million previously, to accelerate the implementation of EOTF ["Experience of the Future" restaurant upgrades]. -- Invest around $660 million in total capex [capital expenditure], up from $500 million previously. Importantly, we plan to fully fund our investment plans with currently available cash as well as cash from operations. In other words, we do not expect to increase gross debt to achieve these new targets. Story continues Reasons for caution The company's revised investment outlook underscores that the worst is likely behind this Latin American quick service giant. And yet some quite reasonable concerns persist for shareholders. Most notably, Arcos Dorados is still dealing with the highly inflationary economies of Argentina and Venezuela. In particular, Venezuela's runaway inflation and drastic currency depreciation against the U.S. dollar have made it difficult to easily understand Arcos Dorados' quarterly results as reported. To assist shareholders, management now routinely presents results in its earnings press releases with the disclaimer that Venezuela's results are excluded. These releases provide break-out tables for investors to add back (and deduce) Venezuela's impact. In conference calls, management's comments are punctuated by the repeated phrase "excluding Venezuela." Of course, the company's quarterly earnings filings required by the SEC are presented on an "all-in" basis. Even for experienced investors, to reconcile Venezuela's EBITDA impact, as well as its effect on revenue before and after currency translation, is a somewhat tedious and often confusing exercise. It's also a constant reminder of the volatility of individual economies throughout Latin America. One of these volatile economies, and perhaps the most important to Arcos Dorados, is Brazil. In 2017, Arcos added 50 new restaurants, at the top of its projected range, and opened more than half of these units in Brazil. While the Brazilian economy suffered through a period of negative economic growth in 2015 and 2016, last year, the country managed a 1% increase in gross domestic product, signaling a long-awaited recovery. Picture of wedge-style french fries in paper-lined tin bowl. Loosely translated from the Portuguese, "The Rustic Potato is Back." Image source McDonald's Brazil; a territory in the Arcos Dorados franchise system. As CEO Alonso stated in the excerpt above, Arcos Dorados will continue to focus expansion efforts in Brazil. This is a point of concern for investors, as the company is essentially building a long-term concentration in a single country. In 2017, Brazil accounted for 45% of total company revenue, and that proportion will only increase in the coming years. Investors well remember that it was political turmoil in Brazil that caused a downgrade of the country's debt in September 2015, in turn setting off Arcos' own debt crisis. And yet, Brazil is exactly where the company must invest to prosper. Brazil's $1.8 trillion in annual GDP makes it the world's ninth-largest economy, and its well-diversified output dwarfs that of most of its Latin American peers. In other words, a chief source of investor misgiving today may turn out to be one of Arcos' sustaining strengths in the future. But I believe it may take another few quarters of vigorous results for the market herd to embrace this strategy. It seems that a long holding period -- and a strong stomach -- are essential to weathering the volatility that characterizes this successful McDonald's franchisee. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Asit Sharma has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || Litecoin surges after the CEO of an American Express-backed crypto startup explains why it's moving away from bitcoin for smart contracts: Litecoin price Markets Insider Litecoin gained 15% Tuesday, outpacing most other major cryptocurrencies. Bitcoin was only up 6% in the same period. Crypto startup Abra's CEO explained his reasons for switching to litecoin for smart contracts in a Reddit AMA. You can track the price of litecoin in real-time here. Litecoin rose as much as 15% Tuesday after Abra, a high-profile crypto startup backed by American Express, doubled down on its decision to use litecoin's smart contracts feature to power the company's exchange and wallet products. "We went with Litecoin as the second asset class, after bitcoin, for our smart contract investing solution for 3 primary reasons: 1. commitment to bitcoin compatibility: core roadmap, p2sh support, lightning support, etc; 2. slightly better scalability than bitcoin in short term (block size and block times); 3. mining fees which are primarily a function of #2 although this is more of a short term benefit as mining fees would likely sky rocket if we're successful anyway!," Abra CEO Bill Barhydt said in an "ask me anything" on Reddit Monday afternoon. The shift was first announced at the end of March, but gained more attention following Barhydt's AMA on Monday. Abra has raised $40 million in funding so far, including an undisclosed amount from American Express, Fidelity's venture capital arm, and Foxconn, the Asian manufacturer of parts for Apple. It also recently expanded its offering from bitcoin and ethereum to its current suite of 70 crypto and fiat currencies earlier this month . In an interview with Business Insider in March , Barhydt said the crypto market will boom once again in 2018 as appetite grows for so-called altcoins. "People are really interested in altcoins, what's going to be the next big thing," he said . "We weren't expecting the growth to be this fast." NOW WATCH: Why 555 is always used for phone numbers on TV and in movies Story continues See Also: The 50 best-selling music artists of all time The Air Force's 'rods from god' could hit with the force of a nuclear weapon — with no fallout A family keeps turning down millions for its house next to the Masters golf course SEE ALSO: CRYPTO INSIDER: JPMorgan's head of blockchain departs || Litecoin surges after the CEO of an American Express-backed crypto startup explains why it's moving away from bitcoin for smart contracts: Markets Insider
• Litecoingained 15% Tuesday, outpacing most other major cryptocurrencies.
• Bitcoin was only up 6% in the same period.
• Crypto startup Abra's CEO explained his reasons for switching to litecoin for smart contracts in a Reddit AMA.
• You can track the price of litecoin in real-time here.
Litecoinrose as much as 15% Tuesday after Abra, a high-profile crypto startup backed by American Express, doubled down on its decision to use litecoin's smart contracts feature to power the company's exchange and wallet products.
"We went with Litecoin as the second asset class, after bitcoin, for our smart contract investing solution for 3 primary reasons: 1. commitment to bitcoin compatibility: core roadmap, p2sh support, lightning support, etc; 2. slightly better scalability than bitcoin in short term (block size and block times); 3. mining fees which are primarily a function of #2 although this is more of a short term benefit as mining fees would likely sky rocket if we're successful anyway!," Abra CEO Bill Barhydt said in an "ask me anything" onReddit Monday afternoon.
The shift wasfirst announcedat the end of March, but gained more attention following Barhydt's AMA on Monday.
Abra has raised $40 million in funding so far, including an undisclosed amount from American Express, Fidelity's venture capital arm, and Foxconn, the Asian manufacturer of parts for Apple. It also recently expanded its offering from bitcoin and ethereum to itscurrent suite of 70 crypto and fiat currencies earlier this month.
In aninterview with Business Insider in March, Barhydt said the crypto market will boom once again in 2018 as appetite grows for so-called altcoins.
"People are really interested in altcoins, what's going to be the next big thing," hesaid. "We weren't expecting the growth to be this fast."
NOW WATCH:Why 555 is always used for phone numbers on TV and in movies
See Also:
• The 50 best-selling music artists of all time
• The Air Force's 'rods from god' could hit with the force of a nuclear weapon — with no fallout
• A family keeps turning down millions for its house next to the Masters golf course
SEE ALSO:CRYPTO INSIDER: JPMorgan's head of blockchain departs || How Worried Should Alnylam and Ionis Really Be About Pfizer's New Data?: Last week,Pfizer(NYSE: PFE)releasedpositive resultsfrom its ATTR-ACT phase 3 trial testing tafamidis for patients with a rare disease called transthyretin (TTR) amyloidosis cardiomyopathy, sending shares of fellow TTR-drug makersAlnylam Pharmaceuticals(NASDAQ: ALNY)andIonis Pharmaceuticals(NASDAQ: IONS)down 22% and 8.3% over the following two trading days, respectively.Akcea Therapeutics(NASDAQ: AKCA), which recentlylicensed rightsto a share in Ionis' drug, inotersen, as well as a follow-on compound, also fell 12.2% over that time frame.
Barry Greene. Image source: Alnylam.
But if you listened to Alnylam's president Barry Greene on the biotech's fourth-quarter earnings call, the ATTR-ACT trial was a heads-I-win-tails-you-lose kind of result for Alnylam:
If ATTR-ACT is, in fact, a positive, it's further confirmation that modulation of TTR is beneficial for these patients, and as you know, including cardiomyopathy subpopulation, we've shown a reversal of disease in the majority of patients. And if ATTR-ACT is negative, then it demonstrates sort of the lack of efficacy we've already seen with tafamidis. So I think, either way, we're in good shape for patisiran.
While Greene is obviously presenting the best-case scenario for Alnylam, there's definitely some validity to his argument.
Before ATTR-ACT, Pfizer's tafamidis hadn't exactly posted the best data for the neurological symptoms of TTR amyloidosis (ATTR). In 2012, the Food and Drug Administration (FDA) rejected a marketing application for tafamidis because the clinical trial missed its primary endpoints of improving patients' Neuropathy Impairment Score-Lower Limb (NIS-LL) and a quality of life measurement. European regulators, who are typically more relaxed about efficacy data for rare diseases, approved the drug in Europe, where it goes by the band name Vyndaqel, based on a secondary endpoint of improving the measurements in evaluable patients.
Neither Alnylam's patisiran nor Ionis and Akceas' inotersen had any problemsshowing efficacyin their pivotal trials. After 18 months of treatment, patisiran posted a 34-point benefit on the modified Neurologic Impairment Score (mNIS+7) scale, which measures disease activity, compared to those receiving a placebo. The trial for inotersen showed a 19.7-point benefit over a placebo after 15 months of treatment.
Image source: Getty Images.
ATTR is caused by the TTR protein aggregating in different organs. The NIS scores focus on neurological symptoms, but TTR can also become deposited in the cardiovascular system, and many patients have both issues.
Pfizer's ATTR-ACT trial specifically looked at ATTR patients with cardiomyopathy caused by the TTR protein aggregating in the cardiovascular system. Pfizer didn't report any numbers last week, electing to save the data for a medical meeting, but the pharma giant said patients taking tafamidis had reduced mortality compared to those taking placebo over the 30-month trial. The drug also reduced cardiovascular-related hospitalizations compared to a placebo.
Outcomes data -- especially survival data -- is always better than data that just shows reduction of symptoms, but patisiran and inotersen appear to work so well that doctors will likely view the symptoms data for patisiran and inotersen and expect that they'll both produce good outcomes for patients even if Alnylam and Ionis don't have the data to prove it yet. In addition to the aforementioned neurological data, Alnylam also has data from the 56% of patients in its pivotal trial who also had cardiac symptoms that shows patisiran improved cardiac structure and function and reduced levels of a cardiac stress biomarker called NT-proBNP.
Because there hasn't been a treatment for ATTR, the disease is highly underdiagnosed; Pfizer thinks less than 1% of patients with cardiomyopathy have actually been diagnosed.
Even if the ATTR-ACT data results in tafamidis taking market share from patisiran and inotersen, Alnylam, Ionis, and Akcea might not lose that much -- if any -- revenue because having Pfizer using its marketing muscle to promote the ATTR-ACT data will likely result in more patients being diagnosed with the disease. In the end, the smaller biotechs might end up getting a smaller piece of a much larger pie than if they were out there promoting their drugs on their own.
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Brian Orellihas no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Alnylam Pharmaceuticals and Ionis Pharmaceuticals. The Motley Fool has adisclosure policy. || How Worried Should Alnylam and Ionis Really Be About Pfizer's New Data?: Last week, Pfizer (NYSE: PFE) released positive results from its ATTR-ACT phase 3 trial testing tafamidis for patients with a rare disease called transthyretin (TTR) amyloidosis cardiomyopathy, sending shares of fellow TTR-drug makers Alnylam Pharmaceuticals (NASDAQ: ALNY) and Ionis Pharmaceuticals (NASDAQ: IONS) down 22% and 8.3% over the following two trading days, respectively. Akcea Therapeutics (NASDAQ: AKCA) , which recently licensed rights to a share in Ionis' drug, inotersen, as well as a follow-on compound, also fell 12.2% over that time frame. Barry Greene Barry Greene. Image source: Alnylam. But if you listened to Alnylam's president Barry Greene on the biotech's fourth-quarter earnings call, the ATTR-ACT trial was a heads-I-win-tails-you-lose kind of result for Alnylam: If ATTR-ACT is, in fact, a positive, it's further confirmation that modulation of TTR is beneficial for these patients, and as you know, including cardiomyopathy subpopulation, we've shown a reversal of disease in the majority of patients. And if ATTR-ACT is negative, then it demonstrates sort of the lack of efficacy we've already seen with tafamidis. So I think, either way, we're in good shape for patisiran. The new kids are winning in neurology While Greene is obviously presenting the best-case scenario for Alnylam, there's definitely some validity to his argument. Before ATTR-ACT, Pfizer's tafamidis hadn't exactly posted the best data for the neurological symptoms of TTR amyloidosis (ATTR). In 2012, the Food and Drug Administration (FDA) rejected a marketing application for tafamidis because the clinical trial missed its primary endpoints of improving patients' Neuropathy Impairment Score-Lower Limb (NIS-LL) and a quality of life measurement. European regulators, who are typically more relaxed about efficacy data for rare diseases, approved the drug in Europe, where it goes by the band name Vyndaqel, based on a secondary endpoint of improving the measurements in evaluable patients. Story continues Neither Alnylam's patisiran nor Ionis and Akceas' inotersen had any problems showing efficacy in their pivotal trials. After 18 months of treatment, patisiran posted a 34-point benefit on the modified Neurologic Impairment Score (mNIS+7) scale, which measures disease activity, compared to those receiving a placebo. The trial for inotersen showed a 19.7-point benefit over a placebo after 15 months of treatment. Female doctor talking to white-haired male patient Image source: Getty Images. Symptoms beget outcomes in cardiology? ATTR is caused by the TTR protein aggregating in different organs. The NIS scores focus on neurological symptoms, but TTR can also become deposited in the cardiovascular system, and many patients have both issues. Pfizer's ATTR-ACT trial specifically looked at ATTR patients with cardiomyopathy caused by the TTR protein aggregating in the cardiovascular system. Pfizer didn't report any numbers last week, electing to save the data for a medical meeting, but the pharma giant said patients taking tafamidis had reduced mortality compared to those taking placebo over the 30-month trial. The drug also reduced cardiovascular-related hospitalizations compared to a placebo. Outcomes data -- especially survival data -- is always better than data that just shows reduction of symptoms, but patisiran and inotersen appear to work so well that doctors will likely view the symptoms data for patisiran and inotersen and expect that they'll both produce good outcomes for patients even if Alnylam and Ionis don't have the data to prove it yet. In addition to the aforementioned neurological data, Alnylam also has data from the 56% of patients in its pivotal trial who also had cardiac symptoms that shows patisiran improved cardiac structure and function and reduced levels of a cardiac stress biomarker called NT-proBNP. Investor takeaway Because there hasn't been a treatment for ATTR, the disease is highly underdiagnosed; Pfizer thinks less than 1% of patients with cardiomyopathy have actually been diagnosed. Even if the ATTR-ACT data results in tafamidis taking market share from patisiran and inotersen, Alnylam, Ionis, and Akcea might not lose that much -- if any -- revenue because having Pfizer using its marketing muscle to promote the ATTR-ACT data will likely result in more patients being diagnosed with the disease. In the end, the smaller biotechs might end up getting a smaller piece of a much larger pie than if they were out there promoting their drugs on their own. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Brian Orelli has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Alnylam Pharmaceuticals and Ionis Pharmaceuticals. The Motley Fool has a disclosure policy . || This Often-Overlooked High-Yield Growth Stock Is Now On Sale: Valero Energy Partners(NYSE: VLP)has stumbled out of the gate in 2018, falling more than 20%. The decline came even though themaster limited partnership(MLP) reported strong fourth-quarter results and increased its payout once again. It makes this often-overlooked subsidiary of refining giantValero Energy(NYSE: VLO)look like a more attractive opportunity these days, especially considering its growth potential.
Valero Energy formed its MLP in 2013 to operate and acquire pipelines and storage terminals to support its operations. The refining giant has steadily grown Valero Energy Partners since then by dropping down its midstream assets in a series of deals that have increased earnings and cash flow at a rapid pace. Last year was no different as earnings jumped 25% to $328.3 million, while cash flow rose 18% to $283.7 million. That growth enabled the company to boost its cash distribution to investors by 25% even as it comfortably covered the payout with cash flow by 1.6 times, well above the 1.3 times average of its peer group.
Image source: Getty Images.
Setting the stage for last year's strong showing was the purchase of two storage terminals from Valero at the end of 2016 for $325 million, adding about $39 million to the bottom line. Valero Energy Partners followed that up with a smaller deal in early 2017, buying a stake in the Red River Pipeline fromPlains All American Pipeline(NYSE: PAA)for $70 million. Plains All American Pipeline had just built that 138-mile pipeline and associated storage terminals to supply oil to a refinery operated by Valero in Oklahoma but it needed the money to pay down debt. Finally, Valero Energy Partners capped the year off by acquiring two more assets from Valero in October, paying $508 million for a pipeline and storage terminal that will add $60 million in annual earnings. Even with all those acquisitions, Valero Energy Partners managed to keep its leverage ratio at a comfortable 3.4 times. For comparison's sake, Plains' leverage ratio hit a worrisome 4.7 times last year, which led it to take several actions to improve its financial situation, including selling assets and cutting its distribution to investors.
Valero Energy Partners' most recent acquisition sets the stage for additional growth in 2018. Overall, the company estimates it can generate enough cash flow this year to increase its payout by at least another 20% while maintaining a healthy coverage ratio.
The company believes it can continue to deliver top-tier distribution growth in the coming years, fueled by a steady diet of dropdown transactions with Valero, supplemented by organic expansions and additional third-party acquisitions. Valero owns a vast portfolio of MLP-eligible assets that currently generate more than $1 billion of annual earnings that it could drop down over the next several years, including the Diamond Pipeline, which is a 50-50 joint venture with Plains All American Pipeline that entered service late last year. In addition to those assets, Valero continues investing in new midstream projects that it could drop down to its MLP once complete. One of the largest is apartnershipwithMagellan Midstream Partners(NYSE: MMP). As part of that agreement, Valero will invest $380 million in building pipelines and other logistics assets in Central Texas as well as $410 million into a new marine terminal in Houston that Magellan has under development. While these assets won't enter service until mid-2019 and early 2020, respectively, they'll add more fuel to Valero's dropdown growth tank.
Valero Energy Partners has sold off along with other MLPs this year. As a result of that stumble and a recent 5.7% distribution increase, it now yields an attractive 5.75%. What makes that income stream even more compelling is the fact that Valero Energy Partners expects to boost its payout another 20% this year and at a top-tier rate over the next several years. That income growth, now for a lower price, makes Valero Energy Partners an even more interesting option for income seekers.
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Matthew DiLallohas no position in any of the stocks mentioned. The Motley Fool recommends Magellan Midstream Partners. The Motley Fool has adisclosure policy. || This Often-Overlooked High-Yield Growth Stock Is Now On Sale: Valero Energy Partners (NYSE: VLP) has stumbled out of the gate in 2018, falling more than 20%. The decline came even though the master limited partnership (MLP) reported strong fourth-quarter results and increased its payout once again. It makes this often-overlooked subsidiary of refining giant Valero Energy (NYSE: VLO) look like a more attractive opportunity these days, especially considering its growth potential. A strong year Valero Energy formed its MLP in 2013 to operate and acquire pipelines and storage terminals to support its operations. The refining giant has steadily grown Valero Energy Partners since then by dropping down its midstream assets in a series of deals that have increased earnings and cash flow at a rapid pace. Last year was no different as earnings jumped 25% to $328.3 million, while cash flow rose 18% to $283.7 million. That growth enabled the company to boost its cash distribution to investors by 25% even as it comfortably covered the payout with cash flow by 1.6 times, well above the 1.3 times average of its peer group. A sale sign on a yellow paper price tag against rustic wood. Image source: Getty Images. Setting the stage for last year's strong showing was the purchase of two storage terminals from Valero at the end of 2016 for $325 million, adding about $39 million to the bottom line. Valero Energy Partners followed that up with a smaller deal in early 2017, buying a stake in the Red River Pipeline from Plains All American Pipeline (NYSE: PAA) for $70 million. Plains All American Pipeline had just built that 138-mile pipeline and associated storage terminals to supply oil to a refinery operated by Valero in Oklahoma but it needed the money to pay down debt. Finally, Valero Energy Partners capped the year off by acquiring two more assets from Valero in October, paying $508 million for a pipeline and storage terminal that will add $60 million in annual earnings. Even with all those acquisitions, Valero Energy Partners managed to keep its leverage ratio at a comfortable 3.4 times. For comparison's sake, Plains' leverage ratio hit a worrisome 4.7 times last year, which led it to take several actions to improve its financial situation, including selling assets and cutting its distribution to investors. Story continues More of the same in 2018 and beyond Valero Energy Partners' most recent acquisition sets the stage for additional growth in 2018. Overall, the company estimates it can generate enough cash flow this year to increase its payout by at least another 20% while maintaining a healthy coverage ratio. The company believes it can continue to deliver top-tier distribution growth in the coming years, fueled by a steady diet of dropdown transactions with Valero, supplemented by organic expansions and additional third-party acquisitions. Valero owns a vast portfolio of MLP-eligible assets that currently generate more than $1 billion of annual earnings that it could drop down over the next several years, including the Diamond Pipeline, which is a 50-50 joint venture with Plains All American Pipeline that entered service late last year. In addition to those assets, Valero continues investing in new midstream projects that it could drop down to its MLP once complete. One of the largest is a partnership with Magellan Midstream Partners (NYSE: MMP) . As part of that agreement, Valero will invest $380 million in building pipelines and other logistics assets in Central Texas as well as $410 million into a new marine terminal in Houston that Magellan has under development. While these assets won't enter service until mid-2019 and early 2020, respectively, they'll add more fuel to Valero's dropdown growth tank. A compelling income opportunity for the long term Valero Energy Partners has sold off along with other MLPs this year. As a result of that stumble and a recent 5.7% distribution increase, it now yields an attractive 5.75%. What makes that income stream even more compelling is the fact that Valero Energy Partners expects to boost its payout another 20% this year and at a top-tier rate over the next several years. That income growth, now for a lower price, makes Valero Energy Partners an even more interesting option for income seekers. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Matthew DiLallo has no position in any of the stocks mentioned. The Motley Fool recommends Magellan Midstream Partners. The Motley Fool has a disclosure policy . || 1 Upstream Oil Producer for Your Watch List: Oil isn't dead, and investors who avoid the sector completely are missing out on some great potential.
In this episode ofIndustry Focus: Energy, host Sarah Priestley talks with Motley Fool contributor Todd Campbell about why you should put upstream oil companyHess Corporation(NYSE: HES)on your watch list. Tune in to learn some of the most important things to consider when you're looking at an oil company; what catalysts have changed for Hess, and how they very well could turn the company's negative streak around; how activist investors have been pushing for change at Hess lately, and what that's meant for it; and more.
A full transcript follows the video.
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This video was recorded on March 29, 2018.
Sarah Priestley:Welcome toIndustry Focus, the show that dives into a different sector of the stock market every day. Today, we're talkingEnergy and Industrials.It's Thursday, the 29th of March, and we're going to be talking about an upstream oil stock that might be an opportunity. We haven't heard about any of those for a while. I'm your host, Sarah Priestley, and joining me in the studio is Motley Fool senior contributor, Todd Campbell. Todd, thank you very much for joining me on the show today!
Todd Campbell:I'm so excited to be here, Sarah! As listeners may know, I'm usually talking about healthcare stocks. But, as a generalist, it's always so much fun to join some of the other shows and talk about some of the other really interesting stocks that I'm coming across as I'm doing my own work.
Priestley:I was going to say, if anybody listens to all of the shows, they will most definitely recognize you from Kristine's show on Wednesday. But, yeah, thank you very much for joining us! I couldn't not have you on after I read your article,If I Had to Buy One Stock in March, It Would Be This One. And lo and behold, I was so surprised, it was an energy company. It's obviously very in vogue to be bearish on oil, as it has been for the past three or four years.
The company that you chose was Hess Corporation, ticker is HES. Hess is now solely an upstream oil producer. It spun off its midstream business intoHess Midstream Partnerslast year. Upstream means they are an exploration and production company. I think we covered this in a previous episode, but it just means they go looking for oil and gas deposits, they drill the exploratory wells, all the good stuff that goes along with getting those wells online. And once it's up and running, they operate it. The stock has already had a little bit of a roller coaster start to the year, but it's up 4%. It's actually up 2% since you wrote your article, Todd. [laughs]
Campbell:Yay!
Priestley:Well done! How was Hess' 2017?
Campbell:I think it might help, Sarah, to talk really quickly about why I actually chose an energy stock, because you were kind of surprised when you clicked on it and saw it, and maybe a lot of other readers and listeners might be surprised to hear me talking about this stock, too. I typically tend to avoid industries that are in decline or beaten up or beaten down. However, I think there really are some very intriguing underpinnings here. And now, with so many years, since 2014, these things basically being in the doghouse, I think there's some opportunities for investors to go out there. I don't necessarily want to call them bargains yet, because on the valuation metrics they're not going to be bargains necessarily. But I think if you believe in the idea that inflation is going higher because of global economic expansion, and that's going to create additional demand for commodities, this might not be a bad time to start tucking some of these energy stocks into portfolios. And certainly, Hess Corp has been one of those names that hasn't been a great or stellar performer over the last decade. The stock was $130 a share back in '07, $100 back in 2014, now probably trading around $50. So, long-term investors haven't really benefited from that. But, I think there are some catalysts here that really make it intriguing.
Priestley:I agree with you, and I would say the biggest change that we've seen in the oil industry over the past five years is a real focus on bringing down that cost of production. So, trying to really bring down the cost per barrel to make it competitive, and to essentially enable them to make money in this low crude cost environment. I think there's a lot of opportunity, particularly with Hess. Having read your article, I did a little bit more research on it, and it all bolsters your view.
Campbell:You asked earlier, and I never quite got to it, what was last year like. And that's probably a really good starting point, because it builds into my thesis. I think one of the things you have to understand as an investor looking at this stock is, this is a stock that's going through a considerable period of change. You just said we're talking about driving costs out of production so that these companies can become more profitable. We see that in the past with different industries or different individual companies that run into tough times, they eliminate as many costs as they can, and that gives them more operating leverage once revenue starts to come back.
If you look at Hess, they're restructuring their business away from all these other pieces of the energy market so that, like you said, they can be a pure play E&P company. As a result, they're divesting assets that are mature, that are high-cost, so that they can focus on these faster growing areas like -- places like the Bakken, places like offshore drilling, where they think they can generate a much better return on investment.
If you look at 2017, the company produced 295,000 barrels of oil equivalent per day. If you just took a look at that and then look at first quarter numbers and second quarter numbers, you're probably going to look and say, "Todd, what are you even talking about? Why would you recommend this?" Because production is going to decline right now. And that's because they've sold some of these assets in the North Sea and elsewhere. And that's reducing their average production. But at the same time, they're making these other investments, Sarah, and I think those are going to pay off. And as you get to the end of the year, your exit rate and production is going to be much higher than it is here at the beginning of the year.
Priestley:Yeah, absolutely. And it's funny that you mentioned, they've sold their assets in the Permian Basin. A couple of years ago, nobody could get enough of the Permian. It's interesting that you're seeing this shift. But, you're absolutely right, it's focusing on these kinds of high-growth, high-yield projects in the North Sea and Permian, as you mentioned. The two most notable are the Bakken and Guyana. Am I saying that correctly?
Campbell:Yeah, I think that's absolutely fine. Sure, right? I mean, I'm used to covering healthcare stocks, where pronouncing the names is a guessing game at best.
Priestley:Oh, yeah, that's true. Probably the most interesting one for me, being interested in shale, is the Bakken, where they have 1,300 wells. I think they have over half a million net acres of leasehold. And a lot of the region that they have is actually these tier-one, very profitable wells.
Campbell:Yes. And the production there, you've talked about this on the show in the past, you had a great show on March 8th -- I'll give you a shout out, if any listeners want to go back and check that out -- talking about the difference between shale production and production in other areas, some of the advances that are coming and allowing these operators to get more and more oil out of the ground and the shale. I think you're seeing those innovations, and they're benefiting all players within the Bakken, including Hess. Hess, as you mentioned, has over 550,000 acres there. They have four rigs operating right now. And by the end of the year, they're going to have six rigs operating. So, I think you're going to see production in the Bakken really start to ramp over the course of the tail end of the year. And that's pretty high. We alluded to this. Those are pretty good metrics for production in that play. So, I think that could definitely help the company financially.
Priestley:Absolutely. And one thing to make a note of here is, when we talk about shale, we're often talking about a lot shorter life spans of these projects than you would normally get for offshore and conventional drilling. But, management has pegged the lifespan about 10 years at the core portion of this development, and the firm's entire inventory in this region could last twice that. So, we're not talking 50 years out, which we like to as long-term investors. But, still, this is very much a long-term project for them.
Campbell:And what's interesting, too, is if you look at last year's production and what the replacement was, I think they replaced 350% of their production, part of that came from the fact that they actually increased their proven reserves for the Bakken to I think two billion barrels, something like that, from 1.7 previously. So, obviously, as they're getting better about getting that oil out of the ground, that's becoming a much more valuable piece of the puzzle for them. And now, with doing all those asset sales, I think they raised $3.4 billion last year in asset sales alone. That gives them tons of financial flexibility to fuel their development efforts in the Bakken, and also go out and basically pre-fund their expenses that are going to be associated with Guyana.
Priestley:Absolutely. And this is kind of the model that we have for E&P firms, their bread and butter is finding new deposits, and this is the way that they fund it, they get these cash cows going up and running and then they use the cash that they generate from those to invest in more exploration.
And the one last interesting thing I think about the Bakken is, as we've always talked about with shale, it's such low production rates. I think management is pegging the internal rates of return between 40-50% on crude prices of $50 a barrel. And you're seeing a lot of the oil companies pegging a lot of their production around this $50 a barrel, which, estimates for two years out are pretty safe.
Campbell:Just to piggyback on that, that was very interesting there, think about this -- the Bakken production for Hess was averaged about 105,000-110,000 barrels per day in 2017. By 2021, they think they can be producing 175,000 barrels of oil equivalent per day. So, you're talking about significant ramp up with really high rates of return.
Priestley:Exactly. Investors should be very happy about that. Then, Guyana, which you've mentioned, there seems to be a huge amount of investor optimism pegged on, and a lot of the turnaround is pegged on the success of this new project, which is a joint venture withExxonMobil.
Campbell:Yes, they have 30% stake in it, ExxonMobil is the operator, and they couldn't ask for a better partner when it comes to this type of project. ExxonMobil is arguably best in breed at this kind of thing. They have a history of coming in under budget on time. Guyana is a truly massive potential opportunity, 6.6 million acres, and they're finding new areas to develop seemingly every quarter, they're reporting another new area that they might be able to explore and get oil out of.
Priestley:Yeah. They've had several confirmed discoveries. Liza is the first for development, and they think that's going to come online in 2020, although they're starting, I think this year they're going to begin development drilling. And that's requiring quite the investment from Hess' perspective. I think it's $950 million initial investment, and then total investment is looking to be more like $4 billion.
Campbell:Yeah. But, again, they have plenty of money now, because they sold all these assets. Their balance sheet is fine. And we'll get into this in a second, I'm sure, when we start talking about activism and the role that's playing in this stock, too. But, you're talking about these coming online in 2020. You look at Hess' share, that's about 40,000 barrels of oil equivalent a day. 40,000 barrels, that's pretty darn good, considering there in the 200s now, right? And 2022, when the second phase is up and running, their share should climb to 66,000 barrels of oil equivalent a day. And they just came out recently, and they're saying that with the third phase, Exxon is going to be cranking out about 500,000. That's 150,000 barrels of oil equivalent today to Hess. Which, based on what they're producing now, again, is a huge increase over the next seven or eight years.
Priestley:Yes, definitely. And the key thing to note, too, is that economically, this could be on par with their Bakken. They're expecting about $35 break even, which would be phenomenal for offshore drilling. It's something we haven't been able to see before, but because of the way that has all been set up in a low-cost environment, it's really helped. And the big thing with this is the timing of their sanctioning of Liza. I'm sure someone's going to correct me on how I'm saying that. That was a big help, because it was negotiated in such a low oil price environment. So, the exceptional economics, shallow depth of the reservoir, means it's going to be a really high productivity region, and it's arguably the most attractive exploration and production project in the industry right now, so Hess has been incredibly wise to get involved in this from the start.
Campbell:Right. And an investor might say, why don't I just buy Exxon? But the reality is, yes, Exxon is the operator there, but Hess is going to be more of the pure play, because it's going to represent a much larger share of Hess' future production.
Priestley:Yes, you're exactly right. As Todd mentioned, we're going to go on to talk about some of the trials and tribulations that Hess has had last year with activists. Todd, I think a company CEO's worst nightmare is an adversarial activist investor, and that's exactly what Hess has been contending with since I think 2013, is that right?
Campbell:Five years now. [laughs] I imagine John Hess is probably at the point now where he's like, "Come on, give me a break! I'm doing all these things you're asking me to do!"
Priestley:I'm sure he's aged a lot in those five years. [laughs]
Campbell:Yeah. Hess Corp, if you look back at the 70s and 80s and the oil companies, they diversified themselves all over the place to try to smooth out the peaks and the valleys. And while that provided some insulation, it also took away a lot of the opportunity for upside from investors. And I think that got the attention of Elliott Management in 2013. Elliott Management has been around since '77, it's Paul Singer's hedge fund. They've been basically pounding the table for change to get this company leaner, to get rid of all of these old, mature assets, and start giving some more money back to investors. And that's exactly what we've seen over the last few years.
Priestley:Absolutely. Hess essentially headed off a proxy fight with the hedge fund when they announced their plans for extending their buyback. They tripled their buyback, is that right?
Campbell:Yeah, in March. They've done a few different things. They sold off all these assets, that gave them all sorts of money. They're pre-funding the Guyana project. They have all this money kicking around that they can handle the Bakken, and now, basically, the activists are saying, "Look, you have all this money. Let's start returning some of that back to investors."
And yes, Hess pays a small dividend, but really, Elliot has been saying, "More buybacks, more buybacks, more buybacks." They announced a $500 million one at the end of last year. They announced an additional $1 billion to go on top of the $500 million in March. And $500 million of that buyback is an accelerated program, where they're just going to go out to an investment broker and say, "I want all those shares now." And the rest of it they plan on spending throughout the course of the year, assuming that there's no major crisis in the oil markets.
Priestley:And I think all of this announcement came the day before their deadline to nominate new directors. And I think they were seeking removal for the second time of John Hess, the CEO. So, it's kind of by the wire there.
Campbell:Back in 2013 or 2014, when Elliot first started advocating, they basically wanted to shake up the board tremendously. They did not feel like the board was shareholder-friendly at all. As a result, Hess separated himself from the chairman role, remained CEO and spun out of the chairman role. And they replaced a bunch of different directors. Again, you're looking at the same thing, they're saying, "Let's get more change, more change, work faster, work faster, work faster." And in some respects, I guess, Sarah, that goes against the long-term thinking that's associated with the oil business in trying to explore and line up production that can replace the production you have today tomorrow.
Priestley:In this instance ... normally, I feel like activists are pushing for short-term change, and it's not necessarily always in the interest of long-term investors. In this instance, Big Oil had it so good for so long, I do feel that it's necessary to push for a cultural shift with a lot of these boards. And Hess, I probably don't know enough about the company to know if that's right, but it seems like it's yielded some good results for them.
Campbell:Yeah, I would agree with you, too. I think any investor who was around in the 2000s, when oil was at similar prices and Hess was actually producing a profit is looking at it today and saying, "Why is the company losing money?" Obviously, there's some bloat there, or some things that need to change.
Priestley:Yes. And, I always try to look at this from an employee perspective, so I spend a lot of my time, as I'm sure you do, looking at Glassdoor approval ratings and things like that. And John Hess has pretty good approval ratings from employees, but one thing that I did see consistently was, they're cutting some fat. I think they announced a 15% headcount reduction earlier this year. They're trimming some fat, but a lot of this is not coming from the senior management level. I think they cut 30% costs in the Bakken production, so on the ground, they've cut 30%. And head office has cut 25%. And that's leading a lot of employees to ask questions. Which isn't necessarily something to base a thesis on, but it's something that we always think is interesting.
Campbell:Yeah, absolutely. It's tough, too, when you have, basically, John Hess, his last name is Hess, his name is on the business.
Priestley:Yeah, that's always difficult.
Campbell:So, you're a little bit stubborn in that respect because you don't necessarily want to sell yourself outright, and theoretically you want to have this company around for decades. But, yeah, I agree with you. I think some change is needed to happen here. Those changes are now happening. And that's kind of what makes now not a bad time to be adding this stock to portfolios, in my view.
Priestley:I completely agree with you. Elliot's response to all of their recent announcements was, they said, "We are pleased that Hess is initiating a comprehensive operating review with the goal of becoming the best in class operator in the Bakken." They also congratulated the tripling of the buyback authorization, of course, because presumably that's going to bode very well for them. But, overall, they're happy now, so that's not really something that, hopefully, they're going to have to contend with for the next 12 months or so. But, you touched on something earlier that I want to revisit, and that's talking about the company's balance sheet, which is much healthier than it has been for a very long time.
Campbell:Yeah. All these companies have debt, right? They're in a business that's kind of expensive to run. So, it's kind of hard sometimes to find very low-debt companies. But, this company has a debt to equity ratio that's maybe a little higher than some, maybe it's higher than Exxon, but it's lower than others. It's lower thanAnadarko's. I think it has $4.8 billion in cash exiting December, and about $6 billion in debt on the books. That's absolutely, totally manageable. The company said that it wants to eliminate about $500 million of that debt through the money it has on hand. And it's still able to do that with all the other things it's doing, pre-funding Guyana, looking at the Bakken, the work that they're doing there.
Now, I think Elliot could come back and say, "Listen, we want you to get rid of some of these other assets like the Malaysian assets to raise even more money." Hess seems to be drawing a line in the sand on that, because he wants the cash flow from that to be able to have that cash flow continue to flow in to be able to fund some of these other projects. He doesn't want to necessarily get rid of all of that production, including his Gulf of Mexico production.
Priestley:Which makes sense, because you cannot rest on your laurels in that industry. It's unlikely that you find deposits that are going to last for years and years. And even if you do, the rates of return start to deplete fairly quickly. So, yes, it's absolutely important that they're taking on this debt to invest in exploring new options for the company.
One thing I thought was interesting about all of this is, they're returning value to shareholders, they increased their dividend. And this plays into this broader trend of oil companies focusing on returning value to shareholders. One company you just mentioned, Anadarko, they move very quickly and aggressively to respond to this demand from investors, and their shares are up 37% in the past six months. So, it's obviously paying off, its investors are getting tired of the low returns.
Campbell:And because these stocks have been abandoned, and aren't very widely owned now, you figure any marginal improvements that reattract people to it can generate outsized returns. So, I think you're right, you're seeing, broadly, these companies coming to the realization that they can't run these bloated cost structures any longer. They need to get lean if they want to be able to generate earnings growth, which as we know from all areas of investing, stocks do follow earnings over time. You need to be able to continue to find new production and translate that production into profitability for your investors.
Priestley:Absolutely.ConocoPhillipsalso, just in case anybody's wondering, increased their dividend and upped their stock buyback to $2 billion. It's a trend in the industry, it's something I think we should be keeping our eye on. I think a lot of these oil companies, as we've talked about, they like to have this cash flow available so they can invest in new opportunities. They're probably doing this a little begrudgingly, because it's nice to have that available soft cushioning of cash for them. But, it's interesting to see, from the investor standpoint. Overall, Todd, you've kind of convinced me on Hess, to be honest with you. I'm definitely going to be reviewing it for my personal portfolio.
Campbell:I think it makes sense, especially with the market the way it's been lately, it could make sense to diversify yourself away from some of these names that have been hot performers over the course of the last year or two in other areas and pick up a couple of energy stocks. I think this one should be on your radar. If they can deliver on their production growth targets of 10% compounded annually through 2023, and if they can deliver on their cash flow projection for cash flow growth compounded growth of 20% over that same period, it's very hard for me to think that you're not going to see that result in an increase in this company's share price, especially if Elliot is still out there rattling the saber.
Priestley:And I think a lot of short-term headwinds are going to start to subside this year, or, hopefully start to subside this year. I agree with you, there's just a lot of great things going on. I like the debt reduction, I like the buybacks, the pivoting of their business toward these new projects, these low-cost profitable projects, is definitely the right way to go. Is there anything that you think we've missed that you think a prospective buyer might want to know?
Campbell:I think the only other thing I would leave listeners with is, this is probably a back end of 2018 into 2019 story where investors will really start to warm up more broadly to this stock. The first couple of quarters of this year, you are going to have a headline decline in year over year production because of those asset sales. So, take a little, stick it away, diversify yourself, and I think you'll end up being rewarded once Guyana comes online in 2020.
Priestley:And the very last question I have for you: are you excited that it's the first day of the baseball season?
Campbell:I am! I'm a Boston Red Sox fan, I'm up here in New England, and I plan on listening on the radio.
Priestley:I know our man behind the glass, Austin Morgan, is very excited. I was trying to win brownie points with him for just remembering that today was the day. [laughs] But, Todd, thank you so much for being on the show! Hopefully we can get you back again to flex those energy muscles.
Campbell:Thanks, Sarah! I really appreciate being on.
Priestley:The market is closed tomorrow, so there unfortunately won't be the usual FridayTechshow. But, don't worry. If you need to hear Dylan Lewis' dulcet tones, there will be a bonus episode available on Saturday. It's about the crew's time in Austin for South by Southwest. I haven't heard it yet. Dylan has only given me a few details, but it's about the team exploring the ancillary industries around South by Southwest, specifically food trucks. Apparently, it promises to be very entertaining. I can't wait! Make sure you check it out.
That's it from us today. If you would like to get in touch, please feel free to email us [email protected], or tweet us on Twitter @MFIndustryFocus. As always, people on the program my own companies discussed on the show, and The Motley Fool may have formal recommendations for or against stocks mentioned, so don't buy or sell anything based solely on what you hear. Thank you to Austin Morgan for producing the show. For Todd, I'm Sarah Priestley. Thanks for listening and Fool on!
Sarah Priestleyhas no position in any of the stocks mentioned.Todd Campbellhas no position in any of the stocks mentioned. His clients may have positions in the companies mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || 1 Upstream Oil Producer for Your Watch List: Oil isn't dead, and investors who avoid the sector completely are missing out on some great potential. In this episode of Industry Focus: Energy , host Sarah Priestley talks with Motley Fool contributor Todd Campbell about why you should put upstream oil company Hess Corporation (NYSE: HES) on your watch list. Tune in to learn some of the most important things to consider when you're looking at an oil company; what catalysts have changed for Hess, and how they very well could turn the company's negative streak around; how activist investors have been pushing for change at Hess lately, and what that's meant for it; and more. A full transcript follows the video. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This This video was recorded on March 29, 2018. Sarah Priestley: Welcome to Industry Focus , the show that dives into a different sector of the stock market every day. Today, we're talking Energy and Industrials. It's Thursday, the 29th of March, and we're going to be talking about an upstream oil stock that might be an opportunity. We haven't heard about any of those for a while. I'm your host, Sarah Priestley, and joining me in the studio is Motley Fool senior contributor, Todd Campbell. Todd, thank you very much for joining me on the show today! Todd Campbell: I'm so excited to be here, Sarah! As listeners may know, I'm usually talking about healthcare stocks. But, as a generalist, it's always so much fun to join some of the other shows and talk about some of the other really interesting stocks that I'm coming across as I'm doing my own work. Priestley: I was going to say, if anybody listens to all of the shows, they will most definitely recognize you from Kristine's show on Wednesday. But, yeah, thank you very much for joining us! I couldn't not have you on after I read your article, If I Had to Buy One Stock in March, It Would Be This One . And lo and behold, I was so surprised, it was an energy company. It's obviously very in vogue to be bearish on oil, as it has been for the past three or four years. Story continues The company that you chose was Hess Corporation, ticker is HES. Hess is now solely an upstream oil producer. It spun off its midstream business into Hess Midstream Partners last year. Upstream means they are an exploration and production company. I think we covered this in a previous episode, but it just means they go looking for oil and gas deposits, they drill the exploratory wells, all the good stuff that goes along with getting those wells online. And once it's up and running, they operate it. The stock has already had a little bit of a roller coaster start to the year, but it's up 4%. It's actually up 2% since you wrote your article, Todd. [laughs] Campbell: Yay! Priestley: Well done! How was Hess' 2017? Campbell: I think it might help, Sarah, to talk really quickly about why I actually chose an energy stock, because you were kind of surprised when you clicked on it and saw it, and maybe a lot of other readers and listeners might be surprised to hear me talking about this stock, too. I typically tend to avoid industries that are in decline or beaten up or beaten down. However, I think there really are some very intriguing underpinnings here. And now, with so many years, since 2014, these things basically being in the doghouse, I think there's some opportunities for investors to go out there. I don't necessarily want to call them bargains yet, because on the valuation metrics they're not going to be bargains necessarily. But I think if you believe in the idea that inflation is going higher because of global economic expansion, and that's going to create additional demand for commodities, this might not be a bad time to start tucking some of these energy stocks into portfolios. And certainly, Hess Corp has been one of those names that hasn't been a great or stellar performer over the last decade. The stock was $130 a share back in '07, $100 back in 2014, now probably trading around $50. So, long-term investors haven't really benefited from that. But, I think there are some catalysts here that really make it intriguing. Priestley: I agree with you, and I would say the biggest change that we've seen in the oil industry over the past five years is a real focus on bringing down that cost of production. So, trying to really bring down the cost per barrel to make it competitive, and to essentially enable them to make money in this low crude cost environment. I think there's a lot of opportunity, particularly with Hess. Having read your article, I did a little bit more research on it, and it all bolsters your view. Campbell: You asked earlier, and I never quite got to it, what was last year like. And that's probably a really good starting point, because it builds into my thesis. I think one of the things you have to understand as an investor looking at this stock is, this is a stock that's going through a considerable period of change. You just said we're talking about driving costs out of production so that these companies can become more profitable. We see that in the past with different industries or different individual companies that run into tough times, they eliminate as many costs as they can, and that gives them more operating leverage once revenue starts to come back. If you look at Hess, they're restructuring their business away from all these other pieces of the energy market so that, like you said, they can be a pure play E&P company. As a result, they're divesting assets that are mature, that are high-cost, so that they can focus on these faster growing areas like -- places like the Bakken, places like offshore drilling, where they think they can generate a much better return on investment. If you look at 2017, the company produced 295,000 barrels of oil equivalent per day. If you just took a look at that and then look at first quarter numbers and second quarter numbers, you're probably going to look and say, "Todd, what are you even talking about? Why would you recommend this?" Because production is going to decline right now. And that's because they've sold some of these assets in the North Sea and elsewhere. And that's reducing their average production. But at the same time, they're making these other investments, Sarah, and I think those are going to pay off. And as you get to the end of the year, your exit rate and production is going to be much higher than it is here at the beginning of the year. Priestley: Yeah, absolutely. And it's funny that you mentioned, they've sold their assets in the Permian Basin. A couple of years ago, nobody could get enough of the Permian. It's interesting that you're seeing this shift. But, you're absolutely right, it's focusing on these kinds of high-growth, high-yield projects in the North Sea and Permian, as you mentioned. The two most notable are the Bakken and Guyana. Am I saying that correctly? Campbell: Yeah, I think that's absolutely fine. Sure, right? I mean, I'm used to covering healthcare stocks, where pronouncing the names is a guessing game at best. Priestley: Oh, yeah, that's true. Probably the most interesting one for me, being interested in shale, is the Bakken, where they have 1,300 wells. I think they have over half a million net acres of leasehold. And a lot of the region that they have is actually these tier-one, very profitable wells. Campbell: Yes. And the production there, you've talked about this on the show in the past, you had a great show on March 8th -- I'll give you a shout out, if any listeners want to go back and check that out -- talking about the difference between shale production and production in other areas, some of the advances that are coming and allowing these operators to get more and more oil out of the ground and the shale. I think you're seeing those innovations, and they're benefiting all players within the Bakken, including Hess. Hess, as you mentioned, has over 550,000 acres there. They have four rigs operating right now. And by the end of the year, they're going to have six rigs operating. So, I think you're going to see production in the Bakken really start to ramp over the course of the tail end of the year. And that's pretty high. We alluded to this. Those are pretty good metrics for production in that play. So, I think that could definitely help the company financially. Priestley: Absolutely. And one thing to make a note of here is, when we talk about shale, we're often talking about a lot shorter life spans of these projects than you would normally get for offshore and conventional drilling. But, management has pegged the lifespan about 10 years at the core portion of this development, and the firm's entire inventory in this region could last twice that. So, we're not talking 50 years out, which we like to as long-term investors. But, still, this is very much a long-term project for them. Campbell: And what's interesting, too, is if you look at last year's production and what the replacement was, I think they replaced 350% of their production, part of that came from the fact that they actually increased their proven reserves for the Bakken to I think two billion barrels, something like that, from 1.7 previously. So, obviously, as they're getting better about getting that oil out of the ground, that's becoming a much more valuable piece of the puzzle for them. And now, with doing all those asset sales, I think they raised $3.4 billion last year in asset sales alone. That gives them tons of financial flexibility to fuel their development efforts in the Bakken, and also go out and basically pre-fund their expenses that are going to be associated with Guyana. Priestley: Absolutely. And this is kind of the model that we have for E&P firms, their bread and butter is finding new deposits, and this is the way that they fund it, they get these cash cows going up and running and then they use the cash that they generate from those to invest in more exploration. And the one last interesting thing I think about the Bakken is, as we've always talked about with shale, it's such low production rates. I think management is pegging the internal rates of return between 40-50% on crude prices of $50 a barrel. And you're seeing a lot of the oil companies pegging a lot of their production around this $50 a barrel, which, estimates for two years out are pretty safe. Campbell: Just to piggyback on that, that was very interesting there, think about this -- the Bakken production for Hess was averaged about 105,000-110,000 barrels per day in 2017. By 2021, they think they can be producing 175,000 barrels of oil equivalent per day. So, you're talking about significant ramp up with really high rates of return. Priestley: Exactly. Investors should be very happy about that. Then, Guyana, which you've mentioned, there seems to be a huge amount of investor optimism pegged on, and a lot of the turnaround is pegged on the success of this new project, which is a joint venture with ExxonMobil . Campbell: Yes, they have 30% stake in it, ExxonMobil is the operator, and they couldn't ask for a better partner when it comes to this type of project. ExxonMobil is arguably best in breed at this kind of thing. They have a history of coming in under budget on time. Guyana is a truly massive potential opportunity, 6.6 million acres, and they're finding new areas to develop seemingly every quarter, they're reporting another new area that they might be able to explore and get oil out of. Priestley: Yeah. They've had several confirmed discoveries. Liza is the first for development, and they think that's going to come online in 2020, although they're starting, I think this year they're going to begin development drilling. And that's requiring quite the investment from Hess' perspective. I think it's $950 million initial investment, and then total investment is looking to be more like $4 billion. Campbell: Yeah. But, again, they have plenty of money now, because they sold all these assets. Their balance sheet is fine. And we'll get into this in a second, I'm sure, when we start talking about activism and the role that's playing in this stock, too. But, you're talking about these coming online in 2020. You look at Hess' share, that's about 40,000 barrels of oil equivalent a day. 40,000 barrels, that's pretty darn good, considering there in the 200s now, right? And 2022, when the second phase is up and running, their share should climb to 66,000 barrels of oil equivalent a day. And they just came out recently, and they're saying that with the third phase, Exxon is going to be cranking out about 500,000. That's 150,000 barrels of oil equivalent today to Hess. Which, based on what they're producing now, again, is a huge increase over the next seven or eight years. Priestley: Yes, definitely. And the key thing to note, too, is that economically, this could be on par with their Bakken. They're expecting about $35 break even, which would be phenomenal for offshore drilling. It's something we haven't been able to see before, but because of the way that has all been set up in a low-cost environment, it's really helped. And the big thing with this is the timing of their sanctioning of Liza. I'm sure someone's going to correct me on how I'm saying that. That was a big help, because it was negotiated in such a low oil price environment. So, the exceptional economics, shallow depth of the reservoir, means it's going to be a really high productivity region, and it's arguably the most attractive exploration and production project in the industry right now, so Hess has been incredibly wise to get involved in this from the start. Campbell: Right. And an investor might say, why don't I just buy Exxon? But the reality is, yes, Exxon is the operator there, but Hess is going to be more of the pure play, because it's going to represent a much larger share of Hess' future production. Priestley: Yes, you're exactly right. As Todd mentioned, we're going to go on to talk about some of the trials and tribulations that Hess has had last year with activists. Todd, I think a company CEO's worst nightmare is an adversarial activist investor, and that's exactly what Hess has been contending with since I think 2013, is that right? Campbell: Five years now. [laughs] I imagine John Hess is probably at the point now where he's like, "Come on, give me a break! I'm doing all these things you're asking me to do!" Priestley: I'm sure he's aged a lot in those five years. [laughs] Campbell: Yeah. Hess Corp, if you look back at the 70s and 80s and the oil companies, they diversified themselves all over the place to try to smooth out the peaks and the valleys. And while that provided some insulation, it also took away a lot of the opportunity for upside from investors. And I think that got the attention of Elliott Management in 2013. Elliott Management has been around since '77, it's Paul Singer's hedge fund. They've been basically pounding the table for change to get this company leaner, to get rid of all of these old, mature assets, and start giving some more money back to investors. And that's exactly what we've seen over the last few years. Priestley: Absolutely. Hess essentially headed off a proxy fight with the hedge fund when they announced their plans for extending their buyback. They tripled their buyback, is that right? Campbell: Yeah, in March. They've done a few different things. They sold off all these assets, that gave them all sorts of money. They're pre-funding the Guyana project. They have all this money kicking around that they can handle the Bakken, and now, basically, the activists are saying, "Look, you have all this money. Let's start returning some of that back to investors." And yes, Hess pays a small dividend, but really, Elliot has been saying, "More buybacks, more buybacks, more buybacks." They announced a $500 million one at the end of last year. They announced an additional $1 billion to go on top of the $500 million in March. And $500 million of that buyback is an accelerated program, where they're just going to go out to an investment broker and say, "I want all those shares now." And the rest of it they plan on spending throughout the course of the year, assuming that there's no major crisis in the oil markets. Priestley: And I think all of this announcement came the day before their deadline to nominate new directors. And I think they were seeking removal for the second time of John Hess, the CEO. So, it's kind of by the wire there. Campbell: Back in 2013 or 2014, when Elliot first started advocating, they basically wanted to shake up the board tremendously. They did not feel like the board was shareholder-friendly at all. As a result, Hess separated himself from the chairman role, remained CEO and spun out of the chairman role. And they replaced a bunch of different directors. Again, you're looking at the same thing, they're saying, "Let's get more change, more change, work faster, work faster, work faster." And in some respects, I guess, Sarah, that goes against the long-term thinking that's associated with the oil business in trying to explore and line up production that can replace the production you have today tomorrow. Priestley: In this instance ... normally, I feel like activists are pushing for short-term change, and it's not necessarily always in the interest of long-term investors. In this instance, Big Oil had it so good for so long, I do feel that it's necessary to push for a cultural shift with a lot of these boards. And Hess, I probably don't know enough about the company to know if that's right, but it seems like it's yielded some good results for them. Campbell: Yeah, I would agree with you, too. I think any investor who was around in the 2000s, when oil was at similar prices and Hess was actually producing a profit is looking at it today and saying, "Why is the company losing money?" Obviously, there's some bloat there, or some things that need to change. Priestley: Yes. And, I always try to look at this from an employee perspective, so I spend a lot of my time, as I'm sure you do, looking at Glassdoor approval ratings and things like that. And John Hess has pretty good approval ratings from employees, but one thing that I did see consistently was, they're cutting some fat. I think they announced a 15% headcount reduction earlier this year. They're trimming some fat, but a lot of this is not coming from the senior management level. I think they cut 30% costs in the Bakken production, so on the ground, they've cut 30%. And head office has cut 25%. And that's leading a lot of employees to ask questions. Which isn't necessarily something to base a thesis on, but it's something that we always think is interesting. Campbell: Yeah, absolutely. It's tough, too, when you have, basically, John Hess, his last name is Hess, his name is on the business. Priestley: Yeah, that's always difficult. Campbell: So, you're a little bit stubborn in that respect because you don't necessarily want to sell yourself outright, and theoretically you want to have this company around for decades. But, yeah, I agree with you. I think some change is needed to happen here. Those changes are now happening. And that's kind of what makes now not a bad time to be adding this stock to portfolios, in my view. Priestley: I completely agree with you. Elliot's response to all of their recent announcements was, they said, "We are pleased that Hess is initiating a comprehensive operating review with the goal of becoming the best in class operator in the Bakken." They also congratulated the tripling of the buyback authorization, of course, because presumably that's going to bode very well for them. But, overall, they're happy now, so that's not really something that, hopefully, they're going to have to contend with for the next 12 months or so. But, you touched on something earlier that I want to revisit, and that's talking about the company's balance sheet, which is much healthier than it has been for a very long time. Campbell: Yeah. All these companies have debt, right? They're in a business that's kind of expensive to run. So, it's kind of hard sometimes to find very low-debt companies. But, this company has a debt to equity ratio that's maybe a little higher than some, maybe it's higher than Exxon, but it's lower than others. It's lower than Anadarko 's. I think it has $4.8 billion in cash exiting December, and about $6 billion in debt on the books. That's absolutely, totally manageable. The company said that it wants to eliminate about $500 million of that debt through the money it has on hand. And it's still able to do that with all the other things it's doing, pre-funding Guyana, looking at the Bakken, the work that they're doing there. Now, I think Elliot could come back and say, "Listen, we want you to get rid of some of these other assets like the Malaysian assets to raise even more money." Hess seems to be drawing a line in the sand on that, because he wants the cash flow from that to be able to have that cash flow continue to flow in to be able to fund some of these other projects. He doesn't want to necessarily get rid of all of that production, including his Gulf of Mexico production. Priestley: Which makes sense, because you cannot rest on your laurels in that industry. It's unlikely that you find deposits that are going to last for years and years. And even if you do, the rates of return start to deplete fairly quickly. So, yes, it's absolutely important that they're taking on this debt to invest in exploring new options for the company. One thing I thought was interesting about all of this is, they're returning value to shareholders, they increased their dividend. And this plays into this broader trend of oil companies focusing on returning value to shareholders. One company you just mentioned, Anadarko, they move very quickly and aggressively to respond to this demand from investors, and their shares are up 37% in the past six months. So, it's obviously paying off, its investors are getting tired of the low returns. Campbell: And because these stocks have been abandoned, and aren't very widely owned now, you figure any marginal improvements that reattract people to it can generate outsized returns. So, I think you're right, you're seeing, broadly, these companies coming to the realization that they can't run these bloated cost structures any longer. They need to get lean if they want to be able to generate earnings growth, which as we know from all areas of investing, stocks do follow earnings over time. You need to be able to continue to find new production and translate that production into profitability for your investors. Priestley: Absolutely. ConocoPhillips also, just in case anybody's wondering, increased their dividend and upped their stock buyback to $2 billion. It's a trend in the industry, it's something I think we should be keeping our eye on. I think a lot of these oil companies, as we've talked about, they like to have this cash flow available so they can invest in new opportunities. They're probably doing this a little begrudgingly, because it's nice to have that available soft cushioning of cash for them. But, it's interesting to see, from the investor standpoint. Overall, Todd, you've kind of convinced me on Hess, to be honest with you. I'm definitely going to be reviewing it for my personal portfolio. Campbell: I think it makes sense, especially with the market the way it's been lately, it could make sense to diversify yourself away from some of these names that have been hot performers over the course of the last year or two in other areas and pick up a couple of energy stocks. I think this one should be on your radar. If they can deliver on their production growth targets of 10% compounded annually through 2023, and if they can deliver on their cash flow projection for cash flow growth compounded growth of 20% over that same period, it's very hard for me to think that you're not going to see that result in an increase in this company's share price, especially if Elliot is still out there rattling the saber. Priestley: And I think a lot of short-term headwinds are going to start to subside this year, or, hopefully start to subside this year. I agree with you, there's just a lot of great things going on. I like the debt reduction, I like the buybacks, the pivoting of their business toward these new projects, these low-cost profitable projects, is definitely the right way to go. Is there anything that you think we've missed that you think a prospective buyer might want to know? Campbell: I think the only other thing I would leave listeners with is, this is probably a back end of 2018 into 2019 story where investors will really start to warm up more broadly to this stock. The first couple of quarters of this year, you are going to have a headline decline in year over year production because of those asset sales. So, take a little, stick it away, diversify yourself, and I think you'll end up being rewarded once Guyana comes online in 2020. Priestley: And the very last question I have for you: are you excited that it's the first day of the baseball season? Campbell: I am! I'm a Boston Red Sox fan, I'm up here in New England, and I plan on listening on the radio. Priestley: I know our man behind the glass, Austin Morgan, is very excited. I was trying to win brownie points with him for just remembering that today was the day. [laughs] But, Todd, thank you so much for being on the show! Hopefully we can get you back again to flex those energy muscles. Campbell: Thanks, Sarah! I really appreciate being on. Priestley: The market is closed tomorrow, so there unfortunately won't be the usual Friday Tech show. But, don't worry. If you need to hear Dylan Lewis' dulcet tones, there will be a bonus episode available on Saturday. It's about the crew's time in Austin for South by Southwest. I haven't heard it yet. Dylan has only given me a few details, but it's about the team exploring the ancillary industries around South by Southwest, specifically food trucks. Apparently, it promises to be very entertaining. I can't wait! Make sure you check it out. That's it from us today. If you would like to get in touch, please feel free to email us at [email protected] , or tweet us on Twitter @MFIndustryFocus. As always, people on the program my own companies discussed on the show, and The Motley Fool may have formal recommendations for or against stocks mentioned, so don't buy or sell anything based solely on what you hear. Thank you to Austin Morgan for producing the show. For Todd, I'm Sarah Priestley. Thanks for listening and Fool on! Sarah Priestley has no position in any of the stocks mentioned. Todd Campbell has no position in any of the stocks mentioned. His clients may have positions in the companies mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || Cisco Faces a Dangerous New Rival: AT&T: Cisco (NASDAQ: CSCO) , the largest manufacturer of network switches in the world, usually considers Huawei , Hewlett-Packard Enterprise , Arista Networks , and Juniper Networks to be its main competitors. Cisco controlled over half of the global ethernet switching market last year, according to IDC. However, a recent report from The Information indicates that AT&T (NYSE: T) , one of Cisco's major customers, is developing its own network switches. That move would reduce AT&T's costs and give it more flexibility and customization options across its networks. But it also could hurt Cisco by shattering a main pillar of its business model. A graphical representation of network connectivity. Image source: Getty Images. Cisco shouldn't be surprised One of the greatest threats to Cisco's business is the rise of generic "white-box" routers and switches. These unbranded devices generally have less powerful hardware than Cisco's products, but the heavy lifting is accomplished via cloud-based software. This disruptive approach is known as software-defined networking (SDN). Cisco's core business relies on the notion that customers should buy all their networking hardware from a single vendor to ensure that everything runs smoothly. Cisco sells large quantities of routers and switches, which are often bundled with additional software to "lock in" these big customers. However, many companies now realize that white-box solutions usually work just as well as Cisco's hardware. Last April , AT&T tested a high-speed network entirely comprised of white-box hardware. The test also successfully sent data between white-box hardware from two different vendors running on two different types of chips -- which proved that it wasn't necessary for companies to buy all their networking solutions from a single vendor like Cisco. AT&T's white-box network ran on its own open-source network-management software, ECOMP. AT&T gave ECOMP to the Linux Foundation, which allows anyone -- including rival telcos -- to use or modify the software. Story continues That's why AT&T recently announced that it would deploy 60,000 white-box routers across its network, which would cut its costs and boost the capacity of its networks as it gears up for the 5G transition. Therefore, the revelation that AT&T is developing its own switches shouldn't surprise anyone -- least of all Cisco. How badly could this hurt Cisco? AT&T's white-box transition enabled it to reduce its spending on Cisco's networking solutions from $2 billion in 2013 to just $400 million in 2017. That figure could eventually fall to zero as AT&T rolls out its white-box routers and first-party switches. Ethernet cables plugged into a switch. Image source: Getty Images. The good news for Cisco is that $400 million accounted for less than 1% of its revenues last year, so a total loss of AT&T's business wouldn't disrupt its long-term growth. However, AT&T isn't the only major company using white-box hardware. Facebook (NASDAQ: FB) uses white-box hardware in its massive data centers and also has invented new switches that can replace Cisco's hardware. Like AT&T, Facebook is giving away its designs for free through its Open Compute Project. Other big service providers and enterprise customers likely will follow AT&T's and Facebook's lead in the near future. When they do, Cisco's routing and switching businesses -- which together generated 45% of its revenues last year -- could get crushed. Both businesses were already on shaky ground last year as switching revenues dropped 5% and routing revenues fell 4%. Cisco also is losing market share in both routers and switches to challengers like Huawei. Between 2016 and 2017, Cisco's share of the routing market fell from 42% to 36.7% as its share of the switching market fell from 57% to 54.9%, according to IDC. Should Cisco investors worry? AT&T's embrace of white-box routers and first-party switches is worrisome for Cisco. However, investors shouldn't overlook Cisco's strengths. The company is investing heavily in its higher-growth security and software collaboration businesses, which could offset the declining sales of its routers and switches. The company also is repatriating $67 billion in overseas cash -- and most of it is earmarked for buybacks, dividends, and domestic acquisitions. Those moves could attract value-seeking income investors and diversify Cisco's core business away from routers and switches. Analysts still expect Cisco's revenue and earnings to rise 2% and 8%, respectively, this year as it focuses more on the growth of its software businesses. The stock isn't expensive at 17 times forward earnings and it pays a solid forward dividend yield of 3%. Therefore, AT&T's move signals a disruptive shift in the industry, but investors shouldn't assume that Cisco isn't preparing for the future. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Leo Sun owns shares of AT&T.; The Motley Fool owns shares of and recommends Arista Networks and Facebook. The Motley Fool recommends Cisco Systems. The Motley Fool has a disclosure policy . || Cisco Faces a Dangerous New Rival: AT&T: Cisco(NASDAQ: CSCO), the largest manufacturer of network switches in the world, usually considersHuawei,Hewlett-Packard Enterprise,Arista Networks, andJuniper Networksto be its main competitors. Cisco controlled over half of the global ethernet switching market last year, according to IDC.
However, a recent report fromThe Informationindicates thatAT&T(NYSE: T), one of Cisco's major customers, is developing its own network switches. That move would reduce AT&T's costs and give it more flexibility and customization options across its networks. But it also could hurt Cisco by shattering a main pillar of its business model.
Image source: Getty Images.
One of the greatest threats to Cisco's business is the rise of generic "white-box" routers and switches. These unbranded devices generally have less powerful hardware than Cisco's products, but the heavy lifting is accomplished via cloud-based software. This disruptive approach is known as software-defined networking (SDN).
Cisco's core business relies on the notion that customers should buy all their networking hardware from a single vendor to ensure that everything runs smoothly. Cisco sells large quantities of routers and switches, which are often bundled with additional software to "lock in" these big customers. However, many companies now realize that white-box solutions usually work just as well as Cisco's hardware.
Last April, AT&T tested a high-speed network entirely comprised of white-box hardware. The test also successfully sent data between white-box hardware from two different vendors running on two different types of chips -- which proved that it wasn't necessary for companies to buy all their networking solutions from a single vendor like Cisco. AT&T's white-box network ran on its own open-source network-management software, ECOMP. AT&T gave ECOMP to the Linux Foundation, which allows anyone -- including rival telcos -- to use or modify the software.
That's why AT&T recently announced that it would deploy 60,000 white-box routers across its network, which would cut its costs and boost the capacity of its networks as it gears up for the 5G transition. Therefore, the revelation that AT&T is developing its own switches shouldn't surprise anyone -- least of all Cisco.
AT&T's white-box transition enabled it to reduce its spending on Cisco's networking solutions from $2 billion in 2013 to just $400 million in 2017. That figure could eventually fall to zero as AT&T rolls out its white-box routers and first-party switches.
Image source: Getty Images.
The good news for Cisco is that $400 million accounted for less than 1% of its revenues last year, so a total loss of AT&T's business wouldn't disrupt its long-term growth. However, AT&T isn't the only major company using white-box hardware.
Facebook(NASDAQ: FB)uses white-box hardware in its massive data centers and also has invented new switches that can replace Cisco's hardware. Like AT&T, Facebook is giving away its designs for free through its Open Compute Project.
Other big service providers and enterprise customers likely will follow AT&T's and Facebook's lead in the near future. When they do, Cisco's routing and switching businesses -- which together generated 45% of its revenues last year -- could get crushed. Both businesses were already on shaky ground last year as switching revenues dropped 5% and routing revenues fell 4%.
Cisco also is losing market share in both routers and switches to challengers like Huawei. Between 2016 and 2017, Cisco's share of the routing market fell from 42% to 36.7% as its share of the switching market fell from 57% to 54.9%, according to IDC.
AT&T's embrace of white-box routers and first-party switches is worrisome for Cisco. However, investors shouldn't overlook Cisco's strengths. The company is investing heavily in its higher-growth security and software collaboration businesses, which could offset the declining sales of its routers and switches.
The company also is repatriating$67 billionin overseas cash -- and most of it is earmarked for buybacks, dividends, and domestic acquisitions. Those moves could attract value-seeking income investors and diversify Cisco's core business away from routers and switches.
Analysts still expect Cisco's revenue and earnings to rise 2% and 8%, respectively, this year as it focuses more on the growth of its software businesses. The stock isn't expensive at 17 times forward earnings and it pays a solid forward dividend yield of 3%. Therefore, AT&T's move signals a disruptive shift in the industry, but investors shouldn't assume that Cisco isn't preparing for the future.
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Leo Sunowns shares of AT&T.; The Motley Fool owns shares of and recommends Arista Networks and Facebook. The Motley Fool recommends Cisco Systems. The Motley Fool has adisclosure policy. || South Korean capital Seoul mulls 'S-Coin' tokens and blockchain-based government: South Korea has been at the forefront of the blockchain movement, with some of the highest density of cryptocurrency traders anywhere in the world. Now, as the frenzy around cryptocurrency prices recedes (Bitcoin is around $7350 right now, down from a high of almost $20,000 last December), the country is starting to consider the more utilitarian aspects of blockchain that might not immediately lead to riches.
Seoul’s mayor, Park Won-soon, discussed the city’s plans tolaunch what is currently being dubbed the S-coinin an interview with CoinDesk. In his vision of the program, the coin could be used for subway fares, as well as “a payment method for city-funded welfare programs for public employees, young job seekers and citizens helping the environment by saving electricity, water and gas.”
That’s a remarkable statement coming from an office that is widely considered to be the second most important in the country. It’s also a far cry fromthe strong opposition that national leaders and regulators voiced toward blockchain— and cryptocurrencies in particular — during the run up in Bitcoin and Ethereum prices last year, particularly inthe wake of a series of Bitcoin heists by North Korea.
Back then, the Korean financial authorities and the Justice Ministry said thatthey were considering outright banning cryptocurrencies. Now, over the past few weeks, national authorities have quietly floated new proposals around Initial Coin Offerings (ICOs), potentially creating a procedure thatwould allow ICOs in well-regulated circumstances. Mayor Park also said in his interview with CoinDesk that further regulation would be necessary around blockchains before any of Seoul’s proposals could be brought into effect.
The invention of blockchain, and Bitcoin in particular, was seen by many in the community as a way to “disrupt” politics as usual, by moving power away from central authorities to decentralized players. However, the technology increasingly looks like it will be subsumed by the state to improve existing institutions.
South Korean cities, like counterparts elsewhere around the world, are investigating whether blockchain technology couldprovide mechanisms like algorithmic zoning. City governments often hold many records of interest to blockchain specialists, including property records, ID records, zoning codes, business and health licenses, as well as construction permits. Creating a transparent and efficient clearinghouse for such information could generate significant gains for the quality of urban governance.
In this context, it is important to clearly delineate blockchain as database and cryptocurrencies as money. The proposals from Seoul and elsewhere have been designed around the former. Even when such tokens might provide a financial benefit, such as a discount on subway fares or housing, these tokens are not designed to be fungible currencies in the same way that cryptocurrencies are, but instead convenience tools to provide digital access to amenities.
That’s in contrast to initiatives like the one from Venezuela to create anoil-backed cryptocurrency called Petro, which many analysts saw as a convenient means to avoid U.S.-led sanctions on the Maduro regime. The Trump administrationblocked the purchase of Petro last month.
Seoul is expected to announce a roadmap for blockchain in the coming weeks, and other cities are coming close to launching their own initiatives. The value bubble in cryptocurrencies may be receding, but their practical uses may well drive the next wave of innovation. || South Korean capital Seoul mulls 'S-Coin' tokens and blockchain-based government: South Korea has been at the forefront of the blockchain movement, with some of the highest density of cryptocurrency traders anywhere in the world. Now, as the frenzy around cryptocurrency prices recedes (Bitcoin is around $7350 right now, down from a high of almost $20,000 last December), the country is starting to consider the more utilitarian aspects of blockchain that might not immediately lead to riches. Seouls mayor, Park Won-soon, discussed the citys plans to launch what is currently being dubbed the S-coin in an interview with CoinDesk. In his vision of the program, the coin could be used for subway fares, as well as a payment method for city-funded welfare programs for public employees, young job seekers and citizens helping the environment by saving electricity, water and gas. Thats a remarkable statement coming from an office that is widely considered to be the second most important in the country. Its also a far cry from the strong opposition that national leaders and regulators voiced toward blockchain and cryptocurrencies in particular during the run up in Bitcoin and Ethereum prices last year, particularly in the wake of a series of Bitcoin heists by North Korea . Back then, the Korean financial authorities and the Justice Ministry said that they were considering outright banning cryptocurrencies . Now, over the past few weeks, national authorities have quietly floated new proposals around Initial Coin Offerings (ICOs), potentially creating a procedure that would allow ICOs in well-regulated circumstances . Mayor Park also said in his interview with CoinDesk that further regulation would be necessary around blockchains before any of Seouls proposals could be brought into effect. The invention of blockchain, and Bitcoin in particular, was seen by many in the community as a way to disrupt politics as usual, by moving power away from central authorities to decentralized players. However, the technology increasingly looks like it will be subsumed by the state to improve existing institutions. Story continues South Korean cities, like counterparts elsewhere around the world, are investigating whether blockchain technology could provide mechanisms like algorithmic zoning . City governments often hold many records of interest to blockchain specialists, including property records, ID records, zoning codes, business and health licenses, as well as construction permits. Creating a transparent and efficient clearinghouse for such information could generate significant gains for the quality of urban governance. In this context, it is important to clearly delineate blockchain as database and cryptocurrencies as money. The proposals from Seoul and elsewhere have been designed around the former. Even when such tokens might provide a financial benefit, such as a discount on subway fares or housing, these tokens are not designed to be fungible currencies in the same way that cryptocurrencies are, but instead convenience tools to provide digital access to amenities. Thats in contrast to initiatives like the one from Venezuela to create an oil-backed cryptocurrency called Petro , which many analysts saw as a convenient means to avoid U.S.-led sanctions on the Maduro regime. The Trump administration blocked the purchase of Petro last month . Seoul is expected to announce a roadmap for blockchain in the coming weeks, and other cities are coming close to launching their own initiatives. The value bubble in cryptocurrencies may be receding, but their practical uses may well drive the next wave of innovation. || Better Buy: Freeport-McMoRan Inc. vs. Barrick Gold: It's no secret that when fear creeps into the marketplace, many investors turn to gold. So far, 2018, has proven no different. While the dollar has dropped about 2.5%, the price of gold has risen more than 4%. It should come as no surprise, then, that gold-oriented stocks likeBarrick Gold(NYSE: ABX)are receiving increased attention. Gold is hardly the only thing Barrick digs out of the ground; the company's also involved in the production of copper and silver. Similarly,Freeport-McMoRan(NYSE: FCX)is another mining company with exposure to numerous minerals, including gold and molybdenum, though it'scopper that's primarily responsible for putting the green in its pocket.
Let's dig in and get to know these companies better to see which one presents investors with the better buying opportunity.
Image source: Getty Images.
The self-proclaimed "premier publicly traded copper company," Freeport-McMoRan's portfolio includes 11 copper- and molybdenum-producing mines in the Americas in addition to Grasberg -- one of the world's largest copper and gold deposits -- located in Indonesia. One of the largest gold-mining companies by market capitalization, Barrick Gold has been digging the yellow stuff out of the ground since 1983. The company's portfolio is comprised of five core mines found in the Americas, gold-production assets in Australia and New Guinea, and three copper-producing mines found on three different continents.
With an elementary understanding of the companies based on their portfolios, let's become better acquainted by comparing them on some important metrics.
[{"Company": "Freeport-McMoRan", "Market Cap": "$25.4 billion", "FY 2017 Revenue": "$16.4 billion", "FY 2017 EPS": "$1.25", "FY 2017 Free Cash Flow": "$3.3 billion"}, {"Company": "Barrick Gold", "Market Cap": "$14.5 billion", "FY 2017 Revenue": "$8.37 billion", "FY 2017 EPS": "$1.23", "FY 2017 Free Cash Flow": "$669 million"}]
Data source: Company filings andMorningstar.
A cursory glance at the two businesses may suggest that Freeport-McMoRan is the better opportunity. Nearly doubling the revenue Barrick generated in 2017, Freeport-McMoRan churned out nearly five times as much cash as Barrick. But it would be reductive to declare Freeport-McMoRan the better opportunity based solely on these figures, so let's dig in even deeper before arriving at a decision.
Working to improve its financial health, Barrick Gold has made a concerted effort over the past few years to shore up its balance sheet. Since the start of 2015, for example, the company has reduced its total debt by approximately $6.7 billion, and it intends to reduce it another $1.4 billion by the end of 2018. Illustrating the success of the debt-reduction initiative, Barrick's net debt-to-EBITDA ratio at the end of 2017 was 0.84, a reduction from the 1.41 it sported at the end of 2016. Freeport-McMoRan, on the other hand, ended 2017 with a net debt-to-EBITDA ratio of 1.61.
ABX Debt to Equity Ratio (Annual)data byYCharts.
To find further evidence of Barrick's more conservative stance with regard to its balance sheet, we can look to two more metrics: the debt-to-equity ratio and debt to capital. In doing so, we find that Barrick is in a much sounder position, leaving it better-suited to withstand sharp declines in the prices of gold and copper. Moreover, the company can reinvest its cash in various expansion projects like the Phase 5 leach pad expansion at Veladero.
Freeport-McMoRan's higher debt level, in and of itself, doesn't raise a red flag; however, it becomes a concern when taking into account the company's premier asset, Grasberg. How important is the mine toFreeport-McMoRan's operations? In 2017, the Indonesian asset accounted for $1.29 billion in revenue from copper sales; the company's North American copper mines and South American copper mines provided revenue of $4.22 billion and $3.67 billion, respectively. But Grasberg's importance transcends copper; the deposit represents 99% of the company's proven and probable gold reserves.
However, 2018 may prove to be a lot less lustrous for Grasberg. The company is currently at odds with the Indonesian government regarding the mine, suggesting that the company's long-term stability in the country is far from a certainty. Management remains optimistic that the dispute will be resolved, but optimism hardly equates to a guarantee.
As for Barrick Gold, there doesn't appear to be any comparable uncertainty regrading its operations abroad.
Barrick Gold seems to have the edge, but let's see how the two stocks' valuations stack up against each other. Trading at less than seven times trailing earnings, Barrick Gold seems like a bargain compared to its five-year average trailing PE ratio of 11, according to Morningstar. It even seems even more alluring in light of Freeport-McMoRan, which trades at almost 15 times trailing earnings. To provide additional insight, let's consider the valuations of the two stocks in terms of operational cash flow. Barrick currently trades at 6.6 times cash flow, while Freeport-McMoRan trades at a 5.5 multiple. Although it may appear slightly more expensive, it hardly seems to be a price that would tip the scale in Freeport-McMoRan's favor.
Due to a more secure financial position, greater stability in its operations, and reasonable price tag, Barrick Gold appears to be the more compelling opportunity at the moment. Moving forward, investors should keep a keen eye on the prices of copper and gold in addition to the companies' handlings of their debt and the situation in Indonesia -- all dynamics that could drastically change the thesis for either company.
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Scott Levinehas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || Better Buy: Freeport-McMoRan Inc. vs. Barrick Gold: It's no secret that when fear creeps into the marketplace, many investors turn to gold. So far, 2018, has proven no different. While the dollar has dropped about 2.5%, the price of gold has risen more than 4%. It should come as no surprise, then, that gold-oriented stocks like Barrick Gold (NYSE: ABX) are receiving increased attention. Gold is hardly the only thing Barrick digs out of the ground; the company's also involved in the production of copper and silver. Similarly, Freeport-McMoRan (NYSE: FCX) is another mining company with exposure to numerous minerals, including gold and molybdenum, though it's copper that's primarily responsible for putting the green in its pocket . Let's dig in and get to know these companies better to see which one presents investors with the better buying opportunity. An underground mine passage with rails and lights. Image source: Getty Images. Getting to know you The self-proclaimed "premier publicly traded copper company," Freeport-McMoRan's portfolio includes 11 copper- and molybdenum-producing mines in the Americas in addition to Grasberg -- one of the world's largest copper and gold deposits -- located in Indonesia. One of the largest gold-mining companies by market capitalization, Barrick Gold has been digging the yellow stuff out of the ground since 1983. The company's portfolio is comprised of five core mines found in the Americas, gold-production assets in Australia and New Guinea, and three copper-producing mines found on three different continents. With an elementary understanding of the companies based on their portfolios, let's become better acquainted by comparing them on some important metrics. Company Market Cap FY 2017 Revenue FY 2017 EPS FY 2017 Free Cash Flow Freeport-McMoRan $25.4 billion $16.4 billion $1.25 $3.3 billion Barrick Gold $14.5 billion $8.37 billion $1.23 $669 million Data source: Company filings and Morningstar . A cursory glance at the two businesses may suggest that Freeport-McMoRan is the better opportunity. Nearly doubling the revenue Barrick generated in 2017, Freeport-McMoRan churned out nearly five times as much cash as Barrick. But it would be reductive to declare Freeport-McMoRan the better opportunity based solely on these figures, so let's dig in even deeper before arriving at a decision. Story continues Digging out of debt Working to improve its financial health, Barrick Gold has made a concerted effort over the past few years to shore up its balance sheet. Since the start of 2015, for example, the company has reduced its total debt by approximately $6.7 billion, and it intends to reduce it another $1.4 billion by the end of 2018. Illustrating the success of the debt-reduction initiative, Barrick's net debt-to-EBITDA ratio at the end of 2017 was 0.84, a reduction from the 1.41 it sported at the end of 2016. Freeport-McMoRan, on the other hand, ended 2017 with a net debt-to-EBITDA ratio of 1.61. ABX Debt to Equity Ratio (Annual) Chart ABX Debt to Equity Ratio (Annual) data by YCharts . To find further evidence of Barrick's more conservative stance with regard to its balance sheet, we can look to two more metrics: the debt-to-equity ratio and debt to capital. In doing so, we find that Barrick is in a much sounder position, leaving it better-suited to withstand sharp declines in the prices of gold and copper. Moreover, the company can reinvest its cash in various expansion projects like the Phase 5 leach pad expansion at Veladero. Uncertainty in Indonesia is certainly a worry Freeport-McMoRan's higher debt level, in and of itself, doesn't raise a red flag; however, it becomes a concern when taking into account the company's premier asset, Grasberg. How important is the mine to Freeport-McMoRan's operations ? In 2017, the Indonesian asset accounted for $1.29 billion in revenue from copper sales; the company's North American copper mines and South American copper mines provided revenue of $4.22 billion and $3.67 billion, respectively. But Grasberg's importance transcends copper; the deposit represents 99% of the company's proven and probable gold reserves. However, 2018 may prove to be a lot less lustrous for Grasberg. The company is currently at odds with the Indonesian government regarding the mine, suggesting that the company's long-term stability in the country is far from a certainty. Management remains optimistic that the dispute will be resolved, but optimism hardly equates to a guarantee. As for Barrick Gold, there doesn't appear to be any comparable uncertainty regrading its operations abroad. Checking the price tag Barrick Gold seems to have the edge, but let's see how the two stocks' valuations stack up against each other. Trading at less than seven times trailing earnings, Barrick Gold seems like a bargain compared to its five-year average trailing PE ratio of 11, according to Morningstar. It even seems even more alluring in light of Freeport-McMoRan, which trades at almost 15 times trailing earnings. To provide additional insight, let's consider the valuations of the two stocks in terms of operational cash flow. Barrick currently trades at 6.6 times cash flow, while Freeport-McMoRan trades at a 5.5 multiple. Although it may appear slightly more expensive, it hardly seems to be a price that would tip the scale in Freeport-McMoRan's favor. And the winner is... Due to a more secure financial position, greater stability in its operations, and reasonable price tag, Barrick Gold appears to be the more compelling opportunity at the moment. Moving forward, investors should keep a keen eye on the prices of copper and gold in addition to the companies' handlings of their debt and the situation in Indonesia -- all dynamics that could drastically change the thesis for either company. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Scott Levine has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || Could Nucor Corporation Be a Millionaire-Maker Stock?: It's hard to find ways to innovate in a traditionally boring factory-run business like steelmaking, butNucor Corporation(NYSE: NUE)is an exception, having successfully carved out a niche for itself as an innovative leader in the steel industry. The company not only leads the pack in terms of sales and profits today but has earned shareholders some of the strongest returns in the industry over the decades.
Say, anyone who'd invested in Nucor stock at the beginning of the decade would own a six-bagger today. Or picture this: Until early 1980, Nucor was trading for less than a dollar. Today, the stock's fetching around $60. Counting dividends -- Nucor has successfully increased its dividends every year for 45 consecutive years -- Nucor has made long-term investors multimillionaires. Can the stock continue to generate such solid returns?
In a press release from 2002, Nucor elucidated how late former CEO Ken Iverson catapulted Nucor to the forefront in the steel industry. Two points stood out in the release that still holds water: Nucor's low-cost production methods and employee programs.
Can Nucor stock make you a millionaire? Image source: Getty Images.
You see, while most steel companies use blast furnaces that require a huge factory set up to manufacture steel, Nucor operates electric arc furnaces and "mini-mills." Mini-mills typically use scrap -- sourced from, say used automobiles and machinery -- and melt it in electric furnaces to produce steel. The method is not only cost effective but makes it easy for a company to start and stop electric-arc furnaces inexpensively to adjust production volumes to end-market conditions.
This flexibility is a huge advantage to have in a cyclical business, which is why rivals likeUnited States Steel Company(NYSE: X)andAK Steel Holding Corporation(NYSE: AKS)floundered during challenging times.Steel Dynamics(NASDAQ: STLD)is theonly notable exceptionas it also uses electric-arc furnaces, pretty much like Nucor, and has incredibly low labor costs.
NUE operating margin (annual). Data byYCharts.
Talking about labor, Nucor never felt the need to lay off employees in its long history unlike U.S. Steel or AK Steel, thanks to its non-unionized labor force and production-linked performance bonuses. That's a remarkable feat, one which the market appears to have acknowledged over the years. At the same time, Nucor has used every downturn as an opportunity to acquire low-priced businesses and expand facilities. While companies like U.S. Steel arestruggling with internal inefficiencies, Nucor is reaping the fruits of its strategy.
A couple of other things have instilled investor confidence in Nucor over the years, such as its financial fortitude and commitment to shareholders. Consider that Nucor was free-cash-flow positive in nine out of the past 10 years and maintained debt at reasonable levels. In FY 2017, Nucor's debt-to-equity ratio was down to only 37%, among the lowest in the industry. And as I already mentioned above, Nucor'sdividend history is among the bestthat you can find in not just steel but most cyclical industries.
It's no surprise, then, that Nucor has helped patient investors turn some thousands of dollars into millions over the years.
Nucor recentlydelivered its most profitable year since 2009. This could just be the beginning, simply because Nucor's fundamentals remain as strong as ever. Today, Nucor operates 25 scrap-based steel mills and is the largest recycler in North America.
Steel is an essential raw material for several key sectors and industries, including automotive, manufacturing, construction, transportation, and energy. Nucor is a global company that's poised to be one of the biggest beneficiaries as demand for steel rises. All that the company needs to do is stick to its disciplined capital allocation policies that prioritize growth while ensuring rich rewards to shareholders. Here's a nice chart that gives you an overview of Nucor's capital allocation over the years.
Image source: Nucor.
If Nucor can continue to grow itsbook valueper share like it has in recent years, there is no reason why the stock price shouldn't follow.
NUE book value (per share). Data byYCharts.
At a price to book value of 2.2 times, Nucor may not fall into your typical value category right now, but the stock deserves a premium for several of the factors discussed above. Nucor could win big as infrastructure spending in the U.S. takes off, and going by its last year's numbers, you wouldn't think much about buying Nucor for the long term.
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Neha Chamariahas no position in any of the stocks mentioned. The Motley Fool recommends Nucor. The Motley Fool has adisclosure policy. || Could Nucor Corporation Be a Millionaire-Maker Stock?: It's hard to find ways to innovate in a traditionally boring factory-run business like steelmaking, but Nucor Corporation (NYSE: NUE) is an exception, having successfully carved out a niche for itself as an innovative leader in the steel industry. The company not only leads the pack in terms of sales and profits today but has earned shareholders some of the strongest returns in the industry over the decades. Say, anyone who'd invested in Nucor stock at the beginning of the decade would own a six-bagger today. Or picture this: Until early 1980, Nucor was trading for less than a dollar. Today, the stock's fetching around $60. Counting dividends -- Nucor has successfully increased its dividends every year for 45 consecutive years -- Nucor has made long-term investors multimillionaires. Can the stock continue to generate such solid returns? Why Nucor has remained a favorite steel stock among investors In a press release from 2002, Nucor elucidated how late former CEO Ken Iverson catapulted Nucor to the forefront in the steel industry. Two points stood out in the release that still holds water: Nucor's low-cost production methods and employee programs. A signboard saying millionaire and pointing towards next exit with blue sky in the background. Can Nucor stock make you a millionaire? Image source: Getty Images. You see, while most steel companies use blast furnaces that require a huge factory set up to manufacture steel, Nucor operates electric arc furnaces and "mini-mills." Mini-mills typically use scrap -- sourced from, say used automobiles and machinery -- and melt it in electric furnaces to produce steel. The method is not only cost effective but makes it easy for a company to start and stop electric-arc furnaces inexpensively to adjust production volumes to end-market conditions. This flexibility is a huge advantage to have in a cyclical business, which is why rivals like United States Steel Company (NYSE: X) and AK Steel Holding Corporation (NYSE: AKS) floundered during challenging times. Steel Dynamics (NASDAQ: STLD) is the only notable exception as it also uses electric-arc furnaces, pretty much like Nucor, and has incredibly low labor costs. Story continues NUE Operating Margin (Annual) Chart NUE operating margin (annual) . Data by YCharts . Talking about labor, Nucor never felt the need to lay off employees in its long history unlike U.S. Steel or AK Steel, thanks to its non-unionized labor force and production-linked performance bonuses. That's a remarkable feat, one which the market appears to have acknowledged over the years. At the same time, Nucor has used every downturn as an opportunity to acquire low-priced businesses and expand facilities. While companies like U.S. Steel are struggling with internal inefficiencies , Nucor is reaping the fruits of its strategy. A couple of other things have instilled investor confidence in Nucor over the years, such as its financial fortitude and commitment to shareholders. Consider that Nucor was free-cash-flow positive in nine out of the past 10 years and maintained debt at reasonable levels. In FY 2017, Nucor's debt-to-equity ratio was down to only 37%, among the lowest in the industry. And as I already mentioned above, Nucor's dividend history is among the best that you can find in not just steel but most cyclical industries. It's no surprise, then, that Nucor has helped patient investors turn some thousands of dollars into millions over the years. What Nucor needs to do to remain a winning stock Nucor recently delivered its most profitable year since 2009 . This could just be the beginning, simply because Nucor's fundamentals remain as strong as ever. Today, Nucor operates 25 scrap-based steel mills and is the largest recycler in North America. Steel is an essential raw material for several key sectors and industries, including automotive, manufacturing, construction, transportation, and energy. Nucor is a global company that's poised to be one of the biggest beneficiaries as demand for steel rises. All that the company needs to do is stick to its disciplined capital allocation policies that prioritize growth while ensuring rich rewards to shareholders. Here's a nice chart that gives you an overview of Nucor's capital allocation over the years. A chart showing Nucor's operating cash flows, capital expenditures, and capital returned between 2008 and 2017. Image source: Nucor. If Nucor can continue to grow its book value per share like it has in recent years, there is no reason why the stock price shouldn't follow. NUE Book Value (Per Share) Chart NUE book value (per share) . Data by YCharts . At a price to book value of 2.2 times, Nucor may not fall into your typical value category right now, but the stock deserves a premium for several of the factors discussed above. Nucor could win big as infrastructure spending in the U.S. takes off, and going by its last year's numbers, you wouldn't think much about buying Nucor for the long term. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Neha Chamaria has no position in any of the stocks mentioned. The Motley Fool recommends Nucor. The Motley Fool has a disclosure policy . || Amazon could 'take Google to the cleaners' in retail search with a $20 billion ad business, analyst says: • Amazon's nascent advertising business could be worth around $20 billion in 2020, according to Alex DeGroote, a media analyst at Cenkos Securities.
• Amazon's strength would be in search advertising rather than display.
• "Slowly over time you will use Amazon as your retail search engine rather than Google," DeGroote told CNBC.
Amazon's AMZN nascent advertising business could be worth around $20 billion in 2020 as it challenges the likes of Google GOOGL in search, one analyst told CNBC.
Alex DeGroote, a media analyst at Cenkos Securities, estimates that North America's advertising market represents about 40 percent of the global total or around $200 billion currently. He said Amazon is about $3 billion of this now, amounting to around a 1.5 percent market share. Given the growth DeGroote is expecting by 2020, Amazon could soon have an $8 billion share in North America, and globally that would equate to $20 billion.
Amazon's strength would be in search advertising rather than display, according to DeGroote. This is because of the massive amount of products it lists on its platform. Potential companies that sell through Amazon could pay the e-commerce giant to have their products featured prominently when someone searches for something.
"I think Amazon will do retail search and take Google to the cleaners on retail search using their estate," DeGroote told CNBC in a recent phone interview.
"Slowly over time you will use Amazon as your retail search engine rather than Google."
Google GOOGL and Facebook FB currently rake in the majority of digital ad spending globally. Google is expected to have 80 percent of the U.S. search ad market in 2018, according to eMarketer data. But evidence is growing of Amazon's increasing interest in this space. CNBC reported in December that Amazon was looking to step up its ad products in search and video. Martin Sorrell, CEO of WPP WPP-GB , the world's largest advertising firm told CNBC in January , that it was increasing its spending on advertising on Amazon from $200 million in 2017 to $300 million this year.
DeGroote said that Amazon quickly became a giant in the cloud computing space, and the same could happen in advertising.
"This is the company that without anybody realizing became the biggest cloud computing company in the world, advertising is a piece of cake," DeGroote said.
The company has already said itself that it has seen growing ad revenues. In a call with analysts in February after reporting a strong fourth quarter, Amazon CFO Brian Olsavsky, said advertising was a "key contributor" to its North American sales growth.
And Wall Street analysts are bullish on Amazon because of the prospect of a big advertising business. Analysts at Citi Research said in a note earlier this year that the e-commerce titan will be able to compete against Google and Facebook in advertising. Citi increased its price target for Amazon shares from $1,400 to $1,600. And J.P. Morgan said in January that Amazon could become a $1 trillion company with help from advertising.
But Amazon is now in the firing line of President Donald Trump, who claimed that the U.S. Postal Service loses "a fortune" delivering packages for the company. A few days prior, he took another shot at Amazon , saying in a tweet that it pays "little or no taxes to state & local governments."
Amazon shares closed 5.2 percent lower on Monday after Trump's comments.
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• Spotify's NYSE debut reignites debate over Wall Street's IPO machine
• Bitcoin had its worst first quarter ever with over $119 billion wiped off value || Amazon could 'take Google to the cleaners' in retail search with a $20 billion ad business, analyst says: Amazon's nascent advertising business could be worth around $20 billion in 2020, according to Alex DeGroote, a media analyst at Cenkos Securities. Amazon's strength would be in search advertising rather than display. "Slowly over time you will use Amazon as your retail search engine rather than Google," DeGroote told CNBC. Amazon's AMZN nascent advertising business could be worth around $20 billion in 2020 as it challenges the likes of Google GOOGL in search, one analyst told CNBC. Alex DeGroote, a media analyst at Cenkos Securities, estimates that North America's advertising market represents about 40 percent of the global total or around $200 billion currently. He said Amazon is about $3 billion of this now, amounting to around a 1.5 percent market share. Given the growth DeGroote is expecting by 2020, Amazon could soon have an $8 billion share in North America, and globally that would equate to $20 billion. Amazon's strength would be in search advertising rather than display, according to DeGroote. This is because of the massive amount of products it lists on its platform. Potential companies that sell through Amazon could pay the e-commerce giant to have their products featured prominently when someone searches for something. "I think Amazon will do retail search and take Google to the cleaners on retail search using their estate," DeGroote told CNBC in a recent phone interview. "Slowly over time you will use Amazon as your retail search engine rather than Google." Google GOOGL and Facebook FB currently rake in the majority of digital ad spending globally. Google is expected to have 80 percent of the U.S. search ad market in 2018, according to eMarketer data. But evidence is growing of Amazon's increasing interest in this space. CNBC reported in December that Amazon was looking to step up its ad products in search and video. Martin Sorrell, CEO of WPP WPP-GB , the world's largest advertising firm told CNBC in January , that it was increasing its spending on advertising on Amazon from $200 million in 2017 to $300 million this year. Story continues DeGroote said that Amazon quickly became a giant in the cloud computing space, and the same could happen in advertising. "This is the company that without anybody realizing became the biggest cloud computing company in the world, advertising is a piece of cake," DeGroote said. The company has already said itself that it has seen growing ad revenues. In a call with analysts in February after reporting a strong fourth quarter, Amazon CFO Brian Olsavsky, said advertising was a "key contributor" to its North American sales growth. And Wall Street analysts are bullish on Amazon because of the prospect of a big advertising business. Analysts at Citi Research said in a note earlier this year that the e-commerce titan will be able to compete against Google and Facebook in advertising. Citi increased its price target for Amazon shares from $1,400 to $1,600. And J.P. Morgan said in January that Amazon could become a $1 trillion company with help from advertising. But Amazon is now in the firing line of President Donald Trump, who claimed that the U.S. Postal Service loses "a fortune" delivering packages for the company. A few days prior, he took another shot at Amazon , saying in a tweet that it pays "little or no taxes to state & local governments." Amazon shares closed 5.2 percent lower on Monday after Trump's comments. More From CNBC Tesla stock pops despite missing Model 3 production target of 2,500 cars a week Spotify's NYSE debut reignites debate over Wall Street's IPO machine Bitcoin had its worst first quarter ever with over $119 billion wiped off value
[Social Media Buzz]
My feed is littered with shitposts.
#1 indicator btc is having a down day || LTC and BTC Move in Bull Trapping Tandem! LITECOIN! http://www.tradingview.com/v/fgORbk0j/ #markets #trading #technicals (trending on TradingView) || Último: R$ 23.400,00 ▼
Alta: R$ 25.946,76 ▼
Baixa: R$ 23.351,69 ▼
Volume: 469.26212319 BTC ▼
Taxa 30min: 10 sat/byte (~R$ 0,599) ▼
#bitcoin #blockchain #cryptocurrency || https://www.coindesk.com/chinas-sinochem-completes-gasoline-export-over-blockchain-system/ …...
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6811.47, 6636.32, 6911.09, 7023.52, 6770.73, 6834.76, 6968.32, 7889.25, 7895.96, 7986.24
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 9264.81, 9162.92, 9045.39, 9143.58, 9190.85, 9137.99, 9228.33, 9123.41, 9087.30, 9132.49, 9073.94, 9375.47, 9252.28, 9428.33, 9277.97, 9278.81, 9240.35, 9276.50, 9243.61, 9243.21, 9192.84, 9132.23, 9151.39, 9159.04, 9185.82, 9164.23, 9374.89, 9525.36, 9581.07, 9536.89, 9677.11, 9905.17, 10990.87, 10912.82, 11100.47, 11111.21, 11323.47, 11759.59, 11053.61, 11246.35, 11205.89, 11747.02, 11779.77, 11601.47, 11754.05, 11675.74, 11878.11, 11410.53, 11584.93, 11784.14, 11768.87, 11865.70, 11892.80, 12254.40, 11991.23, 11758.28, 11878.37, 11592.49, 11681.83, 11664.85, 11774.60, 11366.13, 11488.36, 11323.40, 11542.50, 11506.87, 11711.51, 11680.82, 11970.48, 11414.03, 10245.30, 10511.81, 10169.57, 10280.35, 10369.56, 10131.52, 10242.35, 10363.14, 10400.92, 10442.17, 10323.76, 10680.84, 10796.95, 10974.91, 10948.99, 10944.59, 11094.35, 10938.27, 10462.26, 10538.46.
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[Bitcoin Technical Analysis for 2020-09-22]
Volume: 23621787804, RSI (14-day): 44.09, 50-day EMA: 10825.81, 200-day EMA: 9812.91
[Wider Market Context]
Gold Price: 1898.60, Gold RSI: 41.40
Oil Price: 39.60, Oil RSI: 46.65
[Recent News (last 7 days)]
British man sentenced to 5 years for hacking US companies: ST. LOUIS (AP) A British man who was part of a hacking collective called The Dark Overlord was sentenced Monday to five years in prison for helping the group steal information from several companies in the U.S., including Missouri, Illinois and Georgia. Nathan Francis Wyatt, 39, was sentenced after he pleaded guilty in federal court in St. Louis to conspiring to commit aggravated identity theft and computer fraud. He was also ordered to pay about $1.5 million in restitution. Federal prosecutors said The Dark Overlord stole medical records, client files and personal information from the companies, then demanded between $75,000 and $300,000 worth of Bitcoin to return the information. None of the companies paid the ransom but the conspiracy did cost them because of the intrusion and release of data, federal prosecutor Laura Kathleen Bernstein said. Wyatt set up a phone account and accounts on Twitter and PayPal that were used to communicate and receive money, she said. Wyatt apologized during the hearing, held via Zoom, saying that he was on medication for mental problems that led him to make bad decisions, The St. Louis Post-Dispatch reported . I can promise you that Im out of that world, he said, voice breaking. I dont want to see another computer for the rest of my life. His lawyer, Brocca Morrison, noted that Wyatt did not orchestrate the hacks and is the only hacker who has been identified. Bernstein said Wyatts actions helped the other hackers remain anonymous and that his phone account was used to send threatening text messages to relatives of victims. Wyatt was indicted in 2017, but he was not extradited to the U.S. until last year after British lawyers fought to keep him in that country. He had served 14 months in a British prison after pleading guilty to 22 charges after he was accused of demanding money from the owner of a hacked computer and using stolen credit cards. || British man sentenced to 5 years for hacking US companies: ST. LOUIS (AP) — A British man who was part of a hacking collective called The Dark Overlord was sentenced Monday to five years in prison for helping the group steal information from several companies in the U.S., including Missouri, Illinois and Georgia.
Nathan Francis Wyatt, 39, was sentenced after he pleaded guilty in federal court in St. Louis to conspiring to commit aggravated identity theft and computer fraud. He was also ordered to pay about $1.5 million in restitution.
Federal prosecutors said The Dark Overlordstolemedical records, client files and personal information from the companies, then demanded between $75,000 and $300,000 worth of Bitcoin to return the information. None of the companies paid the ransom but the conspiracy did cost them because of the intrusion and release of data, federal prosecutor Laura Kathleen Bernstein said.
Wyatt set up a phone account and accounts on Twitter and PayPal that were used to communicate and receive money, she said.
Wyatt apologized during the hearing, held via Zoom, saying that he was on medication for mental problems that led him to make bad decisions, The St. Louis Post-Dispatchreported.
“I can promise you that I’m out of that world,” he said, voice breaking. “I don’t want to see another computer for the rest of my life.”
His lawyer, Brocca Morrison, noted that Wyatt did not orchestrate the hacks and is the only hacker who has been identified.
Bernstein said Wyatt’s actions helped the other hackers remain anonymous and that his phone account was used to send threatening text messages to relatives of victims.
Wyatt was indicted in 2017, but he was not extradited to the U.S. until last year after British lawyers fought to keep him in that country.
He had served 14 months in a British prison after pleading guilty to 22 charges after he was accused of demanding money from the owner of a hacked computer and using stolen credit cards. || Bitcoin Miner Bitfarms Leases 2,000 Rigs From BlockFills, Has Option for Up to 7,000 More: Canadian cryptocurrency miner Bitfarms Ltd. will lease 2,000 WhatsMiner M31S rigs from market-maker BlockFills as the Bitcoin networks ever-increasing difficulty rate turns up the heat on mining outfits. Bitfarms new equipment will add 360 petahashes of mining power by the end of October, according to a press release . The lease, set to last 24 months, comes with a 9.5% interest rate as well as a purchase option. BlockFills may furnish Bitfarms with even more miners by the the end of 2020, depending on equipment availability. The pair signed a non-binding letter of intent for up to 7,000 additional miners. Last quarter, Bitfarms mined 815 bitcoins a high point among publicly traded miners. But it also lost $3.7 million as the entire mining market adjusted to COVID-19 challenges as well as the ramifications of the bitcoin halving. Bitcoins price recovery, repeated breaks above the $10,000 and $11,000 thresholds, and record-high network difficulty are forcing mining companies around the world to bulk up their computing power. See also: Why Debt Financing May Be a Double-Edged Sword for Bitcoin Miner Bitfarms Related Stories Bitcoin Miner Bitfarms Leases 2,000 Rigs From BlockFills, Has Option for Up to 7,000 More Bitcoin Miner Bitfarms Leases 2,000 Rigs From BlockFills, Has Option for Up to 7,000 More Bitcoin Miner Bitfarms Leases 2,000 Rigs From BlockFills, Has Option for Up to 7,000 More Bitcoin Miner Bitfarms Leases 2,000 Rigs From BlockFills, Has Option for Up to 7,000 More || Bitcoin Miner Bitfarms Leases 2,000 Rigs From BlockFills, Has Option for Up to 7,000 More: Canadian cryptocurrency miner Bitfarms Ltd. will lease 2,000 WhatsMiner M31S rigs from market-maker BlockFills as the Bitcoin network’s ever-increasing difficulty rate turns up the heat on mining outfits.
• Bitfarms’ new equipment will add 360 petahashes of mining power by the end of October, according to apress release.
• The lease, set to last 24 months, comes with a 9.5% interest rate as well as a purchase option.
• BlockFills may furnish Bitfarms with even more miners by the the end of 2020, depending on equipment availability. The pair signed a non-binding letter of intent for up to 7,000 additional miners.
• Last quarter, Bitfarmsmined 815 bitcoins– a high point among publicly traded miners. But it also lost $3.7 million as the entire mining market adjusted to COVID-19 challenges as well as the ramifications of the bitcoin halving.
• Bitcoin’s price recovery, repeated breaks above the $10,000 and $11,000 thresholds, andrecord-high network difficultyare forcing mining companies around the world to bulk up their computing power.
See also:Why Debt Financing May Be a Double-Edged Sword for Bitcoin Miner Bitfarms
• Bitcoin Miner Bitfarms Leases 2,000 Rigs From BlockFills, Has Option for Up to 7,000 More
• Bitcoin Miner Bitfarms Leases 2,000 Rigs From BlockFills, Has Option for Up to 7,000 More
• Bitcoin Miner Bitfarms Leases 2,000 Rigs From BlockFills, Has Option for Up to 7,000 More
• Bitcoin Miner Bitfarms Leases 2,000 Rigs From BlockFills, Has Option for Up to 7,000 More || Bitcoin Miner Bitfarms Leases 2,000 Rigs From BlockFills, Has Option for Up to 7,000 More: Canadian cryptocurrency miner Bitfarms Ltd. will lease 2,000 WhatsMiner M31S rigs from market-maker BlockFills as the Bitcoin network’s ever-increasing difficulty rate turns up the heat on mining outfits.
• Bitfarms’ new equipment will add 360 petahashes of mining power by the end of October, according to apress release.
• The lease, set to last 24 months, comes with a 9.5% interest rate as well as a purchase option.
• BlockFills may furnish Bitfarms with even more miners by the the end of 2020, depending on equipment availability. The pair signed a non-binding letter of intent for up to 7,000 additional miners.
• Last quarter, Bitfarmsmined 815 bitcoins– a high point among publicly traded miners. But it also lost $3.7 million as the entire mining market adjusted to COVID-19 challenges as well as the ramifications of the bitcoin halving.
• Bitcoin’s price recovery, repeated breaks above the $10,000 and $11,000 thresholds, andrecord-high network difficultyare forcing mining companies around the world to bulk up their computing power.
See also:Why Debt Financing May Be a Double-Edged Sword for Bitcoin Miner Bitfarms
• Bitcoin Miner Bitfarms Leases 2,000 Rigs From BlockFills, Has Option for Up to 7,000 More
• Bitcoin Miner Bitfarms Leases 2,000 Rigs From BlockFills, Has Option for Up to 7,000 More
• Bitcoin Miner Bitfarms Leases 2,000 Rigs From BlockFills, Has Option for Up to 7,000 More
• Bitcoin Miner Bitfarms Leases 2,000 Rigs From BlockFills, Has Option for Up to 7,000 More || Market Wrap: Bitcoin Dips to $10.1K, Ether Drops to $330 on Sell-Off Session: Bitcoin and ether both dropped Monday as global markets conducted a selling session. Bitcoin (BTC) trading around $10,492 as of 20:00 UTC (4 p.m. EDT). Slipping 3.6% over the previous 24 hours. Bitcoin’s 24-hour range: $10,179-$10,994. BTC below its 10-day and 50-day moving averages, a bearish signal for market technicians. Bitcoin price fell sharply Monday, with a lengthy sell-off session starting around 07:00 UTC (12:00 a.m. EDT) and dropping to as low as $10,179 on spot exchanges such as Coinbase before gaining to $10,492 as of press time. “The market is still positioned short with persistent negative funding over the past month and under-allocation to BTC,” said Cindy Leow, portfolio manager for 256 Capital Partners, a market-neutral trading firm. ”At this stage, sellers are still in control of the market.” Related: Bitcoin-on-Ethereum Token tBTC Relaunches Following Buggy Debut in May As bitcoin tumbled Monday, sell liquidations on derivatives exchange BitMEX picked up, putting pressure on price. In fact, over the past 24 hours, BitMEX liquidated over $34 million in long positions, the crypto equivalent of a margin call. Darius Sit of crypto quant trading firm QCP Capital said the global equities markets are not faring well to start the week. “Stocks are getting hit,” Sit said. indeed, major indexes are all in the red Monday: In Asia the Nikkei 225 is closed for holiday Monday. Hong Kong’s Hang Seng slipped 2% as HSBC dropped 4.5% Tencent fell 1.7% . In Europe the FTSE 100 ended the day in the red 3.3% as potential fresh coronavirus restrictions in the UK led to major selling . In the United States the S&P 500 fell 1.8% as concerns about the coronavirus and uncertainty regarding fresh US government stimulus pushed the index lower . Michael Rabkin, of crypto liquidity and market making firm DV Chain, said markets across the board are in “risk-off” mode, when asset holders unload for safer investments in the face of broader economic tumult. “Governments continue to print money and questions are left unanswered due to covid,” said Rabkin. “We’re seeing risk-off across all the markets right now which is having a direct effect on crypto.” Story continues Read More: Bitcoin and Ether in Biggest Slump Since Sept. 3 as Stock Markets Sink Related: First Mover: Bitcoin's Latest Sell-Off Gets Crypto Traders Mulling Election Chaos QCP Capital noted in its Monday investor letter that both bitcoin and ether were riding high just last week – ether hit $394 September 17, bitcoin topped $11,178 September 19. Monday’s sell-off may prove to be an assessment of crypto’s resiliency, according to QCP. “We’ve had a retest of $11,000 in bitcoin and almost $400 in ether,” QCP’s note stated. “We think this week and next is where the rubber meets the road.” Ether options shift on price drop The second largest cryptocurrency by market capitalization, ether (ETH), was down Monday trading around $345 and slipping 7.2% in 24 hours as of 20:00 UTC (4:00 p.m. EDT). Read More: Did Ethereum Learn Anything From the $55M DAO Attack? Implied volatility, the market’s expectation of ether’s future price movement, has dipped below realized volatility, ether’s current movement based on historical data. It’s a shift in the ether options market not seen since July. William Purdy, an options trader and founder of analysis firm PurdyAlerts, said ether’s price descent, hitting as low as $330, Monday, is helping fuel the switch. “This recent discrepancy in implied volatility and realized volatility is due to the options market following the underlying asset price momentum in the short-term,” he said. Purdy said this means options premiums are likely undervalued and buyers can take advantage – at least for the time being. “Implied volatility will likely increase again when options buyers seek to close their positions,” Purdy added. Other markets Digital assets on the CoinDesk 20 are mostly in the red Monday. Two notable winners as of 20:00 UTC (4:00 p.m. EDT): orchid (OXT) + 28% ethereum classic (ETC) + 0.14% Notable losers as of 20:00 UTC (4:00 p.m. EDT): chainlink (LINK) – 7.9% tezos (XTZ) – 7.9% zcash (ZEC) – 7% Read More: Former HSBC, Citigroup, Merrill Lynch Execs Start $50M Crypto Fund Commodities: Oil is down 3.1%. Price per barrel of West Texas Intermediate crude: $39.60. Gold was in the red 2% and at $1,910 as of press time. Treasurys: U.S. Treasury bond yields slipped Monday. Yields, which move in the opposite direction as price, were down most on the 10-year, in the red 3.5%. Related Stories Market Wrap: Bitcoin Dips to $10.1K, Ether Drops to $330 on Sell-Off Session Market Wrap: Bitcoin Dips to $10.1K, Ether Drops to $330 on Sell-Off Session || Market Wrap: Bitcoin Dips to $10.1K, Ether Drops to $330 on Sell-Off Session: Bitcoin and ether both dropped Monday as global markets conducted a selling session.
• Bitcoin(BTC) trading around $10,492 as of 20:00 UTC (4 p.m. EDT). Slipping 3.6% over the previous 24 hours.
• Bitcoin’s 24-hour range: $10,179-$10,994.
• BTC below its 10-day and 50-day moving averages, a bearish signal for market technicians.
Bitcoin price fell sharply Monday, with a lengthy sell-off session starting around 07:00 UTC (12:00 a.m. EDT) and dropping to as low as $10,179 on spot exchanges such as Coinbase before gaining to $10,492 as of press time.
“The market is still positioned short with persistent negative funding over the past month and under-allocation to BTC,” said Cindy Leow, portfolio manager for 256 Capital Partners, a market-neutral trading firm. ”At this stage, sellers are still in control of the market.”
Related:Bitcoin-on-Ethereum Token tBTC Relaunches Following Buggy Debut in May
As bitcoin tumbled Monday, sell liquidations on derivatives exchange BitMEX picked up, putting pressure on price. In fact, over the past 24 hours, BitMEX liquidated over $34 million in long positions, the crypto equivalent of a margin call.
Darius Sit of crypto quant trading firm QCP Capital said the global equities markets are not faring well to start the week. “Stocks are getting hit,” Sit said. indeed, major indexes are all in the red Monday:
• In Asia the Nikkei 225 is closed for holiday Monday. Hong Kong’s Hang Sengslipped 2% as HSBC dropped 4.5% Tencent fell 1.7%.
• In Europe the FTSE 100 ended the day in the red 3.3% aspotential fresh coronavirus restrictions in the UK led to major selling.
• In the United States the S&P 500 fell 1.8% asconcerns about the coronavirus and uncertainty regarding fresh US government stimulus pushed the index lower.
Michael Rabkin, of crypto liquidity and market making firm DV Chain, said markets across the board are in “risk-off” mode, when asset holders unload for safer investments in the face of broader economic tumult. “Governments continue to print money and questions are left unanswered due to covid,” said Rabkin. “We’re seeing risk-off across all the markets right now which is having a direct effect on crypto.”
Read More:Bitcoin and Ether in Biggest Slump Since Sept. 3 as Stock Markets Sink
Related:First Mover: Bitcoin's Latest Sell-Off Gets Crypto Traders Mulling Election Chaos
QCP Capital noted in its Monday investor letter that both bitcoin and ether were riding high just last week – ether hit $394 September 17, bitcoin topped $11,178 September 19.
Monday’s sell-off may prove to be an assessment of crypto’s resiliency, according to QCP. “We’ve had a retest of $11,000 in bitcoin and almost $400 in ether,” QCP’s note stated. “We think this week and next is where the rubber meets the road.”
The second largest cryptocurrency by market capitalization,ether(ETH), was down Monday trading around $345 and slipping 7.2% in 24 hours as of 20:00 UTC (4:00 p.m. EDT).
Read More:Did Ethereum Learn Anything From the $55M DAO Attack?
Implied volatility, the market’s expectation of ether’s future price movement, has dipped below realized volatility, ether’s current movement based on historical data. It’s a shift in the ether options market not seen since July.
William Purdy, an options trader and founder of analysis firm PurdyAlerts, said ether’s price descent, hitting as low as $330, Monday, is helping fuel the switch. “This recent discrepancy in implied volatility and realized volatility is due to the options market following the underlying asset price momentum in the short-term,” he said.
Purdy said this means options premiums are likely undervalued and buyers can take advantage – at least for the time being. “Implied volatility will likely increase again when options buyers seek to close their positions,” Purdy added.
Digital assets on theCoinDesk 20are mostly in the red Monday. Two notable winners as of 20:00 UTC (4:00 p.m. EDT):
• orchid(OXT) + 28%
• ethereum classic(ETC) + 0.14%
Notable losers as of 20:00 UTC (4:00 p.m. EDT):
• chainlink(LINK) – 7.9%
• tezos(XTZ) – 7.9%
• zcash(ZEC) – 7%
Read More:Former HSBC, Citigroup, Merrill Lynch Execs Start $50M Crypto Fund
Commodities:
• Oil is down 3.1%. Price per barrel of West Texas Intermediate crude: $39.60.
• Gold was in the red 2% and at $1,910 as of press time.
Treasurys:
• U.S. Treasury bond yields slipped Monday. Yields, which move in the opposite direction as price, were down most on the 10-year, in the red 3.5%.
• Market Wrap: Bitcoin Dips to $10.1K, Ether Drops to $330 on Sell-Off Session
• Market Wrap: Bitcoin Dips to $10.1K, Ether Drops to $330 on Sell-Off Session || Market Wrap: Bitcoin Dips to $10.1K, Ether Drops to $330 on Sell-Off Session: Bitcoin and ether both dropped Monday as global markets conducted a selling session.
• Bitcoin(BTC) trading around $10,492 as of 20:00 UTC (4 p.m. EDT). Slipping 3.6% over the previous 24 hours.
• Bitcoin’s 24-hour range: $10,179-$10,994.
• BTC below its 10-day and 50-day moving averages, a bearish signal for market technicians.
Bitcoin price fell sharply Monday, with a lengthy sell-off session starting around 07:00 UTC (12:00 a.m. EDT) and dropping to as low as $10,179 on spot exchanges such as Coinbase before gaining to $10,492 as of press time.
“The market is still positioned short with persistent negative funding over the past month and under-allocation to BTC,” said Cindy Leow, portfolio manager for 256 Capital Partners, a market-neutral trading firm. ”At this stage, sellers are still in control of the market.”
Related:Bitcoin-on-Ethereum Token tBTC Relaunches Following Buggy Debut in May
As bitcoin tumbled Monday, sell liquidations on derivatives exchange BitMEX picked up, putting pressure on price. In fact, over the past 24 hours, BitMEX liquidated over $34 million in long positions, the crypto equivalent of a margin call.
Darius Sit of crypto quant trading firm QCP Capital said the global equities markets are not faring well to start the week. “Stocks are getting hit,” Sit said. indeed, major indexes are all in the red Monday:
• In Asia the Nikkei 225 is closed for holiday Monday. Hong Kong’s Hang Sengslipped 2% as HSBC dropped 4.5% Tencent fell 1.7%.
• In Europe the FTSE 100 ended the day in the red 3.3% aspotential fresh coronavirus restrictions in the UK led to major selling.
• In the United States the S&P 500 fell 1.8% asconcerns about the coronavirus and uncertainty regarding fresh US government stimulus pushed the index lower.
Michael Rabkin, of crypto liquidity and market making firm DV Chain, said markets across the board are in “risk-off” mode, when asset holders unload for safer investments in the face of broader economic tumult. “Governments continue to print money and questions are left unanswered due to covid,” said Rabkin. “We’re seeing risk-off across all the markets right now which is having a direct effect on crypto.”
Read More:Bitcoin and Ether in Biggest Slump Since Sept. 3 as Stock Markets Sink
Related:First Mover: Bitcoin's Latest Sell-Off Gets Crypto Traders Mulling Election Chaos
QCP Capital noted in its Monday investor letter that both bitcoin and ether were riding high just last week – ether hit $394 September 17, bitcoin topped $11,178 September 19.
Monday’s sell-off may prove to be an assessment of crypto’s resiliency, according to QCP. “We’ve had a retest of $11,000 in bitcoin and almost $400 in ether,” QCP’s note stated. “We think this week and next is where the rubber meets the road.”
The second largest cryptocurrency by market capitalization,ether(ETH), was down Monday trading around $345 and slipping 7.2% in 24 hours as of 20:00 UTC (4:00 p.m. EDT).
Read More:Did Ethereum Learn Anything From the $55M DAO Attack?
Implied volatility, the market’s expectation of ether’s future price movement, has dipped below realized volatility, ether’s current movement based on historical data. It’s a shift in the ether options market not seen since July.
William Purdy, an options trader and founder of analysis firm PurdyAlerts, said ether’s price descent, hitting as low as $330, Monday, is helping fuel the switch. “This recent discrepancy in implied volatility and realized volatility is due to the options market following the underlying asset price momentum in the short-term,” he said.
Purdy said this means options premiums are likely undervalued and buyers can take advantage – at least for the time being. “Implied volatility will likely increase again when options buyers seek to close their positions,” Purdy added.
Digital assets on theCoinDesk 20are mostly in the red Monday. Two notable winners as of 20:00 UTC (4:00 p.m. EDT):
• orchid(OXT) + 28%
• ethereum classic(ETC) + 0.14%
Notable losers as of 20:00 UTC (4:00 p.m. EDT):
• chainlink(LINK) – 7.9%
• tezos(XTZ) – 7.9%
• zcash(ZEC) – 7%
Read More:Former HSBC, Citigroup, Merrill Lynch Execs Start $50M Crypto Fund
Commodities:
• Oil is down 3.1%. Price per barrel of West Texas Intermediate crude: $39.60.
• Gold was in the red 2% and at $1,910 as of press time.
Treasurys:
• U.S. Treasury bond yields slipped Monday. Yields, which move in the opposite direction as price, were down most on the 10-year, in the red 3.5%.
• Market Wrap: Bitcoin Dips to $10.1K, Ether Drops to $330 on Sell-Off Session
• Market Wrap: Bitcoin Dips to $10.1K, Ether Drops to $330 on Sell-Off Session || The Fast-Growing NFT Market Is Problematic Yet Promising: In some circumstances, is yield farming with non-fungible tokens (NFTs) another term for wash trading? Yield farming is the process of getting tokens in return for providing crypto assets to fledgling marketplaces. The activity surged this summer starting with decentralized finance (DeFi) money markets like Compound. But now the game has migrated to other markets as well. Just like players at arcades, yield farmers put in money and get tokens in return. Then they use those tokens to play video games, hoping to win a prize by beating the game. In the NFT space, this dynamic is being pioneered by Rarible , where users are rewarded with rari tokens for buying and selling digital collectibles. Rari token rewards propelled the site to quickly overtake other NFT marketplaces. However, this dynamic also created a fresh set of problems related to wash trading. Traders often swap these reward tokens for money on platforms like Uniswap . Related: First Mover: Bitcoin's Latest Sell-Off Gets Crypto Traders Mulling Election Chaos With more than 33,189 transactions tallying roughly $3.6 million in trading over the past month, according to NonFungible.com , there’s such a small market for crypto collectibles that wash trading can sometimes be difficult to identify. Michael Arnold, an engineer at crypto gaming startup My Crypto Heroes , said it’s important to distinguish between the different types of NFT wash trading. In short, wash trading traditionally means someone putting “buy” and “sell” orders at the same time, to create the illusion of demand. Sometimes people can wash trade while yield farming, but these aren’t usually the same thing. “Some developers have been spotted that did wash trading at the start. But I’d say it’s rare. Some users also did wash trading, which might be more common,” Arnold said. “But it really depends on the incentives. If you’re a whale in a game, you want to do wash trading to see your game high in the OpenSea ranks. If you’re trading on Rarible, you want to collect the governance tokens.” Story continues Read more: Yield Farming Expands From Finance to Digital Collectibles Related: Bitcoin and Ether in Biggest Slump Since Sept. 3 as Stock Markets Sink Coinfund co-founder Jake Brukhman, an investor in Rarible, said the reason rari token rewards are closer to yield farming than traditional rewards programs is that rari gives users voting rights. “This is a story about a marketplace that came in with a bunch of incumbents and introduced a crypto-native monetization, through a token,” Brukhman said. “When you get rari you become a partial owner of the platform. This gives you a right to vote in the governance process.” The governance token has functioned as a growth driver, long before voting options were viable, with Messari Research showing sales on Rarible surging to well over $6 million by Sept. 16. “Who these protocols are democratizing for is individuals and retail users. It’s easier for my brother to 10x his NFT investment on Rarible than it is for me as Coinfund,” Brukhman added. Out of 25 million rari tokens created, roughly 30% are reserved for the Rarible’s team, while the plan is to distribute 60% to various user groups. “Some people are incentivized to create volume,” Rarible co-founder Alexander Salnikov said. As the primary holders, Rarible wants to make sure the governance tokens retain value beyond yield farming, a daunting aspiration. Salnikov said he estimated more than 40% of the $750,000 worth of NFT trades on his platform in August involved some type of wash trading . Salnikov said the platform is adding transaction fees to help curtail this issue. Incentive models Stimulating demand to collect reward points, like rari tokens, is just one form of NFT wash trading. Another form of performative trading could be compared to bombastic marketing, or chasing clout for visibility. For example, a whale can simply ask a friend to buy his collectible while a token accumulator requires many accounts and transactions. Some marketplace users are still just experimenting with “ mutually beneficial ” deals between friends. Read more: What Is Yield Farming? The Rocket Fuel of DeFi, Explained Furthermore, platforms like Nifty Gateway that rank secondary marketplace sales might incentivize hops across platforms. There are also rare NFT galleries, like the Museum of Crypto Art which purchased the Picasso Bitcoin Bull NFT for $55,555 via Nifty Gateway, according to the artist Trevor Jones . For now, most of the value appears to come from the ability to transact with a geographically diverse community of crypto fans, including a few thousand artists and gamers. As with any crypto exchange, the platforms need to incentivize constructive user behavior rather than quick pump-and-dumps. It’s rare for authentic buyers to trade an asset many times within 24 hours, so this is one of the signs used to identify suspicious patterns. “We rely heavily on community signaling to identify those guys,” Rarible’s Salnikov said, adding they are denied token rewards. Governance challenges From Brukhman’s perspective, if the platform can overcome these technical barriers to governance the profits could be extraordinary. “They have a bunch of challenges that are technical, but what’s most important for me as an investor is they’ve positioned themselves as a platform for all the different NFT types,” Brukhman said. “It’s also domain names, insurance, photography, 3D models, they’re going to become a Reddit for NFTs … that’s a much bigger market than art.” Beyond liquidations on Uniswap , the rari token is primarily used to vote on governance options for the exchange. The Rarible platform does have an active community of digital artists , the Telegram group has 2,345 members and Discord has hundreds as well, where authentic trades and projects are discussed between fans. One such authentic fan, an artist who goes by Yeli , earns her primary income from selling artistic NFTs since her restaurant job shuttered in March. “The transition itself was pretty sharp, in the sense of going from a full-time job and making art every once in a while, to having all the time to create and brainstorm and collaborate with other artists,” Yeli said. “Luckily, though, I can say I’ve been blessed enough to have a small but steady stream of collectors lately who enjoy what I make enough to buy it and hopefully more people can take a look at it and feel the same way.” Read more: The NFT Game That Makes Cents for Filipinos During COVID There are around 1,449 rari token holders, most of which weren’t blacklisted as part of identifying the problematic 40% of transactions. There does appear to be a consistent group of people who buy and sell NFTs. Plus, it’s unclear how accurate that wash trading estimate is. Some now-excluded Rarible users claim they weren’t involved with wash trading and the platform didn’t offer them any opportunity for explanation or recourse. “Some interesting projects related to NFTs were commissioned by a community member in the style of Japanese Waifus and community members were excited about it,” one such buyer who traded a flagged NFT, AaronTing8, said in a direct message. “Pretty much everyone I talk to who has bought the Yumiko NFT did not get the Rari airdrop. In fact, many did not receive Rari airdrops for other trading activities.” The startup rectified this issue by issuing a special NFT , which jilted buyers could use to claim belated rewards from the previous Yumiko NFT purchases. Going forward, the startup aims to solve this issue with more direct community involvement, rather than routinely arbitrating themselves. “We have a plan to transition to a fully decentralized system,” Salnikov said in a phone interview, adding there will be a way for token holders to delegate their voting power to other parties. “There will be a DAO [decentralized autonomous organization] controlling all of this.” Read more: Dapper Labs–USDC Integration Helps NBA Collectibles Game Clear $2M in Revenue Since June At this stage, there’s no way to divorce speculation from future governance. Even artists like Yeli, who sell NFTs more often than she trades, find a curious appeal in the speculative aspects of the Rarible ecosystem. “The main attractive use of these cryptocurrencies lies in the ability to transact quickly and efficiently,” Yeli said, adding she uses bitcoin for savings and tokens for the operational needs of her NFT business. “But, also, I can’t say the speculative aspect isn’t a main draw. It’s fascinating to imagine earning a living in crypto, when the value can literally go anywhere.” As for Arnold of My Crypto Heroes, he prefers to focus on collectibles that work as video game assets, not stores of value. This process is simpler because it usually doesn’t involve yield farming. At least, not yet. However, Arnold said, collectibles could someday become a part of the professional gaming industry. That might involve more complex token models. “You can compare it to cars: Unless it’s a very rare, old, valuable car, it’s meant to drive and will lose value over time,” Arnold said. “Once the infrastructure of lending and staking is in place, I can totally see NFT whales renting their NFTs to players for a revenue share on the rewards.” Related Stories The Fast-Growing NFT Market Is Problematic Yet Promising The Fast-Growing NFT Market Is Problematic Yet Promising || The Fast-Growing NFT Market Is Problematic Yet Promising: In some circumstances, is yield farming with non-fungible tokens (NFTs) another term for wash trading? Yield farming is the process of getting tokens in return for providing crypto assets to fledgling marketplaces. The activity surged this summer starting with decentralized finance (DeFi) money markets like Compound. But now the game has migrated to other markets as well. Just like players at arcades, yield farmers put in money and get tokens in return. Then they use those tokens to play video games, hoping to win a prize by beating the game. In the NFT space, this dynamic is being pioneered by Rarible , where users are rewarded with rari tokens for buying and selling digital collectibles. Rari token rewards propelled the site to quickly overtake other NFT marketplaces. However, this dynamic also created a fresh set of problems related to wash trading. Traders often swap these reward tokens for money on platforms like Uniswap . Related: First Mover: Bitcoin's Latest Sell-Off Gets Crypto Traders Mulling Election Chaos With more than 33,189 transactions tallying roughly $3.6 million in trading over the past month, according to NonFungible.com , there’s such a small market for crypto collectibles that wash trading can sometimes be difficult to identify. Michael Arnold, an engineer at crypto gaming startup My Crypto Heroes , said it’s important to distinguish between the different types of NFT wash trading. In short, wash trading traditionally means someone putting “buy” and “sell” orders at the same time, to create the illusion of demand. Sometimes people can wash trade while yield farming, but these aren’t usually the same thing. “Some developers have been spotted that did wash trading at the start. But I’d say it’s rare. Some users also did wash trading, which might be more common,” Arnold said. “But it really depends on the incentives. If you’re a whale in a game, you want to do wash trading to see your game high in the OpenSea ranks. If you’re trading on Rarible, you want to collect the governance tokens.” Story continues Read more: Yield Farming Expands From Finance to Digital Collectibles Related: Bitcoin and Ether in Biggest Slump Since Sept. 3 as Stock Markets Sink Coinfund co-founder Jake Brukhman, an investor in Rarible, said the reason rari token rewards are closer to yield farming than traditional rewards programs is that rari gives users voting rights. “This is a story about a marketplace that came in with a bunch of incumbents and introduced a crypto-native monetization, through a token,” Brukhman said. “When you get rari you become a partial owner of the platform. This gives you a right to vote in the governance process.” The governance token has functioned as a growth driver, long before voting options were viable, with Messari Research showing sales on Rarible surging to well over $6 million by Sept. 16. “Who these protocols are democratizing for is individuals and retail users. It’s easier for my brother to 10x his NFT investment on Rarible than it is for me as Coinfund,” Brukhman added. Out of 25 million rari tokens created, roughly 30% are reserved for the Rarible’s team, while the plan is to distribute 60% to various user groups. “Some people are incentivized to create volume,” Rarible co-founder Alexander Salnikov said. As the primary holders, Rarible wants to make sure the governance tokens retain value beyond yield farming, a daunting aspiration. Salnikov said he estimated more than 40% of the $750,000 worth of NFT trades on his platform in August involved some type of wash trading . Salnikov said the platform is adding transaction fees to help curtail this issue. Incentive models Stimulating demand to collect reward points, like rari tokens, is just one form of NFT wash trading. Another form of performative trading could be compared to bombastic marketing, or chasing clout for visibility. For example, a whale can simply ask a friend to buy his collectible while a token accumulator requires many accounts and transactions. Some marketplace users are still just experimenting with “ mutually beneficial ” deals between friends. Read more: What Is Yield Farming? The Rocket Fuel of DeFi, Explained Furthermore, platforms like Nifty Gateway that rank secondary marketplace sales might incentivize hops across platforms. There are also rare NFT galleries, like the Museum of Crypto Art which purchased the Picasso Bitcoin Bull NFT for $55,555 via Nifty Gateway, according to the artist Trevor Jones . For now, most of the value appears to come from the ability to transact with a geographically diverse community of crypto fans, including a few thousand artists and gamers. As with any crypto exchange, the platforms need to incentivize constructive user behavior rather than quick pump-and-dumps. It’s rare for authentic buyers to trade an asset many times within 24 hours, so this is one of the signs used to identify suspicious patterns. “We rely heavily on community signaling to identify those guys,” Rarible’s Salnikov said, adding they are denied token rewards. Governance challenges From Brukhman’s perspective, if the platform can overcome these technical barriers to governance the profits could be extraordinary. “They have a bunch of challenges that are technical, but what’s most important for me as an investor is they’ve positioned themselves as a platform for all the different NFT types,” Brukhman said. “It’s also domain names, insurance, photography, 3D models, they’re going to become a Reddit for NFTs … that’s a much bigger market than art.” Beyond liquidations on Uniswap , the rari token is primarily used to vote on governance options for the exchange. The Rarible platform does have an active community of digital artists , the Telegram group has 2,345 members and Discord has hundreds as well, where authentic trades and projects are discussed between fans. One such authentic fan, an artist who goes by Yeli , earns her primary income from selling artistic NFTs since her restaurant job shuttered in March. “The transition itself was pretty sharp, in the sense of going from a full-time job and making art every once in a while, to having all the time to create and brainstorm and collaborate with other artists,” Yeli said. “Luckily, though, I can say I’ve been blessed enough to have a small but steady stream of collectors lately who enjoy what I make enough to buy it and hopefully more people can take a look at it and feel the same way.” Read more: The NFT Game That Makes Cents for Filipinos During COVID There are around 1,449 rari token holders, most of which weren’t blacklisted as part of identifying the problematic 40% of transactions. There does appear to be a consistent group of people who buy and sell NFTs. Plus, it’s unclear how accurate that wash trading estimate is. Some now-excluded Rarible users claim they weren’t involved with wash trading and the platform didn’t offer them any opportunity for explanation or recourse. “Some interesting projects related to NFTs were commissioned by a community member in the style of Japanese Waifus and community members were excited about it,” one such buyer who traded a flagged NFT, AaronTing8, said in a direct message. “Pretty much everyone I talk to who has bought the Yumiko NFT did not get the Rari airdrop. In fact, many did not receive Rari airdrops for other trading activities.” The startup rectified this issue by issuing a special NFT , which jilted buyers could use to claim belated rewards from the previous Yumiko NFT purchases. Going forward, the startup aims to solve this issue with more direct community involvement, rather than routinely arbitrating themselves. “We have a plan to transition to a fully decentralized system,” Salnikov said in a phone interview, adding there will be a way for token holders to delegate their voting power to other parties. “There will be a DAO [decentralized autonomous organization] controlling all of this.” Read more: Dapper Labs–USDC Integration Helps NBA Collectibles Game Clear $2M in Revenue Since June At this stage, there’s no way to divorce speculation from future governance. Even artists like Yeli, who sell NFTs more often than she trades, find a curious appeal in the speculative aspects of the Rarible ecosystem. “The main attractive use of these cryptocurrencies lies in the ability to transact quickly and efficiently,” Yeli said, adding she uses bitcoin for savings and tokens for the operational needs of her NFT business. “But, also, I can’t say the speculative aspect isn’t a main draw. It’s fascinating to imagine earning a living in crypto, when the value can literally go anywhere.” As for Arnold of My Crypto Heroes, he prefers to focus on collectibles that work as video game assets, not stores of value. This process is simpler because it usually doesn’t involve yield farming. At least, not yet. However, Arnold said, collectibles could someday become a part of the professional gaming industry. That might involve more complex token models. “You can compare it to cars: Unless it’s a very rare, old, valuable car, it’s meant to drive and will lose value over time,” Arnold said. “Once the infrastructure of lending and staking is in place, I can totally see NFT whales renting their NFTs to players for a revenue share on the rewards.” Related Stories The Fast-Growing NFT Market Is Problematic Yet Promising The Fast-Growing NFT Market Is Problematic Yet Promising || NuCana Presents Three Posters at the ESMO Virtual Congress 2020: Encouraging Efficacy Signals Observed in Heavily Pre-Treated Patients with Metastatic Colorectal Cancer in the Phase Ib Study of NUC-3373 (NuTide:302) NUC-3373’s Favorable Pharmacokinetic and Safety Profile Unaffected by Leucovorin First-in-Human Data of NUC-7738 Shows Anti-Cancer Activity and a Favorable Tolerability Profile EDINBURGH, United Kingdom, Sept. 21, 2020 (GLOBE NEWSWIRE) -- NuCana plc (NASDAQ: NCNA), announced data from the ongoing NUC-3373 and NUC-7738 clinical programs, as well as a review of the ongoing Acelarin Phase III study, at the European Society for Medical Oncology (ESMO) 2020 Virtual Congress. NUC-3373 is NuCana’s targeted inhibitor of thymidylate synthase designed to overcome the main challenges associated with 5-FU including cancer resistance mechanisms, off-target toxicity and administration burdens. Data from the ongoing Phase Ib study (NuTide:302) in heavily pre-treated patients with metastatic colorectal cancer demonstrated NUC-3373’s favorable pharmacokinetic and tolerability profile was unaffected by leucovorin. Six case studies highlighted NUC-3373’s ability to stabilize disease and achieve encouraging durations of progression-free survival in patients who had relapsed or were refractory to prior 5-FU-containing regimens. Some patients maintained stable disease for a longer period of time on NUC-3373 than they had on their prior line of therapy and some patients experienced tumor shrinkage, including one fluoropyrimidine-refractory patient. NuCana believes these data support the potential of NUC-3373 to improve progression-free survival in patients who had relapsed or were refractory to prior 5-FU containing regimens. NuCana also believes these data show NUC-3373’s potential to offer enhanced efficacy, an improved safety profile and a more convenient dosing regimen as compared to 5-FU. NUC-7738 is NuCana’s transformation of a novel nucleoside analog, 3’-deoxyadenosine or 3’-dA. NUC-7738, which has several potential modes of action, is being evaluated in a Phase I study (NuTide:701) in patients with advanced solid tumors who have exhausted all standard therapies. Interim data from the study has indicated a favorable pharmacokinetic and tolerability profile of NUC-7738. Additionally, interim data from two case studies showed the significant reductions in tumor volume were maintained over time in these patients. There was also a positive change in the characteristics of a target lesion of one of the patients in the study. NuCana believes these data demonstrate that NUC-7738 has anti-cancer activity. Acelarin (NUC-1031) is a ProTide transformation of gemcitabine being studied as a first-line treatment for patients with advanced biliary tract cancer (BTC). The poster presented at ESMO provides an overview of the ongoing global Phase III study currently being conducted at approximately 100 sites across North America, Europe and Asia Pacific. Story continues “These latest data further support our belief that our ProTides have the potential to replace the standard of care for patients across a variety of different cancer indications,” said Hugh S. Griffith, NuCana’s Founder and Chief Executive Officer. “We look forward to announcing data from Part 2 of NuTide:302, which is currently investigating NUC-3373 plus leucovorin in combination with oxaliplatin or irinotecan, and initiating a registrational program in patients with colorectal cancer.” Mr. Griffith continued: “These first-in-human data from our ongoing Phase I study of NUC-7738 in patients with advanced solid tumors demonstrate that we can apply our ProTide technology platform to both existing as well as novel nucleoside analogs. We remain dedicated to our mission of developing more effective and safer medicines for patients with cancer.” About NuCana plc NuCana is a clinical-stage biopharmaceutical company focused on significantly improving treatment outcomes for cancer patients by applying our ProTide technology to transform some of the most widely prescribed chemotherapy agents, nucleoside analogs, into more effective and safer medicines. While these conventional agents remain part of the standard of care for the treatment of many solid and hematological tumors, their efficacy is limited by cancer cell resistance mechanisms and they are often poorly tolerated. Utilizing our proprietary technology, we are developing new medicines, ProTides, designed to overcome key cancer resistance mechanisms and generate much higher concentrations of anti-cancer metabolites in cancer cells. NuCana’s robust pipeline includes three ProTides in clinical development. Acelarin and NUC-3373, are new chemical entities derived from the nucleoside analogs gemcitabine and 5-fluorouracil, respectively, two widely used chemotherapy agents. Acelarin is currently being evaluated in four clinical studies, including a Phase III study for patients with biliary tract cancer, a Phase Ib study for patients with biliary tract cancer, a Phase II study for patients with platinum-resistant ovarian cancer and a Phase III study for patients with metastatic pancreatic cancer for which enrollment has been suspended. NUC-3373 is currently in a Phase I study for the potential treatment of a wide range of advanced solid tumors and a Phase Ib study for patients with metastatic colorectal cancer. Our third ProTide, NUC-7738, is a transformation of a novel nucleoside analog (3’-deoxyadenosine) and is in a Phase I study for patients with advanced solid tumors. Forward-Looking Statements This press release may contain “forward‐looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on the beliefs and assumptions and on information currently available to management of NuCana plc (the “Company”). All statements other than statements of historical fact contained in this press release are forward-looking statements, including statements concerning the Company’s planned and ongoing clinical studies for the Company’s product candidates and the potential advantages of those product candidates, including NUC-3373, NUC-7738 and Acelarin; the initiation, enrollment, timing, progress, release of data from and results of those planned and ongoing clinical studies; and the utility of prior non-clinical and clinical data in determining future clinical results. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties set forth in the "Risk Factors" section of the Company’s Annual Report on Form 20-F for the year ended December 31, 2019 filed with the Securities and Exchange Commission (“SEC”) on March 10, 2020, and subsequent reports that the Company files with the SEC. Forward-looking statements represent the Company’s beliefs and assumptions only as of the date of this press release. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, the Company assumes no obligation to publicly update any forward‐looking statements for any reason after the date of this press release to conform any of the forward-looking statements to actual results or to changes in its expectations. For more information, please contact: Hugh S. Griffith Chief Executive Officer NuCana plc Tel: +44 131 357 1111 [email protected] Westwicke, an ICR Company Chris Brinzey Tel: +1 339-970-2843 [email protected] RooneyPartners Marion Janic Tel: +1 212-223-4017 [email protected] || NuCana Presents Three Posters at the ESMO Virtual Congress 2020: Encouraging Efficacy Signals Observed in Heavily Pre-Treated Patients with Metastatic Colorectal Cancer in the Phase Ib Study of NUC-3373 (NuTide:302)
NUC-3373’s Favorable Pharmacokinetic and Safety Profile Unaffected by Leucovorin
First-in-Human Data of NUC-7738 Shows Anti-Cancer Activity and a Favorable Tolerability Profile
EDINBURGH, United Kingdom, Sept. 21, 2020 (GLOBE NEWSWIRE) -- NuCana plc (NASDAQ: NCNA), announced data from the ongoing NUC-3373 and NUC-7738 clinical programs, as well as a review of the ongoing Acelarin Phase III study, at the European Society for Medical Oncology (ESMO) 2020 Virtual Congress.
• NUC-3373 is NuCana’s targeted inhibitor of thymidylate synthase designed to overcome the main challenges associated with 5-FU including cancer resistance mechanisms, off-target toxicity and administration burdens. Data from the ongoing Phase Ib study (NuTide:302) in heavily pre-treated patients with metastatic colorectal cancer demonstrated NUC-3373’s favorable pharmacokinetic and tolerability profile was unaffected by leucovorin. Six case studies highlighted NUC-3373’s ability to stabilize disease and achieve encouraging durations of progression-free survival in patients who had relapsed or were refractory to prior 5-FU-containing regimens. Some patients maintained stable disease for a longer period of time on NUC-3373 than they had on their prior line of therapy and some patients experienced tumor shrinkage, including one fluoropyrimidine-refractory patient. NuCana believes these data support the potential of NUC-3373 to improve progression-free survival in patients who had relapsed or were refractory to prior 5-FU containing regimens. NuCana also believes these data show NUC-3373’s potential to offer enhanced efficacy, an improved safety profile and a more convenient dosing regimen as compared to 5-FU.
• NUC-7738 is NuCana’s transformation of a novel nucleoside analog, 3’-deoxyadenosine or 3’-dA. NUC-7738, which has several potential modes of action, is being evaluated in a Phase I study (NuTide:701) in patients with advanced solid tumors who have exhausted all standard therapies. Interim data from the study has indicated a favorable pharmacokinetic and tolerability profile of NUC-7738. Additionally, interim data from two case studies showed the significant reductions in tumor volume were maintained over time in these patients. There was also a positive change in the characteristics of a target lesion of one of the patients in the study. NuCana believes these data demonstrate that NUC-7738 has anti-cancer activity.
• Acelarin (NUC-1031) is a ProTide transformation of gemcitabine being studied as a first-line treatment for patients with advanced biliary tract cancer (BTC). The poster presented at ESMO provides an overview of the ongoing global Phase III study currently being conducted at approximately 100 sites across North America, Europe and Asia Pacific.
“These latest data further support our belief that our ProTides have the potential to replace the standard of care for patients across a variety of different cancer indications,” said Hugh S. Griffith, NuCana’s Founder and Chief Executive Officer. “We look forward to announcing data from Part 2 of NuTide:302, which is currently investigating NUC-3373 plus leucovorin in combination with oxaliplatin or irinotecan, and initiating a registrational program in patients with colorectal cancer.”
Mr. Griffith continued: “These first-in-human data from our ongoing Phase I study of NUC-7738 in patients with advanced solid tumors demonstrate that we can apply our ProTide technology platform to both existing as well as novel nucleoside analogs. We remain dedicated to our mission of developing more effective and safer medicines for patients with cancer.”
About NuCana plc
NuCana is a clinical-stage biopharmaceutical company focused on significantly improving treatment outcomes for cancer patients by applying our ProTide technology to transform some of the most widely prescribed chemotherapy agents, nucleoside analogs, into more effective and safer medicines. While these conventional agents remain part of the standard of care for the treatment of many solid and hematological tumors, their efficacy is limited by cancer cell resistance mechanisms and they are often poorly tolerated. Utilizing our proprietary technology, we are developing new medicines, ProTides, designed to overcome key cancer resistance mechanisms and generate much higher concentrations of anti-cancer metabolites in cancer cells. NuCana’s robust pipeline includes three ProTides in clinical development. Acelarin and NUC-3373, are new chemical entities derived from the nucleoside analogs gemcitabine and 5-fluorouracil, respectively, two widely used chemotherapy agents. Acelarin is currently being evaluated in four clinical studies, including a Phase III study for patients with biliary tract cancer, a Phase Ib study for patients with biliary tract cancer, a Phase II study for patients with platinum-resistant ovarian cancer and a Phase III study for patients with metastatic pancreatic cancer for which enrollment has been suspended. NUC-3373 is currently in a Phase I study for the potential treatment of a wide range of advanced solid tumors and a Phase Ib study for patients with metastatic colorectal cancer. Our third ProTide, NUC-7738, is a transformation of a novel nucleoside analog (3’-deoxyadenosine) and is in a Phase I study for patients with advanced solid tumors.
Forward-Looking StatementsThis press release may contain “forward‐looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on the beliefs and assumptions and on information currently available to management of NuCana plc (the “Company”). All statements other than statements of historical fact contained in this press release are forward-looking statements, including statements concerning the Company’s planned and ongoing clinical studies for the Company’s product candidates and the potential advantages of those product candidates, including NUC-3373, NUC-7738 and Acelarin; the initiation, enrollment, timing, progress, release of data from and results of those planned and ongoing clinical studies; and the utility of prior non-clinical and clinical data in determining future clinical results. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties set forth in the "Risk Factors" section of the Company’s Annual Report on Form 20-F for the year ended December 31, 2019 filed with the Securities and Exchange Commission (“SEC”) on March 10, 2020, and subsequent reports that the Company files with the SEC. Forward-looking statements represent the Company’s beliefs and assumptions only as of the date of this press release. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, the Company assumes no obligation to publicly update any forward‐looking statements for any reason after the date of this press release to conform any of the forward-looking statements to actual results or to changes in its expectations.
For more information, please contact:
Hugh S. GriffithChief Executive OfficerNuCana plcTel: +44 131 357 [email protected]
Westwicke, an ICR CompanyChris BrinzeyTel: +1 [email protected]
RooneyPartnersMarion JanicTel: +1 [email protected] || Craig Wright Must Face Trial Over Alleged $11B Bitcoin Fortune as Request for Summary Judgment Denied: The District Court for the Southern District of Florida has denied Craig Wright’s request for summary judgment in a case that involves claims over ownership of about 1.1 million bitcoin (worth over $11 billion). In an order signed on Monday, Judge Beth Bloom at the Florida court denied Wright’s motion seeking summary judgment that would have prevented the matter from proceeding to a full trial. The case, first brought in 2018, involves the plaintiff Ira Kleiman’s argument on behalf of the estate of his late brother David, that half of Wright’s bitcoin worth and intellectual property belongs to Kleiman. The plaintiff has argued that the bitcoin in question was also mined together by Wright and Kleiman. Wright’s request for summary judgment was comprised of six claims including statute of limitations, the plaintiff’s inability to prove the existence of an oral partnership and the court’s lack of subject matter jurisdiction. In the past, Wright has claimed that he was the inventor of bitcoin under the pseudonym Satoshi Nakamoto, an assertion many in the crypto world have disputed due to a lack of corroborating evidence. According to an order issued by the Florida court on Sept. 4, the trial involving Wright’s bitcoin fortune has now been moved to Jan. 4, 2021. Related Stories Craig Wright Must Face Trial Over Alleged $11B Bitcoin Fortune as Request for Summary Judgment Denied Craig Wright Must Face Trial Over Alleged $11B Bitcoin Fortune as Request for Summary Judgment Denied Craig Wright Must Face Trial Over Alleged $11B Bitcoin Fortune as Request for Summary Judgment Denied Craig Wright Must Face Trial Over Alleged $11B Bitcoin Fortune as Request for Summary Judgment Denied || Craig Wright Must Face Trial Over Alleged $11B Bitcoin Fortune as Request for Summary Judgment Denied: The District Court for the Southern District of Florida has denied Craig Wright’s request for summary judgment in a case that involves claims over ownership of about 1.1 millionbitcoin(worth over $11 billion).
In anordersigned on Monday, Judge Beth Bloom at the Florida court denied Wright’s motion seeking summary judgment that would have prevented the matter from proceeding to a full trial.
• The case, first brought in 2018, involves the plaintiff Ira Kleiman’s argument on behalf of the estate of his late brother David, that half of Wright’s bitcoin worth and intellectual property belongs to Kleiman. The plaintiff has argued that the bitcoin in question was also mined together by Wright and Kleiman.
• Wright’s request for summary judgment was comprised of six claims including statute of limitations, the plaintiff’s inability to prove the existence of an oral partnership and the court’s lack of subject matter jurisdiction.
• In the past, Wright has claimed that he was the inventor of bitcoin under the pseudonym Satoshi Nakamoto, an assertion many in the crypto world have disputed due to a lack of corroborating evidence.
• According to anorderissued by the Florida court on Sept. 4, the trial involving Wright’s bitcoin fortune has now been moved to Jan. 4, 2021.
• Craig Wright Must Face Trial Over Alleged $11B Bitcoin Fortune as Request for Summary Judgment Denied
• Craig Wright Must Face Trial Over Alleged $11B Bitcoin Fortune as Request for Summary Judgment Denied
• Craig Wright Must Face Trial Over Alleged $11B Bitcoin Fortune as Request for Summary Judgment Denied
• Craig Wright Must Face Trial Over Alleged $11B Bitcoin Fortune as Request for Summary Judgment Denied || Craig Wright Must Face Trial Over Alleged $11B Bitcoin Fortune as Request for Summary Judgment Denied: The District Court for the Southern District of Florida has denied Craig Wright’s request for summary judgment in a case that involves claims over ownership of about 1.1 millionbitcoin(worth over $11 billion).
In anordersigned on Monday, Judge Beth Bloom at the Florida court denied Wright’s motion seeking summary judgment that would have prevented the matter from proceeding to a full trial.
• The case, first brought in 2018, involves the plaintiff Ira Kleiman’s argument on behalf of the estate of his late brother David, that half of Wright’s bitcoin worth and intellectual property belongs to Kleiman. The plaintiff has argued that the bitcoin in question was also mined together by Wright and Kleiman.
• Wright’s request for summary judgment was comprised of six claims including statute of limitations, the plaintiff’s inability to prove the existence of an oral partnership and the court’s lack of subject matter jurisdiction.
• In the past, Wright has claimed that he was the inventor of bitcoin under the pseudonym Satoshi Nakamoto, an assertion many in the crypto world have disputed due to a lack of corroborating evidence.
• According to anorderissued by the Florida court on Sept. 4, the trial involving Wright’s bitcoin fortune has now been moved to Jan. 4, 2021.
• Craig Wright Must Face Trial Over Alleged $11B Bitcoin Fortune as Request for Summary Judgment Denied
• Craig Wright Must Face Trial Over Alleged $11B Bitcoin Fortune as Request for Summary Judgment Denied
• Craig Wright Must Face Trial Over Alleged $11B Bitcoin Fortune as Request for Summary Judgment Denied
• Craig Wright Must Face Trial Over Alleged $11B Bitcoin Fortune as Request for Summary Judgment Denied || ‘We Blew It.’ Douglas Rushkoff’s Take on the Future of the Web: Douglas Rushkoff is a futurist, author, early cypherpunk and professor of media studies at Queens College. His early writings on the internet paved the way for thinking about the web in revolutionary terms, as a tool to enfranchise and connect the world. In years since, Rushkoff has been an outspoken critic of the way the web has developed. A handful of tech monoliths – Facebook, Google and Amazon – dominate our digital experiences and monetize our attention, finding increasingly manipulative ways to keep us logged on. Rushkoff, a proponent for mutual aid , thinks we might be better off unplugging and returning our attention to the communities around us. CoinDesk caught up with him in early-September for a discussion about the idealism of the early web, where things went wrong and the ways it might be improved. He’s not optimistic about blockchain tech broadly, but thinks it could play a key part in returning power to individuals. Related: DAOs Will Never Govern the World (at This Pace) You recommended I read the Story of Joseph in preparation for this interview, saying to understand the future we should look to the Bible. In the spirit of looking back to better predict the future: Why are people so obsessed with the early cypherpunks and their altruistic vision for the internet? Part of the reason people are interested now is because of the direction we went. There was a collection of cyber-altruists who saw in the internet a way to topple, or challenge, the hierarchies of politics and media. It was the era of William Randolph Hearst, Rupert Murdoch and Ronald Reagan. With the internet we thought we had our hands on the very dashboard of socio-political and economic creation. It was a wonderful moment. See also: Tim Draper – I’m As Certain As Ever – Bitcoin’s Revolution Is Only Just Beginning I think people sense the potential is still there. If we hadn’t weaponized this stuff against humanity in the name of increasing the NASDAQ stock exchange, what may have we gotten? Would we have saved – now it’s too late – civilization? That was the last moment at which we had the potential to change the world. Related: Did Ethereum Learn Anything From the $55M DAO Attack? But we decided it was more important to build up our 401(k)s . Why do you think civilization is too late to save? I think climate change is the most pressing issue. I’m a believer. I look at the California wildfires, COVID-19 and other weird diseases, like mad-cow, as symptoms of climate change. Story continues Unless growth-based economics and corporate capitalism are reversed, there’s no way to stop it. We’ve had ample opportunities to adopt different models. Now, we may have passed a certain tipping point. Even looking at crypto. People can’t help but turn it into a speculative medium, rather than using it to increase the velocity of money. We won’t use the tools we have for what they’re built for. The whole point of crypto was to break the pyramid scheme of central bank planning and currency, yet here we are using it as a meta-pyramid scheme. See also: Alex Tapscott – Financial Services: The Coming Cataclysm The reason why I’m interested in crypto, and plenty of others too, is because it’s a return to thinking about technology as a series of open and democratic systems. There’s a sense crypto has lost its way , but it also seems like our best hope of beating the current exploitative and extractive system. Well, I don’t send my email with crypto or make videos with crypto. It’s not an alternative to a communications network. You’re saying it might be an alternative to an extractive NASDAQ-stock-exchange-capitalism-thing. Potentially any data extractive system. I don’t understand how changing the ledger changes the underlying value exchange. It depends on what the internet is for. If people want to make reams of money through the internet or establish monopolies to overtake various economic sectors – like Uber did to taxis – it doesn’t matter what medium you use to do it. If the job of crypto is to facilitate collaboration or value exchange between people and enterprises that don’t trust one another, then crypto is useful. It can serve as a Kickstarter-like mechanism that would allow internet enterprises to capitalize without turning to Union Square Ventures or one of those entities. And it can help engineers build an Amazon-alternative or other DACs [decentralized autonomous corporations] where a bunch of programmers based around the world can record who’s worked and who hasn’t and who has contributed what. There are civilizations and history that we need to bring into the future with us. When you only look forward you don’t see your own exhaust. But that’s if we live in a world where trust cannot be engendered between people. All the successful collective enterprises I know of are based in trust – they have a committee that people trust to oversee it. Beyond that, crypto doesn’t change the fundamental approach to participating in the underlying economy: which is to say we’re all here to feed the engine of growth-based capitalism. Let me repeat that back to you. You’re skeptical on crypto because, even if it facilitates novel fundraising techniques, it won’t address the underlying issue of how society is structured. Could talk to how social currencies or local currencies – which you’ve written about – may be tools to develop or keep trust within communities. See also: The Queens Politician Who Wants to Give New Yorkers Their Own Crypto I’m not saying crypto is completely out of the question. You can base a time-dollar system on a blockchain. For a larger town, not like mine of 4,000 people, you could easily build a local currency appended to a distributed ledger for use in town-to-town local transfers or among locally-run businesses. Those sort of crypto-anarcho-syndicalist systems could use crypto to facilitate trade, absolutely. But we’re not talking about how to build a better internet, we’re talking about how crypto can engender a different society – which is a whole different question. I believe society can change. The main thing I’m pushing is mutual aid. The way to get through this crisis is good old fashioned mutual aid, what black people did in America as slaves and beyond. They had black cooperative economics since the 1700s, where they would use chain migration to buy themselves out of slavery. The mutual aid they did – their ability to pool money and build communities – made them so much more prosperous than their non-segregated white neighbors that it caused riots. That sort of economic activity tends to happen when people have no other way – when they have no hope. Maybe, speaking optimistically now, things have gotten so bad that people would be willing to turn to it again like they did in the Great Depression. People had alternative currencies and farm monies and all sorts of things considered “red.” It wasn’t really radical: It was people realizing they don’t exist to serve the banks, but each other. Crypto is a way to get along without a bank. It’s a means to authenticate transactions in a marketplace where you don’t know anyone, where the butcher, cobbler and pharmacist are strangers. Assuming the internet develops along its current path where life is becoming more web-mediated, how might that affect the possibility of mutual aid. Mutual aid is by definition less web-mediated. We’re in a place where people need food, water and shelter. The internet can never deliver on those basic human needs – it might be good at putting sensors in your field so you can have digitally-enabled-permaculture-rejuvenated-agriculture or to monitor water usage or distribute extra food to less well-off nations. But that’s not the act of distributing basic needs. See also: Bitcoin Is a Way to Repair Economic Injustice: Author Isaiah Jackson In a few of your recent pieces published on OneZero you’ve put forward that technologists often see themselves as being brains without bodies. This kind of thinking also extends, not explicitly, into how you write about our non-connection with the Earth. You mention strip mining lithium, a destructive process , as being out-of-sight out-of-mind. Where does this thinking process come from? Why do we forget that we’re embodied or live within an environment? These guys do know they are embodied. They’re all in better shape than me! They all have Fitbits and read Daniel Schmachtenberger and optimize their cerebral spinal fluids for if they’re thinking today or coding or going for a run. They get their blood levels “just right” for the task at hand. It’s more a matter of the way they see their relationship with themselves as individuals in larger systems. They look at human consciousness and will as something that can dominate nature. That’s why I always go back to Francis Bacon , who said science will allow us to take nature by the forelock, hold her down and submit her to our will. When you talk to the Center for Humane Technology people, they’re all about how we can upgrade humans to make them more compatible with digital societies. It’s always from the perspective of doing tech to people. Rather than how people are using tech. There are some people like [Ray] Kurzweil who really do want to get people out of their bodies, escape from the chrysalis of matter into pure consciousness. See also: Ben Goertzel – Say Hello to the Singularity The problem with “techbro” culture is not that they’re white males. It’s their belief in progress. You can’t only look forward – there are civilizations and history that we need to bring into the future with us. When you only look forward you don’t see your own exhaust. There’s a disconnect from the consequences of your actions. What role do you think technology will play in human evolution? There isn’t much of a choice about the impact of technology on our evolution. Cooking was a technology and it allowed for our mouths and teeth to adapt beyond having to grind down seeds. I think sometimes we mistake cultural evolution for the real thing. Evolution happens slowly: It’s not like we’ll get the Oculus Rift and in two generations people will be capable of anything more than we are today. You’re not related to Thomas Kuhn are you? No, but I’m familiar with his work on scientific revolutions. I’m not entirely sure how true it still is – the idea of seismic shifts. It’s not a perfect analogy, but we went from a period of pretty intense industrial development and scientific fine tuning, to what appears to be more incremental progress. I think about the progression from canals to railways to automobiles and planes – where are we now, what’s the next possible paradigm shift? The car killed the railroad and the smartphone kills everything. What kills the smartphone? We’ll see. If it’s anything it’ll be something like Alexa. She’ll be everywhere and know your voice and preferences. She’ll know who your mother is , not just remember her birthday for you. That sounds frightening. What are your biggest fears about the internet today? My biggest fears have already been realized. I wrote about this in the 90s, that we’ll create a feedback loop when teaching computers how to think. They’ve already learned how to manipulate human thought and behavior and will keep getting better at it. There are hundreds of thousands of engineers and executives serving the machines’ agenda, with little regard to making anyone’s life any better. They’re not asking how to improve humanity, they’re asking how we can sell more hardware and extract more data. The best companies out there are the ones offering ways to undo the ill effects of the technologies we’re already using. I suppose they’re all on AWS [Amazon Web Services] anyway. They don’t have blockchains on AWS do they? AWS has its own blockchain management business. That’s like going to the devil for god. It defeats the purpose. That’s what the entire internet has become. I wonder sometimes – not that everyone needs their own server – if the cloud has disconnected people from the original hands-on, DIY-hobbyist ethos from the early days. Your computer used to be like a skateboard, you’d crack it open and test out new graphics cards. The internet has become less-and-less something you build, and more-and-more a state of being. Do you believe there is something deterministic about the way the web has developed. Did it have to become a hyper-capitalist hellscape and must it continue down this path? Kevin Kelly talks about this as “ The Inevitable. ” When I search my heart, I look at the problem as being that we never recognized the awesome power of corporate capitalism. We were kids when John Barlow wrote “ A Declaration of the Independence of Cyberspace .” He was an adult, he wrote for the Grateful Dead, he’d taken more acid than any of us, he rode horses in Wyoming. We thought he knew more than us. He was a mentor, an elder. We understood what he was saying as a revolution from the government. At the time, the feds were raiding hackers for experimenting with code, the media labelled us anarchists and Congress was pushing through the Communications Decency Act. Barlow said: Government Leave. And we cheered. We didn’t realize we were creating a safe haven for corporations. Barlow did because he was a true free market libertarian. The underlying operating system of the world is capitalism, which is how we extract time and resources from people and places and convert it to capital. When you decide to energize capitalism with digital devices, you amplify its power. It’s no longer the mechanical age of capitalists versus labor, but a digital, infinitely-scaled version that uses human attention as its surface area. We blew it. Related Stories ‘We Blew It.’ Douglas Rushkoff’s Take on the Future of the Web ‘We Blew It.’ Douglas Rushkoff’s Take on the Future of the Web View comments || ‘We Blew It.’ Douglas Rushkoff’s Take on the Future of the Web: Douglas Rushkoff is a futurist, author, early cypherpunk and professor of media studies at Queens College. His early writings on the internet paved the way for thinking about the web in revolutionary terms, as a tool to enfranchise and connect the world.
In years since, Rushkoff has been an outspoken critic of the way the web has developed. A handful of tech monoliths – Facebook, Google and Amazon – dominate our digital experiences and monetize our attention, finding increasingly manipulative ways to keep us logged on. Rushkoff, a proponent formutual aid, thinks we might be better off unplugging and returning our attention to the communities around us.
CoinDesk caught up with him in early-September for a discussion about the idealism of the early web, where things went wrong and the ways it might be improved. He’s not optimistic about blockchain tech broadly, but thinks it could play a key part in returning power to individuals.
Related:DAOs Will Never Govern the World (at This Pace)
You recommended I read the Story of Joseph in preparation for this interview, saying to understand the future we should look to the Bible. In the spirit of looking back to better predict the future: Why are people so obsessed with the early cypherpunks and their altruistic vision for the internet?
Part of the reason people are interested now is because of the direction we went. There was a collection of cyber-altruists who saw in the internet a way to topple, or challenge, the hierarchies of politics and media. It was the era of William Randolph Hearst, Rupert Murdoch and Ronald Reagan. With the internet we thought we had our hands on the very dashboard of socio-political and economic creation. It was a wonderful moment.
See also: Tim Draper –I’m As Certain As Ever – Bitcoin’s Revolution Is Only Just Beginning
I think people sense the potential is still there. If we hadn’t weaponized this stuff against humanity in the name of increasing the NASDAQ stock exchange, what may have we gotten? Would we have saved – now it’s too late – civilization? That was the last moment at which we had the potential to change the world.
Related:Did Ethereum Learn Anything From the $55M DAO Attack?
But we decided it was more important to build up our401(k)s.
Why do you think civilization is too late to save?
I thinkclimate changeis the most pressing issue. I’m a believer. I look at the California wildfires,COVID-19and other weird diseases, like mad-cow, as symptoms of climate change.
Unless growth-based economics and corporate capitalism are reversed, there’s no way to stop it. We’ve had ample opportunities to adopt different models. Now, we may have passed a certain tipping point.
Even looking at crypto. People can’t help but turn it into a speculative medium, rather than using it to increase the velocity of money. We won’t use the tools we have for what they’re built for. The whole point of crypto was to break the pyramid scheme of central bank planning and currency, yet here we are using it as a meta-pyramid scheme.
See also: Alex Tapscott –Financial Services: The Coming Cataclysm
The reason why I’m interested in crypto, and plenty of others too, is because it’s a return to thinking about technology as a series of open and democratic systems. There’s a sensecrypto has lost its way, but it also seems like our best hope of beating the current exploitative and extractive system.
Well, I don’t send my email with crypto or make videos with crypto. It’s not an alternative to a communications network. You’re saying it might be an alternative to an extractive NASDAQ-stock-exchange-capitalism-thing.
Potentially any data extractive system.
I don’t understand how changing the ledger changes the underlying value exchange. It depends on what the internet is for. If people want to make reams of money through the internet or establish monopolies to overtake various economic sectors – like Uber did to taxis – it doesn’t matter what medium you use to do it.
If the job of crypto is to facilitate collaboration or value exchange between people and enterprises that don’t trust one another, then crypto is useful.
It can serve as a Kickstarter-like mechanism that would allow internet enterprises to capitalize without turning to Union Square Ventures or one of those entities. And it can help engineers build an Amazon-alternative or other DACs [decentralized autonomous corporations] where a bunch of programmers based around the world can record who’s worked and who hasn’t and who has contributed what.
There are civilizations and history that we need to bring into the future with us. When you only look forward you don’t see your own exhaust.
But that’s if we live in a world where trust cannot be engendered between people. All the successful collective enterprises I know of are based in trust – they have a committee that people trust to oversee it.
Beyond that, crypto doesn’t change the fundamental approach to participating in the underlying economy: which is to say we’re all here to feed the engine of growth-based capitalism.
Let me repeat that back to you. You’re skeptical on crypto because, even if it facilitates novel fundraising techniques, it won’t address the underlying issue of how society is structured. Could talk to how social currencies or local currencies – which you’ve written about – may be tools to develop or keep trust within communities.
See also:The Queens Politician Who Wants to Give New Yorkers Their Own Crypto
I’m not saying crypto is completely out of the question. You can base a time-dollar system on a blockchain. For a larger town, not like mine of 4,000 people, you could easily build a local currency appended to a distributed ledger for use in town-to-town local transfers or among locally-run businesses.
Those sort of crypto-anarcho-syndicalist systems could use crypto to facilitate trade, absolutely. But we’re not talking about how to build a better internet, we’re talking about how crypto can engender a different society – which is a whole different question. I believe society can change.
The main thing I’m pushing is mutual aid. The way to get through this crisis is good old fashioned mutual aid, what black people did in America as slaves and beyond. They had black cooperative economics since the 1700s, where they would use chain migration to buy themselves out of slavery.
The mutual aid they did – their ability to pool money and build communities – made them so much more prosperous than their non-segregated white neighbors that it caused riots.
That sort of economic activity tends to happen when people have no other way – when they have no hope. Maybe, speaking optimistically now, things have gotten so bad that people would be willing to turn to it again like they did in the Great Depression. People had alternative currencies and farm monies and all sorts of things considered “red.” It wasn’t really radical: It was people realizing they don’t exist to serve the banks, but each other.
Crypto is a way to get along without a bank. It’s a means to authenticate transactions in a marketplace where you don’t know anyone, where the butcher, cobbler and pharmacist are strangers.
Assuming the internet develops along its current path where life is becoming more web-mediated, how might that affect the possibility of mutual aid.
Mutual aid is by definition less web-mediated. We’re in a place where people need food, water and shelter. The internet can never deliver on those basic human needs – it might be good at putting sensors in your field so you can have digitally-enabled-permaculture-rejuvenated-agriculture or to monitor water usage or distribute extra food to less well-off nations. But that’s not the act of distributing basic needs.
See also:Bitcoin Is a Way to Repair Economic Injustice: Author Isaiah Jackson
In a few of your recent pieces published onOneZeroyou’ve put forward that technologists often see themselves as being brains without bodies. This kind of thinking also extends, not explicitly, into how you write about our non-connection with the Earth. You mention strip mining lithium, adestructive process, as being out-of-sight out-of-mind. Where does this thinking process come from? Why do we forget that we’re embodied or live within an environment?
These guys do know they are embodied. They’re all in better shape than me! They all have Fitbits and read Daniel Schmachtenberger and optimize their cerebral spinal fluids for if they’re thinking today or coding or going for a run. They get their blood levels “just right” for the task at hand.
It’s more a matter of the way they see their relationship with themselves as individuals in larger systems. They look at human consciousness and will as something that can dominate nature. That’s why I always go back toFrancis Bacon, who said science will allow us to take nature by the forelock, hold her down and submit her to our will.
When you talk to theCenter for Humane Technologypeople, they’re all about how we can upgrade humans to make them more compatible with digital societies. It’s always from the perspective of doing tech to people. Rather than how people are using tech. There are some people like [Ray] Kurzweil who really do want to get people out of their bodies, escape from the chrysalis of matter into pure consciousness.
See also: Ben Goertzel –Say Hello to the Singularity
The problem with “techbro” culture is not that they’re white males. It’s their belief in progress. You can’t only look forward – there are civilizations and history that we need to bring into the future with us. When you only look forward you don’t see your own exhaust. There’s a disconnect from the consequences of your actions.
What role do you think technology will play in human evolution?
There isn’t much of a choice about the impact of technology on our evolution. Cooking was a technology and it allowed for our mouths and teeth to adapt beyond having to grind down seeds. I think sometimes we mistake cultural evolution for the real thing. Evolution happens slowly: It’s not like we’ll get the Oculus Rift and in two generations people will be capable of anything more than we are today.
You’re not related toThomas Kuhnare you?
No, but I’m familiar with his work on scientific revolutions. I’m not entirely sure how true it still is – the idea of seismic shifts. It’s not a perfect analogy, but we went from a period of pretty intense industrial development and scientific fine tuning, to what appears to be more incremental progress. I think about the progression from canals to railways to automobiles and planes – where are we now, what’s the next possible paradigm shift?
The car killed the railroad and the smartphone kills everything.
What kills the smartphone?
We’ll see. If it’s anything it’ll be something like Alexa. She’ll be everywhere and know your voice and preferences. She’ll know who your motheris, not just remember her birthday for you.
That sounds frightening. What are your biggest fears about the internet today?
My biggest fears have already been realized. I wrote about this in the 90s, that we’ll create afeedback loopwhen teaching computers how to think. They’ve already learned how to manipulate human thought and behavior and will keep getting better at it.
There are hundreds of thousands of engineers and executives serving the machines’ agenda, with little regard to making anyone’s life any better. They’re not asking how to improve humanity, they’re asking how we can sell more hardware and extract more data.
The best companies out there are the ones offering ways to undo the ill effects of the technologies we’re already using. I suppose they’re all on AWS [Amazon Web Services] anyway. They don’t have blockchains on AWS do they?
AWS has its ownblockchain managementbusiness.
That’s like going to the devil for god. It defeats the purpose. That’s what the entire internet has become. I wonder sometimes – not that everyone needs their own server – if the cloud has disconnected people from the original hands-on, DIY-hobbyist ethos from the early days. Your computer used to be like a skateboard, you’d crack it open and test out new graphics cards.
The internet has become less-and-less something you build, and more-and-more a state of being.
Do you believe there is something deterministic about the way the web has developed. Did it have to become a hyper-capitalist hellscape and must it continue down this path?
Kevin Kelly talks about this as “The Inevitable.” When I search my heart, I look at the problem as being that we never recognized the awesome power of corporate capitalism. We were kids when John Barlow wrote “A Declaration of the Independence of Cyberspace.” He was an adult, he wrote for the Grateful Dead, he’d taken more acid than any of us, he rode horses in Wyoming. We thought he knew more than us. He was a mentor, an elder.
We understood what he was saying as a revolution from the government. At the time, the feds were raiding hackers for experimenting with code, the media labelled us anarchists and Congress was pushing through the Communications Decency Act. Barlow said: Government Leave. And we cheered. We didn’t realize we were creating a safe haven for corporations. Barlow did because he was a true free market libertarian.
The underlying operating system of the world is capitalism, which is how we extract time and resources from people and places and convert it to capital. When you decide to energize capitalism with digital devices, you amplify its power. It’s no longer the mechanical age of capitalists versus labor, but a digital, infinitely-scaled version that uses human attention as its surface area.
We blew it.
• ‘We Blew It.’ Douglas Rushkoff’s Take on the Future of the Web
• ‘We Blew It.’ Douglas Rushkoff’s Take on the Future of the Web || Bitcoin and Ether in Biggest Slump Since Sept. 3 as Stock Markets Sink: Prices for both bitcoin and ether fell sharply in the past 24 hours, after a drop in global equities. The top cryptocurrency by market value was traded around $10,401.18 at press time, losing 4.64% over the previous 24 hours, while ether lost 8.15% over the same time period to about $341.01. The market correction in the top two cryptocurrencies came after the U.S. stock market fell to a two-month low amid new fears on the coronavirus pandemic. The German DAX and the U.K.s FTSE indexes were also down by around 4% on the day. The Hang Seng Index began the week with a 2% decline. Throughout 2020, we have consistently seen a strong correlation between crypto markets and traditional financial markets, and the crypto markets response to the 2.2% drop in Dow Jones futures this morning has reaffirmed this correlation, according to a note from Glassnode Monday. The crypto data site warned investors to keep an eye on the stock market for further impact. Meanwhile, Deribit, the worlds largest exchange for bitcoin options, was suffering from partially degraded service, as the exchange recorded high latency on the website as of press time. Related Stories Bitcoin and Ether in Biggest Slump Since Sept. 3 as Stock Markets Sink Bitcoin and Ether in Biggest Slump Since Sept. 3 as Stock Markets Sink Bitcoin and Ether in Biggest Slump Since Sept. 3 as Stock Markets Sink Bitcoin and Ether in Biggest Slump Since Sept. 3 as Stock Markets Sink || Bitcoin and Ether in Biggest Slump Since Sept. 3 as Stock Markets Sink: Prices for both bitcoin and ether fell sharply in the past 24 hours, after a drop in global equities.
• The top cryptocurrency by market value was traded around $10,401.18 at press time, losing 4.64% over the previous 24 hours, while ether lost 8.15% over the same time period to about $341.01.
• The market correction in the top two cryptocurrencies came after the U.S. stock marketfell to a two-month lowamid new fears on the coronavirus pandemic.
• The German DAX and the U.K.’s FTSE indexes were also down by around 4% on the day. The Hang Seng Index began the week with a 2% decline.
• “Throughout 2020, we have consistently seen a strong correlation between crypto markets and traditional financial markets, and the crypto market’s response to the 2.2% drop in Dow Jones futures this morning has reaffirmed this correlation,” according to a note from Glassnode Monday.
• The crypto data site warned investors to keep an eye on the stock market for further impact.
• Meanwhile, Deribit, the world’s largest exchange for bitcoin options, was suffering from “partially degraded service,” as the exchange recorded high latency on the website as of press time.
• Bitcoin and Ether in Biggest Slump Since Sept. 3 as Stock Markets Sink
• Bitcoin and Ether in Biggest Slump Since Sept. 3 as Stock Markets Sink
• Bitcoin and Ether in Biggest Slump Since Sept. 3 as Stock Markets Sink
• Bitcoin and Ether in Biggest Slump Since Sept. 3 as Stock Markets Sink || Bitcoin and Ether in Biggest Slump Since Sept. 3 as Stock Markets Sink: Prices for both bitcoin and ether fell sharply in the past 24 hours, after a drop in global equities.
• The top cryptocurrency by market value was traded around $10,401.18 at press time, losing 4.64% over the previous 24 hours, while ether lost 8.15% over the same time period to about $341.01.
• The market correction in the top two cryptocurrencies came after the U.S. stock marketfell to a two-month lowamid new fears on the coronavirus pandemic.
• The German DAX and the U.K.’s FTSE indexes were also down by around 4% on the day. The Hang Seng Index began the week with a 2% decline.
• “Throughout 2020, we have consistently seen a strong correlation between crypto markets and traditional financial markets, and the crypto market’s response to the 2.2% drop in Dow Jones futures this morning has reaffirmed this correlation,” according to a note from Glassnode Monday.
• The crypto data site warned investors to keep an eye on the stock market for further impact.
• Meanwhile, Deribit, the world’s largest exchange for bitcoin options, was suffering from “partially degraded service,” as the exchange recorded high latency on the website as of press time.
• Bitcoin and Ether in Biggest Slump Since Sept. 3 as Stock Markets Sink
• Bitcoin and Ether in Biggest Slump Since Sept. 3 as Stock Markets Sink
• Bitcoin and Ether in Biggest Slump Since Sept. 3 as Stock Markets Sink
• Bitcoin and Ether in Biggest Slump Since Sept. 3 as Stock Markets Sink
[Social Media Buzz]
None available.
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10246.19, 10760.07, 10692.72, 10750.72, 10775.27, 10709.65, 10844.64, 10784.49, 10619.45, 10575.97
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 6791.13, 7271.78, 7176.41, 7334.10, 7302.09, 6865.49, 6859.08, 6971.09, 6845.04, 6842.43, 6642.11, 7116.80, 7096.18, 7257.67, 7189.42, 6881.96, 6880.32, 7117.21, 7429.72, 7550.90, 7569.94, 7679.87, 7795.60, 7807.06, 8801.04, 8658.55, 8864.77, 8988.60, 8897.47, 8912.65, 9003.07, 9268.76, 9951.52, 9842.67, 9593.90, 8756.43, 8601.80, 8804.48, 9269.99, 9733.72, 9328.20, 9377.01, 9670.74, 9726.58, 9729.04, 9522.98, 9081.76, 9182.58, 9209.29, 8790.37, 8906.93, 8835.05, 9181.02, 9525.75, 9439.12, 9700.41, 9461.06, 10167.27, 9529.80, 9656.72, 9800.64, 9665.53, 9653.68, 9758.85, 9771.49, 9795.70, 9870.09, 9321.78, 9480.84, 9475.28, 9386.79, 9450.70, 9538.02, 9480.25, 9411.84, 9288.02, 9332.34, 9303.63, 9648.72, 9629.66, 9313.61, 9264.81, 9162.92, 9045.39, 9143.58, 9190.85, 9137.99, 9228.33, 9123.41, 9087.30.
|
[Bitcoin Technical Analysis for 2020-07-03]
Volume: 13078970999, RSI (14-day): 43.07, 50-day EMA: 9204.05, 200-day EMA: 8598.97
[Wider Market Context]
None available.
[Recent News (last 7 days)]
There Are More DAI on Compound Now Than There Are DAI in the World: We might be entering into the era of genetically modified yield farming. Or maybe decentralized finance (DeFi) just doesn’t make sense anymore.
There are currently far more DAI in supply on Compound than there are DAI in the world, at least according to the numbers reported byCompound’s website. Assuming that nothing has gone awry there, the numbers seem impossible. But they might not be.
Liquidity on Compound is shifting dramatically between assetsas new rules for distributionof its governance token, COMP, take effect.
Related:Money Reimagined: Bitcoin and Ethereum Are a DeFi Double Act
Compound’s website reports a gross supply of 401 million DAI right now even though there are only 148 million DAI in existence, according toDAI Stats.
The supply of DAI on Compound has skyrocketed from$42 million Wednesday.
The most reasonable explanation for this is that Compound counts each deposit of DAI as additional gross supply, even if that DAI was just borrowed and re-deposited. So imagine there were 100 DAI and a user deposited 200 USDC. They could then borrow all that DAI and deposit again. Many users are probably running a few wallets to make this work more easily.
As Electric Capital’s Ken Deeter put it in an email to CoinDesk, “Note that this is actually what banks do with USD as well. If I deposit $100, and $90 gets lent out, someone gets paid with that $90 and they deposit it in the bank. Now there’s $190 in the bank even though there was only $100 to start with.”
Related:DeFi Insurer Nexus Mutual Maxed Out by Yield-Farming Boom
At about 21:00 UTC on Thursday, Instadapp put out the message that it wastime to move depositsfrom USDT to DAI in order to maximize yields and it seems like users took note.
As we previously reported, the addition of COMP yields makes thesemachinations very lucrative.
The price of COMP is $178.80, as of this writing.
A rules change went into effect Thursday that tweaked the incentives for those looking to mine new COMP.
Previously, the rules had favored the basic attention token (BAT) market because it had the highest interest rates after massive deposits into its liquidity pools. The rules now only count total borrowed and total deposit, ignoring interest rates. So there’s no longer incentive to game a high rate with a risky cryptocurrency.
The total supply to Compound has gonefrom $320to roughly $80, though yields on BAT remain strong, at 5.4%.
Read more:Compound Changes COMP Distribution Rules Following ‘Yield Farming’ Frenzy
At 7%, DAI has by far the strongest yield of any token on Compound right now, making it attractive to buy on the market and supply. With Tuesday’s change to the protocol – which went into effect today – all that counts for COMP earnings going forward are the total amount borrowed and lent.
Yield farmers will look for the best risk-adjusted return and since DAI has the highest yield with low volatility, it’s a very clear bet.
This was exactly what the MakerDAO community was worried about earlier this week. Cyrus Younessi, from MakerDAO’s risk team, wrote:
“There is a chance (likelihood, even) that we see an unprecedented demand for Dai. Much of the natural supply for Dai could also be locked up in COMP farming, thinning out sell-side order books.”
As forum user “Maker Man”put it todayin the MakerDAO chat, “Remember this whole COMP thing is a recycling issue – this is not necessarily draining DAI liquidity though it will tend to drive a siphon of it if it continues.”
UPDATE (July 3, 01:37 UTC):This story has been updated to reflect the fact that Compound reports more up-to-date figures on its main markets page than on individual token pages. CoinDesk reported in part from the latter, but has updated to the correct amounts.
• There Are More DAI on Compound Now Than There Are DAI in the World
• There Are More DAI on Compound Now Than There Are DAI in the World || There Are More DAI on Compound Now Than There Are DAI in the World: We might be entering into the era of genetically modified yield farming. Or maybe decentralized finance (DeFi) just doesn’t make sense anymore. There are currently far more DAI in supply on Compound than there are DAI in the world, at least according to the numbers reported by Compound’s website . Assuming that nothing has gone awry there, the numbers seem impossible. But they might not be. Liquidity on Compound is shifting dramatically between assets as new rules for distribution of its governance token, COMP, take effect. Related: Money Reimagined: Bitcoin and Ethereum Are a DeFi Double Act Compound’s website reports a gross supply of 401 million DAI right now even though there are only 148 million DAI in existence, according to DAI Stats . The supply of DAI on Compound has skyrocketed from $42 million Wednesday . The most reasonable explanation for this is that Compound counts each deposit of DAI as additional gross supply, even if that DAI was just borrowed and re-deposited. So imagine there were 100 DAI and a user deposited 200 USDC. They could then borrow all that DAI and deposit again. Many users are probably running a few wallets to make this work more easily. As Electric Capital’s Ken Deeter put it in an email to CoinDesk, “Note that this is actually what banks do with USD as well. If I deposit $100, and $90 gets lent out, someone gets paid with that $90 and they deposit it in the bank. Now there’s $190 in the bank even though there was only $100 to start with.” Related: DeFi Insurer Nexus Mutual Maxed Out by Yield-Farming Boom At about 21:00 UTC on Thursday, Instadapp put out the message that it was time to move deposits from USDT to DAI in order to maximize yields and it seems like users took note. As we previously reported, the addition of COMP yields makes these machinations very lucrative . The price of COMP is $178.80, as of this writing. Rules change A rules change went into effect Thursday that tweaked the incentives for those looking to mine new COMP. Story continues Previously, the rules had favored the basic attention token (BAT) market because it had the highest interest rates after massive deposits into its liquidity pools. The rules now only count total borrowed and total deposit, ignoring interest rates. So there’s no longer incentive to game a high rate with a risky cryptocurrency. The total supply to Compound has gone from $320 to roughly $80, though yields on BAT remain strong, at 5.4%. Read more: Compound Changes COMP Distribution Rules Following ‘Yield Farming’ Frenzy At 7%, DAI has by far the strongest yield of any token on Compound right now, making it attractive to buy on the market and supply. With Tuesday’s change to the protocol – which went into effect today – all that counts for COMP earnings going forward are the total amount borrowed and lent. Yield farmers will look for the best risk-adjusted return and since DAI has the highest yield with low volatility, it’s a very clear bet. This was exactly what the MakerDAO community was worried about earlier this week. Cyrus Younessi, from MakerDAO’s risk team, wrote: “There is a chance (likelihood, even) that we see an unprecedented demand for Dai. Much of the natural supply for Dai could also be locked up in COMP farming, thinning out sell-side order books.” As forum user “Maker Man” put it today in the MakerDAO chat, “Remember this whole COMP thing is a recycling issue – this is not necessarily draining DAI liquidity though it will tend to drive a siphon of it if it continues.” UPDATE (July 3, 01:37 UTC): This story has been updated to reflect the fact that Compound reports more up-to-date figures on its main markets page than on individual token pages. CoinDesk reported in part from the latter, but has updated to the correct amounts. Related Stories There Are More DAI on Compound Now Than There Are DAI in the World There Are More DAI on Compound Now Than There Are DAI in the World || Bitcoin, Ethereum & Fantom - American Wrap 7/2: Crypto collapse with Bitcoin falling below $9,000 and Ethereum getting close to $220 Most cryptocurrencies are experiencing a significant sell-off after Bitcoin fell below $9,000. BNB/USD has suffered the most with a 4% drop towards $15 and needs to hold $14.8 support. XRP/USD has only fallen by 2% but it's not surprising considering the digital asset has been weaker than the rest for the past few months. Ethereum Technical Analysis: ETH/USD trying to stay above 0 and daily EMAs Ethereum briefly dropped to $226.88 but recovered and its currently fighting to stay above the 12-EMA at $229.90 and the 26-EMA at $230.13. Closing above both EMAs is crucial and could signify another bull cross for both indicators. Fantom Technical Analysis: FTM/USD massive 50% surge towards Fantom Technical Analysis: FTM/USD massive 50% surge towards $0.01 .01 Fantom was up by almost 71% after a tremendous bull rally towards $0.01 from a low of $0.0059. Its unclear what caused the explosion although this recent announcement could be one of the causes: Apparently a big whale also bought a lot of Fantom coins considering the digital asset as extremely undervalued. See more from Benzinga Bitcoin, Ethereum & Ripple - American Wrap 6/25 Bitcoin, Ethereum & Litecoin - American Wrap 6/18 Bitcoin, Ethereum & WAX - American Wrap 6/11 © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin, Ethereum & Fantom - American Wrap 7/2: Crypto collapse with Bitcoin falling below $9,000 and Ethereum getting close to $220
Most cryptocurrencies are experiencing a significant sell-off after Bitcoin fell below $9,000. BNB/USD has suffered the most with a 4% drop towards $15 and needs to hold $14.8 support.
XRP/USD has only fallen by 2% but it's not surprising considering the digital asset has been weaker than the rest for the past few months.
Ethereum Technical Analysis: ETH/USD trying to stay above 0 and daily EMAs
Ethereum briefly dropped to $226.88 but recovered and it’s currently fighting to stay above the 12-EMA at $229.90 and the 26-EMA at $230.13. Closing above both EMAs is crucial and could signify another bull cross for both indicators.
Fantom Technical Analysis: FTM/USD massive 50% surge towardsFantom Technical Analysis: FTM/USD massive 50% surge towards $0.01.01
Fantom was up by almost 71% after a tremendous bull rally towards $0.01 from a low of $0.0059. It’s unclear what caused the explosion although this recent announcement could be one of the causes:
Apparently a big whale also bought a lot of Fantom coins considering the digital asset as extremely undervalued.
See more from Benzinga
• Bitcoin, Ethereum & Ripple - American Wrap 6/25
• Bitcoin, Ethereum & Litecoin - American Wrap 6/18
• Bitcoin, Ethereum & WAX - American Wrap 6/11
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin, Ethereum & Fantom - American Wrap 7/2: Crypto collapse with Bitcoin falling below $9,000 and Ethereum getting close to $220
Most cryptocurrencies are experiencing a significant sell-off after Bitcoin fell below $9,000. BNB/USD has suffered the most with a 4% drop towards $15 and needs to hold $14.8 support.
XRP/USD has only fallen by 2% but it's not surprising considering the digital asset has been weaker than the rest for the past few months.
Ethereum Technical Analysis: ETH/USD trying to stay above 0 and daily EMAs
Ethereum briefly dropped to $226.88 but recovered and it’s currently fighting to stay above the 12-EMA at $229.90 and the 26-EMA at $230.13. Closing above both EMAs is crucial and could signify another bull cross for both indicators.
Fantom Technical Analysis: FTM/USD massive 50% surge towardsFantom Technical Analysis: FTM/USD massive 50% surge towards $0.01.01
Fantom was up by almost 71% after a tremendous bull rally towards $0.01 from a low of $0.0059. It’s unclear what caused the explosion although this recent announcement could be one of the causes:
Apparently a big whale also bought a lot of Fantom coins considering the digital asset as extremely undervalued.
See more from Benzinga
• Bitcoin, Ethereum & Ripple - American Wrap 6/25
• Bitcoin, Ethereum & Litecoin - American Wrap 6/18
• Bitcoin, Ethereum & WAX - American Wrap 6/11
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bluesky Digital Assets Corp., Announces Appointment of CFO: Toronto, Ontario--(Newsfile Corp. - July 2, 2020) - Bluesky Digital Assets Corp., (CSE: BTC), (CSE: BTC.PR.A), (OTC Pink: BTCWD), ("Bluesky" or the "Corporation") announced today that Ms. Evelin Wong has resigned as the Corporation's CFO with immediate effect. The Corporation has appointed Mr. Frank Kordy as CFO on an Interim basis. Mr. Kordy previously served as the Corporation's CFO from December 2013 to December 2015. Mr. Kordy has served in the capacity of CFO for several CSE and TSXV listed entities.
Mr. Frank Kordy Director stated: "I would like to thank Ms. Wong for her efforts and support in serving in the capacity of both Controller and then as CFO over the course of the last four years and I wish her nothing but success in all of her future endeavours."
About Bluesky Digital Assets Corp.
Bluesky Digital Assets Corp, is building a high value digital currency enterprise. Bluesky mines digital currencies, such as Bitcoin and Ether, and is developing value-added technology services for the digital currency market, such as digital mining proprietary software. Offering a complete ecosystem of value-creation, Bluesky is targeting reinvesting appropriate portions of its digital currency mining profits back into its operations. A percentage of the profit will be invested in the development of a proprietary Artificial Intelligence ("AI") based technology. Overall, Bluesky takes an approach that enables the Corporation to scale, and respond to changing conditions, within the still-emerging digital currency industry. The Corporation is poised to capture value in successive phases as this industry continues to scale. For more information please visitwww.blueskydigitalassets.com.
For further information please contact:
Mr. Steve LowInvestor RelationsBoom Capital Markets.T: (647) 620-5101E:[email protected]
Mr. Ben GelfandCEO & DirectorBluesky Digital Assets CorpT: (416) 363-3833E:[email protected]. Frank KordySecretary & DirectorBluesky Digital Assets Corp.T: (647) 466-4037E:[email protected]
Forward-Looking Statements
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward- looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE accepts responsibility for the adequacy or accuracy of this release. We seek safe harbor.
- 30 -
THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES.
To view the source version of this press release, please visithttps://www.newsfilecorp.com/release/59070 || Bluesky Digital Assets Corp., Announces Appointment of CFO: Toronto, Ontario--(Newsfile Corp. - July 2, 2020) - Bluesky Digital Assets Corp., (CSE: BTC), (CSE: BTC.PR.A), (OTC Pink: BTCWD), ("Bluesky" or the "Corporation") announced today that Ms. Evelin Wong has resigned as the Corporation's CFO with immediate effect. The Corporation has appointed Mr. Frank Kordy as CFO on an Interim basis. Mr. Kordy previously served as the Corporation's CFO from December 2013 to December 2015. Mr. Kordy has served in the capacity of CFO for several CSE and TSXV listed entities. Mr. Frank Kordy Director stated: "I would like to thank Ms. Wong for her efforts and support in serving in the capacity of both Controller and then as CFO over the course of the last four years and I wish her nothing but success in all of her future endeavours." About Bluesky Digital Assets Corp. Bluesky Digital Assets Corp, is building a high value digital currency enterprise. Bluesky mines digital currencies, such as Bitcoin and Ether, and is developing value-added technology services for the digital currency market, such as digital mining proprietary software. Offering a complete ecosystem of value-creation, Bluesky is targeting reinvesting appropriate portions of its digital currency mining profits back into its operations. A percentage of the profit will be invested in the development of a proprietary Artificial Intelligence ("AI") based technology. Overall, Bluesky takes an approach that enables the Corporation to scale, and respond to changing conditions, within the still-emerging digital currency industry. The Corporation is poised to capture value in successive phases as this industry continues to scale. For more information please visit www.blueskydigitalassets.com . For further information please contact: Mr. Steve Low Investor Relations Boom Capital Markets . T: (647) 620-5101 E: [email protected] Mr. Ben Gelfand CEO & Director Bluesky Digital Assets Corp T: (416) 363-3833 E: [email protected] Mr. Frank Kordy Secretary & Director Bluesky Digital Assets Corp. T: (647) 466-4037 E: [email protected] Story continues Forward-Looking Statements Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward- looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE accepts responsibility for the adequacy or accuracy of this release. We seek safe harbor. - 30 - THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/59070 || Market Wrap: Bitcoin Briefly Breaks Below $9K, but Markets Remain Comatose: Bitcoinbroke below $9,000 Thursday afternoon as the leading cryptocurrency has continued to trade in a tight range just above $9,000 for several weeks.
• Bitcoin at $9,060 as of 20:00 UTC (4 p.m. ET), down 2% over 24 hours
• BTC trading range (past 24 hours): $9,300 – $8,900
• Ether down 3% trading, at around $225
• Institutional investment continues despite sleepy market
• Nearly all cryptocurrencies down over 24-hour period
Despite the brief 3% afternoon drop, however, the cryptocurrency markets continue to stay eerily calm as volatility drops and traders continue to expect a big move. Bitcoin was changing hands at around $9,060 as of 20:00 UTC (4 p.m. ET).
Ether, the second-largest cryptocurrency by market capitalization, dropped 3%, trading around $225 as of 20:00 UTC (4 p.m. ET), according to Coinbase.
Related:Search for Yield Drives Ether’s Put-Call Ratio to One-Year High
Bitcoin teased bearish traders Thursday with a 3% dip from $9,250 to $8,930 in afternoon hours. The move sparked a series of liquidations on BitMEX, spiking to $30 million after the afternoon price move, according to Skew. Liquidations had been fairly flat for several days on the largest bitcoin derivatives platform.
Despite the afternoon drop, spot trading volumes were relatively stable relative to the preceding few days. Coinbase volume, for example, just barely edged out its Wednesday’s volume, reporting a total of $78 million traded.
Despite the quiet price action, institutional investors continue to make moves in crypto markets.
Norwegian crypto investment firm Arcane Crypto is planning to list on Nasdaq Nordic’s alternative stock exchange, CoinDeskreportedThursday. Arcane plans to issue 6.6 billion new shares – each at half a U.S. cent – to fund a $32 million take over by Swedish firm Vertical Ventures, which is facilitating the listing.
• S&P 500 flat, gaining less than 0.2%
• FTSE 100 up 1.3%
• Nikkei 225 down less than 0.2%
• Gold up 0.5% trading at $1,777
Related:
As bitcoin dipped, some of the darlings of the equities markets continued to soar. Tesla made a new all-time high for the second consecutive day Thursday, climbing to $1,228 in early trading hours. The technology stock opened 5% higher than its Wednesday close as its bullish momentum continues with ferocity. Zoom also made a new all-time high, trading at just below $264 during afternoon hours.
See also:DeFi Insurer Nexus Mutual Maxed Out by Yield-Farming Boom
Social media stocks weren’t quite as lucky, dipping a bit on Thursday. Twitter dropped more than 1% Thursday. Facebook dropped 2.2%.
Cryptocurrencies in general were almost all in the red Thursday, according toMessari. The only digital asset categorized as a currency with a positive 24-hour return, according to its methodology, was monero (XMR) up 2.5%.
In commodities, gold gained 0.5% on the day after recovering from 1% drop during afternoon trading hours. Crude oil gained more than 2%.
• Market Wrap: Bitcoin Briefly Breaks Below $9K, but Markets Remain Comatose
• Market Wrap: Bitcoin Briefly Breaks Below $9K, but Markets Remain Comatose || Market Wrap: Bitcoin Briefly Breaks Below $9K, but Markets Remain Comatose: Bitcoinbroke below $9,000 Thursday afternoon as the leading cryptocurrency has continued to trade in a tight range just above $9,000 for several weeks.
• Bitcoin at $9,060 as of 20:00 UTC (4 p.m. ET), down 2% over 24 hours
• BTC trading range (past 24 hours): $9,300 – $8,900
• Ether down 3% trading, at around $225
• Institutional investment continues despite sleepy market
• Nearly all cryptocurrencies down over 24-hour period
Despite the brief 3% afternoon drop, however, the cryptocurrency markets continue to stay eerily calm as volatility drops and traders continue to expect a big move. Bitcoin was changing hands at around $9,060 as of 20:00 UTC (4 p.m. ET).
Ether, the second-largest cryptocurrency by market capitalization, dropped 3%, trading around $225 as of 20:00 UTC (4 p.m. ET), according to Coinbase.
Related:Search for Yield Drives Ether’s Put-Call Ratio to One-Year High
Bitcoin teased bearish traders Thursday with a 3% dip from $9,250 to $8,930 in afternoon hours. The move sparked a series of liquidations on BitMEX, spiking to $30 million after the afternoon price move, according to Skew. Liquidations had been fairly flat for several days on the largest bitcoin derivatives platform.
Despite the afternoon drop, spot trading volumes were relatively stable relative to the preceding few days. Coinbase volume, for example, just barely edged out its Wednesday’s volume, reporting a total of $78 million traded.
Despite the quiet price action, institutional investors continue to make moves in crypto markets.
Norwegian crypto investment firm Arcane Crypto is planning to list on Nasdaq Nordic’s alternative stock exchange, CoinDeskreportedThursday. Arcane plans to issue 6.6 billion new shares – each at half a U.S. cent – to fund a $32 million take over by Swedish firm Vertical Ventures, which is facilitating the listing.
• S&P 500 flat, gaining less than 0.2%
• FTSE 100 up 1.3%
• Nikkei 225 down less than 0.2%
• Gold up 0.5% trading at $1,777
Related:
As bitcoin dipped, some of the darlings of the equities markets continued to soar. Tesla made a new all-time high for the second consecutive day Thursday, climbing to $1,228 in early trading hours. The technology stock opened 5% higher than its Wednesday close as its bullish momentum continues with ferocity. Zoom also made a new all-time high, trading at just below $264 during afternoon hours.
See also:DeFi Insurer Nexus Mutual Maxed Out by Yield-Farming Boom
Social media stocks weren’t quite as lucky, dipping a bit on Thursday. Twitter dropped more than 1% Thursday. Facebook dropped 2.2%.
Cryptocurrencies in general were almost all in the red Thursday, according toMessari. The only digital asset categorized as a currency with a positive 24-hour return, according to its methodology, was monero (XMR) up 2.5%.
In commodities, gold gained 0.5% on the day after recovering from 1% drop during afternoon trading hours. Crude oil gained more than 2%.
• Market Wrap: Bitcoin Briefly Breaks Below $9K, but Markets Remain Comatose
• Market Wrap: Bitcoin Briefly Breaks Below $9K, but Markets Remain Comatose || Market Wrap: Bitcoin Briefly Breaks Below $9K, but Markets Remain Comatose: Bitcoin broke below $9,000 Thursday afternoon as the leading cryptocurrency has continued to trade in a tight range just above $9,000 for several weeks. Bitcoin at $9,060 as of 20:00 UTC (4 p.m. ET), down 2% over 24 hours BTC trading range (past 24 hours): $9,300 – $8,900 Ether down 3% trading, at around $225 Institutional investment continues despite sleepy market Nearly all cryptocurrencies down over 24-hour period Despite the brief 3% afternoon drop, however, the cryptocurrency markets continue to stay eerily calm as volatility drops and traders continue to expect a big move. Bitcoin was changing hands at around $9,060 as of 20:00 UTC (4 p.m. ET). Ether , the second-largest cryptocurrency by market capitalization, dropped 3%, trading around $225 as of 20:00 UTC (4 p.m. ET), according to Coinbase. Related: Search for Yield Drives Ether’s Put-Call Ratio to One-Year High Bitcoin teased bearish traders Thursday with a 3% dip from $9,250 to $8,930 in afternoon hours. The move sparked a series of liquidations on BitMEX, spiking to $30 million after the afternoon price move, according to Skew. Liquidations had been fairly flat for several days on the largest bitcoin derivatives platform. Despite the afternoon drop, spot trading volumes were relatively stable relative to the preceding few days. Coinbase volume, for example, just barely edged out its Wednesday’s volume, reporting a total of $78 million traded. Despite the quiet price action, institutional investors continue to make moves in crypto markets. Norwegian crypto investment firm Arcane Crypto is planning to list on Nasdaq Nordic’s alternative stock exchange, CoinDesk reported Thursday. Arcane plans to issue 6.6 billion new shares – each at half a U.S. cent – to fund a $32 million take over by Swedish firm Vertical Ventures, which is facilitating the listing. Other markets S&P 500 flat, gaining less than 0.2% FTSE 100 up 1.3% Nikkei 225 down less than 0.2% Gold up 0.5% trading at $1,777 Story continues Related: As bitcoin dipped, some of the darlings of the equities markets continued to soar. Tesla made a new all-time high for the second consecutive day Thursday, climbing to $1,228 in early trading hours. The technology stock opened 5% higher than its Wednesday close as its bullish momentum continues with ferocity. Zoom also made a new all-time high, trading at just below $264 during afternoon hours. See also: DeFi Insurer Nexus Mutual Maxed Out by Yield-Farming Boom Social media stocks weren’t quite as lucky, dipping a bit on Thursday. Twitter dropped more than 1% Thursday. Facebook dropped 2.2%. Cryptocurrencies in general were almost all in the red Thursday, according to Messari . The only digital asset categorized as a currency with a positive 24-hour return, according to its methodology, was monero ( XMR ) up 2.5%. In commodities, gold gained 0.5% on the day after recovering from 1% drop during afternoon trading hours. Crude oil gained more than 2%. Related Stories Market Wrap: Bitcoin Briefly Breaks Below $9K, but Markets Remain Comatose Market Wrap: Bitcoin Briefly Breaks Below $9K, but Markets Remain Comatose || DeFi Insurer Nexus Mutual Maxed Out by Yield-Farming Boom: Nexus Mutual is maxed out covering the risks associated with decentralized finance (DeFi) platforms. “Our product has honestly seen massive interest since yield farming kicked off,” Nexus Mutual founder Hugh Karp told CoinDesk in an email. “With potential yields being so lucrative many users are looking to protect themselves against the risk of smart contract failure.” Nexus Mutual provides a way to hedge against the risk posed by smart contracts, with policies that pay out against a failure in the underlying software of a DeFi product within a given time frame. Related: Irish Charity Receives $1.1M Grant to Build Blockchain Platform for Aid Distribution It made its first payments earlier this year following the attacks involving flash-loan provider bZx . The Nexus Mutual risk pool already doubled over the last quarter , but the craze following the release of Compound Finance’s governance token on June 15 has notched it up even further. Read more: Business Is Booming for DeFi Insurer Nexus Mutual Ahead of Ethereum 2.0 “In particular, there is big demand coming from hedge funds and more professional investors for our product, they want multi-millions of cover. As a result, we’ve hit our current capacity limits on the key yield-farming protocols such as Compound, Balancer and Curve,” Karp told CoinDesk. On Nexus Mutual Tracker , a data site made by 1confirmation partner Richard Chen, Curve is at the top, with active per contract sitting at $695,000. Compound and Balancer are a close second and third, respectively, with $651,000 and $619,000 of cover. Related: Money Reimagined: Bitcoin and Ethereum Are a DeFi Double Act Those are the most well-covered contracts on Nexus now, but Balancer is only slightly ahead of payments system Flexa . NXM token Nexus is run as a mutual company by holders of the NXM token. They have set limits of $630,000 in coverage on each protocol. That amount is based on how much is on hand to pay out claims. The token is designed to recruit more capital when it’s needed, however, so they may be able to take on more policies soon. Story continues Nexus currently has $5 million on hand to cover claims, up $1 million since earlier this month. It’s worth noting that there’s no need for users of Nexus to show a loss to use Nexus. They only need to take out a policy that the smart contract might break or be exploited to get paid out. Read more: DeFi Platform Opyn Launches Put Options on Compound Token This is similar to Opyn, which allows users to take out short positions against various tokens dramatically losing value, whether they hold the token or not. Karp wrote, “Yield farming is certainly attractive due to the outsized returns, but it does come with increased risk; leverage and smart contract risk can be dangerous, so be careful out there.” Related Stories DeFi Insurer Nexus Mutual Maxed Out by Yield-Farming Boom DeFi Insurer Nexus Mutual Maxed Out by Yield-Farming Boom || DeFi Insurer Nexus Mutual Maxed Out by Yield-Farming Boom: Nexus Mutual is maxed out covering the risks associated with decentralized finance (DeFi) platforms.
“Our product has honestly seen massive interest since yield farming kicked off,” Nexus Mutual founder Hugh Karp told CoinDesk in an email. “With potential yields being so lucrative many users are looking to protect themselves against the risk of smart contract failure.”
Nexus Mutualprovides a way to hedge against the risk posed by smart contracts, with policies that pay out against a failure in the underlying software of a DeFi product within a given time frame.
Related:Irish Charity Receives $1.1M Grant to Build Blockchain Platform for Aid Distribution
It made its first payments earlier this year following the attacksinvolving flash-loan provider bZx. The Nexus Mutual risk pool already doubledover the last quarter, but the craze following therelease of Compound Finance’s governance tokenon June 15 has notched it up even further.
Read more:Business Is Booming for DeFi Insurer Nexus Mutual Ahead of Ethereum 2.0
“In particular, there is big demand coming from hedge funds and more professional investors for our product, they want multi-millions of cover. As a result, we’ve hit our current capacity limits on the key yield-farming protocols such as Compound, Balancer and Curve,” Karp told CoinDesk.
OnNexus Mutual Tracker, a data site made by 1confirmation partner Richard Chen, Curve is at the top, with active per contract sitting at $695,000. Compound and Balancer are a close second and third, respectively, with $651,000 and $619,000 of cover.
Related:Money Reimagined: Bitcoin and Ethereum Are a DeFi Double Act
Those are the most well-covered contracts on Nexus now, but Balancer is only slightly ahead ofpayments system Flexa.
Nexus is run as a mutual company by holders of the NXM token. They have set limits of $630,000 in coverage on each protocol. That amount is based on how much is on hand to pay out claims. The token is designedto recruit more capitalwhen it’s needed, however, so they may be able to take on more policies soon.
Nexus currently has $5 million on hand to cover claims, up $1 million since earlier this month. It’s worth noting that there’s no need for users of Nexus to show a loss to use Nexus. They only need to take out a policy that the smart contract might break or be exploited to get paid out.
Read more:DeFi Platform Opyn Launches Put Options on Compound Token
This is similar toOpyn, which allowsusers to take out short positions against various tokens dramatically losing value, whether they hold the token or not.
Karp wrote, “Yield farming is certainly attractive due to the outsized returns, but it does come with increased risk; leverage and smart contract risk can be dangerous, so be careful out there.”
• DeFi Insurer Nexus Mutual Maxed Out by Yield-Farming Boom
• DeFi Insurer Nexus Mutual Maxed Out by Yield-Farming Boom || Bitcoin Miners Saw 23% Revenue Drop in June: Bitcoin miners suffered a 23% drop in revenue during June, resulting from lower network fees and a reduced block subsidy after thehalvingin May.
Down from $366 million in May,bitcoinminers generated an estimated $281 million in revenue in June, a three-month low according toCoin Metricsdata analyzed by CoinDesk. Estimates assume miners sell bitcoins immediately.
Mining is the process of adding confirmed transactions to the Bitcoin blockchain. For the resources required to mine, the network compensates miners via subsidies and transaction fees. Subsidies are paid per block at a current rate of 6.25 BTC. Fees are paid per transaction.
Related:
Compared to May, June subsidies and fees offer a better representation of mining revenue after the halving, said Austin Storms, founder of mining mobile infrastructure company BearBox. Even with an 11% decline in May, the month’s first 11 days of the month are weighted heavily from the 12.5 BTC per-block subsidy that later dropped to 6.25 BTC, Storms told CoinDesk.
See also:Bitcoin’s Mining Difficulty Has Rarely Been This Static in a Decade
During the halving, the size of Bitcoin’s mempool grew substantially, which caused transaction fees to also increase. The mempool serves as a sort of holding depot for verified transactions that need to be included in new blocks by miners. As the mempool emptied through the end of May and into June, monthly miner revenue estimates reflect the subsequent decline in transaction fees.
Fees only generated $12 million in June, which accounts for 4.3% of monthly revenue, down from a 12-month high of 8.3% in May. Since the per-block subsidy remains constant until 2024, growth in mining revenue can only come from two sources: an increase in network fees or bitcoin’s price.
• Bitcoin Miners Saw 23% Revenue Drop in June
• Bitcoin Miners Saw 23% Revenue Drop in June
• Bitcoin Miners Saw 23% Revenue Drop in June || Bitcoin Miners Saw 23% Revenue Drop in June: Bitcoin miners suffered a 23% drop in revenue during June, resulting from lower network fees and a reduced block subsidy after thehalvingin May.
Down from $366 million in May,bitcoinminers generated an estimated $281 million in revenue in June, a three-month low according toCoin Metricsdata analyzed by CoinDesk. Estimates assume miners sell bitcoins immediately.
Mining is the process of adding confirmed transactions to the Bitcoin blockchain. For the resources required to mine, the network compensates miners via subsidies and transaction fees. Subsidies are paid per block at a current rate of 6.25 BTC. Fees are paid per transaction.
Related:
Compared to May, June subsidies and fees offer a better representation of mining revenue after the halving, said Austin Storms, founder of mining mobile infrastructure company BearBox. Even with an 11% decline in May, the month’s first 11 days of the month are weighted heavily from the 12.5 BTC per-block subsidy that later dropped to 6.25 BTC, Storms told CoinDesk.
See also:Bitcoin’s Mining Difficulty Has Rarely Been This Static in a Decade
During the halving, the size of Bitcoin’s mempool grew substantially, which caused transaction fees to also increase. The mempool serves as a sort of holding depot for verified transactions that need to be included in new blocks by miners. As the mempool emptied through the end of May and into June, monthly miner revenue estimates reflect the subsequent decline in transaction fees.
Fees only generated $12 million in June, which accounts for 4.3% of monthly revenue, down from a 12-month high of 8.3% in May. Since the per-block subsidy remains constant until 2024, growth in mining revenue can only come from two sources: an increase in network fees or bitcoin’s price.
• Bitcoin Miners Saw 23% Revenue Drop in June
• Bitcoin Miners Saw 23% Revenue Drop in June
• Bitcoin Miners Saw 23% Revenue Drop in June || Bitcoin Miners Saw 23% Revenue Drop in June: Bitcoin miners suffered a 23% drop in revenue during June, resulting from lower network fees and a reduced block subsidy after the halving in May. Down from $366 million in May, bitcoin miners generated an estimated $281 million in revenue in June, a three-month low according to Coin Metrics data analyzed by CoinDesk. Estimates assume miners sell bitcoins immediately. Mining is the process of adding confirmed transactions to the Bitcoin blockchain. For the resources required to mine, the network compensates miners via subsidies and transaction fees. Subsidies are paid per block at a current rate of 6.25 BTC. Fees are paid per transaction. Related: Compared to May, June subsidies and fees offer a better representation of mining revenue after the halving, said Austin Storms, founder of mining mobile infrastructure company BearBox. Even with an 11% decline in May, the months first 11 days of the month are weighted heavily from the 12.5 BTC per-block subsidy that later dropped to 6.25 BTC, Storms told CoinDesk. See also: Bitcoins Mining Difficulty Has Rarely Been This Static in a Decade During the halving, the size of Bitcoins mempool grew substantially, which caused transaction fees to also increase. The mempool serves as a sort of holding depot for verified transactions that need to be included in new blocks by miners. As the mempool emptied through the end of May and into June, monthly miner revenue estimates reflect the subsequent decline in transaction fees. Fees only generated $12 million in June, which accounts for 4.3% of monthly revenue, down from a 12-month high of 8.3% in May. Since the per-block subsidy remains constant until 2024, growth in mining revenue can only come from two sources: an increase in network fees or bitcoins price. Related Stories Bitcoin Miners Saw 23% Revenue Drop in June Bitcoin Miners Saw 23% Revenue Drop in June Bitcoin Miners Saw 23% Revenue Drop in June || Blockchain Bites: BlockFi’s Revenue, DEX Volume and a Wallet Bug: New research shows certain wallets are vulnerable to a quasi double-spending attack, a federal appeals court effectively said blockchain data is not protected under the Fourth Amendment and more. Here’s the story: You’re reading Blockchain Bites , the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’s newsletters here . Law of the Land The Senate Banking Committee plans to introduce legislation this week to study virtual currency’s role in illicit online activity. “Although the use and trading of virtual currencies are legal practices, some terrorists and criminals, including international criminal organizations, seek to exploit vulnerabilities” through them, the amendment read. Meanwhile, a federal appeals court on Tuesday effectively said searches of a suspect criminal’s blockchain activity does not violate the Constitutional Fourth Amendment’s protection against warrantless search and seizure in denying defendant Richard Gratkowski’s claims his blockchain and Coinbase-held bitcoin transaction records could not be used as evidence against him. Related: Blockchain Bites: DeFi and DEXs Surge, Bitcoin's Negligible Adjustment and an ICO Class Action Shut Down? The U.K. High Court of Justice has ordered crypto exchange GPay to be “wound up in the public interest.” In a statement Tuesday, the U.K. government said 108 clients had lost a total of just under £1.5 million ($1.9 million) using GPay, which also sold clients insurance to protect them against trading losses, but the exchange did not always pay out. Bugs Researchers at ZenGo have discovered a vulnerability in how certain wallets display Bitcoin’s replace-by-fee transactions, possibly enabling malicious actors to swindle funds from unsuspecting victims. The affected wallets ZenGo studied, Ledger Live, Breadwallet and Edge have fixed or are fixing the issue, though other wallets may be vulnerable. Meanwhile, cybersecurity firm Group-IB has identified a scam that uses victim’s personal information and celebrity deep-fakes to lure people to a website that details an investment scheme, which requires a 0.03 bitcoin ($276) fee to enter. ( Decrypt ) Story continues Incumbents BlockFi says its monthly revenue has doubled as it sees a surge in new users for its crypto lending service and interest accounts. The revenue increase has been driven by bitcoin’s recent halving event in May, the company said, as well as the launch of a mobile app. Elsewhere, CNET founder Halsey Minor launched Public Mint, a “fiat native” blockchain that makes transactions efficient and accessible. Funds are held in insured banks, enabling users to create their own “digital money systems,” enabling companies using the platform to accept dollars via credit card, wire transfers and more whether or not they have a bank account. Finally, Coinbase Custody will secure assets used in 21Shares’ Bitcoin ETP in an offline storage solution, taking over from South Dakota-regulated Kingdom Trust. Market intel Double Digits June trading volume on decentralized exchanges set a record high of $1.52 billion, up 70% from May, according to data from Dune Analytics. This double-digit percentage growth is simply “the continuation of a trend dating back to the end of [2019],” Messari’s Jack Purdy said. Curve and Uniswap control the largest amount of traded volume, recording $350 million and $446 million, respectively, in June. Related: First Mover: Crypto.com's Chain Token Dominated Markets in June With 33% Gain Tight Range Wednesday evening, bitcoin broke above $9,250 for the first time since Friday as the leading cryptocurrency continues to trade in a tight range just above $9,000 for several weeks. Despite trading above $9,250, bitcoin is still stuck within a tight range of a few hundred dollars above $9,000. As a result, 30-day volatility continues to decline reaching its lowest mark since Feb. 23, according to Coin Metrics. Retail Buyers New research suggests that as the Bitcoin network continues to halve every four years, the daily supply of mined bitcoin will not be able to meet retail demand. The researchers propose that in 2024 when the daily supply will drop to 450 BTC, retail buyers could account for 50% of the need, and extrapolate out from there. ( Decrypt ) Valuing Bitcoin Nearly half of investors in a recent survey said a lack of fundamentals keeps them from participating. In a 30-minute webinar July 7, CoinDesk Research will explore one of the first and oldest unique data points to be developed by crypto asset analysts: Bitcoin Days Destroyed. We’ll be joined by Lucas Nuzzi, a veteran analyst and a network data expert at Coin Metrics. Lucas and CoinDesk Research will walk you through the structure of this unique financial metric and demonstrate some of its many applications. Sign up for the July 7 webinar “How to Value Bitcoin: Bitcoin Days Destroyed.” Interview Scott Alexander on the Value of Pseudonymity Last week, Scott Alexander, the author of the influential rationalist blog Slate Star Codex (SSC), abruptly shut down (perhaps temporarily) his blog in advance of a New York Times (NYT) story on him and SSC that would include his real name. He tells of his decision in an interview with CoinDesk’s Ben Powers, abbreviated here. Are there circumstances under which you believe it would be appropriate to unmask an online persona? This is a tough question, but I place it in the same realm as other tough questions like, “Are there times when violence is appropriate?” or “Are there times when the government should suppress speech?” There might be, but it needs a higher burden of proof than just “I don’t like this person.” How do you respond to the people who say, “Your real name is already out there”? I know the blog post addresses it but it’d be helpful for you to lay out for our audience. There are a lot of people who have had naked pictures of them leaked online who would still be entirely justified not wanting those pictures in the New York Times. I admit my security has been bad. But so far most people who google my real name don’t find my blog. People who do the opposite can find my real name with a little Internet savviness and a minute or two, and maybe the extra difficulty just makes me feel more secure without really keeping me any safer. But that extra feeling of security is still important to me. Did you see an opportunity here to “Streisand Effect” your blog? I believe you have said in the past that traffic is down but that you’d also like to pivot out from your day job and do SSC-style work full time. So is there any fairness to a cynical view of your blog takedown as a way to relight the spark in the SSC community? No, I didn’t do this, and would lose respect for anyone who did. I’m not sure what kind of evidence you want me to give. But if you want, you can confirm with Cade [Metz, the Times reporter] that I begged him, at great length, many times, over the course of days, not to use my real name in the article. I gave him a warning that I would delete the blog if he used my real name, in order to pressure him to reconsider, and I only deleted the blog after he refused. “We do not comment on what we may or may not publish in the future,” responded Danielle Rhoades Ha, vice president of Communications at the New York Times, in a statement sent to CoinDesk. “But when we report on newsworthy or influential figures, our goal is always to give readers all the accurate and relevant information we can.” Who won #CryptoTwitter? Related Stories Blockchain Bites: BlockFi’s Revenue, DEX Volume and a Wallet Bug Blockchain Bites: BlockFi’s Revenue, DEX Volume and a Wallet Bug || Blockchain Bites: BlockFi’s Revenue, DEX Volume and a Wallet Bug: New research shows certain wallets are vulnerable to a quasi double-spending attack, a federal appeals court effectively said blockchain data is not protected under the Fourth Amendment and more. Here’s the story:
You’re readingBlockchain Bites, the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’snewsletters here.
Law of the LandThe Senate Banking Committee plans to introduce legislation this week to studyvirtual currency’s role in illicit online activity.“Although the use and trading of virtual currencies are legal practices, some terrorists and criminals, including international criminal organizations, seek to exploit vulnerabilities” through them, the amendment read. Meanwhile, a federal appeals court on Tuesday effectively said searches of a suspect criminal’s blockchain activity doesnot violate the Constitutional Fourth Amendment’sprotection against warrantless search and seizure in denying defendant Richard Gratkowski’s claims his blockchain and Coinbase-heldbitcointransaction records could not be used as evidence against him.
Related:Blockchain Bites: DeFi and DEXs Surge, Bitcoin's Negligible Adjustment and an ICO Class Action
Shut Down?The U.K. High Court of Justice has ordered crypto exchange GPay to be“wound up in the public interest.”In a statement Tuesday, the U.K. government said 108 clients had lost a total of just under £1.5 million ($1.9 million) using GPay, which also sold clients insurance to protect them against trading losses, but the exchange did not always pay out.
BugsResearchers at ZenGo have discovered a vulnerability in how certain wallets display Bitcoin’s replace-by-fee transactions, possibly enabling malicious actors to swindle funds fromunsuspecting victims.The affected wallets ZenGo studied, Ledger Live, Breadwallet and Edge have fixed or are fixing the issue, though other wallets may be vulnerable. Meanwhile, cybersecurity firm Group-IB has identified a scam that uses victim’s personal information and celebrity deep-fakes to lure people to a website that details an investment scheme, which requires a 0.03 bitcoin ($276) fee to enter. (Decrypt)
IncumbentsBlockFi says its monthlyrevenue has doubledas it sees a surge in new users for its crypto lending service and interest accounts. The revenue increase has been driven by bitcoin’s recent halving event in May, the company said, as well as the launch of a mobile app. Elsewhere, CNET founder Halsey Minor launchedPublic Mint,a “fiat native” blockchain that makes transactions efficient and accessible. Funds are held in insured banks, enabling users to create their own “digital money systems,” enabling companies using the platform to accept dollars via credit card, wire transfers and more whether or not they have a bank account. Finally, Coinbase Custody will secure assets used in21Shares’ Bitcoin ETPin an offline storage solution, taking over from South Dakota-regulated Kingdom Trust.
Double DigitsJune trading volume on decentralized exchanges set a record high of$1.52 billion,up 70% from May, according to data from Dune Analytics. This double-digit percentage growth is simply “the continuation of a trend dating back to the end of [2019],” Messari’s Jack Purdy said. Curve and Uniswap control the largest amount of traded volume, recording $350 million and $446 million, respectively, in June.
Related:First Mover: Crypto.com's Chain Token Dominated Markets in June With 33% Gain
Tight RangeWednesday evening, bitcoinbroke above $9,250for the first time since Friday as the leading cryptocurrency continues to trade in a tight range just above $9,000 for several weeks. Despite trading above $9,250, bitcoin is still stuck within a tight range of a few hundred dollars above $9,000. As a result, 30-day volatility continues to decline reaching its lowest mark since Feb. 23, according to Coin Metrics.
Retail BuyersNew research suggests that as the Bitcoin network continues to halve every four years, the daily supply of mined bitcoin will not be able to meet retail demand. The researchers propose that in 2024 when the daily supply will drop to 450 BTC, retail buyers could account for 50% of the need, and extrapolate out from there. (Decrypt)
Valuing BitcoinNearly half of investors in a recent survey said a lack of fundamentals keeps them from participating. In a 30-minute webinar July 7, CoinDesk Research will explore one of the first and oldest unique data points to be developed by crypto asset analysts: Bitcoin Days Destroyed.
We’ll be joined by Lucas Nuzzi, a veteran analyst and a network data expert at Coin Metrics. Lucas and CoinDesk Research will walk you through the structure of this unique financial metric and demonstrate some of its many applications.Sign up for the July 7 webinar“How to Value Bitcoin: Bitcoin Days Destroyed.”
Scott Alexander on the Value of PseudonymityLast week, Scott Alexander, the author of the influential rationalist blog Slate Star Codex (SSC), abruptly shut down (perhaps temporarily) his blog in advance of a New York Times (NYT) story on him and SSC that would include his real name. Hetells of his decisionin an interview with CoinDesk’s Ben Powers, abbreviated here.
Are there circumstances under which you believe it would be appropriate to unmask an online persona?
This is a tough question, but I place it in the same realm as other tough questions like, “Are there times when violence is appropriate?” or “Are there times when the government should suppress speech?” There might be, but it needs a higher burden of proof than just “I don’t like this person.”
How do you respond to the people who say, “Your real name is already out there”? I know the blog post addresses it but it’d be helpful for you to lay out for our audience.
There are a lot of people who have had naked pictures of them leaked online who would still be entirely justified not wanting those pictures in the New York Times. I admit my security has been bad. But so far most people who google my real name don’t find my blog. People who do the opposite can find my real name with a little Internet savviness and a minute or two, and maybe the extra difficulty just makes me feel more secure without really keeping me any safer. But that extra feeling of security is still important to me.
Did you see an opportunity here to “Streisand Effect” your blog? I believe you have said in the past that traffic is down but that you’d also like to pivot out from your day job and do SSC-style work full time. So is there any fairness to a cynical view of your blog takedown as a way to relight the spark in the SSC community?
No, I didn’t do this, and would lose respect for anyone who did. I’m not sure what kind of evidence you want me to give. But if you want, you can confirm with Cade [Metz, the Times reporter] that I begged him, at great length, many times, over the course of days, not to use my real name in the article. I gave him a warning that I would delete the blog if he used my real name, in order to pressure him to reconsider, and I only deleted the blog after he refused.
“We do not comment on what we may or may not publish in the future,” responded Danielle Rhoades Ha, vice president of Communications at the New York Times, in a statement sent to CoinDesk. “But when we report on newsworthy or influential figures, our goal is always to give readers all the accurate and relevant information we can.”
• Blockchain Bites: BlockFi’s Revenue, DEX Volume and a Wallet Bug
• Blockchain Bites: BlockFi’s Revenue, DEX Volume and a Wallet Bug || How EncroChat became the go-to messaging service for gangsters: The hundreds of criminals arrestedfollowing the penetration of encrypted messaging platform EncroChathas revealed the popularity of a service which spent years competing for customers.
Designed to provide "worry-free secure communications" through modified Android phones, EncroChat enabled users to send written messages or make voice calls through an encrypted system.
There were thought to be 60,000 users internationally, including 10,000 in the UK, with prices starting at £3,000 a year for a subscription.
EncroChat claimed for years that its service was secure. It even physically removed the camera, microphone and GPS transmitter inside its smartphones to block any attempts to hack into them.
Another feature which is likely to have appealed to criminals is its “dual-boot” system. Turning on the smartphone normally showed a standard Android operating system. Accessing the encrypted portion of the phone required a specific set of keys to be pressed.
Any criminals who believed the police were hot on their heels could enter a specific passcode to trigger a “panic wipe” function which completely wiped their device, removing evidence of their messages and underworld contacts.
The platform was designed to be secure against unwanted outside access. In the UK, it became the messaging service of choice for gangsters.
“The sole use was for coordinating and planning the distribution of illicit commodities, money laundering and plotting to kill rival criminals,” the National Crime Agency (NCA )wrote.
Owning an encrypted smartphone is not in itself illegal. British law firm JMW Solicitors is representing Britons who used the devices and says the seizures of hundreds of millions of EncroChat messages may have been illegal.
EncroChat built up its network of tens of thousands of customers through relentless online advertising.
The customised smartphones were openly advertised on Vlinderscrime, a Dutch crime blog run by Martin Kok, a convicted murderer who was shot dead leaving an Amsterdam sex club in 2016.
The smartphones were often sold through in-person transactions and bought with cash, although many of the devices were available for sale online with prices starting at £900. Many sellers of the device accepted Bitcoin payments.
The service is likely to have picked up thousands of customers in 2016 following the shutdown of rival Ennetcom by Dutch police. Unlike EncroChat, Ennetcom used modified Blackberry phones for its supposedly secure messaging system.
It was impossible for anyone not using an EncroChat phone to communicate through its encrypted messaging service with anyone who did use the platform, meaning anyone wishing to transact with EncroChat users had to also pay for the service.
Online advertising led to the service used by thousands of criminal figures. EncroChat phones were used by Mark Fellows and Steven Boyle, who were found guilty of murder for the killing of underworld fixer John Kinsella, for example.
The lucrative market for the devices led to public attempts to ruin rival phone maker’s reputations among members of the underworld.
An anonymously filmed video released in 2018 claimed it was possible to obtain information from EncroChat phones. EncroChat responded by releasing its own video attacking a rival encrypted phone system run by Samsung. || How EncroChat became the go-to messaging service for gangsters: An EncroChat smartphone - YouTube The hundreds of criminals arrested following the penetration of encrypted messaging platform EncroChat has revealed the popularity of a service which spent years competing for customers. Designed to provide "worry-free secure communications" through modified Android phones, EncroChat enabled users to send written messages or make voice calls through an encrypted system. There were thought to be 60,000 users internationally, including 10,000 in the UK, with prices starting at £3,000 a year for a subscription. EncroChat claimed for years that its service was secure. It even physically removed the camera, microphone and GPS transmitter inside its smartphones to block any attempts to hack into them. Another feature which is likely to have appealed to criminals is its dual-boot system. Turning on the smartphone normally showed a standard Android operating system. Accessing the encrypted portion of the phone required a specific set of keys to be pressed. Any criminals who believed the police were hot on their heels could enter a specific passcode to trigger a panic wipe function which completely wiped their device, removing evidence of their messages and underworld contacts. The platform was designed to be secure against unwanted outside access. In the UK, it became the messaging service of choice for gangsters. The sole use was for coordinating and planning the distribution of illicit commodities, money laundering and plotting to kill rival criminals, the National Crime Agency (NCA )wrote. Owning an encrypted smartphone is not in itself illegal. British law firm JMW Solicitors is representing Britons who used the devices and says the seizures of hundreds of millions of EncroChat messages may have been illegal. EncroChat built up its network of tens of thousands of customers through relentless online advertising. The customised smartphones were openly advertised on Vlinderscrime, a Dutch crime blog run by Martin Kok, a convicted murderer who was shot dead leaving an Amsterdam sex club in 2016. Story continues The smartphones were often sold through in-person transactions and bought with cash, although many of the devices were available for sale online with prices starting at £900. Many sellers of the device accepted Bitcoin payments. The service is likely to have picked up thousands of customers in 2016 following the shutdown of rival Ennetcom by Dutch police. Unlike EncroChat, Ennetcom used modified Blackberry phones for its supposedly secure messaging system. It was impossible for anyone not using an EncroChat phone to communicate through its encrypted messaging service with anyone who did use the platform, meaning anyone wishing to transact with EncroChat users had to also pay for the service. Online advertising led to the service used by thousands of criminal figures. EncroChat phones were used by Mark Fellows and Steven Boyle, who were found guilty of murder for the killing of underworld fixer John Kinsella, for example. The lucrative market for the devices led to public attempts to ruin rival phone makers reputations among members of the underworld. An anonymously filmed video released in 2018 claimed it was possible to obtain information from EncroChat phones. EncroChat responded by releasing its own video attacking a rival encrypted phone system run by Samsung. || The IRS Wants to Know More About Privacy-Enhancing Crypto Coins, Tools: The Internal Revenue Service (IRS) is laying the groundwork for a possible assault on privacy-enhancing cryptocurrency technologies.
• IRS-CI Cyber Crimes Unit challenged its “industry partners” to explain where the crypto tracing community stands on privacy coins, Layer 2 protocols, sidechains and the Schnorr signature algorithm in a June 30Request for Information(RFI), as first reported byThe Block.
• “There are few investigative resources for tracing transactions” that move across these privacy-enhancing vectors, the IRS said, noting a recent spike in illicit privacy coin use. “The CI Cyber Crimes program is working to get in front of this trend.”
• The IRS singled out themonero,zcash,dash, grin, komodo, verge and horizen privacy coins, sidechains Plasma and OmiseGo, and Layer 2 protocol networks Lightning, Raiden and Celer.
• What’s good for user privacy is bad for investigative efficacy: The IRS bemoaned the Bitcoin blockchain’s apparent plans to integrateSchnorr signatures, writing that such a move will undercut IRS agents’ current tracing techniques.
• The tax agency seeks estimates of how much it would cost to “support this initiative” as well as return on investment estimates.
• The IRS Wants to Know More About Privacy-Enhancing Crypto Coins, Tools
• The IRS Wants to Know More About Privacy-Enhancing Crypto Coins, Tools
• The IRS Wants to Know More About Privacy-Enhancing Crypto Coins, Tools
• The IRS Wants to Know More About Privacy-Enhancing Crypto Coins, Tools
[Social Media Buzz]
None available.
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9132.49, 9073.94, 9375.47, 9252.28, 9428.33, 9277.97, 9278.81, 9240.35, 9276.50, 9243.61
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 1578.80, 1596.71, 1723.35, 1755.36, 1787.13, 1848.57, 1724.24, 1804.91, 1808.91, 1738.43, 1734.45, 1839.09, 1888.65, 1987.71, 2084.73, 2041.20, 2173.40, 2320.42, 2443.64, 2304.98, 2202.42, 2038.87, 2155.80, 2255.61, 2175.47, 2286.41, 2407.88, 2488.55, 2515.35, 2511.81, 2686.81, 2863.20, 2732.16, 2805.62, 2823.81, 2947.71, 2958.11, 2659.63, 2717.02, 2506.37, 2464.58, 2518.56, 2655.88, 2548.29, 2589.60, 2721.79, 2689.10, 2705.41, 2744.91, 2608.72, 2589.41, 2478.45, 2552.45, 2574.79, 2539.32, 2480.84, 2434.55, 2506.47, 2564.06, 2601.64, 2601.99, 2608.56, 2518.66, 2571.34, 2518.44, 2372.56, 2337.79, 2398.84, 2357.90, 2233.34, 1998.86, 1929.82, 2228.41, 2318.88, 2273.43, 2817.60, 2667.76, 2810.12, 2730.40, 2754.86, 2576.48, 2529.45, 2671.78, 2809.01, 2726.45, 2757.18, 2875.34, 2718.26, 2710.67, 2804.73.
|
[Bitcoin Technical Analysis for 2017-08-03]
Volume: 804796992, RSI (14-day): 56.75, 50-day EMA: 2528.08, 200-day EMA: 1869.73
[Wider Market Context]
Gold Price: 1267.80, Gold RSI: 62.90
Oil Price: 49.03, Oil RSI: 59.55
[Recent News (last 7 days)]
Bitcoin struggles to fend off slump as rival Bitcoin Cash soars: Investing.com – Bitcoin traded lower on Wednesday, a day after the blockchain supporting the cryptocurrency split into two, creating a new competitor called “bitcoin cash”.
On the U.S.-based Bitfinex exchange, Bitcoin fell to $2,708.1, down $27.2 or 0.99%.
Bitcoin’s blockchain – the digital ledger which records every bitcoin transaction – split into two at 08:20 ET Tuesday, in an event know as a ‘hard fork’, creating a competing currency called “Bitcoin Cash”.
Despite a lack of support for its network, Bitcoin Cash, got off to a good start, rallying 65.54% to $389.49 according to coinmarketcap.com, as market participants defected to the newly created virtual currency.
Bitcoin Cash is worth only a fraction of bitcoin and may struggle to build on momentum as some of the biggest bitcoin wallet providers don’t have immediate plans to support Bitcoin Cash.
“As of today, we have no immediate plans to fully support the Bitcoin Cash fork within our main product," Blockchain’s Alsyon Margaret said on Sunday.
The ‘hard fork’ came after a long-term debate on how best to solve bitcoin’s scaling problem to speed up transactions on the network.
Bitcoin transactions are limited to 1-megabyte every 10 minutes - or seven transactions per second. This compares to 2,000 per second for Visa and means that at peak times bitcoin transactions can take hours to be fulfilled, inhibiting the currency.
The majority of bitcoin miners – programmers who get paid to contribute computing power to the bitcoin network – had initially pledged support for software upgrade SegWith2x, leading many to believe that the virtual currency would avert a split.
But some members of the bitcoin community, felt the proposal failed to adequately addressed the problem and launched an alternative proposal, Bitcoin Cash.
The two rival proposals - Segwit2x and Bitcoin Cash - are attempting to solve this problem in different ways.
Bitcoin Cash seeks to increase the block size to 8-megabytes whereas SegWit2X proposes moving transaction data outside of the block on a parallel track with plans to increase bitcoin’s block size later in the year.
Meanwhile, Ethereum, fell to $220.53, up 4.12%.
To stay on top of the latest moves in the crypto-space, be sure to check out:https://www.investing.com/crypto/
Related Articles
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Silicon Valley imitation meat startup raises $75 million
Spain to extradite accused Russian bank account hacker to U.S. || Bitcoin struggles to fend off slump as rival Bitcoin Cash soars: The blockchain supporting the cryptocurrency split into two, creating a rival Bitcoin Cash Investing.com Bitcoin traded lower on Wednesday, a day after the blockchain supporting the cryptocurrency split into two, creating a new competitor called bitcoin cash. On the U.S.-based Bitfinex exchange, Bitcoin fell to $2,708.1, down $27.2 or 0.99%. Bitcoins blockchain the digital ledger which records every bitcoin transaction split into two at 08:20 ET Tuesday, in an event know as a hard fork, creating a competing currency called Bitcoin Cash. Despite a lack of support for its network, Bitcoin Cash, got off to a good start, rallying 65.54% to $389.49 according to coinmarketcap.com, as market participants defected to the newly created virtual currency. Bitcoin Cash is worth only a fraction of bitcoin and may struggle to build on momentum as some of the biggest bitcoin wallet providers dont have immediate plans to support Bitcoin Cash. As of today, we have no immediate plans to fully support the Bitcoin Cash fork within our main product," Blockchains Alsyon Margaret said on Sunday. The hard fork came after a long-term debate on how best to solve bitcoins scaling problem to speed up transactions on the network. Bitcoin transactions are limited to 1-megabyte every 10 minutes - or seven transactions per second. This compares to 2,000 per second for Visa and means that at peak times bitcoin transactions can take hours to be fulfilled, inhibiting the currency. The majority of bitcoin miners programmers who get paid to contribute computing power to the bitcoin network had initially pledged support for software upgrade SegWith2x, leading many to believe that the virtual currency would avert a split. But some members of the bitcoin community, felt the proposal failed to adequately addressed the problem and launched an alternative proposal, Bitcoin Cash. The two rival proposals - Segwit2x and Bitcoin Cash - are attempting to solve this problem in different ways. Bitcoin Cash seeks to increase the block size to 8-megabytes whereas SegWit2X proposes moving transaction data outside of the block on a parallel track with plans to increase bitcoins block size later in the year. Story continues Meanwhile, Ethereum, fell to $220.53, up 4.12%. To stay on top of the latest moves in the crypto-space, be sure to check out: https://www.investing.com/crypto/ Related Articles Brazil's Bradesco web, branch services hit by intermittent glitch Silicon Valley imitation meat startup raises $75 million Spain to extradite accused Russian bank account hacker to U.S. || Bitcoin struggles to fend off slump as rival Bitcoin Cash soars: Investing.com – Bitcoin traded lower on Wednesday, a day after the blockchain supporting the cryptocurrency split into two, creating a new competitor called “bitcoin cash”.
On the U.S.-based Bitfinex exchange, Bitcoin fell to $2,708.1, down $27.2 or 0.99%.
Bitcoin’s blockchain – the digital ledger which records every bitcoin transaction – split into two at 08:20 ET Tuesday, in an event know as a ‘hard fork’, creating a competing currency called “Bitcoin Cash”.
Despite a lack of support for its network, Bitcoin Cash, got off to a good start, rallying 65.54% to $389.49 according to coinmarketcap.com, as market participants defected to the newly created virtual currency.
Bitcoin Cash is worth only a fraction of bitcoin and may struggle to build on momentum as some of the biggest bitcoin wallet providers don’t have immediate plans to support Bitcoin Cash.
“As of today, we have no immediate plans to fully support the Bitcoin Cash fork within our main product," Blockchain’s Alsyon Margaret said on Sunday.
The ‘hard fork’ came after a long-term debate on how best to solve bitcoin’s scaling problem to speed up transactions on the network.
Bitcoin transactions are limited to 1-megabyte every 10 minutes - or seven transactions per second. This compares to 2,000 per second for Visa and means that at peak times bitcoin transactions can take hours to be fulfilled, inhibiting the currency.
The majority of bitcoin miners – programmers who get paid to contribute computing power to the bitcoin network – had initially pledged support for software upgrade SegWith2x, leading many to believe that the virtual currency would avert a split.
But some members of the bitcoin community, felt the proposal failed to adequately addressed the problem and launched an alternative proposal, Bitcoin Cash.
The two rival proposals - Segwit2x and Bitcoin Cash - are attempting to solve this problem in different ways.
Bitcoin Cash seeks to increase the block size to 8-megabytes whereas SegWit2X proposes moving transaction data outside of the block on a parallel track with plans to increase bitcoin’s block size later in the year.
Meanwhile, Ethereum, fell to $220.53, up 4.12%.
To stay on top of the latest moves in the crypto-space, be sure to check out:https://www.investing.com/crypto/
Related Articles
Brazil's Bradesco web, branch services hit by intermittent glitch
Silicon Valley imitation meat startup raises $75 million
Spain to extradite accused Russian bank account hacker to U.S. || Yes, It's Confusing: Bitcoin Forking Explained: Forks have been in the news a lot recently due to controversy in the bitcoin community.
There was the potential fork that threatened to split bitcoin into two cryptocurrencies after a lengthy “civil war” between miners and developers. That came and went with little issue.
Then there was the sudden fork that actually did permanently split the blockchain on Tuesday,spinning Bitcoin Cash out of bitcoin.
In truth, forks, or splits, in the blockchain happen constantly and usually pass with little news. But unless you actively follow cryptocurrency news, you may not even know what a fork is or why they can be so controversial.
Related Link:As Crisis Is Averted, 3 Takes On The Rise Of Bitcoin
What Is A Fork?
Simply put, a fork is when a cryptocurrency’s blockchain splits into two possible chains either because of a transaction or new rule for what makes a transaction valid.
When they occur, users have to decide which route to follow. The decision is made when a new block is added to either chain. The longer chain will become the legitimate successor to the original, while the other will be “orphaned.”
Only one chain can ultimately be correct, and so transactions that occur on an orphaned chain will be ignored and lost.
This is why miners will typically only want to work on the longer, valid chain and why cryptocurrency owners are advised not to made transactions until a fork can be resolved.
A fork happens any time two miners discover a new block at nearly the same time. These tend to resolve themselves, but can still lead to anxiety among cryptocurrency holders.
Other times, a fork is purposefully introduced so developers can change the rules used to determine a transaction’s validity.
These instances are much more controversial and have to potential to permanently split the chain with both surviving as independent currencies.
There are several specific kinds of forks — user activated, miner activated, software, git, etc. — but they all essentially fall into two categories: hard forks and soft forks.
Hard Forks
As defined by the glossary on bitcoin’s website, a hard fork is “a permanent divergence in the blockchain, commonly occur[ing] when non-upgraded nodes can’t validate blocks created by upgraded nodes that follow newer consensus rules.”
For a hard fork to be successfully implemented, every node must be upgraded to the new rules.
Problems arise when a portion of the cryptocurrency’s community opposes the changes and decides to stick with the old chain.
Theethereum blockchain’s splitinto Ethereum and Ethereum Classic is a perfect example of that occurring and two variants staying alive.
Here’s a visualization of how hard forks work:
Image: Investopedia
Soft Forks
Bitcoin’s glossary defines a soft fork as a change to a blockchain “wherein only previously valid blocks/transactions are made invalid. Since old nodes will recognise the new blocks as valid, a soft fork is backward-compatible.”
When a soft fork occurs, non-upgraded nodes will still register new transactions as valid but cannot be used to mine new blocks, as the upgraded nodes will reject them.
A soft fork requires the majority of users to support the change, otherwise the upgraded nodes could wind up being on the shortest chain and orphaned by the network.
Soft forks typically present lower risk and therefore are most commonly used to change a blockchain’s rules.
Bitcoin Improvement Protocol 91, which introduced the rule change known as Segwit2x, is an example of a major soft fork that was recently successful, with almost 100 percent of users supporting the change and the holdouts becoming orphaned.
If, however, a significant number of users are dedicated to the change but fall short of a majority, the soft fork could become a hard fork with the upgraded nodes starting a new cryptocurrency.
An example is Bitcoin Cash splitting off from bitcoin. A large group of users still unsatisfied with BIP 91 chose to launch bitcoin Cash to make the blockchain closer to digital cash than digital gold which, while tradable and valuable, is not easily spent.
Related Link:Coinbase Is Courting Serious Legal Trouble By Not Supporting Bitcoin Cash
Its proponents will have to prove in the coming weeks that the there is enough support to keep it alive and growing.
Regardless of the reason or method behind a fork, the best bet for investors who trade and use cryptocurrencies is to hold off on making any transactions until it is resolved.
Here’s a visualization of how soft forks work:
Image: Investopedia
Keep up with the latest need-to-know crypto and financial news in real-time withBenzinga Pro.
Related Links:
Crypto Investors, Keep An Eye On Blackmoon
Cryptocurrency Mining Is The Next Gold Rush, And AMD To Make Short-Term Gains Selling The 'Pickaxes'
See more from Benzinga
• FireEye's Q2 Keeps Growth Story Intact
• Piper Jaffray's Mike Olson: Apple Needs To Keep Up With Chinese Innovation
• Can Investors Still Get More Juice Out Of Apple?
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Yes, It's Confusing: Bitcoin Forking Explained: Forks have been in the news a lot recently due to controversy in the bitcoin community.
There was the potential fork that threatened to split bitcoin into two cryptocurrencies after a lengthy “civil war” between miners and developers. That came and went with little issue.
Then there was the sudden fork that actually did permanently split the blockchain on Tuesday,spinning Bitcoin Cash out of bitcoin.
In truth, forks, or splits, in the blockchain happen constantly and usually pass with little news. But unless you actively follow cryptocurrency news, you may not even know what a fork is or why they can be so controversial.
Related Link:As Crisis Is Averted, 3 Takes On The Rise Of Bitcoin
What Is A Fork?
Simply put, a fork is when a cryptocurrency’s blockchain splits into two possible chains either because of a transaction or new rule for what makes a transaction valid.
When they occur, users have to decide which route to follow. The decision is made when a new block is added to either chain. The longer chain will become the legitimate successor to the original, while the other will be “orphaned.”
Only one chain can ultimately be correct, and so transactions that occur on an orphaned chain will be ignored and lost.
This is why miners will typically only want to work on the longer, valid chain and why cryptocurrency owners are advised not to made transactions until a fork can be resolved.
A fork happens any time two miners discover a new block at nearly the same time. These tend to resolve themselves, but can still lead to anxiety among cryptocurrency holders.
Other times, a fork is purposefully introduced so developers can change the rules used to determine a transaction’s validity.
These instances are much more controversial and have to potential to permanently split the chain with both surviving as independent currencies.
There are several specific kinds of forks — user activated, miner activated, software, git, etc. — but they all essentially fall into two categories: hard forks and soft forks.
Hard Forks
As defined by the glossary on bitcoin’s website, a hard fork is “a permanent divergence in the blockchain, commonly occur[ing] when non-upgraded nodes can’t validate blocks created by upgraded nodes that follow newer consensus rules.”
For a hard fork to be successfully implemented, every node must be upgraded to the new rules.
Problems arise when a portion of the cryptocurrency’s community opposes the changes and decides to stick with the old chain.
Theethereum blockchain’s splitinto Ethereum and Ethereum Classic is a perfect example of that occurring and two variants staying alive.
Here’s a visualization of how hard forks work:
Image: Investopedia
Soft Forks
Bitcoin’s glossary defines a soft fork as a change to a blockchain “wherein only previously valid blocks/transactions are made invalid. Since old nodes will recognise the new blocks as valid, a soft fork is backward-compatible.”
When a soft fork occurs, non-upgraded nodes will still register new transactions as valid but cannot be used to mine new blocks, as the upgraded nodes will reject them.
A soft fork requires the majority of users to support the change, otherwise the upgraded nodes could wind up being on the shortest chain and orphaned by the network.
Soft forks typically present lower risk and therefore are most commonly used to change a blockchain’s rules.
Bitcoin Improvement Protocol 91, which introduced the rule change known as Segwit2x, is an example of a major soft fork that was recently successful, with almost 100 percent of users supporting the change and the holdouts becoming orphaned.
If, however, a significant number of users are dedicated to the change but fall short of a majority, the soft fork could become a hard fork with the upgraded nodes starting a new cryptocurrency.
An example is Bitcoin Cash splitting off from bitcoin. A large group of users still unsatisfied with BIP 91 chose to launch bitcoin Cash to make the blockchain closer to digital cash than digital gold which, while tradable and valuable, is not easily spent.
Related Link:Coinbase Is Courting Serious Legal Trouble By Not Supporting Bitcoin Cash
Its proponents will have to prove in the coming weeks that the there is enough support to keep it alive and growing.
Regardless of the reason or method behind a fork, the best bet for investors who trade and use cryptocurrencies is to hold off on making any transactions until it is resolved.
Here’s a visualization of how soft forks work:
Image: Investopedia
Keep up with the latest need-to-know crypto and financial news in real-time withBenzinga Pro.
Related Links:
Crypto Investors, Keep An Eye On Blackmoon
Cryptocurrency Mining Is The Next Gold Rush, And AMD To Make Short-Term Gains Selling The 'Pickaxes'
See more from Benzinga
• FireEye's Q2 Keeps Growth Story Intact
• Piper Jaffray's Mike Olson: Apple Needs To Keep Up With Chinese Innovation
• Can Investors Still Get More Juice Out Of Apple?
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Yes, It's Confusing: Bitcoin Forking Explained: Forks have been in the news a lot recently due to controversy in the bitcoin community. There was the potential fork that threatened to split bitcoin into two cryptocurrencies after a lengthy “civil war” between miners and developers. That came and went with little issue. Then there was the sudden fork that actually did permanently split the blockchain on Tuesday, spinning Bitcoin Cash out of bitcoin . In truth, forks, or splits, in the blockchain happen constantly and usually pass with little news. But unless you actively follow cryptocurrency news, you may not even know what a fork is or why they can be so controversial. Related Link: As Crisis Is Averted, 3 Takes On The Rise Of Bitcoin What Is A Fork? Simply put, a fork is when a cryptocurrency’s blockchain splits into two possible chains either because of a transaction or new rule for what makes a transaction valid. When they occur, users have to decide which route to follow. The decision is made when a new block is added to either chain. The longer chain will become the legitimate successor to the original, while the other will be “orphaned.” Only one chain can ultimately be correct, and so transactions that occur on an orphaned chain will be ignored and lost. This is why miners will typically only want to work on the longer, valid chain and why cryptocurrency owners are advised not to made transactions until a fork can be resolved. A fork happens any time two miners discover a new block at nearly the same time. These tend to resolve themselves, but can still lead to anxiety among cryptocurrency holders. Other times, a fork is purposefully introduced so developers can change the rules used to determine a transaction’s validity. These instances are much more controversial and have to potential to permanently split the chain with both surviving as independent currencies. There are several specific kinds of forks — user activated, miner activated, software, git, etc. — but they all essentially fall into two categories: hard forks and soft forks. Story continues Hard Forks As defined by the glossary on bitcoin’s website, a hard fork is “a permanent divergence in the blockchain, commonly occur[ing] when non-upgraded nodes can’t validate blocks created by upgraded nodes that follow newer consensus rules.” For a hard fork to be successfully implemented, every node must be upgraded to the new rules. Problems arise when a portion of the cryptocurrency’s community opposes the changes and decides to stick with the old chain. The ethereum blockchain’s split into Ethereum and Ethereum Classic is a perfect example of that occurring and two variants staying alive. Here’s a visualization of how hard forks work: Image: Investopedia Soft Forks Bitcoin’s glossary defines a soft fork as a change to a blockchain “wherein only previously valid blocks/transactions are made invalid. Since old nodes will recognise the new blocks as valid, a soft fork is backward-compatible.” When a soft fork occurs, non-upgraded nodes will still register new transactions as valid but cannot be used to mine new blocks, as the upgraded nodes will reject them. A soft fork requires the majority of users to support the change, otherwise the upgraded nodes could wind up being on the shortest chain and orphaned by the network. Soft forks typically present lower risk and therefore are most commonly used to change a blockchain’s rules. Bitcoin Improvement Protocol 91, which introduced the rule change known as Segwit2x, is an example of a major soft fork that was recently successful, with almost 100 percent of users supporting the change and the holdouts becoming orphaned. If, however, a significant number of users are dedicated to the change but fall short of a majority, the soft fork could become a hard fork with the upgraded nodes starting a new cryptocurrency. An example is Bitcoin Cash splitting off from bitcoin. A large group of users still unsatisfied with BIP 91 chose to launch bitcoin Cash to make the blockchain closer to digital cash than digital gold which, while tradable and valuable, is not easily spent. Related Link: Coinbase Is Courting Serious Legal Trouble By Not Supporting Bitcoin Cash Its proponents will have to prove in the coming weeks that the there is enough support to keep it alive and growing. Regardless of the reason or method behind a fork, the best bet for investors who trade and use cryptocurrencies is to hold off on making any transactions until it is resolved. Here’s a visualization of how soft forks work: Image: Investopedia Keep up with the latest need-to-know crypto and financial news in real-time with Benzinga Pro . Related Links: Crypto Investors, Keep An Eye On Blackmoon Cryptocurrency Mining Is The Next Gold Rush, And AMD To Make Short-Term Gains Selling The 'Pickaxes' See more from Benzinga FireEye's Q2 Keeps Growth Story Intact Piper Jaffray's Mike Olson: Apple Needs To Keep Up With Chinese Innovation Can Investors Still Get More Juice Out Of Apple? © 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Box-office bomb: AMC shares plunge 25% after pre-announcing shocking quarterly loss: Shares of AMC Entertainment (NYSE: AMC) are diving by 25 percent Wednesday after the company revealed it expects a dramatic second-quarter loss , and believes the third quarter will be equally unrelenting. AMC said the expected loss reflects "industry box office trends." American box offices declined 4.4 percent in the second-quarter compared with the same period last year, according to AMC. Against this tide of declining moviegoing, the second-largest movie theater chain in the U.S. is attempting to curtail costs by cutting back on both its staff and operating hours, as well as through a new pricing strategy. But the cost reduction initiatives have yet to bear fruit this year. "We were caught by surprise when AMC pre-announced second-quarter results over 30 days after the close of the quarter, and were further surprised by the magnitude of the top and bottom line miss," Wedbush Securities' Michael Pachter wrote in a note, along with a team of analysts. AMC's adjusted projection for earnings before interest, taxes, depreciation and amortization "shocked" Pachter, who anticipated adjusted EBITDA of more than $200 million. Instead, AMC expects adjusted EBITDA to come in between $134 million and $136 million or about $65 million short of Wedbush expectations. With AMC's second-quarter report still to come, Pachter said "something doesn't sound right" before speculating that the company's expenses may be to blame. "We can only surmise that the company had some unusual expenses during the quarter that it plans to eliminate in the next six months," Pachter said. Wedbush is maintaining an outperform rating on AMC's stock, while the firm "anxiously awaits a more detailed explanation from management." Eric Handler, media analyst at MKM Partners, told CNBC's "Power Lunch" on Wednesday that he does not see "a massive issue long term" for the movie theater chain and declared "the industry as a whole is healthy." Story continues "People love to say the industry is dying if they have one or two bad quarters in a row. The year is still tracking flat, and when you look at the last two years, you've had record years," Handler said. "I think you're going to see another record year in 2018." AMC's stock is down more than 53 percent this year, when it began near its 52-week high of $35.65. The company is expected to formally report second-quarter earnings Monday after the market close. Correction: This story has been updated to reflect that it is solely about AMC Entertainment. More From CNBC Bitcoin may just be a 'dangerous pricing game,' says NYU's valuation expert Insana: Thank global growth for Dow 22,000, not Trump Trading ban implemented after Lehman's collapse is close to getting watered down || Box-office bomb: AMC shares plunge 25% after pre-announcing ‘shocking’ quarterly loss: Shares of AMC Entertainment(NYSE: AMC)are diving by 25 percent Wednesday after the company revealedit expects a dramatic second-quarter loss, and believes the third quarter will be equally unrelenting.
AMC said the expected loss reflects "industry box office trends." American box offices declined 4.4 percent in the second-quarter compared with the same period last year, according to AMC.
Against this tide of declining moviegoing, the second-largest movie theater chain in the U.S. is attempting to curtail costs by cutting back on both its staff and operating hours, as well as through a new pricing strategy. But the cost reduction initiatives have yet to bear fruit this year.
"We were caught by surprise when AMC pre-announced second-quarter results over 30 days after the close of the quarter, and were further surprised by the magnitude of the top and bottom line miss," Wedbush Securities' Michael Pachter wrote in a note, along with a team of analysts.
AMC's adjusted projection for earnings before interest, taxes, depreciation and amortization "shocked" Pachter, who anticipated adjusted EBITDA of more than $200 million. Instead, AMC expects adjusted EBITDA to come in between $134 million and $136 million – or about $65 million short of Wedbush expectations.
With AMC's second-quarter report still to come, Pachter said "something doesn't sound right" before speculating that the company's expenses may be to blame.
"We can only surmise that the company had some unusual expenses during the quarter that it plans to eliminate in the next six months," Pachter said.
Wedbush is maintaining an outperform rating on AMC's stock, while the firm "anxiously awaits a more detailed explanation from management."
Eric Handler, media analyst at MKM Partners, told CNBC's"Power Lunch"on Wednesday that he does not see "a massive issue long term" for the movie theater chain and declared "the industry as a whole is healthy."
"People love to say the industry is dying if they have one or two bad quarters in a row. The year is still tracking flat, and when you look at the last two years, you've had record years," Handler said. "I think you're going to see another record year in 2018."
AMC's stock is down more than 53 percent this year, when it began near its 52-week high of $35.65. The company is expected to formally report second-quarter earnings Monday after the market close.
Correction: This story has been updated to reflect that it is solely about AMC Entertainment.
More From CNBC
• Bitcoin may just be a 'dangerous pricing game,' says NYU's valuation expert
• Insana: Thank global growth for Dow 22,000, not Trump
• Trading ban implemented after Lehman's collapse is close to getting watered down || Does Bitcoin Actually Hold Any Value At All?: The NYSE Bitcoin Index is up another 189 percent so far in 2017, as bitcoin continues to rise in popularity among traders. Some bitcoin investors see the cryptocurrency as a safe haven against inflation and pricey stocks and bonds. Others see it simply as a short-term momentum trade. But does bitcoin actually have any intrinsic value at all?
The short answer is no.
Bitcoin's Value Problem
But that doesn’t necessarily mean bitcoin is a bad investment. Gold also has no intrinsic value. Gold cannot be eaten. It has minimal usefulness as a building material or weapon. Gold is only valuable because humans have treated it as such for centuries.
Like gold, bitcoin’s price fluctuations are dictated by supply and demand. Unlike centralized global currencies, such as the U.S. dollar, bitcoin’s supply is fixed and capped, leaving demand as the sole variable in the equation. But even that one variable is extremely unpredictable.
Bitcoin bulls often point to the fact that the cryptocurrency is free from central bank manipulation as a positive for the currency. However, central banks often step in to support centralized currencies in times of weakness. Without anything to support the value of bitcoin other than market demand, the cryptocurrency is completely at the mercy of the whims of the market.
Alan Greenspan, former chairman of the U.S. Federal Reserve, recently said bitcoin’s lack of intrinsic value or backing from a centralized agency makes it difficult to understand as an investment.
“You have to really stretch your imagination to infer what the intrinsic value of bitcoin is,”Greenspan said. “I haven’t been able to do it."
Business Insider CEO Henry Blodget agrees.
“There is no intrinsic value,” Blodget recently said. “If anybody is persuading you that it should somehow be related to some GDP or gold ... put down the Kool-Aid and back away.”
Even Warren Buffett, one of the most successful and iconic investors of all time, has warned investors about bitcoin.
“Stay away from it. It’s a mirage, basically,”Buffett saidof bitcoin.
Placing A Price On Utility
Others see bitcoin’s true value in its utility. Bitcoin’s “programmable” nature, blockchain technology, cryptography and pseudo-anonymity are all qualities that no centralized currency can offer.
Reggie Middleton, founder of Veritaseum, has said the true value of bitcoin is in the usefulness of its platform rather than the currency itself.
Related Link:Battle Of The Cryptos: Bitcoin Vs. Ethereum
“The biggest threat to Visa et al is not the digital currency application, because money remittance through this is going to be very low-margin, close to zero margin and then negative margin soon,”Middleton said. “As they gain in popularity, you’ll see the functionality easily surpass the Visas and the physical cash and coin parameters.”
Middleton believes the bitcoin blockchain could eventually make the traditional centralized currency model obsolete.
The B Word
But just because bitcoin may or may not hold long-term utility value doesn’t mean investors are safe buying bitcoin at its current price. Aberdeen Asset Management venture capitalist Peter Denious is one of many experts who believe bitcoin is currently displaying all the textbook signs of a market bubble.
“A lot of lessons will be learned and a lot of money will be lost before a lot of money can be made,”Denious saidin June. “It’s a gold-rush mentality.”
Billionaire Marc Cuban also recentlyweighed inon bitcoin onTwitter.
“When everyone is bragging about how easy they are making $=bubble,” he wrote.
Takeaway
Bitcoin and rival cryptocurrency Ethereum are difficult to compare to traditional centralized currencies, which is both a good and bad thing for cryptocurrency bulls.
On one hand, there is no intrinsic value in a bitcoin, which doesn’t even exist in the physical world. Bitcoin’s value isn’t backed by a powerful central government, and it's only worth what a buyer is willing to pay for it. However, bitcoin’s utility as a technology may carry its true value over time if the blockchain model becomes the new standard for value exchange around the world.
But regardless of whether bitcoin holds long-term value, the price surge in the bitcoin market has all the tell-tale signs of a bubble. After all, the amount of bitcoin used to order twoPapa Johns Int’l, Inc.(NASDAQ:PZZA) pizzas back in 2010 is now worth well more than $20 million.
Perhaps Cuban put it best: “#crypto is like gold. More religion than asset. Except of course, gold makes nice jewelry.”
See more from Benzinga
• What Does AMD's Weak Price Action After Its Earnings Beat Mean?
• Bond Bubble About To Burst?
• Amazon Can't Put All Grocery Stores Out Of Business
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Does Bitcoin Actually Hold Any Value At All?: The NYSE Bitcoin Index is up another 189 percent so far in 2017, as bitcoin continues to rise in popularity among traders. Some bitcoin investors see the cryptocurrency as a safe haven against inflation and pricey stocks and bonds. Others see it simply as a short-term momentum trade. But does bitcoin actually have any intrinsic value at all?
The short answer is no.
Bitcoin's Value Problem
But that doesn’t necessarily mean bitcoin is a bad investment. Gold also has no intrinsic value. Gold cannot be eaten. It has minimal usefulness as a building material or weapon. Gold is only valuable because humans have treated it as such for centuries.
Like gold, bitcoin’s price fluctuations are dictated by supply and demand. Unlike centralized global currencies, such as the U.S. dollar, bitcoin’s supply is fixed and capped, leaving demand as the sole variable in the equation. But even that one variable is extremely unpredictable.
Bitcoin bulls often point to the fact that the cryptocurrency is free from central bank manipulation as a positive for the currency. However, central banks often step in to support centralized currencies in times of weakness. Without anything to support the value of bitcoin other than market demand, the cryptocurrency is completely at the mercy of the whims of the market.
Alan Greenspan, former chairman of the U.S. Federal Reserve, recently said bitcoin’s lack of intrinsic value or backing from a centralized agency makes it difficult to understand as an investment.
“You have to really stretch your imagination to infer what the intrinsic value of bitcoin is,”Greenspan said. “I haven’t been able to do it."
Business Insider CEO Henry Blodget agrees.
“There is no intrinsic value,” Blodget recently said. “If anybody is persuading you that it should somehow be related to some GDP or gold ... put down the Kool-Aid and back away.”
Even Warren Buffett, one of the most successful and iconic investors of all time, has warned investors about bitcoin.
“Stay away from it. It’s a mirage, basically,”Buffett saidof bitcoin.
Placing A Price On Utility
Others see bitcoin’s true value in its utility. Bitcoin’s “programmable” nature, blockchain technology, cryptography and pseudo-anonymity are all qualities that no centralized currency can offer.
Reggie Middleton, founder of Veritaseum, has said the true value of bitcoin is in the usefulness of its platform rather than the currency itself.
Related Link:Battle Of The Cryptos: Bitcoin Vs. Ethereum
“The biggest threat to Visa et al is not the digital currency application, because money remittance through this is going to be very low-margin, close to zero margin and then negative margin soon,”Middleton said. “As they gain in popularity, you’ll see the functionality easily surpass the Visas and the physical cash and coin parameters.”
Middleton believes the bitcoin blockchain could eventually make the traditional centralized currency model obsolete.
The B Word
But just because bitcoin may or may not hold long-term utility value doesn’t mean investors are safe buying bitcoin at its current price. Aberdeen Asset Management venture capitalist Peter Denious is one of many experts who believe bitcoin is currently displaying all the textbook signs of a market bubble.
“A lot of lessons will be learned and a lot of money will be lost before a lot of money can be made,”Denious saidin June. “It’s a gold-rush mentality.”
Billionaire Marc Cuban also recentlyweighed inon bitcoin onTwitter.
“When everyone is bragging about how easy they are making $=bubble,” he wrote.
Takeaway
Bitcoin and rival cryptocurrency Ethereum are difficult to compare to traditional centralized currencies, which is both a good and bad thing for cryptocurrency bulls.
On one hand, there is no intrinsic value in a bitcoin, which doesn’t even exist in the physical world. Bitcoin’s value isn’t backed by a powerful central government, and it's only worth what a buyer is willing to pay for it. However, bitcoin’s utility as a technology may carry its true value over time if the blockchain model becomes the new standard for value exchange around the world.
But regardless of whether bitcoin holds long-term value, the price surge in the bitcoin market has all the tell-tale signs of a bubble. After all, the amount of bitcoin used to order twoPapa Johns Int’l, Inc.(NASDAQ:PZZA) pizzas back in 2010 is now worth well more than $20 million.
Perhaps Cuban put it best: “#crypto is like gold. More religion than asset. Except of course, gold makes nice jewelry.”
See more from Benzinga
• What Does AMD's Weak Price Action After Its Earnings Beat Mean?
• Bond Bubble About To Burst?
• Amazon Can't Put All Grocery Stores Out Of Business
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Does Bitcoin Actually Hold Any Value At All?: The NYSE Bitcoin Index is up another 189 percent so far in 2017, as bitcoin continues to rise in popularity among traders. Some bitcoin investors see the cryptocurrency as a safe haven against inflation and pricey stocks and bonds. Others see it simply as a short-term momentum trade. But does bitcoin actually have any intrinsic value at all? The short answer is no. Bitcoin's Value Problem But that doesn’t necessarily mean bitcoin is a bad investment. Gold also has no intrinsic value. Gold cannot be eaten. It has minimal usefulness as a building material or weapon. Gold is only valuable because humans have treated it as such for centuries. Like gold, bitcoin’s price fluctuations are dictated by supply and demand. Unlike centralized global currencies, such as the U.S. dollar, bitcoin’s supply is fixed and capped, leaving demand as the sole variable in the equation. But even that one variable is extremely unpredictable. Bitcoin bulls often point to the fact that the cryptocurrency is free from central bank manipulation as a positive for the currency. However, central banks often step in to support centralized currencies in times of weakness. Without anything to support the value of bitcoin other than market demand, the cryptocurrency is completely at the mercy of the whims of the market. Alan Greenspan, former chairman of the U.S. Federal Reserve, recently said bitcoin’s lack of intrinsic value or backing from a centralized agency makes it difficult to understand as an investment. “You have to really stretch your imagination to infer what the intrinsic value of bitcoin is,” Greenspan said . “I haven’t been able to do it." Business Insider CEO Henry Blodget agrees. “There is no intrinsic value,” Blodget recently said. “If anybody is persuading you that it should somehow be related to some GDP or gold ... put down the Kool-Aid and back away.” Even Warren Buffett, one of the most successful and iconic investors of all time, has warned investors about bitcoin. Story continues “Stay away from it. It’s a mirage, basically,” Buffett said of bitcoin. Placing A Price On Utility Others see bitcoin’s true value in its utility. Bitcoin’s “programmable” nature, blockchain technology, cryptography and pseudo-anonymity are all qualities that no centralized currency can offer. Reggie Middleton, founder of Veritaseum, has said the true value of bitcoin is in the usefulness of its platform rather than the currency itself. Related Link: Battle Of The Cryptos: Bitcoin Vs. Ethereum “The biggest threat to Visa et al is not the digital currency application, because money remittance through this is going to be very low-margin, close to zero margin and then negative margin soon,” Middleton said . “As they gain in popularity, you’ll see the functionality easily surpass the Visas and the physical cash and coin parameters.” Middleton believes the bitcoin blockchain could eventually make the traditional centralized currency model obsolete. The B Word But just because bitcoin may or may not hold long-term utility value doesn’t mean investors are safe buying bitcoin at its current price. Aberdeen Asset Management venture capitalist Peter Denious is one of many experts who believe bitcoin is currently displaying all the textbook signs of a market bubble. “A lot of lessons will be learned and a lot of money will be lost before a lot of money can be made,” Denious said in June. “It’s a gold-rush mentality.” Billionaire Marc Cuban also recently weighed in on bitcoin on Twitter . “When everyone is bragging about how easy they are making $=bubble,” he wrote. Takeaway Bitcoin and rival cryptocurrency Ethereum are difficult to compare to traditional centralized currencies, which is both a good and bad thing for cryptocurrency bulls. On one hand, there is no intrinsic value in a bitcoin, which doesn’t even exist in the physical world. Bitcoin’s value isn’t backed by a powerful central government, and it's only worth what a buyer is willing to pay for it. However, bitcoin’s utility as a technology may carry its true value over time if the blockchain model becomes the new standard for value exchange around the world. But regardless of whether bitcoin holds long-term value, the price surge in the bitcoin market has all the tell-tale signs of a bubble. After all, the amount of bitcoin used to order two Papa Johns Int’l, Inc. (NASDAQ: PZZA ) pizzas back in 2010 is now worth well more than $20 million. Perhaps Cuban put it best: “#crypto is like gold. More religion than asset. Except of course, gold makes nice jewelry.” See more from Benzinga What Does AMD's Weak Price Action After Its Earnings Beat Mean? Bond Bubble About To Burst? Amazon Can't Put All Grocery Stores Out Of Business © 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Tesla is slipping ahead of earnings: (Screenshot/Tesla)
Teslais down 1.58% on Wednesday as investors prepare for its second-quarter earnings report to be released after the bell.
The electric automaker is expected to lose $2.34 a share on revenue of $2.51 billion, according to data from Bloomberg.
Analysts are mixed on the company. 44% of analysts surveyed by Bloomberg are neutral while 32% are bullish and 24% are bearish. The company's high valuation is one of the primary criticisms from investors. Even CEOElon Musk recently suggested shares are overvalued.
Bullish investors are pricing in a successful launch of the company's newest car, the Model 3.The company delivered its first round of Model 3s at the end of July, and is starting to ramp up its production schedule to meet the 500,000 cars in its preorder backlog.
The Model 3 is widelyviewed as Tesla's path to profitability. The company has lost money in nearly every quarter since its 2010 initial public offering. The mass-marketed Model 3 is the first car to be priced at the lower end of the auto market, at $35,000 before tax incentives.
Tesla hopes to be producing 20,000 vehicles a month by the end of the year. Customers who order a Model 3 today will be looking at a mid-to-late 2018 delivery date, according to the company.
Bearish investors find it hard to see past the company's history of losses. David Einhorn, the hedge fund billionaire who is perhaps the loudest bear on Tesla, has said the company has onlyenough cash to survive for the next three quarters. Tesla is expected to burn through $2 billion this year, according to Einhorn.
Short sellers have been taking it on the chin as of late. Tesla has risen 44.75% this year, while maintaining its status as the most shorted stock on the market.Investors are growing tired of waiting for the Tesla hype to cool,though, and short interest is at its lowest point in years.
(Markets Insider)
NOW WATCH:Wells Fargo Funds equity chief: Tech stocks are 'overvalued,' but you should still buy them
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• We compared 9 online mattress companies to show you what each is best at || Tesla is slipping ahead of earnings: model 3 event (Screenshot/Tesla) Tesla is down 1.58% on Wednesday as investors prepare for its second-quarter earnings report to be released after the bell. The electric automaker is expected to lose $2.34 a share on revenue of $2.51 billion, according to data from Bloomberg. Analysts are mixed on the company. 44% of analysts surveyed by Bloomberg are neutral while 32% are bullish and 24% are bearish. The company's high valuation is one of the primary criticisms from investors. Even CEO Elon Musk recently suggested shares are overvalued . Bullish investors are pricing in a successful launch of the company's newest car, the Model 3. The company delivered its first round of Model 3s at the end of July , and is starting to ramp up its production schedule to meet the 500,000 cars in its preorder backlog. The Model 3 is widely viewed as Tesla's path to profitability . The company has lost money in nearly every quarter since its 2010 initial public offering. The mass-marketed Model 3 is the first car to be priced at the lower end of the auto market, at $35,000 before tax incentives. Tesla hopes to be producing 20,000 vehicles a month by the end of the year. Customers who order a Model 3 today will be looking at a mid-to-late 2018 delivery date, according to the company. Bearish investors find it hard to see past the company's history of losses. David Einhorn, the hedge fund billionaire who is perhaps the loudest bear on Tesla, has said the company has only enough cash to survive for the next three quarters . Tesla is expected to burn through $2 billion this year, according to Einhorn. Short sellers have been taking it on the chin as of late. Tesla has risen 44.75% this year, while maintaining its status as the most shorted stock on the market. Investors are growing tired of waiting for the Tesla hype to cool, though, and short interest is at its lowest point in years. Click here to watch Tesla's stock move live... Tesla stock price (Markets Insider) NOW WATCH: Wells Fargo Funds equity chief: Tech stocks are 'overvalued,' but you should still buy them More From Business Insider Trump to members of his New Jersey golf club: 'That White House is a real dump' Bitcoin splits in 2 We compared 9 online mattress companies to show you what each is best at || Pogue's Basics: The secret Start menu in Windows 10: Windows 10’s Start button harbors a secret: It can sprout a tiny utility menu.
To see it, right-click the Start button in the lower-left corner of the screen, or (on a touchscreen) hold your finger down on it. Or press Windows+X.
There, in all its majesty, is the Start menu’s secret utility menu. It’s bursting with shortcuts to important toys for the technically inclined.
Some are especially useful to have at your mousetip, likeSystem(opens a window that provides every possible detail about your machine) andTask Manager(lets you quit a frozen app and get on with your life).
This secret utility menu also offered a link to the Control Panel — at least until Microsoft, in its wisdom, removed that option in the Windows 10 Creators Update.
Adapted from “Pogue’s Basics: Tech” (Flatiron Press), byDavid Pogue.
More from David Pogue:
Is through-the-air charging a hoax?
Electrify your existing bike in 2 minutes with these ingenious wheels
Marty Cooper, inventor of the cellphone: The next step is implantables
The David Pogue Review: Windows 10 Creators Update
Now I get it: Bitcoin
David Pogue’s search for the world’s best air-travel app
The little-known iPhone feature that lets blind people see with their fingers
David Pogue, tech columnist for Yahoo Finance, welcomes nontoxic comments in the comments section below. On the web, he’sdavidpogue.com. On Twitter, he’s@pogue. On email, he’s [email protected]. You canread all his articles here, or you can sign up toget his columns by email. || Morgan Stanley is throwing its support behind five minority-led tech firms: James Gorman (James Gorman, CEO of Morgan Stanley.Yuri Gripas/Reuters) Morgan Stanley has launched a new Multicultural Innovation Lab to help propel minority-led tech startups. The first cohort of companies the lab is sponsoring include five tech firms, spanning industries from commerce to finance. The bank will sponsor two cohorts a year. The selected companies are working out of Morgan Stanley's global headquarters in New York during the four-month program. As such, they will be able to tap into the bank's networks to identify potential customers and investors, according to a spokesperson for Morgan Stanley. The companies also have access to insights from Newark Venture Partners , a New Jersey-based venture capital firm, and Techstars , a global entrepreneurial network. William Crowder, formerly head of Comcast Ventures, is the Entrepreneur-In-Residence. The point of the incubator is to help entrepreneurs of minority backgrounds, who are often ignored by venture capital firms, scale and grow. “With less than 3% of venture capital dollars going to multicultural entrepreneurs, we will use Morgan Stanley’s global reach to provide the capital, content, and connections needed to help accelerate the growth of these exciting companies and help bridge that funding gap,” said Alice Vilma, executive director of Morgan Stanley. The five firms selected are as follows: AptDeco - AptDeco is a peer-to-peer marketplace that connects buyers and sellers of preowned furniture. GitLinks - GitLinks helps clients monitor security and legal compliance using artificial intelligence. Kairos - Kairos helps businesses integrate facial recognition capabilities into their infrastructures. Landit - Landit is a social networking site that provides a platform for women to achieve success by connecting them with personalized career advancement opportunities. Trigger Finance - Trigger Finance sifts through relevant world and financial news events for do-it-yourself investors and identifies actions they can make to best position their portfolio. Story continues NOW WATCH: A study on Seattle's minimum wage hike shows $100 million a year in lost payroll for low earners More From Business Insider Trump to members of his New Jersey golf club: 'That White House is a real dump' Bitcoin splits in 2 We compared 9 online mattress companies to show you what each is best at || Morgan Stanley is throwing its support behind five minority-led tech firms: (James Gorman, CEO of Morgan Stanley.Yuri Gripas/Reuters)
Morgan Stanleyhas launched a newMulticultural Innovation Labto help propel minority-led tech startups.
The first cohort of companies the lab is sponsoring include five tech firms, spanning industries from commerce to finance.
The bank will sponsor two cohorts a year.
The selected companies are working out of Morgan Stanley's global headquarters in New York during the four-month program. As such, they will be able to tap into the bank's networks to identify potential customers and investors, according to a spokesperson for Morgan Stanley.
The companies also have access to insights fromNewark Venture Partners, a New Jersey-based venture capital firm, andTechstars, a global entrepreneurial network.
William Crowder, formerly head of Comcast Ventures, is the Entrepreneur-In-Residence.
The point of the incubator is to help entrepreneurs of minority backgrounds, who are often ignored by venture capital firms, scale and grow.
“With less than 3% of venture capital dollars going to multicultural entrepreneurs, we will use Morgan Stanley’s global reach to provide the capital, content, and connections needed to help accelerate the growth of these exciting companies and help bridge that funding gap,” said Alice Vilma, executive director of Morgan Stanley.
The five firms selected are as follows:
• AptDeco -AptDecois a peer-to-peer marketplace that connects buyers and sellers of preowned furniture.
• GitLinks -GitLinkshelps clients monitor security and legal compliance using artificial intelligence.
• Kairos -Kairoshelps businesses integrate facial recognition capabilities into their infrastructures.
• Landit -Landitis a social networking site that provides a platform for women to achieve success by connecting them with personalized career advancement opportunities.
• Trigger Finance -Trigger Financesifts through relevant world and financial news events for do-it-yourself investors and identifies actions they can make to best position their portfolio.
NOW WATCH:A study on Seattle's minimum wage hike shows $100 million a year in lost payroll for low earners
More From Business Insider
• Trump to members of his New Jersey golf club: 'That White House is a real dump'
• Bitcoin splits in 2
• We compared 9 online mattress companies to show you what each is best at || Bitcoin splits, but clone off to slow start: By Anna Irrera and Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin's underlying software code was split on Tuesday, generating a new clone called "Bitcoin Cash," but the new virtual currency got off to a slow start due to lackluster support for its network. The initiative was headed by a small group of mostly China-based bitcoin miners - programmers who essentially operate the bitcoin network - who were not happy with scheduled improvements to the currency's technology meant to increase its capacity to process transactions. These miners, who get paid in the currency for contributing computing power to the bitcoin network, initiated what is known as a "fork" on Tuesday, where the underlying blockchain splits into two potential paths, creating a new digital currency. The blockchain is a shared online ledger of all bitcoin transactions and has spawned a range of financial and business applications. Bitcoin's split has created a new competitor to the original digital currency, which remains the oldest and most valuable in circulation. Yet only a small fraction of bitcoin miners have been contributing their computing power to the new blockchain, and it took nearly six hours for the first batch of Bitcoin Cash coins to be mined this afternoon, according to Blockdozer Explorer, a firm providing data on digital currencies. "It's been a slow start for Bitcoin Cash," said Iqbal Gandham, managing director at trading platform eToro. "The delay ... could be a result of a lack of miner support for the new cryptocurrency." Bitcoin Cash on Tuesday traded on certain exchanges at a median price of $146.37, according to bitinfocharts.com, while bitcoin was at $2,729 on the BitStamp platform, down 4.6 percent from Monday. After the split, Bitcoin Cash has all the history from bitcoin's blockchain, creating the same number of tokens, plus the new currency created. People who held bitcoins before the split now have access to an equal amount of Bitcoin Cash for free, which they will then be able to trade for fiat currencies - legal tender such as euros and dollars - or other digital tokens. The creation of new tokens may speed up as less computing power will be required to mine new blocks, said Jeff Garzik, co-founder of blockchain startup, in an email. Ryan Taylor, chief executive of Dash Core, a firm that manages the development of the Dash digital currency, said Bitcoin Cash may yet be short-lived. "Bitcoin Cash has not solved scaling," Dash said. "It has merely kicked the can down the road with slightly larger blocks, but still lacks a credible technology to scale to massively larger numbers of users." (Reporting by Anna Irrera and Gertrude Chavez-Dreyfuss; Editing by Bill Rigby) || Bitcoin splits, but clone off to slow start: By Anna Irrera and Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Bitcoin's underlying software code was split on Tuesday, generating a new clone called "Bitcoin Cash," but the new virtual currency got off to a slow start due to lackluster support for its network.
The initiative was headed by a small group of mostly China-based bitcoin miners - programmers who essentially operate the bitcoin network - who were not happy with scheduled improvements to the currency's technology meant to increase its capacity to process transactions.
These miners, who get paid in the currency for contributing computing power to the bitcoin network, initiated what is known as a "fork" on Tuesday, where the underlying blockchain splits into two potential paths, creating a new digital currency.
The blockchain is a shared online ledger of all bitcoin transactions and has spawned a range of financial and business applications.
Bitcoin's split has created a new competitor to the original digital currency, which remains the oldest and most valuable in circulation.
Yet only a small fraction of bitcoin miners have been contributing their computing power to the new blockchain, and it took nearly six hours for the first batch of Bitcoin Cash coins to be mined this afternoon, according to Blockdozer Explorer, a firm providing data on digital currencies.
"It's been a slow start for Bitcoin Cash," said Iqbal Gandham, managing director at trading platform eToro. "The delay ... could be a result of a lack of miner support for the new cryptocurrency."
Bitcoin Cash on Tuesday traded on certain exchanges at a median price of $146.37, according to bitinfocharts.com, while bitcoin was at $2,729 (BTC=BTSP) on the BitStamp platform, down 4.6 percent from Monday.
After the split, Bitcoin Cash has all the history from bitcoin's blockchain, creating the same number of tokens, plus the new currency created. People who held bitcoins before the split now have access to an equal amount of Bitcoin Cash for free, which they will then be able to trade for fiat currencies - legal tender such as euros and dollars - or other digital tokens.
The creation of new tokens may speed up as less computing power will be required to mine new blocks, said Jeff Garzik, co-founder of blockchain startup, in an email.
Ryan Taylor, chief executive of Dash Core, a firm that manages the development of the Dash digital currency, said Bitcoin Cash may yet be short-lived.
"Bitcoin Cash has not solved scaling," Dash said. "It has merely kicked the can down the road with slightly larger blocks, but still lacks a credible technology to scale to massively larger numbers of users."
(Reporting by Anna Irrera and Gertrude Chavez-Dreyfuss; Editing by Bill Rigby) || Bitcoin splits, but clone off to slow start: By Anna Irrera and Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin's underlying software code was split on Tuesday, generating a new clone called "Bitcoin Cash," but the new virtual currency got off to a slow start due to lackluster support for its network. The initiative was headed by a small group of mostly China-based bitcoin miners - programmers who essentially operate the bitcoin network - who were not happy with scheduled improvements to the currency's technology meant to increase its capacity to process transactions. These miners, who get paid in the currency for contributing computing power to the bitcoin network, initiated what is known as a "fork" on Tuesday, where the underlying blockchain splits into two potential paths, creating a new digital currency. The blockchain is a shared online ledger of all bitcoin transactions and has spawned a range of financial and business applications. Bitcoin's split has created a new competitor to the original digital currency, which remains the oldest and most valuable in circulation. Yet only a small fraction of bitcoin miners have been contributing their computing power to the new blockchain, and it took nearly six hours for the first batch of Bitcoin Cash coins to be mined this afternoon, according to Blockdozer Explorer, a firm providing data on digital currencies. "It's been a slow start for Bitcoin Cash," said Iqbal Gandham, managing director at trading platform eToro. "The delay ... could be a result of a lack of miner support for the new cryptocurrency." Bitcoin Cash on Tuesday traded on certain exchanges at a median price of $146.37, according to bitinfocharts.com, while bitcoin was at $2,729 (BTC=BTSP) on the BitStamp platform, down 4.6 percent from Monday. After the split, Bitcoin Cash has all the history from bitcoin's blockchain, creating the same number of tokens, plus the new currency created. People who held bitcoins before the split now have access to an equal amount of Bitcoin Cash for free, which they will then be able to trade for fiat currencies - legal tender such as euros and dollars - or other digital tokens. Story continues The creation of new tokens may speed up as less computing power will be required to mine new blocks, said Jeff Garzik, co-founder of blockchain startup, in an email. Ryan Taylor, chief executive of Dash Core, a firm that manages the development of the Dash digital currency, said Bitcoin Cash may yet be short-lived. "Bitcoin Cash has not solved scaling," Dash said. "It has merely kicked the can down the road with slightly larger blocks, but still lacks a credible technology to scale to massively larger numbers of users." (Reporting by Anna Irrera and Gertrude Chavez-Dreyfuss; Editing by Bill Rigby) || Bitcoin splits, but clone off to slow start: By Anna Irrera and Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Bitcoin's underlying software code was split on Tuesday, generating a new clone called "Bitcoin Cash," but the new virtual currency got off to a slow start due to lackluster support for its network.
The initiative was headed by a small group of mostly China-based bitcoin miners - programmers who essentially operate the bitcoin network - who were not happy with scheduled improvements to the currency's technology meant to increase its capacity to process transactions.
These miners, who get paid in the currency for contributing computing power to the bitcoin network, initiated what is known as a "fork" on Tuesday, where the underlying blockchain splits into two potential paths, creating a new digital currency.
The blockchain is a shared online ledger of all bitcoin transactions and has spawned a range of financial and business applications.
Bitcoin's split has created a new competitor to the original digital currency, which remains the oldest and most valuable in circulation.
Yet only a small fraction of bitcoin miners have been contributing their computing power to the new blockchain, and it took nearly six hours for the first batch of Bitcoin Cash coins to be mined this afternoon, according to Blockdozer Explorer, a firm providing data on digital currencies.
"It's been a slow start for Bitcoin Cash," said Iqbal Gandham, managing director at trading platform eToro. "The delay ... could be a result of a lack of miner support for the new cryptocurrency."
Bitcoin Cash on Tuesday traded on certain exchanges at a median price of $146.37, according to bitinfocharts.com, while bitcoin was at $2,729 (BTC=BTSP) on the BitStamp platform, down 4.6 percent from Monday.
After the split, Bitcoin Cash has all the history from bitcoin's blockchain, creating the same number of tokens, plus the new currency created. People who held bitcoins before the split now have access to an equal amount of Bitcoin Cash for free, which they will then be able to trade for fiat currencies - legal tender such as euros and dollars - or other digital tokens.
The creation of new tokens may speed up as less computing power will be required to mine new blocks, said Jeff Garzik, co-founder of blockchain startup, in an email.
Ryan Taylor, chief executive of Dash Core, a firm that manages the development of the Dash digital currency, said Bitcoin Cash may yet be short-lived.
"Bitcoin Cash has not solved scaling," Dash said. "It has merely kicked the can down the road with slightly larger blocks, but still lacks a credible technology to scale to massively larger numbers of users."
(Reporting by Anna Irrera and Gertrude Chavez-Dreyfuss; Editing by Bill Rigby)
[Social Media Buzz]
$2739.78 at 13:15 UTC [24h Range: $2650.00 - $2747.93 Volume: 8492 BTC] || BTC/NGN:
Luno - ₦958,819.00
BitSSA - ₦959,585.00
LB - ₦945,833.53
Average - ₦954,745.84 || $2734.00 at 14:30 UTC [24h Range: $2650.00 - $2747.93 Volume: 7778 BTC] || 2017-08-04 3:00~4:00のBitcoin市場は上昇だったのかな。
変化率は0.5958%
5:00までは反騰になる?
直近の市場の平均Bitcoinの価格は305362.0円
#ビットコイン
#bitcoin
#AI || Aug 03, 2017 08:00:00 UTC | 2,742.80$ | 2,314.30€ | 2,072.80£ | #Bitcoin #btc pic.twitter.com/1TSYKZTm9Q || 3.57449922 btc = 10017...
|
2895.89, 3252.91, 3213.94, 3378.94, 3419.94, 3342.47, 3381.28, 3650.62, 3884.71, 4073.26
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 214.86, 211.32, 226.90, 233.41, 232.88, 247.85, 253.72, 273.47, 263.48, 233.91, 233.51, 226.43, 217.46, 226.97, 238.23, 227.27, 226.85, 217.11, 222.27, 227.75, 223.41, 220.11, 219.84, 219.18, 221.76, 235.43, 257.32, 234.82, 233.84, 243.61, 236.33, 240.28, 243.78, 244.53, 235.98, 238.89, 238.74, 237.47, 236.43, 253.83, 254.26, 260.20, 275.67, 281.70, 273.09, 276.18, 272.72, 276.26, 274.35, 289.61, 291.76, 296.38, 294.35, 285.34, 281.89, 286.39, 290.59, 285.51, 256.30, 260.93, 261.75, 260.02, 267.96, 266.74, 245.60, 246.20, 248.53, 247.03, 252.80, 242.71, 247.53, 244.22, 247.27, 253.01, 254.32, 253.70, 260.60, 255.49, 253.18, 245.02, 243.68, 236.07, 236.55, 236.15, 224.59, 219.16, 223.83, 228.57, 222.88, 223.36.
|
[Bitcoin Technical Analysis for 2015-04-18]
Volume: 12939000, RSI (14-day): 35.25, 50-day EMA: 247.91, 200-day EMA: 271.40
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Your first trade for Monday: The " Fast Money " traders gave their final trades of the day. Tim Seymour was a buyer of the TUR (NYSE Arca: TUR) . Steve Grasso was a buyer of TWTR ( TWTR ) . Brian Kelly was a seller of the TLT (NYSE Arca: TLT) . Guy Adami was a buyer of BX ( BX ) . Trader disclosure: On April 17, 2015, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Tim Seymour is long T, BAC, BX, C, DAL, DIS, F, GE, GM, GOOGL, INTC, EWP, SUNE, TWX, Tim's firm is long BABA, BIDU, CHL, IBN, MCD, NKE, NOK, SBUX, TUR, VALE.Steve Grasso is long AAPL, EVGN, MJNA, PFE, T, TWTR, GDX, BAC, BTU, his firm is long AMD, AMZN, NE, OXY, VALE, RIG his kids own EFG, EFA, EWJ, IJR, SPY. Brian Kelly is long BTC=, CTRL calls, GSG, BBRY, SPY puts, he is short 30-Year Bond Futures, he is short Yuan, today he covered U.S. Dollar, today he sold Euro, today he sold EEM, today he sold GLD. Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck. More From CNBC Top News and Analysis Latest News Video Personal Finance || Your first trade for Monday: The "Fast Money" traders gave their final trades of the day.
Tim Seymour was a buyer of the TUR(NYSE Arca: TUR).
Steve Grasso was a buyer of TWTR(TWTR).
Brian Kelly was a seller of the TLT(NYSE Arca: TLT).
Guy Adami was a buyer of BX(BX).
Trader disclosure: On April 17, 2015, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:Tim Seymour is long T, BAC, BX, C, DAL, DIS, F, GE, GM, GOOGL, INTC, EWP, SUNE, TWX, Tim's firm is long BABA, BIDU, CHL, IBN, MCD, NKE, NOK, SBUX, TUR, VALE.Steve Grasso is long AAPL, EVGN, MJNA, PFE, T, TWTR, GDX, BAC, BTU, his firm is long AMD, AMZN, NE, OXY, VALE, RIG his kids own EFG, EFA, EWJ, IJR, SPY. Brian Kelly is long BTC=, CTRL calls, GSG, BBRY, SPY puts, he is short 30-Year Bond Futures, he is short Yuan, today he covered U.S. Dollar, today he sold Euro, today he sold EEM, today he sold GLD. Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Established Bitcoin Media Platform Bitcoinist.net Receives Significant VC Investment And Announces Inside Bitcoins Partnership: Trusted Bitcoin news and tech review source Bitcoinist.net is pleased to announce a significant investment to expand its operations, and a new partnership with the leader in the Bitcoin conference industry; Inside Bitcoins
LONDON, ENGLAND / ACCESSWIRE / April 16, 2015 /Bitcoinist.net, a Bitcoin media company founded in early 2014 and dedicated to being an independent voice for the cryptocurrency community, is pleased to announce an additional investment round into the company. Bitcoinist has been a cornerstone of the Bitcoin industry, providing news and reviews since early 2014, and will use this investment for an aggressive expansion plan. Bitcoinist.net's original investor, Zoltan Tokay, has invested an undisclosed amount into the site in recognition of the many milestones that the company has achieved.
For the last year, the Bitcoinist team has been at nearly every Bitcoin conference to show support and provide coverage. As the entire Bitcoin industry has grown, so has the Bitcoinist team and its reach. Earlier this month, Bitcoinist.net andInside Bitcoinsjoined together in a monumental deal. The Inside Bitcoins news section will now syndicate news articles and reviews from the Bitcoinist team, and vice versa. Scott Fargo, Editor-in-Chief at Bitcoinist.net, shared his thoughts on the new partnership:
"We atBitcoinist.netare happy to provide news and other content to Inside Bitcoins, the leader in the Bitcoin conference industry. We are looking forward to providing coverage of their world wide events as well."
Bitcoinist has already taken steps towards securing additional partnerships with key entities in the cryptocurrency industry. Look out for future announcements from the Bitcoinist team. For more information about Bitcoinist, please visit (www.bitcoinist.net). Inside Bitcoins is produced by Meckler Media. More information on MecklerMedia can be found at their website (www.mecklermedia.com).
About Bitcoinist
Bitcoinist LTD. is a private limited company registered in the United Kingdom. Since early 2014, Bitcoinist has provided industry-leading reviews, commentary, and news on cryptocurrency and technology. Notably, Bitcoinist has become a leading source for independent Bitcoin mining and cryptocurrency mining hardware reviews. Since being founded in February 2014 by Mate Tokay, Norbert Kovacs and Zoltan Tokay, Bitcoinist.net has grown into a dedicated international team.
For more information about us, please visithttp://bitcoinist.net/
Contact Info:
Name: Vivien GalEmail:[email protected]: BitcoinistAddress: 1 Hova Villas Brighton & Hove BN3 3DH, United KingdomPhone: +36302722409
SOURCE:Bitcoinist || Established Bitcoin Media Platform Bitcoinist.net Receives Significant VC Investment And Announces Inside Bitcoins Partnership: Trusted Bitcoin news and tech review source Bitcoinist.net is pleased to announce a significant investment to expand its operations, and a new partnership with the leader in the Bitcoin conference industry; Inside Bitcoins
LONDON, ENGLAND / ACCESSWIRE / April 16, 2015 /Bitcoinist.net, a Bitcoin media company founded in early 2014 and dedicated to being an independent voice for the cryptocurrency community, is pleased to announce an additional investment round into the company. Bitcoinist has been a cornerstone of the Bitcoin industry, providing news and reviews since early 2014, and will use this investment for an aggressive expansion plan. Bitcoinist.net's original investor, Zoltan Tokay, has invested an undisclosed amount into the site in recognition of the many milestones that the company has achieved.
For the last year, the Bitcoinist team has been at nearly every Bitcoin conference to show support and provide coverage. As the entire Bitcoin industry has grown, so has the Bitcoinist team and its reach. Earlier this month, Bitcoinist.net andInside Bitcoinsjoined together in a monumental deal. The Inside Bitcoins news section will now syndicate news articles and reviews from the Bitcoinist team, and vice versa. Scott Fargo, Editor-in-Chief at Bitcoinist.net, shared his thoughts on the new partnership:
"We atBitcoinist.netare happy to provide news and other content to Inside Bitcoins, the leader in the Bitcoin conference industry. We are looking forward to providing coverage of their world wide events as well."
Bitcoinist has already taken steps towards securing additional partnerships with key entities in the cryptocurrency industry. Look out for future announcements from the Bitcoinist team. For more information about Bitcoinist, please visit (www.bitcoinist.net). Inside Bitcoins is produced by Meckler Media. More information on MecklerMedia can be found at their website (www.mecklermedia.com).
About Bitcoinist
Bitcoinist LTD. is a private limited company registered in the United Kingdom. Since early 2014, Bitcoinist has provided industry-leading reviews, commentary, and news on cryptocurrency and technology. Notably, Bitcoinist has become a leading source for independent Bitcoin mining and cryptocurrency mining hardware reviews. Since being founded in February 2014 by Mate Tokay, Norbert Kovacs and Zoltan Tokay, Bitcoinist.net has grown into a dedicated international team.
For more information about us, please visithttp://bitcoinist.net/
Contact Info:
Name: Vivien GalEmail:[email protected]: BitcoinistAddress: 1 Hova Villas Brighton & Hove BN3 3DH, United KingdomPhone: +36302722409
SOURCE:Bitcoinist || Established Bitcoin Media Platform Bitcoinist.net Receives Significant VC Investment And Announces Inside Bitcoins Partnership: Trusted Bitcoin news and tech review source Bitcoinist.net is pleased to announce a significant investment to expand its operations, and a new partnership with the leader in the Bitcoin conference industry; Inside Bitcoins LONDON, ENGLAND / ACCESSWIRE / April 16, 2015 / Bitcoinist.net, a Bitcoin media company founded in early 2014 and dedicated to being an independent voice for the cryptocurrency community, is pleased to announce an additional investment round into the company. Bitcoinist has been a cornerstone of the Bitcoin industry, providing news and reviews since early 2014, and will use this investment for an aggressive expansion plan. Bitcoinist.net's original investor, Zoltan Tokay, has invested an undisclosed amount into the site in recognition of the many milestones that the company has achieved. For the last year, the Bitcoinist team has been at nearly every Bitcoin conference to show support and provide coverage. As the entire Bitcoin industry has grown, so has the Bitcoinist team and its reach. Earlier this month, Bitcoinist.net and Inside Bitcoins joined together in a monumental deal. The Inside Bitcoins news section will now syndicate news articles and reviews from the Bitcoinist team, and vice versa. Scott Fargo, Editor-in-Chief at Bitcoinist.net, shared his thoughts on the new partnership: "We at Bitcoinist.net are happy to provide news and other content to Inside Bitcoins, the leader in the Bitcoin conference industry. We are looking forward to providing coverage of their world wide events as well." Bitcoinist has already taken steps towards securing additional partnerships with key entities in the cryptocurrency industry. Look out for future announcements from the Bitcoinist team. For more information about Bitcoinist, please visit ( www.bitcoinist.net ). Inside Bitcoins is produced by Meckler Media. More information on MecklerMedia can be found at their website ( www.mecklermedia.com ). About Bitcoinist Bitcoinist LTD. is a private limited company registered in the United Kingdom. Since early 2014, Bitcoinist has provided industry-leading reviews, commentary, and news on cryptocurrency and technology. Notably, Bitcoinist has become a leading source for independent Bitcoin mining and cryptocurrency mining hardware reviews. Since being founded in February 2014 by Mate Tokay, Norbert Kovacs and Zoltan Tokay, Bitcoinist.net has grown into a dedicated international team. Story continues For more information about us, please visit http://bitcoinist.net/ Contact Info: Name: Vivien Gal Email: [email protected] Organization: Bitcoinist Address: 1 Hova Villas Brighton & Hove BN3 3DH, United Kingdom Phone: +36302722409 SOURCE: Bitcoinist || Is London Becoming The World's Bitcoin Hub?: Last month, the British government threw its weight behind bitcoin saying it would create new regulations to prevent money laundering through cryptocurrency exchanges and work together with fintech companies to come up with a set of rules to govern the use of cryptocurrencies.
The proposal marked a major step in making the UK a hub for investors and small businesses interested in digital currencies.
Now, London is quickly making a name for itself as one of the most bitcoin-friendly cities in the world.
Attitude Is Everything
Although London has made a name as the largest currency trading destination, for many the city doesn't seem like a home for bitcoin.
With Silicon Valley launching some of the world's most successful tech companies and New York famous for its financial clout, London isn't often pictured as an innovative place for bitcoin enthusiasts.
However, the city has made its intention to create an environment that fosters bitcoin innovation clear in recent months as the bitcoin scene continues to grow.
The City of London's government has said that growth opportunities offered by finance technology like digital currencies are a welcome addition to the city's economy and Finance Minister George Osborne has openly expressed his desire to make Britain a leader in the fintech space.
Some saythat it will be that positive attitude which will attract more and more bitcoin firms to bring their business to London.
Related Link:New App Allows Seamless Bitcoin Investment
Government Involvement
In addition to Britain's decision to work together with digital currency businesses to develop a set of standards to govern cryptocurrencies, the region is also making it easier for bitcoin-based businesses to file their taxes.
In 2014, Britain decided to amend its tax law and make bitcoin trades exempt from value added taxes, something most other countries have yet to decide.
UBS On Board
Swiss BankUBS AG(NYSE:UBS) is planning to join London's fintech scene later this month by opening a dedicated blockchain technology innovation lab which will research ways to integrate blockchain into financial services.
Although UBS is not the first bank to tout the potential benefits of blockchain, the technology powering bitcoin, it is the first to go public with its research plans.
See more from Benzinga
• EU Policymakers Express Frustration As Greek Bailout Talks Flatline
• U.S. Department Of Defense Hopes To Pick Up The Pace With 'Better Buying Power 3.0'
• Marijuana Legalization Supporters Delivered A Blow With Schedule 1 Ruling
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Is London Becoming The World's Bitcoin Hub?: Last month, the British government threw its weight behind bitcoin saying it would create new regulations to prevent money laundering through cryptocurrency exchanges and work together with fintech companies to come up with a set of rules to govern the use of cryptocurrencies.
The proposal marked a major step in making the UK a hub for investors and small businesses interested in digital currencies.
Now, London is quickly making a name for itself as one of the most bitcoin-friendly cities in the world.
Attitude Is Everything
Although London has made a name as the largest currency trading destination, for many the city doesn't seem like a home for bitcoin.
With Silicon Valley launching some of the world's most successful tech companies and New York famous for its financial clout, London isn't often pictured as an innovative place for bitcoin enthusiasts.
However, the city has made its intention to create an environment that fosters bitcoin innovation clear in recent months as the bitcoin scene continues to grow.
The City of London's government has said that growth opportunities offered by finance technology like digital currencies are a welcome addition to the city's economy and Finance Minister George Osborne has openly expressed his desire to make Britain a leader in the fintech space.
Some saythat it will be that positive attitude which will attract more and more bitcoin firms to bring their business to London.
Related Link:New App Allows Seamless Bitcoin Investment
Government Involvement
In addition to Britain's decision to work together with digital currency businesses to develop a set of standards to govern cryptocurrencies, the region is also making it easier for bitcoin-based businesses to file their taxes.
In 2014, Britain decided to amend its tax law and make bitcoin trades exempt from value added taxes, something most other countries have yet to decide.
UBS On Board
Swiss BankUBS AG(NYSE:UBS) is planning to join London's fintech scene later this month by opening a dedicated blockchain technology innovation lab which will research ways to integrate blockchain into financial services.
Although UBS is not the first bank to tout the potential benefits of blockchain, the technology powering bitcoin, it is the first to go public with its research plans.
See more from Benzinga
• EU Policymakers Express Frustration As Greek Bailout Talks Flatline
• U.S. Department Of Defense Hopes To Pick Up The Pace With 'Better Buying Power 3.0'
• Marijuana Legalization Supporters Delivered A Blow With Schedule 1 Ruling
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Is London Becoming The World's Bitcoin Hub?: Last month, the British government threw its weight behind bitcoin saying it would create new regulations to prevent money laundering through cryptocurrency exchanges and work together with fintech companies to come up with a set of rules to govern the use of cryptocurrencies. The proposal marked a major step in making the UK a hub for investors and small businesses interested in digital currencies. Now, London is quickly making a name for itself as one of the most bitcoin-friendly cities in the world. Attitude Is Everything Although London has made a name as the largest currency trading destination, for many the city doesn't seem like a home for bitcoin. With Silicon Valley launching some of the world's most successful tech companies and New York famous for its financial clout, London isn't often pictured as an innovative place for bitcoin enthusiasts. However, the city has made its intention to create an environment that fosters bitcoin innovation clear in recent months as the bitcoin scene continues to grow. The City of London's government has said that growth opportunities offered by finance technology like digital currencies are a welcome addition to the city's economy and Finance Minister George Osborne has openly expressed his desire to make Britain a leader in the fintech space. Some say that it will be that positive attitude which will attract more and more bitcoin firms to bring their business to London. Related Link: New App Allows Seamless Bitcoin Investment Government Involvement In addition to Britain's decision to work together with digital currency businesses to develop a set of standards to govern cryptocurrencies, the region is also making it easier for bitcoin-based businesses to file their taxes. In 2014, Britain decided to amend its tax law and make bitcoin trades exempt from value added taxes, something most other countries have yet to decide. UBS On Board Swiss Bank UBS AG (NYSE: UBS ) is planning to join London's fintech scene later this month by opening a dedicated blockchain technology innovation lab which will research ways to integrate blockchain into financial services. Story continues Although UBS is not the first bank to tout the potential benefits of blockchain, the technology powering bitcoin, it is the first to go public with its research plans. See more from Benzinga EU Policymakers Express Frustration As Greek Bailout Talks Flatline U.S. Department Of Defense Hopes To Pick Up The Pace With 'Better Buying Power 3.0' Marijuana Legalization Supporters Delivered A Blow With Schedule 1 Ruling © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Comstock Mining Announces First Quarter 2015 Results: VIRGINIA CITY, NV--(Marketwired - April 16, 2015) -Comstock Mining Inc. (the "Company")(NYSE MKT: LODE)today announced selected unaudited financial results for the fiscal quarter ended March 31, 2015.
First Quarter 2015 Selected Strategic and Operational Highlights
• Costs applicable to mining revenue were reduced by 22% when comparing Q1 2015, to Q1 2014.
• Weighted average gold grades improved 63% to 0.039 opt in Q1 2015, from 0.024 opt in Q1 2014.
• Weighted average silver grades improved 113%, to 0.734 opt in Q1 2015, from 0.345 opt in Q1 2014.
• Silver to gold production exceeded an 11:1 silver:gold ratio in Q1 2015, up from 9:1 in Q1 2014.
• Metallurgical yields improved to 81% in Q1 2015, from 74% in Q1 2014.
• Strip ratio improved to 1:1 for the first quarter of 2015, down from the 2014 average of 4.8:1.
• Encountered significant high grade intercepts from Succor-Holman mineral patents drilling program.
• Commenced moving State Route 342 ('SR-342'), accelerating operational and community benefits.
• Expanded our landmark special use permit for mining and mine development.
• Expanded our land position, acquiring lands immediately adjacent to our mine area and leach pad.
• Expanded our existing heap leach pad consistent with recently expanded Water Control Permit.
• Enhanced Senior Mining, Financial and Environmental Management, adding operational, environmental and financial strengths to our team while reducing overall costs.
First Quarter 2015 Selected Financial Highlights
• Mining revenue was $5.9 million in Q1 2015 as compared to $5.6 million in Q1 2014, an increase of 6%, resulting from higher gold ounces produced and higher average gold price per ounce.
• Costs applicable to mining revenue was $3.7 million in Q1 2015, as compared to $4.8 million, net of silver credits, in Q1 2014, a decrease of 22%, primarily due to mining cost reductions.
• General and administrative expenses were $2.1 million in Q1 2015, as compared to $2.2 million in Q1 2014, primarily due to lower labor costs of $0.5 million, offset by severance of $0.4 million.
• Net income was $1.3 million, or $0.01 per share for Q1 2015, as compared to a loss of $3.8 million, or $(0.07) per share, for Q1 2014. The improvement resulted from lower costs, higher revenue and the elimination of certain liabilities that strengthened our balance sheet.
• Net cash generated by operating activities was a positive $0.2 million in Q1 2015, as compared to a cash use of $2.4 million from operations in Q1 2014, or a 109% improvement.
• Net cash used for investing was $3.1 million for the first quarter of 2015, primarily from $1.7 million for strategic land purchases and $1.1 million for the expansion of the processing facility.
• Net cash provided by financing activities for the first quarter of 2015, was $1.8 million comprised of proceeds of $4.4 million from the Revolving Credit Facility, partially off-set by a $2.7 million pay-down of other long-term debt obligations. Cash and cash equivalents at March 31, 2015 were $4.2 million.
• Total long-term debt and capital lease obligations were $14.1 million at March 31, 2015, including $5 million outstanding on the Revolving Credit Facility.
First Quarter 2015 Selected Production Highlights
[{"": "", "1Q 2015": "", "1Q 2014": ""}, {"": "", "1Q 2015": "", "1Q 2014": ""}, {"": "", "1Q 2015": "316,199", "1Q 2014": "947,852"}, {"": "", "1Q 2015": "", "1Q 2014": ""}, {"": "", "1Q 2015": "", "1Q 2014": ""}, {"": "", "1Q 2015": "157,612", "1Q 2014": "205,686"}, {"": "", "1Q 2015": "", "1Q 2014": ""}, {"": "", "1Q 2015": "0.039", "1Q 2014": "0.024"}, {"": "", "1Q 2015": "0.734", "1Q 2014": "0.345"}, {"": "", "1Q 2015": "", "1Q 2014": ""}, {"": "", "1Q 2015": "6,083", "1Q 2014": "5,016"}, {"": "", "1Q 2015": "115,689", "1Q 2014": "70,989"}, {"": "", "1Q 2015": "7,669", "1Q 2014": "6,140"}, {"": "", "1Q 2015": "", "1Q 2014": ""}, {"": "", "1Q 2015": "4,695", "1Q 2014": "4,507"}, {"": "", "1Q 2015": "56,482", "1Q 2014": "49,358"}, {"": "", "1Q 2015": "5,470", "1Q 2014": "5,290"}, {"": "", "1Q 2015": "", "1Q 2014": ""}, {"": "", "1Q 2015": "72.91", "1Q 2014": "63.14"}, {"": "", "1Q 2015": "", "1Q 2014": ""}, {"": "", "1Q 2015": "", "1Q 2014": ""}]
"We have continued our crusade for lower costs into 2015, with substantially improved grades, yields and strip ratios while reducing absolute spending wherever possible. We also commenced the re-routing of SR- 342, and have safely accelerated many operating, environmental and community benefits. These achievements have positioned us for profitability throughout 2015," stated Corrado De Gasperis, CEO of Comstock Mining.
ProductionMetal pours totaled 4,695 ounces of gold and 56,482 ounces of silver, during the first quarter of 2015, as compared to 4,507 ounces of gold and 49,358 ounces of silver in the first quarter of 2014, a 4.2% increase for gold ounces and a 14.4% increase for silver ounces. The Company crushed and stacked 157,612 dry tons of mineralized material, delivering 6,083 estimated ounces of recoverable gold and 115,689 estimated ounces of recoverable silver to the leach pads with weighted average gold grades of 0.039 ounces per ton.
For the quarter ended March 31, 2015, the Company realized an average sales price of $1,280.25 per ounce of gold and $15.94 per ounce of silver. In comparison, commodity market prices in the first quarter of 2015 averaged $1,219.22 per ounce of gold and $16.72 per ounce of silver.
Operating Costs and Cost ReductionsDuring the first three months of 2015, actual Lucerne Mine costs applicable to mining revenue were $4.6 million, $3.7 million net of silver by-product credits as compared to $5.8 million, $4.8 million net of silver by-product credits in the first three months of 2014, representing a 22% reduction of costs applicable to mining revenue.These costs applicable to mining revenue also include depreciation of $1.5 million and $1.3 million, for the first quarter of 2015 and 2014, respectively.
During 2015, the Company continued reducing costs applicable to mining revenue, targeting over $5 million in reductions this year as compared to 2014. The Company has already realized $1.0 million of savings from reduced labor, drilling and blasting and fuel in the first quarter of 2015, as compared to the first quarter of 2014. The Company has also identified $1.5 million of potential cost reductions in all other non-mining activities, including general, administrative, land and environmental areas and has already realized $0.3 million in the first quarter of 2015, as compared to the first quarter of 2014. The Company incurred $0.4 million in severance costs during the first quarter, in mining and general and administrative expenses, associated with organizational cost reduction activities.
Exploration and Development (including Underground)During the first quarter, the Company announced that the drill program on the East-side of the Lucerne continues to reveal higher-grade gold intercepts that further define a near-surface, broadening zone of high-grade gold mineralization in the Succor and Holman mineral patents. These results represent significant progress towards the first major objective in the 2014-2015 exploration and development drilling program (the 'Program'), representing a comprehensive drilling and evaluation of high priority targets including the Succor and Holman. All data, to date, suggests these claims have excellent potential for economic mining and metal recovery. The current drill program resulted in the following summary of intercepts:
Table 1: Summary of Drill Program
[["", "", "", "", ""], ["", "", "", "", ""], ["", "", "Succor", "", "Holman"], ["No. Holes Drilled", "", "80", "", "39"], ["Strike Length Drilled (ft)", "", "700", "", "575"], ["No. 10' intervals with intercepts > .015 Au opt.", "", "166", "", "55"], ["No. 10' interval with intercepts > .100 Au opt.", "", "22", "", "3"], ["No. drill holes with intercepts > .100 Au opt.", "", "20", "", "2"], ["", "", "", "", ""], ["", "", "", "", ""]]
Table 2: Average Grades for Drill Intercepts Greater than .015 Au opt.
[["", "", "", "", ""], ["", "", "", "", ""], ["", "", "Succor", "", "Holman"], ["Avg Au opt.", "", "0.056", "", "0.047"], ["Avg Ag opt.", "", "0.259", "", "0.333"], ["", "", "", "", ""], ["", "", "", "", ""]]
Underground DevelopmentThe Company recently completed extensive geological development and modeling, incorporating all available data, including existing drill holes and historic underground mine maps, amongst other geological information and is preparing to develop the underground portion of the drill program. The sectional compilation resulted in several important findings. The work confirmed that the lode is comprised of a group of northwest trending, sub-parallel mineralized structures, rather than a simple vein system confined to a single fault zone. These structural groups coalesce into a single zone in the central part of the East-side area and diverge to the north and south to create zones up to 600-feet wide. The Company also discovered dike-like masses of quartz porphyry that have intruded into the main lode and have a direct relationship to the known mineralization.
Out of this extensive geologic work, a definitive underground target has emerged, specifically that part of the lode occupied by the above described mineralized mass of quartz porphyry, as well as the neighboring wall rocks. This conclusion is based on surface drill hole results, metallurgy, and proximity to the current Lucerne Mine floor, as well as past mining knowledge.
The results from the underground program will be incorporated into existing sectional data and, along with newly derived grade shells and grade models, an initial, phased internal reserve model will be created for this area. Developing a new underground access to the quartz porphyry structures and the almost adjacent Woodville Bonanza structures represents a significant opportunity for an accelerated, efficient underground mine plan in the Lucerne Area.
http://www.comstockmining.com/files/flipbooks/Proposed-Underground-Drill-ProgramLooking-NW-From-Top/
Evaluation of Existing Mine DumpsDuring late summer through autumn of 2014, the geological and environmental teams undertook a systematic evaluation of historic mine dumps throughout most of the central part of the District. Quantifying and understanding the nature of legacy contaminants and identifying the extent of mineralization with the potential to increase mineable resources were the two primary objectives. Overall, significant tonnages of mineralized dump materials were quantified. Most tonnages are directly to the east of the Lucerne mine and average around 0.025-0.035 opt Au. Dumps sampled for this evaluation are located within Gold Canyon, Storey County, on the east side of SR-342, and west of Silver City in Lyon County. Dumps sampled include the Silver Hills-Donovan (Eastside), Woodville, Lady Washington, Keystone, New York, and Oest. Total tonnages inventoried total over 640,000 tons.
"These near-surface drill results represent exceptionally higher grades than our current average mine grades. These discoveries of near surface, high-grade minerals on the East-side of Lucerne, the development of high-grade vein structures for underground feasibility and the discovery of good grading historic dump materials all provide immediate potential for expanding our operations," continued Mr. De Gasperis.
HOPE Gold CoinOn March 30, 2015, the Company received 300,000 coins ("HOPE Coins") issued by the HOPE Gold Coin Charitable Trust (the "Trust") as payment (and partial pre-payment) on the Mineral Rights License Agreement entered into by the Company with the Trust on October 9, 2014. The HOPE coins are considered a cryptographic currency. The Trust represents one of the first organizations effectively leveraging existing block-chain technologies and was recently named one of the top 25 companies on the Sand Hill Bitcoin Innovative Disrupters list. The HOPE Coins are being sold by the Trust for $10 each.
Hospitality SegmentEffective April 1, 2015, the Company entered into an agreement to lease the Gold Hill Hotel. The Company retains ownership to the land and Gold Hill Hotel properties while leasing the facilities to independent operators. Historically, the hospitality segment operated at a net loss but based on the current lease agreement, the Company does not expect any future net losses and more likely, prospective net lease and rental income.
SR-342 RealignmentIn early February, NDOT closed an approximate two-mile section of SR-342, south of Gold Hill, as a safety precaution following roadway cracking and area specific sinking during a weekend of heavy rains. The area of sinking is above a historic mine-shaft dating back to the early 1900's, and that portion of the road sits on old mine dumps and looser fill, that has a history of instability and, in some cases failure. The Company owns the land, with NDOT granted prescriptive rights to operate the state roadbed over that private land. Storey County, NDOT, the Company, and other applicable regulatory agencies evaluated several remedies for the realignment of SR-342. The route will be realigned to the east of the historic shaft, enabling safe travel, continuing operations and important reclamations, while positioning the area for future mining and development.
The realignment will occur over two phases, with Phase 1 completion taking approximately 10-12 weeks and Phase 2 requiring an additional six months. Phase 1 begins with the Company removing the unconsolidated fill that now exists above the base bedrock level and beneath the existing road followed by construction of a bypass road upon the base bedrock. Additionally, the historic Silver Hill Shaft will be capped permanently.
http://comstockmining.com/sr-342-construction-2015
Once Phase 1 is complete in June, the road will be reopened during construction of the second phase. Phase 2 includes removal of additional material on the east side of the canyon and will conclude with a tie in of the south end of the newly constructed alignment. A short closure will be necessary toward the end of Phase 2 for the tie in and completion of the realignment. The project is estimated to last through December of 2015, with an estimated cost of $3 million.
CorporateCash and cash equivalents on hand at March 31, 2015 totaled $4.2 million. Total long-term debt and capital lease obligations at March 31, 2015, were $14.1 million as compared to $13.5 million at March 31, 2014. For the remainder of 2015, the Company plans on spending approximately $3.5 million in capital expenditures, primarily the road realignment project and some infrastructural development. The Company also plans to pay down an additional $6.6 million in debt obligations, including $3.4 million on the Revolving Credit Facility.
OutlookThe Company expects to be cash positive from operations throughout 2015, while expanding our mining activities during the third quarter, including exploration and development of an underground Lucerne mine, a second Dayton mine plan and commencing the Dayton permitting.
Mr. De Gasperis concluded, "Our goals for this year are to ensure the lowest cost operating parameters and expand Lucerne, including a tremendous underground opportunity, while developing and commissioning Dayton. We expect to be cash positive from operations throughout 2015, while expanding our mining activities during the third quarter, including the initial underground target."
The Company will host a conference call today, April 16, 2015, at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time. The live call will include a Q&A with accredited institutions, investors and analysts immediately following the prepared remarks. The dial-in telephone numbers for the live audio are as follows:
North American Toll Free: 1-866-253-4737International: 1-416-849-4292
The audio will be available, usually within 24 hours of the call, on the Company website:http://www.comstockmining.com/investors/investor-library
About Comstock Mining Inc.Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining, including concurrent and accelerated reclamations, soil sampling, voluntary air monitoring, cultural asset protection and historical restorations. The Company began acquiring properties in the Comstock District in 2003. Since then, the Company has consolidated a significant portion of the Comstock District, amassed the single largest known repository of historical and current geological data on the Comstock region, secured permits, built an infrastructure and commenced production in 2012. The Company continues acquiring additional properties in the district, expanding its footprint and creating opportunities for further exploration, development and mining. The near term goal of our business plan is to deliver stockholder value by validating qualified resources (measured and indicated) and reserves (proven and probable) of at least 3,250,000 gold equivalent ounces from our first two resource areas, Lucerne and Dayton, and significantly grow the commercial development of our operations through coordinated, district wide plans that are economically feasible and socially responsible.
Forward-Looking StatementsThis press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Comstock. Forward-looking statements are statements that are not historical facts. All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of, and demand for, our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors); future employment and contributions of personnel; tax and interest rates; capital expenditures and their impact on us; nature and timing and accounting for restructuring charges, gains or losses on debt extinguishment, derivative liabilities and the impact thereof; productivity, business process, rationalization, investment, acquisition, consulting, operational, tax, financial and capital projects and initiatives; contingencies; environmental compliance and changes in the regulatory environment; offerings, sales and other actions regarding debt or equity securities; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.
The words "believe," "expect," "anticipate," "estimate," "project," "plan," "should," "intend," "may," "will," "would," "potential" and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors discussed in Item 1A, "Risk Factors" of our annual report on Form 10-K and the following: current global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, including risks of diminishing quantities or grades of qualified resources and reserves; operational or technical difficulties in connection with exploration or mining activities; contests over our title to properties; potential dilution to our stockholders from the conversion of securities that are convertible into or exercisable for shares of our common stock; potential inability to continue to comply with government regulations; adoption of or changes in legislation or regulations adversely affecting our businesses; business opportunities that may be presented to, or pursued by, us; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to unexpected equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, copper, diesel fuel, and electricity); changes in generally accepted accounting principles; geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues organically; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies and equipment raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the SEC; potential inability to maintain the listing of our securities on any securities exchange or market; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. We undertake no obligation to publicly update or revise any forward-looking statement.
Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy any securities. || Comstock Mining Announces First Quarter 2015 Results: VIRGINIA CITY, NV --(Marketwired - April 16, 2015) - Comstock Mining Inc. (the "Company") (NYSE MKT: LODE) today announced selected unaudited financial results for the fiscal quarter ended March 31, 2015. First Quarter 2015 Selected Strategic and Operational Highlights Costs applicable to mining revenue were reduced by 22% when comparing Q1 2015, to Q1 2014. Weighted average gold grades improved 63% to 0.039 opt in Q1 2015, from 0.024 opt in Q1 2014. Weighted average silver grades improved 113%, to 0.734 opt in Q1 2015, from 0.345 opt in Q1 2014. Silver to gold production exceeded an 11:1 silver:gold ratio in Q1 2015, up from 9:1 in Q1 2014. Metallurgical yields improved to 81% in Q1 2015, from 74% in Q1 2014. Strip ratio improved to 1:1 for the first quarter of 2015, down from the 2014 average of 4.8:1. Encountered significant high grade intercepts from Succor-Holman mineral patents drilling program. Commenced moving State Route 342 ('SR-342'), accelerating operational and community benefits. Expanded our landmark special use permit for mining and mine development. Expanded our land position, acquiring lands immediately adjacent to our mine area and leach pad. Expanded our existing heap leach pad consistent with recently expanded Water Control Permit. Enhanced Senior Mining, Financial and Environmental Management, adding operational, environmental and financial strengths to our team while reducing overall costs. First Quarter 2015 Selected Financial Highlights Mining revenue was $5.9 million in Q1 2015 as compared to $5.6 million in Q1 2014, an increase of 6%, resulting from higher gold ounces produced and higher average gold price per ounce. Costs applicable to mining revenue was $3.7 million in Q1 2015, as compared to $4.8 million, net of silver credits, in Q1 2014, a decrease of 22%, primarily due to mining cost reductions. General and administrative expenses were $2.1 million in Q1 2015, as compared to $2.2 million in Q1 2014, primarily due to lower labor costs of $0.5 million, offset by severance of $0.4 million. Net income was $1.3 million, or $0.01 per share for Q1 2015, as compared to a loss of $3.8 million, or $(0.07) per share, for Q1 2014. The improvement resulted from lower costs, higher revenue and the elimination of certain liabilities that strengthened our balance sheet. Net cash generated by operating activities was a positive $0.2 million in Q1 2015, as compared to a cash use of $2.4 million from operations in Q1 2014, or a 109% improvement. Net cash used for investing was $3.1 million for the first quarter of 2015, primarily from $1.7 million for strategic land purchases and $1.1 million for the expansion of the processing facility. Net cash provided by financing activities for the first quarter of 2015, was $1.8 million comprised of proceeds of $4.4 million from the Revolving Credit Facility, partially off-set by a $2.7 million pay-down of other long-term debt obligations. Cash and cash equivalents at March 31, 2015 were $4.2 million. Total long-term debt and capital lease obligations were $14.1 million at March 31, 2015, including $5 million outstanding on the Revolving Credit Facility. Story continues First Quarter 2015 Selected Production Highlights 1Q 2015 1Q 2014 Mining Operations Tons Mined 316,199 947,852 Processing Tons Crushed 157,612 205,686 Weighted Average Grade Per Ton Au 0.039 0.024 Weighted Average Grade Per Ton Ag 0.734 0.345 Estimated Au Ounces Stacked 6,083 5,016 Estimated Ag Ounces Stacked 115,689 70,989 Estimated Au Equivalent* Ounces Stacked 7,669 6,140 Au Ounces Poured and Sold 4,695 4,507 Ag Ounces Poured and Sold 56,482 49,358 Au Equivalent* Ounces Poured 5,470 5,290 * Au Equivalent ounces = Au ounces (actual) + Ag ounces (actual) ÷ the ratio of average gold to silver prices 72.91 63.14 "We have continued our crusade for lower costs into 2015, with substantially improved grades, yields and strip ratios while reducing absolute spending wherever possible. We also commenced the re-routing of SR- 342, and have safely accelerated many operating, environmental and community benefits. These achievements have positioned us for profitability throughout 2015," stated Corrado De Gasperis, CEO of Comstock Mining. Production Metal pours totaled 4,695 ounces of gold and 56,482 ounces of silver, during the first quarter of 2015, as compared to 4,507 ounces of gold and 49,358 ounces of silver in the first quarter of 2014, a 4.2% increase for gold ounces and a 14.4% increase for silver ounces. The Company crushed and stacked 157,612 dry tons of mineralized material, delivering 6,083 estimated ounces of recoverable gold and 115,689 estimated ounces of recoverable silver to the leach pads with weighted average gold grades of 0.039 ounces per ton. For the quarter ended March 31, 2015, the Company realized an average sales price of $1,280.25 per ounce of gold and $15.94 per ounce of silver. In comparison, commodity market prices in the first quarter of 2015 averaged $1,219.22 per ounce of gold and $16.72 per ounce of silver. Operating Costs and Cost Reductions During the first three months of 2015, actual Lucerne Mine costs applicable to mining revenue were $4.6 million, $3.7 million net of silver by-product credits as compared to $5.8 million, $4.8 million net of silver by-product credits in the first three months of 2014, representing a 22% reduction of costs applicable to mining revenue. These costs applicable to mining revenue also include depreciation of $1.5 million and $1.3 million, for the first quarter of 2015 and 2014, respectively. During 2015, the Company continued reducing costs applicable to mining revenue, targeting over $5 million in reductions this year as compared to 2014. The Company has already realized $1.0 million of savings from reduced labor, drilling and blasting and fuel in the first quarter of 2015, as compared to the first quarter of 2014. The Company has also identified $1.5 million of potential cost reductions in all other non-mining activities, including general, administrative, land and environmental areas and has already realized $0.3 million in the first quarter of 2015, as compared to the first quarter of 2014. The Company incurred $0.4 million in severance costs during the first quarter, in mining and general and administrative expenses, associated with organizational cost reduction activities. Exploration and Development (including Underground) During the first quarter, the Company announced that the drill program on the East-side of the Lucerne continues to reveal higher-grade gold intercepts that further define a near-surface, broadening zone of high-grade gold mineralization in the Succor and Holman mineral patents. These results represent significant progress towards the first major objective in the 2014-2015 exploration and development drilling program (the 'Program'), representing a comprehensive drilling and evaluation of high priority targets including the Succor and Holman. All data, to date, suggests these claims have excellent potential for economic mining and metal recovery. The current drill program resulted in the following summary of intercepts: Table 1: Summary of Drill Program Succor Holman No. Holes Drilled 80 39 Strike Length Drilled (ft) 700 575 No. 10' intervals with intercepts > .015 Au opt. 166 55 No. 10' interval with intercepts > .100 Au opt. 22 3 No. drill holes with intercepts > .100 Au opt. 20 2 Table 2: Average Grades for Drill Intercepts Greater than .015 Au opt. Succor Holman Avg Au opt. 0.056 0.047 Avg Ag opt. 0.259 0.333 Underground Development The Company recently completed extensive geological development and modeling, incorporating all available data, including existing drill holes and historic underground mine maps, amongst other geological information and is preparing to develop the underground portion of the drill program. The sectional compilation resulted in several important findings. The work confirmed that the lode is comprised of a group of northwest trending, sub-parallel mineralized structures, rather than a simple vein system confined to a single fault zone. These structural groups coalesce into a single zone in the central part of the East-side area and diverge to the north and south to create zones up to 600-feet wide. The Company also discovered dike-like masses of quartz porphyry that have intruded into the main lode and have a direct relationship to the known mineralization. Out of this extensive geologic work, a definitive underground target has emerged, specifically that part of the lode occupied by the above described mineralized mass of quartz porphyry, as well as the neighboring wall rocks. This conclusion is based on surface drill hole results, metallurgy, and proximity to the current Lucerne Mine floor, as well as past mining knowledge. The results from the underground program will be incorporated into existing sectional data and, along with newly derived grade shells and grade models, an initial, phased internal reserve model will be created for this area. Developing a new underground access to the quartz porphyry structures and the almost adjacent Woodville Bonanza structures represents a significant opportunity for an accelerated, efficient underground mine plan in the Lucerne Area. http://www.comstockmining.com/files/flipbooks/Proposed-Underground-Drill-ProgramLooking-NW-From-Top/ Evaluation of Existing Mine Dumps During late summer through autumn of 2014, the geological and environmental teams undertook a systematic evaluation of historic mine dumps throughout most of the central part of the District. Quantifying and understanding the nature of legacy contaminants and identifying the extent of mineralization with the potential to increase mineable resources were the two primary objectives. Overall, significant tonnages of mineralized dump materials were quantified. Most tonnages are directly to the east of the Lucerne mine and average around 0.025-0.035 opt Au. Dumps sampled for this evaluation are located within Gold Canyon, Storey County, on the east side of SR-342, and west of Silver City in Lyon County. Dumps sampled include the Silver Hills-Donovan (Eastside), Woodville, Lady Washington, Keystone, New York, and Oest. Total tonnages inventoried total over 640,000 tons. "These near-surface drill results represent exceptionally higher grades than our current average mine grades. These discoveries of near surface, high-grade minerals on the East-side of Lucerne, the development of high-grade vein structures for underground feasibility and the discovery of good grading historic dump materials all provide immediate potential for expanding our operations," continued Mr. De Gasperis. HOPE Gold Coin On March 30, 2015, the Company received 300,000 coins ("HOPE Coins") issued by the HOPE Gold Coin Charitable Trust (the "Trust") as payment (and partial pre-payment) on the Mineral Rights License Agreement entered into by the Company with the Trust on October 9, 2014. The HOPE coins are considered a cryptographic currency. The Trust represents one of the first organizations effectively leveraging existing block-chain technologies and was recently named one of the top 25 companies on the Sand Hill Bitcoin Innovative Disrupters list. The HOPE Coins are being sold by the Trust for $10 each. Hospitality Segment Effective April 1, 2015, the Company entered into an agreement to lease the Gold Hill Hotel. The Company retains ownership to the land and Gold Hill Hotel properties while leasing the facilities to independent operators. Historically, the hospitality segment operated at a net loss but based on the current lease agreement, the Company does not expect any future net losses and more likely, prospective net lease and rental income. SR-342 Realignment In early February, NDOT closed an approximate two-mile section of SR-342, south of Gold Hill, as a safety precaution following roadway cracking and area specific sinking during a weekend of heavy rains. The area of sinking is above a historic mine-shaft dating back to the early 1900's, and that portion of the road sits on old mine dumps and looser fill, that has a history of instability and, in some cases failure. The Company owns the land, with NDOT granted prescriptive rights to operate the state roadbed over that private land. Storey County, NDOT, the Company, and other applicable regulatory agencies evaluated several remedies for the realignment of SR-342. The route will be realigned to the east of the historic shaft, enabling safe travel, continuing operations and important reclamations, while positioning the area for future mining and development. The realignment will occur over two phases, with Phase 1 completion taking approximately 10-12 weeks and Phase 2 requiring an additional six months. Phase 1 begins with the Company removing the unconsolidated fill that now exists above the base bedrock level and beneath the existing road followed by construction of a bypass road upon the base bedrock. Additionally, the historic Silver Hill Shaft will be capped permanently. http://comstockmining.com/sr-342-construction-2015 Once Phase 1 is complete in June, the road will be reopened during construction of the second phase. Phase 2 includes removal of additional material on the east side of the canyon and will conclude with a tie in of the south end of the newly constructed alignment. A short closure will be necessary toward the end of Phase 2 for the tie in and completion of the realignment. The project is estimated to last through December of 2015, with an estimated cost of $3 million. Corporate Cash and cash equivalents on hand at March 31, 2015 totaled $4.2 million. Total long-term debt and capital lease obligations at March 31, 2015, were $14.1 million as compared to $13.5 million at March 31, 2014. For the remainder of 2015, the Company plans on spending approximately $3.5 million in capital expenditures, primarily the road realignment project and some infrastructural development. The Company also plans to pay down an additional $6.6 million in debt obligations, including $3.4 million on the Revolving Credit Facility. Outlook The Company expects to be cash positive from operations throughout 2015, while expanding our mining activities during the third quarter, including exploration and development of an underground Lucerne mine, a second Dayton mine plan and commencing the Dayton permitting. Mr. De Gasperis concluded, "Our goals for this year are to ensure the lowest cost operating parameters and expand Lucerne, including a tremendous underground opportunity, while developing and commissioning Dayton. We expect to be cash positive from operations throughout 2015, while expanding our mining activities during the third quarter, including the initial underground target." The Company will host a conference call today, April 16, 2015, at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time. The live call will include a Q&A with accredited institutions, investors and analysts immediately following the prepared remarks. The dial-in telephone numbers for the live audio are as follows: North American Toll Free: 1-866-253-4737 International: 1-416-849-4292 The audio will be available, usually within 24 hours of the call, on the Company website: http://www.comstockmining.com/investors/investor-library About Comstock Mining Inc. Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining, including concurrent and accelerated reclamations, soil sampling, voluntary air monitoring, cultural asset protection and historical restorations. The Company began acquiring properties in the Comstock District in 2003. Since then, the Company has consolidated a significant portion of the Comstock District, amassed the single largest known repository of historical and current geological data on the Comstock region, secured permits, built an infrastructure and commenced production in 2012. The Company continues acquiring additional properties in the district, expanding its footprint and creating opportunities for further exploration, development and mining. The near term goal of our business plan is to deliver stockholder value by validating qualified resources (measured and indicated) and reserves (proven and probable) of at least 3,250,000 gold equivalent ounces from our first two resource areas, Lucerne and Dayton, and significantly grow the commercial development of our operations through coordinated, district wide plans that are economically feasible and socially responsible. Forward-Looking Statements This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Comstock. Forward-looking statements are statements that are not historical facts. All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of, and demand for, our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors); future employment and contributions of personnel; tax and interest rates; capital expenditures and their impact on us; nature and timing and accounting for restructuring charges, gains or losses on debt extinguishment, derivative liabilities and the impact thereof; productivity, business process, rationalization, investment, acquisition, consulting, operational, tax, financial and capital projects and initiatives; contingencies; environmental compliance and changes in the regulatory environment; offerings, sales and other actions regarding debt or equity securities; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth. The words "believe," "expect," "anticipate," "estimate," "project," "plan," "should," "intend," "may," "will," "would," "potential" and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors discussed in Item 1A, "Risk Factors" of our annual report on Form 10-K and the following: current global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, including risks of diminishing quantities or grades of qualified resources and reserves; operational or technical difficulties in connection with exploration or mining activities; contests over our title to properties; potential dilution to our stockholders from the conversion of securities that are convertible into or exercisable for shares of our common stock; potential inability to continue to comply with government regulations; adoption of or changes in legislation or regulations adversely affecting our businesses; business opportunities that may be presented to, or pursued by, us; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to unexpected equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, copper, diesel fuel, and electricity); changes in generally accepted accounting principles; geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues organically; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies and equipment raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the SEC; potential inability to maintain the listing of our securities on any securities exchange or market; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. We undertake no obligation to publicly update or revise any forward-looking statement. Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy any securities. || Brad Garlinghouse Joins Ripple Labs as Company's First Chief Operating Officer: SAN FRANCISCO, CA--(Marketwired - Apr 16, 2015) - Ripple Labs today announced that it has appointed Brad Garlinghouse as the company's first Chief Operating Officer. The former Hightail CEO and longtime Yahoo! executive brings a history of disciplined growth and execution to the newly created position. "We are very excited to have Brad join the team," said Ripple Labs CEO and co-founder Chris Larsen. "Brad's experience will be invaluable as we advance our focus from building a strong pipeline to execution and exceptional growth. We share a vision for the future of finance and the creation of an Internet of Value in which value exchange is as fast, free, transparent, and secure as information exchange is on the Internet today." Prior to serving as CEO of Hightail, formerly known as YouSendIt, Garlinghouse was the President of Applications and Commerce at AOL. During a six year tenure at Yahoo!, he held a number of senior roles. Previously, he spent time as a Partner at @Ventures and in business development at @Home Network. Garlinghouse serves on the boards of Ancestry.com, Animoto, and Tonic for Health. He holds a BA from the University of Kansas and an MBA from Harvard Business School. "Ripple Labs is an incredible team, all joined by a shared passion to change the world -- the energy, commitment and expertise is unmatched," said Garlinghouse. "There is already incredible momentum for Ripple as a new infrastructure for global payments, and the opportunity to define the actual framework for the Internet of Value is an order of magnitude bigger than anything else underway in payments today." Ripple Labs is the global leader in distributed financial technology and standards. The team supports the adoption of Ripple, a settlement protocol that enables the world's disparate financial networks to securely transfer funds in any currency in real time. Banks, money transmitters and clearing houses can use Ripple as an alternative to correspondent banking to facilitate straight-through processing with no reserve funding required. Earthport , the largest open network for global bank payments, and three banks in the United States and Germany recently announced Ripple integrations. Ripple was created to enable the world to move value as easily as information moves today, giving rise to an Internet of Value (IoV) akin to today's Internet of Knowledge. For more information about Ripple Labs, please visit http://www.ripplelabs.com . For more information about Ripple, please visit http://www.ripple.com . About Ripple Labs Ripple Labs is the global leader on distributed financial technology. The team supports adoption of the Ripple protocol, an Internet of Value (IoV) that enables the free and instant exchange of anything of value. The San Francisco-based startup is funded by Google Ventures, Andreessen Horowitz, IDG Capital Partners, Core Innovation Capital, FF Angel, Lightspeed Venture Partners, Bitcoin Opportunity Corp. and Vast Ventures. Story continues Named one of 2014's 50 Smartest Companies by MIT Technology Review, Ripple Labs' team of 100 is comprised of deeply experienced cryptographers, security experts, distributed network developers, Silicon Valley and Wall Street veterans. They contribute code to the open-source software, as well as develop tools for and recruit financial institutions and payment networks to use Ripple. The team shepherds a movement to evolve finance so that payment systems are open, secure, constructive and globally inclusive. About Ripple Ripple is an Internet protocol that interconnects all the world's disparate financial systems to power the secure transfer of funds in any currency in real time -- enabling an Internet of Value (IoV). As settlement infrastructure, Ripple transforms and enhances today's financial systems. Ripple unlocks assets and provides access to payment systems for everyone, empowering the world to move value like information moves today. For more information about Ripple, please visit http://www.ripple.com . Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2803991 View comments || Brad Garlinghouse Joins Ripple Labs as Company's First Chief Operating Officer: SAN FRANCISCO, CA--(Marketwired - Apr 16, 2015) -Ripple Labstoday announced that it has appointed Brad Garlinghouse as the company's first Chief Operating Officer. The former Hightail CEO and longtime Yahoo! executive brings a history of disciplined growth and execution to the newly created position.
"We are very excited to have Brad join the team," said Ripple Labs CEO and co-founder Chris Larsen. "Brad's experience will be invaluable as we advance our focus from building a strong pipeline to execution and exceptional growth. We share a vision for the future of finance and the creation of an Internet of Value in which value exchange is as fast, free, transparent, and secure as information exchange is on the Internet today."
Prior to serving as CEO of Hightail, formerly known as YouSendIt, Garlinghouse was the President of Applications and Commerce at AOL. During a six year tenure at Yahoo!, he held a number of senior roles. Previously, he spent time as a Partner at @Ventures and in business development at @Home Network. Garlinghouse serves on the boards of Ancestry.com, Animoto, and Tonic for Health. He holds a BA from the University of Kansas and an MBA from Harvard Business School.
"Ripple Labs is an incredible team, all joined by a shared passion to change the world -- the energy, commitment and expertise is unmatched," said Garlinghouse. "There is already incredible momentum for Ripple as a new infrastructure for global payments, and the opportunity to define the actual framework for the Internet of Value is an order of magnitude bigger than anything else underway in payments today."
Ripple Labs is the global leader in distributed financial technology and standards. The team supports the adoption of Ripple, a settlement protocol that enables the world's disparate financial networks to securely transfer funds in any currency in real time. Banks, money transmitters and clearing houses can use Ripple as an alternative to correspondent banking to facilitate straight-through processing with no reserve funding required.Earthport, the largest open network for global bank payments, and three banks in the United States and Germany recently announced Ripple integrations.
Ripple was created to enable the world to move value as easily as information moves today, giving rise to an Internet of Value (IoV) akin to today's Internet of Knowledge. For more information about Ripple Labs, please visithttp://www.ripplelabs.com. For more information about Ripple, please visithttp://www.ripple.com.
About Ripple LabsRipple Labs is the global leader on distributed financial technology. The team supports adoption of the Ripple protocol, an Internet of Value (IoV) that enables the free and instant exchange of anything of value. The San Francisco-based startup is funded by Google Ventures, Andreessen Horowitz, IDG Capital Partners, Core Innovation Capital, FF Angel, Lightspeed Venture Partners, Bitcoin Opportunity Corp. and Vast Ventures.
Named one of 2014's50 Smartest Companiesby MIT Technology Review, Ripple Labs' team of 100 is comprised of deeply experienced cryptographers, security experts, distributed network developers, Silicon Valley and Wall Street veterans. They contribute code to the open-source software, as well as develop tools for and recruit financial institutions and payment networks to use Ripple. The team shepherds a movement to evolve finance so that payment systems are open, secure, constructive and globally inclusive.
About RippleRipple is an Internet protocol that interconnects all the world's disparate financial systems to power the secure transfer of funds in any currency in real time -- enabling an Internet of Value (IoV). As settlement infrastructure, Ripple transforms and enhances today's financial systems. Ripple unlocks assets and provides access to payment systems for everyone, empowering the world to move value like information moves today. For more information about Ripple, please visithttp://www.ripple.com.
Image Available:http://www2.marketwire.com/mw/frame_mw?attachid=2803991 || London stakes its claim as global bitcoin hub: (Repeats Wednesday item) * UK authorities want to promote financial innovation * Government also aims to curb bitcoin use in crime * Bitcoin backers say UK attitude makes London attractive * World's biggest bitcoin networking group is London-based By Jemima Kelly LONDON, April 15 (Reuters) - London, centre of the $5-trillion-a-day global currency market, now wants to be home to a controversial upstart - bitcoin. British authorities have come out in support of digital currencies in the name of promoting financial innovation, while proposing that regulations should be drawn up to prevent their use in crime. But it is technophiles who are leading the drive to make London a real-world hub for trade in web-based "cryptocurrencies", of which bitcoin is the original and still most popular. Every Tuesday evening in a trendy cafe in London's Shoreditch neighbourhood, a group of digital currency enthusiasts gathers to discuss ideas, "vape" from e-cigarettes and exchange their pounds for bitcoins in a dedicated "ATM". With more than 2,200 members, CoinScrum, run by a former derivatives trader who left the world of traditional finance to work on a digital currency start-up, is the biggest bitcoin networking group in the world. Its meetings draw a mostly young, mostly male crowd - some amateurs, others who have come to Britain to start bitcoin businesses. Already the capital of traditional currency trading, London is competing with San Francisco's web expertise and New York's financial clout as it pushes to be the foremost financial technology - or fintech - centre in the world. Last month the British government announced plans to regulate digital currency exchanges to prevent their use in money-laundering, and to help to develop a set of standards for cryptocurrencies. Backers of bitcoin praised this for lending legitimacy to the currency - which unlike traditional money has no printed form and remains outside the control of central banks - without stifling innovation. "London has been the home of financial innovation for hundreds of years," said Nicolas Cary, co-founder of Blockchain, which provides bitcoin data and "wallet" software for storing the currency. "It would be a historical mistake not to make this the home of digital currencies. There's an incredible amount of talent and experience here." Just over 14 million bitcoins are in circulation, worth around $3.1 billion at the current exchange rate of around $220 each. Bitcoin brought 29-year-old Cary to Britain two years ago from Denver, Colorado. He joined forces with Ben Reeves, then a 22-year-old computer science graduate, to develop the Blockchain wallet, spending the first year working out of a two-bedroom apartment in northern England. Story continues Now Blockchain, named after the technology behind bitcoin, is the world's biggest wallet provider, with over 3 million users. Last year it raised over $30 million in its first round of funding, including from billionaire Richard Branson. POSITIVE ATTITUDE While some people argue that London lags New York overall as the centre for traditional finance, many say the latter's attitude to digital currencies - including a state plan to impose a "BitLicense" on bitcoin start-ups - makes London more attractive for the growing number of businesses dealing in the budding technology. "What we see in the UK ... is a different attitude," said Jerry Brito, executive director of Coin Center, a Washington DC-based non-profit advocacy group for digital currencies. "It's a very positive attitude, one of: this is an amazing innovation, we're going to have to have some kind of regulation in terms of money laundering, but let's do this in a constructive way, in partnership with the technologists and the industry." Detractors worry that digital currencies make it easy for users to buy products anonymously from websites like Silk Road, an underground marketplace for drugs and other illegal goods which was shut down in 2013. But advocates argue that using cash for illicit trades is easier and less traceable, pointing out that most U.S. banknotes are contaminated with cocaine. Asked about bitcoin, the governing body for the City of London financial district said authorities needed to be "alive to the potential risks and take strong action if they find evidence of abuse or criminal activities". But the employment and growth opportunities offered by the fintech in general were to be welcomed, it said. Britain made bitcoin trading exempt from value-added tax last year. Other countries have yet to decide how to tax bitcoin, since its independence from any central bank means it does not fall into the traditional definition of money. However, Australia has made bitcoin transactions subject to goods and services tax. That helped to drive CoinJar, an Australian company that allows users to buy, sell and spend bitcoins, to move its headquarters to London last December. INVESTMENT Later this month Swiss banking giant UBS will open a technology lab in London to explore the wider application of the technology in the financial services industry. Finance minister George Osborne has said he wants Britain to lead the world in developing fintech, highlighting the potential of digital currencies. Last year investment in fintech firms in Britain and Ireland more than doubled compared with 2013, to $623 million, representing 42 percent of such investment in Europe, according to consultancy Accenture. Alongside the new regulation and standards, the British government promised an additional 10 million pounds ($15 million) for a research initiative that will look into the blockchain technology behind digital currencies. It is the blockchain - essentially a ledger of every bitcoin transaction that is virtually impossible to tamper with - that the Bank of England has also said could be revolutionary. Central banks, it has said, could eventually issue digital currencies of their own. Dozens of others have copied this technology to set up their own digital currencies, though none has so far managed to knock bitcoin off the top spot. TANTRIC MASSAGE Londoners can change cash for bitcoins at seven ATMs in the capital, and use them to pay for anything from tantric massage to a designer dress, a pork chop to a pint of beer. One company even allows rent on property to be paid in bitcoin. Back in the trendy "Vape Lab" e-cigarette cafe, one young bitcoiner was putting 800 pounds' worth of 20 pound notes into a bitcoin ATM in exchange for the digital currency. "I just sell bitcoin to others, because they don't know how to do it, so I take advantage of that and I make a profit," he said. ($1 = 0.6774 pounds) (editing by David Stamp) View comments || London stakes its claim as global bitcoin hub: (Repeats Wednesday item)
* UK authorities want to promote financial innovation
* Government also aims to curb bitcoin use in crime
* Bitcoin backers say UK attitude makes London attractive
* World's biggest bitcoin networking group is London-based
By Jemima Kelly
LONDON, April 15 (Reuters) - London, centre of the $5-trillion-a-day global currency market, now wants to be home to a controversial upstart - bitcoin.
British authorities have come out in support of digital currencies in the name of promoting financial innovation, while proposing that regulations should be drawn up to prevent their use in crime.
But it is technophiles who are leading the drive to make London a real-world hub for trade in web-based "cryptocurrencies", of which bitcoin is the original and still most popular.
Every Tuesday evening in a trendy cafe in London's Shoreditch neighbourhood, a group of digital currency enthusiasts gathers to discuss ideas, "vape" from e-cigarettes and exchange their pounds for bitcoins in a dedicated "ATM".
With more than 2,200 members, CoinScrum, run by a former derivatives trader who left the world of traditional finance to work on a digital currency start-up, is the biggest bitcoin networking group in the world. Its meetings draw a mostly young, mostly male crowd - some amateurs, others who have come to Britain to start bitcoin businesses.
Already the capital of traditional currency trading, London is competing with San Francisco's web expertise and New York's financial clout as it pushes to be the foremost financial technology - or fintech - centre in the world.
Last month the British government announced plans to regulate digital currency exchanges to prevent their use in money-laundering, and to help to develop a set of standards for cryptocurrencies.
Backers of bitcoin praised this for lending legitimacy to the currency - which unlike traditional money has no printed form and remains outside the control of central banks - without stifling innovation.
"London has been the home of financial innovation for hundreds of years," said Nicolas Cary, co-founder of Blockchain, which provides bitcoin data and "wallet" software for storing the currency. "It would be a historical mistake not to make this the home of digital currencies. There's an incredible amount of talent and experience here."
Just over 14 million bitcoins are in circulation, worth around $3.1 billion at the current exchange rate of around $220 each.
Bitcoin brought 29-year-old Cary to Britain two years ago from Denver, Colorado. He joined forces with Ben Reeves, then a 22-year-old computer science graduate, to develop the Blockchain wallet, spending the first year working out of a two-bedroom apartment in northern England.
Now Blockchain, named after the technology behind bitcoin, is the world's biggest wallet provider, with over 3 million users. Last year it raised over $30 million in its first round of funding, including from billionaire Richard Branson.
POSITIVE ATTITUDE
While some people argue that London lags New York overall as the centre for traditional finance, many say the latter's attitude to digital currencies - including a state plan to impose a "BitLicense" on bitcoin start-ups - makes London more attractive for the growing number of businesses dealing in the budding technology.
"What we see in the UK ... is a different attitude," said Jerry Brito, executive director of Coin Center, a Washington DC-based non-profit advocacy group for digital currencies.
"It's a very positive attitude, one of: this is an amazing innovation, we're going to have to have some kind of regulation in terms of money laundering, but let's do this in a constructive way, in partnership with the technologists and the industry."
Detractors worry that digital currencies make it easy for users to buy products anonymously from websites like Silk Road, an underground marketplace for drugs and other illegal goods which was shut down in 2013.
But advocates argue that using cash for illicit trades is easier and less traceable, pointing out that most U.S. banknotes are contaminated with cocaine.
Asked about bitcoin, the governing body for the City of London financial district said authorities needed to be "alive to the potential risks and take strong action if they find evidence of abuse or criminal activities". But the employment and growth opportunities offered by the fintech in general were to be welcomed, it said.
Britain made bitcoin trading exempt from value-added tax last year. Other countries have yet to decide how to tax bitcoin, since its independence from any central bank means it does not fall into the traditional definition of money.
However, Australia has made bitcoin transactions subject to goods and services tax. That helped to drive CoinJar, an Australian company that allows users to buy, sell and spend bitcoins, to move its headquarters to London last December.
INVESTMENT
Later this month Swiss banking giant UBS will open a technology lab in London to explore the wider application of the technology in the financial services industry.
Finance minister George Osborne has said he wants Britain to lead the world in developing fintech, highlighting the potential of digital currencies.
Last year investment in fintech firms in Britain and Ireland more than doubled compared with 2013, to $623 million, representing 42 percent of such investment in Europe, according to consultancy Accenture.
Alongside the new regulation and standards, the British government promised an additional 10 million pounds ($15 million) for a research initiative that will look into the blockchain technology behind digital currencies.
It is the blockchain - essentially a ledger of every bitcoin transaction that is virtually impossible to tamper with - that the Bank of England has also said could be revolutionary. Central banks, it has said, could eventually issue digital currencies of their own.
Dozens of others have copied this technology to set up their own digital currencies, though none has so far managed to knock bitcoin off the top spot.
TANTRIC MASSAGE
Londoners can change cash for bitcoins at seven ATMs in the capital, and use them to pay for anything from tantric massage to a designer dress, a pork chop to a pint of beer. One company even allows rent on property to be paid in bitcoin.
Back in the trendy "Vape Lab" e-cigarette cafe, one young bitcoiner was putting 800 pounds' worth of 20 pound notes into a bitcoin ATM in exchange for the digital currency.
"I just sell bitcoin to others, because they don't know how to do it, so I take advantage of that and I make a profit," he said. ($1 = 0.6774 pounds) (editing by David Stamp) || More Dirty Dealing at the DEA: $113,000 Stolen in Credit Card Scam: It’s been a tough month for the Drug Enforcement Agency.
Just yesterday, lawmakers grilled the agency’s commissioner over a report alleging that DEA agents have participated in several “sex parties” with prostitutes funded by drug cartels. A week before that, one DEA officer was charged with stealing Bitcoin from the federal government and laundering money while working at the center of the investigation into the Silk Road last year.
Now, the agency is back under the spotlight once again as a former officialpleaded guiltyto defrauding the government out of more than $113,000.
Related: Feds Busted for Stealing Bitcoins, Extorting Silk Road Founder
Maryland-based DEA employee Keenya Meshell Banks, who was in charge of issuing government credit cards to federal workers, admitted to issuing 32 cards to dozens of fake DEA employees that she created. Federal investigators said Banks then used the cards to withdraw cash from ATMs around the Washington, D.C. metro area.
The DEA isn’t the only agency to be hit with credit card fraud. Last year, federal investigators alleged that employees of Jobs Corps, a Department of Labor training program, were blatantly abusing government-issued charge cards that were intended for travel but instead used on personal items like trips to the hair salon and cellphone bills.
Related: Prostitute Partying by DEA Goes Way Back
At the time, auditors said Jobs Corps workers racked up at least $250,000 in improper purchases at taxpayers’ expense, while flagging another $4 million as “questionable transactions.”
Likewise, employees at the Environmental Protection Agency and the Internal Revenue Service havealso been flaggedfor improper use of government charge cards. The problem has been so widespread across the federal government that Congress passed legislation back in 2012 requiring agencies to frequently review their purchase card programs.
The Office of Management and Budget also issued newguidelineswarning that workers caught improperly charging their cards could face dismissal, or like DEA employees Banks, criminal charges. Banks is scheduled to be sentenced on June 29.
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• The Government’s $125 Billion Slap in the Face to Taxpayers
• How to Build a $400 Billion F-35 That Doesn’t Fly
• Lawmakers Took 1,912 Trips Last Year on Someone Else’s Dime || More Dirty Dealing at the DEA: $113,000 Stolen in Credit Card Scam: It’s been a tough month for the Drug Enforcement Agency. Just yesterday, lawmakers grilled the agency’s commissioner over a report alleging that DEA agents have participated in several “sex parties” with prostitutes funded by drug cartels. A week before that, one DEA officer was charged with stealing Bitcoin from the federal government and laundering money while working at the center of the investigation into the Silk Road last year. Now, the agency is back under the spotlight once again as a former official pleaded guilty to defrauding the government out of more than $113,000. Related: Feds Busted for Stealing Bitcoins, Extorting Silk Road Founder Maryland-based DEA employee Keenya Meshell Banks, who was in charge of issuing government credit cards to federal workers, admitted to issuing 32 cards to dozens of fake DEA employees that she created. Federal investigators said Banks then used the cards to withdraw cash from ATMs around the Washington, D.C. metro area. The DEA isn’t the only agency to be hit with credit card fraud. Last year, federal investigators alleged that employees of Jobs Corps, a Department of Labor training program, were blatantly abusing government-issued charge cards that were intended for travel but instead used on personal items like trips to the hair salon and cellphone bills. Related: Prostitute Partying by DEA Goes Way Back At the time, auditors said Jobs Corps workers racked up at least $250,000 in improper purchases at taxpayers’ expense, while flagging another $4 million as “questionable transactions.” Likewise, employees at the Environmental Protection Agency and the Internal Revenue Service have also been flagged for improper use of government charge cards. The problem has been so widespread across the federal government that Congress passed legislation back in 2012 requiring agencies to frequently review their purchase card programs. The Office of Management and Budget also issued new guidelines warning that workers caught improperly charging their cards could face dismissal, or like DEA employees Banks, criminal charges. Banks is scheduled to be sentenced on June 29. Top Reads from The Fiscal Times: The Government’s $125 Billion Slap in the Face to Taxpayers How to Build a $400 Billion F-35 That Doesn’t Fly Lawmakers Took 1,912 Trips Last Year on Someone Else’s Dime || Is It Time To Invest In Cuba?: OnTuesday, President Barack Obama told Congress that he was planning to take Cuba off the list of state sponsors of terrorism in an effort to restore diplomatic relations between the U.S. and Cuba after decades of tension.
Congress will have 45 days to review the decision and decide whether or not to block it, but most are expecting that the removal will happen.
The improving relations between Obama and his Cuban counterpart, Raul Castro, mark an important turning point for the Caribbean nation's economy and gives investors a reason to look to the island for new opportunities.
Investment In Cuba
Taking Cuba off the terrorism sponsor list is only the first step in a long process of diplomacy, but some are already gearing up for new investment opportunities.
Thomas Herzfeld, who manages theHerzfeld Caribbean Basin Fund(NASDAQ:CUBA), is now setting up a private equity fund that will invest directly in Cuba. Herzfeld toldCNBCthat the fund will invest in sectors expected to grow with improving U.S. relations like tourism, construction and telecom.
Related Link: A Busy Week For Eurozone Finance Ministers And Central Bankers
Risks
Although the lack of foreign investment in Cuba makes it an interesting opportunity for aggressive investors, the nation still carries a high degree of risk.
For one, the effects of an improving relationship with the U.S. are unlikely to make any real impact on the Cuban economy for quite some time. Additionally, the country's small population and low wages make it a difficult place to start a business.
See more from Benzinga
• New App Allows Seamless Bitcoin Investment
• A Busy Week For Eurozone Finance Ministers And Central Bankers
• Cryptocurrency Finds A Place In Education With Smileycoin
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Is It Time To Invest In Cuba?: On Tuesday , President Barack Obama told Congress that he was planning to take Cuba off the list of state sponsors of terrorism in an effort to restore diplomatic relations between the U.S. and Cuba after decades of tension. Congress will have 45 days to review the decision and decide whether or not to block it, but most are expecting that the removal will happen. The improving relations between Obama and his Cuban counterpart, Raul Castro, mark an important turning point for the Caribbean nation's economy and gives investors a reason to look to the island for new opportunities. Investment In Cuba Taking Cuba off the terrorism sponsor list is only the first step in a long process of diplomacy, but some are already gearing up for new investment opportunities. Thomas Herzfeld, who manages the Herzfeld Caribbean Basin Fund (NASDAQ: CUBA ), is now setting up a private equity fund that will invest directly in Cuba. Herzfeld told CNBC that the fund will invest in sectors expected to grow with improving U.S. relations like tourism, construction and telecom. Related Link: A Busy Week For Eurozone Finance Ministers And Central Bankers Risks Although the lack of foreign investment in Cuba makes it an interesting opportunity for aggressive investors, the nation still carries a high degree of risk. For one, the effects of an improving relationship with the U.S. are unlikely to make any real impact on the Cuban economy for quite some time. Additionally, the country's small population and low wages make it a difficult place to start a business. See more from Benzinga New App Allows Seamless Bitcoin Investment A Busy Week For Eurozone Finance Ministers And Central Bankers Cryptocurrency Finds A Place In Education With Smileycoin © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || London stakes its claim as global bitcoin hub: By Jemima Kelly
LONDON (Reuters) - London, center of the $5-trillion-a-day global currency market, now wants to be home to a controversial upstart - bitcoin.
British authorities have come out in support of digital currencies in the name of promoting financial innovation, while proposing that regulations should be drawn up to prevent their use in crime.
But it is technophiles who are leading the drive to make London a real-world hub for trade in web-based "cryptocurrencies", of which bitcoin is the original and still most popular.
Every Tuesday evening in a trendy cafe in London's Shoreditch neighborhood, a group of digital currency enthusiasts gathers to discuss ideas, "vape" from e-cigarettes and exchange their pounds for bitcoins in a dedicated "ATM".
With more than 2,200 members, CoinScrum, run by a former derivatives trader who left the world of traditional finance to work on a digital currency start-up, is the biggest bitcoin networking group in the world. Its meetings draw a mostly young, mostly male crowd - some amateurs, others who have come to Britain to start bitcoin businesses.
Already the capital of traditional currency trading, London is competing with San Francisco's web expertise and New York's financial clout as it pushes to be the foremost financial technology - or fintech - center in the world.
Last month the British government announced plans to regulate digital currency exchanges to prevent their use in money-laundering, and to help to develop a set of standards for cryptocurrencies.
Backers of bitcoin praised this for lending legitimacy to the currency - which unlike traditional money has no printed form and remains outside the control of central banks - without stifling innovation.
"London has been the home of financial innovation for hundreds of years," said Nicolas Cary, co-founder of Blockchain, which provides bitcoin data and "wallet" software for storing the currency. "It would be a historical mistake not to make this the home of digital currencies. There's an incredible amount of talent and experience here."
Just over 14 million bitcoins are in circulation, worth around $3.1 billion at the current exchange rate of around $220 each.
Bitcoin brought 29-year-old Cary to Britain two years ago from Denver, Colorado. He joined forces with Ben Reeves, then a 22-year-old computer science graduate, to develop the Blockchain wallet, spending the first year working out of a two-bedroom apartment in northern England.
Now Blockchain, named after the technology behind bitcoin, is the world's biggest wallet provider, with over 3 million users. Last year it raised over $30 million in its first round of funding, including from billionaire Richard Branson.
POSITIVE ATTITUDE
While some people argue that London lags New York overall as the center for traditional finance, many say the latter's attitude to digital currencies - including a state plan to impose a "BitLicense" on bitcoin start-ups - makes London more attractive for the growing number of businesses dealing in the budding technology.
"What we see in the UK ... is a different attitude," said Jerry Brito, executive director of Coin Center, a Washington DC-based non-profit advocacy group for digital currencies.
"It's a very positive attitude, one of: this is an amazing innovation, we're going to have to have some kind of regulation in terms of money laundering, but let's do this in a constructive way, in partnership with the technologists and the industry."
Detractors worry that digital currencies make it easy for users to buy products anonymously from websites like Silk Road, an underground marketplace for drugs and other illegal goods which was shut down in 2013.
But advocates argue that using cash for illicit trades is easier and less traceable, pointing out that most U.S. banknotes are contaminated with cocaine.
Asked about bitcoin, the governing body for the City of London financial district said authorities needed to be "alive to the potential risks and take strong action if they find evidence of abuse or criminal activities". But the employment and growth opportunities offered by the fintech in general were to be welcomed, it said.
Britain made bitcoin trading exempt from value-added tax last year. Other countries have yet to decide how to tax bitcoin, since its independence from any central bank means it does not fall into the traditional definition of money.
However, Australia has made bitcoin transactions subject to goods and services tax. That helped to drive CoinJar, an Australian company that allows users to buy, sell and spend bitcoins, to move its headquarters to London last December.
INVESTMENT
Later this month Swiss banking giant UBS will open a technology lab in London to explore the wider application of the technology in the financial services industry.
Finance minister George Osborne has said he wants Britain to lead the world in developing fintech, highlighting the potential of digital currencies.
Last year investment in fintech firms in Britain and Ireland more than doubled compared with 2013, to $623 million, representing 42 percent of such investment in Europe, according to consultancy Accenture.
Alongside the new regulation and standards, the British government promised an additional 10 million pounds ($15 million) for a research initiative that will look into the blockchain technology behind digital currencies.
It is the blockchain - essentially a ledger of every bitcoin transaction that is virtually impossible to tamper with - that the Bank of England has also said could be revolutionary. Central banks, it has said, could eventually issue digital currencies of their own.
Dozens of others have copied this technology to set up their own digital currencies, though none has so far managed to knock bitcoin off the top spot.
TANTRIC MASSAGE
Londoners can change cash for bitcoins at seven ATMs in the capital, and use them to pay for anything from tantric massage to a designer dress, a pork chop to a pint of beer. One company even allows rent on property to be paid in bitcoin.
Back in the trendy "Vape Lab" e-cigarette cafe, one young bitcoiner was putting 800 pounds' worth of 20 pound notes into a bitcoin ATM in exchange for the digital currency.
"I just sell bitcoin to others, because they don't know how to do it, so I take advantage of that and I make a profit," he said.
($1 = 0.6774 pounds)
(editing by David Stamp) || London stakes its claim as global bitcoin hub: By Jemima Kelly LONDON (Reuters) - London, center of the $5-trillion-a-day global currency market, now wants to be home to a controversial upstart - bitcoin. British authorities have come out in support of digital currencies in the name of promoting financial innovation, while proposing that regulations should be drawn up to prevent their use in crime. But it is technophiles who are leading the drive to make London a real-world hub for trade in web-based "cryptocurrencies", of which bitcoin is the original and still most popular. Every Tuesday evening in a trendy cafe in London's Shoreditch neighborhood, a group of digital currency enthusiasts gathers to discuss ideas, "vape" from e-cigarettes and exchange their pounds for bitcoins in a dedicated "ATM". With more than 2,200 members, CoinScrum, run by a former derivatives trader who left the world of traditional finance to work on a digital currency start-up, is the biggest bitcoin networking group in the world. Its meetings draw a mostly young, mostly male crowd - some amateurs, others who have come to Britain to start bitcoin businesses. Already the capital of traditional currency trading, London is competing with San Francisco's web expertise and New York's financial clout as it pushes to be the foremost financial technology - or fintech - center in the world. Last month the British government announced plans to regulate digital currency exchanges to prevent their use in money-laundering, and to help to develop a set of standards for cryptocurrencies. Backers of bitcoin praised this for lending legitimacy to the currency - which unlike traditional money has no printed form and remains outside the control of central banks - without stifling innovation. "London has been the home of financial innovation for hundreds of years," said Nicolas Cary, co-founder of Blockchain, which provides bitcoin data and "wallet" software for storing the currency. "It would be a historical mistake not to make this the home of digital currencies. There's an incredible amount of talent and experience here." Story continues Just over 14 million bitcoins are in circulation, worth around $3.1 billion at the current exchange rate of around $220 each. Bitcoin brought 29-year-old Cary to Britain two years ago from Denver, Colorado. He joined forces with Ben Reeves, then a 22-year-old computer science graduate, to develop the Blockchain wallet, spending the first year working out of a two-bedroom apartment in northern England. Now Blockchain, named after the technology behind bitcoin, is the world's biggest wallet provider, with over 3 million users. Last year it raised over $30 million in its first round of funding, including from billionaire Richard Branson. POSITIVE ATTITUDE While some people argue that London lags New York overall as the center for traditional finance, many say the latter's attitude to digital currencies - including a state plan to impose a "BitLicense" on bitcoin start-ups - makes London more attractive for the growing number of businesses dealing in the budding technology. "What we see in the UK ... is a different attitude," said Jerry Brito, executive director of Coin Center, a Washington DC-based non-profit advocacy group for digital currencies. "It's a very positive attitude, one of: this is an amazing innovation, we're going to have to have some kind of regulation in terms of money laundering, but let's do this in a constructive way, in partnership with the technologists and the industry." Detractors worry that digital currencies make it easy for users to buy products anonymously from websites like Silk Road, an underground marketplace for drugs and other illegal goods which was shut down in 2013. But advocates argue that using cash for illicit trades is easier and less traceable, pointing out that most U.S. banknotes are contaminated with cocaine. Asked about bitcoin, the governing body for the City of London financial district said authorities needed to be "alive to the potential risks and take strong action if they find evidence of abuse or criminal activities". But the employment and growth opportunities offered by the fintech in general were to be welcomed, it said. Britain made bitcoin trading exempt from value-added tax last year. Other countries have yet to decide how to tax bitcoin, since its independence from any central bank means it does not fall into the traditional definition of money. However, Australia has made bitcoin transactions subject to goods and services tax. That helped to drive CoinJar, an Australian company that allows users to buy, sell and spend bitcoins, to move its headquarters to London last December. INVESTMENT Later this month Swiss banking giant UBS will open a technology lab in London to explore the wider application of the technology in the financial services industry. Finance minister George Osborne has said he wants Britain to lead the world in developing fintech, highlighting the potential of digital currencies. Last year investment in fintech firms in Britain and Ireland more than doubled compared with 2013, to $623 million, representing 42 percent of such investment in Europe, according to consultancy Accenture. Alongside the new regulation and standards, the British government promised an additional 10 million pounds ($15 million) for a research initiative that will look into the blockchain technology behind digital currencies. It is the blockchain - essentially a ledger of every bitcoin transaction that is virtually impossible to tamper with - that the Bank of England has also said could be revolutionary. Central banks, it has said, could eventually issue digital currencies of their own. Dozens of others have copied this technology to set up their own digital currencies, though none has so far managed to knock bitcoin off the top spot. TANTRIC MASSAGE Londoners can change cash for bitcoins at seven ATMs in the capital, and use them to pay for anything from tantric massage to a designer dress, a pork chop to a pint of beer. One company even allows rent on property to be paid in bitcoin. Back in the trendy "Vape Lab" e-cigarette cafe, one young bitcoiner was putting 800 pounds' worth of 20 pound notes into a bitcoin ATM in exchange for the digital currency. "I just sell bitcoin to others, because they don't know how to do it, so I take advantage of that and I make a profit," he said. ($1 = 0.6774 pounds) (editing by David Stamp)
[Social Media Buzz]
current #bitcoin price (winkdex) is $222.59, last changed Sat, 18 Apr 2015 06:15:00 GMT. queried at: 06:17:40 || 2015年4月18日 23:00:02
BTC_MONA
買[bid]:2223.00000000MONA
売[ask]:2500.00000000MONA
API by もなとれ || current #bitcoin price (winkdex) is $220.76, last changed Sat, 18 Apr 2015 11:05:00 GMT. queried at: 11:07:40 || Current price: 211.18€ $BTCEUR $btc #bitcoin 2015-04-18 08:00:08 CEST || current #bitcoin price (okcoin) is $222.74, last changed Sun, 19 Apr 2015 00:57:42 GMT. queried at: 00:5...
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222.60, 224.63, 235.27, 234.18, 236.46, 231.27, 226.39, 219.43, 229.29, 225.85
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 8495.78, 8209.40, 7833.04, 7954.48, 7165.70, 6890.52, 6973.53, 6844.23, 7083.80, 7456.11, 6853.84, 6811.47, 6636.32, 6911.09, 7023.52, 6770.73, 6834.76, 6968.32, 7889.25, 7895.96, 7986.24, 8329.11, 8058.67, 7902.09, 8163.42, 8294.31, 8845.83, 8895.58, 8802.46, 8930.88, 9697.50, 8845.74, 9281.51, 8987.05, 9348.48, 9419.08, 9240.55, 9119.01, 9235.92, 9743.86, 9700.76, 9858.15, 9654.80, 9373.01, 9234.82, 9325.18, 9043.94, 8441.49, 8504.89, 8723.94, 8716.79, 8510.38, 8368.83, 8094.32, 8250.97, 8247.18, 8513.25, 8418.99, 8041.78, 7557.82, 7587.34, 7480.14, 7355.88, 7368.22, 7135.99, 7472.59, 7406.52, 7494.17, 7541.45, 7643.45, 7720.25, 7514.47, 7633.76, 7653.98, 7678.24, 7624.92, 7531.98, 6786.02, 6906.92, 6582.36, 6349.90, 6675.35, 6456.58, 6550.16, 6499.27, 6734.82, 6769.94, 6776.55, 6729.74, 6083.69.
|
[Bitcoin Technical Analysis for 2018-06-22]
Volume: 5079810048, RSI (14-day): 30.13, 50-day EMA: 7490.38, 200-day EMA: 8357.95
[Wider Market Context]
Gold Price: 1267.40, Gold RSI: 30.04
Oil Price: 68.58, Oil RSI: 56.22
[Recent News (last 7 days)]
Why Ripple Thinks Coinbase Should Add Cryptocurrency XRP: Big swings in the price of XRP, now the world’s third most valuable cryptocurrency, have largely been driven by one factor in recent months:Rumors that Coinbase, the largest U.S. Bitcoin exchange, will begin offering XRP.
While Coinbase has yet to do so, Brad Garlinghouse, CEO of Ripple, the company that created XRP, argued publicly for the first time Thursday that it should.
Headquartered in San Francisco, Coinbase currently offers buying and selling of Bitcoin, Ethereum, Bitcoin Cash and Litecoin, and will soonadd Ethereum Classic, the company announced last week. But XRP, whose roughly $21 billion market capitalization exceeds that of all other cryptocurrencies except Bitcoin and Ethereum, has been passed over—despitereportsthat Ripple, which owns more than half of XRP’s digital tokens, tried to pay Coinbase $1 million to list it.
Ripple sells its blockchain technology to financial institutions around the world—some of which also use the cryptocurrency XRP to speed up and lower costs of international payments—and has long maintained that XRP’s value is likely to increase the more banks use it.
“As we solve problems at scale for institutions, I think it’s in Coinbase’s interest to participate in that,” Garlinghouse said Thursday in an interview withFortune’sJeff John Roberts at CB Insights’ Future of Fintech conference in New York.
XRP’s price has ranged this year from about 50 cents (where it was hovering at publication time) to nearly $4 in January, following a flurry ofrumors that Coinbase was close to addingthe cryptocurrency.
Still, Coinbasequasheda renewed round of such speculation in March, and has said that it will only trade cryptocurrencies that have been deemed by regulatorsnot to be securities, a designation that could require exchanges to obtain additional licenses and approvals.
That could be why Coinbase and other American exchanges have been hesitant to trade XRP. An announcement last week by the U.S. Securities and Exchange Commission that Ethereum does not meet the definition of a security, because of its decentralized structure, alsoraised concerns that XRP might be classified as one, given Ripple’s majority ownership of and close relationship with the cryptocurrency. “Systems that rely on central actors whose efforts are a key to the success of the enterprise” would be subject to “application of the securities laws,” SEC official William Hinman said in the statement, though he did not explicitly mention XRP.
Garlinghouse, however, refuted the idea that XRP might fall under the SEC’s jurisdiction.
“I think it’s really clear that XRP is not a security,” he said at the conference. For one, he explained, XRP’s blockchain, or public ledger, “exists independent of Ripple,” and would keep functioning even if the company failed; what’s more, XRP tokens serve a technological purpose (facilitating monetary transactions) that traditional securities like stocks do not. XRP also does not entitle its holders to a stake in Ripple the company itself.
“I don’t think that our ownership of XRP gives us control,” Garlinghouse added. “Saudi Arabia owns a lot of oil—that doesn’t give them control of oil.”
To be sure, Garlinghouse emphasized, he does not have control over Coinbase’s plans. He declined to predict when XRP might be listed on one of the major American cryptocurrency exchanges, such as Circle, itBit,Square’s Cash app, or Robinhood. (At the moment, Kraken is the only major U.S. exchange to offer trading between dollars and XRP, and not in every state.) “I cant speak for what Coinbase decides to—or decides not to—do,” he said.
But exchanges seem to be waiting for regulators to clarify XRP’s status before deciding whether to allow it on to their platforms. Last week, trading company itBit received approval from New York regulators toadd Stellar Lumens—a cryptocurrency created by a founder of Ripple—to its exchange, but has not yet sought clearance for XRP. || What Navistar Management Wants Shareholders to Know: Navistar International Corporation 's (NYSE: NAV) fiscal second-quarter 2018 results, released earlier this month, revealed that the commercial truck manufacturer is utilizing its capacity to take advantage of favorable economic conditions. Revenue rose nearly 16%, to $2.4 billion, during the last three months, and Navistar posted net profit of $55 million against a loss of $80 million in the prior-year quarter. During the company's earnings conference call, management discussed both recent success factors and the outlook for the remainder of the year. Below, we'll discuss three of the most important points that will follow quotes taken directly from the earnings transcript : Industry conditions are favorable Multiple indicators in the second quarter, starting with projected annual US GDP growth above 2% indicate a strong market for trucks during the remainder of 2018. -- CEO Tony Clarke A moderately expanding economy has provided the baseline for demand in the truck manufacturing industry. As CEO Tony Clarke points out above, U.S. gross domestic product, or GDP, is projected to remain above 2% for the remainder of the year. The economy is, in fact, coming off four consecutive quarters of 2%-plus growth: Source: tradingeconomics.com. Clarke cited other favorable statistics in the broader economy, including housing starts, which rose 10.5% in April. He also observed that recent spot (market) freight rates are up more than 27% year over year. The freight industry, which utilizes the vehicles Navistar and its competitors manufacture, is currently experiencing extremely tight capacity. I've recently written about freight logistics companies and the factors driving up freight rates -- the bottom line is that demand is outstripping supply in the truckload and less-than-truckload (LTL) markets, a condition generally positive for truck manufacturers. Indeed, Navistar reported that one of its heaviest weight classes, "Class 8" trucks, sold quite well during the quarter due to both demand factors and a refreshed lineup in the company's "LT" series. Total truck segment revenue rose at the brisk clip of 22%, to $1.7 billion, in the second quarter. Spacious interior of International brand truck cab. Image source: Navistar International Corporation. Our Volkswagen joint venture is delivering promised results The alliance with Volkswagen, as planned, is enabling access to advance technology and global scale. The alliance of procurement joint venture remains on track to achieve targeted savings ahead of schedule. Next generation product programs are also on track and updates will be provided as these launches draw closer. -- CEO Tony Clarke Story continues In February of last year, Navistar and Volkswagen AG subsidiary Volkswagen Truck and Bus initiated a wide-ranging joint venture, encompassing joint materials procurement, technology sharing, and supply-chain collaboration. As part of the transaction, Volkswagen Truck and Bus paid $256 million for a 16.6% equity investment in Navistar. Initially, Navistar predicted that it would reap $500 million in cumulative synergies during the first five years following completion of the transaction and an additional $200 million in annual synergies after year five. As Clarke outlines above, these projected cost savings are running ahead of schedule, although management so far has declined to quantify the pace or revise Navistar's initial projections. Executives discussed some of the tangible products coming out of the partnership, including the introduction of the "chargE" electric-school-bus concept vehicle, which recently completed a tour of west coast school districts. According to Navistar, the chargE is the only electric school bus currently in development. It features an electric drivetrain, can cover up to 120 miles on a single charge, and boasts zero emissions. The bus is emblematic of the potential of the Navistar/Volkswagen partnership, as it's likely that some of the electric drive technology being developed for the school-bus market can be transferred to larger class vehicles in the future. Profitability is attractive, with caveats Gross margin for the quarter grew to 18% of revenue, up 270 basis points from Q2 of 2017. The improvement reflects higher volumes and $48 million lower used truck reserve editions in the quarter ... Profits from volume growth, together with used truck performance and savings from the procurement JV with Volkswagen Truck and Bus more than offset higher commodity and structural costs. -- CFO Walter Borst Overall, Navistar executives are pleased with the company's current gross margin , which, as CFO Walter Bost explains above, is benefiting from both higher sales and the bottom-line impact of the procurement initiative within the Volkswagen joint venture. However, gross margin contracted in the company's parts segment during the last three months. Parts revenue pales to truck revenue -- in the second quarter, the parts segment top line of $601 million was a little less than one-third of total truck sales. But it's, by far, the more profitable division, contributing the lion's share of Navistar profits in any given quarter. During the second quarter, parts segment profit of $132 million dwarfed truck manufacturing profit of $42 million. Due to weaker gross margin, second-quarter parts segment profit declined roughly 14% from the prior year. Management attributed the dip to lower U.S. sales volumes, a higher degree of private label sales versus proprietary branded products, and rising freight costs. Shareholders should keep an eye on this segment in the third and fourth quarters. Management raised full-year EBITDA guidance by $25 million in Navistar's latest report to a range of $725 million to $775 million, but this is predicated on stable performance in parts during the back half of the year and continued fast expansion in truck volumes. Parts margin will remain an area of risk in an otherwise positive picture for Navistar in fiscal 2018. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Asit Sharma has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . View comments || What Navistar Management Wants Shareholders to Know: Navistar International Corporation's(NYSE: NAV)fiscal second-quarter 2018 results, released earlier this month, revealed that the commercial truck manufacturer is utilizing its capacity to take advantage of favorable economic conditions. Revenue rose nearly 16%, to $2.4 billion, during the last three months, and Navistar posted net profit of $55 million against a loss of $80 million in the prior-year quarter.
During the company's earnings conference call, management discussed both recent success factors and the outlook for the remainder of the year. Below, we'll discuss three of the most important points that will follow quotes taken directly from theearnings transcript:
Multiple indicators in the second quarter, starting with projected annual US GDP growth above 2% indicate a strong market for trucks during the remainder of 2018. -- CEO Tony Clarke
A moderately expanding economy has provided the baseline for demand in the truck manufacturing industry. As CEO Tony Clarke points out above, U.S. gross domestic product, or GDP, is projected to remain above 2% for the remainder of the year. The economy is, in fact, coming off four consecutive quarters of 2%-plus growth:
Source:tradingeconomics.com.
Clarke cited other favorable statistics in the broader economy, including housing starts, which rose 10.5% in April. He also observed that recent spot (market) freight rates are up more than 27% year over year.
The freight industry, which utilizes the vehicles Navistar and its competitors manufacture, is currently experiencing extremely tight capacity. I've recently written aboutfreight logistics companiesand thefactors driving up freight rates-- the bottom line is that demand is outstripping supply in the truckload and less-than-truckload (LTL) markets, a condition generally positive for truck manufacturers.
Indeed, Navistar reported that one of its heaviest weight classes, "Class 8" trucks, sold quite well during the quarter due to both demand factors and a refreshed lineup in the company's "LT" series. Total truck segment revenue rose at the brisk clip of 22%, to $1.7 billion, in the second quarter.
Image source: Navistar International Corporation.
The alliance with Volkswagen, as planned, is enabling access to advance technology and global scale. The alliance of procurement joint venture remains on track to achieve targeted savings ahead of schedule. Next generation product programs are also on track and updates will be provided as these launches draw closer. -- CEO Tony Clarke
In February of last year, Navistar and Volkswagen AG subsidiary Volkswagen Truck and Bus initiated a wide-ranging joint venture, encompassing joint materials procurement, technology sharing, and supply-chain collaboration. As part of the transaction, Volkswagen Truck and Bus paid $256 million for a 16.6% equity investment in Navistar.
Initially, Navistar predicted that it would reap $500 million in cumulative synergies during the first five years following completion of the transaction and an additional $200 million in annual synergies after year five. As Clarke outlines above, these projected cost savings are running ahead of schedule, although management so far has declined to quantify the pace or revise Navistar's initial projections.
Executives discussed some of the tangible products coming out of the partnership, including the introduction of the "chargE" electric-school-bus concept vehicle, which recently completed a tour of west coast school districts. According to Navistar, the chargE is the only electric school bus currently in development.
It features an electric drivetrain, can cover up to 120 miles on a single charge, and boasts zero emissions. The bus is emblematic of the potential of the Navistar/Volkswagen partnership, as it's likely that some of the electric drive technology being developed for the school-bus market can be transferred to larger class vehicles in the future.
Gross margin for the quarter grew to 18% of revenue, up 270 basis points from Q2 of 2017. The improvement reflects higher volumes and $48 million lower used truck reserve editions in the quarter ... Profits from volume growth, together with used truck performance and savings from the procurement JV with Volkswagen Truck and Bus more than offset higher commodity and structural costs. -- CFO Walter Borst
Overall, Navistar executives are pleased with the company's currentgross margin, which, as CFO Walter Bost explains above, is benefiting from both higher sales and the bottom-line impact of the procurement initiative within the Volkswagen joint venture.
However, gross margin contracted in the company's parts segment during the last three months. Parts revenue pales to truck revenue -- in the second quarter, the parts segment top line of $601 million was a little less than one-third of total truck sales. But it's, by far, the more profitable division, contributing the lion's share of Navistar profits in any given quarter. During the second quarter, parts segment profit of $132 million dwarfed truck manufacturing profit of $42 million.
Due to weaker gross margin, second-quarter parts segment profit declined roughly 14% from the prior year. Management attributed the dip to lower U.S. sales volumes, a higher degree of private label sales versus proprietary branded products, and rising freight costs. Shareholders should keep an eye on this segment in the third and fourth quarters.
Management raised full-yearEBITDAguidance by $25 million in Navistar's latest report to a range of $725 million to $775 million, but this is predicated on stable performance in parts during the back half of the year and continued fast expansion in truck volumes. Parts margin will remain an area of risk in an otherwise positive picture for Navistar in fiscal 2018.
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Asit Sharmahas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || Why iQiyi, inc. Stock Dropped on Thursday: What happened iQiyi Inc. (NASDAQ: IQ) stock fell 12.2% on Thursday despite a lack of company-specific news. Rather, with shares of the so-called " Netflix of China" up more than 96% in the month leading up to yesterday's close, today's drop is likely the result of traders taking some of their recent profits off the table. Man on ladder spray-painting a yellow arrow on a brick wall indicating volatile gains Image source: Getty Images. So what iQiyi shareholders have enjoyed several 10%-plus single-day moves in recent weeks. Some, like today's, came without meaningful news . And others followed encouraging developments such as analyst upgrades , positive comments on iQiyi's long-term vision from CEO Tim Gong Yu, and the start of its offline movie theater expansion . Of course, it likely helps that iQiyi only just held its initial public offering after spinning off from former parent company Baidu in late March 2018, leaving the stock susceptible to more than its fair share of post-IPO hype and volatility. Now what That doesn't mean iQiyi won't continue rising from here. Though the company confirmed earlier this month that it now has over 61 million paid subscribers, that's less than half the 125 million claimed by Netflix -- and still a drop in the bucket given the fast-growing middle class within China's population of over 1.4 billion people. So while it's no fun as a bullish investor to see any given stock pull back so hard, long-term shareholders shouldn't lose any sleep over iQiyi's drop today. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Steve Symington has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends BIDU and NFLX. The Motley Fool recommends iQiyi. The Motley Fool has a disclosure policy . || Why iQiyi, inc. Stock Dropped on Thursday: iQiyi Inc.(NASDAQ: IQ)stock fell 12.2% on Thursday despite a lack of company-specific news. Rather, with shares of the so-called "Netflixof China" up more than 96% in the month leading up to yesterday's close, today's drop is likely the result of traders taking some of their recent profits off the table.
Image source: Getty Images.
iQiyi shareholders have enjoyed several 10%-plus single-day moves in recent weeks. Some, like today's, camewithoutmeaningful news. And others followed encouraging developments such asanalyst upgrades, positive comments on iQiyi'slong-term visionfrom CEO Tim Gong Yu, and the start of itsoffline movie theater expansion. Of course, it likely helps that iQiyi only just held its initial public offering after spinning off from former parent companyBaiduin late March 2018, leaving the stock susceptible to more than its fair share of post-IPO hype and volatility.
That doesn't mean iQiyi won't continue rising from here. Though the company confirmed earlier this month that it now has over 61 million paid subscribers, that's less than half the 125 million claimed by Netflix -- and still a drop in the bucket given the fast-growing middle class within China's population of over 1.4 billion people.
So while it's no fun as a bullish investor to see any given stock pull back so hard, long-term shareholders shouldn't lose any sleep over iQiyi's drop today.
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Steve Symingtonhas no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends BIDU and NFLX. The Motley Fool recommends iQiyi. The Motley Fool has adisclosure policy. || Kroger Is Holding Its Own in the Grocery Wars: The grocery business is being disrupted, but you wouldn't know it from Kroger 's (NYSE: KR) first-quarter report. The company managed to increase sales and profits, and it guided for solid sales growth throughout 2018. This is all despite an ongoing price war in the grocery industry, with Walmart , Target (NYSE: TGT) , and Costco pushing prices down, as well as Amazon 's (NASDAQ: AMZN) entry into the industry via its year-ago acquisition of Whole Foods. Solid results Kroger's first-quarter sales rose 3.4% year over year to $37.5 billion. Excluding fuel and the impact of the company's divestiture of its convenience store business, sales rose 2.8%. Most of this growth was driven by existing stores, with identical sales excluding fuel up 1.9%. Identical-supermarket sales, which exclude the specialty pharmacy and ship-to-home businesses, rose 1.4%. Given the pricing pressure in the industry, that's a good result. A shopping cart in a grocery store. Image source: Getty Images. Kroger expects the rest of 2018 to look a lot like the first quarter. The company sees identical sales excluding fuel growing by 2% to 2.5% for the full year. Adjusted earnings per share shot up nearly 26% year over year in the first quarter, and the company raised its earnings guidance for the full year. Kroger now expects 2018 adjusted earnings per share between $2.00 and $2.15, up from a previous range of $1.95 to $2.15. Kroger's digital initiatives are helping to drive some of its sales growth. The company's digital sales surged 66% year over year in the first quarter, although the size of that business is likely still small. Kroger's ClickList, an online grocery ordering and pickup service, is live at over 1,000 stores. This is similar to initiatives from other grocers, including Walmart's online grocery pickup service . Kroger is also driving growth by pushing its own brands. The company's private-label brands achieved their highest-ever retail dollar share during the first quarter, with the Simple Truth and Simple Truth Organic brands growing by double-digit percentages. Private-label products often carry higher gross margins for retailers than national brands, so private-label sales growth can provide a nice boost to the bottom line. What could go wrong Kroger is holding its own in the grocery wars, if its first-quarter results are any indication. But the company is facing a slew of threats. Beyond the ongoing pricing pressure, aggressive initiatives from competitors could take a bite out of sales. One example is Target's Restock service . Restock offers shoppers next-day delivery of home essentials, including non-perishable groceries. Target slashed the fee for Restock earlier this year, and it eliminated the fee for holders of its store credit and debit cards. The lower fees combined with Target's general shift toward lower prices makes Restock a potent threat. Story continues Amazon's Whole Foods is also a threat, although the e-commerce giant hasn't yet done anything too drastic. Amazon has cut prices and started offering additional discounts to Prime members, but Whole Foods remains an expensive grocery option. The company has also been rolling out free grocery delivery for Prime members from some Whole Foods stores, but the chain's small footprint could hamper that effort. Still, Amazon could be more aggressive in the future, cutting prices even more or buying up more grocery chains to expand its physical presence. Amazon appears dead-set on gaining share in the grocery space, and Kroger will need to fight hard to protect its business. Kroger's own push into online grocery is helping the company grow its sales, but these types of services are quickly becoming table stakes in the grocery industry. Kroger will need to stay ahead of the competition to keep winning. Given its first-quarter results, Kroger is clearly doing something right. But the grocery wars are far from over. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Timothy Green has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Amazon. The Motley Fool recommends COST. The Motley Fool has a disclosure policy . View comments || Kroger Is Holding Its Own in the Grocery Wars: The grocery business is being disrupted, but you wouldn't know it fromKroger's(NYSE: KR)first-quarter report. The company managed to increase sales and profits, and it guided for solid sales growth throughout 2018. This is all despite an ongoing price war in the grocery industry, withWalmart,Target(NYSE: TGT), andCostcopushing prices down, as well asAmazon's(NASDAQ: AMZN)entry into the industry via its year-ago acquisition of Whole Foods.
Kroger's first-quarter sales rose 3.4% year over year to $37.5 billion. Excluding fuel and the impact of the company's divestiture of its convenience store business, sales rose 2.8%. Most of this growth was driven by existing stores, with identical sales excluding fuel up 1.9%. Identical-supermarket sales, which exclude the specialty pharmacy and ship-to-home businesses, rose 1.4%. Given the pricing pressure in the industry, that's a good result.
Image source: Getty Images.
Kroger expects the rest of 2018 to look a lot like the first quarter. The company sees identical sales excluding fuel growing by 2% to 2.5% for the full year. Adjusted earnings per share shot up nearly 26% year over year in the first quarter, and the company raised its earnings guidance for the full year. Kroger now expects 2018 adjusted earnings per share between $2.00 and $2.15, up from a previous range of $1.95 to $2.15.
Kroger's digital initiatives are helping to drive some of its sales growth. The company's digital sales surged 66% year over year in the first quarter, although the size of that business is likely still small. Kroger's ClickList, an online grocery ordering and pickup service, is live at over 1,000 stores. This is similar to initiatives from other grocers, includingWalmart's online grocery pickup service.
Kroger is also driving growth by pushing its own brands. The company's private-label brands achieved their highest-ever retail dollar share during the first quarter, with the Simple Truth and Simple Truth Organic brands growing by double-digit percentages. Private-label products often carry higher gross margins for retailers than national brands, so private-label sales growth can provide a nice boost to the bottom line.
Kroger is holding its own in the grocery wars, if its first-quarter results are any indication. But the company is facing a slew of threats. Beyond the ongoing pricing pressure, aggressive initiatives from competitors could take a bite out of sales.
One example is Target's Restock service. Restock offers shoppers next-day delivery of home essentials, including non-perishable groceries. Target slashed the fee for Restock earlier this year, and it eliminated the fee for holders of its store credit and debit cards. The lower fees combined with Target's general shift toward lower prices makes Restock a potent threat.
Amazon's Whole Foods is also a threat, although the e-commerce giant hasn't yet done anything too drastic. Amazon has cut prices and started offering additional discounts to Prime members, but Whole Foods remains an expensive grocery option. The company has also been rolling out free grocery delivery for Prime members from some Whole Foods stores, but the chain's small footprint could hamper that effort.
Still, Amazon could be more aggressive in the future, cutting prices even more or buying up more grocery chains to expand its physical presence. Amazon appears dead-set on gaining share in the grocery space, and Kroger will need to fight hard to protect its business.
Kroger's own push into online grocery is helping the company grow its sales, but these types of services are quickly becoming table stakes in the grocery industry. Kroger will need to stay ahead of the competition to keep winning. Given its first-quarter results, Kroger is clearly doing something right. But the grocery wars are far from over.
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John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors.Timothy Greenhas no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Amazon. The Motley Fool recommends COST. The Motley Fool has adisclosure policy. || Small-Cap ETFs Big Winners in U.S., China Trade War: This article was originally published on ETFTrends.com. While the U.S. and China are embroiled in an escalating trade war, small-cap stocks and small-cap ETFs are outperforming. Year-to-date, the iShares Core S&P Small-Cap ETF ( IJR ) , which tracks the S&P Small-Cap 600 Index, increased 13.2% and the iShares Russell 2000 ETF ( IWM ) , which tracks the benchmark Russell 2000 Index, gained 11.8% year-to-date while the S&P 500 was up 4.5%. Supporting the small-cap's recent run up, many traders believed smaller companies were insulated from the overseas turmoil. Furthermore, a stronger U.S. dollar and concerns over weaker global growth are also driving investors toward smaller company stocks that tend to earn most of their money from a still growing domestic economy. “We continue to like small-cap equities because they have a more domestic focus, less impacted by trade or dollar fluctuations,” Angus Sippe, a fund manager at Schroders, told the Wall Street Journal . The small-cap story is not solely concentrated in the U.S. For instance, even in Europe, where the stronger U.S. dollar has supported multinationals, the iShares MSCI Europe Small-Cap ETF ( IEUS ) , which tracks the MSCI Europe Small Cap index, is flat so far this year, whereas the MSCI Europe Index is down 3.1%. Related - Small-Cap ETFs: Not as Volatile as They Used to Be U.S. small-caps gained momentum this week as trade tensions between Washington D.C. and Beijing took a turn. President Donald Trump called for a new round of tariffs on $200 billion in Chinese goods. Chinese officials countered with tariffs on U.S. car makers, farmers and industrial companies. “Smaller companies have some natural hedges against risks like trade,” Tim Courtney, chief investment officer of Exencial Wealth Advisors, told the WSJ. Small-Cap Outlook is Positive Further supporting the small-cap outlook, the U.S. economy is still showing signs of growth with U.S. retail sales and consumer spending trends on the rise while the rest of the world is revealing weaker economic data. Story continues The strengthening outlook for the U.S. has also helped lift the U.S. dollar against its basket of peers. Consequently, given the stronger U.S. dollar, large multinational U.S. companies will find revenue lowered when converted back to an appreciating USD. According to FactSet, S&P 500 companies generate 38% of their income overseas, whereas the S&P Small Cap 600 companies generate about 20%. Lastly, small business profitability reached its highest reading since records began in 1973 as a result of the U.S. tax changes last year, according to the National Federation of Independent Businesses. For more information on small-capitalization stocks, visit our small-cap category . POPULAR ARTICLES FROM ETFTRENDS.COM Disney Raises Fox Offer to $71.3B, Outbids Comcast’s $66B Goldman Sachs CEO Lloyd Blankfein: Bitcoin ‘Not for Me’ Waning Bitcoin Volatility Could be a Good Thing Small-Cap ETFs: Not as Volatile as They Used to Be When Can I Retire? Two Calculations to Find the Answer READ MORE AT ETFTRENDS.COM > || Small-Cap ETFs Big Winners in U.S., China Trade War: This article was originally published onETFTrends.com.
While the U.S. and China are embroiled in an escalating trade war, small-cap stocks and small-cap ETFs are outperforming.
Year-to-date, the iShares Core S&P Small-Cap ETF (IJR) , which tracks the S&P Small-Cap 600 Index, increased 13.2% and the iShares Russell 2000 ETF (IWM) , which tracks the benchmark Russell 2000 Index, gained 11.8% year-to-date while the S&P 500 was up 4.5%.
Supporting the small-cap's recent run up, many traders believed smaller companies were insulated from the overseas turmoil. Furthermore, a stronger U.S. dollar and concerns over weaker global growth are also driving investors toward smaller company stocks that tend to earn most of their money from a still growing domestic economy.
“We continue to like small-cap equities because they have a more domestic focus, less impacted by trade or dollar fluctuations,” Angus Sippe, a fund manager at Schroders, told theWall Street Journal.
The small-cap story is not solely concentrated in the U.S. For instance, even in Europe, where the stronger U.S. dollar has supported multinationals, the iShares MSCI Europe Small-Cap ETF (IEUS) , which tracks the MSCI Europe Small Cap index, is flat so far this year, whereas the MSCI Europe Index is down 3.1%.
Related - Small-Cap ETFs: Not as Volatile as They Used to Be
U.S. small-caps gained momentum this week as trade tensions between Washington D.C. and Beijing took a turn. President Donald Trump called for a new round of tariffs on $200 billion in Chinese goods. Chinese officials countered with tariffs on U.S. car makers, farmers and industrial companies.
“Smaller companies have some natural hedges against risks like trade,” Tim Courtney, chief investment officer of Exencial Wealth Advisors, told the WSJ.
Small-Cap Outlook is Positive
Further supporting the small-cap outlook, the U.S. economy is still showing signs of growth with U.S. retail sales and consumer spending trends on the rise while the rest of the world is revealing weaker economic data.
The strengthening outlook for the U.S. has also helped lift the U.S. dollar against its basket of peers. Consequently, given the stronger U.S. dollar, large multinational U.S. companies will find revenue lowered when converted back to an appreciating USD. According to FactSet, S&P 500 companies generate 38% of their income overseas, whereas the S&P Small Cap 600 companies generate about 20%.
Lastly, small business profitability reached its highest reading since records began in 1973 as a result of the U.S. tax changes last year, according to the National Federation of Independent Businesses.
For more information on small-capitalization stocks, visit oursmall-cap category.
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READ MORE AT ETFTRENDS.COM > || Is General Motors Planning to Spin Off Its Self-Driving Unit?: General Motors (NYSE: GM) is shaking up the portfolios of two of its top executives -- and the moves hint that a spinoff of its self-driving business might be in the works. GM president Dan Ammann is handing off responsibility for global product planning and the Cadillac brand to Mark Reuss, GM's global product-development and purchasing chief. The moves will allow Ammann to spend more time focused on subsidiary GM Cruise, which is developing a self-driving taxi service. The changes are effective immediately, GM said in an internal announcement on Wednesday. It's possible this is nothing more than a routine shuffling of responsibilities between senior executives. It may also be intended to shift the overhaul of Cadillac, which has stalled somewhat, into higher gear. It's also very possible that the shift is a move toward something bigger: A full or partial spinoff of GM Cruise from the "legacy" automaking company. Kan, Vogt, and Amman are shown standing in front of a blue Chevrolet Volt sedan. GM president Dan Amman, right, with Cruise Automation co-founders Daniel Kan and Kyle Vogt in 2016. Ammann led GM's effort to acquire Cruise and has overseen its growth since. Image source: General Motors. Why this might be a sign of bigger things for GM Cruise Over the last several quarters, GM has emerged as a leader in the race to deploy self-driving vehicles on public roads. Ammann has had a lot to do with that: He led the effort to acquire San-Francisco-based start-up Cruise Automation back in 2016 and has overseen its growth and transformation into an important GM subsidiary. GM Cruise, as it's now called, has developed a self-driving taxi based on the electric Chevrolet Bolt EV. It expects to deploy "thousands" of self-driving Bolts in urban ride-hailing service starting next year, a potentially groundbreaking (and potentially very profitable) business. Hints that GM might spin off Cruise, or at least give it a separate "tracking" stock listing, began swirling after Softbank Group 's (NASDAQOTH: SFTBF) widely watched Vision Fund agreed last month to invest $2.25 billion in GM Cruise in two tranches. Story continues Once complete, the Vision Fund will have a 19.6% stake in the GM subsidiary -- and while both GM and Softbank have agreed to wait seven years before seeking exits, the deal raised the possibility that GM might give Cruise a separate stock listing in order to realize a better valuation. It's possible the move to shift some of Ammann's non-Cruise responsibilities to Reuss is a hint that Ammann is preparing to lead the spun-off Cruise organization. This might also be a jump-start for Cadillac Another possibility here, one that doesn't exclude the idea of a Cruise spinoff, is that GM's board of directors thought handing off Cadillac to Reuss might jump-start the stalled overhaul of GM's luxury brand. Reuss is shown standing on an auto-show stage with a while Cadillac CTS-V, a midsize high-performance luxury sedan. GM global product chief Mark Reuss helped unveil the hot Cadillac CTS-V in 2015. He now takes on overall responsibility for the luxury brand's revival, a key GM initiative. Image source: General Motors. GM has been working for several years to overhaul Cadillac with new products and a new brand image that would make it a direct competitor to German luxury brands like BMW and Mercedes-Benz. The company brought in former Audi executive Johan de Nysschen to lead the transformation , but de Nysschen left GM earlier this year amid hints that members of GM's board (and importantly, some key U.S. Cadillac dealers) were unhappy with the pace of the revival. While Cadillac's global sales rose 15.5% in 2017 on the strength of good demand in China, the brand's U.S. sales fell 8%. The problem: Luxury buyers are increasingly choosing crossover SUVs instead of sedans, but Cadillac's product overhaul had prioritized sedans, leaving it with just one crossover, the good-but-not-brilliant XT5, to sell last year. That wasn't entirely de Nysschen's fault: He was, to some extent, at the mercy of GM's overall product development plan, for which Ammann has had responsibility. It's possible the board's decision to hand off Cadillac to Reuss is a signal that it wants to see upcoming Cadillac models prioritized. GM is in the process of launching a second crossover for Cadillac, the one-size-down XT4, right now. A third, a three-row model that may be called the XT7, will be launched in the first half of 2018. Those two models, and several more that are set to follow over the next three years, should give the brand a boost. Reuss's job will be to see that those new Cadillacs are great products that compete well with those German rivals. The upshot: Bullish possibilities in the tea leaves My sense is that both of these things are probably true -- that GM's board wants Ammann focused on Cruise and Reuss's attention on the upcoming new Cadillacs. Both are important to investors: A Cruise listing could "unlock" a boost in GM's overall valuation, while the plan to boost Cadillac is a key part of CEO Mary Barra's effort to sustainably boost GM's operating margin over the next few years. Long story short: These moves are probably bullish -- but it may be a while before we know exactly what GM is thinking, here. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This John Rosevear owns shares of General Motors. The Motley Fool recommends BMW. The Motley Fool has a disclosure policy . || Is General Motors Planning to Spin Off Its Self-Driving Unit?: General Motors(NYSE: GM)is shaking up the portfolios of two of its top executives -- and the moves hint that a spinoff of its self-driving business might be in the works.
GM president Dan Ammann is handing off responsibility for global product planning and the Cadillac brand to Mark Reuss, GM's global product-development and purchasing chief. The moves will allow Ammann to spend more time focused on subsidiary GM Cruise, which is developing a self-driving taxi service.
The changes are effective immediately, GM said in an internal announcement on Wednesday.
It's possible this is nothing more than a routine shuffling of responsibilities between senior executives. It may also be intended to shift the overhaul of Cadillac, which has stalled somewhat, into higher gear.
It's also very possible that the shift is a move toward something bigger: A full or partial spinoff of GM Cruise from the "legacy" automaking company.
GM president Dan Amman, right, with Cruise Automation co-founders Daniel Kan and Kyle Vogt in 2016. Ammann led GM's effort to acquire Cruise and has overseen its growth since. Image source: General Motors.
Over the last several quarters, GM has emerged as a leader in the race to deploy self-driving vehicles on public roads. Ammann has had a lot to do with that: He led the effort toacquire San-Francisco-based start-up Cruise Automationback in 2016 and has overseen its growth and transformation into an important GM subsidiary.
GM Cruise, as it's now called, has developed a self-driving taxi based on the electric Chevrolet Bolt EV. It expects to deploy "thousands" of self-driving Bolts in urban ride-hailing service starting next year, a potentially groundbreaking (and potentially very profitable) business.
Hints that GM might spin off Cruise, or at least give it a separate "tracking" stock listing, began swirling afterSoftbank Group's(NASDAQOTH: SFTBF)widely watched Vision Fund agreed last month toinvest $2.25 billion in GM Cruisein two tranches.
Once complete, the Vision Fund will have a 19.6% stake in the GM subsidiary -- and while both GM and Softbank have agreed to wait seven years before seeking exits, the deal raised the possibility that GM might give Cruise a separate stock listing in order to realize a better valuation.
It's possible the move to shift some of Ammann's non-Cruise responsibilities to Reuss is a hint that Ammann is preparing to lead the spun-off Cruise organization.
Another possibility here, one that doesn't exclude the idea of a Cruise spinoff, is that GM's board of directors thought handing off Cadillac to Reuss might jump-start the stalled overhaul of GM's luxury brand.
GM global product chief Mark Reuss helped unveil the hot Cadillac CTS-V in 2015. He now takes on overall responsibility for the luxury brand's revival, a key GM initiative. Image source: General Motors.
GM has been working for several years to overhaul Cadillac with new products and a new brand image that would make it a direct competitor to German luxury brands likeBMWand Mercedes-Benz. The company brought in formerAudiexecutive Johan de Nysschen tolead the transformation, but de Nysschen left GM earlier this year amid hints that members of GM's board (and importantly, some key U.S. Cadillac dealers) were unhappy with the pace of the revival.
While Cadillac's global sales rose 15.5% in 2017 on the strength of good demand in China, the brand's U.S. sales fell 8%. The problem: Luxury buyers are increasingly choosing crossover SUVs instead of sedans, but Cadillac's product overhaul had prioritized sedans, leaving it with just one crossover, the good-but-not-brilliant XT5, to sell last year.
That wasn't entirely de Nysschen's fault: He was, to some extent, at the mercy of GM's overall product development plan, for which Ammann has had responsibility. It's possible the board's decision to hand off Cadillac to Reuss is a signal that it wants to see upcoming Cadillac models prioritized.
GM is in the process of launching a second crossover for Cadillac, the one-size-down XT4, right now. A third, a three-row model that may be called the XT7, will be launched in the first half of 2018. Those two models, and several more that are set to follow over the next three years, should give the brand a boost. Reuss's job will be to see that those new Cadillacs are great products that compete well with those German rivals.
My sense is that both of these things are probably true -- that GM's board wants Ammann focused on Cruise and Reuss's attention on the upcoming new Cadillacs. Both are important to investors: A Cruise listing could "unlock" a boost in GM's overall valuation, while the plan to boost Cadillac is a key part of CEO Mary Barra's effort to sustainably boost GM's operating margin over the next few years.
Long story short: These moves are probably bullish -- but it may be a while before we know exactly what GM is thinking, here.
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John Rosevearowns shares of General Motors. The Motley Fool recommends BMW. The Motley Fool has adisclosure policy. || Want to Tap China's Blockchain Usage Spree? Play BCNA: The blockchain ETF space is fast teeming up, reinforcing the importance of the technology in reshaping the world ahead. Its market size is expected to grow from $241.9 million in 2016 to $7,683.7 million by 2022, at a CAGR of 79.6% per marketsandmarkets.com. The newly launched funds look to track a portfolio of stocks from companies that are deemed to have strong exposure to blockchain technology development. But the issuers are not allowed to use the word “blockchain” in the name, per the SEC ruling. Most recently, Reality Shares launched a new fund comprising China’s blockchain-related companies. We delve a little deeper into it. Reality Shares Nasdaq NexGen Economy China ETF BCNA The fund tracks the Reality Shares Nasdaq Blockchain China Index, which consists of blockchain-related companies located in Hong Kong and mainland China. In total, the fund holds about 31 stocks. Alibaba Group Holding Ltd (4.43%), Baidu (4.18%) and Ping An Insurance Group Co (3.62%) are the top three holdings of the fund. Information Technology (65.5%), Financials (25.8%) and Consumer Discretionary (8.7%) are the top three sectors of the fund. It charges 78 bps in fees. How Does It Fit in a Portfolio? Blockchain technology is presently seeing a meteoric rise. Blockchains allow information to be shared in peer-to-peer networks, but data in any given block cannot be changed or copied without changing all subsequent blocks. This makes the technology fraud-proof. Needless to say, investors would be interested in this technology. In the rise of this technology globally, China’s contribution is noteworthy. China filed more blockchain-related patents in 2017 than any other country in the world, per the issuer. Blockchain-related investments in China can have a wide coverage including the infrastructure, financial services, manufacturing, and technology industries. So, investors intending to tap China’s blockchain deployment spree may find this fund an intriguing option. Investors should also note that blockchain-based ETFs could be good choices for investors seeking to bet on the technology that takes them to bitcoin and other cryptocurrencies. The digital currency was the hottest trade of 2017 but is currently going through a rough patch (read: Forget Bitcoin, Bet on Blockchain With These New ETFs). Story continues Several attempts for ETF issuances on bitcoin have not seen success as yet due to regulatory hurdles. So, investors wanting to get an exposure to bitcoin via the ETF route may find blockchain ETFs useful (read: Will VanEck's Renewed Attempt to Launch Bitcoin ETF Work?) In this regard, we would like to highlight that the Peoples Bank of China (PBoC) is planning a launch of its own national cryptocurrency called DCEP (Digital Currency for Electronic Payment). What About Competition? There are blockchain ETFs available in the market, namely Reality Shares Nasdaq NexGen Economy ETF BLCN, Amplify Transformational Data Sharing ETF BLOK, First Trust Indxx Innovative Transaction & Process ETF LEGR, Innovation Shares NextGen Protocol ETF KOIN and REX BKCM ETF BKC. However, none of the funds are fully focused on China. Funds like BLCN, BLOK and LEGR have exposure to China in the range of 6% to 12%. From this perspective, the newbie is unique and may see uninterrupted success. Want key ETF info delivered straight to your inbox? Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AMP-TFR DAT SHR (BLOK): ETF Research Reports REALT-NDQ NEXGN (BLCN): ETF Research Reports INNV-SHS NG PRT (KOIN): ETF Research Reports FT-INDXX INN TP (LEGR): ETF Research Reports REX-BKCM ETF (BKC): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report || Want to Tap China's Blockchain Usage Spree? Play BCNA: The blockchain ETF space is fast teeming up, reinforcing the importance of the technology in reshaping the world ahead. Its market size is expected to grow from $241.9 million in 2016 to $7,683.7 million by 2022, at a CAGR of 79.6% per marketsandmarkets.com.
The newly launched funds look to track a portfolio of stocks from companies that are deemed to have strong exposure to blockchain technology development. But the issuers are not allowed to use the word “blockchain” in the name, per the SEC ruling.
Most recently, Reality Shares launched a new fund comprising China’s blockchain-related companies. We delve a little deeper into it.
Reality Shares Nasdaq NexGen Economy China ETFBCNA
The fund tracks the Reality Shares Nasdaq Blockchain China Index, which consists of blockchain-related companies located in Hong Kong and mainland China. In total, the fund holds about 31 stocks.
Alibaba Group Holding Ltd (4.43%), Baidu (4.18%) and Ping An Insurance Group Co (3.62%) are the top three holdings of the fund. Information Technology (65.5%), Financials (25.8%) and Consumer Discretionary (8.7%) are the top three sectors of the fund. It charges 78 bps in fees.
How Does It Fit in a Portfolio?
Blockchain technology is presently seeing a meteoric rise. Blockchains allow information to be shared in peer-to-peer networks, but data in any given block cannot be changed or copied without changing all subsequent blocks. This makes the technology fraud-proof. Needless to say, investors would be interested in this technology.
In the rise of this technology globally, China’s contribution is noteworthy. China filed more blockchain-related patents in 2017 than any other country in the world, per the issuer. Blockchain-related investments in China can have a wide coverage including the infrastructure, financial services, manufacturing, and technology industries.
So, investors intending to tap China’s blockchain deployment spree may find this fund an intriguing option. Investors should also note that blockchain-based ETFs could be good choices for investors seeking to bet on the technology that takes them to bitcoin and other cryptocurrencies. The digital currency was the hottest trade of 2017 but is currently going through a rough patch (read: Forget Bitcoin, Bet on Blockchain With These New ETFs).
Several attempts for ETF issuances on bitcoin have not seen success as yet due to regulatory hurdles. So, investors wanting to get an exposure to bitcoin via the ETF route may find blockchain ETFs useful (read: Will VanEck's Renewed Attempt to Launch Bitcoin ETF Work?)
In this regard, we would like to highlight that the Peoples Bank of China (PBoC) is planning a launch of its own national cryptocurrency called DCEP (Digital Currency for Electronic Payment).
What About Competition?
There are blockchain ETFs available in the market, namelyReality Shares Nasdaq NexGen Economy ETFBLCN,Amplify Transformational Data Sharing ETFBLOK,First Trust Indxx Innovative Transaction & Process ETFLEGR,Innovation Shares NextGen Protocol ETFKOIN andREX BKCM ETFBKC.
However, none of the funds are fully focused on China. Funds like BLCN, BLOK and LEGR have exposure to China in the range of 6% to 12%. From this perspective, the newbie is unique and may see uninterrupted success.
Want key ETF info delivered straight to your inbox?
Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportAMP-TFR DAT SHR (BLOK): ETF Research ReportsREALT-NDQ NEXGN (BLCN): ETF Research ReportsINNV-SHS NG PRT (KOIN): ETF Research ReportsFT-INDXX INN TP (LEGR): ETF Research ReportsREX-BKCM ETF (BKC): ETF Research ReportsTo read this article on Zacks.com click here.Zacks Investment ResearchWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report || Here's Why Rhythm Pharmaceuticals Inc Rose as Much as 37% Today: Shares ofRhythm Pharmaceuticals(NASDAQ: RYTM)soared 37% today after the company announced the pricing of a public offering of common stock. The rare-disease-focused biopharma will sell up to 6.6 million shares at $26.42 apiece, for gross proceeds of up to $174 million.
Shares fell precipitously earlier this week when Rhythm Pharmaceuticals paired the announcement of promising topline data from an ongoing phase 2 trial for its lead drug candidate with news of its intention to conduct the offering. Now that investors have had a few days to interpret the data and know the share price of the offering, they're giving the early-stage biopharma another look.
As of 2:26 p.m. EDT, the stock had settled to a 25.7% gain. After a volatile week, however, shares have only posted a 1% gain in the last five days.
Image source: Getty Images.
The recent share offering wisely takes advantage of a soaring stock price. Rhythm Pharmaceuticals ended March 2018 with $136.5 million in cash, cash equivalents, and short-term investments, so adding another $174 million in gross proceeds will pad the coffers quite a bit. It'll be needed to fund pipeline-development activities.
The company's focused on developing treatments for rare diseases. Its lead drug candidate, setmelanotide, is currently being evaluated in mid- and late-stage trials as a potential therapy for rare metabolic diseases that cause obesity. "Rare" is the keyword, as there are literallyonly a handful of patientscurrently enrolled in the study and they have three different diseases.
While the small size of the trial may give investors pause that the results will hold up in larger populations, Rhythm Pharmaceuticals is moving ahead to a phase 3 trial in 2018 for two of the rare metabolic diseases. There will be at least 26 patients in the pivotal study, which will take 12 months to complete. If successful, the company estimates there are about 5,000 individuals in the United States who could benefit from setmelanotide across the three diseases.
Today's jump in share price simply erases the losses piled on earlier this week. That puts Rhythm Pharmaceuticals' market cap back at $900 million. Considering it soon will have just shy of $300 million in cash and phase 3 trials evaluating its lead drug candidate's potential to treat four distinct rare diseases (not to be confused with four different studies), that might be a fair price for the early stage biopharma. Of course, it will need to find success in the clinic, gain marketing approval, and then successfully commercialize its drug candidate to earn that valuation and more. Since phase 3 data isn't expected until mid- to late-2019 at the earliest, investors could be waiting around a little while.
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Maxx Chatskohas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || Here's Why Rhythm Pharmaceuticals Inc Rose as Much as 37% Today: What happened Shares of Rhythm Pharmaceuticals (NASDAQ: RYTM) soared 37% today after the company announced the pricing of a public offering of common stock. The rare-disease-focused biopharma will sell up to 6.6 million shares at $26.42 apiece, for gross proceeds of up to $174 million. Shares fell precipitously earlier this week when Rhythm Pharmaceuticals paired the announcement of promising topline data from an ongoing phase 2 trial for its lead drug candidate with news of its intention to conduct the offering. Now that investors have had a few days to interpret the data and know the share price of the offering, they're giving the early-stage biopharma another look. As of 2:26 p.m. EDT, the stock had settled to a 25.7% gain. After a volatile week, however, shares have only posted a 1% gain in the last five days. Several lines drawn on a chalk board showing growth. Image source: Getty Images. So what The recent share offering wisely takes advantage of a soaring stock price. Rhythm Pharmaceuticals ended March 2018 with $136.5 million in cash, cash equivalents, and short-term investments, so adding another $174 million in gross proceeds will pad the coffers quite a bit. It'll be needed to fund pipeline-development activities. The company's focused on developing treatments for rare diseases. Its lead drug candidate, setmelanotide, is currently being evaluated in mid- and late-stage trials as a potential therapy for rare metabolic diseases that cause obesity. "Rare" is the keyword, as there are literally only a handful of patients currently enrolled in the study and they have three different diseases. While the small size of the trial may give investors pause that the results will hold up in larger populations, Rhythm Pharmaceuticals is moving ahead to a phase 3 trial in 2018 for two of the rare metabolic diseases. There will be at least 26 patients in the pivotal study, which will take 12 months to complete. If successful, the company estimates there are about 5,000 individuals in the United States who could benefit from setmelanotide across the three diseases. Story continues Now what Today's jump in share price simply erases the losses piled on earlier this week. That puts Rhythm Pharmaceuticals' market cap back at $900 million. Considering it soon will have just shy of $300 million in cash and phase 3 trials evaluating its lead drug candidate's potential to treat four distinct rare diseases (not to be confused with four different studies), that might be a fair price for the early stage biopharma. Of course, it will need to find success in the clinic, gain marketing approval, and then successfully commercialize its drug candidate to earn that valuation and more. Since phase 3 data isn't expected until mid- to late-2019 at the earliest, investors could be waiting around a little while. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Maxx Chatsko has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || Stock, Bond ETF Strategies to Build a Better Core: This article was originally published onETFTrends.com.
Investors who are interested in smart beta or factor-based ETFs should consider some of the best practices when incorporating these alternative strategies into a diversified portfolio.
On the recent webcast (available On Demand for CE Credit),Core Values, Core Portfolio Building Blocks, Lance Humphrey, Portfolio Manager for USAA Asset Allocation, warned that current valuations in U.S. stocks are elevated in the extended bull market environment. Furthermore, fixed-income assets are also exhibiting stretched valuations and low yields after a three-decade bull run.
Consequently, Humphrey argued that investors could look to smart beta or factor-based strategies that eschew traditional market capitalization weighting methodologies to seek out ways to access the markets and diminish potential risks along the way. Specifically, at USAA, the smart beta approach should track core factors, offer balanced risks, include thoughtful implementation and provide consistent returns.
The core factors include securities that should be selected using the most researched and empirically validated factors from both academic and practitioner research. Smart beta should provide balanced risk or stocks selection should be weighted in a portfolio in such a way to balance the risk of each individual security. Through thoughtful implementation, indices should be constructed thoughtfully to account for implementation concerns such as turnover, liquidity, and rebalancing. Lastly, the investment should provide consistent results by combining complementary factors in a balanced approach, which can lead to more consistent results relative to market capitalization weighted indices,
Among the various market factors that has produced a premium over the years, USAA focused on the value and momentum factors to enhance their investment objectives. Humphrey argued that value and momentum has helped investors generate attractive risk-adjusted returns over time. By complimenting a passive ETF portfolio with factors and active bond strategies, an investor may enhance their overall returns over time and diminish drawdowns during more volatile conditions.
USAA ETFs to Better Manage Risk
To help investors better manage risks and access the markets in a smarter way, USAA has launched two actively managed bond ETFs and four smart beta stock ETFs, including USAA Core Short-Term Bond ETF (USTB) , USAA Core Intermediate-Term Bond ETF (UITB) , USAA MSCI USA Value Momentum Blend Index ETF (ULVM) , USAA MSCI USA Small Cap Value Momentum Blend Index ETF (USVM) , USAA MSCI International Value Momentum Blend Index ETF (UIVM) and USAA MSCI Emerging Markets Value Momentum Blend Index ETF (UEVM) .
To build a better core portfolio, Humphrey argued that investors should consider building a globally diversified portfolio, focus on long-term proven equity factors and include skilled actively managed fixed-income.
Based on historical relationships, expected returns in international and emerging markets appear more favorable. Academic research suggests that focusing on stock companies with factors like attractive valuations and improving momentum have led to higher excess returns. Lastly, with interest rates near their all time low levels, investors should consider adding higher-yielding, actively managed fixed income to their portfolios.
Financial advisors who are interested in learning more about portfolio construction canwatch the webcast here on demand.
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READ MORE AT ETFTRENDS.COM > || Stock, Bond ETF Strategies to Build a Better Core: This article was originally published on ETFTrends.com. Investors who are interested in smart beta or factor-based ETFs should consider some of the best practices when incorporating these alternative strategies into a diversified portfolio. On the recent webcast (available On Demand for CE Credit), Core Values, Core Portfolio Building Blocks , Lance Humphrey, Portfolio Manager for USAA Asset Allocation, warned that current valuations in U.S. stocks are elevated in the extended bull market environment. Furthermore, fixed-income assets are also exhibiting stretched valuations and low yields after a three-decade bull run. Consequently, Humphrey argued that investors could look to smart beta or factor-based strategies that eschew traditional market capitalization weighting methodologies to seek out ways to access the markets and diminish potential risks along the way. Specifically, at USAA, the smart beta approach should track core factors, offer balanced risks, include thoughtful implementation and provide consistent returns. The core factors include securities that should be selected using the most researched and empirically validated factors from both academic and practitioner research. Smart beta should provide balanced risk or stocks selection should be weighted in a portfolio in such a way to balance the risk of each individual security. Through thoughtful implementation, indices should be constructed thoughtfully to account for implementation concerns such as turnover, liquidity, and rebalancing. Lastly, the investment should provide consistent results by combining complementary factors in a balanced approach, which can lead to more consistent results relative to market capitalization weighted indices, Among the various market factors that has produced a premium over the years, USAA focused on the value and momentum factors to enhance their investment objectives. Humphrey argued that value and momentum has helped investors generate attractive risk-adjusted returns over time. By complimenting a passive ETF portfolio with factors and active bond strategies, an investor may enhance their overall returns over time and diminish drawdowns during more volatile conditions. Story continues USAA ETFs to Better Manage Risk To help investors better manage risks and access the markets in a smarter way, USAA has launched two actively managed bond ETFs and four smart beta stock ETFs, including USAA Core Short-Term Bond ETF ( USTB ) , USAA Core Intermediate-Term Bond ETF ( UITB ) , USAA MSCI USA Value Momentum Blend Index ETF ( ULVM ) , USAA MSCI USA Small Cap Value Momentum Blend Index ETF ( USVM ) , USAA MSCI International Value Momentum Blend Index ETF ( UIVM ) and USAA MSCI Emerging Markets Value Momentum Blend Index ETF ( UEVM ) . To build a better core portfolio, Humphrey argued that investors should consider building a globally diversified portfolio, focus on long-term proven equity factors and include skilled actively managed fixed-income. Based on historical relationships, expected returns in international and emerging markets appear more favorable. Academic research suggests that focusing on stock companies with factors like attractive valuations and improving momentum have led to higher excess returns. Lastly, with interest rates near their all time low levels, investors should consider adding higher-yielding, actively managed fixed income to their portfolios. Financial advisors who are interested in learning more about portfolio construction can watch the webcast here on demand . POPULAR ARTICLES FROM ETFTRENDS.COM Disney Raises Fox Offer to $71.3B, Outbids Comcast’s $66B Goldman Sachs CEO Lloyd Blankfein: Bitcoin ‘Not for Me’ Waning Bitcoin Volatility Could be a Good Thing Small-Cap ETFs: Not as Volatile as They Used to Be When Can I Retire? Two Calculations to Find the Answer READ MORE AT ETFTRENDS.COM > || How Tariffs Could Crush Auto Profits: German auto and truck maker Daimler AG (NASDAQOTH: DDAIF) cut its 2018 profit expectations, warning that new tariffs on vehicles exported from the United States to China are likely to hurt sales of the high-profit Mercedes-Benz SUVs it builds in Alabama for global markets. It's yet another sign that ongoing trade disputes between the U.S. and other countries may not work out as well as the Trump Administration has hoped. More broadly, Daimler's profit warning is also a warning to investors in other automakers: The end of the global auto-sales boom may not be far away. A dark blue Mercedes-Benz GLS, a large luxury crossover SUV, with mountains in the background. Made in USA: The Mercedes-Benz GLS luxury SUV is one of several Mercedes vehicles built in Tuscaloosa, Alabama, and exported to other markets, including China. Image source: Daimler AG. What Daimler said: Lowering 2018 guidance In a statement on Thursday, Daimler said it is lowering its 2018 pre-tax earnings expectations for three of its five business units, and for the company overall. Daimler now expects 2018 earnings before interest and tax (EBIT) at its Mercedes-Benz Cars unit (the luxury-vehicle brand) to be slightly lower than its 2017 result, at 9.2 billion euros. Prior guidance called for it to come in slightly higher. Full-year EBIT at Mercedes-Benz Vans (the Mercedes-brand commercial-vehicle unit) will be significantly lower than 2017's result, at 1.18 billion euros. (Prior guidance: Slightly lower.) Full-year EBIT at Daimler Buses (which makes commercial and school buses under several brands) will be roughly equal to 2017's result, at 243 million euros. (Prior guidance: Slightly higher.) EBIT forecasts for the Daimler Trucks and Financial Services units are unchanged: 2018 results for both are still expected to be significantly above 2017 levels. (2.38 billion euros and 1.97 billion euros, respectively.) As a result, Daimler said its overall EBIT will be slightly lower than its 2017 result, at 14.68 billion euros. Its earlier forecast had called for 2018's EBIT to be slightly higher than 2017's. Story continues Trump's trade war could hurt other automakers President Trump has said that trade imbalances between the U.S. and other countries threaten America's national security. He has proposed to place tariffs on several categories of imported products, including vehicles. Separately, he has also promised to impose tariffs on a wide range of Chinese goods, a promise that produced a threat of retaliation from China. It's that latter threat (from China) that Daimler is citing here. The German automaker isn't alone in its concerns. Volvo Cars has a brand-new factory in South Carolina, built with the expectation that its products will be exported from the U.S. to other countries, and Volvo Cars CEO Hakan Samuelsson warned on Wednesday that plans to hire 4,000 workers at that new factory are now at risk, according to a Reuters report . European automakers aren't the only ones that stand to lose if China imposes new tariffs on vehicles imported from the United States. Ford Motor Company (NYSE: F) exports several key vehicles, including the high-profit Lincoln Navigator and Ford Mustang, from the U.S. to China; higher tariffs will force Ford to raise prices in China, hurting the Blue Oval's already-suffering sales in the world's largest new-vehicle market. In a separate but related development, Daimler has banded together with BMW AG and Volkswagen AG to propose that existing vehicle tariffs between the U.S. and the European Union be abolished entirely. (The EU currently imposes a 10% tax on vehicles imported from the U.S.; Trump has threatened a retaliatory tariff.) That would help all three of them, of course -- but it would also likely help Ford and Fiat Chrysler Automobiles , both of which are significant players in the European market. The takeaway for auto investors: Tariffs could clobber profits Auto sales around the world have boomed since the 2008-2010 recession, and auto investors have ridden that boom to nice profits. But as Daimler's warning reminds us, most global automakers are dependent on (relatively) free trade: If the president's trade war leads to retaliatory tariffs that drive retail prices for many vehicles higher, this long-lived auto boom could quickly turn into a bust. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This John Rosevear owns shares of Ford. The Motley Fool recommends BMW and Ford. The Motley Fool has a disclosure policy . || How Tariffs Could Crush Auto Profits: German auto and truck makerDaimler AG(NASDAQOTH: DDAIF)cut its 2018 profit expectations, warning that new tariffs on vehicles exported from the United States to China are likely to hurt sales of the high-profit Mercedes-Benz SUVs it builds in Alabama for global markets.
It's yet another sign that ongoing trade disputes between the U.S. and other countries may not work out as well as the Trump Administration has hoped. More broadly, Daimler's profit warning is also a warning to investors in other automakers: The end of the global auto-sales boom may not be far away.
Made in USA: The Mercedes-Benz GLS luxury SUV is one of several Mercedes vehicles built in Tuscaloosa, Alabama, and exported to other markets, including China. Image source: Daimler AG.
In a statement on Thursday, Daimler said it is lowering its 2018 pre-tax earnings expectations for three of its five business units, and for the company overall.
• Daimler now expects 2018 earnings before interest and tax (EBIT) at its Mercedes-Benz Cars unit (the luxury-vehicle brand) to be slightly lower than its 2017 result, at 9.2 billion euros. Prior guidance called for it to come in slightly higher.
• Full-year EBIT at Mercedes-Benz Vans (the Mercedes-brand commercial-vehicle unit) will be significantly lower than 2017's result, at 1.18 billion euros. (Prior guidance: Slightly lower.)
• Full-year EBIT at Daimler Buses (which makes commercial and school buses under several brands) will be roughly equal to 2017's result, at 243 million euros. (Prior guidance: Slightly higher.)
• EBIT forecasts for the Daimler Trucks and Financial Services units are unchanged: 2018 results for both are still expected to be significantly above 2017 levels. (2.38 billion euros and 1.97 billion euros, respectively.)
As a result, Daimler said its overall EBIT will be slightly lower than its 2017 result, at 14.68 billion euros. Its earlier forecast had called for 2018's EBIT to be slightly higher than 2017's.
President Trump has said that trade imbalances between the U.S. and other countries threaten America's national security. He has proposed to place tariffs on several categories of imported products, including vehicles. Separately, he has also promised to impose tariffs on a wide range of Chinese goods, a promise that produced a threat of retaliation from China.
It's that latter threat (from China) that Daimler is citing here. The German automaker isn't alone in its concerns. Volvo Cars has a brand-new factory in South Carolina, built with the expectation that its products will be exported from the U.S. to other countries, and Volvo Cars CEO Hakan Samuelsson warned on Wednesday that plans to hire 4,000 workers at that new factory are now at risk, according to a Reutersreport.
European automakers aren't the only ones that stand to lose if China imposes new tariffs on vehicles imported from the United States.Ford Motor Company(NYSE: F)exports several key vehicles, including thehigh-profit Lincoln Navigatorand Ford Mustang, from the U.S. to China; higher tariffs will force Ford to raise prices in China, hurting the Blue Oval'salready-suffering salesin the world's largest new-vehicle market.
In a separate but related development, Daimler has banded together withBMW AGandVolkswagen AGto propose that existing vehicle tariffs between the U.S. and the European Union be abolished entirely. (The EU currently imposes a 10% tax on vehicles imported from the U.S.; Trump has threatened a retaliatory tariff.) That would help all three of them, of course -- but it would also likely help Ford andFiat Chrysler Automobiles, both of which are significant players in the European market.
Auto sales around the world have boomed since the 2008-2010 recession, and auto investors have ridden that boom to nice profits. But as Daimler's warning reminds us, most global automakers are dependent on (relatively) free trade: If the president's trade war leads to retaliatory tariffs that drive retail prices for many vehicles higher, this long-lived auto boom could quickly turn into a bust.
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John Rosevearowns shares of Ford. The Motley Fool recommends BMW and Ford. The Motley Fool has adisclosure policy. || Brad Garlinghouse: Why XRP is not a security: One week ago, SEC official Bill Hinman declared on stage at Yahoo Finance’s All Markets Summit: Crypto that the SEC does not view bitcoin or ether as securities , and thus will leave them alone in terms of SEC regulation. Hinman did not mention XRP, the No. 3 cryptocurrency by market cap . Now Ripple CEO Brad Garlinghouse is making his case for why XRP should get the same treatment as bitcoin and ether. Speaking on Thursday at the CB Insights Future of Fintech conference in New York City, live-streamed by Yahoo Finance , Garlinghouse presented “three key arguments” for why XRP is not a security. As a quick refresher: Ripple is a private software company that sells products to banks and remittance firms that help them send and settle cross-border payments faster. XRP is a digital token that Ripple, the company, uses in one of its products for banks, xRapid, but does not use in its most popular product, xCurrent. Ripple and XRP are separate things , but they are constantly confused and conflated by cryptocurrency speculators and by the media—it doesn’t help matters that Ripple owns 60% of the supply of XRP tokens. Here are Garlinghouse’s three arguments. 1. “If Ripple the company shut down tomorrow, the XRP ledger would continue to operate. It’s open-source, decentralized technology that exists independent of Ripple.” 2. “The people buying XRP, they don’t think they’re buying shares of Ripple. There’s a company called Ripple, we are a private company, we have investors… but buying XRP doesn’t give you ownership of Ripple, it doesn’t give you access to dividends or profits that come from Ripple.” 3. “XRP is solving a problem. There’s no utility in a security.” Ripple CEO Brad Garlinghouse at the Yahoo Finance All Markets Summit: Crypto on Feb. 7, 2018 in New York. (Gino DePinto/Oath) To be sure, Garlinghouse’s arguments have to come with a heavy grain of salt. He’s making the case for XRP not being a security because Ripple doesn’t want the SEC interfering with XRP. (By the way, if the SEC were to come out and say XRP is not a security, the price of XRP would shoot up.) Cory Johnson, Ripple’s chief market strategist, made the same argument about XRP at Yahoo Finance’s crypto summit last week. Story continues When Garlinghouse says XRP is a utility, he means that it’s used for an actual business purpose, unlike a stock certificate. Ripple utilizes XRP as a vehicle for sending funds internationally. But he ought to go back and look at what the SEC specifically warned in December: “ Merely calling a token a ‘utility’ token or structuring it to provide some utility does not prevent the token from being a security .” Most importantly, many crypto enthusiasts insist that because Ripple owns more than half the supply of XRP, the token is not truly decentralized. Therein lies the pivotal issue. Hinman of the SEC, in his comments about bitcoin and ether not being securities , focused on the idea that Bitcoin and Ethereum have no central power. They are truly decentralized systems. On the other hand, Hinman said, “There will continue to be systems that rely on central actors whose efforts are a key to the success of the enterprise.” At the CB Insights conference, moderator Jeff Roberts of Fortune read Hinman’s quote to Garlinghouse and asked, “Doesn’t that sound a lot like Ripple and XRP?” Garlinghouse (unsurprisingly) said no. Instead, he argued, “I think that sounds a lot like the ICO market ,” where companies hold sales of newly created tokens for later use in an ecosystem that usually has not launched yet, and might never launch. “I don’t think that our ownership of XRP gives us control… just because we own a lot of an asset,” he said. Many would disagree. And if Ripple were to unload a huge chunk of its XRP holdings, it would certainly move the XRP market. Garlinghouse added, “I look forward to the SEC clarifying some of these things.” Watch Yahoo Finance’s All Markets Summit: Crypto from June 14 here . — Daniel Roberts covers bitcoin and blockchain at Yahoo Finance. Follow him on Twitter at @ readDanwrite . Read more: Ripple CEO: ‘There’s a lot of FUD about XRP’ Ripple CEO: ‘Don’t call it cryptocurrency’ Ripple exec: XRP is ‘crypto 2.0’ Ripple chief market strategist: Crypto regulation will ‘separate the wheat from the chaff’ Coinbase exec: ‘Adding more assets is a very big priority for us’
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#Doviz
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#USD : 4.6779
#EUR : 5.4628
#GBP : 6.2113
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#BTC
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#Gobaba : 28338.52
#Btcturk : 29495.00
#Koinim : 29599.00
#Paribu : 29500.00
#Koineks : 29689.00 || 5172.5 Eur | -0.25% | Kraken | 23/06/18 00:26 #Bitcoin #Kraken #BTCEUR || Tomorrow at 1:00 PM PDT
The #Bitcoin Group #181 - Exchanges Hacked - Unsafe & Dirty - Tether Review - Crypto Conspiracy https://www.youtube.com/watch?v=4vwkiwvOCz4 …
featuring @TechBalt @...
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6162.48, 6173.23, 6249.18, 6093.67, 6157.13, 5903.44, 6218.30, 6404.00, 6385.82, 6614.18
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 3476.11, 3614.23, 3502.66, 3424.59, 3486.95, 3313.68, 3242.48, 3236.76, 3252.84, 3545.86, 3696.06, 3745.95, 4134.44, 3896.54, 4014.18, 3998.98, 4078.60, 3815.49, 3857.30, 3654.83, 3923.92, 3820.41, 3865.95, 3742.70, 3843.52, 3943.41, 3836.74, 3857.72, 3845.19, 4076.63, 4025.25, 4030.85, 4035.30, 3678.92, 3687.37, 3661.30, 3552.95, 3706.05, 3630.68, 3655.01, 3678.56, 3657.84, 3728.57, 3601.01, 3576.03, 3604.58, 3585.12, 3600.87, 3599.77, 3602.46, 3583.97, 3470.45, 3448.12, 3486.18, 3457.79, 3487.95, 3521.06, 3464.01, 3459.15, 3466.36, 3413.77, 3399.47, 3666.78, 3671.20, 3690.19, 3648.43, 3653.53, 3632.07, 3616.88, 3620.81, 3629.79, 3673.84, 3915.71, 3947.09, 3999.82, 3954.12, 4005.53, 4142.53, 3810.43, 3882.70, 3854.36, 3851.05, 3854.79, 3859.58, 3864.42, 3847.18, 3761.56, 3896.38, 3903.94, 3911.48.
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[Bitcoin Technical Analysis for 2019-03-07]
Volume: 9584165519, RSI (14-day): 56.81, 50-day EMA: 3803.60, 200-day EMA: 4834.88
[Wider Market Context]
Gold Price: 1283.80, Gold RSI: 37.31
Oil Price: 56.66, Oil RSI: 58.25
[Recent News (last 7 days)]
A First for Everything: Canadian Court Certified a Bitcoin Expert: CipherTrace, a blockchain security company, announced today that its CEO, Dave Jevans, has been certified by a Canadian criminal court as an expert witness. Jevans testified against Matthew Phan, a drug dealer convicted for trafficking in drugs and weapons on the dark web.
Phan’s 2018arrestand the subsequent seizure of his Bitcoin wallet was a first for Canada, and Jevans’certification as an expert witnessis a first for the Canadian court system.
The Canadian government appreciated Dave Jevans’ help | Source: Business Wire
One of the lawyers for the prosecution said:
“I would have loved to have access to a tool such as CipherTrace when I originally conducted this investigation in May of 2015. The report prepared by Dave really was the pivotal piece in the Crown’s case for forfeiture.” || A First for Everything: Canadian Court Certified a Bitcoin Expert: Canada's first expert witness provided testimony that was used to crack down on a dark web drug trafficker | Source: Shutterstock CipherTrace , a blockchain security company, announced today that its CEO, Dave Jevans, has been certified by a Canadian criminal court as an expert witness. Jevans testified against Matthew Phan, a drug dealer convicted for trafficking in drugs and weapons on the dark web. First Certified Bitcoin Witness Phan’s 2018 arrest and the subsequent seizure of his Bitcoin wallet was a first for Canada, and Jevans’ certification as an expert witness is a first for the Canadian court system. Dave Jevans CipherTrace Bitcoin Canada The Canadian government appreciated Dave Jevans’ help | Source: Business Wire One of the lawyers for the prosecution said: “I would have loved to have access to a tool such as CipherTrace when I originally conducted this investigation in May of 2015. The report prepared by Dave really was the pivotal piece in the Crown’s case for forfeiture.” Read the full story on CCN.com . || A First for Everything: Canadian Court Certified a Bitcoin Expert: CipherTrace, a blockchain security company, announced today that its CEO, Dave Jevans, has been certified by a Canadian criminal court as an expert witness. Jevans testified against Matthew Phan, a drug dealer convicted for trafficking in drugs and weapons on the dark web.
Phan’s 2018arrestand the subsequent seizure of his Bitcoin wallet was a first for Canada, and Jevans’certification as an expert witnessis a first for the Canadian court system.
The Canadian government appreciated Dave Jevans’ help | Source: Business Wire
One of the lawyers for the prosecution said:
“I would have loved to have access to a tool such as CipherTrace when I originally conducted this investigation in May of 2015. The report prepared by Dave really was the pivotal piece in the Crown’s case for forfeiture.” || Crypto Up; Canada Audits Crypto Investors: Investing.com - Prices of major cryptocurrencies moved up on Thursday morning in Asia to hit a peak this week despite a lack of obvious price catalysts.
Bitcoin climbed to a one-week high to $3,878.3, up 0.92%, by 10:18 PM ET (03:18 AM GMT). The digital coin bounced from a mid-week dive to around $3,700 and has been gaining steam since.
Other cryptocurrencies are also riding the upwards momentum.
Ethereum went up 2.28% to $138.38, XRP traded 1.51% higher to $0.31678 and Litecoin added 6.61% to $56.294 over the past 24 hours.
The crypto market cap grew to $133.8 billion, up $7 billion from the beginning of this week.
The market did take a small beat on news that crypto traders in Canada may now be seeing their investments audited by the Canada Revenue Agency (CRA), Forbes reported.
The report said that the CRA had sent 14-page questionnaires to investors about their crypto-related activities in recent years. The CRA is looking into how and from whom they purchased the digital assets, and if they use crypto mixing services or tumblers.
The CRA has been taxing digital tokens since 2013 and it set up a special unit in 2017 to monitor the crypto space, collecting intelligence and conducting audits focused on crypto-related risks.
Also happening in Canada is the investigation over the missing funds of crypto exchange QuadrigaCX. A report by Ernst & Young led to questions about whether the money was already gone even before its CEO Gerald Cotton died in December, who was the only person that had access to the cold wallets.
EY said in the report that the cold wallets that were believed to have kept Quadriga customers' missing funds are empty. There was no record of deposits into the cold wallets since April 2018, and the missing coins may have been transferred to accounts at other exchanges.
After its owner suddenly died, QuadrigaCX found that it owed CA$180 million dollars ($135.39 million) to users and faces multiple lawsuits over the missing funds.
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Crypto Market Recovers as SEC Launches Meetups with Sector || Crypto Up; Canada Audits Crypto Investors: Prices of major cryptocurrencies moved upward on Thursday morning in Asia Investing.com - Prices of major cryptocurrencies moved up on Thursday morning in Asia to hit a peak this week despite a lack of obvious price catalysts. Bitcoin climbed to a one-week high to $3,878.3, up 0.92%, by 10:18 PM ET (03:18 AM GMT). The digital coin bounced from a mid-week dive to around $3,700 and has been gaining steam since. Other cryptocurrencies are also riding the upwards momentum. Ethereum went up 2.28% to $138.38, XRP traded 1.51% higher to $0.31678 and Litecoin added 6.61% to $56.294 over the past 24 hours. The crypto market cap grew to $133.8 billion, up $7 billion from the beginning of this week. The market did take a small beat on news that crypto traders in Canada may now be seeing their investments audited by the Canada Revenue Agency (CRA), Forbes reported. The report said that the CRA had sent 14-page questionnaires to investors about their crypto-related activities in recent years. The CRA is looking into how and from whom they purchased the digital assets, and if they use crypto mixing services or tumblers. The CRA has been taxing digital tokens since 2013 and it set up a special unit in 2017 to monitor the crypto space, collecting intelligence and conducting audits focused on crypto-related risks. Also happening in Canada is the investigation over the missing funds of crypto exchange QuadrigaCX. A report by Ernst & Young led to questions about whether the money was already gone even before its CEO Gerald Cotton died in December, who was the only person that had access to the cold wallets. EY said in the report that the cold wallets that were believed to have kept Quadriga customers' missing funds are empty. There was no record of deposits into the cold wallets since April 2018, and the missing coins may have been transferred to accounts at other exchanges. After its owner suddenly died, QuadrigaCX found that it owed CA$180 million dollars ($135.39 million) to users and faces multiple lawsuits over the missing funds. Story continues Related Articles Stellar (XLM) Rebranded as Expectations of Important Announcement Loom Russia: Central Bank Suggests Limiting Sale of Crypto Assets for ‘Unqualified Investors’ Crypto Market Recovers as SEC Launches Meetups with Sector || Stock Market Forecast – Stocks Slip Lead Lower by Healthcare: US stocks moved lower on Friday, nearly all sectors were lower but Utilities bucked the trend. US yields moved lower as mixed US data, showed the slowing of global growth is weighing on the United States. While private payrolls came out in line with expectations, a wider than expected trade deficit shows there will be slowing US growth in the Q4. The worst performing sector was healthcare which dropped by 2.02%, followed by energy which declined by 1.82%. On Wednesday the US Department of Energy reported a larger than expected build in crude oil inventories which generated headwinds for the Energy Sector Private Payrolls Decellerated On Wednesday ADP reported that US private payrolls increased by 183K in February which was in line with expectations. The rise reflects a deceleration in the number of private payrolls created. January was revised sharply higher increased to 300K from the 213K initially reported. It is unclear whether the jobs market in the US has peaked. The ISM manufacturing and services report released late last week and early this week showed a decline in hiring. This also leads some economists to reduce their projected GDP for Q1. The report showed that the number of unemployed in December was 6.3 million and continues to fall short of the number of job openings, which stood at a record 7.3 million as 2018. Private payroll from the ADP/Moody’s report showed the biggest gains coming from professional and business services, with 49,000 new hires, while education and health services added 39,000. Despite a decline in construction spending for December, the number of hires in this space increased by 25K. Financial services increased by 21K and manufacturing rose by 17K. Services accounted for 139K and goods-producing brought in 44K new jobs. Mid-sized companies brought in the newest jobs. Companies with less than 500 employees but more than 50 higher 95K new applicants. Large businesses saw an increase of 77K, and small businesses just 12k. Story continues The US Trade Deficit Widened More than Expected The US trade deficit continues to widen despite effort from the White House to narrow the gap. The December trade deficit increased to a 10-year high of $59.8 billion, well ahead of expectations, according to the Commerce Department. Expectations were for an increase to $57.3 billion, from November’s $50.3 billion. The increase was drive by a 2.1% increase in imports while exports declined by 1.9%. Slowing global growth is causing a reduction in the demand for US goods, while the strong US economy is driving the demand for imported goods. For the year, the deficit increased by $68.8 billion, or 12.5%, to $621 billion. It was the largest trade gap since 2008. The goods deficit came to $891.3 billion for the year, the highest on record. The trade deficit with China in December was $38.7 billion. Separately, the Beige book showed moderate growth in January and February. Of the 12-Federal Reserve’s districts, ten saw “slight-to-moderate” growth in late January and February. This article was originally posted on FX Empire More From FXEMPIRE: Natural Gas Price Forecast – Natural gas markets drift lower Bitcoin And Ethereum Daily Price Forecast – Crypto Coin back In Range As Bulls Hit Resistance USD/JPY Price Forecast – US dollar grinds sideways again Gold Price Forecast – Gold markets look to stabilize Gold Price Prediction – Gold Consolidates Following Soft Trade Data S&P 500 Price Forecast – Stock markets stagnate || Stock Market Forecast – Stocks Slip Lead Lower by Healthcare: US stocks moved lower on Friday, nearly all sectors were lower but Utilities bucked the trend. US yields moved lower as mixed US data, showed the slowing of global growth is weighing on the United States. While private payrolls came out in line with expectations, a wider than expected trade deficit shows there will be slowing US growth in the Q4.
The worst performing sector was healthcare which dropped by 2.02%, followed by energy which declined by 1.82%. On Wednesday the US Department of Energy reported a larger than expected build in crude oil inventories which generated headwinds for the Energy Sector
On Wednesday ADP reported that US private payrolls increased by 183K in February which was in line with expectations. The rise reflects a deceleration in the number of private payrolls created. January was revised sharply higher increased to 300K from the 213K initially reported. It is unclear whether the jobs market in the US has peaked. The ISM manufacturing and services report released late last week and early this week showed a decline in hiring. This also leads some economists to reduce their projected GDP for Q1.
The report showed that the number of unemployed in December was 6.3 million and continues to fall short of the number of job openings, which stood at a record 7.3 million as 2018. Private payroll from the ADP/Moody’s report showed the biggest gains coming from professional and business services, with 49,000 new hires, while education and health services added 39,000.
Despite a decline in construction spending for December, the number of hires in this space increased by 25K. Financial services increased by 21K and manufacturing rose by 17K. Services accounted for 139K and goods-producing brought in 44K new jobs. Mid-sized companies brought in the newest jobs. Companies with less than 500 employees but more than 50 higher 95K new applicants. Large businesses saw an increase of 77K, and small businesses just 12k.
The US trade deficit continues to widen despite effort from the White House to narrow the gap. The December trade deficit increased to a 10-year high of $59.8 billion, well ahead of expectations, according to the Commerce Department. Expectations were for an increase to $57.3 billion, from November’s $50.3 billion.
The increase was drive by a 2.1% increase in imports while exports declined by 1.9%. Slowing global growth is causing a reduction in the demand for US goods, while the strong US economy is driving the demand for imported goods. For the year, the deficit increased by $68.8 billion, or 12.5%, to $621 billion. It was the largest trade gap since 2008. The goods deficit came to $891.3 billion for the year, the highest on record. The trade deficit with China in December was $38.7 billion. Separately, the Beige book showed moderate growth in January and February. Of the 12-Federal Reserve’s districts, ten saw “slight-to-moderate” growth in late January and February.
Thisarticlewas originally posted on FX Empire
• Natural Gas Price Forecast – Natural gas markets drift lower
• Bitcoin And Ethereum Daily Price Forecast – Crypto Coin back In Range As Bulls Hit Resistance
• USD/JPY Price Forecast – US dollar grinds sideways again
• Gold Price Forecast – Gold markets look to stabilize
• Gold Price Prediction – Gold Consolidates Following Soft Trade Data
• S&P 500 Price Forecast – Stock markets stagnate || The Smartest Way to Profit from the Internet of Money: The crypto-boom was probably the most polarizing subject in the market last year. On one side, proponents herald cryptocurrencies as a monetary revolution. A way to cut out the middle-man involved in all financial transactions. A revolutionary technology that puts power back in the hands of the people. On the other side, you have some very famous and influential investors calling it the world’s largest Ponzi scheme and a scam the likes of which the world has never seen. The good news is, you don’t have to take on the exorbitant risk of cryptocurrency markets to profit from a boom in Bitcoin, Ethereum, Litecoin and others. You don’t even have to believe in the long-term sustainability of any of these coins. You just have to recognize the game and figure out a way to profit from the underlying technology. That underlying technology, which powers every cryptocurrency on Earth, is the blockchain. When bitcoin futures started trading at the end 2017, the crypto-craze was in full swing. Bitcoin prices had sky-rocketed and the mania set in. That mania has died down a bit but now we are entering a new phase: the legitimization of crypto as an asset class and the widespread usage of the blockchain. As companies have embraced the new technology, crypto prices have stabilized. In just the last few weeks, Bitcoin has rallied to trade above its 50-day moving average. Famed Wall Street investment bank Goldman Sachs recently announced they would be opening a cryptocurrency trading desk. Walmart has patents for autonomous delivery vehicles utilizing the blockchain. IBM has teamed with shipping giant Maersk to create a blockchain to track international cargo. Even automakers like BMW are teaming up to implement blockchain-based systems to track mileage on vehicles. The legitimization of crypto is happening now. There’s never been a better time to take advantage of it. What is the Blockchain? In the digital world, a block is a digital list of records, acting as a ledger that can contain information of any kind. When these blocks are linked together, they are secured by cryptography to form the blockchain. This blockchain is an unforgeable record of all the transactions that is replicated on every computer on the network. If information in a new block can’t be verified by all the other blocks in the chain, it is discarded. In the case of the top cryptocurrencies, a currency’s network consists of millions and millions of computers all over the world. This makes it unhackable, as a hacker would need to hack all that computing power simultaneously, a seemingly impossible task. Story continues At this point the question within this topic is typically: What does blockchain have to do with currency? Everything. But to understand, we have to separate our thought of cryptos from traditional fiat currency. While fiat currency is used to buy cryptocurrency, once bought, cryptos stand on their own. In addition, the smart contract (more on this later) aspect allows cryptos to be much more than an exchange of cash, they are an exchange of value. In a sense, these currencies are the “Internet of Value”. To simplify, the blockchain is a public registry of assets and transactions that tells us who owns what. These transactions are often referred to as smart contracts, as they are recording a contract between two people, whether it be a transfer of currency, or a good or service. You can see how this new innovation could be disruptive to traditional businesses out there. Rather than lament this potential disruption, you are in the unique position to profit from it. How you ask? By investing in the various areas of the market where the blockchain is making noise. Keep reading . . . ------------------------------------------------------------------------------------------------------ “10X Bigger Than the Internet” Zacks targets the innovative businesses behind blockchain – the emerging "Internet of Money." As this technology grows an estimated +8,500% by 2024, shareholders in these companies could make life-changing gains without speculating on volatile cryptocurrencies. According to government sources, blockchain technology is “10 times more valuable than the internet.” And just like the early days of internet stocks, the profit potential is tremendous. We’re accepting a limited number of new investors to see our top picks to tap this phenomenon, but the door closes Sunday, March 10. See our blockchain stocks now >> ------------------------------------------------------------------------------------------------------ There are several different angles here. The “Picks and Axes”: During the gold rush, the ones who really got rich were the ones selling the picks and axes. That is, the companies which provided the tools for the speculators to go out and try to find their fortunes. In the cryptocurrency world, this refers to the companies which make the chips and hardware used for mining operations. Consulting: There will be a wave of companies looking for ways to incorporate blockchain technology into their existing businesses. Already, large consulting companies are beginning to offer services helping companies to integrate the new tech. Cloud Infrastructure: No other industry has been as dependent on the cloud for its development as blockchain has. The need to distribute a ledger across the world, with no centralized ownership or authority overseeing transactions plays into the strengths of the cloud. Companies which offer cloud-based hosting may suffer, while those which help facilitate this decentralized network will benefit greatly. Payment Processing: Among the most disruptive industries for blockchain is payment processing. Rather than your traditional financial intermediary, blockchain technology allows for a distributed, open, public ledger where transactions are confirmed by other nodes in the chain for a fee that’s much smaller than your typical fees coming from more traditional processors. Lending: We are just at the tip of the iceberg here on lending. Blockchain tech is perfect for lending, allowing lenders to spread their risk across thousands of loans in an instant, no matter the size of the lender. Trading Floors: The legitimization of bitcoin continues as futures contracts have started trading on two large exchanges in the US. Miners: The miners are the most important part of any blockchain and likely the most misunderstood. Miners confirm transactions from node to node by solving the cryptographic problem and are then rewarded in units of the cryptocurrency. Already we are seeing companies which “mine” cryptocurrency publicly traded. These companies mine the currency then immediately sell them on the open market and pass through the gains to shareholders. Think of them as you would a pipeline company in the energy sector. These companies are small now but could become much larger in time. Investors/BDC: Some publicly traded companies are acting as incubators for other budding cryptocurrencies. We talk bitcoin a lot but there are over 1,300 other cryptocurrencies in the world. These investors and business development companies invest in promising crypto companies before they hit the mainstream. ETFs: Already there are ETFs which buy stocks with blockchain exposure, however, soon there will be officially regulated ETFs for bitcoin and Ethereum. These ETFs will move dollar for dollar with an index, not trade at huge premiums to the underlying cryptocurrency like the ones available on the market today. There are many more companies on the way but how will you know how to separate the pretenders from the contenders? Which of these emerging companies will be built on solid technology and which will be gimmicks? Just like the Dot Com Bubble brought with it several names which added “.com” to their names to get in on the action, companies are adding “Blockchain” to their names, some in very unscrupulous fashion. Bottom Line There are several ways to play the cryptocurrency boom without exposing yourself to the same downside volatility. By spreading your investment across several aspects of the blockchain, diversification can help smooth your returns. Add in the proven strength of the Zacks Rank and our proprietary system of investing in companies with increasing earnings estimates and you have a potent one-two punch. The Time to Start Is Now At Zacks, we've been watching the blockchain phenomenon very closely. This space is projected to skyrocket from $706 million in 2017 to $60 billion by 2024. Many investors have already gotten very rich. But in my view, blockchain’s most profitable days are still ahead of us. To get in to this once-in-a-lifetime opportunity, you may want to look into our portfolio, Zacks Blockchain Innovators. Right now, we're holding a selection stocks to ride the blockchain boom from different angles – from supplying chips and hardware to fintech firms and consulting services. We're aiming for big gains from solid companies. Check out Blockchain Innovators today and you can be among the first to see my Special Report, The Great Disruption: Blockchain in 2019 & Beyond. In this report, you'll gain a better understanding of what blockchain is, how it's transforming so many industries (with specific examples) and how the revolution is likely to impact you as an investor. I suggest that you look into it right away. Entry to this service will be closed Sunday, March 10. See our Blockchain Innovators stocks now >> Wishing you great financial success, David Bartosiak Zacks Stock Strategist Dave is Zacks' resident technical and momentum expert. A successful early crypto investor, he selects stocks and delivers exclusive commentary for Blockchain Innovators. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report To read this article on Zacks.com click here. Zacks Investment Research || The Smartest Way to Profit from the Internet of Money: The crypto-boom was probably the most polarizing subject in the market last year. On one side, proponents herald cryptocurrencies as a monetary revolution. A way to cut out the middle-man involved in all financial transactions. A revolutionary technology that puts power back in the hands of the people. On the other side, you have some very famous and influential investors calling it the world’s largest Ponzi scheme and a scam the likes of which the world has never seen.
The good news is, you don’t have to take on the exorbitant risk of cryptocurrency markets to profit from a boom in Bitcoin, Ethereum, Litecoin and others. You don’t even have to believe in the long-term sustainability of any of these coins. You just have to recognize the game and figure out a way to profit from the underlying technology. That underlying technology, which powers every cryptocurrency on Earth, is the blockchain.
When bitcoin futures started trading at the end 2017, the crypto-craze was in full swing. Bitcoin prices had sky-rocketed and the mania set in. That mania has died down a bit but now we are entering a new phase: the legitimization of crypto as an asset class and the widespread usage of the blockchain. As companies have embraced the new technology, crypto prices have stabilized. In just the last few weeks, Bitcoin has rallied to trade above its 50-day moving average.
Famed Wall Street investment bank Goldman Sachs recently announced they would be opening a cryptocurrency trading desk. Walmart has patents for autonomous delivery vehicles utilizing the blockchain. IBM has teamed with shipping giant Maersk to create a blockchain to track international cargo. Even automakers like BMW are teaming up to implement blockchain-based systems to track mileage on vehicles. The legitimization of crypto is happening now. There’s never been a better time to take advantage of it.
What is the Blockchain?
In the digital world, a block is a digital list of records, acting as a ledger that can contain information of any kind. When these blocks are linked together, they are secured by cryptography to form the blockchain. This blockchain is an unforgeable record of all the transactions that is replicated on every computer on the network. If information in a new block can’t be verified by all the other blocks in the chain, it is discarded. In the case of the top cryptocurrencies, a currency’s network consists of millions and millions of computers all over the world. This makes it unhackable, as a hacker would need to hack all that computing power simultaneously, a seemingly impossible task.
At this point the question within this topic is typically: What does blockchain have to do with currency? Everything. But to understand, we have to separate our thought of cryptos from traditional fiat currency. While fiat currency is used to buy cryptocurrency, once bought, cryptos stand on their own. In addition, the smart contract (more on this later) aspect allows cryptos to be much more than an exchange of cash, they are an exchange of value. In a sense, these currencies are the “Internet of Value”.
To simplify, the blockchain is a public registry of assets and transactions that tells us who owns what. These transactions are often referred to as smart contracts, as they are recording a contract between two people, whether it be a transfer of currency, or a good or service.
You can see how this new innovation could be disruptive to traditional businesses out there. Rather than lament this potential disruption, you are in the unique position to profit from it. How you ask? By investing in the various areas of the market where the blockchain is making noise.
Keep reading . . .
------------------------------------------------------------------------------------------------------
“10X Bigger Than the Internet”
Zacks targets the innovative businesses behind blockchain – the emerging "Internet of Money." As this technology grows an estimated +8,500% by 2024, shareholders in these companies could make life-changing gains without speculating on volatile cryptocurrencies.
According to government sources, blockchain technology is“10 times more valuable than the internet.”And just like the early days of internet stocks, the profit potential is tremendous. We’re accepting a limited number of new investors to see our top picks to tap this phenomenon, but the door closesSunday, March 10.
See our blockchain stocks now >>
------------------------------------------------------------------------------------------------------
There are several different angles here.
The “Picks and Axes”:During the gold rush, the ones who really got rich were the ones selling the picks and axes. That is, the companies which provided the tools for the speculators to go out and try to find their fortunes. In the cryptocurrency world, this refers to the companies which make the chips and hardware used for mining operations.
Consulting:There will be a wave of companies looking for ways to incorporate blockchain technology into their existing businesses. Already, large consulting companies are beginning to offer services helping companies to integrate the new tech.
Cloud Infrastructure:No other industry has been as dependent on the cloud for its development as blockchain has. The need to distribute a ledger across the world, with no centralized ownership or authority overseeing transactions plays into the strengths of the cloud. Companies which offer cloud-based hosting may suffer, while those which help facilitate this decentralized network will benefit greatly.
Payment Processing:Among the most disruptive industries for blockchain is payment processing. Rather than your traditional financial intermediary, blockchain technology allows for a distributed, open, public ledger where transactions are confirmed by other nodes in the chain for a fee that’s much smaller than your typical fees coming from more traditional processors.
Lending:We are just at the tip of the iceberg here on lending. Blockchain tech is perfect for lending, allowing lenders to spread their risk across thousands of loans in an instant, no matter the size of the lender.
Trading Floors:The legitimization of bitcoin continues as futures contracts have started trading on two large exchanges in the US.
Miners:The miners are the most important part of any blockchain and likely the most misunderstood. Miners confirm transactions from node to node by solving the cryptographic problem and are then rewarded in units of the cryptocurrency. Already we are seeing companies which “mine” cryptocurrency publicly traded. These companies mine the currency then immediately sell them on the open market and pass through the gains to shareholders. Think of them as you would a pipeline company in the energy sector. These companies are small now but could become much larger in time.
Investors/BDC:Some publicly traded companies are acting as incubators for other budding cryptocurrencies. We talk bitcoin a lot but there are over 1,300 other cryptocurrencies in the world. These investors and business development companies invest in promising crypto companies before they hit the mainstream.
ETFs:Already there are ETFs which buy stocks with blockchain exposure, however, soon there will be officially regulated ETFs for bitcoin and Ethereum. These ETFs will move dollar for dollar with an index, not trade at huge premiums to the underlying cryptocurrency like the ones available on the market today.
There are many more companies on the way but how will you know how to separate the pretenders from the contenders? Which of these emerging companies will be built on solid technology and which will be gimmicks? Just like the Dot Com Bubble brought with it several names which added “.com” to their names to get in on the action, companies are adding “Blockchain” to their names, some in very unscrupulous fashion.
Bottom Line
There are several ways to play the cryptocurrency boom without exposing yourself to the same downside volatility. By spreading your investment across several aspects of the blockchain, diversification can help smooth your returns. Add in the proven strength of the Zacks Rank and our proprietary system of investing in companies with increasing earnings estimates and you have a potent one-two punch.
The Time to Start Is Now
At Zacks, we've been watching the blockchain phenomenon very closely. This space is projected to skyrocket from $706 million in 2017 to$60 billionby 2024.
Many investors have already gotten very rich. But in my view, blockchain’s most profitable days are still ahead of us.
To get in to this once-in-a-lifetime opportunity, you may want to look into our portfolio,Zacks Blockchain Innovators.
Right now, we're holding a selection stocks to ride the blockchain boom from different angles – from supplying chips and hardware to fintech firms and consulting services. We're aiming for big gains from solid companies.
Check outBlockchain Innovatorstoday and you can be among the first to see my Special Report,The Great Disruption: Blockchain in 2019 & Beyond.In this report, you'll gain a better understanding of what blockchain is, how it's transforming so many industries (with specific examples) and how the revolution is likely to impact you as an investor.
I suggest that you look into it right away. Entry to this service will be closedSunday, March 10.
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Wishing you great financial success,
David BartosiakZacks Stock Strategist
Dave is Zacks' resident technical and momentum expert. A successful early crypto investor, he selects stocks and delivers exclusive commentary forBlockchain Innovators.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportTo read this article on Zacks.com click here.Zacks Investment Research || Tippin.me Takes Off at Lightning Speed With More Than 14,000 New Users: As the new Lightning network (LN) protocol continues to take the Crypto-Twitterverse by storm, it’s taking at least one new app with it, as the tipping and micropayment appTippin.mecatches on like wildfire. Founder Sergio Abril toldBitcoin Magazinehe is “overwhelmed” by the interest and support he is receiving from around the world.
Struck by the potential success of the new Lightning network protocol, Abril created Tippin.me three months ago as a way to enable Lightning micropayments without a user having to set up an LN node.
Abril told us he is getting more than 200 new users a day, 14,100 new users as of March 6, 2019.
The goal of Tippin.me is to make the Lightning network easier to use, by giving users a simple, custodial web wallet to receive and manage small amounts of bitcoin for tips and micropayments.
To use it on Twitter, users need only download an application extension to Chrome or Firefox, register, and sign in with their Twitter account. From there, they can share a QR code with fellow tippin.me users to receive tips through the Lightning network.
“I realized that micro payments could be huge with Lightning Network, but there were still some obstacles that made tipping hard. You needed to be online to get a tip, you needed to generate an invoice every time. It needed to be easier, it needed to be way simpler, and certainly something more appealing. And that’s how Tippin started,” Abril toldBitcoin Magazine.
Since its launch, Tippin.me has sent out 16,500 tips and generated 195,000 invoices. Abril told us that when Twitter CEO Jack Dorsey tweeted about Tippin.me recently, 35,000 people visited his site in one day.
To set up Tippin.me, you can use the extensions onGoogle ChromeorFirefox. Some users have installed the Chrome version in Brave and that seems to work as well.
You will also need to install a mobile Lightning wallet, such as aneclair walletfor androids or thebluewalletfor IOS and androids from the App or Play stores.
When you sign up atTippin.me, a small web custodial wallet is created there, linked to your Twitter username.
With the browser extension installed, a Lightning icon will show up in your tweets along the bottom, appearing after the reply, retweet, like and message symbols.
When the Lightning icon is clicked, a QR-code will appear and you can scan it with your new bitcoin wallet. (The process of retrieving a proper QR code for that user is handled automatically by the extension itself.)
Cashing out tips is done from theTippin.medashboard.
As the Bitcoin space weathers another storm, security is again top of mind. we asked Amber D. Scott, CEO ofOutlier Canada, whether she would feel comfortable with a Tippin.me wallet.
“The risk, as I see it, isn't because theTippin.mewallets require certain information to be revealed publicly. It's in part due to the custodial nature of the tool, and in part due to its novelty.Tippin.meis still in Beta mode, so there are some risks to users as the system has not yet been battle-tested and there is a greater chance of bugs.”
Abril toldBitcoin Magazinethat the amounts involved are small so this takes some pressure off, but he is still very mindful of security concerns.
Abril said:
“I decided to show a disclaimer at the sign up screen on Tippin since day one, to make sure that nobody was holding a big amount. I know that this sign could hold people back, but Tippin was just a side project, a fun experiment, and I didn’t want people to risk too much.”
“The truth is that anything could happen, but as long as you don’t keep your bitcoins in there, and do cashouts regularly, you will be OK. Also, let’s not forget that we are talking about small tips, usually just cents."
Asked if the recent bear market had shaken his faith in Bitcoin, Abril said:
“Despite the current market situation, I think that nothing has changed. Bitcoin is the natural evolution of money, and it will happen sooner or later. It’ll keep on growing no matter what.
“But we need to make it easier to use if we want to speed up the process. We need to simplify everything to push adoption. A lot. And that’s why I decided to build Tippin.me.”
“It’s a fun way to play with lightning,” saidCoin CenterCommunications Director Neeraj Agrawal. “Small applications like these are good for onboarding. It got me to finally install a mobile lightning wallet.”
Asked about the timeline for taking Tippin.me out of beta, Abril noted:
“I hope to have a viable gold product within weeks … The truth is that the Lightning Network is still in Beta as well, and that’s one of the reasons I decided to hold on and stay in this phase (If Lightning Network can fail, so [can] Tippin, which is built on top of Lightning Network... So I didn’t want to risk). Luckily, LN (Lightning Network) is maturing very fast, and the system I’m building is really solid already, so things could change soon!”
Want to experiment with Lightning payments on Tippin.me? Join in on Tuesdays for Bitcoin Magazine’s #LightningTrivia events to win some sats and tickets to theBitcoin 2019 Conferencein San Francisco. Follow @bitcoinmagazine.
This article originally appeared onBitcoin Magazine. || Tippin.me Takes Off at Lightning Speed With More Than 14,000 New Users: Tippin.jpg As the new Lightning network (LN) protocol continues to take the Crypto-Twitterverse by storm, it’s taking at least one new app with it, as the tipping and micropayment app Tippin.me catches on like wildfire. Founder Sergio Abril told Bitcoin Magazine he is “overwhelmed” by the interest and support he is receiving from around the world. Struck by the potential success of the new Lightning network protocol, Abril created Tippin.me three months ago as a way to enable Lightning micropayments without a user having to set up an LN node. Abril told us he is getting more than 200 new users a day, 14,100 new users as of March 6, 2019. The goal of Tippin.me is to make the Lightning network easier to use, by giving users a simple, custodial web wallet to receive and manage small amounts of bitcoin for tips and micropayments. To use it on Twitter, users need only download an application extension to Chrome or Firefox, register, and sign in with their Twitter account. From there, they can share a QR code with fellow tippin.me users to receive tips through the Lightning network. “I realized that micro payments could be huge with Lightning Network, but there were still some obstacles that made tipping hard. You needed to be online to get a tip, you needed to generate an invoice every time. It needed to be easier, it needed to be way simpler, and certainly something more appealing. And that’s how Tippin started,” Abril told Bitcoin Magazine . Since its launch, Tippin.me has sent out 16,500 tips and generated 195,000 invoices. Abril told us that when Twitter CEO Jack Dorsey tweeted about Tippin.me recently, 35,000 people visited his site in one day. 🤭 The Chrome extension that places a https://t.co/NVpjMUDdfJ button in every Tweet is here. https://t.co/Ra3de5dr50 #LightningNetwork #LNTrustChain pic.twitter.com/FIx5zBbZfb — Tippin⚡️ (@tippin_me) February 14, 2019 How Does It Work? To set up Tippin.me, you can use the extensions on Google Chrome or Firefox . Some users have installed the Chrome version in Brave and that seems to work as well. You will also need to install a mobile Lightning wallet, such as an eclair wallet for androids or the bluewallet for IOS and androids from the App or Play stores. Story continues When you sign up at Tippin.me , a small web custodial wallet is created there, linked to your Twitter username. With the browser extension installed, a Lightning icon will show up in your tweets along the bottom, appearing after the reply, retweet, like and message symbols. When the Lightning icon is clicked, a QR-code will appear and you can scan it with your new bitcoin wallet. (The process of retrieving a proper QR code for that user is handled automatically by the extension itself.) Cashing out tips is done from the Tippin.me dashboard. Security Is "Top of Mind " As the Bitcoin space weathers another storm, security is again top of mind. we asked Amber D. Scott, CEO of Outlier Canada , whether she would feel comfortable with a Tippin.me wallet. “The risk, as I see it, isn't because the Tippin.me wallets require certain information to be revealed publicly. It's in part due to the custodial nature of the tool, and in part due to its novelty. Tippin.me is still in Beta mode, so there are some risks to users as the system has not yet been battle-tested and there is a greater chance of bugs.” Abril told Bitcoin Magazine that the amounts involved are small so this takes some pressure off, but he is still very mindful of security concerns. Abril said: “I decided to show a disclaimer at the sign up screen on Tippin since day one, to make sure that nobody was holding a big amount. I know that this sign could hold people back, but Tippin was just a side project, a fun experiment, and I didn’t want people to risk too much.” “The truth is that anything could happen, but as long as you don’t keep your bitcoins in there, and do cashouts regularly, you will be OK. Also, let’s not forget that we are talking about small tips, usually just cents." Promoting Lightning and Bitcoin Asked if the recent bear market had shaken his faith in Bitcoin, Abril said: “Despite the current market situation, I think that nothing has changed. Bitcoin is the natural evolution of money, and it will happen sooner or later. It’ll keep on growing no matter what. “But we need to make it easier to use if we want to speed up the process. We need to simplify everything to push adoption. A lot. And that’s why I decided to build Tippin.me.” “It’s a fun way to play with lightning,” said Coin Center Communications Director Neeraj Agrawal. “Small applications like these are good for onboarding. It got me to finally install a mobile lightning wallet.” Asked about the timeline for taking Tippin.me out of beta, Abril noted: “I hope to have a viable gold product within weeks … The truth is that the Lightning Network is still in Beta as well, and that’s one of the reasons I decided to hold on and stay in this phase (If Lightning Network can fail, so [can] Tippin, which is built on top of Lightning Network... So I didn’t want to risk). Luckily, LN (Lightning Network) is maturing very fast, and the system I’m building is really solid already, so things could change soon!” Want to experiment with Lightning payments on Tippin.me? Join in on Tuesdays for Bitcoin Magazine’s #LightningTrivia events to win some sats and tickets to the Bitcoin 2019 Conference in San Francisco. Follow @bitcoinmagazine. This article originally appeared on Bitcoin Magazine . View comments || Gold Price Prediction – Gold Consolidates Following Soft Trade Data: Gold prices traded in a tight range on Wednesday, moving sideways for the second consecutive trading session. The dollar also traded sideways despite lower US yields. US yields were pushed lower by a wider than expected trade deficit which will likely weigh on US growth. US private payrolls came out in line with expectations while the Federal Reserve’s Beige Book showed moderate growth in most districts. Technical Analysis Gold prices traded sideways and formed a Doji day for the second consecutive trading session. Prices are trading in a tight range waiting for a new impetus to drive prices. Trader’s await Friday’s payroll report from the Department of Labor. Support is seen near the January lows at 1,276, and then an upward sloping trend line that comes in near 1,243. Resistance is seen near the 50-day moving average at 1,301. Prices are oversold as the fast stochastic is printing a reading of 7, well below the oversold trigger level which could foreshadow a correction. The fast stochastic is also about to generate a crossover buy signal which would signal to accelerate short term positive momentum. US Trade Deficit Widens More than Expected The US trade deficit continues to widen despite effort from the White House to narrow the gap. The December trade deficit increased to a 10-year high of $59.8 billion, well ahead of expectations, according to the Commerce Department. Expectations were for an increase to $57.3 billion, from November’s $50.3 billion. The increase was drive by a 2.1% increase in imports while exports declined by 1.9%. Slowing global growth is causing a reduction in the demand for US goods, while the strong US economy is driving the demand for imported goods. For the year, the deficit increased by $68.8 billion, or 12.5%, to $621 billion. It was the largest trade gap since 2008. The goods deficit came to $891.3 billion for the year, the highest on record. The trade deficit with China in December was $38.7 billion. Story continues This article was originally posted on FX Empire More From FXEMPIRE: Bitcoin And Ethereum Daily Price Forecast – Crypto Coin back In Range As Bulls Hit Resistance Stock Market Forecast – Stocks Slip Lead Lower by Healthcare S&P 500 Price Forecast – Stock markets stagnate Natural Gas Price Forecast – Natural gas markets drift lower Gold Price Forecast – Gold markets look to stabilize Crude Rebounds on Drop in Gasoline Inventories, Weak Dollar Stabilizes Gold, Natural Gas Falls as Forecast Turns Warmer || Gold Price Prediction – Gold Consolidates Following Soft Trade Data: Gold prices traded in a tight range on Wednesday, moving sideways for the second consecutive trading session. The dollar also traded sideways despite lower US yields. US yields were pushed lower by a wider than expected trade deficit which will likely weigh on US growth. US private payrolls came out in line with expectations while the Federal Reserve’s Beige Book showed moderate growth in most districts.
Gold prices traded sideways and formed a Doji day for the second consecutive trading session. Prices are trading in a tight range waiting for a new impetus to drive prices. Trader’s await Friday’s payroll report from the Department of Labor. Support is seen near the January lows at 1,276, and then an upward sloping trend line that comes in near 1,243. Resistance is seen near the 50-day moving average at 1,301. Prices are oversold as the fast stochastic is printing a reading of 7, well below the oversold trigger level which could foreshadow a correction. The fast stochastic is also about to generate a crossover buy signal which would signal to accelerate short term positive momentum.
The US trade deficit continues to widen despite effort from the White House to narrow the gap. The December trade deficit increased to a 10-year high of $59.8 billion, well ahead of expectations, according to the Commerce Department. Expectations were for an increase to $57.3 billion, from November’s $50.3 billion. The increase was drive by a 2.1% increase in imports while exports declined by 1.9%. Slowing global growth is causing a reduction in the demand for US goods, while the strong US economy is driving the demand for imported goods. For the year, the deficit increased by $68.8 billion, or 12.5%, to $621 billion. It was the largest trade gap since 2008. The goods deficit came to $891.3 billion for the year, the highest on record. The trade deficit with China in December was $38.7 billion.
Thisarticlewas originally posted on FX Empire
• Bitcoin And Ethereum Daily Price Forecast – Crypto Coin back In Range As Bulls Hit Resistance
• Stock Market Forecast – Stocks Slip Lead Lower by Healthcare
• S&P 500 Price Forecast – Stock markets stagnate
• Natural Gas Price Forecast – Natural gas markets drift lower
• Gold Price Forecast – Gold markets look to stabilize
• Crude Rebounds on Drop in Gasoline Inventories, Weak Dollar Stabilizes Gold, Natural Gas Falls as Forecast Turns Warmer || Bitcoin, Ethereum, Ripple, EOS, Litecoin, Bitcoin Cash, Binance Coin, Stellar, Tron, Bitcoin SV: Price Analysis, March 6: The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The market data is provided by theHitBTCexchange.
Crypto companies areattractingtalent fromtraditionalindustries. This shows that firms in the crypto space are preparing for the long-term, undeterred by the current bear market. Similarly, traditional companies are attempting gain footing in the crypto space. Ernst & Young, one of the Big Four auditing firms, has come up with atoolfor calculating taxes on crypto holdings. The software will cater to both institutional and retail clients.
Japanis among the leaders in adopting cryptocurrencies. Major Japanesebanksare gearing up towards improving blockchain and cryptocurrency services to their clients. The government ofArgentinahas also taken the plunge as it plans to invest in crypto projects along with Binance labs and crypto exchange LatamEx.
Rumors are rife about Starbucks — which is one of the founding partners of Bakkt — allowing the use of crypto-basedpaymentsshortly after an equity deal. If this becomes a reality, it will increase the exposure of cryptocurrencies.
Every day the crypto markets are treated to improvedfundamentals. It is only a matter of time before the price of cryptocurrencies responds positively. What do the charts forecast? Let’s find out.
Bitcoin (BTC) held on to the 50-day SMA support and climbed above the 20-day EMA on March 5. This shows buying at lower levels, which is a positive sign. If the bulls continue the buying pressure and breakout of $3,900, a retest of $4,255 is probable.
Currently, both the moving averages are flat and the RSI is marginally positive. This points to a consolidation in the near term.
If theBTC/USDpair breaks out of $4,255, it will complete a double bottom pattern, that has a pattern target of $5,273.91. Though there is a stiff resistance at $4,914.11, we expect it to be crossed.
On the contrary, if the bears defend the overhead resistances and sink the digital currency below the 50-day SMA, a drop to $3,355.00 is probable. If this level breaks, the critical resistance is at the yearly low of $3,236.09. For now, traders can retain the stops on theirlongpositions below $3,236.09. We shall soon recommend trailing the stop loss higher.
Ethereum (ETH) took support at the 50-day SMA and bounced off it. Currently, it is facing resistance at $144.78. Both the moving averages are flat and the RSI is just above the midpoint. This points to a consolidation in the near term.
The next up move will start on a break out above $145. The target of this move is $167.32. If this level is scaled, theETH/USDpair will pick up momentum. Hence, traders can continue to hold the remaininglongpositions with a stop loss of $125.
If the price reverses direction from the current level and breaks down of the 50-day SMA, it can plummet to $116.30, which is a major support. Below this level, the trend will turn in favor of the bears.
Ripple (XRP) has largely been range bound between $0.33108 and $0.27795 from Jan. 11. Repeated attempts to break out of the overhead resistance have failed to sustain above it. Both the moving averages are flat and the RSI is also at the midpoint. This points to a balance between demand and supply.
The next directional move on theXRP/USDpair will start either on a breakout of $0.33108 or on a breakdown of $0.27795. A breakout of $0.33108 can propel it to the resistance line of the descending channel. On the other hand, a drop below $0.27795 can sink the pair to the yearly low of $0.24508. Therefore, traders can keep the stop loss on thelongpositions below $0.27795.
EOSsuccessfully completed a retest of the breakout level on March 4 and bounced from it. It is currently at the overhead resistance of $3.8723. If the bulls push the price above this level, a rally to $4.4930 is probable.
Both the moving averages have curled up and the RSI has jumped into positive territory, which shows that the bulls have the upper hand.
However, if theEOS/USDpair fails to break out of $3.8723 and plunges below $3.1534, it will indicate weakness. Therefore, traders can trail the stop loss on the remaininglongpositions to $3.10.
Litecoin (LTC) took support at the 20-day EMA and rallied on March 5. It broke above the overhead resistance of $53.40 and invalidated the developing bearish head and shoulders pattern. Failure of a bearish pattern is a bullish sign.
TheLTC/USDpair is currently hitting against the $56.91 resistance. If the price scales above this level, it can move up to $61.5680 and above it to $65.5610. Traders can trail theirlongpositions with a stop loss of $44. If the price closes (UTC time frame) above $56.91, stops can be raised to $50. As partial profits have been booked earlier, traders can trail the stop with enough wiggle room, but protect the paper profits.
Our bullish view will be negated if the digital currency turns down from the current levels and plunges below the 20-day EMA. The only bearish development on the chart is the negative divergence on the RSI.
Bitcoin Cash (BCH) has been trading between $120 and $140 for the past few days. The fall below the 50-day SMA on March 4 was arrested at $120.47 and was followed by a strong recovery the next day.
If theBCH/USDpair breaks out of $140, it is likely to pick up momentum and rally to the next overhead zone of $157.95 to $163.89.
A failure to break out of $140 will keep the pair range bound for a few more days. The bears will gain an upper hand if the price drops below $120. For now, traders can hold theirlongpositions with the stop loss at $116.
Binance Coin (BNB) soared above the overhead resistance of $12 on Feb. 5. It is now likely to rally to $15 and above it to $18. Traders can trail the stops on theirlongpositions to $10. We shall raise the stops again within the next couple of days.
The trend remains up, with both moving averages sloping up and the RSI close to overbought levels. After the sharp rise on March 5, theBNB/USDpair might consolidate for a few days before resuming its up move.
Our bullish view will be invalidated if the price turns down from the current level and slips below the 20-day EMA.
Stellar (XLM) has been consolidating in a tight range of $0.08184371 to $0.09285498 for the past ten days. The 20-day EMA is flat while the 50-day SMA is flattening out. This shows a balance between the buyers and the sellers.
A breakout of $0.10 will tilt the balance in favor of the bulls, while a breakdown of $0.08184371 will indicate weakness.
Above $0.10, we anticipate a move to the next overhead resistance of $0.13427050. Hence, traders can buy above $0.10 and keep a stop loss of $0.08.
Conversely, below $0.08184371, a retest of the lows is probable. TheXLM/USDpair will resume its downtrend if it slides to a new yearly low.
Though Tron (TRX) dipped below $0.02306493 on March 4, buying at lower levels helped it recover and close (UTC time frame) above the support.
The bears are trying to defend the 20-day EMA, which is sloping down. If theTRX/USDpair turns down from current levels, it will again try to break below $0.02306493.
On the other hand, if the price rises above the 20-day EMA, it will move up to the 50-day SMA, which is flat, indicating consolidation. The next major move will start after a breakout of $0.02815521 or on a breakdown below $0.02306493. Until then, volatile range bound action will continue. We shall wait for a breakout and close above $0.02815521 before suggesting any long positions.
Though Bitcoin SV dipped below $65.031 on March 4, the bears could not take advantage of the opportunity and break below the $60–$58 support zone. This shows demand at lower levels.
Currently, theBSV/USDpair is trying to scale the moving averages. If successful, the bulls will try to break out of the overhead resistance at $77.035 that opens the door for a rally to $102.580 and above it to $123.980. Therefore, traders can buy above $78 and keep a stop loss of $58.
Our bullish view will be invalidated if the bears defend the overhead resistance and sink the digital currency below $58.
Market data is provided by theHitBTCexchange. Charts for analysis are provided byTradingView.
• Bitcoin, Ethereum, Ripple, EOS, Litecoin, Bitcoin Cash, Stellar, Tron, Binance Coin, Bitcoin SV: Price Analysis, March 1
• Bitcoin, Ethereum, Ripple, EOS, Litecoin, Bitcoin Cash, Stellar, TRON, Binance Coin, Bitcoin SV: Price Analysis, February 27
• Bitcoin, Ethereum, Ripple, EOS, Litecoin, Bitcoin Cash, Binance Coin, Stellar, Tron, Bitcoin SV: Price Analysis, March 4
• Bitcoin, Ethereum, Ripple, EOS, Litecoin, Bitcoin Cash, Stellar, Tron, Binance Coin, Cardano: Price Analysis, Feb. 22 || Bitcoin, Ethereum, Ripple, EOS, Litecoin, Bitcoin Cash, Binance Coin, Stellar, Tron, Bitcoin SV: Price Analysis, March 6: The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision. The market data is provided by the HitBTC exchange. Crypto companies are attracting talent from traditional industries. This shows that firms in the crypto space are preparing for the long-term, undeterred by the current bear market. Similarly, traditional companies are attempting gain footing in the crypto space. Ernst & Young, one of the Big Four auditing firms, has come up with a tool for calculating taxes on crypto holdings. The software will cater to both institutional and retail clients. Japan is among the leaders in adopting cryptocurrencies. Major Japanese banks are gearing up towards improving blockchain and cryptocurrency services to their clients. The government of Argentina has also taken the plunge as it plans to invest in crypto projects along with Binance labs and crypto exchange LatamEx. Rumors are rife about Starbucks which is one of the founding partners of Bakkt allowing the use of crypto-based payments shortly after an equity deal. If this becomes a reality, it will increase the exposure of cryptocurrencies. Every day the crypto markets are treated to improved fundamentals . It is only a matter of time before the price of cryptocurrencies responds positively. What do the charts forecast? Lets find out. BTC/USD Bitcoin ( BTC ) held on to the 50-day SMA support and climbed above the 20-day EMA on March 5. This shows buying at lower levels, which is a positive sign. If the bulls continue the buying pressure and breakout of $3,900, a retest of $4,255 is probable. Currently, both the moving averages are flat and the RSI is marginally positive. This points to a consolidation in the near term. BTC/USD If the BTC/USD pair breaks out of $4,255, it will complete a double bottom pattern, that has a pattern target of $5,273.91. Though there is a stiff resistance at $4,914.11, we expect it to be crossed. Story continues On the contrary, if the bears defend the overhead resistances and sink the digital currency below the 50-day SMA, a drop to $3,355.00 is probable. If this level breaks, the critical resistance is at the yearly low of $3,236.09. For now, traders can retain the stops on their long positions below $3,236.09. We shall soon recommend trailing the stop loss higher. ETH/USD Ethereum ( ETH ) took support at the 50-day SMA and bounced off it. Currently, it is facing resistance at $144.78. Both the moving averages are flat and the RSI is just above the midpoint. This points to a consolidation in the near term. ETH/USD The next up move will start on a break out above $145. The target of this move is $167.32. If this level is scaled, the ETH/USD pair will pick up momentum. Hence, traders can continue to hold the remaining long positions with a stop loss of $125. If the price reverses direction from the current level and breaks down of the 50-day SMA, it can plummet to $116.30, which is a major support. Below this level, the trend will turn in favor of the bears. XRP/USD Ripple ( XRP ) has largely been range bound between $0.33108 and $0.27795 from Jan. 11. Repeated attempts to break out of the overhead resistance have failed to sustain above it. Both the moving averages are flat and the RSI is also at the midpoint. This points to a balance between demand and supply. XRP/USD The next directional move on the XRP/USD pair will start either on a breakout of $0.33108 or on a breakdown of $0.27795. A breakout of $0.33108 can propel it to the resistance line of the descending channel. On the other hand, a drop below $0.27795 can sink the pair to the yearly low of $0.24508. Therefore, traders can keep the stop loss on the long positions below $0.27795. EOS/USD EOS successfully completed a retest of the breakout level on March 4 and bounced from it. It is currently at the overhead resistance of $3.8723. If the bulls push the price above this level, a rally to $4.4930 is probable. EOS/USD Both the moving averages have curled up and the RSI has jumped into positive territory, which shows that the bulls have the upper hand. However, if the EOS/USD pair fails to break out of $3.8723 and plunges below $3.1534, it will indicate weakness. Therefore, traders can trail the stop loss on the remaining long positions to $3.10. LTC/USD Litecoin ( LTC ) took support at the 20-day EMA and rallied on March 5. It broke above the overhead resistance of $53.40 and invalidated the developing bearish head and shoulders pattern. Failure of a bearish pattern is a bullish sign. LTC/USD The LTC/USD pair is currently hitting against the $56.91 resistance. If the price scales above this level, it can move up to $61.5680 and above it to $65.5610. Traders can trail their long positions with a stop loss of $44. If the price closes (UTC time frame) above $56.91, stops can be raised to $50. As partial profits have been booked earlier, traders can trail the stop with enough wiggle room, but protect the paper profits. Our bullish view will be negated if the digital currency turns down from the current levels and plunges below the 20-day EMA. The only bearish development on the chart is the negative divergence on the RSI. BCH/USD Bitcoin Cash ( BCH ) has been trading between $120 and $140 for the past few days. The fall below the 50-day SMA on March 4 was arrested at $120.47 and was followed by a strong recovery the next day. BCH/USD If the BCH/USD pair breaks out of $140, it is likely to pick up momentum and rally to the next overhead zone of $157.95 to $163.89. A failure to break out of $140 will keep the pair range bound for a few more days. The bears will gain an upper hand if the price drops below $120. For now, traders can hold their long positions with the stop loss at $116. BNB/USD Binance Coin ( BNB ) soared above the overhead resistance of $12 on Feb. 5. It is now likely to rally to $15 and above it to $18. Traders can trail the stops on their long positions to $10. We shall raise the stops again within the next couple of days. BNB/USD The trend remains up, with both moving averages sloping up and the RSI close to overbought levels. After the sharp rise on March 5, the BNB/USD pair might consolidate for a few days before resuming its up move. Our bullish view will be invalidated if the price turns down from the current level and slips below the 20-day EMA. XLM/USD Stellar ( XLM ) has been consolidating in a tight range of $0.08184371 to $0.09285498 for the past ten days. The 20-day EMA is flat while the 50-day SMA is flattening out. This shows a balance between the buyers and the sellers. XLM/USD A breakout of $0.10 will tilt the balance in favor of the bulls, while a breakdown of $0.08184371 will indicate weakness. Above $0.10, we anticipate a move to the next overhead resistance of $0.13427050. Hence, traders can buy above $0.10 and keep a stop loss of $0.08. Conversely, below $0.08184371, a retest of the lows is probable. The XLM/USD pair will resume its downtrend if it slides to a new yearly low. TRX/USD Though Tron ( TRX ) dipped below $0.02306493 on March 4, buying at lower levels helped it recover and close (UTC time frame) above the support. TRX/USD The bears are trying to defend the 20-day EMA, which is sloping down. If the TRX/USD pair turns down from current levels, it will again try to break below $0.02306493. On the other hand, if the price rises above the 20-day EMA, it will move up to the 50-day SMA, which is flat, indicating consolidation. The next major move will start after a breakout of $0.02815521 or on a breakdown below $0.02306493. Until then, volatile range bound action will continue. We shall wait for a breakout and close above $0.02815521 before suggesting any long positions. BSV/USD Though Bitcoin SV dipped below $65.031 on March 4, the bears could not take advantage of the opportunity and break below the $60$58 support zone. This shows demand at lower levels. BSV/USD Currently, the BSV/USD pair is trying to scale the moving averages. If successful, the bulls will try to break out of the overhead resistance at $77.035 that opens the door for a rally to $102.580 and above it to $123.980. Therefore, traders can buy above $78 and keep a stop loss of $58. Our bullish view will be invalidated if the bears defend the overhead resistance and sink the digital currency below $58. Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView . Related Articles: Bitcoin, Ethereum, Ripple, EOS, Litecoin, Bitcoin Cash, Stellar, Tron, Binance Coin, Bitcoin SV: Price Analysis, March 1 Bitcoin, Ethereum, Ripple, EOS, Litecoin, Bitcoin Cash, Stellar, TRON, Binance Coin, Bitcoin SV: Price Analysis, February 27 Bitcoin, Ethereum, Ripple, EOS, Litecoin, Bitcoin Cash, Binance Coin, Stellar, Tron, Bitcoin SV: Price Analysis, March 4 Bitcoin, Ethereum, Ripple, EOS, Litecoin, Bitcoin Cash, Stellar, Tron, Binance Coin, Cardano: Price Analysis, Feb. 22 || Bitcoin, Ethereum, Ripple, EOS, Litecoin, Bitcoin Cash, Binance Coin, Stellar, Tron, Bitcoin SV: Price Analysis, March 6: The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The market data is provided by theHitBTCexchange.
Crypto companies areattractingtalent fromtraditionalindustries. This shows that firms in the crypto space are preparing for the long-term, undeterred by the current bear market. Similarly, traditional companies are attempting gain footing in the crypto space. Ernst & Young, one of the Big Four auditing firms, has come up with atoolfor calculating taxes on crypto holdings. The software will cater to both institutional and retail clients.
Japanis among the leaders in adopting cryptocurrencies. Major Japanesebanksare gearing up towards improving blockchain and cryptocurrency services to their clients. The government ofArgentinahas also taken the plunge as it plans to invest in crypto projects along with Binance labs and crypto exchange LatamEx.
Rumors are rife about Starbucks — which is one of the founding partners of Bakkt — allowing the use of crypto-basedpaymentsshortly after an equity deal. If this becomes a reality, it will increase the exposure of cryptocurrencies.
Every day the crypto markets are treated to improvedfundamentals. It is only a matter of time before the price of cryptocurrencies responds positively. What do the charts forecast? Let’s find out.
Bitcoin (BTC) held on to the 50-day SMA support and climbed above the 20-day EMA on March 5. This shows buying at lower levels, which is a positive sign. If the bulls continue the buying pressure and breakout of $3,900, a retest of $4,255 is probable.
Currently, both the moving averages are flat and the RSI is marginally positive. This points to a consolidation in the near term.
If theBTC/USDpair breaks out of $4,255, it will complete a double bottom pattern, that has a pattern target of $5,273.91. Though there is a stiff resistance at $4,914.11, we expect it to be crossed.
On the contrary, if the bears defend the overhead resistances and sink the digital currency below the 50-day SMA, a drop to $3,355.00 is probable. If this level breaks, the critical resistance is at the yearly low of $3,236.09. For now, traders can retain the stops on theirlongpositions below $3,236.09. We shall soon recommend trailing the stop loss higher.
Ethereum (ETH) took support at the 50-day SMA and bounced off it. Currently, it is facing resistance at $144.78. Both the moving averages are flat and the RSI is just above the midpoint. This points to a consolidation in the near term.
The next up move will start on a break out above $145. The target of this move is $167.32. If this level is scaled, theETH/USDpair will pick up momentum. Hence, traders can continue to hold the remaininglongpositions with a stop loss of $125.
If the price reverses direction from the current level and breaks down of the 50-day SMA, it can plummet to $116.30, which is a major support. Below this level, the trend will turn in favor of the bears.
Ripple (XRP) has largely been range bound between $0.33108 and $0.27795 from Jan. 11. Repeated attempts to break out of the overhead resistance have failed to sustain above it. Both the moving averages are flat and the RSI is also at the midpoint. This points to a balance between demand and supply.
The next directional move on theXRP/USDpair will start either on a breakout of $0.33108 or on a breakdown of $0.27795. A breakout of $0.33108 can propel it to the resistance line of the descending channel. On the other hand, a drop below $0.27795 can sink the pair to the yearly low of $0.24508. Therefore, traders can keep the stop loss on thelongpositions below $0.27795.
EOSsuccessfully completed a retest of the breakout level on March 4 and bounced from it. It is currently at the overhead resistance of $3.8723. If the bulls push the price above this level, a rally to $4.4930 is probable.
Both the moving averages have curled up and the RSI has jumped into positive territory, which shows that the bulls have the upper hand.
However, if theEOS/USDpair fails to break out of $3.8723 and plunges below $3.1534, it will indicate weakness. Therefore, traders can trail the stop loss on the remaininglongpositions to $3.10.
Litecoin (LTC) took support at the 20-day EMA and rallied on March 5. It broke above the overhead resistance of $53.40 and invalidated the developing bearish head and shoulders pattern. Failure of a bearish pattern is a bullish sign.
TheLTC/USDpair is currently hitting against the $56.91 resistance. If the price scales above this level, it can move up to $61.5680 and above it to $65.5610. Traders can trail theirlongpositions with a stop loss of $44. If the price closes (UTC time frame) above $56.91, stops can be raised to $50. As partial profits have been booked earlier, traders can trail the stop with enough wiggle room, but protect the paper profits.
Our bullish view will be negated if the digital currency turns down from the current levels and plunges below the 20-day EMA. The only bearish development on the chart is the negative divergence on the RSI.
Bitcoin Cash (BCH) has been trading between $120 and $140 for the past few days. The fall below the 50-day SMA on March 4 was arrested at $120.47 and was followed by a strong recovery the next day.
If theBCH/USDpair breaks out of $140, it is likely to pick up momentum and rally to the next overhead zone of $157.95 to $163.89.
A failure to break out of $140 will keep the pair range bound for a few more days. The bears will gain an upper hand if the price drops below $120. For now, traders can hold theirlongpositions with the stop loss at $116.
Binance Coin (BNB) soared above the overhead resistance of $12 on Feb. 5. It is now likely to rally to $15 and above it to $18. Traders can trail the stops on theirlongpositions to $10. We shall raise the stops again within the next couple of days.
The trend remains up, with both moving averages sloping up and the RSI close to overbought levels. After the sharp rise on March 5, theBNB/USDpair might consolidate for a few days before resuming its up move.
Our bullish view will be invalidated if the price turns down from the current level and slips below the 20-day EMA.
Stellar (XLM) has been consolidating in a tight range of $0.08184371 to $0.09285498 for the past ten days. The 20-day EMA is flat while the 50-day SMA is flattening out. This shows a balance between the buyers and the sellers.
A breakout of $0.10 will tilt the balance in favor of the bulls, while a breakdown of $0.08184371 will indicate weakness.
Above $0.10, we anticipate a move to the next overhead resistance of $0.13427050. Hence, traders can buy above $0.10 and keep a stop loss of $0.08.
Conversely, below $0.08184371, a retest of the lows is probable. TheXLM/USDpair will resume its downtrend if it slides to a new yearly low.
Though Tron (TRX) dipped below $0.02306493 on March 4, buying at lower levels helped it recover and close (UTC time frame) above the support.
The bears are trying to defend the 20-day EMA, which is sloping down. If theTRX/USDpair turns down from current levels, it will again try to break below $0.02306493.
On the other hand, if the price rises above the 20-day EMA, it will move up to the 50-day SMA, which is flat, indicating consolidation. The next major move will start after a breakout of $0.02815521 or on a breakdown below $0.02306493. Until then, volatile range bound action will continue. We shall wait for a breakout and close above $0.02815521 before suggesting any long positions.
Though Bitcoin SV dipped below $65.031 on March 4, the bears could not take advantage of the opportunity and break below the $60–$58 support zone. This shows demand at lower levels.
Currently, theBSV/USDpair is trying to scale the moving averages. If successful, the bulls will try to break out of the overhead resistance at $77.035 that opens the door for a rally to $102.580 and above it to $123.980. Therefore, traders can buy above $78 and keep a stop loss of $58.
Our bullish view will be invalidated if the bears defend the overhead resistance and sink the digital currency below $58.
Market data is provided by theHitBTCexchange. Charts for analysis are provided byTradingView.
• Bitcoin, Ethereum, Ripple, EOS, Litecoin, Bitcoin Cash, Stellar, Tron, Binance Coin, Bitcoin SV: Price Analysis, March 1
• Bitcoin, Ethereum, Ripple, EOS, Litecoin, Bitcoin Cash, Stellar, TRON, Binance Coin, Bitcoin SV: Price Analysis, February 27
• Bitcoin, Ethereum, Ripple, EOS, Litecoin, Bitcoin Cash, Binance Coin, Stellar, Tron, Bitcoin SV: Price Analysis, March 4
• Bitcoin, Ethereum, Ripple, EOS, Litecoin, Bitcoin Cash, Stellar, Tron, Binance Coin, Cardano: Price Analysis, Feb. 22 || Is the 6% interest on BlockFi too good to be true?: Fancy earning some interest from a traditional bank? Good luck with that, unless you have millions to deposit. Interest rates for the general population havent been too kind in recent years. Luckily for anyone who owns Bitcoin or Ethereum, they can now deposit their crypto on BlockFi and receive 6% annual interest. Sounds good, right? Usually though, these things are too good to be true. The announcement by Pomp (Anthony Pompliano) yesterday that BlockFi was introducing a 6% annual interest rate raised a few eyebrows. Pomp is the co-founder of Morgan Creek Digital and also happens to invest in BlockFi, so of course he is happy with the announcement. There is nothing wrong with that, of course he has put his companys money where its mouth is, so to speak. Questions can be raised about the guaranteed rate of return though. Infamously, another cryptocurrency by the name of Bitconnect offered similar promises. BlockFi is certainly not Bitconnect, or even a scam, but there are certainly risks attached. In fairness to Pomp, he has encouraged those doubters to do their own research. pic.twitter.com/GOOoVKRVuq John Carvalho (@BitcoinErrorLog) March 6, 2019 Digging into the terms and conditions, as John Carvalho has, doesnt fill me with trust. BlockFi claims it can immediately halt deposits and withdrawals of cryptocurrency either temporarily or permanently. BlockFi is not and will not be responsible or liable for any loss or damage of any sort incurred. The company goes on to state: Your Crypto Interest Account is not a checking or savings account, and it is not covered by insurance against losses. The phrase not your keys, not your Bitcoin comes to mind. I am not attempting to FUD BlockFi out of existence. They have partnered with some big names in the space, including the Winklevi. Pomp as well has been a great evangelical ambassador for spreading knowledge about Bitcoin. They are not in the same mould of a typical cryptocurrency scam. This is a legitimate business. Despite this, there is certainly a risk associated with what BlockFi is offering, so like Pomp says: make sure you do your own research! The post Is the 6% interest on BlockFi too good to be true? appeared first on Coin Rivet . || Is the 6% interest on BlockFi too good to be true?: Fancy earning some interest from a traditional bank? Good luck with that, unless you have millions to deposit. Interest rates for the general population havent been too kind in recent years. Luckily for anyone who owns Bitcoin or Ethereum, they can now deposit their crypto on BlockFi and receive 6% annual interest. Sounds good, right? Usually though, these things are too good to be true. The announcement by Pomp (Anthony Pompliano) yesterday that BlockFi was introducing a 6% annual interest rate raised a few eyebrows. Pomp is the co-founder of Morgan Creek Digital and also happens to invest in BlockFi, so of course he is happy with the announcement. There is nothing wrong with that, of course he has put his companys money where its mouth is, so to speak. Questions can be raised about the guaranteed rate of return though. Infamously, another cryptocurrency by the name of Bitconnect offered similar promises. BlockFi is certainly not Bitconnect, or even a scam, but there are certainly risks attached. In fairness to Pomp, he has encouraged those doubters to do their own research. pic.twitter.com/GOOoVKRVuq John Carvalho (@BitcoinErrorLog) March 6, 2019 Digging into the terms and conditions, as John Carvalho has, doesnt fill me with trust. BlockFi claims it can immediately halt deposits and withdrawals of cryptocurrency either temporarily or permanently. BlockFi is not and will not be responsible or liable for any loss or damage of any sort incurred. The company goes on to state: Your Crypto Interest Account is not a checking or savings account, and it is not covered by insurance against losses. The phrase not your keys, not your Bitcoin comes to mind. I am not attempting to FUD BlockFi out of existence. They have partnered with some big names in the space, including the Winklevi. Pomp as well has been a great evangelical ambassador for spreading knowledge about Bitcoin. They are not in the same mould of a typical cryptocurrency scam. This is a legitimate business. Despite this, there is certainly a risk associated with what BlockFi is offering, so like Pomp says: make sure you do your own research! The post Is the 6% interest on BlockFi too good to be true? appeared first on Coin Rivet . || Bitcoin Mining’s Most Surprising Haven – Your Local College Campus: CISCO’s Austin McBridedelivered a shocking reportat this week’s RSA Conference in San Francisco which claims that 22% of all crypto mining traffic comes from college campuses. Perhaps more interesting, CISCO found that 62% of all crypto mining traffic comes from the US. This is a shift from past yearswhen Asian miners dominatedthe Bitcoin space.
College kids take advantage of free electricity to bolster their Bitcoin mining profit margins. | Source: Shutterstock
CISCO’sUmbrellaproduct harvests such data. Umbrella helps large organizations monitor inbound and outbound traffic, including for suspected cryptocurrency traffic where it’s banned. When analyzing cryptocurrency traffic, they found that the top two sources are energy/utilities companies and college campuses.
McBride believes that since the traffic is “quite distributed,” lots of college students are probably running their own Bitcoin mining rigs, rather than through concerted efforts. Clearly, people living in college dorms are not responsible for their energy bills.
He says:
Read the full story on CCN.com. || Bitcoin Mining’s Most Surprising Haven – Your Local College Campus: CISCO’s Austin McBridedelivered a shocking reportat this week’s RSA Conference in San Francisco which claims that 22% of all crypto mining traffic comes from college campuses. Perhaps more interesting, CISCO found that 62% of all crypto mining traffic comes from the US. This is a shift from past yearswhen Asian miners dominatedthe Bitcoin space.
College kids take advantage of free electricity to bolster their Bitcoin mining profit margins. | Source: Shutterstock
CISCO’sUmbrellaproduct harvests such data. Umbrella helps large organizations monitor inbound and outbound traffic, including for suspected cryptocurrency traffic where it’s banned. When analyzing cryptocurrency traffic, they found that the top two sources are energy/utilities companies and college campuses.
McBride believes that since the traffic is “quite distributed,” lots of college students are probably running their own Bitcoin mining rigs, rather than through concerted efforts. Clearly, people living in college dorms are not responsible for their energy bills.
He says:
Read the full story on CCN.com.
[Social Media Buzz]
#Doviz
-------------------
#USD : 5.4177
#EUR : 6.1247
#GBP : 7.1242
--------------------------------------
#BTC
-------------------
#Gobaba : 23153.11
#BtcTurk : 21006.00
#Koinim : 20988.00
#Paribu : 21150.00
#Koineks : 21050.00 || Qredit $XQR Listed on Tradesatoshi Cryptocurrency Exchange
You can now trade $XQR on $BTC $DOGE $LTC $USDT and $ETH base markets https://t.co/bfgTdmQTKl || USD: 111.740
EUR: 125.800
GBP: 146.525
AUD: 78.654
NZD: 75.670
CNY: 16.648
CHF: 110.853
BTC: 430,258
ETH:...
|
3901.13, 3963.31, 3951.60, 3905.23, 3909.16, 3906.72, 3924.37, 3960.91, 4048.73, 4025.23
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 764.22, 768.13, 770.81, 772.79, 774.65, 769.73, 780.09, 780.56, 781.48, 778.09, 784.91, 790.83, 790.53, 792.71, 800.88, 834.28, 864.54, 921.98, 898.82, 896.18, 907.61, 933.20, 975.92, 973.50, 961.24, 963.74, 998.33, 1021.75, 1043.84, 1154.73, 1013.38, 902.20, 908.59, 911.20, 902.83, 907.68, 777.76, 804.83, 823.98, 818.41, 821.80, 831.53, 907.94, 886.62, 899.07, 895.03, 921.79, 924.67, 921.01, 892.69, 901.54, 917.59, 919.75, 921.59, 919.50, 920.38, 970.40, 989.02, 1011.80, 1029.91, 1042.90, 1027.34, 1038.15, 1061.35, 1063.07, 994.38, 988.67, 1004.45, 999.18, 990.64, 1004.55, 1007.48, 1027.44, 1046.21, 1054.42, 1047.87, 1079.98, 1115.30, 1117.44, 1166.72, 1173.68, 1143.84, 1165.20, 1179.97, 1179.97, 1222.50, 1251.01, 1274.99, 1255.15, 1267.12.
|
[Bitcoin Technical Analysis for 2017-03-05]
Volume: 134127000, RSI (14-day): 76.91, 50-day EMA: 1058.70, 200-day EMA: 840.06
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Bitcoin hits all-time high as talk of U.S. ETF approval intensifies: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Digital currency bitcoin hit a record high on Friday on optimism about the approval of the first U.S. bitcoin exchange-traded fund by the Securities and Exchange Commission.
"There's one catalyst at the moment and that is the expectation that the Winklevoss Trust will be approved on the 11th of March. That's the only game in town," said Daniel Masters, portfolio manager of Jersey-based Global Advisors Bitcoin Investment Program.
Investors Cameron and Tyler Winklevoss have a pending application with the SEC for a bitcoin ETF, which was filed nearly four years ago. On March 11, the twins are expected to receive a final decision from the U.S. Securities and Exchange Commission on whether they can list their ETF.
If approved by the SEC, this would be the first bitcoin ETF issued by a U.S. entity.
On Friday, bitcoin climbed to a record $1,298 on the BitStamp platform. Bitcoin last traded at $1,263.01, up nearly 5 percent on the day. So far this year, bitcoin has surged more than 30 percent.
Bitcoin is a virtual currency that can be used to move money around the world quickly and anonymously without the need for a central authority.
Darin Stanchfield, founder and chief executive officer of bitcoin wallet KeepKey, said the approval of the Winklevoss ETF would be a big boost to the market. "It should add a fair amount of liquidity to the bitcoin market," added.
To date, there are two other bitcoin ETF applications with the SEC. Grayscale's Bitcoin Investment Trust, backed by early bitcoin advocate Barry Silbert and his Digital Currency Group, filed its application with the SEC in March last year.
SolidX Partners Inc, a U.S. technology company that provides blockchain services, also filed its ETF application in July of last year.
Bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and clear the transaction is rewarded with new bitcoins.
Analysts said the groundwork for bitcoin gains was laid in July last year in a process called "halving," where rewards offered to bitcoin miners shrink. That has constrained the supply of the digital currency.
Dan Morehead, chief executive officer at hedge fund Pantera Capital, said in his recent letter to investors that the bitcoin price moves in line with the currency's use in transactions and both have risen sharply.
He sees the bitcoin price possibly rising to $2,288 by the end of the year.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Sandra Maler) || Bitcoin hits all-time high as talk of U.S. ETF approval intensifies: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Digital currency bitcoin hit a record high on Friday on optimism about the approval of the first U.S. bitcoin exchange-traded fund by the Securities and Exchange Commission.
"There's one catalyst at the moment and that is the expectation that the Winklevoss Trust will be approved on the 11th of March. That's the only game in town," said Daniel Masters, portfolio manager of Jersey-based Global Advisors Bitcoin Investment Program.
Investors Cameron and Tyler Winklevoss have a pending application with the SEC for a bitcoin ETF, which was filed nearly four years ago. On March 11, the twins are expected to receive a final decision from the U.S. Securities and Exchange Commission on whether they can list their ETF.
If approved by the SEC, this would be the first bitcoin ETF issued by a U.S. entity.
On Friday, bitcoin climbed to a record $1,298 on the BitStamp platform. Bitcoin last traded at $1,263.01, up nearly 5 percent on the day. So far this year, bitcoin has surged more than 30 percent.
Bitcoin is a virtual currency that can be used to move money around the world quickly and anonymously without the need for a central authority.
Darin Stanchfield, founder and chief executive officer of bitcoin wallet KeepKey, said the approval of the Winklevoss ETF would be a big boost to the market. "It should add a fair amount of liquidity to the bitcoin market," added.
To date, there are two other bitcoin ETF applications with the SEC. Grayscale's Bitcoin Investment Trust, backed by early bitcoin advocate Barry Silbert and his Digital Currency Group, filed its application with the SEC in March last year.
SolidX Partners Inc, a U.S. technology company that provides blockchain services, also filed its ETF application in July of last year.
Bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and clear the transaction is rewarded with new bitcoins.
Analysts said the groundwork for bitcoin gains was laid in July last year in a process called "halving," where rewards offered to bitcoin miners shrink. That has constrained the supply of the digital currency.
Dan Morehead, chief executive officer at hedge fund Pantera Capital, said in his recent letter to investors that the bitcoin price moves in line with the currency's use in transactions and both have risen sharply.
He sees the bitcoin price possibly rising to $2,288 by the end of the year.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Sandra Maler) || Bitcoin hits all-time high as talk of U.S. ETF approval intensifies: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Digital currency bitcoin hit a record high on Friday on optimism about the approval of the first U.S. bitcoin exchange-traded fund by the Securities and Exchange Commission. "There's one catalyst at the moment and that is the expectation that the Winklevoss Trust will be approved on the 11th of March. That's the only game in town," said Daniel Masters, portfolio manager of Jersey-based Global Advisors Bitcoin Investment Program. Investors Cameron and Tyler Winklevoss have a pending application with the SEC for a bitcoin ETF, which was filed nearly four years ago. On March 11, the twins are expected to receive a final decision from the U.S. Securities and Exchange Commission on whether they can list their ETF. If approved by the SEC, this would be the first bitcoin ETF issued by a U.S. entity. On Friday, bitcoin climbed to a record $1,298 on the BitStamp platform. Bitcoin last traded at $1,263.01, up nearly 5 percent on the day. So far this year, bitcoin has surged more than 30 percent. Bitcoin is a virtual currency that can be used to move money around the world quickly and anonymously without the need for a central authority. Darin Stanchfield, founder and chief executive officer of bitcoin wallet KeepKey, said the approval of the Winklevoss ETF would be a big boost to the market. "It should add a fair amount of liquidity to the bitcoin market," added. To date, there are two other bitcoin ETF applications with the SEC. Grayscale's Bitcoin Investment Trust, backed by early bitcoin advocate Barry Silbert and his Digital Currency Group, filed its application with the SEC in March last year. SolidX Partners Inc, a U.S. technology company that provides blockchain services, also filed its ETF application in July of last year. Bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and clear the transaction is rewarded with new bitcoins. Analysts said the groundwork for bitcoin gains was laid in July last year in a process called "halving," where rewards offered to bitcoin miners shrink. That has constrained the supply of the digital currency. Dan Morehead, chief executive officer at hedge fund Pantera Capital, said in his recent letter to investors that the bitcoin price moves in line with the currency's use in transactions and both have risen sharply. He sees the bitcoin price possibly rising to $2,288 by the end of the year. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Sandra Maler) View comments || Bitcoin hits all-time high as talk of U.S. ETF approval intensifies: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Digital currency bitcoin hit a record high on Friday on optimism about the approval of the first U.S. bitcoin exchange-traded fund by the Securities and Exchange Commission. "There's one catalyst at the moment and that is the expectation that the Winklevoss Trust will be approved on the 11th of March. That's the only game in town," said Daniel Masters, portfolio manager of Jersey-based Global Advisors Bitcoin Investment Program. Investors Cameron and Tyler Winklevoss have a pending application with the SEC for a bitcoin ETF, which was filed nearly four years ago. On March 11, the twins are expected to receive a final decision from the U.S. Securities and Exchange Commission on whether they can list their ETF. If approved by the SEC, this would be the first bitcoin ETF issued by a U.S. entity. On Friday, bitcoin climbed to a record $1,298 on the BitStamp platform. Bitcoin last traded at $1,263.01, up nearly 5 percent on the day. So far this year, bitcoin has surged more than 30 percent. Bitcoin is a virtual currency that can be used to move money around the world quickly and anonymously without the need for a central authority. Darin Stanchfield, founder and chief executive officer of bitcoin wallet KeepKey, said the approval of the Winklevoss ETF would be a big boost to the market. "It should add a fair amount of liquidity to the bitcoin market," added. To date, there are two other bitcoin ETF applications with the SEC. Grayscale's Bitcoin Investment Trust, backed by early bitcoin advocate Barry Silbert and his Digital Currency Group, filed its application with the SEC in March last year. SolidX Partners Inc, a U.S. technology company that provides blockchain services, also filed its ETF application in July of last year. Bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and clear the transaction is rewarded with new bitcoins. Analysts said the groundwork for bitcoin gains was laid in July last year in a process called "halving," where rewards offered to bitcoin miners shrink. That has constrained the supply of the digital currency. Dan Morehead, chief executive officer at hedge fund Pantera Capital, said in his recent letter to investors that the bitcoin price moves in line with the currency's use in transactions and both have risen sharply. He sees the bitcoin price possibly rising to $2,288 by the end of the year. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Sandra Maler) View comments || Bitcoin hits all-time high as talk of U.S. ETF approval intensifies: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Digital currency bitcoin hit a record high on Friday on optimism about the approval of the first U.S. bitcoin exchange-traded fund by the Securities and Exchange Commission. "There's one catalyst at the moment and that is the expectation that the Winklevoss Trust will be approved on the 11th of March. That's the only game in town," said Daniel Masters, portfolio manager of Jersey-based Global Advisors Bitcoin Investment Program. Investors Cameron and Tyler Winklevoss have a pending application with the SEC for a bitcoin ETF, which was filed nearly four years ago. On March 11, the twins are expected to receive a final decision from the U.S. Securities and Exchange Commission on whether they can list their ETF. If approved by the SEC, this would be the first bitcoin ETF issued by a U.S. entity. On Friday, bitcoin climbed to a record $1,298 on the BitStamp platform. Bitcoin last traded at $1,263.01, up nearly 5 percent on the day. So far this year, bitcoin has surged more than 30 percent. Bitcoin is a virtual currency that can be used to move money around the world quickly and anonymously without the need for a central authority. Darin Stanchfield, founder and chief executive officer of bitcoin wallet KeepKey, said the approval of the Winklevoss ETF would be a big boost to the market. "It should add a fair amount of liquidity to the bitcoin market," added. To date, there are two other bitcoin ETF applications with the SEC. Grayscale's Bitcoin Investment Trust, backed by early bitcoin advocate Barry Silbert and his Digital Currency Group, filed its application with the SEC in March last year. SolidX Partners Inc, a U.S. technology company that provides blockchain services, also filed its ETF application in July of last year. Bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and clear the transaction is rewarded with new bitcoins. Story continues Analysts said the groundwork for bitcoin gains was laid in July last year in a process called "halving," where rewards offered to bitcoin miners shrink. That has constrained the supply of the digital currency. Dan Morehead, chief executive officer at hedge fund Pantera Capital, said in his recent letter to investors that the bitcoin price moves in line with the currency's use in transactions and both have risen sharply. He sees the bitcoin price possibly rising to $2,288 by the end of the year. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Sandra Maler) || Bitcoin hits all-time high as talk of U.S. ETF approval intensifies: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Digital currency bitcoin hit a record high on Friday on optimism about the approval of the first U.S. bitcoin exchange-traded fund by the Securities and Exchange Commission. "There's one catalyst at the moment and that is the expectation that the Winklevoss Trust will be approved on the 11th of March. That's the only game in town," said Daniel Masters, portfolio manager of Jersey-based Global Advisors Bitcoin Investment Program. Investors Cameron and Tyler Winklevoss have a pending application with the SEC for a bitcoin ETF, which was filed nearly four years ago. On March 11, the twins are expected to receive a final decision from the U.S. Securities and Exchange Commission on whether they can list their ETF. If approved by the SEC, this would be the first bitcoin ETF issued by a U.S. entity. On Friday, bitcoin climbed to a record $1,298 on the BitStamp platform. Bitcoin last traded at $1,263.01, up nearly 5 percent on the day. So far this year, bitcoin has surged more than 30 percent. Bitcoin is a virtual currency that can be used to move money around the world quickly and anonymously without the need for a central authority. Darin Stanchfield, founder and chief executive officer of bitcoin wallet KeepKey, said the approval of the Winklevoss ETF would be a big boost to the market. "It should add a fair amount of liquidity to the bitcoin market," added. To date, there are two other bitcoin ETF applications with the SEC. Grayscale's Bitcoin Investment Trust, backed by early bitcoin advocate Barry Silbert and his Digital Currency Group, filed its application with the SEC in March last year. SolidX Partners Inc, a U.S. technology company that provides blockchain services, also filed its ETF application in July of last year. Bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and clear the transaction is rewarded with new bitcoins. Analysts said the groundwork for bitcoin gains was laid in July last year in a process called "halving," where rewards offered to bitcoin miners shrink. That has constrained the supply of the digital currency. Dan Morehead, chief executive officer at hedge fund Pantera Capital, said in his recent letter to investors that the bitcoin price moves in line with the currency's use in transactions and both have risen sharply. He sees the bitcoin price possibly rising to $2,288 by the end of the year. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Sandra Maler) View comments || For The First Time Ever, One Bitcoin Is More Valuable Than One Ounce Of Gold: For the first time ever, one bitcoin is worth more than an ounce of gold. According to a CNNMoney report, the price of one bitcoin traded above $1,290 on Friday while an ounce of gold costs $1,228. There are a few factors at play here. First, high demand for the digital coin helped push the price of a bitcoin higher throughout the year, although it did suffer a major setback. The price of a bitcoin tumbled 30 percent earlier this year after authorities in China increased their scrutiny of bitcoin exchanges. People in countries like China are major supporters of bitcoin as it is perceived to be a safe haven, especially in times of turmoil when anonymity is also a factor. But some experts are finding it hard pressed to explain why bitcoin is more valuable than gold — a commodity that has existed for centuries as opposed to the digital currency that few have heard of in the late 2000s Related Link: Gartman: Bitcoin Is Nearly Incomprehensible At This Point Charles Hayter, the CEO of the digital currency comparison website CryptoCompare, told CNNMoney that there is no direct correlation between gold and bitcoin. At the end of the day, bitcoin is its own class "in its own right." Hayter also said that the issue in China that plagued bitcoin earlier this year has now been "brushed under the carpet," and any short-term woes will be erased over the longer term. Image Credit: By Davidstankiewicz - Own work, CC BY-SA 4.0, via Wikimedia Commons See more from Benzinga Gold Is The New Equity In The Trump Rally There's A New Gold ETF: Here's What You Need To Know Donald Trump: U.S. Dollar Is 'Too Strong' © 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || For The First Time Ever, One Bitcoin Is More Valuable Than One Ounce Of Gold: For the first time ever, onebitcoinis worth more than an ounce of gold. According to aCNNMoney report,the price of one bitcoin traded above $1,290 on Friday while an ounce of gold costs $1,228.
There are a few factors at play here. First, high demand for the digital coin helped push the price of a bitcoin higher throughout the year, although it did suffer a major setback. The price of a bitcoin tumbled 30 percent earlier this year after authorities in China increased their scrutiny of bitcoin exchanges.
People in countries like China are major supporters of bitcoin as it is perceived to be a safe haven, especially in times of turmoil when anonymity is also a factor.
But some experts are finding it hard pressed to explain why bitcoin is more valuable than gold — a commodity that has existed for centuries as opposed to the digital currency that few have heard of in the late 2000s
Related Link: Gartman: Bitcoin Is Nearly Incomprehensible At This Point
Charles Hayter, the CEO of the digital currency comparison website CryptoCompare, told CNNMoney that there is no direct correlation between gold and bitcoin. At the end of the day, bitcoin is its own class "in its own right."
Hayter also said that the issue in China that plagued bitcoin earlier this year has now been "brushed under the carpet," and any short-term woes will be erased over the longer term.
Image Credit: By Davidstankiewicz - Own work, CC BY-SA 4.0, via Wikimedia Commons
See more from Benzinga
• Gold Is The New Equity In The Trump Rally
• There's A New Gold ETF: Here's What You Need To Know
• Donald Trump: U.S. Dollar Is 'Too Strong'
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || For The First Time Ever, One Bitcoin Is More Valuable Than One Ounce Of Gold: For the first time ever, onebitcoinis worth more than an ounce of gold. According to aCNNMoney report,the price of one bitcoin traded above $1,290 on Friday while an ounce of gold costs $1,228.
There are a few factors at play here. First, high demand for the digital coin helped push the price of a bitcoin higher throughout the year, although it did suffer a major setback. The price of a bitcoin tumbled 30 percent earlier this year after authorities in China increased their scrutiny of bitcoin exchanges.
People in countries like China are major supporters of bitcoin as it is perceived to be a safe haven, especially in times of turmoil when anonymity is also a factor.
But some experts are finding it hard pressed to explain why bitcoin is more valuable than gold — a commodity that has existed for centuries as opposed to the digital currency that few have heard of in the late 2000s
Related Link: Gartman: Bitcoin Is Nearly Incomprehensible At This Point
Charles Hayter, the CEO of the digital currency comparison website CryptoCompare, told CNNMoney that there is no direct correlation between gold and bitcoin. At the end of the day, bitcoin is its own class "in its own right."
Hayter also said that the issue in China that plagued bitcoin earlier this year has now been "brushed under the carpet," and any short-term woes will be erased over the longer term.
Image Credit: By Davidstankiewicz - Own work, CC BY-SA 4.0, via Wikimedia Commons
See more from Benzinga
• Gold Is The New Equity In The Trump Rally
• There's A New Gold ETF: Here's What You Need To Know
• Donald Trump: U.S. Dollar Is 'Too Strong'
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || How Hedge Funds Use ETFs: Eric Balchunas is a senior ETF analyst at Bloomberg, where he has more than a decade of experience working with ETF data, designing new functions and writing ETF research for the Bloomberg terminal. He also writes articles, feature stories and blog posts on ETFs for Bloomberg.com and appears each week on Bloomberg TV and Radio to discuss ETFs. ETF.com recently caught up with him to discuss how hedge funds are using ETFs. ETF.com: You've recently talked a lot about how hedge funds use ETFs, so I wanted to pick your brain about that. I found it interesting that you said hedge funds have more short positions than long positions in ETFs. Why is that? Eric Balchunas: Correct; they have $104 billion in short positions compared to $30 billion in long positions. A lot of people think hedge funds are out there trying to swing for the fences and return 100% every year. But most of them are looking to isolate certain things in the market, whether they're using merger arbitrage, event-driven or long/short strategies. To do the short side of those trades, they’ll use ETFs so they can cancel out the beta of the market and isolate their positions. Yes, some of the shorting is just straight-up betting against the market. But most of it is this use of the ETFs as a hedging vehicle. It's interesting that the $104 billion worth of short positions is over half of the total short interest in ETFs, so it’s significant. ETF.com: Which ETFs are they shorting? Balchunas: Goldman Sachs lists the short positions, and it's exactly what you would think. It's the old-school products like the Sector SPDRs, the PowerShares QQQ Trust (QQQ) and the SPDR S&P 500 ETF (SPY) ―all the most liquid ones. They've also started to use the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) now that it's gotten more liquid. None of the names on the most-shorted list are surprising, but I was surprised a little by the funds that they are long. Story continues ETF.com: Which ones were those? Balchunas: VWO is a good example. That's the ETF with the most net long among hedge funds. ETF.com: You noted Vanguard is the only issuer where hedge funds are net long. That's an interesting pairing, because Vanguard ETFs have a reputation for being buy-and-hold types of investments, while hedge funds have a reputation for being relatively active. Balchunas: That number is really fascinating to me and it speaks to, in my opinion, Vanguard's wide appeal. Who doesn't like cheap? That's just so universal. Also, Vanguard may be the only one net-long, because iShares and SPDR have so many really liquid products that hedge funds love to short. On the other hand, Vanguard's products are usually the second- or third-most-liquid in a category, but rarely are they the first. It says a little bit about the cost-consciousness of hedge funds, but it also says a little bit about how Vanguard still has yet to really break through that liquidity barrier where they become the most liquid of a category. They're getting there. Vanguard ETFs have tripled in daily volume over the last five years. This is a big development, because if Vanguard starts to get that mass liquidity, it gets bigger fish attracted to it, and that just beefs up the liquidity exponentially. ETF.com: What ETF is owned by the largest number of hedge funds? Balchunas: SPY; it's owned by 154 hedge funds. The SPDR Gold Trust (GLD) is No. 2, at 112. GLD is punching above its weight, because it's not the second-biggest in assets or volume. It speaks to the convenience factor of ETFs. You can go get physical gold, but you have to store it and insure it. It's kind of a pain. The ETF comes along, and even a hedge fund would say that it's just easier and cheaper to own GLD. ETF.com: We talk about hedge funds as a monolith, but they each have very different investment philosophies. Some have claimed that ETFs are dangerous and they wouldn't touch them. Can you tell us about that? Balchunas: They usually have two complaints. One is on the high-yield debt stuff. They ask, "How can something be liquid when the holdings aren't as liquid?" The other complaint is on the general rise of passive investing creating inefficiencies. But on the flip side, as we discussed, hundreds of hedge funds use the products, including HYG. Carl Icahn, who's the king of the hedge funds, says, and I'll quote him here, "There is no liquidity"—this is about HYG—"That's what's going to blow this up." Now, you have 50 hedge funds that hold HYG. So either they don't listen to him, or he has another motivation. Bill Ackman, another big hedge fund manager, also expressed some complaints about ETFs, but that was after a rough year for his hedge fund. You might want to factor that in. Either way, the hedge fund relationship with ETFs is a layered one. They use them in certain cases; they complain about them in other cases. The term I use is "frenemies." ETF.com: Do some of them feel threatened by ETFs, with all the alternative ETFs and smart-beta ETFs coming out? Balchunas: I don't think they feel threatened. Liquid alts—which are hedge fund strategies in passive structures like ETFs—just haven't done much. There are two reasons for this. One is that when you're doing sophisticated strategies that involve shorting―especially since shorting can be costly, and you have to time it―putting that into a rules-based index might not be the most efficient way to exercise that. And No. 2 is, when you buy a hedge fund, you're kind of buying the brain of the manager. Where smart beta has really made a threat to active is in the factors. CalPERS is a high-profile example: They fired their hedge funds and employed a factor strategy in-house. That didn't involve ETFs, but it tells you it's possible you could swap out some hedge fund strategies and use factor ETFs in their place. Smart beta assets are $500 billion. That's real money. So if anything was a threat to hedge funds, it would probably be in the factor area―not the liquid alts. I just don't see the merger arb ETF taking any assets from a real merger arb hedge fund. Contact Sumit Roy at [email protected] . Recommended Stories How Hedge Funds Use ETFs Bitcoin ETFs For Dummies The Most Interesting New Gold ETF Since GLD HACK & ROBO Funds On A Technical Roll The Innovative Side Of Dividend ETFs Permalink | © Copyright 2017 ETF.com. All rights reserved || How Hedge Funds Use ETFs: Eric Balchunas is a senior ETF analyst at Bloomberg, where he has more than a decade of experience working with ETF data, designing new functions and writing ETF research for the Bloomberg terminal. He also writes articles, feature stories and blog posts on ETFs for Bloomberg.com and appears each week on Bloomberg TV and Radio to discuss ETFs. ETF.com recently caught up with him to discuss how hedge funds are using ETFs.
ETF.com: You've recently talked a lot about how hedge funds use ETFs, so I wanted to pick your brain about that. I found it interesting that you said hedge funds have more short positions than long positions in ETFs. Why is that?
Eric Balchunas:Correct; they have $104 billion in short positions compared to $30 billion in long positions.A lot of people think hedge funds are out there trying to swing for the fences and return 100% every year. But most of them are looking to isolate certain things in the market, whether they're using merger arbitrage, event-driven or long/short strategies. To do the short side of those trades, they’ll use ETFs so they can cancel out the beta of the market and isolate their positions.
Yes, some of the shorting is just straight-up betting against the market. But most of it is this use of the ETFs as a hedging vehicle. It's interesting that the $104 billion worth of short positions is over half of the total short interest in ETFs, so it’s significant.
ETF.com: Which ETFs are they shorting?
Balchunas:Goldman Sachs lists the short positions, and it's exactly what you would think. It's the old-school products like the Sector SPDRs, thePowerShares QQQ Trust (QQQ)and theSPDR S&P 500 ETF (SPY)―all the most liquid ones. They've also started to use theiShares iBoxx $ High Yield Corporate Bond ETF (HYG)now that it's gotten more liquid.
None of the names on the most-shorted list are surprising, but I was surprised a little by the funds that they are long.
ETF.com: Which ones were those?
Balchunas:VWO is a good example. That's the ETF with the most net long among hedge funds.
ETF.com: You noted Vanguard is the only issuer where hedge funds are net long. That's an interesting pairing, because Vanguard ETFs have a reputation for being buy-and-hold types of investments, while hedge funds have a reputation for being relatively active.
Balchunas:That number is really fascinating to me and it speaks to, in my opinion, Vanguard's wide appeal. Who doesn't like cheap? That's just so universal.
Also, Vanguard may be the only one net-long, because iShares and SPDR have so many really liquid products that hedge funds love to short. On the other hand, Vanguard's products are usually the second- or third-most-liquid in a category, but rarely are they the first.
It says a little bit about the cost-consciousness of hedge funds, but it also says a little bit about how Vanguard still has yet to really break through that liquidity barrier where they become the most liquid of a category.They're getting there. Vanguard ETFs have tripled in daily volume over the last five years. This is a big development, because if Vanguard starts to get that mass liquidity, it gets bigger fish attracted to it, and that just beefs up the liquidity exponentially.
ETF.com: What ETF is owned by the largest number of hedge funds?
Balchunas:SPY; it's owned by 154 hedge funds. TheSPDR Gold Trust (GLD)is No. 2, at 112. GLD is punching above its weight, because it's not the second-biggest in assets or volume. It speaks to the convenience factor of ETFs. You can go get physical gold, but you have to store it and insure it. It's kind of a pain. The ETF comes along, and even a hedge fund would say that it's just easier and cheaper to own GLD.
ETF.com: We talk about hedge funds as a monolith, but they each have very different investment philosophies. Some have claimed that ETFs are dangerous and they wouldn't touch them. Can you tell us about that?
Balchunas:They usually have two complaints. One is on the high-yield debt stuff. They ask, "How can something be liquid when the holdings aren't as liquid?" The other complaint is on the general rise of passive investing creating inefficiencies.
But on the flip side, as we discussed, hundreds of hedge funds use the products, including HYG. Carl Icahn, who's the king of the hedge funds, says, and I'll quote him here, "There is no liquidity"—this is about HYG—"That's what's going to blow this up."
Now, you have 50 hedge funds that hold HYG. So either they don't listen to him, or he has another motivation. Bill Ackman, another big hedge fund manager, also expressed some complaints about ETFs, but that was after a rough year for his hedge fund. You might want to factor that in.
Either way, the hedge fund relationship with ETFs is a layered one. They use them in certain cases; they complain about them in other cases. The term I use is "frenemies."
ETF.com: Do some of them feel threatened by ETFs, with all the alternative ETFs and smart-beta ETFs coming out?Balchunas:I don't think they feel threatened. Liquid alts—which are hedge fund strategies in passive structures like ETFs—just haven't done much. There are two reasons for this.
One is that when you're doing sophisticated strategies that involve shorting―especially since shorting can be costly, and you have to time it―putting that into a rules-based index might not be the most efficient way to exercise that.
And No. 2 is, when you buy a hedge fund, you're kind of buying the brain of the manager. Where smart beta has really made a threat to active is in the factors. CalPERS is a high-profile example: They fired their hedge funds and employed a factor strategy in-house. That didn't involve ETFs, but it tells you it's possible you could swap out some hedge fund strategies and use factor ETFs in their place.
Smart beta assets are $500 billion. That's real money. So if anything was a threat to hedge funds, it would probably be in the factor area―not the liquid alts. I just don't see the merger arb ETF taking any assets from a real merger arb hedge fund.
Contact Sumit Roy [email protected].
Recommended Stories
• How Hedge Funds Use ETFs
• Bitcoin ETFs For Dummies
• The Most Interesting New Gold ETF Since GLD
• HACK & ROBO Funds On A Technical Roll
• The Innovative Side Of Dividend ETFs
Permalink| © Copyright 2017ETF.com.All rights reserved || AT&Ts Union Deal Reverses Outsourcing 3,000 Jobs: Amid several more contentious labor negotiations, and its biggest union announced they had settled terms early for a unit that covers 20,000 workers in the south. The Communications Workers of America and AT&T said they had struck a tentative four-year contract deal for workers in the companys wired telephone, cable, and Internet business in Arkansas, Kansas, Missouri, Oklahoma and Texas a month before the old contract expired. A key piece of the deal, which still must be approved by the workers, is a promise by AT&T to hire 3,000 people locally for jobs that have been previously outsourced, mostly overseas. The agreement comes as AT&T is facing tougher talks with the CWA over contracts that have already expired for 21,000 workers in the companys wireless business and 17,000 workers in the phone, Internet, and cable units in Nevada and California. While negotiations continue in those cases, the workers have been protesting around the country and authorized a strike , if necessary. But AT&T has had mostly good relations with its workers in recent years-unlike Communications , which suffered a bitter, seven-week strike last year. Fridays announcement marks another in a long line of successful deals. Since the start of 2015, AT&T has completed 28 straight deals with its unions, covering 123,000 workers. The last strike at the company was in 2012, and just for two days. Get Data Sheet , Fortunes technology newsletter. Under the deal announced on Friday, workers will get wage increases totaling over 11% over the four years and two weeks of paid parental leave for mothers or fathers, AT&T said. The CWA highlighted that the deal included affordable healthcare plans, one of the sticking points in the two more contentious negotiations. But the commitment by AT&T to hire locally for jobs previously outsourced may have been just as important. Like the Verizon workers who went out on strike, AT&Ts workers have also lately been focused on their employers outsourcing of call center jobs outside of the country. The union charges that the carrier has moved 8,000 call center jobs since 2011 to countries including the Dominican Republic, Mexico, and the Philippines. Story continues Halting the offshoring of call center jobs has also been the focus of a growing number of Democratic lawmakers in Congress. They introduced legislation this week, with the backing of the CWA, to discourage call center offshoring , after a plea to President Donald Trump to take such action by executive order was ignored. AT&T said it committed to hire 3,000 people in the local areas to fill work that is currently mostly performed offshore. W e worked with the union to bring work opportunities to the region, a spokesman for the company tells Fortune . Regarding the type of jobs, we will make those decisions as we work through and evaluate the needs of our business-we will consider all areas of our operations in the Southwest and place them where it makes the most sense. See original article on Fortune.com More from Fortune.com This Scam Surpassed Identity Theft for the First Time Ever Last Year Why NBC's Snap IPO Investment Is One of Its Biggest Bets Ever Bitcoin Just Became More Valuable Than Gold Here's How Snap's IPO Just Proved We're In a Tech Bubble This Amazing Stat Suggests the Trump Bump Will Continue || AT&T’s Union Deal Reverses Outsourcing 3,000 Jobs: Amid several more contentious labor negotiations, and its biggest union announced they had settled terms early for a unit that covers 20,000 workers in the south.
The Communications Workers of America and AT&T said they had struck a tentative four-year contract deal for workers in the company’s wired telephone, cable, and Internet business in Arkansas, Kansas, Missouri, Oklahoma and Texas a month before the old contract expired. A key piece of the deal, which still must be approved by the workers, is a promise by AT&T to hire 3,000 people locally for jobs that have been previously outsourced, mostly overseas.
The agreement comes as AT&T is facing tougher talks with the CWA over contracts that have already expired for 21,000 workers in the company’s wireless business and 17,000 workers in the phone, Internet, and cable units in Nevada and California. While negotiations continue in those cases, the workers have been protesting around the country andauthorized a strike, if necessary.
But AT&T has had mostly good relations with its workers in recent years-unlike Communications , which suffereda bitter, seven-week strikelast year.
Friday’s announcement marks another in a long line of successful deals. Since the start of 2015, AT&T has completed 28 straight deals with its unions, covering 123,000 workers. The last strike at the company was in 2012, and just for two days.
Get Data Sheet, Fortune’s technology newsletter.
Under the deal announced on Friday, workers will get wage increases totaling over 11% over the four years and two weeks of paid parental leave for mothers or fathers, AT&T said.
The CWA highlighted that the deal included “affordable” healthcare plans, one of the sticking points in the two more contentious negotiations. But the commitment by AT&T to hire locally for jobs previously outsourced may have been just as important.
Like the Verizon workers who went out on strike, AT&T’s workers have also lately been focused on their employer’s outsourcing of call center jobs outside of the country. The union charges that the carrier has moved 8,000 call center jobs since 2011 to countries including the Dominican Republic, Mexico, and the Philippines.
Halting the offshoring of call center jobs has also been the focus of a growing number of Democratic lawmakers in Congress. They introduced legislation this week, with the backing of the CWA,to discourage call center offshoring, after a plea to President Donald Trump to take such action by executive order was ignored.
AT&T said it committed to hire 3,000 people in the local areas to fill work that is currently mostly performed offshore.
“We worked with the union to bring work opportunities to the region,” a spokesman for the company tellsFortune. “Regarding the type of jobs, we will make those decisions as we work through and evaluate the needs of our business-we will consider all areas of our operations in the Southwest and place them where it makes the most sense.”
See original article on Fortune.com
More from Fortune.com
• This Scam Surpassed Identity Theft for the First Time Ever Last Year
• Why NBC's Snap IPO Investment Is One of Its Biggest Bets Ever
• Bitcoin Just Became More Valuable Than Gold
• Here's How Snap's IPO Just Proved We're In a Tech Bubble
• This Amazing Stat Suggests the Trump Bump Will Continue || 10 things you need to know today: EU Parliament vote on Le Pen (Members of the European Parliament voting to decide whether to lift the EU parliamentary immunity of French far-right presidential candidate Marine Le Pen after she came under investigation for tweeting pictures of Islamic State violence.Reuters/Yves Herman) Here is what you need to know. Janet Yellen speaks. Federal Reserve Chair Janet Yellen is set to give her economic outlook at the Executives Club of Chicago at 1 p.m. ET. Traders will be listening for clues as to whether the Fed will hike interest rates at the conclusion of its March 14-15 meeting. World Interest Rate Probability data provided by Bloomberg says there's an 88% chance the Fed hikes by 25 basis points at the meeting. Europe is growing at its fastest pace since 2011 . Markit's final February composite reading for the eurozone came in at 56, well ahead of the 54.4 print from January. "Growth of eurozone economic output accelerated to a near six-year record in February," IHS Markit said in a release. Global manufacturing is making a comeback . Global manufacturers posted their best month in almost six years in February as the JPMorgan-IHS Markit Global Manufacturing Purchasing Managers Index rose by 0.2 points to 52.9, making for the best reading in 69 months. The dominant part of the UK economy is slowing down . UK services PMI slowed to 53.3 in February, missing the 54.2 that economists were expecting. "The slowdown mainly reflected a softer pace of new business growth, which some respondents linked to more cautious spending among consumers," a release from Markit that accompanied the report said. Bitcoin is extending its lead over gold . On Thursday, bitcoin climbed above gold for the first time. On Friday, the cryptocurrency trades up 2% at $1,281 a coin while the precious metal is down 0.5% at $1,228 an ounce. Snap Inc. had a monster debut . Shares of the social-media company shot up 44% in their market debut to close at $24.48 a share, giving Snapchat's parent company a market cap of more than $33 billion. Snap is now bigger than Macy's ($10 billion), Twitter ($11.3 billion), American Airlines ($23.6 billion), and Target ($32.9 billion). Story continues Costco same-store sales miss . The warehouse club retailer reported that same-store sales rose by 3% in its second quarter, missing the 3.2% gain that analysts were forecasting. The company also announced that it planned to raise membership fees as of June 1. Stock markets around the world are mostly lower. Hong Kong's Hang Seng (-0.7%) trailed in Asia, and Germany's DAX (-0.2%) lags in Europe. The S&P 500 is set to open down 0.1% near 2,380. Earnings reporting slows. Big Lots and Revlon will release their quarterly results ahead of the opening bell. US economic data is light. Markit services PMI and ISM Non-Manufacturing will be released at 9:45 a.m. and 10 a.m. ET. The US 10-year yield is higher by 2 basis points at 2.50%. More From Business Insider US military test shows the A-10 'Warthog' can obliterate the small boat swarms that Iran uses Snap surges 44% in its stock market debut — after an IPO that made its 20-something founders multibillionaires 10 things you need to know today || 10 things you need to know today: (Members of the European Parliament voting to decide whether to lift the EU parliamentary immunity of French far-right presidential candidate Marine Le Pen after she came under investigation for tweeting pictures of Islamic State violence.Reuters/Yves Herman)
Here is what you need to know.
Janet Yellen speaks.Federal Reserve Chair Janet Yellen is set to give her economic outlook at the Executives Club of Chicago at 1 p.m. ET. Traders will be listening for clues as to whether the Fed will hike interest rates at the conclusion of its March 14-15 meeting. World Interest Rate Probability data provided by Bloomberg says there's an 88% chance the Fed hikes by 25 basis points at the meeting.
Europe is growing at its fastest pace since 2011.Markit's final February composite reading for the eurozone came in at 56, well ahead of the 54.4 print from January. "Growth of eurozone economic output accelerated to a near six-year record in February," IHS Markit said in a release.
Global manufacturing is making a comeback.Global manufacturers posted their best month in almost six years in February as the JPMorgan-IHS Markit Global Manufacturing Purchasing Managers Index rose by 0.2 points to 52.9, making for the best reading in 69 months.
The dominant part of the UK economy is slowing down.UK services PMI slowed to 53.3 in February, missing the 54.2 that economists were expecting. "The slowdown mainly reflected a softer pace of new business growth, which some respondents linked to more cautious spending among consumers," a release from Markit that accompanied the report said.
Bitcoin is extending its lead over gold.On Thursday, bitcoin climbed above gold for the first time. On Friday, the cryptocurrency trades up 2% at $1,281 a coin while the precious metal is down 0.5% at $1,228 an ounce.
Snap Inc. had a monster debut.Shares of the social-media company shot up 44% in their market debut to close at $24.48 a share, giving Snapchat's parent company a market cap of more than $33 billion. Snap is now bigger than Macy's ($10 billion), Twitter ($11.3 billion), American Airlines ($23.6 billion), and Target ($32.9 billion).
Costco same-store sales miss.The warehouse club retailer reported that same-store sales rose by 3% in its second quarter, missing the 3.2% gain that analysts were forecasting. The company also announced that it planned to raise membership fees as of June 1.
Stock markets around the world are mostly lower.Hong Kong's Hang Seng (-0.7%) trailed in Asia, and Germany's DAX (-0.2%) lags in Europe. The S&P 500 is set to open down 0.1% near 2,380.
Earnings reporting slows.Big Lots and Revlon will release their quarterly results ahead of the opening bell.
US economic data is light.Markit services PMI and ISM Non-Manufacturing will be released at 9:45 a.m. and 10 a.m. ET. The US 10-year yield is higher by 2 basis points at 2.50%.
More From Business Insider
• US military test shows the A-10 'Warthog' can obliterate the small boat swarms that Iran uses
• Snap surges 44% in its stock market debut — after an IPO that made its 20-something founders multibillionaires
• 10 things you need to know today || Bitcoin is now more valuable than gold, but don’t read too much into it: The price of bitcoin(Exchange: BTC=-USS)continues to rise, setting a fresh record high. The price for one bitcoin is now worth more than one ounce of gold(Exchange: XAU=), but this is less significant than it may seem, say experts.
Gold and bitcoin prices crossed overnight. The crypto currency has set a fresh record high of $1,290.13, while a gold ounce currently trades around $1,228.
Part of the reason for the switch is that gold has had a rough week. The price for the precious metal has fallen more than 2 percent this week, due to the strengthening dollar and several indications from members of the Federal Reserve hinting towards a potential interest rate hike in March.
Meanwhile, the price for the digital currency is up more than 7 percent this week. A recentregulatory clamp down by the People's Bank of Chinahas proven beneficial for bitcoin. Speculation around an imminent decision by the U.S. Securities and Exchange Commission on whether it will approve a bitcoin-based ETF (exchange traded fund) has also created heavy buying pressure.
Looking more broadly, bitcoin has enjoyed a stellar recovery over the past 12 months, climbing more than 214 percent from a low level of $407.98 last March.
In contrast, the price for gold has fallen 1 percent over the past 12 months. Gold prices fell heavily following the result of the U.S. election, but have been recovering steadily since mid-December.
However, while bitcoin prices are climbing, the digital currency has a much lower market cap compared to gold, highlights Fran Strajnar, co-founder & CEO of data and research company Brave New Coin.
"The gold supply is 180,000 tonnes of 'above ground' gold, valued at $7 trillion. The bitcoin market value is $20 billion, so gold vs bitcoin is psychological more than anything," he told CNBC via email.
"The comparison is perhaps a positive signal that bitcoin is being commoditized. But bitcoin is not a commodity, while gold has been a commodity for thousands of years."
The price movement is less significant than it may seem, says Adrian Ash, head of research at Bullion Vault.
"Price is just a number, and overtaking one ounce of gold doesn't in itself mean much. More important is that bitcoin is making new highs. That signals both a growing appetite for alternative assets and also that crypto currency is finding new, perhaps unwary, buyers," he told CNBC via email.
Charles Hayter, founder of digital currency comparison website CryptoCompare, said there is ultimately no significance behind bitcoin prices being higher than gold prices.
"Bitcoin has been linked to gold as a store of value and a flight to safety - the truth is that bitcoin is its own asset class in its own right and does fairly well in times of uncertainty - however it is also subject to its own internal forces too, such as its governance or lack of to be more accurate," he told CNBC via email.
Also, bitcoin prices could be set for a shock if the SEC does not approve a bitcoin ETF. Strajnar predicts it is unlikely to pass.
"This is for a few reasons but mainly because no ETF in the US has the issuer also act as custodian and index provider all in one. We assume this application is still viewed as a qualitative risk to investors by the SEC (Securities & Exchange Commission)," he said.
"If the ETF is not approved we expect a correction and consolidation period but growing adoption and the deflationary supply of bitcoin suggests a continued uptrend in the medium term."
More From CNBC
• Morgan Stanley and Goldman should ‘hang heads in shame’ over Snap IPO: Analyst
• Samsung to Nokia: The hottest gadgets unveiled this week
• Google Assistant fights back against Amazon Alexa as battle of voice AI heats up || Bitcoin is now more valuable than gold, but don’t read too much into it: The price of bitcoin(Exchange: BTC=-USS)continues to rise, setting a fresh record high. The price for one bitcoin is now worth more than one ounce of gold(Exchange: XAU=), but this is less significant than it may seem, say experts.
Gold and bitcoin prices crossed overnight. The crypto currency has set a fresh record high of $1,290.13, while a gold ounce currently trades around $1,228.
Part of the reason for the switch is that gold has had a rough week. The price for the precious metal has fallen more than 2 percent this week, due to the strengthening dollar and several indications from members of the Federal Reserve hinting towards a potential interest rate hike in March.
Meanwhile, the price for the digital currency is up more than 7 percent this week. A recentregulatory clamp down by the People's Bank of Chinahas proven beneficial for bitcoin. Speculation around an imminent decision by the U.S. Securities and Exchange Commission on whether it will approve a bitcoin-based ETF (exchange traded fund) has also created heavy buying pressure.
Looking more broadly, bitcoin has enjoyed a stellar recovery over the past 12 months, climbing more than 214 percent from a low level of $407.98 last March.
In contrast, the price for gold has fallen 1 percent over the past 12 months. Gold prices fell heavily following the result of the U.S. election, but have been recovering steadily since mid-December.
However, while bitcoin prices are climbing, the digital currency has a much lower market cap compared to gold, highlights Fran Strajnar, co-founder & CEO of data and research company Brave New Coin.
"The gold supply is 180,000 tonnes of 'above ground' gold, valued at $7 trillion. The bitcoin market value is $20 billion, so gold vs bitcoin is psychological more than anything," he told CNBC via email.
"The comparison is perhaps a positive signal that bitcoin is being commoditized. But bitcoin is not a commodity, while gold has been a commodity for thousands of years."
The price movement is less significant than it may seem, says Adrian Ash, head of research at Bullion Vault.
"Price is just a number, and overtaking one ounce of gold doesn't in itself mean much. More important is that bitcoin is making new highs. That signals both a growing appetite for alternative assets and also that crypto currency is finding new, perhaps unwary, buyers," he told CNBC via email.
Charles Hayter, founder of digital currency comparison website CryptoCompare, said there is ultimately no significance behind bitcoin prices being higher than gold prices.
"Bitcoin has been linked to gold as a store of value and a flight to safety - the truth is that bitcoin is its own asset class in its own right and does fairly well in times of uncertainty - however it is also subject to its own internal forces too, such as its governance or lack of to be more accurate," he told CNBC via email.
Also, bitcoin prices could be set for a shock if the SEC does not approve a bitcoin ETF. Strajnar predicts it is unlikely to pass.
"This is for a few reasons but mainly because no ETF in the US has the issuer also act as custodian and index provider all in one. We assume this application is still viewed as a qualitative risk to investors by the SEC (Securities & Exchange Commission)," he said.
"If the ETF is not approved we expect a correction and consolidation period but growing adoption and the deflationary supply of bitcoin suggests a continued uptrend in the medium term."
More From CNBC
• Morgan Stanley and Goldman should ‘hang heads in shame’ over Snap IPO: Analyst
• Samsung to Nokia: The hottest gadgets unveiled this week
• Google Assistant fights back against Amazon Alexa as battle of voice AI heats up || Bitcoin is now more valuable than gold, but dont read too much into it: The price of bitcoin (Exchange: BTC=-USS) continues to rise, setting a fresh record high. The price for one bitcoin is now worth more than one ounce of gold (Exchange: XAU=) , but this is less significant than it may seem, say experts. Gold and bitcoin prices crossed overnight. The crypto currency has set a fresh record high of $1,290.13, while a gold ounce currently trades around $1,228. Part of the reason for the switch is that gold has had a rough week. The price for the precious metal has fallen more than 2 percent this week, due to the strengthening dollar and several indications from members of the Federal Reserve hinting towards a potential interest rate hike in March. Meanwhile, the price for the digital currency is up more than 7 percent this week. A recent regulatory clamp down by the People's Bank of China has proven beneficial for bitcoin. Speculation around an imminent decision by the U.S. Securities and Exchange Commission on whether it will approve a bitcoin-based ETF (exchange traded fund) has also created heavy buying pressure. Looking more broadly, bitcoin has enjoyed a stellar recovery over the past 12 months, climbing more than 214 percent from a low level of $407.98 last March. In contrast, the price for gold has fallen 1 percent over the past 12 months. Gold prices fell heavily following the result of the U.S. election, but have been recovering steadily since mid-December. However, while bitcoin prices are climbing, the digital currency has a much lower market cap compared to gold, highlights Fran Strajnar, co-founder & CEO of data and research company Brave New Coin. "The gold supply is 180,000 tonnes of 'above ground' gold, valued at $7 trillion. The bitcoin market value is $20 billion, so gold vs bitcoin is psychological more than anything," he told CNBC via email. "The comparison is perhaps a positive signal that bitcoin is being commoditized. But bitcoin is not a commodity, while gold has been a commodity for thousands of years." The price movement is less significant than it may seem, says Adrian Ash, head of research at Bullion Vault. "Price is just a number, and overtaking one ounce of gold doesn't in itself mean much. More important is that bitcoin is making new highs. That signals both a growing appetite for alternative assets and also that crypto currency is finding new, perhaps unwary, buyers," he told CNBC via email. Charles Hayter, founder of digital currency comparison website CryptoCompare, said there is ultimately no significance behind bitcoin prices being higher than gold prices. Story continues "Bitcoin has been linked to gold as a store of value and a flight to safety - the truth is that bitcoin is its own asset class in its own right and does fairly well in times of uncertainty - however it is also subject to its own internal forces too, such as its governance or lack of to be more accurate," he told CNBC via email. Also, bitcoin prices could be set for a shock if the SEC does not approve a bitcoin ETF. Strajnar predicts it is unlikely to pass. "This is for a few reasons but mainly because no ETF in the US has the issuer also act as custodian and index provider all in one. We assume this application is still viewed as a qualitative risk to investors by the SEC (Securities & Exchange Commission)," he said. "If the ETF is not approved we expect a correction and consolidation period but growing adoption and the deflationary supply of bitcoin suggests a continued uptrend in the medium term." More From CNBC Morgan Stanley and Goldman should hang heads in shame over Snap IPO: Analyst Samsung to Nokia: The hottest gadgets unveiled this week Google Assistant fights back against Amazon Alexa as battle of voice AI heats up View comments || STOCKS FALL, SNAPCHAT SURGES: Here's what you need to know: SNAP IPO 21 (Hollis Johnson) The major US equity indexes closed lower on Thursday, retreating after logging the strongest performance of 2017 on Wednesday. Here's the scoreboard: Dow: 21,002.97, -112.58, (-0.53%) S&P 500: 2,381.92, -14.04, (-0.59%) Nasdaq: 5,861.22, -42.81, (-0.73%) US 10-year yield: 2.491%, +0.029 Snap surged in its trading debut . The parent company of Snapchat opened for trading at $24, up about 41% from the IPO price of $17. At the opening price, Snap had a valuation of about $33 billion, surpassing stalwarts like Viacom and HP. There's already a "sell" rating . "Investors in Snap will be exposed to an upstart facing aggressive competition from much larger companies, with a core user base that is not growing by much and which is only relatively elusive," said Pivotal Research Group's Brian Wieser. He has a $10 price target — 58% lower than the opening price. Initial jobless claims are at the lowest level since 1973 . Claims, which count the number of people who applied for unemployment insurance for the first time in the past week, dropped by more than expected to 223,000. Bitcoin climbed above gold for the first time . The cryptocurrency rose to $1,241.30 around 10:20 a.m. ET. Meanwhile, gold was $1,241.25 at the time. Caterpillar facilities in Illinois were searched by law enforcement authorities with a warrant . The Peoria Journal Star newspaper reported that people with Internal Revenue Service jackets were seen entering the headquarters. Caterpillar shares fell 4%. Boeing is planning 1,500 voluntary job cuts . Employees were notified this week that the International Association of Machinists and Aerospace Workers union said it didn't know if this met Boeing 's target or could still be followed by compulsory layoffs, the WSJ reported . Additionally: This throwback to Facebook's IPO is one reason some investors are nervous about Snapchat Another warning sign is popping up in the stock market The Fed could be on the verge of making a big mistake Story continues A startup led by one of the most senior women on Wall Street decided to troll Trump Twitter is loving Democratic lawmakers' scavenger hunt around the Capitol for the secret room holding the GOP's Obamacare replacement bill JOSH BROWN: Here's why I'm not buying Snapchat NOW WATCH: A body language expert analyzes Trump's unique handshakes More From Business Insider Snap surges 44% in its stock market debut — after an IPO that made its 20-something founders multibillionaires These $10 earbuds have more 5-star reviews on Amazon than any other pair — here's why The White House is considering direct military action to counter North Korea || STOCKS FALL, SNAPCHAT SURGES: Here's what you need to know: (Hollis Johnson)
The major US equity indexes closed lower on Thursday, retreating after logging thestrongest performanceof 2017 on Wednesday.
Here's the scoreboard:
• Dow:21,002.97, -112.58, (-0.53%)
• S&P 500:2,381.92, -14.04, (-0.59%)
• Nasdaq:5,861.22, -42.81, (-0.73%)
• US 10-year yield:2.491%, +0.029
1. Snap surged in its trading debut. The parent company of Snapchatopened for trading at $24, up about 41% from the IPO price of $17. At the opening price, Snap had a valuation of about $33 billion,surpassing stalwartslike Viacom and HP.
2. There's already a "sell" rating."Investors in Snap will be exposed to an upstart facing aggressive competition from much larger companies, with a core user base that is not growing by much and which is only relatively elusive," said Pivotal Research Group'sBrian Wieser. He has a $10 price target — 58% lower than the opening price.
3. Initial jobless claims are at the lowest level since 1973.Claims,which count the number of people who applied for unemployment insurance for the first time in the past week, dropped by more than expected to 223,000.
4. Bitcoin climbed above gold for the first time.The cryptocurrency rose to $1,241.30 around 10:20 a.m. ET. Meanwhile, gold was $1,241.25 at the time.
5. Caterpillar facilities in Illinois were searched by law enforcement authorities with a warrant.The Peoria Journal Star newspaper reported that people with Internal Revenue Service jackets were seen entering the headquarters. Caterpillar shares fell 4%.
6. Boeing is planning 1,500 voluntary job cuts.Employees were notified this week that the International Association of Machinists and Aerospace Workers union said it didn't know if this metBoeing's target or could still be followed by compulsory layoffs, theWSJ reported.
Additionally:
This throwback to Facebook's IPO is one reason some investors are nervous about Snapchat
Another warning sign is popping up in the stock market
The Fed could be on the verge of making a big mistake
A startup led by one of the most senior women on Wall Street decided to troll Trump
Twitter is loving Democratic lawmakers' scavenger hunt around the Capitol for the secret room holding the GOP's Obamacare replacement bill
JOSH BROWN: Here's why I'm not buying Snapchat
NOW WATCH:A body language expert analyzes Trump's unique handshakes
More From Business Insider
• Snap surges 44% in its stock market debut — after an IPO that made its 20-something founders multibillionaires
• These $10 earbuds have more 5-star reviews on Amazon than any other pair — here's why
• The White House is considering direct military action to counter North Korea
[Social Media Buzz]
One Bitcoin now worth $1266.35@bitstamp. High $1275.00. Low $1240.00. Market Cap $20.511 Billion #bitcoin || 2017/03/06-00:55
ZaifExchange
BTC:147290JPY(-10)
XEM:1.3459JPY(±0)
MONA:5.3JPY(±0) || 1 KOBO = 0.00000377 BTC
= 0.0048 USD
= 1.5120 NGN
= 0.0624 ZAR
= 0.4913 KES
#Kobocoin 2017-03-05 18:00 || Доходность в день от 2% до 4%
Цены от $ 1,00 за долю
Платежные системы: PerfectMoney, Payeer, AdvCash, Bitcoin.
Вход https://eco-hash.com/?aff=aleks71 pic.twitter.com/40ZxCe7OhC || One Bitc...
|
1272.83, 1223.54, 1150.00, 1188.49, 1116.72, 1175.83, 1221.38, 1231.92, 1240.00, 1249.61
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 575.04, 587.78, 592.69, 591.05, 587.80, 592.10, 589.12, 587.56, 585.59, 570.47, 567.24, 577.44, 573.22, 574.32, 575.63, 581.70, 581.31, 586.75, 583.41, 580.18, 577.76, 579.65, 569.95, 573.91, 574.11, 577.50, 575.47, 572.30, 575.54, 598.21, 608.63, 606.59, 610.44, 614.54, 626.32, 622.86, 623.51, 606.72, 608.24, 609.24, 610.68, 607.16, 606.97, 605.98, 609.87, 609.23, 608.31, 597.15, 596.30, 602.84, 602.62, 600.83, 608.04, 606.17, 604.73, 605.69, 609.73, 613.98, 610.89, 612.13, 610.20, 612.51, 613.02, 617.12, 619.11, 616.75, 618.99, 641.07, 636.19, 636.79, 640.38, 638.65, 641.63, 639.19, 637.96, 630.52, 630.86, 632.83, 657.29, 657.07, 653.76, 657.59, 678.30, 688.31, 689.65, 714.48, 701.86, 700.97, 729.79, 740.83.
|
[Bitcoin Technical Analysis for 2016-11-02]
Volume: 84865200, RSI (14-day): 82.85, 50-day EMA: 646.28, 200-day EMA: 582.19
[Wider Market Context]
Gold Price: 1306.80, Gold RSI: 62.90
Oil Price: 45.34, Oil RSI: 35.78
[Recent News (last 7 days)]
What traders are buying if Trump wins: The " Fast Money " traders on Friday weighed stocks they would buy if Donald Trump won the election. U.S. markets turned negative earlier in the day after the Federal Bureau of Investigation announced it is investigating new emails related to Democratic nominee Hillary Clinton . Trader Steve Grasso said investors should be keeping an eye on securities that are interest-rate sensitive like utilities or gold. He said it wouldn't make sense to increase risk exposure in an overall market that is selling off. Trader Brian Kelly said General Electric is the best bet in a selloff because both Clinton and Trump have promised to increase infrastructure spending. Disclosures: TIM SEYMOUR Tim Seymour is long ABX, APC, AVP, BAC, BBRY, CLF, CVX, DO, DVYE, EDC, EWZ, F, FB, FCX, FXI, GM, GOOGL, GE, INTC, LQD,MCD, MUR, OIH, PG, RACE, RAI, RH, RL, SINA, T, TWTR, VALE, VZ, XOM and short: SPY, XRT. His firm is long ABX, BABA, BIDU, CBD, CLF, EWZ, F, KO, MCD, MPEL, NKE, PEP, PF, TCEHY, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, X, YHOO, and short EWG, HYG, IWM STEVE GRASSO Steve Grasso is long: BA, CC, CHK, EVGN, KBH, MJNA, MON, MU, OLN, PFE, PHM, T, TWTR, GDX. His children own: EFA, EFG, EWJ, IJR, SPY. No short positions. Grasso's firm is long: VIRT, DVN, LDP, WDR, AVP, CVX, FCX, ICE, KDUS, KO, MAT, MCD, MJNA, NE, NEM, OLN, OXY, RIG, STAG, TAXI, TEX, TITXF, URI, WDR, WYNN, ZNGA, CUBA, HSPO, ICE, AMZN, MJNA, TITXF, SPY, QQQ, DIA, XLI, BGCP, VIRT, GE, AIR, FP. BRIAN KELLY Brian Kelly is long Bitcoin, long USO, SLV and Silver Futures, US Dollar UUP. He is short the euro and the Japanese yen. GUY ADAMI Guy Adami is long CELG, EXAS, GDX, INTC. Adami's wife, Linda Snow, works at Merck. More From CNBC Top News and Analysis Latest News Video Personal Finance || What traders are buying if Trump wins: The "Fast Money" traders on Friday weighed stocks they would buy ifDonald Trumpwon the election.
U.S. markets turned negative earlier in the day after theFederal Bureau of Investigationannounced it isinvestigating new emailsrelated to Democratic nomineeHillary Clinton.
Trader Steve Grasso said investors should be keeping an eye on securities that are interest-rate sensitive like utilities or gold. He said it wouldn't make sense to increase risk exposure in an overall market that is selling off.
Trader Brian Kelly said General Electric is the best bet in a selloff because both Clinton and Trump have promised to increase infrastructure spending.
Disclosures:
TIM SEYMOUR
Tim Seymour is long ABX, APC, AVP, BAC, BBRY, CLF, CVX, DO, DVYE, EDC, EWZ, F, FB, FCX, FXI, GM, GOOGL, GE, INTC, LQD,MCD, MUR, OIH, PG, RACE, RAI, RH, RL, SINA, T, TWTR, VALE, VZ, XOM and short: SPY, XRT. His firm is long ABX, BABA, BIDU, CBD, CLF, EWZ, F, KO, MCD, MPEL, NKE, PEP, PF, TCEHY, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, X, YHOO, and short EWG, HYG, IWM
STEVE GRASSO
Steve Grasso is long: BA, CC, CHK, EVGN, KBH, MJNA, MON, MU, OLN, PFE, PHM, T, TWTR, GDX. His children own: EFA, EFG, EWJ, IJR, SPY. No short positions. Grasso's firm is long: VIRT, DVN, LDP, WDR, AVP, CVX, FCX, ICE, KDUS, KO, MAT, MCD, MJNA, NE, NEM, OLN, OXY, RIG, STAG, TAXI, TEX, TITXF, URI, WDR, WYNN, ZNGA, CUBA, HSPO, ICE, AMZN, MJNA, TITXF, SPY, QQQ, DIA, XLI, BGCP, VIRT, GE, AIR, FP.
BRIAN KELLY
Brian Kelly is long Bitcoin, long USO, SLV and Silver Futures, US Dollar UUP. He is short the euro and the Japanese yen.
GUY ADAMI
Guy Adami is long CELG, EXAS, GDX, INTC. Adami's wife, Linda Snow, works at Merck.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Swiss rail operator to sell bitcoins at its ticket machines: ZURICH (Reuters) - Switzerland's national railways firm SBB is branching out next month with the launch of a new service on its ticket machines to sell bitcoins, the web-based digital currency.
Beginning Nov. 11, customers will be able to trade Swiss francs for bitcoins using the ticket machines in a two-year experiment that will test Switzerland's appetite for the cryptocurrency, the state-owned company announced on Friday.
"There have been few possibilities to obtain bitcoins in Switzerland until now," SBB said. "With its 1,000-plus ticket machines, SBB operates a dense, around-the-clock distribution network that's suited for more than just ticket sales."
SBB is working with Zug-based digital payments firm SweePay to allow customers to top up their digital 'bitcoin wallet' accounts by mobile phone. Customers can exchange anywhere between 20 and 500 Swiss francs ($20-503) per transaction.
SBB will act as distributor, while the exchange will be performed by SweePay and require users to hold an account with a wallet service that allows storage of the digital currency.
Bitcoin is known for allowing users to move money across the world quickly and relatively anonymously but, on the Swiss ticket machines, users won't be able to procure it without a trace: customers will need to identify themselves using a Swiss mobile phone.
While bitcoins can be purchased, they won't be accepted as payment at the machines, meaning ticket revenues will be unaffected by changes in the bitcoin exchange rate.
($1 = 0.9943 Swiss francs)
(Reporting by Brenna Hughes Neghaiwi; Editing by Greg Mahlich) || Swiss rail operator to sell bitcoins at its ticket machines: ZURICH (Reuters) - Switzerland's national railways firm SBB is branching out next month with the launch of a new service on its ticket machines to sell bitcoins, the web-based digital currency. Beginning Nov. 11, customers will be able to trade Swiss francs for bitcoins using the ticket machines in a two-year experiment that will test Switzerland's appetite for the cryptocurrency, the state-owned company announced on Friday. "There have been few possibilities to obtain bitcoins in Switzerland until now," SBB said. "With its 1,000-plus ticket machines, SBB operates a dense, around-the-clock distribution network that's suited for more than just ticket sales." SBB is working with Zug-based digital payments firm SweePay to allow customers to top up their digital 'bitcoin wallet' accounts by mobile phone. Customers can exchange anywhere between 20 and 500 Swiss francs ($20-503) per transaction. SBB will act as distributor, while the exchange will be performed by SweePay and require users to hold an account with a wallet service that allows storage of the digital currency. Bitcoin is known for allowing users to move money across the world quickly and relatively anonymously but, on the Swiss ticket machines, users won't be able to procure it without a trace: customers will need to identify themselves using a Swiss mobile phone. While bitcoins can be purchased, they won't be accepted as payment at the machines, meaning ticket revenues will be unaffected by changes in the bitcoin exchange rate. ($1 = 0.9943 Swiss francs) (Reporting by Brenna Hughes Neghaiwi; Editing by Greg Mahlich) || Swiss rail operator to sell bitcoins at its ticket machines: ZURICH (Reuters) - Switzerland's national railways firm SBB is branching out next month with the launch of a new service on its ticket machines to sell bitcoins, the web-based digital currency. Beginning Nov. 11, customers will be able to trade Swiss francs for bitcoins using the ticket machines in a two-year experiment that will test Switzerland's appetite for the cryptocurrency, the state-owned company announced on Friday. "There have been few possibilities to obtain bitcoins in Switzerland until now," SBB said. "With its 1,000-plus ticket machines, SBB operates a dense, around-the-clock distribution network that's suited for more than just ticket sales." SBB is working with Zug-based digital payments firm SweePay to allow customers to top up their digital 'bitcoin wallet' accounts by mobile phone. Customers can exchange anywhere between 20 and 500 Swiss francs ($20-503) per transaction. SBB will act as distributor, while the exchange will be performed by SweePay and require users to hold an account with a wallet service that allows storage of the digital currency. Bitcoin is known for allowing users to move money across the world quickly and relatively anonymously but, on the Swiss ticket machines, users won't be able to procure it without a trace: customers will need to identify themselves using a Swiss mobile phone. While bitcoins can be purchased, they won't be accepted as payment at the machines, meaning ticket revenues will be unaffected by changes in the bitcoin exchange rate. ($1 = 0.9943 Swiss francs) (Reporting by Brenna Hughes Neghaiwi; Editing by Greg Mahlich) || Swiss rail operator to sell bitcoins at its ticket machines: ZURICH (Reuters) - Switzerland's national railways firm SBB is branching out next month with the launch of a new service on its ticket machines to sell bitcoins, the web-based digital currency. Beginning Nov. 11, customers will be able to trade Swiss francs for bitcoins using the ticket machines in a two-year experiment that will test Switzerland's appetite for the cryptocurrency, the state-owned company announced on Friday. "There have been few possibilities to obtain bitcoins in Switzerland until now," SBB said. "With its 1,000-plus ticket machines, SBB operates a dense, around-the-clock distribution network that's suited for more than just ticket sales." SBB is working with Zug-based digital payments firm SweePay to allow customers to top up their digital 'bitcoin wallet' accounts by mobile phone. Customers can exchange anywhere between 20 and 500 Swiss francs ($20-503) per transaction. SBB will act as distributor, while the exchange will be performed by SweePay and require users to hold an account with a wallet service that allows storage of the digital currency. Bitcoin is known for allowing users to move money across the world quickly and relatively anonymously but, on the Swiss ticket machines, users won't be able to procure it without a trace: customers will need to identify themselves using a Swiss mobile phone. While bitcoins can be purchased, they won't be accepted as payment at the machines, meaning ticket revenues will be unaffected by changes in the bitcoin exchange rate. ($1 = 0.9943 Swiss francs) (Reporting by Brenna Hughes Neghaiwi; Editing by Greg Mahlich) || ETF Winners and Losers If Dollar Rally Persists: October is shaping up to be a great month for the U.S. dollar. Month-to-date, the U.S. Dollar Index is up 3.4%, a sizable move for the world's most important currency. October's rally has pushed the buck into positive territory for the year, and to the highest level since February.
A Brexit-fueled slide in the British pound and growing expectations of a Federal Reserve rate hike in December are the two biggest drivers of the latest jump in the Dollar Index.
The dollar now finds itself near key levels that could turn out to be extremely meaningful not just for the currency itself, but for broader financial markets. Currently, the Dollar Index is trading at 98.6, less than 2% below the multiyear high of 100 set last year.
US Dollar Index
The Dollar Index ticks into the green for the year after surging 12.8% in 2014 and 9.3% in 2015.
"If it can break above that level in a meaningful fashion, it is going to be incredibly bullish for the dollar on a technical basis," wrote Matt Maley, equity strategist for Miller Tabak, in a recent research note.
Though Maley doesn't consider a Dollar Index "breakout" above 100 his base-case scenario, the fact that the index is so close to this key level means investors should at the very least be prepared for another big increase in the dollar.
Impact On Currency ETFs
In the ETF world, the most obvious impact from a dollar breakout will be oncurrency ETFs. The $863 millionPowerShares DB US Dollar Index Bullish ETF (UUP)(which tracks the U.S. Dollar Index), and the $217 millionWisdomTree Bloomberg US Dollar Bullish Fund (USDU)(which tracks the broader Bloomberg Dollar Index), both stand to benefit from gains in the greenback.
Certain ETFs tied to single-currency pairs will also benefit, such as theProShares UltraShort Euro ETF (EUO)and theProShares UltraShort Yen ETF (YCS), which provide 2x-leveraged exposure to the dollar against the euro and yen, respectively.
On the flip side, most of the other currency ETFs on the market provide investors with short dollar exposure and would likely get hit hard if the dollar continues to rally.
Currency-Hedged ETFs Back In Focus
A spike in the dollar will also putcurrency-hedged ETFsback in focus for investors. These ETFs were extremely popular in 2014 and 2015, when the dollar was surging, but fell out of favor this year, as the currency stalled.
For example, theWisdomTree Europe Hedged Equity Fund (HEDJ)was the most popular ETF of 2015, with inflows of $13.9 billion, according to FactSet. In sharp contrast, the ETF is 2016's least popular ETF, with outflows of $7.4 billion.
When the dollar is rising, vanilla funds with international exposure face pressure as their holdings―which are denominated in foreign currencies―lose value when translated back into dollars. Currency-hedged ETFs offset these losses by shorting the foreign currencies in question. In the case of HEDJ, it shorts the euro to offset the underlying long euro position of its equity holdings.
HEDJ, like other currency-hedged ETFs, tends to outperform its vanilla counterparts in a rising-dollar environment and underperform in a falling-dollar environment.
Pressure On Large-Cap Equity ETFs
Though currency-related exchange-traded funds will be the most impacted, any significant increase in the dollar will reverberate throughout financial markets.
Many U.S. companies will have to deal with a much more challenging export environment as a strong dollar makes them less competitive. Those same companies will see their overseas profits reduced when converted back into dollars.
Stocks of these multinationals tend to be concentrated in large-cap indexes such as the S&P 500 (the percentage of products and services produced or sold by S&P 500 companies outside the U.S. was 44.3% in 2015). Thus, ETFs such as theSPDR S&P 500 (SPY)could face head winds from the dollar's ascent.
In the fixed-income markets, a strong buck makes it more difficult for foreign governments and companies to service their dollar-denominated debt. In turn, ETFs such as theiShares JP Morgan USD Emerging Markets Bond ETF (EMB), which has seen a lot of interest this year, may stumble if the Dollar Index spikes well above 100.
Contact Sumit Roy [email protected].
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Permalink| © Copyright 2016ETF.com.All rights reserved || First Bitcoin Capital Solves Medical Cannabis Dispensary Cash Dilemma Via INNOVATIVE Merchant Credit Card Services: VANCOUVER, BC / ACCESSWIRE / October 27, 2016 /FIRST BITCOIN CAPITAL CORP. (BITCF), a leading bitcoin and cryptocurrency developer, specializing in both blockchain and online merchant payment solutions for medical marijuana dispensaries and other high-risk merchant accounts and services, today announced the signing of a merchant account processing agent agreement with a credit card processor for the states of California and Oregon. Under the agreement, BITCF will provide a full suite of financial services for the medical marijuana industry: merchant processing and POS solutions through its alliance network, a fully compliant, user friendly solution to accept Credit and Debit Cards through traditional Merchant Card Processing networks. We intend to add more states as additional legal opinions are provided by our credit card processor provider’s counsel.
First Bitcoin is also developing a system that will enable dispensaries to accept Bitcoin and other cryptocurrencies as a form of legal payment. Stater of California has already enacted legislation that makes Bitcoin and similar digital currencies legal tender.
BITCF has developed specific programs to meet the unique needs of the medical cannabis industry. Offering merchant services at competitive rates for businesses operating legally under state law of California and Oregon, the company can now provide financial services not typically available from conventional banks.
While legalization of marijuana in many forms – and in many states – garnered over $5 billion dollars in 2016, the sums are expected to grow for 2017. More innovative and unique products are being created, and the stigma that once surrounded cannabis is slowly fading. These changes are helping the medical cannabis industry to prosper now that federal policies allow dispensaries to sell, grow, or possess cannabis while compliant with state laws. BITCF will only provide these services where federal policies allow our business model to proceed for dispensaries that are fully compliant with state and country laws, rules and regulations.
Should your dispensary be interested in these services please contact us by email:[email protected]
According to our merchant processor:
Our processor introduces the first completely sanctioned credit card solution for the Marijuana Industry. Unlike most merchant accounts that are currently being used by many dispensaries, our processor Acquirers approve, accept and fully acknowledge their engagement with State licensed legal Marihuana Dispensaries.
Our processor is an "IaaS". Infrastructure as a Service ("IaaS") and provider of an innovative array of synergistic services that include, advertising, affiliate marketing, consortium of vendors in various markets including the high risk sector and payment processing into a seamless comprehensive solution. Their mission is to utilize IaaS to provide protection and enhanced privacy for online consumers as well as all participating contractual Partners within their Network.
Our processor employs a proprietary method of transacting on behalf of their Partners. Our processor also manages the customer database with its Partners and offers consumer protection services for their registered Users. They also operate through clearance and settlement systems that admit only BSA-regulated financial institutions. Our processor is also fully PCI compliant.
About the company:
First Bitcoin Capital is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange-www.CoinQX.comWe see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new type of digital assets. "Being first publicly-traded cryptocurrency and blockchain-centered company we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies." At this time Company owns and operates the following digital assets.
www.BITCoinCapitalcorp.comcompany website.
www.CoinQX.comCompany operated Cryptocurrency Exchange, registered with FINCEN.
www.iCoiNEWS.comreal time cryptocurrency and bitcoin news site
www.BITminer.cccompany provides mining pool management services.
www.2016coin.orgonline daily election coverage and home page for $PRES,
$HILL and $GARY coins
Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release .Such forward-looking statements are risks that are detailed in the Company's filings, which are on file atwww.OTCMarkets.com.
SOURCE:First Bitcoin Capital Corp. || First Bitcoin Capital Solves Medical Cannabis Dispensary Cash Dilemma Via INNOVATIVE Merchant Credit Card Services: VANCOUVER, BC / ACCESSWIRE / October 27, 2016 / FIRST BITCOIN CAPITAL CORP. ( BITCF ), a leading bitcoin and cryptocurrency developer, specializing in both blockchain and online merchant payment solutions for medical marijuana dispensaries and other high-risk merchant accounts and services, today announced the signing of a merchant account processing agent agreement with a credit card processor for the states of California and Oregon. Under the agreement, BITCF will provide a full suite of financial services for the medical marijuana industry: merchant processing and POS solutions through its alliance network, a fully compliant, user friendly solution to accept Credit and Debit Cards through traditional Merchant Card Processing networks. We intend to add more states as additional legal opinions are provided by our credit card processor provider’s counsel. First Bitcoin is also developing a system that will enable dispensaries to accept Bitcoin and other cryptocurrencies as a form of legal payment. Stater of California has already enacted legislation that makes Bitcoin and similar digital currencies legal tender. BITCF has developed specific programs to meet the unique needs of the medical cannabis industry. Offering merchant services at competitive rates for businesses operating legally under state law of California and Oregon, the company can now provide financial services not typically available from conventional banks. While legalization of marijuana in many forms – and in many states – garnered over $5 billion dollars in 2016, the sums are expected to grow for 2017. More innovative and unique products are being created, and the stigma that once surrounded cannabis is slowly fading. These changes are helping the medical cannabis industry to prosper now that federal policies allow dispensaries to sell, grow, or possess cannabis while compliant with state laws. BITCF will only provide these services where federal policies allow our business model to proceed for dispensaries that are fully compliant with state and country laws, rules and regulations. Story continues Should your dispensary be interested in these services please contact us by email: [email protected] According to our merchant processor: Our processor introduces the first completely sanctioned credit card solution for the Marijuana Industry. Unlike most merchant accounts that are currently being used by many dispensaries, our processor Acquirers approve, accept and fully acknowledge their engagement with State licensed legal Marihuana Dispensaries. Our processor is an "IaaS". Infrastructure as a Service ("IaaS") and provider of an innovative array of synergistic services that include, advertising, affiliate marketing, consortium of vendors in various markets including the high risk sector and payment processing into a seamless comprehensive solution. Their mission is to utilize IaaS to provide protection and enhanced privacy for online consumers as well as all participating contractual Partners within their Network. Our processor employs a proprietary method of transacting on behalf of their Partners. Our processor also manages the customer database with its Partners and offers consumer protection services for their registered Users. They also operate through clearance and settlement systems that admit only BSA-regulated financial institutions. Our processor is also fully PCI compliant. About the company: First Bitcoin Capital is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange- www.CoinQX.com We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new type of digital assets. "Being first publicly-traded cryptocurrency and blockchain-centered company we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies." At this time Company owns and operates the following digital assets. www.BITCoinCapitalcorp.com company website. www.CoinQX.com Company operated Cryptocurrency Exchange, registered with FINCEN. www.iCoiNEWS.com real time cryptocurrency and bitcoin news site www.BITminer.cc company provides mining pool management services. www.2016coin.org online daily election coverage and home page for $PRES, $HILL and $GARY coins Forward-Looking Statements Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release .Such forward-looking statements are risks that are detailed in the Company's filings, which are on file at www.OTCMarkets.com . SOURCE: First Bitcoin Capital Corp. || First Bitcoin Capital Solves Medical Cannabis Dispensary Cash Dilemma Via INNOVATIVE Merchant Credit Card Services: VANCOUVER, BC / ACCESSWIRE / October 27, 2016 /FIRST BITCOIN CAPITAL CORP. (BITCF), a leading bitcoin and cryptocurrency developer, specializing in both blockchain and online merchant payment solutions for medical marijuana dispensaries and other high-risk merchant accounts and services, today announced the signing of a merchant account processing agent agreement with a credit card processor for the states of California and Oregon. Under the agreement, BITCF will provide a full suite of financial services for the medical marijuana industry: merchant processing and POS solutions through its alliance network, a fully compliant, user friendly solution to accept Credit and Debit Cards through traditional Merchant Card Processing networks. We intend to add more states as additional legal opinions are provided by our credit card processor provider’s counsel.
First Bitcoin is also developing a system that will enable dispensaries to accept Bitcoin and other cryptocurrencies as a form of legal payment. Stater of California has already enacted legislation that makes Bitcoin and similar digital currencies legal tender.
BITCF has developed specific programs to meet the unique needs of the medical cannabis industry. Offering merchant services at competitive rates for businesses operating legally under state law of California and Oregon, the company can now provide financial services not typically available from conventional banks.
While legalization of marijuana in many forms – and in many states – garnered over $5 billion dollars in 2016, the sums are expected to grow for 2017. More innovative and unique products are being created, and the stigma that once surrounded cannabis is slowly fading. These changes are helping the medical cannabis industry to prosper now that federal policies allow dispensaries to sell, grow, or possess cannabis while compliant with state laws. BITCF will only provide these services where federal policies allow our business model to proceed for dispensaries that are fully compliant with state and country laws, rules and regulations.
Should your dispensary be interested in these services please contact us by email:[email protected]
According to our merchant processor:
Our processor introduces the first completely sanctioned credit card solution for the Marijuana Industry. Unlike most merchant accounts that are currently being used by many dispensaries, our processor Acquirers approve, accept and fully acknowledge their engagement with State licensed legal Marihuana Dispensaries.
Our processor is an "IaaS". Infrastructure as a Service ("IaaS") and provider of an innovative array of synergistic services that include, advertising, affiliate marketing, consortium of vendors in various markets including the high risk sector and payment processing into a seamless comprehensive solution. Their mission is to utilize IaaS to provide protection and enhanced privacy for online consumers as well as all participating contractual Partners within their Network.
Our processor employs a proprietary method of transacting on behalf of their Partners. Our processor also manages the customer database with its Partners and offers consumer protection services for their registered Users. They also operate through clearance and settlement systems that admit only BSA-regulated financial institutions. Our processor is also fully PCI compliant.
About the company:
First Bitcoin Capital is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange-www.CoinQX.comWe see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new type of digital assets. "Being first publicly-traded cryptocurrency and blockchain-centered company we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies." At this time Company owns and operates the following digital assets.
www.BITCoinCapitalcorp.comcompany website.
www.CoinQX.comCompany operated Cryptocurrency Exchange, registered with FINCEN.
www.iCoiNEWS.comreal time cryptocurrency and bitcoin news site
www.BITminer.cccompany provides mining pool management services.
www.2016coin.orgonline daily election coverage and home page for $PRES,
$HILL and $GARY coins
Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release .Such forward-looking statements are risks that are detailed in the Company's filings, which are on file atwww.OTCMarkets.com.
SOURCE:First Bitcoin Capital Corp. || Mergers and Acquisitions Surge; MandA Funds Flat: There’s been another wave of headline-making mergers and acquisitions this year following a hot year for deals in 2015, the latest of which was the blockbuster $85 billion AT&T-Time Warner deal announced this week. If you are an ETF investor, does a pickup in M&A activity offer you any investment opportunity? In theory, yes. There are two ETFs in the market today that look to capitalize specifically on these types of corporate deals through long/short hedge-fundlike portfolios. They are: IQ Merger Arbitrage ETF (MNA) , $130 million in AUM ProShares Merger ETF (MRGR) , $5.4 million in AUM But the reality is that the pickup in M&A activity does not necessarily mean an uptick in the performance of these funds. Consider that, other than the AT&T-Time Warner deal, there have been some pretty notable ones recently, as Bloomberg reported : the British American Tobacco-Reynolds American $58 billion deal; the Qualcomm-NXP Semiconductors $46 billion deal; the Anheuser-Busch InBev bid to buy SABMiller for $100 billion; and talks of a “possible” CBS-Viacom $30 billion deal. And yet, here’s how these two ETFs have performed relative to the SPDR S&P 500 (SPY) this year—they have practically not gone anywhere: Chart courtesy of Stockcharts.com Flood Of Deals Don’t Boost Performance “Both ETFs seek to benefit from a merger arbitrage situation, where a stock will not trade as high as the terms of the deal, on risks the deal may not close as expected,” said Todd Rosenbluth, head of ETF research at S&P Global. “While M&A activity has picked up recently, these ETFs have lagged the S&P 500 index, as their performance is less tied to the traditional catalysts for U.S. equities.” In the case of the AT&T bid to acquire Time Warner, Time Warner stock traded at a “discount to the deal’s value” because investors aren’t sure this deal will actually close, Rosenbluth notes. This is where merger arbitrage opportunity lies, but also the challenge. It’s not easy to predict where the next big deal is going to happen, and when the news is made public, the potential to capture outsized premiums tends to diminish. Story continues How MNA Works MNA tracks an index that takes long positions in firms that are acquisition targets, and shorts broad equity indexes to manage downside risk associated with the deals. Any money left over is tied to short-term bonds. The design is meant to capture any premium associated with the companies being acquired, much like a hedge fund would do. The long side of the portfolio weights deals based on liquidity—on average dollars traded—of a company. The short side of the portfolio can represent as much as 40% at times. One of the main risks associated with this strategy is that a deal can be broken, and when that happens, stock prices of the target companies tend to drop. In the case of MNA, stocks aren’t removed immediately from the portfolio if that happens—they stay on until the next monthly rebalance. That can impact returns. Bonds Top Allocation Right now, the portfolio’s largest single allocation is to short-term bonds in the form of a 19% allocation to the SPDR Barclays 1-3 Month T-Bill (BIL ) and a 6.3% allocation to the iShares Short Treasury Bond (SHV) —that’s roughly a quarter of the portfolio. These ETFs are in the black year-to-date, but not by much. They have each returned less than 1% so far in 2016. Leading individual companies with a 9.6% weighting is LinkedIn, followed by St. Jude Medical and Rackspace—all takeover targets. On the short side of the portfolio, the largest weighting is to a few sector ETFs. The Healthcare Select Sector SPDR (XLV) and the Energy Select Sector SPDR (XLE) are at a combined weighting of about -10%. XLV’s share price is down this year, but XLE has rallied more than 16%. MRGR Similar Build MRGR, launched in 2012, goes head to head with MNA and is built in much the same way. The fund is vastly smaller, however, having gathered only about $5.5 million in assets in four years. MRGR longs stocks of companies that are the targets of acquisition, and it shorts the acquiring firms, with the goal of capturing the spread between the two. The fund also has a currency-hedge component given that it’s global in scope. The underlying index in this strategy usually comprises about 40 announced deals. Among the fund’s largest single company holdings right now are names such as Yadkin Financial, Starz and Valspar Corp. Perhaps due to a positive stock market, or to low interest rates, or to companies’ need to grow through acquisition, or to all of the above, M&A deals continue to pop up as the year-end nears. Some even say that the massive AT&T/Time Warner deal “could potentially trigger another M&A wave due to the strategic merits of vertical integration,” according to Rosenbluth. These funds offer a direct vector for ETF investors to tap into the deals themselves, but it’s important to remember that more and bigger M&A deals don’t necessarily translate into more and bigger returns in these hedge-fundlike ETFs. Contact Cinthia Murphy at [email protected] Recommended Stories Top ETF Picks For 2017 Core Stock & Bond Portfolios Need New Look Mergers & Acquisitions Surge; M&A Funds Flat SEC Wants To Hear From You On Bitcoin ETF S&P 500: The Best Crowdsourcing Tool Permalink | © Copyright 2016 ETF.com. All rights reserved || Mergers and Acquisitions Surge; MandA Funds Flat: There’s been another wave of headline-making mergers and acquisitions this year following a hot year for deals in 2015, the latest of which was the blockbuster $85 billion AT&T-Time Warner deal announced this week.
If you are an ETF investor, does a pickup in M&A activity offer you any investment opportunity?
In theory, yes. There are two ETFs in the market today that look to capitalize specifically on these types of corporate deals through long/short hedge-fundlike portfolios. They are:
• IQ Merger Arbitrage ETF (MNA), $130 million in AUM
• ProShares Merger ETF (MRGR), $5.4 million in AUM
But the reality is that the pickup in M&A activity does not necessarily mean an uptick in the performance of these funds.
Consider that, other than the AT&T-Time Warner deal, there have been some pretty notable ones recently, asBloomberg reported: the British American Tobacco-Reynolds American $58 billion deal; the Qualcomm-NXP Semiconductors $46 billion deal; the Anheuser-Busch InBev bid to buy SABMiller for $100 billion; and talks of a “possible” CBS-Viacom $30 billion deal.
And yet, here’s how these two ETFs have performed relative to theSPDR S&P 500 (SPY)this year—they have practically not gone anywhere:
Chart courtesy ofStockcharts.com
Flood Of Deals Don’t Boost Performance
“Both ETFs seek to benefit from a merger arbitrage situation, where a stock will not trade as high as the terms of the deal, on risks the deal may not close as expected,” said Todd Rosenbluth, head of ETF research at S&P Global. “While M&A activity has picked up recently, these ETFs have lagged the S&P 500 index, as their performance is less tied to the traditional catalysts for U.S. equities.”
In the case of the AT&T bid to acquire Time Warner, Time Warner stock traded at a “discount to the deal’s value” because investors aren’t sure this deal will actually close, Rosenbluth notes.
This is where merger arbitrage opportunity lies, but also the challenge. It’s not easy to predict where the next big deal is going to happen, and when the news is made public, the potential to capture outsized premiums tends to diminish.
How MNA Works
MNA tracks an index that takes long positions in firms that are acquisition targets, and shorts broad equity indexes to manage downside risk associated with the deals. Any money left over is tied to short-term bonds.
The design is meant to capture any premium associated with the companies being acquired, much like a hedge fund would do.
The long side of the portfolio weights deals based on liquidity—on average dollars traded—of a company. The short side of the portfolio can represent as much as 40% at times.
One of the main risks associated with this strategy is that a deal can be broken, and when that happens, stock prices of the target companies tend to drop. In the case of MNA, stocks aren’t removed immediately from the portfolio if that happens—they stay on until the next monthly rebalance. That can impact returns.
Bonds Top Allocation
Right now, the portfolio’s largest single allocation is to short-term bonds in the form of a 19% allocation to theSPDR Barclays 1-3 Month T-Bill (BIL) and a 6.3% allocation to theiShares Short Treasury Bond (SHV)—that’s roughly a quarter of the portfolio. These ETFs are in the black year-to-date, but not by much. They have each returned less than 1% so far in 2016.
Leading individual companies with a 9.6% weighting is LinkedIn, followed by St. Jude Medical and Rackspace—all takeover targets.
On the short side of the portfolio, the largest weighting is to a few sector ETFs. TheHealthcare Select Sector SPDR (XLV)and theEnergy Select Sector SPDR (XLE)are at a combined weighting of about -10%. XLV’s share price is down this year, but XLE has rallied more than 16%.
MRGR Similar Build
MRGR, launched in 2012, goes head to head with MNA and is built in much the same way. The fund is vastly smaller, however, having gathered only about $5.5 million in assets in four years.
MRGR longs stocks of companies that are the targets of acquisition, and it shorts the acquiring firms, with the goal of capturing the spread between the two. The fund also has a currency-hedge component given that it’s global in scope.
The underlying index in this strategy usually comprises about 40 announced deals. Among the fund’s largest single company holdings right now are names such as Yadkin Financial, Starz and Valspar Corp.
Perhaps due to a positive stock market, or to low interest rates, or to companies’ need to grow through acquisition, or to all of the above, M&A deals continue to pop up as the year-end nears. Some even say that the massive AT&T/Time Warner deal “could potentially trigger another M&A wave due to the strategic merits of vertical integration,” according to Rosenbluth.
These funds offer a direct vector for ETF investors to tap into the deals themselves, but it’s important to remember that more and bigger M&A deals don’t necessarily translate into more and bigger returns in these hedge-fundlike ETFs.
Contact Cinthia Murphy [email protected]
Recommended Stories
• Top ETF Picks For 2017
• Core Stock & Bond Portfolios Need New Look
• Mergers & Acquisitions Surge; M&A Funds Flat
• SEC Wants To Hear From You On Bitcoin ETF
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[Social Media Buzz]
02Nov2016 06:00 UTC #Bitcoin live spots - #XBTUSD @ 729.70950 $ - #XBTEUR @ 655.83300 € || #bitcoin #miner Antminer s7 with 110v - 220v PSU (complete set) $690.00 http://ift.tt/2fj6PwR pic.twitter.com/gDXHazCIPH || 1 DOGE Price: Bter 0.00000029 BTC #doge #dogecoin 2016-11-02 00:31 pic.twitter.com/cm3bJJhOuJ || 1 #bitcoin = $14585.00 MXN | $752.3 USD #BitAPeso 1 USD = 19.39MXN http://www.bitapeso.com || $730.21 #bitfinex;
$726.54 #GDAX;
$723.92 #bitstamp;
$719.00 #btce;
$726.36 #OKCoin;
$728.43 ...
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688.70, 703.23, 703.42, 711.52, 703.13, 709.85, 723.27, 715.53, 716.41, 705.05
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 9865.12, 10116.67, 9856.61, 10208.24, 10326.05, 10214.38, 10312.12, 9889.42, 9934.43, 9690.14, 10142.00, 9633.39, 9608.48, 9686.44, 9663.18, 9924.52, 9650.17, 9341.71, 8820.52, 8784.49, 8672.46, 8599.51, 8562.45, 8869.67, 8787.79, 8755.25, 9078.76, 9122.55, 8909.95, 8108.12, 7923.64, 7909.73, 7911.43, 4970.79, 5563.71, 5200.37, 5392.31, 5014.48, 5225.63, 5238.44, 6191.19, 6198.78, 6185.07, 5830.25, 6416.31, 6734.80, 6681.06, 6716.44, 6469.80, 6242.19, 5922.04, 6429.84, 6438.64, 6606.78, 6793.62, 6733.39, 6867.53, 6791.13, 7271.78, 7176.41, 7334.10, 7302.09, 6865.49, 6859.08, 6971.09, 6845.04, 6842.43, 6642.11, 7116.80, 7096.18, 7257.67, 7189.42, 6881.96, 6880.32, 7117.21, 7429.72, 7550.90, 7569.94, 7679.87, 7795.60, 7807.06, 8801.04, 8658.55, 8864.77, 8988.60, 8897.47, 8912.65, 9003.07, 9268.76, 9951.52.
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[Bitcoin Technical Analysis for 2020-05-07]
Volume: 61112700562, RSI (14-day): 81.99, 50-day EMA: 7796.38, 200-day EMA: 7991.17
[Wider Market Context]
Gold Price: 1721.80, Gold RSI: 57.02
Oil Price: 23.55, Oil RSI: 53.12
[Recent News (last 7 days)]
Bitcoin Revenue in Square’s Cash App Tops Fiat Revenue for First Time in Q1: Related:US Treasury Approves Square as Coronavirus Stimulus Lender
• Payments Unicorn Square Gets Limited Bank Charter for Merchant Lending
• Bitcoin Drove Half of Square’s Cash App Revenue in the 4th Quarter || Bitcoin Revenue in Square’s Cash App Tops Fiat Revenue for First Time in Q1: Related:US Treasury Approves Square as Coronavirus Stimulus Lender
• Payments Unicorn Square Gets Limited Bank Charter for Merchant Lending
• Bitcoin Drove Half of Square’s Cash App Revenue in the 4th Quarter || Bitcoin Revenue in Squares Cash App Tops Fiat Revenue for First Time in Q1: Related: US Treasury Approves Square as Coronavirus Stimulus Lender Bitcoin revenue for the three months ended March 31, 2020 increased by $240.6 million or 367%, compared to the three months ended March 31, 2019. The increase was due to growth in the number of active bitcoin customers, as well as growth in customer demand. Related Stories Payments Unicorn Square Gets Limited Bank Charter for Merchant Lending Bitcoin Drove Half of Squares Cash App Revenue in the 4th Quarter || Bitcoin Node Count Falls to 3-Year Low Despite Price Surge: The number of computers running the Bitcoin program fell to its lowest level in almost three years, according to data calculated by one prominent Bitcoin developer.
Bitcoin’s total node count fell below 47,000 on Monday, a level not seen since 2017, based on estimates determined by well-regarded Bitcoin developer Luke Dashjr. His numbers show a steady decline in the number of operational nodes from a peak of over 200,000 in January 2018.
A decline in total node count means fewer people are participating in validating new transactions and storing copies of the network’s shared transaction history. The new lows count comes at a time of recent surges inpriceandmining power.
Related:Bitcoin Outperforming Gold and Stocks so Far This Month
Tallying the number of Bitcoin nodes typically relies on estimates instead of concrete data, and opinions on the best methodology for deriving these estimates differ. Dashjr’s estimate relies on a tedious and undisclosed proprietary methodology that could compromise the reliability of the data if it was released, according to its creator.
See also:Bitcoin Mining Difficulty Nears All-Time High in Final Adjustment Before Halving
Another well-known Bitcoin node count tally, provided for free byBitnodes, shows fresh multi-year lows in the number of BitcoinIPv4nodes in mid-March. This helps to corroborate Dashjr’s data. However, since November Bitnodes data has shown a spike in nodes usingonionservices, which make the node operator more difficult to locate.
Curiously, the last bitcoin bull cycles were preceded by significant spikes in new Bitcoin nodes coming online, according to Dashjr.’s estimates. But since April 2019, the total node count estimate has steadily fallen despite periods of relatively bullish price action. Underwhelming price action or recent market crashes may have caused some investors and node operators to simply lose interest and shut off their nodes.
Related:Market Wrap: Derivatives May Reduce Miner Selling Pressure After Bitcoin Halving
After price crashes, plenty of Bitcoin users “lose interest and stop opening their wallets or running their nodes,” said Jameson Lopp, CTO and co-founder of Casa, a bitcoin storage security company. Lopp considers Bitcoin nodes that continue to run despite market behavior to be “nodes of last resort.”
More people also may be shutting off their Bitcoin nodes because, for them, running the software is just too hard. According to Dashjr, “Running a [Bitcoin] node continues to get harder and harder with block sizes exceeding the rate of technological improvement.”
Full Bitcoin nodes don’t mine for new bitcoins. Instead, they store individual copies of the blockchain to protect the universal ledger’s accuracy and they allow users to verify transactions issued on the network.
See also:Bitcoin Wallets Are Adopting This Tech to Simplify Lightning Payments
A dropping node count might not be a problem for the network, provided that “enough” nodes are still operating, said Matt Corallo, full-time open-source bitcoin developer at Square.
“Ultimately, the raw number is unimportant. What matters are two things: Are users who transact materially with Bitcoin checking transactions against their own full node, and are there enough nodes to service chain downloads for new nodes,” Corallo explained.
But the definition of “enough” is “super hard,” he said.
Note: This story originally referred to the developer as Luke Jr., his original moniker. He now goes by the name Luke Dashjr.
• Bitcoin Breaches $9.2K as Open Positions on CME Futures Hit 10-Month High
• Bitcoin Mining Difficulty Nears All-Time High in Final Adjustment Before Halving || Bitcoin Node Count Falls to 3-Year Low Despite Price Surge: The number of computers running the Bitcoin program fell to its lowest level in almost three years, according to data calculated by one prominent Bitcoin developer.
Bitcoin’s total node count fell below 47,000 on Monday, a level not seen since 2017, based on estimates determined by well-regarded Bitcoin developer Luke Dashjr. His numbers show a steady decline in the number of operational nodes from a peak of over 200,000 in January 2018.
A decline in total node count means fewer people are participating in validating new transactions and storing copies of the network’s shared transaction history. The new lows count comes at a time of recent surges inpriceandmining power.
Related:Bitcoin Outperforming Gold and Stocks so Far This Month
Tallying the number of Bitcoin nodes typically relies on estimates instead of concrete data, and opinions on the best methodology for deriving these estimates differ. Dashjr’s estimate relies on a tedious and undisclosed proprietary methodology that could compromise the reliability of the data if it was released, according to its creator.
See also:Bitcoin Mining Difficulty Nears All-Time High in Final Adjustment Before Halving
Another well-known Bitcoin node count tally, provided for free byBitnodes, shows fresh multi-year lows in the number of BitcoinIPv4nodes in mid-March. This helps to corroborate Dashjr’s data. However, since November Bitnodes data has shown a spike in nodes usingonionservices, which make the node operator more difficult to locate.
Curiously, the last bitcoin bull cycles were preceded by significant spikes in new Bitcoin nodes coming online, according to Dashjr.’s estimates. But since April 2019, the total node count estimate has steadily fallen despite periods of relatively bullish price action. Underwhelming price action or recent market crashes may have caused some investors and node operators to simply lose interest and shut off their nodes.
Related:Market Wrap: Derivatives May Reduce Miner Selling Pressure After Bitcoin Halving
After price crashes, plenty of Bitcoin users “lose interest and stop opening their wallets or running their nodes,” said Jameson Lopp, CTO and co-founder of Casa, a bitcoin storage security company. Lopp considers Bitcoin nodes that continue to run despite market behavior to be “nodes of last resort.”
More people also may be shutting off their Bitcoin nodes because, for them, running the software is just too hard. According to Dashjr, “Running a [Bitcoin] node continues to get harder and harder with block sizes exceeding the rate of technological improvement.”
Full Bitcoin nodes don’t mine for new bitcoins. Instead, they store individual copies of the blockchain to protect the universal ledger’s accuracy and they allow users to verify transactions issued on the network.
See also:Bitcoin Wallets Are Adopting This Tech to Simplify Lightning Payments
A dropping node count might not be a problem for the network, provided that “enough” nodes are still operating, said Matt Corallo, full-time open-source bitcoin developer at Square.
“Ultimately, the raw number is unimportant. What matters are two things: Are users who transact materially with Bitcoin checking transactions against their own full node, and are there enough nodes to service chain downloads for new nodes,” Corallo explained.
But the definition of “enough” is “super hard,” he said.
Note: This story originally referred to the developer as Luke Jr., his original moniker. He now goes by the name Luke Dashjr.
• Bitcoin Breaches $9.2K as Open Positions on CME Futures Hit 10-Month High
• Bitcoin Mining Difficulty Nears All-Time High in Final Adjustment Before Halving || Bitcoin Node Count Falls to 3-Year Low Despite Price Surge: The number of computers running the Bitcoin program fell to its lowest level in almost three years, according to data calculated by one prominent Bitcoin developer. Bitcoins total node count fell below 47,000 on Monday, a level not seen since 2017, based on estimates determined by well-regarded Bitcoin developer Luke Dashjr. His numbers show a steady decline in the number of operational nodes from a peak of over 200,000 in January 2018. A decline in total node count means fewer people are participating in validating new transactions and storing copies of the networks shared transaction history. The new lows count comes at a time of recent surges in price and mining power . Related: Bitcoin Outperforming Gold and Stocks so Far This Month Tallying the number of Bitcoin nodes typically relies on estimates instead of concrete data, and opinions on the best methodology for deriving these estimates differ. Dashjrs estimate relies on a tedious and undisclosed proprietary methodology that could compromise the reliability of the data if it was released, according to its creator. See also: Bitcoin Mining Difficulty Nears All-Time High in Final Adjustment Before Halving Another well-known Bitcoin node count tally, provided for free by Bitnodes , shows fresh multi-year lows in the number of Bitcoin IPv4 nodes in mid-March. This helps to corroborate Dashjrs data. However, since November Bitnodes data has shown a spike in nodes using onion services, which make the node operator more difficult to locate. Why are nodes turning off? Curiously, the last bitcoin bull cycles were preceded by significant spikes in new Bitcoin nodes coming online, according to Dashjr.s estimates. But since April 2019, the total node count estimate has steadily fallen despite periods of relatively bullish price action. Underwhelming price action or recent market crashes may have caused some investors and node operators to simply lose interest and shut off their nodes. Story continues Related: Market Wrap: Derivatives May Reduce Miner Selling Pressure After Bitcoin Halving After price crashes, plenty of Bitcoin users lose interest and stop opening their wallets or running their nodes, said Jameson Lopp, CTO and co-founder of Casa, a bitcoin storage security company. Lopp considers Bitcoin nodes that continue to run despite market behavior to be nodes of last resort. More people also may be shutting off their Bitcoin nodes because, for them, running the software is just too hard. According to Dashjr, Running a [Bitcoin] node continues to get harder and harder with block sizes exceeding the rate of technological improvement. How many nodes is enough? Full Bitcoin nodes dont mine for new bitcoins. Instead, they store individual copies of the blockchain to protect the universal ledgers accuracy and they allow users to verify transactions issued on the network. See also: Bitcoin Wallets Are Adopting This Tech to Simplify Lightning Payments A dropping node count might not be a problem for the network, provided that enough nodes are still operating, said Matt Corallo, full-time open-source bitcoin developer at Square. Ultimately, the raw number is unimportant. What matters are two things: Are users who transact materially with Bitcoin checking transactions against their own full node, and are there enough nodes to service chain downloads for new nodes, Corallo explained. But the definition of enough is super hard, he said. Note: This story originally referred to the developer as Luke Jr., his original moniker. He now goes by the name Luke Dashjr. Related Stories Bitcoin Breaches $9.2K as Open Positions on CME Futures Hit 10-Month High Bitcoin Mining Difficulty Nears All-Time High in Final Adjustment Before Halving || Bitcoin News Roundup for May 6, 2020: BTC stays above $9K while some startups wrestle for market share. Its CoinDesks Markets Daily Podcast. This episode is sponsored by ErisX , The Stellar Development Foundation and Grayscale Digital Large Cap Investment Fund . For early access before our regular noon Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica or RSS . Related: Surveying the Carnage: How Real Estate, Travel and Music Are Faring During the Crisis Todays stories: Bitcoin Breaches $9.2K as Open Positions on CME Futures Hit 10-Month High BitMEX Is Making Bitcoin Network More Expensive for Everyone, Researcher Finds ChromaWay Expands Effort to Put Latin American Land Records on the Blockchain Related: Why Crypto Matters for Financial Inclusion, Feat. Celos Marek Olszewski ASX Accused of Trying to Crush Rival Blockchain Trading System For early access before our regular noon Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica or RSS . Related Stories Bitcoin News Roundup for May 5, 2020 Why Warren Buffetts Bearishness Should End V-Shaped Recovery Talk View comments || Bitcoin News Roundup for May 6, 2020: BTCstays above $9K while some startups wrestle for market share. It’s CoinDesk’s Markets Daily Podcast.
This episode is sponsored byErisX,The Stellar Development FoundationandGrayscale Digital Large Cap Investment Fund.
For early access before our regular noon Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublicaorRSS.
Related:Surveying the Carnage: How Real Estate, Travel and Music Are Faring During the Crisis
Today’s stories:
Bitcoin Breaches $9.2K as Open Positions on CME Futures Hit 10-Month High
BitMEX Is Making Bitcoin Network More Expensive for Everyone, Researcher Finds
ChromaWay Expands Effort to Put Latin American Land Records on the Blockchain
Related:Why Crypto Matters for Financial Inclusion, Feat. Celo’s Marek Olszewski
ASX Accused of Trying to ‘Crush’ Rival Blockchain Trading System
For early access before our regular noon Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublicaorRSS.
• Bitcoin News Roundup for May 5, 2020
• Why Warren Buffett’s Bearishness Should End V-Shaped Recovery Talk || Bitcoin News Roundup for May 6, 2020: BTCstays above $9K while some startups wrestle for market share. It’s CoinDesk’s Markets Daily Podcast.
This episode is sponsored byErisX,The Stellar Development FoundationandGrayscale Digital Large Cap Investment Fund.
For early access before our regular noon Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublicaorRSS.
Related:Surveying the Carnage: How Real Estate, Travel and Music Are Faring During the Crisis
Today’s stories:
Bitcoin Breaches $9.2K as Open Positions on CME Futures Hit 10-Month High
BitMEX Is Making Bitcoin Network More Expensive for Everyone, Researcher Finds
ChromaWay Expands Effort to Put Latin American Land Records on the Blockchain
Related:Why Crypto Matters for Financial Inclusion, Feat. Celo’s Marek Olszewski
ASX Accused of Trying to ‘Crush’ Rival Blockchain Trading System
For early access before our regular noon Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublicaorRSS.
• Bitcoin News Roundup for May 5, 2020
• Why Warren Buffett’s Bearishness Should End V-Shaped Recovery Talk || Rand Corporation report finds bitcoin is still the dark web’s preferred cryptocurrency: A newly-published study from think tank Rand Corporation explored the use of the privacy-centric cryptocurrency Zcash among criminals. Perhaps unsurprisingly, the report found that bitcoin is still king in those circles. As first reported by Forbes , the Electric Coin Company – the company behind Zcash – commissioned the study , which was released on May 6. Zcash "has only a minor presence on the dark web," according to the think tank, "indicating that Zcash is seen as a less attractive option to dark web users and is used less often compared to other cryptocurrencies, particularly Bitcoin and Monero." Specifically, Rand looked at three areas: money laundering, terrorism financing and illicit goods trade, of which Zcash seemingly plays a small role compared to more-widely used cryptocurrencies in this context. "While there are certainly some indications or anecdotal evidence that Zcash may have been used or advertised for illicit purposes, there is no evidence of widespread illicit use of Zcash. Of course, absence of evidence does not equate to evidence of absence, meaning that enduring vigilance against malicious use of this cryptocurrency is nonetheless important," the report noted. "We didn't find any significant evidence that the zcash was used for illicit activities, but also as we know, that doesn't mean that zcash isn't at all used for illicit activity," Rand Europe analyst Erik Silfversten was quoted as saying by Forbes. "We have to look at technology as a neutral, that it could be used for a wide variety of applications, and then we have to look at the actual evidence." The findings echo those published last October by The Block Research , which found bitcoin, monero, and litecoin are the most-frequently-used cryptocurrencies by dark web marketplaces. Of the 31 dark web marketplaces surveyed at the time, 29 utilized bitcoin, whereas just two offered Zcash support. © 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. View comments || Rand Corporation report finds bitcoin is still the dark web’s preferred cryptocurrency: A newly-published study from think tank Rand Corporation explored the use of the privacy-centric cryptocurrency Zcash among criminals. Perhaps unsurprisingly, the report found that bitcoin is still king in those circles.
As first reported byForbes, the Electric Coin Company – the company behind Zcash – commissionedthe study, which was released on May 6. Zcash "has only a minor presence on the dark web," according to the think tank, "indicating that Zcash is seen as a less attractive option to dark web users and is used less often compared to other cryptocurrencies, particularly Bitcoin and Monero."
Specifically, Rand looked at three areas: money laundering, terrorism financing and illicit goods trade, of which Zcash seemingly plays a small role compared to more-widely used cryptocurrencies in this context.
"While there are certainly some indications or anecdotal evidence that Zcash may have been used or advertised for illicit purposes, there is no evidence of widespread illicit use of Zcash. Of course, absence of evidence does not equate to evidence of absence, meaning that enduring vigilance against malicious use of this cryptocurrency is nonetheless important," the report noted.
"We didn't find any significant evidence that the zcash was used for illicit activities, but also as we know, that doesn't mean that zcash isn't at all used for illicit activity," Rand Europe analyst Erik Silfversten was quoted as saying by Forbes. "We have to look at technology as a neutral, that it could be used for a wide variety of applications, and then we have to look at the actual evidence."
The findings echo those published last October byThe Block Research, which found bitcoin, monero, and litecoin are the most-frequently-used cryptocurrencies by dark web marketplaces.
Of the 31 dark web marketplaces surveyed at the time, 29 utilized bitcoin, whereas just two offered Zcash support.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || Irish Crypto Firms Squeezed by Bank Account Closures, Regulatory Delays: An Irish crypto company said its business suffered after one of the country’s largest banks shut down its account. Bryan Tierney, founder of bitcoin ATM operator Boinnex , told CoinDesk Allied Irish Banks (AIB) notified the firm last August it was closing its account – initially without any official reason. It was only when Tierney put the account into an arranged overdraft – which precluded the bank from closing the account – that AIB sent an explanation in writing. Dated Oct. 10, AIB’s letter said the account was being closed because “the market for Cryptocurrencies in ROI [Republic of Ireland] remains unregulated” and remains unrecognized as money or legal tender by the Central Bank of Ireland (CBI). Related: Crypto Firms Establish Messaging Standard to Deal With FATF Travel Rule While the European Union’s fifth Anti-Money Laundering Directive (5AMLD) – which requires crypto companies to register with local regulators and hold information on clients’ source of funds – would “impose new requirements” on crypto businesses, according to the letter, it hadn’t been implemented at the time. “This type of business activity [emphasis theirs] is outside of our risk appetite at this time,” AIB concluded. Although Ireland was set to transpose 5AMLD over into local law along with the rest of Europe in January, this still hasn’t taken place. A tie among three of the main political parties in a general election earlier this year has left the country without a government majority. With the coronavirus now a national priority, it’s unlikely 5AMLD will be transposed until much later this year. For Irish cryptocurrency companies like Boinnex, the delay in 5AMLD means they are left without access to mainstream financial services. A legislative draft has been publicized, but until it’s enacted businesses will remain stuck in a kind of regulatory limbo. Boinnex spent thousands of euros making sure they were compliant with the 5AMLD requirements, according to Tierney. Although the team is only three people full-time, they still had to bring on a part-time compliance officer to assist those efforts. Story continues Related: Iran Issues License for Nation’s Biggest Bitcoin Mining Operation See also: India’s Supreme Court Lifts Banking Ban on Crypto Exchanges Boinnex had been forced to close for six weeks after AIB closed its account. While he had hoped to find a local banking partner, Tierney said he came to the conclusion that “you can’t bank if you’re a cryptocurrency company in Ireland at the moment.” In the end, the firm reluctantly went to a specialist bank in Lithuania, called Mistertango, and set up a relationship there. Soon, though, Lithuanian regulators fined the bank €250,000 for “systemic” violations to AML and counter-terrorist financing laws, which led Mistertango to close its doors. “I was quite reluctant to use Mistertango, basically because I’d heard bad things in terms of their reputation. At the time it was the only show [crypto-friendly bank] in town so we ended up paying a couple of thousand and then within a couple of months it was closed.” Boinnex said it now has a reliable banking partner for the crypto business, as well as a Bank of Ireland (BOI) account allowing the payment of salaries and anything else that doesn’t touch the crypto part of the business. “I know three other companies that had Bank of Ireland accounts that were closed,” Tierney said, “we wouldn’t take that chance.” In a statement to CoinDesk, an AIB spokesperson said the bank didn’t have a policy against crypto companies. They added that they required all clients to follow local AML and know-your-customer requirements. “We cannot open accounts for customers who are unable to comply with these regulations,” they said. See also: Facebook Affirms Libra Commitment With 50 New Job Openings in Ireland This isn’t an isolated incident; other Irish crypto businesses have faced similar issues. Fellow exchange BitIreland said it also had an AIB account closed back in 2018. A spokesperson said the firm was now forced to pay “insane monthly amounts” to use a payments account from an offshore bank, and is now planning on selling the business. Crypto exchange Bitcove told CoinDesk it has held accounts with all the major Irish banks, including AIB and BOI, but they had all been closed down. “We were actually awarded a start-up business award by Bank of Ireland, only to have our account closed a few short months later,” a spokesperson said. “The Irish banks were never interested in our AML policies, even when we tried to show them how our operations were fully compliant.” One business owner, who asked he and his business remain unnamed, said they had considered setting themselves up in Ireland but had gone elsewhere because he found banks weren’t willing to work with crypto firms. “We looked a couple of years ago and went elsewhere as all the vibes in the market were that it was too difficult,” he said. See also: Coinbase Custody Goes International With New Entity in Ireland Tierney is still annoyed by AIB’s decision to close the Boinnex account because it caused disruption to his business. What makes it worse, he said, is the Irish government has been trying to promote the country as an ideal destination for crypto businesses but has done little to work with existing industry players. In an interview with the Irish Times last year, Irish Finance Minister Pascal Donoughue said the government “fully supports the development and adoption of new technologies like blockchain, as a way to encourage digitalization and foster innovation.” At the time, Lory Kehoe, managing director of ConsenSys Ireland, accused the government of failing to take the new technology seriously. “Lip service is being paid to blockchain by ministers who are failing to fully grasp that we have a massive opportunity here and so need to go beyond doing things like just holding hackathons to taking concrete steps,” he said. Related Stories The Stablecoin Surge Is Built on Smoke and Mirrors BitMEX Restricts Access to Japanese Residents, Citing Changes to Local Law || Irish Crypto Firms Squeezed by Bank Account Closures, Regulatory Delays: An Irish crypto company said its business suffered after one of the country’s largest banks shut down its account.
Bryan Tierney, founder ofbitcoinATM operatorBoinnex, told CoinDesk Allied Irish Banks (AIB) notified the firm last August it was closing its account – initially without any official reason. It was only when Tierney put the account into an arranged overdraft – which precluded the bank from closing the account – that AIB sent an explanation in writing.
Dated Oct. 10, AIB’s letter said the account was being closed because “the market for Cryptocurrencies in ROI [Republic of Ireland] remains unregulated” and remains unrecognized as money or legal tender by the Central Bank of Ireland (CBI).
Related:Crypto Firms Establish Messaging Standard to Deal With FATF Travel Rule
While the European Union’s fifth Anti-Money Laundering Directive (5AMLD) – which requires crypto companies to register with local regulators and hold information on clients’ source of funds – would “impose new requirements” on crypto businesses, according to the letter, it hadn’t been implemented at the time. “This type ofbusiness activity[emphasis theirs] is outside of our risk appetite at this time,” AIB concluded.
Although Ireland was set to transpose 5AMLD over into local law along with the rest of Europe in January, this still hasn’t taken place. A tie among three of the main political parties in a general election earlier this year has left the country without a government majority. With the coronavirus now a national priority, it’s unlikely 5AMLD will be transposed until much later this year.
For Irish cryptocurrency companies like Boinnex, the delay in 5AMLD means they are left without access to mainstream financial services. A legislative draft has been publicized, but until it’s enacted businesses will remain stuck in a kind of regulatory limbo.
Boinnex spent thousands of euros making sure they were compliant with the 5AMLD requirements, according to Tierney. Although the team is only three people full-time, they still had to bring on a part-time compliance officer to assist those efforts.
Related:Iran Issues License for Nation’s Biggest Bitcoin Mining Operation
See also:India’s Supreme Court Lifts Banking Ban on Crypto Exchanges
Boinnex had been forced to close for six weeks after AIB closed its account. While he had hoped to find a local banking partner, Tierney said he came to the conclusion that “you can’t bank if you’re a cryptocurrency company in Ireland at the moment.”
In the end, the firm reluctantly went to a specialist bank in Lithuania, called Mistertango, and set up a relationship there. Soon, though, Lithuanian regulatorsfined the bank€250,000 for “systemic” violations to AML and counter-terrorist financing laws, which led Mistertango to close its doors.
“I was quite reluctant to use Mistertango, basically because I’d heard bad things in terms of their reputation. At the time it was the only show [crypto-friendly bank] in town so we ended up paying a couple of thousand and then within a couple of months it was closed.”
Boinnex said it now has a reliable banking partner for the crypto business, as well as a Bank of Ireland (BOI) account allowing the payment of salaries and anything else that doesn’t touch the crypto part of the business. “I know three other companies that had Bank of Ireland accounts that were closed,” Tierney said, “we wouldn’t take that chance.”
In a statement to CoinDesk, an AIB spokesperson said the bank didn’t have a policy against crypto companies. They added that they required all clients to follow local AML and know-your-customer requirements. “We cannot open accounts for customers who are unable to comply with these regulations,” they said.
See also:Facebook Affirms Libra Commitment With 50 New Job Openings in Ireland
This isn’t an isolated incident; other Irish crypto businesses have faced similar issues.
Fellow exchange BitIreland said it also had an AIB account closed back in 2018. A spokesperson said the firm was now forced to pay “insane monthly amounts” to use a payments account from an offshore bank, and is now planning on selling the business.
Crypto exchange Bitcove told CoinDesk it has held accounts with all the major Irish banks, including AIB and BOI, but they had all been closed down. “We were actually awarded a start-up business award by Bank of Ireland, only to have our account closed a few short months later,” a spokesperson said. “The Irish banks were never interested in our AML policies, even when we tried to show them how our operations were fully compliant.”
One business owner, who asked he and his business remain unnamed, said they had considered setting themselves up in Ireland but had gone elsewhere because he found banks weren’t willing to work with crypto firms. “We looked a couple of years ago and went elsewhere as all the vibes in the market were that it was too difficult,” he said.
See also:Coinbase Custody Goes International With New Entity in Ireland
Tierney is still annoyed by AIB’s decision to close the Boinnex account because it caused disruption to his business. What makes it worse, he said, is the Irish government has been trying to promote the country as an ideal destination for crypto businesses but has done little to work with existing industry players.
In an interview with theIrish Timeslast year, Irish Finance Minister Pascal Donoughue said the government “fully supports the development and adoption of new technologies like blockchain, as a way to encourage digitalization and foster innovation.”
At the time, Lory Kehoe, managing director of ConsenSys Ireland, accused the government of failing to take the new technology seriously. “Lip service is being paid to blockchain by ministers who are failing to fully grasp that we have a massive opportunity here and so need to go beyond doing things like just holding hackathons to taking concrete steps,” he said.
• The Stablecoin Surge Is Built on Smoke and Mirrors
• BitMEX Restricts Access to Japanese Residents, Citing Changes to Local Law || Technical Analysis Points To Key Reversal Of Global Markets: Recently, we received a number of email messages and comments regarding our recentBitcoin articleand how we attempted to explain the market trend/technical analysis. It appears we were not making our interpretation very clear for our friends and followers. This article should help to clear up our interpretation of the major market trends and our advanced technical analysis tools and utilities.
As purely technical traders, there are certain things we want to make clear. First, we do pay attention to what is happening to the fundamentals and global economic data when it posts. We’ve authored many previous articles stating our belief that “capital is like a living/breathing entity which attempts to survive (generate ROI with little risk) in various global market environments”. In order for us, as technical traders, to identify real opportunities for superior trades, we must be aware of what is happening in the “environment” that surrounds us.
A perfect example is a recent collapse inoil. We continue to read articles of how thousands of traders believed super-low oil prices were a GIFT and these traders piled into long trades expecting oil to rebound higher. This happens when technical traders fail to understand the environment in which the instrument is trading within. At this time, the supply side for oil vastly outweighs the demand-side – so the environment is skewed towards much weaker price activity. The chance that any moderate price recovery would take place is minimal until the supply glut is diminished.
One of the easiest ways to think of a truly technical trader is that we don’t care if the price goes up or down, we just care that our technical triggers and indicators present clear opportunities that are superior to more traditional methods of trading.
To accomplish this, we believe we must understand the environment in which we are trading and the technical conditions that are present within the charts. Technically, the price may be going up within a defined bearish/downtrend. This does not mean the upside price move is a technically valid “trade trigger”. The opposite may be true for a move down in a bullish trending market. Without proper confirmation of the overall technical bias, environment, and shorter-term technical triggers – one might as well throw a dart at a wall and hope for the best.
In our view, we issue many published research reports for our friends and followers to read and review every week. We show both bullish and bearish potential outcomes and depending on which way the market breaks we will execute trades in that direction. What we do not do, is trade based on forecasts/predictions. Instead, we follow the price.
Our interpretation of the technical triggers, economic data, forward expectations, and other setups are designed to help you learn how we conduct our research and to help you find opportunities in the markets. Our members receive this same research and more – they receive our hand-selected trade triggers. These are the best technical setups/trade triggers known as BAN Trades (Best Asset Now) so we can find that provide superior opportunities for skilled traders.
This chart, below, shows our historical results for the past 2.5 years. You’ll notice that we do sometimes take losses – yes. You’ll also notice the consistency of the profits – yes. We hope you’ll also notice that we work very hard to make sure our member’s success is the first priority in everything we do.
2020 has been a slow year for overall portfolio gains simply because of the market crash and extreme volatility. My #1 goal is to trade when risk is manageable, and the market is predictable. Don’t get me wrong, we have made money on the SPY, over 20% in TLT, 9.5% in GDXJ, and yesterday we locked in 11% on natural gas, so we are trading. But position sizes are small in comparison to our overall portfolio value so we don’t get oversized portfolio growth. When indexes, sectors, and commodities are moving 10-90% a day, it’s a time when position sizing becomes curial for survival.
You will not notice the market crash this year had no impact on our account because we did one of the best trades during the unexpected and unpredictable crash, we moved to 100% cash. Our results are based on a $20K account and over the past 2.5 years we are averaging 33% ROI with very little drawdowns.
Now, back to technical analysis…
Our research team believes the markets have set up a massive downside price advance (creating a much deeper low that confirms Fibonacci price theory and aligns with our Fibonacci Price Amplitude Arcs), which sets up a very unique technical pattern. Until the price is capable of establishing a series of new higher-high points through consecutive upside price advances AND until the Weekly and Monthly charts confirm a new high price breakout – technically speaking, we’re still in a bearish price trend.
This Weekly SPY chart, below, shows you three key technical factors that tell us there is a greater risk of a breakdown in price than any upside price trend continuation…
A.The recent low/bottom price level broke below the December 2018 low price level (new lower low).
B.The GREEN ARC price level is a massive 1.618 Fibonacci Price Amplitude Arc that suggests massive resistance exists at this level. Price moving above this level then falling back below it suggests a “scouting pattern” type of event took place and FAILED.
C.Recent price activity has rallied from recent lows too, again, reconfirm the GREEN ARC resistance level. We believe this Fibonacci Price Amplitude Arc will present a major price ceiling as Q2 and Q3 economic data pushes forward – driving the price lower over time and eventually targeting the RED support level near $208 in July or August.
You may remember that we’ve been suggesting a bottom will not complete until sometime after July or August 2020 in previous research posts. Now you know where we derive these projections and expectations, we use technical analysis and our advanced predictive modeling tools to “see into the future”. Believe it or not, we’ve already mapped out SPY price activity 10+ years into the future.
This TRAN Weekly chart also helps to confirm our technical analysis research. We are deploying the same types of technical analysis tools on all of these charts to show you how our research team attempts to identify trends and opportunities. You can see the heavy LIGHT RED Fibonacci Price Amplitude Arc near the peak in February 2020. This Arc represents a massive price resistance channel. You may also notice the thinner ORANGE Fibonacci Price Amplitude Arc that touches recent lows? This arc acts as Support in its current form.
Our proprietary Adaptive Fibonacci Price Modeling System is drawing a CYAN projected target level from recent lows where the heavy CYAN line is displayed on this chart. Additionally, a previous BLUE target level is also displayed on this chart which originated from the recent PEAK in February 2020. Now, pay attention to where the TRAN price has found recent resistance and stalled… RIGHT AT THOSE LEVELS.
We believe the failure of the SPY and TRAN to move above the ARCs and Fibonacci price targets suggests a critical upward price trend failure. A failure of this nature will prompt a new downside price move in the near future as price must always attempt to establish new price highs or new price lows based on the Fibonacci Price Theory (technical analysis).
This last chart, the Monthly INDU, is probably the most impressive one so far. Clear Fibonacci Price Amplitude Arcs suggest massive resistance near the February 2020 peak levels. A very clear downward price channel originating from the February 2018 lows and transitioning across the December 2018 lows and into current lows. An Adaptive Fibonacci Price Modeling System target price (CYAN) near 8108 (very near current price levels) and a very clear technical price pattern (Dojis) suggesting a potential top or price reversal is setting up. Lastly, the recent deep low price stalled very near to the historical YELLOW DASHED price channel that spans the 2000 and 2007 price peaks.
Pulling all of this technical analysis together with simple Fibonacci Price Theory suggests that until the markets can prove to us that price is capable of establishing we upside price structures, the recent deep new price low (near 18,265) suggests future price action may collapse even further and attempt to establish a new, deeper, “new price low” before the real bottoms set up in the markets. On this INDU chart, it suggests that a “deeper price low” may result in a move well below the YELLOW DASHED price channel from 2000/07 and attempt to move to the RED Fibonacci Price Target level near 14,000.
Obviously, we are still very bearish in terms of the current overall market trend. No technical analysis technique has shown us that the intermediate and longer-term trends have changed direction to Bullish. Yes, our Daily systems did identify a bullish trigger within this bearish trend on the SPY which we executed successfully for our members. There is an opportunity to take a bullish trade within a bearish price trend when technical analysis confirms the trigger and it is executed properly.
If you are using our free public research for your own trading decision-making and/or using it as an opportunity to find and execute successful trades, please remember you are the one ultimately making the decisions to trade based on our interpretation and free research posts. We, as technical traders, will continue to post new research articles and content that we believe is relevant to the current market setups.
If you want to improve your accuracy and opportunities for success, then we urge you to visitwww.TheTechnicalTraders.comto learn how you can enjoy our research and our members-only trading triggers (see the first chart in this article). If you are managing your retirement account or 401k, then we urge you to visitwww.TheTechnicalInvestor.comto learn how to protect your assets and grow your wealth using our proprietary longer-term modeling systems. Our goal is to help you find and create success – not to confuse you.
Our researchers will generate free research on just about any topic that interests them. As technical traders, we follow price, predict future price moves, tops, bottoms, and trends, and attempt to highlight incredible setups that exist on the charts. What you do with it is up to you. Visit www.TheTechnicalTraders.com/FreeResearch/ to review all of our detailed free research posts.
In closing, we would like to suggest that the next 5+ years are going to be incredible opportunities for skilled traders. Remember, we’ve already mapped out price trends 10+ years into the future that we expect based on our advanced predictive modeling tools. If our analysis is correct, skilled traders will be able to make a small fortune trading these trends and Metals will skyrocket. The only way you’ll know which trades to take or not is to become a member.
Chris VermeulenChief Market StrategistFounder of Technical Traders Ltd.
Thisarticlewas originally posted on FX Empire
• How to Spot Support & Resistance – Build a Chart Apartment Building
• Gold Price Futures (GC) Technical Analysis – Sellers Taking Control, Could Collapse Under $1657.30
• Silver Price Daily Forecast – Silver Mixed Despite Stronger U.S. Dollar
• Technical Analysis Points To Key Reversal Of Global Markets
• AUD/USD Price Forecast – Australian Dollar Continues to Struggle at Extreme Highs
• Silver Price Forecast – Silver Markets Give Up Early Gains || Technical Analysis Points To Key Reversal Of Global Markets: Recently, we received a number of email messages and comments regarding our recent Bitcoin article and how we attempted to explain the market trend/technical analysis. It appears we were not making our interpretation very clear for our friends and followers. This article should help to clear up our interpretation of the major market trends and our advanced technical analysis tools and utilities. As purely technical traders, there are certain things we want to make clear. First, we do pay attention to what is happening to the fundamentals and global economic data when it posts. Weve authored many previous articles stating our belief that capital is like a living/breathing entity which attempts to survive (generate ROI with little risk) in various global market environments. In order for us, as technical traders, to identify real opportunities for superior trades, we must be aware of what is happening in the environment that surrounds us. A perfect example is a recent collapse in oil . We continue to read articles of how thousands of traders believed super-low oil prices were a GIFT and these traders piled into long trades expecting oil to rebound higher. This happens when technical traders fail to understand the environment in which the instrument is trading within. At this time, the supply side for oil vastly outweighs the demand-side so the environment is skewed towards much weaker price activity. The chance that any moderate price recovery would take place is minimal until the supply glut is diminished. One of the easiest ways to think of a truly technical trader is that we dont care if the price goes up or down, we just care that our technical triggers and indicators present clear opportunities that are superior to more traditional methods of trading. To accomplish this, we believe we must understand the environment in which we are trading and the technical conditions that are present within the charts. Technically, the price may be going up within a defined bearish/downtrend. This does not mean the upside price move is a technically valid trade trigger. The opposite may be true for a move down in a bullish trending market. Without proper confirmation of the overall technical bias, environment, and shorter-term technical triggers one might as well throw a dart at a wall and hope for the best. Story continues In our view, we issue many published research reports for our friends and followers to read and review every week. We show both bullish and bearish potential outcomes and depending on which way the market breaks we will execute trades in that direction. What we do not do, is trade based on forecasts/predictions. Instead, we follow the price. Our interpretation of the technical triggers, economic data, forward expectations, and other setups are designed to help you learn how we conduct our research and to help you find opportunities in the markets. Our members receive this same research and more they receive our hand-selected trade triggers. These are the best technical setups/trade triggers known as BAN Trades (Best Asset Now) so we can find that provide superior opportunities for skilled traders. This chart, below, shows our historical results for the past 2.5 years. Youll notice that we do sometimes take losses yes. Youll also notice the consistency of the profits yes. We hope youll also notice that we work very hard to make sure our members success is the first priority in everything we do. 2020 has been a slow year for overall portfolio gains simply because of the market crash and extreme volatility. My #1 goal is to trade when risk is manageable, and the market is predictable. Dont get me wrong, we have made money on the SPY, over 20% in TLT, 9.5% in GDXJ, and yesterday we locked in 11% on natural gas, so we are trading. But position sizes are small in comparison to our overall portfolio value so we dont get oversized portfolio growth. When indexes, sectors, and commodities are moving 10-90% a day, its a time when position sizing becomes curial for survival. You will not notice the market crash this year had no impact on our account because we did one of the best trades during the unexpected and unpredictable crash, we moved to 100% cash. Our results are based on a $20K account and over the past 2.5 years we are averaging 33% ROI with very little drawdowns. Now, back to technical analysis
Our research team believes the markets have set up a massive downside price advance (creating a much deeper low that confirms Fibonacci price theory and aligns with our Fibonacci Price Amplitude Arcs), which sets up a very unique technical pattern. Until the price is capable of establishing a series of new higher-high points through consecutive upside price advances AND until the Weekly and Monthly charts confirm a new high price breakout technically speaking, were still in a bearish price trend. Weekly S&P 500 (SPY) Chart This Weekly SPY chart, below, shows you three key technical factors that tell us there is a greater risk of a breakdown in price than any upside price trend continuation
A. The recent low/bottom price level broke below the December 2018 low price level (new lower low). B. The GREEN ARC price level is a massive 1.618 Fibonacci Price Amplitude Arc that suggests massive resistance exists at this level. Price moving above this level then falling back below it suggests a scouting pattern type of event took place and FAILED. C. Recent price activity has rallied from recent lows too, again, reconfirm the GREEN ARC resistance level. We believe this Fibonacci Price Amplitude Arc will present a major price ceiling as Q2 and Q3 economic data pushes forward driving the price lower over time and eventually targeting the RED support level near $208 in July or August. You may remember that weve been suggesting a bottom will not complete until sometime after July or August 2020 in previous research posts. Now you know where we derive these projections and expectations, we use technical analysis and our advanced predictive modeling tools to see into the future. Believe it or not, weve already mapped out SPY price activity 10+ years into the future. Weekly Transportation Index (TRAN) Chart This TRAN Weekly chart also helps to confirm our technical analysis research. We are deploying the same types of technical analysis tools on all of these charts to show you how our research team attempts to identify trends and opportunities. You can see the heavy LIGHT RED Fibonacci Price Amplitude Arc near the peak in February 2020. This Arc represents a massive price resistance channel. You may also notice the thinner ORANGE Fibonacci Price Amplitude Arc that touches recent lows? This arc acts as Support in its current form. Our proprietary Adaptive Fibonacci Price Modeling System is drawing a CYAN projected target level from recent lows where the heavy CYAN line is displayed on this chart. Additionally, a previous BLUE target level is also displayed on this chart which originated from the recent PEAK in February 2020. Now, pay attention to where the TRAN price has found recent resistance and stalled
RIGHT AT THOSE LEVELS. We believe the failure of the SPY and TRAN to move above the ARCs and Fibonacci price targets suggests a critical upward price trend failure. A failure of this nature will prompt a new downside price move in the near future as price must always attempt to establish new price highs or new price lows based on the Fibonacci Price Theory (technical analysis). Monthly Dow Jones Industrial (INDU) This last chart, the Monthly INDU, is probably the most impressive one so far. Clear Fibonacci Price Amplitude Arcs suggest massive resistance near the February 2020 peak levels. A very clear downward price channel originating from the February 2018 lows and transitioning across the December 2018 lows and into current lows. An Adaptive Fibonacci Price Modeling System target price (CYAN) near 8108 (very near current price levels) and a very clear technical price pattern (Dojis) suggesting a potential top or price reversal is setting up. Lastly, the recent deep low price stalled very near to the historical YELLOW DASHED price channel that spans the 2000 and 2007 price peaks. Pulling all of this technical analysis together with simple Fibonacci Price Theory suggests that until the markets can prove to us that price is capable of establishing we upside price structures, the recent deep new price low (near 18,265) suggests future price action may collapse even further and attempt to establish a new, deeper, new price low before the real bottoms set up in the markets. On this INDU chart, it suggests that a deeper price low may result in a move well below the YELLOW DASHED price channel from 2000/07 and attempt to move to the RED Fibonacci Price Target level near 14,000. Concluding Thoughts: Obviously, we are still very bearish in terms of the current overall market trend. No technical analysis technique has shown us that the intermediate and longer-term trends have changed direction to Bullish. Yes, our Daily systems did identify a bullish trigger within this bearish trend on the SPY which we executed successfully for our members. There is an opportunity to take a bullish trade within a bearish price trend when technical analysis confirms the trigger and it is executed properly. If you are using our free public research for your own trading decision-making and/or using it as an opportunity to find and execute successful trades, please remember you are the one ultimately making the decisions to trade based on our interpretation and free research posts. We, as technical traders, will continue to post new research articles and content that we believe is relevant to the current market setups. If you want to improve your accuracy and opportunities for success, then we urge you to visit www.TheTechnicalTraders.com to learn how you can enjoy our research and our members-only trading triggers (see the first chart in this article). If you are managing your retirement account or 401k, then we urge you to visit www.TheTechnicalInvestor.com to learn how to protect your assets and grow your wealth using our proprietary longer-term modeling systems. Our goal is to help you find and create success not to confuse you. Our researchers will generate free research on just about any topic that interests them. As technical traders, we follow price, predict future price moves, tops, bottoms, and trends, and attempt to highlight incredible setups that exist on the charts. What you do with it is up to you. Visit www.TheTechnicalTraders.com/FreeResearch/ to review all of our detailed free research posts. In closing, we would like to suggest that the next 5+ years are going to be incredible opportunities for skilled traders. Remember, weve already mapped out price trends 10+ years into the future that we expect based on our advanced predictive modeling tools. If our analysis is correct, skilled traders will be able to make a small fortune trading these trends and Metals will skyrocket. The only way youll know which trades to take or not is to become a member. Chris Vermeulen Chief Market Strategist Founder of Technical Traders Ltd. This article was originally posted on FX Empire More From FXEMPIRE: How to Spot Support & Resistance Build a Chart Apartment Building Gold Price Futures (GC) Technical Analysis Sellers Taking Control, Could Collapse Under $1657.30 Silver Price Daily Forecast Silver Mixed Despite Stronger U.S. Dollar Technical Analysis Points To Key Reversal Of Global Markets AUD/USD Price Forecast Australian Dollar Continues to Struggle at Extreme Highs Silver Price Forecast Silver Markets Give Up Early Gains || Bitcoin Can Boost Portfolio Returns, Even if Bought at All-Time High: Bitwise Study: With the right management strategy, bitcoin almost always boosts the value of a mixed portfolio, according to Bitwise research – even if bought at the all-time high.
Based on a test portfolio using historical data, the San Francisco-based asset manager found investors who allocated a small percentage ofbitcointo a portfolio made up of stocks and bonds would have made a notable increase to cumulative returns, even in the past three years.
Bitwisesaid in its Wednesday report – co-written by its head of research, Matt Hougan – that a 2.5% allocation of bitcoin in January 2014, rebalanced on a quarterly basis, would have boosted portfolio returns from 26% to almost 45% by March 31, 2020. A 5% allocation would have pretty much-doubled returns on a traditional portfolio to 65% over the same timeframe.
Related:Shares in Grayscale’s Bitcoin Trust Up By 14% After Crypto’s Price Rallies
That’s not altogether surprising. After all, the price of bitcoin has moved from $750 to $6,500 over the past six years. Considering bitcoin was thebest-performing assetof the last decade, investors would expect outsized returns for holding something that saw a price increase of 766%.
But what’s interesting is returns still increased, albeit marginally, even when bitcoin was allocated at the all-time high of $20,000 in December 2017 and continued to be held at the same portfolio weighting until March 31, even as the value dropped by some 66% to just under $6,500.
On the same timeframe, and assuming quarterly rebalancing, an allocation of 2.5% or 5% contributed returns of either 0.05% or 0.40% to a portfolio of 60% world equity and 40% bonds. Without any bitcoin allocation, the value of the portfolio would have actually decreased by 0.54%; more than a 1% bitcoin allocation would lead to a 0.51% drop in a portfolio’s overall value.
In its report, Bitwise explains these seemingly paradoxical results stem from the nature of bitcoin as an asset: it’s highly volatile, but largely uncorrelated to other assets.
Related:Grayscale Says It Raised a Record $500M in First Quarter
See also:Bitwise Looks to Retail Market for Its Crypto Index Fund
This secret sauce makes it an ideal component for volatility harvesting – a wealth management strategy that only came about in 2012 – whereby rebalancing boosts returns by skimming value off the top of well-performing but volatile assets, such as bitcoin, and locking it into something more stable, like a blue-chip stock.
“Adding bitcoin to a diversified portfolio of stocks and bonds would have consistently and significantly increased both the cumulative and risk-adjusted returns of that portfolio over any meaningful time period in bitcoin’s history, provided a rebalancing strategy is in place,” the report reads.
There are some caveats. Bitwise stresses that it depends on a disciplined and consistent rebalancing strategy. Those who rebalanced too often suffered from lower returns, and those who just held and never rebalanced, significantly increased their downside risk.
Bitwise found that between 2014 and March 2020, with a 2.5% bitcoin allocation, a monthly rebalancing led to returns of only 38% and actually raised drawdowns to 22.3%; holding made returns of 42.1%, but came with drawdowns of 32%. An annual rebalancing presented the best of both worlds, with cumulative returns of 67% and maximum drawdowns of only 22.3%, all other things being equal.
The asset manager also said that piling too much bitcoin into a portfolio, say more than 5% allocation, actually raised volatility so drawdown risk would begin to outweigh potential gains.
See also:Cryptocurrencies Are Still the World’s Best Performing Asset Class This Year
Of course, the report works on the basis bitcoin will continue to show the same characteristics and same upside, going forward. Eliezer Ndinga, a research associate at Swiss-based crypto product provider 21Shares, told CoinDesk that market uncertainty could “potentially put on pause the adoption of cryptoassets from high-profile traditional financial institutions in the foreseeable future.”
But, he added, “the digital nature of cryptoassets with a finite and predictable supply uncorrelated to traditional monetary and fiscal policies with transportability that do not require social contact, have the chance to increasingly become an attractive asset.”
Whatever happens to bitcoin over the next six years, Bitwise’s report appears to provide a solid reason for bitcoin to be incorporated into the next generation of wealth management strategies.
• Morgan Creek Invests in Startup Bringing Bitcoin to DeFi
• Looking for a Halving Payday? Quick Wins in Investing Are Rare || Bitcoin Can Boost Portfolio Returns, Even if Bought at All-Time High: Bitwise Study: With the right management strategy, bitcoin almost always boosts the value of a mixed portfolio, according to Bitwise research even if bought at the all-time high. Based on a test portfolio using historical data, the San Francisco-based asset manager found investors who allocated a small percentage of bitcoin to a portfolio made up of stocks and bonds would have made a notable increase to cumulative returns, even in the past three years. Bitwise said in its Wednesday report co-written by its head of research, Matt Hougan that a 2.5% allocation of bitcoin in January 2014, rebalanced on a quarterly basis, would have boosted portfolio returns from 26% to almost 45% by March 31, 2020. A 5% allocation would have pretty much-doubled returns on a traditional portfolio to 65% over the same timeframe. Related: Shares in Grayscales Bitcoin Trust Up By 14% After Cryptos Price Rallies Thats not altogether surprising. After all, the price of bitcoin has moved from $750 to $6,500 over the past six years. Considering bitcoin was the best-performing asset of the last decade, investors would expect outsized returns for holding something that saw a price increase of 766%. But whats interesting is returns still increased, albeit marginally, even when bitcoin was allocated at the all-time high of $20,000 in December 2017 and continued to be held at the same portfolio weighting until March 31, even as the value dropped by some 66% to just under $6,500. On the same timeframe, and assuming quarterly rebalancing, an allocation of 2.5% or 5% contributed returns of either 0.05% or 0.40% to a portfolio of 60% world equity and 40% bonds. Without any bitcoin allocation, the value of the portfolio would have actually decreased by 0.54%; more than a 1% bitcoin allocation would lead to a 0.51% drop in a portfolios overall value. In its report, Bitwise explains these seemingly paradoxical results stem from the nature of bitcoin as an asset: its highly volatile, but largely uncorrelated to other assets. Story continues Related: Grayscale Says It Raised a Record $500M in First Quarter See also: Bitwise Looks to Retail Market for Its Crypto Index Fund This secret sauce makes it an ideal component for volatility harvesting a wealth management strategy that only came about in 2012 whereby rebalancing boosts returns by skimming value off the top of well-performing but volatile assets, such as bitcoin, and locking it into something more stable, like a blue-chip stock. Adding bitcoin to a diversified portfolio of stocks and bonds would have consistently and significantly increased both the cumulative and risk-adjusted returns of that portfolio over any meaningful time period in bitcoins history, provided a rebalancing strategy is in place, the report reads. There are some caveats. Bitwise stresses that it depends on a disciplined and consistent rebalancing strategy. Those who rebalanced too often suffered from lower returns, and those who just held and never rebalanced, significantly increased their downside risk. Bitwise found that between 2014 and March 2020, with a 2.5% bitcoin allocation, a monthly rebalancing led to returns of only 38% and actually raised drawdowns to 22.3%; holding made returns of 42.1%, but came with drawdowns of 32%. An annual rebalancing presented the best of both worlds, with cumulative returns of 67% and maximum drawdowns of only 22.3%, all other things being equal. The asset manager also said that piling too much bitcoin into a portfolio, say more than 5% allocation, actually raised volatility so drawdown risk would begin to outweigh potential gains. See also: Cryptocurrencies Are Still the Worlds Best Performing Asset Class This Year Of course, the report works on the basis bitcoin will continue to show the same characteristics and same upside, going forward. Eliezer Ndinga, a research associate at Swiss-based crypto product provider 21Shares, told CoinDesk that market uncertainty could potentially put on pause the adoption of cryptoassets from high-profile traditional financial institutions in the foreseeable future. But, he added, the digital nature of cryptoassets with a finite and predictable supply uncorrelated to traditional monetary and fiscal policies with transportability that do not require social contact, have the chance to increasingly become an attractive asset. Whatever happens to bitcoin over the next six years, Bitwises report appears to provide a solid reason for bitcoin to be incorporated into the next generation of wealth management strategies. Related Stories Morgan Creek Invests in Startup Bringing Bitcoin to DeFi Looking for a Halving Payday? Quick Wins in Investing Are Rare || Bitcoin Can Boost Portfolio Returns, Even if Bought at All-Time High: Bitwise Study: With the right management strategy, bitcoin almost always boosts the value of a mixed portfolio, according to Bitwise research – even if bought at the all-time high.
Based on a test portfolio using historical data, the San Francisco-based asset manager found investors who allocated a small percentage ofbitcointo a portfolio made up of stocks and bonds would have made a notable increase to cumulative returns, even in the past three years.
Bitwisesaid in its Wednesday report – co-written by its head of research, Matt Hougan – that a 2.5% allocation of bitcoin in January 2014, rebalanced on a quarterly basis, would have boosted portfolio returns from 26% to almost 45% by March 31, 2020. A 5% allocation would have pretty much-doubled returns on a traditional portfolio to 65% over the same timeframe.
Related:Shares in Grayscale’s Bitcoin Trust Up By 14% After Crypto’s Price Rallies
That’s not altogether surprising. After all, the price of bitcoin has moved from $750 to $6,500 over the past six years. Considering bitcoin was thebest-performing assetof the last decade, investors would expect outsized returns for holding something that saw a price increase of 766%.
But what’s interesting is returns still increased, albeit marginally, even when bitcoin was allocated at the all-time high of $20,000 in December 2017 and continued to be held at the same portfolio weighting until March 31, even as the value dropped by some 66% to just under $6,500.
On the same timeframe, and assuming quarterly rebalancing, an allocation of 2.5% or 5% contributed returns of either 0.05% or 0.40% to a portfolio of 60% world equity and 40% bonds. Without any bitcoin allocation, the value of the portfolio would have actually decreased by 0.54%; more than a 1% bitcoin allocation would lead to a 0.51% drop in a portfolio’s overall value.
In its report, Bitwise explains these seemingly paradoxical results stem from the nature of bitcoin as an asset: it’s highly volatile, but largely uncorrelated to other assets.
Related:Grayscale Says It Raised a Record $500M in First Quarter
See also:Bitwise Looks to Retail Market for Its Crypto Index Fund
This secret sauce makes it an ideal component for volatility harvesting – a wealth management strategy that only came about in 2012 – whereby rebalancing boosts returns by skimming value off the top of well-performing but volatile assets, such as bitcoin, and locking it into something more stable, like a blue-chip stock.
“Adding bitcoin to a diversified portfolio of stocks and bonds would have consistently and significantly increased both the cumulative and risk-adjusted returns of that portfolio over any meaningful time period in bitcoin’s history, provided a rebalancing strategy is in place,” the report reads.
There are some caveats. Bitwise stresses that it depends on a disciplined and consistent rebalancing strategy. Those who rebalanced too often suffered from lower returns, and those who just held and never rebalanced, significantly increased their downside risk.
Bitwise found that between 2014 and March 2020, with a 2.5% bitcoin allocation, a monthly rebalancing led to returns of only 38% and actually raised drawdowns to 22.3%; holding made returns of 42.1%, but came with drawdowns of 32%. An annual rebalancing presented the best of both worlds, with cumulative returns of 67% and maximum drawdowns of only 22.3%, all other things being equal.
The asset manager also said that piling too much bitcoin into a portfolio, say more than 5% allocation, actually raised volatility so drawdown risk would begin to outweigh potential gains.
See also:Cryptocurrencies Are Still the World’s Best Performing Asset Class This Year
Of course, the report works on the basis bitcoin will continue to show the same characteristics and same upside, going forward. Eliezer Ndinga, a research associate at Swiss-based crypto product provider 21Shares, told CoinDesk that market uncertainty could “potentially put on pause the adoption of cryptoassets from high-profile traditional financial institutions in the foreseeable future.”
But, he added, “the digital nature of cryptoassets with a finite and predictable supply uncorrelated to traditional monetary and fiscal policies with transportability that do not require social contact, have the chance to increasingly become an attractive asset.”
Whatever happens to bitcoin over the next six years, Bitwise’s report appears to provide a solid reason for bitcoin to be incorporated into the next generation of wealth management strategies.
• Morgan Creek Invests in Startup Bringing Bitcoin to DeFi
• Looking for a Halving Payday? Quick Wins in Investing Are Rare || First Mover: US Arms of Binance, FTX Push Into Margin Trading, but Likely Not at 100x: Cryptocurrency exchanges based outside the U.S. are pushing to fill what they see as a competitive gap in the world’s biggest economy – offering more leverage to traders who have limited alternatives due to a strict domestic regulatory environment. Antigua and Barbuda-based cryptocurrency exchange FTX plans to launch its newly established U.S. unit this month. Margin trading, in which users can buy and sell assets using borrowed money, could become a key feature of the U.S. operations, FTX CEO Sam Bankman-Fried told CoinDesk. You’re reading First Mover , CoinDesk’s daily markets newsletter. Assembled by the CoinDesk Markets Team, First Mover starts your day with the most up-to-date sentiment around crypto markets, which of course never close, putting in context every wild swing in bitcoin and more. We follow the money so you don’t have to. You can subscribe here . Related: Market Wrap: Derivatives May Reduce Miner Selling Pressure After Bitcoin Halving “The crypto exchange ecosystem as a whole has been in need of competition for a while, and we’re excited to be able to offer liquid order books, tons of features, margin trading for qualified customers and a constantly evolving product in the States,” Bankman-Fried said. Catherine Coley, CEO of the U.S. unit of the cryptocurrency exchange Binance, told CoinDesk the company is “actively working toward implementing margin trading.” The business, Binance.US, launched last year. Outside the United States, traders can get leverage on purchases of cryptocurrencies and derivatives via exchanges including Binance, Bitfinex and BitMEX, in some cases enabling bets of up to 100 times the money down. All three exchanges initially welcomed traders in the U.S. but later started turning some customers away under pressure from local regulators. “U.S. traders have limited access to margin trading because it’s more tightly regulated here than in other jurisdictions,” said Jake Chervinsky, general counsel for Compound, a San Francisco-based cryptocurrency lender. Story continues Related: Blockchain Bites: Coinbase and BlockFi Make Big Hires, Tron Said to Get Coronavirus Relief The dearth of margin-trading venues for U.S. cryptocurrency investors highlights the balkanized nature of the fast-evolving international digital-asset marketplace: It’s nominally a 24-hour, 7-day-a-week realm that crosses sovereign borders, but in reality rules are applied differently by financial authorities across multiple jurisdictions. Jim Harper, a visiting fellow at the American Enterprise Institute and former counsel to U.S. congressional committees, said in an email that domestic regulators are applying a consumer-protection lens to rules governing domestic cryptocurrency exchanges. That may not comport with the mentality of crypto traders who don’t mind taking bigger risks, with less protection. “Every aspect of the cryptocurrency world is high risk, high reward,” Harper said. CME, the Chicago-based exchange that has offered regulated bitcoin futures contracts since late 2017, allows trading on margin but at a much lower level than international exchanges beyond the reach of U.S. regulators. For example, the CME’s May bitcoin futures contract requires a maintenance margin of $14,743 per contract, according to the exchange’s website. That works out to about 33% of the five-bitcoin contract’s closing price on Tuesday, based on a quote of $9,030 per bitcoin. The leverage equivalent is 3x. The CME is regulated by the Commodity Futures Trading Commission (CFTC), which imposes strict rules on the use of margin. “To protect people from getting burned, the CFTC is arguably inhibiting the development of a U.S. market and capacities among U.S. investors to exercise the kind of caution they’ll need in what is truly a global financial services market,” said Harper. At least two U.S.-based cryptocurrency exchanges, Kraken and Coinbase, offer margin trading, but also at a lower level than the high-octane levels on some of the overseas venues. At Kraken, the limit is 5x leverage, and at Coinbase it’s 3x. “Of course, margin trading in crypto specifically is ultra-risky given the tendency for major daily moves, and that might be why U.S. exchanges have been wary to roll it out in a meaningful way,” said Kinjal Shah, senior associate at Blockchain Capital. Some investors say the availability of leverage can deepen a market by attracting additional traders, in turn helping to assure a good price and execution. “Margin products available to U.S.-domiciled investments funds are highly limited mainly because of the regulatory hurdles here in the U.S.,” said Justin Yashouafar, managing partner at Los Angeles-based Blockhead Capital. According to Chervinsky, any exchanges looking to bolster their margin trading offerings are likely to bump into limits imposed by U.S. regulators. They still wouldn’t be able to offer “the high leverage ratios that offshore exchanges have popularized with crypto traders,” he said. Tweet of the day Bitcoin watch BTC : Price: $9,222 ( BPI ) | 24-Hr High: $9,290 | 24-Hr Low: $8,811 Trend : Bitcoin is trading above $9,200 at press time amid mixed signals on the technical charts. While the above-70 reading on the 14-day relative strength index indicates overbought conditions and scope for a pullback, the Chaikin money flow, which incorporates both prices and trading volumes, is still hovering above zero – a sign buying pressure is stronger than selling pressure. More importantly, Tuesday’s UTC close above $9,000, the first in two months, validated dip demand near $8,500 observed on Monday, and restored the immediate bullish bias. The outlook had turned neutral following the cryptocurrency’s repeated failures to keep gains above $9,000 over the weekend. The pennant breakout seen on the four-hour chart also indicates the path of least resistance is to the higher side. With price charts showing bullish patterns, the overbought reading on the RSI takes a back seat. After all, indicators follow price. As such, one can expect bitcoin to revisit the April 30 high of $9,485. The bullish case would be invalidated if prices drop below Tuesday’s low of $8,760. At press time, that looks unlikely, as futures on the S&P 500 and major European stocks are flashing green. Sentiment looks to have been buoyed by major economies moving toward easing lockdown restrictions and an uptick in crude prices. Related Stories Why Binance and Akon Are Betting on Africa for Crypto Adoption Amun Launches Token Tracking the Inverse of Bitcoin’s Price || First Mover: US Arms of Binance, FTX Push Into Margin Trading, but Likely Not at 100x: Cryptocurrency exchanges based outside the U.S. are pushing to fill what they see as a competitive gap in the world’s biggest economy – offering more leverage to traders who have limited alternatives due to a strict domestic regulatory environment.
Antigua and Barbuda-based cryptocurrency exchange FTX plans to launch its newly established U.S. unit this month. Margin trading, in which users can buy and sell assets using borrowed money, could become a key feature of the U.S. operations, FTX CEO Sam Bankman-Fried told CoinDesk.
You’re readingFirst Mover, CoinDesk’s daily markets newsletter. Assembled by the CoinDesk Markets Team, First Mover starts your day with the most up-to-date sentiment around crypto markets, which of course never close, putting in context every wild swing in bitcoin and more. We follow the money so you don’t have to. You cansubscribe here.
Related:Market Wrap: Derivatives May Reduce Miner Selling Pressure After Bitcoin Halving
“The crypto exchange ecosystem as a whole has been in need of competition for a while, and we’re excited to be able to offer liquid order books, tons of features, margin trading for qualified customers and a constantly evolving product in the States,” Bankman-Fried said.
Catherine Coley, CEO of the U.S. unit of the cryptocurrency exchange Binance, told CoinDesk the company is “actively working toward implementing margin trading.” The business, Binance.US, launched last year.
Outside the United States, traders can get leverage on purchases of cryptocurrencies and derivatives via exchanges including Binance, Bitfinex and BitMEX, in some cases enabling bets of up to 100 times the money down. All three exchanges initially welcomed traders in the U.S. but later started turning some customers away under pressure from local regulators.
“U.S. traders have limited access to margin trading because it’s more tightly regulated here than in other jurisdictions,” said Jake Chervinsky, general counsel for Compound, a San Francisco-based cryptocurrency lender.
Related:Blockchain Bites: Coinbase and BlockFi Make Big Hires, Tron Said to Get Coronavirus Relief
The dearth of margin-trading venues for U.S. cryptocurrency investors highlights the balkanized nature of the fast-evolving international digital-asset marketplace: It’s nominally a 24-hour, 7-day-a-week realm that crosses sovereign borders, butin realityrules are applied differently by financial authorities across multiple jurisdictions.
Jim Harper, a visiting fellow at the American Enterprise Institute and former counsel to U.S. congressional committees, said in an email that domestic regulators are applying a consumer-protection lens to rules governing domestic cryptocurrency exchanges. That may not comport with the mentality of crypto traders who don’t mind taking bigger risks, with less protection.
“Every aspect of the cryptocurrency world is high risk, high reward,” Harper said.
CME, the Chicago-based exchange that has offered regulatedbitcoinfutures contracts since late 2017, allows trading on margin but at a much lower level than international exchanges beyond the reach of U.S. regulators.
For example, the CME’s May bitcoin futures contract requires a maintenance margin of $14,743 per contract, according to the exchange’s website. That works out to about 33% of the five-bitcoin contract’s closing price on Tuesday, based on a quote of $9,030 per bitcoin. The leverage equivalent is 3x.
The CME is regulated by the Commodity Futures Trading Commission (CFTC), which imposes strict rules on the use of margin.
“To protect people from getting burned, the CFTC is arguably inhibiting the development of a U.S. market and capacities among U.S. investors to exercise the kind of caution they’ll need in what is truly a global financial services market,” said Harper.
At least two U.S.-based cryptocurrency exchanges, Kraken and Coinbase, offer margin trading, but also at a lower level than the high-octane levels on some of the overseas venues. At Kraken, the limit is 5x leverage, and at Coinbase it’s 3x.
“Of course, margin trading in crypto specifically is ultra-risky given the tendency for major daily moves, and that might be why U.S. exchanges have been wary to roll it out in a meaningful way,” said Kinjal Shah, senior associate at Blockchain Capital.
Some investors say the availability of leverage can deepen a market by attracting additional traders, in turn helping to assure a good price and execution.
“Margin products available to U.S.-domiciled investments funds are highly limited mainly because of the regulatory hurdles here in the U.S.,” said Justin Yashouafar, managing partner at Los Angeles-based Blockhead Capital.
According to Chervinsky, any exchanges looking to bolster their margin trading offerings are likely to bump into limits imposed by U.S. regulators.
They still wouldn’t be able to offer “the high leverage ratios that offshore exchanges have popularized with crypto traders,” he said.
BTC: Price: $9,222 (BPI) | 24-Hr High: $9,290 | 24-Hr Low: $8,811
Trend: Bitcoin is trading above $9,200 at press time amid mixed signals on the technical charts.
While the above-70 reading on the 14-day relative strength index indicates overbought conditions and scope for a pullback, the Chaikin money flow, which incorporates both prices and trading volumes, is still hovering above zero – a sign buying pressure is stronger than selling pressure.
More importantly, Tuesday’s UTC close above $9,000, the first in two months, validated dip demand near $8,500 observed on Monday, and restored the immediate bullish bias.
The outlook had turned neutral following the cryptocurrency’s repeated failures to keep gains above $9,000 over the weekend. The pennant breakout seen on the four-hour chart also indicates the path of least resistance is to the higher side.
With price charts showing bullish patterns, the overbought reading on the RSI takes a back seat. After all, indicators follow price. As such, one can expect bitcoin to revisit the April 30 high of $9,485. The bullish case would be invalidated if prices drop below Tuesday’s low of $8,760.
At press time, that looks unlikely, as futures on the S&P 500 and major European stocks are flashing green. Sentiment looks to have been buoyed by major economies moving toward easing lockdown restrictions and an uptick in crude prices.
• Why Binance and Akon Are Betting on Africa for Crypto Adoption
• Amun Launches Token Tracking the Inverse of Bitcoin’s Price
[Social Media Buzz]
None available.
|
9842.67, 9593.90, 8756.43, 8601.80, 8804.48, 9269.99, 9733.72, 9328.20, 9377.01, 9670.74
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 19445.40, 18699.77, 19154.23, 19345.12, 19191.63, 18321.14, 18553.92, 18264.99, 18058.90, 18803.66, 19142.38, 19246.64, 19417.08, 21310.60, 22805.16, 23137.96, 23869.83, 23477.29, 22803.08, 23783.03, 23241.35, 23735.95, 24664.79, 26437.04, 26272.29, 27084.81, 27362.44, 28840.95, 29001.72, 29374.15, 32127.27, 32782.02, 31971.91, 33992.43, 36824.36, 39371.04, 40797.61, 40254.55, 38356.44, 35566.66, 33922.96, 37316.36, 39187.33, 36825.37, 36178.14, 35791.28, 36630.07, 36069.80, 35547.75, 30825.70, 33005.76, 32067.64, 32289.38, 32366.39, 32569.85, 30432.55, 33466.10, 34316.39, 34269.52, 33114.36, 33537.18, 35510.29, 37472.09, 36926.07, 38144.31, 39266.01, 38903.44, 46196.46, 46481.11, 44918.18, 47909.33, 47504.85, 47105.52, 48717.29, 47945.06, 49199.87, 52149.01, 51679.80, 55888.13, 56099.52, 57539.95, 54207.32, 48824.43, 49705.33, 47093.85, 46339.76, 46188.45, 45137.77, 49631.24, 48378.99.
|
[Bitcoin Technical Analysis for 2021-03-02]
Volume: 47530897720, RSI (14-day): 53.57, 50-day EMA: 42532.05, 200-day EMA: 27029.08
[Wider Market Context]
Gold Price: 1733.10, Gold RSI: 33.10
Oil Price: 59.75, Oil RSI: 56.94
[Recent News (last 7 days)]
CBOE Kicks Off Bitcoin ETF Clock With VanEck Filing: The Chicago Board Options Exchange (CBOE) has officially filed to list shares of VanEck’s bitcoin exchange-traded fund (ETF). CBOE filed a Form 19b-4 Monday, formally announcing its intention to list and trade shares of the VanEck Bitcoin Trust. The form kicks off the legal review period that could lead to the first bitcoin ETF in the U.S . While CBOE filing a 19b-4 starts the formal regulatory review process, the SEC still has to acknowledge it is reviewing the application before the first 45-day clock begins. Within those 45 days, the SEC has to either approve or disapprove the application, or extend the review period. Related: Second Ethereum ETF Filed in Canada The SEC can extend the review period up to 240 days before it has to make a final decision. Historically, the SEC has rejected every bitcoin ETF application, including previous efforts by VanEck. Industry participants say a bitcoin ETF will allow retail traders to invest in a regulated bitcoin product without needing to invest in the cryptocurrency directly. Institutions may also be more willing to invest in a bitcoin ETF than in the cryptocurrency for compliance or reporting reasons. VanEck announced its intention to launch an ETF earlier this year, as did Valkyrie , another investment firm. While a bitcoin ETF does not currently trade within the U.S., Canadian regulators have approved multiple bitcoin ETFs over the past month, with one seeing close to $1 billion invested by retail traders within its first few days. Related: DeFi Protocol SushiSwap's SUSHI Token Hits Record High, Eyes Further Gains The approval of a Canadian ETF is likely a signal the SEC will approve one in the U.S. this year as well, said Bloomberg ETF analyst Eric Balchunas. Bitcoin’s market “is approximately 100 times larger” in 2021 than it was in 2016, the CBOE/VanEck application said, with regulated bitcoin futures representing approximately $28 billion in notional trading volume on CME. Story continues UPDATE (March 1, 2021, 23:20 UTC): Updated with additional context. Related Stories CBOE Kicks Off Bitcoin ETF Clock With VanEck Filing CBOE Kicks Off Bitcoin ETF Clock With VanEck Filing || CBOE Kicks Off Bitcoin ETF Clock With VanEck Filing: The Chicago Board Options Exchange (CBOE) has officially filed to list shares of VanEck’sbitcoinexchange-traded fund (ETF).
CBOE fileda Form 19b-4Monday, formally announcing its intention to list and trade shares of the VanEck Bitcoin Trust. The form kicks off the legal review period that could lead to the first bitcoin ETFin the U.S.
While CBOE filing a 19b-4 starts the formal regulatory review process, the SEC still has to acknowledge it is reviewingthe applicationbefore the first 45-day clock begins. Within those 45 days, the SEC has to either approve or disapprove the application, or extend the review period.
Related:Second Ethereum ETF Filed in Canada
The SEC can extend the review period up to 240 days before it has to make a final decision. Historically, the SEC has rejected every bitcoin ETF application, including previous efforts by VanEck.
Industry participants say a bitcoin ETF will allow retail traders to invest in a regulated bitcoin product without needing to invest in the cryptocurrency directly. Institutions may also be more willing to invest in a bitcoin ETF than in the cryptocurrency for compliance or reporting reasons.
VanEck announced its intention to launch an ETF earlier this year, as didValkyrie, another investment firm.
While a bitcoin ETF does not currently trade within the U.S., Canadian regulators have approved multiple bitcoin ETFs over the past month, with one seeing close to $1 billion invested by retail traders within its first few days.
Related:DeFi Protocol SushiSwap's SUSHI Token Hits Record High, Eyes Further Gains
The approval of a Canadian ETF is likely a signal the SEC will approve one in the U.S. this year as well, said Bloomberg ETF analyst Eric Balchunas.
Bitcoin’s market “is approximately 100 times larger” in 2021 than it was in 2016, the CBOE/VanEck application said, with regulated bitcoin futures representing approximately $28 billion in notional trading volume on CME.
UPDATE (March 1, 2021, 23:20 UTC):Updated with additional context.
• CBOE Kicks Off Bitcoin ETF Clock With VanEck Filing
• CBOE Kicks Off Bitcoin ETF Clock With VanEck Filing || CBOE Kicks Off Bitcoin ETF Clock With VanEck Filing: The Chicago Board Options Exchange (CBOE) has officially filed to list shares of VanEck’sbitcoinexchange-traded fund (ETF).
CBOE fileda Form 19b-4Monday, formally announcing its intention to list and trade shares of the VanEck Bitcoin Trust. The form kicks off the legal review period that could lead to the first bitcoin ETFin the U.S.
While CBOE filing a 19b-4 starts the formal regulatory review process, the SEC still has to acknowledge it is reviewingthe applicationbefore the first 45-day clock begins. Within those 45 days, the SEC has to either approve or disapprove the application, or extend the review period.
Related:Second Ethereum ETF Filed in Canada
The SEC can extend the review period up to 240 days before it has to make a final decision. Historically, the SEC has rejected every bitcoin ETF application, including previous efforts by VanEck.
Industry participants say a bitcoin ETF will allow retail traders to invest in a regulated bitcoin product without needing to invest in the cryptocurrency directly. Institutions may also be more willing to invest in a bitcoin ETF than in the cryptocurrency for compliance or reporting reasons.
VanEck announced its intention to launch an ETF earlier this year, as didValkyrie, another investment firm.
While a bitcoin ETF does not currently trade within the U.S., Canadian regulators have approved multiple bitcoin ETFs over the past month, with one seeing close to $1 billion invested by retail traders within its first few days.
Related:DeFi Protocol SushiSwap's SUSHI Token Hits Record High, Eyes Further Gains
The approval of a Canadian ETF is likely a signal the SEC will approve one in the U.S. this year as well, said Bloomberg ETF analyst Eric Balchunas.
Bitcoin’s market “is approximately 100 times larger” in 2021 than it was in 2016, the CBOE/VanEck application said, with regulated bitcoin futures representing approximately $28 billion in notional trading volume on CME.
UPDATE (March 1, 2021, 23:20 UTC):Updated with additional context.
• CBOE Kicks Off Bitcoin ETF Clock With VanEck Filing
• CBOE Kicks Off Bitcoin ETF Clock With VanEck Filing || Fintech Focus For March 2, 2021: Quote To Start The Day:“A focus on global reach and neutrality could see bitcoin become an international trade currency. This would take advantage of bitcoin’s decentralized and borderless design, its lack of foreign exchange exposure, its speed and cost advantage in moving money, the security of its payments, and its traceability.”
Source:Citi
One Big Thing In Fintech:Robinhood is in talks with the Financial Industry Regulatory Authority (FINRA) to settle investigations into its options-trading practices and a spate of outages last March, the company disclosed Friday in a securities filing.
The brokerage said it set aside $26.6 million in 2020 toward a potential settlement.
Source:Banking Dive
Other Key Fintech Developments:
• E-Complish, Plaid look tostreamline.
• Miami MayordiscussingBTC usage.
• HousingWire on fintechacceleration.
• DASHaddednew regulatory update.
• ACI Worldwide, InCommteamingup.
• JPMorganunpacksGBTC premium.
• Neobank First Boulevardscores$5M.
• Moody’s on China’s fintechregulation.
• Euronext, Borsa acquisitionprogress.
• Bank of Irelandcutsbranch network.
• Fidelity on BTC as an inflationhedge.
• ESMAissuespaper on crowdfunding.
• Benzingacelebratingfintech women.
• Nigerian Stock Exchangeaddsportal.
• Core ScientificachievesAWS status.
• FTSE Russell, Eurex eyederivatives.
• AIX, Kalospartnerover streamlining.
• Discussing payroll, fintechfunctions.
• Goldman toreigniteBTC trade desk.
• Currenttalkstax refunds, influencers.
• Rising mobile usetransformsfinance.
• Trulioo hasaddeda new tech officer.
• RubiXintroducedan NFT launchpad.
Event:Join us on Wednesday, March 3rd at 2pm ET for a live interview & contest with Cathie Wood!Register your spotand ask her a question!
Watch Out For This:Interest rates have been negative in Europe for years. But it took the flood of savings unleashed in the pandemic for banks finally to charge depositors in earnest.
Germany’s biggest lenders, Deutsche Bank AG and Commerzbank AG have told new customers since last year to pay a 0.5% annual rate to keep large sums of money with them. The banks say they can no longer absorb the negative interest rates the European Central Bank charges them. The more customer deposits banks have, the more they have to park with the central bank.
Source:WSJ
Interesting Reads:
• BoAbooking$400M bonus expense.
• Oakland VC, startup sceneimproves.
• Texas power coop eyeingbankruptcy.
• Warren, among others, eye bigtaxes.
• ‘Roaring Kitty’losesbroker licensing.
• Facebook topay$650M over privacy.
• Zoom fatigue and how you couldfixit.
• TD Bank tocut82 of its 1K branches.
• The city where cars arenotwelcome.
Market Moving Headline:Global equities markets rose and the S&P 500 on Monday had its best day since June 5, with investors taking lower U.S. bond yields in stride on optimism over the $1.9 trillion coronavirus relief bill and distribution of Johnson & Johnson’s newly authorized COVID-19 vaccine.
Source:Reuters
See more from Benzinga
• Click here for options trades from Benzinga
• Fintech Focus For March 1, 2021
• Fintech Focus For February 26, 2021
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Fintech Focus For March 2, 2021: Fintech Header Quote To Start The Day: “A focus on global reach and neutrality could see bitcoin become an international trade currency. This would take advantage of bitcoin’s decentralized and borderless design, its lack of foreign exchange exposure, its speed and cost advantage in moving money, the security of its payments, and its traceability.” Source: Citi One Big Thing In Fintech: Robinhood is in talks with the Financial Industry Regulatory Authority (FINRA) to settle investigations into its options-trading practices and a spate of outages last March, the company disclosed Friday in a securities filing. The brokerage said it set aside $26.6 million in 2020 toward a potential settlement. Source: Banking Dive Other Key Fintech Developments: E-Complish, Plaid look to streamline . Miami Mayor discussing BTC usage. HousingWire on fintech acceleration . DASH added new regulatory update. ACI Worldwide, InComm teaming up. JPMorgan unpacks GBTC premium. Neobank First Boulevard scores $5M. Moody’s on China’s fintech regulation . Euronext, Borsa acquisition progress . Bank of Ireland cuts branch network. Fidelity on BTC as an inflation hedge . ESMA issues paper on crowdfunding. Benzinga celebrating fintech women. Nigerian Stock Exchange adds portal. Core Scientific achieves AWS status. FTSE Russell, Eurex eye derivatives . AIX, Kalos partner over streamlining. Discussing payroll, fintech functions . Goldman to reignite BTC trade desk. Current talks tax refunds, influencers. Rising mobile use transforms finance. Trulioo has added a new tech officer. RubiX introduced an NFT launchpad. Event: Join us on Wednesday, March 3rd at 2pm ET for a live interview & contest with Cathie Wood! Register your spot and ask her a question! Watch Out For This: Interest rates have been negative in Europe for years. But it took the flood of savings unleashed in the pandemic for banks finally to charge depositors in earnest. Germany’s biggest lenders, Deutsche Bank AG and Commerzbank AG have told new customers since last year to pay a 0.5% annual rate to keep large sums of money with them. The banks say they can no longer absorb the negative interest rates the European Central Bank charges them. The more customer deposits banks have, the more they have to park with the central bank. Story continues Source: WSJ Interesting Reads: BoA booking $400M bonus expense. Oakland VC, startup scene improves . Texas power coop eyeing bankruptcy . Warren, among others, eye big taxes . ‘Roaring Kitty’ loses broker licensing. Facebook to pay $650M over privacy. Zoom fatigue and how you could fix it. TD Bank to cut 82 of its 1K branches. The city where cars are not welcome. Market Moving Headline: Global equities markets rose and the S&P 500 on Monday had its best day since June 5, with investors taking lower U.S. bond yields in stride on optimism over the $1.9 trillion coronavirus relief bill and distribution of Johnson & Johnson’s newly authorized COVID-19 vaccine. Source: Reuters See more from Benzinga Click here for options trades from Benzinga Fintech Focus For March 1, 2021 Fintech Focus For February 26, 2021 © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Goldman Sachs To Restart Crypto Desk After Abandoning The Idea In 2018: Goldman Sachs Group Inc (NYSE: GS ) has decided to restart its cryptocurrency desk, Reuters has reported . What Happened: The bank will start offering bitcoin futures and non-deliverable forwards again in mid-March, after it announced its launch in 2018 but never actually did it, according to a person familiar with the matter. The decision comes amid the cryptocurrency boom, with the crypto market capitalization reaching almost $1.5 trillion. Why It Matters: Goldman Sachs is also exploring an option of launching a bitcoin exchange-traded fund, Reuters quoted the source. The crypto desk is a part of the bank’s sector which also develops blockchain and central digital currencies projects. Price Action: Goldman Sachs’ shared closed at $329.92 and fell by 0.045% in the after-hours markets. It was trading at 329.77 at press time. Bitcoin (CRYPTO: BTC) was trading at $48,988 at press time, having grown by 8.54% over the past twenty-four hours but falling by 10% over the past week. Image: Akshay Sadarangani via Unsplash See more from Benzinga Click here for options trades from Benzinga JPMorgan Strategists Suggest 1% Crypto Allocation To Clients Six Million New Users Bought Crypto On Robinhood In 2021: Report © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Goldman Sachs To Restart Crypto Desk After Abandoning The Idea In 2018: Goldman Sachs Group Inc(NYSE:GS) has decided to restart its cryptocurrency desk, Reutershas reported.
What Happened:The bank will start offering bitcoin futures and non-deliverable forwards again in mid-March, after it announced its launch in 2018 but never actually did it, according to a person familiar with the matter.
The decision comes amid the cryptocurrency boom, with the crypto market capitalization reaching almost $1.5 trillion.
Why It Matters:Goldman Sachs is also exploring an option of launching a bitcoin exchange-traded fund, Reuters quoted the source.
The crypto desk is a part of the bank’s sector which also develops blockchain and central digital currencies projects.
Price Action:Goldman Sachs’ shared closed at $329.92 and fell by 0.045% in the after-hours markets. It was trading at 329.77 at press time.
Bitcoin(CRYPTO: BTC) was trading at$48,988at press time, having grown by 8.54% over the past twenty-four hours but falling by 10% over the past week.
Image:Akshay Sadaranganivia Unsplash
See more from Benzinga
• Click here for options trades from Benzinga
• JPMorgan Strategists Suggest 1% Crypto Allocation To Clients
• Six Million New Users Bought Crypto On Robinhood In 2021: Report
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Miners Saw Record $1.36B Revenue in February: Bitcoin miners broke a record of more than three years in February, generating $1.36 billion in revenue,up 21% from January, according to on-chain data from Coin Metrics analyzed by CoinDesk.
The previous revenue record of $1.25 billion was set in December 2017 during the peak of the cryptocurrency’s previous bull market. Last month’s surge in revenue came asbitcoin‘s price climbed during the month from $33,000 to a new all-time high of just above $58,000 before dropping sharply to $43,000 in the last week.
Revenue estimates assume miners sell their BTC immediately.
Related:DeFi Protocol SushiSwap's SUSHI Token Hits Record High, Eyes Further Gains
Measured by per terahash per second (TH/s), miner revenues bounced between $0.23 and $0.38 through February, ending the month near $0.30, per data fromLuxor Technologies.
Network fees brought in $186 million in February, or 13.7% of total revenue, a significant percentage increase from the 10.3% of revenue represented by fees last month. Fee revenue hit its highest mark since January 2018, per Coin Metrics data.
Notably, fees as a percentage of total revenue continues a strong upward trend since April, prior to the network’s third-ever block subsidy halving in May. Increases in fee revenue are important to sustain the network’s security as the subsidy decreases every four years.
• Bitcoin Miners Saw Record $1.36B Revenue in February
• Bitcoin Miners Saw Record $1.36B Revenue in February
• Bitcoin Miners Saw Record $1.36B Revenue in February || Bitcoin Miners Saw Record $1.36B Revenue in February: Bitcoin miners broke a record of more than three years in February, generating $1.36 billion in revenue, up 21% from January , according to on-chain data from Coin Metrics analyzed by CoinDesk. The previous revenue record of $1.25 billion was set in December 2017 during the peak of the cryptocurrencys previous bull market. Last months surge in revenue came as bitcoin s price climbed during the month from $33,000 to a new all-time high of just above $58,000 before dropping sharply to $43,000 in the last week. Revenue estimates assume miners sell their BTC immediately. Related: DeFi Protocol SushiSwap's SUSHI Token Hits Record High, Eyes Further Gains Measured by per terahash per second (TH/s), miner revenues bounced between $0.23 and $0.38 through February, ending the month near $0.30, per data from Luxor Technologies . Network fees brought in $186 million in February, or 13.7% of total revenue, a significant percentage increase from the 10.3% of revenue represented by fees last month. Fee revenue hit its highest mark since January 2018, per Coin Metrics data. Notably, fees as a percentage of total revenue continues a strong upward trend since April, prior to the networks third-ever block subsidy halving in May. Increases in fee revenue are important to sustain the networks security as the subsidy decreases every four years. Related Stories Bitcoin Miners Saw Record $1.36B Revenue in February Bitcoin Miners Saw Record $1.36B Revenue in February Bitcoin Miners Saw Record $1.36B Revenue in February || Bitcoin Miners Saw Record $1.36B Revenue in February: Bitcoin miners broke a record of more than three years in February, generating $1.36 billion in revenue,up 21% from January, according to on-chain data from Coin Metrics analyzed by CoinDesk.
The previous revenue record of $1.25 billion was set in December 2017 during the peak of the cryptocurrency’s previous bull market. Last month’s surge in revenue came asbitcoin‘s price climbed during the month from $33,000 to a new all-time high of just above $58,000 before dropping sharply to $43,000 in the last week.
Revenue estimates assume miners sell their BTC immediately.
Related:DeFi Protocol SushiSwap's SUSHI Token Hits Record High, Eyes Further Gains
Measured by per terahash per second (TH/s), miner revenues bounced between $0.23 and $0.38 through February, ending the month near $0.30, per data fromLuxor Technologies.
Network fees brought in $186 million in February, or 13.7% of total revenue, a significant percentage increase from the 10.3% of revenue represented by fees last month. Fee revenue hit its highest mark since January 2018, per Coin Metrics data.
Notably, fees as a percentage of total revenue continues a strong upward trend since April, prior to the network’s third-ever block subsidy halving in May. Increases in fee revenue are important to sustain the network’s security as the subsidy decreases every four years.
• Bitcoin Miners Saw Record $1.36B Revenue in February
• Bitcoin Miners Saw Record $1.36B Revenue in February
• Bitcoin Miners Saw Record $1.36B Revenue in February || Bitcoin rises 8% to $48,861.48: (Reuters) - Bitcoin rose 8 % to $48,861.48 on Monday, adding $3,620.52 to its previous close. Bitcoin, the world's biggest and best-known cryptocurrency, has risen 76.2% from the year's low of $27,734 on Jan. 4. Bitcoin, the world's biggest and best-known cryptocurrency, has fallen 16.3% from the year's high of $58,354.14 on Feb. 21. Bitcoin's price soared this year as major firms, such as BNY Mellon, asset manager BlackRock Inc, credit card giant Mastercard Inc, backed cryptocurrencies, while those such as Tesla Inc Square Inc and MicroStrategy Inc invested in bitcoin. Ether, the coin linked to the ethereum blockchain network, rose 8.74 % to $1,546.06 on Monday, adding $124.29 to its previous close. (Reporting by Bhargav Acharya in Bengaluru; Editing by Chris Reese) || Bitcoin rises 8% to $48,861.48: (Reuters) - Bitcoin rose 8 % to $48,861.48 on Monday, adding $3,620.52 to its previous close. Bitcoin, the world's biggest and best-known cryptocurrency, has risen 76.2% from the year's low of $27,734 on Jan. 4. Bitcoin, the world's biggest and best-known cryptocurrency, has fallen 16.3% from the year's high of $58,354.14 on Feb. 21. Bitcoin's price soared this year as major firms, such as BNY Mellon, asset manager BlackRock Inc, credit card giant Mastercard Inc, backed cryptocurrencies, while those such as Tesla Inc Square Inc and MicroStrategy Inc invested in bitcoin. Ether, the coin linked to the ethereum blockchain network, rose 8.74 % to $1,546.06 on Monday, adding $124.29 to its previous close. (Reporting by Bhargav Acharya in Bengaluru; Editing by Chris Reese) || Bitcoin rises 8% to $48,861.48: (Reuters) - Bitcoin rose 8 % to $48,861.48 on Monday, adding $3,620.52 to its previous close. Bitcoin, the world's biggest and best-known cryptocurrency, has risen 76.2% from the year's low of $27,734 on Jan. 4. Bitcoin, the world's biggest and best-known cryptocurrency, has fallen 16.3% from the year's high of $58,354.14 on Feb. 21. Bitcoin's price soared this year as major firms, such as BNY Mellon, asset manager BlackRock Inc, credit card giant Mastercard Inc, backed cryptocurrencies, while those such as Tesla Inc Square Inc and MicroStrategy Inc invested in bitcoin. Ether, the coin linked to the ethereum blockchain network, rose 8.74 % to $1,546.06 on Monday, adding $124.29 to its previous close. (Reporting by Bhargav Acharya in Bengaluru; Editing by Chris Reese) || Mining Bitcoin for Heat, Strawberries and Chickens: There are strawberries growing in the village of Neuville, Quebec, in the middle of a Canadian winter. The small farm Le Caveau à Légumes is funneling the excess heat from crypto miners to battle the frost, and grow a rarity for the region. “Now is really cold, so we need the heat,” Melissa Girard, an agronomist at the small producer, told CoinDesk in a phone interview. “We couldn’t afford to produce strawberries if we had to pay for electricity.” The farm is among a growing number of businesses and individuals turning to crypto mining for supplementary income, but approaching the highly consumptive industry in a carbon-neutral way. Related: This NFT Success Story Involves Traditional Marketing Bitcoin is wasteful by design. The distributed network eliminates centralized and trusted parties by trading energy for consensus. Miners – essentially specialized graphics chips designed to churn through cryptographic math problems – audit the network and receive the occasional subsidy for that work. Some see this as an inborn inefficiency, others as a necessary price to pay for an open and uncensorable payment network. No matter your view, however, it’s a fact that bitcoin mining expends a ton of power. Cambridge University estimates the global bitcoin network consumes more energy than Ukraine did in 2019. This figure has certainly increased along with the cryptocurrency’s meteoric price rise, which draws in less-efficient miners that could now operate in profit. This is to say nothing of another bitcoin externality: heat. Enterprising folks see that byproduct as crypto mining’s saving grace. For most of Bitcoin’s existence, it has not been economical for individuals to participate in the network by mining. But with a little know-how and some PVC pipe and duct tape, bitcoin mining can generate profit while helping to cut power bills. Related: What to Expect at Gary Gensler's Senate Confirmation Hearing Today Story continues Le Caveau began mining cryptocurrencies to generate heat for its greenhouses, and help offset the cost of electricity, in 2018. It was part of a pilot for the upstart hobbyist mining manufacturer Heatmine, also based in the region, which never got off the ground. Founded by Jonathan Forte, Heatmine pitched itself as an ethical solution to crypto’s worrisome environmental footprint. The manufacturer wanted to offer a way for home and business owners to spin up a miner, earn passive income and recycle some of the heat generated in the process. While the startup has folded (the website is offline, and Forte now says his partners “never delivered”) the idea has taken hold even without dedicated heat-producing miners. Kevin Carthy, founder of bitcoin ATM operator WinnipegBTC, has been reducing his carbon footprint while participating in the Bitcoin mining ecosystem by recycling heat into his office since 2013, he said in a direct message. He also uses it to keep his “little electric car warm in the winter,” he said. Canada’s cheap energy and cold weather make it the ideal location to “mine for heat,” he said. While our conversation ran short, Carthy estimated his cost in 2018 to operate a bitcoin miner at $70 with revenue of $100 in crypto per month. “We have cold weather, and we have inexpensive hydro,” Carthy told local news station CTV News . “You mine for heat and you still make a profit.” Those figures line up with returns seen by other people experimenting with small-scale crypto mining. Christian Haschek, a computer scientist and tech blogger, recently started solo-mining ether (ETH) in his home in Austria. “It has always been my lifelong wish to warm my home with the server heat,” Haschek said. After designing his own environmentally efficient house, which is primarily powered by solar energy, he started experimenting. Haschek uses four crypto miners (that run at about 176°F) to preheat the air in his central ventilation system. “It’s basically just a funnel,” he said. “It’s a pretty low-tech solution.” Even still, he said the incoming ETH covered half his electricity bill in January while also lowering the heat pump’s electricity needs by about 50%. “Mining is not very efficient,” he said. “I’m reusing the heat I’m self-producing, so it’s almost a closed loop.” Haschek estimates his mining operation would be profitable as long as ETH stays above about $900 (at the time of writing, it is above $1,500). Despite the allure of nearly free money, it’s only a solution for colder months, he says. “It would definitely in the summer end up cooking my tomatoes on the vine,” Thomas Smith, a tech photographer and CEO of Gado Images, told CoinDesk. At the beginning of the pandemic, Smith began pumping heat from his crypto miners into a greenhouse in California. Smith’s crypto mining adventures go back several years, when he decided to see if a rig could warm his home . The trial was a success, though he realized the variable nature of mining might be better suited to hobbyist pursuits . Now in a new house, Smith is using the radiant heat to keep his chickens happy at night. “It’s a little bit easier because chicken coops have to be pretty well ventilated, so you’re putting the heat into the coop, but it’s circulating and being vented out.” (Chickens produce more eggs when coop temperatures reach 70 degrees F or so.) He’s now thinking through how he might be able to automate when his rigs to turn on and off, adjusting to the temperature of his home, garden or coop. Not counting the value of his farm birds or caprese salad, Smith estimates he’s earned about $1,600 worth of cryptocurrencies. It’s mostly just a hobby that helps pay for itself. But Smith, like Haschek, thinks it could provide a path forward for others looking to help secure cryptocurrency networks without adding to their climate guilt. Of course, these efforts are small, and nowhere near significant to counterbalance the larger geopolitical forces at play in corporate crypto mining. But it’s a start. And it couldn’t come at a better time. With bitcoin’s price going parabolic, alarm over the network’s consumption has never been sharper. Projects like Layer1 in Texas, which is making use of excess renewable energy production in West Texas as well as the numerous hydro-powered mining farms across the U.S., Canada and China are doing little to improve bitcoin’s image. “Even if I scale this up as much as I could as one individual, it’s not going to take me super far. But if a lot of people take these ideas and apply them at a larger scale, that could start to have a major impact on how much electricity and carbon emissions come out of these technologies,” Smith said. Even neophytes such as Melissa Girard, from Le Caveau, who only lets the machines run while she tends to the plants, could see a future in crypto. “It could be a nice way to heat houses,” she said. Related Stories Mining Bitcoin for Heat, Strawberries and Chickens Mining Bitcoin for Heat, Strawberries and Chickens || Mining Bitcoin for Heat, Strawberries and Chickens: There are strawberries growing in the village of Neuville, Quebec, in the middle of a Canadian winter. The small farm Le Caveau à Légumes is funneling the excess heat from crypto miners to battle the frost, and grow a rarity for the region. “Now is really cold, so we need the heat,” Melissa Girard, an agronomist at the small producer, told CoinDesk in a phone interview. “We couldn’t afford to produce strawberries if we had to pay for electricity.” The farm is among a growing number of businesses and individuals turning to crypto mining for supplementary income, but approaching the highly consumptive industry in a carbon-neutral way. Related: This NFT Success Story Involves Traditional Marketing Bitcoin is wasteful by design. The distributed network eliminates centralized and trusted parties by trading energy for consensus. Miners – essentially specialized graphics chips designed to churn through cryptographic math problems – audit the network and receive the occasional subsidy for that work. Some see this as an inborn inefficiency, others as a necessary price to pay for an open and uncensorable payment network. No matter your view, however, it’s a fact that bitcoin mining expends a ton of power. Cambridge University estimates the global bitcoin network consumes more energy than Ukraine did in 2019. This figure has certainly increased along with the cryptocurrency’s meteoric price rise, which draws in less-efficient miners that could now operate in profit. This is to say nothing of another bitcoin externality: heat. Enterprising folks see that byproduct as crypto mining’s saving grace. For most of Bitcoin’s existence, it has not been economical for individuals to participate in the network by mining. But with a little know-how and some PVC pipe and duct tape, bitcoin mining can generate profit while helping to cut power bills. Related: What to Expect at Gary Gensler's Senate Confirmation Hearing Today Story continues Le Caveau began mining cryptocurrencies to generate heat for its greenhouses, and help offset the cost of electricity, in 2018. It was part of a pilot for the upstart hobbyist mining manufacturer Heatmine, also based in the region, which never got off the ground. Founded by Jonathan Forte, Heatmine pitched itself as an ethical solution to crypto’s worrisome environmental footprint. The manufacturer wanted to offer a way for home and business owners to spin up a miner, earn passive income and recycle some of the heat generated in the process. While the startup has folded (the website is offline, and Forte now says his partners “never delivered”) the idea has taken hold even without dedicated heat-producing miners. Kevin Carthy, founder of bitcoin ATM operator WinnipegBTC, has been reducing his carbon footprint while participating in the Bitcoin mining ecosystem by recycling heat into his office since 2013, he said in a direct message. He also uses it to keep his “little electric car warm in the winter,” he said. Canada’s cheap energy and cold weather make it the ideal location to “mine for heat,” he said. While our conversation ran short, Carthy estimated his cost in 2018 to operate a bitcoin miner at $70 with revenue of $100 in crypto per month. “We have cold weather, and we have inexpensive hydro,” Carthy told local news station CTV News . “You mine for heat and you still make a profit.” Those figures line up with returns seen by other people experimenting with small-scale crypto mining. Christian Haschek, a computer scientist and tech blogger, recently started solo-mining ether (ETH) in his home in Austria. “It has always been my lifelong wish to warm my home with the server heat,” Haschek said. After designing his own environmentally efficient house, which is primarily powered by solar energy, he started experimenting. Haschek uses four crypto miners (that run at about 176°F) to preheat the air in his central ventilation system. “It’s basically just a funnel,” he said. “It’s a pretty low-tech solution.” Even still, he said the incoming ETH covered half his electricity bill in January while also lowering the heat pump’s electricity needs by about 50%. “Mining is not very efficient,” he said. “I’m reusing the heat I’m self-producing, so it’s almost a closed loop.” Haschek estimates his mining operation would be profitable as long as ETH stays above about $900 (at the time of writing, it is above $1,500). Despite the allure of nearly free money, it’s only a solution for colder months, he says. “It would definitely in the summer end up cooking my tomatoes on the vine,” Thomas Smith, a tech photographer and CEO of Gado Images, told CoinDesk. At the beginning of the pandemic, Smith began pumping heat from his crypto miners into a greenhouse in California. Smith’s crypto mining adventures go back several years, when he decided to see if a rig could warm his home . The trial was a success, though he realized the variable nature of mining might be better suited to hobbyist pursuits . Now in a new house, Smith is using the radiant heat to keep his chickens happy at night. “It’s a little bit easier because chicken coops have to be pretty well ventilated, so you’re putting the heat into the coop, but it’s circulating and being vented out.” (Chickens produce more eggs when coop temperatures reach 70 degrees F or so.) He’s now thinking through how he might be able to automate when his rigs to turn on and off, adjusting to the temperature of his home, garden or coop. Not counting the value of his farm birds or caprese salad, Smith estimates he’s earned about $1,600 worth of cryptocurrencies. It’s mostly just a hobby that helps pay for itself. But Smith, like Haschek, thinks it could provide a path forward for others looking to help secure cryptocurrency networks without adding to their climate guilt. Of course, these efforts are small, and nowhere near significant to counterbalance the larger geopolitical forces at play in corporate crypto mining. But it’s a start. And it couldn’t come at a better time. With bitcoin’s price going parabolic, alarm over the network’s consumption has never been sharper. Projects like Layer1 in Texas, which is making use of excess renewable energy production in West Texas as well as the numerous hydro-powered mining farms across the U.S., Canada and China are doing little to improve bitcoin’s image. “Even if I scale this up as much as I could as one individual, it’s not going to take me super far. But if a lot of people take these ideas and apply them at a larger scale, that could start to have a major impact on how much electricity and carbon emissions come out of these technologies,” Smith said. Even neophytes such as Melissa Girard, from Le Caveau, who only lets the machines run while she tends to the plants, could see a future in crypto. “It could be a nice way to heat houses,” she said. Related Stories Mining Bitcoin for Heat, Strawberries and Chickens Mining Bitcoin for Heat, Strawberries and Chickens || Mining Bitcoin for Heat, Strawberries and Chickens: There are strawberries growing in the village of Neuville, Quebec, in the middle of a Canadian winter. The small farm Le Caveau à Légumes is funneling the excess heat from crypto miners to battle the frost, and grow a rarity for the region. “Now is really cold, so we need the heat,” Melissa Girard, an agronomist at the small producer, told CoinDesk in a phone interview. “We couldn’t afford to produce strawberries if we had to pay for electricity.” The farm is among a growing number of businesses and individuals turning to crypto mining for supplementary income, but approaching the highly consumptive industry in a carbon-neutral way. Related: This NFT Success Story Involves Traditional Marketing Bitcoin is wasteful by design. The distributed network eliminates centralized and trusted parties by trading energy for consensus. Miners – essentially specialized graphics chips designed to churn through cryptographic math problems – audit the network and receive the occasional subsidy for that work. Some see this as an inborn inefficiency, others as a necessary price to pay for an open and uncensorable payment network. No matter your view, however, it’s a fact that bitcoin mining expends a ton of power. Cambridge University estimates the global bitcoin network consumes more energy than Ukraine did in 2019. This figure has certainly increased along with the cryptocurrency’s meteoric price rise, which draws in less-efficient miners that could now operate in profit. This is to say nothing of another bitcoin externality: heat. Enterprising folks see that byproduct as crypto mining’s saving grace. For most of Bitcoin’s existence, it has not been economical for individuals to participate in the network by mining. But with a little know-how and some PVC pipe and duct tape, bitcoin mining can generate profit while helping to cut power bills. Related: What to Expect at Gary Gensler's Senate Confirmation Hearing Today Story continues Le Caveau began mining cryptocurrencies to generate heat for its greenhouses, and help offset the cost of electricity, in 2018. It was part of a pilot for the upstart hobbyist mining manufacturer Heatmine, also based in the region, which never got off the ground. Founded by Jonathan Forte, Heatmine pitched itself as an ethical solution to crypto’s worrisome environmental footprint. The manufacturer wanted to offer a way for home and business owners to spin up a miner, earn passive income and recycle some of the heat generated in the process. While the startup has folded (the website is offline, and Forte now says his partners “never delivered”) the idea has taken hold even without dedicated heat-producing miners. Kevin Carthy, founder of bitcoin ATM operator WinnipegBTC, has been reducing his carbon footprint while participating in the Bitcoin mining ecosystem by recycling heat into his office since 2013, he said in a direct message. He also uses it to keep his “little electric car warm in the winter,” he said. Canada’s cheap energy and cold weather make it the ideal location to “mine for heat,” he said. While our conversation ran short, Carthy estimated his cost in 2018 to operate a bitcoin miner at $70 with revenue of $100 in crypto per month. “We have cold weather, and we have inexpensive hydro,” Carthy told local news station CTV News . “You mine for heat and you still make a profit.” Those figures line up with returns seen by other people experimenting with small-scale crypto mining. Christian Haschek, a computer scientist and tech blogger, recently started solo-mining ether (ETH) in his home in Austria. “It has always been my lifelong wish to warm my home with the server heat,” Haschek said. After designing his own environmentally efficient house, which is primarily powered by solar energy, he started experimenting. Haschek uses four crypto miners (that run at about 176°F) to preheat the air in his central ventilation system. “It’s basically just a funnel,” he said. “It’s a pretty low-tech solution.” Even still, he said the incoming ETH covered half his electricity bill in January while also lowering the heat pump’s electricity needs by about 50%. “Mining is not very efficient,” he said. “I’m reusing the heat I’m self-producing, so it’s almost a closed loop.” Haschek estimates his mining operation would be profitable as long as ETH stays above about $900 (at the time of writing, it is above $1,500). Despite the allure of nearly free money, it’s only a solution for colder months, he says. “It would definitely in the summer end up cooking my tomatoes on the vine,” Thomas Smith, a tech photographer and CEO of Gado Images, told CoinDesk. At the beginning of the pandemic, Smith began pumping heat from his crypto miners into a greenhouse in California. Smith’s crypto mining adventures go back several years, when he decided to see if a rig could warm his home . The trial was a success, though he realized the variable nature of mining might be better suited to hobbyist pursuits . Now in a new house, Smith is using the radiant heat to keep his chickens happy at night. “It’s a little bit easier because chicken coops have to be pretty well ventilated, so you’re putting the heat into the coop, but it’s circulating and being vented out.” (Chickens produce more eggs when coop temperatures reach 70 degrees F or so.) He’s now thinking through how he might be able to automate when his rigs to turn on and off, adjusting to the temperature of his home, garden or coop. Not counting the value of his farm birds or caprese salad, Smith estimates he’s earned about $1,600 worth of cryptocurrencies. It’s mostly just a hobby that helps pay for itself. But Smith, like Haschek, thinks it could provide a path forward for others looking to help secure cryptocurrency networks without adding to their climate guilt. Of course, these efforts are small, and nowhere near significant to counterbalance the larger geopolitical forces at play in corporate crypto mining. But it’s a start. And it couldn’t come at a better time. With bitcoin’s price going parabolic, alarm over the network’s consumption has never been sharper. Projects like Layer1 in Texas, which is making use of excess renewable energy production in West Texas as well as the numerous hydro-powered mining farms across the U.S., Canada and China are doing little to improve bitcoin’s image. “Even if I scale this up as much as I could as one individual, it’s not going to take me super far. But if a lot of people take these ideas and apply them at a larger scale, that could start to have a major impact on how much electricity and carbon emissions come out of these technologies,” Smith said. Even neophytes such as Melissa Girard, from Le Caveau, who only lets the machines run while she tends to the plants, could see a future in crypto. “It could be a nice way to heat houses,” she said. Related Stories Mining Bitcoin for Heat, Strawberries and Chickens Mining Bitcoin for Heat, Strawberries and Chickens || Market Wrap: Bitcoin Faces Long Odds in Bid for Sixth Straight Monthly Gain: Bitcoinrose 7%, reversing the past few days’ losses, as some blockchain data turned bullish and new signs emerged of increasing cryptocurrency acceptancer by Wall Street firms including Goldman Sachs, Citigroup and Fidelity Investments.
• Bitcoin (BTC) trading around $48,593.99 as of 21:00 UTC (4 p.m. ET). Climbing 8.10% over the previous 24 hours.
• Bitcoin’s 24-hour range: $44,874.92-$49,520.72 (CoinDesk 20)
• BTC trades above its 10-hour and 50-hour averages on the hourly chart, a bullish signal for market technicians.
Bitcoin prices surged 36% in February, marking the cryptocurrency’s fifth consecutive monthly price increase, the first time that’s happened since mid-2019. A six-month stretch of gains hasn’t been seen since the period of November 2012 through April 2013.
So the odds might seem stacked against a monthly gain in March, which would match the seven-year-old streak. But the first day of March pushed bitcoin in that direction amid signs that more big institutions are moving into cryptocurrencies.A top executive for the giant U.S. money manager Fidelity Investmentscompared bitcoin with gold, and the investment bank Goldman Sachs said itwill relaunch its crypto trading deskafter a three-year hiatus. Citigroup, one of the biggest U.S. banks, wrote that bitcoin was at a “tipping point” as more institutions adopt the cryptocurrency.Google Finance added adata tab on cryptocurrencies. And Michael Saylor’s MicroStrategy, which has been a big bitcoin buyer for its corporate treasury,added another $15 million worth.
Related:This NFT Success Story Involves Traditional Marketing
Read More:Fidelity’s Head of Global Macro Says Bitcoin May Have Place in Some Portfolios
The sudden move higher following last week’s 21% plunge – the biggest market correction since March 2020 – was foretold by some traders and analysts who were seeing increasingly bullish signs in blockchain data.
One such indicator, thespent output profit ratio(SOPR), represents the profit ratio of coins moved on the blockchain. If the metric is above 1, that means most holders could sell their bitcoin at a profit. But when it slips below 1, more traders would be selling at a loss, seen as unsustainable since many holders are reluctant to accept anything but profits.
And the metric dropped below 1 on Saturday for the first time since last September, according to data from Glassnode. The implication is that investors would refuse to sell until prices rose.
Related:What to Expect at Gary Gensler's Senate Confirmation Hearing Today
Read more:Why $1 Million Bitcoin Is Coming
“The SOPR metric has been reliable for ‘buy the dip’ opportunities in bull markets,” Norwegian blockchain firm Arcane Research wrote in a tweet on Monday.
“In a bull market, investors are more inclined to take profit until the stop-profit point and refuse anystop-loss orders,” crypto analytics account BeatleNews on Chinese-language based social media platform Weibo, wrotein a postSunday night, “When SOPR is below 1, the available coins for sale will decrease and it becomes easier for prices to rebound.”
On the price chart, as bitcoin dropped near $43,000 on Sunday, it was just above a key supporting price range of $40,000-$42,000, as mapped out by Singapore-based crypto trading firm QCP Capital in its Telegram channel on Feb 22. (See chart above.)
The price range represents “the hedge fund trading level corresponding to the parabolic trendline,” QCP Capital wrote. “This has to hold to preserve the strong bullish momentum, and is now the bull and bear line in the sand.”
Bitcoin’s futures markets continued to cool down over the past weekend, a sign traders were reducing risk and deleveraging, and possibly resetting for a fresh bull run. The perpetual futures funding rate – the average cost of holding long positions on major exchanges – declined to 0.006% per eight-hour period Saturday, from 0.125% on Wednesday, according to Glassnode.
The perpetual futures funding rate in the past three months, as shown on Glassnode’s chart, rose during each price surge and followed with a correction after it climbed to a new peak.
Arecoveryin U.S. stocks on Monday may also signal a renewed appetite among investors for risky assets, which would include bitcoin. The cryptocurrency’s sell-off last week came asa rise U.S. Treasury bond yieldsprompted concerns the Federal Reserve might soon tighten monetary policy. Bitcoin has benefited over the past year from unusually loose monetary policy.
The yield on 10-year Treasury notes, the benchmark borrowing cost in global debt markets,dropped to 1.43% on Monday, whichhas eased some investors’ nerves on potential tightened monetary policies.
Read more:Investing in Cryptocurrencies Is ‘Not Prudent,’ Says New York Attorney General
As crypto trading data firm Skew wrotein a tweetlast Friday, the correlation between stocks and bitcoin rose last week because both markets lost altitude as bond yields climbed.
“Let’s see how this evolves,” Bendik Norheim Schei, head of research atArcane Research, told CoinDesk. “A break above $52,000 would be encouraging but I would not be surprised if we get some more ranging. It’s been a good start of the week in traditional markets and if last week’s uncertainty is over, I expect bitcoin to continue up as well.”
Ether(ETH), the second-largest cryptocurrency by market capitalization, was up Monday, trading around $1,520.44 and climbing 7.26% in 24 hours as of 21:00 UTC (4:00 p.m. ET).
Ether continued to move in tandem with bitcoin, yet a key market indicator has shown some potential risks of ether’s price movement going forward.
According to Skew, Grayscale Ethereum Trust (ETHE) premiumflipped negativelast week, meaning the trust was trading at a discount to the spot price, the first time ETHE ever closed in negative territory.
“Our worry is the many players using Grayscale Bitcoin Trust and ETHE as part of their cash-and-carry strategy and whether a sustained discount there will have severe knock-on effects across the curve,” QCP Capital wrote in its Telegram channel on Sunday. “This is our risk going into March.”
Grayscale is owned by Digital Currency Group, CoinDesk’s parent company.
Read more:Cardano Becomes a Multi-Asset Blockchain With Today’s Hard Fork
Digital assets on theCoinDesk 20are mostly in green Monday. Notable winners as of 21:00 UTC (4:00 p.m. ET):
• chainlink(LINK) + 9.36%
• 0x(ZRX) + 7.69%
• bitcoin cash(BCH) + 6.83%
• omg network(OMG) + 6.04%
Notable losers:
• cardano(ADA) – 0.75%
Equities:
• Asia’s Nikkei 225 closed up 2.41% afterthe manufacturing industry in Japan showed improvement on increased demand from overseas markets such as China and the U.S.
• The FTSE 100 in Europe jumped by 1.62% asthe bond markets stabilized after last week’s sell-off.
• The S&P 500 in the United States also went up by 2.38% asmanufacturing activity showed the economy started picking up steam since the beginning of 2021.
Commodities:
• Oil was down 1.82%. Price per barrel of West Texas Intermediate crude: $60.38.
• Gold was in the red 0.52% and at $1723.43 as of press time.
Treasurys:
• The 10-year U.S. Treasury bond yield climbed Monday to 1.435%.
• Market Wrap: Bitcoin Faces Long Odds in Bid for Sixth Straight Monthly Gain
• Market Wrap: Bitcoin Faces Long Odds in Bid for Sixth Straight Monthly Gain || Market Wrap: Bitcoin Faces Long Odds in Bid for Sixth Straight Monthly Gain: Bitcoin rose 7%, reversing the past few days’ losses, as some blockchain data turned bullish and new signs emerged of increasing cryptocurrency acceptancer by Wall Street firms including Goldman Sachs, Citigroup and Fidelity Investments. Bitcoin (BTC) trading around $48,593.99 as of 21:00 UTC (4 p.m. ET). Climbing 8.10% over the previous 24 hours. Bitcoin’s 24-hour range: $44,874.92-$49,520.72 (CoinDesk 20) BTC trades above its 10-hour and 50-hour averages on the hourly chart, a bullish signal for market technicians. Bitcoin prices surged 36% in February, marking the cryptocurrency’s fifth consecutive monthly price increase, the first time that’s happened since mid-2019. A six-month stretch of gains hasn’t been seen since the period of November 2012 through April 2013. So the odds might seem stacked against a monthly gain in March, which would match the seven-year-old streak. But the first day of March pushed bitcoin in that direction amid signs that more big institutions are moving into cryptocurrencies. A top executive for the giant U.S. money manager Fidelity Investments compared bitcoin with gold , and the investment bank Goldman Sachs said it will relaunch its crypto trading desk after a three-year hiatus. Citigroup, one of the biggest U.S. banks, wrote that bitcoin was at a “ tipping point ” as more institutions adopt the cryptocurrency. Google Finance added a data tab on cryptocurrencies . And Michael Saylor’s MicroStrategy, which has been a big bitcoin buyer for its corporate treasury, added another $15 million worth. Related: This NFT Success Story Involves Traditional Marketing Read More: Fidelity’s Head of Global Macro Says Bitcoin May Have Place in Some Portfolios Bullish blockchain data The sudden move higher following last week’s 21% plunge – the biggest market correction since March 2020 – was foretold by some traders and analysts who were seeing increasingly bullish signs in blockchain data. Story continues One such indicator, the spent output profit ratio (SOPR), represents the profit ratio of coins moved on the blockchain. If the metric is above 1, that means most holders could sell their bitcoin at a profit. But when it slips below 1, more traders would be selling at a loss, seen as unsustainable since many holders are reluctant to accept anything but profits. And the metric dropped below 1 on Saturday for the first time since last September, according to data from Glassnode. The implication is that investors would refuse to sell until prices rose. Related: What to Expect at Gary Gensler's Senate Confirmation Hearing Today Read more: Why $1 Million Bitcoin Is Coming “The SOPR metric has been reliable for ‘buy the dip’ opportunities in bull markets,” Norwegian blockchain firm Arcane Research wrote in a tweet on Monday. “In a bull market, investors are more inclined to take profit until the stop-profit point and refuse any stop-loss orders ,” crypto analytics account BeatleNews on Chinese-language based social media platform Weibo, wrote in a post Sunday night, “When SOPR is below 1, the available coins for sale will decrease and it becomes easier for prices to rebound.” Key support levels On the price chart, as bitcoin dropped near $43,000 on Sunday, it was just above a key supporting price range of $40,000-$42,000, as mapped out by Singapore-based crypto trading firm QCP Capital in its Telegram channel on Feb 22. (See chart above.) The price range represents “the hedge fund trading level corresponding to the parabolic trendline,” QCP Capital wrote. “This has to hold to preserve the strong bullish momentum, and is now the bull and bear line in the sand.” Derivative market resets as funding rates drop Bitcoin’s futures markets continued to cool down over the past weekend, a sign traders were reducing risk and deleveraging, and possibly resetting for a fresh bull run. The perpetual futures funding rate – the average cost of holding long positions on major exchanges – declined to 0.006% per eight-hour period Saturday, from 0.125% on Wednesday, according to Glassnode. The perpetual futures funding rate in the past three months, as shown on Glassnode’s chart, rose during each price surge and followed with a correction after it climbed to a new peak. Stock rebound might bode well for bitcoin A recovery in U.S. stocks on Monday may also signal a renewed appetite among investors for risky assets, which would include bitcoin. The cryptocurrency’s sell-off last week came as a rise U.S. Treasury bond yields prompted concerns the Federal Reserve might soon tighten monetary policy. Bitcoin has benefited over the past year from unusually loose monetary policy. The yield on 10-year Treasury notes, the benchmark borrowing cost in global debt markets, dropped to 1.43% on Monday , which has eased some investors’ nerves on potential tightened monetary policies . Read more: Investing in Cryptocurrencies Is ‘Not Prudent,’ Says New York Attorney General As crypto trading data firm Skew wrote in a tweet last Friday, the correlation between stocks and bitcoin rose last week because both markets lost altitude as bond yields climbed. “Let’s see how this evolves,” Bendik Norheim Schei, head of research at Arcane Research , told CoinDesk. “A break above $52,000 would be encouraging but I would not be surprised if we get some more ranging. It’s been a good start of the week in traditional markets and if last week’s uncertainty is over, I expect bitcoin to continue up as well.” Ether joins bitcoin in price recovery Ether (ETH), the second-largest cryptocurrency by market capitalization, was up Monday, trading around $1,520.44 and climbing 7.26% in 24 hours as of 21:00 UTC (4:00 p.m. ET). Ether continued to move in tandem with bitcoin, yet a key market indicator has shown some potential risks of ether’s price movement going forward. According to Skew, Grayscale Ethereum Trust (ETHE) premium flipped negative last week, meaning the trust was trading at a discount to the spot price, the first time ETHE ever closed in negative territory. “Our worry is the many players using Grayscale Bitcoin Trust and ETHE as part of their cash-and-carry strategy and whether a sustained discount there will have severe knock-on effects across the curve,” QCP Capital wrote in its Telegram channel on Sunday. “This is our risk going into March.” Grayscale is owned by Digital Currency Group, CoinDesk’s parent company. Read more: Cardano Becomes a Multi-Asset Blockchain With Today’s Hard Fork Other markets Digital assets on the CoinDesk 20 are mostly in green Monday. Notable winners as of 21:00 UTC (4:00 p.m. ET): chainlink (LINK) + 9.36% 0x (ZRX) + 7.69% bitcoin cash (BCH) + 6.83% omg network (OMG) + 6.04% Notable losers: cardano (ADA) – 0.75% Equities: Asia’s Nikkei 225 closed up 2.41% after the manufacturing industry in Japan showed improvement on increased demand from overseas markets such as China and the U.S. The FTSE 100 in Europe jumped by 1.62% as the bond markets stabilized after last week’s sell-off. The S&P 500 in the United States also went up by 2.38% as manufacturing activity showed the economy started picking up steam since the beginning of 2021. Commodities: Oil was down 1.82%. Price per barrel of West Texas Intermediate crude: $60.38. Gold was in the red 0.52% and at $1723.43 as of press time. Treasurys: The 10-year U.S. Treasury bond yield climbed Monday to 1.435%. Related Stories Market Wrap: Bitcoin Faces Long Odds in Bid for Sixth Straight Monthly Gain Market Wrap: Bitcoin Faces Long Odds in Bid for Sixth Straight Monthly Gain || Market Wrap: Bitcoin Faces Long Odds in Bid for Sixth Straight Monthly Gain: Bitcoinrose 7%, reversing the past few days’ losses, as some blockchain data turned bullish and new signs emerged of increasing cryptocurrency acceptancer by Wall Street firms including Goldman Sachs, Citigroup and Fidelity Investments.
• Bitcoin (BTC) trading around $48,593.99 as of 21:00 UTC (4 p.m. ET). Climbing 8.10% over the previous 24 hours.
• Bitcoin’s 24-hour range: $44,874.92-$49,520.72 (CoinDesk 20)
• BTC trades above its 10-hour and 50-hour averages on the hourly chart, a bullish signal for market technicians.
Bitcoin prices surged 36% in February, marking the cryptocurrency’s fifth consecutive monthly price increase, the first time that’s happened since mid-2019. A six-month stretch of gains hasn’t been seen since the period of November 2012 through April 2013.
So the odds might seem stacked against a monthly gain in March, which would match the seven-year-old streak. But the first day of March pushed bitcoin in that direction amid signs that more big institutions are moving into cryptocurrencies.A top executive for the giant U.S. money manager Fidelity Investmentscompared bitcoin with gold, and the investment bank Goldman Sachs said itwill relaunch its crypto trading deskafter a three-year hiatus. Citigroup, one of the biggest U.S. banks, wrote that bitcoin was at a “tipping point” as more institutions adopt the cryptocurrency.Google Finance added adata tab on cryptocurrencies. And Michael Saylor’s MicroStrategy, which has been a big bitcoin buyer for its corporate treasury,added another $15 million worth.
Related:This NFT Success Story Involves Traditional Marketing
Read More:Fidelity’s Head of Global Macro Says Bitcoin May Have Place in Some Portfolios
The sudden move higher following last week’s 21% plunge – the biggest market correction since March 2020 – was foretold by some traders and analysts who were seeing increasingly bullish signs in blockchain data.
One such indicator, thespent output profit ratio(SOPR), represents the profit ratio of coins moved on the blockchain. If the metric is above 1, that means most holders could sell their bitcoin at a profit. But when it slips below 1, more traders would be selling at a loss, seen as unsustainable since many holders are reluctant to accept anything but profits.
And the metric dropped below 1 on Saturday for the first time since last September, according to data from Glassnode. The implication is that investors would refuse to sell until prices rose.
Related:What to Expect at Gary Gensler's Senate Confirmation Hearing Today
Read more:Why $1 Million Bitcoin Is Coming
“The SOPR metric has been reliable for ‘buy the dip’ opportunities in bull markets,” Norwegian blockchain firm Arcane Research wrote in a tweet on Monday.
“In a bull market, investors are more inclined to take profit until the stop-profit point and refuse anystop-loss orders,” crypto analytics account BeatleNews on Chinese-language based social media platform Weibo, wrotein a postSunday night, “When SOPR is below 1, the available coins for sale will decrease and it becomes easier for prices to rebound.”
On the price chart, as bitcoin dropped near $43,000 on Sunday, it was just above a key supporting price range of $40,000-$42,000, as mapped out by Singapore-based crypto trading firm QCP Capital in its Telegram channel on Feb 22. (See chart above.)
The price range represents “the hedge fund trading level corresponding to the parabolic trendline,” QCP Capital wrote. “This has to hold to preserve the strong bullish momentum, and is now the bull and bear line in the sand.”
Bitcoin’s futures markets continued to cool down over the past weekend, a sign traders were reducing risk and deleveraging, and possibly resetting for a fresh bull run. The perpetual futures funding rate – the average cost of holding long positions on major exchanges – declined to 0.006% per eight-hour period Saturday, from 0.125% on Wednesday, according to Glassnode.
The perpetual futures funding rate in the past three months, as shown on Glassnode’s chart, rose during each price surge and followed with a correction after it climbed to a new peak.
Arecoveryin U.S. stocks on Monday may also signal a renewed appetite among investors for risky assets, which would include bitcoin. The cryptocurrency’s sell-off last week came asa rise U.S. Treasury bond yieldsprompted concerns the Federal Reserve might soon tighten monetary policy. Bitcoin has benefited over the past year from unusually loose monetary policy.
The yield on 10-year Treasury notes, the benchmark borrowing cost in global debt markets,dropped to 1.43% on Monday, whichhas eased some investors’ nerves on potential tightened monetary policies.
Read more:Investing in Cryptocurrencies Is ‘Not Prudent,’ Says New York Attorney General
As crypto trading data firm Skew wrotein a tweetlast Friday, the correlation between stocks and bitcoin rose last week because both markets lost altitude as bond yields climbed.
“Let’s see how this evolves,” Bendik Norheim Schei, head of research atArcane Research, told CoinDesk. “A break above $52,000 would be encouraging but I would not be surprised if we get some more ranging. It’s been a good start of the week in traditional markets and if last week’s uncertainty is over, I expect bitcoin to continue up as well.”
Ether(ETH), the second-largest cryptocurrency by market capitalization, was up Monday, trading around $1,520.44 and climbing 7.26% in 24 hours as of 21:00 UTC (4:00 p.m. ET).
Ether continued to move in tandem with bitcoin, yet a key market indicator has shown some potential risks of ether’s price movement going forward.
According to Skew, Grayscale Ethereum Trust (ETHE) premiumflipped negativelast week, meaning the trust was trading at a discount to the spot price, the first time ETHE ever closed in negative territory.
“Our worry is the many players using Grayscale Bitcoin Trust and ETHE as part of their cash-and-carry strategy and whether a sustained discount there will have severe knock-on effects across the curve,” QCP Capital wrote in its Telegram channel on Sunday. “This is our risk going into March.”
Grayscale is owned by Digital Currency Group, CoinDesk’s parent company.
Read more:Cardano Becomes a Multi-Asset Blockchain With Today’s Hard Fork
Digital assets on theCoinDesk 20are mostly in green Monday. Notable winners as of 21:00 UTC (4:00 p.m. ET):
• chainlink(LINK) + 9.36%
• 0x(ZRX) + 7.69%
• bitcoin cash(BCH) + 6.83%
• omg network(OMG) + 6.04%
Notable losers:
• cardano(ADA) – 0.75%
Equities:
• Asia’s Nikkei 225 closed up 2.41% afterthe manufacturing industry in Japan showed improvement on increased demand from overseas markets such as China and the U.S.
• The FTSE 100 in Europe jumped by 1.62% asthe bond markets stabilized after last week’s sell-off.
• The S&P 500 in the United States also went up by 2.38% asmanufacturing activity showed the economy started picking up steam since the beginning of 2021.
Commodities:
• Oil was down 1.82%. Price per barrel of West Texas Intermediate crude: $60.38.
• Gold was in the red 0.52% and at $1723.43 as of press time.
Treasurys:
• The 10-year U.S. Treasury bond yield climbed Monday to 1.435%.
• Market Wrap: Bitcoin Faces Long Odds in Bid for Sixth Straight Monthly Gain
• Market Wrap: Bitcoin Faces Long Odds in Bid for Sixth Straight Monthly Gain || GLOBAL MARKETS-Wall Street rallies on U.S. stimulus and vaccine hopes as bond markets calm: (Updates prices and details) * Graphic: Global asset performance http://tmsnrt.rs/2yaDPgn * Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Reuters Live Markets blog: By Suzanne Barlyn NEW YORK, March 1 (Reuters) - Global equities markets rose and the S&P 500 on Monday had its best day since June 5, with investors taking lower U.S. bond yields in stride on optimism over the $1.9 trillion coronavirus relief bill and distribution of Johnson & Johnson's newly authorized COVID-19 vaccine. Wall Street's rise follows a jump in European shares and solid gains on Asian stock markets. Investor optimism that the J&J vaccine would further lift the economy is "giving a lift to all of the 'go-to-work' stocks" that benefit from businesses reopening, said Jim Awad, senior managing director at Clearstead Advisors in New York. A stabilization of U.S. Treasury yields has also removed pressure from growth stocks, Awad said. The Dow Jones Industrial Average rose 603.14 points, or 1.95%, to 31,535.51, the S&P 500 gained 90.67 points, or 2.38%, to 3,901.82 and the Nasdaq Composite added 396.48 points, or 3.01%, to 13,588.83. The much-anticipated COVID-19 relief bill was passed in the U.S. House of Representatives on Saturday, and now moves to the Senate. The pan-European STOXX 600 index rose 1.84% and MSCI's gauge of stocks across the globe gained 2.01%. Emerging market stocks rose 1.71%. MSCI's broadest index of Asia-Pacific shares outside Japan closed 1.83% higher, while Japan's Nikkei rose 2.41%. Reports on manufacturing and factory activity showed strength in many developed economies on Monday, including a three-year high in the United States, which could keep inflation concerns on the radar. Major sovereign bonds rallied on Monday as markets showed further signs of stabilization after their worst monthly performance in years. Expectations of economic recovery and rising inflation boosted global benchmark bond yields in February to their biggest monthly rises in years. But the expected run-down of U.S. Treasury balances at the Federal Reserve has held down shorter-dated rates. Story continues Benchmark 10-year Treasury notes last rose 8/32 in price to yield 1.429%, from 1.456% on Monday. The coronavirus pandemic laid bare weaknesses in the financial system that should be addressed with new rules to prepare for the next shock, Fed Governor Lael Brainard said. "We should not miss the opportunity to distill lessons from the COVID shock and institute reforms so our system is more resilient and better able to withstand a variety of possible shocks in the future," Brainard said. Gold prices rose as the retreat in U.S. Treasury yields helped to bolster its status as an inflation hedge, but a firmer dollar limited bullion's advance. Spot gold dropped 0.5% to $1,724.06 an ounce. U.S. gold futures fell 0.45% to $1,720.40 an ounce. The dollar index rose to a three-week high as investors bet on faster growth and inflation in the United States, while the Australian dollar gained after Australia's central bank increased its bond purchases in a bid to stem rapidly rising yields. Bitcoin rose 6.70% to $48,719.02, with Citi saying the most popular cryptocurrency was at a "tipping point" and could become the preferred currency for international trade. Goldman Sachs has restarted its cryptocurrency trading desk, a person familiar with the matter told Reuters. U.S. crude recently fell 1.77% to $60.41 per barrel and Brent was at $63.45, down 1.51% on the day on fears that Chinese oil crude consumption is slowing and that OPEC may increase global supply following a meeting this week. (Reporting by Suzanne Barlyn; Editing by Lisa Shumaker and Sonya Hepinstall)
[Social Media Buzz]
None available.
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50538.24, 48561.17, 48927.30, 48912.38, 51206.69, 52246.52, 54824.12, 56008.55, 57805.12, 57332.09
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 608.24, 609.24, 610.68, 607.16, 606.97, 605.98, 609.87, 609.23, 608.31, 597.15, 596.30, 602.84, 602.62, 600.83, 608.04, 606.17, 604.73, 605.69, 609.73, 613.98, 610.89, 612.13, 610.20, 612.51, 613.02, 617.12, 619.11, 616.75, 618.99, 641.07, 636.19, 636.79, 640.38, 638.65, 641.63, 639.19, 637.96, 630.52, 630.86, 632.83, 657.29, 657.07, 653.76, 657.59, 678.30, 688.31, 689.65, 714.48, 701.86, 700.97, 729.79, 740.83, 688.70, 703.23, 703.42, 711.52, 703.13, 709.85, 723.27, 715.53, 716.41, 705.05, 702.03, 705.02, 711.62, 744.20, 740.98, 751.59, 751.62, 731.03, 739.25, 751.35, 744.59, 740.29, 741.65, 735.38, 732.03, 735.81, 735.60, 745.69, 756.77, 777.94, 771.16, 773.87, 758.70, 764.22, 768.13, 770.81, 772.79, 774.65.
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[Bitcoin Technical Analysis for 2016-12-10]
Volume: 53843100, RSI (14-day): 64.62, 50-day EMA: 724.63, 200-day EMA: 631.93
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Bitcoin hits highest levels in almost three years: By Jemima Kelly LONDON (Reuters) - Web-based digital currency bitcoin hit its highest levels in almost three years on Friday, extending gains since India sparked a cash shortage by removing high-denomination bank notes from circulation a month ago. Bitcoin was trading as high as $774 on the New York-based itBit exchange, up almost 1 percent on the day and the highest since February 2014, having climbed almost 9 percent in the past month. Bitcoin is a cash alternative that can be used for moving money across the globe quickly and anonymously with no need for a central authority to process transactions. It has climbed around 80 percent so far this year, far exceeding its 35 percent rise in 2015. Indian prime minister Narendra Modi announced a shock move on Nov. 8 to ditch 500 and 1,000 rupee notes - worth a combined $256 billion - that he said were fuelling corruption, being forged and even paying for attacks by militants who target India. The cryptocurrency's value has been highly volatile - after rocketing above $1,100 in 2013, it had fallen to around $150 by early 2015. But it has since stabilized, staying above $500 for the past six months. (Reporting by Jemima Kelly; Editing by Jamie McGeever) || Bitcoin hits highest levels in almost three years: By Jemima Kelly
LONDON (Reuters) - Web-based digital currency bitcoin hit its highest levels in almost three years on Friday, extending gains since India sparked a cash shortage by removing high-denomination bank notes from circulation a month ago.
Bitcoin was trading as high as $774 on the New York-based itBit exchange, up almost 1 percent on the day and the highest since February 2014, having climbed almost 9 percent in the past month.
Bitcoin is a cash alternative that can be used for moving money across the globe quickly and anonymously with no need for a central authority to process transactions. It has climbed around 80 percent so far this year, far exceeding its 35 percent rise in 2015.
Indian prime minister Narendra Modi announced a shock move on Nov. 8 to ditch 500 and 1,000 rupee notes - worth a combined $256 billion - that he said were fuelling corruption, being forged and even paying for attacks by militants who target India.
The cryptocurrency's value has been highly volatile - after rocketing above $1,100 in 2013, it had fallen to around $150 by early 2015. But it has since stabilized, staying above $500 for the past six months.
(Reporting by Jemima Kelly; Editing by Jamie McGeever) || Bitcoin hits highest levels in almost three years: By Jemima Kelly
LONDON (Reuters) - Web-based digital currency bitcoin hit its highest levels in almost three years on Friday, extending gains since India sparked a cash shortage by removing high-denomination bank notes from circulation a month ago.
Bitcoin was trading as high as $774 on the New York-based itBit exchange, up almost 1 percent on the day and the highest since February 2014, having climbed almost 9 percent in the past month.
Bitcoin is a cash alternative that can be used for moving money across the globe quickly and anonymously with no need for a central authority to process transactions. It has climbed around 80 percent so far this year, far exceeding its 35 percent rise in 2015.
Indian prime minister Narendra Modi announced a shock move on Nov. 8 to ditch 500 and 1,000 rupee notes - worth a combined $256 billion - that he said were fuelling corruption, being forged and even paying for attacks by militants who target India.
The cryptocurrency's value has been highly volatile - after rocketing above $1,100 in 2013, it had fallen to around $150 by early 2015. But it has since stabilized, staying above $500 for the past six months.
(Reporting by Jemima Kelly; Editing by Jamie McGeever) || Most Popular ETFs Of The Year: In the ETF world, the rich get richer. The biggest funds by assets typically attract the largest flows each year. In that regard, 2016 was no exception. The smallest ETF to make the top 10 inflows list for the year has an impressive $16.9 billion in assets, according to FactSet. The other ETFs on the list are much larger still. Together, these 10 ETFs took in $87.1 billion of fresh investor money in the year-to-date period ending Dec. 6. To put that in context, total flows into all ETFs so far this year have been $225 billion. There's still another three weeks left to go in the year, so the final numbers could change (we'll publish the official figures once they're released). But if there's any conclusion to be reached from these numbers, it's that investors still favor plain-vanilla index ETFs over their more complex counterparts―whether it be smart-beta funds , active funds or otherwise. Investors Embrace S&P 500 ETFs Indeed, for all this year's hype about "smart beta," it's "dumb beta" that investors wanted. In particular, when it comes to U.S. equities, investors plowed billions into S&P 500 ETFs . Three out of the top four funds on the flows list track the venerable large-cap index, including the SPDR S&P 500 ETF (SPY) , the iShares Core S&P 500 ETF (IVV) and the Vanguard S&P 500 Index Fund (VOO) ―all with inflows of more than $10.7 billion. The only other U.S.-focused equity fund to make the cut was the broader Vanguard Total Stock Market Index Fund (VTI) , but its year-to-date flows of $5.2 billion were less than half that of the three S&P 500 funds. Emerging Market Comeback In a year that featured concerns about China and "Brexit," it's no wonder investors preferred U.S. equities. Even so, a trio of international equity ETFs also showed up in the top 10. The Vanguard FTSE Developed Markets ETF (VEA) , which tracks developed-market stocks outside the U.S., had inflows of $8.8 billion in the year-to-date period. Story continues At the same time, two low-cost emerging market ETFs—the Vanguard FTSE Emerging Markets ETF (VWO) and the iShares Core MSCI Emerging Markets ETF (IEMG) —made an appearance on the list, with inflows of $8.8 billion, and $6.5 billion, respectively. GLD Falls Down The Ranks Meanwhile, three nonequity ETFs found themselves on the list. The iShares Core U.S. Aggregate Bond ETF (AGG) took in $10.9 billion so far this year. AGG provides exposure to the market of U.S. investment-grade bonds, weighted by market value. The iShares TIPS Bond ETF (TIP) was another popular bond fund, with inflows of $6.6 billion. TIP holds Treasury inflation-protected securities, a type of U.S. government bond that protects investors in a rising-rate environment. The SPDR Gold Trust (GLD) is another inflation-hedge in the top 10. The physically backed gold ETF was at the top of the flows leader board for much of the year, but fell down the ranks rapidly in the weeks following Donald Trump's victory at the polls. A post-election spike in interest rates and the U.S. dollar led GLD to lose some of its luster. Incidentally, GLD is the most expensive ETF on the top inflows list, with an expense ratio of 0.40%. All the other funds in the top 10 have an expense ratio of 0.20% or less. Flows For Jan. 1 to Dec, 6, 2016 Ticker Fund Net Flows* SPY SPDR S&P 500 ETF Trust 11,329.80 IVV iShares Core S&P 500 ETF 11,250.62 AGG iShares Core U.S. Aggregate Bond ETF 10,910.56 VOO Vanguard S&P 500 Index Fund 10,743.41 GLD SPDR Gold Trust 9,076.08 VEA Vanguard FTSE Developed Markets ETF 8,814.22 VWO Vanguard FTSE Emerging Markets ETF 6,698.77 TIP iShares TIPS Bond ETF 6,562.40 IEMG iShares Core MSCI Emerging Markets ETF 6,498.14 VTI Vanguard Total Stock Market Index Fund 5,236.37 *Net Flows in USD Million Contact Sumit Roy at [email protected] Recommended Stories Friday Hot Reads: 2016 A Vintage Year For Bitcoin Thursday Hot Reads: These ETFs Generate Capital Gains For ETFs, Fixed Income Matters More Than Smart Beta ETF Innovation A Tough Sell In 2016 Tuesday Hot Reads: Millennials Play With ETF Fire Permalink | © Copyright 2016 ETF.com. All rights reserved || Most Popular ETFs Of The Year: In the ETF world, the rich get richer. The biggest funds by assets typically attract the largest flows each year. In that regard, 2016 was no exception.
The smallest ETF to make the top 10 inflows list for the year has an impressive $16.9 billion in assets, according to FactSet. The other ETFs on the list are much larger still.
Together, these 10 ETFs took in $87.1 billion of fresh investor money in the year-to-date period ending Dec. 6. To put that in context, total flows into all ETFs so far this year have been $225 billion.
There's still another three weeks left to go in the year, so the final numbers could change (we'll publish the official figures once they're released). But if there's any conclusion to be reached from these numbers, it's that investors still favor plain-vanilla index ETFs over their more complex counterparts―whether it besmart-beta funds,active fundsor otherwise.
Investors Embrace S&P 500 ETFs
Indeed, for all this year's hype about "smart beta," it's "dumb beta" that investors wanted. In particular, when it comes to U.S. equities, investors plowed billions intoS&P 500 ETFs. Three out of the top four funds on the flows list track the venerable large-cap index, including theSPDR S&P 500 ETF (SPY), theiShares Core S&P 500 ETF (IVV)and theVanguard S&P 500 Index Fund (VOO)―all with inflows of more than $10.7 billion.
The only other U.S.-focused equity fund to make the cut was the broaderVanguard Total Stock Market Index Fund (VTI), but its year-to-date flows of $5.2 billion were less than half that of the three S&P 500 funds.
Emerging Market Comeback
In a year that featured concerns about China and "Brexit," it's no wonder investors preferred U.S. equities. Even so, a trio ofinternational equity ETFsalso showed up in the top 10. TheVanguard FTSE Developed Markets ETF (VEA), which tracks developed-market stocks outside the U.S., had inflows of $8.8 billion in the year-to-date period.
At the same time, two low-cost emerging market ETFs—theVanguard FTSE Emerging Markets ETF (VWO)and theiShares Core MSCI Emerging Markets ETF (IEMG)—made an appearance on the list, with inflows of $8.8 billion, and $6.5 billion, respectively.
GLD Falls Down The RanksMeanwhile, three nonequity ETFs found themselves on the list. TheiShares Core U.S. Aggregate Bond ETF (AGG)took in $10.9 billion so far this year. AGG provides exposure to the market of U.S. investment-grade bonds, weighted by market value.
TheiShares TIPS Bond ETF (TIP)was another popular bond fund, with inflows of $6.6 billion. TIP holds Treasury inflation-protected securities, a type of U.S. government bond that protects investors in a rising-rate environment.
TheSPDR Gold Trust (GLD)is another inflation-hedge in the top 10. The physically backed gold ETF was at the top of the flows leader board for much of the year, but fell down the ranks rapidly in the weeks following Donald Trump's victory at the polls. A post-election spike in interest rates and the U.S. dollar led GLD to lose some of its luster.
Incidentally, GLD is the most expensive ETF on the top inflows list, with an expense ratio of 0.40%. All the other funds in the top 10 have an expense ratio of 0.20% or less.
Flows For Jan. 1 to Dec, 6, 2016
[{"Ticker": "SPY", "Fund": "SPDR S&P 500 ETF Trust", "Net Flows*": "11,329.80"}, {"Ticker": "IVV", "Fund": "iShares Core S&P 500 ETF", "Net Flows*": "11,250.62"}, {"Ticker": "AGG", "Fund": "iShares Core U.S. Aggregate Bond ETF", "Net Flows*": "10,910.56"}, {"Ticker": "VOO", "Fund": "Vanguard S&P 500 Index Fund", "Net Flows*": "10,743.41"}, {"Ticker": "GLD", "Fund": "SPDR Gold Trust", "Net Flows*": "9,076.08"}, {"Ticker": "VEA", "Fund": "Vanguard FTSE Developed Markets ETF", "Net Flows*": "8,814.22"}, {"Ticker": "VWO", "Fund": "Vanguard FTSE Emerging Markets ETF", "Net Flows*": "6,698.77"}, {"Ticker": "TIP", "Fund": "iShares TIPS Bond ETF", "Net Flows*": "6,562.40"}, {"Ticker": "IEMG", "Fund": "iShares Core MSCI Emerging Markets ETF", "Net Flows*": "6,498.14"}, {"Ticker": "VTI", "Fund": "Vanguard Total Stock Market Index Fund", "Net Flows*": "5,236.37"}, {"Ticker": "*Net Flows in USD Million", "Fund": "", "Net Flows*": ""}]
Contact Sumit Roy [email protected]
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Permalink| © Copyright 2016ETF.com.All rights reserved || Expanded gift card and loyalty features could boost Apple Pay: (BI Intelligence)
This story was delivered to BI Intelligence "Payments Briefing" subscribers. To learn more and subscribe, pleaseclick here.
Apple Pay users will be able toadd gift cardsand a wider selection of loyalty programs following a partnership between the tech giant and Blackhawk Network, a gift and prepaid card firm.
The partnership will allow customers to “store, manage, and make payments” with gift and loyalty cards from Blackhawk partners, which include Amazon, Target, Best Buy, and Home Depot.
Partnering with Blackhawk will improve upon a feature that’s already one of Apple Pay’s most popular. As it currently stands, Apple Pay’s loyalty support is limited. But just a few months after Apple Pay added loyalty in that limited capacity, proprietary store and loyalty cards made up 25% of the cards loaded into the wallet, according to data fromFirst Annapolis.
For context, that’s nearly as much as the share held by debit cards, which are the most popular payment method among US adults. Blackhawk’s vast partnership network could further extend that percentage and in turn help Apple capitalize on pent-up demand for store and loyalty offerings in-wallet.
And that could lift Apple Pay in two key areas.
• It could increase adoption of the wallet overall. Apple Pay adoption has stagnated just below a quarter of eligible users, which means the wallet needs to look for new ways to draw in users. Loyalty could be one such solution. Nearlya quarterof adults with mobile phones want to organize, track, and store loyalty and rewards points on their phones. And53%of nonusers would start using mobile payments if they were offered these types of opportunities, which could drive new customers to the wallet.
• And among existing users, it could help increase engagement. Adding a vast loyalty network to Apple Pay could give users incentives to pay with the wallet in more locations, because they want to capture the benefits that loyalty cards can provide. More frequent spending could help drive up habit formation, which could increase payment volume and drive up usage across the board.
Mobile payments are becoming more popular thanks to services such as Apple Pay, but they still face some high barriers, such as consumers' continued loyalty to traditional payment methods and fragmented acceptance among merchants. But as loyalty programs are integrated and more consumers rely on their mobile wallets for other features like in-app payments, adoption and usage will surge over the next few years.
BI Intelligence, Business Insider's premium research service, has compileda detailed report on mobile paymentsthat forecasts the growth of in-store mobile payments in the U.S., analyzes the performance of major mobile wallets like Apple Pay, Android Pay, and Samsung Pay, and addresses the barriers holding mobile payments back as well as the benefits that will propel adoption.
Here are some key takeaways from the report:
• In our latest US in-store mobile payments forecast, we find that volume will reach $75 billion this year. We expect volume to pick up significantly by 2020, reaching $503 billion. This reflects a compound annual growth rate (CAGR) of 80% between 2015 and 2020.
• Consumer interest is the primary barrier to mobile payments adoption. Surveys indicate that the issue is less the mobile wallet itself and more that people remain loyal to traditional payment methods and show little enthusiasm for picking up new habits.
• Integrated loyalty programs and other add-on features will be key to mobile wallets taking off. Consumers are showing interest in wallets with integrated loyalty programs. Other potential add-ons, like in-app, in-browser, and P2P payments, will also start fueling adoption. This strategy has been proved successful in China with platforms like WeChat and Alipay.
In full, the report:
• Forecasts the growth of US in-store mobile payments volume and users through 2020.
• Measures mobile wallet user engagement by forecasting mobile payments' share of their annual retail spending.
• Reviews the performance of major mobile wallets like Apple Pay and Samsung Pay.
• Addresses the key barriers that are preventing mobile in-store payments from taking off.
• Identifies the growth drivers that will ultimately carve a path for mainstream adoption.
To get your copy of this invaluable guide, choose one of these options:
1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >>START A MEMBERSHIP
2. Purchase the report and download it immediately from our research store. >>BUY THE REPORT
The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of how mobile payments are rapidly evolving.
More From Business Insider
• Apple pushes further in mapping and location technology
• Fintech could be bigger than ATMs, PayPal, and Bitcoin combined
• THE PAYMENTS INDUSTRY EXPLAINED: The Trends Creating New Winners And Losers In The Card-Processing Ecosystem || Expanded gift card and loyalty features could boost Apple Pay: Distortion of Apple Pay (BI Intelligence) This story was delivered to BI Intelligence " Payments Briefing " subscribers. To learn more and subscribe, please click here . Apple Pay users will be able to add gift cards and a wider selection of loyalty programs following a partnership between the tech giant and Blackhawk Network, a gift and prepaid card firm. The partnership will allow customers to “store, manage, and make payments” with gift and loyalty cards from Blackhawk partners, which include Amazon, Target, Best Buy, and Home Depot. Partnering with Blackhawk will improve upon a feature that’s already one of Apple Pay’s most popular. As it currently stands, Apple Pay’s loyalty support is limited. But just a few months after Apple Pay added loyalty in that limited capacity, proprietary store and loyalty cards made up 25% of the cards loaded into the wallet, according to data from First Annapolis . For context, that’s nearly as much as the share held by debit cards, which are the most popular payment method among US adults. Blackhawk’s vast partnership network could further extend that percentage and in turn help Apple capitalize on pent-up demand for store and loyalty offerings in-wallet. And that could lift Apple Pay in two key areas. It could increase adoption of the wallet overall. Apple Pay adoption has stagnated just below a quarter of eligible users, which means the wallet needs to look for new ways to draw in users. Loyalty could be one such solution. Nearly a quarter of adults with mobile phones want to organize, track, and store loyalty and rewards points on their phones. And 53% of nonusers would start using mobile payments if they were offered these types of opportunities, which could drive new customers to the wallet. And among existing users, it could help increase engagement. Adding a vast loyalty network to Apple Pay could give users incentives to pay with the wallet in more locations, because they want to capture the benefits that loyalty cards can provide. More frequent spending could help drive up habit formation, which could increase payment volume and drive up usage across the board. Mobile payments are becoming more popular thanks to services such as Apple Pay, but they still face some high barriers, such as consumers' continued loyalty to traditional payment methods and fragmented acceptance among merchants. But as loyalty programs are integrated and more consumers rely on their mobile wallets for other features like in-app payments, adoption and usage will surge over the next few years. BI Intelligence , Business Insider's premium research service, has compiled a detailed report on mobile payments that forecasts the growth of in-store mobile payments in the U.S., analyzes the performance of major mobile wallets like Apple Pay, Android Pay, and Samsung Pay, and addresses the barriers holding mobile payments back as well as the benefits that will propel adoption. Story continues Here are some key takeaways from the report: In our latest US in-store mobile payments forecast, we find that volume will reach $75 billion this year. We expect volume to pick up significantly by 2020, reaching $503 billion. This reflects a compound annual growth rate (CAGR) of 80% between 2015 and 2020. Consumer interest is the primary barrier to mobile payments adoption. Surveys indicate that the issue is less the mobile wallet itself and more that people remain loyal to traditional payment methods and show little enthusiasm for picking up new habits. Integrated loyalty programs and other add-on features will be key to mobile wallets taking off. Consumers are showing interest in wallets with integrated loyalty programs. Other potential add-ons, like in-app, in-browser, and P2P payments, will also start fueling adoption. This strategy has been proved successful in China with platforms like WeChat and Alipay. In full, the report: Forecasts the growth of US in-store mobile payments volume and users through 2020. Measures mobile wallet user engagement by forecasting mobile payments' share of their annual retail spending. Reviews the performance of major mobile wallets like Apple Pay and Samsung Pay. Addresses the key barriers that are preventing mobile in-store payments from taking off. Identifies the growth drivers that will ultimately carve a path for mainstream adoption. To get your copy of this invaluable guide, choose one of these options: Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP Purchase the report and download it immediately from our research store. >> BUY THE REPORT The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of how mobile payments are rapidly evolving. More From Business Insider Apple pushes further in mapping and location technology Fintech could be bigger than ATMs, PayPal, and Bitcoin combined THE PAYMENTS INDUSTRY EXPLAINED: The Trends Creating New Winners And Losers In The Card-Processing Ecosystem View comments || Bitcoin predicted to rise 165% to $2,000 in 2017 driven by Trump’s ‘spending binge’ and dollar rally: The price of Bitcoin(Exchange: BTC=-USS)could hit more than $2,000 in 2017 driven by expectations that U.S. President-elect Donald Trump may introduce economic stimulus policies, which could send inflation soaring and propel the dollar to record highs, a report from Saxo Bank claims.
Bitcoin is currently trading around $754.51, according to CoinDesk data. A handle of over $2,000 would represent 165 percent appreciation.
During his election campaign Trump has talked about an increase in fiscal spending. Saxo Bank's note said that this could increase the roughly $20 trillion of U.S. national debt and triple the current budget deficit from approximately $600 billion to $1.2-1.8 trillion, or some 6-10 percent of the country's current $18.6 trillion economy.
As a result, the economy will grow and inflation will "sky rocket", forcing the U.S. Federal Reserve to hike interest rates at a faster pace and causing the U.S. dollar "to hit the moon".
When inflation rises the Federal Reserve may raise interest rates to bring it under control. This causes the dollar to appreciate because it would be seen as an attractive currency for foreign investors.
"This creates a domino effect in emerging markets and China in particular, leading people globally to look for alternative forms of currencies and payment systems not tied to central banks that have exhausted monetary policies or crony governments that are in full financial repression mode nor transaction systems that are long overdue for a revolution," Steen Jakobsen, chief economist at Saxo Bank, wrote in a note.
Bitcoin as the largest cryptocurrency would benefit from this "chaos", he added, as emerging market countries look to move away from "being tied" to the monetary policy of the U.S. and banking system.
"If the banking system as well as sovereigns such as Russia and China move to accept Bitcoin as a partial alternative to the USD and the traditional banking and payment system, then we could see Bitcoin easily triple over the next year going from the current $700 level to +$2,100 as the blockchain's decentralized system, an inability to dilute the finite supply of bitcoins as well as low to no transaction costs gains more traction and acceptance globally," Jakobsen said.
Blockchain is the underlying technology of bitcoin which records every transaction using the digital currency so that it can't be tampered with. There is also a finite supply of 21 million bitcoins. This in theory would cause price appreciation of the asset over a long period of time.
Jakobsen's comments were in his annual "Outrageous Predictions" note and the economist says that his views are not the official outlook for Saxo Bank. Instead they are an attempt to "get you to think out of the box" with the aim of "provoking conversation".
But Bitcoin advocates say that the slower appreciation of the dollar against the yuan in comparison to bitcoin against the dollar shows that the $2,000 handle is not unrealistic. The dollar has risen 3.3 percent against the yuan(Exchange: CNY=)in the last three months while bitcoin has gone up 20.7 percent in the same time period.
Bobby Lee, chief executive at bitcoin exchange BTC China, compared the current situation of cryptocurrencies to the advent of digital cameras. He said that it is a "new asset class" with long-term potential.
"It's the advent of digital currency and with bitcoin there is bound to be more in circulation value in the coming years," Lee told CNBC by phone. The amount of bitcoin in circulation is valued at around $12.1 billion.
More From CNBC
• 9 iconic mobile phones people want to see make a comeback
• Kim Dotcom extradition ruling: Prosecutors acted in ‘illegal’ way, lawyer says
• Mark Cuban: Basic income ‘the worst possible response’ to job losses from robots || Bitcoin predicted to rise 165% to $2,000 in 2017 driven by Trump’s ‘spending binge’ and dollar rally: The price of Bitcoin(Exchange: BTC=-USS)could hit more than $2,000 in 2017 driven by expectations that U.S. President-elect Donald Trump may introduce economic stimulus policies, which could send inflation soaring and propel the dollar to record highs, a report from Saxo Bank claims.
Bitcoin is currently trading around $754.51, according to CoinDesk data. A handle of over $2,000 would represent 165 percent appreciation.
During his election campaign Trump has talked about an increase in fiscal spending. Saxo Bank's note said that this could increase the roughly $20 trillion of U.S. national debt and triple the current budget deficit from approximately $600 billion to $1.2-1.8 trillion, or some 6-10 percent of the country's current $18.6 trillion economy.
As a result, the economy will grow and inflation will "sky rocket", forcing the U.S. Federal Reserve to hike interest rates at a faster pace and causing the U.S. dollar "to hit the moon".
When inflation rises the Federal Reserve may raise interest rates to bring it under control. This causes the dollar to appreciate because it would be seen as an attractive currency for foreign investors.
"This creates a domino effect in emerging markets and China in particular, leading people globally to look for alternative forms of currencies and payment systems not tied to central banks that have exhausted monetary policies or crony governments that are in full financial repression mode nor transaction systems that are long overdue for a revolution," Steen Jakobsen, chief economist at Saxo Bank, wrote in a note.
Bitcoin as the largest cryptocurrency would benefit from this "chaos", he added, as emerging market countries look to move away from "being tied" to the monetary policy of the U.S. and banking system.
"If the banking system as well as sovereigns such as Russia and China move to accept Bitcoin as a partial alternative to the USD and the traditional banking and payment system, then we could see Bitcoin easily triple over the next year going from the current $700 level to +$2,100 as the blockchain's decentralized system, an inability to dilute the finite supply of bitcoins as well as low to no transaction costs gains more traction and acceptance globally," Jakobsen said.
Blockchain is the underlying technology of bitcoin which records every transaction using the digital currency so that it can't be tampered with. There is also a finite supply of 21 million bitcoins. This in theory would cause price appreciation of the asset over a long period of time.
Jakobsen's comments were in his annual "Outrageous Predictions" note and the economist says that his views are not the official outlook for Saxo Bank. Instead they are an attempt to "get you to think out of the box" with the aim of "provoking conversation".
But Bitcoin advocates say that the slower appreciation of the dollar against the yuan in comparison to bitcoin against the dollar shows that the $2,000 handle is not unrealistic. The dollar has risen 3.3 percent against the yuan(Exchange: CNY=)in the last three months while bitcoin has gone up 20.7 percent in the same time period.
Bobby Lee, chief executive at bitcoin exchange BTC China, compared the current situation of cryptocurrencies to the advent of digital cameras. He said that it is a "new asset class" with long-term potential.
"It's the advent of digital currency and with bitcoin there is bound to be more in circulation value in the coming years," Lee told CNBC by phone. The amount of bitcoin in circulation is valued at around $12.1 billion.
More From CNBC
• 9 iconic mobile phones people want to see make a comeback
• Kim Dotcom extradition ruling: Prosecutors acted in ‘illegal’ way, lawyer says
• Mark Cuban: Basic income ‘the worst possible response’ to job losses from robots || Bitcoin predicted to rise 165% to $2,000 in 2017 driven by Trumps spending binge and dollar rally: The price of Bitcoin (Exchange: BTC=-USS) could hit more than $2,000 in 2017 driven by expectations that U.S. President-elect Donald Trump may introduce economic stimulus policies, which could send inflation soaring and propel the dollar to record highs, a report from Saxo Bank claims. Bitcoin is currently trading around $754.51, according to CoinDesk data. A handle of over $2,000 would represent 165 percent appreciation. During his election campaign Trump has talked about an increase in fiscal spending. Saxo Bank's note said that this could increase the roughly $20 trillion of U.S. national debt and triple the current budget deficit from approximately $600 billion to $1.2-1.8 trillion, or some 6-10 percent of the country's current $18.6 trillion economy. As a result, the economy will grow and inflation will "sky rocket", forcing the U.S. Federal Reserve to hike interest rates at a faster pace and causing the U.S. dollar "to hit the moon". When inflation rises the Federal Reserve may raise interest rates to bring it under control. This causes the dollar to appreciate because it would be seen as an attractive currency for foreign investors. "This creates a domino effect in emerging markets and China in particular, leading people globally to look for alternative forms of currencies and payment systems not tied to central banks that have exhausted monetary policies or crony governments that are in full financial repression mode nor transaction systems that are long overdue for a revolution," Steen Jakobsen, chief economist at Saxo Bank, wrote in a note. Bitcoin as the largest cryptocurrency would benefit from this "chaos", he added, as emerging market countries look to move away from "being tied" to the monetary policy of the U.S. and banking system. "If the banking system as well as sovereigns such as Russia and China move to accept Bitcoin as a partial alternative to the USD and the traditional banking and payment system, then we could see Bitcoin easily triple over the next year going from the current $700 level to +$2,100 as the blockchain's decentralized system, an inability to dilute the finite supply of bitcoins as well as low to no transaction costs gains more traction and acceptance globally," Jakobsen said. Story continues Blockchain is the underlying technology of bitcoin which records every transaction using the digital currency so that it can't be tampered with. There is also a finite supply of 21 million bitcoins. This in theory would cause price appreciation of the asset over a long period of time. Jakobsen's comments were in his annual "Outrageous Predictions" note and the economist says that his views are not the official outlook for Saxo Bank. Instead they are an attempt to "get you to think out of the box" with the aim of "provoking conversation". Bitcoin rise realistic But Bitcoin advocates say that the slower appreciation of the dollar against the yuan in comparison to bitcoin against the dollar shows that the $2,000 handle is not unrealistic. The dollar has risen 3.3 percent against the yuan (Exchange: CNY=) in the last three months while bitcoin has gone up 20.7 percent in the same time period. Bobby Lee, chief executive at bitcoin exchange BTC China, compared the current situation of cryptocurrencies to the advent of digital cameras. He said that it is a "new asset class" with long-term potential. "It's the advent of digital currency and with bitcoin there is bound to be more in circulation value in the coming years," Lee told CNBC by phone. The amount of bitcoin in circulation is valued at around $12.1 billion. More From CNBC 9 iconic mobile phones people want to see make a comeback Kim Dotcom extradition ruling: Prosecutors acted in illegal way, lawyer says Mark Cuban: Basic income the worst possible response to job losses from robots || UFOMiners Expands its Hardware Selection with Four New Products: Summary: UFOMiners, a Leading Cryptocurrency Mining Manufacture Based in Las Vegas, Just Released Four New High-Performance Products for Unbeatable Prices LAS VEGAS, NV / ACCESSWIRE / December 5, 2016 / When it comes to quality miner hardware development, UFOMiners LLC ( www.UFOMiners.com ) continues to push ahead of the competition. The growing company recently expanded its cost-efficient product offering, demonstrating their commitment to customer service and making high-quality cryptocurrency mining economical and readily available. The four additions to their hardware repertoire include two ethereum miners and two ZCash miners. Each device is unique in its features, offering a variety of hashing algorithms, hashing speeds, and consumption power rates of up to 1650 Watts. Like UFOminers first wave of miners, these four models are equipped with ports for monitor, mouse, and keyboard connection. All products come with a 5-year warranty and function in cascade mode at a connecting capacity of up to 32 devices via 100 Mbps Ethernet LAN. See product list . "Our in-house team of experts have outdone themselves again," says a spokesman of the firm. "The team's vast knowledge of blockchain technologies coupled with an innovative spirit to excel in delivering optimal, low-cost mining solutions to our customers is what brought this new line of products to fruition." The young and ambitious cryptocurrency mining developers at UFOMiners strongly believe in the philosophy of in-house quality production as a way of keeping costs low and making high-performance mining technologies readily available. They are not above offering consumer-friendly promotions and free international shipping to give their customers an exceptional experience. The new hardware, Ethereum RhinoMiner, Ethereum RhinoMiner Prime, ZCash Equinox and ZCash Equinox Prime, are now available for purchase at www.UFOMiners.com , ranging from $3200 to $4900. Company Profile UFOMiners was founded in 2014 on a vision to develop hardware equipment for mining scrypt cryptocurrencies, a project that later expanded to the development of the Bitcoin miner. This Las Vegas-based firm is now a rapidly growing provider of cryptocurrency mining hardware and blockchain-based technologies. UFOMiners currently services up to 1000 private customers as well as dozen businesses. Contact: Ruben Vos [email protected] SOURCE : UFOMiners View comments || UFOMiners Expands its Hardware Selection with Four New Products: Summary: UFOMiners, a Leading Cryptocurrency Mining Manufacture Based in Las Vegas, Just Released Four New High-Performance Products for Unbeatable Prices LAS VEGAS, NV / ACCESSWIRE / December 5, 2016 / When it comes to quality miner hardware development, UFOMiners LLC ( www.UFOMiners.com ) continues to push ahead of the competition. The growing company recently expanded its cost-efficient product offering, demonstrating their commitment to customer service and making high-quality cryptocurrency mining economical and readily available. The four additions to their hardware repertoire include two ethereum miners and two ZCash miners. Each device is unique in its features, offering a variety of hashing algorithms, hashing speeds, and consumption power rates of up to 1650 Watts. Like UFOminers first wave of miners, these four models are equipped with ports for monitor, mouse, and keyboard connection. All products come with a 5-year warranty and function in cascade mode at a connecting capacity of up to 32 devices via 100 Mbps Ethernet LAN. See product list . "Our in-house team of experts have outdone themselves again," says a spokesman of the firm. "The team's vast knowledge of blockchain technologies coupled with an innovative spirit to excel in delivering optimal, low-cost mining solutions to our customers is what brought this new line of products to fruition." The young and ambitious cryptocurrency mining developers at UFOMiners strongly believe in the philosophy of in-house quality production as a way of keeping costs low and making high-performance mining technologies readily available. They are not above offering consumer-friendly promotions and free international shipping to give their customers an exceptional experience. The new hardware, Ethereum RhinoMiner, Ethereum RhinoMiner Prime, ZCash Equinox and ZCash Equinox Prime, are now available for purchase at www.UFOMiners.com , ranging from $3200 to $4900. Company Profile UFOMiners was founded in 2014 on a vision to develop hardware equipment for mining scrypt cryptocurrencies, a project that later expanded to the development of the Bitcoin miner. This Las Vegas-based firm is now a rapidly growing provider of cryptocurrency mining hardware and blockchain-based technologies. UFOMiners currently services up to 1000 private customers as well as dozen businesses. Contact: Ruben Vos [email protected] SOURCE : UFOMiners View comments || A 26-year old Bitcoin entrepreneur was handed prison time, and the experience only confirmed his belief in the cryptocurrency: (Wikimedia)
The rise of 26-year old Charlie Shrem was swift. So was his fall.
The self-professed computer geek turned divisive digital currency entrepreneur won notoriety as the founder of BitInstant. The firm took off, attracting investors like theWinklevoss twins, and helping popularize bitcoin.
Then, his whole world came crashing down. He was charged with operating an unlicensed money transmitting business. He pled guilty, and was given prison time.
He had "knowingly transmitted money intended to facilitate criminal activity– specifically, drug trafficking on Silk Road," according to apress release by the United States Attorney's Office, Southern District of New York.
Shrem got of prison earlier this year, and his experience there hasn't deterred his faith in bitcoin and blockchain, the technology behind it. In fact, an incident with a prison guard andmackerels, the currency of choice in prison, only confirmed his belief in an alternative currency system.
Shrem opened up about his prison experience and his past onWall and Broadcast, apodcast hosted byTABB Group COO Alex Tabb, TABBForumproducerAnna StumpfandVested CEO Dan Simon.
Raised in a deeply religious orthodox Jewish household, Shrem describes himself as an "outcast" at Yeshiva high school. "I just loved computers," he said in the podcast. "I would hang out in the internet chat rooms and all of the places where all socially awkward people hang out."
Shrem first heard about the concept of Bitcoin from a friend in an internet forum he was a part of. "There was no website or anything," he said in the podcast. "Only a white paper," referring to the research paper released under the pseudonym Satoshi Nakimoto that unveiled the concept.
Bitcoin is a digital currency in which transactions occur peer-to-peer, meaning no government or third party is involved.Shrem was immediately interested and purchased a few thousand bitcoin - at the time worth very little.
(Flickr/Kosala Bandara)He caught the entrepreneurial bug early, foundingDaily Checkout, adaily dealwebsite that sold refurbished used goods, at 18. He also attended night school at Brooklyn College and got introduced to the Austrian School of Economics, an economic theory that promotes laissez-faire ideals and the elimination of government intervention.
In his mind, something clicked. "I realized that bitcoin was taking all of that Austrian economic theory and putting it into practice," he said in the podcast.
It was on Bitcointalk.org that he got the idea for a way to make the purchasing of bitcoin faster and more accessible to the every day consumer. He launchedBitInstant, which partnered with payment processors that had physical locations at CVS, Duane Reade, Walmart, Walgreens and 7-11, among others. The site allowed people to buy small amounts of bitcoin (with an average ticket size of $300-500) and charged customers a small fee for each transaction.
"Within a few months, we enabled people to be able to buy bitcoin at almost a million locations in the US," Shrem said in the podcast. "And overnight volume exploded."
The company achieved an average growth rate of 1.5x per month, according to Shrem, with advertising limited to word of mouth.At one point, the company was facilitating transactions worth a million dollars a day, he said.
The growth of BitInstant attracted investors like theWinklevoss twinsand angel investor Roger Vere. They moved into bigger offices, shrouded in secrecy. "We needed an army security guard, our own floor, and shaded windows," he said.
Soon the two man band become a 30 person office, and he admits in the podcast interview that he let the success get to his head.
( Entrepreneurs Tyler and Cameron Winklevoss arrive at the Met Gala in New York Thomson Reuters)"I started drinking too much," he said. "I invested in my friend's nightclub. In fact, I lived upstairs in the nightclub."
The fall of BitInstant was just as quick as its rise.
In March 2013, regulators enforced a ruling that outlined what type of companies were now considered money transmitters.
Suddenly, BitInstant was operating without a license. "We couldn't take the risk of operating illegally," Shrem said in the podcast, "so we shut down...It was heartbreaking."
Eight months later, Shrem travelled to Amsterdam to speak at a conference. It was when he returned toJFK airport that he was confronted by a dozen law enforcement officials, a joint task force of the FBI, IRS, DEA and other officials, he said in the podcast.
Shrem had knowinglyfacilitated transactions to a re-seller, Robert Faiella, whose customers were using the Silk Road, an underground bitcoin only marketplace where people buy and sell illegal drugs. The re-seller was also trying to deposit more money than the new money transmitter laws allowed for, and these transactions were done behind the scenes to get around reporting requirements.
On September 4 2014, Faiella and Shrem both pled guilty in connection with the sale of approximately $1 million in bitcoins for use on the Silk Road website.
“Robert Faiella and Charlie Shrem opted to travel down a crooked path – running an illegal money transmitting business that catered to criminals bent on trafficking narcotics on the dark web drug site, Silk Road," Prett Bharara,United States Attorney for the Southern District of New York, said in a statement at the time.
Shrem, who was also Chief Compliance Officer of BitInstant and thus in charge of compliance with federal anti-money laundering (AML) laws, was fully aware that Silk Road was a drug-trafficking website andthat he was operating a Bitcoin exchange service for Silk Road users.
Nevertheless, he "knowingly facilitated Faiella’s business with the company in order to maintain Faiella's business as a lucrative source of revenue, " according to the court report.
"Even though it was Shrem’s job to enforce the Company’s AML restrictions...[he] failed to file a single suspicious activity report with the US Treasury Department about Faiella's illicit activity...and deliberately helped Failla circumvent the Company’s AML restrictions."
Shrem knew what he was doing, he said in the podcast, and he admits his guilt.
Prison "was no country club, but it wasn't Rikers Island either," he explained in the podcast.
One out of every ten prisoners were white collar criminals - a state senator, a judge, and a few law enforcement officials were among his group. They were all nonviolent offenders so the fear wasn't as great as in maximum security persons.
That's not to say it was easy settling in.
"Everything here is word of mouth," he said in the podcast. "There is no Google, information is trickling in. I think the hardest part is learning to use my own resources to grow, and not the internet."
On the outside, he had this Bitcoin celebrity status, he said, and in the prison, nobody knew him nor did they care about him. "I needed to humble myself."
Of particular fascination to Shrem was the prison currency system, which involved bartering mackerels. According to anarticle in the Wall Street Journal, there hasbeen a mackerel economy in federal prisons since about 2004, when federal prisons prohibited smoking and, by default, the cigarette pack, which was the earlier gold standard. Prisoners need a proxy for thedollar because they're not allowed to possess cash.
Every inmate can only buy 14 mackerels per week, said Shrem, so there is a certain number in circulation in the prison. Also, not all mackerels are created equal. The fish expire after about 3 years, after which their value depreciates. Expired mackerels, referred to as "money macks," retain 75% of the value of the "eating macks," or non-expired fish, explained Shrem. There were currency exchanges between the two, and everything had two prices in the prison.
(Wikimedia Commons)
One day, a large number of mackerels were confiscated by prison guards and left out for any prisoner to take. Overnight, the guards essentially introduced hyperinflation, said Shrem, and flooded the market. They lost all of their value.
This got Shrem thinking. He started to think about the value of digitizing the prison economy and putting it on theblockchain.
If there was a shared, distributed ledger among say adozen inmates, everyone would have a real-time record of all transactions that occurred in the prison. All members would have to verify and validate a transaction to make sure it was legitimate before taking place.
"Everyone has a financial incentive to make sure the system maintains its integrity," said Shrem.
The experience reminded him of how blockchain could not only be useful, but also necessary - not only in the financial services world, but in the prison world. "Itavoids the guards having power over the value of the mackerel.
Shrem's belief in the power of the bitcoin blockchain and the elimination of the middleman continues. He sees the digital currency as a "great equalizer" and believes that bitcoin will do to money what email did to the postal service. "It will allow everyone to be equal."
Despite Shrem's optimism, the hype around Bitcoin seems to have died down from initial levels. Now, the investment and the excitementseems to be focused on theblockchain, the technology behind bitcoin.
Digital currencies have also been challenged by recent security issues.In August, hackers stole $72 million worth of bitcoin from accounts at the Hong Kong cryptocurrency exchange Bitfinex. And in June, hackers stole $55 million worth of ether, a bitcoin rival. The nonprofit that runs ether, Ethereum Foundation, just rolled back the chain. It's as if the hack never took place, and business returned to normal. But that worries purists like Shrem.
He continues to be a staunch believer in the integrity of the blockchain and denounces Ethererum's decision to roll back the chain, even though he said he is friends with the founder."Once you change the ledger for one specific reason, then you've already set the precedent."
"I used to be a bitcoin maximalist, thinking bitcoin is the one and only blockchain," he said to Wall & Broadcast. "Now I believe that alternate chains can and do exist."
NOW WATCH:A Harvard business professor explains a legal form of 'insider trading' in America
More From Business Insider
• Deloitte is launching a blockchain lab in Dublin
• The CEO of one of China's largest biggest bitcoin exchanges says regulation is inevitable
• Here's why the Chinese love bitcoin || A 26-year old Bitcoin entrepreneur was handed prison time, and the experience only confirmed his belief in the cryptocurrency: charlie shrem (Wikimedia) The rise of 26-year old Charlie Shrem was swift. So was his fall. The self-professed computer geek turned divisive digital currency entrepreneur won notoriety as the founder of BitInstant. The firm took off, attracting investors like the Winklevoss twins , and helping popularize bitcoin. Then, his whole world came crashing down. He was charged with operating an unlicensed money transmitting business. He pled guilty, and was given prison time. He had "knowingly transmitted money intended to facilitate criminal activity – specifically, drug trafficking on Silk Road," according to a press release by the United States Attorney's Office, Southern District of New York . Shrem got of prison earlier this year, and his experience there hasn't deterred his faith in bitcoin and blockchain, the technology behind it. In fact, an incident with a prison guard and mackerels, the currency of choice in prison, only confirmed his belief in an alternative currency system. A computer geek Shrem opened up about his prison experience and his past on Wall and Broadcast , a podcast hosted by TABB Group COO Alex Tabb, TABBForum producer Anna Stumpf and Vested CEO Dan Simon. Raised in a deeply religious orthodox Jewish household, Shrem describes himself as an "outcast" at Yeshiva high school. "I just loved computers," he said in the podcast. "I would hang out in the internet chat rooms and all of the places where all socially awkward people hang out." Shrem first heard about the concept of Bitcoin from a friend in an internet forum he was a part of. "There was no website or anything," he said in the podcast. "Only a white paper," referring to the research paper released under the pseudonym Satoshi Nakimoto that unveiled the concept. Bitcoin is a digital currency in which transactions occur peer-to-peer, meaning no government or third party is involved. Shrem was immediately interested and purchased a few thousand bitcoin - at the time worth very little. Story continues Austrian parliament (Flickr/Kosala Bandara) He caught the entrepreneurial bug early, founding Daily Checkout, a daily deal website that sold refurbished used goods, at 18. He also attended night school at Brooklyn College and got introduced to the Austrian School of Economics, an economic theory that promotes laissez-faire ideals and the elimination of government intervention. In his mind, something clicked. "I realized that bitcoin was taking all of that Austrian economic theory and putting it into practice," he said in the podcast. It was on Bitcointalk.org that he got the idea for a way to make the purchasing of bitcoin faster and more accessible to the every day consumer. He launched BitInstant, which partnered with payment processors that had physical locations at CVS, Duane Reade, Walmart, Walgreens and 7-11, among others. The site allowed people to buy small amounts of bitcoin (with an average ticket size of $300-500) and charged customers a small fee for each transaction. "Within a few months, we enabled people to be able to buy bitcoin at almost a million locations in the US," Shrem said in the podcast. "And overnight volume exploded." The company achieved an average growth rate of 1.5x per month, according to Shrem, with advertising limited to word of mouth. At one point, the company was facilitating transactions worth a million dollars a day, he said. The growth of BitInstant attracted investors like the Winklevoss twins and angel investor Roger Vere. They moved into bigger offices, shrouded in secrecy. " We needed an army security guard, our own floor, and shaded windows," he said. Soon the two man band become a 30 person office, and he admits in the podcast interview that he let the success get to his head. Entrepeneurs Tyler and Cameron Winklevoss arrive at the Metropolitan Museum of Art Costume Institute Gala (Met Gala) to celebrate the opening of ( Entrepreneurs Tyler and Cameron Winklevoss arrive at the Met Gala in New York Thomson Reuters) "I started drinking too much," he said. "I invested in my friend's nightclub. In fact, I lived upstairs in the nightclub." The fall of BitInstant was just as quick as its rise. The fall of BitInstant In March 2013, regulators enforced a ruling that outlined what type of companies were now considered money transmitters. Suddenly, BitInstant was operating without a license. "We couldn't take the risk of operating illegally," Shrem said in the podcast, "so we shut down...It was heartbreaking." Eight months later, Shrem travelled to Amsterdam to speak at a conference. It was when he returned to JFK airport that he was confronted by a dozen law enforcement officials, a joint task force of the FBI, IRS, DEA and other officials, he said in the podcast. Shrem had knowingly facilitated transactions to a re-seller, Robert Faiella, whose customers were using the Silk Road, an underground bitcoin only marketplace where people buy and sell illegal drugs. The re-seller was also trying to deposit more money than the new money transmitter laws allowed for, and these transactions were done behind the scenes to get around reporting requirements. On September 4 2014, Faiella and Shrem both pled guilty in connection with the sale of approximately $1 million in bitcoins for use on the Silk Road website. “Robert Faiella and Charlie Shrem opted to travel down a crooked path – running an illegal money transmitting business that catered to criminals bent on trafficking narcotics on the dark web drug site, Silk Road," Prett Bharara, United States Attorney for the Southern District of New York, said in a statement at the time. Shrem, who was also Chief Compliance Officer of BitInstant and thus in charge of compliance with federal anti-money laundering (AML) laws, was fully aware that Silk Road was a drug-trafficking website and that he was operating a Bitcoin exchange service for Silk Road users. Nevertheless, he "knowingly facilitated Faiella’s business with the company in order to maintain Faiella's business as a lucrative source of revenue, " according to the court report. "Even though it was Shrem’s job to enforce the Company’s AML restrictions...[he] failed to file a single suspicious activity report with the US Treasury Department about Faiella's illicit activity...and deliberately helped Failla circumvent the Company’s AML restrictions." Shrem knew what he was doing, he said in the podcast, and he admits his guilt. (Forsaken Fotos/flickr) Digitizing the Prison Economy Prison "was no country club, but it wasn't Rikers Island either," he explained in the podcast. One out of every ten prisoners were white collar criminals - a state senator, a judge, and a few law enforcement officials were among his group. They were all nonviolent offenders so the fear wasn't as great as in maximum security persons. That's not to say it was easy settling in. "Everything here is word of mouth," he said in the podcast. "There is no Google, information is trickling in. I think the hardest part is learning to use my own resources to grow, and not the internet." On the outside, he had this Bitcoin celebrity status, he said, and in the prison, nobody knew him nor did they care about him. "I needed to humble myself." Of particular fascination to Shrem was the prison currency system, which involved bartering mackerels. According to an article in the Wall Street Journal , there has been a mackerel economy in federal prisons since about 2004, when federal prisons prohibited smoking and, by default, the cigarette pack, which was the earlier gold standard. Prisoners need a proxy for the dollar because they're not allowed to possess cash. Every inmate can only buy 14 mackerels per week, said Shrem, so there is a certain number in circulation in the prison. Also, not all mackerels are created equal. The fish expire after about 3 years, after which their value depreciates. Expired mackerels, referred to as "money macks," retain 75% of the value of the "eating macks," or non-expired fish, explained Shrem. There were currency exchanges between the two, and everything had two prices in the prison. mackerel fish (Wikimedia Commons) One day, a large number of mackerels were confiscated by prison guards and left out for any prisoner to take. Overnight, the guards essentially introduced hyperinflation, said Shrem, and flooded the market. They lost all of their value. This got Shrem thinking. He started to think about the value of digitizing the prison economy and putting it on the blockchain. If there was a shared, distributed ledger among say a dozen inmates, everyone would have a real-time record of all transactions that occurred in the prison. All members would have to verify and validate a transaction to make sure it was legitimate before taking place. "Everyone has a financial incentive to make sure the system maintains its integrity," said Shrem. The experience reminded him of how blockchain could not only be useful, but also necessary - not only in the financial services world, but in the prison world. "It avoids the guards having power over the value of the mackerel. Shrem's belief in the power of the bitcoin blockchain and the elimination of the middleman continues. He sees the digital currency as a "great equalizer" and believes that b itcoin will do to money what email did to the postal service. "It will allow everyone to be equal." Despite Shrem's optimism, the hype around Bitcoin seems to have died down from initial levels. Now, the investment and the excitement seems to be focused on the blockchain, the technology behind bitcoin. Digital currencies have also been challenged by recent security issues. In August, hackers stole $72 million worth of bitcoin from accounts at the Hong Kong cryptocurrency exchange Bitfinex. And in June, hackers stole $55 million worth of ether, a bitcoin rival. The nonprofit that runs ether, Ethereum Foundation, just rolled back the chain. It's as if the hack never took place, and business returned to normal. But that worries purists like Shrem. He continues to be a staunch believer in the integrity of the blockchain and denounces Ethererum's decision to roll back the chain, even though he said he is friends with the founder. "Once you change the ledger for one specific reason, then you've already set the precedent." "I used to be a bitcoin maximalist, thinking bitcoin is the one and only blockchain," he said to Wall & Broadcast. "Now I believe that alternate chains can and do exist." NOW WATCH: A Harvard business professor explains a legal form of 'insider trading' in America More From Business Insider Deloitte is launching a blockchain lab in Dublin The CEO of one of China's largest biggest bitcoin exchanges says regulation is inevitable Here's why the Chinese love bitcoin || A 26-year old Bitcoin entrepreneur was handed prison time, and the experience only confirmed his belief in the cryptocurrency: (Wikimedia)
The rise of 26-year old Charlie Shrem was swift. So was his fall.
The self-professed computer geek turned divisive digital currency entrepreneur won notoriety as the founder of BitInstant. The firm took off, attracting investors like theWinklevoss twins, and helping popularize bitcoin.
Then, his whole world came crashing down. He was charged with operating an unlicensed money transmitting business. He pled guilty, and was given prison time.
He had "knowingly transmitted money intended to facilitate criminal activity– specifically, drug trafficking on Silk Road," according to apress release by the United States Attorney's Office, Southern District of New York.
Shrem got of prison earlier this year, and his experience there hasn't deterred his faith in bitcoin and blockchain, the technology behind it. In fact, an incident with a prison guard andmackerels, the currency of choice in prison, only confirmed his belief in an alternative currency system.
Shrem opened up about his prison experience and his past onWall and Broadcast, apodcast hosted byTABB Group COO Alex Tabb, TABBForumproducerAnna StumpfandVested CEO Dan Simon.
Raised in a deeply religious orthodox Jewish household, Shrem describes himself as an "outcast" at Yeshiva high school. "I just loved computers," he said in the podcast. "I would hang out in the internet chat rooms and all of the places where all socially awkward people hang out."
Shrem first heard about the concept of Bitcoin from a friend in an internet forum he was a part of. "There was no website or anything," he said in the podcast. "Only a white paper," referring to the research paper released under the pseudonym Satoshi Nakimoto that unveiled the concept.
Bitcoin is a digital currency in which transactions occur peer-to-peer, meaning no government or third party is involved.Shrem was immediately interested and purchased a few thousand bitcoin - at the time worth very little.
(Flickr/Kosala Bandara)He caught the entrepreneurial bug early, foundingDaily Checkout, adaily dealwebsite that sold refurbished used goods, at 18. He also attended night school at Brooklyn College and got introduced to the Austrian School of Economics, an economic theory that promotes laissez-faire ideals and the elimination of government intervention.
In his mind, something clicked. "I realized that bitcoin was taking all of that Austrian economic theory and putting it into practice," he said in the podcast.
It was on Bitcointalk.org that he got the idea for a way to make the purchasing of bitcoin faster and more accessible to the every day consumer. He launchedBitInstant, which partnered with payment processors that had physical locations at CVS, Duane Reade, Walmart, Walgreens and 7-11, among others. The site allowed people to buy small amounts of bitcoin (with an average ticket size of $300-500) and charged customers a small fee for each transaction.
"Within a few months, we enabled people to be able to buy bitcoin at almost a million locations in the US," Shrem said in the podcast. "And overnight volume exploded."
The company achieved an average growth rate of 1.5x per month, according to Shrem, with advertising limited to word of mouth.At one point, the company was facilitating transactions worth a million dollars a day, he said.
The growth of BitInstant attracted investors like theWinklevoss twinsand angel investor Roger Vere. They moved into bigger offices, shrouded in secrecy. "We needed an army security guard, our own floor, and shaded windows," he said.
Soon the two man band become a 30 person office, and he admits in the podcast interview that he let the success get to his head.
( Entrepreneurs Tyler and Cameron Winklevoss arrive at the Met Gala in New York Thomson Reuters)"I started drinking too much," he said. "I invested in my friend's nightclub. In fact, I lived upstairs in the nightclub."
The fall of BitInstant was just as quick as its rise.
In March 2013, regulators enforced a ruling that outlined what type of companies were now considered money transmitters.
Suddenly, BitInstant was operating without a license. "We couldn't take the risk of operating illegally," Shrem said in the podcast, "so we shut down...It was heartbreaking."
Eight months later, Shrem travelled to Amsterdam to speak at a conference. It was when he returned toJFK airport that he was confronted by a dozen law enforcement officials, a joint task force of the FBI, IRS, DEA and other officials, he said in the podcast.
Shrem had knowinglyfacilitated transactions to a re-seller, Robert Faiella, whose customers were using the Silk Road, an underground bitcoin only marketplace where people buy and sell illegal drugs. The re-seller was also trying to deposit more money than the new money transmitter laws allowed for, and these transactions were done behind the scenes to get around reporting requirements.
On September 4 2014, Faiella and Shrem both pled guilty in connection with the sale of approximately $1 million in bitcoins for use on the Silk Road website.
“Robert Faiella and Charlie Shrem opted to travel down a crooked path – running an illegal money transmitting business that catered to criminals bent on trafficking narcotics on the dark web drug site, Silk Road," Prett Bharara,United States Attorney for the Southern District of New York, said in a statement at the time.
Shrem, who was also Chief Compliance Officer of BitInstant and thus in charge of compliance with federal anti-money laundering (AML) laws, was fully aware that Silk Road was a drug-trafficking website andthat he was operating a Bitcoin exchange service for Silk Road users.
Nevertheless, he "knowingly facilitated Faiella’s business with the company in order to maintain Faiella's business as a lucrative source of revenue, " according to the court report.
"Even though it was Shrem’s job to enforce the Company’s AML restrictions...[he] failed to file a single suspicious activity report with the US Treasury Department about Faiella's illicit activity...and deliberately helped Failla circumvent the Company’s AML restrictions."
Shrem knew what he was doing, he said in the podcast, and he admits his guilt.
Prison "was no country club, but it wasn't Rikers Island either," he explained in the podcast.
One out of every ten prisoners were white collar criminals - a state senator, a judge, and a few law enforcement officials were among his group. They were all nonviolent offenders so the fear wasn't as great as in maximum security persons.
That's not to say it was easy settling in.
"Everything here is word of mouth," he said in the podcast. "There is no Google, information is trickling in. I think the hardest part is learning to use my own resources to grow, and not the internet."
On the outside, he had this Bitcoin celebrity status, he said, and in the prison, nobody knew him nor did they care about him. "I needed to humble myself."
Of particular fascination to Shrem was the prison currency system, which involved bartering mackerels. According to anarticle in the Wall Street Journal, there hasbeen a mackerel economy in federal prisons since about 2004, when federal prisons prohibited smoking and, by default, the cigarette pack, which was the earlier gold standard. Prisoners need a proxy for thedollar because they're not allowed to possess cash.
Every inmate can only buy 14 mackerels per week, said Shrem, so there is a certain number in circulation in the prison. Also, not all mackerels are created equal. The fish expire after about 3 years, after which their value depreciates. Expired mackerels, referred to as "money macks," retain 75% of the value of the "eating macks," or non-expired fish, explained Shrem. There were currency exchanges between the two, and everything had two prices in the prison.
(Wikimedia Commons)
One day, a large number of mackerels were confiscated by prison guards and left out for any prisoner to take. Overnight, the guards essentially introduced hyperinflation, said Shrem, and flooded the market. They lost all of their value.
This got Shrem thinking. He started to think about the value of digitizing the prison economy and putting it on theblockchain.
If there was a shared, distributed ledger among say adozen inmates, everyone would have a real-time record of all transactions that occurred in the prison. All members would have to verify and validate a transaction to make sure it was legitimate before taking place.
"Everyone has a financial incentive to make sure the system maintains its integrity," said Shrem.
The experience reminded him of how blockchain could not only be useful, but also necessary - not only in the financial services world, but in the prison world. "Itavoids the guards having power over the value of the mackerel.
Shrem's belief in the power of the bitcoin blockchain and the elimination of the middleman continues. He sees the digital currency as a "great equalizer" and believes that bitcoin will do to money what email did to the postal service. "It will allow everyone to be equal."
Despite Shrem's optimism, the hype around Bitcoin seems to have died down from initial levels. Now, the investment and the excitementseems to be focused on theblockchain, the technology behind bitcoin.
Digital currencies have also been challenged by recent security issues.In August, hackers stole $72 million worth of bitcoin from accounts at the Hong Kong cryptocurrency exchange Bitfinex. And in June, hackers stole $55 million worth of ether, a bitcoin rival. The nonprofit that runs ether, Ethereum Foundation, just rolled back the chain. It's as if the hack never took place, and business returned to normal. But that worries purists like Shrem.
He continues to be a staunch believer in the integrity of the blockchain and denounces Ethererum's decision to roll back the chain, even though he said he is friends with the founder."Once you change the ledger for one specific reason, then you've already set the precedent."
"I used to be a bitcoin maximalist, thinking bitcoin is the one and only blockchain," he said to Wall & Broadcast. "Now I believe that alternate chains can and do exist."
NOW WATCH:A Harvard business professor explains a legal form of 'insider trading' in America
More From Business Insider
• Deloitte is launching a blockchain lab in Dublin
• The CEO of one of China's largest biggest bitcoin exchanges says regulation is inevitable
• Here's why the Chinese love bitcoin
[Social Media Buzz]
1 KOBO = 0.00000173 BTC
= 0.0013 USD
= 0.4095 NGN
= 0.0180 ZAR
= 0.1325 KES
#Kobocoin 2016-12-10 20:00 pic.twitter.com/hGP9aMv7VF || 1 #BTC (#Bitcoin) quotes:
$770.76/$771.47 #Bitstamp
$763.00/$763.18 #BTCe
⇢$-8.47/$-7.58
$768.84/$776.93 #Coinbase
⇢$-2.63/$6.17 || #UFOCoin #UFO $0.000008 (0.38%) 0.00000001 BTC (-0.00%) || 1 KOBO = 0.00000173 BTC
= 0.0000 USD
= 0.0000 NGN
= 0.0000 ZAR
= 0.0000 KES
#Kobocoin 2016-12-10 06:00 pic.twitter.com/oX9qAuHQTo || #UFOCoin #UFO $0.000008...
|
769.73, 780.09, 780.56, 781.48, 778.09, 784.91, 790.83, 790.53, 792.71, 800.88
|
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